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Ho Chi Minh City-Vung Tau ferry resumes operation following 6-month hiatus

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Waterway transport services between Ho Chi Minh City and the southern beach city of Vung Tau have resumed after being suspended for nearly six months due to the COVID-19 pandemic.

A representative of Quoc Chanh Company, developer of the Can Gio-Vung Tau Ferry, confirmed on Sunday that the service had been put back into operation.

However, the ferry route will be operated at only 50 percent of capacity as Vung Tau is now classified as a high-risk locality, or orange zone, the representative continued, adding that ticket prices will remain unchanged.

The 15-kilometer ferry route connects Tac Xuat Wharf in Can Gio District, Ho Chi Minh City with Vung Tau Inland Waterway Port in Vung Tau City, Ba Ria-Vung Tau Province.

A journey takes approximately 30 minutes, and each ferry can carry an average of 350 passengers, 20 automobiles, and 100 motorbikes.

The ferry service welcomed its first passengers on January 4.

GreenlinesDP Technology Company also announced that its express boat service between Ho Chi Minh City and Vung Tau will resume operation on December 15.

There will be four trips per day during weekdays and eight journeys per day on weekends.

Due to the serious COVID-19 pandemic, waterway transport services between Ho Chi Minh City and Vung Tau were suspended on June 20.

On October 20, the Ho Chi Minh City Department of Transport proposed that such services be resumed to meet the travel demands of local people.

However, the proposal required consensus from authorities in Ba Ria-Vung Tau Province.

Ho Chi Minh City has been the hardest-hit locality since the fourth outbreak struck the country on April 27, with more than 487,200 cases recorded.

More than 6.8 million out of nine million people in the metropolis have been fully vaccinated against COVID-19.

Meanwhile, Ba Ria-Vung Tau has documented nearly 21,800 cases in this bout.

Nearly 93 percent of the province’s adult population has received at least one dose of vaccine, and over 76 percent have been jabbed twice, according to the national COVID-19 vaccination portal.

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Source: https://tuoitrenews.vn/news/business/20211213/ho-chi-minh-cityvung-tau-ferry-resumes-operation-following-6month-hiatus/64701.html

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20 largest investors hold 80% of Vinamilk’s charter capital

Vietnam’s largest dairy manufacturer Vinamilk reported charter capital of nearly VND20.9 trillion ($886.16 million) at the end of 2022, with 80% owned by 20 investors.

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The corporation’s 20 largest shareholders hold more than 1.65 billion Vinamilk shares, equivalent to about 79.11% of the company’s chartered capital.

Of which, the State Capital Investment Corporation (SCIC) is the largest shareholder with 36%, followed by F&N Group with 20.39% (including F&N Dairy Investments Pte with 17.69% and F&N BEV Manufacturing Pte.Ltd with 2.7%), and Platinum Victory Pte.Ltd with 10.62%.

The ownership ratio of domestic investors is 44.35%, while foreign investors account for 55.6%, according to its annual report for 2022.

Vinamilk, listed on the Ho Chi Minh Stock Exchange (HoSE) as VNM, posted net revenue of VND59.96 trillion ($2.56 billion) in 2022, down 1.58% year-on-year, and after-tax profit of VND8.578 trillion ($365.8 million), down 19.3%.

According to the firm, Vietnam’s dynamic dairy industry is worth $5 billion. Dairy consumption hit 21.8 kilograms per capita in 2019, below the regional average of 26.7 kilograms. It quoted data from market researcher AC Nielsen as saying that the country’s dairy industry grew 5% in value in the first 11 months of last year, while volume remained unchanged, attributing these changes to higher prices amid rising production costs.

Last year, the company opened nearly 40 new Vinamilk stores in a move to ensure sustainable distribution solutions. As of end-2022, Vinamilk’s distribution system reached more than 230,000 points nationwide, including nearly 650 Vinamilk stores.

Early this month, Vinamilk and Japanese company Sojitz broke ground on a $500-million complex for raising cows and supplying beef in northern Vietnam, a project expected to advance Vietnam’s livestock industry. The project, a 49-51 joint venture between Sojitz and Vinamilk subsidiary Vilico, will cover almost 76 hectares in Tam Dao district of Vinh Phuc province bordering Hanoi. 

On the Ho Chi Minh City Stock Exchange, the VNM share price hit VND74,400 ($3.16) at Wednesday’s close.

Source: The Investor

Source: https://e.nhipcaudautu.vn/companies/20-largest-investors-hold-80-of-vinamilks-charter-capital-3351498/

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Biggest-ever US business delegation comes to Vietnam to seek investment opportunities

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A mission, including 52 businesses from the U.S., is scheduled to visit Vietnam this week to learn about the local market and seek business and investment opportunities.

This is the largest-ever U.S. business mission to Vietnam.

Ted Osius, president and CEO of the U.S.-ASEAN Business Council (USABC), told Tuoi Tre (Youth) newspaper on Monday that these U.S. firms will meet with the Vietnamese prime minister, National Assembly chairman, and ministers.

An Amazon warehouse is shown.. The e-commerce giant is among the U.S. enterprises coming to Vietnam this week. Photo: Reuters

Amazon is among the U.S. enterprises coming to Vietnam this week. Photo: Reuters

Learning about Vietnam’s digital, green transformation potential

According to Osius, USABC members stressed at a meeting with Vietnamese Prime Minister Pham Minh Chinh during his visit to the U.S. on the occasion of the ASEAN-U.S. Special Summit in May 2022 that they considered Vietnam a strategic market in the region and were committed to making investments in Vietnam and cooperating with Vietnamese partners for a long term.

“The visit to Vietnam will demonstrate the commitment. We want to fulfill the commitment of U.S. private firms as reliable partners and resources in fostering mutual priorities and economic purposes,” Osius affirmed.

The U.S. business delegation to Vietnam this week will include firms which have come to Vietnam and those that have yet to, proving that Vietnam remains attractive to U.S. industrial firms.

Osius said the mission consists of firms in various sectors, such as energy, finance-banking, insurance, manufacturing, information technology, healthcare, logistics, tourism, aerospace, and national defense.

Some typical names are Apple, Coca-Cola, PepsiCo, SpaceX, Pfizer, Johnson & Johnson, Abbott, Visa, Citibank, Meta, and Amazon Web Services.

Boeing, Lockheed Martin, and Bell will also come to the Southeast Asian country to meet with local national defense firms.

Osius said U.S. enterprises will support Vietnam’s digital and green transformation strategy to help the country realize its commitment to net-zero carbon emissions by 2050. 

The USABC hoped to develop the partnership in the digital sector between Vietnam and the U.S. and foster the use of U.S. private firms’ investments in the energy sphere.

“We also want to seek opportunities to support Vietnam in reforming financial and banking services and developing global supply chains in Vietnam,” the USABC president added.

The visit is taking place while the two countries celebrate the 10th anniversary of their comprehensive partnership. Therefore, this will be an occasion for them to celebrate and review remarkable achievements of the business community over the past decade, Osius noted.

He also expected the two sides to determine key trade cooperation opportunities.

Through the visit, the USABC also expected discussions about the roles of U.S. enterprises in facilitating the deployment of free trade agreements, such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Partnership (RCEP), as well as negotiations over the Indo-Pacific Economic Framework for Prosperity (IPEF).

The delegation of U.S. enterprises to Vietnam include those which are operating in Vietnam and have plans to expand their presence in the country, such as Apple, Coca-Cola, and PepsiCo. Photo: Quang Dinh / Tuoi Tre

The delegation of U.S. enterprises to Vietnam includes those operating in Vietnam and having plans to expand their presence in the country, such as Apple, Coca-Cola, and PepsiCo. Photo: Quang Dinh / Tuoi Tre

It’s time to conquer Vietnamese market

James Ollen, executive director of the American Chamber of Commerce in Vietnam (AmCham Vietnam), told Tuoi Tre that in the eyes of U.S. investors, Vietnam is a leading destination for multinational companies which are seeking ways to diversify their supply chains.

It also has a booming consumer market. 

Moreover, it is an ideal destination for many tourists. Many Vietnamese cities are on the way to becoming the most dynamic start-up centers in Asia.

At a recent meeting with leaders of Ho Chi Minh City, Ollen said U.S. enterprises in Vietnam are optimistic about the continuous economic growth prospects this year and in the following years.

Therefore, the U.S. business community in Vietnam wants to cooperate with local authorities to develop a favorable environment to continue attracting investments, and boosting innovation and sustainable development.

AmCham Vietnam has more than 550 members in the central and southern regions.

The chamber representative added that U.S. enterprises always want to expand their operation in Vietnam and the most important factor for a favorable investment environment is a fair, transparent, predictable, and appropriately-arranged legal system.

In agriculture, the two countries’ trade relations are also positive.

According to U.S. Consul General in Ho Chi Minh City Susan Burns, the two sides’ agricultural trade surged from over US$4 billion in 2011 to nearly $10 billion last year.

Many U.S. agricultural product imports to Vietnam, such as blueberries, apples, grapes, and oranges, are popular and posted impressive growth.

Having been present in Ho Chi Minh City since early this month, Lawrence D. Bushnell, president of Gratia Dei Seafoods in Alaska State, said never before have U.S. enterprises paid such huge attention to Vietnam.

With a population of 100 million people and local residents’ increasing incomes, the Vietnamese market is a target for all U.S. enterprises. Following surveys, investors may make investments and shift their supply chains to the country.

Cooperating to develop supply chains

A leader of the European-American Market Department under the Vietnamese Ministry of Industry and Trade, told Tuoi Tre that the U.S. business mission and leaders of the ministry will discuss cooperation opportunities in industry and energy trade.

Besides economy, trade, and investment, the collaboration potential in energy transition, digital transformation, and the building of clean and sustainable supply chains between the two countries is huge.

As Vietnam is actively getting involved in global production networks and value chains, the two sides should join hands in other potential sectors, such as hi-tech, semiconductor chip manufacturing, aviation, digital transformation, energy transition, technology innovation, and environmental protection, apart from traditional cooperation sectors, said the official from the Ministry of Industry and Trade.

“The Vietnamese government has been creating the most favorable conditions for the shift of global supply chains to Vietnam,” the Vietnamese official affirmed.

“During that process, the direct investment from the U.S. as well as the technology, finance, and production capacity of leading U.S. groups, such as Google, Apple, Intel, Boeing, and Walmart, are extremely important.”

He added that to encourage Vietnamese enterprises to take part in multinational groups’ supply chains, the Ministry of Industry and Trade is cooperating with many other ministries, agencies, large enterprises, and international organizations to conduct projects and programs to provide consultancy, improve production, train human resources, develop science and technology, and boost digital transformation to improve the capability of Vietnamese suppliers.

SpaceX Group and many other U.S. enterprises learn about the Vietnamese market. Photo: NASA

SpaceX Group and many other U.S. enterprises learn about the Vietnamese market. Photo: NASA

Nguyen Van Toan, vice-chairman of the Vietnam’s Association of Foreign Invested Enterprises, said many U.S. companies have made investments in Vietnam through third parties, such as Singapore, Hong Kong, and European countries.

In particular, they established subsidiaries in these places and the subsidiaries have invested in Vietnam.

The investment environment is changing when the global minimum corporate tax will take effect early next year. Most U.S. enterprises coming to Vietnam this week earn a huge revenue and are subject to the tax with a minimum rate of 15 percent of their profits.

The tax will significantly affect the global investment movement. As a result, leading U.S. firms have sought new destinations.

Vietnam will definitely impose the global minimum corporate tax, but U.S. firms pin high hopes on the country’s preferential policies.

According to Toan, this is a positive trend as Vietnam can avoid the race of issuing tax incentives.

Without preferential tax policies, Vietnam will have to attract foreign direct investment with a better investment environment, infrastructure, and workforce.

Thus, the country can attract high-quality foreign investment.

“It is good when large U.S. investors arrive in Vietnam to seek investment opportunities, but we have to commit to improving the local investment environment to set their mind at rest,” Toan said.

“In addition to the ideal geographical location, stable politics, and advantages in the market and integration, we need to improve other factors, such as administrative procedures, and especially the manpower quality.

“U.S. firms investing in Vietnam will not bring their human resources like those from other countries, so we must properly prepare the manpower to welcome them.”

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

A mission, including 52 businesses from the U.S., is scheduled to visit Vietnam this week to learn about the local market and seek business and investment opportunities.

This is the largest-ever U.S. business mission to Vietnam.

Ted Osius, president and CEO of the U.S.-ASEAN Business Council (USABC), told Tuoi Tre (Youth) newspaper on Monday that these U.S. firms will meet with the Vietnamese prime minister, National Assembly chairman, and ministers.

An Amazon warehouse is shown.. The e-commerce giant is among the U.S. enterprises coming to Vietnam this week. Photo: Reuters

Amazon is among the U.S. enterprises coming to Vietnam this week. Photo: Reuters

Learning about Vietnam’s digital, green transformation potential

According to Osius, USABC members stressed at a meeting with Vietnamese Prime Minister Pham Minh Chinh during his visit to the U.S. on the occasion of the ASEAN-U.S. Special Summit in May 2022 that they considered Vietnam a strategic market in the region and were committed to making investments in Vietnam and cooperating with Vietnamese partners for a long term.

“The visit to Vietnam will demonstrate the commitment. We want to fulfill the commitment of U.S. private firms as reliable partners and resources in fostering mutual priorities and economic purposes,” Osius affirmed.

The U.S. business delegation to Vietnam this week will include firms which have come to Vietnam and those that have yet to, proving that Vietnam remains attractive to U.S. industrial firms.

Osius said the mission consists of firms in various sectors, such as energy, finance-banking, insurance, manufacturing, information technology, healthcare, logistics, tourism, aerospace, and national defense.

Some typical names are Apple, Coca-Cola, PepsiCo, SpaceX, Pfizer, Johnson & Johnson, Abbott, Visa, Citibank, Meta, and Amazon Web Services.

Boeing, Lockheed Martin, and Bell will also come to the Southeast Asian country to meet with local national defense firms.

Osius said U.S. enterprises will support Vietnam’s digital and green transformation strategy to help the country realize its commitment to net-zero carbon emissions by 2050. 

The USABC hoped to develop the partnership in the digital sector between Vietnam and the U.S. and foster the use of U.S. private firms’ investments in the energy sphere.

“We also want to seek opportunities to support Vietnam in reforming financial and banking services and developing global supply chains in Vietnam,” the USABC president added.

The visit is taking place while the two countries celebrate the 10th anniversary of their comprehensive partnership. Therefore, this will be an occasion for them to celebrate and review remarkable achievements of the business community over the past decade, Osius noted.

He also expected the two sides to determine key trade cooperation opportunities.

Through the visit, the USABC also expected discussions about the roles of U.S. enterprises in facilitating the deployment of free trade agreements, such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Partnership (RCEP), as well as negotiations over the Indo-Pacific Economic Framework for Prosperity (IPEF).

The delegation of U.S. enterprises to Vietnam include those which are operating in Vietnam and have plans to expand their presence in the country, such as Apple, Coca-Cola, and PepsiCo. Photo: Quang Dinh / Tuoi Tre

The delegation of U.S. enterprises to Vietnam includes those operating in Vietnam and having plans to expand their presence in the country, such as Apple, Coca-Cola, and PepsiCo. Photo: Quang Dinh / Tuoi Tre

It’s time to conquer Vietnamese market

James Ollen, executive director of the American Chamber of Commerce in Vietnam (AmCham Vietnam), told Tuoi Tre that in the eyes of U.S. investors, Vietnam is a leading destination for multinational companies which are seeking ways to diversify their supply chains.

It also has a booming consumer market. 

Moreover, it is an ideal destination for many tourists. Many Vietnamese cities are on the way to becoming the most dynamic start-up centers in Asia.

At a recent meeting with leaders of Ho Chi Minh City, Ollen said U.S. enterprises in Vietnam are optimistic about the continuous economic growth prospects this year and in the following years.

Therefore, the U.S. business community in Vietnam wants to cooperate with local authorities to develop a favorable environment to continue attracting investments, and boosting innovation and sustainable development.

AmCham Vietnam has more than 550 members in the central and southern regions.

The chamber representative added that U.S. enterprises always want to expand their operation in Vietnam and the most important factor for a favorable investment environment is a fair, transparent, predictable, and appropriately-arranged legal system.

In agriculture, the two countries’ trade relations are also positive.

According to U.S. Consul General in Ho Chi Minh City Susan Burns, the two sides’ agricultural trade surged from over US$4 billion in 2011 to nearly $10 billion last year.

Many U.S. agricultural product imports to Vietnam, such as blueberries, apples, grapes, and oranges, are popular and posted impressive growth.

Having been present in Ho Chi Minh City since early this month, Lawrence D. Bushnell, president of Gratia Dei Seafoods in Alaska State, said never before have U.S. enterprises paid such huge attention to Vietnam.

With a population of 100 million people and local residents’ increasing incomes, the Vietnamese market is a target for all U.S. enterprises. Following surveys, investors may make investments and shift their supply chains to the country.

Cooperating to develop supply chains

A leader of the European-American Market Department under the Vietnamese Ministry of Industry and Trade, told Tuoi Tre that the U.S. business mission and leaders of the ministry will discuss cooperation opportunities in industry and energy trade.

Besides economy, trade, and investment, the collaboration potential in energy transition, digital transformation, and the building of clean and sustainable supply chains between the two countries is huge.

As Vietnam is actively getting involved in global production networks and value chains, the two sides should join hands in other potential sectors, such as hi-tech, semiconductor chip manufacturing, aviation, digital transformation, energy transition, technology innovation, and environmental protection, apart from traditional cooperation sectors, said the official from the Ministry of Industry and Trade.

“The Vietnamese government has been creating the most favorable conditions for the shift of global supply chains to Vietnam,” the Vietnamese official affirmed.

“During that process, the direct investment from the U.S. as well as the technology, finance, and production capacity of leading U.S. groups, such as Google, Apple, Intel, Boeing, and Walmart, are extremely important.”

He added that to encourage Vietnamese enterprises to take part in multinational groups’ supply chains, the Ministry of Industry and Trade is cooperating with many other ministries, agencies, large enterprises, and international organizations to conduct projects and programs to provide consultancy, improve production, train human resources, develop science and technology, and boost digital transformation to improve the capability of Vietnamese suppliers.

SpaceX Group and many other U.S. enterprises learn about the Vietnamese market. Photo: NASA

SpaceX Group and many other U.S. enterprises learn about the Vietnamese market. Photo: NASA

Nguyen Van Toan, vice-chairman of the Vietnam’s Association of Foreign Invested Enterprises, said many U.S. companies have made investments in Vietnam through third parties, such as Singapore, Hong Kong, and European countries.

In particular, they established subsidiaries in these places and the subsidiaries have invested in Vietnam.

The investment environment is changing when the global minimum corporate tax will take effect early next year. Most U.S. enterprises coming to Vietnam this week earn a huge revenue and are subject to the tax with a minimum rate of 15 percent of their profits.

The tax will significantly affect the global investment movement. As a result, leading U.S. firms have sought new destinations.

Vietnam will definitely impose the global minimum corporate tax, but U.S. firms pin high hopes on the country’s preferential policies.

According to Toan, this is a positive trend as Vietnam can avoid the race of issuing tax incentives.

Without preferential tax policies, Vietnam will have to attract foreign direct investment with a better investment environment, infrastructure, and workforce.

Thus, the country can attract high-quality foreign investment.

“It is good when large U.S. investors arrive in Vietnam to seek investment opportunities, but we have to commit to improving the local investment environment to set their mind at rest,” Toan said.

“In addition to the ideal geographical location, stable politics, and advantages in the market and integration, we need to improve other factors, such as administrative procedures, and especially the manpower quality.

“U.S. firms investing in Vietnam will not bring their human resources like those from other countries, so we must properly prepare the manpower to welcome them.”

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

Source: https://tuoitrenews.vn/news/business/20230322/biggestever-us-business-delegation-comes-to-vietnam-to-seek-investment-opportunities/72207.html

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VinFast rolls out long-awaited electric SUVs, eyes overseas deliveries

Vietnamese carmaker VinFast said on Thursday it will begin delivering its new electric sport utility vehicles (SUVs) to local customers this week and targets overseas deliveries in the coming months.

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VinFast, which began operations in 2019, is gearing up to expand in the United States, where it hopes to compete with legacy automakers with its two electric SUV models.

“After Vietnam, VinFast expects to export the first batch of VF9 to international markets in the coming months,” VinFast said in a statement, without providing a specific timeline for deliveries of the new model.

The VF9 model was initially scheduled to debut at the beginning of this year.

The company currently sells the VF8 model of SUV. It started to ship those last year and began delivering them to customers this month. The company has said it would ship the second batch to the U.S. in the second quarter of 2023.

VinFast, backed by Vietnam’s biggest of conglomerate Vingroup JSC, is the country’s sole EV maker.

As of December last year, VinFast said it secured 55,000 orders globally, of which 12,000 were from the U.S. market.

Source: Reuters

Source: https://e.nhipcaudautu.vn/companies/vinfast-rolls-out-long-awaited-electric-suvs-eyes-overseas-deliveries-3351494/

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