Vietnam Morning News For June 3, 2020

Vietnam’s new enterprises decrease 10.5 pct year-on-year in 5 months
A total of 48,300 enterprises with a total registered capital of 557.9 trillion Vietnamese dong (nearly 24.3 billion U.S. dollars) were set up in Vietnam in the first five months of this year, down 10.5 percent in quantity and 16.7 percent in capital from the same period last year.
— China.org

Vietnam turns down Chinese metro rail contractor demand for advance payment
Vietnam has refused to pay the Chinese company building its first metro route the $50 million it wants in advance to test run trains.
— VnExpress

Undersea cable faults cause internet chaos in Vietnam, Cambodia & Lao PDR
Vietnam’s high level of digital penetration has been a saving grace during the COVID-19 lockdown, enabling home-based work, e-learning, and e-Commerce to thrive.
— AEC News Today

Vietnam planning its own ‘Silicon Valley’ in Ho Chi Minh City
The municipal government of HCMC has submitted plans to develop a large tech zone, that is being dubbed the ‘Silicon Valley of Vietnam’
— Tech Wire Asia

VIETNAM AIMS TO EXPORT 7 MILLION TONNES OF RICE THIS YEAR – GOVT
Vietnam, the world’s third-largest rice exporter, aims to ship 7 million tonnes of the grain this year, greater than last year’s volume, the government said on Tuesday.
— Agriculture

Vietnam passport ranks low in global ranking
Vietnam has one of the least powerful passports in the world, ranking 157th among 199, says a report released Tuesday by Nomad Capitalist.
— VnExpress

Vietnam Economy’s Virus Recovery Touted as ‘Pho-nomenal’
Vietnam Prime Minister Nguyen Xuan Phuc was all smiles Sunday on a trip to an industrial park, where he inquired about workers’ health, patted their children on home visits and admired the speakers being made in factories.
— VOA

Ministry promotes technology transfer, investment promotion
The Vietnam Climate Innovation Centre (VCIC) under the Ministry of Science and Technology (MoST) is implementing programmes to help domestic firms find strategic partners in technology, finance and trade.
— Viet Nam News

Vietnam leads ASEAN through COVID-19
COVID-19 is posing serious challenges to ASEAN in 2020. But Vietnam, as ASEAN chair, is trying to make the best of the situation and demonstrate leadership. As 2020 marks a mid-term review of the implementation of the ASEAN Community Building Blueprints 2015–25, Vietnam chose ‘Cohesive and Responsive ASEAN’ as the theme for its chairmanship.
— East Asia Forum

Vietnam eyes power plants sales to fund new projects, ease debt – media
Vietnam plans to sell some operational state-owned power plants to foreign investors to raise funds for urgently needed new projects and ease pressure on public debt, local media reported on Tuesday.
— Reuters

Việt Nam’s agricultural exports decline in May due to COVID-19
Exports and imports of agricultural goods saw a decline in the first five months of 2020 due to the negative impacts of the COVID-19 pandemic, according to the Ministry of Agriculture and Rural Development (MARD)’s monthly report last week.
— Viet Nam News

Việt Nam’s retail sales down in five months
If inflation was excluded, retail sales dropped 8.6 per cent, compared to 8.5 per cent seen in last year’s corresponding period.
— Viet Nam News

Vietnam seeks to attract relocated investment in wake of coronavirus
As global companies look to relocate their manufacturing facilities after the coronavirus pandemic, the Prime Minister has decided to set up a special working group to formulate a plan to attract this important source of capital.
— NDO

High mobility and recovery a boost for Vietnam’s economy
Vietnam’s economy is bouncing back fast after Covid-19 thanks to its high rate of mobility, according to Canada-based data visualisation agency Visual Capitalist.
— The Star Online

Hòa Phát to export 120,000 tonnes of steel billets to China
Steel maker Hòa Phát has signed a contract to sell 120,000 tonnes of steel billets, worth over VNĐ1 trillion (nearly US$43 million), to China’s firm Hangzhou CIEC Group Co Ltd.
— Viet Nam News

Covid-19 and the curious case of Vietnam
Relying very heavily on tourism, Covid-19 hit Vietnam hard, much like many other countries across the globe. They locked down immediately: many of the workforce had to take unpaid leave, hotel occupancy rates dropped and flights in and out got been cancelled.
— Travel Daily News

Conference discusses Vietnam-China trade cooperation in building materials
An online conference was held on June 2 to discuss trade cooperation in the field of building materials and home décor products between Vietnamese companies and their partners in the Chinese autonomous region of Guangxi.
— NDO

Vietnam to sell power plants to fund new projects, ease debt
Vietnam plans to sell some operational state-owned power plants to foreign investors to raise funds for urgently needed new projects and ease pressure on public debt, local media reported on Tuesday.
— FMT

Cultural village celebrates Vietnam Family Day with various activities
The Vietnam National Village for Ethnic Culture and Tourism is celebrating Vietnam Family Day 2020 (June 28) with a string of activities this June, as announced by the village’s management board on June 2.
— NDO

Vietnam Grand Prix Organisers Continue to seek new date for event
The Vietnam Grand Prix has been effectively postponed, with no word as to when it will push through in the near future.
— Insider Racing

Vietnam, Singapore‘s DOE push Bac Lieu LNG power project
Plans for the Bac Lieu liquified natural gas (LNG) power project have taken a step foward, with a high-level government working group in Bac Lieu province meeting to discuss the timeline of the signing of a long-term power purchase agreement.
— The Asset

Vietnam to reduce tariff rates on imported pork
In the first quarter of 2020, U.S. pork and pork variety meat exports to Vietnam increased 251% from a year ago to 4,382 metric tons.
— Nationalhog Farmer

Vietnam Restaurant has been dishing up favorites since 2002
On #TakeoutTuesday, we look at a popular downtown Vietnamese restaurant in our “We’re Open” segment that has a long history of a wide variety of delicious entrees.
— Kristv

Apple is on a hiring spree…in Canada, Italy, and Vietnam
Hiring has slowed at Apple ($NASDAQ:AAPL) over the past couple of months. Offices are closed, interviews have reportedly been canceled for hundreds, all while supply chain and retail operations have been severely disrupted or outright closed.
— Media Thinknum

App supporting businesses between Việt Nam and Australia launched
Việt Nam Trade Office in Australia has just launched a new application called Viet-Aus Trade to support export businesses, provide information on products and investment opportunities.
— Viet Nam News

VN, Japan agree to accelerate establishment of ASEAN Center for infectious diseases control
VGP – Deputy Prime Minister, Foreign Minister Pham Binh Minh and Japanese Foreign Minister Motegi Toshimitsu discussed on COVID-19 responses and ways to foster cooperation between the two countries in the future, over the phone on Monday.
— VGP Government in Action

COVID-19 recovery rate in Viet Nam increases to nearly 90%
VGP – The COVID-19 recovery rate in Viet Nam jumped to nearly 90% on Monday after eight more patients have been cleared of the virus, said the National Steering Committee for COVID-19 Prevention and Control.
— VGP RSS Feed

Vicostone’s shareholders approve two scenarios for 2020 business
Vicostone Joint Stock Company specialises in manufacturing and supplying high-quality quartz-based engineered stones under VICOSTONE® Quartz Surfaces brand.
— Viet Nam News

Gov’t proposes investment options to develop North-South Expressway
The Government has proposed to the National Assembly three options for transforming investment models at sub-projects of the Eastern North-South Expressway for consideration.
— Viet Nam News

Stock market may not enjoy lower lending rate impact: analysts
The recent interest rate cuts by the State Bank of Việt Nam (SBV) have little impact on the Vietnamese stock market.
— Viet Nam News

Analysis: Vietnam’s crude production cuts bear fruit as export grades’ price differentials rebound
Vietnam has been slashing crude production volumes since late in the first-quarter and the Southeast Asian producer plans to continue limiting supply in an effort to improve its upstream economics, and lay the foundation for a recovery in the price differentials of the country’s major export grades.
— S&P Global

Government boost? Vietnam’s booming e-commerce sector fosters new opportunities for cosmetic brands
Beauty brands looking to tapping into the growing Vietnam market may have more opportunities following the government’s announcement that it plans to focus on developing its e-commerce sector in the wake of the novel coronavirus (COVID-19) outbreak.
— Cosmeticsdesign-asia

Can Việt Nam take advantage of new foreign investment strategies?
COVID-19 has been deemed a catalyst for investors to take the ‘China plus one’ strategy into more significant consideration and the trend of shifting manufacturing bases to Việt Nam has recently picked up pace.
— Viet Nam News

Cabinet debates Jan-May socio-economic performance
VGP – Prime Minister Nguyen Xuan Phuc presides over the Cabinet meeting Tuesday to debate socio-economic performance in the first five months.
— VGP RSS Feed

Agricultural products on display in Hà Nội this week
Lychees from Bắc Giang, Hưng Yên and Hải Dương; mangoes and plums from Sơn La; guava, papayas and aquatic products from Quảng Ninh and Nam Định are among the items on sale.
— Viet Nam News

Japanese experts to arrive in Việt Nam to examine lychee exports
Japanese experts are set to arrive in Việt Nam on June 3 to examine and supervise phytosanitary measures for the lychees destined for the Northeast Asian market, according to the Ministry of Agriculture and Rural Development (MARD).
— Viet Nam News

Markets soar as bargain hunters snap up bank stocks
Vietnamese shares posted large gains Monday on the back of a resurgence in banking stocks as investors sought bargains in beaten-down banking stocks.
— Viet Nam News

US is VN’s biggest export market in Jan-May
The US was Việt Nam’s leading export market in the first five months of the year, despite a slight decrease in total export turnover.
— Viet Nam News

Feature photo Aeon Mall Vietnam
This week’s Vietnam morning news feature photo focus on World Environment Day, June 5.

Find our previous morning news feature photos in the AEC News Today Morning News Feature Photos gallery where you will find a pictorial display of daily life throughout the Asean Economic Community (AEC).

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