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Accelerated government spending is expected to boost demand in the remaining months of the year. ADB’s Principal Country Economist Nguyen Ba Hung shared his thoughts on Vietnam’s economic performance and its prospects for 2023 with The Hanoi Times. ADB’s Principal Country Economist Nguyen Ba Hung. What is the primary obstacle confronting Vietnam's economy for the remainder of the year? In the first half of 2023, Vietnam experienced a slowdown in GDP growth, with growth projected at only 3.7% compared to the positive momentum seen last year, when GDP grew 6.5% in the first half and 9.5% in the second half, resulting in an annual growth rate of 8% for the whole of 2022. One factor contributing to GDP growth in recent years has been public investment's sustained and steady growth. However, significant internal challenges have emerged during the Covid-19 pandemic. Vietnam's economy heavily relies on exports and foreign direct investment (FDI) … [Read more...] about Public investment as catalyst for Vietnam’s economic recovery in 2023: ADB

illustration photo/ Photo Le Toan The very first logistics centre from Vietnam-Singapore Industrial Parks (VSIP) is now being constructed in the south-central province of Quang Ngai, and will be completed and put into use by the end of this year. Being built according to Lotus standards of the Vietnam Green Building Council, the 6-hectare Sembcorp Logistics Park will boast three modern single-storey warehouse blocks. Singapore’s Sembcorp Development, a wholly owned subsidiary of Sembcorp Industries, and its state-owned joint venture partner in Vietnam, Becamex IDC Corporation, in August also announced the addition of four new VSIPs. According to Charles Chong, director of Sembcorp in Vietnam, the country has developed strongly in recent years and will continue to be an important manufacturing country in the Asian region. “With the positive growth momentum of production activities and investment attraction, along with the government’s infrastructure upgrade plan, the … [Read more...] about Logistics investors heat up the market

There are currently around 300 green buildings certified by standards such as Lotus, Edge, LEED, or Green Mark, Photo: shutterstock According to Douglas Lee Snyder, executive director of the Vietnam Green Building Council, from a legal perspective, realising both financial and non-financial incentives in Vietnam is a challenge. “Maybe we need to make inter-ministerial cooperation efforts to achieve the goals set by the government of Vietnam. For example, while public green buildings often lead the market in other countries, in Vietnam, cost norms per square metre regulated by the Ministry of Finance alone are not enough for one construction, but it needs collaboration from other related ministries,” Snyder told VIR. Meanwhile, Angus Liew, chairman of Gamuda Land Vietnam, said that the barriers involve technology, equipment, and even perceptions. “In addition, Vietnam’s government has become well aware of the repercussions and understands the importance of transforming its … [Read more...] about Task obvious for Vietnam’s green building development

Cold storage supply remains behind requirements, illustration photo/ Source: freepik.com The country’s cold storage industry is expected to reach a value of $295 million by 2025, with an annual growth rate of 12 percentage points, according to Savills Vietnam. At the end of August, Hau Giang Cold Storage Logistic Co., Ltd. started construction on its first outsourcing cold storage project in the same province. The scheme includes six cold storages equivalent to a capacity of 88,000 tonnes. With an estimated investment of around $21.7 million, the project will use modern technology from the EU and applying digital management. It is scheduled to be ready for operations by 2027. A Savills Vietnam report released in August shows that, although it only accounts for 11.4 per cent of the total number of transactions in the industrial real estate segment, the cold storage real estate market recorded an annual growth rate of nearly 30 per cent from 2017 to 2022, far exceeding … [Read more...] about Cold storage supply remains behind requirements

What have been some successful stories involving your members thus far in Vietnam? Tharabodee Serng-Adichaiwit, vice chairman of the Thai Chamber of Commerce in Vietnam Thailand has become the ninth-biggest foreign direct investment of Vietnam with nearly 690 projects and $13 billion so far. While Thai investment properly kicked off in the early 1990s here, Bangkok Bank started investment in Vietnam way back in 1961 with its first branch in the former Saigon. We believe that with the growing potential of Vietnam itself and our continuous promotion to Thai investors, one day Thai investment could enter the top five. This will also to help the two countries to achieve the bilateral trade goal of $25 billion by 2025, and ultimately bring our two countries closer in sub-regional, regional, and multinational cooperation. Most big Thai conglomerates already have a presence in Vietnam, such as C.P., SCG, Bangkok Bank, IVL, Red Bull, and more. Thai investment is also … [Read more...] about A land of promise for Thai investors

Do Thanh Trung, Deputy Minister of Planning and Investment Although SOEs account for a small proportion of the economy, they hold significant resources for the nation’s socioeconomic development, playing a core and vital role in building and safeguarding our homeland in a new context. The significant growth of SOEs contributes to socioeconomic development and serves as an effective tool for macroeconomic regulation, price stabilisation, social security, national security, and sovereignty, especially in border and island areas. SOEs are vital in building and developing essential economic infrastructure and leading industries to drive economic growth, especially in a context where the private sector has not yet fully grown and lacks the capability to perform better. Despite the positive results achieved, the activities of SOEs, especially investment activities, still have some existing limitations. Firstly, SOEs are slow to adapt to the new era, and their roles in … [Read more...] about Defining SOE priorities vital

In the healthcare sector, it has become clear that we need to act now in order to provide opportunities to live healthier for longer. Digital health and ICT solutions have come to define a new standard of how people of all ages manage their health and prevent diseases. Digital platforms are combined with hospital expertise across a range of services Dr. Michael Devoy, chief medical officer at global healthcare and nutrition enterprise Bayer AG, says that digitalisation is a means to enhancing how healthcare innovations are brought to patients. “It encompasses an improvement in our processes, rendering them faster and more efficient than before, as well as facilitating a more profound understanding of our patients and delivering better outcomes for them,” Devoy explained. “I am proud of how we already make use of digitalisation at Bayer, as we continuously strive to provide new treatment options for patients across generations.” In Vietnam in recent years, the … [Read more...] about Bayer leveraging digital models to enhance healthcare

Vinacomin cleared its short-term loan balances by the end of last year For the first half of this year, the group (Vinacomin) reportedly produced 20 million tonnes of raw coal, 25 million tonnes of commercial clean coal, and unloaded 64 million cubic metres of rock and soil, consuming 25.3 million tonnes of coal. In the same period, the group provided more than 21 million tonnes of coal for electricity production, reaching 55 per cent of the plan; increased by 16 per cent, equivalent to an increase of 3 million tonnes compared to the same period in 2022. The first 6-month revenue of the group is estimated to have reached nearly $3.7 billion. With contracts signed for the rest of the year, the amount of coal supplied is about 18.75 million tonnes and the whole year is expected to reach 39.7 million tonnes, an increase of about 1.2 million tonnes compared to the previous year. This is mainly due to the increase in volume of build-operate-transfer thermal power plants and … [Read more...] about Vinacomin navigating to ensure efficiency

The buildings we want to work in are smart buildings, and the role of the office is completely going to change. In the past, we went to the office to work. Nowadays, we can do work from everywhere. We just come to the office to communicate and to be part of a culture. Ludwig Graf Westarp, Representative, Federal Association of Small and Medium-Sized Enterprises in Germany Buildings have a tremendous impact on the world’s climate, and the construction and real estate industries account for almost 40 per cent of total worldwide carbon emissions. Different technologies play a key role at each state of the building’s life cycle and help us to become more efficient, reduce waste and save time and energy. By collecting energy data, optimising the usage of energy and water consumption, we understand what is really going on in the buildings. Buildings need to be comfortable, energy efficient, productive, and safe, meeting higher occupant expectations. This is driven by … [Read more...] about Only world-class level can ensure truly green buildings

Covering an area of 30 hectares in Bac Tien Phong Industrial Park of the northern province of Quang Ninh, the Stavian Quang Yen Petrochemical Plant project has an estimated total investment of up to $1.5 billion. The plant has a production capacity of 600,000 tonnes of polypropylene per year with state-of-the-art copyrighted technologies from Honeywell UOP Company (US) and Basell Poliolefine Italia Company (Italy). This includes propylene production technology from propane using the hydrogen reduction method and polypropylene production technology using Spheripol technology. The plant will be equipped with a high-tech, automated, and eco-friendly production line imported from EU and G7 countries. In addition, they will apply more advanced solutions to optimise water use in production, ensuring energy savings and reducing greenhouse gas emissions. In May 2023, the Front End Engineering Design contractor was unveiled for the Stavian Quang Yen Petrochemical Plant project. As … [Read more...] about Stavian Quang Yen Petrochemical Plant receives technology transfer licences