Viet Nam targets export growth rate of 6-7 percent in the 2021-2030 period, according to the Government's strategy on import and export released Wednesday.

Specifically, the strategy sets annual average export growth goal of 8-9 percent between 2021 and 2025 and 5-6 percent in the subsequent five years.

Meanwhile, annual import growth is expected to average 5-6 percent in the 2021-2030 period, 7 - 8 percent in the 2021-2025 period and 4 - 5 percent in the following five years.

In addition, the Government expects to achieve trade balance by 2025 and sustainable trade surplus by 2030 period.

Manufactured and processed products will account for 88 percent of export turnover by 2025 and 90 percent by 2030.

Security of finance-currency activities must be ensured: PM

The Prime Minister has directed relevant agencies and sectors to immediately act to ensure the security and safety of activities in the finance-currency market.

The Ministry of Finance and State Bank of Vietnam are tasked with taking measures to stabilise the market.

The Ministries of Public Security and of Information and Communications, the Stated Bank of Vietnam, the State Securities Commission (SSC), and other units are set to coordinate closely to effectively implement tasks and solutions set out in a series of related dispatches.

The Ministry of Finance and the SSC are assigned to work with relevant agencies in requiring businesses to disclose information in accordance with the law, while the Ministry of Public Security has to keep updated on the situation for its conduction of suitable actions.

Domestic car market sees consumption growth in March

Members of the Vietnam Automobile Manufacturers Association (VAMA) sold over 36,962 autos in March, up 60 percent on the month, according to a recent VAMA report.

This was the first month of this year where auto sales of VAMA members had strong growth, after decreasing by 34 percent in January and 26 percent in February.

In March, passenger car sales surged 62 percent on month to nearly 28,491, while 7,794 commercial vehicles found customers, up 63 percent, and 677 special-use cars were sold, up 41 percent, according to the report.

Sales of domestically-assembled cars and completely built-up (CBU) cars increased by 50 percent to 21,863 units and 82 percent to 15,099 units per month, respectively.

Apart from VAMA members, non-member automakers Thanh Cong Motor and VinFast sold 7,069 units and 3,471 units last month.

In the first three months of 2022, VAMA members sold 90,506 units, up 27 percent year on year, of which passenger cars were up by 39 percent, commercial vehicles up by 7 percent and special-use vehicles up by 32 percent.

Air Busan to launch five air routes from Incheon to Nha Trang

Low-cost carrier Air Busan of Asiana Airlines Inc. unveiled on April 19 that it plans to open five international air routes from Incheon to Osaka and Tokyo in Japan, the United States’ island of Guam in the Pacific, Nha Trang of Vietnam, and Kota Kinabalu of Malaysia, as from May.

Starting in May, Air Busan is scheduled to open routes from Incheon to Osaka, Tokyo, Guam, Nha Trang of Vietnam, and Kota Kinabalu of Malaysia, as soon as it receives approval from the Republic of Korea's transport ministry. However, the Busan-Guam route has been recently suspended due to low demand.

Electronic, computer and component exports edge up over 10% in Q1

Vietnamese exports of electronics, computers and components during the opening quarter of the year stood at an estimated US$13.2 billion, accounting for 14.9% of total export turnover, representing a year-on-year rise of 10.1%, according to the General Statistics Office (GSO).

The major export markets of the item group remains the EU, the United States, and China, of which exports to the US surged by roughly 17.2% to reach US$3 billion.

The initial quarter of the year witnessed the industrial production index of the electronics manufacturing industry also increase by 9.4%.

Vietnamese, French firms launch joint venture providing barge services

France’s CMA CGM Group and Vietnam’s International Transportation and Trading Joint Stock Company (ITC) launched a joint venture company to provide barge services in Vietnam on April 19.

The General International Logistics (GIL) will provide three shipments per week between SP-ITC port and Cai Mep port in the southern province of Ba Ria-Vung Tau.

GIL's barge services will help connect Vietnam's exports with key markets in North America and Europe through SP-ITC and Cai Mep ports.

Tour bookings for upcoming holidays surge

As travel demands during the National Liberation Day (April 30) and the May Day (May 1) have surged, many travel firms said that their outbound tours have been fully booked, while those for domestic destinations have also increased strongly.

A representative from Saigontourist said that during the holidays, the firm plans to serve 25,000-300,000 tourists.

Meanwhile, Vietravel will provide services to more than 4,000 visitors. So far, its tours have been booked by 60 percent.

Smaller travel firms also said that they have received bookings from 300-600 tourists for the four-day holidays.

Meanwhile, many new services and promotion prgrammes have been launched in Ho Chi Minh City, including a helicopter tour to view the city from the above.

Kicking of construction of Nhon Trach 3 and 4

PetroVietnam Power Corporation (PV Power) is completing preparations to start the construction of Nhon Trach 3 and 4 thermal power plants on April 30.

In March, PV Power and the consortium of contractors – Samsung C&T Corporation and Vietnam Machinery Erection Corporation – signed the engineering, procurement, and construction contract for the two power plants and other relevant agreements.

With the total value of $940 million, the contract is considered the most important for the project, fundamentally deciding the success and efficiency of the project.

The project has a total investment capital of $1.4 billion. PV power is committed to ensuring sufficient capital for the projects including 25 per cent from equity and 75 per cent from loans from export credit (ECA). $300 million will come from foreign commercial sources and around $170 million from domestic banks.

The corporation has signed extended-term letters of authorisation with Citi Bank – US – and ING – Netherlands – to arrange ECA loan sources for the two power plant projects.

The investor and Japanese Bank SMBC have plans to sign a letter to secure $200 million of additional finance.

Ukraine conflict forces farm export, import companies to find other markets

The conflict between Russia and Ukraine has forced many Vietnamese exporters and importers to look elsewhere.

According to experts, the war and sanctions against Russia by a few countries will have a profound impact on the global economy, especially on trade in agricultural, forestry and aquatic products.

Russia and China are the world’s leading fertiliser exporters, and so Russia's restrictions on petroleum and fertiliser exports in retaliation for economic sanctions have hit supply, and Viet Nam is heavily dependent on imported fertilisers.

There are only a few items such as ammonium sulphate and potash for which the country depends completely on imports.

Truong Dinh Hoe, general secretary of the Viet Nam Association of Seafood Exporters and Producers (VASEP), said though Viet Nam’s trade with Russia and Ukraine was not large, just last year many seafood enterprises increased their exports to Russia.

Many were worried now that it would be difficult to collect payments since Russia had been excluded from the SWIFT international banking system.

The Ministry of Agriculture and Rural Development said businesses needed to work closely with the State Bank of Viet Nam to get their money and with associations such as the VASEP, the Viet Nam Coffee - Cocoa Association, the Viet Nam Cashew Association, and the Viet Nam Timber and Forest Products Association to handle the difficulties caused to trade by the conflict.

To stabilise agricultural raw material prices, it would work with importers and solicit investment in their production and processing and agricultural logistics, it added. 

Power generation capacity projected to reach 146,000 MW by 2030
     
Deputy Prime Minister Le Van Thanh recently took part in an conference with localities regarding the completion of the National Power Development Plan for the 2021-30 period, with a vision to 2045 (PDP VIII).

According to the Government Office’s announcement of the Deputy PM's conclusion at the conference, participants reached a consensus that the total capacity of power generation sources should reach 146,000 MW by 2030, with the structure of energy sources aligning with a report from the Ministry of Industry and Trade (MoIT).

The figure is down about 35,000 MW compared to the version submitted on March 26, 2021. The peak capacity in 2030 is estimated at about 93,300 MW.

The MoIT has been assigned to collect opinions from localities to fine-tune the PDP VIII. It has also been asked to prioritise for each period and address bottlenecks in electricity development.

The Deputy PM requested the ministry to urgently study opinions to finalise the draft PDP VIII for approval by the State Appraisal Council by April 25, 2022. 

Gov’t okays plan to develop two more IPs in Long An

The Government has allowed Long An Province to develop a new industrial park in Ben Luc District and another in Duc Hoa District, with total capital of over VND8 trillion.

Deputy Prime Minister Le Van Thanh on April 19 signed decisions approving the development of the Loc Giang and Tadoland industrial parks in the Mekong Delta province.

The Tandoland industrial park project, whose investor is Tandoland JSC, will require over VND3.1 trillion in investment and cover an area of 250 hectares of land in Luong Hoa and Tan Hoa communes in Ben Luc District. Work on the project will be executed within 36 months after the cleared site is handed over.

The Loc Giang industrial park project, set to be developed by the Northwest Saigon City Development Corporation, will be built on 466 hectares of land in Duc Hoa District and will cost some VND5.2 trillion. The industrial park will operate for 50 years.

HCMC to focus on 29 key traffic projects this year

The HCMC Department of Transport has sent the municipal government a list of 29 key traffic infrastructure projects which will be prioritized for this year.

According to the department, the 29 projects require a total of over VND243.2 trillion and 19 of them have been approved, the local media reported.

Among the 19 projects whose investment plans have been approved, there are 13 under construction, including the Hanoi Highway expansion, four key roads in the Thu Thiem New Urban Area, the Luong Dinh Cua road upgrade, the My Thuy Intersection and the Long Kieng Bridge, among others.

Six projects that will be kicked off in the coming time include those to develop the An Phu Intersection in Thu Duc City, a road connecting Tran Quoc Hoan and Cong Hoa streets in Tan Binh District and the second metro line; the expansion of a National Highway 50 section in Binh Chanh District; the connection of bus routes to the first metro line; and a green traffic development project.

The 10 other projects consist of the Can Gio Bridge linking Nha Be and Can Gio districts, the Thu Thiem 4 Bridge connecting Thu Duc City and District 7, sections 1, 2 and 4 of Ring Road No. 2 in Thu Duc, a road connecting Vo Van Kiet Avenue with the HCMC-Trung Luong Expressway in Binh Chanh District, the HCMC-Moc Bai Expressway and Ring Roads Nos. 3 and 4.

HCMC to start work on 3,000 social homes before month-end

HCMC will start work on four housing projects with over 3,000 units for low-income earners before Reunification Day on April 30, said a local news report.

Work on one of the four projects will start on April 25 at the Linh Trung 2 Export Processing Zone in HCMC’s Thu Duc City to provide 360 social homes for factory workers, Dan Viet news site reported.

A day later, work will begin on a project to build a social residential building in Binh Hung Commune, Binh Chanh District. The project, which covers 3,700 square meters, will have a total of 242 homes.

The city will start the construction of a social housing block with 726 units in Long Truong Ward of Thu Duc City on April 27.

A resettlement project with 1,750 homes for residents at Thanh Da residential blocks in Binh Thanh District will get off the ground.

Nearly 20 projects to be developed in Tra Vinh

The Mekong Delta province of Tra Vinh has approved plans to develop 19 energy, industrial infrastructure, and farm produce and seafood processing projects, heard a press briefing on April 18.

Among the 19 projects, three have got licenses, while the rest have memoranda of understanding signed for cooperation.

Some major projects are the VND3.86-trillion Thang Long wind power plant, the VND7.8-trillion Thang Long Tra Vinh green hydrogen production facility and the VND300-billion Hiep My Tay industrial cluster.

Thang Long Tra Vinh Wind Power JSC, TGS Tra Vinh Green Hydrogen JSC and Thuan Phat Trading and Construction Company will invest in the three projects.

Other investors who have signed memoranda of understanding with the province are SunGroup, C.P. Vietnam Corporation, Tan Long Group JSC and Thong Thuan Tra Vinh Seafood JSC.

Airfare, visa incentives proposed for int’l passengers to Can Tho airport

Aside from airfare reductions, a visa waiver should be offered to foreign passengers who arrive at Can Tho airport on international flights and stay in the city for at least two nights, according to the national aviation authority.

These are part of the aviation authority’s proposal recently sent to the Ministry of Transport to boost flights to and from the Can Tho International Airport in the Mekong Delta city of Can Tho, aimed at developing Can Tho into an air transport hub that will help promote socio-economic growth in the delta.

The aviation authority proposed the Transport Ministry amend a Circular on aviation service prices. Accordingly, aviation service prices for all international and domestic flights to/from Can Tho by the end of 2025 should be revised to equal 30% of the prices set in the circular and equivalent to 70% from 2026 till the end of 2030.

The price cap for domestic travel to/from Can Tho should be adjusted to be equal to 80% of the current one, with effect from now until the end of the year. Besides, Can Tho and other provinces in the delta need to offer incentives for airlines operating flights to Can Tho.

Vietnam's steel industry before promising outlook in 2022

Vietnam’s steel industry is set for strong growth in 2022 thanks to growing domestic demand amid the Government’s push for public investment and a subdued pandemic situation.

In early 2022, the National Assembly approved a socio-economic recovery package worth nearly VND350 trillion (US$15.2 billion). Of the total, VND113.8 trillion ($5 billion), or one-third of the stimulus package, would be allocated for infrastructure development, including major projects such as the Eastern North-South expressway, and Long Thanh International Airport, and large logistics hubs.

In the January-March period, the domestic steel industry churned out 8.45 million tons, up 3.2% year-on-year, with 8.13 million being consumed locally, up 11.9%.

Meanwhile, Vietnam exported 956,000 tons of steel in March for US$908.63 million, up 75.41% month-on-month in volume and 71.8% in value.

This put the total export volume in the first quarter to 2.27 million tons, earning $2.3 billion, down 22.15% year-on-year but up 12.53% in value.

The key export markets for Vietnam’s steel in the three months were ASEAN (40.5% of the total exports), EU (19.32%), the US (8.34%), and South Korea (6.97%), and Hong Kong (3.91%).

Hanoi to host Vietnam National Brand Week 2022
 
The Ministry of Industry and Trade has coordinated with the State Committee for Overseas Vietnamese to organize a series of activities in the framework of the annual event.

The opening ceremony of Vietnam National Brand Week and the International Forum on Vietnam’s National Brands 2022, with the theme “Enhancing the position to take off” will take place in both offline and online formats on April 20 in Hanoi.

Within the framework of the event, the Vietnam National Brand Products Exhibition 2022 will also be held at Pan Pacific Hotel Hanoi on the same day.

HCM City earmarks US$1billion to build Ring Road 3

Over the next 10 years, HCM City will allocate a total of VNĐ24 trillion (US$1 billion) from the municipal budget to build the new Ring Road No. 3.

The first five-year (2021-25) will see an allocation of VNĐ19.5 trillion ($849 million; and the remaining in the 2026-30 period.

The allocation decision was made after the municipal People’s Council passed a resolution on the project proposed by the HCM City People’s Committee for an estimated VNĐ75.3 trillion ($3.3 billion), including VNĐ24 trillion sourced from the city’s budget.

The Ring Road 3 will pass through HCM City and the neighbouring provinces of Đồng Nai, Bình Dương and Long An. 

Fiscal policies work to keep inflation under control

Fiscal policies have worked to promote economic growth and control inflation in the first months of this year, Deputy Minister of Finance Vo Thanh Hung said, adding that close watch would be placed on the market to ensure inflation was within the National Assembly’s target.

Hung pointed out that the rapid increases in global commodities prices from the beginning of this year significantly affected the domestic market with skyrocketing food and raw material prices.

The US’s inflation surged to a new four-decade high of 8.5 percent in March from the same time a year ago, driven by skyrocketing energy and food prices.

In Vietnam, inflation averaged 1.92 percent in the first quarter, a moderate increase, Hung said, adding that fiscal policies focused on reducing taxes and fees to support the economy worked to control inflation.

Hung pointed out that the taxes and fees reduced in 2022 would total around 88-90 trillion VND.

He added that the ministry was going to propose a Government extension of three, six and nine months to pay land fees and taxes estimated at around 135 trillion VND to support enterprises.

To control inflation below four percent as set by the National Assembly, it was necessary to reduce cost-push impacts, increase the supply of goods and prevent inflationary psychology, Hung said.

A close watch would be placed on the market developments, especially on necessary goods and services, to timely raise appropriate policies.

It is also important to promote products to increase the supply of goods in the domestic market and ensure market circulation.

Action program on economic restructuring for 2021-2025 issued

Deputy Prime Minister Le Minh Khai has signed a resolution issuing the Government’s action programme to implement the National Assembly’s resolution on economic restructuring plan for 2021-2025.

The resolution sets the target of revamping the growth model and improving productivity, quality, competitiveness, self-reliance, adaptation and resilience of the national economy.

Accordingly, labour productivity is projected to grow more than 6.5 percent annually, and the gap of national competitiveness with other ASEAN countries, namely Indonesia, Malaysia, the Philippines, and Thailand, will be narrowed by 2025, especially in terms of institutions, infrastructure and human resources.

Among 35,000 cooperatives set by the end of 2025, more than 3,000 will utilise high technologies in production and consumption, and 50 percent of agricultural cooperatives set up connectivity with businesses in value chains.

To fulfill the targets, the resolution specifies major tasks and solutions, with the first group of tasks focusing on restructuring public investment, State budget, credit organisations and public non-business units.

Vietravel Airlines to open more routes to meet travel demand

Vietravel Airlines will open a new route linking Hanoi and the south central province of Binh Dinh’s Quy Nhon city, and reopen the route connecting the capital city and central Da Nang city from April 22 to meet travel demand on the Reunification Day and May Day holidays.

According to the carrier, occupancy on its flights from Ho Chi Minh City and Hanoi to domestic tourist destinations such as Quy Nhon, Da Nang, and Phu Quoc reached between 80 and 100 percent from April 27 to May 3.

To prepare for the 2022 summer travel season, Vietravel Airlines is offering promotions such as "Excellent Tuesday - no worries about price" for only 8,000 VND per flight, excluding taxes and fees. The programme is applicable to domestic flights. In addition, the airline is also helping passengers during the pandemic with offers to change the names on tickets free of charge.

Webinar spotlights furniture trade opportunities in UK

The webinar and online business matching themed “Vietnam – UK Furniture Trade Opportunities” took place on April 19 for participants to discuss opportunities, challenges and ways to boost exports of Vietnamese furniture to the UK.

Held by the Vietnam Trade Promotion Agency (Vietrade) in collaboration with the Handicraft and Wood Industry Association of Ho Chi Minh City and the Vietnamese Trade Office in the UK, the event brought together a large number of firms in the wood and furniture industry from both countries.

It provided an overview of the UK’s furniture market, consumer sentiment and trade policy on imported furniture, and forecast potential trends of furniture business in the European country. British experts answered Vietnamese firms’ questions about the market and briefed them on major furniture fairs, notably the January Furniture Show, one of the biggest in the UK.

It also featured a business-to-business (B2B) matching session between UK buyers and Vietnamese manufacturers.

In 2021, Vietnam exported nearly 267 million USD worth of wood and furniture to the UK, a year-on-year increase of 16.4 percent. The shipments exceeded 72 million USD in the first quarter of this year, up 14 percent.

Saint-Gobain inaugurates second Weber plant in Vietnam

Saint-Gobain of France, one of the world’s leading building material manufacturers, has recently inaugurated a production line of Weber-branded tile adhesive and grout products in the northern province of Hung Yen in Vietnam.

The opening of the site represents Weber's second production line in Vietnam, marking the French group’s strong development steps in meeting the growing demand for construction materials, especially for tiles within the domestic market.

Nguyen Truong Hai, chief executive officer of Saint-Gobain Vietnam, affirmed that the group’s investment in advanced production lines clearly demonstrates their commitment to long-term and sustainable development in the Vietnamese market.

The Weber production line in Hung Yen meets the ISO 14001:2015 standard. It makes use the Saint-Gobain Group’s World Class Manufacturing (WCM) Quality Management Program to launch high-quality products to customers.

The first Weber plant came into operation in Ho Chi Minh City in 2016, with a specific focus on producing tile adhesive, tile grout, and waterproofing products.

Vietnamese nation brand value placed 33rd in global rankings

The nation’s brand value last year soared by 21.6% from 2020 to reach US$ 388 billion, thereby being placed at 33rd position in terms of the global rankings.

This information was released by Deputy Minister of Industry and Trade Do Thang Hai during the launch of the Vietnam National Brand Week 2022 held on April 20 in Hanoi with a view to calling for support by overseas Vietnamese (OV) entrepreneurs to promote local goods and brands.

The country is currently one of the 10 economies boasting the largest market openness in the world, with the ratio of import-export to GDP witnessing a constant increase over the years.

This marks a considerable stepping stone for Vietnamese businesses as they strive to improve their competitiveness in terms of the global rankings, Deputy Minister Hai said. Indeed, he went on to acknowledge that through support from the national brand programme, many enterprises have become aware of the importance of brands as a means of increasing their product and business value.

Proof of this can be seen by many Vietnamese brands resonating in both regional and international markets.

Vietnam posts huge trade deficit in first half of April

Vietnam recorded a trade deficit of US$1.62 billion during the first half of April, while exports fell by 20.9% to US$15.28 billion compared to the second half of March, according to figures given by the General Department of Vietnam Customs.

Most notably, computers, electronic products and components witnessed an import value of US$3.86 billion, accounting for 22.8% of the total import turnover as the country continued to ramp up imports of input materials for  their production activities.

The total import and export value of local goods throughout the reviewed period dropped by 12.3% to US$32.17 billion in comparison to the previous period.

These figures thereby brought the country's total trade value since the beginning of the year to US$208.83 billion, an increase of 15.1%. Of which, exports increased by 14.3% to US$104.34 billion, while imports surged by 15.8% to US$104.48 billion against the same period from last year. During this period, the country also recorded a trade deficit of over US$140 million.

Air Busan to launch five air routes from Incheon to Nha Trang

Low-cost carrier Air Busan of Asiana Airlines Inc. unveiled on April 19 that it plans to open five international air routes from Incheon to Osaka and Tokyo in Japan, the United States’ island of Guam in the Pacific, Nha Trang of Vietnam, and Kota Kinabalu of Malaysia, as from May.

The move comes following the easing of travel restrictions in the COVID-19 post-pandemic period, leading to growing demand.

Previously on Jan 23, Air Busan had begun to launch one flight from Busan to Saipan per week following a travel bubble agreement with Saipan, the largest island of the US’ Northern Mariana Islands in the Pacific.

The Republic of Korea’s carrier also added another flight on the Busan-Saipan route from March 16, along with the Busan-Qingdao route and five domestic routes.

Starting in May, Air Busan is scheduled to open routes from Incheon to Osaka, Tokyo, Guam, Nha Trang of Vietnam, and Kota Kinabalu of Malaysia, as soon as it receives approval from the Republic of Korea's transport ministry. However, the Busan-Guam route has been recently suspended due to low demand.

At present, the carrier is operating a total of 25 international routes with 25 A321 chartered aircraft.

USAID helps Vietnam boost local capacity development

The United States Agency for International Development (USAID) and Vietnam’s Ministry of Planning and Investment (MPI) on April 21 signed an amendment to their bilateral partnership agreement to expand USAID’s support for Vietnam in promoting local capacity development.

The bilateral partnership agreement as amended will expand both sides’ joint efforts to strengthen private sector competitiveness, innovation and startup ecosystems, human capital, and local capacity building. Under this amended agreement, USAID's contribution in these areas will increase from US$42 million to up to US$100 million, and will continue for an additional three years, to September 30, 2028. 

Speaking about the agreement, USAID/Vietnam Mission Director Ann Marie Yastishock said, “This agreement reflects the United States’ continued commitment to support Vietnam’s efforts to become a more open, innovative, and inclusive economy. Through close collaboration with the Government of Vietnam, we can ensure that USAID’s development assistance will meet our two countries’ mutual vision for a prosperous and independent Vietnam.”

USAID technical assistance under this agreement will enhance the capacity of Vietnamese small and growing businesses, including those led by vulnerable populations, by facilitating access to competitiveness-enhancing technology, business management skills, and capital.

The agreement will strengthen the high-quality human capital needed for a robust knowledge-based economy. USAID technical assistance will also help improve the capacity of participating local governments (provincial level and below) to effectively implement policies, as well as increase interaction between local governments, the private sector, and other stakeholders on issues of local socio-economic development.

MoIT imposes temporary anti-dumping tax on imported welding materials

The Ministry of Industry and Trade (MoIT) has issued a decision on imposing temporary anti-dumping tax on several types of welding material products originating from Malaysia, Thailand, and China.

During the investigation period, the MoIT strictly followed the provisions set out in the Law on Foreign Trade Management, other related regulations, and the Anti-Dumping Agreement under the World Trade Organization (WTO).

Furthermore, the MoIT also co-ordinated with relevant units in a bid to carefully review and evaluate the impact of acts of dumping imported products on the domestic manufacturing industry.

The results of the investigation indicated that the amount of some types of welding material products imported into the nation from the three countries rose sharply compared to the total domestic consumption and production quantities, thereby causing significant damage to the domestic industry.

At present, stainless steel welding rods and welding wires make up one of the most important industrial auxiliary sectors with the capacity reaching 6,000 tonnes and 66,000 tonnes, respectively, thereby meeting domestic demand, according to the MoIT.

The Trade Remedies Authority of Vietnam emphasized that the MoIT will continue to work alongside relevant units in order to collect information to assess the case’s comprehensive impact on concerned parties and come up with a final conclusion in the near future.

Korean firm engages in Vietnamese cyber security

SECUI, a Korean company specialising in cybersecurity, has taken its first steps in becoming involved in the local security field by co-operating with FPT Corporation, a conglomerate based in Vietnam.

SECUI announced on April 20 that the firm had signed an agreement with FPT Information System (FPT IS) on public services, telecommunications, finance, and healthcare. FPT is a company specialising in providing services and solutions throughout the local information technology (IT) market.

Under the terms of the agreement, both companies will provide cybersecurity appliances such as SECUI's next-generation firewall 'Bluemax NGF' and intrusion prevention system 'Bluemax IPS' to domestic companies and the financial market, as well as jointly researching and developing a service management model.

VinaCapital funds outperform VN-Index in Q1
     
Open-ended funds from VinaCapital Fund Management Joint Stock Company finished the first quarter of 2022 by far outperforming the benchmark stock indexes and maintaining their leading positions.

They include the Vietnam Equity Special Access Fund (VESAF), VinaWealth Equity Opportunity Fund (VEOF), VinaCapital Insights Balanced Fund (VIBF), and VinaWealth Enhanced Fixed Income Fund (VFF).

VEOF and VESAF, the top performing equity funds of 2021, returned 8.6 per cent and 8,1 per cent returns in Q1 despite the volatility of the stock markets.

The VN-Index declined by 0.4 per cent during the quarter.

VinaCapital’s bond fund, VFF, and balanced fund, VIBF, also remained best in class with returns of 2.1 per cent and 5 per cent.

The total assets under management by the four funds were worth more than VND 3.39 trillion (US$147.8 million).

VESAF mainly invests in the listed stocks of companies with high growth potential and competitive advantages from distinct market segmenting and business strategies. Its average annualised return since inception in April 2017 is 23.4 per cent.

VEOF invests in stocks with large and medium market capitalization sizes, distinct competitive advantages, and strong growth potential. Its average annualised return since inception in 2014 is 14.5 per cent.

VIBF is a balanced open-ended fund which invests in quality bonds and listed stocks of companies with strong fundamentals and sustainable profitability. Its average return has been 18.6 per cent a year since inception in July 2019.

VFF invests in fixed income instruments like bonds, certificates of deposits and bank deposits. Its return since 2013 has been 7.7 per cent.

Source: VNA/SGT/VNS/VOV/Dtinews/SGGP/VGP/Hanoitimes