Vietnam news in brief - October 31

Ho Chi Minh City forecasts more job cuts by year's end

The southern metropolis will see more layoffs in Q4. Photo: Tran Oanh/The Hanoi Times

The employment rate in October fell by 3.2% compared to the same period last year, said Le Thi Huynh Mai, Director of Ho Chi Minh City's Department of Planning and Investment, at the city's meeting on October. She predicted that the number of job cuts in enterprises will increase in the fourth quarter.

The increasing downsize of the workforce will put pressure on social welfare, and the implementation of the city's socio-economic goals will also be compromised. The city has been affected by the complex and unpredictable global economic situation and conflicts.

Hanoi completes renovation of 1.14% of old residential buildings

Renovation of old apartment buildings in Hanoi has been completed in only 1.14% in Hanoi and 1% in Ho Chi Minh City, according to the Ministry of Construction.

There are more than 1,500 apartment buildings built between 1960 and 1992 that need to be repaired and renovated. The renovation is an important issue for the urban restructuring and development process in Hanoi and Ho Chi Minh City, but the results are far from expected.

Vietnam's information technology industry generates revenue of US$113.8 billion

Revenue from the information technology industry in the first 10 months of 2023 was estimated at around US$113.8 billion, up 1% year-on-year, according to the Ministry of Information and Communications.

The hardware and electronics industry fetched nearly US$106 billion, up 0.6% from the same period in 2022.

250 brands to participate in VIETRF 2023 in Ho Chi Minh City

The Vietnam International RetailTech & Franchise Show (VIETRF 2023) will take place from November 2 to 4 at the Saigon Exhibition and Convention Center in Ho Chi Minh City, with the participation of 250 brands from 15 countries.

Within the exhibition, the Vietnam Franchise and Licensing Network (VFLN), a non-profit organization under the Ho Chi Minh City Union of Business Association (HUBA), will be launched to promote and develop franchising and licensing in Vietnam and connect domestic and foreign members.

Vietnam-Japan conference on mass transport infrastructure set for December

Vietnam's Ministry of Transport and the Japan International Transport and Tourism Institute will jointly hold a conference in December 2023 to discuss the construction of high-speed railways, airports, and seaports. At the event, international high-speed rail associations will share their experiences in high-speed rail investment and construction to build consensus among stakeholders.

The conference is part of a series of activities to celebrate the 50th anniversary of diplomatic relations between Vietnam and Japan.

Five Vietnamese businessmen ranked as US dollar billionaires: Forbes Vietnam

Five Vietnamese businessmen have a net worth of more than US$1 billion each, according to a recent report by Forbes Vietnam.

Vingroup Chairman Pham Nhat Vuong is the richest Vietnamese, with a net worth of $4.4 billion, which declined in the past two months. The other four billionaires are Chairman of steelmaker Hoa Phat Tran Dinh Long; Chairman of carmaker Thaco Tran Ba Duong; Chairwoman of low-cost airline Vietjet Nguyen Thi Phuong Thao; and Chairman of Techcombank Ho Hung Anh.

Vietnam sells $23.7 billion worth of goods to EU in 10 months

Vietnam achieved a trade surplus of $23.7 billion with the European Union (EU) in 10 months, down 12.4% year-on-year, according to the General Statistics Office. Vietnam exported about $36.2 billion worth of goods to the EU market and imported $12.6 billion from the EU, down 8.9% and 1.4% year-on-year, respectively.

Since ratifying the EU-Vietnam Free Trade Agreement (EVFTA) in 2020, bilateral trade between the two sides has increased sharply. In 2022, it grew by 9.2% year-on-year to $62.2 billion.