Vietnam news in brief - February 22

Vietnam forecast to have world's fastest wealth growth rate

VinFast factory in Haiphong. Photo: Pham Hung/The Hanoi Times

Vietnam's wealth accumulation rate will reach 125% over the next 10 years, according to New World Wealth (NWW) analyst Andrew Amoils. This is also the largest increase in wealth compared to any other country in terms of GDP per capita and number of USD millionaires. Vietnam is gradually becoming a key manufacturing base for multinational technology, automotive, electronics, garment, and textile companies while attracting much foreign investment thanks to its safe geographical location and proximity to major markets.

Healthcare M&A activity picks up in Vietnam

According to BDA Partners' latest M&A market report, the healthcare sector is one of the most active in terms of M&A activities in Vietnam in 2023, both in terms of transaction volume and value, with 15 deals completed and a total announced value of almost US$765 million. The average transaction value in the healthcare sector in 2023 has increased year-on-year, reaching nearly $100 million each, compared to $65 million in 2022.

Vietnam attends Asia's largest airshow in Singapore

A delegation from the Vietnamese Ministry of National Defence attended the 9th Singapore Airshow in Singapore on February 20-25.

At the event, the Vietnamese delegation visited booths and product display areas of some of the world's major companies in the sector and watched flight demonstrations by the Singapore Air Force, India, the US, South Korea, China, Indonesia, Australia and some international civil airlines.

Tech developer MK Group to venture into defence industry

Smart solutions developer MK Group may expand into the defense industry, becoming the second Vietnamese company to do so, online newspaper Vietnamnet cited the company's Chairman Nguyen Trong Khang. MK Group has acquired some arms industry units to prepare for the expansion and will seek cooperation with military-run conglomerate Viettel.

Since 2021, MK Group has installed automatic doors at Noi Bai International Airport, manufactured AI cameras, and helped the Ministry of Public Security provide people with chipped IDs. The company also manufactures body cameras for police officers.

FPT suggests using economic diplomacy to boost Vietnam's technology industry

FPT headquarters in Cau Giay District, Hanoi. Photo: baochinhphu.vn

Vietnamese tech giant FPT suggests that economic diplomacy in the technology sector needs to be promoted to enhance the branding of Vietnam's information technology industry. It helps position Vietnam as a leading destination with the best resources in digital transformation, artificial intelligence (AI), big data, automotive technology, and semiconductor chips. The group also hopes that the Ministry of Foreign Affairs, together with overseas missions, will promote educational cooperation and transfer of specialized training programs in AI and semiconductor chips while facilitating the issuance of long-term work visas in key markets.

VinFast Auto to build integrated electric vehicle manufacturing factory in India

VinFast Auto will kick off the construction of an integrated electric vehicle manufacturing facility project on February 25 in Thoothukudi City, Tamil Nadu, India. The move helps the company promote the development of green transport in India and countries in South Asia, the Middle East, and Africa through a Memorandum of Understanding (MoU) signed in January with the Government of Tamil Nadu, with VinFast investing US$500 million over five years in the initial phase of the integrated EV project. The plant will have a capacity of 150,000 units per year and is expected to create 3,000-3,500 local jobs.

Marie Curie School to build new facility for Meo Vac students

Hanoi's Marie Curie School will build a new facility worth VND100 billion (more than US$4 million) for students from Meo Vac District in Ha Giang Province, Director Nguyen Xuan Khang told the media on February 21. Marie Curie Meo Vac Semi-Boarding School is expected to become operational in July 2026.

Bac Giang launches Tourism Week and Spring Festival

Bac Giang Province opened its 2024 Culture and Tourism Week and kicked off the Tay Yen Tu Spring Festival in Son Dong District on February 21. Provincial Chairman Le Anh Duong expected the tourism week and festival to promote the values of Vietnamese culture and Buddhism as well as local customs.