Foreign direct investment

Last year, around 140 countries and territories agreed in principle to set up a minimum corporate tax rate-illustration photo, Source:Freepik.com At a conference on May 10, the Vietnam Association of Foreign-Invested Enterprises (VAFIE) released its first annual report on foreign direct investment (FDI) in the country. One of the discussion points at the event was the topic of a global minimum corporate tax and its potential impact on Vietnam’s FDI prospects. Last year a landmark agreement was reached on a minimum global corporate tax rate of 15 per cent. However, the proposal is still in its early stages and getting the majority of nations to come to implemented it may take plenty more time. “Large corporations often choose to pour money into nations with good tax regimes and more incentives. If the global minimum tax of 15 per cent is applied, it will certainly have a big impact on businesses in Vietnam,” said Hong Sun, vice chairman of the Korea Chamber of Business in … [Read more...] about Nation urged to prepare for tax overhaul

Meeting with CEO of Warburg Pincus Charles Kaye, Prime Minister Pham applauded the effective operation and contribution of the fund in the fight against COVID-19 in Viet Nam. Viet Nam became the third investment destination of Warburg Pincus after China and India. Since 2013, Warburg Pincus has poured nearly US$ 2 billion in leading Vietnamese groups and companies, namely Vingroup, VinaCapital, Techcombank, Becamex, and MoMo. Prime Minister Pham Minh Chinh shakes hands with CEO of Warburg Pincus Charles Kaye, New York, May 15, 2022 - Photo: VGP The Prime Minister said that the Vietnamese Government stands ready to hold dialogue with enterprises so as to help them operate successfully in the country, which shows the mutual trust, sincerity, sense of responsibility, and win-win cooperation. He asked American enterprises, including Warburg Pincus, to fully implement their commitments and directly liaise with relevant ministries and sectors of Viet Nam to expand … [Read more...] about PM urges big funds to expand investment in Vietnam

AEON Mall – an enterprise specialising in large shopping and retail centres – is operating six projects in Vietnam, including two commercial centres in Hanoi's Long Bien and Ha Dong districts In a recent meeting with Secretary of Hanoi Party Committee Dinh Tien Dung, Tetsuyuki said that by 2025, AEON Mall has a policy of implementing 16 more projects in Vietnam, including up to four projects in Hanoi. According to the general director of AEON Mall Vietnam, its Hoang Mai project is in the final stages of investment preparation. He said the group has fully prepared in terms of funding, human resources, and equipment so that construction can begin immediately after completing the investment procedures. He hopes that Hanoi will continue to support the venture and remove obstacles so that this project can start construction in the third quarter of this year. At the same time, the Japanese businesses also asked the city to support the research and implementation of the AEON Mall … [Read more...] about AEON Mall to invest in more projects in Hanoi

Prime Minister Pham Minh Chinh (right) and New York Stock Exchange (NYSE) President Lynn Martin hold talks with CEOs of major firms listed on the NYSE on May 16. — VNA/VNS Photo Duong Giang Prime Minister Pham Minh Chinh had a roundtable with CEOs from world-leading firms and investment funds listed on the New York Stock Exchange (NYSE) during a visit there on May 16. In the opening address, PM Chinh said global instabilities had impacted both Viet Nam and the US, requiring the companies to help address the challenges. Viet Nam in recent times had strived to keep macroeconomic conditions under control, including exchange rates, inflation and interest rates, as well as budget revenues and expenditure balances, food security, imports and exports. Viet Nam is currently in serious need of developing a healthy, sustainable securities and bonds market, according to the Prime Minister. The PM also informed the company executives of the implementation of the recovery package worth … [Read more...] about PM underlines commitments to facilitate foreign businesses in roundtable with NYSE-listed firms

Three parties signed a strategic cooperation agreement On May 13, C.P. Vietnam announced at its head office in Bien Hoa that it has kick-started its digital transformation journey with SAP SuccessFactors solutions. The move will help the company enhance its HR capabilities and leverage real-time analytics for better business decisions and capabilities. C.P. Vietnam expects not only to reduce costs and drive greater operational efficiency but also to deliver an enhanced employee experience consistent with its mobile-first, cloud-first philosophy that attracts and retains talent, fosters employee engagement, and drives improved business outcomes. The company is a foreign direct investment enterprise that operates in the closed agro and food industry. Established in 1993, it has steadily grown to become Vietnam’s leading food conglomerate, covering both livestock and aquaculture businesses. The company’s food products not only meet the needs of the domestic market but are also … [Read more...] about C.P. Vietnam’s digital transformation with
 SAP SuccessFactors

He made the statement at a meeting with the U.S. business community in Washingon D.C on May 12 (local time), as part of his trip to the U.S. The meeting was held by the U.S.-ASEAN Business Council and the U.S. Chamber of Commerce, during which he also affirmed that Vietnam always considers the U.S. a leading partner. He said the impressive growth of trade of between 17-20 percent a year proves that there remains an ample room for economic development between the two countries. Vietnam is the ninth largest trading partner of the U.S. Two-way trade turnover between the two countries in 2021 reached nearly 112 billion USD in spite of difficulties caused by the COVID-19 pandemic, the PM noted. He said the world's context is undergoing many changes with opportunities, advantages and challenges intertwining. Vietnam is currently implementing the policy of safe and flexible adaptation to and effective control of the pandemic. The macro economy is stabilised and major balances … [Read more...] about PM Pham Minh Chinh meets U.S. business community

Prime Minister Pham Minh Chinh visits the Harvard Kennedy School in Cambridge, Massachusetts. (Photo: VNA) Massachusetts (VNA) - Prime Minister Pham Minh Chinh attended a policy dialogue on development orientations of Vietnam in the 21st century with professors of the Harvard Kennedy School in Cambridge, Massachusetts, on May 14 (US time) as part of his working trip to the US. Speaking at the dialogue, Vietnamese Minister of Planning and Investment Nguyen Chi Dung said in 2019, he led a delegation of researchers to the Harvard School to listen to experts’ opinions about the development strategy for the country. The delegation then studied and presented information on sustainable development. Accordingly, in order to achieve sustainable development, it is necessary to achieve sustainability not only in the economy but also in culture, society and among human beings. Vietnam defines the target of placing the people as the subject with all policies revolving around the … [Read more...] about PM attends dialogue on development orientations with Harvard school professors

He was speaking during a meeting with the US business community in Washington DC on May 12 (US time), as part of the Vietnamese leader’s trip to the US. The meeting was held by the US-ASEAN Business Council and the US Chamber of Commerce. PM Chinh affirmed that Vietnam always considers the US as a leading, important partner. He said the impressive growth of bilateral trade of between 17-20 per cent a year proves that there remains ample room for economic development between the two countries. Prime Minister Pham Minh Chinh meets US investors and business leaders in Washington DC on May 12 (US time) — VNA/VNS Photo Vietnam is the ninth largest trading partner of the US. Two-way trade turnover between the two countries in 2021 reached nearly US$112 billion in spite of difficulties caused by the COVID-19 pandemic, the PM said. PM Chinh added that Vietnam is focusing on technology renovation, digital transformation and diversification of the supply chain. The … [Read more...] about PM Chinh meets US business community

Global private equity firm Warburg Pincus has set up a joint venture with major Vietnamese real estate and infrastructure firm Becamex IDC Corp. (Becamex) to create the largest logistics and industrial real estate developer in the country, according to a statement. The JV will be called BW Industrial Joint Stock Company (BWID) and will focus on developing institutional-grade logistics and industrial properties across Vietnam. Both firms have committed US$200 million to the platform. Warburg Pincus joins Vietnamese logistics and property market. Nguyen Van Hung, Chairman of Becamex, believed that the co-operation with Warburg Pincus, a best-in-class private equity firm with deep experience in Asia, is a great opportunity, according to the company's statement. "With the transformative shift of the manufacturing base from markets like China to Vietnam as well as with the rapid rise of domestic consumption, the logistics and industrial real estate market in … [Read more...] about Warburg Pincus joins Vietnamese logistics and property market

Goods at Cat Lai Port in HCM City. Demand for Viet Nam's export goods can be reduced due to the global economic slowdown in the wake of the Fed’s rate increase. — VNA/VNS Photo The latest interest rate hike by the US Federal Reversal (Fed) will weigh on the global economy, including Viet Nam, but experts expect impacts of the Fed’s move on the country will not be significant. The Fed last week raised its benchmark interest rate by half a percentage point, the most aggressive step yet in its fight against a 40-year high in inflation. Banking and finance expert Can Van Luc, chief economist of the Bank for Investment and Development of Vietnam, told Viet Nam News that the Fed’s move in theory will affect the country’s economic growth, foreign debt payment obligations, exchange rate and foreign investment. “The Fed’s move may push up the global interest rate and slow global economic growth, which will reduce the demand for Viet Nam's export goods. It therefore will slow the … [Read more...] about Fed rate hike’s impact on Vietnamese economy not significant