Vietnam news in brief - October 3

Kon Tum - Ngoc Linh Ginseng Festival to be held every two years
The Kon Tum - Ngoc Linh Ginseng Festival in the Central Highlands province of Kon Tum will be held every two years starting in 2024 as part of a project approved by the Kon Tum Provincial People's Committee to promote the conservation and utilization of natural resources, tourism resources and attract investment to establish the brand of Ngoc Linh Ginseng and other medicinal herbs.

The event will include activities such as an exhibition showcasing Ngoc Linh ginseng and other medicinal herbs related to the development of tourism and the life of ethnic communities. Distinctive tourism products related to Ngoc Linh ginseng and other "One Commune One Product " (OCOP) products and various cultural and sports activities will be displayed.

Vietnam hosts world's first post-pandemic meeting of instant noodle producers

Acecook Vietnam production line. Photo courtesy of the company

The first post-pandemic meeting of the World Instant Noodle Association was recently held in Ho Chi Minh City. This is also the first meeting of the association in Vietnam. The meeting brought together 13 companies from 11 countries and two research institutes. Acecook Vietnam was the only Vietnamese noodle producer to attend the event.
At the meeting, enterprises, research institutes, and government agencies discussed solutions to improve nutrition, food safety, and sustainable production of instant noodles. Vietnam was the world's third-largest consumer of instant noodles last year, consuming 8.5 billion servings, according to WINA.
Vietnamese textile manufacturer taps new trends in Canadian market
Viet Vuong, a Vietnamese textile and garment enterprise specializing in processing for global fashion brands, has garnered considerable interest from the Canadian Textile Industry Association and organizers of Apparel Textile Sourcing Canada in Ottawa, Canada, thanks to its focused market strategies and ability to capture the trend of production transformation for environmental sustainability.

Viet Vuong aims to produce sustainable materials, such as fabrics made from recycled fibers. This is a new trend that Vietnamese factories need to prepare for to meet the demands of the Canadian market and the North American region.
Bain Capital to invest at least US$200 million in Masan

Masan expects the transaction to close by late  2023. Photo: Masan Group

Bain Capital, a leading global private investment fund with approximately US$180 billion in assets under management, has agreed to invest at least US$200 million in equity in Masan Group at a price of VND85,000 per share. This is Bain Capital's first investment in Vietnam and underscores its confidence in Masan's ability to realize the immense opportunity to meet the daily food, financial and other life needs of 100 million Vietnamese consumers.

Five first-tier cities agree to strengthen trade and industry cooperation

Municipal departments of industry and trade of the five first-tier cities of Hanoi, Haiphong, Da Nang, Can Tho, and Ho Chi Minh City signed an agreement on October 2 to strengthen joint efforts, provide mutual support, and improve performance. According to Deputy Minister of Industry and Trade Phan Thi Thang, the five cities' total retail and service turnover in eight months accounts for 38.3% of the national total. Their total exports in eight months accounted for nearly a quarter of the country's total.

Investigation into tenement fire may target government officials

Hanoi police will further investigate the tenement fire in Thanh Xuan district on September 12. Some government officials may be implicated in the investigation. Late on September 12, a fire tore through a nine-story tenement building in Thanh Xuan District's Khuong Dinh Ward, killing 56 people and injuring 37 others. Police detained 44-year-old Nghiem Quang Minh, the owner of the building, for investigation.