Foreign investment

Han Jong-hee, Samsung Electronics vice chairman and CEO, and Vietnamese State President Nguyen Xuan Phuc. Photo: VNA The announcement was made at a meeting between Han Jong-hee, Samsung Electronics vice chairman and CEO, and Vietnamese State President Nguyen Xuan Phuc on the morning of December 6, on the sideline of the president's official three-day visit to South Korea. "Samsung has set very clear targets and will carry out our projects in Vietnam effectively. We will develop new young human resources and focus on AI, and big data," said Han. State President Nguyen Xuan Phuc appreciates the expansion plan of Samsung to pour an additional $2 billion into Vietnam. He proposed the conglomerate pay more attention to supporting industries and smart technologies, contributing to enabling Vietnam to be a manufacturing hub and seize new opportunities. He invited Samsung to join the upcoming innovation exhibition in Vietnam. Jong-hee said that the … [Read more...] about Samsung to raise total investment in Vietnam to $20 billion

A road in Jakarta, Indonesia (Photo: AFP/VNA) Jakarta (VNA) – Indonesia will possibly record economic growth of 4.5 - 5.3% in 2023 and 4.7 - 5.5% in 2024, according to Governor of Bank Indonesia Perry Warjiyo. Growth drivers will include such factors as exports, consumption, and investment, which will increase, he told the central bank’s recent annual meeting. Downstreaming, infrastructure development, foreign investment, and tourism activities are also expected to boost growth. Warjiyo predicted that core inflation , which is currently still high, will decline again to the target of 3% +/- 1% in the first half of next year. He also assured that the rupiah exchange rate will be maintained and strengthened in 2023 if the global turmoil subsides. The currency will be maintained on the back of Indonesia 's good economic fundamentals, high growth, low inflation, and attractive government bond yields. The policy for stabilising the rupiah against global … [Read more...] about Indonesia forecasts growth of up to over 5% for next two years

South Korean electronics giants Samsung and LG plan to pour billions of dollars of additional investment into Vietnam, state media reports and the Vietnamese government said on Tuesday. The announcement comes after Samsung cut smartphone production in Vietnam twice this year in response to weaker global demand. Samsung Electronics, the largest single foreign investor in Vietnam, will invest $2 billion more in the Southeast Asian country, raising its total to $20 billion, Vietnamese state media said. Samsung has for years produced about half of its smartphones in Vietnam and accounts for nearly a fifth of the country's overall exports. The additional investment will further firm up Vietnam as Samsung's key production site, reported Vietnam News Agency , following a meeting on Tuesday in Seoul between Vietnamese President Nguyen Xuan Phuc and the company's chief executive Han Jong-hee. Samsung did not immediately respond to a request for comment. Separately, the Vietnamese … [Read more...] about Samsung, LG plan multi-billion-dollar additional investment in Vietnam

Digital economy, information, and telecommunication are vital to driving the bilateral economic partnership. South Korea is willing to share its technological expertise to boost its economic partnership with Vietnam in the next 30 years, Choo Kyung-ho, Deputy Prime Minister cum Minister of Economy and Finance of the Republic of Korea, said on December 6. Vietnam's President Nguyen Xuan Phuc (center) joins Vietnam-South Korea Business Forum on December 6. Photo: Vietnam News Agency Choo Kyung-ho made his statement at the Vietnam-Korea Business Forum held in South Korea with the participation of Vietnamese President Nguyen Xuan Phuc, senior officials, and more than 500 representatives of businesses of the two countries. He expressed his hope that the two nations would see further cooperation in developing green growth, a digital economy, new industries, and exchanging technology and manpower. He also urged the Vietnamese and South Korean governments to … [Read more...] about South Korea, Vietnam ready to boost tech cooperation

Last week’s seminar covered everything ESG, from initial investment considerations to pursuing new values The European Union is set to apply a carbon border adjustment mechanism (CBAM) as early as 2023 when European companies must start reporting emissions of imported goods, although they will not need to purchase CBAM certificates until 2026-2027. The Council of the EU and the European Parliament are yet to decide on the exact timeline. The CBAM would tax imported goods exported to in EU markets on the basis of their carbon content, which depends on their material and energy inputs. The mechanism will initially apply to the highest-emitting industries most at risk of leakage – such as iron and steel, cement, fertilisers, aluminium, and electricity generation – and will likely be expanded to other sectors in the coming years. “This will affect exporters from Vietnam,” said Nick Wood, senior advisor of FTI Consulting at last week’s seminar on environmental, social, and … [Read more...] about Determination on show by businesses to be ESG ready

Vietnamese Prime Minister said climate response requires a global approach to ensure people-centered solutions. Vietnam expects to accelerate the negotiation process with the UK and EU regarding the establishment of the Just Energy Transition Partnership (JETP), said Prime Minister Pham Minh Chinh at a meeting with Ambassador of the EU to Vietnam Giorgio Aliberti today [December 6]. Prime Minister Pham Minh Chinh and EU Ambassador to Vietnam Giorgio Aliberti in Hanoi on Dec 6. Source: VGP The world is undergoing an energy transition as climate change has emerged as a global challenge. “This requires a global approach to strengthen solidarity and multilateralism, along with a people-oriented solution that puts the people at the center, the engine and objectives for development,” Chinh said. Such a process, however, should ensure justice and fairness for each country involved, Chinh added. In the case of Vietnam, Chinh called for the EU to assist the … [Read more...] about Vietnam expects to accelerate negotiations for Just Energy Transition Partnership