Vietnam news in brief - April 2
Read the Hanoi Times and stay on top of the latest developments in the country.
Vietnam's tech ecosystem sees 467% growth in funding
According to private market data platform Tracxn, Vietnam's technology ecosystem raised a total of $35.7 million in funding in the first quarter of 2024, down 39% from the same period last year. However, this figure represents a 467% increase from the previous quarter.
Among Southeast Asian countries, Vietnam currently ranks third in funding raised in Q1, behind Singapore and Indonesia. Automotive technology, education technology, and enterprise applications are the most successful segments of Vietnam's technology industry.
Vietnam to import 8,000 MW of electricity from Laos by 2030
Vietnam is expected to import 8,000 MW of electricity from Laos by 2030, up from the current 5,000 MW, at reasonable prices to take advantage of Laos' energy potential. This is in line with the National Power Development Plan for 2021-2030, Vision 2050, approved by Deputy Prime Minister Tran Hong Ha on April 21.
| Vietnam is expected to import 8,000 MW of electricity from Laos by 2030. VGP News |
Office rental prices in Vietnam lower than in neighboring countries
Office rental prices in Vietnam are lower than those in the Asia-Pacific region, according to Savills Hanoi survey from July to December 2023. The average rental price in Hanoi is VND513,000 (US$20.7)/m2/month with an occupancy rate of 87%, while Grade A office rental prices reach VND824,000 (US$33.2)/m2/month. The average rental price in Ho Chi Minh City is VND779,000 ($31.4)/m2/month, with Grade A office rental prices around VND1.4 million ($56.4)/m2/month.
US investment fund to invest $250 million in Masan
Bain Capital, an American private equity fund, is set to close an investment of US$250 million in Masan on April 22. The terms remain the same as the October 2023 agreement. The investment will be in the form of convertible preferred shares, issued at a price of VND 85,000 ($3.4) per share and convertible into ordinary shares on a 1:1 basis.
Construction kicks off on bridge linking Dan Phuong and Me Linh
The Hong Ha Bridge, part of the Capital Region Belt Road 4 project with an estimated investment of about VND9.8 trillion ($394.9 million), will be built in line with Hanoi's plans to develop urban infrastructure on both sides of the Red River from 2023 to 2025. Construction of the Hong Ha Bridge, including its 6 km approaching road and ramp, is scheduled to begin in October and be delivered within three years.
Plan for borrowing and repayment of public debt in 2024 approved
Deputy Prime Minister Le Minh Khai has signed Decision No. 260/QD-TTg approving the Plan for Borrowing and Repayment of Public Debt in 2024 and the Public Debt Management Program for 2024-2026. Accordingly, the government plans to borrow a maximum of US$27.2 billion, including US$26.58 billion, to balance the central budget. Of this amount, US$15.02 billion will be used to balance the central budget deficit, no more than US$11.56 billion will be spent on principal repayment, and about US$6.49 billion will be used for refinancing.
