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Ho Chi Minh City Expects to Attract $7.4 Billion in FDI in 2023

Ho Chi Minh City, Vietnam is on its way to attracting $7.4 billion in foreign direct investment (FDI) capital this year, nearly double the amount attracted in 2022.

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According to a report by the Department of Planning and Investment of Ho Chi Minh City, in the first 20 days of 2023, the city recorded an FDI investment of over $179 million, a 74% increase compared to the same period in 2022.

So far, 50 foreign investment projects have been granted investment registration certificates with a total registered capital of $87 million, including 44 100% foreign capital investment projects and 6 joint ventures. 

Singapore leads the list of countries with the most investment projects in the city, with 12 projects worth $77 million accounting for over 88%. Taiwan and Hong Kong follow closely behind.

However, the city is facing challenges in attracting large-scale production projects due to limited land funds and high input costs. 

As a result, the city needs to focus on attracting supply chains to the region, such as head offices, R&D centers, logistics centers, and training centers.

In 2022, despite the impact of the Covid-19 pandemic, Ho Chi Minh City attracted $3.94 billion in FDI capital, a 5% increase from the previous year. 

FDI inflows have shifted towards science and technology, manufacturing, and processing industries, reducing investment capital for the real estate business. 

In 2022, FDI accounted for 13% of the total investment capital in the city, contributing $78 trillion to the budget revenue and $25 billion to import and export turnover, which accounted for 61% of the city’s import and export turnover.

Source: ZingNews

Source: https://e.nhipcaudautu.vn/economy/ho-chi-minh-city-expects-to-attract-74-billion-in-fdi-in-2023-3350490/

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Vietnam climbs to 10th on emerging global markets index

Vietnam has been ranked 10th out of the world’s top emerging markets in 2023 with regards to overall competitiveness by Agility, a global leader in supply chain services, infrastructure and innovation.

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In Southeast Asia, Vietnam is behind Malaysia, Indonesia and Thailand, but ahead of the Philippines, Myanmar and Cambodia. China and India were first and second in the overall rankings.

Vietnam ranked 11th in 2022. The index ranks countries for overall competitiveness based on their logistics strengths, business climates and digital readiness, factors that make them attractive to logistics providers, freight forwarders, air and ocean carriers, distributors and investors.

According to Agility, nearly 70% of global logistics executives say they are bracing for a recession amid higher costs, slowing demand, and ongoing supply chain disruption arising from China’s battle to contain Covid-19, Russia’s war in Ukraine, and the impact of climate change.

Ninety percent of the 750 industry professionals surveyed for the 2023 Agility Emerging Markets Logistics Index also said their shipping, storage and other logistics costs remain well above pre-pandemic levels of early 2020.

“Carriers and shippers are feeling the effects of higher energy prices, tight labor markets and broader inflation even though freight rates have fallen and ports have cleared cargo backlogs,” said Agility vice chairman Tarek Sultan.

“Three years after the start of the pandemic, there is still a lot of volatility in supply chains. Now there’s fresh uncertainty as consumers and businesses pull back on spending and hiring,” he added.

In mid-March, the World Bank said that Vietnam’s economic expansion might ease to 6.3% in 2023 from a robust 8% last year, reflecting domestic and external headwinds.

“Vietnam has the fiscal space to implement measures to boost growth, unlike many other countries,” said Carolyn Turk, World Bank country director for Vietnam.

“Effective implementation of priority public investments is key to support growth, both in the short-term and in the longer term. Also, fiscal and monetary policies must be synchronized to ensure that support to the economy and macroeconomic stability are achieved effectively,” she added.

Source: The Investor

Source: https://e.nhipcaudautu.vn/economy/vietnam-climbs-to-10th-on-emerging-global-markets-index-3351497/

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Hoa Phat Group eyes diversification with urban development

Steel giant Hoa Phat Group wants to build several major urban areas 300-500 hectares in size in the next 10 years as part of its diversification plans.

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The company is looking for potential locations, it said in a recent report.

Last year its subsidiaries bid for construction of projects in the northern provinces of Hung Yen, Phu Tho and Bac Giang.

One of them is the 262-hectare Bac Pho Noi Urban Area in Hung Yen with malls, offices, apartment buildings, and villas.

The first phase of the project is set to cost VND6.5 trillion ($276.30 million), and basic infrastructure is now complete.

Though Hoa Phat has been involved in property development for 21 years, its activities were mostly in Hung Yen and Ha Nam Provinces and involved a total area of 1,100 hectares.

It also has four small apartment projects in Hanoi.

Last year property, mostly industrial complexes, fetched it revenues of VND1.43 trillion, or 1% of its total revenues, and 3% of its profits.

It plans to expand its Yen My 2 industrial complex in Hung Yen this year, and have a total of 10 industrial complexes within a decade.

Source: VnExpress

Source: https://e.nhipcaudautu.vn/companies/hoa-phat-group-eyes-diversification-with-urban-development-3351524/

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Northern Vietnamese province exports first fresh sugarcane batch to US

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Hoa Binh Province in northern Vietnam on Sunday held a ceremony to ship the first batch of fresh sugarcane totaling 17.3 metric tons stateside after six months of negotiations.

The provincial Department of Agriculture and Rural Development on Monday said it joined hands with the People’s Committee of Lac Son District and companies to hold the ceremony.

With the support of the Plant Protection Department under the provincial Department of Agriculture and Rural Development, local firms have met U.S. technical requirements.

The fresh sugarcane was collected, processed and packaged by Tien Ngan Trading Investment Co. Ltd.. Apart from the sugarcane, 10 sugarcane juicers were also sent stateside.

Speaking at the ceremony, vice-chairman of the Hoa Binh People’s Committee Dinh Cong Su expected the province to improve its initial achievements to expand the markets for many other agricultural products.

The export of sugarcane to foreign markets and the expansion of production will contribute to the development of the province’s sugarcane sector, Su said.

According to director of the provincial Department of Agriculture and Rural Development Nguyen Huy Nhuan, sugarcane holds high potential for export. 

Over the past few years, Tien Ngan Trading Investment Co. Ltd. has shipped nearly 100 metric tons of sugarcane to the European Union and South Korea.

The provincial Department of Agriculture and Rural Development will continue to create the most favorable conditions for local enterprises trading agricultural products to expand their markets, Nhuan added.

According to a report by the department, Hoa Binh exported its first 120 kilograms of sugarcane to Japan in 2019. 

The volume has increased sharply since then to reach 5.7 metric tons in 2020, 74 metric tons in 2021, and 300 metric tons last year.

In addition to Japan, the product has been supplied to South Korea, the United Kingdom, and the European Union.

More fresh sugarcane batches will be exported to South Korea this month.

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Hoa Binh Province in northern Vietnam on Sunday held a ceremony to ship the first batch of fresh sugarcane totaling 17.3 metric tons stateside after six months of negotiations.

The provincial Department of Agriculture and Rural Development on Monday said it joined hands with the People’s Committee of Lac Son District and companies to hold the ceremony.

With the support of the Plant Protection Department under the provincial Department of Agriculture and Rural Development, local firms have met U.S. technical requirements.

The fresh sugarcane was collected, processed and packaged by Tien Ngan Trading Investment Co. Ltd.. Apart from the sugarcane, 10 sugarcane juicers were also sent stateside.

Speaking at the ceremony, vice-chairman of the Hoa Binh People’s Committee Dinh Cong Su expected the province to improve its initial achievements to expand the markets for many other agricultural products.

The export of sugarcane to foreign markets and the expansion of production will contribute to the development of the province’s sugarcane sector, Su said.

According to director of the provincial Department of Agriculture and Rural Development Nguyen Huy Nhuan, sugarcane holds high potential for export. 

Over the past few years, Tien Ngan Trading Investment Co. Ltd. has shipped nearly 100 metric tons of sugarcane to the European Union and South Korea.

The provincial Department of Agriculture and Rural Development will continue to create the most favorable conditions for local enterprises trading agricultural products to expand their markets, Nhuan added.

According to a report by the department, Hoa Binh exported its first 120 kilograms of sugarcane to Japan in 2019. 

The volume has increased sharply since then to reach 5.7 metric tons in 2020, 74 metric tons in 2021, and 300 metric tons last year.

In addition to Japan, the product has been supplied to South Korea, the United Kingdom, and the European Union.

More fresh sugarcane batches will be exported to South Korea this month.

Like us on Facebook or  follow us on Twitter to get the latest news about Vietnam!

Source: https://tuoitrenews.vn/news/business/20230321/northern-vietnamese-province-exports-first-fresh-sugarcane-batch-to-us/72180.html

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