Commissions new proposals to make clearing services in the eu more attractive

Vietnam’s services sector remains a bright spot, partially offsetting some external weakness, according to a report released by HSBC Vietnam on May 31. Illustrative image (Source: VNA) The report, themed “Vietnam May data: Still a long way to go,” said while Vietnam’s May trade data points to no further deterioration, there is still a long way to see a meaningful rebound in its trade cycle. Exports slightly fall According to the report, exports fell 5.8% year on year in May, a slower pace than the market expected, but with lingering broad-based weakness. None of the major categories, including electronics, machinery, textiles/footwear and wooden furniture showed signs of a meaningful rebound. Data as of April 2023 suggests substantial falling shipments in Vietnam’s three largest exporting destinations - US, China and the EU. In particular, with a hefty share of 30%, Vietnam is particularly sensitive to a US economic slowdown. Despite exports falling by … [Read more...] about Vietnam’s services sector remains a bright spot: HSBC

Vietnam’s long-awaited Power Development Plan VIII (PDP8), confirmed in mid-May, is a milestone in the country’s journey towards energy transition. The main objective of the legislation is to achieve energy security for Vietnam, progressing on its climate change commitments towards the middle of this century, and more specifically to export 5,000-10,000MW of power by 2030. Towards these goals, the PDP8 proposes a new energy mix with a substantial reliance on renewables and the development of smart transmission grids to support the renewables industry, including connecting the power grids with neighbouring countries. “We appreciate the government for the approval of the PDP8, as it provides a clear path to the completion of the grid interconnection, which is critical for us and Electricity of Vietnam (EVN) to complete agreement on the tariff and schedule of the power purchase agreement (PPA). We target completion of the PPA in Q4 of 2023 in order to break ground in 2024,” said Ian … [Read more...] about Power overhaul plan picks up steam

Hotel supply in Vietnam has tripled over the past decade, photo Le Toan According to a report by DKRA Vietnam, the supply of villas and town houses across the country continued to decrease from the end of the second quarter of 2022. Specifically, in April only two projects were opened for sale, providing 12 apartments to the market, down 69 per cent from the previous month and down 98 per cent compared to the same period last year. Particularly, the Central region recorded the fourth consecutive month that no new projects were introduced to the market. “It is expected that in the next few months, supply and demand may increase slightly. However, the market will not have obvious fluctuations with key transactions, except from expected transactions on Phu Quoc island,” according to DKRA’s report. The primary selling price did not alter greatly compared to the previous month. Instead, investors have aggressively launched discounts up to 30-40 per cent to stimulate market … [Read more...] about Second home real estate on the slow path to recovery

Vietnam was the 8th largest trade partner and the largest ASEAN exporter of the US in 2022. (Photo: VNA) Hanoi (VNA) – The current trends in economic and trade cooperation between Vietnam and the US guarantee big growth in two-way trade and investment in next 10 years and warrant upgrading the partnership to a strategic level, said Ted Osius , President and CEO of the US - ASEAN Business Council ( USABC ). In an interview granted to the Vietnam News Agency ahead of the 10th anniversary of the two countries’ comprehensive partnership (July 2013 - 2023), the former US Ambassador to Vietnam said trade and investment play a big role in this relationship. The US is Vietnam’s second largest trading partner and biggest export destination. In 2022, bilateral trade reached a record high of 138.9 billion USD. Vietnam was the 8th largest trade partner and the largest ASEAN exporter of the US. The US was the biggest export market of Vietnam last year. Vietnam’s annual export to … [Read more...] about Current trends guarantee big growth in Vietnam – US trade, investment: USABC leader

Apple on May 17 announced the expansion of the Apple Store online into Vietnam. Customers throughout the country can now shop direct with Apple and receive a service delivered by dedicated team members ready to share their expertise in Vietnamese. Meanwhile, in mid-May, eDiGi, Vietnam’s foremost premium Apple retailer, announced the closure of its store after five years. The store entered the market when official Apple products were struggling to compete against smuggled counterparts. Backed by one of Vietnam’s top retail companies, IPP Group, eDiGi aimed to carve a niche for itself in Ho Chi Minh City’s District 1, Ho Chi Minh City. The accolades poured in as eDiGi secured the coveted Apple Premium Reseller and Apple Service Provider certifications, becoming the country’s pioneering haven for Apple aficionados seeking unrivalled services. However, eDiGi found itself grappling with a market where affordable prices outweighed immersive shopping experiences, and it struggled to … [Read more...] about Apple retailers set for price competition shake-up