Tan Phu Plastic Company produces safe products to serve the local market. The "Zero Covid" policy of China means many Vietnamese producers lack input materials. (Photo courtesy of the firm) The worst sufferers were the electronics, wood, textiles, and footwear industries. According to the Ministry of Industry and Trade (MoIT), China was an important market for the export and import activities of Vietnam as it provides the majority of input materials for Vietnam's production, especially electronic components, machinery parts, fabrics and chemicals. MoIT said from 50 to 55 percent of raw materials and accessories for the textile, garment, and footwear industries originated from China. The country was currently implementing the "Zero Covid" strategy, which forced many factories there temporarily stop production to fight the pandemic. The import-export activities in the neighboring country were affected a lot by the shortage of containers at ports. Phan Thi Thanh Xuan, Vice … [Read more...] about Local enterprises lack materials due to China’s ‘Zero Covid’ policy
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Ascend Vietnam Ventures surpasses $50 million target
Binh Tran and Eddie Thai, co-founders & general partners of Ascend Vietnam Ventures Binh Tran and Eddie Thai, co-founders & general partners of Ascend Vietnam Ventures, have been investing together in Vietnam since 2015 and have backed home-grown international successes such as NFT gaming unicorn Axie Infinity, AI-driven edtech ELSA, and financial inclusion fintech Trusting Social. With AVV Alpha, the team has increased their investments in startups in Vietnam, seeding up to $2 million into 25 startups by next year and following on with checks of up to $5 million. “The likes of Axie Infinity, ELSA, and Trusting Social are by no means isolated successes,” said Binh Tran. “Vietnam’s dynamism, accessibility, low cost of living, as well as abundant quality engineering talent attract many founders. On top of that, many tech solutions built here can address similar challenges and customer behaviours in other emerging markets worldwide. Vietnam will continue to be seen as … [Read more...] about Ascend Vietnam Ventures surpasses $50 million target
International webinar on Vietnam’s Market Entry Opportunities and Strategy
Jesse Choi, CEO of Sunwah Innovations and director of Sunwah Vietnam talked about Vietnam's market entry opportunities and strategy The webinar received around 100 participants including experts and representatives of corporates, startups, universities, incubators and accelerators, venture capital firms, and business associations from Vietnam and neighbouring countries and territories including Cambodia, Singapore, Japan, South Korea, China, and Hong Kong. Vietnam has seen significant improvements in developing a dynamic and open business environment. In the post-pandemic period, the country stands firm as one of the most attractive destinations in the Southeast Asian region for foreign investors and businesses including venture capital firms and startups. Realising an increasing need from overseas startups and supporting organisations to explore and gain footholds in the market, Sunwah Innovations organised the Vietnam Market Entry Opportunities and Strategy webinar. It was … [Read more...] about International webinar on Vietnam’s Market Entry Opportunities and Strategy
Vietnam collecting feasible solutions to boost production, trading, investment
VASEP proposed practical solutions to decrease logistics cost in the near future Chairman of Vietnam Tourism Association Vu The Binh stated that to promote the recovery of this industry in the near future, there must be new interesting tour packages to attract international tourists, along with favorable conditions to welcome them to Vietnam. He proposed a working session between the tourism and aviation industries to introduce the most reasonable prices for these new packages. Deputy General Secretary of Vietnam Association of Seafood Exporters and Producers Nguyen Hoai Nam shared that the high fuel prices have created pressure on many businesses, and many fishermen have stopped their work. He suggested some solutions to reduce logistics cost, including digital transformation among member businesses, which was wholeheartedly welcomed by Minister Dung with the promise to support any needy enterprises in order to increase their competitiveness. Vice Chairwoman of Vietnam … [Read more...] about Vietnam collecting feasible solutions to boost production, trading, investment
Vietnam pledges to effectively manage small arms, light weapons
Ambassador Nguyen Phuong Tra, Deputy Permanent Representative of Vietnam to the UN. (File photo: VNA) New York (VNA) – A Vietnamese representative affirmed the country's commitment to effectively manage small arms and light weapons, while attending an ongoing meeting held at the UN headquarters in New York. The 8th biennial meeting of states to consider the implementation of the Programme of Action to Prevent, Combat and Eradicate the Illicit Trade in Small Arms and Light Weapons in All Its Aspects (PoA) kicked off on June 27. In her remarks, Ambassador Nguyen Phuong Tra , Deputy Permanent Representative of Vietnam to the UN, shared other states’ concern about multifaceted impacts of illegal activities related to small arms and light weapons on global security, stability, and development. She highly valued recent efforts, including the PoA implementation, to prevent the illicit trade in small arms, pointing out the necessity to augment international cooperation on the … [Read more...] about Vietnam pledges to effectively manage small arms, light weapons
Việt Nam attracts more than $14 billion of FDI in H1
Processing and manufacturing are among the industries that attracted the most projects of foreign investment in Việt Nam. — Photo congthuong.vn HÀ NỘI — Việt Nam reached more than US$14 billion in foreign direct investment (FDI) in the first six months of 2022, announced the Ministry of Planning and Investment (MPI). MPI’s data showed that as of June 20, 2022, the total newly registered capital, adjusted and contributed capital to buy shares, buy contributed capital of foreign investors reached $14.03 billion, as much as 91.1 per cent over the same period in 2021. Of which, 752 new projects were granted investment registration certificates, down 6.5 per cent compared to the same period, with a total registered capital of over $4.94 billion, down 48.2 per cent over the same period. In addition, there were 487 projects registering to adjust their investment capital, up 5.9 per cent over the same period, with the total additional registered capital reaching nearly $6.82 … [Read more...] about Việt Nam attracts more than $14 billion of FDI in H1
Viet Nam attracts more than $14 billion of FDI in H1
Processing and manufacturing are among the industries that attracted the most projects of foreign investment in Viet Nam. — Photo congthuong.vn Viet Nam reached more than US$14 billion in foreign direct investment (FDI) in the first six months of 2022, announced the Ministry of Planning and Investment (MPI). MPI’s data showed that as of June 20, 2022, the total newly registered capital, adjusted and contributed capital to buy shares, buy contributed capital of foreign investors reached $14.03 billion, as much as 91.1 per cent over the same period in 2021. Of which, 752 new projects were granted investment registration certificates, down 6.5 per cent compared to the same period, with a total registered capital of over $4.94 billion, down 48.2 per cent over the same period. In addition, there were 487 projects registering to adjust their investment capital, up 5.9 per cent over the same period, with the total additional registered capital reaching nearly $6.82 billion, up 65.6 … [Read more...] about Viet Nam attracts more than $14 billion of FDI in H1
Vietnam attracts more than 14 billion USD of FDI in H1
Illustrative image (Photo: VNA) Hanoi (VNS/VNA) - Vietnam reached more than 14 billion USD in foreign direct investment ( FDI ) in the first six months of 2022, announced the Ministry of Planning and Investment (MPI). The ministry’s data showed that as of June 20, 2022, the total newly registered capital, adjusted and contributed capital to buy shares, buy contributed capital of foreign investors reached 14.03 billion USD, as much as 91.1% over the same period in 2021. Of which, 752 new projects were granted investment registration certificates, down 6.5% compared to the same period, with a total registered capital of over 4.94 billion USD, down 48.2% over the same period. In addition, there were 487 projects registering to adjust their investment capital, up 5.9% over the same period, with the total additional registered capital reaching nearly 6.82 billion USD, up 65.6% compared to the same period last year. There were also 1,707 capital contributions and share … [Read more...] about Vietnam attracts more than 14 billion USD of FDI in H1
Ministry of Health explains reasons for not announcing end of COVID-19 pandemic
Administering the fourth dose of COVID-19 vaccine to medical staff in the northern province of Ninh Bình. — VNA/VNS Photo Hải Yến HÀ NỘI — If Việt Nam declares the end of the COVID-19 pandemic in the country, it will meet many difficulties in pandemic prevention and control and be hit by slower economic recovery, the Ministry of Health (MoH) has said. Under the latest draft plan on COVID-19 prevention and control in the new situation, which is waiting for input from the National Steering Committee for COVID-19 prevention and control, ministries, provinces, cities and experts, the MoH said that the pandemic situation has basically been controlled nationwide. However, the pandemic situation is still complicated in many countries and is even increasing again in some. The virus is constantly changing and recording new variants, which could potentially cause a strong outbreak on a large scale, beyond the health system’s capacity. Latent risks The SARS-CoV-2 virus has constantly … [Read more...] about Ministry of Health explains reasons for not announcing end of COVID-19 pandemic
Vietnam keeps prioritizing gender equality promotion: officials
Do Hung Viet, Assistant to the Vietnamese Minister of Foreign Affairs, made the remarks while attending the annual debate on women’s rights at the HRC’s 50th regular session in Geneva on June 27. In his speech, Viet highlighted the important role of women, stressing the need to ensuring their rights and development opportunities through specific and effective support policies. He also shared Vietnam’s experience and efforts in this regard, noting Vietnam is one of the countries with the longest maternity leaves in the world. Emphasising the country’s priority for gender equality promotion and women empowerment, he added Vietnam is ready to cooperate with other countries in these common efforts. At the debate, participants underlined the necessity to build comprehensive and effective policies for ensuring gender equality and rights of women, who are in charge of a huge domestic workload but unpaid or underpaid, which has subsequently affected women’s full participation in … [Read more...] about Vietnam keeps prioritizing gender equality promotion: officials