Vietnam news in English for foreign firms doing business in Vietnam

Total funds in savings accounts at Vietnamese banks topped VND 12.4 million billion or US$504 billion in August, according to State Bank of Vietnam data and reported by Tuoi Tre. This is reportedly the highest bank deposits have ever reached and is in spite of record low savings interest rates.

Vietnam interbank interest rates hit four-month high of 2.22 percent

the-shiv October 26, 2023

The overnight interbank interest rate in Vietnam hit 2.22 percent on Monday (three days ago), the highest it has been in four months, Doanh Nhan Vietnam reported today. The publication is saying that this signals that the excess liquidity problem may have improved and suggests this is a result of

Taiwanese auto-parts maker to build new factory in northern Vietnam

the-shiv October 26, 2023

Taiwan’s Waffer Technology wants to build a US$50.9 million plant in northern Vietnam’s Hai Duong province, The Investor is reporting. Wafer Technolgy intends to use the plant to make up to 10 million car parts and repair machines for export to the US and the EU.

Chinese solar cell maker to build new factory in northern Vietnam

the-shiv October 26, 2023

China’s Boway intends to build a 20-hectare, US$114 million solar cell factory in northern Vietnam’s Hai Duong province, The investor is reporting. This is part of a number of major investments in its manufacturing operations across northern Vietnam. All-up it reportedly has plans to invest US$350 million Hai Dunong alone.

Chinese solar factory starts operating in northern Vietnam

the-shiv October 26, 2023

China’s Jingko Solar has started operating a new US$709 million factory in Vietnam’s northern province of Quang Ninh, The Investor is reporting. The new 31.3-hectare factory is expected to employ 4,500 workers when fully operational and generate revenue of US$4.07 billion annually.

NA delegates push to deregulate Vietnam’s gold market as prices soar

the-shiv October 26, 2023

The State Bank of Vietnam’s (SBV) monopoly over the import and export of gold bars has come under scrutiny at the National Assembly as the gap between domestic and world gold prices has widened, VN Express is reporting. Domestic gold prices of late have typically been US$500 to US$600 higher

Ho Chi Minh City Stock Exchange (HOSE) could see ‘frontier’ to ‘emerging’ upgrade by 2025

the-shiv October 26, 2023

Vietnam may allow HOSE brokers to vouch for foreign investors rather than waiting for confirmation funds are available to settle stock market transactions, Reuters is reporting. This delay in settlement on the grounds of confirmation of funds is one of two key hurdles the HOSE needs to fix before it

VN-Index 🡇 4.24 points (1,101.66) at close, October 25

the-shiv October 25, 2023

It was another slide for the HOSE on Wednesday finishing the day just over four points down, closing at 1,101.66. Foreign investors continued to net sell pulling another US$22 million from the market. Foreign investor trades on HOSE October 19 to 25 Buy Sell Change Date VND US$ VND US$

VinaCapital floats the idea of Vietnam hosting the Olympic Games

the-shiv October 25, 2023

Investment firm VinaCapital published notes from an investor conference earlier this month in which it said it believes Vietnam’s GDP for the year will come in at under 5 percent, but also that the recent ‘Comprehensive Strategic Partnership’ Vietnam signed with the United States may signal a step toward Vietnam

Standard Chartered cuts Vietnam growth forecast for 2023

the-shiv October 25, 2023

Standard Chartered has cut its GDP growth forecast for Vietnam this year from 5.4 percent to 5 percent, The Investor is reporting. This is mostly in line with revised government forecasts as well as those of a number of big institutions–the World Bank, International Monetary Fund, and the Asian Development

Columbia Sportswear looking to ‘near-shore’, may cost Vietnam

the-shiv October 25, 2023

US apparel brand Columbia Sportswear is in the process of ‘near-shoring’ its manufacturing operations out of Asia (Columbia Sportswear has around 190 contract suppliers in Vietnam) to Central America, the New York Times is reporting. Key Columbia Sportswear executives quoted cite their move from China to Vietnam as problematic with

Vietnam’s bad debt ratio almost doubled from January to July

the-shiv October 25, 2023

Vietnam’s bad debt ratio has gone from 2 percent in January to 3.56 percent by the end of July, according to the State Bank of Vietnam and reported by Vietnam Plus. Vietnam’s economy has been struggling since the end of last year when limits on how much credit banks were

VN-Index 🡅 12.37 points (1,105.90) at close, October 24

the-shiv October 24, 2023

The HOSE recovered almost all of yesterday’s losses today closing the session at 1,105.90 up 1.13 percent or 12.37 points, according to HOSE data. Foreign traders, on the other hand, net sold for the day to the tune or VND 458 billion or US$18.6 million. Foreign investor trades on HOSE

Vietnamese coffee brands expand abroad, quality over quantity key

the-shiv October 24, 2023

Doanh Nhan Vietnam is carrying an article about Vietnamese coffee chains expanding into international markets. Of particular interest, however, is a quote in the article from the former Marketing Director of Cong Coffee, Tran Tien Dat, in which he explains Cong Cafe’s thinking when it comes to expanding. “One of

Aussie firm still keen on VN rare earth mine after arrest of local partner

the-shiv October 24, 2023

Australia’s Blackstone Minerals has said it intends to follow through on plans to participate in an auction of concessions on a rare earth mine in northern Vietnam, even though its local partner was arrested last week, The Investor is reporting. Last week, Blackstone and Vietnam Rare Earth JSC (VTRE), the

Japan electronics manufacturer to build new factory in northern Vietnam

the-shiv October 24, 2023

Japan’s Meiko Electronics, intends to start work on a US$200 million circuit board factory in northern Vietnam’s Hoa Binh province next year, The Investor is reporting. This will be Meiko’s fourth factory in Vietnam where it has currently invested US$500 million and employs 7,000 workers.

Taiwan electronics manufacturer to build new factory in northern Vietnam

the-shiv October 24, 2023

Taiwan’s P-Duke Technology, which is most well known for power converters, is set to build a new US$8 million in northern Vietnam’s Nam Dinh province, The Investor is reporting. The Taiwanese firm is expected to start operating the 3.2-hectare factory in October 2025,

Barely a quarter of Vietnam’s workforce has a degree, formal qualifications

the-shiv October 24, 2023

Just 14 million or 26.8 percent of Vietnam’s workforce have a degree or formal qualifications, Doanh Nhan Saigon is reporting. A further 33 million workers or 66.6 percent of the workforce are also employed in informal work–subsistence farming for example. This suggests that low-cost labour may be an option for

Is Vietnam really at risk of a labour shortage?

the-shiv October 24, 2023

There were 22.6 million people aged between 15 and 24 in Vietnam, in 2020, but by the end of 2022 that number had dropped to 20.7 million, and this is putting Vietnam at risk of a labour shortage, VN Express is reporting. The article discusses Vietnam’s ‘golden population’ structure and

10,000 dongs worth of T-bills expired yesterday, replaced with just 850

the-shiv October 24, 2023

The State Bank of Vietnam issued a tranche of T-bills yesterday valued at 850 billion dong or US$34 million, according to the SBV’s website. At the same time, 28-day T-bills to the tune of VND 10 trillion or US$409 million matured–a replacement rate of less than 10 percent. It’s not