Vietnam news in brief - September 8

New cave discovered in Quang Binh Province

The new cave was found in Quang Binh Province. Photo: The Hanoi Times

A new cave has recently been discovered in the central province of Quang Binh. This cave, locally known as Son Nu (Mountain Girl) Cave, is situated near the ecotourism destinations of Cha Rao and Cha Cung Streams. To reach the site, travelers must hike approximately 2 km along a stream.

The cave features magnificent and pristine limestone formations, as well as an underground stream that originates at the Vietnam-Laos border. Quang Binh is often referred to as the 'Kingdom of Caves' in Vietnam and is home to Son Doong Cave, one of the largest caves in the world.

Central Coast Cultural Festival 2023 begins in Binh Dinh Province

The fourth Central Coast Cultural Festival kicks off today (September 8) in Binh Dinh Province to promote the cultural values of local communities living along Vietnam's central coast. The festival involves about 1,000 artists, craftsmen, and performers from 11 coastal provinces, including Binh Dinh, Thanh Hoa, Quang Binh, Thua Thien-Hue and Quang Ngai.

The main activities include a folk art performance, traditional costume show, ritual performance, and displays of local and traditional items, specialties, folk games, and tourist destinations. The festival will end on September 10.

Vietnam-South Korea Festival kicks off to celebrate diplomatic relations anniversary

More than 100 South Korean artists paraded and performed their traditional musical instruments on the banks of the Han River in Danang on September 7, marking the start of the Vietnam-South Korea Festival. The three-day event, which ends on September 9, celebrates 30 years of diplomatic relations between the two countries and strengthens the partnership between the city and South Korean localities.

The festival also features folk games and a fair showcasing Korean and Vietnamese cuisine, culture, and specialties. Korean artists will also visit and interact with children from Lang Hi Vong (Village of Hope).

International Travel Expo Ho Chi Minh City 2023 opens

The 17th International Travel Expo Ho Chi Minh City (ITE HCMC 2023), the largest travel event in the Mekong region, officially opened on September 7, bringing together a total of 3,500 delegates from 45 Vietnamese provinces and cities and 42 countries and territories. The expo aims to provide consumers with new tourism products and services, attract more international visitors to Vietnam, and strengthen cooperation among participating nations. The event runs until tomorrow (September 9).

In January-August, Vietnam welcomed a total of 87 million travelers, including 7.8 million foreign tourists, and earned about VND482 trillion (US$20 billion) from tourism.

A Samsung factory. Photo: Khac Kien/The Hanoi Times

Vietnam: One of the best potential destinations for Korean companies

Vietnam is one of the new favorite destinations for South Korean businesses, according to a survey by the Korea International Trade Association. The survey, released today (September 8), shows that Vietnam ranks second in the list of potential destinations, chosen by 7.4% of all 906 companies surveyed. Vietnam was also selected as the third-best market for companies with a production capacity of more than US$10 million (8.2%), and the second best market for companies with a capacity of less than US$10 million (9.6%).

The survey was conducted from August 10 to August 30.

Most tech solutions transferred between FDI companies and affiliates

Foreign direct investment (FDI) companies made about 400 technology transfers from July 2018 to the end of 2022, but the majority of them were made with their subsidiaries. Most of the transactions were made by FDI companies from Japan, South Korea, the EU, the US and ASEAN, focusing on electronics, telecommunications, automobiles, pharmaceuticals, cosmetics and mining.

According to the Ministry of Science and Technology, a total of 100 multinational corporations operate in Vietnam, but only Samsung and LG (from South Korea) have R&D centers in Hanoi.

Vietnam lacks engineers for semiconductor production: Minister

Vietnam's semiconductor sector needs about 10,000 new engineers every year, but the total number of graduates from local educational institutions meets only 20% of the demand, according to Minister of Information and Communications Nguyen Manh Hung.

According to market research firm Technavio, Vietnam's semiconductor sector will grow by an average of 6.5% per year in 2021-2025, worth US$1.65 billion. Vietnam has become the new manufacturing hub for some of the international enterprises such as Intel, Samsung and Synopsys.