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A factory in Dong Nai Province's Giang Dien Industrial Zone. The province lured $500 million in foreign investment in the first three months, nearly tripling that in the same period last year. — VNA/VNS Photo Hong Dat Viet Nam attracted nearly US$5.45 billion worth of foreign investment in the first quarter of the year, down 39 per cent year-on-year, according to the Foreign Investment Agency (FIA). Of the three-month figure, over $3 billion came from 522 newly-licensed projects, up 62 per cent in a number of projects but down 6 per cent in the level of capital compared to the same period last year. Some $1.2 billion was added to 228 existing ones, representing a yearly hike of 3 per cent in a number of projects and a yearly decline of 70.3 per cent in the capital. However, foreign investors' capital contribution and share purchases rose 4 per cent year-on-year to $798 million, the FIA said. Along with the contraction in fresh capital, the disbursed capital also slightly … [Read more...] about Viet Nam’s foreign investment plunges 39 per cent in Q1

A factory in Dong Nai province's Giang Dien Industrial Zone. (Photo: VNA) Hanoi (VNS/VNA) - Vietnam attracted nearly 5.45 billion USD worth of foreign investment in the first quarter of the year, down 39% year-on-year, according to the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment . Of the three-month figure, over 3 billion USD came from 522 newly-licensed projects, up 62% in a number of projects but down 6% in the amount of capital compared to the same period last year. Some 1.2 billion USD was added to 228 existing ones, representing a yearly hike of 3% in a number of projects and a yearly decline of 70.3% in the capital. However, foreign investors' capital contribution and share purchases rose 4% year-on-year to 798 million USD, the FIA said. Along with the contraction in fresh capital, the disbursed capital also slightly plunged 2.2% from a year earlier to 4.3 billion USD, it noted. The most significant proportion of the … [Read more...] about Vietnam’s foreign investment plunges 39% in Q1

Vietnam Prosperity Joint Stock Commercial Bank (VPBank) on Monday announced that it has entered into an agreement with Japan’s Sumitomo Mitsui Banking Corporation (SMBC) - a subsidiary of Sumitomo Mitsui Financial Group, Inc. (SMFG) – to issue 15 percent of equity stake through a private placement, officially welcoming SMBC as a foreign strategic investor of the bank. The investment from SMBC will help the bank raise VND35.9 trillion, or approximately US$1.5 billion, of Tier 1 capital, increasing its owner equity to around VND140 trillion from VND103.5 trillion. This comes as part of the capital raising plan that VPBank has been implementing during 2022-23 in order to enhance its long-term financial strength and support the bank to reach ambitious growth strategy over the next five years. Following the latest SMBC’s strategic investment, VPBank will become Vietnam’s second largest bank in terms of owner equity, which allows it to serve a wide range of customer needs in various … [Read more...] about Vietnam’s VPBank announces agreement to issue 15% of its charter capital to Japan’s SMBC

A mission, including 52 businesses from the U.S., is scheduled to visit Vietnam this week to learn about the local market and seek business and investment opportunities. This is the largest-ever U.S. business mission to Vietnam. Ted Osius, president and CEO of the U.S.-ASEAN Business Council (USABC), told Tuoi Tre (Youth) newspaper on Monday that these U.S. firms will meet with the Vietnamese prime minister, National Assembly chairman, and ministers. Amazon is among the U.S. enterprises coming to Vietnam this week. Photo: Reuters Learning about Vietnam’s digital, green transformation potential According to Osius, USABC members stressed at a meeting with Vietnamese Prime Minister Pham Minh Chinh during his visit to the U.S. on the occasion of the ASEAN-U.S. Special Summit in May 2022 that they considered Vietnam a strategic market in the region and were committed to making investments in Vietnam and cooperating with Vietnamese partners for a long term. … [Read more...] about Biggest-ever US business delegation comes to Vietnam to seek investment opportunities

The National Assembly approved the 2023 budget of VND712 trillion ($30 billion), a significant increase from more than VND130 trillion ($5.5 billion) in 2022. The effective performance of public investment should be considered as a top political task for all levels and sectors in order to ensure a strong push for the socio-economic recovery of the country. The construction of Ring road No.2 section Vinh Tuy - Nga Tu Vong in Hanoi. Photo: Pham Hung Prime Minister Pham Minh Chinh stressed the view in Directive No. 08 on missions and tasks to promote public investment and economic development in 2023. This year, the Government set a target to disburse at least 95% of the public funds allocated for this year, which is more than VND676 trillion (US$28.47 billion). For the current year, the National Assembly has approved a budget of nearly VND712 trillion (US$30 billion), a significant increase of more than VND130 trillion (US$5.5 billion) over 2022 and VND250 … [Read more...] about Effective public investment as a top political mission: PM

The fact that the visit to Vietnam this time has the largest number of US companies ever indicates a shift in the investment wave to Vietnam and other ASEAN countries. A delegation of 52 US major corporations has come to Vietnam to seek investment opportunities and cooperation in high-potential fields such as innovation, the digital economy, and the space industry. Overview of the press briefing. Photo: HT The information was revealed at a press conference held by the US-ASEAN Business Council (USABC) on March 21, noting that the trip marks the 10th anniversary of the Vietnam-US Comprehensive Partnership. Senior executives from 52 U.S. companies, including Boeing, Lockheed Martin, SpaceX, Netflix, Apple, and Ford, will meet with Prime Minister Pham Minh Chinh, Chairman of the National Assembly Vuong Dinh Hue, and heads of various ministries to discuss policies related to sales, supplies, and investment opportunities. Ted Osius, President and CEO of the … [Read more...] about Largest-ever US business delegation seeks investment opportunities in Vietnam

Vietnam is striving to lure more Japanese investments to digital transformation and green growth, as recommended in the Vietnam-Japan Joint Initiative (VJI). Illustrative image (Source: VNA) Phase VIII of the initiative, launched in 2003, concluded in March 2023, under which 497 out of the 597 items were completed. To promote its role, the Vietnamese Ministry of Planning and Investment proposed building a cooperation programme between small- and medium-sized enterprises (SMEs) of the two countries, focusing on digital transformation, support industry and personnel training. Japanese SMEs have capacity, experience and high tech, and Vietnamese firms have abundant human resources, which is reciprocal during their development cooperation. The ministry suggested the Japanese side take more specific solutions and supplement workforce to further support Vietnamese enterprises in improving their capacity and competitiveness, and participating intensively in … [Read more...] about Vietnam attracting Japanese investments to new areas

Senior executives from 52 US firms are taking part in the biggest business mission ever organised by the US-ASEAN Business Council (USABC) to Vietnam this week as the two countries mark the 10-year anniversary of their Comprehensive Partnership (2013-2023). Ted Osius, president and CEO of the USABC, noted US firms have an increasing interest in ASEAN, especially in Vietnam, amid global economic difficulties, adding this is a vibrant and growing area. “American companies are seeing strong trends in the expansion of a global manufacturing hub and supply chain in Vietnam in such industries as semiconductors, fast-moving consumer goods, agriculture, the digital economy, finance, and healthcare. The US business community is also seeing renewed interest to cooperate in the aerospace, defence, and security sectors,” said Osius. Among them, Elon Musk's SpaceX is looking for opportunities to develop the satellite internet service market in Vietnam and the region in general. … [Read more...] about Largest-ever US trade delegation seeks more trade and investment

Indonesia’s President Joko Widodo (left) and Singapore’s Prime Minister Lee Hsien Loong (right) shake hands during a joint news conference at The Istana in Singapore on March 16, 2023 (Photo: EPA) Jakarta (VNA) – Indonesian President Joko Widodo brought home letters of intent from investors interested in the new capital of Nusantara after his trip to Singapore on March 16. Singapore an Prime Minister Lee Hsien Loong, Singaporean firms will be in attendance. The government data showed Singapore  invested 10.54 billion USD in Indonesia, accounting for 31.56 % of the total foreign direct investment in 2022, making Singapore now Indonesia’s largest foreign investor. The government estimated that it would take 466 trillion IDR (30.3 billion USD) to build Nusantara, of which 80% of the funding will come from public-private partnerships and direct investments. Overall, Indonesia have 20 letters of intent from the Singaporean private sector to invest in Nusantara./. … [Read more...] about Indonesia calls for Singapore’s investment in new capital

As of March 2023, the city has disbursed about VND3.9 trillion ($165.4 million), accounting for 8% of the planned disbursement for the year. This year, Hanoi aims to disburse 100% of public funds, which is seen as a key measure to boost the city's socio-economic development. The Cat Linh - Ha Dong urban railway in Hanoi. Photo: Hai Linh The city's main objective is to ensure that departments, branches, districts, and other project stakeholders take immediate action to implement the established disbursement roadmap, with a focus on addressing project difficulties and issues. Recently, Chairman of the Hanoi People's Committee Tran Sy Thanh instructed the units responsible for investment preparation to expedite the approval process and submit the investment plan to the City People's Council for approval. This is in preparation for the upcoming meeting of the City People's Council in early July 2023, where 62 new projects to be funded under the 5-year … [Read more...] about Hanoi targets 100% disbursement of public investment plan in 2023