Vietnam news in English for foreign firms doing business in Vietnam

FDI enterprises in Vietnam average monthly salary based on compulsory social insurance US$258

the-shiv September 12, 2023

Doanh Nhan Saigon is covering late payments of compulsory social insurance in Vietnam. Of note, however, is a finding that the average salary of a worker in a foreign organisation or foreign invested enterprise is VND 6.23 million per month (US$258). This represents an increase of 1.48 percent over 2021.

What Vientamese workers want in 2023: Decision Lab, The Sentry

the-shiv September 12, 2023

Co-working space, The Sentry, and market research firm, Decision Lab, have released a report on what Vietnamese employees are looking for in their employers. For Gen X its learning opportunities for Gen Y is money which fits with broader observations of younger people have greater flexibility and older people have

Context: FDI vs. Domestic in 500 most profitable enterprises report, 2023

the-shiv September 12, 2023

FDI firms are leading domestic firms in VIentam on return on assets by 2.5 percentage points and return on equity by 4.9 percent, according to the PROFIT500 rankings released earlier this week. Whereas these differences are marginal, it’s worth noting that the key local companies making the top of the

US sees Vietnam at bottom end of semiconductor supply chain?

the-shiv September 12, 2023

The US will support Vietnam to attract investment in semiconductor production and developing technical skills necessary to participate in semiconductor production, according to a US Department of State press release. Of note in the state departments release is a reference to ‘building on Vietnam’s existing strengths in assembly, testing, and

Intellectual property, skilled human resources key challenges to US investment in Vietnam

the-shiv September 11, 2023

Despite US FDI into Vietnam topping US$11.4 billion there is still room for more investment with key obstacles yet to be resolved, Tuoi Tre is reporting. The article specifically mentions human resources and intellectual property protections as being inadequate–see comments below. Mai Nguyen, president of the Association of Foreign Investment

Vietnamese English education app gets US$20 million from Singapore investment firm

the-shiv September 11, 2023

UOB Venture Management has invested US$20 million in ELSA, an English education app, made in Vietnam, Deal Street Asia is reporting. The apps primary focus is improving English pronunciation through what it claims is AI. Why it matters: There is a huge appetite for learning foreign languages in Vietnam, particularly

Vietnam Airlines to sign deal for 50 Boeing 737 Max

the-shiv September 11, 2023

Vietnam Airlines is considering a US$10 billion deal with Boeing for 50 737 Max aircraft, VN Express is reporting. The article says that the deal will see the national carrier replace its ageing fleet of A321 aircraft. There is no mention in the article of the two fatal crashes involving

Netherlands furniture firm invests US$31.7 in south-central Vietnam

the-shiv September 10, 2023

Dutch furniture firm VidaXL is building a factory in the Nhon Hoi economic zone in Vietnam’s Binh Dinh province, according to VN Express. The project will cover 213,000 m2 of land and will produce an array of components and parts for VidaXL home furnishings. The project is expected to be

What Vietnamese businesses want from President Biden’s Hanoi stopover

the-shiv September 10, 2023

VN Express is covering what Vietnamese businesses are looking for from US President Joe Biden’s trip to Hanoi. Key takeaways: Eds note: Whereas the geopolitics of Biden’s visit to Hanoi are well documented, in Vietnam there seems to be little interest. The focus domestically is on trade with the United

US product transfer firm opens factory in southern Vietnam

the-shiv September 9, 2023

US firm Kurz, which specialises in thin-film transfers and decorative producs, has opened a factory in Vietnam’s Quy Nhon province, Plastics Technology is reporting. In the original press release, the company says it’s investing 35 million euros (US$37.5 million) in the new facility. It is slated to produce plastic finishings

Vietnam’s offshore wind (OSW) targets in doubt

the-shiv September 9, 2023

“To meet the PDP8 scheduled target, the OSW projects should have been identified, investors selected, and permits issued by now,” according to a blog post from the law firm Shearman and Sterling. The law firm points out that the typical lead time for OSW projects is 5 to 7 years

Anticipated technology transfers from FDI to local firms not happening in Vietnam

the-shiv September 8, 2023

Technology transfers from foreign to local firms are not happening, Tung Dinh Dang, Deputy Director of the Department of Technology Assessment, via Tuoi Tre. Instead, foreign firms are only transferring technology to their Vietnamese subsidiaries. Dang says, the workers often using the technology do not have the skills or education

Banks can now offer customers refinancing loans

the-shiv September 8, 2023

Vietcombank and BIDV are among the first banks in Vietnam to allow customers to borrow in order to pay loans at other banks, The Investor is reporting. Regulations that restricted taking out loans to pay off other loans were rolled back earlier this month. Why it matters: By giving customers

Vietnam’s credit growth languishes, businesses don’t want to borrow

the-shiv September 8, 2023

Vietnam’s credit growth has reached just 5.33 percent as of the end of August, The Investor is reporting. This is slightly up from July’s 4.56 percent but substantially far away from the 14 percent target for the year. Consider this: The article notes that businesses are reluctant to borrow and

Malaysian real estate firm enters Vietnam market with HCMC land purchase

the-shiv September 8, 2023

Malaysia’s Skyworld Development is set to invest US$14.15 million in land in HCMC on which it intends to build an apartment building, the New Straight Times is reporting. Context: The real estate sector has found itself almost frozen after several high-profile arrests related to bond issuances. The economy is also

Australia is chasing stronger ties with Vietnam

the-shiv September 8, 2023

Australia wants a comprehensive strategic partnership with Vietnam, an upgrade from the current strategic partnership, according to VN Express. Vietnam and Australia have drawn much closer in recent years as trade friction with China has seen the land downunder look for alternative markets for its products. Cotton exports from Australia

International school in Hoi An shuts down unexpectedly, owner does a runner

the-shiv September 8, 2023

VN Express is covering the closure of an international school in Hoi An whereby the foreign owner closed down the school and left the country rather than declaring bankruptcy. The article says a report has been lodged with the local police but if there is money to be refunded it

Vietnam’s 2023 growth target ‘extremely difficult’ to reach says deputy minister

the-shiv September 7, 2023

Deputy Minister of Planning and Investment Phuong Quoc Tran has told Vietnam News that reaching the government’s 6.5 percent GDP growth target by the end of the year will be challenging–at the end of June growth was at 3.72 percent. He says low demand is weighing heavily on exports and

Coffee price decline likely temporary

the-shiv September 7, 2023

The Ministry of Industry and Trade’ Import-Export Department is anticipating that a recent decline in coffee prices will slow down, according to Vietnambiz. Vietnam is the world’s second largest coffee producer after Brazil. In the first half of 2023, coffee exports earned Vietnam US$2 billion.

Lack of, slow policy development may hinder wind power development in Vietnam

the-shiv September 7, 2023

The Investor has a write-up of the Global Offshore Wind Report 2023 in which it highlights that a lack of timely supporting policy can be off putting to investors. Specifically, Vietnam introduced a policy a few years ago that would see wind farms completed by the end of 2020 paid

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FDI enterprises in Vietnam average monthly salary based on compulsory social insurance US$258

What Vientamese workers want in 2023: Decision Lab, The Sentry

Context: FDI vs. Domestic in 500 most profitable enterprises report, 2023

US sees Vietnam at bottom end of semiconductor supply chain?

Intellectual property, skilled human resources key challenges to US investment in Vietnam

Vietnamese English education app gets US$20 million from Singapore investment firm

Vietnam Airlines to sign deal for 50 Boeing 737 Max

Netherlands furniture firm invests US$31.7 in south-central Vietnam

What Vietnamese businesses want from President Biden’s Hanoi stopover

US product transfer firm opens factory in southern Vietnam

Vietnam’s offshore wind (OSW) targets in doubt

Anticipated technology transfers from FDI to local firms not happening in Vietnam

Banks can now offer customers refinancing loans

Vietnam’s credit growth languishes, businesses don’t want to borrow

Malaysian real estate firm enters Vietnam market with HCMC land purchase

Australia is chasing stronger ties with Vietnam

International school in Hoi An shuts down unexpectedly, owner does a runner

Vietnam’s 2023 growth target ‘extremely difficult’ to reach says deputy minister

Coffee price decline likely temporary

Lack of, slow policy development may hinder wind power development in Vietnam

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