Vietnam news in brief - October 29

Direct power purchase agreement attracts 24 suppliers

A recent survey by the Ministry of Industry and Trade of 106 power projects shows that 24 

renewable energy projects with a total production capacity of 1,773MW want to join the Direct Power Purchase Agreement (DDPA), which allows power projects to sell their output directly to companies without being transmitted through the national grid.

Another 17 projects with a total capacity of 2,836 MW are considering their options, and 26 say they would not be part of the program. From a business perspective, 24 companies are interested in the DDPA.

FDI capital up 15% y/y to $25.7 billion in 10 months

Production at MHI Aerospace Vietnam Co. Ltd. in Hanoi's Thang Long Industrial Park. Photo: Pham Hung

According to the Ministry of Planning and Investment, Foreign direct investment (FDI) capital flow into Vietnam increased by 15% year-on-year to US$25.7 billion in 10 months. Of the total, registered capital of 2,600 new projects increased by 54% year-on-year to US$15.3 billion, of which about US$5.3 billion was for capital adjustment and US$5.1 billion for foreign equity purchases.

Financial inflows into manufacturing and processing industries accounted for 73% of the total capital. Singaporean investors accounted for 18% of the total capital investment, the largest among all.

Vietnam ends Asia Para Games with only one gold, ranks 22nd overall

Vietnam left the 2023 Asian Para Games in Hangzhou, China, with one gold, 10 silver and nine bronze medals, ranking 22nd in the overall table. Vietnam had set a target of winning three to four gold medals at the competition.

The only gold medal was won on October 27 when swimmer Le Tien Dat took first place in the men's 100 meter breaststroke SB5 event.

National Festival of Creativity and Design in Ho Chi Minh City, Hanoi

The Vietnam Festival of Creativity and Design 2023 will be held in Ho Chi Minh City from November 13 to 19 and in Hanoi from December 1 to 7. With the theme "Mind and Machine", the festival aims to strengthen the role of artists and creators amid the boom of technologies and automatic machines.

The event will feature free workshops, exhibitions, discussions, and performances. It is co-organized by RMIT Vietnam University, UNESCO, and the Vietnam Institute of Culture and Arts Studies.

US$2 billion spent in Vietnam's smartphone market in January-June

Vietnamese spent US$2 billion on smartphones in January-June, according to German market research firm GfK. The Vietnamese smartphone market value fell 23% year-on-year, but good growth was seen in sales of luxury items with a retail price of US$800 and above, the company reported.

GfK also reported that sales of other electronic products in Vietnam declined, including TV consumption, which fell 0.3% year-on-year to VND30 trillion ($1.2 billion). As a result, Vietnam's telecommunications and electronics market fell by one-fifth year-on-year.

Telecom group Viettel to unveil new 5G chip

Military-run telecom group Viettel will announce the full development of its 5G chip and AI assistant at the upcoming Vietnam International Innovation Expo 2023, which ends on November 1. The company's 5G chip is capable of processing one quadrillion calculations per second and is key to the operation of the entire 5G ecosystem.

Viettel will also unveil its AI assistant to help customers with common and legal issues. The company is also offering visitors to the Expo the opportunity to experience its latest developments.

Vietnamese, Japanese folk songs translated

On October 28, three people were awarded for the best translations of the Vietnamese folk song Beo Dat May Troi (Floating Water Ferns and Wandering Clouds) into Japanese. Meanwhile, three others were honored for interpreting the Japanese song Sakura, Sakura into Vietnamese.

Ten other Vietnamese and Japanese folk songs were translated and performed at the ceremony, including Trong Com (Listen to the Drum), Ru Con Nam Bo (The Southern Lullaby), and Asadoya Yunta. The translation of folk songs was aimed at promoting cultural exchange and deepening bilateral relations between Vietnam and Japan.  

Low-quality education identified as a major obstacle to Vietnamese tourism

Students and graduates of tourism training programs lack adequate foreign language skills, especially in lesser-used languages, a workshop heard on October 28. In addition, the quality of training courses is low and not practical.

Truong Quang Vinh of Long An Economic and Industrial University suggested that local schools and businesses should link up and develop appropriate training courses so that graduates are able to meet the demands of their employers and customers.