Domestic car production this year has reached a new high with 38,200 cars assembled in October, according to data released by the General Statistics Office (GSO) on November 6.
The figure is 5.8% higher than September, when 36,100 cars were produced and 22.8% higher than October 2023.
In total, for the first ten months of the year, about 281,400 cars were produced and assembled in Vietnam, up 12.1% compared to the same period in 2023.
According to GSO, around 56,301 new cars, both domestically produced and imported, were added to the Vietnamese market in October. This figure increased slightly by 3.3% compared to September.
The number of imported cars was 18,101, down 1.65% compared to September. They generated a turnover value of 374 million USD, slightly lower than the 378 million USD earned last month.
However, the volume of imported cars in October this year was a sharp increase of 88.3% compared to October 2023, generating 46.7% more value.
The total number of imported cars in the first ten months of 2024 was estimated at 143,084 units, with a value of 2.94 billion USD. Compared to the same period in 2023, this number increased sharply by 37.8% in volume and 19.1% in value.
According to market experts, it is understandable that domestic manufacturers increased production in October, since they need to create abundant inventory for the market towards the end of the year.
In addition, there is an ongoing Government preferential policy that reduces by half the registration fee when buying domestically produced cars until the end of November./.
Industrial production index rises 8.3% in ten months
According to the General Statistics Office, the Industrial Production Index (IIP) increased by 7% in October.
Over the first ten months, this index grew by 8.3% year-on-year. The manufacturing and processing industry, the electricity production and distribution sector and the water supply sector all posted high growth rates, at 9.6%, 10.3% and 9.5%, respectively. In contrast, the mining sector saw a decline of 7.2%.
Several key industries also recorded impressive growth rates compared to the same period last year. Rubber and plastic products rose by 26.3%, furniture production increased by 24.8%, energy grew by 16%, chemicals by 14.6% and automotive production by 14%.
Conversely, oil and gas extraction decreased by 11.8%, the coal sector dropped by 5.9%, and machinery and equipment repair declined by 3.9%.
The IIP over 10 months also showed notable variation across localities, with 59 out of 63 provinces recording increases.
Lai Chau, Phu Tho and Bac Giang provinces reported exceptional growth in the manufacturing and processing industries. Meanwhile, Khanh Hoa, Dien Bien and Cao Bang saw strong growth in electricity production and distribution.
EIMA 2024 underway with focus on green agriculture
EIMA 2024, the 46th annual international agricultural machinery exhibition has begun in Italy, with Vietnamese companies in attendance.
EIMA International, the international exhibition of agricultural machinery, is staged at Bologna's exhibition centre from November 6 - 10. (Photo courtesy of FederUnacoma)
The expo, which will run until November 10, has over 1,750 participating industries, 700 of which are foreign, covering every market segment.
Organised into 14 product sectors and five thematic shows : Components, Digital, Energy, Green and Hydrotech, EIMA offers a countless opportunities to increase agricultural productivity while drastically reducing impacts on the environment.
This international exhibition, organised by Italian Agicultural Machinary Manufacturers Federation (FederUnacoma), shows machinery and technologies for agriculture, forestry, livestock farming and greenery maintenance.
There are cutting-edge vehicles, machinery and advanced digital systems for an increasingly scientific agriculture industry connected to the service system and other production sectors.
A delegation of Vietnamese businesses, organised by the Italian Trade Agency in Vietnam, are visiting EIMA in the hope of finding partners supplying advanced machines and technologies for development of modern agriculture in Vietnam.
EIMA 2024 marks the tenth time that Vietnamese businesses have participated in the exhibition.
Le Hong Giang, director of GALAN Co.,LTD - a company specialising in trading machinery, equipment and spare parts, said visiting EIMA 2024, he will meet old partners and also seek for new ones from Italian machinery manufacturers at the exhibition.
"Italian companies have distributed their products to Vietnam via many channels, but now they expect to set up sale agents in Vietnam," Giang said.
At this event, Giang expects to find out the types of machines that can be suitable for Vietnamese customers in terms of quality and price.
"In the world, Italian agricultural machinery is leading in terms of quality," Giang said.
In addition, he said that EIMA is also a chance for him to learn about global agricultural trends which can be brought back and used in Vietnam.
“The EIMA international exhibition raises expectations ever higher by offering technological solutions to the great challenges of agriculture and the environment,” said the General Director of FederUnacoma, Simona Rapastella.
Population growth, climate change, polluting emissions, animal welfare and the protection of biodiversity - explained Rapastella - are all crucial issues for the future of the planet and can only be addressed with a new generation of agro-mechanical technologies.
There are approximately 60,000 models of vehicles, equipment and components from 50 countries on display in the Bologna exhibition centre.
In addition, the director of FederUnacoma has also stressed the technical content of the exhibition, with numerous previews and new products presented by the manufacturers and EIMA Campus where eleven Universities are represented, together with research centres and training facilities.
Over the five days, many representatives of the government and institutions will be present, as will be delegations of European and national parliamentarians and diplomats from foreign countries, all with the aim of learning about the most suitable technological solutions for the different regions of the world and taking part in the discussion on agricultural models, on the economic and geopolitical variables that influence trade, and on cooperation strategies.
At this year's EIMA event there will be a lot of space given to digital and robotic technologies and to the applications of AI and Big Data. Trends which will make it possible to connect the activity of agricultural companies to weather forecasting systems, mapping and control of territories and the monitoring of products for health purposes, management of agro-industrial supply chains, distribution to markets, as well as control of the operating parameters of machinery for the purposes of technical assistance and safety at work.
“Modern mechanisation thus allows companies to remain competitive and to keep pace with the ecological needs of the planet and allows agriculture to be included within a macro-system that involves everyone, from consumers to institutions, and even the world of school and training,” said Rapastella.
“This is why this exhibition is no longer merely an 'industry' event but rather an 'innovation factory', open to agro-industrial supply chains and related economic sectors and very much looking towards the future."
LEGO Group nears completion of Vietnam factory, begins test run
The LEGO Group began testing systems and infrastructure at its new factory on November 6 in the southern province of Binh Duong, the company’s most environmentally sustainable factory to date.
The installation of the factory’s production equipment and initiation of systems tests is an important milestone as the site progresses towards its grand opening in the first half of next year.
This test period marks the start of a months-long journey towards ensuring that when the factory is permitted for production in early 2025 ahead of the grand opening, it meets the high quality and safety standards upheld at each of the LEGO Group’s manufacturing sites worldwide.
Speaking at the factory milestones celebration event, Jesper Hassellund Mikkelsen, Senior Vice President of Asia Operations and General Manager of LEGO Manufacturing Vietnam, said: “This is a significant moment in our journey towards our commitment to innovation, quality, sustainability and bringing the joy of building to children around the world.”
“Today marks the next critical step in bringing our vision to life and putting this factory into operation from 2025 with the test of the building and infrastructure and systems in this newly constructed factory building, which is designed and built in accordance to the most stringent Vietnamese construction standards, world class LEGO factory specifications and LEED guidelines.”
“The factory test run process that begins today will ensure that every brick we produce meets our highest standards of excellence and has quality consistency to the bricks produced at all other LEGO factories when official production starts after receiving the final approvals and permits.”
These bricks will be made with extreme precision – within 1/10th of a hair’s width – meaning that bricks produced in the years to come fit seamlessly into bricks that have been produced over the last decades, he said.
“We remain firmly committed to realising our ambitions to be the LEGO Group’s most sustainable factory to date. We are in the process of converting our pre-pack lines around the world to produce paper-based bags,” Mikkelsen said.
“We are the first factory in the LEGO Group to exclusively produce these paper-based bags from the start, replacing single use plastic bags. We have received positive feedback from customers when changing from foil to paper,” he said.
Vo Van Minh, Chairman of the Binh Duong provincial People’s Committee, said that local leaders highly appreciated and valued the project of LEGO Manufacturing Vietnam.
"I believe that the company will operate efficiently and provide domestic and global markets high quality products, meeting the most stringent standards of precision and excellence, and will continue to expand its investment in the province,” Minh said.
"Two years since its ground breaking ceremony in November 2022, we are glad to witness the celebration event which marks a critical milestone in the journey of the establishment and development of the company," he said.
The provincial leaders together with leaders of departments and agencies will create favourable conditions and solve difficulties faced by the company in a timely manner to ensure the factory operates efficiently, he said.
With approximately 90% of construction and building infrastructure complete, the company continues to ramp up its workforce, which is on track to double over the course of 2024.
A comprehensive training programme that combines local on-the-job training with hands-on learning experiences at the company’s factories worldwide launched in August 2024.
Several hundred employees are expected to participate in the programme, which will continue through the first quarter of 2025.
More than 4,000 highly skilled technology and innovation jobs will be created over the coming years.
The new factory is designed be the company’s most sustainable to date, with plans to reduce energy consumption and maximise the use of renewable energy.
The company completed the installation of 12,400 rooftop solar panels in the third quarter of this year, which will generate an estimated 7.4 MWp, the equivalent of powering approximately 1,270 households annually.
The construction of the factory is part of the company’s strategy to expand its supply chain network to support long-term growth and locate production facilities close to its major markets to respond to shifts in local demand, shorten the supply chain, and reduce its environmental impact.
With total investment capital of more than 1 billion USD, the LEGO Manufacturing Vietnam project covers 44 hectares at the Vietnam - Singapore Industrial Park Ill./.
Automotive support industry strives to become spare part supplier
The demand for transport in Việt Nam has been increasing rapidly, with experts saying that the market shows a lot of potential for automobile and motorbike manufacturers and traders.
With new policies in effect and businesses working to expand factories and assembly lines and gradually catch up with global trends, the Vietnamese automobile industry has achieved positive results.
In particular, the localisation rate is growing as more and more businesses invest in domestic car production.
New Government policies and increasingly clear trends in foreign investment flows all show a brighter picture for the car and motorbike support industries in Việt Nam.
According to data from the Ministry of Industry and Trade, the export turnover of electrical wire components reached about US$1.17 billion last year, accounting for 38 per cent of the export value of automobile components and ranking third in the world.
Vietnamese-made electrical wire products have become an important link in the global supply chain of automobile assembly materials.
Dr Trương Thị Chí Bình, deputy general secretary of the Việt Nam Association for Supporting Industries (VASI), said that the total value of automobile industry-related products has grown rapidly in recent years, up from a 12 per cent growth rate in 2018 to 25 per cent last year.
At the same time, firms looking to improve product value are focusing on producing component clusters instead of individual spare parts, starting with original equipment manufacturer (OEM) and moving towards original brand manufacturer (OBM) products, she added.
The Xây dựng (Construction) online newspaper quoted Nguyễn Công Quyết from the Việt Nam Automobile Manufacturers’ Association (VAMA) as saying that the Vietnamese automobile market has a lot of potential, thanks to a population of 100 million people and a rising average income.
However, the supporting industry is still in the first maintenance phase, with enterprises mainly producing low-value and non-competitive components, he said.
One of the main problems is the small size of the automobile market, leading to lower production and difficulty in developing the supply chain.
As for the development of the global auto industry supply chain in the context of adapting to climate change, the VAMA representative said that about 30,000 components were needed to produce and assemble a complete car.
The automobile industry therefore requires a large industrial foundation, he noted.
Dr Bình said that car component production in Việt Nam was divided into two branches: high-value activities, carried out by FDI enterprises and major domestic brands, and low-value activities, concentrated in small and medium-sized enterprises.
Many of them are falling into the 'low productivity trap'. Promoting a comprehensive transformation of this sector -- from purpose to process and people -- is therefore necessary, she noted.
According to the VAMA representative, the business community is waiting for a system of synchronous and breakthrough incentive policies to invest in the production and assembly of green vehicles.
The policies must encourage and mobilise the participation of all economic sectors in the country, promote cooperation with major global car manufacturers, and focus on improving companies' competitiveness to participate in the global automobile industry production chain, he emphasised.
At the same time, they must also improve competitiveness to become a supplier of components and spare parts in the global automobile production chain, creating a driving force to promote the economic restructuring of the whole country towards modernisation.
Upcoming startup forum to address green economy in Mekong Delta
Over 350 experts will gather this month in the Mekong Delta province of Đồng Tháp to discuss promoting green economic development in the region.
Scheduled to take place from November 15 to 16, the second Mekong Startup Forum will address critical challenges such as climate change, rising sea levels, and saltwater intrusion, which are profoundly affecting the area.
Experts have highlighted an important decision that businesses must confront: whether to adapt to the realities of climate change and innovate towards sustainable practices.
During the event, discussions will focus on mechanisms designed to enhance innovative capacities and effectively mobilise resources in support of this objective.
The concept of a green economy emphasises low carbon emissions and environmental conservation, seeking to promote economic growth in tandem with sustainability.
Trần Trí Quang, vice chairman of provincial People's Committee, said the forum will serve as a platform for identifying initiatives and solutions that can facilitate the advancement of a green economy.
The event is also expected to foster collaboration between the public and private sectors, encouraging partnerships both domestically and internationally.
Prior to the forum, a training session is being held on November 7-8 aimed to educate agricultural and tourism enterprises on strategies for green transformation and emission reduction.
The event is organised by the Ministry of Agriculture and Rural Development in collaboration with the provincial People’s Committee.
The first event, which was held two years ago in the province, attracted over 1,000 participants.
NA deputies discuss changes to VN's financial laws
The National Assembly (NA) discussed amending and supplementing several articles of the Law on Securities, the Law on Accounting, the Law on Independent Auditing, the Law on State Budget, the Law on Management and Use of Public Assets, the Law on Tax Management and the Law on National Reserves yesterday in Hà Nội.
Lawmakers said the objective is to complete the legal framework in the areas of securities, accounting, auditing, the State budget, public asset management, tax management and national reserves, creating a comprehensive legal framework.
The amended laws aim to promote growth, control inflation and ensure macroeconomic stability. The Government said the laws also play an important role in solving difficulties faced by the business community, pushing decentralisation and administrative reforms while improving Việt Nam’s business environment.
Deputy Trần Khánh Thu of Thái Bình Province recommended that the Government conduct a thorough review and clearly clarify the roles of the central and local authorities in managing public assets and services to eliminate overlap and ambiguity.
Delegates were asked to consider healthcare, for example. Thu said many public health service providers have not been able to count costs, including depreciation, in their prices. As a result, providers often had to charge below cost for their services, which hurt their ability to operate and grow.
Đinh Thị Phương Lan, NA deputy of Quảng Ngãi Province said the Government should carefully review the current Law on State Budget before issuing new decrees to avoid unintended consequences in financial and budgetary management, as well as risks associated with implementing policies within an inconsistent framework. She advised the Government to optimise local and non-state resources and allow local governments greater autonomy in budget management.
Deputy Thái Thị An Chung of Nghệ An Province and deputy Bùi Thị Quỳnh Thơ from Hà Tĩnh Province said the law should make it mandatory for major businesses to undergo rigid financial audits, especially unlisted property businesses.
On amendments to the Law on Tax Management, Deputy Dương Văn Phước of Quảng Nam Province said that under the current law, the tax authority still lacks strong measures in their arsenal to recover tax debts. He said the tax authority should be able to independently enforce collection instead of having to cooperate with other governmental agencies.
Responding to NA deputies’ concerns, deputy Prime Minister and Minister of Finance Hồ Đức Phớc said the Government said all opinions and feedback by deputies are to be collected and, when applicable, incorporated into the country’s legal framework.
Regarding the Law on State Budget, he said that short-term amendments would address current issues, while in the long-term, the law should be amended to enhance both the central and local authorities’ budget autonomy. For example, the amendments to the Law on State Budget and Public Investment Law have been carefully reviewed to ensure consistency and feasibility.
Market reverses course on weak liquidity
Benchmark indices reversed the bullish course to finish lower on Thursday, snapping two-day rallies as the VN-Index struggled to keep at the 1,260 point-level.
On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index declined by 1.53 points, or 0.12 per cent, to 1,259.75 points. The market's benchmark breached the 1,260 points on Wednesday on improving liquidity.
The breadth of the southern market was neutral as 148 stocks decreased while 147 inched higher. Liquidity also fell from the previous session, with the trading value down 11.5 per cent to VNĐ12.48 trillion (nearly US$492 million).
The VN30-Index, tracking the 30 biggest stocks in term of capitalisation on the HoSE, also ticked down. It dipped 2.91 points, or 0.22 per cent, to 1,326.65 points. In the VN30 basket, 20 ticker symbols declined, five increased and five ended flat.
Banking and manufacturing stock groups led the market's downturn, with BIDV being the biggest loser. Shares of the lender fell 0.94 per cent to VNĐ47,600 per share, contributing 0.62 points to the VN-Index's loss.
It was followed by Vietinbank, down 0.84 per cent. Other banking stocks posted significant losses were VPBank (VPB), down 0.76 per cent, Eximbank (EIB), down 1.29 per cent, HDBank (HDB) down 0.57 per cent and TPBank (TPB) which dropped 0.88 per cent.
Also weighing on the bearish trend, pillars like Vietnam Rubber Group (GVR) and Masan Group (MSN) also face strong sell-offs, down 1.19 per cent and 1.21 per cent.
However, the index pared losses thanks to gains of some big names, which led by Vietcombank (VCB) with an increase of 0.32 per cent in market capitalisation.
On the Hà Nội Stock Exchange (HNX), the HNX-Index also closed lower on Thursday, down 0.27 points, or 0.12 per cent, to 227.49 points.
During the session, investors poured over VNĐ723 billion into the northern market, equivalent to a trading volume of 41.1 million shares.
Meanwhile, foreign capital kept flowing out of the domestic market as foreign investors net sold a total of more than VNĐ416 billion on both main exchanges.
Bắc Giang promotes service development to attract high-quality FDI
Bắc Giang Province is preparing a resolution to develop key service sectors by 2030 to enhance services that cater to foreign workers and experts. This initiative is part of the province’s broader strategy to attract high-quality foreign direct investment (FDI).
The province has adopted a selective approach to FDI, focusing on quality, efficiency and technology, while prioritising environmental protection, security and defence as critical evaluation criteria.
Bắc Giang aims to attract FDI projects in high-tech industries, advanced support industries, high-tech agriculture and high-quality services, as well as projects that offer high added value, modern management and cutting-edge technology.
Projects that contribute to the global supply chain, foster innovation, and have a positive environmental impact are especially encouraged.
To prepare for a wave of high-quality foreign investments, particularly in semiconductor manufacturing, Bắc Giang is mobilising resources to develop its socio-economic infrastructure. The province is investing in industrial parks and clusters, social infrastructure (including high-quality housing, healthcare, education and entertainment facilities), along with supporting a skilled workforce.
In addition, the province is strengthening oversight of investment projects, helping investors in overcoming challenges and conducting inspections to address any violations promptly.
As Việt Nam continues to integrate deeply into the global economy, Bắc Giang, located 50 km northeast of Hà Nội, has focused on improving its business environment and enhancing provincial competitiveness. These efforts have facilitated high economic growth, enabling investments in transport infrastructure, industrial zones and broader socio-economic infrastructure, which are favourable conditions for attracting foreign investors.
From September 2019 to June 2024, Bắc Giang issued new investment certificates for 256 FDI projects with a total registered capital of over US$4 billion (an average of US$15.7 million per project) and approved capital increases for 273 projects with additional capital exceeding $4.03 billion. The province also recorded 152 capital contribution notices with a combined capital of nearly $260 million.
The total realised FDI for projects in the province from 2019 to 2024 reached approximately $5.9 billion, accounting for 71 per cent of total investment attraction. To date, Bắc Giang has 601 active FDI projects with registered capital totalling $12.3 billion.
FDI projects in Bắc Giang are primarily focused on the processing and manufacturing industries, occupying around 574 hectares of land, with an average investment density of approximately $7 million per hectare. Currently, the FDI sector employs 209,648 workers, averaging 348 workers per project.
In the first half of 2024, FDI projects contributed nearly VNĐ2.48 trillion to the state budget, making up 25.4 per cent of the province’s total revenue.
In recent years, Bắc Giang has consistently ranked among the top ten FDI destinations in Việt Nam.
New regulations on mergers, consolidation of credit institutions proposed
The State Bank of Việt Nam (SBV) has proposed new regulations on the mergers and consolidation of credit institutions, to ensure the safety and legitimate rights of customers and creditors.
Under a recently released draft circular, the SBV proposes that any merger and consolidation of credit institutions must meet several principles.
First, the merger and consolidation of credit institutions is required to comply with the agreements of related parties and ensure the normal operation of the credit institutions.
In addition, the legitimate rights and interests of customers and creditors must be assured during the merger and consolidation process, which must also comply with relevant legal provisions.
Information confidential before the approved merger and consolidation projects is required to ensure the stable operation of the credit institutions participating in the merger and consolidation. The merger and consolidation must also ensure the principles of prudence, honesty, accuracy and no misunderstanding of documents and records.
Under the merger and consolidation of credit institutions, the dissipation of assets in any form is strictly prohibited. The transfer and sale of assets during the merger and consolidation process must ensure publicity, transparency, compliance with the provisions of law and the agreements of the related parties, the safety of assets and not affect the rights of the credit institutions and related individuals.
According to the draft circular, the credit institutions participating in the merger and consolidation must not belong to the prohibited economic concentration cases, except for cases exempted from the prohibited economic concentration according to the Law on Competition. The institutions must also have merger and consolidation projects in accordance with regulations approved by the competent authority.
After the merger and consolidation, the merged and consolidated credit institutions must ensure compliance with the provisions of law on safety limits and ratios, capital contribution ratios, share ownership and banking operating conditions.
Last month, the market saw the consolidation of four credit institutions. Namely, the Construction Commercial Bank (CB) was transferred to the Joint Stock Commercial Bank for Foreign Trade of Việt Nam (Vietcombank), while the Ocean Commercial Bank (OceanBank) was transferred to the Military Joint Stock Commercial Bank (MB).
Some other commercial banks also have plans to merge weak banks in the near future.
According to the SBV, the compulsory transfer of struggling credit institutions is a crucial step in restructuring the banking system. This measure is closely tied to addressing bad debts, ensuring macro-economic stability and upholding national financial security, which is of a paramount concern to the Government.
Thừa Thiên-Huế: new attractive destination for investors
Nestled in a strategically significant position in the central key economic zone, the central province of Thừa Thiên-Huế serves as a vital gateway to the sea of the East-West Economic Corridor linking northern Thailand, southern Laos and central Việt Nam.
With concerted efforts to enhance its transportation infrastructure, streamline administrative procedures, and improve workforce training quality in recent years, this province is rapidly emerging as an attractive destination for both domestic and foreign investors.
Aiming for the status of a centrally-run city, Thừa Thiên-Huế has been launching various key transportation projects that promise to transform its connectivity. In 2023, the T2 passenger terminal at Phú Bài International Airport, with a nearly VNĐ2.3 trillion (US$92 million) investment, officially opened its door, boasting a designed capacity of five million passengers per year.
By early 2025, two major projects – a coastal road and the Thuận An sea crossing bridge, spanning nearly eight kilometres and costing VNĐ2.4 trillion, and the Nguyễn Hoàng road and Hương River bridge, part of Ring Road 3 with an initial investment of more than VNĐ1.86 trillion – are set to complete.
Additionally, the second phase of a wave-dissipation dyke project at Chân Mây deep-water port, with a total investment of VNĐ757 billion, is underway. The province is courting investments in infrastructure for berths 4, 5, and 6 along with storage facilities, to establish a logistics centre that will improve service quality and competitiveness of this seaport.
Trần Công Thích Vương, deputy director of the provincial Department of Planning and Investment, underlined the province’s commitment to pooling investments in hi-tech industries, electronics, semiconductor, telecommunications equipment, and new material industries. Priority will be given to developing certain sectors such as export-oriented consumer goods, beverages and metallurgy linked to the seaport, electricity production from green energy sources, all aimed at fostering a green urban environment and sustainable industrial zones.
At present, Thừa Thiên-Huế is home to six industrial parks, hosting 109 active projects and 48 projects under development, along with several small industrial clusters. The Chân Mây-Lăng Cô Economic Zone, with a “prime” geographic location connecting to Đà Nẵng via the Hải Vân road tunnel, a natural deep-sea port, a system of lagoons and stunning coastal bays renowned worldwide, is a key asset.
Covering about 27,108 hectares, the economic zone has five main functional areas, including a port area, an industrial zone, a non-tariff area, an urban area, and a tourism zone. To date, it has basically completed primary transportation routes and has a wastewater treatment system with a capacity of 10,000 cb.m per day, along with a solid waste treatment facility.
Nguyễn Văn Phương, chair of the provincial People's Committee, made it clear that the province will not endorse environmentally polluting industries and projects reliant on unskilled labour. Instead, the focus is on sustainable development scenarios targeting hi-tech manufacturing.
"By investing in infrastructure and creating a pro-business environment, we aim to draw key players capable of leading and driving the development of supporting industries in designated areas," he said.
This project, part of the Kim Long Motors Huế Industrial Park, spans 600 hectares and represents a total investment of $260 million. Scheduled to become operational in the second quarter of 2025, the plant will feature an impressive automation level of up to 90 per cent, marking a major leap forward for local industry.
The Kim Long Motor Huế Industrial Park – a key project has basically completed its first phase. Since February this year, the Kim Long Motor Huế JSC has produced sleeper buses, seated buses, city buses, and minibusses. Building on initial successes, the investor is preparing documentation to increase its total investment capital to approximately VNĐ21 trillion ($830.04 million).
According to Lý Quốc Việt, permanent deputy general director of the company, the decision to invest in a large-scale automotive manufacturing and assembling project in Thừa Thiên-Huế reflects Kim Long Motor's aspiration to establish a foundation for local high-tech industrial development.
The company aims to bring new industrial vibrancy to the land of the ancient capital, which is known for its long-standing history and culture. The industrial park is envisioned to become a leading regional centre for vehicle and auto parts production, targeting a localisation rate exceeding 90 per cent by the second quarter of 2026.
Thừa Thiên-Huế is one of Việt Nam's major tourism hubs, featuring the ancient capital of Hue, rich traditional cultural identities and six UNESCO-recognised cultural heritage sites. The province boasts stunning natural landscapes, including the Tam Giang-Cầu Hai brackish-water lagoon system – the largest of its kind in Southeast Asia with nearly 22,000 ha of water surface, Bạch Mã National Park, Lập An Lagoon, and Lăng Cô Bay – a member of the Club of the Most Beautiful Bays of the World.
Each year, millions of travellers, both domestic and international, flock to the province for sightseeing and relaxation. As the province actively seeks tourism investments, it stands on the brink of unlocking a wealth of untapped potential.
Recently, the $169.67-million Aeon Mall Huế, which is the largest retail and service centre by the Japanese giant Aeon Mall in central Việt Nam to date, officially opened, catering to the shopping needs of locals and tourists alike.
Cao Bang eyes new opportunities for cross-border tourism development
The Ban Gioc (Vietnam) - Detian (China) Waterfall site, which officially opened to tourists from October 15, offers opportunities to the northern border province of Cao Bang to develop cross-border and green tourism models between Vietnam and China.
The model of cooperation for the protection and exploitation of the Ban Gioc – Detian Waterfall site is a unique and innovative approach to cross-border collaboration, where both areas and countries work together to protect and utilise shared resources.
According to Sam Viet An, Director of the Department of Culture, Sports, and Tourism of Cao Bang, this is a brand new model with no global precedent and the first cross-border tourist landscape area between the two countries.
The protection and exploitation of tourism resources in this scenic area will not affect the territorial sovereignty and national security of Vietnam and China. It also complies with the relevant agreements between the two countries.
Currently, the two sides are actively working to complete the infrastructure and build unique border facilities, while simplifying border-crossing procedures, and improving management to ensure security with a common goal of building a peaceful, friendly, and prosperous border.
After nearly one month of official operation, the Ban Gioc - Detian Waterfall site welcomed close to 11,000 visitors, showing the immense potential for tourism cooperation and development in the area.
Truong The Vinh, Deputy Director of the Cao Bang Department of Foreign Affairs, said that the famous tourist destination is located within the UNESCO-recognised Global Geopark of Non nuoc Cao Bang. Its official operation has created favourable conditions for visitors to admire the beauty of the waterfall, while contributing to promoting tourism development, boosting socioeconomic growth, and creating additional livelihoods for local people.
Ban Huaqin, Deputy Director of the Guangxi Department of Culture and Tourism, said that following the opening of the site, the number of cross-border tourists has increased from 500 to 1,000 people per day on each side. Ban said that the province will simplify the process of customs clearance for visitors while improving tourism services.
Chairman of the Cao Bang People's Committee Hoang Xuan Anh emphasised that the official operation of the site has affirmed the cooperative relationship between Vietnam and China. In the future, both sides will continue to work together to promote and popularise the image of the scenic area in particular, and the friendly cooperation between Vietnam and China in general.
With the goal of building a cross-border green tourism model, both sides will continue to invest in infrastructure and visitor facilities to better meet the needs of tourists, while continuing discussions on the operational mechanism for cross-border tourism cooperation activities, said Anh.
Binh Duong to host 2024 forum on digital economy, digital society development
The southern province of Binh Duong will play host the second National Forum on Digital Economy and Digital Society Development on November 13-14, said organisers.
To be organized by the Ministry of Information and Communications in collaboration with the Central Economic Commission and the People’s Committee of Binh Duong Province, the forum will focus on the theme of innovative applications of digital technology in various sectors to develop the digital economy and enhance labour productivity.
This is an annual event aimed at fostering the development of the digital economy and digital society in Vietnam. The discussions will revolve around the application of digital technology, artificial intelligence, and digital data to enhance labour productivity and boost economic growth.
Presentations will focus on digital transformation in enterprises across sectors such as trade, agriculture, manufacturing, tourism, and logistics, with the goal of achieving sustainable economic growth.
The forum will include a high-level session, three specialized thematic workshops, and an exhibition showcasing technological applications for the development of the digital economy and digital society.
Gold prices plunge following outcome of US election
The price of gold bars fell by VND1.5 million per tael to VND87.5 million following a tumble in the price of the precious metal in the global market after the results of the United States presidential race were announced.
Accordingly, the morning of November 7 saw the Saigon Jewelry Company (SJC) list each tael of its SJC gold bar at VND85.5 million and VND87.5 million per tael for buying and selling, respectively, seeing a sharp decline of VND1.5 million compared to the previous trading session.
Meanwhile, the price of gold rings also experienced a decline of nearly VND2 million per tael.
The Saigon Jewelry Company witnessed the price of gold rings drop by VND1.7 million, settling at VND84.7 million and VND86.5 million per tael for buying and selling, respectively.
Similarly, PNJ Company bought and sold gold rings at VND85.6 million and VND86.9 million per tael.
Compared to the peak period of gold rings over the previous days, the price of the product plummeted by more than VND2.5 million per tael.
According to Reuters, globally gold prices touched a more than three-week low on November 7, as the US dollar strengthened after Donald Trump's win in the US presidential election.
Plenty of attention was also paid to the Federal Reserve's interest rate decision later in the day, it added.
Gold prices fell by US$100 to US$2,648 per ounce.
Vietnam-China trade hits nearly US$170 billion over 10-month period
The total trade value between Vietnam and China over the past 10 months reached US$168.5 billion, and the figure is expected to rise to US$200 billion by the end of the year, reported by the General Statistics Office (GSO).
During the January to October period, Vietnamese businesses spent US$50.8 billion on imports from China and raked in US$117.7 billion from exports to this market, marking respective annual rises of 2.1% and 31.6%.
Notably, Vietnam ran a trade deficit worth US$66.9 billion with China throughout this period, up 68.5% compared to the same period last year.
China remains Vietnam’s largest trading partner, largest import market, and second largest export market in the world.
The two countries have significant potential to promote trade with a number of trade deals in place such as the ASEAN-China Free Trade Area (ACFTA) and the Regional Comprehensive Economic Partnership (RCEP).
Vietnam exports a range of products such as mobile phones, components, electronic equipment, rubber, agricultural products, and seafood to the northern neighbor. In contrast, it imports products such as machinery, equipment, raw materials for garment and leather shoe making, iron and steel, construction materials, and other household utensils.
Among the exported agricultural products, durian is the major export item which is most preferred by Chinese consumers. In addition, Vietnamese longans, lychees, mangoes, and fresh coconuts are among their favourite products.
Last year, the two-way trade value between the two countries reached US$171.2 billion.
10-month pepper export turnover surges by 48% year on year
Vietnam exported a total of 219,387 tonnes of pepper for US$1.1 billion over the past 10 months of the year, down 1.9% in volume but up 48% in value, the Vietnam Pepper and Spice Association (VPSA) has unveiled.
Of the total, 193,892 tonnes of black pepper and 25,495 tonnes of white pepper were sold to foreign markets, valued at US$881.6 million and US$162.6 million, respectively.
The average export price of black pepper stood at US$4,971 per tonne and that of white pepper at US$6,626 per tonne, increasing by US$1,528 per tonne and US$1,671 per tonne, respectively, compared to the same period 2023.
The American market recorded a sharp annual rise of 46.8% in the reviewed period, accounting for 28.5% of the overall market share, of which the US was Vietnam’s largest pepper importer with 62,553 tonnes.
Exports also skyrocketed in several markets such as the United Arab Emirates at 14,540 tonnes, Germany at 13,737 tonnes, and the Netherlands at 9,295 tonnes, up 45%, 77.2%, and 41.2%, respectively.
GWEC assists Vietnam in developing offshore wind power
Mart Hutchinson, director of Southeast Asia Task Force at the Global Wind Energy Council (GWEC) presented a GWEC report on competitive investor selection in offshore wind power in Vietnam, at a working session with Deputy Minister of Industry and Trade Nguyen Hoang Long in Hanoi on November 7.
Hutchinson noted that the Vietnamese government has made significant strides in expanding clean and renewable energy, notably through the approval of the Power Development Plan VIII, aimed at achieving net-zero emissions by 2050, with offshore wind power identified as a key pillar in this strategy.
With its exceptional wind resources and strong commitment to offshore wind power outlined in the Power Development Plan VIII, Vietnam has the potential to lead offshore wind development in Southeast Asia, he said.
Offshore wind power, with its high capacity, will complement other sources of renewable energy in Vietnam and become a stable base-load power source compared to other forms of renewable energy, he added.
Furthermore, Vietnam is in a position to become a regional hub for the offshore wind supply chain. The country has already exported wind turbine towers to other Asian markets and is the only Southeast Asian nation with a wind turbine assembly factory. Additionally, Vietnam’s expertise in the offshore oil and gas industry can be leveraged for offshore wind power, supporting sustainable industrialization and creating significant job opportunities.
The Global Wind Energy Council believes that a competitive investor selection process for offshore wind projects will play a crucial role in achieving long-term energy goals, he said.
According to the executive, the report is to provide the Government with a comprehensive, data-driven analysis on how to select competitive investors for offshore wind projects, drawing on international case studies for reference.
GWEC hopes that the findings in the report will support the Government of Vietnam in making offshore wind power a foundational part of the country’s future energy mix, emphasized Hutchinson.
At the working session, Deputy Minister Nguyen Hoang Long highly appreciated the cooperation and information exchange between the GWEC and Vietnam in the development of renewable energy, particularly offshore wind power.
To achieve the goal of net-zero emissions by 2050, he said Vietnam needs to accelerate the development of offshore wind power in the coming years.
Therefore, he proposed that the GWEC continue to exchange information and provide policy advice on investment and investment cooperation in building a smart grid and offshore wind power production for Vietnam.
Domestic petrol prices rise on global oil market rally
In tandem with a strong increase in global crude oil prices, domestic fuel prices saw a sharp rise as of 3p.m. on November 7 following price adjustments by the Ministry of Finance and the Ministry of Industry and Trade.
The price of RON95-III, the most commonly used petrol in Vietnam, rose VND351 to VND20,854 per liter, while that of E5RON92 was listed at VND19,744 per liltre, up VND336 from the precious price adjustment cycle a week ago.
Meanwhile, the price of diesel 0.05S increased by VND769 to VND18,917 per liter, and of kerosene by VND461 to VND19,294 per liter.
On contrast, the price of mazut 180CST 3.5S decreased by VND67 per kilogram, now priced at no more than VND16,394 per kilogram.
According to the Ministry of Industry and Trade, the global oil market during this adjustment period from October 31 to November 6 was influenced by several factors, including the ongoing conflicts in Ukraine and the Middle East, and OPEC+ postponing plans to increase oil production.
These factors have caused fluctuations in global fuel prices in recent days, with different products experiencing increases or decreases depending on the specific commodity.
On November 7 morning, global oil prices showed a slight downward trend as the US dollar strengthened. Investors are assessing the potential impact of incoming US President-elect Donald Trump’s foreign policy plans, which may reduce global oil supply.
Gia Lai province looks to boost cross-border trade with Cambodia
Sharing the border with Cambodia, the Central Highlands province of Gia Lai is striving to develop its border trade infrastructure connections with Ratanakiri province of the neighbouring country, aiming to strengthen economic links and make import - export turnover on a par with the great potential of both countries.
A highlight of this scheme is the annual border market held at the Le Thanh International Border Gate Economic Zone in Duc Co district that is jointly organised by Gia Lai and Ratanakiri. The market is a golden opportunity for people, businesses, and production facilities of the two sides to promote trade in goods, helping to realise the two Governments' joint vision for a borderline of peace, cooperation and development.
Moeu Malaiy, Deputy Director of the Commerce Department of Ratanakiri, said that the department is promoting economic development policies, particularly in the trade sector, by boosting production and supporting the sale of products through trade fairs.
Cambodian firms also hope to seek partnerships with Vietnamese businesses participating in fairs held in Cambodia, she said.
Despite a year-on-year surge of 56% in its cross-border trade turnover in the first nine months of 2024, Gia Lai is still facing many challenges.
Nguyen Nhu Trinh, head of the Gia Lai Economic Zone Authority, pointed out that the challenges stem from inconsistencies in border trade policies, weak mechanisms for attracting investment to border areas, a shortage of currency exchange services, unclear direction for border markets, and the limited scale and capacity of businesses. Currently, border trade activities in the province are mainly conducted in the form of small-scale transactions, leading to low and unstable tax revenues.
Meanwhile, Moeu Malaiy admitted certain problems in customs procedures, product quality, pricing, transportation, and market access, stressing that deeper cooperation between the two countries in these areas is essential.
Dao Thi Thu Nguyet, Deputy Director of the Gia Lai Department of Industry and Trade, said that the export turnover between Gia Lai and Ratanakiri is still low compared to the potential of the two sides. She suggested that Cambodia intensify trade promotion efforts, establish distribution systems, and further expand the market.
She also stressed the need for more investment in infrastructure, trade promotion, and the diversification of goods and services to create a bustling and prosperous border region. Close coordination between the administrations, businesses, and residents of the two sides is also crucial to unlocking the full potential of border trade between Vietnam and Cambodia./.
Vietnam Semiconductor Industry Exhibition 2024 opens in Hanoi
The Vietnam Semiconductor Industry Exhibition 2024 (SEMIExpo Vietnam 2024) opened at the National Innovation Centre in Hanoi on November 7, under the theme of "Elevating Vietnam in the Global Semiconductor Supply Chain".
The two-day event, the first and largest of its kind in Vietnam, is being held by the National Innovation Centre (NIC) under the Ministry of Planning and Investment, the Semiconductor Industry Association (SEMI) - a global organisation with more than 3,000 member companies, and 1.5 million professionals in the semiconductor and electronics design, manufacturing, and supply chains worldwide.
Speaking at the event, Minister of Planning and Investment Nguyen Chi Dung, who is also Deputy Head of the National Steering Committee for Semiconductor Industry Development, affirmed that SEMIExpo Vietnam marks an important milestone in Vietnam's efforts to integrate into the global semiconductor value chain - an industry regarded as the "heart" of modern technology and a foundation for the digital economy.
According to Dung, the exhibition, along with several sideline workshops and activities, will serve as an opportunity to connect Vietnam with the global semiconductor sector, showcasing its potential and advantages to international semiconductor companies, and opening up opportunities for the country to participate in various stages of this key industry.
KC Ang, SEMI SEA Regional Advisory Chairman and GlobalFoundries Asia President, affirmed Vietnam's growing role in the semiconductor supply chain. According to SEMI, the country’s semiconductor market has reached 18.23 billion USD in 2024, with a compound annual growth rate (CAGR) of 11.48% in recent years.
It can be said that Vietnam is on the cusp of a major opportunity to deeply engage in the semiconductor industry and has clearly demonstrated its ambition to become a key link in the global semiconductor supply chain, he stated.
SEMIExpo Vietnam 2024 is drawing the participation of more than 5,000 delegates and 100 booths of major semiconductor technology corporations in the world and Vietnam such as Cadence, Qualcomm, Intel, Qorvo, Dassault Systemes, Siemens, Tektronix, FPT and Viettel.
During the event, organisations can promote investment opportunities, the development of the industry in Vietnam, update the world’s advanced technology trends, and participate in dialogues with State management agencies.
At the event, NIC and SEMI also exchanged a cooperation agreement aimed at promoting the development of Vietnam's semiconductor industry./.
Vietnam Air Cargo Day 2024 Forum takes place for first time in Hanoi
Under the theme 'Securing the Future of Air Cargo: Digitalisation and Compliance', the IATA Air Cargo Day Vietnam 2024 forum focused on key issues in the aviation and logistics sectors, including digital transformation, evolving safety and security regulations, along with initiatives to optimise transportation processes.
Held on November 7 in Hanoi, the forum was organised by the International Air Transport Association (IATA) and Vietnam Aviation Exhibition Corporation (VIAExpo) in collaboration with the Vietnam Logistics Business Association (VLA) and the Vietnam Association of Aviation Science and Technology (VAAST).
This is the first time the event has been hosted in the capital, aimed at expanding networks and promoting air cargo transport both within the region and internationally.
The event drew over 200 participants, including Government agencies, diplomatic representatives, experts and industry leaders from national and international aviation supply chains.
Experts at the forum highlighted the essential role of air logistics in connecting global supply chains and supporting national trade activities.
President of the Vietnam Logistics Business Association (VLA) Dao Trong Khoa, said “air logistics accounts for up to 35% of global trade value, equivalent to over 6 trillion USD, enabling rapid delivery of high-value and sensitive goods to consumers. With the rapid development of e-commerce, air logistics is viewed as an indispensable link, ensuring connectivity and economic growth.
“Following the COVID-19 pandemic, Vietnam’s aviation industry has recovered strongly. In the first nine months of 2024, cargo volume through Vietnamese airports reached 1.2 million tonnes, an 80% increase from the same period last year.
"Domestic airlines have operated over 300,000 flights, with an on-time rate of 85%, a 2% improvement from the previous year. However, the industry faces significant challenges, particularly with the expanding trends of digitalisation and automation, requiring companies to rapidly update their technology to maintain competitiveness.”
As Vietnam integrates further into the global economy, complying with new safety and security regulations presents a significant challenge for businesses.
International standards, especially from markets like the United States and Europe, require companies to demonstrate transparent business relationships and strict adherence to security standards. The forum provided an opportunity for companies to stay updated on these regulations, enhancing their reputation and promoting a transparent and sustainable business environment.
The VLA stated that going forward the sector would focus on green technology solutions, minimising greenhouse gas emissions and contributing to sustainable development goals. The VLA is actively promoting clean technology adoption, process optimisation, cost reduction and faster delivery times, particularly in terms of e-commerce.
With experts from various countries in attendance, IATA Air Cargo Day Vietnam 2024 also presented an important opportunity for building new partnerships, expanding markets and exploring investment opportunities.
The forum facilitated collaboration between regulators and businesses, promoting international cooperation in the aviation and logistics sectors. By sharing experiences and discussing development strategies, the event provided not only immediate benefits but also a foundation for the long-term growth of Vietnam’s aviation and logistics industry.
Vietnam Air Cargo Day 2024 reaffirmed the role and potential of the aviation sector amid an increasingly competitive global market. Insights shared by experts at the forum not only helped businesses stay informed, but also motivated them to collectively build sustainable strategies, adapting to technological advancements and international compliance standards./.
Investment funds eye Vietnam
Several large foreign investment funds are considering expanding investments in Vietnam to capitalise on the country’s rapid socio-economic development and green transition.
Kohlberg Kravis Roberts (KKR), a US investment fund with a total asset of around 47 billion USD) which has poured more than 1.5 billion USD into Vietnam in recent years, expects to increase its investments in the country.
KKR has invested in education services provider EQuest to provide high-quality education solutions, as well as contribute to the development of a skilled workforce in Vietnam. In addition, KKR has invested 250 million USD in Masan Group and Massan Nutri-Sicence.
Recently, Abu Dhabi Investment Authority (ADIA) – the fourth largest investment fund in the world, managing 830 billion USD worth of assets – said it too is looking to expand investments in Vietnam.
In Vietnam, ADIA has invested in The CrownX through Platinum Orchid company, together with San Francisco-headquartered investment fund TPG and Singapore-based SeaTown Holdings International to acquire stakes at Masan.
The world’s largest investment fund Blackstone, with total assets of more than 1,000 trillion USD, also wants to strengthen investments in Vietnam.
The Vietnamese Government is actively calling for investments in the green energy, semiconductor, electronics and agriculture sectors.
The latest updates of the General Statistics Office showed that Vietnam attracted 27.26 billion USD worth of foreign investment in the first ten months of this year, an increase of 1.9% over the same period in 2023.
A total of 19.58 billion USD has been disbursed in the period, up 8.8%./.
Vietnamese Goods Week brings vibrant showcase to Thai province
The annual Vietnamese Goods Week has arrived in Udon Thani province of Thailand, transforming it into a vibrant marketplace for Vietnamese products.
Held by Central Retail Vietnam, a subsidiary of Thailand's Central Group, in collaboration with the Ho Chi Minh City Trade and Investment Promotion Centre, the event from November 7 to 10 features nearly 40 Vietnamese enterprises eager to tap into the vast market potential of northeastern Thailand.
Visitors are treated to a wide range of products, from agricultural staples and processed food to tea, coffee, dried goods, spices and pharmaceuticals. Handicrafts, household appliances, apparel, and fresh fruits also grace the display, with all meeting international export standards and presented in eye-catching and eco-friendly packaging.
Cultural enthusiasts also have a chance to don traditional "ao dai" of Vietnam for memorable photos and learn the intricate art of making “to he” (Vietnamese toy figurines) under the guidance of skilled artisans.
Exhibitors also seize the opportunity to engage in networking activities and sign memoranda of understanding, paving the way for more Vietnamese goods to enter the Thai market.
In his opening speech, Vietnamese Ambassador to Thailand Pham Viet Hung said the event is expected to help boost Vietnam's exports to the second largest economy in Southeast Asia, which aligns with the goal of achieving 25 billion USD in bilateral trade next year.
Acting Governor of Udon Thani province Ranida Laungthitisakul affirmed the province’s commitment to promoting Thailand - Vietnam relations, pledging comprehensive support for bilateral cooperation across various sectors.
Paul Le, Vice President of Central Retail Vietnam, highlighted Central Group's track record of bringing over 1,000 Vietnamese firms to Thailand over the past eight years, noting these companies produce iconic and world-leading products, including pepper, coffee, cashew nuts, and One Commune, One Product (OCOP) items./.
Vietnam, RoK cooperate to combat counterfeits, protect consumers
The Vietnam Directorate of Market Surveillance (DMS) has collaborated with the Korean Intellectual Property Office (KIPO) and Korean Intellectual Property Protection Agency (KOIPA) to host a workshop discussing counterfeits of those from the Republic of Korea (RoK)’s brands in Vietnam.
At the event held in Hanoi on November 7, representatives from ten Korean companies, namely Everpia, Samsung, aT, Amore, Cuckoo, CJ, Dorco, Lines, Hyundai, and Iconix, shared insights on brand violations in various markets, including Vietnam. They provided specific indicators and methods to distinguish genuine from counterfeit products for each brand, assisting authorities in identifying and intercepting these unauthorised replicas.
KIPO Director Jeong In-sik said that counterfeit goods not only undermine business operations but also endanger Vietnamese consumer health and safety. He noted that this issue extends beyond national borders, affecting the entire global supply chain.
DMS Director General Tran Huu Linh acknowledged the robust economic and trade relations between Vietnam and the RoK and noted that Korean products have never been as popular in Vietnam as they are today.
Praising the RoK’s initiative in organising this workshop to enhance the knowledge of functional agencies in differentiating genuine from counterfeit goods, he affirmed the DMS is committed to collaborating with other Vietnamese agencies and Korean businesses to detect and prevent counterfeit-related issues.
Earlier, on November 6, Linh held discussions with a delegation from KIPO and KOIPA to discuss the prevalence of counterfeit RoK products in Vietnam and measures to tackle it./.
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