Vietnam news in English for foreign firms doing business in Vietnam

Vietnam’s stock market started off November on an uncomfortable footing. Allegations of stock market manipulation had led to the authorities announcing a crackdown on the practice though details of exactly how this ‘crackdown’ would play out on a practical level were scant. That said, it was not unexpected. The head

VN-Index up 8.03 ( +0.73 percent) to close at 1,102.16, December 1

the-shiv December 1, 2023

The VN-Index has finished the day up 8.03 points or .73 percent to close out the week at 1,102.16 points. Foreign traders continued to net-sell today, withdrawing an additional US$12.7 million from the market. For the week on the whole, traders net sold US$29 million. Banking and real estate stocks

Thai firm to build industrial park in central Vietnam

the-shiv December 1, 2023

Thailand’s WHA Industrial Development has been approved to build a US$55 million 178.51 hectare industrial park in central Vietnam’s Than Hoa province, The Investor is reporting. This will be WHA’s second industrial park in Vietnam. The first is located in Nghe An, next door to Thanh Hoa.

Japanese home-furnishing retailer to set-up shop in southern Vietnam

the-shiv December 1, 2023

Nitori, a home-furnishings retailer from Japan is set to open its first in Vietnam’s Binh Duong province, in winter of this year, Japan Today is reporting. Vietnam has become popular among Japanese retailers keen to tap into Vietnam’s rapidly expanding middle-class. Other big Japanese retailers with a presence in Vietnam

State Bank of Vietnam adjusts credit growth limits up

the-shiv December 1, 2023

The State Bank of Vietnam (SBV) will increase the credit growth limits of banks that reach 80 percent of their current cap, Vietnam News is reporting. Credit growth this year has reached just 8.21 percent well below the 14.5 percent target for the year. The argument for the increase for

Vietnam’s manufacturing sector continues to contract as new orders fall

the-shiv December 1, 2023

The S&P Global Vietnam Manufacturing Purchasing Managers’ Index has hit a five-month low of 47.3 this month down from 49.6 in October. Anything below 50 is considered a contraction. S&P Global’s press release notes that there has been: A scaling back of production, An uptick in cost pressures, Resistance from

VN-Index -8.67 points (1,094.13) at close, November 30

the-shiv November 30, 2023

The HoSE closed Thursday at 1,094.13 points down 8.67 points or -0.79 percent from the day before. Foreign traders continued to net-sell to the tune of US$15.8 million. Aside from the regular faces among the top five traded stocks among foreign investors, Hoa Phat Steel, VP Bank, and Vinhomes were

Foreign-invested exporters leave Vietnamese firms in dust in 2023

the-shiv November 30, 2023

From January 1 to November 15 this year foreign invested enterprises recorded a trade surplus of US$43.49 billion whereas Vietnamese firms recorded a deficit of US$19.05 billion, The Investor is reporting. This speaks to Vietnam’s dependence on foreign firms in its export sector but also the vastly different operating environments

Head of ANZ Group meets with Deputy PM in Hanoi

the-shiv November 30, 2023

Shayne Elliott the Chief Executive Officer of ANZ Group met with Deputy Prime Minister Le Minh Khai in Hanoi this week, state media is reporting. The article goes on to outline what the Deputy PM asked of ANZ but fails to mention what ANZ asked of the Deputy PM. It

Outlook stable for Vietnam’s non-life insurance segment: AM Best

the-shiv November 30, 2023

Global credit rating agency focused on the insurance sector, AM Best, has said in a press release that the outlook for Vietnam’s non-life insurance sector is stable, despite a recent bancassurance scandal. It says that updates to the Insurance Business Law this year should strengthen risk management in the sector

3rd advertising violation in Vietnam earns intl. ad agency US$1,442 fine

the-shiv November 30, 2023

International advertising agency Group M has been fined US$1,442 for ads it ran on Youtube that contained content in breach of Vietnam’s cyber security law, VN Express is reporting. The article does not specify which ads or what the ads contained but does say they were for Procter & Gamble

VN-Index gains 7.37 (+0.67%) to close at 1,102.80, November 29

the-shiv November 29, 2023

The VN-Index climbed higher today, moving up 7.37 points or .67 percent to finish the session at 1,102.80. Foreign traders returned to net-selling shedding US$4.1 million worth of stocks. Most popular among foreign investors today were Vinhomes (VHM) and Mobile World Group (MWG). Trades by foreign investors HoSE November 29

Vietnam’s value-added tax reduction extended

the-shiv November 29, 2023

A 2 percent reduction in Vietnam’s value-added tax has been extended to June next year, VTV is reporting. The stimulus measure first introduced during COVID has been extended multiple times as Vietnam’s economy first struggled to recover from the pandemic and is now battling a greater global economic downturn.

Amendments to real estate business law pass Vietnam’s National Assembly

the-shiv November 29, 2023

An amended real estate business law has officially been approved by the National Assembly of Vietnam, The Investor is reporting. Set to take effect from January 2025, the amended real estate business law has a few key changes developers and real estate firms should be aware of. These include: Developers

Taiwanese firm looking to establish electronics factory in north-central Vietnam

the-shiv November 29, 2023

Radiant Opto-Electronics Corporation from Taiwan has submitted plans to build a US$120 million factory to contribute to its backlight module supply chain in Vietnam’s Nghe An province, The Investor is reporting. The factory is set to cover 8.2 hectares and should be operational by the end of 2024.

Japanese firm opens solar cell factory in northern Vietnam

the-shiv November 29, 2023

A subsidiary of Japan’s Vsun Solar has inaugurated a US$200 million factory in Phu Tho in northern Vietnam, The Investor is reporting. Covering 13 hectares the project will reportedly employ 700 people when it reaches peak capacity.

Global Minimum Tax legislation passed in Vietnam, to start Jan 2024

the-shiv November 29, 2023

A top-up tax has been approved by Vietnam’s National Assembly and will see corporate income taxes raised to a minimum of 15 percent in the country, Reuters is reporting. This will take effect from January 1 next year. Legislation set to provide alternative benefits to corporate firms operating in the

Foreign direct investment approvals in Vietnam hit US$28.85 billion

the-shiv November 29, 2023

A total of US$28.5 billion worth of foreign direct investment projects have been approved so far this year, a 14.8 percent increased on a year earlier, VN Express is reporting. Of note: When applying for an investment registration certificate foreign firms need to detail how much money they intend to

VN-Index gains 7.37 (+0.68%) to close at 1,095.43, November 28

the-shiv November 28, 2023

The VN-Index reversed course today heading upward 7.37 points to finish out the session at 1,095.43 points. Foreign traders net bought for the third straight day though only US$2 million worth of stocks, a drop in the bucket compared to the US$37.5 million they shed last week. Trades by foreign

Crackdown on loan sharks sees Vietnam lending apps rack up debts

the-shiv November 28, 2023

Tuoi Tre is reporting on the phenomenon of borrowers forming groups for tips on advice on how to avoid repaying loans. This phenomenon is attributed to a crackdown on loansharking activities, particularly threatening customers with violence or confiscating personal belongings in lieu of payment. It is mostly focused on short-term