Total deposits from individual customers at banks had reached 6.8 quadrillion VND (276.3 billion USD) in the first seven months of this year, marking the highest level ever, according to the latest data released by the State Bank.
Specifically, citizens' household deposits increased by 305.6 trillion VND compared to the end of 2023, equivalent to a growth rate of 4.68%. Compared to the same period last year, the deposit amount rose by an additional 448.8 trillion VND.
Despite significant and prolonged declines in deposit interest rates, household deposits have shown steady growth over the past two years. Experts said that this trend reflects the cautious attitude of the public in response to economic uncertainties and investment channels such as stocks or real estate.
On the contrary, deposits from economic organisations in banks showed a slight decrease of 1.07% compared to that in late 2023 to 6.76 quadrillion VND.
According to insiders, this shift may be driven by businesses seeking higher returns through new investment channels, rather than keeping capital in banks with low interest rates./.
Top leader meets Irish businesses, discusses investment opportunities
Pushing bilateral trade turnover to US$5 billion by 2026 should be a mutual goal of Việt Nam and Ireland, Party General Secretary and State President Tô Lâm said during a meeting with Irish business executives on Thursday.
The meeting was part of the top leader’s visit to Ireland from October 1 to 3.
Lâm congratulated the Irish businesses that had gained success from their investments in Việt Nam in agriculture, healthcare, energy transition, low-carbon energy, and biotechnology, which are the fields that Việt Nam aims to further develop in the near future.
He expressed his wish that trade collaboration between the two countries would extend beyond the current 41 projects, worth $60.8 million, and that Irish investments in Việt Nam would continue to grow.
“Bilateral trade turnover between our countries has increased 2.5 times over the last six years, despite disruptions in the global economy, and Ireland is Việt Nam’s sixth largest trade partner, and second largest export market within the European Union,” he said.
The two sides should aim for a trade turnover of $5 billion by 2026 to mark the 30th anniversary of the establishment of diplomatic relations, he added.
The President emphasised that, as Việt Nam is entering a new era of development, it will rely on Fourth Industrial Revolution assets – science, technology, innovations, and a highly skilled workforce – to transform its growth model and restructure the economy.
“With this long-term vision, we will prioritise investments in the digital economy, green economy, circular economy, and knowledge economy,” he said.
He called for more Irish businesses to invest in Việt Nam in these fields, stressing that they will always be welcomed by the Vietnamese Government and encouraged to expand their collaboration with Vietnamese businesses.
Their presence in Việt Nam, he noted, will not only produce goods for domestic consumption, but also for exports to other European countries as Việt Nam is party to several free trade agreements.
The top leader stressed that the Vietnamese authorities are always ready to support and create favourable conditions for foreign businesses, including Irish companies, to invest in Việt Nam and contribute to the socio-economic development of both countries.
He expressed hope that Irish businesses will support Vietnamese enterprises to take part in the global value chain and engage in investment activities with a focus on efficiency, sustainability, high social responsibility and environmental protection.
“With the joint efforts of both sides, we will continue to achieve greater success in the future, aiming together for stable, prosperous, and sustainable development between the two countries,” he said.
US initiates administrative reviews of anti-dumping duties on three products from Việt Nam
The US Department of Commerce (DOC) has initiated administrative reviews on three Vietnamese exports currently subject to anti-dumping duties, according to the Trade Remedies Authority of Việt Nam.
The anti-dumping duty reviews target frozen tra and basa fish fillets, honey and copper pipe. The final decision is expected to be issued by August 31, 2025 at the latest.
For frozen tra and basa fish fillets, the review period runs from August 1, 2023 to July 31, 2024. Meanwhile, the review period for honey runs from June 1, 2023 to May 31, 2024 and copper pipe from August 1, 2023 to July 31, 2024.
Under US laws, within 35 days of the notice of initiation, DOC will select mandatory respondents based on their export volumes, as reported by US Customs and Border Protection (CBP) or through their responses to quantity and value (Q&V) questionnaires. Any producers/exporters listed in the review notice but without export activity during the review period must inform the department within 30 days of the notice.
For countries deemed non-market economies by the US, such as Việt Nam, businesses seeking separate duty rates must submit applications and answer Q&V questionaires within 30 days of the notice.
Failure to apply for a separate rate could result in the imposition of the national rate, which is often high.
The Trade Remedies Authority has advised relevant producers/exporters to stay informed on case developments, comply fully with US investigation requirements and closely cooperate with the authority throughout the review process.
Binh Duong hosts Vietnam-Korea Character Licensing Festival
The Vietnam-Korea Character Licensing Festival 2024 (VKCLF 2024) is underway in the southern province of Binh Duong, featuring a variety of cultural events and business opportunities within the character licensing industry.
Following the first edition in 2023, the Korea Creative Content Agency in Vietnam (KOCCA Vietnam) and the World Trade Centre Binh Duong New City co-host the second, which kicked off on October 3, with the aim of enhancing cooperation in the newly-emerging sector included in Binh Duong’s economic development strategy.
Local fans of iconic characters have a chance to explore unique and creative products displayed by 15 businesses from the Republic of Korea (RoK).
Binh Duong, home to modern industrial parks, is steadily transforming itself into a destination for new business models with a blend of cultural and economic factors.
The festival, therefore, is set to promote local content creation, thus developing iconic, unique Vietnamese characters capable of making an impact on the international market.
KOCCA Vietnam Director Seong Im Kyeong expressed his hope for expanded cooperation between Vietnam and the RoK in the industry, adding the festival offers an opportunity for experts and managers to look into opportunities and challenges in building creative businesses models in Binh Duong./.
Tien Giang improves public investment efficiency
As of early October, the southern province of Tien Giang had disbursed almost 3.8 trillion VND (over 153 million USD) in public investment, accounting for 76.3% of this year's target – about 4.97 trillion VND, reported the provincial Department of Planning and Investment.
To improve the efficiency of public investment capital and boost local socioeconomic development, the province has mobilised the entire political system to ensure the progress of site clearance work and public investment projects associated with rapid disbursement.
Chairman of the Tien Giang provincial People's Committee Nguyen Van Vinh has directed departments, agencies and localities to focus on ensuring the compliance with regulations and standards when making, considering, and approving investment proposals and investment projects.Right at its regular meeting in mid-2023, the provincial People's Committee submitted for the provincial People's Council's approval the 2024 public investment plan and schedule as a basis to prepare for investment and site clearance this year.
Tien Giang has focused on key projects, avoided scattered investment, regularly inspected and monitored the progress and quality of projects, he said.
Besides, the provincial Department of Planning and Investment appraised the selection of contractors, shortened the project implementation time in accordance with the characteristics of bidding packages, and regularly inspected to transfer funding from projects with low progress to those that require additional capital for completion on schedule.
In addition, the province has paid attention to removing difficulties and obstacles facing investors during their project implementation.
Local authorities have regularly examined and urged contractors to speed up progress, ensuring that by the end of the year, all of planned public investment capital will be disbursed.For example, Sub-project No. 2 of the Cao Lanh - An Huu Expressway project has its first phase allocated 872 billion VND in 2024, and all of the funding was disbursed in the first nine months of this year.
It is a key national project in Tien Giang province that saw fast disbursement, compensation and site clearance, and received public consensus and support.
Tran Minh Trung, Director of the Tien Giang provincial management board for transport construction and investment projects, said that in 2024, Tien Giang plans to invest over 736 billion VND in four key transport projects.
The board had disbursed nearly 662 billion VND by the start of October, reaching nearly 90% of the total planned investment capital, he noted, voicing his belief that all of the finance for the key projects will be disbursed by the end of this year.
Thanks to that, the road serving industrial development in eastern areas and Phase 1 of the road running along the Tien River will be completed and put into use by the year's end.
Tien Giang’s public investment is expected to generate positive results in 2024, helping it remain among the best performers in public investment disbursement nationwide.
This will also help it effectively remove difficulties, speed up projects to benefit the community, and create a driving force for socioeconomic development./.
Vietnam’s FDI attraction wins big
Foreign investors have been disbursing funds and accelerating investments in factories to establish long-term operations in Vietnam, reflected through the recent inauguration and groundbreaking of several projects across Vietnam.
In late September, Long Son Petrochemicals (LSP)’s integrated petrochemical complex, the first of its kind in Vietnam, was put in commercial operation. A subsidiary of the SCG Chemicals (SCGC) and a member of the Thai SCG Group, it has a total investment capital of more than 5 billion USD. The complex is expected to earn a revenue of 1.5 billion USD and contribute 150 million USD related to the value added tax to the budget each year.
On September 26, the Philippines’ Aboitiz Foods inaugurated a 45 million USD animal feed plant in Ben Luc district, the Mekong Delta province of Long An. The Gold Coin Feedmill Long An, one of the most advanced feed mills in Southeast Asia, has a designed capacity of 300,000 tonnes per year, increasing Aboitiz Foods' total annual feed production in Vietnam to 1.1 million tonnes.
Also in Long An, Vietnam’s Dong Tam Group and CS Wind Group of the Republic of Korea (RoK) on September 10 signed a cooperation agreement on land leasing for a large-scale wind power equipment factory whose total investment capital hits 200 million USD.
In the northern region, on September 28, China’s Deli Group broke ground for its new stationery manufacturing plant at the Dai An Expanded Industrial Park in Hai Duong province.
The 270 million USD factory, covering an area of 21.2 hectares, is set to operate for 50 years. Once completed, it is expected to produce over 104 million stationery and household items made from paper and plastic annually. Additionally, it will manufacture more than 2.4 million electronic products, including personal computers, photocopiers, and shredders, as well as 22.5 million rubber products such as balls, sticks, and mats.
According to the Foreign Investment Agency under the Ministry of Planning and Investment, total registered foreign investment, including new capital, adjustments, and capital contributions via share purchases, exceeded 24.78 billion USD in the first nine months of this year, up 11.6% year-on-year.
In September alone, foreign capital neared 4.26 billion USD, the highest monthly figure this year and accounting for 17.2% of the nine-month total.
In January-September, FDI disbursement was estimated at 17.3 billion USD – the highest in the past five years, representing a year-on-year rise of nearly 9%.
The Ministry of Planning and Investment assessed that FDI flows continue to concentrate in provinces and cities with advantages in attracting foreign investment, such as good infrastructure, stable human resources, efforts to reform administrative procedures, and dynamic investment promotion. Notable locations include Bac Ninh, Ho Chi Minh City, Quang Ninh, Ba Ria-Vung Tau, Binh Duong, Hanoi, Hai Phong, Dong Nai, Bac Giang, and Ninh Thuan. These ten localities accounted for over 80% of the number of new projects and nearly 73% of total investment capital in the country over the past nine months.
Many large projects in sectors such as semiconductor and energy, and in the manufacturing of electronic components and high-value-added products have been newly invested in or expanded in the period.
On October 1, the Innovate Vietnam 2024 conference in Hanoi, Meta’s President of Global Affairs Nick Clegg confirmed that an affordable line of Meta virtual reality glasses will be produced in Vietnam.
The Quest 3S line uses a similar technology to its predecessor model Quest 3, but will be cheaper and lighter, he added.
On September 25, at a meeting with Vietnam’s Party General Secretary and State President To Lam as part of his US trip, Tim Hughes, Senior Vice President for Global Business and Government Affairs of the US-based provider of spacecraft, satellite launch services, and satellite communications SpaceX, informed that the group aims to inject 1.5 billion USD into the country in the near future./.
Hanoi hosts 20th Vietnam Handicraft Village Fair
Nearly 100 businesses from 31 provinces and cities nationwide are taking part in the 20th Vietnam Craft Village Fair which opened in Hanoi on October 3 .
Covering an area of 1,000 sq.m, the festival showcases typical handicraft products of traditional craft villages throughout the country, including Bat Trang ceramics, My Duc silk, Thuong Tin embroidery, Xuan La figurines, Phu Vinh bamboo and rattan weaving, and Chuong village conical hats. Other items such as Mai Chau brocade, Do Xuyen bamboo and rattan handicrafts and Quang Nam are also displayed, along with agricultural products that meet One Commune One Product (OCOP) standards of three stars or higher and those with geographical indications, organic products and specialties of localities.
Through participating in the fair’s activities, enterprises and craftsmen have a chance to learn about market needs and new trends in sustainable agricultural production as well as value chain linkages.
A highlight of this year’s edition will be a live stream session on the TikTok channel 'Cho phien OCOP' (OCOP Market), from 10am to 1pm on October 4, to sell signature products of each locality.
Nguyen Minh Tien, Director of the Agricultural Trade Promotion Centre under the Ministry of Agriculture and Rural Development, said there are more than 5,400 craft villages across the country.
The number of craft villages in the North accounts for nearly 40%, most concentrated in the Red River Delta with about 1,500 villages, of which about 300 villages have been recognised as traditional craft villages.
The fair aims to contribute to enhancing the image and competitiveness of handicraft products in both the domestic and foreign markets.
A ceremony was held on October 3 to honour 61 winning products at the Hanoi Craft Village Product Contest 2024 within the framework of the event. Of which, the product “Decorative lights for the main hall" by Bui Bach Dang from Son Tay town, Hanoi won the special prize.
The fair will last until October 6 at No 489, Hoang Quoc Viet Street in Hanoi./.
Vietnam ESG Initiative 2024 winners announced
The Vietnam ESG Initiative 2024 was awarded at a ceremony held in Ho Chi Minh City on October 3, honouring businesses with outstanding initiatives to adopt environmental, social, and governance (ESG) standards.
Amid intensive international economic integration, Vietnamese companies are facing enourmous challenges in meeting stringent sustainability requirements from investors, partners, international markets, and consumers. The green transition trend is thriving worldwide, demanding businesses focus on not only profitability but also ESG factors.
The Vietnam ESG Initiative, launched by the Agency for Enterprise Development under the Ministry of Planning and Investment (MPI) with support from the US Agency for International Development (USAID), aims to boost Vietnamese businesses' competitiveness and help them adopt sustainable practices. The 2024 edition, themed “Seizing Green Transformation Opportunities”, is the second so far.
At the event, Deputy Minister of Planning and Investment Tran Quoc Phuong emphasised the inevitable trend of sustainable development, highlighting the need for Vietnamese enterprises to innovate to catch up with this trend and remain competitive, or miss chances to deeply engage in global value chains.
As the advisory body about socio-economic and enterprise development for the Government, the MPS has made active moves, including implementing a programme on supporting private firms to secure business sustainability in the 2022 - 2025 period. This programe has helped improve awareness of business sustainability and ESG for nearly 3,400 businesses, with 400 companies receiving in-depth ESG training. Besides, tools for assessing sustainable business and ESG practices were built and published online free of charge.
Launched in January, the Vietnam ESG Initiative 2024 attracted a large number of businesses with various green transition and sustainability initiatives. Ten shortlisted companies received intensive training and advice from the USAID Improving Private Sector Competitiveness (IPSC) project to perfect their plans, and then presented their ideas in front of the jury.
Three companies were awarded for their outstanding ESG implementation plans, namely Ecoka, Saigon Secoin, and Shinec. Additionally, EMIC Hospitality received a special recognition for its efforts in sustainable tourism.
The winners will receive technical support valued at 2 billion VND (81,000 USD) to implement their ESG initiatives.
The event also introduced ESG tools and a handbook on legal regulations on ESG, helping businesses align with sustainability standards and legal requirements to enhance their competitiveness and readiness for global market requirements./.
Vietnam-France trade, investment ties expected to grow further
The official visit to France by Party General Secretary and State President To Lam and his attendance at the 19th Francophonie Summit are expected to give a boost to the bilateral economic, trade, and investment ties.
According to the Ministry of Industry and Trade, two-way trade saw an average annual growth rate of 15.7% during the 2011-2019 period. France is Vietnam's fifth largest trade partner in Europe, making up a big share in the trade relations between Vietnam and the continent.
The export-import revenue stood at 4.8 billion USD last year, with Vietnam’s exports valued at 3.17 billion USD. In the first eight months of this year, the bilateral trade exceeded 3.4 billion USD, up 6.9% year-on-year, and Vietnam’s shipments fetched 2.23 billion USD, a rise of 4.3%.
Vietnam's key exports included footwear, garments-textiles, household utensils, agro-forestry-fishery products, jewelry, electronic items, ceramics, and rubber, among others.
Meanwhile, it mainly imported high-value and technology-intensive products from the European nation like pharmaceuticals, machinery, equipment, and means of transport.
Experts said since the establishment of the bilateral diplomatic ties in 1973, Vietnam and France have made significant strides in trade. Notably, the EU-Vietnam Free Trade Agreement (EVFTA) has opened up substantial opportunities and prospects, serving as a catalyst for strengthening their economic and trade relations.
Vu Anh Son, head of the Vietnamese Trade Office in France, said 2021 marked the inaugural year for the office’s efforts to introduce Vietnamese fresh fruits, particularly lychee and longan, to the French market. The same year, Vietnamese canned fruit products made their debut at supermarkets there, followed by rice in 2022.
The office stepped up such efforts in 2023 with a range of promotion events in France, he said, adding that in 2024, it coordinated with the Vietnamese Cultural Centre in Paris and the Ministry of Culture, Sports, and Tourism in organising a big programme honouring Vietnamese lychee.
Regarding the Vietnamese goods week at Carrefour supermarkets, Minister of Industry and Trade Nguyen Hong Dien said it is significant to introducing Vietnamese products to French consumers, saying Carrefour is not just a distribution channel but also a platform promoting the Vietnamese cuisine.
The Vietnam Free Trade Agreement Portal (FTAP) has provided necessary information about the French market and the two-way trade for businesses, along with the list of agencies that would support them to set up partnerships with French firms.
The office stressed that Vietnam needs comprehensive and well-structured strategies to boost exports to this demanding market, saying products must strictly adhere to the EU’s regulations regarding food safety, quality management, and environmental protection.
This not only improves the competitiveness of Vietnamese goods in the French market but also contributes to building the country's brand and image on the international stage, it said.
It also suggested businesses equip themselves with knowledge about the EVFTA to optimise it for deeper integration into the French market.
The office also pledged to make greater efforts in unleashing the market, promoting the export of some potential Vietnamese agro-fishery products, and attracting French investors to Vietnam in the time ahead./.
Meta confirms virtual reality glasses to be manufactured in Vietnam
Meta’s President of Global Affairs Nick Clegg has confirmed that an affordable line of Meta virtual reality glasses will be produced in Vietnam.
The Quest 3S line uses a similar technology to its predecessor model Quest 3, but will be cheaper and lighter, he said at the Innovate Vietnam 2024 conference in Hanoi on October 1.
“We will be starting to manufacture in Vietnam our next generation of virtual and augmented reality headsets,” he said.
“It’s an extraordinary new technology, it’s part of an emerging new computing platform. And we will, with our local partners, be manufacturing it here in Vietnam, and we estimate that this will create well over a thousand new jobs.”
The visual and audio technologies of Quest 3S will be extremely impressive, Clegg added.
“[It is] at least by a long way the most accessible and advanced Metaverse headset anywhere in the world, and we are delighted to manufacture it here.”
The confirmation of the headset manufacturing is one of the two significant new milestones in Meta’s commitment to Vietnam, according to Clegg.
He also announced that Meta’s virtual assistant, known as Meta AI, will be made available to users in the country across Facebook, Instagram, Messenger and WhatsApp during this month.
“We are doing this here in Vietnam and other countries across Southeast Asia before even countries in Europe has access to this technology,” he said. “And I think that demonstrates the shared vibrancy of the digital ecosystem in Vietnam that is pushing Vietnam increasingly at the front of the pack, the queue, the line, for new innovations.”/.
Petrol prices down on October 3
The Ministry of Industry and Trade and the Ministry of Finance adjusted the retail prices of petrol products down from 3pm on October 3.
Specifically, the price of E5RON92 bio-fuel dropped by 770 VND to no more than 18,850 VND (0.76 USD) per litre, while that of RON95-III fell by 715 VND to 19,803 VND per litre.
At the same time, the price of diesel 0.05S is capped at 17,401 VND per litre, a decrease of 105 VND, and kerosene is now priced at no more than 17,651 VND per litre, down 222 VND. Mazut oil 180CST 3.5S is sold at 15,003 VND per kg, down 354 VND.
The two ministries decided not to use the petrol price stabilisation fund in this adjustment./.
Fruit, farm produce week kicks off in Hanoi
A wide range of fruits and other agricultural specialties from various localities are being offered to consumers at Dong Da Cultural Park in Hanoi.
The fruit and farm produce week, opened on October 2, is part of activities to celebrate the 70th anniversary of the capital's liberation (October 10, 1954 - 2024), said Deputy Director of the Hanoi Department of Industry and Trade Nguyen The Hiep.
The five-day event features 70 booths introducing agricultural and regional specialties of 50 enterprises and cooperatives from Hanoi and 15 provinces, including Hung Yen, Son La, Phu Tho, Ha Giang, Quang Ninh and Lam Dong.
It offers an opportunity for businesses to promote and connect the consumption of seasonal fruit, regional specialties and One Commune One Products (OCOP) items, thereby stimulating consumer demand and increasing the total sales of the city, contributing to the "Vietnamese people prioritise using Vietnamese goods" campaign.
The Municipal Department of Industry and Trade has provided support for enterprises and units of provinces and cities to participate in trade events which aim to boost connection between Hanoi and other localities, he said./.
Vietnam represents largest pangasius supplier to Colombia
Vietnamese Tra fish (pangasius) exports to the Colombian market fetched US$35 million during the past eight months of this year, accounting for more than half of the market share in the Colombian whitefish market.
According to figures released by the General Department of Customs, pangasius exports to Colombia in August alone brought in more than US$6 million, an increase of 37% compared to August, 2023. Since the beginning of this year, the South American nation recorded the highest import value in August. Cumulative pangasius exports during the eight-month span to this market reached US$35 million, an increase of 44% over the same period from last year.
According to data compiled by the International Trade Center (ITC), in the first half of the year, there were a total of nine suppliers of white fish to Colombia. Of which, Vietnam was the largest supplier of white fish (mainly pangasius) to Colombia with nearly US$19 million, up 15% on-year.
The country accounted for 66% of the total whitefish that the Colombian side imported from the world throughout the first half of this year.
China represents the second largest supplier of whitefish to Colombia after the Vietnam with a share of 32%. The import value of whitefish from Peru, Ecuador, Venezuela, the United States, Uruguay, Panama, and Chile to Colombia is almost negligible and tends to record negative growth.
Some of the white fish products imported the most by Colombia in the first half of this year include frozen pangasius, catfish HS code 030324, accounting for 44% of the proportion; frozen tilapia fillets, HS code 030461, making up 30% of the proportion; frozen catfish fillets, HS code 030462, constituting 20% of the total value of white fish imported by this nation from the world.
Colombian consumers are very fond of frozen pangasius and catfish products with the HS code 030324. In the first half of the year, the country imported more than US$12 million of products with the HS code 030324 from the Vietnamese market, up 27% on-year, accounting for 98% of the total value of Colombia's imports of this product from the world.
Colombia makes up the fourth largest economy in Latin America and is also an advanced freshwater aquaculture country in South America that boasts strong tilapia products. However, the country still maintains stable imports of frozen pangasius products from the nation.
Export value to this lucrative market is even more positive in the last months of the year, when hotels and restaurants increase their demand for stockpiling to serve holidays and year-end festivals.
Vietnam saw a total of 18 enterprises exporting white fish (mainly pangasius) to Colombia during the past eight months of this year.
Vinh Tien is recognized as the enterprise exporting the most pangasius to this market, accounting for 45% of the total export value to Colombia.
Elsewhere, Nam Viet at 23%, Cadovimex II at 8%, Ben Tre Seafood at 6%, and Phat Tien Seafood at 5% were all behind Vinh Tien as the top enterprises exporting the most pangasius to the Colombian market.
Bến Tre to boost new, renewable energy development
Developing wind power projects will be one of the driving forces for Bến Tre Province’s socio-economic development, Permanent Deputy Prime Minister Nguyễn Hoà Bình said at a seminar held in the province on Wednesday (October 2).
The seminar, called “New energy and renewable energy potential and investment”, was organised within the framework of the 2024 Bến Tre Province Investment Promotion Conference themed "Bến Tre - Eastern vision and potential for sustainable development," being held from October 2 to 3.
It attracted many leading domestic and foreign experts, researchers and leaders to discuss and share experiences on technological and financial solutions for green hydrogen production from solar and wind power, as well as evaluate technology and equipment options for green hydrogen and ammonia production.
It also called on and committed to effectively use the support of international organisations, green credits, green bonds and solutions to develop planned hydrogen production projects in the province.
Deputy PM Nguyễn Hoà Bình highly valued the province's initiative to organise the seminar on developing green and sustainable energy, which aligns with the global trend and is a major policy of the Party.
Việt Nam is one of the countries that has favourable geographic and climatic conditions for renewable energy production.
In the next five years, the country needs to develop an amount of electricity that is nearly equal to the amount accumulated over the past decades.
“This brings significant challenges but also opens great opportunities for investors,” he said.
The country has great potential to develop renewable energy such as solar power plants, and onshore and offshore wind power plants, he said.
In order to achieve clean and renewable energy development goals, it is necessary to create a favourable investment environment, remove barriers to attract investment, encourage private investment, and perfect incentives and special mechanisms and policies, Deputy Minister of Industry and Trade Phan Thị Thắng said.
The province needs to implement flexible and effective credit policies, and create favourable conditions for businesses to access capital sources, especially businesses with green energy projects.
“It is necessary to offer businesses in the energy sector incentives to encourage their investment in research and development,” she said
The focus is on the research and manufacturing of energy equipment, and the application of new and renewable energy.
It also needs to promote cooperation with developed countries and international organisations, call for investment, develop support policies for investors, and access and transfer new and modern technologies in research, application, production and use of clean and renewable energy.
Jean Gourp, president Asia Pacific at John Cockerill, said electrolytic Hydrogen projects are getting larger.
The choice of technology will have an impact on the large-scale worldwide supply of electrolysers, he said.
“Large-scale and high-performance manufacturing are needed to meet demand and enable electrolyser cost reduction,” he said.
The massive development of decarbonated hydrogen in the world will be made possible with technology that can cope with intermittent power; be deployed with access to sustainable and safe materials; large-scale solutions such as stacks, mutualised equipment and integrated E&C; and high-performance large-scale electrolyser manufacturing and maintenance bases in hydrogen production areas with renewable power.
With a coastline of more than 65km, the province has huge potential to develop new and renewable energy projects such as wind power and solar power to produce green hydrogen, which is considered a sustainable technological solution but requires a long time and large capital to develop the market, the Bến Tre Province’s People's Committee chairman Trần Ngọc Tam said.
Hydrogen has been identified as a potential solution for decarbonising hard-to-abate sectors, he said.
“Clean hydrogen can play a paramount role to achieve net-zero targets by 2050,” he said.
Bến Tre has been approved to develop 19 wind power projects with a total capacity of more than 1,000MW, and has completed basic infrastructure of nine projects with a total capacity of about 365MW.
The province’s People's Committee has submitted to the Prime Minister a proposal to implement the Bến Tre Green Hydrogen Complex project as a pilot project for the hydrogen production industry in Việt Nam, along with self-production and self-consumption solar and wind power projects to provide input energy for this complex.
By 2030, the province strives to develop renewable energy sources, reaching about 1,100MW of onshore wind power, 1,000MW of offshore wind power, 10MW of biomass power, 18MW of electricity generated from waste, and 17MW of rooftop solar power.
Domestic steel prices set to rebound in Q4 amid easing pressure from Chinese market
Prices of domestic construction steel and hot rolled coil (HRC) are expected to recover significantly from the fourth quarter (Q4), boosting industry profits, according to experts.
Construction steel and HRC prices in the Vietnamese market saw a 32 per cent and 28 per cent decrease respectively in the first eight months of 2024, according to data from MB Securities (MBS).
These drops were due to weakened demand, largely driven by a sharp decline in steel consumption in China and its real estate crisis.
MBS anticipates the real estate sector crisis to continue until the close of 2024, with steel price potential hinging on supply dynamics as steel mills start cutting production, tightening supply in Q4 2024.
In China, the government is restricting licences for coal-based steel mills to uphold environmental standards and limit new supply.
Meanwhile, steel producers in Hebei and Tianjin have trimmed production by 20 to 30 per cent as gross profit margins hit a notable low of negative 4 per cent, the lowest in five years.
Consequently, steel production in China decreased to 77.9 million tonnes in August from nearly 83 million tonnes in July, data from the China Steel Association (CISA) shows, while its steel imports dipped by 9 per cent year-on-year in July.
Tightening supply may have a positive impact on steel prices. In September, Chinese construction steel prices surged by 4 per cent from the August low. As a result, analysts anticipate a rebar price recovery from Q4/2024 in China due to decreasing oversupply pressures.
The recent announcement from China’s central bank about its biggest stimulus package since the pandemic is also providing some support.
Although the stimulus measures should stop steel market conditions from worsening, they are unlikely to boost short-term demand, as this year’s steel output remains on track to come in lower than 2023, ANZ analysts said.
Steel rebar futures on the Shanghai Futures Exchange rose to above CNY3,417 per tonne on Monday, reaching the highest level since July 3.
China recently faced Typhoon Bebinca, the most powerful storm recorded in 70 years, which caused damage to infrastructure projects in Shanghai and Tianjin. This is expected to boost China's steel demand in the short run as steel is used for housing reconstruction and infrastructure development.
On the other hand, Việt Nam's steel industry potential hinges on the promising recovery of the real estate market. The upsurge in residential supply and public investments has been instrumental in driving the revival of the construction steel sector.
US-based commercial real estate services and investments provider CBRE said that the supply of apartments in Hà Nội and HCM City is projected to rise by 30 per cent and 20 per cent year-on-year, respectively.
Additionally, there is a 12 per cent year-on-year growth in public investment disbursement, totalling approximately VNĐ638 trillion (US$25.9 billion).
This surge is fuelled by the government's efforts to enhance transportation infrastructure development to support economic advancement.
The securities firm forecasts a positive upturn in Việt Nam's construction steel and HRC prices from Q4/2024 onwards, as pressures from China ease.
Projections indicate that construction steel prices could average $571 per tonne, up 4 per cent over last year, while HRC prices may dip by 7 per cent to $556 per tonne due to Chinese steel influences in the first half of the year.
Looking ahead to 2025, analysts anticipate a 7 per cent and 6 per cent increase in construction steel and HRC prices respectively, reaching $611 and $590 per tonne.
In 2025 and 2026, construction steel prices are expected to climb by 7 per cent and 8 per cent, reaching $608 and $657 per tonne, respectively.
MBS is optimistic about the growth prospects of industry leaders Hòa Phát Group (HPG), Hoa Sen Group (HSG) and Nam Kim Group (NKG).
They expect substantial profit increases for HPG and HSG in the coming years, driven by production growth and improved margins.
Net profits for HPG are projected to surge by 74 per cent and 51 per cent in the 2024-2025 period, while the value of HSG is anticipated to grow 2.33 per cent and 6 per cent in 2024.
NKG is anticipated to benefit from positive market conditions in the EU and the US, positioning it as a key player in the industry, said MBS.
The company's post-tax profits are expected to embark on a recovery trend, with growth rates of 287 per cent and 111 per cent in the 2024-2025 period, driven by revenue upticks and improved gross profit margins.
PM awards national innovation prize to Viettel
Prime Minister Phạm Minh Chính has presented the national innovation award to military-run telecom service provider Viettel.
Nine Viettel ideas won awards at the 2024 Việt Nam Innovation Challenge.
Among the top 15 outstanding ideas, Viettel is the only group honoured in both of the award's main areas: artificial intelligence and the semiconductor industry.
Viettel's eKYC electronic identification system ranked among the programme's top five, earning the Innovation Star award.
The group's idea to accelerate the process of simulating digital microchip designs was also honoured in the semiconductor field.
Seven other Viettel ideas were recognised, including the Viettel Machine Learning Platform (vMLP); the Smarthome Platform, a comprehensive solution for monitoring safety and security for households; Customer Centric Artificial Intelligence (CCAI), a multi-dimensional customer system based on artificial intelligence; and Data Platform As A Service, an ecosystem of data mining and analysis applications.
Viettel's ideas were acknowledged for their innovation, sustainability, research and development of technology and use of modern technology with a wide range of applications, as well as reasonable costs and good customer service for both businesses and individuals.
The 2024 Việt Nam Innovation Challenge is organised by the National Innovation Center under the Ministry of Planning and Investment.
The challenge aims to find ideas and solutions from organisations and individuals around the world to resolve important national issues, helping develop a prosperous and sustainable Việt Nam.
The award has attracted the submission of 750 ideas from 20 countries and territories.
India initiates anti-dumping investigation into Vietnamese calcium carbonate filler masterbatch
The Trade Remedies Authority of Việt Nam announced that India's Directorate General of Trade Remedies (DGTR) has initiated an anti-dumping investigation into calcium carbonate filler masterbatch originating or imported from Việt Nam.
This investigation was launched based on a petition from India's domestic industry, represented by the Compounds and Masterbatch Manufacturers Association of India and the Indian Masterbatch Manufacturers Association.
The investigated product is calcium carbonate filler masterbatch under HS code 38249900.
The complainant claims that the investigated product has been imported into India in significant volumes, is being dumped, and has caused or threatens to cause material injury to India's domestic manufacturing industry.
DGTR has recommended that interested parties submit comments, arguments and product control number (PCN) proposals within 30 days of the investigation's initiation. The PCN will serve as the basis for classifying product groups during the dumping margin calculation process.
To address the issue promptly, the Trade Remedies Authority of Việt Nam encourages associations, manufacturers and exporters of the investigated product to carefully review the initiation notice as well as the public version of the complaint, and submit comments on the case (if any).
They should also review the product and submit PCN proposals to be used during the investigation and comment on the complainant’s PCN proposals (if any), according to the Trade Remedies Authority.
Furthermore, they are advised to fully cooperate with the investigating authorities to avoid being deemed non-cooperative, which could result in very high tariffs.
For timely support, businesses should request complete information related to the investigation (including investigation questionnaires, findings and dumping margin calculation methods) and maintain contact with the Trade Remedies Authority.
Tax imposition, credit tightening can’t help stop real estate speculation
If the housing supply is not improved, the imposition of high taxes or tightening bank credit for owners of more than one real estate property will not help stop real estate speculation. On the contrary, experts warn that it will cause housing prices to continue to rise.
The Ministry of Construction has recently proposed that a tax be imposed on owners ofmore than one property in an effort to prevent speculation. The Ministry of Finance said it supports the proposal and will study it further.
The proposal was raised because real estate prices have been increasing dramatically since the beginning of this year.
Meanwhile, the Vietnam Association of Realtors (VARS) has recently proposed tightening bank credit for speculators to prevent real estate price bubbles. To reduce the number of people borrowing bank capital for speculative purposes or using excessive leverage, VARS suggested that credit institutions lower lending caps and require a higher ratio of equity payments, or apply higher interest rates to owners ofmore than one real estate property.
In addition, VARS said, the Government can impose regulations on credit quality control, requiring banks to report more details on real estate-related loans to help strengthen risk monitoring.
However, given the current limited real estate supply, experts recommend caution in imposing high taxes, raising interest rates or tightening credit for real estate.
Expert Dr Đinh Trọng Thịnh said that when housing supply is scarce, buyers are willing to accept high taxes and interest rates because they expect the purchase will bring them profit. When demand exceeds supply, imposing more taxes and higher interest rates will only drive real estate prices higher.
In the same vein, Dr Lê Xuân Nghĩa, a member of the National Financial and Monetary Policy Advisory Council, said the most fundamental solution at this time is to increase housing supply. There are currently thousands of real estate projects under suspension in Hà Nội. If there are solutions to promptly resolve legal hindrances and clear administrative procedures, the projects will be implemented to increase the supply to the market and cool down housing prices.
Nghĩa said that the Government must have a long-term housing finance strategy, especially for social housing. The social housing and low-cost housing segments in Việt Nam have nearly failed so far, while the price of commercial housing has increased rapidly.
To develop the social housing and low-cost housing segments, it is necessary not only to have an open mechanism for enterprises to develop social housing, but also to have preferential financial policies for home buyers. In Việt Nam, previously, the VNĐ120 trillion real estate lending package failed because it was not attractive enough for borrowers due to high interest rates and short preferential periods.
BIDV’s chief economist Dr Cấn Văn Lực proposed that management agencies promptly implement the Land, Housing and Real Estate Business laws to increase supply, and ensure measures are in place to regulate and intervene promptly when the market heats up.
In particular, Lực noted that agencies must promptly remove obstacles in land valuation, land auctions, legal procedures and bad debt settlement with real estate as collateral to help the real estate market develop sustainably.
An open banking system is essential for a smart city
Building a smart city with a smart payment system playing a key role has helped Hà Nội gradually transform and make breakthroughs in the process of development, said Hà Minh Hải, vice chairman of the municipal People's Committee.
During a conference on Wednesday, Hải said that the implementation of cashless payment solutions in public services, transportation and social security, along with electronic invoices and smart payment streets, has led the city to achieve important initial results in developing digital urban areas.
He added that non-cash payment methods such as bank cards, e-wallets, QR codes and mobile payments have also brought significant benefits for residents.
Deputy Governor of the State Bank of Vietnam Phạm Tiến Dũng emphasised the importance of establishing a close link between smart cities and digital transformation in the banking system.
Dũng said the State Bank, financial institutions and payment service providers have been gradually transforming, changing their operating models in addition to connecting and integrating technology platforms, payment solutions and data sharing to develop an open banking ecosystem.
Nguyễn Hoàng Long, Deputy General Director of the National Payment Corporation of Vietnam (NAPAS), said that his firm has focused on providing digital payment methods to support Hà Nội and other localities in building smart cities.
Currently, NAPAS has been facilitating mobile payments like fast money transfers and payments for public services.
NAPAS has also been integrating new technology, digitising physical credit cards into mobile phones and embedding them into devices to provide a more convenient user experience.
Long added that his enterprise is also piloting payments for Vinbus electric car tickets and proposing to coordinate and expand payments for other bus and public transport routes, aiming to help people adopt smart payment methods.
Other participants at the event said in Việt Nam, some banks have pioneered integrating services with supply partners, opening up a new direction for the financial industry.
In order to promote the development of open banking, it is necessary to continue improving the legal framework, upgrade technology infrastructure, and ensure data security and confidentiality. This requires raising people's awareness of digital financial services and building a national database of bank customers to create a sustainable and safe financial ecosystem.
For the second consecutive year, Hà Nội has been included in the list of the top 100 smartest cities in the world.
As voted by the International Institute for Management Development in collaboration with the World Smart Sustainable Cities Organisation, the April list ranked Hà Nội at 97th, rising three spots from 2023.
To climb in the rankings, Hà Nội has been constructing a model with the goal that by 2030, the capital will become a more modern city that can gradually connect to the smart city network in the wider region.
More than 10,000 perfume bottles confiscated in Hà Nội
More than 10,000 perfume bottles with unclear origin were confiscated from a shop in the capital city on Thursday.
It was the result of a surprise check by the Directorate of Market Surveillance into the shop, located on the ground floor of the Eco Green building at 286 Nguyễn Xiển Street.
Labels on the bottles said they were from famous brands such as True Love, First Love, Mon Paris, Maiden, Karri and others.
But a close inspection showed that there was no indication of where they were made.
There were no labels in Vietnamese to indicate their origins, which is required in accordance with regulations for foreign-imported goods as specified in the Government’s Decree 43 from 2017.
Barcodes on the bottles had a series of numbers underneath starting with 697, indicating that they came from China.
The bottles were packed into boxes ready to be delivered to buyers in Quảng Ninh, Tây Ninh, HCM City, Đà Nẵng City and Đồng Nai.
The shop was registered under a company called Zenpali Group Joint Stock Company.
They sell cosmetics and hygiene products such as perfume, lipstick and electric toothbrushes through live-stream sessions on the social media platforms TikTok and Facebook.
The products are sold through different accounts, one of them named Phan Thủy Tiên, with over four million followers.
A representative from the company was able to present a certificate of business registration dated 2018 and a certificate of local business registration dated early 2023, both issued by the Hà Nội Department of Planning and Investment.
However, they were unable to show invoices and documents proving their legal origins.
Further investigations are underway.
The inspection was part of the authorities' efforts to reduce counterfeit consumer goods on digital commerce platforms through 2025, in accordance with Project 319 approved by the Prime Minister.
Vietjet, Castlelake reach MOU for four Airbus aircraft valued at $560 million
Vietjet and Castlelake have signed a Memorandum of Understanding (MOU) to finance four aircraft valued at US$560 million.
The event took place in the presence of Việt Nam's General Secretary and State President Tô Lâm at the Việt Nam-Ireland Business Forum on Thursday.
As part of the MOU, Castlelake, a global alternative investment manager specialising in asset-based investing, will provide financing for four new Airbus A321neo aircraft under Vietjet’s existing order with Airbus.
The aircraft will be delivered by the end of the year. The anticipated transaction follows a financing agreement that was completed in 2023 for three Airbus A321neo aircraft and lays a foundation for future cooperation on financing agreements related to Vietjet’s rapidly growing fleet.
Chris Buckley, Partner and Aviation Chief Commercial Officer at Castlelake, said: “Castlelake is pleased to support Vietjet’s mission to provide exceptional aviation service through our finance leasing solutions."
“We look forward to pursuing this transaction and exploring more opportunities to grow the business with Vietjet in the future,” he said.
Vietjet Chief Executive Officer Đinh Việt Phương said the agreement aligns with Vietjet's strategy to expand its fleet and global flight network.
"Backed by international financing, Vietjet continues to provide safe, comfortable and cost-effective flights on modern aircraft, connecting travellers to exciting global destinations. Our services not only enhance tourism but also drive economic growth and foster cultural exchange among countries and continents,” he said.
Vietjet currently operates a fleet of over 100 aircraft. The airline is committed to environmental protection and fuel efficiency, with a goal of achieving net-zero emissions by 2050. It has transported over 200 million passengers, including millions flying for the first time.
With the new aircraft, Vietjet will further expand its network both in Việt Nam and internationally, adding new destinations in Australia, India, China, Japan, South Korea, Indonesia, Thailand, Singapore, Malaysia, Laos and Cambodia.
Founded in 2005, Castlelake has invested directly or indirectly in more than 650 aircraft of various types and has developed relationships with approximately 200 airlines spanning more than 60 countries around the globe.
Banking and securities in spotlight for late 2024 market watch
Funds are increasingly gravitating towards stocks that benefit from the economic recovery and stand to gain from macroeconomic policies, said experts.
Positive economic trends, including a 6.42 per cent year-on-year GDP growth in the first half of 2024, coupled with strong production recovery, PMI and trade activities, suggest a promising outlook for the stock market, Nguyễn Minh Hoàng, Chief Analyst at Việt First Securities, told Việt Nam News.
"As policy direction shifted in 2023 and early 2024, marking a tentative economic resurgence, the clarity of this recovery is yet to fully unfold. Looking ahead, the economic recovery is expected to gain momentum, transitioning towards more pronounced growth within this cycle," Hoàng said.
"This pivotal perspective guides our view that the stock market will persist in its upward trajectory through accumulation."
Additionally, with the recent change in the US Federal Reserve’s policy stance, it is no longer imposing pressure on Việt Nam’s monetary policies, Hoàng said, adding that the country is poised to potentially revert to maintaining looser monetary policies to support the economy.
Last week, the Fed decided to lower the interest rate by half a percentage point.
Previously, on September 12, the European Central Bank (ECB) also cut its deposit rate by 25 basis points to 3.50 per cent, following on a similar cut in June.
This monetary easing will bolster the economic recovery in the US and Europe, key import markets for Việt Nam. The resurgence in consumer demand within these markets will be advantageous for export-dependent nations like Việt Nam.
Analysts anticipate that in the near future, the Government and the State Bank of Việt Nam (SBV) will enact more robust policies to support the business community and stimulate the economy, thereby sustaining a positive economic growth trajectory.
As companies prepare for the upcoming third quarter earnings announcements, analysts foresee that leading blue-chip and large-cap stocks could drive the market's momentum upward.
KB Securities Vietnam (KBSV) noted that the current price to earning (P/E) ratio of the VN-Index hovers around 15 times, aligning with the two-year average. In the medium and long term, the environment of low interest rates will serve as a pivotal pillar bolstering the recovery of domestic production, industry, investment and consumption.
According to Hoàng, during this period, cash flow will persist in a divergent trend throughout 2024, prioritising industries demonstrating distinct revenue and profit growth.
Specific sectors, like banking, will experience outstanding performance with reasonable valuations and transparent growth prospects, particularly towards the year-end. The bullishness is likely to be fuelled by anticipated credit growth driven by economic expansion.
In fact, banks have been the stock group attracting positive capital flow last week, demonstrating a superior recovery compared to other sectors.
“Banks are among the most resilient sectors, providing cushion to the market and driving upwards. Notably, ACB shares of Asia Commercial Joint Stock Bank hit an all-time high on September 20,” Hoàng said.
Also drawing interest from investors are securities stocks, especially after the Ministry of Finance (MoF) eliminated the pre-funding requirement for foreign investors before placing orders, the expert from Việt First Securities added.
As a result, expectations for the market’s upgrade to emerging market status are growing stronger, poised to become a key catalyst for the securities sector to surge towards the end of the year.
Moreover, industries exhibiting robust growth and profit resurgence, such as retail, are expected to witness profit expansion driven by economic recovery and the fundamentals laid in 2023.
At the very least, the retail industry is likely to maintain this growth trajectory strongly throughout the high seasons of the third and fourth quarters, traditionally peak periods for the sector.
Real estate, public investment and exports are other stock groups that should be on the watch list, Hoàng said.
Similarly, KBSV advises investing in sectors poised to benefit from demand recovery like banking and retail, market upgrading such as securities, foreign direct investment (FDI) sectors like industrial real estate and those leveraging increased public investment in infrastructure and construction materials.
On the other hand, Hoàng noted that investors should be cautious in October, a month typically marked by the period just ahead of US presidential election, known to positively influence market trends beforehand.
Statistics indicate a potential rise or sustained positivity pre-election, with notable fluctuations expected during this month.
Source: VNA/VNN/VNS/VOV