The Ministry of Planning and Investment (MPI) has taken various solutions to support domestic firms to join the global semiconductor supply chain more intensively, heard a meeting held on July 15 by the ministry.

Bui Anh Tuan, Chief of the Office of the MPI, told the meeting that the ministry has also given consultancy to competent agencies to perfect relevant policies and laws to facilitate investment, while enhancing international cooperation in this field.

It has coordinated with other ministries and agencies in drafting a project on human resources development in service of the semiconductor industry by 2030 with a vision towards 2050, which was submitted to the Prime Minister for approval, and proposing the establishment of a national steering committee for the development of the sector.

Speaking at the event, Minister of Planning and Investment Nguyen Chi Dung pointed out difficulties facing other sectors in Vietnam such as retail, and housing and real estate, along with major tasks set for the remaining months of this year.

He stressed the need to effectively put in place newly-issued policies and regulations, and roll out breakthrough solutions to spur growth, asking agencies to join hands in building socio-economic plans, orientations, tasks and solutions for 2025.

The minister also urged preparations for the all-level Party congresses, towards the 14th National Party Congress, as well as reforms, breakthroughs and innovation in development during the 2026-2030 period./.

Obstacles needed to be removed to promote equitisation and capital divestment: MoF

The Ministry of Finance (MoF)’s experts have stressed the need to remove obstacles in mechanisms and policies to promote the equitisation and divestment of state capital in enterprises.

Their suggestions were made at at a six-month preliminary conference of the financial sector held by the MoF in Hanoi on July 15.

To address this, the ministry is currently synthesising, researching and preparing submissions to competent authorities. These submissions aim to amend and supplement problematic mechanisms and policies, specifically those related to the arrangement and handling of housing and land facilities during the equitisation and divestment process, according to the experts.

By doing so, the MoF is focusing on researching amendments and supplements to several key legislative documents:

The first is the Law on Management and Use of State Capital Invested in Production and Business at Enterprises. This law governs the management and utilisation of state capital in enterprises, ensuring efficient use and accountability.

The second is Decree 126/2017/NĐ-CP, which pertains to the conversion of state-owned enterprises and one-member limited liability companies with 100% charter capital invested by state-owned enterprises into joint-stock companies. Amendments and supplements are being considered to streamline this conversion process.

And the third is Decree 91/2015/ND-CP. This addresses the investment of state capital in enterprises and the management and use of capital and assets at enterprises. The MoF is working on amendments to enhance the effectiveness and transparency of these processes. And decrees Amending and Supplementing Decree 126/2017/ND-CP and Decree 91/2015/ND-CP: Additional modifications are being researched to ensure all related regulations are coherent and supportive of the equitisation and divestment efforts.

These legislative amendments aim to resolve existing issues, facilitate smoother transitions and promote the efficient management and divestment of state capital in enterprises.

The ministry is preparing submissions to amend these laws and decrees to resolve existing issues and promote smoother transitions and working on enhancing the coherence and supportiveness of these regulations.

In the first half of the year, the ministry reported slow progress in the equitisation and divestment of state capital in enterprises, citing several reasons including limitations in planning, organisation and implementation phases, a lack of awareness and commitment from owner representative agencies and business leaders and the ineffective inspections and lack of significant sanctions, affecting accountability.

To address these issues, the MoF underscores the necessity to strictly handle cases causing delays or violating regulations, clearly defining the responsibilities of relevant organisations and individuals, particularly leaders, in the processes of restructuring, equitisation and divestment of state-owned enterprises./.

Reference exchange rate stays stable

The State Bank of Vietnam (SBV) set the daily reference exchange rate at 24,245 VND/USD on July 16, unchanged from the previous day.

With the current trading band of +/- 5%, the ceiling rate applicable for commercial banks during the day is 25,457 VND/USD and the floor rate 23,033 VND/USD.

At commercial banks, the opening-hour rates stayed stable.

At 8:21 am, Vietcombank listed the rates at 25,237 VND/USD (buying) and 25,457 VND/USD (selling), unchanged from July 15.

BIDV also kept their both rates unchanged from the previous day, listing the buying rate at 25,237 VND/USD and the selling rate at 25,457 VND/USD./.

Ha Nam, RoK cooperate in developing smart urban areas, hi-tech zones

The People's Committee of Ha Nam province and the Korea Overseas Infrastructure and Urban Development Corporation (KIND) on Juky 15 signed a Memorandum of Understanding (MoU) on establishing a strategic cooperation framework on smart urban area and hi-tech zone projects in the northern province.

Accordingly, local relevant units will provide information and necessary documents, conduct on-site visits and surveys, and organise regular meetings to evaluate progress and solve problems that arise in cooperation projects.

KIND, as the main implementing unit, will mobilise financial and technical resources to develop plans, and provide regular updates on progress and results for relevant stakeholders.

Besides, it will support Ha Nam province in attracting investors from the Republic of Korea (RoK) to realise set goals.

KIND President and CEO Lee Kang Hoon highlighted KIND's experience in urban infrastructure planning and development. He said the corporation is implementing many projects in Vietnam

Chairman of the Ha Nam People's Committee Truong Quoc Huy said that the province has been making efforts to attract investment for socio-economic development, particularly smart urban and high-tech zone development.

Huy asked KIND to closely coordinate with departments, sectors and localities of Ha Nam province to implement the agreed cooperation contents effectively./.

VinFast starts construction of new EV plant in Indonesia

Vietnamese electric vehicle (EV) maker VinFast Auto on July 15 began work on its new EV assembly plant in Subang city, West Java province of Indonesia.

The move into one of Southeast Asia's most promising EV markets is set to create numerous job opportunities for the local workforce and also underscores the company's commitment to expanding its presence in the region and supporting Indonesia's burgeoning EV industry.

With an initial investment of around 200 million USD, the plant will have an annual capacity of 50,000 vehicles.

Scheduled to commence operations in the fourth quarter of 2025, it will produce right-hand drive versions of VinFast's e-SUV models, including VF 3, VF 5, VF 6 and VF 7 for the Indonesian market.

General H. Moeldoko, Chief of Staff of the Executive Office of the Indonesian President, said that VinFast's presence will not only have a positive impact on the local economy, but will also provide new job opportunities and improve the life quality for the surrounding community.

He expressed his belief that VinFast will bring about technological innovation and knowledge transfer that is much needed to increase the competitiveness of the country's automotive industry.

Temmy Wiradjaja, CEO of VinFast Indonesia, remarked that the groundbreaking event, coming just a few months after VinFast's official debut in Indonesia, highlights the company's expansion and competitiveness improvement strategy in the Indonesian market, marking a key milestone in its strategy to become a leading player in one of the region's most promising EV markets.

He said he believes this project will demonstrate his company's long-term commitment to Indonesia, helping boost the EV industry, economic growth, and the quality of life for Indonesians./.

Hung Yen province works to accelerate progress of projects

The Red River Delta province of Hung Yen will continue working to improve its business climate and removing bottlenecks for enterprises in administrative procedures to push ahead the progress of projects in the second half of the year, Standing Vice Chairman of the provincial People’s Committee Nguyen Le Huy has said.

Speaking at the 21st meeting of the 17th provincial People’s Council, Huy highlighted that the province is striving to have an additional five industrial parks completing dossiers to get investment in-principle approval, accelerate site clearance work and the development of technical infrastructure in the industrial zones.

The province will strengthen inspections and be resolved to revoke slow-moving projects, while meticulously preparing for and capitalising on trade promotion activities, he stressed.

Huy added that it will continue the implementation of the national and local e-commerce project to tap the efficiency of its e-commerce platforms to the fullest extent, and develop distribution channels to ensure market equilibrium for essential projects.

In the meantime, Hung Yen will work to ensure the correct, sufficient and timely collection of state budget revenues, step up the completion of land handover procedures, and determine the land-use fees in urban area and housing projects.

According to Huy, the locality witnessed robust economic development during January-June, with an economic growth rate of 6.81%, state budget collection topping 22 trillion VND (865.9 million USD), and FDI attraction reaching over 1.4 billion USD./.

Vietnam, France eye high cooperation prospects in hydrogen development

Hydrogen de France (HDF Energy), a French energy company that has been present in Vietnam since 2022, has inaugurated its first fuel cell factory in Bordeaux of France, which is expected to lay a foundation for the launch of its “green” hydrogen factories in Vietnam and other countries in the future.

According to Tran Khanh Viet Dung, Director of HDF Vietnam, HDF Energy has implemented many cooperation projects with the Ministry of Industry and Trade, the Ministry of Transport, the Vietnam Railway Corporation, and the Vietnam Electricity.

The company has also engaged in the development of projects in many provinces such as Kien Giang, Binh Thuan, and Ninh Thuan, which have great potential in developing renewable energy such as offshore and onshore wind power, or solar power, he said, adding that these are renewable energy sources to produce "green" hydrogen to serve the transportation industry.

In particular, HDF Energy has worked with the Vietnam Railway Corporation on a scheme to convert nearly 200 old diesel-fueled locomotives that have been operating for decades to using hydrogen, a clean and green energy to contribute to implementing Vietnam's net-zero emissions strategy by 2050 and the "green" hydrogen energy development strategy approved by the Government from early 2024, said Dung.

He expressed his hope that HDF Energy can built its first hydrogen factories in Vietnam soon.

HDF Energy has signed a deal with Petrovietnam Technical Services Corporation (PTSC) to develop power generation projects taking advantage of renewable energy sources using Renewstable technology and hydrogen gas sources using Hypower technology in Vietnam and the Asia-Pacific. This is a basis for the two sides to research and implement power projects using renewable energy and hydrogen gas, and develop this cooperation model for similar projects in the Asia-Pacific region.

HDF Energy is also researching and implementing other projects with Vietnam in the field of electricity and transportation with the support of the Just Energy Transition Partnership and financial institutions, including the French Development Agency (AFD).

Mathieu Geze, HDF Energy's Executive Director for Asia, said that his company hopes to accompany Vietnam during the country’s carbon emission reduction process.

Chairman the Chamber of Commerce and Industry (CCI) of Nouvelle Aquitaine Jean-François Clédel said that renewable energy is an area that Nouvelle Aquitaine, represented by HDF Energy, has great potential to cooperate with Vietnam./.

PM asks for solutions towards 95% of public investment disbursement rate

Prime Minister Pham Minh Chinh has asked for breakthrough solutions to fulfil the target of 95% in the disbursement rate of public investment capital in 2024.

The Government leader made the request while chairing a national conference on July 16 on stepping up public investment disbursement.

Highlighting the significance of public investment as a factor guiding and activating all social resources, the PM said that the Government has formed five working groups and sent 26 working teams to localities for removing difficulties and promoting socio-economic development, including speeding up the disbursement of public investment capital and the implementation of the three national target programmes.

However, despite efforts in the work, the disbursement results have yet to meet requirements, he said, noting that so far, 33 out of 44 ministries and central agencies as well as 28 out of 63 localities have reported disbursement rates lower than the country’s average.

The PM asked participants to analyse the reasons behind the situation, especially difficulties in institution and legal regulations as well as leadership, management, direction and implementation activities.

He suggested the revoke and transfer of capital from stagnant projects to effective ones, and taking disbursement of public investment capital as a criterion for evaluating the performance of officials, especially leadership officials.

According to the Ministry of Planning and Investment, to date, the PM has issued two directives, four dispatches and many documents directing the speeding up of public investment capital.

As of July 10, ministries, central agencies and localities had allocated 639.4 trillion VND (25.17 billion USD) to specific works and projects, reaching 95.5% of the plan set by the PM. As of June 30, more than 196.7 trillion VND (7.74 billion USD) had been disbursed, equivalent to 29.39% of the task assigned by the PM.

The ministry said that 11 out of 44 ministries and central agencies and 35 localities have shown disbursement rates higher than the country’s average./.

HCM City’s tourism sector works to attract more visitors

Ho Chi Minh City’s Department of Tourism has collaborated with the Ho Chi Minh City Tourism Association and the national flag carrier Vietnam Airlines in rolling out a programme, aiming to entice tourists to use night flights and accommodation establishments in the southern metropolis.

Accordingly, Vietnam Airlines has encouraged accommodation establishments to participate in building product packages that combine air tickets on some routes with reasonable prices and flights departing between 21:00 and 6:00 the next day, and free hotel rooms for the first night or an 80% discount. Other establishments have offered a 20-100% reduction of the price for the first night and up to 60% of the listed price for the second night.

As of July 8, 16 establishments had registered to take part in the programme, including Muong Thanh Luxury, Dong Khanh, The Myst and Liberty Central Sai Gon.

A representative of the municipal Department of Tourism said that to meet people’s travelling demand during the 2024 peak summer season, airlines have increased night flights to help cool down airfares, but they were not attractive enough, leading to the cancellation of some flights.

Vietnam Airlines will continue to coordinate with accommodation establishments to devise packages including round-trip air tickets and two or three nights staying at hotels in the city to attract more visitors to the southern largest economic hub, the representative added.

In the first six months of this year, the city served 2.68 million visitors, up 38% year on year, fulfilling 44.6% of the city’s target for the whole year, with a tourism revenue of 92.6 trillion VND (3.63 billion USD), a year-on-year rise of 14.6%.

The results were attributed to the city’s efforts in organising various large-scale tourism activities and strengthening linkage with foreign tourism markets.

In late June, the municipal Department of Tourism had a working session with Chen Mei-hsiu, Director of the Tourism and Travel Bureau of Taichung city of Taiwan (China) to discuss plans to promote tourism cooperation between Vietnam in general and HCM City in particular with Taichung.

In the Jan-May period, Vietnam welcomed 530,000 tourists from Taiwan, of whom about 193,000 visited HCM City, making Taiwan the fifth largest international market of the city.

Also in June, the department also worked with Armenian Ambassador to Vietnam Suren Baghdasaryan. Vietnam and Armenia are each other’s new tourism market and people of the two sides have still lacked information about each other’s country. At the meeting, municipal officials said that the city will actively promote Vietnamese tourism by organising tourism promotion events in Armenia.

Director of the Department of Tourism Nguyen Thi Anh Hoa said that the department has asked for cooperation from embassies and tourism promotion agencies of other countries in exchanging information and introduce the culture, people and tourism of Vietnam and Ho Chi Minh City to people of other countries and vice versa through each other’s communications channels.

On July 9, the department held a ceremony to announce a series of short films promoting local tourism.

The event formed part of a series of activities aimed at boosting Ho Chi Minh City tourism, delivering the message "Welcome to Ho Chi Minh City" to domestic and international tourists. The series, themed “A Vibrant Journey”, will offer new experiences and perspectives to tourists to explore and learn about the city's history, culture, cuisine, architecture, and diverse arts, tourist attractions, and tourism services.

The tourism promotion films will provide viewers an opportunity to visit impressive destinations, enjoy the unique and distinctive beauty of the southern metropolis with numerous famous landmarks, beautiful natural landscapes, and cultural heritage sites; as well as experience the diverse cuisine, the vibrant and dynamic atmosphere and the hospitality of local people. The movies present many tourist attractions in the list of “Ho Chi Minh City-100 interesting things” and restaurants rated by the Michelin Guide Vietnam./.

H1 State budget revenue increases over 17%: MoF

More than 1.038 quadrillion VND (40.9 billion USD) was collected for the State budget in the first half of 2024, equivalent to 61% of this year’s target and up 17.7% from a year earlier, reported the Ministry of Finance (MoF).

The result was attributable to the effective implementation of support policies for people and enterprises, the positive H1 GDP growth of 6.42%, and a six-month inflation rate of 4.08% with the core inflation rising only 2.75% year on year.

The MoF has assisted enterprises and tax payers under the policies approved by the National Assembly and Government, Minister Ho Duc Phoc told the ministry’s meeting on July 15, noting that the extension of payment deadlines and the reduction of taxes, fees, charges, and land use levy worth up to 184 trillion VND have been carried out amid economic and public finance difficulties.

He stressed that in the time ahead, more thorough measures are needed to aid businesses and step up public investment disbursement so as to fuel growth and enterprise development, thereby fostering revenue sources for the State budget.

The minister asked the entire financial sector to invest efforts in removing institutional obstacles as well as other difficulties facing enterprises and people to facilitate production and business activities, and also help with socio-economic recovery and development.

To reach and surpass the budget revenue target, Phoc ordered the sector to enhance collection management, prevent losses, deal with tax arrears, strengthen the fight against smuggling and trade frauds, and address hindrances to public investment disbursement.

He particularly emphasised the need to accelerate digital transformation in tax collection and enhance the management of e-commerce transactions and foreign suppliers.

Besides, the official also requested continued efforts to perfect the legal framework and examination mechanisms to ensure stable and safe operations, along with transparent and efficient development of the financial, stock, and corporate bond markets./.

Mobile Money users in Vietnam rise rapidly

The number of Mobile Money service users in Vietnam reached more than 8.8 million customers by the end of May, an increase of 3.3% over the same period last month.

The latest data from the Ministry of Information and Communications (MIC) shows that the number of customers in rural, mountainous and remote areas reached more than 6.3 million customers, accounting for 72% of customers using Mobile Money services.

Mobile Money is a service that uses telecommunications accounts to pay for goods and services of small value.

Mobile Money service is licensed by the State Bank of Vietnam (SBV) to pilot nationwide for a period of two years, from November 18, 2021 to November 18, 2023.

After the initial pilot period, the Government issued Resolution 192 on extending the Mobile Money service pilot implementation period until December 31 this year.

The implementation of the Mobile Money pilot aims to promote non-cash payments, especially in rural, mountainous and island areas, where people do not have access to bank transaction points.

Unlike regular e-wallets, Mobile Money provides users with an account tied to a mobile subscription, without the need for a bank account.

This account is similar to a telecommunications account, but can be used to transfer money and pay for services and goods legally in Vietnam.

To date, across the country there were 275,879 points accepting payment by Mobile Money, an increase of 9.56% compared to April this year.

The total number of transactions including deposit, withdrawal, money transfer, payment using Mobile Money is more than 119 million transactions, up 8%.

Total transaction value reached more than 4.46 trillion VND, up 7%.

In response to the results achieved since the pilot, Deputy Prime Minister Le Minh Khai at the meeting in May assigned the SBV to preside and co-ordinate with related ministries, agencies and units to urgently research and complete reports and proposals on promulgating legal documents regulating Mobile Money services.

Accordingly, the Government's orientation is to have a specific assessment, complete data and close to the situation regarding the results of the recent Mobile Money service pilot.

In addition, it is necessary to fully assess the impacts, benefits, risks and effects on relevant entities, payment systems, banking activities and national financial and monetary security.

Plans and proposals must ensure security and safety of bank payment activities and the national financial and monetary system in accordance with the law and science technology development, international practices, ensuring management, rights and interests of related subjects./.

India launches sunset review of anti-subsidy duty order on Vietnamese copper wires

India recently initiated a probe into a sunset review of anti-subsidy duty order placed on copper wire rods imported from Indonesia, Malaysia, Thailand, and Vietnam, according to details given by the Trade Remedies Authority of Vietnam (TRAV).

The order had been issued by the Indian Ministry of Finance which came into effect for five years from January 8, 2020. The petitioner in the case was the Indian Primary Copper Manufacturers Association.

The Directorate General of Trade Remedies (DGTR) of India has conducted a sunset review in order to consider the necessity of continuing the imposition of anti-subsidy measures or the possibility of reoccurrence of subsidization.

According to information provided by the petitioner, the termination of the countervailing measures on copper wire rods is likely to lead to an increase in the import of copper wire rods from other countries into India, thereby causing significant harm to the domestic industry.

At present, the South Asian country has slapped an anti-subsidy duty rate of 7.13% on copper wire rods imported from Vietnam.

All written documents, including the response to the investigation questionnaire, must be sent to DGTR within 30 days from the date of receiving the notice of initiation of investigation, which was July 8.

Vietnamese manufacturers and exporters are therefore recommended to fully co-operate with the DGTG throughout the entire investigation process and to update the TRAV with the latest information to receive timely support.

Central Retail Vietnam increases investment in Hung Yen

Central Retail in Vietnam has received an investment registration certificate to develop a 18.2 million USD mall under its GO! brand in Vietnam’s northern province of Hung Yen.

At a conference to announce the provincial master planning scheme and promote investment in Hung Yen on July 7, Christian Olofsson, Property President at Central Retail Vietnam, noted the retailer has recently started the construction of its GO! mall in Hung Yen. The 1.6-hectare facility is set to open in 2025, offering over 40,000 products, including local specialties and "One Commune-One Product" (OCOP) items.

Central Retail entered Vietnam in 2012 and its retail network currently covers 42 cities and provinces across the country, with over 1 million square meters of retail space and 340 stores. Its team of 15,000 employees serves over 390,000 customers daily, he added.

The retailer sees Vietnam as a key market and plans to expand its network to 58 provinces and cities, both urban and rural, the executive added.It is committed to supporting Vietnamese farmers and local products, such as Hung Yen longan, through its extensive network across the country, Olofsson stressed.

The Ministry of Planning and Investment and Hung Yen authorities also granted investment registration certificates and in-principle approvals to 24 projects at the conference. These included 19 foreign-invested projects worth 630 million USD and five domestic ones worth 10 trillion VND (393.6 million USD).

Central Retail in Vietnam posted revenue of 400.6 million USD in the first quarter of 2024, up 4.6% year-on-year, according to the firm’s financial statement./.

Vietnam, France eye high cooperation prospects in hydrogen development

Hydrogen de France (HDF Energy), a French energy company that has been present in Vietnam since 2022, has inaugurated its first fuel cell factory in Bordeaux of France, which is expected to lay a foundation for the launch of its “green” hydrogen factories in Vietnam and other countries in the future.

According to Tran Khanh Viet Dung, Director of HDF Vietnam, HDF Energy has implemented many cooperation projects with the Ministry of Industry and Trade, the Ministry of Transport, the Vietnam Railway Corporation, and the Vietnam Electricity.

The company has also engaged in the development of projects in many provinces such as Kien Giang, Binh Thuan, and Ninh Thuan, which have great potential in developing renewable energy such as offshore and onshore wind power, or solar power, he said, adding that these are renewable energy sources to produce "green" hydrogen to serve the transportation industry.

In particular, HDF Energy has worked with the Vietnam Railway Corporation on a scheme to convert nearly 200 old diesel-fueled locomotives that have been operating for decades to using hydrogen, a clean and green energy to contribute to implementing Vietnam's net-zero emissions strategy by 2050 and the "green" hydrogen energy development strategy approved by the Government from early 2024, said Dung.

He expressed his hope that HDF Energy can built its first hydrogen factories in Vietnam soon.

HDF Energy has signed a deal with Petrovietnam Technical Services Corporation (PTSC) to develop power generation projects taking advantage of renewable energy sources using Renewstable technology and hydrogen gas sources using Hypower technology in Vietnam and the Asia-Pacific. This is a basis for the two sides to research and implement power projects using renewable energy and hydrogen gas, and develop this cooperation model for similar projects in the Asia-Pacific region.

HDF Energy is also researching and implementing other projects with Vietnam in the field of electricity and transportation with the support of the Just Energy Transition Partnership and financial institutions, including the French Development Agency (AFD).

Mathieu Geze, HDF Energy's Executive Director for Asia, said that his company hopes to accompany Vietnam during the country’s carbon emission reduction process.

Chairman the Chamber of Commerce and Industry (CCI) of Nouvelle Aquitaine Jean-François Clédel said that renewable energy is an area that Nouvelle Aquitaine, represented by HDF Energy, has great potential to cooperate with Vietnam.

Banks pump over US$18.88 billion into economy in June

Banks lent more than VND480 trillion (US$18.88 billion) to economic entities in June, demonstrating the sector’s efforts in concretising the Government’s credit goal of 5-6% to the end of Q2.

According to statistics from the State Bank of Vietnam (SBV), outstanding loans as of the end of June neared VND14.4 quadrillion, up 6% against the beginning of 2024.

The central bank's Deputy Governor Dao Minh Tu affirmed that the sector has rolled out various programmes and initiatives to prop up the economy such as the VND120 trillion credit package for affordable housing, and the VND30 trillion one for the forestry and fishery sector, helping encourage and create motives for enterprises to develop in priority domains.

Credit growth has been on the upward trend, meaning the Government’s tax and fee cut policies and commercial banks’ concessional loans have shown efficacy, he said.

Various economic organisations expect demand for credit will increase in the second half of the year as interest rates are maintained at a low level, contributing to bolstering the economic recovery.

Vietcombank Securities Company has forecast credit for the whole year to grow at 12-13%, with motives of the expansion being robust production activities, export, as well as the acceleration of public investment, particularly in key infrastructure projects.

Meanwhile, MB Securities Joint Stock Company has predicted the credit growth will reach 14% this year, with high demand to be recorded in consumer finance, credit card and car loans thanks to low interest rates and retail sales recovery.

Market mixed as liquidity hits 6-session low

Shares were mixed on Monday, causing the market benchmark VN-Index to continue to fall, while foreign investors net sold on the southern exchange.

On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index extended losses to close the trading day at 1,279.82 points, down 0.93 points, or 0.07 per cent.

On the southern bourse, the breadth was negative as 163 stocks declined, while 150 increased. Liquidity fell to VNĐ14.2 trillion (US$557 million), marking the lowest level in six trading sessions.

The VN30-Index, which tracks the 30 largest stocks on HoSE by market capitalisation, also dropped 3.99 points, or 0.31 per cent, to 1,297.82 points. The number of decliners surpassed gainers in the VN30 basket by 16 to 10, while four stocks ended flat.

Large-cap stocks in the real estate and manufacturing sectors led the market's downturn, with Vinhomes JSC (VHM) posting the biggest fall in market capitalisation of 1.3 per cent, contributing to a decrease of more than 0.5 point in the VN-Index.

It was followed by Vietnam Airlines JSC (HVN), with shares of the national carrier falling 2.47 per cent, and FPT Corporation (FPT), which posted a decline of 0.82 per cent.

Banking stocks also saw a poor performance on Monday. Vietnam Prosperity Joint Stock Commercial Bank (VPB) declined 1.05 per cent, Vietnam Technological and Commercial Joint Stock Bank (TCB) fell 0.66 per cent, and Tiên Phong Commercial Joint Stock Bank (TPB) tumbled 1.67 per cent.

Losses were capped by gains in some pillar stocks, led by Vietnam Rubber Group - Joint Stock Company (GVR). Shares of the rubber manufacturer rose 1.58 per cent, contributing nearly 0.6 point to the VN-Index.

It was followed by Investment And Industrial Development Corporation (BCM), which increased by 3.38 per cent, and Việt Nam National Petroleum Group (PLX), which rose 3.67 per cent.

The Hà Nội Stock Exchange (HNX) index also finished lower on Monday afternoon, declining 0.07 per cent to 244.84 points.

During the session, more than VNĐ1.3 trillion worth of shares were traded, equivalent to a trading volume of over 59 million shares on the northern bourse.

Foreign investors on Monday continued to have a very strong net selling session on the HoSE with more than VNĐ1.6 trillion.

Work on expansion of LG Innotek's Hai Phong factory on right track

A working delegation led by Head of the Hai Phong Economic Zone Authority (HEZA) Le Trung Kien on July 15 inspected the progress of the LG Innotek Hai Phong factory project - Phase III in the northern port city's Trang Due Industrial Park.

Park Young-chan, General Director of Zeit C&A Vietnam Co., Ltd. and site director of the project - Phase III, said that about 1,500 workers are working continuously at the site, properly satisfying regulations on labour safety and fire prevention and control.

As of July 15, about 75% of the workload had been completed as scheduled, he said.

In June last year, LG Innotek Hai Phong and the municipal People’s Committee signed a Memorandum of Understanding on expanding investment and production at the factory.

On June 26, 2023, the committee presented a certificate to LG Innotek approving its capital adjustment for 2023-2025 by 1 billion USD, raising its total investment to over 2 billion USD.

Kien said the factory expansion will help Hai Phong become a destination of success for investors.

In the first half of this year, the city's Gross Regional Domestic Product (GRDP) rose by 10.32% compared to the same period last year, ranking 5th among 63 provinces and centrally-run cities nationwide, second in the Red River Delta and first among centrally-run cities.

So far this year, Hai Phong has attracted over 1.55 billion USD, making up 77.58% of the yearly target.

With a total of 183 projects worth 11.5 billion USD, the Republic of Korea (RoK) ranks first among 39 countries and territories investing in the city./.

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