Author: the-shiv
Vietnam coffee exports up 5.5 percent August over July
Vietnam’s coffee exports climbed by 5.5 percent in August over July from US$381.2 million to US$402.2 million. Vietnam’s coffee exports for the year now stand at US$4 billion which is an increase 35.6 percent over the same period last year. That said, Vietnam has seen a decline in the volume of coffee exports of 12.1 percent year-on-year.
Cross-border service providers see jump in tax payments in Vietnam year-on-year
Cross-border service providers that do not have an office in Vietnam have been required to pay tax under Vietnam’s Foreign Contractor Tax regime since 2021. Of note, most of these firms are actually required to open local offices per the Law on Cyber Security, however, few of them have with foreign firms in local offices set to “bear stricter supervision and satisfy more requirements,” according to the Ministry of Information and Communication…
US automotive manufacturer inaugurates second Vietnam factory
Motorcycle sales, despite a decline of 16.21 percent in 2023 compared to 2022, still far exceeded car sales. The comparison between the over 2.5 million motorcycles sold and just over 214,000 passenger cars sold underlines how deeply motorcycles are integrated into daily life…
Vietnam coal imports shrink August over July
Vietnam’s coal imports in terms of volume fell by 23.7 percent, and in value by 18.3 percent in August over July, according to Vietnam’s General Department of Customs. Coal imports for the year, however, are still up by 32.7 percent in terms of value and 16 percent in terms of
State Bank of Vietnam returns to buying up US dollars
Notably, this may be problematic with Vietnam already on the US currency manipulator watchlist after meeting two of the three criteria, namely a material account surplus greater than 3 percent of GDP and a goods surplus with the US greater than US$15 billion. It has thus far, however, failed to meet the third criteria: foreign currency purchases in eight out of 12 consecutive months, worth more than 2 percent of GDP…
Vietnam footwear exports down 2.1 percent August over July
Vietnam’s footwear exports fell by 2.1 percent in August over July from US$2.12 billion to US$2.08 billion. Footwear exports for the year, however, have reached US$14.95 billion which is an increase of 10.5 percent over the same period last year. The biggest recipients of shoes made in Vietnam in August were the United States, China, and the Netherlands.
Taiwan footwear maker to drop US$100 million on new factory in central Vietnam
This will add to Dah Lih Puh’s existing operations in Vietnam which are mostly conducted through its subsidiary Viet Glory. Viet Glory came to prominence in Vietnam in October of 2023, when 7000 of its workers went on strike in search of a pay rise. This was successful with workers returning to work six days later for a bigger paycheck…
Vietnam imports reach US$33.7 billion in August, down .4 percent vs July
Of note, Vietnam’s role in manufacturing supply chains is mostly in the final stages of assembly and packaging which is often performed using imported parts and components. The slight fall in imports month-on-month could therefore be indicative of a future decline in exports. That said, it is only data from one month–July’s imports were up 11.2 percent over June and one data point does not a pattern make. That said, it may still be worth keeping an eye on…
Vietnam steel pipes and tubes to face dumping duties in India
Of note, India also initiated an anti-dumping probe, at the request of the Indian Steel Association, back in August, into hot rolled coiled-steel from Vietnam. With this in mind, this latest piece of news may be an augur of things to come for Vietnam’s steel industry…
Vietnam exports reach US$37.8 billion in August, up 4.3 percent vs July
This data sita along side an increase in Vietnam’s Industrial Production Index of 2 percent in August over July and a Purchasing Managers’ Index in a growth phase for the fifth month in a row, speaks to further improvement in Vietnam’s manufacturing and processing industry after a challenging 2023…
Vietnam’s banks take lion’s share of Vietnam’s corporate bond debt in August
The bulk of these corporate bonds were issued to Vietnam’s banks which is inline with observations in July that a shift is taking place. Specifically, corporate bond debt looks to be moving from the real estate and construction sectors across to the banking sector which would fit with the broader narrative around real estate firms struggling to access capital.
Vietnam outbound FDI falls 64.6 percent year-on-year to end August
Mining, processing and manufacturing, and retail were the biggest recipients accounting for 39.8, 19.7, and 16.8 percent, respectively. These investments have mostly been concentrated in the Netherlands, Laos, the UK, and the USA accounting for 37.1, 25.78, 13.4, and 12.7 percent of these investments, respectively…
Starlink exec meets with Vietnam Prime Minister but no clear outcomes reached
Of note, back in March, it was reported that SpaceX has put plans to launch its satellite service on hold in Vietnam due to Vietnam’s foreign ownership limits in the telecommunications industry–Foreign ownership in telecommunications services that include infrastructure are capped at 51 percent in Vietnam for most countries…
Another European renewables firm planning to exit Vietnam: Reuters
Italy’s Enel, a producer of renewable energy, is looking to exit the Vientam market, Reuters has reported. This comes just weeks after it was reported that Norwegian energy firm, Equinor, would be closing its office in Hanoi. Though both firms have suggested their exit is related to broader restructuring of
Revenue at Samsung’s Vietnam operations up in first half of 2024
This is a significant development in that Samsung accounts for a huge portion of Vietnam’s exports in dollar value terms. At times this has been as high as 20 percent though this is slowly coming down as more manufacturing firms set up shop in Vietnam…
Private sector CEOs in Vietnam on almost double SOE counterparts
Notably, earlier this year the Prime Minister of Vietnam, Pham Minh Chinh, suggested SOEs should consider foreigners for executive positions. He went on to say that better remuneration packages and higher salaries would be key. This latest development adds some context to the Prime Minister’s remarks and suggests that improvement in remuneration would need to be sizable.
Singapore food conglomerate to build coffee processing plant in central Vietnam
This announcement is in line with Vietnam being one of the biggest coffee producers in the world. This has seen a number of key international brands develop processing facilities in Vietnam. Notably, last year, France’s Louis Dreyfus Company and Poland’s Instanta Sp. z o.o. inaugurated a freeze-dried instant coffee production facility in Vietnam’s Binh Duong province. The project reportedly cost US$84.2 million with a capacity of 5,600 tonnes…
Vietnam’s Saigon Beer maker planning increased stake in local beer brand Sagota
Vietnam’s beer market has reported some challenges over the last couple of years from stricter enforcement of drink driving laws, to belt-tightening among consumers on the back of broader economic challenges, to greater competition and an increase in imported beers. As a result, a number of beer makers in Vietnam have recorded negative or slower than expected growth. In this context, this announcement could be the beginning of an era of consolidation within the industry…
Canadian takes reins of Vietnam’s biggest tech firm after police raid
One of Vietnam’s biggest tech firms, VNG, which operates the popular social messaging app Zalo and makes video games, has appointed Canadian Kelly Wong acting CEO after a police raid of its office in Ho Chi Minh City yesterday, Tuoi Tre is reporting. Wong will be stepping up from his
The New York Times receives licence to open Vietnam office
Of note, it’s not easy to do business in Vietnam for foreign news media outlets. Vietnam’s media industry is small and heavily regulated, particularly in terms of censoring content, though this does not seem to apply to international media outlets to the extent that it does to local news media producers. That said, foreign news operations in Vietnam are still limited in terms of what they can do…
In today’s Vietnam news: Ethical / cultural business standards framework, Floating solar project, Embattled construction firm investment spinoff, Raising public debt ceiling, Selling excess
In today’s Vietnam news: GS TL on AI, Saigon Economic Times last issue, Fuel prices cut, Vinhomes issuing more bonds, Counterfeit Korean cosmetics store,
In today’s Vietnam news: Power supply imports, Hanoi boulevard project protests, Antidumping duties coming for boxes, Maersk container terminal project Hanoi, Vinpearl foreign investment,
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