Vietnamese working abroad

Sharp increases in capital contributions and share purchase

According to the Ministry of Planning and Investment (MPI), there were 1,321 valid projects invested in by Vietnamese enterprises abroad with a total registered capital of US$20.6 billion by the end of 2019. The disbursement of the investment capital was US$9.49 billion by the end of the same year.

Vietnamese enterprises have invested in 78 countries and territories across the world with the largest investments poured into Laos, Russia, Cambodia, Venezuela, and Myanmar. Enterprises invested in 18 key industries and sectors with the biggest capital running in the oil and gas industry, accounting for 38.4% of the total offshore investment capital.

About 15.3% of the investment capital was poured into agricultural, forestry and fishery sector while 12.8% of the capital was invested in telecommunications and information technology and 7.2% of the capital went into the hydroelectricity sector.

The number of small and medium-sized projects run by the private sector has increased over the years while the number of large-scale projects run by State-owned enterprises in the areas of oil and gas exploration and extraction, telecommunications, industrial crops and hydroelectricity has fallen sharply.

The volume of investment capital transferred abroad has tended to decrease since the 2015-2017 period due to a plummet in the number of large projects.

According to the MPI, accumulated profits transferred to Vietnam from abroad was approximately US$3 billion while the profit retained for reinvestment was about US$363.4 million. Nearly 10,000 Vietnamese workers have been sent abroad to work.

In addition, Vietnamese enterprises have established a significant amount of assets abroad including factories and production facilities worth billions of US dollars. These are favourable conditions for Vietnamese enterprises to expand their overseas investment and business activities in a context of deeper international economic integration.

Notably, investment abroad in 2019 was entirely implemented by the private sector with no projects conducted by State-owned enterprises. More and more large private corporations and domestic joint stock companies have invested in developed countries in order to expand their market and affirm their brands such as Vingroup, Vietjet, Thaco, T&T, Vinamilk, FPT, and others.

Investment forms are also diverse with an increasing number of investment projects in the form of capital contributions and share purchase in foreign enterprises.

Minister of Planning and Investment Nguyen Chi Dung said that there are Vietnamese enterprises that have spent US$3-5 million to buy shares of foreign enterprises that are now valued in the hundreds of millions of US dollars.

Major global changes due to the COVID-19 pandemic have led to a wave of mergers and acquisitions through capital contributions and share purchase at potential companies for very cheap prices. Vietnamese enterprises need to have big aspirations to participate in this market segment to accelerate the process of reaching out to the world and bringing greater value into the country.

To date, five Vietnamese enterprises have invested abroad with registered capital of over US$1 billion each including the Vietnam Oil and Gas Group (Petrovietnam), Military Industry and Telecoms Group (Viettel), Vietnam Rubber Group, Hoang Anh Gia Lai Group, and Long Thanh Golf Investment and Trading JSC.

Besides these impressive achievements, there remain inadequacies including legal risks, international lawsuits and disputes, slow progress of projects, and ineffective implementation of projects, among others.

According to experts, the change in the investment tendency of Vietnamese enterprises in recent years has been market-oriented and consistent with the process of trade and investment liberalisation and international economic integration.

There is large room and great potential in international markets, thus, the most important thing for offshore investment is to perfect mechanisms and policies and create more favourable conditions for private enterprises to easily invest their resources abroad in order to transfer the profits to Vietnam. Meanwhile, enterprises need to improve their governance capacity, their ability to grasp the market and sufficiently strong cash flows.

The amended Law on Investment which will take effect on January 1, 2021 has completed policies on investment abroad regarding clear updates of cases prohibited from investment abroad, conditions accompanied with investment abroad, lending abroad, reporting the process of State management agencies related to investment abroad, the use of profits from overseas projects to contribute to other projects abroad, and others.

To prevent risks in offshore investment activities, the MPI has proposed the Government assign relevant agencies to review and evaluate investment trends abroad in the areas of real estate and the investments of foreign investors in Vietnam abroad in order to devise timely solutions to problems arising.

In addition, Vietnam should boost negotiations and early signing of investment promotion and protection agreements with countries receiving large investment from Vietnam or with Vietnam’s potential partners to create a legal framework for safe and effective investment abroad.

The masterpiece was sold at Sotheby’s Auction House in Hong Kong last Sunday, but the identity of the buyer is not known.

It had been valued at $900,000-$1.2 million. At the auction, the reserve price was $500,000, but the bids kept rising until it went past $2.5 million, and cost $3.1 million after tax and fees.

‘Portrait of Mademoiselle Phuong’ by Mai Trung Thu. Photo courtesy of Sotheby’s.

The previous record of $1.36 million was held by Le Pho’s ‘ Young Girl With Peonies ’ last year.

Portrait of Mademoiselle Phuong is a 135.5×71 cm oil on canvas work done in 1930, which the auction house described as “…this masterpiece, beautifully rendered in the oil medium, is exceptionally rare as the artist devoted himself to painting in silk for most of his career.

“The beguiling portrait also captures Mai Thu’s deep admiration of its sitter, a noble lady rumored to be the artist’s love interest. Encapsulating his affections for Ms. Phuong, this work is special within Mai Thu’s oeuvre, as there are only two known works painted of this subject.”

The work was first exhibited at the École des Beaux-Arts de l’Indochine in Hanoi in 1930 and then at the 1931 Exposition Coloniale Internationale de Paris.

It was previously owned by Dothi Dumonteil, a Vietnamese woman who migrated to France as a child, and her husband Pierre Dumonteil, an art collector, until recently .

It appeared in the award-winning 1993 Vietnamese film, ‘The Scent of Green Papaya,’ directed by Tran Anh Hung, which went on to become Vietnam’s first ever entry for the foreign-language Oscar Award in 1994.

Thu was a famous modern art painter in the early years of the 20th century. He lived and worked most of his life in France.

Associated with silk paintings of women, children and everyday life in Vietnam, he was named along with Vu Cao Dam, Le Thi Luu and Le Pho as the four most prominent artists of the golden age of Vietnamese modern art.

MUSIC & PERFORMANCES

April 21

Featuring traditional rituals dedicated to Lac Long Quan and Au Co in the Hung Kings Temple relic site to express gratitude to the ones who laid the foundations of the country.

French musical ‘Les Misérables’ tours
Mid-April – June.

April 16-18, Hanoi Opera House, 1 Trang Tien Street, Hanoi

May, National Dance and Music Festival, Dak Lak Province

Early June, Ho Chi Minh City

Featuring famed historical French musical ‘Les Misérables’ by Victor Hugo.

With participation of local artists from the Vietnam National Opera and Ballet Theatre (VNOB), foreign artists from Hanoi Voices Choir, along with director Nguyen Trieu Duong and choreographer Linh An.

Hanoi- Events honouring cultures of Vietnamese ethnic groups

Through out April

Vietnam National Village for Ethnic Culture and Tourism, Son Tay Town

Featuring folk songs, dance, cuisine, specialties, and traditional customs and rituals of ethnic minorities.

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EXHIBITION

Until May 15,

Displaying nearly 80 artifacts, including photos, statues, pottery, over 1,500 tools, traditional handicrafts, costumes, jewellery, paintings, ancient musical instruments, and 1,400 books and reference materials.

Featuring the unique cultural and artistic heritages of the Cham people in the land of Ninh Thuan – Quang Nam and the exchange of Cham culture with others throughout history.

Hanoi-‘Virtual Private Realms’ Exhibition

Until Apr 19, 10 am – 7 pm
Manzi Art Space, 14 Phan Huy Ich Street

From Manzi:

The exhibition ‘Virtual Private Realms’ brings together the works of 7 artists: Lananh Le, Din Sama, Nguyễn Đức Huy, mi-mimi, Nghĩa Đặng, Trịnh Cẩm Nhi, and Hà Ninh, with a focus on their painting practice.

Binh Dinh Province-Exhibition: ECO-SUS

Opening: Apr 8, 03 pm
Exhibition: Apr 8 – Aug 8
International Centre for Interdisciplinary Science and Education, 7 Science Avenue, Quy Nhon City, Binh Dinh Province

From the organizer:

Featuring 11 Visual artists across Vietnam.

ECO-SUS is curated by artists The Son and Uu Dam, opening along with Winter School for Sustainable Development with 100 excellent fellows and respected speakers organized by Danh Nguyen. ICISE, a European-style building inspired by Binh Dinh nature, situated in the heart of a 21 hectares valley surrounded by majestic mountains and a long yellow sand beach. A remarkable architecture design by the famous Jean François Milou. See you at this fascinating exhibition.

The thrilling ECO-SUS exhibition will take place on the beach at 3 PM on April 8th:
1. 03 pm – Warm-up, kick start with with a viral and ambitious artwork from ECO-ĐI by artist Nguyễn Trần Ưu Đàm on Quy Nhơn yellow sand beach to raise global awareness about the pollution.
2. 04 pm – Opening exhibition of 11 Vietnamese artists with their world-class artworks. Curatorial tour lead by artist/curator Thế Sơn
3. 04:30 pm – “Chula” Fashion show by designer Del Valle Cortizas Diego.

4. 09 Apr – Explore Làng Sông, an old monastery, a beautiful structure that built and stood for 158 years, listen to singing hymns, visit publication in the very historic place where Jesuits record the first Vietnamese sounds in Latin.

HCMC- Exhibitions: ‘Within / Between / Beneath / Upon’ & ‘Home: Looking inwards to the outer world’

Until Jun 6, 10 am – 07 pm
The Factory Contemporary Arts Centre, 15 Nguyễn Ư Dĩ, Thảo Điền Ward, D 2,

From the organizer:

The Factory Contemporary Arts Centre proudly presents two exhibitions: ‘Within / Between / Beneath / Upon’ and ‘Home: Looking inwards to the outer world’.

Some 45,000 are medical workers who will get their first shot and 2,000 are personnel working in Tan Son Nhat Airport who have direct contact with passengers.

The remaining 9,200 are medical workers who have already got their first shot.

Nguyen Tan Binh, director of the city Department of Health, said there are around 60,000 healthcare workers in the city, but since the AstraZeneca vaccine is scarce, those directly examining and treating patients would be prioritized.

Nguyen Tri Dung, director of the CDC, said the second shots for people getting the vaccine now would be given before May 15.

Vietnam is seeking 150 million doses of the vaccine to cover 75 percent of its population by next year.

Side effects have been rare so far, and, besides, everyone has recovered fully.

Three Vietnamese people who recently returned from abroad have tested positive for SARS-CoV-2, raising the total number of patients in the country to 2,784, the Ministry of Health reported on Sunday evening.

Illustrative photo

According to the ministry’s report, the newly-reported patients include two men and a woman aged between 23-51 who returned from Japan, Angola, and the US. They were sent to quarantine areas in Khanh Hoa, Hoa Binh, and Bac Ninh provinces upon arrival and are now being treated at local hospitals and healthcare centres.

With these new infection cases, the number of Covid-19 patients in Vietnam has increased to 2,784, including 910 locally-transmitted cases reported since the new outbreak started in Hai Duong on January 28.

As of 6 pm on April 18, a total of 2,475 Covid-19 patients had recovered and been discharged from hospital. There have been 35 deaths, most of them being the elderly with serious underlying diseases.

At present, over 40,000 people who had close contact with Covid-19 patients or returned from virus-hit areas are being monitored at hospitals, quarantine facilities, and at home.