Vietnam news in brief - March 11

Vietnam-Russia to strengthen youth cooperation

Vietnam and Russia are strengthening cooperation in education and youth exchanges, including student exchanges, youth forums, and training programs. Bui Quang Huy, First Secretary of the Ho Chi Minh Communist Youth Union, discussed these programs with Kalganov Vyacheslav Gennadievich, Vice Chairman of Saint Petersburg’s Foreign Affairs Committee, during their meeting in Hanoi on March 11, reinforcing the long-standing Vietnam-Russia friendship.

Vietnam’s outbound investment reaches $239 million in early 2025

Vietnam's outward investment reached nearly $239 million in the first two months of 2025, 9.5 times higher than in the same period in 2024. Laos attracted the most investment, accounting for 58.4% of the total, followed by the Philippines (14.3%) and Indonesia (13%). This includes 30 newly sanctioned projects worth $233.6 million and five capital-adjusted projects worth $5.4 million.

Hoa Phat Group pays $545 million in taxes in 2024

Hoa Phat Group paid over $545 million to the state budget in 2024, a 48% increase from 2023 and the highest since its listing on the HOSE. Founded in 1992, Hoa Phat Group is Vietnam's leading industrial conglomerate with interests in steel, agriculture, real estate, and home appliances. It contributes to the state budget in 26 provinces and employs nearly 33,000 people.

Binh Dinh prepares $28 million Qui Nhon dredging project

The central coastal province of Binh Dinh will begin dredging the Qui Nhon sea channel in March 2025 to accommodate fully loaded 50,000 DWT vessels. The $28 million project includes dredging 7.16 km of the channel, relocating navigation buoys, and expanding turning basins. Once completed, Qui Nhon Port is expected to handle 15 million tons of cargo annually.

Dong Nai plans $730 million railway and cable car projects

The southeastern province of Dong Nai plans to invest over $730 million to develop four mountain railways and three cable cars on Chua Chan Mountain by 2030. The project aims to improve tourism and infrastructure and will be funded by both government and private sources. The investment will be implemented in two phases: 2025-27 and 2027-30.

Vietnam to promote consumer rights

The 2025 Vietnam Consumer Rights Day will be launched under the theme "Transparent Information - Responsible Consumption" on March 15 in the northern province of Hung Yen. At the event, which focuses on consumer protection, fair trade practices, and corporate accountability, businesses pledged to comply with regulations and treat consumers fairly. Their commitments aim to reinforce efforts in creating a safer and more transparent marketplace.

South Korean firms eye trade opportunities in Vietnam

Twenty-three South Korean export companies from Jeonnam and Chungbuk provinces, South Korea, will hold direct trade talks with Vietnamese importers in Hanoi, according to KOTRA Hanoi. The companies will showcase a range of products, including cosmetics, fresh fruits, food, fertilizers, auto parts, and construction materials. Nearly 150 back-to-back meetings are expected to strengthen business cooperation between Vietnam and South Korea.

Experts stress the importance of green manufacturing practices

The seminar titled "Green Practices in Production and Consumption" was held on March 11, where experts discussed the dual benefits of promoting green practices. They agreed that such practices not only reduce environmental impact but also offer long-term economic advantages and support the circular economy. They also highlighted the importance of adopting Environmental, Social, and Governance (ESG) standards for Vietnamese food companies to align with global sustainability expectations and boost exports.

Vietnam's fashion market to reach $3.5 billion this year

Vietnam's fashion market is expected to reach $3.5 billion in 2025, with an annual growth rate of 9-10%, according to FiinGroup. International brands such as Zara and H&M dominate sales, while local brands are expanding their presence. The rise of e-commerce, AI-driven personalization and digital marketing are key trends shaping the industry's future growth.

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