Vietnam news highlights for April 25, 2023

Banks able to buy back bonds at once

Banks are now able to buy back corporate bonds immediately after their issuance. Photo: The Hanoi Times

The State Bank of Vietnam on April 24 decided to enable local lenders to repurchase unlisted corporate bonds after the sales. The buyback will be proceeded on two conditions. First, the buyer must complete all payments to the bank. Secondly, the bond issuer, or the corporation, must be rated at the highest level by the bank.

The rule will be valid until the end of 2023. Previously, banks had to wait at least 12 months to buy back corporate bonds released to the market. The Vietnamese corporate bond market had boomed until early 2022, when top corporate executives were arrested for allegedly manipulating the securities market.

Apple’s Taiwanese supplier Quanta to build local factory

Quanta Computer, the contract manufacturer of tech giant Apple, will construct a plant in the northern province of Nam Dinh. Under an agreement signed with the government of Nam Dinh Province, Quanta’s ninth factory in the world will cover an area of 22.5 hectares.

The plant's capacity and construction schedules have remained unclarified. The plant may be worth US$120 million, local media have reported. Quanta Computer is popularly known as the manufacturer of the Apple MacBook. The company has recently expanded to cloud computing, corporate networks, smart home development, IoT, and AI applications.

Vietnamese baguettes among the top 24 sandwiches worldwide

Vietnam’s banh mi (baguette) has been listed in the world’s 24 best sandwiches by the US media firm CNN. The listed, announced on April 20, aims to give tourists a series of worth-trying sandwiches on their trips. The Vietnamese hand-made baguette can be found at every street vendor and food cart on every corner of the country.

The baguette is usually stuffed with pate, pork rolls, pickles, sausages, and mayonnaise. With tastes varying from region to region, banh mi has become a favorite fast food for Vietnamese and foreigners.

Vietnam crowns female Asia Tour 3x3

Vietnam’s female basketball team beat Thailand by 21-16 in the final on April 23 to crown the Asia Tour 3x3. Twin sisters Truong Thao Vy and Truong Thao My scored 12 and 7 points, respectively, to help their team overcome the rivalry in Thailand. The victory brought the team a prize of US$5,000. On their way to the final, Vietnam female basketball team defeated Malaysian and Philippine opponents.

The Asia Tour 3x3 is considered a warm-up contest for Vietnam before the 32^nd SEA Games that will take place in Cambodia in May 2023. In the 31^st SEA Games in Vietnam, the female players won second place.

Hanoi's authorities seize 880 kilograms of rotten, uncertified food

Some 880 kilograms of uncertified frozen food was seized on April 24 at a local household in Phung Thuong Commune of Phuc Tho District.

The food included 840 kilograms of frozen immature eggs and 40 kilograms of frozen pork.

According to the Hanoi market surveillance department, the food was uncertified and rotten. The food was immediately taken to custody, and local authorities are proceeding with further investigation to assure food safety in the city.