The Philippines represents Vietnam's largest market for cement and clinker consumption, reaching nearly 2 million tons worth US$81.56 million, accounting for 26.8% of the nation's total cement and clinker export turnover during the past three months, according to statistics from the General Department of Customs.

During the three-month period, Vietnam exported more than 8.03 million tons of cement and clinker, earning close to US$304.1 million,  up 2.3% in volume but down 9.6% in turnover compared to the same period from last year.

In March alone, cement and clinker exports soared by 39.5% in volume, 42.2% in turnover and 2% in price compared to one month earlier, hitting nearly 2.82 million tons, equivalent to nearly US$ 108.48 million.

Throughout the reviewed period, cement and clinker exports to the Philippine market inched up by 2.3% in volume, but dropped by 6.9% in turnover and 9% in price compared to last year’s corresponding period.

Cement and clinker exports to Bangladesh - the second largest consumption market reached 2.22 million tons valued at US$ 69.23 million, while it was followed by the Malaysian market, accounting for 5.3% of the total volume and 4.7% of the total turnover, with more than 423,000 tons, equivalent to US$14.37 million.

According to the Vietnam Cement Association (VNCA), cement and clinker exports in 2024 will continue to face numerous difficulties as the Chinese real estate market has not yet shown signs of recovery, while Chinese cement is also in surplus and is expected to compete with Vietnamese cement at export markets such as the Philippines, Central America, and South Africa.

Notably, domestic cement output will continue to exceed demand this year, with the domestic market predicted to consume roughly 60 - 62 million tons. Therefore, the export channel is still promoted by local businesses in a bid to handle an output of about 30 million tons.

Some businesses are currently expanding their markets, shifting to regions such as the US, Australia, North America, South America and Africa in order to reduce dependence on some traditional markets.

Cement and clinker exports suffered a sharp fall in the first quarter of 2024 due to China’s reduced imports. In addition, the Philippine market still applies anti-dumping tax protection policies on cement imported from Vietnam.

Central Highlands needs to develop border gate economic zones for higher export

Border gate economic zones need to be developed in the Central Highlands region for promoting trade in goods.

Vũ Bá Phú, director of the Trade Promotion Agency, the Ministry of Industry and Trade (MoIT) made this statement at a conference on trade promotion and import-export development in the Central Highlands region held on April 26 in Đắk Lắk.

This event was jointly held by MoIT's Trade Promotion Agency and Đắk Lắk's Department of Industry and Trade.

Phú said it is necessary to focus on perfecting institutions and policies to remove bottlenecks and use effectively resources in this region for improving its competitiveness.

To more effectively exploit the potential and advantages of the Central Highland region, it needs solutions on promoting science, technology and linkage in production chains to enhance product value, and regional connection to increase trade promotion and import-export activities, he said.

Phú also expected representatives of localities in the region, relevant industry associations and businesses at the conference to put forward solutions to increasing efficiency of regional trade promotion activities, and enhancing connection to national trade promotion activities.

In addition, the Central Highlands region needs supports in finding export markets for its products and services in the context of having many challenges in the world and national economic situation, such as inflation.

On November 15, 2022, the Government issued Resolution No. 152/NQ-CP on socio-economic development and ensuring national defence and security in the Central Highlands by 2030, with a vision to 2045, the agency reported.

Accordingly, the region will strive for quick and sustainable development by accelerating regional economic growth with a focus on developing agricultural, forestry and processing sectors.

According to the Trade Promotion Agency, the Central Highlands region, embracing five provinces of Kon Tum, Gia Lai, Đắk Lắk, Đắk Nông and Lâm Đồng, is an important strategic area in the Laos - Việt Nam - Cambodia development triangle area.

This region has many rare resources and minerals, with over 1 million hectares of basalt red soil, and is home to about a third of the country's forest area and about 90 per cent of the country's bauxite reserves.

As such, the Central Highlands has a great potential for forest economic development, agricultural and forestry product processing, and mineral exploitation and processing.

Now, the region has become an area producing a number of key agricultural products on a large scale, especially industrial crops and fruit trees.

Some of Việt Nam's export products ranked top or second in the region as well as the world come from the Central Highlands, such as coffee, pepper, passion fruit, cashews, macadamia and rubber.

There are many planting areas for precious medicinal herbs, such as Ngọc Linh ginseng, red lingzhi mushroom, and polyscias fruticosa already built and developed in the Central Highlands.

However, the export value of the Central Highlands region remains very modest compared to the whole country.

During the recovery process after the Covid-19 pandemic, the region's export value reached $3.8 billion in 2022 and $3.7 billion in 2023, just about more than 1 per cent of the country's total export value. 

Prolonged drought causing severe damages to shrimp farmers

The extreme drought this year has resulted in water shortage and increasing salinity, making shrimp farmers face a serious profit loss due to shrimp mass deaths.

The weather in the middle of April seems harsher in the Mekong Delta. Farmer Nguyen Chi Hien in Tan Bang Commune of Thoi Binh District in Ca Mau Province discouragingly visited his shrimp ponds. Seeing many of them die because of a lack of water despite his effort to pump water continuously, he was deeply worried.

Many neighboring farmers only began raising shrimp after they had harvested their rice crop, which was coincident with the prolonged and extreme hot weather this year. That is one key factor leading to mass deaths of their shrimps.

The status in Kien Giang Province is not at all more optimistic. Hundreds of farmers raising giant freshwater prawns in U Minh Thuong District cannot do anything to prevent their prawns from dying owing to serious water shortage.

Farmer Le Van Thuc from An Minh Bac Commune of this district sadly shared that for the last ten days, his family has repeatedly pumped freshwater into the ponds to help their prawns but to no avail. The high salinity in the water now is able to kill the prawns easily. He predicted that this year he can only harvest 500kilos of prawns, which means a certain profit loss with the price of VND85,000 – 90,000 / kilo (US$3.36 – 3.55).

Statistics of the People’s Committee of U Minh Thuong District reveal that there are 274 households in the area raising giant freshwater prawns now on a surface area of 750ha. Most of them are facing desperate water shortage, causing deaths to their prawns.

Director Le Huu Toan of the Agriculture and Rural Development Department of Kien Giang Province shared that to minimize damage to prawn farmers during this harsh weather, his department is carrying out various measures like helping them to sell mature healthy prawns quickly and asking sewer management units to operate wisely to ensure sufficient water for manufacturing activities.

More importantly, farmers are provided with Chlorine to kill pathogens, especially on the ponds having dead prawns due to sickness, so that they are ready to raise the new batch when the weather is more favorable. The long-term plan is to build the salinity prevention sluice system on the West Dike of the sea.

The Division of Animal Health of Ca Mau Province informed that more than 8,520ha of shrimp ponds under the models of extensive farming or advanced extensive farming have infected shrimps due to unstable pond conditions, causing damage of 35 – 75 percent.

Chairman of the People’s Committee of Ca Mau Province Huynh Quoc Viet said that the provincial Department of Agriculture and Rural Development has received order to work closely with all localities to monitor the disease status in shrimp ponds for timely handling and minimizing profit loss to farmers.

In addition, this department is directed to propagandize common shrimp pathogens and corresponding treatments so that concerned farmers can actively adopt suitable methods to limit the spread of diseases. Already damaged ponds can receive support from the local authorities.

Businesses seek to grasp green transition opportunities

Amidst unpredictable changes occurring globally, Vietnamese businesses are seeking to overcome challenges and seize upon opportunities from digital transformation and green transition to move towards sustainable development.

The national socio-economic development strategy for the 2020 - 2030 period has identified three strategic breakthroughs for the nation, including socialist-oriented market economic institutions, human resources, and infrastructure. It has set out a major orientation aimed at innovating thinking and action, proactively grasping and effectively taking advantage of Industry 4.0 alongside comprehensive and extensive international integration to restructure the economy and develop the green economy, the digital economy, and digital society.

According to analysis by experts, the country’s awareness of green transition is increasing, from ideas to specific actions. Many domestic enterprises have proactively innovated and promoted in-depth model transformation, associated with both sustainable and environmentally friendly development.

Nguyen Doan Ket, deputy general director of Rang Dong Light Source and Vacuum Flask Joint Stock Company, says that during the development process, the firm always focuses on investing in modern machinery and equipment for the purpose of rapid and sustainable development. So far, 72% of its production lines have become automatic.

“Currently we are using closed electric furnaces that have no dust, no chimney, and no CO2 or SO2 emissions, with energy used very efficiently. Thanks to digital technology, our production system goes green,” shares Ket.

Ket notes that, “Rang Dong’s robot system is very special. We have to buy and integrate each module into the smart production system. Therefore, we can improve the efficiency of energy use and natural resource use.”

Despite recording these initial positive results, there remain problems regarding the development of the green economy that must be addressed. In particular, the biggest difficulty is that resources are limited. Currently, introduced mechanisms and policies have yet to encourage economic sectors to invest more in the green transition and sustainable development process. Indeed, information technology infrastructure has yet to be complete, while human resources for new technology has yet to meet development requirements.

Furthermore, as most local businesses are small and medium-sized, technology investment faces many difficulties. One of those difficulties is that green finance for the cause of development investment remains limited, whilst it is also a time-consuming problem to resolve.

“The key factor is to stabilize the economy and improve the business environment, to remove business barriers in various fields. And then there are selective support solutions for some industries. We have introduced many policies, but paradoxically they prove to be ineffective when they are implemented in reality,” says Dr. Dang The Anh, deputy director of the Central Institute for Economic Management Research.

Vietnam has no choice but to maintain its high and continuous levels of growth over the coming decades in order to achieve the goal of becoming a developing, modern industrial, high-middle-income economy by 2030 and a developed, high-income economy by 2045. In the context that space for growth is traditionally based on expanding the scale of cheap labour and capital, whilst increasing the exploitation of natural resources has become limited, labour productivity is the deciding factor in the competitiveness of the economy, as well as for each locality and the business sector.

“We are in dire need of big investment in science and technology, especially technological innovation to not only help policies be implemented in accordance with reality, but also create conditions for businesses to proactively innovate their technology. Businesses play their central role, but they need support of the community, research institutes and universities, policy makers, as well as capital sources,” explains Chu Duc Hoang, chief of the office of the National Technology Innovation Fund, under the Ministry of Science and Technology.

The main barriers faced by enterprises in converting production models from ‘brown’ to ‘green’ include limited technology investment, poor management, and an unqualified workforce. During the transition process, businesses’ efforts are important, but support policies for these firms also needs to be clear and transparent, with businesses taking centre stage. Practical and effective business support will therefore contribute to restructuring the economy, improving economic competitiveness and helping Vietnam keep up with other regionals countries.

“Currently, Vietnam’s green classification criteria are in harmony with European standards and the World Bank, as well as other climate finance organisations. This means that if a business meets local green criteria then it will also meet the green criteria of financial institutions around the world. This therefore represents an opportunity for businesses to access global green finance,” comments Assoc. Prof. & Dr. Nguyen Dinh Tho, director of the Institute of Strategy and Policy on Natural Resources and Environment.

Experts also believe that the digital economy and green economy will help Vietnam to swiftly become a developed, high-income country by 2045. To seize the opportunities, the country needs to have a national strategy on green transition with specific and synchronised goals and roadmaps. In the context of global economic integration, Vietnamese businesses are facing many challenges in meeting strict requirements for green and sustainable development from investors, partners, and international markets and consumers. Firms are therefore required to innovate thinking and invest in technology in production and business to improve competitiveness. The slower the green transition takes place, then the more opportunities firms will lose to increase their exports.

Thai Binh province rolls out red carpet for Dutch businesses

The northern province of Thai Binh always accompanies and creates the best conditions for enterprises, including those from the Netherlands to invest in and run long-term and effective business in the locality, Secretary of the provincial Party Committee Ngo Dong Hai has affirmed.

At an investment and trade promotion conference held by the province's delegation in Leeuwawarden city, Friesland province on April 25, Hai highlighted that Thai Binh, boasting sound investment climate with various incentives, and favourable geographical localtion, has become a leading attractive destination for foreign investors in the north of Vietnam.

He expressed his hope that the conference would open up numerous cooperative opportunities between Thai Binh and the Netherlands in all areas, particularly clean water management, education, healthcare, clean energy, hi-tech agriculture, pharmaceuticals and biology, which align with the province’s demand and the European country’s strengths.

Briefing participants on the province’s strengths, potential and investment priorities, Vice Chairman of the provincial People’s Committee Lai Van Hoan stressed that Thai Binh hopes to welcome Dutch enterprises to study investment opportunities, and engage in development of the Thai Binh Economic Zone in the green, clean and sustainable direction.

At the event, Thai Binh leaders and Vietnamese Ambassador to the Netherlands Ngo Huong Nam witnessed the signing of a cooperative agreement between the province and the World Trade Centre Leeuwarden.

The conference was held as part of the working trip of the Thai Binh province delegation to the country from April 23 to 26.

The same day, the delegation made a courtesy call to the King’s Commissioner of Friesland Arno Brok, during which the two sides concurred to bolster cooperation and called for businesses to work together in various sectors in the coming time.

It had working sessions with Boskalis and Royal Van Oord, the two leading Dutch corporations dredging, sand exploitation and maritime construction, and visited a wind farm of Pondera, a group specialising in offshore wind energy. The enterprises expressed their interest in the province’s investment projects, particularly its socio-economic master plan with the direction of expanding toward the sea.

The delegation also visited the Vietnamese Embassy in the Hague./.

RoK shopping centre in Vietnam attracts 6 million visitors in six months

Lotte Mall West Lake Hanoi, invested by the Republic of Korea (RoK)’s Lotte Group, welcomed 6 million visitors from its inauguration in September, 2023 to late March, the RoK’s Dong-a Ilbo newspaper reported.

This mega commercial complex took only 122 days to surpass the 100 billion KRW (72.5 million USD) mark in revenue.

Currently, an average of 30,000 people come to this shopping center every day on weekdays and more than 50,000 at weekends.

The inauguration of the Lotte Mall West Lake Hanoi, which brings together 233 famous foreign and Korean brands, has taken advantage of the influence of the "Korean wave" (Hanllyu) to quickly attract Vietnamese youth, thereby contributing to economic development and cultural exchanges between the two countries, the newspaper wrote.

Vietnam, as a potential consumer market, is increasingly attractive to international brands. Mordor Intelligence, a global market research company, predicts that Vietnam's retail market will grow at an average annual rate of 12.1% starting this year to reach about 435.6 billion USD by 2028.

The Lotte Group started constructing the 787-billion-KRW centre in 2018, with a purpose of establishing a Lotte Town in Vietnam, and providing Vietnamese citizens with a premier shopping destination and an unparalleled Asian shopping experience.

The Korean group began its supermarket business in Vietnam and Indonesia in 2008. To date, it has had 64 stores throughout Vietnam and Indonesia, and is planning to expand its system to Malaysia, Singapore and Cambodia./.

Long An province seeks deeper economic ties with RoK

Vice Chairman of the People’s Committee of the Mekong Delta province of Long An Nguyen Van Ut has expressed determination to develop ties with agencies, organisations and businesses of the Republic of Korea (RoK) following his working trip to the Northeastern Asian country from April 22-26.

The trip yielded a number of significant letters of intent, paving the way for future partnerships between Vietnamese and Korean entities.

The province's delegation held talks with the Governor of Jeju province, discussing the potential of socio-economic and cultural cooperation between the two localities, held working sessions with the Jeju Free International City Development Centre, Yooshin and Zenith groups.

A highlight of the trip was a conference held in Seoul specifically to promote investment opportunities in Long An. The event attracted over 100 Korean groups, showcasing Long An's potential and development trajectory.

The delegation highlighted Long An's attractiveness to Korean companies, citing its abundant opportunities and well-developed industrial parks. They specifically focused on attracting investment in high-tech sectors like innovation, renewable energy and logistics.

Strategically positioned, Long An prioritises attracting investment in Industry 4.0, electronics component manufacturing, software, semiconductor industry, artificial intelligence, smart eco-city development, maritime port logistics services, border economy, high-tech agriculture, and renewable energy.

As one of Long An's major partners, the RoK now ranks 3rd out of 40 countries and territories investing in the province with over 975 million USD and 208 projects. This trend continued in the first quarter of 2024, with Long An securing six new Korean projects valued at over 26.4 million USD./.

MoC promotes construction of social housing projects

Ministry of Construction (MoC) is working with relevant sectors and localities to review and accelerate construction of social housing projects.

That will ensure to gain the target of completing 130,000 social housing units this year assigned by the Prime Minister, Deputy Minister of Construction Nguyễn Văn Sinh said at the ministry's regular press conference held in Hà Nội on April 26.

According to Sinh, completing these social housing projects will solve many problems, including the imbalance among housing segments.

Hoàng Hải, director of MoC's Department of Housing and Real Estate Market Management, said the ministry has promoted the development of social housing by completing and supplementing the legal system relating to this issue, and remove the difficulties of both businesses and buyers of the social housing products.

According to reports from 42 out of 63 localities nationwide, from the early this year until now, 13 social housing projects have been completed, started construction and had approved investment policies with a total supply of 16,008 units. Among them, there are three completed projects and two partially completed projects with a total supply of 2,016 units. These projects are located in Bắc Giang, Thái Bình, Khánh Hòa, Hà Tĩnh and HCM City.

In addition, the construction of four other projects has started, with a total supply of 8,073 units in Khánh Hòa, Hải Phòng and Đắk Nông.

While, some other projects have got approval for investment with a total supply of 5,919 units in Hà Nam, Bình Định, Đồng Nai and Trà Vinh.

Now, Việt Nam has 804 social housing projects with a total supply of 573,992 units, including 195,676 units from 376 completed projects, 114,984 units from 127 projects under construction, and 263,332 units from 301 projects with approval on investment.

Regarding to the VNĐ120 trillion credit package for the social housing market, according to MoC, 28 localities have announced a list of 68 eligible projects taking loans worth of VNĐ30 trillion from the VNĐ120 trillion credit package.

So far, banks have committed to granting the credit of VNĐ7 trillion to 15 projects. Of which, eight social housing projects have been disbursed with a capital of about VNĐ640 billion.

Notably, Hải said that on April 23, the ministry issued a guidance on determining the list of projects, subjects, conditions and criteria on preferential loans for construction of social housing and worker housing, and renovation and re-building of apartments. In particular, lending procedures for eligible businesses under this credit package have been reduced to only two procedures.

With these new regulations, the businesses developing social housing projects are easier to approach to loans from this credit package, he added. 

ADB operations reach $23.6 billion in 2023, achieve record climate finance

The Asian Development Bank (ADB) allocated a total of US$23.6 billion from its own resources in 2023, with $9.8 billion dedicated to climate action, to support sustainable development in Asia and the Pacific."

These figures are part of the financial and operational results that were published in ADB's Annual Report 2023. The report provides a summary of how ADB supported its developing member countries (DMCs) in addressing the escalating climate crisis, as well as the impacts of conflicts, food insecurity, and rising debt burdens, among other challenges.

“ADB continued to step up as the climate bank for Asia and the Pacific, reaching our highest-ever annual financing for climate action,” said ADB President Masatsugu Asakawa. “Our investments in adaptation and mitigation had a strong focus on climate-resilient agriculture, renewable energy, and low-carbon transport.”

The $23.6 billion comprised loans, grants, equity investments, guarantees, and technical assistance provided to governments and the private sector. Supplementing its own resources, ADB mobilised an additional $16.4 billion in co-financing through its strong partnerships.

ADB invested heavily in building high-quality energy, transport, and other infrastructure essential for sustainable development. It further strengthened the region’s human capital through increased support for education and health.

Addressing gender inequality remained a central focus of the bank's efforts, as nearly all of its operations in 2023 actively worked towards reducing existing disparities. This included providing support to address the disproportionate effects of climate change on different genders.

The report explains how ADB is evolving so it can help accelerate the region’s progress toward the Sustainable Development Goals. Major capital management reforms introduced in 2023 will bolster the bank’s future lending operations by unlocking up to $100 billion in new funding capacity over the next decade. ADB also began rolling out its new operating model in 2023, a generational transformation to improve the way the bank serves its clients.

“Our new operating model has enabled ADB to make the key shifts needed to deliver better, faster, and more tailored support to our DMCs,” said Asakawa.

During his first official visit to Việt Nam in March this year, Asakawa reaffirmed ADB’s commitment to provide $3 billion in assistance to Việt Nam during 2024-26. In addition, ADB has pledged to mobilise $2.1 billion under the Government’s Resource Mobilisation Plan to support the Việt Nam Just Energy Transition Partnership. 

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members - 49 from the region. 

Ninh Thuận eyes power from green hydrogen

Ninh Thuận Province wants to develop green hydrogen production and work with investors to facilitate renewable energy development, a conference has heard.

At the event held in Phan Rang – Tháp Chàm City on green energy, green hydrogen and carbon neutral industrial parks held on Saturday, Phạm Văn Hậu, chairman of the province People’s Council, the legislature, said Ninh Thuận has great potential for developing renewable energy such as wind, solar and hydro power.

He said that by 2030 Ninh Thuận plans to have onshore wind power capacity of over 1,429MW, coastal wind power capacity of around 4,380MW and offshore capacity of 21,000MW, as well as solar energy capacity of 8,448MW and pumped storage hydropower of 7,000MW. Besides, there are also other renewable sources such as tides, biomass and ocean currents.

The province has issued decisions which demonstrated its goal to become the country’s renewable energy hub, he said.

The Government has rolled out policies for green growth, the reason why Ninh Thuận wants to collaborate with domestic and foreign partners, he added.

Currently hydrogen production is focused on zero or minimal carbon emissions since clean hydrogen is identified as a disruptive technology that would help reach the country’s 2050 carbon-neutral goals, he said.

“With abundant sources of renewable energy, Ninh Thuận is an attractive destination for domestic and foreign investors in hydrogen production.”

Experts at the conference discussed experiences and international standards for green hydrogen projects, net zero industrial parks and international experiences in achieving net zero emissions.

They also called for effective usage of international assistance commitments, green credit and climate credit and green bonds, and research into hydrogen production to solicit investment in Ninh Thuận.

Đặng Hải Anh of the Ministry of Industry and Trade’s Petroleum and Coal Department said Việt Nam’s strategy for developing hydrogen spells out production, storage, distribution, domestic use and export, and development of a modern infrastructure to ensure energy security and green growth and achieve the net-zero goal.

The ministry and other agencies would create a legal framework and roll out policies for developing the hydrogen industry, he added.

​Nguyễn Tâm Tiến, general director of Trungnam Group, said the construction company has plans to develop green energy complexes to produce hydrogen and ammonia for domestic distribution and export. It plans to produce 250,000 tonnes of green hydrogen a year by 2030 and 2.5 million tonnes by 2050.

It is currently evaluating a 4,247ha green energy complex in the province, and would build the first phase by 2030 and complete it by 2046, he said.

It also plans to build the 827.2ha Cà Ná Industrial Park, which would focus on green energy and selectively choosing tenants to ensure sustainability, he added.

As part of the conference, Trungnam Group signed memorandum of understandings with energy companies Envision Group and Siemens Energy Group for business co-operation.

The conference was attended by over 200 officials from the ministry, Ninh Thuận and other provinces and cities focusing on renewable energy, and scientists and other experts.

It was held as part of Ninh Thuận’s conference to announce the province’s planning until 2030, with a vision towards 2050, as well as facilitating investment for 2024.

Ninh Thuận currently has 37 solar power plants with a total capacity of 2,576MW, 17 wind power projects (890MW) and eight hydropower projects (132MW). 

Vingroup approves 2024 business plan, to list Vinpearl on market

At the General Meeting of Shareholders held in Hanoi on April 25, Vingroup received approval for its ambitious 2024 business plan.

The company aims to achieve a remarkable revenue milestone of VND200 trillion, marking a significant 23.7% increase compared to 2023.

Additionally, Vingroup targets a profit after tax of VND4.5 trillion, representing an impressive 119% growth.

In 2023, Vingroup demonstrated strong performance, with net revenue reaching VND161.4 trillion, a substantial 59% rise from the previous year. The profit after tax amounted to VND2.05 trillion, maintaining the same level as in 2022. These figures surpassed the targets set at the 2023 Annual General Meeting of Shareholders, reaching 85% and 103%, respectively.

Nguyen Viet Quang, Vice Chairman of the Board of Directors and General Firector of Vingroup, highlighted the success of VinFast in the technology and industry sector. VinFast's listing on the US Nasdaq Stock LLC stock exchange served as an inspiration for Vietnamese businesses.

In the trade and service sector, Vinhomes made significant progress in 2023. The company successfully handed over nearly 29,000 apartments, villas, and commercial townhouses at Vinhomes Ocean Park 2 and Vinhomes Ocean Park 3. The occupancy rate in the real estate rental segment reached 84.8%, showing improvement compared to the previous year.

Looking ahead to 2024, VinFast plans to expand its distribution channels globally, leveraging local networks and agent expertise. The goal is to establish approximately 400 sales points by the end of the year. Moreover, VinFast aims to enter the US market with new models and export commence cars to Europe, while also initiating distribution in Indonesia.

In the residential real estate sector, Vinhomes will focus on enhancing its online business system to improve the purchasing experience, transparency of policies and product pricing, in preparation for the upcoming growth cycle in the market.

Regarding the listing of its subsidiaries, Chairman Pham Nhat Vuong revealed that Vingroup is currently undertaking procedures to list Vinpearl Company on the Vietnam stock exchange, with hopes of achieving a successful listing by the end of the year.

Source: VNA/SGT/VNS/VOV/Dtinews/SGGP/VGP/Hanoitimes