Amid rapid economic recovery following the COVID-19 pandemic, Vietnam’s foreign direct investment (FDI) attraction this year is anticipated to record positive signs and hit US$40 billion, according to insiders. Goertek Group has increased its investment capital to US$500 million in a factory specialising in manufacturing electronic products, network equipment, and multimedia audio products in Nghe An (Photo: baodautu.vn) Last year, despite the adverse impacts caused the pandemic, the country was still able to attract US$31.15 billion in FDI, representing an annual rise of 9.2%. Most notably, China's Goertek Group recently moved to increase its capital from US$100 million to US$500 million in a factory specializing in manufacturing electronic products, network equipment, and multimedia audio products in the central province of Nghe An, thereby becoming the largest investor in the locality. Furthermore, Ju Teng International Holdings Ltd has been granted … [Read more...] about Vietnamese FDI attraction likely to hit US$40 billion this year
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In an interview with Bloomberg recently, Binh Tran - co-founder of Ascend Vietnam Ventures - said that Vietnam's nascent start-up sector is developing and Vietnam is becoming the next technology hub of Southeast Asia. Binh said that venture capital poured into startups in Vietnam reached 2.1 billion USD in 2021, compared to only 48 million USD in 2017. Moving his business from San Francisco (USA) to Vietnam in 2020, Binh said that the startup sector in Vietnam is attracting top venture capitalists in Silicon Valley. Well-known venture capital funds in San Francisco such as Goodwater Capital LLC, Accel Partners LP and Altos Ventures Management Inc have poured capital into innovative Vietnamese enterprises. He said that the startup sector in Vietnam is witnessing remarkable growth. “This has turned Vietnam into an important startup hub in Asia,” said Binh. Binh’s 500 Global Vietnam venture capital fund has invested in about 70 companies in the fields of e-commerce, … [Read more...] about Vietnam to be Asia’s next startup hub
Tan Hoang Minh won the bid in a ‘duel’ to buy the 3-12 land plot in Thu Thiem new urban area in HCM City, but finally gave up. On January 11, Tan Hoang Minh issued a press release, saying that it will send an official document to HCMC People’s Committee, Land Bank Development Center and HCMC Property Auction Service Center about its decision on unilaterally terminating the contract on the purchase of the 3-12 land plot. The contract was signed on December 17, 2021, or one working week after the auction day (December 10, 2021). During the auction four land plots were sold. This means that if Tan Hoang Minh cancels the purchase of the land, it will lose the deposit of nearly VND600 billion. A question has been raised about the ‘fate’ of the land plot, called ‘golden land’ because of its advantageous position. Some people said the land may fall into the hands of the business with the second highest bidding price at the auction. The auction session was described as … [Read more...] about What’s behind Tan Hoang Minh’s sky-high bidding price?
Given the severe impact of COVID-19, the National Assembly’s recent approval of a VND350 trillion (US$15 billion) economic recovery package is considered by businesses and experts as an extremely important leverage and motivation moving forward. Businesses long for the US$15 billion bailout package to be soon disbursed to support their ailing operation. Businesses expect early disbursement Luu Ngoc Nam, the owner of a firm specialising in food, industrial catering, transportation, and warehousing in Hanoi, said that his businesses has almost been exhausted because of COVID-19. But he felt more motivated upon hearing that the national legislature has just approved a VND350 trillion economic recovery package. “We are very pleased and hopeful that conditions for accessing this package will be easier. The State should create favourable conditions for businesses like us to get support in a quick and effective manner,” said Nam. Similarly, Nguyen Anh Tu, director of … [Read more...] about US$15 billion bailout package a stimulus to economic recovery
Vietnam exported $3.52 billion worth of vegetables and fruits in 2021, an increase of 8.6 percent over the year before. China remains the biggest client consuming 54.5 percent of the exports. China allows Vietnam’s nine fruits, including mango, litchi, dragon fruit, water melon, bananas, rambutan, jackfruit and mangosteen, to be exported to the market through official channels. Durian, passion fruit and purple sweet potato are also expected to be allowed to enter the market in the time to come. Meanwhile, the majority of fruits and vegetables have been traded across border gates under the unofficial quota mode. The statistics from Lang Son Customs Agency show a small proportion of farm full-tax exports through Lang Son. According to the agency, the exports just account for 3 percent of total farm exports to China. Rumor has it that farm produce exported to China under the mode of unofficial quotas have low quality. Deputy Minister of Agriculture and Rural Development Tran … [Read more...] about Agriculture Ministry denies that cross-border exports are low-quality products
Vietnamese Ambassador to Italy Nguyen Thi Bich Hue (L) at the gathering (Photo: VNA) Rome (VNA) – The Vietnamese Embassy in Italy has organised a virtual New Year gathering with representatives from the Association of Vietnamese Entrepreneurs in Italy (ASSOEVI) to collect suggestions in a bid to strengthen the nations’ trade relations. In her remarks at the January 15 event, Ambassador Nguyen Thi Bich Hue reviewed activities and contributions to their home country of the Vietnamese expatriates last year. The community took part in mobilising local authorities’ support in terms of COVID-19 vaccines, medicines and medical equipment for Vietnam; charity activities to help children in Vietnam; and the teaching of Vietnamese language in Italy. They also worked to assist Italian and Vietnamese enterprises . The diplomat wished for further contributions to be made in the near future. According to Hue, despite COVID-19, trade between Vietnam and Italy hit 5.6 billion USD in … [Read more...] about Gathering promotes Vietnam-Italy trade cooperation