Vietnam News Highlights for August 27, 2023
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Vietnam still one of the best places for expats
| A foreigner makes Chung cake in the ancient village of Duong Lam, Hanoi. Photo: Hoai Nam/The Hanoi Times |
In the InterNations' Expat Insider 2023 Survey Report, Vietnam is ranked 14th on the list of the best countries for expats to live in. This reflects a drop of seven places compared to its position in 2022, The rankings are based on 56 criteria, encompassing aspects highly valued by expats in Vietnam, including ease of settling in, local friendliness, finding friends, work and leisure, and housing. Particularly, Vietnam tops the global rankings in terms of personal finance.
The 2nd National Korean Speech Contest in Vietnam underway
The National Korean Speech Competition in 2023 in Vietnam, organized by the Embassy of the Republic of Korea in Vietnam, has attracted the participation of 64 contestants from 27 colleges, universities, institutes, and 23 secondary and high schools from all across Vietnam.
Sixteen outstanding contestants, chosen from the semi-finals with the theme "Vietnamese Culture That You Want to Introduce to Korean Friends," will compete in the final round. The final round is scheduled to take place on October 20 in Ho Chi Minh City.
Vietnam’s fruit and vegetable exports hit record high
Vietnam’s fruit and vegetable exports hit a record high, reaching $3.5 billion in the first eight months of this year, up 56% year-on-year.
Among the fruit groups, durian and dragon fruit have made significant contributions to this growth. Durian exports accounted for 30% of the total export revenue, which are expected to drive growth and exceed this year's plan.
Sumitomo plans to invest in an industrial park in Nam Dinh
Sumitomo Corporation and Thang Long Industrial Park JSC are planning to explore investment opportunities in a 300-hectare industrial park located in the northern province of Nam Dinh. Akito Shiraishi, a representative from Sumitomo Corporation, revealed this intention during a meeting with Pham Gia Tuc, the Secretary of the Nam Dinh Party Committee, this week.
The Japanese corporation, which has been present in Vietnam since 1997, currently operates Thang Long I and II Industrial Parks in Hanoi and Hung Yen Province. Additionally, it is collaborating with Vietnam's BRG Group to develop a smart city in northern Hanoi, with a total investment of $4.2 billion.
Vietnam attracts over US$18 billion in foreign investment in Jan-Aug
The total registered foreign direct investment (FDI) in Vietnam, during January-August 2023, reached over US$18.1 billion, up 8.2% year-on-year, according to the Ministry of Planning and Investment’s Foreign Investment Agency.
Hanoi took the lead with a total registered investment of over $2.34 billion, accounting for nearly 12.9% of the total registered investment and an increase of 2.9 times year-on-year.
As of August 20, 2023, the country had 38,084 valid projects with a total registered capital of $453.2 billion. The cumulative realized capital of foreign-invested projects was estimated at nearly $287.1 billion.
Thai bank plans to invest billions of USD in Vietnam
| KBank branch in Vietnam. Photo: KBank |
Kasikornbank (KBank), Thailand’s second-biggest lender, plans to invest over US$1 billion in Vietnam by 2027, KBank Chairman Pipit Aneaknithi stated at a press meeting this week. The majority of the funds, $735 million, will be invested in banking activities. The remaining amount will be allocated to KBank's two subsidiaries in Vietnam, namely the investment fund KVision ($336 million) and the technology company KBTG ($7 million). The bank believes Vietnam is a key development focus in the bank's Southeast Asia region.
Currently, the bank has a representative office in Hanoi, and its branch in Ho Chi Minh City has been granted a license to operate since 2021.
Hung Yen Province’s longan promotion week opens in Hanoi
The Longan Week – Hung Yen Provincial Agricultural Produce 2023 has commenced at the Agricultural Trade Promotion Center in Hanoi. This week-long event, scheduled to conclude on August 31, serves as a platform connecting farmers, producers, and businesses with local consumers. The aim is to explore methods for enhancing the quality of agricultural produce and to further promote longan to both domestic and international markets.
In the Summer of 2023, Hung Yen Province has already harvested approximately 42,000 tons of longan. The primary season is currently underway and is anticipated to yield even greater output.
Hanoi, Quang Ninh agree to boost local-to-local partnership
The trade and investment promotion agencies of Hanoi and Quang Ninh Province have signed multiple Memoranda of Understanding (MoUs) aimed at strengthening local-to-local cooperation and providing support to the business communities of both regions. These agreements also have the objective of fostering collaboration between companies in the Red River Delta region and foreign investors.
The Hanoi Trade Promotion Agency also showcased the city's focal industries, preferred tourist destinations, and local specialties.
Lao Cai Province hosts the 23rd Vietnam-China trade fair
The 23rd Vietnam-China International Trade Fair is scheduled to occur from November 10 to November 11, 2023, in Lao Cai Province’s Lao Cai City. This trade fair is set to showcase 600-700 business booths, with 200 of them representing China. The aim is to enhance trade activities between Lao Cai Province and China’s Yunnan Province, following an agreement between the two regions.
Key sectors that will be featured include agriculture, aquaculture, forestry, pharmaceuticals, food products, machinery, materials, chemicals, and electronics. The previous trade fair was held in 2020.
