Vietnam News in Brief: Weekly Roundup March 24

Posted by Written by Mark Barnes Reading Time: 3 minutes

Vietnam Briefing keeps track of what’s happening in Vietnam business and economic news so that you don’t have to. Here’s what happened this week.

Real Estate News

CapitalLand considering major asset purchase in Vietnam

It has been widely reported that Singapore’s CapitalLand is in talks with Vietnam’s VinHomes to buy US$1.5 billion worth of projects from the local developer. This comes as Vietnam’s real estate sector struggles to recover from a slew of challenges over the past two years.

See also: Explained: Vietnam’s Real Estate Market Turmoil

Trade News

US trade mission on the ground in Vietnam

There are a reported 52 US businesses on a trade mission to Vietnam at the moment. This includes well-known names like Boeing, Netflix, and SpaceX. Organized by the US-ASEAN trade council, the visit promises to give US business leaders an overview of the ins and outs of doing business in Vietnam and may lay the foundation for new investments in the not too distant future.

Infrastructure News

HCMC Long Thanh airport delayed again

The operational date of Ho Chi Minh City’s Long Thanh airport has been pushed back to 2026 as opposed to 2025 per the original plan. Long Thanh, which will be HCMC’s second airport and Vietnam’s busiest, has been designed to accommodate 100 million passengers a year. The Airports Corporation of Vietnam (ACV), however, has struggled to find a contractor for the passenger terminal with firms pulling out of the bidding process due to the tight deadline. The ACV has now asked the government to extend the deadline.

Financial News

Western Union partners with MoMo on international money transfers

Global money transfer service Western Union has formed an agreement with MoMo, a Vietnamese payments provider, to further simplify the transfer of cash into Vietnam from abroad – for a fee. Last year, Vietnam received about US$19 billion in remittances from abroad. If this partnership is successful, it could prove very lucrative for both parties.

Vietnam’s Techcombank falls victim to real estate turmoil

Moody’s has downgraded the outlook of several products from one of Vietnam’s biggest private banks, Techombank, over its exposure to Vietnam’s struggling real estate market. More specifically, Moody’s said that 29 percent of Techombank’s gross loans were made to the real estate and construction sectors with 6 percent of its total assets made up of corporate bonds. This could become a problem moving forward, it said, if the real estate market’s challenges continue.

Advertising News

A ‘white list’ of’ safe sites for digital advertisers has been released

An official white list has been released by the Ministry of Information and Communication (MIC) detailing websites where companies can advertise ‘safely’. This comes on the back of fines issued to publishers for advertising on sites with content the ministry deems offensive and in lieu of a ‘black list’ of banned sites, which should be forthcoming.

See also: Digital/Cross-Border Advertising for Foreign Firms, Vietnam

Investment News

German firm to manufacture industrial components in Hai Phong

Germany’s Magnatec has opened a new plant in Hai Phong to the tune of US$7.8 million. The factory will produce industrial components for industries from automotive to energy. The plant has been built in the coastal production hub of Hai Phong to the east of Hanoi. It will employ 100 people; however, this number is expected to double by the end of next year.

Japanese firm to build valves in Vietnam

Kitz Corporation from Japan is opening a local subsidiary to produce stainless steel valves with an initial investment of US$18.23 million. The plant will be built in Vinh Phuc to the north-west of Hanoi in what is quickly becoming Vietnam’s industrial manufacturing heartland.

International Finance Corporation to extend exposure in Vietnam

The IFC has announced it will lend Saigon-Hanoi Commercial Joint Stock Bank (SHB) US$40 million to invest in small and medium enterprises (SME). This will be a part of a total US$120 million package put together to help local SME firms integrate with global supply chains.

Economic News

Vietnam may attend G7 in Japan

Vietnamnet is reporting that Japanese Prime Minister Fumio Kishida told Indian Prime Minister Narendra Modi that Vietnam would be invited to the G7 in Hiroshima later this year. This highlights the perception among global economic leaders of the growing economic importance of Vietnam in both the region and the world.

Manufacturing News

Samsung is not leaving Vietnam

Despite reports to the contrary, Samsung has said it does not intend to shift its manufacturing base from Vietnam. While Samsung is expanding its presence in both India and South Korea, the company said earlier this week that Vietnam would remain a key part of its supply chain. Samsung accounted for US$65 billion worth of Vietnam’s exports in 2022.

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