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Singapore remained Vietnam’s largest investor among ASEAN countries with 2,959 valid projects worth $70 billion, accounting for 16.3% of the country’s total FDI commitments. Vietnam expects to push for a stronger strategic partnership with Singapore and look for the latter’s experience in building an independent economy with active integration into the global economy. Prime Minister Pham Minh Chinh and Singapore's Ambassador to Vietnam Jaya Ratnam. Source: VGP Prime Minister Pham Minh Chinh gave the remarks during a meeting with Singapore’s Ambassador to Vietnam Jaya Ratnam and CEO of Temasek fund Ng Boon Heong on August 2. At the meeting, Prime Minister Chinh expressed his delight at the strong Vietnam-Singapore strategic partnership in various fields, especially economy-trade-investment, amid growing global uncertainties. In 2021, bilateral trade hit $8.3 billion, up 23% year-on-year, and the turnover was estimated at $4.75 billion during the first six … [Read more...] about Vietnam seeks Singapore’s experience for sustainable growth

Vietnam matters to the US-ASEAN relations for its functions as a leading role, bridge, and active agent in promoting the relationship. Vietnam, as a member of the Association of Southeast Asian Nations (ASEAN), has contributed to shaping policy in the relations with the US and in the US-ASEAN Strategic Partnership, Prof. Carl Thayer has said. In the US-ASEAN relations, Vietnam has played a leading role, a bridge, and an active agent in promoting the development of the relationship, said Southeast Asia regional and Vietnam country specialist who is Emeritus Professor of the University of New South Wales (UNSW), Canberra. Vietnam’s roles have evolved over time depending on Vietnam’s status in ASEAN, which is demonstrated through the ASEAN Chair in 2020 with its strong role in combating Covid-19 regionally; Country Coordinator for dialogue relations (9 more years until Vietnam become coordinator of relations with the US); ASEAN country coordinator for dialogue relations with … [Read more...] about [Vietnam-US relations] Vietnam helps shape US-ASEAN Strategic Partnership: Carl Thayer

Kent Yang, founding managing partner of SLP Early this year, GLP announced the establishment of GLP Vietnam Development Partners I (GLP VDP I) with a total investment value of $1.1 billion. How will SLP activities be deployed in the Vietnamese market SLP is an industrial and logistic facility development and operation platform backed by GLP – one of the leading logistics infrastructure providers and operators – and three founding partners. Even though SLP is in a joint venture format, since its inception, it has been an extension of GLP in Southeast Asia and Vietnam. We closed the GLP VDP I fund earlier this year – in less than a year. For funds of this size, it's considered very fast. The ability to close this fund in such a short period is due to the fact that Vietnam is an extremely favourable market and our institutional investors trust GLP as a partner. With a size of $1.1 billion, we have raised one of the largest logistics development funds in Vietnam. Since the … [Read more...] about SLP aims to dominate Vietnam’s markets

The Korea and Vietnam Economic and Cultural Association (KOVECA) and the Association for Liaison with Overseas Vietnamese, along with ministries and localities, last week jointly held two Vietnam-Korea cooperation forums in both the northern and southern regions with the participation of 30 associations and 50 enterprises from South Korea. PM Pham Minh Chinh greets representatives of the RoK's associations and businesses at the dialogue in Hanoi on July 30. (Photo: VNA) The associations and enterprises are looking for investment opportunities in terms of urban and transport infrastructure, hospitals, renewable energy, high-tech, and career training. Previously, in the framework of a conference connecting the northern province of Thai Binh and South Korea in early July by Thai Binh People’s Committee, coordinated with the Ministry of Foreign Affairs and the Korean Embassy to Vietnam, an investment registration certificate was granted to South Korea’s SMT Company for the … [Read more...] about South Korean investors lavish attention on Vietnam

At a meeting with the leader of the southern province of Binh Duong last week, chairman of Sharp Corporation Yoshihiro Hashimoto revealed an expansion plan in the locality. Investors already with factories in the country are demonstrating that they trust the business climate here, Photo: Le Toan Sharp Group is exploring opportunities in the southern provinces of Vietnam, including Binh Duong, to move the supply chain away from the Chinese market, promoting market diversification and distribution, according to Hashimoto. “In the coming time, Sharp will continue to expand and build one more large-scale factory, oriented to develop high-tech and advanced products,” he said. Binh Duong is assessed as a locality with an attractive investment environment, in line with Sharp’s criteria. The group has two production factories located in Vietnam, at Singapore Industrial Park (VSIP) I and an extended VSIP II. Sharp hopes to be supported in construction land, labour, and … [Read more...] about New foreign capital stutters despite overall deal boost

Deputy chairman of the Foreign Affairs Committee of the National Assembly Nguyen Manh Tien speaks at the seminar. — Photo tinnhanhchungkhoan.vn In the face of the explosive wave of global technology, with increasingly favourable policies and rising interest of businesses, the Vietnamese blockchain market is forecast to continue to develop positively. The Foreign Affairs Committee of the National Assembly in collaboration with the Viet Nam Blockchain Association held a seminar on international experience in blockchain technology development and recommendations for Viet Nam last week. The conference aims to learn and enhance experience, standardise solutions for the development and application of blockchain technology, towards perfecting the legal system, and building institutions and policies to create a legal corridor for technology-related activities. Phan Duc Trung, permanent vice president of Viet Nam Blockchain Association, said: "Blockchain technology is a kind of … [Read more...] about Creating a legal corridor for blockchain development in Viet Nam

Localisation favoured by overseas banks, Photo Shinhan Bank Vietnam Shinhan Bank last week expanded its footprint in Vietnam by opening three new branches in the country’s two most populous cities, solidifying its position as the largest foreign lender currently active in the Southeast Asian nation. The bank said it has established a new branch in Hanoi, in addition to two branches in Ho Chi Minh City. This brings the total number of the bank’s offices in Vietnam to 46. “The new branches help us to maintain the largest sales network in Vietnam among all foreign banks operating there,” the bank said. “We expect that such a network will build a friendlier brand image across Vietnam, and in that regard, we will strive to offer better services.” In May, Shinhan Financial Group announced an agreement, worth roughly $90 million, to acquire a 10 per cent stake in Vietnam’s e-commerce platform Tiki. Its two units, Shinhan Bank and Shinhan Card, purchased 7.44 and 2.56 per cent … [Read more...] about Localisation favoured by overseas banks

In late July, PC1 Group JSC, a Vietnamese group operating in power construction, energy, and property, signed a contract to buy the entire stake in Singapore-based Nomura Asia Investment Vietnam (NAIV). M&A heating up in industrial real estate, illustration photo NAIV holds 70 per cent of charter capital at Nomura-Haiphong Industrial Zone Development Corporation, thus after the deal, PC1 will replace NAIV in operating Nomura-Haiphong Industrial Zone (NHIZ). This transaction is a part of PC1’s plan to develop industrial real estate to add to its funding strategy and gradually develop the group’s ecosystem. “Through merger and acquisition (M&A) transactions, PC1 will take advantage in terms of clean energy solutions to upgrade its partners’ existing IZs to eco-equivalents. We will also cooperate with partners to develop new eco-IZs to meet the demand of investors,” a PC1 representative said. For example, at NHIZ, PC1 plans to install clean energy solutions for … [Read more...] about M&A heating up in industrial real estate