Vietnam news in brief - February 21

Vietnam is among top 3 sought-after real estate markets

High-storey buildings in Hanoi. Photo: The Hanoi Times

Vietnam ranks second among sought-after emerging markets in Asia-Pacific, behind India and ahead of Thailand, according to a CBRE survey. Conducted in the last two months of 2023, the survey aims to learn about the intentions and plans of real estate investors in the Asia-Pacific region in 2024.

The results show that industrial and office real estate are the two segments of Vietnamese real estate attracting the most foreign investors.

Toll operator collects US$16.3 million so far this year

Ho Chi Minh City Infrastructure Investment JSC on February 20 reported that revenue from toll collection from January 1-February 19 was more than VND400 billion (US$16.3 million) thanks to increased travel for the national holidays. The revenue peaked at VND11 billion ($448,400) on February 19.

According to the company, the toll has sharply increased since early 2022 as Covid-19 restrictions were removed. In 2023, the figure was nearly VND1.7 trillion ($69.3 million), up 17% on-year, while it rose 53% on-year to some VND1.4 trillion ($57 million) in 2022.

Trina Solar licensed for a $454 million project in Thai Nguyen

Thai Nguyen Industrial Parks Management Board has recently licensed China-based Trina Solar's project in Pho Yen City. This is the company's third project in the country.

Cost an investment of VND11 trillion ($454 million), the plant is capable of producing more than one billion silica panels and solar batteries and 11,570 tons of silica bars each year. It is slated to operate fully in March 2025.

Apple's assembly partners employ hundreds of thousands of unskilled workers

Apple’s partner factories in the northern province of Bac Giang need to recruit more than 103,000 workers in 2024, according to the Department of Labor, Invalids and Society. In the first six months of the year, Foxconn Technology Group aims to recruit 15,000 workers for factories in two industrial zones of Dinh Tram and Quang Chau. Meanwhile, the recruitment targets of New Wing Interconnect Technology and Fukang Technology are 27,000 and over 13,600 workers, respectively.

These factories need unskilled workers, preferably aged 18 to 40 and in good health. Particularly, Foxconn accepts candidates who have completed 6th grade or higher.

Amway Vietnam opens a chain of supermarkets and experience centers

On February 19, Amway Vietnam inaugurated a chain of supermarkets and experience centers (Amway Experience Center - AEC) in Haiphong City, the southern provinces of An Giang and Tay Ninh, to boost demand and customer experience. Each center integrates a shopping supermarket, a product experience center, and a meeting office.

Hanoi Department of Home Affairs achieves highest public administrative reform index

Hanoi announced its 2023 Public Administration Reform (PAR) Index, with the Department of Home Affairs and Dong Da District leading the way. The average PAR Index for departments and department-level agencies was 88.4%, a 2.7% increase from the previous year. The Department of Home Affairs ranked first with 94%, followed by Finance (93.89%) and Science and Technology (93%).

The average index for localities was 94%, a 1.26% increase year-on-year. Dong Da District received 96.3%, followed by Nam Tu Liem and Hoan Kiem at 95.7%.

Industrial production increases in 60 localities in January

According to the Ministry of Industry and Trade, the industrial production index (IIP) in January 2024 increased in 60 localities and decreased in three localities nationwide. The provinces with the highest IIP growth rates were Tra Vinh, Quang Ninh, Bac Giang, Nam Dinh, Vinh Long, Kien Giang, Thanh Hoa, and the northern port city of Haiphong. The three provinces with the lowest IIP growth rates were Ca Mau, Bac Ninh, and Son La.

In January, the national industrial production index is projected to rise by 18.3% year-on-year, led by a 19.3% growth in the processing and manufacturing sectors.