Why vietnam is booming

The CEO and Regional Head, Client Coverage, Americas, Standard Chartered, shared his view on Vietnam's significance for US businesses and why Vietnam is potential for foreign investors. Vietnam has gone from being a frontier economy in ASEAN to a flourishing, cost-effective industrial nation. Firms and investors looking for new markets to grow, source, or manufacture their products – especially in Asia – should consider Vietnam’s long-term potential and stay updated on its opportunities. Steven Cranwell, CEO and Regional Head, Client Coverage, Americas, Standard Chartered. Photo: Standard Chartered In recent years, Vietnam has benefited from the trade tensions between the US and China. With US companies adopting a ‘China plus one’ approach to their supply chains, the percentage of exports from Vietnam to the US has risen by approximately nine percent between 2018 and 2021. It is, however, important to note that Vietnam has been an alternative to China … [Read more...] about The significance of Vietnam for US businesses and why they should take notice: Standard Chartered

The relaxation of visa requirements is an urgent necessity for the attraction of more tourists and the recovery of Vietnam's tourism industry. The Government of Vietnam is seeking approval from the National Assembly to issue electronic visas to citizens of all countries and territories. International tourists on the way to the sandy beach in the southern province of Khanh Hoa's Cam Ranh Coastal City. Photo: Trung Vu/ The Hanoi Times Accordingly, Vietnam would extend visa validity from 30 to less than 90 days for single or multiple entries and stay from 15 to 45 days for foreign visitors from Vietnam's Visa Waiver Program countries and territories. The measure is seen as a boost for the development of Vietnam's "smokeless industry", which will enhance the competitiveness of national tourism in Southeast Asia. The country reinstated the visa waiver policy for citizens of 24 countries after three years of border closures due to Covid-19. Despite being one … [Read more...] about Vietnam considers issuing e-visas to citizens of all countries and territories

In 2008, the US investment bank Bear Stearns, on the verge of collapse, had to be rescued by J.P. Morgan. This marked the beginning of the global financial crisis of 2008, which sent the global economy into a deep recession and caused significant economic damage, including massive employment losses. Patrick Lenain, senior associate at the Council on Economic Policies Today, several banks are once again in trouble. As of March 22, four large banks were in distress. Silicon Valley Bank (SVB), a $212 billion US bank specialising in tech startups, collapsed when it was unable to meet deposit withdrawal requests and had to be taken over by federal regulators. A few days later, Signature Bank, another midsized US bank with assets of $110 billion, also suffered a severe liquidity crisis and was seized by federal regulators. This was followed by First Republic Bank with assets of $205 billion, which was hit by rating downgrades and a tumbling share price and had to be … [Read more...] about Developments for Vietnam to watch in midst of bank crisis

Vietnam attracted 2.7 million foreign tourists in the first quarter of this year, representing an on-year rise of 29.7 times. According to the General Statistics Office (GSO), Vietnam welcomed 895,400 foreign arrivals in March, raising the country’s total number of foreign visitors to 2.7 million. However, the figure only accounted for 60 percent of the first quarter of 2019 pre-Covid-19-pandemic. Foreign tourists in Vietnam Vice Chairman of the Vietnam National Administration of Tourism Pham Van Thuy, said the number of foreign travellers to Vietnam was on the rise. The figure would continue sharply increasing as summer nears. Thuy strongly believed that Vietnam would surpass eight million foreign arrivals this year. Between January and March, Vietnam served 140,233 Chinese tourists. The stronger recovery is expected to start from April as more programmes to promote tours to Vietnam would be carried out. In the first three months of this year, 81,000 … [Read more...] about Vietnam sees surge in foreign tourists

At the event (Photo: qdnd.vn) Hanoi (VNA) – The Vietnam Football Federation (VFF) held a ceremony in Hanoi on March 29 to announce Herbalife Vietnam Nutrition Company as the official sponsor of Vietnam’s national football teams, following their partnership from 2021-2024. Vietnam national football teams will compete in major international tournaments such as the 32nd SEA Games in Cambodia, the 2024 AFC U23 Championship Qualifiers, the 19th ASIAD and the Southeast Asian Women's Football Championship. Especially in July, the Vietnam national women's football team will for the first time compete in the FIFA Women's World Cup 2023. Junior teams will join youth football tournaments within the regional and continental competition systems, said VFF Secretary General Duong Nghiep Khoi./. VNA … [Read more...] about Herbalife sponsors nutrition for Vietnam’s national football teams

Representatives of the ILO and the Vietnamese partners show the signed Decent Work Country Programme Vietnam 2022 - 2026 on March 28. (Photo qdnd.vn) Hanoi (VNA) – The Decent Work Country Programme Vietnam 2022 - 2026 was signed between representatives of the Vietnamese Government, workers, and employers and the International Labour Organisation (ILO) in Hanoi on March 28. The MoU on the programme was signed by Minister of Labour, Invalids and Social Affairs Dao Ngoc Dung, President of the Vietnam General Confederation of Labour (VGCL) Nguyen Dinh Khang, Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Pham Tan Cong, President of the Vietnam Cooperative Alliance (VCA) Nguyen Ngoc Bao, and ILO Country Director for Vietnam Ingrid Christensen. The country programme provides a cooperation framework for the ILO and the Vietnamese partners until 2026 with a view to ensuring decent and sustainable work for all and that by 2026, Vietnamese people, especially those at … [Read more...] about Vietnam, ILO sign decent work country programme for 2022 – 2026

Australian enterprises, participating in the Australia-Vietnam Energy Transition Business Forum held in Hanoi on Tuesday, said they are willing to help Vietnam develop systems and equipment to produce large energy-storage batteries domestically to reduce their prices. At the forum jointly held by the Australian Trade and Investment Commission (Austrade), the Electricity and Renewable Energy Authority under the Ministry of Industry and Trade, and the Vietnam Electricity Group (EVN), the energy transition of the two countries and Australia’s new energy technology and solutions were introduced. The event was among those to celebrate the 50th anniversary of the diplomatic relations between Vietnam and Australia. Building energy storage systems in Vietnam Renewable energy needs large storage equipment which meets safety standards and is eco-friendly. A typical solution in Australia is the energy storage battery. This is a feasible solution to optimize the renewable energy … [Read more...] about Australian firms willing to transfer energy-storage battery tech to Vietnam

Illustrative photo. (Photo: baodautu.vn) Tokyo (VNA) – Four Japanese banks - the Japan Bank for International Cooperation (JBIC), Mizuho Bank, Joyo Bank, and Shiga Bank - will co-finance a total of 300 million USD in credit lines to power producers using renewable energy in Vietnam to help the growing Southeast Asian country decarbonize, according to the Nikkei Asia. The banks will provide funds through the Joint Stock Commercial Bank for Foreign Trade of Vietnam ( Vietcombank ) which will in turn provide subleasing loans, mainly to local businesses. By indirectly utilizing Vietcombank's credit information, the Japanese banks expect that high-risk loans can be provided swiftly, Nikkei Asia said. In January, JBIC issued a joint statement related to the Vietnam Climate Finance Framework, which aims to promote Vietnam's decarbonisation in partnership with US and Australian government financial institutions and others. This co-financing by the four Japanese banks is … [Read more...] about Japanese banks to provide 300 million USD for Vietnam’s renewable energy

Nalin Wickramasingher, Powerledger's BD and Sales Executive, and Le Thi Phuong Cam (L), EVNCPC's Deputy General Director, announced the partnership. (Photo courtesy of Powerledger) Hanoi (VNS/VNA) - Australian energy trading technology company, Powerledger, on March 28 announced it’s partnering with Vietnam Electricity Central Power Corporation (EVNCPC) to launch Vietnam's first peer-to-peer (P2P) energy trading project at the Australia-Vietnam Forum on Energy Transition. The initial 6-month trial will see Powerledger’s technology used by so-called “prosumers” with rooftop solar in central Da Nang city and Quang Nam province to sell electricity directly to consumers. “This project is a major step for Vietnam. It will showcase how, with the right technology, issues of intermittency and grid congestion can be overcome whilst still growing renewables. Everyone on both sides of the partnership is looking forward to the results,” said Powerledger Chairman Dr Jemma Green. … [Read more...] about Vietnam’s first blockchain peer-to-peer energy trading project launched

Participants at the forum (Photo: VNA) Hanoi (VNA) – A forum discussing measures to promote cooperation between Vietnam and the Republic of Korea ( RoK ) in developing green industries and smart mobility was held in the RoK on March 28. Jointly organised by the Vietnam-Korea Businessmen and Investment Association (VKBIA), the Vietnam – Korea Alliance for Green Mobility (VKERC), the Office of the RoK National Assembly, the event saw the participation of representatives from six RoK government’s agencies, businesses, organisations, research institutes and universities which are involved in the green industry and smart mobility . Addressing the event, Dr. Tran Hai Linh, member of the Vietnam Fatherland Front (VFF) Central Committee and Chairman of VKBIA, spotlighted cooperation potential between agencies, businesses, universities, research institutes of Vietnam and the RoK in green and supporting industries, and opportunities to boost green industries in Vietnam. He … [Read more...] about Vietnam, RoK boost cooperation in developing green industries