This is a brief rundown of what is being reported today in Vietnam’s state-approved media 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’re operating a business or working in Vietnam and want to talk about it, reach out: mark.barnes@the-shiv.com
Vietnam Airlines Q2 results
Dau Tu Kien Thuc is reporting that Vietnam Airlines said high fuel prices linked to Middle East geopolitical tensions contributed to an estimated second-quarter consolidated loss of VND 660-830 billion (US$25.0-31.5 million).
The airline reported first-half consolidated revenue of VND 75.312 trillion (US$2.86 billion), up 28 percent, and consolidated profit of VND 3.852 trillion (US$146.2 million). View source→
Stadium renamed
Dau Tu Kien Thuc is reporting that Vingroup has renamed the 135,000-seat stadium under construction in Hanoi as VinFast Stadium, replacing the previously used names Lac Viet, Trong Dong and Hung Vuong. View source→
More details airport investigation
VnExpress is reporting that the Government Inspectorate has identified eight contractors in the Vietur consortium that improperly placed VND 936 billion (US$35.5 million) of Long Thanh Airport advance payments into fixed-term deposits, earning VND 10.6 billion (US$402,000) in interest. View source→
Ed.’s notes: Article doesn’t make clear how this has impacted the project — as in, did it cause delays in making payments to contractors?
Overnight interest rates
VnExpress is reporting that overnight interbank lending rates fell to 1.3 percent on July 29 from 13 percent at the end of June, while one-month rates remained at 6.9 percent, according to the Vietnam Interbank Market Research Association.
The article notes that the overnight rate has fallen from about 6-6.5 percent at the start of July to 1-2 percent over the past three trading sessions. View source→
Petrol price revisions
Vietnam Plus is reporting that the Ministry of Industry and Trade raised retail fuel prices, with E10 RON95-III gasoline rising to VND 22,859 (US$0.87) per litre.
E5 RON92 gasoline increased by VND 1,500 (US$0.06) to VND 22,388 (US$0.85) per litre.
Diesel rose by VND 1,856 (US$0.07) to VND 27,624 (US$1.05) per litre, while fuel oil increased to VND 16,478 (US$0.63) per kilogram. View source→
Domestic steel price increase
Metal.com is reporting that major Vietnamese steelmakers raised domestic construction steel prices by VND 100,000 (US$3.79) per tonne between July 28 and August 1, citing higher production and financing costs.
Hoa Phat, Kyoei Vietnam, Viet Italia Steel, Vinausteel and Southern Steel said the increases reflected rising steel billet, raw material, fuel, exchange rate and borrowing costs. View source→
My Lan real estate breakdown
Bloomberg is reporting that the breakup of Truong My Lan’s property empire has become central to Vietnam’s effort to recover money from one of the world’s largest bank fraud cases.
The article notes Truong My Lan controlled some of Ho Chi Minh City’s most valuable commercial properties, although hundreds of assets linked to the case remain unvalued. View source→
M&A activity
VIR is reporting that PwC has said Vietnam’s mergers and acquisitions market is becoming more selective, with investors prioritising high-quality assets and long-term value creation over transaction size.
It cites Tiong Hooi Ong, partner at PwC Vietnam, as saying investors are increasingly focusing on assets linked to consumer demand, digital transformation, infrastructure and sustainability. View source→
US-VN customs support
Reuters is reporting that United States and Vietnamese customs officials this week launched a five-day workshop in Hanoi to strengthen cooperation against illegal transhipment, trade fraud and false declarations of goods’ origin.
The workshop, organised by United States Customs and Border Protection and Vietnam’s Department of Customs, focuses on investigation techniques and information sharing. View source→
Creative labour development
Thanh Nien is reporting that General Secretary and President To Lam has called for Vietnam to shift from simple labour to creative labour, saying innovation should become the country’s most important future resource.
He also called for innovation to become embedded across society, with ministries, local governments, businesses and citizens all contributing to a nationwide innovation culture. View source→
Ed.’s notes: Contrasts with arrests of 5 people over book earlier this month.
Hai Phong free trade zone launch
VnExpress is reporting that Deputy Prime Minister Le Tien Chau has officially launched Hai Phong’s 6,292-hectare free trade zone, which will offer preferential investment, customs and trade policies to attract strategic industries.
The free trade zone spans three locations and will prioritise semiconductors, digital infrastructure and logistics, while the southern coastal economic zone will include nine industrial parks. View source→
Exchange rates Thursday
On July 31, in Vietnam, the black market US dollar buy rate was VND 26,300, and the sell rate was VND 26,320, a change of 0 and 0, respectively, for a mid-market rate of VND 26,310 (down 0.00 percent), according to prices quoted by Ty Gia USD. Read the full article →
Stock market Thursday
The VN-Index closed at 1,744.66, up 39.98 points or 2.35 percent, with a total trading value of VND 20,264.06 billion or US$769.03 million, and foreign traders net-buying US$25.73 million worth of equities, Thursday, according to the latest data from the Ho Chi Minh City Stock Exchange. Read the full article →
Yesterday’s news
In today’s Vietnam news: Fuel supply status, Critical minerals industry commentary, Sotheby’s opens HCMC office, US international school market entry, China response US customs inspections VN, China-VN counterfeit goods border crossings, US firm nuclear power development support, Government bond auction yesterday, Exchange rates Wednesday, Stock market Wednesday, Yesterday’s news roundup, and more. Read the full article →