Foreign affairs

Foreign capital is expected to continue to flow into the stock market as foreign investors' confidence remains strongly.(Photo: VNA) Hanoi - From being net sellers in the first nine months of 2022, foreign investors have become the driving force supporting the Vietnamese stock market in the last few months, and the inflows are expected to continue this year. In 2022, this group net disbursed more than 29.2 trillion VND (1.2 billion USD) to the market, while it has net sold nearly 18.8 trillion VND and set a record net selling value of over 62.2 trillion VND in 2021. In November alone, more than 16 trillion VND in net disbursed cash flow from foreign investors was significantly supported by exchange-traded fund (ETF) capital inflows into the market, primarily from the Fubon ETF and the VNDiamond Index-based ETF. A study by BIDV Securities Company (BSC) analysing over 50 billion USD owned by foreign investors on the Vietnamese stock market showed that more than half of foreign … [Read more...] about Foreign investors remain optimistic about Vietnamese stock market

Meta (Facebook) contributed 34.5 million EUR. — Photo thanhnien.vn Foreign suppliers have paid taxes worth VND1.8 trillion (US$76.7 million) via the official portal serving their operations in Viet Nam. Of the sum, Meta (Facebook) contributed 34.5 million EUR, Google $28.8 million, and Apple VND174 billion. The General Department of Taxation’s portal https://etaxvn.gdt.gov.vn/nccnn/Reques was exclusively developed for foreign suppliers and put in place on March 21 last year. So far, it has seen 45 suppliers registering and paying taxes. The General Department of Taxation said that this was a very good signal in the co-ordination of tax declaration and collection between Vietnamese tax authorities and foreign suppliers right from the beginning of the new year. This shows the trust, prestige and serious observance of tax laws by foreign suppliers for e-commerce and digital-based business activities in the territory of Viet Nam. The total tax collected through the … [Read more...] about Foreign suppliers have paid taxes worth $76.7 million via official portal

Working session between representatives from Vietnam Centre for Overseas Labour and Ansan Counseling Centre for Foreign Workers (Photo: VNA) Seoul (VNA) – A working delegation of the Vietnam Centre for Overseas Labour (Colab) had a meeting on January 29 with representatives from the Counseling Centre for Foreign Workers of the Republic of Korea (RoK)’s Ansan city to promote the implementation of support activities for Vietnamese labourers in the RoK. The Vietnamese centre’s Director Dang Huy Hong, who is head of the delegation, thanked the Ansan centre for supporting foreign workers in general and Vietnamese in particular when living and working in the Korean city. He showed his hope that the centre will continue working closely with Vietnamese units to support Vietnamese workers, especially newcomers, to soon adapt to the life in the East Asian nation. Colab delegation posing for a photo with Vietnamese workers in RoK (Photo: VNA) During the working … [Read more...] about Support activities for Vietnamese workers in the RoK implemented

The article cited the speech by Vietnamese Minister of Plan and Investment Nguyen Chi Dung at a start-up investment forum in December 2022 as saying that in recent years, more and more FDI flows have come to Vietnam’s start-ups. In the first nine months of 2022, Vietnam's innovative start-ups attracted about 500 million USD. Over the past two years, startups have attracted nearly 2 billion USD in foreign investment, which proved that “Vietnamese start-ups are increasingly attractive to international and regional investors.” In 2021, Vietnamese start-ups raised 1.4 billion USD in investment capital, 56% higher than the level of 894 million USD in 2019. The Vietnam National Innovation Center estimates that the capital attraction capacity of Vietnamese start-ups will maintain an upward trend in 2023. Thirty-nine investment funds have committed an investment of 1.5 billion USD to Vietnam in the period 2023-2025, bringing the total investment for Vietnamese start-ups to 5 billion … [Read more...] about Vietnam joins “golden triangle of start-ups” in Southeast Asia: Hong Kong newspaper

The office reported that in the month, total import-export turnover reached 46.56 billion USD, down 17.3% over the previous month and 25% year-on-year, with exports dropping 21.3% to 25.08 billion USD, and imports falling 28.9% to 21.48 billion USD. While the domestic sector saw a trade deficit of 1.04 billion USD, the foreign-invested sector (including crude oil) posted a surplus of 4.64 billion USD. Experts attributed the result to the long New Year and lunar New Year (Tet) holidays, which were all in January, reducing the number of working days. Last year, the Tet holiday fell in February. The GSO reported that the manufacturing-processing sector earned the highest export revenue with 22.32 billion USD, accounting for 89% of the country’s total. Meanwhile, there were three goods groups with imports of over 1 billion USD. In January, the U.S. remained the biggest importer of Vietnamese goods with a revenue of about 7.6 billion USD, while China was the biggest exporter to … [Read more...] about Vietnam posts trade surplus of 3.6 billion USD in January

Deputy Director of the FIA Do Van Su said disbursement of foreign investment this year is expected to hit USD 22-23 billion. Su acknowledged that the opening of China’s economy might affect Vietnam's foreign investment attraction, adding that China remained the leading investment destination in the region, so when they opened up, capital will flow into this market while that to Vietnam and other economies in the region will be limited. On the contrary, the investment capital movement of the Republic of Korea (RoK), Japan, and Taiwan (China) will be accelerated. This shift will be accelerated until 2025, and Vietnam will be a preferred investment destination for investors, he added. Currently, the RoK, Japan and Taiwan (China) are Vietnam’s major sources of foreign investment and they have constantly increased their investments in Southeast Asian countries. According to FIA, essential factors for FDI to continue to prosper in 2023 include economic growth results in 2022 and … [Read more...] about Vietnam’s FDI projected to reap up to USD 38 bln in 2023

Visiting a construction site of My Thuan 2 Bridge that crosses the Tien River and connects Trung Luong - My Thuan and My Thuan - Can Tho expressways between Ho Chi Minh City and Can Tho, he asked constructors to speed up work, ensure the quality of the construction, labor safety and pay proper care to workers’ living conditions. With a total investment of over 5 trillion VND (USD 213.22 million), the construction of the 6.61-km bridge was started in March 2020 and is expected to complete this year. By now, more than 70% of the work has been completed. The leader added localities must proactively build intersections and organize traffic routes connecting to the bridge and the expressways to exploit new development space. At the construction site of a section of the eastern North-South Expressway that runs through Can Tho and Hau Giang, PM Pham Minh Chinh applauded workers for their efforts during the lunar New Year (Tet) festival. For more efficient infrastructure development, … [Read more...] about Prime Minister inspects key transport project in Mekong Delta

There were 153 newly-registered projects totalling $1.2 billion, up 48.5 per cent in quantity and 3.1 times in value against last year's January. About $651.9 million of FDI capital was poured into the fields of wholesale, retail, and repair of automobiles and motorised vehicles, accounting for 54.1 per cent of the total registered sum. Meanwhile, the processing and manufacturing industry attracted $351.2 million, making up 29.1 per cent of the total registered capital. According to the GSO, 28 foreign countries and territories invested in Vietnam in January. Singapore took the lead with $767.6 million, accounting for 63.7 per cent of the total newly registered capital. China came in second with $198.2 million, making up for 16.4 per cent of the total sum. Meanwhile, Vietnamese investors have received investment certificates for three project overseas with the total capital of $126.7 million, up by 3.4 times against the same month in 2022. In 2022, Vietnam lured over $22.4 … [Read more...] about FDI inflows to Vietnam reach almost $1.7 billion in January

Illustrative photo (Source: VNA) Hanoi (VNA) – The number of newly-established enterprises and businesses resuming operations in the real estate market saw a remarkable rise last year, said the Ministry of Construction . As per statistics from the Ministry of Planning and Investment’s Business Registration Management Agency, there were 8,593 new enterprises and 2,081 businesses resuming operations in 2022, up 13.7% and 56.7% year-on-year. Meanwhile, the number of firms declaring bankruptcy or dissolution also grew by 38.7% against 2021. The Ministry of Construction said 2022 still saw many challenges facing realty firms and forcing them to change their business and management plans. The changes included debt restructuring, scaling down production and investment, streamlining apparatus, and suspending new projects, among others. In the face of complicated economic developments, from the middle of the third quarter to the end of last year, the operations of real … [Read more...] about More realty businesses established, resume operations in 2022

Many Vietnamese enterprises achieved success in 2022 after shifting to exports through e-commerce platforms, especially Amazon. The trend is expected to continue this year. Vietnam was among the top five countries with the highest e-commerce retail sale growth rates in 2022, according to a report by the U.S.’s market research company eMarketer. Impressive growth A year after beginning to sell goods on Amazon to European and American markets, ChicnChill, a Vietnamese handicraft brand, reported a growth rate of up to 700 percent. Tran Tuan Dung, CEO of ChicnChill, said he saw the start-up thrive when a majority of Vietnamese enterprises have scaled down their operations due to the impact of the COVID-19 pandemic. He and his team spent months studying the lifestyle in European and American markets and home decoration trends there, thereby determining the company’s key products and penetrating into these markets. After a year, ChicnChill’s home decoration products are … [Read more...] about Vietnamese firms earn big from Amazon