Vietnam, Thailand and Indonesia maintained impressive growth in FDI throughout 2023 with increases of 32.1%, 42%, and 13.7%, respectively, with Vietnam topping the chart in FDI amount recorded. 

"Vietnam remains an exception in attracting FDI in the global and regional context in 2023," said VDSC.

According to the Foreign Investment Agency, under the Ministry of Planning and Investment (MPI), the total registered FDI capital in the nation reached US$36.61 billion last year. Elsewhere, the accumulated realised capital of foreign investment projects in the Southeast Asian economy was estimated at US$23.18 billion, a 3.5% rise from the previous year, setting a new national record in terms of FDI disbursement. 

The number of newly registered projects in 2023 reached 3,188, marking a 56.6% increase compared to last year’s same period, while average registered capital per new project soared slightly by 3.6% compared to 2022. 

According to fDi Markets, a global monitor of FDI sources, FDI into the Vietnamese processing and manufacturing industry accounted for 64% of the total registered FDI capital, hitting US$23.5 billion, up 39.9% on-year.

Energy remained a bright spot in 2023 with several large projects, including the US$1.99 billion Thai Binh LNG Power Plant by Japan, the US$1.5 billion photovoltaic cell production project by Chinese Jinko Solar, and the US$1.05 billion electronic component manufacturing projects by LG Innotek (the Republic of Korea). 

As of January 20, the total FDI capital in the country reached roughly US$2.4 billion, a 40.2% increase compared to the corresponding period in 2023.

Newly registered capital reached US$2.0 billion, a 66.9% increase from the same period. In comparison, additional registered capital and capital contribution dropped by 23.1% and 33.1%, reaching US$35.4 million and US$16.5 million, respectively.

The significant increase in FDI in January is thought to be primarily due to large-scale real estate investment projects.

A major urban development project in Hanoi with a total capital of US$662 million accounted for 53.9% of the total registered investment capital attracted in the first month of the year in the real estate business sector. Excluding this sudden surge, registered investment capital in the year's first month was equivalent to the same period in 2023. However, actual investment capital for foreign investment projects was estimated to stand at US$1.5 billion, a 9.6% increase.

Thanks to the positive growth in FDI seen throughout 2023, the nation's disbursement rate of FDI capital enjoyed a remarkable improvement. In 2023, FDI disbursement hit US$23.2 billion, a 3.5% increase compared to a year earlier.

"Growth in FDI in January 2024 continued to reinforce our view that FDI disbursement may continue to accelerate due to the large amount of FDI registered in 2023 and multinational companies continuing to diversify their investments out of China. Vietnam looks to remain an attractive investment destination due to advantages such as its strategic location, various free trade agreements (FTAs), and competitive labour costs. Upgrading diplomatic relations with the United States and Japan will help increase investment in Vietnam," said Hanoi-based VietCap Securities Company.

According to UNCTAD's forecast, global FDI flows may experience modest growth in the year ahead due to predictions about inflation and borrowing costs in stable developing markets. However, negative developments are still overshadowing the positive direction, related to political risks, high debt levels in countries, and the risk of declining global economic growth. In addition, this year will see voters in more than 80 countries and territories (representing over half of the world's population) vote in elections, which will also impact global investment.

According to VDSC experts,  the prospects for this year’s FDI attraction will remain positive due to the country’s position as being viewed as a potential destination for strategic diversification of supply chains by global manufacturers, its trend of positive economic growth, and a stable political environment.

Vietnam international textiles expo kicks off in HCM City

The first Vietnam International Trade Fair for Apparel, Textiles and Textile Technologies (VIATT) opened in Ho Chi Minh City on February 28.

The expo is co-organised by Messe Frankfurt – a German-based organiser of the world's largest trade fairs, congresses and events – and the Vietnam Trade Promotion Agency (VIETRADE) under the Ministry of Industry and Trade. Spanning 15,000 square metres, it features over 500 booths run by more than 400 domestic and foreign firms from 16 countries and territories worldwide such as the UK, Germany, the US, Switzerland, Japan, the Republic of Korea, China, Thailand, and India.

Vietnam’s national brand pavilion is the highlight of the three-day expo, introducing visitors to the strengths of domestic textile and garment brands. Vietnamese products on display include apparel, home textiles, technical textiles, non-woven fabrics, and textile processing-printing technologies, among many others.

The business community and visitors are set to join 14 symposiums and fashion shows, focusing on such practical topics as design and trends, market access strategies, and textile and non-woven fabric technologies.

According to Detlef Braun, member of the Executive Board at Messe Frankfurt, VIATT is an event in the company’s Texpertise Network that connects over 500,000 people across the globe. The exhibition provides opportunities for textile businesses to engage in trade connectivity, participate in the global textile production chain, and form links throughout the value chain from raw materials to final products.

Speaking at the opening ceremony, Deputy Minister of Industry and Trade Phan Thi Thang said VIATT is an opportunity for businesses to seek partners, gradually increase localisation rate, meet the diverse needs of domestic and international customers, enhance the added value of products, and make contributions to the development of the Vietnamese textile industry towards green and sustainable trends worldwide.

Participating major global brands, meanwhile, will receive assistance to transfer technology and management experience to and participate in the development of supply chains in Vietnam, she noted.

Vietnamese firms attend Hong Kong gem, jewellery shows

Vietnamese businesses are joining enterprises from 43 countries and territories worldwide at two gemstone and jewellry shows in Hong Kong (China) from February 27 to March 4.

The 10th Hong Kong International Diamond, Gem & Pearl Show, organised from February 27 to March 2 at AsiaWorld Expo, is introducing a wide range of diamond, gemstone and pearl raw materials. It includes three high-end product zones - Hall of Fine Diamonds, Treasures of Nature and Treasures of Ocean.

Meanwhile, the 40th Hong Kong International Jewellery Show will run from February 29 to March 4 at the Hong Kong Convention and Exhibition Centre, with world-class jewellery masterpieces and craftsmanship on the showcase.

This is the first time since the COVID-19 pandemic that the “two shows, two venues” format has been reinstated. More than 60% of the exhibitors come from outside Hong Kong, which signifies the high international profile of the two fairs.

They are billed as ideal events for Vietnamese businesses to seek supply or expand markets.

Director of Precious Le Gemstone and Jewellry Co. Ltd Le Thu Phuong said that her company has attended annual fairs in Hong Kong, Thailand and the US to introduce Vietnamese precious gemstones to foreign customers, adding that such high-quality stones as Cobalt Spinel, Ruby and Sapphire have received attention from international buyers.

More than 30 seminars, forums and parades will be arranged at the twin jewellery shows, including AI design and innovative technology for digital transformation of the industry, fashion matching and market trends, and industry information and standards.

The shows will run under the EXHIBITION+physical-online hybrid model, extending face-to-face interactions from physical exhibitions to an online, smart business-matching platform to help enterprises proactively connect with business partners. 

Last year, the events attracted more than 2,500 exhibitors and more than 60,000 visitors from 130 countries and territories.

Hong Kong’s jewellery exports in 2023 was valued at around 11.23 billion USD, surging 40% from 2019 before the COVID-19 pandemic broke out.

Vietnamese exports to US exceeds US$10 billion in January

Vietnam’s exports to the United States surpasses the US$10 billion mark in January, representing an increase of 64% compared to the same period from last year, according to data given by the General Department of Vietnam Customs.      

The country’s key export products to the US include phones and components with a turnover of US$1.39 billion; computer, electronics, and components with US$1.79 billion; and machinery, equipment, tools, and spare parts with US$1.57 billion.

Garment and textile exports to the US hit US$1.32 billion, while wood, footwear, and aquatic exports to the demanding market hit US$821 million, US$688 million, and US$111 million, respectively.

Meanwhile, exports to the EU bloc reached US$4.6 billion, up 40% on-year, equivalent to an increase of US$1.32 billion.

The country’s exports to China, ASEAN, the Republic of Korea, and Japan surged by 19%, 47%, 38%, and 45% to US$4.56 billion, US$3.2 billion, US$2.34 billion, and US$2.23 billion, respectively.

Furthermore, the nation’s total export value in January stood at US$34.53 billion, recording the highest level since August, 2022, up 9.7% from the previous month and up 46% against the same period from last year.

Consumption shows signs of recovery after Tết

Although consumption during the recent Tết (Lunar New Year) holiday did not grow as expected, some positive signs are creating excitement for businesses.

Business activities have returned to normal across traditional markets, supermarkets, and stores in HCM City.

According to the city's Department of Industry and Trade, businesses in the area are still supplying goods according to the general plan prepared two months before, during and after Tết.

In particular, businesses that stabilise the market keep prices of essential food items such as rice, sugar, cooking oil, cattle meat, poultry, poultry eggs and some vegetables stable for a month after Tết.

Distribution businesses, in addition to ensuring a diverse supply of products, are focusing on inventory clearance and acquiring new goods. Specifically, supermarket chains Co.opmart, Co.opXtra, and Co.op Food increased the amount of vegetarian products by 30 per cent compared to normal business months.

These supermarkets are also offering discounts on various types of products such as food, household items, nutritional products and children's toys, as well as sending vouchers to regular customers to stimulate demand.

Thanks to the flexibility to adjust production plans, regulate supplies and increase promotions to bring products to market, many businesses are less pressured to recall goods and clear inventory after Tết.

Nguyễn Phúc Khoa, Vissan's chairman, said that during the Tết month, Vissan continuously follows the market and adjust production according to demand. Therefore, after Tết, the inventory of typical Tết items such as smoked sausage and giò lụa (lean pork paste) is very low.

Similarly, other businesses were also able to sell all of their products before Tết. Distribution stores are also out of products, so they need to acquire goods right after Tết.

During the first working day after the holiday, G.C Food Joint Stock Company delivered nearly 60 tonnes of all kinds of goods, mainly aloe vera and coconut jelly, to domestic customers.

Nguyễn Văn Thứ, chairman of the Board of Directors of G.C Food, said that compared to the same period last year, sales volume doubled because customers had to buy goods immediately to sell them after Tết.

Experts said that the peak shopping season during Tết is always a push for production and business activities, promoting the growth of the domestic market.

In the context that the Government is focusing on the GDP growing 6.5 per cent with inflation at 4-4.5 per cent in 2024, the supply-demand linkage and stimulation of domestic product consumption is key to the stable and sustainable development of the national economy in the years to come, they asserted.

Economist Ngô Trí Long said that along with speeding up public investment and removing difficulties that are hindering businesses, it is necessary to boost the growth of the domestic market by reducing value added tax and adjust personal and corporate income taxes to suit the new situation.

Long advised businesses to adjust their production and business methods to provide high quality products to consumers in a fast manner at reasonable prices, while applying promotion policies and building reputations for their brands.

Meanwhile, businesses underlined the need for long-term and stable consumption stimulating policies as well as direct support to enterprises, such as cutting down land rents. 

The need for operating emission trading scheme pilot

As an emission trading system (ETS) will be piloted next year and officially operated in 2028, a training course has been held starting on February 26 in Hanoi to promote understanding of the carbon market and ETS for Vietnamese public and private stakeholders.

The two-day conference, which is the first capacity-training in Vietnam and is organised by the Southeast Asia Energy Transition Partnership (ETP) in cooperation with the Department of Climate Change (DCC), Ministry of Natural Resources and Environment (MONRE), targets representatives from ministries, development donors, and financial institutions; with a comprehensive and systematic training curriculum on ETS and carbon markets using a market simulation tool.

The initiative comes at a crucial time as Vietnam is pushing to reduce carbon emissions and making efforts to fulfil its obligations under the Paris Agreement.

“The training programme will contribute to enhancing the understanding of stakeholders regarding their respective positions and roles in the development of Vietnam’s carbon market. In addition, these activities will facilitate closer collaboration among participants, aiming to establish and effectively operate the market,” said Fritzie Vergel, a representative of ETP.

Mai Kim Lien, deputy director of the Department of Climate Change under the MONRE, emphasised the supportive activities of international organisations in the development of the Vietnamese carbon market.

"Within the framework of the Memorandum of Understanding between the Department of Climate Change and the United Nations Office for Project Services (UNOPS), the ETP programme encompasses various supportive initiatives,” Lien said.

“One such activity involves the selection and guidance on utilising a system simulation tool for greenhouse gas emission allowance trading. This tool aims to facilitate a deeper understanding among relevant parties regarding the functionalities, operational processes, management, and trading of emission allowances and carbon credits on the trading platform.

“It serves as highly valuable support for stakeholders involved in the establishment and successful operation of the greenhouse gas emission allowance trading and carbon credit markets in Vietnam.”

The establishment of a robust ETS plays a pivotal role as stated in the updated nationally determined contribution (NDC) in 2022. By placing a cap on total emissions and allowing companies to buy and sell credits, ETS introduces economic incentives for businesses to reduce their emissions efficiently.

Even though Vietnam is going to pilot an ETS next year, there are many challenges that remain, said Dang Hong Hanh, co-founder of Energy and Environment Consultancy JSC (VNEEC).

“In some countries, they have three to five years of preparation before piloting, but we only have one year.”

“There are many new technical and managerial requirements that require significant resources, and numerous legal documents and implementation guidelines need to be issued in 2024.

"This undertaking necessitates strong political commitment and active engagement from diverse stakeholders. Simultaneous execution of multiple tasks is imperative, alongside the selection of an appropriate scale for the pilot phase."

Moreover, the carbon market is characterised by volatility, necessitating adaptable policies and ongoing adjustments. However, the policy-making process in Vietnam is time-consuming and involves multiple steps, Hanh added.

The second training course is specifically designed for representatives from energy-intensive enterprises, business associations, and media, and will be held from February 29 to March 1.

Exports of wood, wooden furniture see strong recovery

Despite daunting challenges, Vietnam’s exports of wood and wooden furniture have shown signs of recovery since the end of 2023, Director of the Vietnam Chamber of Commerce and Industry (VCCI)’s Ho Chi Minh City Branch Tran Ngoc Liem said on February 26.

At the opening ceremony of the Vietnam International Furniture & Home Accessories Fair (VIFA EXPO) 2024 in HCM City, Liem said that shipment of the products in December 2023 rose 10.3% month-on-month to 1.6 billion USD while that in January grew 10.2% from the previous month to nearly 1.8 billion USD.

He said this was the only product in the field of agriculture with export value exceeding 1 billion USD within a month, and 32 out of 45 key export markets seeing growth.

However, Liem said that the wood industry is facing several problems that affect its sustainability, including risks related to imported timber materials, the EU’s deforestation regulations and requirements for wooden products to have low carbon footprints.

He also described the conflict in the Red Sea, which forced liners to stop transport or divert their routes, subsequently leading to higher transport expenses, as another major challenge.

Although export growth was recorded in several markets in 2023, such as India (288%), Peru (111%), Turkey (90%) and Norway (52%), it was a tough year for Vietnam’s wood exports. This was the first time the industry has reported negative export growth in two decades as shipments fell 14.8% to only 16 billion USD.

VIFA EXPO 2024 is organised by the VCCI's HCM City Branch, the Vietnam Association for Construction Materials and the Alliance Handicraft & Wooden Fine Art Corporation from February 26-29.

It attracted more than 600 exhibitors who set up over 2,000 booths. The exhibitors are from 17 countries and territories, including Australia, Canada, China, Cambodia, Denmark, France, Hong Kong (China), India, Indonesia, the Netherlands, the US and Vietnam.

A wide range of wood furniture and products, home decoration items, handicrafts, machinery, and supporting services are displayed at the fair.

As an important trade promotion event for the wood and furniture industry, the expo serves as a venue for enterprises to introduce their products and seek orders.

Construction starts on Singapore’s 744-million-USD housing project in Binh Duong

Minister of Construction Nguyen Thanh Nghi, Singaporean Consul General in Ho Chi Minh City Kho Ngee Seng Roy on February 28 attended a groundbreaking ceremony for a high-end housing project in the southern province of Binh Duong, which is developed by CapitaLand Group of Singapore.

Covering an area of 18.9 ha in Thu Dau Mot city, the Sycamore Binh Duong project has a total investment capital of 18.33 trillion VND (over 744 million USD). It comprises seven sub-areas, providing approximately 3,500 townhouses, villas, and apartments.

According to Kho Ngee Seng Roy, as one of the largest real estate developers in Singapore, CapitaLand Development entered the Vietnamese market in 1994 and has made its mark through 18 projects in Ho Chi Minh City and Hanoi. This project in Binh Duong marks the first time the corporation has expanded beyond traditional markets.

He highly values Binh Duong for its dynamism and proactiveness in implementing policies to attract foreign investment.

Speaking at the event, Vice Chairman of the provincial People's Committee Mai Hung Dung said this project aligns with the province's strategy to create high-end real estate and establish a desirable living environment for residents.

Located in Binh Duong New City, the project marks a significant milestone in the economic and urban development of Binh Duong, laying a foundation for future investment cooperation between the Vietnamese locality and Singapore, he said.

The provincial authorities will create the best conditions for investors to complete the project promptly, thus  serving urban development in the locality, he affirmed.

Binh Duong has so far attracted over 4,100 foreign direct investment (FDI) projects with a total capital of over 40 billion USD from 65 countries and territories worldwide, becoming the second-largest locality in Vietnam in terms of FDI attraction. It has become an attractive destination for domestic and foreign investors, laying a foundation for forming high-quality urban chains in the future.

Last sections of Hồ Chí Minh Expressway set to be completed by 2025

An additional 170km of Hồ Chí Minh Expressway is to be built and completed by 2025, reported the Ministry of Transport.

According to the ministry’s report, the Hồ Chí Minh Expressway project, which started in 2000, has completed 2,488km out of its total length of 2,744km, and 258km of branch routes.

With the remaining 256km in five ongoing component projects, the ministry expects some sections to be completed by 2025.

Specifically, the Chơn Thành - Đức Hoà section with a length of nearly 73km passing through four southern provinces of Bình Phước, Bình Dương, Tây Ninh and Long An, has total investment of VNĐ2.3 trillion (US$92.94 million) with a roadbed of 12.25m wide and road surface of 11.25m wide.

To date, all three construction and installation packages have been completed, two of which were started in January 2024.

Basic progress meets requirements for the section to be completed by the end of 2025.

The Chợ Chu - Trung Sơn Junction section, with a total length of nearly 29km passing through two northern provinces of Tuyên Quang and Thái Nguyên has two lanes, 9m-wide roadbed and 6m-wide road surface, designed with operational speed of 60km per hour and invested with VNĐ1.6 trillion ($66.93 million).

After having the investment project approved, the Hồ Chí Minh Expressway Project Management Unit (PMU) has drawn out construction design, estimated expenses and selected a construction contractor to start construction in the first quarter of this year. The section is expected to be completed next year.

The Hoa Liên - Tuý Loan section in Hòa Vang District of Đà Nẵng City is invested VNĐ2.1 trillion ($84.75 million) with total length of 11.5km and designed with four lanes and a roadbed width of 22m.

The project began construction at the end of August 2023 and is expected to be completed in 2025.

Up to now, the locality has only handed over land for building 2.5 out of 11.5km of expressway and one out of 20km of collector road.

The slow handover is affecting the project progress which has just met 0.5 per cent of the contract value.

The Rạch Sỏi - Bến Nhất and Gò Quao - Vĩnh Thuận sections has total investment of VNĐ3.9 trillion ($157.4 million) with total length of nearly 52km passing two southern provinces of Kiên Giang and Bạc Liêu, and designed with two lanes and road surface of 12m.

The PMU is completing procedures to start the construction in the first quarter of this year.

Particularly, the Cổ Tiết - Chợ Bến section with total length of over 87km passing through three northern provinces and cities of Phú Thọ, Hà Nội and Hòa Bình, has completed a pre-feasibility study report and submitted to the Ministry of Transport for appraisal and approval.

The Hồ Chí Minh Expressway has a starting point in northern Cao Bằng Province and an ending point at southern Cà Mau Province.

Under the Law on Planning, the expressway is integrated into the road network for the period 2021-30, with vision to 2050, approved by the Prime Minister in Decision 1454/QĐ-TTg dated September 1, 2021.

Cashew exports promote deep processing to take advantage of FTAs

Promoting deep processing to export cashew nuts is viewed as a way for local businesses to capitalize on free trade agreements (FTAs) and add value to this industry.

According to preliminary statistics from the General Department of Customs, Vietnamese cashew exports in January 2024 reached 65,142 tons, equivalent to US$351.2 million, a slight increase of 3.3% in volume and a rise of 2.3% in turnover compared to the previous month.

​Compared to the same period last year, the nation's exports increased dramatically by 139.4% in volume and 126% in turnover. This is also the strongest growth rate among all agricultural products.

According to the Vietnam Cashew Association (Vinacas) , the country's cashew export turnover reached US$3 billion in 2022, and US$3.6 billion in 2023. However, the development of cashew trees and the cashew nut processing industry still faces limitations and challenges.

According to the Cashew Research and Development Center, the challenges facing Vietnamese cashews at present are that processed products are not diverse with low added value and poor competitiveness.

In addition, cashew seed cultivation and transfer techniques still have certain limitations. Cashew development still faces the risk of impacts from natural disasters and climate change.

The cashew industry is currently still facing fierce competition when Cambodia, West African and East African countries have large, suitable land funds, and they are boosting the development of cashew trees and gradually investing in processing and exporting cashew kernels.

However, experts say that demand for cashew nuts in many markets has improved since the end of 2023, opening up brighter prospects for Vietnam's cashew exports in 2024.

Therefore,  the cashew industry still has plenty of room for export growth. The current low price of cashew nuts will help promote consumption of this healthy product, while productivity and harvest output are quite stable.

The Vietnam Cashew Association said that the global cashew market is forecast to grow by an average of 4.6% in the 2022 - 2027 period.

The global trend towards vegan and plant-based diets has increased demand for nuts and nut-based foods, including cashew nuts.

In Vietnam, according to forecasts, this 2023 - 2024 crop season, despite adverse weather and many pests, cashew output will still maintain about 170,000 tons of cashew kernels.

Currently, Vietnam holds the number one position in the world in cashew exports, accounting for 80% of total global output for 16 consecutive years.

​As a leading export enterprise in Vietnam's cashew industry, Vu Thai Son, chairman of the Board of Directors of Long Son Joint Stock Company - commented that the cashew consumption situation in 2024 will be brighter than 2023. In particular, demand for deeply processed cashew nuts is continuing to increase and FTAs are also bolstering the nation's export of this product.

The FTAs have a positive impact on the export of deeply processed cashew nuts because in the past governments imposed import taxes on these products to protect domestic production. However in the FTAs that Vietnam has signed, deeply processed cashew nuts imported from the country have had their tax reduced to 0%.

Therefore, along with promoting investment and production of deeply processed cashew products and high quality cashew nuts, the industry has been able to reach many demanding customers and sell at better prices than the average price. In general, businesses are also actively performing green transformation, and social responsibility.

Besides, it is necessary to improve the value-added chain in the cashew processing industry, especially deeply processed products; proactively minimize exports in the form of unofficial quotas, moving towards implementing official exports under contracts to the Chinese market.

This should be done by restructuring the export market towards diversifying the market without depending on any one market, taking full advantage of signed and effective FTAs, supporting and creating favorable conditions for businesses to access the global market.

Vietnam is maintaining the number 1 position in the world for 16 consecutive years in cashew kernel exports, accounting for nearly 80% of total global output.

According to Bach Khanh Nhut, vice chairman of the Vietnam Cashew Association, the cashew industry currently needs the unanimous efforts of all individuals, organizations and businesses in the supply chain and value chain and the effective State support.

Regarding policy, the State needs to take measures to protect the domestic cashew processing industry by giving clearer regulations on the import and preliminary processing of cashew kernels, he added.

Over 500 businesses to attend Vietnam International Sourcing 2024

More than 500 firms from 25 countries around the world are expected to participate in the Vietnam International Sourcing 2024 which is scheduled to take place from June 6 to June 8 in Ho Chi Minh City, according to the European - American Market Department under the Ministry of Industry and Trade.

The main aim of the event is to enhance direct linkages that exist between Vietnamese businesses and a network of foreign retail distributors and importers.

On display across the 500 booths will be food products, garments and textiles, fashionable accessories, shoes, bags and luggage, sports and outdoor items, household appliances, and home decorations.

A number of activities will be held at the exhibition, including a trade exchange event, an international conference on the supply chain, seminars on export industries, and international consumer trends.

Through these seminars, local businesses will have the opportunity to gain greater insights into the various tastes of consumers in other countries, as well as stringent requirements set by foreign distribution groups, thereby devising an effective market development strategy.

Furthermore, domestic businesses will be able to grasp opportunities to expand export markets to Asian, European, American, and African countries.

Foreign importers can also meet reputable Vietnamese export businesses as they explore new products and expand sources of purchasing goods moving forward.

The Vietnam International Sourcing 2024 is anticipated to attract over 10,000 visitors.

Bình Thuận seeks investment in tourism, real estate, renewable energy

The south-central province of Bình Thuận has announced plans to attract investment in the fields of tourism, real estate, and renewable energy.

Eight businesses will receive investment licences from the province.

Major projects include a large tourism project, Becamex IDC’s Hàm Tân-La Gi Industrial, Urban, and Service Area project with a scale of 5,000ha and a total investment of VNĐ20 trillion, and Kiến Phát Real Estate Investment Company’s tourism, arts, culture, and sports urban area with an area of 45ha and a total investment of nearly VNĐ1.9 trillion.

In addition to the tourism and real estate projects, the province has also granted MoUs for enterprises in the fields of production and energy.

These include a renewable energy project with a total investment of VNĐ15 trillion, a paper and packaging production factory worth VNĐ5 trillion, and a high-tech structural steel production complex of nearly VNĐ4.9 trillion.

Bình Thuận is one of the emerging resort real estate markets in the South Central region of Việt Nam, experts say.

It has approved investment for 56 coastal tourism projects as of the end of 2023, according to a report from the Department of Planning and Investment.

The province will organise a ceremony by the end of the month in Phan Thiết City to announce these investment opportunities to potential investors. 

Nearly 112 million tonnes of cargo handled at Vietnamese seaports

Vietnamese ports handled nearly 112 million tonnes of cargo in the first two months of this month, a year-on-year increase of 8 per cent, statistics from the Ministry of Transport's Vietnam Maritime Administration revealed.

Export cargo reached 28.68 million tonnes, up nearly 8 per cent year-on-year, and import cargo hit 33.884 million tonnes, up 16 per cent. 

At the same time, container cargo transported via seaports totalled over four million twenty-foot equivalent units (TEUs), surging 27 per cent compared to last year's corresponding period.

During the two months, HCM City, Bà Rịa-Vũng Tàu and Hải Phòng recorded the highest growth in the country, with average yearly increases of 43-53 per cent.

In January alone, the volume of cargo transported through seaports saw a yearly rise of 43 per cent to over 68.7 million tonnes, according to the data. 

Last year, these ports handled 733.18 million tonnes of cargo, up 4 per cent from the previous year, the administration said. 

It said the 4 per cent rise was the lowest pace recorded in recent years, mainly since production and trading failed to completely recover and China’s “zero COVID” policy has affected corporate operations. 

In the master plan for Việt Nam's seaport system development for 2021-30, with vision to 2050, the administration forecasts about 1,422.5 million tonnes of goods will pass through local seaports by 2030, including 559 million tonnes of container cargo. 

New ferry terminal to open in Cat Ba Archipelago

The Dong Bai Ferry Terminal will be put into operation from March 1, replacing the Got Terminal in Cat Ba Archipelago.

Visiting the terminal for a final check on February 26, vice chairman of Haiphong City People's Committee, Nguyen Duc Tho, said that the new terminal was expected to help ease serious congestion which used to occur at the Got Terminal during holiday periods.

"The old Got Terminal used to transport 3,700 passengers and 750 vehicles to Cat Ba daily," the official said. "Passenger numbers to the island usually double during holidays, which causes congestion. We hope that the problem will be solved with this new terminal."

The committee hopes Cat Ba Archipelago will see more visitors this year after it was officially recognised as a world natural heritage by UNESCO last September.

Cat Ba Archipelago is the largest limestone archipelago in the country. It includes over 360 islands, including Cat Ba Island to the south of Ha Long Bay.

The archipelago was previously recognised by UNESCO as a world biosphere reserve.

Haiphong City received eight million visitors in 2023, including three million to Cat Ba.

Hanoi shows strong backing for financial tower project

 Hanoi supports building an international financial tower as part of smart city development in Dong Anh District.

In a note sent to the Ministry of Transport, the Hanoi People's Committee said the financial tower will promote the image of Hanoi and Vietnam to the world.

According to the municipal People's Committee, a note has been sent to the General Staff Headquarters under the Ministry of National Defence and the Ministry of Transport to ask the two agencies for their opinions.

In response, the Air Defence and Air Force Department under the Ministry of National Defence said the 639m building would have no impact on the operations of the Air Defence and Air Force units, nor on the military parades held in the area of Ba Dinh Square.

The Civil Aviation Authority of Vietnam, under the Ministry of Transport, said the building will not disturb the operational system at Noi Bai International Airport. However, its height may change the Minimum Sector Altitude (MSA) and Minimum Vectoring Altitude (MVA).

In order to address the issues, the Hanoi People's Committee has asked the two agencies to carry out an in-depth evaluation of the construction project.

The city authorities have also asked the main contractor and its partners to work with the two government agencies to review the construction plan and provide additional data, particularly in relation to the height of the building, which could affect flight operations at Hanoi and Noi Bai International Airport.

With 108 floors and nearly 133,300 square meters of floor space, the tower will rise to 639 meters. It is expected to be the tallest skyscraper in Vietnam as part of the Smart City project, which covers Hai Boi and Vinh Ngoc communes in Dong Anh district.

Work on the smart city project began on November 11, 2023 by Northern Hanoi Smart City Development and Investment JSC, a joint venture between property developer BRG Group and its Japanese counterpart Sumitomo.

The smart city occupies a total area of 272 hectares and encompasses the Hai Boi, Vinh Ngoc and Kim No communes in Dong Anh District. The estimated cost of the project is US$4.2 billion.

Located in the north of Hanoi, the smart city will be integrated with the most advanced solutions of Industry 4.0 to provide people with a sustainable, green and high-tech life.

Australian credit institution supplies funds for Vietnam petroleum firm

Acuity Funding of Australia will provide finances for eight projects of the Nam Song Hau Trading Investing Petroleum Joint Stock Company (NSH Petro), based in the Mekong Delta province of Hau Giang.

The funding contract was handed over at a ceremony held at the headquarters of the Hau Giang People’s Committee on February 27.

In the first phase of the funding programme, Acuity will provide a total of about 290 million USD for the NSH Petro projects in Mai Dam township of Hau Giang, Go Cong town of Tien Giang province, and Tra Noc ward of Can Tho city to repay bank loans and tax arrears, and upgrade and expand their existing facilities. 

In the second phase, the Australian fund arranger will provide a total of some 430 million USD for NSH Petro to build a new plant in Tien Giang and increase working capital to help complete integrated projects in Dong Phu commune of Hau Giang and Phong Dien district of Can Tho.

Chairman of NSH Petro Mai Van Huy said that for 2024, the Ministry of Industry and Trade assigned his company to supply 684,926 cu.m. of fuel, comprising 466,186 cu.m. of petrol and 218,740 cu.m. of diesel oil. It is working to increase production to ensure sufficient fuel supply for localities in the Mekong Delta.

Ranjit Thambyrajah, Chairman and CEO of Acuity Funding, said that Acuity, a global private credit institution and a member of the Society for Worldwide Interbank Financial Telecommunications (SWIFT), has operated in Vietnam for more than nine years.

He noted apart from the partnership with NSH Petro, with support from the Australian Government and green financial sources, it will also expand funding for public, public-private partnership (PPP) and private projects of many other businesses and localities of Vietnam to generate benefits for the community, boost sustainable development, and help with environmental protection.

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