Vietnam news in brief - February 29

Da Lat announced as event city: IFEA Asia

The International Festival & Event Association Asia (IFEA Asia) recognized the Central Highlands city of Da Lat as an event city on February 28, according to Nguyen Quang Tu, chairman of the city's People's Committee. Da Lat received the recognition for its Flower Festival, which is one of the best in Asia, and Da Lat also became one of the five most impressive cities in the region.

The Da Lat Flower Festival was first held in 2005 and has been organized every two years since then. In 2024, the festival is slated for late December.

Grocery store operator Bach Hoa Xanh attracts interest from Chinese company

A Bach Hoa Xanh store. Photo: bachhoaxanh.com

Chinese firm CDH Investments plans to acquire a 5-10% stake in grocery store chain Bach Hoa Xanh (Green Market), a member of retailer The Gioi Di Dong (Mobile World) Group, according to Reuters. According to the news site, the deal may value Bach Hoa Xanh at US$1.7 billion and could be completed as early as March.

CDH Investments was a former investor in Mobile World Group. Bach Hoa Xanh was founded in 2015 and operates more than 1,700 grocery stores across Vietnam, with a focus on the southern region.

US chipmaker to build US$200 million factory in Bac Ninh

Leaders of Kine SiC Semi, which specializes in high-tech chip production, expressed their willingness to explore investment opportunities to build a factory in the northern province of Bac Ninh, with a total investment capital of up to US$200 million and an initial area of 7,500 square meters at a meeting with Bac Ninh Province authorities on February 28.

The project is expected to employ 100 people, including 30 professionals. The province authorities are committed to providing the US company with the most favorable conditions for investment in the province.

CGV sees strong profit growth thanks to domestic films

Movie theater chain CGV Vietnam earned nearly VND260 billion ($10.5 million) in profit in 2023, up 38% year-on-year, thanks to the success of domestic films. According to South Korea's CJ CGV Co, Ltd, its revenue in the Vietnamese market reached over VND3.4 trillion ($138.2 million) in 2023, up more than 23% year-on-year. On average, the theater chain generated over VND9 billion ($365,726) in revenue per day.

Vietnam remained the most profitable market for CGV in 2023. The chain plans to open more cinema clusters in more than 30 provinces and cities in Vietnam in the coming time.

Vietnam develops regulations for AI ethics

Based on the experience of many countries and UNESCO principles, Vietnam is drafting regulations to develop artificial intelligence (AI) in an ethical and responsible way. According to Deputy Minister of Science and Technology Bui The Duy, AI ethics, due to its complexity and global impact, is attracting many countries and organizations around the world to find solutions, including UNESCO.

In Vietnam, this process requires the coordination of engineers, scientists, and agencies such as the Ministry of Science and Technology, the Ministry of Information and Communication, and the Ministry of Public Security.

Coffee exports may exceed US$1 billion in first two months

Vietnam’s coffee exports reached US$1 billion in the first two months of the year, as prices kept hitting new highs. At the end of the trading session on February 28, coffee prices rose by US$0.016 to nearly US$3.14 per kilo, the highest ever.

According to customs statistics, Vietnam exported nearly 295,000 tons by mid-February, up 67% from the same period last year, earning US$911 million. The average price per ton of coffee is about US$3,100, up 43% from the same period last year.