Vietnam business news

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

The Vietnamese economy expanded about 3.32% in Q1 of 2023 compared to the same period last year. (Photo: VNA) Hanoi (VNA) – Vietnam’s gross domestic product ( GDP ) has grown about 3.32% year on year in the first quarter of 2023, according to the General Statistics Office (GSO). The expansion is only higher than the 3.21% recorded in Q1 of 2020 during the 2011 - 2023 period, the GSO told a press conference on March 29. In particular, the agro-forestry-fishery sector expanded 2.52% and contributed 8.85% to the GDP growth. Meanwhile, industry and construction contracted 0.4%, leading to a 4.76% decline in the growth, and the service sector increased 6.79% to contribute to 95.91% of the overall expansion. In the agro-forestry-fishery sector , agriculture saw a year-on-year increase of 2.43% in added value, forestry 3.66%, and fisheries 2.68%. The GSO press conference on March 29 (Photo: VNA) The added value of construction dropped 0.82% in Q1, the sharpest … [Read more...] about Vietnam posts 3.32% GDP growth in Q1

A cross-functional team will be set up to work on improving the prospects of the local real estate market. Prime Minister Pham Minh Chinh has issued a document on solving real estate market problems and improving its prospects. An affordable housing project in Dong Anh District's Thang Long Industrial Park. Photo: Pham Hung/The Hanoi Times The document, numbered 178/TTg-CN, aligns with Resolution 33/NQ-CP dated March 11, 2023, which provides solutions to develop a healthy, transparent, and sustainable real estate sector. Under the latest document, the Ministry of Construction, the Ministry of Treasury, the State Bank of Vietnam, and related agencies will set up a working group and work with developers to resolve existing problems and increase confidence in the property market. The Prime Minister has asked the Ministry of Construction to finalize the plan to build one million affordable houses for low-income buyers and workers in industrial parks in … [Read more...] about New regulation in place to boost Vietnam’s real estate market

Recent arrests of Vietnamese flight attendants for carrying undeclared goods and drugs require drastic action. Airline officials will face severe disciplinary action if illegal drug and merchandise trade is reported under their jurisdiction, according to the Civil Aviation Administration of Vietnam. Passengers wait in line for registration and luggage check at Tan Son Nhat International Airport in HCM City. Photo: Huy Hung/The Hanoi Times The action is under the authority's Directive 1480/CT-CHK to prevent flight attendants and ground staff from illegally importing drugs and goods into the country, the authority said in a March 27 website notice. Aviation companies must improve education and training so that employees are aware of the harm and negative impact of smuggling on the nation and domestic economy, the authority added. "They also need to continue to screen those being employed. All those involved in flying must follow the rules," it said. All … [Read more...] about Business executives to face disciplinary action for failure to stop smuggling activities

VNA Director-General Vu Viet Trang (R) and Bernama Editor-in-Chief Khairdzir Md Yunus exchange the professional cooperation agreement in March 2022 (Photo: VNA) Kuala Lumpur (VNA) – The national news agencies of Vietnam and Malaysia - Vietnam News Agency (VNA) and BERNAMA - can learn from each other as they move forward in the changing media environment, BERNAMA CEO Roslan Ariffin told VNA in Kuala Lumpur. Ariffin noted that the two news agencies signed their first news exchange agreement 40 years ago on December 8, 1982, which was renewed thrice in 1991, 2015, and 2022. The agreement has facilitated the flow of news between the two countries, providing the two peoples with ample information to enable them to have a correct perspective of developments in either nation, whether it is political, economic or social. The official said that the Malaysian national news agency had stationed a correspondent in Hanoi from January 1994 to March 1998 when it had to close its Hanoi … [Read more...] about Vietnamese, Malaysian national news agencies can learn each other: BERNAMA leader

Illustrative image (Photo: VNA) Hanoi (VNA) - Vietravel Airlines, which began operations in late 2020, welcomed its first charter flight from the Republic of Korea (RoK)’s Daegu city to the south central province of Khanh Hoa at Cam Ranh international airport on March 28. It was one of the activities in the airline's expansion plans for 2023, aiming at preparing for the official launch of regular flights connecting Vietnam and the RoK to boost tourism and trade during the upcoming summer season. From March 28 to May 7, the carrier will work with its partner in the RoK to officially launch a series of 11 charter flights on the Daegu - Cam Ranh route, with a frequency of one flight every five days, and will increase the number of flights according to market demand. It is expected to carry over 2,200 Korean passengers during this period. At present, Vietravel Airlines is operating five domestic routes connecting the capital city of Hanoi and the southern largest … [Read more...] about Vietravel Airlines runs first charter flight from Daegu to Khanh Hoa

More than 2.69 million international tourists arrived in Vietnam in the first quarter of this year, soaring 30-fold against the same period last year, according to data released on Wednesday by the General Statistics Office of Vietnam. The country earned an estimated VND161 trillion (US$6.8 billion) in revenue gained from lodging and dining services. Some provinces and cities in particular witnessed an upsurge in revenue, such as Da Nang (73 percent), Quang Ninh (43 percent), Can Tho (42 percent), and Ho Chi Minh City (37 percent). The country took in around VND6.8 trillion ($288 million) from travel services, up two-fold compared to the year-ago figure, buoyed by lots of cultural and tourism activities taking place in the first months of the year, the Vietnam News Agency reported. In March alone, the number of international visitors to this Southeast Asian nation is estimated to reach over 895,000. This year, the country looks to serve 110 million tourists, including … [Read more...] about Vietnam welcomes over 2.69mn int’l visitors in Q1

The People’s Committee of Dong Nai Province, a neighbor of Ho Chi Minh City, gave its approval to the development of the Hiep Hoa urban area project covering 293 hectares of land on Pho Islet in Hiep Hoa Ward, Bien Hoa City on Tuesday, budgeting an estimated investment of over VND72.2 trillion (US$3 billion). Vo Tan Duc, deputy chairman of the Dong Nai People’s Committee, signed a decision approving the project, which is expected to accommodate 31,600 people. The total area of the project includes 84 hectares for living, making up 28.8 percent, 110 hectares for green spaces, nearly 35 hectares for both of these purposes, over 14 hectares for public facilities, 43 hectares for traffic, and 3.8 hectares for technical infrastructure. The project is scheduled to be executed in 12 years, from 2023 to 2035, and divided into five sub-projects. It is aimed at developing a modern urban area with a low construction density in harmony with the surrounding landscapes. The An … [Read more...] about Vietnam’s Dong Nai green-lights $3bn urban area project

Police in Thu Duc City under Ho Chi Minh City raided the headquarters of Galaxy Debt Trading Company and Home Credit Vietnam, a consumer finance provider, over extortion and asset appropriation allegations on Tuesday. Hundreds of police officers inspected the office of Galaxy Debt Trading on the first and second floors of Linh Tay Tower in the namesake ward in Thu Duc City on Tuesday morning. In front of the building, there were many traffic police officers, mobile police officers, and security guards. Many police officers are seen at a building where Galaxy Debt Trading Company is headquartered in Ho Chi Minh City. Photo: Tuoi Tre Inside the searched facilities, the firm’s employees were asked to stop working for the inspection. The firm reportedly specializes in debt trading and financial services. On the afternoon of the same day, police cordoned off the headquarters of Home Credit Vietnam Finance Company on Nguyen Dang Giai Street in Thu Duc City’s Thao … [Read more...] about Ho Chi Minh City police search Home Credit, debt trading company

She had announced she would leave her post as Fulbright president this summer after an eight-year stint. Thuy, 62, has master’s degrees in management from Harvard University and the Wharton School of the University of Pennsylvania in the U.S. She has also been general director of ANZ Vietnam and the Vietnam International Commercial Joint Stock Bank (VIB). Tasco was known as a major toll booth operator with projects spread throughout the country. After its founder, Phan Quang Dung, quit as president, the firm restructured with three different businesses: infrastructure-car service, real estate and insurance. This year Tasco targets revenues of VND22.5 trillion (US$957.6 million) and a profit of VND600 billion. … [Read more...] about Fulbright University chief named to Tasco management board