Vietnam news in English for foreign firms doing business in Vietnam

The Hanoi Tax Department has found that property developer FLC has US$3.3 million owed in back taxes, VN Express is reporting. The publication also notes that FLC hasn’t released its financial reports since the fourth quarter of 2022. FLC’s chairman was arrested for stock manipulation back in March 2022 and

Vietnam’s largest rare earth mine’s 2022 revenue less than US$10K

the-shiv October 16, 2023

Lai Chau-Vimico Rare Earth, which owns the largest rare earth mine in Vietnam reported revenue of just VND 240 million (US$9,800) in 2022, The Investor is reporting. The mine has reportedly been in operation since 2008 with varying degrees of success–2021 was a markedly better year with revenue of VND

Stock market to continue to climb this week: Vietnam News

the-shiv October 16, 2023

Vietnam News is predicting that the stock market will continue to climb this week but the publication does not make clear how it has come to this conclusion. It does, however, carry comments from an executive at VNDirect, who says that low deposit interest rates as well as ongoing challenges

AstraZeneca has been approved to transfer tech to Vietnam

the-shiv October 16, 2023

Vietnam’s Ministry of Science and Technology (MoST) has approved the transfer of AstraZeneca technology and processes to Vietnamese partner the Medochemie Company, Scandasia is reporting. This transferred technology will be used to produce drugs in Vietnam to international standards . FYI: Whereas China often insists that firms transfer technology to

🇻🇳 SBV T-bond issues in last 30 days reach US$8.1 billion

the-shiv October 16, 2023

The State Bank of Vietnam issued VND 20 trillion (US$817 million) in bonds on Friday bringing the total for the last 30 days to US$8.1 billion, per the SBV website. This is the 17th tranche of bonds issued since the SBV embarked on a t-bill issuing spree to shore up

VN-Index up 3 points to 1,154.73 at close October 13

the-shiv October 14, 2023

The VN-Index inched up ever so slightly Friday to close out the day a fraction higher than it was at the start of the week, Vietnam News is reporting. The state-run news says local investors added VND 14 trillion (US$572.5 million) to the local bourse, however looking at the raw

Vietnam golf courses raking in cash on limited supply

the-shiv October 14, 2023

Vietnam could have between 400 to 500 gold courses by 2030, up from 100 at present, VN Express is reporting. This rapid growth is expected as a result of eased investment procedures, according to Ngo Cong Thanh, a former deputy director of the Ministry of Planning and Investment’s planning management

Vietnam new car sales down year-on-year

the-shiv October 14, 2023

A total of 23,993 new cars were sold in Vietnam in September, a 17 percent drop over the 28,757 new cars sold in September of last year, according to the Vietnam Automotive Manufacturers Association (VAMA), and reported by Just-Auto. This brings total new car sales for the year to the

German adhesives maker inaugurates new factory in northern Vietnam

the-shiv October 14, 2023

Tesa, a tape and adhesives maker from Germany, has opened a new factory in northern Vietnam’s Hai Phong province, The Investor is reporting. The new factory has come at a cost of US$58 million and has the capacity to produce up to 49 million square meters of tape each year.

VN-Index up 0.8 points to 1,151.61 at close October 12

the-shiv October 13, 2023

The VN-Index inched up slightly Thursday with TPBank, Vingroup, Vinamilk, and Saigon Beer all making notable gains, VN Express is reporting. Foreign firms, however, sold almost twice as much as they bought, exiting the market to the tune of US$27 billion. Foreign investor trades on HOSE October 12 Buy Sell

Power shortages in Vietnam possible up to 2050

the-shiv October 12, 2023

A report produced for the National Assembly Standing Committee on energy development in Vietnam has found that the country could experience power shortages up to 2050, VN Express is reporting. The article notes this will be most problematic in the near term in the north, and that this will see

US firm opens new chip factory in northern Vietnam

the-shiv October 12, 2023

American chip maker, Amkor Technology, has officially opened its newest, US$1.6 billion factory in Vietnam, The Investor is reporting. The factory will provide packaging and testing services to global semiconductor and electronics manufacturing firms. Why does it matter: the-shiv noted at the start of September that a White House fact

Vietnam’s biggest oil refinery is back in business after maintenance closure

the-shiv October 12, 2023

Vietnam’s trouble-plagued Nghi Son refinery is set to restart operations after a weeks-long closure for maintenance work, Reuters is reporting. The refinery is looking down the barrel of a US$1 billion loss this year on the back of volatile prices, interest payments, and production delays due to maintenance. Why it

VN-Index up 7 points to 1,150.8 at close October 11

the-shiv October 12, 2023

Large caps in the oil sector gained yesterday lifting the local bourse overall, Vietnam News is reporting. Foreign firms trading on the Ho Chi Minh City Stock Exchange, however, only slightly shifted their position net buying less that US$1 million worth of stocks. Foreign investor trades on HOSE October 11

Domestic gold price currently trading at US$606 over world gold price

the-shiv October 11, 2023

Gold bars in Vietnam are trading at VND 69.7 million (US$$2,853), VND 12.8 million (US$606) higher than the world gold price of VND 54.8 million (US$2,243) per tael, VN Express is reporting. Why it matters: To alleviate pressure on the dong, the State Bank of Vietnam has been issuing treasury

Cross-border firms with local offices face stricter supervision, more red tape

the-shiv October 11, 2023

Concerns have been raised that foreign cross-border service providers may be reluctant to open local offices in Vietnam due to the recent investigation of TikTok by the Ministry of Information and Communications (MIC), Vietnamnet is reporting. The article notes that the MIC has set out to assuage these concerns with

Results of AMRO Annual Consultation with Vietnam are imminent

the-shiv October 11, 2023

The ASEAN+3 Macroeconomic Research Office has pre-empted the release of its annual consultation report with Vietnam with this press release. Key takeaways: Vietnam’s economic growth in the near term remains fragile; The rate at which Vietnam’s population is ageing could weigh on medium-to-long-term growth potential; A drop in liquidity in

VN-Index up 6 points to 1,143.7 at close October 10

the-shiv October 11, 2023

The VN-Index gained 6 points yesterday to close at 1,143.7, VN Express is reporting. Foreign firms, however, sold more than they bought, withdrawing US$11.6 million from the local bourse. Foreign investor trades on HOSE October 10 VND (billions) US$ Bought 865 35,425,470 Sold 1,149 47,056,491 Change -284 -11,631,021 Most popular

EU firms benefitting more than local firms from EVFTA

the-shiv October 10, 2023

VN Express is carrying coverage of a government report on outcomes from the EVFTA, that has found an increase in Vietnam’s trade surplus with the bloc of 35 percent over 2021. It does, however, also point out that the bulk of that trade is being driven by European firms rather

Business confidence among Eurocham BCI survey respondents up

the-shiv October 10, 2023

Eurocham has released its Business Confidence Index survey results from Q3 and it is showing a marginal improvement, arresting a steady decline since the start of the year, The Investor is reporting. The index recorded 45.1 points in Q3 up from 43.5 in Q2. Full report: Eurocham Business Confidence Index