Global minimum corporate

According to the International Monetary Fund (IMF), Vietnam's GDP based on purchasing power parity (PPP) stood in 25 th position globally in 2022, ranking just below countries such as Australia, and Poland. Specifically, Australia's reached approximately $1.63 trillion, securing 20 th position worldwide, while Poland's stood at around $1.64 trillion, placing it 19 th . The IMF also estimates that by 2023, Vietnam is expected to secure fourth position in Southeast Asia with a forecast GDP PPP of approximately $1.45 trillion. Looking further ahead, by 2026, Vietnam is estimated to have surpassed Thailand, propelling it to the second spot in the region with a figure of around $1.87 trillion. By 2028, Vietnam's economy is anticipated to have reached approximately $2.21 trillion, placing it among the top 20 economies globally. The top 20 economies in 2028, according to the IMF, are predicted to include China, the United States, India, Japan, Germany, Indonesia, Russia, … [Read more...] about Vietnam projected to become 20th largest global economy

Masan chose South Korea as the next key market to launch its premium Chin-su collection after Japan. The company has invested in research and development to create a set of products that appeal to the country's culinary traditions and standards, as part of Chin-su's goal to bring Vietnamese cuisine to the world. Chin-su also launched a selection of Pho seasoning at the event, along with its chilli, soy, and fish sauces, developed with input from chefs, young people, and families in South Korea. There are three varieties of Chin-su chilli sauce available. First, the Original flavour makes any Korean dish hot with the spicy warmth of Vietnamese chilli peppers. With the harmony of spicy, sweet and sour flavours, Chin-su chilli sauce can be easily incorporated into typical Korean dishes such as pancakes, fried chicken, Gyoza (dumplings), fish cakes, and fried potatoes. The second variety is Bibim chilli sauce, which is mixed with rice sauce and is inspired by the typical … [Read more...] about Chin-su leaves strong impression at Seoul Food 2023

Factors potentially triggering the turmoil include monetary tightening, weak economic conditions, mismanagement, loss of confidence, maturity and currency mismatches, as well as instances of outright fraud and criminal activities. Most banks are resilient and avoid such difficulties -- but not all. Consequently, financial authorities must maintain preparedness to intervene whenever necessary, all while avoiding unintended consequences that could potentially sow the seeds of future banking crises. Global banking stress The current banking turmoil is largely due to the cycle of monetary tightening. Since early 2022, central banks have been quick to increase interest rates to bring inflation under control. In the United States, the effective Fed Funds rate increased by 500 basis points in just 14 months, a speed never observed since 1988. The European Central Bank has raised its policy rates by 400 basis points since mid-2022 and indicated that more rate hikes are forthcoming. … [Read more...] about Preparedness crucial in safeguarding banking sector

The clearance of 200-300 coal wagons per day via the La Lay border gate in the central province of Quang Tri is being deemed impractical, affecting Logistics PTS Vietnam’s future aim of importing five million metric tonnes of coal annually. “Transportation and warehouse infrastructure is scarce, and so we can only remove about 100 vehicles per day,” said PTS general director Nguyen Quang Huy. According to him, if Vietnam fails to strengthen infrastructure, improve National Highway 15D, and invest in warehouses, it will miss the chance to compete with Thailand in purchasing coal from Laos. In February, Laos’ energy ministry announced findings of coal field surveys in the provinces of Sekong and Saravane, indicating that reserves may be as high as 500 million MT. Coal still with part to play in energy mix, Source: evn.com.vn Vietnam may experience a power scarcity if the availability of coal becomes constrained. According to Electricity of Vietnam (EVN), the total … [Read more...] about Coal still with part to play in energy mix

Projections from the report suggest that by 2027, the number of UHNWIs in Vietnam will approach 1,300, representing a further 22 per cent increase from the current level and a staggering 122 per cent growth over a 10-year period. Vietnam sees 82 per cent rise in ultra-high-net-worth individuals, illustration photo Moreover, Vietnam's high-net-worth individuals, or defined as individuals with assets exceeding $1 million, have also seen a substantial rise, with a 70 per cent increase over the past five years. It is expected that this segment will experience a remarkable surge of 173 per cent over the span of a decade, from 2017 to 2027. This shift in the affluent and super-rich population in Vietnam aligns with the broader trend of prosperity across Asia. Singapore, Malaysia, and Indonesia have emerged as the markets with the fastest-growing population of UHNWIs, experiencing growth rates of around 7-9 per cent. In the Asia-Pacific region, the number of these … [Read more...] about Vietnam sees 82 per cent rise in ultra-high-net-worth individuals

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

Raffles Family Office, an award-winning multifamily office with a full suite of wealth management services for ultra-high-net-worth individuals headquartered in Hong Kong and Singapore, is intensifying its commitment to private equity (PE) transactions within Southeast Asia, leveraging this approach as a means of bolstering its portfolio diversification. This strategic move is partly driven by ongoing geopolitical tensions and regulatory risks emanating from China, further compounded by concerns surrounding rising interest rates, inflation, and the spectre of recession. According to Dealstreetasia , Raffles Family Office has allocated between 10-15 per cent of its considerable assets under management specifically for investments in the PE realm, as revealed by Jo Huang, the firm's head of Private Equity. Huang emphasised the value of geographical and sectoral flexibility as a risk mitigation measure for the company's investment undertakings, expressing a desire to expand its … [Read more...] about Raffles Family Office bolsters private equity focus in Southeast Asia

The government last week reported that under its latest calculations, the state budget revenue last year hit about VND1.815 quadrillion ($78.93 billion), which is VND201.4 trillion ($8.75 billion) or 12.5 per cent higher than a previously reported figure. “The revenue has sufficiently met all tasks on expenditures for development investment, social security, salary reform, and other necessary tasks,” the government stated. Budget estimate shortcomings require modern fix Such a revenue increase was thanks to a rise in many items, with enterprises performing relatively well despite massive difficulties. For example, the economy’s most updated export turnover last year reached $371.3 billion, higher than the $368 billion earlier reported to the National Assembly – with the exact trade surplus of more than $12.4 billion, far higher than the only $1 billion earlier reported to the legislative body. However, the National Assembly Economic Committee (NAEC) found that the … [Read more...] about Budget estimate shortcomings require modern fix

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

At the signing ceremony (Photo: VNA) HCM City, (VNA) – The Saigon Hi-Tech Park (SHTP) in Ho Chi Minh City and Cadence Design Systems , a multinational computational software company of the US, on May 30 signed a memorandum of understanding on cooperation in developing electronic design manpower and promoting the semiconductor industry in Vietnam. Under this partnership, Cadence, a world leading company in electronic design, can provide integrated circuit (IC) design software tools and related training programmes for universities in HCM City via its academic network. Nguyen Anh Thi, head of the SHTP management board, said the cooperation with Cadence will give local students a chance to access the latest technologies and methodologies in IC and system design, and acquire practical experience that will help them succeed in the high-tech industry. It will also help strengthen the capability of the SHTP Chip Design Centre, thus contributing to the local semiconductor … [Read more...] about Saigon Hi-Tech Park partners with US firm to improve IC design capability