Manufacturing

The S&P Global Vietnam Manufacturing Purchasing Managers’ Index (PMI) stood at 52.5 in September, lower than the reading of 52.7 in August but still pointing to an improvement in business conditions across the sector. A PMI reading of above 50 indicates an expansion of the manufacturing sector compared to the previous month, while one below 50 represents a contraction. The index is compiled by S&P Global from responses to questionnaires sent to purchasing managers at around 400 manufacturers. "The Vietnamese manufacturing sector continued to tick along nicely at the end of the third quarter, with the PMI now having signaled overall expansion throughout the past year," Andrew Harker, economics director at S&P Global Market Intelligence, was quoted as saying in a release by the firm on Oct. 3. "A much more benign price and supply environment is providing support, while demand also improved again in September." Operating conditions have now strengthened in each of … [Read more...] about Manufacturing continues to remain strong: S&P Global

Representatives of Herbalife Vietnam receive the award “Golden Product for Public Health in 2022” for their products. — Photo Courtesy Herbalife Vietnam Herbalife Vietnam has been awarded the prestigious “Golden Product for Public Health in 2022” for their products, beating out hundreds of applications from local and international businesses in Viet Nam. Vu Van Thang, general manager for Herbalife Vietnam and Cambodia, said: “The Golden Product Award 2022 has once again reaffirmed our strong commitment to assuring high product quality in a consistent manner. As a premier nutrition company, we are dedicated to helping people live healthier lives with nutrition products that are made with the highest standards of safety and quality. The award is also a testament to the public’s trust in the quality, efficacy, and safety of our science-based products.” Organised by the Vietnam Association of Functional Food (VAFF), the award is based on four key stringent evaluation criteria … [Read more...] about Herbalife Vietnam wins “Golden Product for Public Health in 2022” Award

The first sample of chip made by FPT semiconductor. (Photo courtersy of FPT) Hanoi (VNS/VNA) - Vietnam’s leading ICT company FPT Software has launched a new subsidiary, FPT Semiconductor, marking a key milestone for the company as it enters the booming semiconductor industry. Through the new subsidiary, FPT Software aims to gain a slice of Asia Pacific’s semiconductor market which accounts for 60% of global sales. FPT Semiconductor released its first integrated circuits (ICs), designed in Vietnam and manufactured in the Republic of Korea, in August 2022. These ICs will be used in Internet of Things (IoT) medical devices. By 2023, FPT Semiconductor plans to supply 25 million chips globally in seven types to meet diverse needs in telecommunications, IoT, automotive technology, energy, electronics, and others. According to a Technavio report, Vietnam's semiconductor industry is estimated to exceed 6.16 billion USD by 2024. FPT Semiconductor aims to become a … [Read more...] about FPT Software produces made in Vietnam chips

Four years ago, 30-year-old Ly Mi Vang traveled 2,000 km from the northern mountainous province of Ha Giang to the southern industrial hub of Binh Duong, looking for a job. Not educated, he could only get manual work. His firm, which manufactures sofas, has frequent overtime work, allowing him to earn over VND9 million ($377.12) a month. He sent VND5 million every month to his family back home. When the Covid-19 pandemic broke out, Vang lost his job. He and several others from his hometown managed to catch buses to return home before travel restrictions were imposed. Vang has received no financial support from the government. "I was very scared. I thought I would stay home since, but there's no job available in my hometown," he said. Vang's peers would often seek jobs at border gates, but due to Covid-19 impacts and China imposing travel restrictions at the border, those jobs were gone as well. So people looked for work in factories. Constantly vulnerable Since the … [Read more...] about Vietnam’s cheap labor advantage doesn’t come cheap

FDI in Hanoi has been upward in recent years, especially as Vietnam becomes increasingly integrated into the global economy. Hanoi remains among the top destination for FDI in Vietnam, given its competitive advantages in sustainable development, high-quality workforce, and diversification of economic structure. Production of home appliances at Sunhouse Group's factory. File photo According to the municipal Department of Statistics, Hanoi attracted nearly US$170 million in FDI in September, resulting in a total of $1 billion during the January-September period, or an increase of 18% year on year. “This is an encouraging result, helping cement Hanoi’s role among the top 10 localities in FDI attraction in Vietnam,” said Deputy Director of the Hanoi Department of Planning and Investment Nguyen Ngoc Tu. Upon breaking down, the city recorded 262 new projects worth $183 million, up 6.5% in the number of projects and 12.5% in value year on year; 141 existing … [Read more...] about Hanoi remains among attractive localities for FDI in Vietnam