Vietnam news in brief - October 1

Ba Ria-Vung Tau and Japanese partners to highlight decentralized relations

In celebrations of the 50th anniversary of Vietnam-Japan diplomatic relations, a festival was held in Ba Ria-Vung Tau Province on September 30 to highlight the decentralized cooperation between the province and Japanese partners, namely the cities of Kawasaki, Izumiotsu and Sanjo, and Mizuho Bank. The province plans to cooperate with Sakai City in carbon credit projects and develop a carbon-free circular economy. Ba Ria-Vung Tau is home to about 45 Japanese FDI projects with a total registered capital of US$5.4 billion.

Green SM Taxi reaches 6 million trips after 5 months of operation

Green SM Taxi aims to create a green and smart mobility ecosystem across Vietnam. Photo: Vingroup

Green SM Taxi, owned by Vingroup subsidiary Green and Smart Mobility (GSM) JSC, reached a milestone of six million trips after more than five months of rolling out electric taxi services in 17 provinces and cities nationwide. GSM JSC provides VinFast electric vehicles and motorcycle rental and taxi services.

From now until the end of 2023, Green SM Taxi aims to expand its network to 30,000 electric vehicles and 90,000 electric motorcycles, covering 27 provinces and cities in Vietnam and three Southeast Asian countries.

EVN begins US$45-million project to import Lao power 

State-owned power utility Electricity of Vietnam (EVN) on September 30 kicked off a 500kV transmission project costing VND1.1 trillion (US$45 million). The power grid project is aimed to transmit electricity from the Monsoon Wind Farm in Laos to the Thanh My station in Nam Giang District, Quang Nam Province.

The line is designed to transport a maximum of 2,500 MW from Laos to Vietnam, transmitting an average of 1.7 billion kWh per year.

Savings and deposits growth exceeds credit growth for first time in 3 years

As of September 20, total savings and deposits at banks and financial institutions grew 5.8% year-on-year, while total credit grew 5.7% year-on-year. This is the first time in three years that savings and deposit growth outpaced credit. In 2023, credit growth is capped at 14%.

According to BIDV Securities JSC, deposits and savings in the banking system have reached nearly VND400 trillion (US$16.4 billion), while the minimum requirement is VND280 trillion (US$11.5 billion).

Over 118,000 Vietnamese people lost their jobs in Q3 2023
The unemployment rate of the working-age population in Vietnam was 2.3% in the third quarter of 2023, unchanged from the previous quarter and up 0.02% year-on-year, according to the General Statistics Office.
In the third quarter of 2023, the Mekong Delta and Southeast regions recorded the highest unemployment rates, at 2.87% and 3.08%, respectively.

The unemployment rate for the first nine months of 2023 was 2.28%, a decrease of 0.07 percentage points year-on-year.

Schools required to share information on annual income, expenses

Public schools, from kindergarten to university level, will have to share with the public their revenues and expenditures, according to a draft circular issued by the Ministry of Education and Training. Schools will be required to disclose the amount and level of student fees, including tuition, fees, and other expenses for the academic year, along with projections for coming years.
Total school revenues must be publicly reported in two categories: by source and by activity. This is a new requirement compared to the ministry's 2017 Circular. The deadline for the information availability is before June 30 each year, on the school's official website, for a minimum of five years.