Vietnam news in brief - July 31

Hanoi retail sales near US$12 billion in Jan-July

Retail sales of goods between January and July rose by about 10% year-on-year to VND302 trillion (US$11.9 billion), according to the Hanoi Statistics Office. Precious metal sales led the way with a 38% year-on-year increase. During the same period, the consumer price index rose 5.36% year-on-year.

A local consumer goes shopping at a fair.  Photo: The Hanoi Times

Most Vietnamese businesses interested in expanding overseas

Nearly 90% of Vietnamese businesses are interested in expanding abroad, according to a survey by Singapore-based United Overseas Bank (UOB). Of these businesses, nearly 70% cited ASEAN as their top choice for expansion, with Thailand being the most favored destination, followed by Singapore, Malaysia and Indonesia.

According to the survey, Vietnamese businesses are also looking for financial support such as tax incentives or refunds (42%) and grants or subsidies for new markets (40%) to successfully expand into foreign markets.

Vietjet's H1 pre-tax profit up nearly 700% in 2024

Vietjet's pre-tax profit increased nearly eight times year-on-year to VND1.1 trillion (US$43.5 million) in the first half of 2024. From January to June, the budget airline generated a total revenue of around VND32.9 trillion (US$1.3 billion), up 31% over the same period last year. The airline currently operates 149 routes, 111 of which are international.

German shipping line buys 2,000 containers made in Vietnam

Hapag-Lloyd, Germany's largest container shipping line, ordered 2,000 20DC containers from Hoa Phat Container Manufacturing JSC on July 29. With a maximum load capacity of 32.5 tons, each container is equipped with anti-theft devices and special positioning devices. As one of the leading container ship manufacturers, Hoa Phat Container Manufacturing JSC has a total capacity of 500,000 TEUs per year.

Ho Chi Minh City gets new night market
Sky Garden Food and Shopping Street in District 7 will open at the end of August, becoming a new nighttime economic hub in Ho Chi Minh City. As part of the city's pilot project on nighttime economy, it covers 2.6 hectares and includes 222 businesses, with a focus on food, beauty services, and commercial activities. The street will be open daily from 6 pm to midnight.

German group to develop hydrogen industry in Vietnam
Neuman&Esser and the Vietnam Institute for Digital Economy Development signed a Memorandum of Understanding (MOU) on July 30 in Hanoi to develop the hydrogen industry in Vietnam. German industrial group Neuman&Esser will open a representative office in Hanoi, followed by a production facility. The partnership aims to explore policies, market needs and technology transfer for hydrogen production.

Vietnam launches free smartphone anti-fraud app

On July 30, the National Cybersecurity Association launched nTrust, a free anti-fraud application for smartphones in Vietnam. The app detects fraud by verifying phone numbers, bank accounts, URLs, and QR codes. It scans for malware and fake apps and allows users to report suspicious activity. The project, funded by social contributions, aims to increase online security.

MIC and VCCI to promote digital transformation
Vietnam's Ministry of Information and Communications (MIC) and the Vietnam Chamber of Commerce and Industry (VCCI) signed an agreement on July 30 to support digital transformation and promote digital economic and social development. The MIC will provide strategic guidance, while the VCCI will foster an enabling environment for digital innovation. The partnership aims to encourage one million Vietnamese businesses to embrace digital transformation.