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In an interview with Bloomberg recently, Binh Tran - co-founder of Ascend Vietnam Ventures - said that Vietnam's nascent start-up sector is developing and Vietnam is becoming the next technology hub of Southeast Asia. Binh said that venture capital poured into startups in Vietnam reached 2.1 billion USD in 2021, compared to only 48 million USD in 2017. Moving his business from San Francisco (USA) to Vietnam in 2020, Binh said that the startup sector in Vietnam is attracting top venture capitalists in Silicon Valley. Well-known venture capital funds in San Francisco such as Goodwater Capital LLC, Accel Partners LP and Altos Ventures Management Inc have poured capital into innovative Vietnamese enterprises. He said that the startup sector in Vietnam is witnessing remarkable growth. “This has turned Vietnam into an important startup hub in Asia,” said Binh. Binh’s 500 Global Vietnam venture capital fund has invested in about 70 companies in the fields of e-commerce, … [Read more...] about Vietnam to be Asia’s next startup hub

On December 30, 2021, the Vietnam Information Technology Journalists Club (ICT Press Club) announced the 10 main ICT events in 2021 in which the imprint of digital transformation was outstanding. Prime Minister Pham Minh Chinh assigned the Ministry of Information and Communications to immediately deploy the connection of the online conference system to all communes, wards and towns nationwide. Technology to help fight against the Covid-19 pandemic Nguyen Viet Phu, President of ICT Press Club, said that 2021 is the second year that the Covid-19 pandemic affects the entire socio-economy of Vietnam. During the pandemic, technology still plays a huge role in the prevention of Covid. The government directed to develop a single epidemic prevention application, PC-Covid. In addition, Vietnam launched the Covid-19 vaccination management platform to support the largest vaccination campaign in history with 5 million injections/day, operating in 63/63 cities and … [Read more...] about Digital transformation: Vietnam’s ICT industry in 2021

According to experts, despite being at the top in the region for online games, many Vietnamese businesses are registered and pay tax in Singapore instead of Vietnam. Nguyen Quang Dong, Director of the Institute for Media Policy Research and Development, Vietnam Digital Media Association told a recent talk entitled "Building legal policies to promote the development of online games in Vietnam" that legal policy often follows market developments, but recently policymakers in Vietnam are creating a legal framework to develop a new field - digital economy. According to experts, online games, especially mobile games, are among the bright spots in the digital content industry. Dong cited a statistic that, for every 25 mobile games uploaded to app stores, one comes from Vietnam. Of the 10 most played mobile games, about five to six games are from Vietnam. Duong Vi Khoa, Vice President of the Vietnam E-Sports and Entertainment Association, assessed that the Vietnamese game … [Read more...] about Many local gaming businesses set up in Singapore instead of Vietnam

Vice-Chairman of Hanoi People’s Committee Duong Duc Tuan has just approved a plan on renovating and rebuilding old apartment buildings in the capital. A degraded apartment block in the Ministry of Justice residential complex in Hanoi. — VNA/VNS Photo Minh Nghia Plan no. 335/KH-UBND also sets up a temporary housing reservoir for house owners during the renovation and reconstruction process. Following the inspection, several apartment blocks in Ba Dinh District will be demolished due to unsafe conditions (Grade D buildings): Block C8 of Giang Vo apartment complex; Block G6A of Thanh Cong complex; Block A of Ngoc Khanh complex; two front blocks of the Ministry of Justice complex; and the old building at No. 148-150 Son Tay Street. No. 51 Huynh Thuc Khang Street (Dong Da District) is also classified as a Grade D building. The households at these locations are expected to be relocated during the first quarter of 2022. Demolition of Grade-D buildings is expected to … [Read more...] about Hanoi to demolish run-down apartment buildings in 2023 Q3

Hoang Anh Gia Lai Joint Stock Company will sell more than 48.1 million shares of its subsidiary HAGL Agrico (HNG) from January 17 to February 15 to pay debt. Hoang Anh Gia Lai will sell over 48 million HNG shares to pay debts. – Photo: VNN If the share sale is successful, Hoang Anh Gia Lai’s ownership at HAGL Agrico will decrease from 16.07% to 11.73%. From November 2021 until early this week, both HAG and HNG shares grew strongly. HNG surged nearly 72% to VND13,500. However, HNG dropped to the floor price at VND11,200 today. At this price, Hoang Anh Gia Lai would get some VND540 billion from 48.1 million HNG shares. At its recent shareholders’ meeting, the company affirmed that financial restructuring will be one of its major tasks this year. Hoang Anh Gia Lai seeks to reduce its debt to VND5 trillion. As of the end of the third quarter last year, Hoang Anh Gia Lai had approximately VND8,320 billion worth of debt. The company targets its revenue and profit at … [Read more...] about HAGL sells over 48 million shares to pay debts

The northern province of Lang Son has announced that it would stop allowing vehicles transporting fresh fruits to its border gates for export to China from January 17 until the lunar New Year holiday or Tet. A high number of container trucks are stuck at the Tan Thanh Border Gate in Lang Son Province. The province will not allow vehicles transporting fresh fruits to run to its border gates from January 17. - Photo: VNA On January 12, the Lang Son government wrote to other cities and provinces informing them of its decision, aimed at clearing the backlogs at border gates before the Tet holiday, the local media reported. According to the provincial Department of Industry and Trade, as of January 12, more than 1,500 container trucks, including 651 container trucks transporting fresh fruit, have been stuck at the Huu Nghi, Tan Thanh and Chi Ma border gates. Meanwhile, only 80-100 container trucks, including 50-60 vehicles transporting fruits, can pass through the border … [Read more...] about Lang Son to stop receiving fresh fruit vehicles from Jan 17 to Tet

The Police Agency for Investigation of Crimes on Corruption, Economy and Smuggling (C03) of the Ministry of Public Security has asked the Hanoi People's Committee to provide documents related to projects based in Hanoi of the Tan Hoang Minh Group. A project of Tan Hoang Minh in Hanoi. Photo: Doan Bong According to a source of VietNamNet, the police requested documents related to 11 projects developed by this estate group in the capital city. Tan Hoang Minh is known as a high-end real estate developer with "super luxury" products such as D'.Le Pont D' Hoang Cau, D'. Palais Louis Nguyen Van Huyen, D'. Le Roi Soleil Quang An, D'. San Raffles Hang Bai, D'.El Phu Thuong, D'.El Dorado II Phu Thanh and D'. Capital Tran Duy Hung. On January 11, the public was stirred up by a letter from Tan Hoang Minh Group’s Chairman Do Anh Dung to leaders of the Party, the Government and HCM City authorities. In the letter, Dung wished to unilaterally terminate the contract to buy a … [Read more...] about Police ask for documents of 11 Hanoi-based projects of Tan Hoang Minh Group

Amid rapid economic recovery following the COVID-19 pandemic, Vietnam’s foreign direct investment (FDI) attraction this year is anticipated to record positive signs and hit US$40 billion, according to insiders. Goertek Group has increased its investment capital to US$500 million in a factory specialising in manufacturing electronic products, network equipment, and multimedia audio products in Nghe An (Photo: baodautu.vn) Last year, despite the adverse impacts caused the pandemic, the country was still able to attract US$31.15 billion in FDI, representing an annual rise of 9.2%. Most notably, China's Goertek Group recently moved to increase its capital from US$100 million to US$500 million in a factory specializing in manufacturing electronic products, network equipment, and multimedia audio products in the central province of Nghe An, thereby becoming the largest investor in the locality. Furthermore, Ju Teng International Holdings Ltd has been granted … [Read more...] about Vietnamese FDI attraction likely to hit US$40 billion this year

Given the severe impact of COVID-19, the National Assembly’s recent approval of a VND350 trillion (US$15 billion) economic recovery package is considered by businesses and experts as an extremely important leverage and motivation moving forward. Businesses long for the US$15 billion bailout package to be soon disbursed to support their ailing operation. Businesses expect early disbursement Luu Ngoc Nam, the owner of a firm specialising in food, industrial catering, transportation, and warehousing in Hanoi, said that his businesses has almost been exhausted because of COVID-19. But he felt more motivated upon hearing that the national legislature has just approved a VND350 trillion economic recovery package. “We are very pleased and hopeful that conditions for accessing this package will be easier. The State should create favourable conditions for businesses like us to get support in a quick and effective manner,” said Nam. Similarly, Nguyen Anh Tu, director of … [Read more...] about US$15 billion bailout package a stimulus to economic recovery

Viet Nam's largest enterprises were honoured at the event. — Photo courtesy of Vietnam Report The Vietnam Report JSC and online newspaper VietNamNet last week revealed the 500 largest enterprises in Viet Nam (VNR500) and Top 10 prestigious companies in the pharmaceutical industry - logistics - animal feed - packaging this year. They are all large-scale businesses with effective and stable business records and strong financial potential. These enterprises have established a foothold in the market, significantly contributing to the country’s economy recovery amid the impact of the COVID-19 pandemic. On the VNR500 list are Samsung Electronics Thai Nguyen Co Ltd, Viet Nam Electricity (EVN), Viet Nam Oil and Gas Group (PetroVietnam), Viettel Military Industry and Telecoms Group (Viettel), and Viet Nam National Petroleum Group (Petrolimex) and Vingroup, among others. Vu Dang Vinh, General Director of the Vietnam Report JSC said 2021 was a special year, marking the beginning of the … [Read more...] about Viet Nam’s 500 largest enterprises in 2021 announced