Vietnam news in English for foreign firms doing business in Vietnam

Year-to-date performance, however, remains flat. From January to October, paper exports totalled US$1.75 billion, a slight 0.4 percent decrease compared to the same period in 2023…

Vietnam News Roundup: November 22 to November 28

Mark Barnes November 29, 2024

This week’s Vietnam news roundup covers the latest State Bank open market operations, the special consumption tax debate, the new Law on Trade Unions, the latest foreign stock trading activity, and more…

Vietnam sees significant growth in exports to the Netherlands in October

the-shiv November 29, 2024

Vietnam’s export turnover to the Netherlands surged in October, reaching over US$1.2 billion, up 19.98 percent month-on-month and bringing the year-to-date figure to US$10.67 billion, according to Vietnam’s General Department of Customs…

Vietnam retail sales for household goods maintain steady growth

the-shiv November 29, 2024

In September, sales in this category reached VND 43.09 trillion, equivalent to US$1.70 billion. By October, the figure rose to VND 43.51 trillion, or US$1.71 billion, marking a month-on-month growth of 0.97 percent.

Vietnam’s ore and mineral exports surge in October, but year-to-date volume declines

the-shiv November 28, 2024

However, year-to-date performance presents a mixed picture. From January to October, exports totalled 1.71 million tonnes, marking a 28.8 percent decline in volume compared to the same period in 2023. Despite this, export value rose by 11.1 percent, reaching US$174.41 million, likely reflecting higher unit prices.

Vietnam’s manioc exports surge in October, but year-to-date figures decline

the-shiv November 28, 2024

From January to October, Vietnam exported 2.09 million tons of manioc and manioc products, valued at US$955.41 million. This represents a 12.7 percent decrease in volume and a 7 percent drop in value compared to the same period in 2023.

Vietnam real estate developer Novaland drops PWC as tax agent

the-shiv November 28, 2024

Of note, in September, Novaland recorded its worst half year on record after audited financial reports found huge discrepancies from what was earlier reported by the company. 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. This the company largely blamed on its auditors being overly cautious…

Vietnam’s exports to Canada show solid growth in October 2024

the-shiv November 28, 2024

Vietnam’s exports to Canada reached a total value of US$592.84 million in October, marking a notable increase of 20.15 percent compared to September…

Vietnam’s machinery exports rise in October, year-to-date growth remains robust

the-shiv November 28, 2024

Year-to-date figures reveal even stronger growth. From January to October, exports in this category totalled US$43.05 billion, representing a 21.5 percent increase compared to the same period in 2023.

Revised Vietnam Law on Trade Unions passes NA, impact re: Convention 87 unclear

the-shiv November 28, 2024

Specifically, to be compliant with these agreements Vietnam needs to ratify the International Labour Organisation Convention 87. This would require allowing trade unions to be established independent of the Vietnam General Confederation of Labour with which all labour unions must currently be affiliated…

Vietnam postbiotic food supplement market to reach US$8.4 million by 2031

the-shiv November 28, 2024

Several factors are contributing to this expansion. Increased consumer awareness about gut health and overall wellness is driving demand for dietary supplements, particularly those focused on digestive health. The growing trend of preventive healthcare, with an emphasis on products that support immune function and digestion, is also boosting market prospects.

Vietnam retail sales for garments show slight increase in October

the-shiv November 28, 2024

In September, sales in the garment category reached VND 20,686 billion, equivalent to US$0.81 billion. This figure edged up in October to VND 20,787 billion, or US$0.82 billion, reflecting a month-on-month increase of 0.49 percent.

Vietnam’s iron and steel exports remain steady in October

the-shiv November 27, 2024

Year-to-date performance demonstrates robust growth. From January to October, Vietnam exported 11.03 million tonnes of iron and steel, valued at US$7.96 billion. This represents a 20.9 percent increase in volume and a 14.7 percent rise in value compared to the same period in 2023.

Vietnam’s Chemical Industry: Overview 2024

the-shiv November 27, 2024

Vietnam’s chemical industry is a vital sector supporting agriculture, manufacturing, and consumer goods. It encompasses a broad range of products, including fertilisers, petrochemicals, basic chemicals, agrochemicals, specialty chemicals, and consumer chemicals.

USA contributes US$44 million in FDI to Vietnam’s October tally

the-shiv November 27, 2024

Year-to-date, US investors have launched 92 projects with a total registered capital of US$223.71 million, highlighting consistent engagement from American businesses. These investments reflect the strengthening economic ties between the two nations, with the US focusing on industries such as manufacturing, technology, and renewable energy in Vietnam.

Vietnam’s insulated wires and cables exports rise in October, year-to-date growth remains modest

the-shiv November 27, 2024

Year-to-date figures show modest growth. From January to October, the sector’s exports totalled US$2.88 billion, a 3.3 percent increase compared to the same period in 2023.

VinFast is set to start work on a new 300,000 unit capacity factory in Ha Tinh

the-shiv November 27, 2024

This will effectively double VinFast’s production capacity in Vietnam to 600,000 units with its Hai Phong factory reportedly capable of producing 300,000 units a year too. Notably, year-to-date VinFast has sold just 51,000 units, many of which it sold to affiliated company, Xanh GSM. With this in mind, it’s not clear what the business case for a new factory in Ha Tinh might be.

Vietnam’s exports to Brazil grow 9 percent in October, boosted by tech and rubber products

the-shiv November 27, 2024

Vietnam’s exports to Brazil reached US$233.25 million in October, marking a 9.07 percent increase from September, according to recent trade data. This growth highlights Brazil’s importance as a key market for Vietnamese goods, according to Vietnam’s General Department of Customs.

Rethinking Financing Vietnam’s Clean Energy Transition

Mark Barnes November 27, 2024

That is to say, practically speaking, the implementation of Vietnam’s JETP agreement looks to have stalled. That being the case, it might be time to start considering other options.

Bank at centre of Vietnam fraud case cuts withdrawal limits

the-shiv November 27, 2024

Saigon Commercial Bank, which was put under ‘special administration’ by the State Bank of Vietnam in October of 2022, has announced it will be limiting withdrawals to VND 10 million or about US$393 a day. This is down from VND 100 million or US$3,930 a day…