The northern province of Quang Ninh attracted eight foreign direct investment (FDI) projects with registered capital totaling 478 million USD in January.

Notably, the Gokin Solar of Hong Kong (China) project's photovoltaic cell technology complex has the highest capital investment, amounting to 274.8 million USD.

As planned, there will be an additional seven investors from the US, China, and Taiwan (China) investing in Quang Ninh in the remaining months of the first quarter. The locality expects to lure 1 billion USD in the first fourth months of 2024, or one-third of the plan set for the year.  

Last year, it reported a breakthrough in attracting investment outside the budget, with a total capital of nearly 5 billion USD. Of this, FDI attraction topped 3.1 billion USD.

Quang Ninh also emerged as one of the leading localities nationwide in attracting foreign-invested projects in the year.

This was the record-breaking year in attracting new-generation FDI capital after more than 20 years since the first FDI project in the province in 2002.

The province is home to nearly 200 foreign-invested businesses from 20 countries with a total capital of nearly 14 billion USD. FDI projects are mainly high-tech and environmentally friendly with modern management and high-added value, which joined in global value chains.

From record results of FDI attraction in 2023, Quang Ninh sets to continue making breakthroughs and emerge as a top destination for FDI attraction nationwide.

According to Chairman of the provincial People’s Committee Cao Tuong Huy, Quang Ninh prioritises attracting foreign investment, focusing on key sectors, multinational conglomerates across various industries, especially areas where the locality holds significant competitive advantages and distinct potentials.

It also concentrates on repositioning its investment capital flow, prioritising the connection of global production and supply chains, and attracting green investment, high technology, and supporting technologies, he said.

Foreign investors have been investing in 16 out of the 21 national economic sectors. The FDI sector has contributed over 76 million USD to the state budget, helping generate jobs for nearly 43,000 workers.

FLC cuts workforce by 60% in reshuffle

As part of its restructuring plan, FLC has reduced its workforce by 60% while continuing employing over 3,500 people in the group.

An extraordinary general meeting yesterday was attended by more than 100 shareholders representing more than 33.7% of the voting shares. This meeting looked into issues that were unresolved in the previous session due to insufficient attendance.

Currently, FLC’s board has five members, including Le Ba Nguyen as board chairman, Vu Dang Hai Yen as first vice chair, Tran Thi Huong, and two newly-appointed members, Le Tien Dung and Ngo Dang Hoang Anh.

In line with its restructuring plan, the group will focus on three core business fields this year: real estate, resort, and merger and acquisition (M&A).

FLC is set to start work on seven real estate projects in Thanh Hoa, Halong, Quy Nhon, Gia Lai, and Quang Binh.

The group targets revenue of VND1,187.2 billion from real estate business this year.

It is actively seeking collaboration with partners to operate resorts in Halong, Sam Son, Quang Binh, and Quy Nhon.

Vĩnh Phúc aims to become largest auto, motorbike manufacturing centre

Vĩnh Phúc targets to become one of Việt Nam's largest automobile and motorbike manufacturing centres by 2030, according to the Vĩnh Phúc Provincial Plan for the period 2021 - 2030, with a vision to 2050.

According to Prime Ministerial Decision 158/QĐ-TTg approving this plan in early February, to achieve this target, Vĩnh Phúc's key tasks include promoting the province's strengths in developing high-tech industries with a focus on developing the mechanical industry, and manufacturing automobiles, motorbikes and electronic components.

Besides that, Vĩnh Phúc will be among the leading localities in terms of GRDP growth per capita; and have a synchronous and modern infrastructure that basically meets the criteria of a grade I urban area.

In its vision to 2050, Vĩnh Phúc will become a centrally-run city, with a modern and green infrastructure system, and a comprehensive development in economy, society, environment fields. Vĩnh Phúc will publish this development plan on March 5.

In recent years, Vĩnh Phúc has been known as one of the major industrial centres for the automobile mechanical sector in the North. Automobile companies always have the largest contribution to total budget revenue and create jobs for thousands of workers.

According to the Việt Nam Association of Supporting Industries (VASI), Vĩnh Phúc now has 16 domestic enterprises becoming tier-1 suppliers in the supply chains of electronic products, automobiles and motorbikes of FDI companies in Việt Nam.

Toyota has invested in Vĩnh Phúc since 1995. Now, this Japanese investor always holds the leading position in Việt Nam's automobile market with an output of over 70,000 vehicles per year. Toyota has also increased the vehicle localisation rate to between 19 per cent and 37 per cent, depending on each model.

Among six Vietnamese tier-1 suppliers in the supply chain for Toyota are three companies providing mechanical components and three others providing plastic components. Some of them are located in Vĩnh Phúc, and the rest are in neighbouring provinces.

Most components for Honda car assembly have to be imported (over 90 per cent), while only a few simple metal components are supplied by Việt Nam's enterprises.

However, the number of local suppliers participating in supply chains for Honda cars had increased from 16 in 2018 to 26 in 2021, especially companies supplying metal components. Meanwhile, for suppliers of plastic and rubber components, there was no supplier before 2021, and now there are three domestic suppliers participating in the chain.

Daewoo Bus Vietnam (Vidabus) started production in Vĩnh Phúc in 2007. The vehicle output surged significantly from 250 vehicles in 2020 to about 600 vehicles in 2021. Vidabus aims to increase capacity to 1,600 vehicles by 2024.

Vidabus's localisation rate now reaches about 30 per cent, mainly from Vidabus's factory, focusing on a few products such as car glass, batteries, floor coverings and ceiling panels. Most of the remaining manufacturing components must be imported.

Kien Giang’s two-month exports exceed 151 million USD

The Mekong Delta province of Kien Giang raked in more than 151 million USD from exports in the first two months, fulfilling 16.43% of the yearly target and doubling the figure of the same period last year.

Its key earners include rice, fishery products, and leather footwear, which brought in 19.58 million USD, 30.69 million USD, and 39.03 million USD, respectively.

Director of the provincial Department of Industry and Trade Truong Van Minh attributed the surges in the period to many enterprises securing new orders and improving their production and business capacity.

However, many firms involved in the local import-export activities are well aware of the challenges ahead, given complex global developments with fierce strategic competition among major powerhouses and escalating conflicts in the Red Sea.

This year, Kien Giang targets 920 million USD from goods sold overseas. Local authorities plan to effectively carry out related activities, including projects on foreign distribution networks and free trade agreements, while striving to better integrate into the global economy.

It is now working for a rice harvest of 4.4 million tonnes, of which over 90% are serving the processing for export. The province is also aiming at a fishery production volume of 800,000 tonnes, including 435,000 tonnes from fishing and 365,000 tonnes from aquaculture.

Enhanced local trade finance in Vietnam: A potential US$55 billion annual trade boost

Improving access to affordable trade finance in Vietnam could increase imports and exports by up to six and nine percent, respectively, representing an annual increase in merchandise trade of US$55 billion, according to a new report by the International Finance Corporation (IFC) and the World Trade Organization (WTO) released today [February 22].

The study – Trade Finance in the Mekong Region – the second in a series of regional trade finance surveys after West Africa, analyzes the trade finance ecosystem in Vietnam, Cambodia, and Laos, and provides insights into how international trade can be increased with better support from financial institutions. According to the report, increasing coverage is more important than reducing the cost of trade finance. 

As detailed in the report, local trade finance in Vietnam is scarce, costly, and segmented, offering just traditional services.

“Prices can be as high as 5% of the value of the transaction for letters of credit and 12-14% for import/export finance in the country,” said Marc Auboin, WTO’s Counsellor in Economic Research & Statistics.

This is particularly important as Vietnam has one of the world’s highest levels of trade integration at 185% of trade to GDP in 2022, along with Cambodia at 210% and Laos at 107%, well above the global average of 62%, he noted.

“Cambodia, Laos, and Vietnam form one of the world's most integrated and trade-driven regions,” Auboin continued.

In 2022, domestic banks supported only 21% of the country's total merchandise trade of $731 billion. Notably, banks are more likely to support local enterprises engaged in intra-regional trade than large multinationals involved in global trade. The subsidiaries of multinationals in high-growth, high-value sectors such as electronics and garments rely less on trade finance intermediated by local banks. 

"Since local trade finance in Vietnam is currently concentrated in domestic manufacturers, increasing the coverage of local trade finance will not only help improve the competitiveness of Vietnamese importers and exporters but, more importantly, will boost production, deepen global supply chain integration and spread the benefits of trade more evenly among local producers," said Thomas Jacobs, IFC Country Manager for Vietnam, Cambodia and Laos.  

Explaining the issue, IFC Senior Economist Alexandros Ragoussis cited importers' and exporters’ views that high collateral requirements and onerous application processes are among the main reasons why they did not seek support from local banks.

On the supply side, Vietnamese banks rejected an average of 12% of trade finance requests – mostly from small and medium-sized enterprises – accounting for around $20.3 billion in unmet demand in 2022. Rejections are attributed to a lack of collateral and high credit risk.

In this regard, Tran Long, Deputy CEO of BIDV, shared that only about 25% of SMEs in Vietnam have access to formal credit sources or trade finance tools. Current SBV regulations show that trade finance products, including document discounting and payment support, are being managed similarly to credit lines, which limits banks' ability to provide trade finance tools to enterprises.

“If businesses want to utilize trade finance products, they essentially need to be granted credit limits or working capital by the bank,” he said. 

Moreover, lack of transparency in accounting practices, financial reporting, and management capacity makes banks reluctant to provide trade finance products, such as invoice financing, export contracts, and document collection, especially those advanced trade finance methods applied in other countries.

“I expect SMEs to enhance operational efficiency, comply with regulatory requirements, and improve their management capabilities. On the bank's side, efforts should be made to enhance communication so that enterprises understand the common trade finance products offered in the market,” he said.

On the regulatory side, there are still many legal loopholes that need to be addressed to make it easier for banks to provide trade finance to enterprises and for SMEs to use these tools. Therefore, banks need to diversify trade finance products and not integrate them into the credit mechanism or credit assessment process with enterprises, he continued.

Instead, banks can rely on advanced methods to assess the financial capacity of enterprises, such as cash flow, export invoice financing based on inventory, among others. Furthermore, banks can collaborate with fintech companies and insurance firms to incorporate technology into their operations to reduce transaction processing time. With technology applications, all parties involved can maintain multiple connections between customers, enterprises, customs, shipping companies, or logistics firms, thereby promoting transparency and expanding trade finance, he suggested.

To further promote trade finance, the experts recommend developing instruments like supply chain finance and innovative digital offerings to reduce costs and improve access. This, in turn, would require stronger regulatory frameworks that address collateral requirements, digital transactions, central bank conditions, and accountability frameworks. In addition, it also suggests increasing awareness of how to access trade financing among smaller firms and local suppliers. 

Trade finance, an umbrella term including various financial instruments, helps to oil the wheels of trade by bridging the gap between exporters’ and importers’ differing expectations about when payment should be made. Trade finance includes loans and working capital facilities that exporters need to process or manufacture products and importers to buy inputs, raw materials, and equipment. Insufficient trade finance increases the risks of the trade transaction (i.e. not receiving payment or delivery) and trade costs (i.e. opportunity costs of using scarce cash resources).

HCM City Export Forum and Trade Fair slated for May 8-11

The Ho Chi Minh City Export Forum and Fair 2024 will be held in the southern metropolis on May 8-11, the municipal Department of Industry and Trade announced on February 22.

The event will bring together Vietnam’s leading exporters who will popularise their high-quality agricultural products, food and beverage, garment and textile products, leather shoes and handbags, and supporting services, among others.

A string of forums and business matching events will be held to connect Vietnamese enterprises and international buyers.

According to Director of the HCM City Centre of Supporting Enterprise Development Le Minh Trung, some 450 booths will be arranged at this year's event, doubling the number in 2023.

On the occasion, a meeting will be held for managers, businesses, and associations with a view to boosting export, while visits to factories and material and production areas are on schedule, creating favourable conditions for businesses to seek partners and importers.

Advanced technologies will be applied at the event, comprising online check-in system and online exhibition floor layout.

Measures sought to promote Vietnam-Belgium cooperation

The Vietnamese Embassy in Belgium on February 21 held an event named “Meet Vietnam” in Brussels, aiming to seek measures to promote the Vietnam-Belgium cooperation in the coming time.

Nearly 130 guests who are representatives from Belgian agencies, universities, businesses, and social organisations attended the event.

Speaking at the event, Vietnamese Ambassador to Belgium Nguyen Van Thao highlighted the potential for cooperation between the two countries in six key areas including seaport-logistics, modern agriculture, green energy, healthcare-medicine, human resources training, and people-to-people exchange.

Vietnam and Belgium can also cooperate in developing solar energy, wind power, and hydroelectric energy projects, while sharing experience and technology, he added.

In 2022, two-way trade turnover between Vietnam and Belgium increased by nearly 60%, partly thanks to Belgium's export of vaccines and medical products to Vietnam. This shows the great potential for cooperation, not only between the two countries but also between Belgium and ASEAN via Vietnam's geo-economic position as a regional gateway, especially when the demand for high-quality medical products and services is increasing in Vietnam and the region.

Regarding human resources training, the ambassador noted that the two countries can promote cooperation in areas where Vietnam has high demand such as technique, information technology, and management.

He said strengthening people-to-people contact between the two countries through cultural, tourism, and academic exchanges will create opportunities to increase understanding, tighten relations, and create a solid foundation for comprehensive cooperation between the two countries.

First Vice President of the Belgian Senate and President of the Belgium-Vietnam Alliance Andries Gryffroy emphasised that Vietnam - Belgium relationship is a special one that has been built on the foundations of respect, trust, and mutual interests. 

He pointed out significant achievements in expanding and strengthening bilateral relations, especially in the fields of economy, trade, and investment. The visits by the two countries' high-ranking ndelegations in the past year are clear evidence of the constantly developing Belgium-Vietnam cooperation, he said.

According to him, Vietnam and Belgium have many similarities and potential for cooperation in such fields as seaports, agriculture, green energy, healthcare, human resources training, and people-to-people exchange will create many new opportunities for both countries.

Gryffroy also emphasised the importance of promoting cooperation between organisations and businesses of the two countries and encouraged their exchanges of information, experience, and technology to enhance the effectiveness of cooperation. 

He affirmed that he will continue supporting and promoting the cooperative relations between Vietnam and Belgium.

The event "Meet Vietnam" also offered an opportunity to introduce and promote Vietnam’s agricultural products in the Belgian market.

HCM City aims to support nearly 2,000 startup projects in five years

The People’s Committee of Ho Chi Minh City has issued a plan to implement policies supporting innovative startup projects in the city in the 2024-2028 period, which is expected to benefit nearly 2,000 projects.

Under Plan No.433/KH-UBND, the southern economic hub aims to support more than 1,000 innovative startup projects at the pre-seed stage, along with more than 700 others at the seed stage, 200 in the stage of seeking adventure investors.

To this end, the city will organise training courses for science-technology organisations, innovation centres, intermediary organisations supporting innovative startups, and educational institutions with activities to assist innovation activities.

Particularly, the city will support innovative solutions, products and services as well as innovative startups during the application process or feasibility evaluation in the form of science and technology tasks.

All the activities will be coordinated by the municipal Department of Science and Technology.

VinFast breaks ground its first integrated EV facility in India

Vietnamese electric vehicle (EV) maker VinFast on February 25 broke ground for its integrated electric vehicle facility in Thoothukudi city, India’s Tamil Nadu state.

Located in the State Industries Promotion Corporation of Tamilnadu Ltd (SIPCOT) in the southern state, the facility, which covers an area of 160 ha, has an investment of 500 million USD for the project's first phase in five years. It is expected to make 150,000 vehicles yearly and create about 3,000-5,000 jobs.

Besides strengthening cooperation with the world's leading suppliers, VinFast plans to promote the localisation rate, contributing to creating positive momentum for local economic growth.

According to Minister of Industries, Investment Promotion & Commerce of the Government of Tamil Nadu T.R.B Rajaa said that VinFast's entry into the Indian market has affirmed Tamil Nadu's industrial policies, and role as a global auto manufacturing and innovation hub. Tamil Nadu's vision aligns with VinFast's growth strategy in India, as well as its commitment to making sustainable mobility more accessible to everyone.

At the groundbreaking ceremony, he expressed his belief that the project will contribute to the local economic growht, bringing opportunities of jobs and skills development for Tamil Nadu residents.

India, the world's third-largest automobile market, is one of the key markets in VinFast's global expansion plan. The groundbreaking ceremony took place more than a month after VinFast and the government of Tamil Nadu announced the signing of a Memorandum of Understanding (MoU) on January 6, which affirmed VinFast's determination to implement the plan.

In addition to opening factories, VinFast plans to establish a dealer network to build brand recognition and quickly connect with customers across India.

Satellite cities a focal point for new development in metropolises

Strongly developing satellite cities for some metropolises is among the targets specified in the Prime Minister’s recent decision on the strategy to develop the construction sector by 2030, with orientation towards 2045.

In this strategy, one of the general targets for 2030 is to improve the institutional system and management tools that must be comprehensive, consistent, modern, and in line with international practices to create a favourable, fair, and transparent environment for construction investment stakeholders.

Others include enforcing law in construction, improving the quality of urbanisation and the urban economy, and focusing development on satellite cities for some big urban centres, especially around Hanoi and Ho Chi Minh City.

The construction sector must gradually improve the quality of urban development in terms of economy, society, infrastructure, architecture, housing, and quality of life. It has to reform and improve the quality of construction planning, adopt a long-term vision for urban development, and form smart cities in the key economic regions of the northern, southern, and central regions.

The sector also has to gradually connect smart cities of Vietnam with others in the region and the world. It is important to build low-carbon and green cities that have their own characteristics, take the lead in innovation, and become development momentum by 2030.

By 2045, the construction sector must be capable of designing and building modern structures in various fields. It must be able to compete and expand operations in foreign markets.

In addition, the construction material industry must be developed into a modern one, and the urbanisation rate in Vietnam should be in the upper-middle group among countries in Southeast Asia and Asia by 2045, according to the strategy.

Vietnam develops offshore hydrogen production

Green hydrogen production using offshore wind turbines is an optimal solution that many countries around the world have applied in their energy transition.

Vietnam also considers it one of the breakthrough solutions to achieve net-zero emissions by 2050.

According to Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan, hydrogen has been recognised as a clean energy source that is indispensable in the energy structure of many countries to achieve the goal of carbon neutrality by 2050.

As of early 2023, more than 40 countries had issued national hydrogen strategies and major financial support policies to form and develop the hydrogen industry. In particular, the EU aims to produce green hydrogen to account for 13% to 14% of the energy structure by 2050. Japan and the Republic of Korea (RoK) target to develop clean hydrogen, including green hydrogen and blue hydrogen to make up 10% and 33% of the national energy structure by 2050, respectively.

In Vietnam, the Ministry of Industry and Trade is drafting a hydrogen production strategy and deploying gas power and offshore wind power projects according to the Politburo's Resolution No. 55-NQ/TW on the strategic orientation of Vietnam's national energy development until 2030 with a vision to 2045, dated February 11, 2020, and Decision No. 893/QD-TTg approving the National Energy Master Plan for the 2021-2030 period with a vision to 2050, dated July 26, 2023.

Under the draft strategy, Vietnam will promote the development of hydrogen energy production and hydrogen-derived fuels in potential areas to target a hydrogen output of 100,000-500,000 tonnes by 2030 and 10-20 million tonnes by 2050.

According to the Vietnam Petroleum Institute (VPI), until 2025, the cost of producing clean hydrogen, including blue hydrogen and green hydrogen, will still be very high. So, the Government’s support policies are needed for clean hydrogen production to be developed and gradually improved in Vietnam, thus ensuring the competitiveness of clean hydrogen sources.

The support policies for hydrogen development need to reduce risks to investors. Specifically, hydrogen production should be added to national energy planning to create a legal framework and priority list for hydrogen development projects. Moreover, preferential tax rate policies, standards, technical regulations and safety regulations are also needed to ensure the synchronous development of the hydrogen value chain.

With the advantage of production network and supply chain in green hydrogen development, the Vietnam Oil and Gas Group (PVN) has participated in the process of planning strategies and policies to create the necessary legal framework for the development of the green hydrogen industry.

The PVN focuses on research and application, accessing new technologies in production, transportation, storage and use of hydrogen to be ready for commercial production.

Regarding hydrogen use, the PVN's petrochemical refineries and nitrogen fertiliser factories are direct customers using green hydrogen sources to gradually replace the current grey hydrogen source. In addition, the PetroVietnam Technical Services Corporation (PTSC) - is implementing offshore wind power projects to create a premise for developing green hydrogen.

Vietnamese businesses suggested taking advantage of global supply chain shifts

Domestic enterprises are suggested taking advantage of global supply chain shifts as Vietnam is emerging as an attractive investment destination for global investors.

According to experts, the trend of placing supply sources closer to consumer markets to minimise risks is the safest pathway to avoid interruptions. Many multinational corporations are diversifying their supply sources in many markets that Vietnam's supporting products are also targeting.

Phung Anh Tuan, Deputy Director of Manutronic Vietnam JSC, said that the global supply chain shifts bring his company and other Vietnamese electronics businesses opportunities to participate in the global supply chain, expand production and business activities, and create more jobs.

However, the shifts pose challenges for domestic supporting industries as they must meet high requirements and standards of partners.

To meet the requirements, Vietnam needs a workforce with the capacity to obtain scientific and technological transfers to Vietnam.

Vice Chairwoman and Secretary General of the Vietnam Association of Supporting Industries (VASI) Truong Thi Chi Binh said that Vietnamese enterprises in the manufacturing sector are mostly small and medium-sized ones that supply components and spare parts for the automotive, electronics, and motorcycle industries.

They are well aware of the regulations and requirements of the supply chains regarding quality and delivery time. However, producing components for high-tech products such as automobiles or aeroplanes is much more challenging. For the aviation industry, Binh said, some Vietnamese companies can produce separate small components for lower-tier suppliers of Boeing, but it is highly technical to be a supplier for a global aviation corporation like Boeing.

To become a chain of the global aviation industry in general, and Boeing in particular, countries need to have long-term preparation, she said, taking the example of India and Malaysia who started building strategies on developing the aerospace industry 30 years ago, from training engineers to researching technology trends.

Nguyen Thi Van Anh from Systech Trading and Technology Joint Stock Company said Vietnam is attracting an influx of foreign direct investment, creating opportunities for domestic enterprises to become suppliers of the world's major groups. However, localisation rates remain low, only around 30-40%, demonstrating significant challenges ahead for the supporting industry.

Nguyen Hoan Vu, general director of KORI Beauty said that to participate more deeply in global supply chains, Vietnamese businesses need to drastically change their thinking to meet client demand.

Enterprises should invest 10-20% of resources in research and development to be able to produce products with high technological content, he said. They should also apply international standards to improve professionalism and build trust.

He suggested that they are urged to adhere to internationally recognised management tools such as ISO9001 and ISO14001 to enhance professionalism and build trust with large foreign corporations.

Overnight interbank rate hits nine-month record high

Overnight interest rate in the interbank market has surged to more than 4 per cent, the highest level in the past nine months, data from the State Bank of Vietnam showed.

The rate on Wednesday had increased by nearly 4 times against the end of last week, from 2.15 per cent to 4.14 per cent. It meant after just one trading session, the rate nearly doubled and reached its highest level since the end of May 2023. It was much higher than the peak level of 2.38 per cent recorded during the peak payment period near the Lunar New Year.

With the surge, the rate for overnight term is currently even higher than that of one-week to three-month terms.

In the interbank market, overnight term accounts for up to 90 per cent of total transaction value.

Along with the overnight term, interest rates at two other key terms also increased sharply compared to the end of last week, of which one-week term was up from 1.27 per cent to 3.81 per cent; two-week term was up from 1.39 per cent to 3.02 per cent; and one-month term was up from 1.85 per cent to 2.55 per cent.

According to experts, the sharp surge of the overnight rate, along with high transaction turnover, meant liquidity of the banking system is showing signs of shortage, but it is only in the short term and it will likely cool down soon in the coming trading sessions.

Interbank interest rates have increased significantly after credit growth unexpectedly accelerated in the last month of 2023. In December 2023 alone, credit of the banking system surged by up to 4.35 per cent compared to the previous month, bringing credit of the whole year to 13.5 per cent.

Experts expect the sharp increase in overnight interbank interest rates will contribute to reducing pressure on domestic exchange rates when the US dollar has strongly recovered in the international market. The greenback price is currently listed at VNĐ24,390 per dollar for buying and VNĐ24,790 per dollar for selling, an increase of VNĐ190 compared to before the Lunar New Year holiday.

In a newly released report, analysts from the Vietcombank Securities Company (VCBS) forecast the Vietnamese đồng may still devalue against the dollar when interest rates continue to break deep into the bottom zone.

The development of the exchange rate will depend largely on foreign currency supply from direct and indirect investment cash flows, and remittances, VCBS analysts noted. 

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