Vietnam News Highlights for June 7, 2023

Korea MICE Roadshow 2023 held in Hanoi

The Korea MICE Rggoadshow 2023, held in Hanoi on June 6, was designed to bring together tourism companies from Vietnam and South Korea and introduce exclusive strategies for conference and incentive travel to Korea. The event featured business-to-business meetings between travel agents from both countries to explore opportunities to collaborate and expand the potential of Korean tourism products in Vietnam. The same event will be held in Ho Chi Minh City on June 8.

Hanoi is one of the favorite destinations of South Korean visitors. Photo: Khanh Huy/The Hanoi Times

Heavy rains forecast for coming days
Two tropical storms are expected to intensify in the East Sea (South China Sea) in June, affecting the weather in the north and north-central areas and resulting in sea disturbances in the following days, according to the National Center for Hydro-Meteorological Forecasting. South Vietnam will endure severe rainfall due to the storms, and the sea won't be secure enough. Fishing boats and cruises are urged to take shelter and stay informed.

Nha Trang-Khanh Hoa Sea Festival 2023 attracts 600,200 visitors

The Nha Trang-Khanh Hoa Sea Festival 2023, held from June 3 to 6, attracted about 600,000 visitors, including over 150,000 overnight guests, generating nearly VND550 billion (US$23.4 million) in revenue for the local tourism industry.

Cam Ranh International Airport in Nha Trang operated an average of 58 flights per day during the 10th edition of the festival, which was held under the theme "Khanh Hoa - Aspirations for Development". The city welcomed nearly 11,000 visitors every day. In addition, the railway sector added dozens of extra trains in June this year to meet the growing demand for travel on the Saigon-Nha Trang route.

Mekong Delta Industry and Trade Fair opens

More than 400 Vietnamese and Cambodian enterprises participated in the 14th Mekong Delta Industry and Trade Fair in Tinh Bien City, the southern province of An Giang. The seven-day fair, which runs until June 12, showcases specialties and products that meet the standards of the One Commune One Product (OCOP) program from An Giang and other Mekong Delta provinces, as well as unique products from Cambodian firms.

The event, which is part of the National Trade Promotion Program for 2023, aims to revive trade between Vietnam and Cambodia, with the hope that many trade agreements will be signed during the fair.

Quang Tri wants a coal belt with Lao localities

The central province of Quang Tri has proposed to build a 160-kilometer coal conveyor belt linking Laos' Sekong and Salavan provinces with Hai Lang District's My Thuy seaport. The belt can transport up to 20 million tons of coal per year to meet increased demand and reduce damage to the environment and transportation infrastructure.

The Vietnamese part is 75 kilometers long and may cost VND10.8 trillion (US$459.8 million). Quang Tri currently imports two million tons of coal from Laos every year.

Local tour operator becomes profitable after two years

Customers at Saigontourist. Photo courtesy of the company

Vietnamese local tour operator Saigontourist reported an after-tax profit of VND294 billion (US$12.4 million) in 2022 after two years of losses due to the pandemic. In 2021, the company recorded a loss of VND534 billion (US$22.7 million).

Vietnam's tourism sector aims to welcome 110 million visitors this year and generate total tourism revenue of VND650 trillion (US$28.3 billion).

Vietcombank to acquire Vietnam Construction Bank by year-end

Vietnam's largest lender by market capitalization, Vietcombank, will acquire Vietnam Construction Bank (CB) as early as the end of 2023. The latter achieved its business targets in 2022 since its restructuring in 2015, with a deposit balance of over VND20 trillion (S$857 million) and net credit growth of VND5 trillion (US$214 million). 

In March 2015, CB became a fully state-owned bank and received full support from Vietcombank under a plan to restructure the banking sector.

TitTok commits numerous violations: Ministry

An initial inspection shows that TikTok has broken many rules in Vietnam, according to the Ministry of Information and Communications. Details of the violations remain confidential as the inspection is still ongoing. The ministry plans to announce the results of the investigation in July.

Vietnamese authorities launched an inspection of TikTok’s Vietnamese operations on May 15, claiming the social media platform violated rules on enabling false news, fake and harmful content, and stealing personal data and information.