Vietnam news in English for foreign firms doing business in Vietnam

The total assets of insurance companies in Vietnam reached almost VND 913.37 trillion (US$$37.6 billion) in the first 11 months of 2023, up 11.12 percent year-on-year, Vietnam News reported citing Vietnam’s Ministry of Finance data. It also reported that total equity of insurance firms in Vietnam was estimated to be

Airfare price caps weigh on recovery from pandemic for Vietnam’s airlines

the-shiv December 12, 2023

Vietnam’s airline industry is urging the government to remove price caps on airfares with many local airlines still struggling to recover from accumulated losses during the pandemic, The Star is reporting. “Domestic airlines have seen recoveries in revenues, but the sharp increase of input costs undermines their profits, which makes

Chinese coffee chain opens first Vietnam store in HCMC

the-shiv December 12, 2023

China’s Cotti Coffee has opened its first store in Ho Chi Minh City, the World Coffee Portal is reporting. This is in line with a number of international coffee chains looking to enter Vietnam’s consumer coffee market. Data included in the article claims Vietnam to be East Asia’s fifth biggest

US senators call for halt of Vietnam non-market economy status review

the-shiv December 12, 2023

A handful of US senators have called for a halt to a review of Vietnam’s designation as a non-market economy (NME), Politico is reporting. It cites this letter signed by US senators JD Vance, Josh Hawley, and Tom Cotton which says “the recently announced process defies both normal order and

Nvidia considering establishing ‘base’ in Vietnam

the-shiv December 12, 2023

Nvidia’s CEO, Jensen Huang, met with the Prime Minister of Vietnam this week and discussed expanding Nvidia’s presence in the Southeast Asian nation, Reuters is reporting. The company already has investments in the country of US$250 million. Specific details of any future investments have not been provided as yet.

VN-Index gains 1.06 points (0.09 percent) to close at 1,125.50, December 11

the-shiv December 11, 2023

The VN-Index gained 1.06 points Monday to finished the day at 1,125.50 points. Foreign traders continues to net-sell pulling another US$17 million from the market, making the total withdrawn in the last five trading sessions to US$157 million. Most traded among foreign investors were all banking stocks today. Foreign investor

Starlink Vietnam: Possibility or Pipedream?

the-shiv December 11, 2023

Earlier this year representatives of Elon Musk’s Starlink met with government officials to discuss launching Starlink in Vietnam. But whereas talks reportedly went well, seeing this ambition realised may be more complicated. The internet has played a key role in Vietnam’s economic development. It’s brought new ideas, greater access to

Singapore bank predicts Vietnam interest rates steady in 2024

the-shiv December 11, 2023

Singapore’s United Overseas Bank (UOB) has said it believes the State Bank of Vietnam (SBV) will keep rates on hold next year to boost growth, Vietnam Plus is reporting. The UOB predicted back in September that rates would be cut before the end of this year, but this has not

Banking data breaches behind majority of financial fraud in Vietnam

the-shiv December 11, 2023

A total of 15,900 cases of financial fraud have been reported this year with 91 percent related to data breaches at banks in Vietnam, VN Express is reporting. Why it matters: The recently passed Personal Data Protection Decree requires foreign firms to store the data of Vietnamese users in Vietnam.

TikTok investigation update reveals only four of nine conditions met

the-shiv December 11, 2023

The results of an inspection into TikTok earlier this year by Vietnam’s Ministry of Communications (MIC) listed nine points that the company needed to address in order to be compliant with Vietnamese regulations but it has only complied with four so far, Saigon News is reporting. Those four are: strengthening

Vietnam Airlines to follow Vietjet and fly direct to Perth

the-shiv December 11, 2023

Vietnam Airlines has announced it will fly direct to Perth, Australia, from Ho Chi Minh City three times a week, VN Express is reporting. The airline intends to extend the flight frequency to five flights a week by 2024. In September 2021, Vietnam’s Bamboo Airways began operating direct flights from

VN-Index up 2.85 (0.26 percent) to close at 1,124.44, December 8

the-shiv December 8, 2023

The VN-Index has finished the week in positive territory, up 2.85 points or .26 percent, to finish the day at 1,124.44. Foreign traders, however, continued to net-sell to the tune of another US$18.5 million bringing their combined total for the week to just over US$163 million. Notably, there are limits

Taiwan firm starts work on machine factory north of Hanoi

the-shiv December 8, 2023

Taiwan’s Lioho Machine Works has started building a factory in Vinh Phuc north-west of Hanoi, The Investor is reporting. The project is reportedly worth US$75 million and is set to cover five hectares. When complete it will produce car parts, farm equipment, and pumps.

Hong Kong camera manufacturer considering factory in north-central Vietnam

the-shiv December 8, 2023

Hong Kong based Qtech is considering building a US$430 million factory in Vietnam’s Nghe An province, The Investor is reporting. If realised it would cover 10 to 15 hectares and produce eight million products a month. Notably the company is looking for tax, human resources, and administrative support from Nghe

Singapore developer drops US$562 million on southern Vietnam real estate project

the-shiv December 8, 2023

Singapore’s CapitaLand has acquired an 18.9 hectare real estate project in Vietnam’s Binh Duong province for over half a billion dollars, The Investor is reporting. The project, when realised, is expected to house 12,500 people in 3,300 houses and 462 villas.

Resolution 98 could see sports complex in Ho Chi Minh City finished after 30 years

the-shiv December 8, 2023

Resolution 98, which was passed by Vietnam’s National Assembly in June and gives HCMC greater power over the collection and disbursement of taxes, may be a game changer with respect to the Rach Chiec National Sports Complex in HCMC, which was started in 1994, but is still unfinished, Tuoi Tre

Vietnam PM calls on banks to be more flexible when issuing loans

the-shiv December 8, 2023

A quote has appeared on a government website attributed to Vietnam’s Prime Minister that reads “We do not lower lending standards, but can we be more flexible?” according to Bloomberg. This is in line with an approach from the government heavily weighted toward encouraging banks to lend more rather than

VN-Index down 4.94 (0.44 percent) to close at 1,121.49, December 7

the-shiv December 7, 2023

The VN-Index has finished the day down 4.94 points or .44 percent to close at 1,121. 49 points. Foreign traders, however, continued to exit the market taking a net US$33.6 million out of the local bourse. Foreign investor trading activity on the HoSE, December 7 Buy Sell Change Date VND*

Vietnam wind power project up for grabs in mortgagee auction

the-shiv December 7, 2023

Vietnam’s Agribank is auctioning off the Phong Dien 1 wind power plant with a starting price of VND1,205 billion (US$49.6 million) after the firm behind the project Vietnam Renewable Energy Engineering (VREE) failed to meet its debt obligations , The Investor is reporting. Background: Wind power producers were offered very

Japan to process scallops in Vietnam after China bans seafood imports

the-shiv December 7, 2023

Japanese scallop producers are considering shifting their processing operations from China to Vietnam after China banned the import of Japanese seafood over the release of treated water from the Fukushima nuclear power plant, The Japan News is reporting. An estimated 30,000 to 40,000 tons of scallops from Japan were processed