Demand for industrial, logistics estates at core of enquiries next year: Savills Demand for industrial and logistics estates in addition to ready-built factories and warehouses will continue to be the core of enquiries next year, according to an expert from property consultancy Savills Vietnam. “However, in terms of new trends, data centres and cold storage facilities are in demand and have gained traction in 2020 and 2021,” John Campbell, manager of Industrial Services at Savills Vietnam told the Vietnam Investment Review. “Next year, we expect this to continue, as Vietnam is now on the radar for hyperscale facilities.” Low-value industries are beginning to set up elsewhere in Southeast Asia as Vietnam no longer offers the same incentives, he said, adding that these industries such as textiles and furniture struggle to source affordable labour and land in Vietnam. However, foreign and high value-added investors remain bullish on Vietnam’s long-term growth, …
FTAs momentum for Vietnam’s exports
Since joining the World Trade Organisation 15 years ago, Viet Nam has become a part of 17 FTAs, which are either under negotiation or underway. This has helped create a momentum for the country's exports. Viet Nam’s total export-import value rise from $84.7 billion in 2006 to $545.3 billion in 2020. Workers make shoes for export. Now, the Ministry of Industry and Trade (MoIT) is enhancing the formation of a portal that will make accessing information on the current and upcoming FTAs easier for Vietnamese businesses. Ngo Chung Khanh, Deputy Director of the MoIT’s Multilateral Trade Policy Department, said that 2021 has been a difficult year for businesses and the wider economy, but there is still hope for the future. He mentioned export turnover as an example, in which traditional markets like China and other ASEAN countries were supplemented by the US and other countries that Viet Nam has signed Free Trade Agreements with. Thanks to two newly-signed FTA's, …
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Seven commodities with export value hitting over US$10 billion each
Vietnam has boasted seven commodities with an export turnover exceeding US$10 billion each as of November 15 following the post-pandemic resumption of various businesses. Iron and steel products record strong export growth by mid-November. The first two weeks of November saw Vietnam rake in US$14.61 billion from exports, raising the country’s total export value since the beginning of the year to US$284.45 billion, a year-on-year increase of 17.7%. Most notably, iron and steel joined the US$10-billion export product club for the first time, alongside six other groups of commodities, namely phones and components, computers, electronic products and components, machinery, garments and textiles, footwear, and timber and wood products. Among the key hard currency earners, phones and computers recorded the highest earnings of US$48.8 billion and US$43 billion respectively, while machinery and equipment ranked third with turnover of US$31.77 billion. They were followed by …
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Top 10 most profitable enterprises in 2021 announced
Vietcombank, one of the top ten, is honoured at the ceremony annoucing the list. (Photo: VNA). Hanoi (VNA) - Vietnam Report JSC has honoured the top 10 enterprises in its 2021 PROFIT500 , a list of the 500 most profitable businesses in Vietnam this year. They include Samsung Electronics Thai Nguyen Limited Company, Viettel Military Industry and Telecoms Group, Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), and Vietnam Oil and Gas Group (PetroVietnam). The remaining enterprises are Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank), Vietnam Technological and Commercial Joint Stock Bank (Techcombank), Hoa Phat Group, Vietnam Electricity (EVN), Vingroup, and Vietnam Dairy Products Joint Stock Company (Vinamilk). The Viettel Military Industry and Telecoms Group ranks among the top 10 of the 500 most profitable businesses in Vietnam this year. (Photo: Viettel) According to General Director of the Vietnam Report JSC Vu …
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There remains room for stronger Vietnam-Switzerland economic, trade ties: Officials
At the working session between Vietnamese Minister of Industry and Trade Nguyen Hong Dien and Swiss State Secretary for Economic Affairs Marie-Gabrielle Ineichen-Fleisch . (Photo: VNA) Berne (VNA) – Economic and trade ties between Vietnam and Switzerland have developed strongly and effectively across spheres, and would grow further in the time ahead. The view was shared by Vietnamese Minister of Industry and Trade Nguyen Hong Dien and Swiss State Secretary for Economic Affairs Marie-Gabrielle Ineichen-Fleisch during their working session on November 26, as part of President Nguyen Xuan Phuc’s ongoing official visit to Switzerland. Dien expressed his belief that economic and trade cooperation will be the centre and main momentum of the relations between the two countries, and suggested Switzerland work together with Vietnam to successfully build up new cooperative foundations in the time ahead. Both officials lauded efforts of the two countries’ negotiators during …
PetroVietnam celebrates 60 years of traditional day
At the ceremony to launch a book on history of Vietnam's oil and gas industry. (Photo: VNA) Hanoi (VNA) - The Vietnam Oil and Gas Group (PetroVietnam) organised a series of activities on November 24-25 to celebrate the 60th anniversary of the traditional day of the oil and gas industry (November 27, 1961 - November 27, 2021). An online ceremony to welcome the first flow of oil extracted from BK-18A and BK-19 oil rigs was held by Vietnam-Russia oil and gas joint venture Vietsovpetro on November 24. Other activities include a ceremony to celebrate the completion of production target ahead of schedule, and ceremonies to receive the certificate of the top 500 most profitable enterprises in Vietnam in 2021, announce the PetroVietnam brand name, launch a book on history of Vietnam's oil and gas industry, and a handbook on PetroVietnam culture. Previously, Vietsovpetro officially exploited the first flow of oil extracted from BK-18A oil rigs on November 10 and from BK-19 oil …
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Vietnam’s global commitments force ministry to reconsider electricity projects
The latest draft of the eighth national power development plan in 2021-2030 shows considerable reductions in coal-fired power and increases in wind power, following Vietnam’s strong commitments at COP26. The eighth plan still has not been issued after many debates. The draft plan continues to be amended after Vietnam made strong commitments at COP26 on the goals and ambitions in obtaining Net Zero by 2050. Because of the commitments, the Ministry of Investment and Trade will have to reconsider the country’s electricity generation sources. In an operating scenario released by the Ministry of Industry and Trade (MOIT) in November, the total capacity of power sources to be installed by 2030 is 155,722 MW, lower by 24,305 MW than the 180,027 MW shown in March scenario. With the scenario, coal-fired electricity capacity would decrease by 6,694 MW, while LNG-fired electricity by 18,550 MW and Vietnam would increase electricity capacity from wind power. Onshore wind power …
Ministry takes action as market sets up new price levels
It was recorded on November 23 in Ho Chi Minh City that some products and many services set new price levels. Prices of vegetables at supermarkets are much higher than those at the beginning of November. (Photo: SGGP) Many essential products' prices have risen by about 15 percent At some markets in District 12 and Hoc Mon District, the prices of fresh vegetables and fruits increased slightly from VND3,000 to VND5,000 per kg. For example, Can Tho head mustard edged up to VND19,000 per kg; oranges rose to VND40,000 per kg; Dalat bananas went up to VND21,000 per kg. Seafood, pork, and chicken also rallied by VND5,000-VND10,000 per kg, depending on the type. For instance, red tilapia is currently priced at VND60,000-VND65,000 per kg; free-range chicken fetches VND60,000-VND70,000 per kg. According to Deputy Director of HCMC Department of Industry and Trade Nguyen Nguyen Phuong, the department has organized the "focused promotion program in 2021 from November 15 to …
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Vietnam’s famed Highlands Coffee chain sued for 5-month unpaid rents
The operator of a building in Ho Chi Minh City has taken legal action against Highlands Coffee, a popular café chain in Vietnam, for failing to pay nearly five months of rents, shortly after a similar controversy between the coffee shop brand and another building owner in Hanoi. In its denunciation letter sent to the police bureau of Ward 25 in Binh Thanh District, Ho Chi Minh City, Hoa Binh House Corporation (HBH) accused Highlands Coffee Service JSC of illegally trespassing on Pax Sky building, which belongs to HBH, disrupting security and order, and hindering HBH’s business activities at the building. Highlands Coffee has owed up to VND500 million (US$22,000) worth of rents from July to date for the space of its outlet inside Pax Sky building, which is located at 26 Ung Van Khiem Street in Ward 25, Binh Thanh District, according to a sales manager of HBH. Before submitting the denunciation letter, HBH had discussed the issue with representatives of Highlands Coffee by …
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Over 450 billion VND for Nhu Nguyet bridge on Hanoi-Bac Giang expressway
On Hanoi - Bac Giang expressway (Photo: VNA) Bac Giang (VNA) - In order to deal with traffic congestion, mitigate accidents, and improve the capacity of tapping Hanoi – Bac Giang – Lang Son expressway , contributing to drawing more capital to Bac Giang’s industrial parks and socio-economic development, the provincial People’s Council recently issued a resolution on the policy of investment in Nhu Nguyet bridge in the province. Nhu Nguyet bridge (Bac Giang) which are being narrowed in size. urban development plan until 2035, vision to 2050 and complete its infrastructure network to meet standards for Class-1 urban area. VNA …
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