Major us companies laud vietnam as strategic market vnexpress international

According to a recent report by the Bank of Korea (BOK), Vietnam is swiftly becoming a significant market for South Korean semiconductor makers, who have been grappling with lacklustre demand in China. As the rivalry between the United States and China intensifies, the BOK has emphasised the importance of diversifying export markets for industry giants like Samsung Electronics and SK Hynix. The BOK underlines Vietnam's emergence as a new source of demand for South Korean semiconductors, highlighting its growing status as an international hub for IT device production and potentially positioning it as a substitute for China in the future. Major smartphone manufacturers have established production bases in Vietnam, where South Korean semiconductors play a crucial role as intermediary goods in the production of finished products, the report notes. Vietnam's abundant low-wage workforce and its proximity to the Chinese market are attracting global businesses, including South Korean … [Read more...] about Vietnam’s market becomes ray of hope for South Korean semiconductor manufacturers

Steve Biegun, its senior vice president for global public policy, discussed the plan with Vietnamese Minister of Industry and Trade Nguyen Hong Dien on the sidelines of the Indo-Pacific Economic Framework on May 26. There are both Vietnamese and foreign companies making parts for the company in Vietnam, but the former mostly make low-value items. The foreign suppliers are mostly from the U.S., Japan and South Korea. Dien called on Boeing to speed up training and technology transfer in Vietnam. Vietnam has mechanical manufacturers who are potential partners for Boeing, and his ministry would provide support for them to link up, he assured. Boeing has been in Vietnam since 1995, and contributed to the local industry by providing technical assistance for defense and commercial aviation and assisting Vietnam Airlines in getting a license to fly non-stop from Ho Chi Minh City to U.S. city San Francisco. … [Read more...] about Boeing to expand manufacturing in Vietnam

Unofficial exchange points sold the greenback at VND23,475, up 0.11% from Monday. Most banks kept their rates unchanged. Vietcombank sold the dollar at VND23,660 Sunday. Eximbank kept the rate stable at VND23,620, Techcombank at VND23,645, and ACB at VND23,700. The State Bank of Vietnam (SBV) raised the reference rate 0.03% to VND23,680. The USD/VND exchange rate has decreased by 0.29% since the beginning of the year. Globally, the greenback lost ground against a basket of world currencies after Federal Reserve Chairman Jerome Powell's remarks hinted at a slightly dovish shift, opening the door to the possibility of a rate hike pause at the conclusion of next month's policy meeting. In his remarks, Powell said that uncertainties surrounding the lagging impact of past rate hikes and recent bank credit tightening made it unclear whether more monetary tightening will be necessary, according to Reuters . The dollar index fell 0.35%, with the euro up 0.32% to $1.0803. … [Read more...] about Dollar rises against dong on black market

Vietnam will use 50 billion yen of this funding for the new-generation ODA (Official Development Assistance) budget support program for post-Covid-19 socioeconomic recovery and development, and the rest for the development of transport infrastructure and agriculture projects in the southern province of Binh Duong and and the central highlands province of Lam Dong. On Sunday, Chinh also held talks with Kishida on the occasion of partcipating the G7 Summit in Japan's Hiroshima. Japan is the largest provider of concessional ODA to Vietnam, with 2.98 trillion yen ($21.6 billion). Japan's ODA accounts for over 30% of bilateral aid to Vietnam. The two PMs said that the two countries would discuss the possibility of Japan providing new generation ODA for large-scale strategic infrastructure development projects, such as the North-South expressway, urban railways, green transformation, and medicine. These loans will have high incentives, with simpler and more flexible procedures than … [Read more...] about Vietnam, Japan sign three ODA projects valued at $500M

Condotels, a type of condominium that operates like a hotel in which units are owned by individuals that have entrusted an operator to rent them out, were officially approved by the Ministry of Natural Resources and Environment on May 20 to be granted title deeds just like any other property. The approval resolves many issues that have long been plaguing the condotel market, said Vo Hong Thang, deputy director of property services provider DKRA Group. "Condotel owners could not mortgage their units to banks before, but now they can, and this will help increase the liquidity of the property," he said. Owners will be relieved to know that their properties are legally recognized and any problem in ownership between them and the developer can be resolved within the legal framework, he added. "This is a boost for developers to sell more products and for buyers to have confidence in the future of their investment." By the end of last year there were around 83,000 condotel units … [Read more...] about Title deed grants to stir up condotel market

It saw a year-on-year rise of 125.6% in revenue, and additional KRW7.1 billion in operating profit. This is the highest-ever quarterly operating profit the film distributor reported in Vietnam, even higher than the KRW2.1 billion recorded in the first quarter of 2019 before the Covid-19 outbreak had begun. CJ CGV said it earned operating profits only in Vietnam and Turkey where the number stood at KRW50 million. It forecast that the business outcomes will be maintained in the second quarter thanks to the recovery of the film industry and the release of many highly anticipated movies. The Korean entertainment giant, which has been in Vietnam since 2011, is running 83 cinemas and 483 screens in the Southeast Asian nation, making up 51% of the market share. CJ CGV said it is closely coordinating with the Vietnamese film industry, with the 2023 CJ Short Film Making Project being kicked off recently in Ho Chi Minh City. … [Read more...] about CJ CGV posts record quarterly operating profit in Vietnam

The move came after the U.S. National Highway Traffic Safety Administration (NHTSA) said 999 of VinFast's VF 8 vehicles suffered a software error in the dashboard display that prevented critical safety information from being shown and "may increase the risk of a crash". More than 700 of the 999 units are still in VinFast's hands and have not been delivered to customers or fleet services, the NHTSA estimated. In a statement to Reuters, VinFast said it issued a voluntary safety recall of the VF 8 City Edition on which the dashboard screen goes blank while driving or stationary. "VinFast is not aware of any field reports of incidents. The company is issuing this recall out of an abundance of caution," it said. The recall statement comes less than two weeks after VinFast announced it would list in the United States via a merger with special purpose acquisition company (SPAC) Black Spade Acquisition Co (BSAQ.N). The two companies estimated the new entity would have a potential … [Read more...] about Vietnam’s VinFast recalls first batch of US-bound EVs over safety risk

The CEO of a real estate exchange in HCMC’s District 5 said: "In the past we could sell one house for every 10 inquiries, but now it takes 30 to sell one. Many just take a look, but are not willing to buy." With townhouses in HCMC costing VND15-20 billion ($639,000-$852,000), they are hard to sell because of high bank lending interest rates, which make prospective buyers hesitate to borrow. The same situation is also seen in provinces such as Long An and Dong Nai, where there is little interest in houses and villas. Projects going on sale in April were offered at 8-10% discount. Some even offered discounts of up to 20% along with a guarantee they will rent the property for 12 months. Chau, a real estate broker with 10 years’ experience in HCMC and Dong Nai, said not only the primary market but also the secondary market was dull. Even when sellers offer to reduce the price by 15-25% in desperation, buyers do not budge, he said. Vo Hong Thang, R&D deputy director of … [Read more...] about Houses fail to attract buyers despite price cuts in southern market

The two parties will collaborate to expand C.P. Vietnam’s product portfolio to general trade and hotel-restaurant-catering, cafe, canteen (HORECA) segments in Vietnam via Karavan’s centralized platform. This platform connects brands directly with small- and medium-sized (SME) merchants in key cities, including Ho Chi Minh City, Hanoi, Da Nang, and nearby provinces. Pawin Sriusvagool, Founder & CEO of Karavan (4th from left) and Montri Suwanposri, President of C.P. Vietnam (3rd from left) at the partnership signing ceremony. Photo by Karavan The cooperation will enable C.P. Vietnam to expand its customer base, tapping into Karavan’s ready-to-scale network of about 200,000 merchants nationwide. B2B e-commerce sees abundant growth opportunities as the retail landscape in Vietnam is still dominated by traditional trade channels, such as wet markets and mom-and-pop stores. The local supply chain is currently fragmented with relatively low levels of digitization. … [Read more...] about Karavan, C.P. Vietnam partner in digitalizing food supply chain

Jan Bartosek, deputy speaker of the Chamber of Deputies, and his delegates commended Home Credit, the leading digital finance company in the Czech Republic, for its achievements and contributions to the economy. (From L) Hynek Kmonicek, Ambassador Extraordinary and Plenipotentiary of the Czech Republic in Vietnam, Jan Bartosek, deputy speaker of the Chamber of Deputies of the Czech Republic parliament, Annica Witschard, Home Credit Vietnam CEO, and Pham Vu Minh Dan, Home Credit Vietnam Chief People Officer. Photo by Home Credit Vietnam The frequent meetings between senior government officials and Home Credit Vietnam underscore the company's pivotal role in fostering business relationships between the Czech Republic and Vietnam. The deputy speaker and his delegates praised Home Credit's notable accomplishments in financial inclusion, responsible lending, and sustainable growth as well as its strong commitment to fostering diversity and inclusion in the workplace. … [Read more...] about Home Credit celebrates 15 years in Vietnam