Vietnam business opportunities

At a Saturday conference in Harvard University on Vietnam's development strategy in the 21st century, Prime Minister Pham Minh Chinh said Vietnam's economy has expanded into the fourth largest economy in ASEAN and among the world's top 12 economies with the largest scale of commerce. The country also takes part in 15 active FTAs, he said. Economist David Dapic said Vietnam taking part in FTAs was a major success. Millions of farmers have moved on to work in factories as a result. But the fact that most materials for production are imported from China is a weakness, he added. When the Covid-19 pandemic broke out, borders were closed and there was commercial tension, Vietnam's exports were affected, Dapic said. Vietnam's trade turnover with the U.S. may reach $100 billion this year. Such a figure might be small for the U.S., but Vietnam should take note to remain in constant communication and avoid being accused of currency manipulation, he advised. Nguyen Thi Hong, head of the … [Read more...] about Avoid unworthwhile investments, try estate taxes, Vietnam advised

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

Warburg Pincus is relishing its opportunities in Vietnam as the economy grows and capital markets develop, said Jeffrey Perlman, Southeast Asia chief of the private equity firm to Reuters. "It's a market that we think there's a lot of opportunity in," quoted Perlman in an interview with Reuters on March 22. "Four, five years ago, even in Vietnam there wasn't an understanding of what was private equity and what it will do to businesses." Warburg Pincus is relishing its opportunities in Vietnam. Vietnam's emergence as a large manufacturing destination next to China helped the Southeast Asian nation's economy grow at 6.8% last year, the strongest since 2010, Reuters reported.The growth is rapidly building up a huge middle class that is boosting consumer spending in a country of about 100 million. Its stock index VNI has risen 20% this year, the best performance in Southeast Asia, after surging by 50% last year. Perlman said the growth in Vietnam's capital … [Read more...] about Warburg Pincus: “Vietnam a big draw for global investor”

Hardy Diec, Managing Director of FedEx Express Indochina. Photo by FedEx Express What’s the status quo with the logistics industry? Supply chains have never been more important. More than that, reliability and accuracy in these supply chains have now become even more paramount. During this pandemic, the logistics industry has proven to be vital, whether in delivering critical healthcare shipments including vaccines and medicine, or delivering huge volumes of e-commerce shipments to end consumers. The pandemic has shifted consumer behavior greatly. The boom in e-commerce will continue to be a powerful engine of the global economy. We’re witnessing how essential supply chains are to business survival, success and growth - they are not just an opportunity to reduce cost. Businesses are rethinking their supply chains, moving to a "just in case" approach for inventory management to counter unplanned scenarios. Being able to receive products and critical components either by … [Read more...] about Innovative logistics models in great demand: FedEx director

Prime Minister Pham Minh Chinh (right) and US Special Presidential Envoy for Climate John Kerry . (Photo: VNA) Boston (VNA) – Prime Minister Pham Minh Chinh met with US Special Presidential Envoy for Climate John Kerry in Boston on May 14 (local time) as part of his working trip to the US. PM Chinh highlighted Kerry’s heartfelt sentiments towards the country and people of Vietnam, as well as his responsibility and enduring contributions to Vietnam-US relations over the past years. He also praised Kerry for his role in building the two-Party consensus in the US in supporting the relationship with Vietnam, especially the settlement of war consequences – part of the process of reconciliation and trust-building between the people of the two countries. Vietnam consistently pursues a foreign policy of independence, self-reliance, peace, friendship, cooperation, development, multilateralisation and diversification of relations, and being a good friend and a reliable … [Read more...] about Prime Minister receives US Special Presidential Envoy for Climate

Prime Minister Phạm Minh Chính has a meeting with US Special Presidential Envoy for Climate John Kerry in Boston on May 14 (US time). — VNA/VNS Photo Dương Giang HÀ NỘI — Prime Minister Phạm Minh Chính met with US Special Presidential Envoy for Climate John Kerry in Boston on May 14 (local time) as part of his working trip to the US. PM Chính highlighted Kerry’s heartfelt sentiments towards the country and people of Việt Nam, as well as his responsibility and enduring contributions to Việt Nam-US relations over the past years. He also praised Kerry for his role in building the two-Party consensus in the US in supporting the relationship with Việt Nam, especially the settlement of war consequences – part of the process of reconciliation and trust-building between the people of the two countries. Việt Nam consistently pursues a foreign policy of independence, self-reliance, peace, friendship, cooperation, development, multilateralisation and diversification of relations, and … [Read more...] about US climate envoy Kerry pledges to assist Việt Nam with energy transition, climate change

The local aviation market experienced a strong recovery in April. — VNA/VNS Photo The aviation market in Viet Nam is vibrant and recovering with the number of international visitors increasing five-fold, according to experts. According to the Civil Aviation Authority of Viet Nam (CAAV), in April, Viet Nam's airports handled 6.6 million passengers, down 14.3 per cent compared to the same time last year but the number of foreign visitors reached more than 230,000 in April, an impressive increase of 502 per cent over the same period last year when COVID-19 was developing in a complex fashion. CAAV said Vietnamese airlines transported 3.28 million passengers, including 80,000 foreigners. Compared to the same period last year, the number of international passengers choosing services of Vietnamese airlines rose 214.7 per cent, while the number of domestic passengers dropped 18.2 per cent. As for cargo transport, in April, 140,700 tonnes of cargo were transported through Viet … [Read more...] about Local aviation market sees strong recovery

PM Chinh highlighted Kerry’s heartfelt sentiments towards the country and people of Vietnam, as well as his responsibility and enduring contributions to Vietnam-U.S. relations over the past years. He also praised Kerry for his role in building the two-Party consensus in the U.S. in supporting the relationship with Vietnam, especially the settlement of war consequences – part of the process of reconciliation and trust-building between the people of the two countries. Vietnam consistently pursues a foreign policy of independence, self-reliance, peace, friendship, cooperation, development, multilateralization and diversification of relations, and being a good friend and a reliable partner of countries worldwide, and an active, responsible member of the international community, the PM affirmed. During the process, Vietnam always considers the U.S. a leading important partner, and wants to work together with the U.S. to promote the bilateral ties on the basis of respect for each … [Read more...] about Prime Minister receives U.S. Special Presidential Envoy for Climate

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

Vietnamese Prime Minister Pham Minh Chinh (left) met with US President Joe Biden, photo VNA All eyes were focused on last week’s US-ASEAN Special Summit in Washington D.C., where both sides demonstrated their closer ties across many sectors including global health security, climate change, sustainable development, maritime cooperation, human capital development, and education, as well as connectivity and economic engagement, and especially digital development. The US and ASEAN have reaffirmed their commitment to support digital development in the bloc so as to realise its vision “of a peaceful, secure, open, interoperable, reliable and resilient ICT environment”. The US vows to “support development of ASEAN’s digital infrastructure to drive robust, inclusive economic growth and prosperity; and promote development of a secure, resilient, and innovative 5G ecosystem as well as exchange views and experiences on cyber threats and on the regulatory framework and technical standards … [Read more...] about United States widens ASEAN engagement