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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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 …
President co-chairs Vietnam – Switzerland Business Forum
Vietnamese President Nguyen Xuan Phuc (standing) speaks at the forum. (Photo: VNA) Bern (VNA) - Vietnamese President Nguyen Xuan Phuc and his Swiss counterpart Guy Parmelin co-chaired a Vietnam - Switzerland Business Forum in Bern on November 26. Addressing the forum with the attendance of representatives from over 100 businesses of the two countries, the Vietnamese leader called on Swiss businesses to invest in Vietnam and partner with Vietnamese enterprises in areas where Swiss firms have strengths and Vietnam is giving priority to, especially in banking and finance, science and hi-technology, innovation and digital transformation. For his part, President Parmelin highlighted the huge potential for stronger cooperation between the two countries, and the necessity to have new cooperation framework s to encourage Swiss businesses to invest in Vietnam. The interest and commitment of businesses and representatives of the private sector of Switzerland at the forum …
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US donates two million more COVID-19 vaccine doses to Vietnam
The United States has additionally offered Vietnam over two million Pfizer-BioNTech COVID-19 vaccine jabs, bringing its total donations to the Southeast Asian country to more than 18 million doses. “Another shipment of 2,074,410 doses of Pfizer vaccine arrived in Hanoi early this morning,” the U.S. Embassy in Vietnam said in its verified Facebook page on Friday. The U.S. has so far donated over 18 million vaccine doses to Vietnam through COVAX as part of its steadfast commitment to support Vietnam in the fight against COVID-19, the embassy said. “And more are on the way!” it added. The two countries have cooperated to improve Vietnam’s capacity in response to the COVID-19 pandemic, based on their long-term cooperative relationship, according to the embassy. The U.S. has aided nearly US$1 billion to Vietnam over the past years for develop health infrastructure development, and the former has also committed $26.7 million as support for Vietnam to respond to the pandemic. In …
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Vietnam Airlines aims to win largest share on direct Vietnam-US route
Vietnam Airlines wide-body Boeing 787-9 Dreamliner (Photo courtesy of Vietnam Airlines) Hanoi (VNS/VNA) - Vietnam Airlines, the country's national flag carrier, looks to dominate the Vietnam-US route as preparations have been completed for its first direct flight to the US, which is scheduled to take off on November 28, said General Director of Vietnam Airlines Le Hong Ha. The Vietnam-US route was among one of the most in-demand pre-pandemic. There were 24,000 Vietnamese university students and a 2.2 million strong Vietnamese community in the US in 2020. Two-way trade has been on the rise in recent years reaching 90 billion USD in 2020 and projected to hit over 100 billion USD this year, making the Southeast Asian economy one of the US’s top trading partners. As a result, the airline is confident demand will quickly recover once the pandemic is put under control and mobility restrictions relaxed, Ha said. Competition, however, is expected to be fierce as the …
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There remains room for stronger Vietnam – Switzerland economic, trade ties: Officials
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 center 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 the talks on a free trade agreement between Vietnam and the European Free Trade Association (EFTA). They held that after 16 rounds of official negotiations and various online meetings since 2012, it is time to conclude the talks. Dien proposed Switzerland, with its great role and prestige in the EFTA, urge other members to take a more practical approach, especially …
Vietnam, Switzerland eye stronger science, innovation cooperation
During their meeting, the two officials agreed that it is necessary to further strengthen cooperation in science, technology and innovation amongst science and technology communities and businesses of the two countries, saying that this will bring mutual benefits and promote sustainable development in both countries. Dat said he was impressed at Switzerland's achievements in growth and prosperity, saying that Vietnam always considers science - technology and innovation as a main motivation to realize its goal of becoming a modern industrial country by 2030, and a developed nation with high income by 2045. Vietnam has focused on strengthening the capacity of the national innovation system, developing innovative enterprises, encouraging large private corporations to invest in research and development, and attracting foreign enterprises to invest in technology transfer, he said. The minister suggested Hirayama support the upgrade of the 2019 letter of intent on innovation, science …
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Vietnam plays active, proactive role in ASEM cooperation process: Deputy FM
The official made the affirmation in an interview granted to the press after Prime Minister Pham Minh Chinh attended the 13th ASEM Summit and relevant activities via videoconference from November 25-26 at the invitation of his Cambodian counterpart Samdech Techo Hun Sen. According to Giang, PM Chinh put forward four proposals to enhance cooperation among Asian and European countries while addressing the 13th ASEM Summit on November 26. The PM said the countries should stay united and join hands to boost global cooperation since no country can single-handed deal with global issues. The government leader said they should cooperate to share and ensure equal access to COVID-19 vaccines and treatment drugs and developed nations should assist developing countries to improve the capacity of coping with global issues. PM Chinh said it was necessary to step up digital transformation and human resource training for developing and poor countries, while enhancing public-private partnership …
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Preparations for first Vietnam – China joint military medical exercise started
Major General Nguyen Hung Thang, Second-in-Command and Chief of the Staff of the General Department of Logistics, Head of the committee, chaired the event. In this first-ever exercise, coded HB-21, the two militaries will deploy the level-2 field hospital of each side. As scheduled, from December 6 to 12, in Mong Cai city of the Vietnamese province of Quang Ninh, the two military medical forces will rehearse the collaboration between the two countries’ joint military medical headquarters, deploy search and rescue forces, receive and give emergency aid to a large number of victims at level-2 field hospitals of each side, practice cholera prevention and control for people in earthquake-hit areas, to name but a few. Stressing the importance of the exercise to boost the intensive and substantive cooperation between the two militaries, General Thang said that through the exercise, the command, coordination capability in medical relief and disease prevention and control will be raised …