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According to recent statistics, foreign direct investment (FDI) disbursement in Vietnam in 2022 reached a record of $22.4 billion, an increase of 13.5 per cent on-year. Peter Ryder - CEO at Indochina Capital Vietnam’s attractive geographical location, ample supply of young and skilled labourers, and a consistent track record of high-performing economic growth have contributed to the country’s success in attracting FDI. Additionally, the Vietnamese government has implemented attractive incentives, making the country a desirable destination for foreign investors. One notable example of FDI in Vietnam’s high-tech sector is Samsung, which has invested heavily in the country. In December 2022, Samsung opened Southeast Asia’s largest research and development centre in Hanoi, with an estimated cost of $220 million. The company also announced plans to increase funding in Vietnam from $18 billion to $20 billion. Moreover, the Samsung Electro-mechanics Vietnam project … [Read more...] about Insights garnered in high-tech FDI

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

Hanoi's children are equipped with essential skills and knowledge to select healthy and age-appropriate information through activities by Google and Vietnamese partners. The scorching heat of the early days of June does not diminish the excitement and curiosity of Do Thi Thu Ha and her two daughters, residing in Nam Tu Liem District, as they joined games that needed their thinking skills and analyzed online data at the Hanoi Children's Palace today [May 31]. Ha's daughter, Pham Mai Anh, a fifth-grade student, told The Hanoi Times through these games, she learned about scams and how to avoid online threats. She also knew how to detect fake news and verify the reliability of information sources. Ha and her daughters are among many parents and children experiencing game space that provides them with knowledge and skills to protect themselves and behave safely online. "I find the games very interesting and informative to help me and many other kids know how to protect … [Read more...] about Summer Online Safety Playground gives self-protection skills to children in Hanoi

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

Annually, many international business delegations visit and have working sessions with Haiphong management authorities. In March and April alone, dozens of business delegations from China, Taiwan, South Korea, and several other countries visited Haiphong for a market survey to learn about the local investment environment, and explore partnership prospects. This has ushered in multiple opportunities for collaboration in promising domains such as logistics, renewable energy, technology transfer, green growth, among others. “The city's investment promotions with international businesses create tremendous opportunities for both parties. For Nam Dinh Vu Industrial Park (IP), we have the chance to increase exposure about the image and benefits of the IP, as well as its infrastructure and amenities to investors,” said Nguyen Thanh Phuong, general director of Sao Do Group , the developer of Nam Dinh Vu IP. “Earlier, we reached the investors through invites or using VR software, which … [Read more...] about Sao Do Group intensifies on-spot investment promotion

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

Like a rising number of her highly educated peers, Liang keeps trading down to try and find a source of income in China's worst youth job market on record. "Finding a job has been really difficult," said the 25-year-old, who lives with her parents in the northern industrial city of Taiyuan. "I told my family that I'm willing to take up manual labor and my mum straight-up cried. She felt so sorry for me." Economists expect such examples to become increasingly common in coming years, as a glut of university graduates and a shortage of factory labor due to an aging workforce deepen China's job market imbalances. Youth unemployment hit a record 20.4% in April, and a new high of 11.58 million university students are due to graduate this summer. All are competing for jobs in what remains one of the world's fastest-growing major economies, but whose manufacturing-heavy structure is increasingly out of step with the aspirations of its younger generations. The industries most … [Read more...] about Chinese graduates lower their ambitions in moribund jobs market

A Louis Vuitton store in Ha Noi, a shopping destination for high-income earners. Viet Nam's ultra-high-net-worth individuals have doubled in number over the past five years. — Photo vn.louisvuitton.com Viet Nam's ultra-rich population has nearly doubled over the past five years, according to Knight Frank's The Wealth Report. The number of ultra-rich persons in the country, whose net wealth exceeds US$30 million, rose from 583 in 2017 to 1,059 in late 2022. The figure is forecast to hit 1,295 in the next five years. And the good news doesn't stop there. The group of individuals with a net worth in excess of $1 million also expanded by 70 per cent, and is expected to reach more than 112,250 persons in 2027. The expansion of the well-off class in Viet Nam was echoed by the growing wealth in Malaysia, Indonesia, and Singapore, which were three of the top 10 fastest-growing wealth hubs in the world. The three countries saw their wealthy populations expand by around 7 to 9 per … [Read more...] about Viet Nam’s top income bracket doubles over five years

Investors at Bao Viet Securities Co's headquarters in Ha Noi. The VN-Index on the Ho Chi Minh Stock Exchange (HoSE) inched down 0.27 per cent on Wednesday. — VNA/VNS Photo Shares on the two exchanges moved in opposite directions on Wednesday with cash flowing into blue chips as investors sought opportunities to purchase quality shares at favourable prices. The VN-Index on the Ho Chi Minh Stock Exchange (HoSE) inched down 0.27 per cent to close at 1,075.17 points. The southern market’s index rose 0.3 per cent on Tuesday. Meanwhile, on the Ha Noi Stock Exchange (HNX), the HNX-Index extended its rally to six consecutive sessions with a growth of 0.67 per cent to end at 222.81 points. Buyers had the advantage in market breadth with 564 gainers and 298 losers. Within the VN30 basket (which tracks the top 30 shares by market value and liquidity on the HCM City’s exchange), 19 stocks ended lower while eight gained and three closed flat. The heightened price volatility has … [Read more...] about Shares mixed, money flows in blue chips

Building high-tech agricultural models, integrating production chains, connecting regions, and establishing processing facilities for export are all necessary for agricultural production in Hanoi. Hanoi is poised to become a center for processed goods for export, said Hoang Thi Hoa, director of the Hanoi Agriculture Development Center under the Hanoi Department of Agriculture and Rural Development, in an interview with Hanoimoi newspaper. Clean farm production at Japan & Vietnam Vegetable Fruit Company. Photo: Phuong Nga/ The Hanoi Times How do you assess the current prospects of Hanoi's agricultural exports? Based on its relatively large arable land , Hanoi is building a modern agriculture sector by applying advanced digital technology to create quality products that meet consumer and export needs. Over the years, Hanoi has promoted importing several items, including fruits, wood and wood products, and some processed goods. Specifically, … [Read more...] about Hanoi to become processed goods export hub