Vietnam news in English for foreign firms doing business in Vietnam

Doanh Nhan Online is carrying an article about a Visa report from May this year (found here) in which 90 percent of Vietnamese consumers express an interest in virtual banking services. Something to think about: The report also mentions that 76 percent of consumers in Vietnam had gone cashless for

Devaluing Vietnamese dong possibly only temporary

the-shiv September 5, 2023

Tran Ngoc Bau, CEO of Ho Chi Minh City-based financial data provider WiGroup, has said a devaluing Vietnamese dong is only temporary and that it will bounce back, The Investor is reporting. Tran says remittances, a surplus in Vietnam’s balance of payments, and an end to interest rate hikes in

Hard slog likely for VN to become a permanent fixture on world live music scene

the-shiv September 5, 2023

Tuoi Tre is carrying this analysis of BlackPink’s concert in Hanoi in July and what it might mean for the domestic live music scene. Overall the tone is somewhat optimistic but also realistic–there is a long way to go for Vietnam to become a key stopover in Southeast Asia. For

Late half-yearly reports plague Ho Chi Minh Stock Exchange

the-shiv September 5, 2023

A total of 18 companies have been reminded that they are late in submitting their 2023 half-year audited financial statements, Kinh Te Saigon Online is reporting. Most of the 18 companies have been in the news for all the wrong reasons of late. APAX Holdings, which made the list, has

S&P August data shows improved outlook for manufacturing in Vietnam

the-shiv September 5, 2023

Vietnambiz has covered S&P Global’s latest Purchasing Manager’s (PMI) Index which went over 50 for the first time in the last six months. The report (found here) puts Vietnam’s PMI at 50.5 up from 48.7 in July. It notes that this may not necessarily signal the sector is in recovery

Tourists confused by where to go for accurate Vietnam visa information

the-shiv September 1, 2023

Vietnam has only recovered about 44 percent of its pre-COVID tourist numbers, according to VN Express. But also of interest in this article, is a comment from Hoang Nhan Chinh, secretariat director of the Vietnam Tourism Advisory Board re: new visa regulations. “Sometimes it is not certain that tourists trust

Samsung ‘reluctant’ re: semiconductor chip factory in Vietnam

the-shiv September 1, 2023

Samsung is ‘reluctant’ to build a semiconductor chip factory in Vietnam, Nikkei Asia is reporting. The publication goes on to detail Vietnam’s falling exports of smartphones and outlines some of the arrangements Samsung has with the Vietnamese authorities in order to ensure their operations run smoothly. Some context: Vietnam has

Electricity purchase prices to be higher in low-sun areas: MOIT

the-shiv August 31, 2023

The Ministry of Industry and Trade has floated the idea of paying different prices for renewables produced in different regions, according to VN Express. Essentially the argument is that to encourage the development of solar projects in areas where there is less sun, power generators should be paid more. Eds

‘Not very positive’ Vietnam Association of Real Estate Brokers report released

the-shiv August 31, 2023

The Vietnam Association of Real Estate Brokers has released a report on the current state of Vietnam’s real estate market that The Leader has dubbed ‘not very positive’. The report (download here) takes the view that measures to alleviate pressure on the sector have done little to help.

Key Apple supplier to boost investment in northern Vietnam

the-shiv August 31, 2023

BYD Electronics will invest a further US$183.7 million in its operations in Phu Tho province in the north of Vietnam, according to The Investor. The company currently assembles tablets for Apple and makes components for camera drones in the area. About 70 kilometres from Hanoi, Phu Tho forms part of

Amazon exec on utilising the platform as an export avenue in VN

the-shiv August 31, 2023

The unique characteristics of a product, the ingredients, and environmentally friendly packaging are key details Vietnamese vendors should communicate on Amazon, according to Gijae Seong, head of Amazon Global Selling Vietnam, via an interview by The Investor. Seong says that often local firms tend to overemphasise the product as ‘made

Why it’s hard for Vietnamese SMEs to access credit

the-shiv August 31, 2023

Of Vietnam’s small-to-medium enterprises (SMEs) only 30 percent have ready access to credit, whereas the remaining 70 percent have difficulty borrowing or no means to borrow at all, according to Doanh Nhan Saigon. Citing ‘experts’ the publication lists a lack of: financial infrastructure, collateral, product variety, diversity in credit institutions,

VN Uber-style financial services sales startup receives US$6 million investment

the-shiv August 30, 2023

MFast, a Vietnamese fintech startup has received US$6 million in series A funding, VN Express is reporting. The firm’s business peer-to-peer sales model appears to be something akin to Uber for financial services. Individuals can sign up to assist customers to take out credit cards, insurance, open digital wallets, and

Foreign investment association chairman comments on VN’s high-speed rail project

the-shiv August 30, 2023

The Investor is carrying an interview with Mai Nguyen, chairman of Vietnam’s Association of Foreign Invested Enterprises (VAFIE) in which he discusses a proposed US$58 billion high-speed rail project connecting Hanoi and Ho Chi Minh City. He says that the 2,070 kilometres will be completed by 2035–or in about 12

Vietnam, India big winners in Apple supply chain shift

the-shiv August 30, 2023

Vietnam, alongside India have been the big winners in Apple’s diversification out of China according to Bloomberg. Bloomberg has compiled Apple supplier data from 2012 to 2022 and found a huge expansion of Apple suppliers in the burgeoning Southeast Asian nation over the last five years or so. With comments

Vietnamese tech firm files for IPO in US

the-shiv August 30, 2023

VNG Corp, a Vietnamese tech firm most well known for a slew of popular video games and social messaging app Zalo has filed to list on the US stock exchange, according to Vietnam Net. VNG has been talking about listing for a long time now–in 2017 it signed an MOU

Some SEA solar products circumventing Chinese solar duties: US Dept. Commerce

the-shiv August 30, 2023

Some solar products exported from Vietnam, Thailand, Cambodia, and Malaysia are circumventing duties applied to some Chinese solar products the US Department of Commerce has found, and Solar Power World is reporting. A presidential proclamation from June 6, however, exempts solar imports from the four Southeast Asian countries from paying

VN’s natural gas dreams stall on contract delays

the-shiv August 29, 2023

Prolonged negotiations over guarantees on power purchases and prices between state power provider Electricity Vietnam (EVN) and private power project developers may delay Vietnam’s shift to LNG, according to the Vietnam Investment Review. Giang Duy Nguyen, Deputy Director General of PV Power, a private power developer with two projects in

Estée Lauder’s Aveda brand enters Vietnam market

the-shiv August 29, 2023

Cosmetics Design Asia has covered the Estée Lauder owned Aveda’s launch in the Vietnam market. It reads a bit like a press release but the crux of the article, that Vietnam presents a big opportunity for foreign cosmetics firms, is solid. Beauty care and beauty products are hugely popular in

VN Fintech sandbox regulations on the way

the-shiv August 29, 2023

The State Bank of Vietnam (SBV) has said they will draw up a decree containing regulations for the fintech sector, according to Vietnam News. The publication is quoting Pham Anh Tuan, Director of the Payment Department at the SBV as saying the decree will be submitted for approval by the