Over the medium-term outlook for the next five years, a number of key drivers are expected to continue to make Vietnam one of the fastest growing emerging markets in the Asian region, said an article published by the S&P Global Market Intelligence on October 5.

Accordingly, it noted that Vietnam will continue to benefit from its relatively lower manufacturing wage costs. The country has a relatively large, well-educated labour force compared to many other regional competitors in Southeast Asia, making it an attractive hub for manufacturing production by multinationals.

In addition, rapid growth in capital expenditure is expected, reflecting continued strong foreign direct investment by foreign multinationals as well as domestic infrastructure spending. Strong investment is expected in infrastructure sector over the next decade.

The article assessed that many multinationals have been diversifying their manufacturing supply chains during the past decade to reduce vulnerability to supply disruptions and geopolitical events. Vietnam has been one of the preferred destinations for Republic of Korea and Japanese firms choosing to shift their production to the ASEAN region.        

In conclusion, the author wrote over the medium-term economic outlook, a large number of positive growth drivers are creating favourable tailwinds and will continue to underpin the rapid growth of Vietnam's economy. This is expected to drive strong growth in the country’s total GDP as well as per capita GDP. The economic outlook from 2024 to 2026 is for rapid economic expansion.

With strong economic expansion projected over the next decade, Vietnam's total GDP is forecast to increase from 410 billion USD in 2022 to 500 billion USD by 2025, rising to 750 billion USD by 2030. This translates to very rapid growth in Vietnam's per capita GDP, from 4,150 USD per year in 2022 to 5,000 USD per year by 2025 and 7,300 USD by 2030, resulting in substantial expansion in the size of its domestic consumer market.

Vietnam attractive to European firms: seminar

A seminar was held by the Vietnam Trade and Industry Review in Hanoi on October 6 to discuss how to connect with the EU firms and make the best use of the EU-Vietnam Free Trade Agreement (EVFTA).

Speaking at the event, Chairman of the Board of Directors of Phuc Sinh Group Phan Minh Thong said the EVFTA, which took effect three years ago, has created numerous opportunities. Accordingly, non-EU companies investing in Vietnam could take advantage of the reduced tariffs when exporting from Vietnam to Europe.

Many coffee factories have been established by not only European investors but also those from Singapore, the US, and other Asian nations like India. These investments aim to produce "Made in Vietnam" products for export to Europe and benefit significantly from the reduced tariffs provided by the agreement, he said.

Ngo Chung Khanh, deputy head of the Multilateral Trade Policy Department at the Ministry of Industry and Trade (MoIT), highlighted the importance of connecting Vietnamese firms with foreign partners - a significant task outlined in the Government's plan to carry out new-generation FTAs. This task is also reflected in the plans of various ministries, sector and localities.

He said on October 12, the MoIT will chair a conference involving leaders of the departments of industry and trade nationwide to review connections between domestic enterprises and foreign partners and EU businesses in particular. This will enable localities to learn from each other's experience and best practices.

According to him, leveraging European resources, raw materials, and technology to produce higher-quality goods and joining more deeply in the global supply chain is a significant expectation of the Vietnamese firms as the EVFTA enters a new phase of implementation. Achieving this requires collaboration from the State management agencies, industry associations, and especially appropriate support mechanisms, policies, and activities.

Khanh said businesses need to take a more proactive role in improving their competitiveness, actively seeking partners and seizing opportunities to cooperate with the European firms. By doing so, they could make more effective use of the opportunities presented by the EVFTA.

Big data essential to ensure continuous operations of banking industry

Data security is an important issue in ensuring continuous operations, and is considered a vital factor for banks. The Smart Banking Summit 2023 was organised by the Vietnam Banks Association (VNBA) in collaboration with IEC Group, under the professional sponsorship of the State Bank of Vietnam (SBV), in Hanoi on October 6.

Data security is an important issue in ensuring continuous operations, and is considered a vital factor for banks.
The Smart Banking Summit 2023 was organised by the Vietnam Banks Association (VNBA) in collaboration with IEC Group, under the professional sponsorship of the State Bank of Vietnam (SBV), in Hanoi on October 6.

Speaking at the event, SBV Deputy Governor Pham Tien Dung said that in the development of the Industry 4.0, data has become a new resource, an important and decisive factor in the digital transformation process.

In particular, large banks in Vietnam have made changes and have their own warehouses and data centres.

For the banking industry, developing and effectively exploiting digital data is one of nine solution task groups to implement the goal of digital transformation in the banking industry in Decision No 810/QĐ-NHNN of the SBV Governor.

Data not only helps banks authenticate and identify customers, but also through technology applications to analyse and capture consumer behaviour and trends, thereby making decisions in product and service development and supply to meet market needs and improve operational efficiency.

The SBV deputy governor asked bank leaders to pay attention to two issues, which are ensuring continuous operations and ensuring security.

The deputy governor informed that the amending Law on Credit Institutions would require banks to develop scenarios for unusual situations, otherwise they would not be able to handle when a crisis occurred.

General Director of Tien Phong Joint Stock Commercial Bank (TPBank) Nguyen Hung said that the bank only processed three million transactions per month five years ago.

But now, the bank has 100 million transactions per month and if the system stopped for just a few minutes, hundreds of thousands of customers would be affected.

“There are so many different options to use now. Therefore, the crucial and vital thing for the bank is to ensure there is no interruption and continuous operation," said Hung.

Opening the plenary session of the event, Tran Van Tan, vice chairman of VNBA council, said that in recent times, the banking industry has had many directives, circulars, and action plans to realise digital transformation goals.

According to statistics from the SBV, the banking industry has invested more than 15 trillion VND (625 million USD) in digital transformation activities by the end of last year.

"This shows that Vietnam is expanding rapidly and has great potential for developing digital banking applications, helping the country become one of the leading countries in the banking industry revolution," emphasised Tan.

In addition to pointing out the results of the banking industry in digital transformation activities in general as well as the collection, exploitation and processing of digital data, Tan also commented that in this process, banks also were facing many challenges, including maintaining a balance between data exploitation and protection.

Digital transformation has many new, complex, and rapidly changing elements, requiring continuous absorption of international achievements and experiences and creative application appropriate to the specific conditions and circumstances of the country.

The VNBA representative expected that the summit titled “Harnessing and leveraging data: Shaping the future of the banking industry in the digital age” was truly a forum for regulatory agencies, researchers and the community of banks and credit institutions to discuss issues for successful and sustainable digital transformation of the banking industry.

Exports of rattan, bamboo, sedge, and carpet products rebound in August

Vietnam’s export of rattan, bamboo, sedge and carpet products recorded a back in August to reach US$64.38 million, an increase of 4.2% from the previous month and 4.4% compared to August, 2022, according to statistics from the General Department of Vietnam Customs. 

This marks the third consecutive month which exports of rattan, bamboo, sedge, and carpet products have reached a higher level than the same period from last year.

During the eight-month period, Vietnam raked in US$485.63 million from exporting rattan, bamboo, sedge, and carpet products, down 18.2% against the same period last year.

Most notably, handicraft imports from the United States and EU have shown signs of recovery recently. However, Vietnamese handicraft products are currently facing fierce competition from markets such as India, Mexico, and Thailand.

According to details given by insiders, the country’s export of rattan, bamboo, sedge, and carpet products are projected to encounter numerous difficulties moving forward.

From now until the end of the year, in addition to traditional export markets, local businesses are advised to focus on exploiting other markets such as India, the Republic of Korea, China, Mexico, and Chile.

Khanh Hoa draws over 2.6 bln USD from Japan

The south central province of Khanh Hoa has so far attracted six Japanese projects worth over 2.65 billion USD, or nearly 70% of the total foreign direct investment in the locality, heard the Khanh Hoa – Japan investment promotion conference held in Nha Trang city on October 7.

The event was part of activities to celebrate the 50th anniversary of Vietnam-Japan diplomatic ties and materialise the local investment promotion scheme 2023.

Speaking at the event, Deputy Foreign Minister Ha Kim Ngoc said amid complicated and uncertain developments in the world, Vietnam and Japan continue sharing many strategic interests.

He also described Japan as one of the top strategic partners and the three largest foreign investors in Vietnam with over 4,800 projects valued at more than 64 billion USD.

Chairman of the provincial People’s Committee Nguyen Tan Tuan said Khanh Hoa province will focus its investments on three main pillars, which include high-quality services such as tourism, finance, trade, logistics, education, and urban development; processing and manufacturing, energy, information technology and telecommunications; and large-scale agriculture with the use of advanced and digital technology in tandem with processing and consumption via value chain in order to improve competitiveness and global integration.

Cam Ranh Bay, Nha Trang city and Van Phong Bay will be its major growth drivers, he said.

The event introduced the development orientation of Khanh Hoa from now until 2030, with a vision to 2045, specific development policies, the approved planning and current operations of the Japanese companies in the province.

The provincial authorities hoped that the Japanese investors will show interest in local industrial parks, industrial clusters, sectors and projects in need of investment. They vowed to work more closely with the Japanese firms to boost consumption and cultural exchanges between the two sides.

They also committed to continuing administrative reforms, improving business environment, and the Provincial Competitiveness Index (PCI) to provide the best possible conditions for Japanese investors to do business successfully in the future.

At the event, a memorandum of understanding on cooperation was signed between the Ministry of Planning and Investment’s Foreign Investment Agency, the provincial Department of Planning and Investment, the Japan External Trade Organisation (JETRO), and the Japanese Chamber of Commerce and Industry in Ho Chi Minh City (JCCH), which is expected to support investment promotion activities between Khanh Hoa and Japan.

Toll fees to rise on four expressways

The Vietnam Expressway Corporation (VEC) is planning to raise toll fees on its four expressways this year to secure the viability of its financial strategy and enhance its debt repayment.

VEC has clarified that these fee hikes were approved by the Ministry of Transport in 2021.

According to VEC, the first nine months of this year saw over 45.3 million vehicles using the expressways under its management, a 12.41% increase against the same period last year.

Notably, the Cau Gie-Ninh Binh expressway accommodated the highest number of vehicles, totaling 15.8 million. However, it only recorded 8.5% growth in toll revenue over last year, the lowest among the four expressways.

The HCMC-Long Thanh-Dau Giay Expressway served 15.4 million vehicles, securing the second position in terms of vehicle numbers and registering a 9.65% year-on-year increase in revenue.

In contrast, the Noi Bai-Lao Cai Expressway recorded remarkable revenue growth, surging by 21.43% compared to the previous year, even though the number of vehicles traveling on the route only reached 12.3 million.

The Danang-Quang Ngai Expressway maintained its second position in terms of toll revenue. However, the route saw a modest number of vehicles, with only 1.8 million in the same period.

VEC stated that electronic toll collection (ETC) has improved its efficiency. Nevertheless, inconsistencies have remained in VEC’s operational standards and the existing vehicle weighing system, which affect vehicle control.

VEC recently adjusted toll fees for two groups of vehicles, including group-4 and group-5 trucks, on the Cau Gie-Ninh Binh and HCMC-Long Thanh-Dau Giay expressways, with effect from September 1.

Steering committee established for Regional, International Financial Center

Prime Minister Pham Minh Chinh has just signed a decision to establish the steering committee on formulating the regional and international financial center project in Vietnam.

The Steering Committee on formulating the regional and international financial center project is responsible for provide advices for the Government and the Prime Minister to study, direct and mutually collaborate to solve key and intersectoral works during the processing of developing the project.

Head of the Steering Committee is Deputy Prime Minister Le Minh Khai and the Minister of Planning and Investment is Deputy Head.

Besides, members of the committee comprise leaders of the Ministries of Planning and Investment, Finance, Industry and Trade, National Defense, Public Security, Information and Communications, Justice, Natural Resources and Environment, State Bank, Government Office, the People’s Committee of Ho Chi Minh City and the People’s Committee of Da Nang City.

The Steering Committee is assigned to help the Prime Minister urge relevant ministries, ministerial-level agencies, agencies under the Government and localities to build the Regional and International Financial Center Project; chair and organize cooperation activities, consultancy and exchange with domestic and international organizations, agencies on building the Regional and International Financial Center in Vietnam.

Japanese VCs expand tranche of investment

Despite headwinds in capital mobilisation, Japanese venture funds are doubling down on Vietnam’s startup ecosystem, underscoring the nation’s pivotal role in their quest to cultivate a vibrant Southeast Asian startup landscape.

Vietnamese recruitment platform TopCV officially garnered a multi-million dollar investment from Japan’s human resources heavyweight, Mynavi Corporation, earlier in September. While official figures remain undisclosed, sources from DealStreetAsia in late August estimated the investment to be at least $10 million.

This marks the second tranche of investment that Mynavi has funnelled into the startup since its initial sponsorship in 2021.

This collaboration is anticipated to propel TopCV in technological integration, enhance its talent pool, and establish its prominence in Vietnam’s burgeoning human resources tech landscape.

A representative from Mynavi said, “Our decision to collaborate and invest in TopCV emanates from a shared mission - to forge a better society for all. TopCV’s distinct advantage, rooted in its vast technological potential, its valuable ecosystem, and its passionate team, resonated with us. We are confident that this will serve as a sturdy launchpad for our partner’s sustainable growth in the future.”

Mynavi’s investment portfolio is not limited to TopCV. The corporation has been actively backing other promising startups across the Southeast Asian region, spanning sectors including edtech, fintech, and SaaS.

In late May, 1Office, another Vietnamese startup offering digital transformation solutions, successfully raised millions in a Series A funding round led by Mynavi. Though the exact value of these investments is undisclosed, Mynavi is believed to routinely invest around $5 million per deal.

Le Viet Thang, CEO of 1Office said, “A staggering 95 per cent of Vietnamese enterprises are small- and medium-sized enterprises. Most business leaders are not entirely acquainted with the operations of individual departments.”

Rather than seeking expensive solutions from abroad, Thang suggests smaller businesses utilise products like 1Office for efficient business operations at a fraction of the price.

“With its cloud computing foundation, 1Office has crafted an online work environment accessible anytime, anywhere for companies,” he added

In Vietnam, the Japanese firm has extended its support to other startups like ITViec and Jobhopin. Apart from infusing capital into HR-focused startups, Mynavi is also a prominent investor in MindX, an edtech startup, as well as in proptech enterprise, Homedy.

Japan’s investment interest in Vietnam is not isolated to Mynavi. Genesia Ventures, another Japanese fund, finalised its fundraising for its third fund in May, amassing a robust total of approximately $110 million.

In Vietnam, Genesia Ventures has invested in 12 startups across various funds. With its newly acquired $110 million capital, the fund aims to invest in the region’s most promising companies that align with its vision and objectives.

Since its second fund in 2020, Genesia Ventures invested in a total of 59 startups, primarily in Japan, Indonesia, and Vietnam. Hoang Thi Kim Dung, Vietnam’s country manager for Genesia Ventures, said, “The third round demonstrates the resilience and confidence in the fund’s investment strategy.”

Further deepening Japan’s foothold in the Vietnamese startup ecosystem, one of Japan’s megabanks, Sumitomo Mitsui Financial Group (SMFG), unveiled a $210 million investment fund in July, geared towards nurturing startups into unicorns, according to Nikkei Asia.

Although there is no specific data on the fund’s activity in Vietnam, SMFG’s strategic investment ties with VPBank and FE Credit suggest more investment deals in Vietnam’s startup ecosystem could be on the horizon.

In the fintech sector, SMBC, a bank within SMFG, co-founded the Asia Rising Fund in May in partnership with Incubate Fund, aiming to bolster business growth and partner relations by investing in high-potential Asian startups. With a fund management commitment of $200 million over a decade, SMBC intends to back startups that contribute to the conglomerate’s business growth.

Earlier in March, a subsidiary of Mitsubishi UFJ Financial Group – a strategic investor of VietinBank – set up an investment fund of about $375 million to support startups.

Reflecting on the potential trajectory of the region, Akitaka Wilhelm Fujii, chairman of Real Tech Holding, said, “Many prominent Japanese corporations are investing in our funds because they’re looking for new business opportunities and research and development ideas. For our global fund, there are plenty of Japanese companies who are looking to expand to Southeast Asia.”

NIC propels ahead with semiconductor agreements

Vietnamese authorities are teaming up with American businesses and universities to create a leap forward in semiconductor manufacturing in Vietnam.

During the recent working trip by Prime Minister Pham Minh Chinh to the United States, the National Innovation Centre (NIC) under the Ministry of Planning and Investment (MPI) signed agreements with US partners to maximise the potential of Vietnam’s semiconductor industry.

In recent times, Vietnam has been focusing on developing human resources, building preferential policies, and crafting incentives for digital economic development, renewable energy, semiconductors, high-tech parks, and innovation and financial centres.

Of these, Synopsys, a Californian semiconductor design software and security group, will provide training licences which include curriculum, educational resources, and other initiatives to the NIC to help set up its chip design incubation centre.

Robert Li, Synopsys sales vice president for Taiwan and South Asia, said, “The successful development of the semiconductor industry requires teamwork and collaboration among government, technological universities, research institutes, and entrepreneurs. We will work closely with the NIC to help fortify Vietnam’s semiconductor industry development.”

Electronic systems design group Cadence will offer access to its tools to academic institutes selected by the NIC, providing students with an opportunity to gain real-world experience creating integrated circuit (IC) designs.

There are several aspects of the collaboration that will benefit the local market in Vietnam. For example, local university students and professors will have access to Cadence support and an online training suite. Cadence will also introduce internship and job opportunities to Vietnamese engineers trained at the NIC.

In parallel, Cadence will introduce the NIC to governments, organisations, businesses, and corporations in the semiconductor industry in the US and around the world.

“We are committed to putting our tools in the hands of next-generation innovators around the world, and this latest collaboration with the NIC fosters chip design advancement in Vietnam,” said Michael Shih, corporate vice president of sales for Asia-Pacific and Japan at Cadence. “The NIC has a pivotal role in the region, and we look forward to working together to ensure engineers have the resources they need to gain practical experience and enable our customers to achieve design success,” he added.

Meanwhile, the Arizona State University (ASU) will introduce job opportunities for Vietnamese engineers trained at the NIC IC design centre for training and incubation with domestic and foreign businesses in the semiconductor industry, including linkages to Arizona’s large global semiconductor ecosystem.

The ASU and the NIC will work with public and private Vietnamese academic institutions and others in order to develop training programmes, research exchanges related semiconductor and related fields.

The ASU will facilitate partnerships with governments, organisations, businesses, and corporations in the semiconductor industry in the US and around the world to support the ASU-NIC collaboration so as to develop the Vietnamese semiconductor ecosystem and deeply participate in the global semiconductor supply chain.

Also, the ASU will explore appropriate funding sources directed to develop workforce capabilities in semiconductors including, but not limited to, those related to the US CHIPS and Science Act.

Both sides will also explore opportunities to link bilaterally the ASU Innovation Zones across Phoenix, Arizona with the NIC in Hanoi to foster US and Vietnamese startup and innovation semiconductor ecosystems.

“The US recognises Vietnam’s potential to play a critical role in building resilient semiconductor supply chains. A newly signed deal between the NIC and the ASU will further develop Vietnam’s current semiconductor and innovation ecosystem, workforce and other related disciplines needs,” said Vo Xuan Hoai, vice director of the NIC.

“The NIC is focused on advancing the Vietnamese innovation ecosystem, driving growth in high-tech areas like the semiconductor industry that can fuel our local economy.”

In Vietnam, the NIC is establishing the infrastructure for the IC design incubation centre at Hoa Lac High-Tech Park in Hanoi, where academic institutes selected by the NIC can leverage Cadence’s portfolio of industry-leading technology to create a wide variety of designs, including 5G, Internet of Things, AI, and 3D-IC packaging.

Minister of Planning and Investment Nguyen Chi Dung said, “Vietnam has enough capacity to develop the semiconductor industry, a political system that is considered stable, and a favourable geographical location.”

Various ministries have been tasked with developing an action programme to improve human resources, with the goal of taking on 50,000 engineers for the industry by 2030.

Race to lower deposit interest rates to continue until year end

The race to lower deposit interest rates among banks is expected to continue until the end of 2023, according to analysts.

They attributed it to sluggish credit growth and challenges that lending continues to face, and loose monetary policy, leading to a surplus of liquidity.

Banks have been steadily reducing deposit interest rates since April and they have now gone below 5.5% per year, even lower than during the COVID-19 pandemic period.

A few days ago, State giant Vietcombank continued to reduce its rates, which have gone to the lowest in years.

On October 7, its highest rate was 5.3%, lower than the pandemic period, when it had been 5.8%.
Three other State-owned banks, Agribank, BIDV and VietinBank, have capped the rate at 5.5%.

Nguyen Tri Hieu, a banking expert, said deposit interest rates would continue to decrease this year though not to the same extent as before.

Dr Can Van Luc, chief economist of BIDV, said policy interest rates should remain stable since further lowering is unnecessary.

Besides, reducing them further could put pressure on the exchange rate, he pointed out.
In a recent report the World Bank claimed there was not much room left for Vietnam to loosen monetary policy.

Credit demand continues to be low though interest rates have plummeted, and further cuts are unlikely to promote credit growth, it claimed further.

Dr Tran Hung Son, a lecturer at HCM City National University’s University of Economics and Law, warned that reducing interest rates too quickly would widen the difference between domestic and international interest rates, especially dollar-denominated ones.

As the gap widens, pressure on the foreign exchange rate would be inevitable, he added.

Peter Verhoeven, chairman of Prometheus Asia SDN BHD, said while Vietnam is loosening its monetary policy unlike the US or the EU, the move is appropriate since it has controlled inflation well.

The steady deposit rate cuts are expected to further bring down lending rates since the SBV has been exhorting lenders for long to reduce them to support businesses.

Industry experts forecast a bleak outlook for the banking industry this year due to stagnant credit growth and falling profits, with smaller players in particular expected to face a sharp drop in profit growth.

Quang Ninh aims to develop modern IP system

Under a planning approved by the Prime Minister for the 2021-2030 period with a vision to 2050, the northern province of Quang Ninh has 23 industrial parks (IP), the largest number among localities across the country, which is a favourable conditions for the province to form a modern and specialised IP system and create more added values.

Among the 23 planned IPs, seven have been built and hosted investment projects, namely Cai Lan, Viet Hung, Hai Yen, Dong Mai, Hai Ha Seaport IP, Song Khoai, Dam Nha Mac service IP. The remaining are in the process of planning or waiting for approval as well as selecting investors.

Quang Ninh aims to develop each IP according to different product chains and industries, gathering interconnected, supportive and dependent industries to create complete industrial products, especially a network of supporting industry with domestic enterprises participating in global production networks and value chains.

Specifically, Dong Mai, Song Khoai, Viet Hung and Bac Tien Phong IP will be dedicated to automobile production, mechanical engineering, and assembly of electrical and electronic equipment, while Hai Ha Seaport IP will host projects in high-tech textile industry.

Thanks to support from the local administration, investors have promptly invested in developing the infrastructure of the IPs, creating land reserve to lure secondary investors.

In Hai Ha Seaport IP, the investor, Hai Ha Industrial Park Vietnam Limited, has developed the technical infrastructure over 300 hectares, including a water and electricity supply system.

Wu Xian Hong, Deputy General Director of Hai Ha Industrial Park Vietnam Limited said that thanks to the positive assistance from the provincial Party Committee, administration as well as departments and sectors of Quang Ninh, to date, the IP has attracted 19 projects from Japan and China with a total investment of over 1.3 billion USD, mostly in the garment and textile industry, creating jobs for about 13,000 labourers.

Meanwhile, the technical infrastructure system of Dong Mai IP, invested by Viglacera Corporation, has been completed. With its focus on attracting projects in the fields of supporting industries, light industries, high-end consumer goods manufacturing industries, electrical and electronic industries, and mechanical assembly industries, Dong Mai Industrial Park has so far lured 23 projects from secondary investors, with a total registered capital of over 6.37 trillion VND (over 261 million USD), creating jobs for about 9,000 workers.

Particularly, Dong Mai IP has drawn many strategic and international investors in the field of electronic component and semiconductor manufacturing such as Foxconn, TCL, Yazaki, which are the suppliers of many major electronics companies in the world.

Recent statistics showed that the total area of industrial land in local IPs that has been leased to secondary investors to invest in projects has reached over 655 hectares, with an occupancy rate of nearly 52%.

Currently, local IPs have attracted 57 secondary investors, creating jobs for about 35,000 labourers. In 2022, the combined revenue of foreign-invested businesses in the IPs hit 2.5 billion USD, while that of domestically-invested firms was 3.2 trillion VND. The import revenue of businesses in local IPs reached 1.7 billion USD, while exports were over 2.25 billion USD. The firms paid 910 billion VND to the State budget.

Hoang Trung Kien, head of the Management Board of Quang Ninh Economic Zones said that the zone has worked closely with relevant agencies to select projects with high efficiency for local IPs, thus making positive contributions to the province’s sustainable development.

Over 4,400 Mercedes-Benz vehicles recalled to fix fuel pump errors

Vietnam Registration reported that there were 4,407 Mercedes-Benz vehicles of more than 10 different models produced and assembled domestically and imported that must be recalled due to fuel pump errors.

The affected models include C300, S450, G63, GLC300 4MATIC, GLE 450 4MATIC, GLS 450 4MATIC, AMG GLE 53 4MATIC, Maybach S 680 4MATIC, AMG GT 53, Maybach GLS 600 4MATIC, C200, and GLC200/GLC300 4MATIC.

These vehicles, imported or produced domestically between August 2021 and September 2022, are required to be returned to the factory for inspection and rectification.

The recall programme is in effect until December 31, 2027, with an estimated 1.5 hours of free service per vehicle to check and fix the fuel pump errors.  

The affected vehicles' fuel pumps could cause them to malfunction or stop working, according to Mercedes-Benz Vietnam.

India initiates anti-dumping probe into Vietnamese and Thai steel

The Indian Directorate General of Trade Remedies (DGTR) has initiated an anti-dumping investigation into welded stainless steel pipes imported from Thailand and Vietnam, according to details given by the Trade Remedies Administration under the Ministry of Industry and Trade (MoIT).

According to the terms of the inspection, the steel products under investigation are therefore subject to anti-subsidy duties and investigation in the sunset review of the anti-subsidy tax order.
  
The date of initiating the investigation was September 30, with all concerned parties being required to submit their comments and proposal within 15 days from the date of notification of the investigation for DGTR’s consideration.

The investigation period was from April 1, 2022, to March 31, 2023, while the damage period of investigation included the three most recent financial periods such as 2019 to 2020, 2020 to 2021, and 2021 to 2022.

Relevant parties are therefore advised to submit their questionnaire responses and necessary information to DGTR via email addresses: adg14-dgtr@gov.in, adv13-dgtr@gov.in; dd11-dgtr@gov.in; and dd16-dgtr@gov.in.

The investigation questionnaire is currently posted on the DGTR's website at https://www.dgtr.gov.in/anti-dumping-guidelines/exporters-questionnaire. The deadline for submitting responses will be 37 days from the date of notification of the investigation.

As a means of protecting the legitimate interests of businesses, the Trade Remedies Administration recommends that relevant manufacturers or exporters carefully study the related documents and comprehensively co-operate alongside DGTR, as well as regularly contacting the administration to receive timely information and support.

Hanoi to host Vietnam International Electronics & Smart Appliances Expo 2023

Vietnam International Electronics & Smart Appliances Expo 2023 (IEAE Hanoi) will take place from November 2 to November 4 in Hanoi, drawing the participation of more than 200 local and foreign firms.

The function is to be jointly held by the Vietnam National Trade Fair and Advertising JSC (Vinexad) and Chaoyu Expo (China).
  
The purpose of the occasion is to help domestic businesses and those from other countries to expand co-operation, increase consumption, and accelerate the development of the high-quality electronic consumer market in the Vietnamese market.

According to Vinexad, this is represents a large-scale specialised exhibition in the nation, showcasing a range of cutting-edge products and technologies from four main industries including electronics - household appliances; smart device; computers, phones, accessories and game equipment; electronic components and other products.

Aside from encouraging the consumption of high-quality electronic and entertainment products, the expo is also fully committed to building an effective and professional "one-stop shopping" purchasing platform, with the ultimate aim of offering a new and smart experience to buyers both in Hanoi and across the country.

The event will also provide an ideal venue in which buyers can seize upon additional business opportunities and gain greater insights into the industry’s various trends.

A number of forums and seminars will be held during the course of the event, aiming to discuss the current development situation of the electronics, home appliances and smart device sector, as well as promoting innovation and development of the industry.

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