This is a brief rundown of what is being reported today in Vietnam and about Vietnam in the international press.
It endeavours to highlight the narratives currently shaping the country’s economic, financial, and business news landscape.
Ed’s note: I’m always looking for new sources with unique insights. If you have anything to share, reach out: mark.barnes@the-shiv.com
Green SM Netherlands expansion
Znews is reporting that Vietnamese taxi company Green SM has begun trial operations in Amsterdam, marking its eighth overseas market and second in Europe after Denmark.
Green SM is offering employed drivers up to €3,000 (US$3,400) monthly, while drivers renting vehicles can receive up to 85 percent of revenue, the article says. View source→
VN fund manager assets
VnExpress is reporting that Vietnamese fund managers held VND 846 trillion (US$32.1 billion) in assets at the end of June.
Assets under management equalled 6.2 percent of gross domestic product, compared with nearly 60 percent in Malaysia and more than 36 percent in Thailand. View source→
*Adds to the narrative that Vietnam’s underlying economy is not doing quite as well as the headline GDP growth numbers make it look.
HCMC TOD plans
Dan Tri is reporting that Ho Chi Minh City is drafting new policies allowing public investment and private capital to support transit-oriented development around metro stations.
The city could fund land acquisition, compensation, resettlement and infrastructure, while investors could propose project boundaries and scale during planning, the article says. View source→
Egroup supplementary investigation
Thanh Nien is reporting that Vietnamese police have completed a supplementary investigation into alleged fraud and bribery involving Egroup (parent company of APAX Leaders), recommending the prosecution of 29 defendants. View source→
Draft changes PSF handling
Vietnamnet is reporting that Vietnam’s Ministry of Industry and Trade has proposed centralising the Fuel Price Stabilisation Fund under ministry management in its latest draft petroleum decree.
Petroleum traders would transfer positive fund balances to a Ministry of Finance account at the State Treasury before responsibility shifts to the industry ministry. View source→
Murphy oil investment plans
The Investor is reporting that Murphy Oil chairman and chief executive Eric Hambly has told Party General Secretary and President To Lam that the company plans to increase investment in Vietnam’s oil and gas industry.
Murphy Oil expects Vietnam to account for about US$200 million, or 16 percent, of its planned US$1.25 billion global capital expenditure this year, the article says. View source→
Changes SAF requirements
Ukragroconsult is reporting that Vietnam is proposing its first mandatory sustainable aviation fuel requirements, starting at 1 percent for international flights departing Vietnamese airports in 2030.
The proposed minimum for international flights would progressively increase to 10 percent from 2040 under a draft aviation environmental framework. View source→
Sanctioned garment maker US exports through VN?
Reuters is reporting that three Vietnamese garment manufacturers linked to sanctioned Chinese textile group Esquel exported at least US$5 million in cotton goods to the US after November 2024.
The manufacturers previously used variations of the Esquel Garment Manufacturing Vietnam name before being rebranded in 2022.
Reuters could not establish whether their US-bound products contained Esquel or Xinjiang cotton, noting the manufacturers also sourced cotton elsewhere.
Muji and Rodd & Gunn confirmed sourcing from the manufacturers but said they were unaware of connections between their suppliers and Esquel. View source→
Petrovietnam ExxonMobil crude deal
Reuters is reporting that Petrovietnam Refining and Petrochemical Corporation has signed a framework agreement with ExxonMobil Asia Pacific for crude oil supplies. View source→
Sumitomo VPBank increased stake talks
Reuters is reporting that Japan’s Sumitomo Mitsui Banking Corporation is in advanced talks to increase its VPBank stake from 15 percent to about 20 percent.
The two sides aim to complete the transaction this year but remain divided over valuation, according to people familiar with the negotiations.View source→
Exchange rates
As of 7.30am this morning, the black market US dollar buy rate was VND 25,900, and the sell rate was VND 25,950, a change of 10 and 20, respectively, for a mid-market rate of VND 25,925 (up 0.06 percent), according to prices quoted by Ty Gia USD.
Meanwhile, the State Bank of Vietnam’s central exchange rate was set at VND 25,641, while the Google Finance mid-market rate stood at VND 25,976.
Stock market Friday
The VN-Index closed at 1,785.11, up 10.02 points or 0.56 percent, with a total trading value of VND 15,278.47 billion or US$579.83 million, and foreign traders net-selling US$10.36 million worth of equities, Friday, according to the latest data from the Ho Chi Minh City Stock Exchange.
Friday’s news roundup
In Friday’s news: PUBG VN series postponed on cheating allegations, W2E complex plans, Wider HSC trading ban being considered, US firm buys into VN Tungsten producer, Amazon satellite internet licensed, Starlink for Vietjet passengers, Fuel price increases, Labour productivity increase for 10 percent growth, Automated VAT refund plans, Exchange rates, Stock market Thursday, Yesterday’s news roundup, and more. View source→