Author: the-shiv
Vietnam real estate giant’s profit swings to loss after financial statement audit
Vietnam real estate giant Novaland has banked its worst half year on record after audited financial reports found huge discrepancies from what was earlier reported, The Investor has reported. Specifically, the company’s own financial statements reported a profit of VND 3.5 trillion or US$142.2 million, however, an audit found the company had actually made a loss of VND 7.3 trillion or US$296.6 million…
Vietnam-made tyres subject of South African anti–dumping investigation
This announcement is in line with a growing narrative around Chinese producers using third-countries, particularly in Southeast Asia to circumvent trade remedies. Of note, genuine Vietnamese producers and exporters often get caught up in these investigations. Whereas they can apply for separate antidumping rates, this still consumes time and resources that many local firms, on the back of broader economic challenges, may not have.
IMF-Vietnam consultation report forecasts GDP growth of 6.1 percent 2024
The International Monetary Fund has released its Vietnam: 2024 Article IV Consultation report which breaks down the performance of Vietnam’s economy over the last 12 months. Notably, it forecasts GDP growth for this year and 2025 of 6.1 percent. The 97 page report also includes a number of recommendations…
S&P Global raises GDP growth outlook for Vietnam 0.4 points
The report notes that Vietnam and Malaysia in particular are experiencing strong growth in electronics exports and attracting substantial foreign direct investment in the electronics sector. However, it also notes that the electronics industry is known for its cyclical nature, and any decline in global demand could impact this momentum, leading to potential fluctuations in production and investment.
Vietnam skin care market to reach US$2.35 billion by 2032: Report
This is inline with a self-care market on the rise. The health and supplements market in Vietnam, for example, has experienced significant growth in recent years, driven by increasing health awareness, rising disposable incomes, and a rapidly growing middle class.
US furniture firm bails on Vietnam, leaves local workers unpaid
Notably, there are channels of recourse for workers in Vietnam, however, these can be difficult to access in the event a foreign business owner has left the country. That said, foreign firms should keep in mind that internet penetration is very high in Vietnam and reputational damage is therefore not restricted to the Vietnam market.
Vietnam seafood exports up 7.3 percent in value August over July
Vietnam’s seafood exports climbed by 7.3 percent in August over July from US$916 million to US$983.2 million. Vietnam’s seafood exports for the year now stand at US$6.3 billion which represents an increase of 9 percent over the same period last year.
Australia’s Timezone video game arcade chain opens 13th Vietnam location
Video games are played widely around Vietnam. There are cyber cafes in the big cities on just about every corner. These are generally long rooms chock full of computers and almost always filled with young Vietnamese playing a broad range of video games. With this in mind, Vietnam’s consumers are well primed for more classic video game experiences like video game arcades.
Buy Now Pay Later market in Vietnam could grow by US$5 billion by 2029: Report
BNPL services are an attractive option for young and budget-conscious shoppers. Major players like Fundiin, Kredivo, and Atome are expanding their presence in Vietnam, partnering with retailers to offer flexible payment options. This trend is expected to continue as digital adoption and consumer demand for flexible credit solutions increase…
Vietnam ceramics exports up 11.3 percent in value August over July
Vietnam’s ceramics exports climbed by 11.3 percent in August over July from US$51.1 million to US$56.9 million. Vietnam’s ceramics exports for the year now stand at US$425 million which represents an increase of 9.2 percent over the same period last year.
Vinhomes (real estate): Vietnam Stock Overview
According to reports by CBRE, in the second quarter of 2024, average selling prices of condominiums in the primary markets of Hanoi and Ho Chi Minh City reached approximately US$2,438 and US$2,560 per square meter, reflecting a year-over-year increase of 25 percent and 6 percent, respectively. Furthermore, they are expected to rise by approximately 22 percent and 5 percent year-on-year by the end of 2024…
Vietnam tourist arrivals increase 24.45 percent July over August
Vietnam’s tourism industry welcomed 1.43 million tourist arrivals in August, an increase over July of 24.45 percent. The biggest growth was seen in visitors from Asia which were up 26.77 percent with 248,606 more Asian visitors in August than in July. Visitors from Europe also saw a significant boost of about 44.64 percent, however, notably this was from a low base. In real numbers visitors from Europe reached 149,102, up from 103,084 in July.
Indonesia officially applies to join Vietnam, others in CPTPP
Of note, the Indonesian and Vietnamese economies are relatively similar. They are both export oriented and have developed quickly by providing abundant low-cost abundant labour to global manufacturing. As such, the two countries often compete for foreign direct investment projects. In this context, Indonesia’s ascension to the agreement could chip away at Vietnam’s edge over its neighbour to the south.
Lack of bilingual reports ‘major barrier’ for foreign investors in Vietnam: HDCapital Exec.
Of note, Vietnam is currently courting an upgrade from FTSE Russell and MSCI from a frontier market to a secondary emerging market and an emerging market, respectively. One issue raised has been disclosure standards…
Vietnam garment and textile exports up 9.1 percent in value August over July
Vietnam’s garment and textile exports climbed by 9.1 percent in August over July from US$3.7 billion to US$4.1 billion. Vietnam’s garment and textile exports for the year now stand at US$24.4 billion which represents an increase of 8.1 percent over the same period last year.
BIDV (banking): Vietnam Stock Overview
In the first half of 2024, BIDV achieved improved performance, with total operating income and net profit rising by 8.3 percent and 12.1 percent year-over-year respectively. This growth was primarily driven by a significant increase in corporate loans for commercial production and mortgage loans, as well as gains in trading and forex-related income.
ADB holds on Vietnam GDP forecast but ‘significant uncertainties on the horizon’
The Asian Development Bank has released its Asian Development Outlook report for September in which it keeps its growth forecast for Vietnam for this year at 6 percent. It also forecasts 6.2 percent for 2025. The publication notes that there are ‘significant uncertainties on the horizon’ alongside several key observations…
Vietnam dairy imports up 7.23 percent August over July
Vietnam’s imports of milk and milk prpoducts by 7.23 percent in August over July from US$101.5 million to US$108.9 million. Vietnam’s milk and milk products imports for the year now stand at US$744.4 million which represents decline of 6.9 percent over the same period last year.
Vietnam’s top universities by revenue pull in US$724 million in 2023
At least ten universities in Vietnam pulled in revenues of more than VND 2 trillion or US$40.8 million last year, according to analysis from VN Express. Of the ten universities six were public and four were private.
Australia’s Commonwealth Bank sells 5 percent of Vietnam International Bank
This comes after it was announced back in June that the Australian bank would be divesting from the company which VIB’s board of directors reportedly only learned about after the State Bank of Vietnam approved the move. The Commonwealth Bank held a 20 percent stake in the bank at the time.
In today’s news: ForEx regs overseas investments SOEs, VinFast GSM 5m unit agreement, US cotton shipments to VN, Samsung semiconductor build-out VN, Tay Ninh
In today’s news: Japan-VN asset tie-up, Import tax refund guidance, Instant noodle consumption, AI plans, SSC + S&P Dow Jones execs meet in NY,
In today’s Vietnam news: Vinhomes bond plans, Fuel prices revised, Counterfeit Havianas, Internet undersea cable failures, VN-China tariff diff, SK-VN joint crude stockpiling, Daewoo
This is an interview with Chris Walker, a Vietnam Sourcing Expert with Vietnam Factory Tours how rising oil prices and the Middle East crisis are
This is an interview with John Gardner, CEO and Founding Partner, at Optimum Hospitality in Ho Chi Minh City. It covers fuel price impacts on:
This is an interview with Dr Nuno F. Ribeiro, Associate Professor, International Tourism & Hospitality Management at Copenhagen Business College, formerly of RMIT Vietnam. It