Vietnam news in brief - October 26
Find out what is happening in Vietnam today.
Vietnam and Thailand to boost bilateral trade to US$25 billion
|Prime Minister Pham Minh Chinh (R) and Thai Deputy Prime Minister and Foreign Minister Parnpree Bahiddha-nukara. Photo: VNA
Bilateral trade between Vietnam and Thailand is expected to reach the target of $25 billion, become more balanced and free of trade barriers with further facilitation of import-export activities between the two countries, Prime Minister Pham Minh Chinh told Thai Deputy Prime Minister and Foreign Minister Parnpree Bahiddha-nukara, who is on an official visit to Vietnam from October 25-26.
The Vietnamese PM also asked the Thai government to continue to make it easier for Vietnamese communities to do business, live, and study in Thailand and welcomed the increase in direct flights between the two countries to promote economic, cultural, tourism, and people-to-people exchanges.
Vietnam to ease rules on foreign purchases of local shares
Vietnam's stock market regulator may allow securities firms to underwrite purchases of local stocks by foreign investors, according to Reuters. The move will ease market settlement procedures for foreign investors and help upgrade the Vietnamese market to secondary emerging market status, attracting hundreds of millions of US dollars. The upgrade is expected to take effect by September 2025, Le Thi Le Hang, strategy director at SSI Securities, said after a meeting last week between a group of experts from FTSE, the London-based market index manager, and the State Securities Commission.
Peruvian beauty crowns Miss Grand International 2023 in Vietnam
The Miss Grand International 2023 concluded in Ho Chi Minh City on October 25, with 24-year-old Peruvian contestant Luciana Fuster winning the crown. Among the three runners-up was Le Hoang Phuong, a 27-year-old Vietnamese beauty. Launched in 2013, Miss Grand International, in this 2023 edition, the second to be held in Vietnam, gathered 70 contestants.
EC eyes future cooperation with Vietnam on green growth, digital transformation
European Commission President Ursula von der Leyen told Deputy Prime Minister Tran Hong Ha on October 25 that the EC is willing to further cooperate with Vietnam on renewable energy, digital transformation and green growth. She said the EC appreciates Vietnam's efforts to address climate change issues, especially the implementation of activities under the Just Energy Transition Partnership (JETP).
Honoring Vietnam's Golden Agricultural Brands in 2023
A total of 99 outstanding agricultural brands were honored as Vietnam's Golden Agricultural Brands in 2023. Since April 2023, when the program was launched, the organizing committee conducted research on 355 products from 172 enterprises in various agricultural fields. This year's program coincided with the celebration of the 10th anniversary of the establishment of the Vietnam Farmers' Union and the Vietnam General Association of Agriculture and Rural Development.
Vingroup offers convertible bonds to raise $300 million
|Part of a city in Vietnam. Photo: Vingroup
Vingroup is selling about $300 million worth of convertible bonds maturing in 2028 with annual yields of 9.5-10%. Buyers can exchange their bonds for Vingroup shares at VND51,635-53,880 ($2.10-2.20) apiece. Vingroup plans to use the proceeds from the bond sale to buy back some of its $500 million in outstanding bonds, which mature in 2026. HSBC and UBS are the underwriters of the bond issue. On the stock market, Vingroup shares plunged 6.9% to VND41,600 ($1.69) per share in morning trading today.
Vietnamese company ranked among top 50 EdTech startups from Southeast Asia
Teky Academy, which specializes in STEAM education platforms for K12 students in Vietnam, has been named among the top 50 most promising EdTech startups in Southeast Asia, according to Holon IQ, a global research and data analytics firm. The top 50 list includes well-known companies in the areas of management systems, workforce and skills, content, STEAM, tutoring and test prep, international education, language learning, and online learning.
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