Foreign investors

At a factory of Nestle in Hung Yen province (Photo: baodautu.vn) Hanoi (VNA) – Recent announcements made by foreign investors on additional investment to expand production in Vietnam reflect their trust in Vietnam’s prospects for economic recovery, reported the Dau tu (Investment Review) newspaper. The Swiss company Nestle said it is pouring an additional over 130 million USD, raising its total investment in Vietnam to 730 million USD to carry out a number of its projects in the next two years. Urs Kloeti, Factory Manager of Nestle Bong Sen, was quoted by the newspaper as saying that his company believes in Vietnam’s role as an international and regional manufacturing hub in the future. Alongside Nestle, other foreign firms have committed to maintaining operations in Vietnam despite the fourth wave of COVID-19 outbreaks that have forced various localities to apply stringent preventive measures. Tetra Pak of Sweden has confirmed that it will pump 5 million EUR (5.86 … [Read more...] about Foreign investors keep trust in Vietnam’s recovery

Vietnam continues to remain an attractive investment destination in the long term. Foreign Direct Investment (FDI) commitments during the first nine months of 2021 rose by 4.4% year-on-year to US$22.15 billion, a report of the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment has shown. Production at YPE VINA in Binh Xuyen 2 Industrial Park, Vinh Phuc Province. Photo: Hoang Hung Meanwhile, the serious Covid-19 situation in southern provinces/cities has led to temporary disruption of production and a reduction of 3.5% year-on-year in FDI disbursement to around $13.28. billion. Principal Country Economist of the ADB in Vietnam Nguyen Minh Cuong said the pandemic and subsequent restriction measures are wreaking havoc on businesses as a whole, including foreign companies. Cuong, however, noted for foreign businesses, any investment decision into a country would take into account long-term considerations, and they are rarely fazed by … [Read more...] about FDI commitments to Vietnam rise nearly 5% in 9-month period

Phu Yen has drawn up a careful planning to preserve its beautiful seaside vista Pham Dai Duong, Secretary of Phu Yen Party Committee, was on a field trip for the planning survey by helicopter in May, leading the working group with leaders from Phu Yen People’s Committee, relevant agencies, and consultants. There, he explained the concrete orientations for Phu Yen’s general planning. “It is important to analyse the actual state of agricultural areas like rice, sugar cane and cassava, as well as forestation and aquaculture. From there, we can make suitable proposals and find planning options that fit the local situation,” said Duong, adding that the development of industries like tourism, real estate, and agriculture is deemed decisive in outlining the province’s general planning to best exploit its bountiful potential and advantages. Right after the field survey, Phu Yen’s leaders attended meetings with sponsors and consulting agencies on the outline of the province’s general … [Read more...] about Lifting Phu Yen development thanks to sound planning

Vietnam Film Week is aimed at introducing to international friends Vietnamese culture and people through unique meaningful cinematographic works. Seven typical films of Vietnamese cinema will be selected by the Ministry of Culture, Sports and Tourism, dubbed or subtitled in English, and sent to the World EXPO 2020 Dubai for evaluation before being widely screened at the event. The poster for the recently emerging Vietnamese film entitled ‘Dad, I’m sorry!’ by directors Ba Sang and Tran Thanh According to the Ministry of Culture, Sports and Tourism, Vietnam Film Week EXPO 2020 Dubai will take place within the framework of the World Exhibition EXPO 2020 Dubai, held in the United Arab Emirates. The film week will run from December 30, 2021, to January 5, 2022. The opening ceremony will take place on December 30. Vietnam Film Week EXPO 2020 Dubai aims to introduce to international friends the unique works of Vietnamese cinema; promoting Vietnam’s film industry; … [Read more...] about Vietnamese films will be screened at World Exhibition EXPO 2020 Dubai

Vietnam-US trade ties have enjoyed impressive growth (Source: laodong.com.vn) Hanoi (VNA) – The Vietnam-US trade ties have enjoyed impressive growth during 26 years since the normalization of diplomatic ties. Looking back at the past 20 years in international trade, there is no relationship which has such a fast growth rate like that of the Vietnam-US trade relationship, said Nguyen Xuan Thanh , senior lecturer at Fulbright School of Public Policy and Management in Vietnam. Prof. David Dapice , leading expert on development economics in Southeast Asia, Harvard Kennedy School, Harvard University, used the word “spectacular” to describe the development of economic cooperation between Vietnam and the US. Two-way trade rose from over 400 million USD in 1995 to more than 90 billion USD in 2020. Vietnam’s total export turnover to the US from 1 billion USD in 2000 increased to 10 billion USD in 2007, mainly thanks to the bilateral trade agreement taking effect in … [Read more...] about Vietnam-US trade ties enjoy “spectacular” growth

Vietnam’s tuna exports to EU see strong surge thanks to EVFTA Vietnam exported 15,870 tonnes of tuna worth 73.33 million USD to the European Union in the first half of 2021, up 39.3 percent and 31.6 percent, respectively, against the same period last year, according to a journal published by the Ministry of Industry and Trade (MoIT). The tuna shipments accounted for about 15.1 percent of Vietnam’s total seafood export value to the EU. In the second quarter of 2021, the country shipped 9,360 tonnes of tuna to this market, raking in 45.05 million USD, up 43.9 percent in volume and 59.3 percent in value from the previous quarter. The surges were attributed to tariff reductions granted to Vietnam’s tuna products under the EU-Vietnam Free Trade Agreement (EVFTA), which took effect on August 1, 2020. According to the MoIT, Vietnamese tuna was sold at 4.62 USD per kg on average to the EU in the first six months of the year, down 0.27 percent year on year. The global tuna prices … [Read more...] about VIETNAM BUSINESS NEWS SEPTEMBER 25