Investment pitch presentation

-What do you think about local garment firms’ inability to dominate the domestic market of 100 million people here in Vietnam? - Vietnamese textile and garment enterprises are still [only beginning to] tap the domestic market. Last year, the domestic market increased by 40% against 2021. Local enterprises performed very well in the first half of last year and began to face difficulties in the third quarter. In the fourth quarter, many good Vietnamese brands like Viet Tien saw sales decrease. In late 2022, the Vinatex Fashion Center retail outlet in Hanoi made revenues of only VND500-600 million ($21,200-25,400) a day, compared with daily revenues of over VND1 billion in previous years. Over the past two years, many domestic fashion brands have reduced their number of stores and limited new openings. They have had to focus on certain locations to reduce costs, optimize operations and try to offer products that are most suitable to consumers’ incomes.In fact, domestic … [Read more...] about Garment firms should tap niche markets: Vinatex chairman

During the year, Vietnam’s exports to India topped 7.9 billion USD, up nearly 27% year-on-year. Among its export items , mobile phones and accessories posted the highest turnover with 1.5 billion USD. Computers, electronics and parts came next, and they were followed by machinery and equipment. Other staples with the highest value increase were coffee, iron and steel and footwear. Meanwhile, Vietnam imported over 7 billion worth of goods from India last year, a yearly hike of 2%. Its major import commodities from the market were iron and steel with nearly 775 million USD, machinery and equipment and ordinary metals. India is Vietnam’s leading provider of aquatic, garment and textile, leather and pharmaceutical materials. The 1.4-billion-strong Indian market has diverse demands with various market segments - a good condition for Vietnamese exporters. Besides trade, bilateral cooperation in tourism and investment also grew with the resumption and launch of direct … [Read more...] about Vietnam’s trade with India hits record in 2022

The release of the book is part of activities to celebrate the 93rd founding anniversary of the Communist Party of Vietnam (February 3) and the 10th anniversary of the establishment of the Central Steering Committee for Prevention and Control of Corruption and Negative Phenomena (February 1). The book presents directions of Nguyen Phu Trong as the Party leader and head of the steering committee in a systematic manner. With nearly 100 photos, the 600-page book comprises three parts presented in a modern press style. The first part focuses on issues drawn from the fight against corruption and negative phenomena in Vietnam. The second introduces 22 articles on Party building and rectification by the Party chief . The last is a collection of opinions and assessments of people from different walks of life, National Assembly deputies, and foreign politicians and scholars on Vietnam’s anti- corruption efforts under the Party leadership./. VNA … [Read more...] about Party chief’s book on fight against corruption released

Many banks in Vietnam have released their business results in 2022, which indicate their hefty profits. According to the 2022 financial report of the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), it recorded a pre-tax profit of over VND37.3 trillion (US$1.59 billion), up 36 percent year on year and exceeding its 2022 target. With this result, Vietcombank has taken the lead in pre-tax profit in the entire banking system for five consecutive years. It was followed by Vietnam Technological and Commercial Joint Stock Bank (Techcombank), which earned over VND25.5 trillion (nearly $1.09 billion) last year, rising 10 percent compared with the preceding year. Last year was the ninth straight year that Techcombank had posted a profit growth rate, albeit at a modest rate. Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) was also among the banks with a high profit. Its pre-tax profit surged more than 70 percent to nearly VND23 … [Read more...] about Banks in Vietnam report handsome profits in 2022

Authorities in Hai Phong City, northern Vietnam began construction of a bridge to create the fourth linkage of its kind with neighboring Quang Ninh Province on Thursday. Investment in the project, which includes building the Lai Xuan Bridge across the Da Bach River and expanding Provincial Road 352 to connect Hai Phong’s Thuy Nguyen District with Dong Trieu Town in Quang Ninh, totals nearly VND1.33 trillion (US$56.93 million). Of the total, nearly VND550 billion ($23.45 million) is dedicated to the construction of the Lai Xuan Bridge, which will be 840 meters long and 12 meters wide upon completion. The remaining capital is for the renovation and expansion of the 14km-long Provincial Road 352. Delegates press symbolic buttons to start a project to build the Lai Xuan Bridge and renovate a provincial road to directly connect Hai Phong City and Quang Ninh Province in northern Vietnam, February 2, 2023. Photo: Tien Thang / Tuoi Tre The project is being funded by … [Read more...] about Work starts on $23.5mn bridge linking Hai Phong to Quang Ninh in northern Vietnam

A Chinese spy balloon has been flying over the United States for a couple of days, U.S. officials said on Thursday, in what would be a brazen act just days ahead of a planned trip to Beijing by U.S. Secretary of State Antony Blinken. Fighter jets were mobilized, but military leaders advised President Joe Biden against shooting the balloon out of the sky for fear debris could pose a safety threat, advice Biden accepted, U.S. officials said. The United States took "custody" of the balloon when it entered U.S. airspace and had observed it with piloted U.S. military aircraft, one of the officials told reporters on condition of anonymity. Separately, Canada's defense ministry said a "high-altitude surveillance balloon" was detected and that it was monitoring a "potential second incident", without giving further details, adding that it was in frequent contact with the United States. The news initially broke as CIA Director William Burns was speaking at an event at Washington’s … [Read more...] about Chinese spy balloon flies over the United States, Pentagon says

The event was attended by leaders of the Political Department of Military Region 3, the Military Youth Advisory Board, the provincial Military Command, the provincial Party Committee, the People’s Council, the People’s Committee, agencies, organizations, enlisted youths, and their relatives and friends. During the event, participants offered incense in commemoration of the fallen; visited historical relic sites; had exchange with war veterans, historical witnesses, and demobilized troops in 2023; participated in artistic, cultural, and sports exchanges. On the occasion, units presented gifts to youths enlisted to military and public security units. According to Senior Colonel Tran Viet Nang, Head of the Military Youth Advisory Board, the program aimed to disseminate and educate young people about patriotic traditions, national pride, and tradition of the heroic Vietnam People’s Army as well as to create a joyful atmosphere to encourage young people to join the military. It was … [Read more...] about Activities held for enlisted youths in Ha Nam province

Hanoi, (VNA) - The following is a brief review of the day’s events as reported by the Vietnam News Agency. -The Presidential Office on February 3 announced the Acting President’s order to promulgate the Law on Medical Examination and Treatment that was adopted by the 15th National Assembly at its second extraordinary session. The revised law aims to deal with shortcomings and emerging problems in medical examination and treatment activities in a bid to develop and improve the quality of medical services towards fairness, high efficiency, development and international integration, while strengthening State management over these activities. Read full text -A delegation of the Communist Party of Vietnam (CPV) Central Committee, the Presidency, the National Assembly, the Government and the Vietnam Fatherland Front (VFF) Central Committee on February 3 paid floral tribute to President Ho Chi Minh at his mausoleum in Hanoi on the occasion of the 93rd founding anniversary of the CPV … [Read more...] about ☕ Afternoon briefing on February 3

Workers at Phuong Nam Garment Trading Import Export Joint Stocks Company in Ho Chi Minh City. (Photo: VNA) HCM City (VNA) – Ho Chi Minh City ’s Index of Industrial Production (IIP) in January reduced by 21.4% compared to the previous month, according to the city’s Department of Industry and Trade. This year’s week-long Lunar New Year (Tet) Festival that falls in January was blamed for the decreased production as the production time in the month was less than the previous month’s. Some industries in the city also saw lower production indexes, for example, the processing and manufacturing industry down 22%, electricity generation and distribution down 12.8%, water supply and waste treatment down 8.4%. Besides, all 30/30 secondary industries decreased compared to the previous month and 15 out of the 30 industries dropped by over 20%. To meet people’s demand in the city in January 2023, especially during the Tet celebrations, the city's industry and trade sector … [Read more...] about HCM City’s industrial production falls over 21% in January