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U.S. House passes bill to make Washington, D.C., the 51st state

April 23, 2021 by tuoitrenews.vn

The U.S. House of Representatives on Thursday narrowly voted, for the second time in less than a year, to make the District of Columbia the 51st state, sending it to the Senate where it faces stiff Republican opposition.

By a vote of 216-208, the Democratic-controlled House approved the initiative with no Republican support.

The population of Washington, D.C., is heavily Democratic. As a state, it likely would elect two Democratic senators, potentially altering the balance of power in the Senate, which now has 50 Democrats and 50 Republicans.

Democrats, who have been advocating statehood for the capital of the United States for decades, hope to take advantage of last November’s election of President Joe Biden as well as control of the Senate and House to admit a new state for the first time since 1959, the year Alaska and Hawaii joined the union.

Democrats argued statehood would fix a centuries-old wrong of “more than 700,000 Americans citizens who pay federal taxes, who fight and die in wars, who serve on our juries and yet have no vote in the Senate or the House of Representatives,” said Democratic Representative Jan Schakowsky. “That is the definition of taxation without representation.”

The new state would be named “Washington, Douglass Commonwealth” after George Washington, the first U.S. president, and Frederick Douglass, a former enslaved person who became a famous abolitionist.

Democrats argued statehood would fix a centuries-old wrong of “more than 700,000 Americans citizens who pay federal taxes, who fight and die in wars, who serve on our juries and yet have no vote in the Senate or the House of Representatives,” said Democratic Representative Jan Schakowsky. “That is the definition of taxation without representation.”

The new state would be named “Washington, Douglass Commonwealth” after George Washington, the first U.S. president, and Frederick Douglass, a former enslaved person who became a famous abolitionist.

The House first passed this bill last June by a vote of 232-180. Republicans, who controlled the Senate then, refused to act on it.

Statehood would also give Washington at least one House member. Its population of around 700,000 is more than that of the states of Wyoming and Vermont. About half of its residents are Black.

Currently, Washington, D.C., has only one member of Congress – a House “delegate” who is not allowed to vote on legislation.

If the city became a state it would maintain its three electoral votes, which are used in the presidential election process. States’ electoral votes are based on population.

Filed Under: International Vietnam Life - U.S. House passes bill to make Washington, D.C., the 51st state, TTNTAG, Washington State House of Representatives, washington state housing finance commission, Washington State House

Prisons make their mark on tourism map

April 23, 2021 by vietnamnews.vn

Lê Hương

Visiting jails is one unique idea of enjoying a holiday in Việt Nam, which is well-known for its heroic revolutions against foreign invaders over the years.

Jails dating back to the French colonial and anti-American war periods have become top tourist destinations for those who want to understand the country and its history. The destinations are also tourism hubs for Vietnamese people for the upcoming Reunification Day (April 30).

Côn Đảo Prison in Côn Đảo Island southern province of Bà Rịa Vũng Tàu, Cây Dừa Jail in Phú Quốc Island in the southern province of Kiên Giang, Sơn La Jail in the northern province of Sơn La and the famed Hỏa Lò Prison in downtown Hà Nội are among the top destinations for both domestic and foreign tourists.

Côn Đảo Prison – hell on earth

There remains a system of jails on Côn Sơn (also known as Côn Lôn) Island, the largest island of the Côn Đảo Archipelago.

The jail system was built in 1861 by the French to imprison those considered a threat to the colonial regime.

A tourist poses for a photo at Côn Đảo Prison. Photo zingnews.vn

The most famous parts of this system are the “tiger cages”. Each cell measures some 5sq.m, where several prisoners were imprisoned. There was no bed in the cell and no roof above, only metal bars so wardens could easily watch every single move by the prisoners. The jailers often tortured the prisoners using wooden sticks or by pouring lime powder on them.

Tourists visit the tiger cages area on Côn Đảo Island. Photo mientaycogi.com

Another form of torture was a “sun bath” or “rain bath” where the prisoners were forced to stay naked in a cage without a roof, exposing them to the harsh sun or the torrential rain.

The remnants of a cistern storing cows’ dung and water used to torture prisoners on Côn Đảo Island. The prisoners would be submerged in the waste until worms developed in their bodies. They would suffer from eternal pain until death. The cistern was built in 1930 to torture communist soldiers in secret. VNS Photo Lê Hương

Over 100 years, some 20,000 revolutionaries and other patriots were jailed, tortured or killed at the site, which is now a Special National Relic Site.

The jail system includes stations named Phú Sơn, Phú Hải, Phú Tường, Phú Thọ, Phú An, Phú Phong, Phú Hưng, and areas for special prisoners like Tiger Cages and Cow Cages.

A guided tour is the best way to learn about the prison system.

Cây Dừa Prison

Located on the fertile pearl island of Phú Quốc, the prison is a symbol of heroism and patriotism and a place that witnessed the cruelty of colonialism and imperialism.

At the end of 1966, the US aided and abetted Sài Sòn regime built the prison in An Thới Valley of Phú Quốc Island. The jail areas, residential areas and offices for the prison’s management board were built along Road 46.

By the end of 1972, the prison had 12 areas numbered from 1 to 14. Each area could host up to 3,000 prisoners.

An overview of Cây Dừa Prison on Phú Quốc Island. Photo bestprice.vn

Each smaller area had nine rooms for prisoners, two halls for torturing or for some special prisoners. The smaller area had a kitchen for prisoners to cook their meals.

The jailing areas were guarded carefully and surrounded by barbed wire fences.

On the morning of January 21, 1969, 21 prisoners escaped from the jail using a tunnel they had dug. Over the course of six months, they had secretly made the 120m long, 60cm wide tunnel using simple tools like spoons and metal bars.

The prison was used for six years between July 1967 and January 1973. During that time, 4,000 people died in the jails and thousands of those who survived were handicapped for the rest of their lives.

Today, the prison has displays showing the cruel torture that the Sài Gòn regime inflicted on revolutionaries and liberation fighters.

Clay replicas of liberation fighters imprisoned at Cây Dừa Prison in Phú Quốc Island. Many of them were kept in tiny cages without any roofs under the hot sun. Photo innotour.vn

“I think no history lesson in a  class is better than a trip to visit this prison,” said student Lương Hà Vinh from Hà Nội. “My class organised a field trip here and I was extremely moved at the images I saw here. I feel more appreciation for the freedom and independence that my generation enjoys today thanks to the sacrifice of revolutionary soldiers in the past.”

The prison was recognised as a National Historic Site in 1995 and hosts some 10,000 visitors each year.

Sơn La Prison

The French kept more than 1,000 Vietnamese revolutionaries and other patriots between 1930 and 1945 at Sơn La Prison, which is located in Sơn La City, the northern province of Sơn La.

According to guide Mai Thúy Loan, the French could not kill all the Vietnamese patriots imprisoned at once so they used the harsh weather and hard labour to kill them gradually, spiritually and physically.

The prison was first built in 1908 but then was enlarged in 1930-1940.

The prison became akin to a school for distinguished communists who made considerable contributions to the victory of August Revolution in 1945 like Tô Hiệu, Lê Duẩn, Trường Chinh, Nguyễn Lương Bằng, Văn Tiến Dũng, Lê Đức Thọ, Nguyễn Văn Trân, Lê Thanh Nghị, and Trần Quốc Hoàn.

Tô Hiệu died in the prison at the age of 33 and had been a member of the Communist Party for 14 years. He was also jailed in Côn Đảo before being moved as a special case to Sơn La Prison.

A visitor poses for a photo by Tô Hiệu Peach Tree at Sơn La Prison. Photo hoidulich.net

Despite the harsh conditions of the prison and suffering from various diseases, Tô Hiệu still persuaded many soldiers and guards at the prison to join the revolution.

To this day, the site still has a peach tree named after the brave communist Tô Hiệu.

“Despite the bombs by the French in 1952 and by the American air force in 1965 to erase the traces of cruelty, the tree has still grown strongly as a miracle,” said Loan. “The blossoms come into full bloom every spring as eternal evidence of history, confirming the strong living power and will of communists who were jailed in the prison.”

War veteran Trần Hữu Mạnh from Hưng Yên Province said he visited the prison every spring with his comrades.

“Such a historical site is so valuable in the present time,” he said. “It helps educate the young generation on our heroic past fighting against the most powerful invaders.”

Prison in downtown Hà Nội

Few foreign tourists miss a visit to Hỏa Lò Prison in the bustling streets of Hà Nội.

It was built by the French at the end of the 19th century in 1896 in the original area of Phụ Khánh ceramic village in Hà Nội.

Many famed Vietnamese patriots were jailed here including Phan Bội Châu, Lương Văn Can, Nguyễn Quyền, Hồ Tùng Mậu, and Nguyễn Lương Bằng, and five secretaries of the Communist Party including Nguyễn Văn Cừ, Trường Chinh, Lê Duẩn, Nguyễn Văn Linh and Đỗ Mười.

“Hà Nội Hilton” by night. The Hỏa Lò Prison in downtown Hà Nội offers frequent exhibitions as well. Photo svhtt.hanoi.gov.vn

On October 10, 1954, after liberating the north from the French, the Vietnamese Government put the prison into temporary use to jail lawbreakers.

Between August 1964 and March 1973, the prison housed American pilots shot down while bombing North Việt Nam, during which the prison was wittily named the “Hà Nội Hilton” by the pilots. The pilots included Douglas Peter Peterson, who then became the first American ambassador to the Socialist Republic of Việt Nam, and John McCain, an American senator who ran for president in 2008.

Part of the original prison was renovated in 1993 as a historical relic site of the city and now receives visitors every day.

The prison now regularly hosts exhibitions as well as special tours. VNS

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Vietnam’s agriculture grows up thanks to EVFTA

April 22, 2021 by en.nhandan.org.vn

However, these challenges are also an important lever, helping the country’s agricultural sector be more mature in its integration process on the basis of promoting restructuring via improving product quality and deep processing towards an organic and modern agricultural system.

Promoting the processing industry

The EVFTA is the free trade agreement (FTA) with the highest level of commitments for Vietnam among all signed FTAs thus far, with more than 99% of import tariff lines between the two sides being eliminated across a 7-10-year roadmap. In particular, tax rates applied on many agricultural products that Vietnam has advantages in producing and exporting, such as rice, seafood, coffee and cocoa, will be cut immediately or in a short time.

Currently, the EU’s importation of agricultural, forestry and fishery products accounts for about 8.4% of the total. Therefore, Vietnam’s agro-forestry and aquatic products still have plenty of room for export growth in this market.

However, Europe prefers processed products, so in order to increase the quantity of goods as well as export turnover, the agricultural sector needs to focus on strongly developing the processing industry in the coming time. Specifically, Vietnam’s tropical fruit products are very welcome in Europe but the geographical distance makes it difficult to transport and preserve fresh produce.

Therefore, the development of post-harvest preservation and processing technologies is the “golden key” to help Vietnamese fruits penetrate the EU market, especially in the context of the tax rate of 85.6% of processed fruit and vegetable products from Vietnam to the EU having been reduced to 0% once EVFTA came into effect.

However, at present, Vietnam’s export of processed fruits and vegetables accounts for less than 19% of the total export value of vegetables and fruits, so if these products do not increase rapidly, it is likely the fruit and vegetable sector will miss out on a sizeable proportion of the tax advantages that EVFTA offers .

Chairman of the Board of Directors of the Dong Giao Food Export Joint Stock Company Dinh Cao Khue said that according to statistics, there are currently more than 150 fruit and vegetable processing establishments on an industrial scale with total capacity of more than 1 million tonnes of product per year, but the processed products sector is still small, accounting for only about 5-10%, while the average designed capacity utilisation rate is only 56.2%.

Meanwhile, processing plays a very important role in agriculture. In addition to meeting the tastes of European consumers, processed products, especially processed fruits, also have a long shelf life, thus avoiding losses where they cannot be exported. This was most clearly demonstrated during COVID-19 outbreak peaks, when fresh fruit exports were jammed, but processed products were still exported smoothly, even strongly welcomed due to the fear of using fresh goods by consumers globally.

Along with fruit, rice, seafood, pepper, cashews and wood also face high requirements for deep processing to increasing their output and export value to the EU market. In fact, the export of wood products could grow even more strongly if the processing industry reached a higher level of proficiency. However, at present, domestically planted wood material is still low, mainly serving the exploitation of young timber to make raw materials for paper, wood chips and pellets.

Meanwhile, the large timber material areas are mainly concentrated in the northern mountainous provinces and on the central coast, but these areas have very few processing enterprises, making the production of refined wood products very limited, not to mention most Vietnamese wood processing enterprises are small and medium in size, while the number of businesses with a design capacity of less than 500 m3 of log timber per year accounts for only 47%.

According to the Ministry of Agriculture and Rural Development (MARD), most current agricultural products are still primary products with low added value, accounting for 70-85%, while processed products with high added value account for only 15-30%. In particular, processing technologies are still outdated, with the equipment innovation ratio of processing facilities at only 7% a year.

Therefore, the EVFTA with its high demands on deeply processed products has become a great driving force for domestic businesses to build sustainable raw material areas and innovate with processing technologies in order to diversify products in line with the needs of the European market. From which, they could form clusters linking production, preservation, processing and consumption of agricultural products together, in association with concentrated raw material areas in order to create products of equal quality, with traceability and assurance of all factors related to food safety, labour and the environment, according to the commitments in the EVFTA.

Boosting organic agriculture

Currently, the global market for organic agricultural products is about US$120 billion, half of which is in the European market. Europe is the largest consumer of organic products in the world, of which organic nuts, spices and fruits are the Vietnamese products currently favoured by the EU. According to the online offices of the Vietnam Trade Offices in Belgium, Luxemburg and the EU, in 2019, the EU imported 3.24 million tonnes of organic agricultural products, an increase of 0.4% as compared to 2018. Organic agricultural products account for about 2% of the total number of agricultural products imported to the EU, especially due to the fact that processed products still dominate and have a total value 15% higher than raw products. In particular, tropical fruits, nuts and spices were the organic products most imported into the EU in 2019, accounting for 27% of total organic imports (0.9 million tonnes).

Therefore, when the EVFTA came into effect, it opened the door for Vietnam’s organic agriculture sector, offering a “unique” opportunity for the rapid and strong development of organic agricultural products to best meet the product quality requirements of the EU market, while at the same time increasing competitiveness countries, especially in terms of rice, shrimp, fruits and spices. Organic agricultural products must meet many strict requirements but in return, their export value is very high. For example, for organic cinnamon spice, in the EU market, one tonne is priced US$1,000 higher than that of regular cinnamon.

According to general calculations, promoting organic agriculture would help Vietnamese agricultural products increase in value by 1.5-1.8 times as compared to conventional production. To realise that value, the Director of the MARD’s Crop Production Department Nguyen Nhu Cuong said that Vietnamese agriculture needs to make rapid changes from the traditional mode of production to standard-based farming, covering water and land sources and the use of agricultural materials, such as fertilisers and pesticides. The minds of managers, businesses and farmers also need to be thoroughly “refreshed”. Instead of chasing output, it is a must to prioritise quality and add value to agricultural products.

These changes can be realised, because at the end of June 2020, an organic agriculture development project for the 2020-2030 period was approved by the Government. Specifically, it sets targets such as by 2025, the area of agricultural land for organic production will reach 1.5-2% of the total area of agricultural land; the area of organic cultivated land will account for more than 1% of the total cultivated land focussed on key crops such as rice, vegetables of all kinds, fruit trees, tea, pepper, coffee, cashew and coconut; and the area of organic aquaculture will be about 0.5-1.5% of the total area of aquaculture. These goals are all geared towards the increasing demand for organic products from the EU as well as from other countries around the world.

MARD Deputy Minister Tran Thanh Nam also assessed that organic agriculture is a growing trend, one which will develop rapidly in the near future, so Vietnam must be determined to build its organic agriculture with a production level on par with advanced countries. Accordingly, Vietnam aims to promote the training of staff for the management, inspection and supervision of organic agricultural product certification organisations from ministerial to local level. In addition, training courses have been held for businesses, producers and traders of organic products to improve the quality of human resources in the field.

It can be seen that although the EVFTA has only been valid for a very short time, it has created new “waves” of positive change for the entire Vietnamese agricultural sector. Although there are still many difficulties and challenges ahead, with a willingness to overcome these obstacles, great expectations for the country’s agriculture originating from EVFTA can come true soon.

According to the MARD, in 2019, the country exported 150,000 tonnes of organic agricultural products to Europe. This is a relatively modest number compared with the market’s demand for more than 3 million tonnes of organic products per year, so there is significant room for the organic agricultural products of Vietnam to enter the EU market. The country has so far about 240,000 ha of organic farming space, with the participation of nearly 20,000 farmers across 46 provinces and cities. Besides these, there are about 160 enterprises producing and trading organic products with an annual export turnover of about US$335 million. Vietnamese organic agricultural products have been exported to 180 countries around the world, including selective markets such as the US, EU, Japan, the Republic of Korea, Russia and Singapore.

Filed Under: Uncategorized vietnam news, vietnam business, vietnam travel, vietnam culture, vietnam sports, vietnam politics, hanoi, saigon, ho chi minh city, apec, da nang, hue, hoi an, ..., thanks for helping me grow

French Ambassador: Walking to see Hanoi during New Year days is ‘fantastic’

February 16, 2021 by vietnamnet.vn

This year I will have Tet in Hanoi. On the morning of the 1st day of the lunar New Year I will get up early to walk.

The scene will be great when the street is quiet and I can see what was left after the New Year’s Eve, French Ambassador to Vietnam Nicolas Warnery told VietnamNet.

Đại sứ Pháp: Ngày Tết đi bộ ngắm Hà Nội rất tuyệt

French Ambassador to Vietnam Nicolas Warnery. Photo: Pham Hai

It seems that you have natural bonds with Vietnam when you served as the French Consul General in Ho Chi Minh City (2004-2007) and last September you were appointed as Ambassador to Vietnam?

Fifteen years ago, I had a term in Ho Chi Minh City that lasted more than three years. At that time my children were still in school, so my whole family lived in the city. Now, I am very pleased to return to Vietnam as an Ambassador. While working as the French Consul General in Ho Chi Minh City, I had many occasions to go to Hanoi when there were high-level visits to Vietnam or meetings organized by the French Embassy.

Hanoi and Ho Chi Minh City have different features. Ho Chi Minh City used to be a port city, a commercial center and now is the economic hub with very active activities. Historically, Hanoi is a political, cultural, and academic center, so it has a different pace.

Regardless of position, I have not only worked in Hanoi or Ho Chi Minh City but always taken advantage of opportunities to visit other localities in Vietnam. During this term, as the French Ambassador to Vietnam, I have returned to Da Nang, Hue, Da Lat, Dien Bien and I plan to visit Can Tho, Nha Trang, Hai Phong in the coming time because each Vietnamese cities and locality, whether big or small, has their own characteristics.

Vietnam in 2020 assumes dual responsibility: ASEAN Chairman and Non-permanent member of the United Nations Security Council. What is your assessment of Vietnam’s current position in the region and the world?

2020 was a very important year for Vietnam as it took on the roles of ASEAN Chairman and Non-permanent member of the UN Security Council at the same time. Vietnam has been very successful in assuming these two roles. Right from the beginning of the year when Vietnam became the Chairman of ASEAN, the Covid-19 pandemic occurred, and since March, all ASEAN activities were organized online. Despite these difficulties and challenges, Vietnam achieved the goals set out during its term.

Within the framework of the UN Security Council and the UN, Vietnam performed an outstanding role, despite the Covid-19 pandemic. Specifically, in early January 2020, as Chairman of the UN Security Council of the month, Vietnam held a seminar related to the UN Charter and then during the year, in Hanoi, Vietnam successfully held a related event on women’s roles with peace and security.

At the end of 2020, did you experience the traditional New Year of Vietnam?

I’ve had Tet many times in Vietnam.

Đại sứ Pháp: Ngày Tết đi bộ ngắm Hà Nội rất tuyệt

French Ambassador to Vietnam Nicolas Warnery. Photo: Pham Hai

Do you see any similarity between the Vietnamese traditional New Year and the holidays of the French people?

The year-end holidays in France and Tet in Vietnam have similarities, when it comes to family reunion. For France, we focus most on Christmas Eve and the next day when we meet relatives and family members.

In Vietnam, I see Tet as a reunion occasion, but this holiday is longer and has different rituals from other holidays. Not only New Year’s Eve, on the 1st day of New Year, the Vietnamese have the custom of visiting the parents… It is also an opportunity to tighten family and social relations.

During my term in Vietnam, I was once lucky to witness the reunion of a Vietnamese family. I saw a bond between the old, the young, all family members, creating a very similar atmosphere in France during Christmas.

More specifically, the first day of the Vietnamese New Year is very similar to the New Year’s Day in France, when there are almost no people on the street. Going out on the street that day will be a very special feeling.

Could you share with us your plan to experience your Vietnamese New Year this year?

This year I will have Tet in Hanoi. On the morning of the 1st day of the lunar New Year I will get up early to walk. The scene will be great when the street is quiet and I can see what was left after the New Year’s Eve.

I plan to go to Ngoc Son temple in Hoan Kiem lake. On the morning of the 1st day of New Year, many people come here to burn incense.

What is your expectation of the cooperation relationship between France and Vietnam in the new year?

2021 is a very special because after the National Party Congress, Vietnam will have new leaders. It may be the year to put an end to Covid-19 pandemic and the two countries will make more efforts to strengthen bilateral relations. We hope that 2021, after the pandemic is under control, the two sides will work together to promote stronger relations in all fields such as economy, culture, and health.

Healthcare is one of the key areas of cooperation between the two countries, with a long tradition of cooperation.

In the future, we will continue this partnership, also in response to Covid, vaccines and other issues.

During your term, what fields will you focus on with the efforts to strengthen relations between the two countries?

During my term, I hope to further promote the strategic partnership between Vietnam and France, tighten the political relationship between the two sides, and promote projects in economic, culture, higher education and projects related to climate change, environmental protection…

In general, France and Vietnam will promote bilateral relations, and exert joint efforts to promote multilateral relations.

I would like to add that there is a highly iconic project in Hanoi. The metro project No. 3 (Nhon – Hanoi urban railway line) is being implemented well. The first train has arrived in Vietnam. I hope the project will be completed soon to serve the people.

Thai An-Hien Anh

Filed Under: Uncategorized French Ambassador, vietnam-france relations, new year, tet, Vietnam news, vietnamnet news, Vietnam latest news, Vietnam breaking news, ..., restaurants open new years day, traditional new years day food, new years day epidemic, new years eve day, hanoi new years eve, what restaurants are open on new years day, trains on new years day, cheltenham new years day races, new years eve hanoi, tobacco docks new years day 2017, warehouse project new years day, traditional new years day meal

Long-term plan for post-pandemic economic recovery needed: Insiders

April 22, 2021 by en.vietnamplus.vn

Long-term plan for post-pandemic economic recovery needed: Insiders hinh anh 1 Director of the Central Institute for Economic Management Tran Thi Hong Minh speaks at the workshop on April 22 (Photo: VNA)

Hanoi (VNA) – As the COVID-19 pandemic may continue to develop in an unpredictable fashion despite vaccination campaigns being carried out in many countries around the world, experts have said that Vietnam needs to identify and adopt a long-term plan for post-pandemic economic recovery.

They were speaking at a workshop held by the Ministry of Planning and Investment’s Central Institute for Economic Management (CIEM) on April 22 to release a report on making economic recovery and institutional reforms intertwined post-pandemic.

COVID-19 has damaged the global economy, they said, forcing both developed and developing countries to speed up institutional reforms in combination with accessing the Fourth Industrial Revolution and the digital economy.

Having largely brought the pandemic under control this year, Vietnam has seen remarkable socio-economic recovery.

The resumption of international flights and the launch of vaccine passports have been discussed, with a view to opening up the economy in a safe manner.

According to CIEM Director Tran Thi Hong Minh, the report highlights several considerations for economic recovery and institutional reform in the time to come, including macro-economic stabilisation, economic institutional innovation and international integration, the State role, and economic space for the private sector.

The time to carry out economic reforms should be studied carefully during post-pandemic economic recovery , she added.

Regarding the reform process for Vietnam recommended in the report, Nguyen Anh Duong from CIEM said that it should continue its COVID-19 prevention work and its efforts to remove bottlenecks facing the business community and workers and promote economic institutional reform this year.

In 2022, it is necessary for the country to carry out economic recovery measures in tandem with economic institutional reform. Meanwhile, solutions to support economic recovery should be withdrawn, and focus should be sharpened on economic institutional reform, Duong added.

Vietnam can achieve better economic growth if it loosens monetary and fiscal policies, but it could suffer from higher inflationary pressure, he pointed out.

Loose monetary and fiscal policies could result in higher economic growth and improvements in productivity if combined with institutional reform, he added, describing this as an effective way to develop the economy in a rapid and sustainable manner in the face of global economic risks and uncertainties./.

VNA

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South Korean investors back from recess

April 22, 2021 by www.vir.com.vn

1540 p10 south korean investors back from recess
Manufacturing is by far one of the most attractive industries for South Korean investors in Vietnam. Photo: Duc Thanh

SK Group will lead a South Korean business delegation, including all leading companies in various sectors looking to invest and expand, to Vietnam next month. Senior managers of SK Group, the third-largest conglomerate in South Korea, will visit leading counterparts in Vietnam such as Vingroup and Masan Group to discuss the expansion and development of investment plans in more promising fields like ICT, bio-healthcare, energy, and the environment.

“Seeing the potential of Vietnam for upcoming investment and cooperation plans, SK Group will strengthen direct investment projects, in addition to acquisitions and indirect investments already carried out,” an expert from the Korea Chamber of Commerce and Industry (KCCI) in Vietnam told VIR.

In early April, SK acquired 16.26 per cent in VinCommerce, one of Masan Group’s subsidiaries, for a cash consideration of $410 million.

Two years ago, SK Group carried out indirect investment into VinCommerce via a 6.1 per cent stake of Vingroup, owner at the time, valued at $1 billion. It also took 9.5 per cent stake in Masan Group valued at $470 million, as well as around $29 million for a 24.9 per cent stake in local pharmaceutical firm Imexpharm. Total investment of SK Group in Vietnam is estimated at $2 billion.

Moreover, SK Group worked out a deal with Petrolimex, poured money into the Long Son petrochemical project in the southern province of Ba Ria-Vung Tau, provided telecoms solutions for MobiFone, and invested millions of US dollars to develop innovation activities in Vietnam.

Also strengthening its footprint in the country, senior leaders of Hanwha Energy will arrive in Vietnam to discuss and sign cooperation agreements of investments valued at $500 million and $300 million. The investor also would like to accelerate the Hai Lang liquefied natural gas project in the central province of Quang Tri, developed in collaboration with local partner T&T Group and other South Korean groups with investment sitting at $2 billion.

Additionally, real estate and infrastructure are also promising lands for South Korean investors. Land & Housing Corporation, along with Korea Overseas Infrastructure & Urban Development Corporation, will arrive in the country to push forward a $1.5-billion Vietnam-South Korea Industrial Zone project in the northern province of Hung Yen and consider other real estate projects nearby; while Almus – a tier-1 supplier for tech giant Samsung – is looking for the chance to develop an additional factory valued at tens of millions of dollars.

“This is not the first special visit of foreign investors into Vietnam over the last year. These visits carry numerous hopes, plans, and billion-dollar contracts for Vietnam despite travel interruptions hit by the pandemic, and they reflect the attraction of Vietnam for foreign investors and South Korean ones in particular,” the KCCI expert said.

Meanwhile, chairman of the Korea Chamber of Business in Vietnam Kim Heung-Soo said that the efforts of the Vietnamese government in fighting against the pandemic, as well as improving the investment and business climate, have been highlighted by South Korean investors.

“Manufacturing will be the most attractive industry for South Korean businesses to invest in Vietnam. If manufacturing gains more priority than the services sector, it will significantly contribute to accelerating the speed and quality of the country’s growth, as well as lure more foreign investors into Vietnam,” Soo said.

Accumulating to the end of March, South Korea is the top investor in Vietnam with over 9,000 valid projects registered at $71.5 billion, making up 18.2 per cent of total foreign direct investment into Vietnam. In the first quarter alone, South Korea ranked third following Singapore and Japan of leading foreign investors in Vietnam, with nearly $1.2 billion into 324 projects and other deals.

By Nguyen Huong

Filed Under: Uncategorized SK Group, South Korean investors, Investing, south korean currency, south korean economy, North and South Korean, South Korean and North Korean, South Korean Air Force, South Korean President Park, south korean, The South Korean, SEOUL South Korean, South Korean Embassy in Vietnam, south korean army, korean investors

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