Industrial development and economic growth

Cargoes at Tan Cang – Cat Lai warehouse are being loaded into containers. (Photo: SGGP) Adding to difficulties from possible logistics chain disruption and increasing fuel prices is the challenge to approach capital amounts. Thanks to the stable political and social status of the country plus the well-controlled pandemic, Vietnam is a preferred choice of many foreign investors. 17 trade agreements have been successfully signed in the first 6 months of 2022, bringing about a direct foreign investment of over US$10 billion in the country, a rise of nearly 9 percent compared to this time last year. Vice CEO in charge of global supply sources of Techonic Industries (TTI) Nate Easter informed that his company chose to start a new manufacturing plant in Saigon Hi-tech Park in HCMC, worth $650 million. This is the second largest among 12 plants of TTI in the world to earn a revenue of $2.5 billion a year. TTI needs to build a supply chain of domestic support industry products for 80 … [Read more...] about Vietnam becoming attractive destination for foreign capital

PM Pham Minh Chinh (right) holds phone talks with his Korean counterpart Han Duck-soo (Photo: VNA) Hanoi (VNA) – Vietnamese Prime Minister Pham Minh Chinh talked over the phone with his counterpart from the Republic of Korea (RoK) Han Duck-soo on July 5, during which the two leaders compared notes on measures to boost the bilateral relations. This was the first phone talk by the RoK’s PM with a foreign leader since he took office. Congratulating Han on his appointment as the RoK's PM, Chinh said despite global and regional uncertainties, including COVID-19 impacts, the relationship between Vietnam and the RoK has maintained its stable development pace, and the two countries have become leading important partners of each other, especially in economy, trade and investment. He affirmed Vietnam’s consistent foreign policy of independence, self-reliance, multilateralisation and diversification of relations, and being a friend, a reliable partner and an active, responsible … [Read more...] about Vietnamese, Korean Prime Ministers hold phone talks

The Ministry of Planning and Investment (MPI) reported last week by the Vietnam Electronic Industries Association (VEIA) that Apple has moved 11 factories from Chinese businesses in the supply chain to Vietnam, while other assemblers like Foxconn, Luxshare, Pegatron, and Wistron are ramping up production capacity in Vietnam. Do Thi Thuy Huong, general secretary of the VEIA, said that the electronic components manufacturing industry of Vietnam has its own advantages for those looking to relocate supply chains out of China to neighbouring countries. “A number of high-tech groups have been cultivating their projects in the northern provinces of Bac Ninh and Bac Giang, and they will also do the same in some other potential localities,” Huong said. Last week Sandeep Mehta, president of India’s Adani Ports & SEZ, announced on behalf of Adani Group that it would pour $10 billion into Vietnam. It is part of a $100 billion package that Adani Group would like to invest overseas. … [Read more...] about Electronics giants leading foreign investment bounce

Viettel's headquarters in Ha Noi. — Photo courtesy of Viettel The Viet Nam Report JSC officially announced its top 10 prestigious technology companies in 2022 in Ha Noi on Tuesday. Specifically, the top 10 prestigious information technology - telecommunications companies include Military-run Industry and Telecoms Group (Viettel), FPT Corporation, Viet Nam Posts and Telecommunications Corporation, VNPT Vinaphone Corporation, Mobifone Corporation, CMC Corporation, Hanel Joint Stock Company, Viet Nam Technology & Telecommunication Joint Stock Company, Viet Nam Maritime Communication and Electronics Company, and Ha Noi Telecom Joint Stock Company. In parallel, the list of Top 10 reputable technology companies providing services, software solutions and system integration comprised FPT-Soft Co. Ltd., Misa Joint Stock Company, FPT Information System Corporation, CMC Technology and Solution Company Limited, Viet Nam Posts and Telecommunications Group, Joint Stock Company For … [Read more...] about Viet Nam Report announces top 10 technology companies in 2022

Greener travels backed by Web3 technologies Massive energy use, inappropriate waste management and disposal, loss of biodiversity, heritage management and preservation of indigenous cultures, and lack of communication channels and background information have posed great challenges to sustainable tourism development. However, the application of chain technology to tourism development will have a major impact on the entire industry and open up new opportunities for Vietnamese tourism. In fact, many Vietnamese tourism businesses have recently successfully applied this technology to their operations. Crystal Holidays and Crystal Bay are applying blockchain to connect suppliers with a web3 system to be able to make transactions with end-users, build loyalty programmes, and make secure payments. In addition, the above two units are also designing tokens like Lynkey and calling for investment through this channel. Blockchain-based cryptocurrency makes peer-to-peer transactions … [Read more...] about Greener travels backed by Web3 technologies

Cooperation bringing Vietnam-ese tourism to new heights Changes in tourist behaviour and intentions, along with challenges in the context of a gradual recovery of the industry, are affecting the development strategies of Vietnam’s leading tourism-hotel groups. Corporations such as Sun Group, Vingroup, Bitexco, and CEO Group are leaning toward cooperating with international hotel management groups instead of building and developing their own resorts as before. This approach seems to be helping domestic and international brands take advantage of each other’s strengths, with one side possessing economic potential and market knowledge while the other brings brand name and management experience. Marriott International, on June 22, signed a strategic agreement with Vinpearl, Vietnam’s largest hospitality and leisure chain, which currently operates 35 hotels and resorts spanning 17 cities and provinces. The agreement will contribute to converting and developing 2,200 rooms across … [Read more...] about Cooperation bringing Vietnamese tourism to new heights