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The approval aims to vigorously step up the energy transition from fossil fuels to new and renewable energy sources, thus easing environmental pollution and greenhouse gas emissions, and realising commitments to the Nationally Determined Contributions and the 2050 net-zero target.
As per the roadmap, by 2030, the total domestic capacities of thermal, LNG thermal, and coal-fired thermal power plants will be 14,930 MW, 22,400 MW, and 30,127 MW, respectively.
Regarding renewable energy, by the year, the total capacities of offshore wind, onshore wind, and biomass power will be 6,000 MW, 21,880 MW, and 1,088 MW. Electricity generated from waste will be 1,182 MW, while the additional capacity of rooftop solar power will be 2,600 MW. The total capacity of battery storage is set at 300 MW.
The roadmap eyes the development of 300 MW of flexible power sources, prioritising the development in areas with possible shortages of reserve capacity and utilising existing electricity grid infrastructure.
In addition, electricity imported from Laos is projected around 5,000 MW, which could increase to 8,000 MW in favorable conditions with reasonable prices.
Regarding renewable energy sources serving exports, the roadmap identifies the central and southern regions as potential areas, with export scales ranging from 5,000 MW to 10,000 MW for feasible projects.
It also outlines specific lists of important transmission grid projects, prioritising investment in interconnected grids with neighbouring countries.
In terms of building the industrial and service ecosystem for renewable energy, the roadmap envisions researching and building two interregional industrial and service centres for renewable energy by 2030./.
DOC issues conclusion on anti-subsidy probe into Vietnamese shrimp
The US Department of Commerce (DOC) recently issued a preliminary conclusion on the anti-subsidy investigation into frozen warm water shrimp originating from Vietnam, according to details given by the Trade Remedies Authority of Vietnam.
The case was initiated on November 14, 2023, and investigated by the DOC at the request of the American Shrimp Processors Association with the investigation period from January 1, 2022, to December 31, 2022.
Accordingly, the DOC has determined a preliminary anti-subsidy tax rate of 2.84% for a mandatory defendant enterprise and the remaining firms, as well as a rate of 196.41% for a single defendant business that has not got involved in the case.
Interested enterprises may also submit comments on the preliminary conclusion on the case no later than seven days after the date which the final examination report is issued.
Furthermore, related firms may also submit a written request to the DOC for a hearing within 30 days from the date the DOC issued the preliminary conclusion.
The DOC also plans to issue the final conclusion on the case no later than August 5. Following this, the US International Trade Commission will then issue a final finding on injury within 45 days from the date that the US DOC issues the final conclusion.
Vietnamese businesses are therefore advised to fully co-operate with the US DOC in the upcoming inspection, as well as expressing their opinions on the DOC's preliminary conclusions in the investigation.
State budget collection up 4.5% in 2023
The total revenue to the State budget as of December 25 surpassed 1.69 quadrillion VND (nearly 69.5 billion USD), up 4.5% compared to the yearly estimate, heard a conference hosted by the Ministry of Finance in Hanoi on December 27.
According to Deputy Minister of Finance Nguyen Duc Chi, the total State budget expenditure in the year reached about 1.73 quadrillion VND or 83.4% of the estimate. The spending for investment and development was equivalent to 79.8% of the estimate decided by the National Assembly, and 81.9% of the plan assigned by the Prime Minister.
The budget balance at all levels is guaranteed. As of December 25, 296.7 trillion VND worth of Government bonds had been issued, equal to 74.2% of the yearly plan, with an average interest rate of 3.21% per year.
The Ministry of Finance said it will continue to operate a flexible fiscal policy, thus contributing to stabilising macro-economy, speeding up the implementation of important infrastructure investment projects, and creating a foundation to promote economic growth.
It will also focus on strictly managing State budget expenditures; improving the efficiency of management, allocation, and use of state budget. More plans include tightening financial discipline, promoting restructuring of State budget spending, and tightly controlling State budget deficits, public debt, and contingent debt obligations./.
Masan set to close $250 million investment deal with Bain Capital on April 22
Masan Group Corporation (HOSE: MSN) announced on April 1 that the State Securities Commission has acknowledged receipt of its application for the private placement of convertible dividend preference shares related to a US$250-million investment by Bain Capital, a leading global private investment firm with assets worth US$180 billion under management.
The acknowledgement is the requisite regulatory approval for the closing of the transaction, which has been confirmed in writing by both Masan and Bain, to occur on April 22.
The transaction terms remain the same as in the initial agreement signed in October 2023.
The transaction will be an equity investment in the form of mandatory convertible dividend preference shares (CDPS) to be issued at a price of VNĐ85,000 per share, which can be converted into common shares at a 1:1 ratio.
The CDPS pays no dividends for the first five years, but carries a 10 per cent rate on the par value of the CDPS from the sixth year onwards.
On the 10th anniversary of the issuance, the CDPS will be mandatorily converted into common shares of Masan Group.
The US$250 million investment by Bain Capital will strengthen Masan's financial reserves, enabling it to meet all financial obligations and providing greater flexibility for strategic initiatives.
It aligns with Masan's strategy to strengthen its financial position, enabling it to better capitalize on growth opportunities in serving the needs of 100 million Vietnamese consumers, including daily grocery, financial and other basic requirements.
Bain’s investment reflects its strong commitment to Việt Nam’s market in general and Masan’s consumer-focused strategy in particular.
Notably, Masan’s consumer businesses demonstrated exceptional performance in 2023, growing its operating profits by 40 per cent.
This growth was propelled by robust topline expansion and margin enhancement in the FMCG segment and the resilient profitability of its modern retail business.
Looking ahead to 2024 the company expects a recovery in the Vietnamese consumer market, with its consumer businesses poised to sustain their profitable growth trajectory.
Leveraging a more favourable business environment and heightened activity in the capital markets, Masan remains proactive in exploring alternative sources of capital with better terms.
Jefferies Singapore Limited and UBS AG Singapore Branch acted as the financial advisors for the Bains deal.
The transaction is subject to customary corporate and regulatory approvals.
Transport ministry makes progress in disbursement in Q1
The Ministry of Transport, as of late March, disbursed around 10.7 trillion VND (445 million USD) for public investment projects, or nearly 19.2% of the total allocated by the Prime Minister, which was higher than 17% recorded in the same period last year.
During the ministry’s conference in Hanoi on April 1, a representative from the Planning and Investment Department revealed that over 6.77 trillion VND has been allocated to the North-South Expressway project, equivalent to some 65% of the ministry’s total disbursement.
For official development assistance (ODA)-funded projects, the ministry disbursed 665 billion VND, or 12.9% of the annual target.
Regarding upcoming projects, the department called for expediting procedures for approving investment plans and projects, especially those using leftover State budget fund from 2022. These approvals are expected to be finalised by the end of April and submitted to the National Assembly for allocation in the mid-term investment plan during its May session./.
Vietnam’s Q1 growth at highest level since 2020: Singaporean newspaper
Vietnam’s Q1 growth was at the highest level since 2020 despite global economic turmoil, reported The Business Times of Singapore.
The article cited the General Statistics Office (GSO)’s report on March 29 as saying that Vietnam’s gross domestic product (GDP) grew 5.66% year on year in the first quarter, with export growth returning to a double-digit rate. This expansion was greater than those recorded in the same period in the previous four years, but slower than the 6.72% rise in the preceding quarter.
The largest contributors to Vietnam’s growth during the quarter was the service and manufacturing sectors, which grew 6.12% and 6.98%, respectively.
The country’s exports in March surged by 14.2% from a year ago to roughly 34 billion USD. Imports also rose by 9.7% from a year earlier to nearly 31.1 billion USD. Overall, exports and imports saw double-digit expansions of 17% and 13.9%, respectively, compared to the same period last year. This resulted in a trade surplus of around 8.1 billion USD in the first quarter.
Industrial production in March jumped 4.1% year on year. Analysts expected production to catch up with export growth in the coming months, with rising numbers of new orders and depleting inventories. Increased factory activities will also likely boost employment and stimulate consumption more firmly in the second half of the year.
Even though the improved exports and consumption prospects tend to buoy investment and lending demand, relatively high borrowing costs and limited access to bank loans remain hurdles for domestic companies, the article wrote.
As of March 25, it said the credit growth of the banking system increased by a modest 0.26% against the end of 2023./.
Vietnam fetches nearly 2 billion USD in fisheries exports
Vietnam’s fisheries exports generated nearly 2 billion USD in revenue from January – March, up 8% year-on-year, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).
The country shipped more than 690 million USD worth of shrimp abroad during the period, a year-on-year increase of 15%, while earning nearly 424 million USD, 220 million USD and over 47 million USD from tra fish, tuna and crab and other crustacean exports, rising 0.4%, 22.2% and nearly 60%, respectively.
VASEP Communications Director Le Hang said the US, Japan and China were the largest importers of fisheries products, with exports to the US going up 16%, China 30% and Japan over 5%.
Shrimp exports to the US grew 15%, while those of tuna, tra fish and crab increased significantly, from 13 to 53%.
As for the Chinese market, shipments of prawn and crab rose 11 and seven-fold against the same time in 2023. China’s white-leg shrimp imports from Vietnam swelled two-fold as it tightened purchases from Ecuador.
Exports of shrimp and crab to Japan recorded positive signs, posting growth of 20% and 23%, respectively. Vietnamese tra fish has been increasingly favoured in the Japanese market as shipment grew 25%.
In contrast, there was no clear recovery for shrimp and tra fish exports to the EU and the Republic of Korea (RoK). However, tuna exports to the markets escalated 27% and 15%, respectively.
Experts said as there are various barriers for the fisheries sector, including the European Union’s yellow card on illegal, unreported and unregulated (IUU) fishing, the US’s anti-subsidy duties, and tensions in the Red Sea and trade conflict. Vietnamese enterprises should stand ready to put up sails and navigate the headwinds.
It is necessary to seek new customers through international fisheries fairs and exhibitions in the US, Europe, Japan and the Republic of Korea for better recovery, they said.
Although Vietnam could have opportunities to bolster shrimp exports as shrimp lines from Ecuador and India were refused in several market due to antibiotic contamination, Vietnamese exporters should stay prudent and strictly comply with regulations from import markets as well as the domestic market to avoid barriers and protectionism.
VASEP Chairwoman Nguyen Thi Thu Sac said local enterprises should work to ensure safe supply chain and origin traceability so as to improve competitive edge and develop sustainably.
The association and its members expect better administrative reform and support from the Government and relevant ministries and sectors so that businesses could enhance their competitiveness, she said.
She suggested the fisheries business community and state agencies join hands to bolster exports to traditional markets and potential ones such as India, the Middle East and ASEAN./.
Vietnamese in Laos has high hopes on real estate market prospects at home
Many Vietnamese in Laos have shared the belief that the amended Land Law, passed by the National Assembly earlier this year, will significantly contribute to national socio-economic development.
They referred to the law’s stipulations allowing overseas Vietnamese (OVs) to own properties in Vietnam without any limit on quantity, just like their fellow citizens inside the country.
It will encourage OVs to do real estate business at home and attract a massive influx of investments from abroad, they said.
Moc Savanh Hongkham, Chairman of Phu Gia Steel Industry Co., Ltd., who has lived and worked in Laos for more than 20 years, expressed his joy at the new regulation as he always wishes to own real estate in the homeland.
The legal change has satisfied the aspirations of Vietnamese not only in Laos but also in other foreign countries, he said, adding that Vietnamese expats now can obtain real estate ownership and directly engage in the trading.
Chairman of the General Association of Vietnamese People in Laos Pham Van Hung stressed that the expansion of land use rights for OVs demonstrates the Party’s and the State’s attention to them.
The new regulation is necessary as more and more OVs return to Vietnam to do business or settle down. It helps OVs feel secure about the investment, and ease risks in the trading, and at the same time contributes to spurring the domestic real estate market, and luring more investments to Vietnam, he said./.
Shrimp exports to major markets bounce back
Having identified its weakness in 2023, entering the first quarter of 2024, Việt Nam's shrimp industry has undergone a clear change, reflected through increases in exports to major markets.
According to statistics of the General Department of Vietnam Customs, shrimp exports are estimated at U$$620 million during January-March, up 24 per cent year-on-year. Notably, earnings from shipments to the US and Chinese markets are estimated to increase by 26 per cent and 140 per cent, respectively.
Regarding the Chinese market, Kim Thu from the Vietnam Association of Seafood Exporters and Producers (VASEP) said that China has reduced imports from Ecuador - its largest shrimp supplier, and increased imports from Việt Nam. In this market, Việt Nam has to compete in price with rival suppliers, however, many buyers in China consider Vietnamese shrimp to be of higher quality than those of Ecuador and India, so they accept higher prices.
For the US, shrimp industry experts say that sales of fresh and frozen seafood in this market are forecast to stabilise in 2024, after facing many difficulties in 2023 due to inflation and people’s tightening spending. Compared to some of the US’s main shrimp suppliers, which are India, Ecuador, and China, Việt Nam is considered more promising, especially when diplomatic relations between Vietnam and the US are developing well.
According to a representative of the VASEP, value-added processed shrimp products account for 40- 45 per cent of the total annual shrimp export value. The processing level of Vietnamese shrimp enterprises is at a high level in the world and this is a competitive advantage of Vietnamese shrimp in the Japanese market.
However, the sector is advised to keep up its efforts, because the competition from other countries remains fierce.
According to former VASEP Chairman Hồ Quốc Luc, Vietnamese shrimp products have a good quality, but their prices are at a high level.
Therefore, farmers and exporters are recommended to seek measures to maintain quality and reduce production costs.
Firms linked to property developer Vạn Thịnh Phát fined for bond issuance violations
Several companies associated with property developer Vạn Thịnh Phát, whose chairwoman is currently facing trial for financial fraud, have been fined for fraud related to bond issuance and trading worth trillions of Vietnamese đồng.
The State Securities Commission (SSC) has fined An Đông Investment Group Corp, a subsidiary of Vạn Thịnh Phát Group, VNĐ92.5 million for not submitting required information to the Hanoi Stock Exchange, including financial statements, reports on capital usage, principal payments, and bond interest.
Other companies under the Vạn Thịnh Phát Group were also penalised by the SSC for similar violations, including Quang Thuận Real Estate Investment Joint Stock Company, Phú Châu Investment Development Joint Stock Company, and Norah Interior Design and Decoration Corporation.
While Tân Việt Securities, the bond issuer and consultant for these companies, had promised investors that they would be paid the principal and interest when their bonds matured, investors have not received any payments, including principal and interest, since the chairwoman was arrested at the end of 2022.
Trương Mỹ Lan, 68, chairwoman of Vạn Thịnh Phát Group, is facing accusations of fraud in bond issuance and trading. The fraud involved 25 bond issuances worth VNĐ30 trillion (US$1.24 billion) through fake firms.
According to the Police, a large number of victims, mainly depositors of Saigon Commercial Joint Stock Bank (SCB), were deceived into purchasing these bonds through the lender.
Lan, who has a significant stake in SCB, Việt Nam’s largest private lender by assets, has been implicated in the fraudulent activities, including manipulation of the lender’s operations.
Due to the ongoing investigations, specific details of the fraudulent activities have not been disclosed. However, authorities are urging victims of the bond fraud to come forward with relevant information, documents, and contracts to assist in the investigation.
In addition to bond fraud, Trương Mỹ Lan is also facing charges of bribery, violating banking regulations, and embezzlement by misappropriating trillions of Vietnamese đồng from the bank.
The chairwoman, a Chinese-Vietnamese entrepreneur married to a wealthy Hong Kong property developer, established Vạn Thịnh Phát in 1992.
The company started in the restaurant and hotel industry before expanding into property development, with several prominent projects in prime locations in the city.
Vietnam Medi-Pharm 2024 slated for May
The 31st Vietnam International Medical and Pharmaceutical Exhibition (Vietnam Medipharm Expo 2024) is scheduled to take place in Hà Nội from May 9-12, the event's organisers have announced.
The upcoming event will include the participation of 350 businesses from over 30 countries and territories, including the US, Poland, Germany, Russia, mainland China, Taiwan, South Korea, Japan, Malaysia, Pakistan, Singapore, Thailand, India and Việt Nam.
It will be held at the Hanoi International Exhibition Centre on Trần Hưng Đạo Street in Hoàn Kiếm District.
A wide range of products will be showcased at over 500 booths, focusing on main categories including pharmaceuticals, medical machinery and equipment; hospital services, medical tourism, dental, laboratory and analytical equipment, cosmetics and beauty care equipment.
The event will help to introduce the State's policies on health work, medical and pharmaceutical investment cooperation, and highlight achievements and advanced products and technologies in the fields of pharmaceutical production, medical and laboratory equipment, analysis, smart health, medical examination and treatment services, while facilitating co-operation among domestic and international businesses.
A business matching programme and many workshops on various topics will also form part of the three-day event, its organisers - Vietnam Medical Import-Export JSC and Vietnam Advertisement and Fair Exhibition JSC said.
The previous edition attracted more 450 enterprises from 20 countries and territories.
VN needs decree to promote innovative start-ups
Việt Nam needs a separate decree on innovation and innovative start-ups to improve the legal framework and leverage their development.
Deputy Minister of Science and Technology Hoàng Minh said that the national innovation system and the national creative startup ecosystem have seen significant development in recent years, which helps create a new generation of tech-based enterprises.
However, the legal framework must be improved to promote the development of innovation and start-up entrepreneurship.
He pointed out that there is a lack of consistency.
Currently, there are about 30 terms used to mention creative start-up and innovation, while there is confusion about differentiating innovation and creative start-ups, causing inconsistencies in the understanding, development and implementation of policies, he said.
Currently, the management on innovative start-ups is integrated into the Law on supporting small and medium – sized enterprises while the purposes of innovative start-ups and SMEs are not the same.
Clearer regulations are needed to ensure the consistency of the legal framework related to innovation and start-up, which should be made into a separate decree.
According to Phạm Dũng Nam, Director of the national project on supporting innovation and the start-up ecosystem to 2025, despite maintaining the top 60 ranking of StartupBlink's global start-up ecosystem, Việt Nam dropped four places to 58th out of 100 countries and territories.
Currently, many start-up support units have been founded. Sixty out of 63 provinces and cities have approved plans to implement the project, with around 20 support centres, 84 incubators, and 25 accelerators founded.
More than 200 venture capital firms operate in Việt Nam, nearly 40 of which were domestically invested.
Nam said the start-up ecosystem needs to be linked more closely with enterprises, corporations, research institutions, and universities.
Phạm Hồng Quất, Director of the National Agency for Technology Entrepreneurship and Commercialisation Development, says reviews of the legal framework on innovation and start-ups must be conducted based on the framework of the Organisation for Economic Co-operation and Development of other international organisations as a basis for developing a new project for the 2026-35 period.
He said it is necessary to promote the participation of the private sector to optimise resources.
The start-up ecosystem in Việt Nam has seen two waves of investment since the issuance of the Law on Enterprises in early 2000s.
The record capital inflow was $1.4 billion in 2021.
Exploring opportunities from fund certificates
While many Vietnamese investors are currently favouring self-directed stock investments, an increasing number of investors are choosing fund certificates as an approach to balance opportunities and risks.
Investment fund certificates represent securities that confirm an investor's ownership of a portion of the fund's capital or ownership rights to a portion of the assets held by the fund.
Rather than purchasing separate stocks, investors contribute to the fund, allowing the fund management company to create a diversified portfolio. Investing in the funds is a suitable option for busy individuals with limited stock market knowledge, as it offers lower risk and is managed by experienced professionals.
While investment performance may vary, securities investment funds in Việt Nam generally yield better returns than savings interest rates in the long run.
These funds usually maintain a high equity ratio over a long period, although they can be temporarily affected by market volatility.
On the other hand, retail investors and non-professional entities in the domestic stock market often have a short-term mindset and react swiftly.
As a result, during market upswings, they may achieve superior investment performance compared to investment funds. This preference leads many investors in Việt Nam to favour self-directed investing.
Moreover, regulations set by the State Securities Commission (SSC) limit a stock's share in a fund to 20 per cent, ensuring risk diversification.
Stringent criteria are applied when selecting stocks for fund portfolios, while funds are required to deposit their funds in reputable and independent banks, separate from the fund management company.
These banks act as custodians, monitoring investment activities to ensure compliance with regulations and the company's charter.
Investing in open-ended funds may result in lower profits compared to investing in individual securities. However, it offers long-term effectiveness and mitigates risks such as liquidity and capital loss through diversification, Lương Thị Mỹ Hạnh, Head of Domestic Asset Management at Dragon Capital VietFund Management, told tinnhanhchungkhoan.vn.
Nguyễn Thành Trung, CEO of Kim Group, a Hà Nội-based investment company, said that major stock investors in the Vietnamese market are non-professionals. While they may experience profits during market growth, they often suffer losses during downturns.
Unlike investment funds that follow strict criteria and long-term goals, retail investors lack comprehensive knowledge of economic operations and market dynamics, enabling them to make informed decisions unaffected by short-term fluctuations.
"It is evident that fund portfolios show strong resilience during market downturns and achieve an average annual profit of over 20 per cent,” Trung said.
“While there are retail investors who achieve impressive returns, averaging 30-40 per cent per year, they are few in number and approach investing as a dedicated and determined profession.”
Nguyễn Mai Hương, an investor in Hà Nội, began learning about fund certificates in early 2023. She has allocated about VNĐ500 million (US$20,167.8) from her investment budget to these certificates.
In 2023, most funds performed well, yielding a return of around 26 per cent for Hương after deducting management fees.
This outperformed the average market growth with a 12 per cent increase in the benchmark VN-Index and was five times higher than the 12-month savings interest rate.
With nearly ten years of experience investing in the stock market, she prefers investing in stocks on stock exchanges for the potential higher profits compared to fund certificates.
However, she acknowledges the risk of profits turning into losses if the timing is not optimal. Allocating a portion of her investment to fund certificates allows her to diversify her investment opportunities and potentially achieve a minimum return of 10 per cent, surpassing traditional savings rates of 4-5 per cent.
The investor also said that she prioritises reputable fund certificates in the market. She acknowledges that the investment effectiveness of these funds depends on stock market trends, so there is a certain level of risk involved. However, Hương expects the risk to be average or lower compared to the general market volatility.
This year, many funds even anticipate reaching a 20 per cent investment return.
Sustainable mariculture development requires balance between human needs and sea resources preservation
Experts agreed that the mariculture must balance human needs and the preservation of marine resources for sustainable development at a conference held Monday in the northeastern province of Quảng Ninh, by the Ministry of Agriculture and Rural Development (MARD) and the provincial People’s Committee.
Speaking at the opening session, Secretary of the Quảng Ninh Provincial Party Committee Nguyễn Xuân Ký said Quảng Ninh is one of the three economic growth locomotives of the Hồng (Red) River Delta region with good socio-economic and transportation infrastructure.
With constant innovation based on economic, social, environmental and security pillars, for nine consecutive years from 2015 to 2023, Quảng Ninh has maintained a gross regional domestic product (GRDP) rate of over 10 per cent, ranking first in the Red River Delta, and third in the northern region.
"Quảng Ninh's perspective is to develop a blue ocean economy, sustainably use marine resources for growth, improve people's livelihoods and ensure the health of the people and the marine ecosystems,” said Ký.
He said the province would develop more to soon become Southeast Asia's leading marine economic centre.
Ký emphasised that the marine economy would be the province's key sector in the near future.
Accordingly, Quảng Ninh's strategy is to make specialised farmers the core of its multi-sectoral approach to achieving added value.
The province will also take advantage of over 20 million visitors annually for local consumption and export, combining aquaculture with high-tech, efficient and sustainable seafood exploitation.
Minister of Agriculture and Rural Development Lê Minh Hoan said that the mariculture industry must solve social problems, creating livelihoods and job opportunities for people.
To achieve this goal, the marine industry needs close connections between central and local specialised management agencies, the business community, international experts, and professional organisations.
With infrastructure and technology synchronisation, Quảng Ninh has formed a marine ecosystem with over 100 cooperatives established within two years.
They have unique models that combine high-tech mariculture with experiential tourism.
Hoan requested that the MARD coordinate with concerned ministries to promote seaweed farming, processing, and other potentials.
It should also focus on expanding research and international cooperation on marine economy, science and technology.
Hilde Solbakken, Norwegian Ambassador to Việt Nam, said that Việt Nam and Norway were countries with strengths in seafood exports.
She confirmed that the most important thing was that the two countries were actively exchanging experiences and bringing each other valuable opportunities.
Cooperation in marine aquaculture and seafood brings economic benefits to both countries and strengthens the relationship between Việt Nam and Norway.
She hoped the different aspects of sustainable mariculture in Norway would inspire Việt Nam.
Long-term exchanges between Việt Nam and Norway in the marine aquaculture industry through projects, training workshops, seminars and conferences will grow the potential of both countries.
Prime Minister Phạm Minh Chính has approved a project to develop marine aquaculture until 2030, with a vision to 2045.
The project targets that by 2025, the marine aquaculture area will reach 280,000ha, with an output of 850,000 tons and an export turnover of US$0.8-1 billion.
By 2030, the marine farming area will reach 300,000ha, output will be 1.45 million tonnes, and export turnover will reach $1.8-2 billion.
Việt Nam’s orientation is to develop marine farming with advanced technology and modern management methods and expand marine aquaculture in coastal areas, offshore waters and onshore.
The country will promote tropical biodiversity by integrating economic and technical resources from the shipbuilding, shipping, and ecosystem engineering industries.
The conference was organised to analyse the current situation of marine farming in the world and the country, deploy marine aquaculture planning and environmental impact assessment, and advocate for appropriate licensing and allocating marine areas for aquaculture in Quảng Ninh.
Việt Nam is bordered on three sides by the sea, offering natural advantages for developing the marine economy and farming.
The Government and the MARD have identified the marine economy as one of the key priorities.
Besides its advantages, the sector faces many limitations, difficulties, and challenges related to policies, science and technology, investment resources, and the issuance of farming area codes to serve sustainable development.
The conference hopes to be a bridge for management agencies, experts, scientists, businesses and individuals to exchange experiences on these challenges.
Thai billionaire keen to open gold from trash processing factory in Binh Dinh
Billionaire Peter Palanugool of Thailand has expressed a keen interest in investing in 10 projects across multiple fields in Binh Dinh, including a project aimed at processing gold from electronic waste in the locality.
The Thai billionaire unveiled this information during a recent working session held between provincial leaders alongside billionaires and representatives from several of the world’s leading corporations.
At the reception, Bangkok Assay Office Group and Binh Dinh province signed a memorandum of understanding (MoU) in 10 projects related to gold processing from electronic waste, building a logistic service centre, training and producing software technologies and AI, as well as a factory producing fast charging batteries.
Other projects include the building of cosmetics and container factories; investment in the agriculture, health, and education sectors; the application of AI in the medical field; and treatment of seawater into fresh water.
Palanugool expressed his wish to gain greater insights into the project of processing electronic waste into gold and smart medical products in Binh Dinh as soon as possible.
Furthermore, leaders of Binh Dinh province also had a working session with billionaire Cyril Dissescou, CEO of Nexif Ratch Energy SE Asia Pte., Ltd (Singapore); billionaire Saif Ali Shahin Mohammed Altahri, general director of UB General Trading FZC; billionaire Lee Soo Man, chairman of the Board of Directors of SM Entertainment Group; and Jang Chin Hyuk, chairman of the Board of Directors of MNK Vietnam Co., Ltd.
Hanoi’s development investment increases by 8.5% year on year
The development investment in Hanoi in the first quarter of 2024 increased by 8.5% to 86.6 trillion VND (3.48 billion USD) compared to the same period last year, the municipal People’s Committee has announced.
Of the total investment, 31.4 trillion VND was from the State, 48.7 trillion VND from the non-State sector and 6.5 trillion VND from direct foreign investment (FDI), which saw year-on-year increases of 10%, 8.2% and 4.4%, respectively.
By investment categories, 60.6% of the city’s development investment in the first quarter of this year was channeled into basic construction. Funding for purchasing fixed assets for production; major repairs and asset upgrades; additional working capital and other investment capital also increased.
In March, Hanoi licenced 15 new FDI projects with total registered capital of 33.1 million USD. In addition, 14 operating projects were permitted to increase by 12.5 million USD in total. Nine foreign investors contributed capital and bought shares with combined investment of 1.8 million USD.
In the first quarter of 2024, the city attracted 946.8 million USD in FDI. Of that, 42 new projects were licenced with total capital of 902.6 million USD; 31 projects increased their investment by 21.6 million USD; foreign investors contributed capital and purchased shares worth 22.6 million USD.
Besides activities to attract investors, Hanoi has paid much attention to speeding up infrastructure development projects, particularly transport ones such as Ring Road No. 4 running through Hanoi, Hung Yen and Bac Ninh; Hoang Cau-Voi Phuc section of Ring Road No. 1; upgrading Ba La-Xuan Mai section of National Highway No. 6; and Tay Thang Long route from Vo Chi Cong street (Tay Ho district) to Son Tay township./.
Production dips for first time in three months: PMI
After recording marginal improvements in the opening two months of the year, business conditions in the Vietnamese manufacturing sector were broadly unchanged in March, according to a release on April 1 by S&P Global Vietnam.
The S&P Global Vietnam Manufacturing Purchasing Managers' Index™ (PMI) dipped below the 50.0 ‘no change’ mark in March, posting 49.9 after a reading of 50.4 in February.
The index therefore signalled an end to the two-month period of improving business conditions at the start of 2024 but pointed to broadly unchanged operating conditions overall.
The latest result followed growth in the prior two months, amid subdued demand that led to falls in output and new orders.
New export orders shrank the most since last July due to competitive pressures and geopolitical issues. Firms cut their purchasing activity for the fifth month, resulting in a solid drop in stocks of inputs.
Concurrently, employment rose at the fastest pace since October 2022. Outstanding business depleted for the second month, with the rate of drop the steepest in five months.
Delivery times were broadly unchanged as overseas shipping delays were mitigated by vendors having sufficient inventory holdings to meet orders.
On the cost front, input prices rose the least since last August and were weaker than average. Meantime, selling prices fell for the second time in the past three months. Looking ahead, sentiment hit an 18-month high.
Andrew Harker, Economics Director at S&P Global Market Intelligence, said: “Growth stalled in the Vietnamese manufacturing sector in March as subdued demand put the brakes on new orders and production. Demand weakness was also reflected in the PMI survey's price indices as input cost inflation slowed and an outright reduction in selling prices was recorded.
"On a more positive note, firms are increasingly optimistic that the sector will move back into gear in the months ahead, and this confidence helped to drive accelerated job creation at the end of the first quarter."
Manufacturing PMI in Việt Nam is expected to be 51.20 points by the end of this quarter, according to Trading Economics global macro models and analysts’ expectations.
In the long-term, the Vietnam Manufacturing PMI is projected to trend around 52.00 points in 2025, according to S&P Global econometric models.
Vingroup announces additional capital injection into GSM
Leading business conglomerate Vingroup JSC (VIC), has announced its plans to inject additional capital into Việt Nam's Green and Smart Mobility JSC (GSM) in 2024, with the condition that its ownership of GSM's charter capital does not exceed 5 per cent at each contribution point.
On March 29, the Board of Directors of Vingroup, one of the nation's largest real estate developers and a retail sector giant, issued a resolution approving the plan to inject more capital into GSM during 2024.
GSM, established in March 2023, operates in two main sectors: electric vehicle and electric motorcycle rentals, as well as launching an electric taxi service. Initially, its charter capital was VNĐ3 trillion, with Việt Nam's wealthiest billionaire, Phạm Nhật Vượng (who is also the chairman of Vingroup), contributing the entire amount in VIC shares.
By December 28, 2023, the company's charter capital had increased to VNĐ6.19 trillion, and on January 24, 2024, it further rose to VNĐ9.66 trillion, more than tripling its initial value. Currently, the CEO of GSM is Nguyễn Văn Thanh.
According to a recent report by Mordor Intelligence on the Vietnamese ride-hailing market in 2023, GSM holds an 18.17 per cent market share, ranking second in the industry after Grab. GSM's market share is twice that of Be Group, which holds the third position with 9.21 per cent, and more than three times that of Gojek, which stands at fourth place with 5.87 per cent.
As part of its expansion strategy into nine international markets by 2025, GSM plans to target Indonesia and the Philippines as its next markets. In fact, GSM has set a goal to invest US$900 million in Indonesia.
According to Vingroup's financial report, in 2023, Vingroup earned VNĐ20.1 trillion from sales and service provision to GSM.
Source: VNA/SGT/VNS/VOV/Dtinews/SGGP/VGP/Hanoitimes
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