Vietnam food and beverage industry

Vietnamese steel industry calling for wider investment from overseas entities, photo Le Toan Posco Yamato Vina Steel JSC, a joint venture between South Korea’s Pohang Iron and Steel Company and Japan’s Yamato Holdings, is contemplating constructing a second facility in Vietnam. Lee Youngwoo, general manager of Posco Yamato Vina, wants to “establish a robust sales network” across Vietnam while enhancing scrap supply security. In 2020, Posco Yamato Vina was the first to manufacture wide H-shaped steel in Vietnam. According to Lee, the business built a representative office in Haiphong last year in order to “create additional prospects for collaboration” with clients. In the southern province of Ba Ria-Vung Tau, Posco Yamato Vina operates a steel mill with a capacity of one million metric tonnes per year and produces section steel with a capacity of 500,000 tonnes per year. Following a lack of foreign investment in steel manufacturing in recent years, many observers see Posco … [Read more...] about Vietnamese steel industry calling for wider investment from overseas entities

“Vietnam’s hospitality market had great momentum before the pandemic, moving from a destination only for experienced travellers, to a place for holiday and leisure travellers. It rivalled international travel hubs like Thailand, thanks to the joint efforts from many industry players,” said Mauro Gasparotti, director of Savills Hotels in the opening presentation on the challenges and opportunities of the industry this year. “However, development outpaced demand, and now we are dealing with the consequences of over development, with incomplete or underperforming projects. The market needs time to readjust. On a positive note, several high-quality hotels and resorts in the country are doing exceptionally well, and they will keep doing so for the foreseeable future. Projects that have been properly implemented and are correctly managed will recover faster,” he added. "Development outpaced demand, and now we are dealing with the consequences of over development, with incomplete or … [Read more...] about Hospitality industry looks to level up

Vietnam plans to expand its crude oil and petroleum product reserves to 75-80 days of net imports by 2030 and 90 days by 2050. The national petroleum and gas supply reserve infrastructure is predicted to cost VND270 trillion (US$11.4 billion) by 2030. Deputy Prime Minister Tran Hong Ha at the meeting. Source: VGP Minister of Industry and Trade Nguyen Hong Dien commented on March 30 during a meeting of the Appraisal Council for the draft National Petroleum and Gas Reserve Infrastructure Plan. The minister stated that the country's liquefied petroleum gas (LPG) storage infrastructure is limited, with only ten 10,000 m3 or larger warehouses. Furthermore, no operational liquefied natural gas (LNG) warehouses are nationwide. "The development of new gas pipelines connecting warehouses to consumers has also encountered challenges due to a lack of designated corridors within industrial parks for gas pipelines," Dien explained. In the case of petroleum, there … [Read more...] about $11 billion required for Vietnam’s oil and gas infrastructure development

The People's Committee of Tra Vinh Province in southern Vietnam on Thursday held a ceremony to kick off a project to build a green hydrogen plant with an estimated investment of VND8 trillion (US$341 million). The project, whose investor is TGS Tra Vinh Green Hydrogen Corporation, an arm of The Green Solutions Group, is the largest-ever green hydrogen plant in the Southeast Asian country. It was designed to cover some 21 hectares of land. Once completed, the project will produce green hydrogen through seawater electrolysis, in which renewable energy will be used to split seawater into hydrogen and oxygen. Hydrogen will be stored in the form of liquefied gas which is easily transported and used in many heavy industries. The green hydrogen factory will help deal with the redundant output of wind and solar power plants. In the future, vehicles, such as cars, buses, and trucks, are expected to be hydrogen-powered and discharge steam instead of carbon dioxide emissions as … [Read more...] about Work starts on Vietnam’s largest-ever green hydrogen plant

Vietnam is one of the 10 cheapest places to travel in Asia in 2023, according to the famous international travel magazine Condé Nast Traveller. Vietnam has many beautiful landscapes such as terraced fields, pagodas, and about 3,000 kilometers of tropical coastline, the magazine wrote. An impressive array of bars and restaurants lend visitors a taste of local food and culture. The Southeast Asian country also has majestic karst mountains with their caves, sinkholes, and water bodies snaking through valleys, which must be witnessed in person. In addition to Vietnam, Condé Nast Traveller's list of the cheapest destinations in Asia also includes countries such as Laos and Cambodia. Laos has beautiful landscapes like Si Phan Don Islands and the ancient capital of Luang Prabang, while Cambodia is home to beautiful beaches and one of the most impressive structures in the world – the Angkor Wat. Like us on Facebook or follow us on Twitter to get the latest news about … [Read more...] about Vietnam among top 10 cheapest places to travel in Asia: Condé Nast Traveller

UK Minister of State for Defense Baroness Goldie visited Vietnam on Wednesday and Thursday to continue efforts to strengthen the two countries’ bilateral defense partnership. During the visit, Goldie met with Senior Lieutenant General Hoang Xuan Chien, Vietnam’s Deputy Minister of National Defense, and co-chaired the UK and Vietnam’s Fourth Defense Policy Dialogue – an annual bilateral meeting between the two nations which focuses on the future of joint defense cooperation. The minister also visited the Vietnam Department for Peacekeeping Operations as the UK reaffirms its support for Vietnam in developing as a UN Troop Contributing Nation. The UK has already supported Vietnam’s deployments, including to South Sudan and Abyei, by training medical and engineering personnel. She also shared that the UK is eager to assist with future initiatives. UK Minister of State for Defense Baroness Goldie visits the Vietnam Department for Peacekeeping Operations in Hanoi in a … [Read more...] about UK defense minister visits Vietnam, bolsters bilateral defense partnership

An art performance at the ceremony (Photo: VNA) HCM City (VNA) – The People’s Committee of Ho Chi Minh City organised a ceremony on March 23 to celebrate the 50th anniversary of the diplomatic ties between Vietnam and Italy (March 23, 1973-2023). In his remarks, Chairman of the People’s Committee Phan Van Mai highlighted the increasingly close ties between the two countries, saying over the past 50 years, the bilateral relationship has grown actively across spheres, both bilaterally and multilaterally. The good traditional friendship has also been consolidated and enhanced, the official added. Notably, during the COVID-19 pandemic, Vietnam presented Italy with more than 300,000 masks, while Italy donated 2.8 million doses of vaccines to the Southeast Asian nation. This vividly demonstrates the intensive and effective strategic partnership and friendship between the two countries, he said. HCM City, for its part, has actively worked to promote cooperation with … [Read more...] about 50th anniversary of Vietnam-Italy diplomatic ties celebrated in HCM City

Deputy Prime Minister Tran Luu Quang (R) and  Kim Myoung-kyu, Vice President of LG Display Co Ltd. (Photo: VNA) Hanoi (VNA) – Deputy Prime Minister Tran Luu Quang hosted a reception for Kim Myoung-kyu, Vice President of LG Display Co Ltd, a subsidiary of LG Group of the Republic of Korea (RoK), on March 31 in Hanoi. During the meeting, Quang suggested the RoK firm expand its investment in Hai Phong and other Vietnam ese localities and build a research & development centre in Vietnam. The Deputy Prime Minister highly appreciated the investment and business efficiency of LG Group and LG Display in particular in Vietnam, saying that those have contributed to the Southeast Asian nation’s socio-economic development, and deepening the Vietnam – RoK comprehensive strategic partnership. Quang said the Vietnamese Prime Minister has approved the adjusted master plan of Hai Phong city to 2040, with a vision towards 2050, which aims to expand the land fund for … [Read more...] about Vietnam calls for more investment from LG

Speaking at a meeting on March 30, Deputy Prime Minister Ha said, "Planning cannot be entirely reliant on the government or subcontracted to enterprises." Deputy Prime Minister Tran Hong Ha According to Ha, the concerns included in the preparation must be calculated, analysed, and be reflective of market demand and industrial development criteria, among them reserve time, product quality standards, storage systems, fire safety, and sanitation facilities. The DPM stated, "The framework of private, corporate, commercial, and national reserves for emergencies must be described in terms of management model, administered and coordinated to ensure consistency, and harmonised in the interests of all stakeholders." According to the standards of the International Energy Agency, the national planning on storage and stockpiling of petroleum and gas seeks to guarantee extra capacity of petroleum products and crude oil for the entire country equal to 75–80 days of net imports, … [Read more...] about Vietnam to expand petroleum stockpiles to 75-80 days of net imports

The call was due to the first quarter (Q1) of the year getting off to a slow start, likely hampering the total performance for the year. Vietnam’s real GDP growth in Q1/2023 decelerated to 3.32 per cent on-year, and from 5.92 per cent in Q2/2022, missing both the UOB and consensus forecasts. The main cause for the weak performance was due to manufacturing, which dipped into negative territory with a 0.4 per cent decline, for the first contraction since Q3/2021. The sector undershot estimates considerably and saw the slowest pace of expansion since that 6 per cent fall over 18 months ago, when the economy was in a state of shutdown during the pandemic. UOB said that the main cause for the manufacturing sector’s poor performance came primarily from weak external demand, which was largely expected. Exports in Q1 fell just under 12 per cent on-year to $79.2 billion, compared with an almost 13 per cent increase in the same quarter last year, while imports declined by over 14.5 per cent, … [Read more...] about UOB trim GDP growth forecast for Vietnam