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Day: June 22, 2024

South Korean firm to exit Vietnam Vingroup, Masan holdings worth US$666 million

the-shiv June 22, 2024

Both investments have lost considerable value since SK Group bought into these firms in 2018. Of note, SK Group bought 205.7 million shares in Vingroup–which trades under the ticker VIC–in 2019 for VND 113,000 or US$4.85 at the time for just shy of US$1 billion dollars.  Vingroup shares last traded at VND 41,650 or US$1.64 valuing the firm’s current holding at US$337.4 million…

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Electricity Vietnam reps meet Samsung leaders amid power supply concerns

the-shiv June 22, 2024

The government has gone to great lengths to assure foreign investors that the supply will be adequate this year, however, moves to eek out support from foreign investors in reducing their power consumption seems to suggest otherwise–Just weeks ago, it was reported that Apple supplier Foxconn had been asked to curtail its power usages by 30 percent in anticipation of power shortages…

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Vietnam floats corporate income tax cuts for small-micro businesses

the-shiv June 22, 2024

Of note, the draft amendments to the Law on Corporate Income Tax do not seem to make  a distinction between local and foreign firms. That being the case, foreign-owned small businesses–cafes, bars, gyms, and what not–could also benefit from these changes if passed. That said, there does not seem to be a timeline for a decision as to whether these changes will  be approved and go ahead…

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Vietnam maintains position on US currency manipulator Monitoring List

the-shiv June 22, 2024

Of note, the foreign currency criteria only addresses purchasing activity but not selling activity. Vietnam, however, has been dipping into its foreign currency reserves in order to stop the dong from devaluing since April… This speaks to Vietnam’s motives in the way it manages its currency, in that it does not necessarily appear to be trying to gain an unfair advantage in international trade even if its place on the Monitoring List might suggest otherwise…

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