Day: September 23, 2021

Businesses from the Republic of Korea (RoK) poured over 2.43 billion USD into Vietnam in the first eight months of 2021, ranking third in terms of total registered capital after Singapore and Japan.

According to the Foreign Investment Agency under the Ministry of Industry and Trade, RoK firms invested in 251 new projects worth nearly 759 million USD and pumped an additional 1.18 trillion USD into 179 existing projects. Meanwhile, their capital contributions and share purchases reached 494.46 million USD.

With 9,159 valid projects worth 72.34 billion USD, the RoK now is the biggest foreign investor in Vietnam, the agency said.

This proves that RoK businesses have great confidence in Vietnam’s investment environment, Vice Chairman of the Vietnam Association of Foreign-Invested Enterprises Nguyen Van Toan told the Cong Thuong (Industry and Trade) newspaper.

Despite the complicated developments of the COVID-19 pandemic, the number of newly-registered and capital-added projects invested by Korean firms is still increasing.

Nearly 60 Vietnamese localities nationwide have attracted investment from the RoK, led by the northern province of Bac Ninh with 957 projects worth 10.7 billion USD, accounting for 14.9 percent of the northeast Asian country’s total investment in Vietnam.

The RoK’s investment projects have been quickly disbursed, significantly contributing to socio-economic growth and development in the Southeast Asian country, Toan said.

RoK firms’ projects mainly focus on the processing and manufacturing industry with 4,543 projects totaling 53.1 billion USD, making up 73.5 percent of the country’s investment total in Vietnam.

Source: Vietnam News Agency

Australian people will have a chance to taste Vietnamese cashew nuts in a programme which will be held by the Vietnam Trade Office in Australia from September 25 – October 2.

Vietnamese exporters of cashew nuts will be also introduced at the event.

According to statistics from the General Department of Vietnam Customs, the country earned 1.65 billion USD from shipping over 273,000 tonnes of cashew nuts abroad in the first six months of 2021, up 10.8 percent in value and 21.8 percent in volume year-on-year.

The country remains the world’s leading cashew exporter, but falling export prices are likely to lower profit margins.

Source: Vietnam News Agency

Vietnamese conglomerate Vingroup and Google Cloud of the US inked a cooperation agreement on the implementation of digital transformation strategy in New York on September 22 (local time).

The agreement exchange was witnessed by President Nguyen Xuan Phuc, who is on his working trip to attend the general debate of the 76th session of the United Nations General Assembly.

Under the pact, Vingroup and Google Cloud will become strategic partners in digital transformation.

The sides are to join hands to foster cloud computing applications on Google Cloud and study the potential of applying relevant technologies such as machine learning, artificial intelligence and smart data analysis in Vingroup’s business fields.

Vingroup’s Vice President and CEO Nguyen Viet Quang said that the partnership will not only tap on digitalisation potential in improving customers’ experience but also help realise the conglomerate’s strategy to go global.

It is expected to help Vingroup access the most modern technologies, thereby maximising its capabilities to launch products, services and systems that enhance consumers’ experience.

Source: Vietnam News Agency

The PetroVietnam Gas Joint Stock Corporation (PV GAS) and US-based AES Corporation signed a joint venture agreement on the establishment and operation of Son My LNG port warehouse limited company in New York on September 22 (local time).

The signing ceremony was witnessed by President Nguyen Xuan Phuc who is on New York to attend the general debate of the 76th session of the United Nations General Assembly (UNGA).

The joint venture agreement was based on the main terms of the joint venture contract of Son My LNG (liquefied gas) port warehouse project signed in October 2020.

The Son My LNG port warehouse is one among a series of LNG power projects in the south central province of Binh Thuan, with an estimated total investment of 1.31 billion USD, and a capacity of 3.6 million tonnes a year in the first phase and up to 9 million tonnes in the next phase.

The port will receive, process and supply LNG reprocessed as fuel for Son My 1 and Son My 2 power plants, expected to be put into operation by the end of 2025.

Speaking at the signing ceremony, President Phuc said that the project has drawn attention of both Vietnam and the US.

The two corporations’ formation of the Son My LNG port warehouse limited company to carry out the construction of the Son My LNG port warehouse project will contribute to ensuring reprocessed LNG to serve power demand of the key southern economic zone in particular and Vietnam in general.

The signatories pledged to conduct procedures to put the company into operation in November.

Source: Vietnam News Agency