The Just Energy Transition Partnership (JETP) will help Vietnam and many other developing countries realise their net-zero emissions targets by 2050, and shift to the use of clean energy, Deputy Minister of Industry and Trade Nguyen Hoang Long said at a working session with Norwegian Ambassador to Vietnam Hilde Solbakken in Hanoi on September 18.
Long said, to effectively carrying out the JETP, the Ministry of Industry and Trade established eight working groups focusing on developing offshore wind power, renewable energy centre, and smart power grid, providing training to improve energy transition capacity, and developing green hydrogen, among others. The groups have contributed initiatives to implementing National Power Development Plan VIII, as well as bolstering the development of renewable energy in Vietnam, he said.
Regarding Norway’s energy investment projects in Vietnam, the official said as the projects are under the development plan, they will enjoy preferences and support from JETP’s partners, adding the ministry stands ready to join hands with the embassy and localities to accompany Norwegian enterprises.
He highlighted the close Vietnam – Norway relations, and expressed his belief that Norway, which boasts strengths in key industrial sectors, will assist Vietnam in developing its economy and energy sector.
Solbakken, for her part, spoke highly of the ministry’s programmes and actions in implementing the JETP, saying the establishment of the working groups is a vivid demonstration for its resolve in energy transition.
The ambassador affirmed that supporting Vietnam in the process is among the priorities of Norway as a partner of the JETP.
HCM City hosts int’l printing & packaging industry exhibition
The 22nd Vietnam International Printing & Packaging Industry Exhibition ( VietnamPrintPack 2024) kicked off at the Saigon Exhibition & Convention Centre (SECC) in Ho Chi Minh City on September 18.
The exhibition is organised by the Vietnam National Trade Fair and Advertising JSC (VINEXAD) and Yorkers Trade & Marketing Service Co., Ltd of Taiwan (China), in collaboration with several trade promotion agencies.
Notably, VietnamPrintPack 2024 continues to receive support from the Ministry of Industry and Trade (MoIT), the Vietnam Printing Association (VPA), the Ho Chi Minh City Printing Association, the Vietnam Association of Mechanical Enterprises (VAMI), the Vietnam Waste Recycling Association (VWRA), and the Ho Chi Minh City Automation Association (HauA), among others.
It features 900 pavilions of more than 360 businesses from 17 countries and territories, including China, Denmark, Germany, India, Indonesia, Israel, Japan, Malaysia, the Netherlands, the Philippines, Thailand, and the US.
Exhibitors are showcasing the latest innovations and technological trends in the packaging and printing industries, contributing to promoting the development of these sectors in the Vietnamese market in particular and the region in general.
According to Deputy General Director of VINEXAD Pham Dang Khanh, visitors will find a wide range of products, advanced printing machinery, modern packaging technology and raw materials.
As part of VietnamPrintPack 2024, which lasts until September 21, a series of special workshops on green and smart trends in the packaging and printing industry associated with the current production context, automation in packaging production, and carbon emission reduction, will be arranged./.
Vietnam an important link in global value chains: int’l observer
Vietnam, through its economic reforms, has positioned itself as one of the key actors in terms of global value chains, influencing regional and global economic dynamics, according to Red Lantern Analytica, an international affairs observer group based out of New Delhi, India.
According to its recent article posted on redlanternanalytica.com, as a key player in various global value chains, especially in manufacturing and export-oriented industries like garment and textile, electronics, and engineering, Vietnam has been a major competitor due to its cost advantages, strategic location, and improved infrastructure.
Its engagement in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and the EU-Vietnam Free Trade Agreement (EVFTA) has helped the nation better its market access, and global supply chain integration, it highlighted.
The country’s focus on improving infrastructure, comprising ports and logistics, has also played a key role in facilitating integration into global value chains. Furthermore, efficient transport and communication networks have consolidated Vietnam’s role as a manufacturing hub, and enhance its attractiveness as an investment destination.
Vietnam’s strategic importance is evident in its relationships with major world powers, and its role in regional and global dynamics. The nation’s strategic positioning provides it with significant leverage in international negotiations, and helps shape global economic policies. Vietnam’s role is expected to become even more important in the future, it concluded./.
Hanoi fair spotlights supporting industries
The Hanoi Supporting Industry Fair opened at the Hanoi International Exhibition Centre (ICE) in the capital city on September 18 with 250 booths by domestic and foreign enterprises from the supporting industry sector.
Opening the event, Nguyen Kieu Oanh, Deputy Director of the municipal Department of Industry and Trade, said that the event is part of efforts to realise the city’s target of promoting the industrial sector, of which key pillars are manufacturing-processing and supporting industries.
Currently, the city has nearly 1,000 businesses operating in the support industries, more than 35% of which have production and products that meet international standards, capable of joining the production chain of multinational groups in Vietnam, the region and the world.
The fair displays high-quality and highly competitive products in supporting industries such as components, spare parts, precision machined products, industrial machines of all kinds, and supporting industries serving the high-tech sector.
Through the event, businesses can introduce their products and trademarks, and seek partners in the linkage-supply chain and seek out ways to join global supply chains with multinational corporations in Vietnam as well as those in the region and the world.
According to the Hanoi Department of Industry and Trade, the city launched the construction of technical infrastructure for 27 out of 43 industrial clusters established in the 2018-2022 period, providing spaces for domestic and foreign investors.
The city has connected local firms with their peers from Japan, the Republic of Korea, China and other countries with developed supporting industries.
Hanoi has also sent delegations to Korean and Japanese localities to call for investment in the city.
The event will run until September 20./.
HCM City’s mechanical, electrical firms seek business opportunity in US
The Ho Chi Minh City Association of Mechanical – Electrical Enterprises (HAMEE), in collaboration with the Vietnam Trade Office in the US and the Asian American Chamber of Commerce (AACC), recently organised a Vietnam-US trade promotion forum on smart technology.
HAMEE groups over 30 member companies, representing industries such as supporting technology, processing components, manufacturing and automation machinery, electrical equipment and energy, and steel structure and storage rack. Through the forum, the association aims to introduce the strengths and capabilities of Vietnamese companies to and explore collaboration opportunities with US and international partners.
According to HAMEE Vice President Diep Bao Canh, this is the first time the association’s member companies have sought business cooperation opportunities in the US, intending to bring their mechanical products and other Vietnamese products to the US.
Some HAMEE members have been selling their products in the US market and receiving higher evaluations compared to those from other Southeast Asian countries, he noted.
US businesses and Asian American enterprises showed their admiration for the development of smart technology and the qualifications and skills of Vietnamese young workforce.
Vietnamese-American entrepreneur Kien Pham, owner of a company specialising in apartment construction services, said after this forum, his firm will collaborate with HAMEE members on several steel structure and electrical products.
On the occasion, HAMEE and AACC signed a memorandum of understanding on strengthening trade and investment cooperation, promoting exchanges of business delegations between the two countries, and participating in seminars, special studies, and exhibitions in the two countries and the region.
Previously, HAMEE’s members took part in the second International Manufacturing Technology Show (IMTS) 2024 in Chicago, which brought together reputable manufacturers and buyers. The exhibition provided a good chance for Vietnamese mechanical-electrical companies and supporting industries to showcase and affirm the quality of their products./.
Bac Lieu plans to become renewable energy export hub
Deputy Prime Minister Tran Hong Ha has signed off a development plan for the Mekong Delta province of Bac Lieu that will cost 16-18 billion USD from now until 2030.
The plan includes two main projects, which are to establish Bac Lieu as the country's renewable energy export hub and to develop the city and neighbouring areas into a national tourism zone.
Decision 968 detailed a master plan to develop the province during the 2021-30 period and until 2050, in line with the Prime Minister’s Decision 1598 from 2023.
It is estimated to cost around 400-450 trillion VND (16-18 billion USD) for the 2021-30 period, to achieve an annual average gross regional domestic product (GDPR) growth rate of 11.5%.
Of this, the capital requirement for the 2021-25 period is 180-190,000 trillion VND (7.3-7.7 billion USD) and for the 2026-30 period it is 220-260 trillion VND (8.9-10.6 billion USD).
The plan will be carried out mainly under the public-private-partnership mechanism (PPP), but foreign investments will also be welcome.
Priority will be given to infrastructure projects with significant impacts, especially strategic ones that connect different areas together and connect the locality with other provinces in the region.
They include highways and coastal roads that run through Bac Lieu, as well as those that connect it with the coastal economic corridor from Long An to Kien Giang.
Projects that will be prioritised for investment are in the fields of renewable energy, new energy, agricultural and fishery processing and consumption, industrial development and digital transformation.
The plans for all of the projects will need to be reviewed carefully by 2025 to make sure they are in line with each other, according to the master plan, including urban and rural development strategies, land use and the technical and specialised plans for each field./.
Mid-Autumn Festival held for Vietnamese children in Laos
A Mid-Autumn Festival celebration was held in Vientiane, Laos on September 17, gathering a large number of Vietnamese children in the neighbouring country.
The annual celebration, which is awaited by Vietnamese children with excitement, has become a cultural event bringing Vietnamese culture closer to people in Vientiane.
At the event, participants enjoyed art performances, and joined quizzes. The Mid-Autumn Festival or Full-moon Festival is a festive occasion for children. It is held annually on the 15th day of the eighth lunar month every year. This year, the festival falls on September 17.
According to the organising board, the Mid-Autumn Festival is a chance to spread love, bringing a warm festival to children and giving them better understanding of the meaning of the traditional Mid-Autumn Festival night, as well as the good customs and morals of the Vietnamese people and the nation of Vietnam.
On the occasion, the organising board presented 200 scholarships and many gifts to children at the event to encourage them to study hard and rise, becoming good students and good grandsons and granddaughters of Uncle Ho.
At the event, participants lighted candles to commemorate victims of Typhoon Yagi, which recently caused severe damage across several northern provinces of Vietnam./.
Focal tasks, solutions specified to aid post-typhoon recovery, economic growth
The Government has issued Resolution No. 143/NQ-CP on the key tasks and solutions for promptly settling the aftermaths of Typhoon Yagi, stabilising people’s life, boosting production and business recovery, actively promoting economic growth, and controlling inflation.
Typhoon Yagi, the third to appear in the East Sea this year, is the most powerful there in 30 years and in the Vietnamese mainland in 70 years. Hitting the northern part of the country on September 7, it caused a heavy toll on all the 26 localities across the area, including Thanh Hoa province in the north-central region. Widespread and prolonged downpour accompanying the storm caused severe flooding and landslides in many localities.
As of September 17, 329 people died or went missing while about 1,930 others were injured. Some 234,700 houses, 1,500 schools, and many infrastructure facilities were pulled down or damaged. Meanwhile, 3,722 aquaculture cages were ruined, nearly 3 million livestock and poultry killed, and almost 310,000 trees uprooted, preliminary statistics show.
Property losses are estimated at more than 50 trillion VND (2 billion USD), which is forecast to slow this year’s GDP growth by around 0.15%.
To quickly settle the typhoon’s aftermaths, stabilise people’s life, boost production and business recovery, actively promote economic growth, and control inflation to secure an economic growth rate of about 6.8 - 7%, the Government demanded ministers, heads of ministry-level agencies, Government agencies and others at the central level, along with the chairpersons of the People’s Committees of the 26 Yagi-hit localities promptly, drastically, and effectively carry out the Politburo’s conclusion, along with the Government and the Prime Minister’s resolutions and directions, focusing on the focal tasks and solutions.
The newly issued resolution highlighted the Government’s viewpoint that support policies and solutions must be feasible and carried out in a swift, timely, effective, and focus-driven manner and directly benefit the affected groups. Every resource must be mobilised, managed, and distributed reasonably, effectively, and transparently while losses, wastefulness, negative phenomena, group interests, and policy profiteering be prevented.
The goal is to protect people’s lives, safety, and health as the top priority; guarantee social security, soon recover daily and social activities to stabilise people’s life, especially in the localities hit hard by the storm, flooding, and landslides; and quickly resume production, supply and labour chains, restore and develop production and business activities, and sustain the growth and recovery trend of the localities and the entire economy in 2024.
Assistance targets people, workers, vulnerable groups, business households, cooperatives, and enterprises in the affected localities.
It will be delivered mainly in September and October. Some support policies for business households and enterprises could be extended to the end of 2025 to match their recovery progress and the seasonal factor of production and business activities, according to the resolution.
The six groups of focal tasks and solutions outlined in the resolution include those on protecting people’s lives, safety, and health; supporting the recovery of daily and social activities to stabilise people’s life; along with supporting production establishments, business households, cooperatives, and enterprises to quickly resume production, supply and labour chains while recovering and bolstering production, business, and economic growth.
Others are on the preparedness against natural disasters, including storms, flooding, and landslides in the coming time; mechanisms, policies, and solutions for reducing and simplifying administrative procedures to implement support policies; and inflation control and economic growth promotion./.
Japanese investors begin building property projects in Da Nang
Japanese firms Sun Frontier and Cosmos Housing have started constructing two property projects in the beach city, sparking the recovery of the deadlocked real estate market.
The Cosmos Housing company broke ground on its twin tower trading house project Da Nang Landmark on an area of 3,765 sq.m with an investment of 1.6 trillion VND (64 million USD).
The building, located on the bank of the Han River, will include 446 apartments and eight shophouses and is expected to be completed by the second quarter of 2027.
Morii Takayuki, general director of Cosmos Housing, said the project's design is typical of Da Nang in terms of architecture.
He said construction would be completed in 33 months.
Vice Chairman of the Da Nang municipal People’s Committee Ho Ky Minh, stressed the Da Nang landmark project was developed in line with the city’s Master Plan and offers opportunities to boost tourism and the service industry in the city.
Meanwhile, Sun Frontier, another Japanese investor, also began constructing its Hiyori Aqua Tower in the Son Tra Peninsula, known for its rich biodiversity. The tower is the company's second investment project in Da Nang City after its Hiyori Garden Tower was built in 2019.
Yamada Yasushi, chairman of the company, said it has been investing in the city since 2015, and the Hiyori Aqua Tower is the firm's second investment project in the beach hub.
The 25-storey luxury project will include 202 flats and is set for completion in the third quarter of 2026.
According to the city’s construction department, 17 commercial housing projects have been listed for foreigners to own homes, including eight on the Son Tra peninsula and six in the downtown Hai Chau district.
Mikazuki Hotel Group of Japan officially opened its 168.16 million USD Da Nang Mikazuki Japanese Resort & Spa in 2022.
Da Nang has drawn 4.3 billion USD investment from FDI projects, of which Japanese businesses constitute a 30% share.
The city’s investment promotion agency said import-export turnover between Japan and Da Nang reached 1 billion USD in 2023, including 650 million USD in exports to Japan./.
Proparco increases credit limit to HDBank to 100 million USD
The Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank – HOSE: HDB) and Proparco, a French development finance institution, have signed a credit facility worth 50 million USD in HCM City on September 16.
The new funding brings the total financing for HDBank to 100 million USD, showcasing Proparco's trust in and commitment to HDBank.
The money will be used to finance/refinance climate projects and support women-led enterprises that meet the criteria of the 2X Challenge Programme, a global initiative to promote gender equality and sustainable development.
HDBank and Proparco have made significant strides in cooperation in the past.
In August 2021, for the first time, Proparco granted a five-year credit facility worth 50 million USD to HDBank to help it finance renewable energy projects in Vietnam.
HDBank now serves as a bridge between Vietnamese enterprises and Proparco to explore potential collaborations for the purpose of boosting sustainable development globally.
Along with other international financial institutions, Proparco has helped HDBank establish and perfect its environmental and social risk management system.
Strengthening support for renewable energy projects, climate finance and promoting gender equality along with Proparco is crucial and essential for HDBank to further expand its partnerships with major financial institutions globally, especially for green finance.
This credit agreement with Proparco not only provides capital but also affirms HDBank's strong commitment to effectively implementing ESG (Environmental, Social, and Governance) standards according to international norms.
HDBank became the first commercial bank to publish a report on sustainable development in 2024 in Vietnam and also pioneered the establishment of the ESG Committee under its board of directors to directly lead and supervise implementation of sustainable development goals and initiatives.
HDBank has been recognised and honoured by many international organisations in recent years for its positive contributions to green credit and sustainable development.
For instance, HDBank was the first partner bank of the Asian Development Bank to receive the Green Deal Award.
It was also honoured for “Best Green Financing in Vietnam” at The Asian Banker Vietnam Excellence Awards, and most recently ADB recognised HDBank for a second consecutive time as the "Leading Partner Bank in Vietnam" in its Trade and Supply Chain Finance Programme.
Proparco is a development finance institution under the French Development Agency (Agence Française de Développement).
It has been supporting private sector development for over 40 years by providing funding, direct investment and consultation to private enterprises and financial institutions in Africa, Asia, Latin America, and the Middle East.
Its operations focus on key development sectors like infrastructure, renewable energy, agriculture, financial institutions, health, and education./.
Central bank supports liquidity for banking system
The State Bank of Vietnam (SBV) on September 17 reduced the interest rate on the open market operation (OMO) channel from 4.25% to 4% per year.
The move shows the central bank's support for liquidity in the banking system with an aim to establish a lower interbank interest rate level in the near future.
This marks the second time the SBV has reduced the OMO interest rate in more than a month. On August 5, the SBV reduced the interest rate from 4.5% to 4.25% per year.
The rate cut has reversed the trend of interest rate increases in the first half of 2024, when the SBV had adjusted the rate up twice in mid-April and May 2024, from 4% to 4.25% and then from 4.25% to 4.5%.
Aside from supporting the liquidity of the banking system, the SBV's move is also likely to help mitigate issues as the foreign exchange rate has been plummeting in recent weeks.
In the interbank market, the USD/VND exchange rate last weekend fell to 24,543 VND per dollar, down 47 VND compared to the previous week. Compared to the end of July, the interbank foreign exchange rate is currently down by about 2.8%.
Meanwhile, the USD/VND exchange rate listed at domestic banks has also decreased. As of the end of last week, the dollar was being sold at banks for up to 24,750 VND per dollar, while the buying price was up to 24,400 VND per dollar. The depreciation of the dong against the dollar since the beginning of the year has narrowed to 1.3% from the peak of 4.3% recorded in June and July.
In the unofficial market, the dollar price has fallen to below 25,000 VND per dollar for both selling and buying. Compared to the peak of nearly 26,000 VND per dollar at the end of June, the dollar price in the unofficial market is currently decreasing by 3.8%.
Due to the cooling exchange rate, the SBV has been loosening monetary policies, including allowing banks with high credit growth to increase their credit cap, stopping the issue of treasury bills and reducing the OMO interest rate.
Analysts believe that the SBV might also increase the dollar buying price at its Central Banking Department (CBD) to supplement the country’s foreign exchange reserves like it did at the end of 2022. In the second quarter and early third quarter of this year, the SBV had to sell about US$6 billion, equivalent to the amount of dollars purchased during all of 2023, to deal with rising exchange rate pressure.
Nguyen Thi My Lien, head of the Phu Hung Securities Company’s analysis division, said the market is expecting the SBV to buy the dollar, which will help increase the liquidity and supply of the dong to the market.
Lien also predicted that the SBV will keep interest rates stable, especially in the context of serious damage caused by Typhoon Yagi./.
Conference promotes green innovation in agriculture through market mechanism
To promote green innovation in agriculture, Vietnam needs to build a flexible market mechanism to encourage and support the development of environmental agricultural products.
The recommendation was made by Deputy Minister of Planning and Investment, Nguyen Thi Bich Ngoc at a conference on promoting green innovation in agriculture in Hanoi on September 17.
Agriculture now accounts for about 12% of Vietnam's GDP and about 30% of the workforce, according to Ngoc.
However, this sector faces major challenges including climate change. For instance, the Mekong Delta - the country's largest rice producer - is forecast to lose from 500,000ha to one million ha of agricultural land by 2050 due to rising sea levels, causing annual losses of up to three% of GDP.
The challenges are forcing agricultural production towards a more sustainable development and lower emissions.
Green innovation is a core factor that helps agriculture respond to those challenges. At present, many Vietnamese enterprises have applied green technologies in agriculture, from drip irrigation systems to smart greenhouse technology and the use of renewable energy in production, according to the Ministry of Planning and Investment.
These models have helped them reduce carbon emissions, save water by up to 50% and increase crop yields by 20-30%.
Vietnam also aims to reduce greenhouse gas emissions by nine% by 2030 and commits to achieving net zero emissions by 2050. To achieve those goals, green innovation in the agricultural sector plays a key role.
However, it also faces many challenges. One of them is human resources, especially high-quality human resources, which are still limited with Vietnam lacking experts in agriculture and trained rural workers.
Farmers need to be trained in advanced farming methods, sustainable land management and efficient use of resources. In addition, they need access to green technologies, new crop varieties and green credit sources.
Green agriculture start-ups also face difficulties in connecting with experts, accessing markets and expanding production scale. Lack of infrastructure and resources is also a major barrier that needs to be addressed to promote the development of these enterprises.
Discussions were taking place at the event held at the National Innovation Centre (NIC) hosted by the Ministry of Planning and Investment in coordination with the Vietnamese Australian Scholars and Experts Association (VASEA).
The market mechanism played an essential role in implementing green innovation in agriculture, said Todd Sanderson, Social Systems Research Programme Manager of the Australian Centre for International Agricultural Research (ACIAR). This mechanism would help this sector increase productivity and reduce emissions and if it is not applied, it would affect the interests of small enterprises and farmers.
At the conference, participants gave suggestions on financial incentives for farmers to carry out green production in the rice sector and details of the costs and benefits of farmers when applying low-emission farming techniques.
There were also details on carbon credit certification and guidance for farmers and businesses on the process of converting from applying low-emission farming techniques into tradable credits./.
Vietnamese products promoted at international food fair in Russia
Vietnam's national pavilion at Russia's leading international food and drink exhibition - Worldfood Moscow 2024 - was inaugurated on September 17.
The fair, which is taking place from September 17-20 at Crocus Expo International Exhibition Centre, Krasnogorsk, brings together more than 1,100 businesses and exhibitors from more than 40 countries, and is expected to attract more than 20,000 visitors from more than 72 countries.
Fifty Vietnamese exhibitors are joining the fair, displaying their products on a total area of 250 sq.m.
At the pavilion's opening, Director of the Trade Promotion Department under the Vietnamese Ministry of Industry and Trade (MoIT) Vu Ba Phu said that as the world’s economy and trade are facing difficulties due to geopolitical fluctuations in the world, now is time for countries to further cooperate, open markets, limit applications of new trade barriers, and remove barriers to trade.
Welcoming Vietnamese enterprises to the food fair, CEO of ITE Group - the fair's organiser - Dmitry Zavgorodniy said that in just the first five months of 2024, the two-way trade turnover between Vietnam and the Russia increased by 51.4% year-on-year to 1.96 billion USD.
He hoped that the participation of the Vietnamese enterprises at the fair will help strength the two countries’ trade ties and friendship.
Do Thi Hai Yen, head of Market Development Department of Artexport Hanoi, said the fair provides her company an opportunity to work directly with Russian partners, thereby building trust between the two sides, discussing feasible payment plans and signing specific and long-term contracts.
Truong Quoc Bao, Marketing Director of TH Group, said that the group wants to introduce the brand image of its products to Russian consumers.
TH Group aims to introduce products that are familiar to Russian consumers but have unique Vietnamese flavours, for example, oat milk with tropical fruit flavours, according to Bao./.
Hai Phong: Industrial zone enterprises rally to restore post-storm production
The northern port city of Hai Phong, which was among those bearing the brunt of Typhoon Yagi, is now sparing no efforts to recover, with businesses in local industrial zones accelerating the restoration of production to avoid disruptions to supply chains.
Le Trung Kien, head of the Hai Phong Economic Zone Authority, reported that all enterprises in the city’s economic and industrial zones have resumed operations. They are determined to maintain smooth supply chains, ensuring no production interruptions.
Nguyen Tuong Anh, General Director of the Port of Hai Phong Joint Stock Company, shared that thanks to proactive storm prevention measures, the port was able to minimise typhoon-induced damage.
By September 16, most of the port’s infrastructure, equipment, and facilities had been restored. Its branches of Tan Vu, Chua Ve, and Hoang Dieu terminals resumed full operations on September 9 while Dinh Vu Terminal reopening for customers in the late afternoon of September 8.
Nguyen Anh Tuan, Deputy General Director of the Tan Cang Hai Phong International Container Terminal (TC-HICT) Co. Ltd, confirmed that the port experienced no human casualties or significant damage. Key equipment and cargoes remain intact, with the terminal resuming normal operations, including container handling and services, on September 9.
In the DEEP C Industrial Zone, widespread power and water outages were swiftly addressed. Power was restored to 95% of customers on September 9, and to 98% on September 12. Clean water supply was also back serving all clients.
The Hai Phong Economic Zone Authority reported that, by and large, many industrial zone businesses suffered tree-related damage, with the rates of fallen trees ranging from 30% to 90%. Localised flooding also occurred, and some companies recorded roof damage, wall collapses, and other infrastructure problems, including overturned fences, signage, cameras, and doors. Fortunately, no human casualties were reported. They are now working urgently to repair the damage and return to normal operations.
The Hai Phong Party Committee’s Standing Board has identified post-typhoon recovery as an urgent priority. Authorities have been set to focus on assessing damage to residents, businesses, and government offices. The assessment process must be thorough and adhere to law, with any abuse of aid policies strictly prohibited and facing serious punishment.
Support measures are being explored for farmers and businesses affected by the storm. This includes increasing loan allocations for the Vietnam Bank for Social Policies, offering lowest possible lending interest rates to help shore up agricultural and aquacultural production, and potentially extending repayment deadlines or canceling debts for those hardest hit.
In the first seven months of this year, Hai Phong’s industrial and economic zones attracted a total of 1.22 billion USD in investment across 50 projects. Foreign direct investment (FDI) stood at 1.17 billion USD with 43 new projects, reaching 60% of the annual target. Meanwhile, domestic direct investment totalled 1.107 trillion VND (approximately 47.33 million USD), with seven new projects reported.
Currently, the zones employ 200,820 workers, including 196,277 Vietnamese and 4,543 foreigners . The average monthly income for a Vietnamese worker is 11.52 million VND (about 475 USD)./.
UNIQLO to expand its presence in central region
UNIQLO, the global clothing company from Japan, has announced it will open its first store in Hue city, the central province of Thua Thien-Hue, in 2025.
With this new launch, UNIQLO will have a retail presence spanning all three regions of Vietnam, north, central and south. The new store will be located at AEON MALL Hue, the largest multi-service shopping mall in central Vietnam. The new store aims to offer a more convenient shopping experience for customers in the region, while making a positive contribution to local communities in terms of economy, society and people's livelihood.
General Director of UNIQLO Vietnam Nishida Hideki said: "We are reaching the five year anniversary in Vietnam. Throughout this journey, we are proud to gain customer love and trust in every province our stores are located – Ho Chi Minh City, Hanoi, Hai Phong and Binh Duong.
"For the central region, we also received customers’ warm messages to welcome the brand to this area. The opening of our new store is not only an important milestone for the company, but also our way of expressing gratitude to customers nationwide. We are thrilled to introduce our high-quality LifeWear and provide the best services to customers in the central region. In addition, we are also committed to supporting the development of the local communities.”
Thua Thien- Hue province, Vietnam's third largest economic region, has a population of over 650,000 and attracts both domestic and foreign tourists due to its local beauty and heritage. Thua Thien-Hue has been steadily developing, with an increased presence of domestic and international investors, with the goal of becoming a centrally managed city by 2025.
As the seventh shopping mall of AEON MALL Group in Vietnam and the largest shopping mall in Hue city, AEON MALL Hue is located in An Van Duong New Urban Area, An Dong Ward. The plans are for a total area of about 1,700 hectares with an administrative centre along with commercial and residential areas.
It is the first shopping mall in Vietnam to achieve the prestigious LOTUS certificate from the Vietnam Green Building Council (VGBC), affirming AEON MALL Vietnam's commitment to environmental protection and efforts to improve the quality of life for the local community.
UNIQLO AEON MALL Hue store will feature a sales floor size of roughly 1,000 square metres, delivering a full selection of LifeWear items and a comfortable shopping experience for central region clients./.
Singapore invests over US$80 million in coffee factory in Binh Dinh
The Binh Dinh Economic Zone Management Board on September 17 decided to grant an investment registration certificate to Food Empire Group of Singapore to construct a US$80.74 million freeze-dried instant coffee factory in Binh Dinh province.
Construction work is scheduled to get underway this September and the facility will be put into operation by early 2028.
Covering on an area of 7.11 hectares, the freeze-dried instant coffee factory will be located in Becamex VSIP Binh Dinh Industrial Park of the Nhon Hoi Economic Zone in Canh Vinh commune of Van Canh district.
The factory will produce and export freeze-dried instant coffee, with a capacity of 5,400 tonnes of products annually and an operating period of 46 years from the date of issuance of the investment registration certificate.
Representatives of the Binh Dinh Provincial Economic Zone Management Board stated that once fully operational, the project will contribute to launching new industrial products, thereby becoming a growth driver for the province's processing industry, opening up new investment opportunities, and creating new jobs for more than 200 workers in the process.
Pepper exports to Germany skyrocket in eight months
Vietnam exported 12,133 tonnes of pepper worth US$63.7 million during the opening eight months of the year, representing a rise of 97.5% in volume and 151.8% in value on-year, according to the General Department of Vietnam Customs.
August alone witnessed the country export 1,080 tonnes of pepper worth US$6.4 million to the German market, marking a drop of 24.4% in volume and 29.2% in value compared to the previous month, but up 74.2% in volume and 2.4 times in value compared to the same period from last year.
Germany has risen to become Vietnam's second largest pepper export market after the United States, with its market share increasing from 3.3% in the same period to 6.6% in the opening eight months of the year.
According to data released by the European Statistical Office (Eurostat), Germany's pepper imports have been also increasing significantly with 12,029 tonnes worth EUR57.6 million by the end of June this year, up 25.4% in volume and 31.4% in value on-year.
Germany is currently the largest pepper importer in the EU with Vietnam being the largest supplier to the Central European nation.
Accordingly, Germany's pepper imports from the Vietnamese market in the first half of the year reached 6,652 tonnes, up 67.7% over the same period from last year and accounting for 55.3% of the country's total pepper imports,
The export price of Vietnamese pepper in the German market stood at an average of US$4,420 per tonne, up 11.3% on-year, higher than the figure of US$4,074 per tonne of Brazil, the main competitor in this market.
Statistics indicate that the country exported 182,930 tonnes of pepper worth nearly US$878 million during the eight-month period, down 2.7% in volume but up 42.8% in value against the same period from last year.
Market extends rally as foreign investors continue net buying
Vietnamese markets continued their upward trend, closing higher on Wednesday as foreign investors net bought for the third consecutive day.
On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index increased by 5.95 points, or 0.47 per cent, to end the trading session at 1,264.9 points.
Throughout most of the day, the VN-Index remained above the reference level, maintaining a stable range and finishing higher.
The market's breadth was positive, with gainers outnumbering losers by 179 to 114. Liquidity on the southern bourse reached VNĐ18.5 trillion (US$748.4 million), marking a 37 per cent increase from the previous session.
The VN30-Index, which tracks the 30 largest stocks, rose by 7.29 points, or 0.56 per cent, to 1,310.94 points. Seventeen stocks in the VN30 basket gained, nine declined and four remained flat.
Data compiled by the financial website vietstock.vn showed that the Vietnam Joint Stock Commercial Bank For Industry and Trade (CTG) was the biggest gainer, rising by 2.15 per cent and contributing more than one point to the VN-Index.
It was followed by the Bank for Foreign Trade of Vietnam (VCB), which increased by 0.55 per cent, FPT Corporation (FPT), up 1.28 per cent and Vietnam Airlines JSC (HVN), which rose by 4.78 per cent.
However, some stocks faced mild selling pressure, limiting the market's gains. Hòa Phát Group JSC (HPG) fell by 0.59 per cent, Vingroup Joint Stock Company (VIC) declined by 0.58 per cent and Vincom Retail Joint Stock Company (VRE) dropped by 1.29 per cent.
According to analysts from SHS Securities, the quick recovery suggests that the market may experience some fluctuations around the 1,260-point level.
However, the 1,250-point zone is expected to provide continued support in the near term, potentially helping the market to test supply around the 1,270-point range. Therefore, investors are advised to monitor the market's short-term recovery potential while considering this rally as an opportunity to adjust portfolios and mitigate risk.
On the Hà Nội Stock Exchange (HNX), the HNX-Index also finished higher, rising by 0.28 per cent to 232.95 points.
During the session, nearly VNĐ1.1 trillion worth of shares, equivalent to a trading volume of over 65.8 million shares, were traded on the northern market.
Foreign investors continued their net buying streak, with net purchases amounting to VNĐ312.27 billion on HoSE.
FPT reports high profits in eight months
Việt Nam technology giant, FPT corporation, has reported that its revenue and profit before tax in the first eight months this year reached VNĐ 39.66 trillion (over US$ 1.5 billion) and VNĐ7.07 trillion, up by 20.8 per cent and 19.9 per cent year-on-year.
Profit after tax attributable to parent company’s shareholder and EPS reached VNĐ5 trillion and VNĐ3,428 per share, up by 22.5 and 22.2 per cent.
Its global IT Services segment continued to see solid revenue growth of 30.4 percent, reaching VNĐ19.9 trillion, driven by all four markets.
In particular, the Japanese and APAC markets continued to post strong growth of 34.4 per cent (37.2 per cent JPY-based) and 36.9 per cent. Signed revenue from Global IT Services reached VNDĐ22.7 trillion, up by 19 per cent.
The company reported on September 18 that in the first eight months of 2024, it closed 29 large deals, worth more than five million dollars a time, reflecting the increasing global demand for FPT's strong capabilities in delivering advanced technological solutions.
The Domestic IT services segment generated VNĐ4.59 trillion, reflecting a growth rate of 10.6 per cent, driven by increased technology investment demand from the banking and finance sector.
Fuel supplies enough for the last months of the year
The country has enough fuel to last until the end of this year, according to the Ministry of Industry and Trade (MoIT).
Under MoIT calculations, with production and imports, there will be enough petrol for consumption and production and business.
On Wednesday the ministry gave an update on the gasoline supply situation in the first seven months of the year and the production and import plan for the last months of the year.
It is estimated that the country's two refinery factories will produce about 8.28 million cubic metres (m3) per tonne of various types of gasoline in the last months of this year.
The country is expected to import about 4.44 million m3/tonne of gasoline, with a total of production and imports of about 12.72 million m3/tonne.
Estimated consumption is about 11.5 million m3/tonne in the last months of the year, inventory 1.8-2 million tonnes.
The MoIT said it would continue to closely monitor the production outputs of the two refineries and import levels to ensure domestic supplies to the end of the year.
Norwegian renewable energy solutions provider sells wind plant in Việt Nam
The Norwegian renewable energy provider, Scatec ASA, is exiting the Việt Nam renewable energy market seeking more growth options elsewhere.
It has signed an agreement to sell the 39-megawatt (MW) Đầm Nại Wind farm and the associated operating company in Việt Nam to Sustainable Asia Renewable Assets (SARA), a utility-scale renewable energy platform of the SUSI Asia Energy Transition Fund (SAETF), the company said in a recent statement.
Scatec will receive an upfront payment of US$27 million for its 100 per cent equity stake at completion, with potential for additional earn-out payments of up to $13 million, that are subject to certain conditions being fulfilled prior to May 2026.
“We have decided to exit Việt Nam after operating the Đầm Nại wind farm since the acquisition of SN Power in 2021. We are satisfied with the agreed price and the sale is in line with our strategy to optimise our portfolio and focus on markets where we see further attractive growth opportunities,” says Scatec CEO Terje Pilskog.
Total net interest bearing debt related to the Đầm Nại Wind farm was approximately $28 million at the end of the second quarter 2024. The wind farm has additionally generated a cash flow to equity of approximately $14 million to Scatec since the acquisition in 2021.
The transaction is expected to close within the first half of 2025, subject to regulatory approvals.
Following the transaction Scatec will exit all operations in Việt Nam with costs, including capitalised development expenses, of approximately $4.5 million, which will be recognised in the third quarter 2024 results.
Đầm Nại Wind is located in the Ninh Thuận province in the southern part of the country and consists of 15 Siemens wind turbine generators.
Đầm Nại Wind Joint Stock Company became a wholly owned subsidiary of Scatec when Scatec Solar Netherlands B.V. acquired SN Power Vietnam Renewables B.V in May 2021.
9th Vietnam International Cycle Exhibition to be bigger than ever
Thousands of bike enthusiasts are expected to visit the 9th Vietnam International Two-Wheel Exhibition (Vietnam Cycle 2024) which will take place from September 26 to 28 in HCM City.
This large-scale event promises to gather leading figures from the global bicycle, e-bike and parts industries to collaborate, explore new trends and pave the way for a greener future.
The biking expo, co-organised by the Vietnam Automobile, Motorcycle, and Bicycle Association (VAMOBA) and VINEXAD Company, will be held at the Saigon Exhibition and Convention Center (SECC), 799 Nguyen Van Linh, District 7.
It is expected that Vietnam Cycle 2024 will feature over 400 booths from more than 300 businesses representing 12 countries and territories renowned for their technology, design and production capabilities, including Germany, the Netherlands, South Korea, Japan, Singapore, Switzerland, Italy and Việt Nam.
The products and services on display will span five main categories. Different types of bikes, electric motorcycles and motors, accessories and gadgets, replacement parts and other cycling-related services.
In addition to its impressive scale and participation by notable companies, Vietnam Cycle 2024 is expected to attract visitors with its professionally curated series of activities, both in form and quality.
A key event is the seminar 'Identifying Sourcing and Business Models in the Bicycle and Sports Goods Sectors,' organised by the Vietnam Chamber of Commerce and Industry (VCCI) on September 26, 2024.
This seminar will help businesses identify reliable domestic and international product sources and explore market trends, such as e-bikes and smart fitness equipment. Attendees will learn about successful business models, from traditional stores to e-commerce strategies, as well as gain deeper insights into consumer behaviour and market trends in Việt Nam and Southeast Asia.
Experts will share practical advice on supply chain management and business development, equipping companies with the tools to effectively navigate the competitive bicycle and sports goods markets.
A customer checks technical specifications with a seller at a booth at the 8th exhibition.
Alongside the special seminars, there will be a host of exciting activities offering fresh experiences for visitors. The exhibition will also provide ample networking opportunities, including B2B sessions to help participating businesses build valuable connections and explore potential business partnerships.
Over 15,000 visitors, including traders and enthusiasts, are expected over the three days of the exhibition.
Hà Nội attracts investment in agricultural product processing
Many businesses have invested in facilities, built processing plants and developed cold storage and preservation systems to enhance the quality of agricultural products.
The Hà Nội Department of Agriculture has supported these businesses in improving production capabilities, processing and applying advanced quality management systems in their factories to ensure food safety and hygiene.
Director of Ba Vì Dairy Joint Stock Company, Lê Hoàng Vinh, said that to purchase fresh milk from farmers, the company invested in modern production lines to process fresh milk into yoghurt, milk cakes and other products. The company also implemented comprehensive food safety procedures, such as the Hazard Analysis and Critical Control Point (HACCP) system and has trained workers to meet international standards for product traceability and labelling.
General Director of Videli Food Processing Joint Stock Company in Đông Anh district, Tô Tuấn Kiệt, said that the company was currently producing 13 food products, including fried fermented pork, pork sausages and dumplings, on South Korean technology lines that ensure freshness, shorten preparation time for consumers and maintain food safety.
Each month, the company produces and supplies between 180 and 200 tonnes of products to the market.
According to Head of the Quality Control, Processing and Market Development Sub-department under the Hà Nội Department of Agriculture and Rural Development, Nguyễn Thị Thu Hằng, Hà Nội is home to over 14,081 facilities producing and trading agricultural, forestry and fishery products. Of these, approximately 250 companies have invested in modern machinery and more than 1,700 facilities are capable of deep processing of agricultural products.
The Hà Nội Department of Agriculture has encouraged food production and trading establishments to upgrade equipment and facilities to ensure food safety. Additionally, the department has supported these establishments in building and applying advanced quality management programs such as VietGAP, HACCP, and ISO 22000, to enhance product quality. To date, the department has supported 95 establishments in obtaining HACCP certification and assisted 45 businesses in registering trademarks with the Intellectual Property Office.
Post-harvest processing is a critical step that modern agriculture aims for as it increases the value of agricultural products, reduces risks and limits losses.
Currently, Hà Nội produces around 1,000 tonnes of post-harvest processed food each month, while the city's demand is about 5,350 tonnes, so meeting only around 20 per cent of the need.
A representative from Minh Tiến Group, Dương Chu Kiên, believes that to attract investment in processing, authorities should help businesses access preferential capital and address challenges during implementation.
Furthermore, local governments must plan growing and farming areas and apply new technologies to ensure green, clean and high-quality products, facilitating business links with farmers for product purchase.
Director of Hà Nội's Department of Agriculture and Rural Development, Nguyễn Xuân Đại, said that the city would focus on key products with large production areas for deep processing. For fruits, the focus would be on dried bananas and citrus juice, for vegetables, on processed herbs and dietary products and for livestock, on processed pork products.
On 4 July 2023, the Hà Nội People's Council issued Resolution No. 08/2023/NQ-HĐND, encouraging agricultural development, including policies to promote processing facilities and support digital transformation in machinery and equipment.
Hà Nội aims for 50 per cent of post-harvest processing facilities for vegetables, fruits, meat, eggs and milk to use modern machinery and high-tech equipment by 2025.
By 2030, the city plans to establish 15 agricultural processing facilities linked to value chains, using modern technology to meet both domestic and export market demands.
Proparco increases credit limit to HDBank to $100 million, underpins sustainable development efforts
The Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank – HOSE: HDB) and Proparco, a French development finance institution, have signed a credit facility worth US$50 million in HCM City on September 16.
The new funding brings the total financing for HDBank to $100 million, showcasing Proparco's trust in and commitment to HDBank.
The money will be used to finance/refinance climate projects and support women-led enterprises that meet the criteria of the 2X Challenge Programme, a global initiative to promote gender equality and sustainable development.
HDBank and Proparco have made significant strides in cooperation in the past.
In August 2021, for the first time, Proparco granted a five-year credit facility worth $50 million to HDBank to help it finance renewable energy projects in Việt Nam.
HDBank now serves as a bridge between Vietnamese enterprises and Proparco to explore potential collaborations for the purpose of boosting sustainable development globally.
Along with other international financial institutions, Proparco has helped HDBank establish and perfect its environmental and social risk management system.
Strengthening support for renewable energy projects, climate finance and promoting gender equality along with Proparco is crucial and essential for HDBank to further expand its partnerships with major financial institutions globally, especially for green finance.
This credit agreement with Proparco not only provides capital but also affirms HDBank's strong commitment to effectively implementing ESG (Environmental, Social, and Governance) standards according to international norms.
HDBank became the first commercial bank to publish a report on sustainable development in 2024 in Việt Nam and also pioneered the establishment of the ESG Committee under its board of directors to directly lead and supervise implementation of sustainable development goals and initiatives.
HDBank has been recognised and honoured by many international organisations in recent years for its positive contributions to green credit and sustainable development.
For instance, HDBank was the first partner bank of the Asian Development Bank to receive the Green Deal Award.
It was also honoured for “Best Green Financing in Vietnam” at The Asian Banker Vietnam Excellence Awards, and most recently ADB recognised HDBank for a second consecutive time as the "Leading Partner Bank in Vietnam" in its Trade and Supply Chain Finance Program.
Proparco is a development finance institution under the French Development Agency (Agence Française de Développement ).
It has been supporting private sector development for over 40 years by providing funding, direct investment and consultation to private enterprises and financial institutions in Africa, Asia, Latin America, and the Middle East.
Its operations focus on key development sectors like infrastructure, renewable energy, agriculture, financial institutions, health, and education.
Gold prices increase after period of stagnation
The selling price of gold bars in Việt Nam increased sharply on Tuesday after remaining relatively stable for almost two weeks.
Globally, spot gold prices have been rising continuously, approaching the US$2,600 per ounce mark.
At SJC Company, the buying and selling price for SJC-branded gold bars is listed at VNĐ80 million per tael ($3,250) and VNĐ82 million ($3,331), respectively, an increase of VNĐ1.5 million ($61) per tael from Monday.
SJC is the only gold bar producer in Việt Nam, licensed by the State Bank.
The prices are in the same ballpark at PNJ, Bảo Tín Minh Châu, Phú Quý and DOJI Group.
The buying price is a little higher at Mi Hồng, at VNĐ81 million per tael ($3,290).
At State-owned commercial banks Agribank, BIDV, Vietcombank, and VietinBank, the selling price for SJC gold bars is the same as at private shops at VNĐ82 million per tael.
Privately-owned Asia Commercial Joint Stock Bank (ACB) and Eximbank also both listed their selling price at VNĐ82 million. Their buying price is VNĐ80 million and VNĐ80.5 million, respectively.
Privately-owned TPBank’s buy/sell prices are about VNĐ1.5 million higher than the market. They are at VNĐ81.5 million and VNĐ83.5 million per tael, respectively.
For gold rings, prices remain stable with selling price set at VNĐ79.2 million per tael ($3,217) at most shops, including SJC, PNJ, DOJI Group, Phú Quý and Bảo Tín Minh Châu.
The buying price is VNĐ77.9 million per tael at most shops, except at Bảo Tín Minh Châu where it’s set at VNĐ78 million.
Globally, at 10am on Tuesday, the spot gold price stands at $2,587.98 per ounce, while gold futures have surpassed $2,601 USD per ounce.
Converting this to the bank exchange rate, the global gold price is equivalent to VNĐ78 million per tael (including taxes).
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