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Vietnam's Prime Minister Pham Minh Chinh attends the retreat session of the 43rd Association of Southeast Asian Nations (ASEAN) Summit in Jakarta, Indonesia, September 5, 2023. The document, known as Resource Mobilisation Plan, has to be agreed with investors ahead of the UN Climate Change Conference (COP28) which begins on Thursday in Dubai. Vietnam's Prime Minister Pham Minh Chinh will attend the COP28 from Nov 30 to Dec 3, the government portal said, raising expectations that the plan could be announced there. A second foreign official said there was no major issue pending, and approval of the final version "is very nearly there." There is no certainty that Vietnam would actually take the loans on offer, and the communist government has been reluctant to take foreign loans in the past.

Persons: Pham Minh Chinh, Mast, Francesco Guarascio @fraguarascio, Khanh Vu, Simon Cameron, Moore Organizations: Vietnam's, 43rd Association of Southeast Asian Nations, ASEAN, Rights, Change, Reuters, of, Thomson Locations: Jakarta, Indonesia, Rights HANOI, Vietnam, Dubai, Hanoi

HANOI/KUALA LUMPUR, Nov 22 (Reuters) - Electronics worth a year-high $74 million, such as solar panels and microchips mostly from Malaysia and Vietnam, were denied entry in the United States in September or were checked for components from forced labour in China, official data show. In September alone, $82 million worth of shipments were either refused or were held for checks -- 90% of which were electronics -- a jump from less than $20 million in August. Over two-thirds of rejected or held cargoes came from Malaysia or Vietnam, which are major exporters to the United States of solar panels and semiconductors. Malaysia and Vietnam have had cargoes worth about $320 million each denied or held for checks since the new rules came into force, nearly three times more than China's. Washington has accused China of genocide against the Uyghurs, with rights groups denouncing a widespread use of internment camps and forced labour.

Persons: Francesco Guarascio @fraguarascio, Kim Coghill Organizations: Industry, Uyghur, Labor, Thomson Locations: HANOI, KUALA LUMPUR, Malaysia, Vietnam, United States, China, China's Xinjiang, U.S, Xinjiang, Washington

A smartphone with a displayed Intel logo is placed on a computer motherboard in this illustration taken March 6, 2023. The source, who declined to be named because the information was confidential, said Intel had made that decision around July. Intel is also expanding its investment in chip packaging in Malaysia, one of Vietnam's main Southeast Asian rivals. "You cannot take for granted that because Intel has already invested here it will invest more," Chung Seck, partner at law firm Baker & McKenzie Vietnam told Reuters. Asked about the possible investment plan at the time, Intel told Reuters: "Vietnam is an important part of our global manufacturing network, but we have not announced any new investments."

Persons: Dado Ruvic, Joe Biden, Biden's, Tran Luu Quang, chipmakers, Chung Seck, Baker, McKenzie, Francesco Guarascio @fraguarascio, Max Cherney, Khanh, Miyoung Kim Organizations: REUTERS, Rights, Intel, U.S, Reuters, Vietnam's, White House, Marvell, McKenzie Vietnam, Thomson Locations: Rights HANOI, Vietnam, China, Taiwan, United States, U.S, Hanoi, Europe, Malaysia, San Francisco, Khanh Vu

The Southeast Asian electronics manufacturing hub already hosts U.S. giant Intel's (INTC.O) largest semiconductor packaging and testing plant worldwide and is home to several chip designing software firms. It is working on a strategy to attract more semiconductor investment, including from foundries, which focus on manufacturing chips. Meetings with half a dozen U.S. chip firms took place in recent weeks, including with fab operators, Vu Tu Thanh, head of the Vietnam office of the US-ASEAN Business Council, told Reuters. He declined to identify the firms because talks were still at a preliminary stage. John Neuffer, President of the U.S. Semiconductor Industry Association, at the same conference recommended the government focus on chip sectors where Vietnam was already strong, such as assembling, packaging and testing.

Persons: Florence Lo, PSMC, Tu Thanh, Joe Biden, GlobalFoundries, Hung Nguyen, Viettel, Robert Li, John Neuffer, Francesco Guarascio @fraguarascio, Khanh Vu, Fanny Potkin, Lincoln Organizations: REUTERS, Hanoi, U.S, ASEAN Business Council, Reuters, GlobalFoundries, Industry, Hanoi's University Vietnam, BET, Vietnam Semiconductor, European Union, U.S . Semiconductor Industry Association, Reuters Graphics Reuters, Thomson Locations: Vietnam, HANOI, U.S, Hanoi, China, South Korea, Singapore

☆ Vietnam's real estate woes: how much worse can they get?
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +4 min

HANOI, Oct 26 (Reuters) - A rough year for Vietnam's real estate sector has seen developers miss interest payments on debt, amid a credit crunch spurred by ill-timed government measures, although spillover risk has been limited. Shares of the largest listed developer, Vinhomes (VHM.HM), part of the country's biggest conglomerate, Vingroup (VIC.HM), have fallen 13% this year. In September, the Asian Development Bank warned of potential spillover into banking from irregularities in corporate bonds and real estate markets, although troubled bonds made up just a small portion of total bank credit. While ill-timed government measures, companies' high debt and oversupply are responsible for the sectors' woes in both countries, conditions are different in Vietnam. Vietnam has a less acute situation of oversupply and speculation than China, he added, while real estate's contribution to its economy is also smaller.

Persons: Ho, Van Thinh Phat, Jean Xavier of S, Truong, Truong My Lan, Van Thinh, P's Xavier Jean, Francesco Guarascio @fraguarascio, Phuong Nguyen, Anne Marie Roantree, Clarence Fernandez Organizations: Dragon, Hung Thinh Corp, Moody's, Asian Development Bank, P Global, P, Southeast Asia Bank, Maritime Bank, Asia Commercial Bank, Vietnam Prosperity Bank, VP Bank, Bank, Van Thinh Phat Holdings Group, Thomson Locations: HANOI, Ho Chi Minh City, Vietnam, Phu, Hanoi, Southeast, Asia, Truong My, VIETNAM, CHINA, China

☆ Exclusive: Vietnam eyes China model to seek index upgrade, boost investment
▼ + stars: | 2023-10-25 | by ( Francesco Guarascio | Thomson Reuters | Francesco Leads A Team Of Reporters In Vietnam That Covers Top Financial | ) www.reuters.com time to read: +4 min

An investor sits in front of screens showing stock board information at a securities company in Hanoi, Vietnam July 6, 2018. That prevents many funds, investors and family offices from investing in companies listed there. MULTI-MILLION-DOLLAR PIEUnder the new plan, Vietnam would adopt a mechanism to settle payments on shares transactions that could meet the key requirement from FTSE for the upgrade. Active funds are estimated to have five times more investments in the FTSE emerging market, which could lead to far bigger gains for the HCMC market, which has currently a $179 billion capitalisation. Foreign investors need also to be consulted.

Persons: Le Thi Le Hang, Francesco Guarascio @fraguarascio, Lincoln Organizations: REUTERS, FTSE, Chi Minh City Stock Exchange, The bourse, State Securities Commission, Vietnam, Thomson Locations: Hanoi, Vietnam, China HANOI, China, Chi Minh, The, Indonesia, Philippines, Qatar, Sri Lanka, Kenya

☆ Exclusive: China's Trina Solar plans $400 mln Vietnam plant after US sanctions - sources
▼ + stars: | 2023-09-27 | by ( Francesco Guarascio | Thomson Reuters | Francesco Leads A Team Of Reporters In Vietnam That Covers Top Financial | ) www.reuters.com time to read: +3 min

Trina, one of the world's biggest solar panel makers by sales, would invest $400 million in the plant that would span 25 hectares of industrial land. Production is set to begin in 2025, one of the sources with direct knowledge of the plan said. Another person who was involved in discussions with the company said Trina had flagged $600 million in possible investment in Vietnam. Another source said Trina Vietnam's power supply problems were being considered as the company weighed options for its possible expansion. A heatwave in June hit the output of hydropower, Vietnam's second biggest source of electricity, forcing factories to temporarily suspend production due to power cuts.

Persons: Trina, Trina Solar, FENG SHUI, Feng shui, Francesco Guarascio @fraguarascio, Phuong Nguyen, Miyoung Kim Organizations: Reuters, U.S . Department of Commerce, P Global Market Intelligence, Thomson Locations: Vietnam, Thailand, HANOI, United States, Southeast Asia, U.S, Beijing, Washington . China

Embattled Bamboo, Vietnam's No. "Bamboo Airways has reduced a number of pilot personnel recently to serve this goal," the statement said, denying that late payments of salaries were the reason behind the departures. Many staff at Bamboo have sometimes had to face delays in salary payments but this had not, until recently, affected foreign pilots who make up a large majority of the airline's pilot staff, the sources said. Messages seen by Reuters from an internal company chat forum that management uses to communicate with foreign pilots show some salary payments have been late. Bamboo, which flies both internationally and domestically, has around 17% of Vietnam's market share, its then CEO told local media in March.

Persons: Bamboo, Vietnam's, Bamboo's, Nguyen Ngoc Trong, Trong, Francesco Guarascio @fraguarascio, Khanh Vu, Phuong Nguyen, Mai Nguyen, Jamie Freed, Edwina Gibbs Organizations: Bamboo Airways, Airways, Reuters, Sacombank, Vietnam's, Thomson Locations: Samcombank, HANOI, United States

She cited unpublished information from Vietnam's Ministry of Natural Resources and Environment, which did not respond to requests for comment. In recent years, Japanese investors Toyota Tsusho and Sojitz abandoned projects at Dong Pao after China ramped up supply, pummelling prices. Reuters GraphicsStill, rare earths at Dong Pao are relatively easy to access and are mostly concentrated in bastnaesite ores, according to the Hanoi University of Mining and Geology. The plant has capacity to process 5,000 tons of REO a year but the company plans to treble that to accommodate input from Dong Pao, Tuan said. The metallization process is controlled by China, which produces 90% of rare-earth metals, according to the U.S. Department of Energy.

Persons: Dong Pao, Blackstone, VTRE, Tessa Kutscher, Anh Tuan, Joe Biden, Kutscher, Sojitz, Dylan Kelly, Vingroup, Rivian, Dong, Tuan, David Merriman, John Rockhold, Dudley Kingsnorth, Francesco Guarascio @fraguarascio, Khanh, Melanie Burton, Trevor Hunnicutt, Mai Nguyen, Phuong, David Crawshaw Organizations: REUTERS, Australia's Blackstone Minerals Ltd, Vietnam's Ministry of Natural Resources, Earth JSC, U.S, . Geological Survey, Reuters, Toyota, Terra Capital, Blackstone, Hanoi University of Mining, REO, White House, Department of Commerce, U.S . Chamber of Commerce, Strategic, ASM, Reuters Graphics Reuters, U.S . Department of Energy, Western Australian School of Mines, Curtin University, Thomson Locations: Nam, Lai Chau, Vietnam, Pao, HANOI, Dong, Beijing, China, Hanoi, U.S, Dong Pao, VTRE, South, Khanh Vu, Melbourne, Seoul, Washington, Phuong Nguyen

FILE PHOTO-Volker Turk, United Nations High Commissioner for Human Rights, attends the Human Rights Council at the United Nations in Geneva, Switzerland February 27, 2023. Hanoi police on Sept. 15 detained Ngo Thi To Nhien, Executive Director of the Vietnam Initiative for Energy Transition (VIET), an independent think tank focused on green energy policy, Reuters reported last week citing a charity and a source. Nhien had worked for the World Bank, with the United Nations Development Programme and the United States aid agency (USAID), according to her profile on LinkedIn. She "has participated in international and national events, including consultations organized by UNDP on the topic of energy transition," the UNDP in Vietnam confirmed in an email message to Reuters. Phil Robertson, Deputy Asia Director at Human Rights Watch, said Manh had a strong alibi which was disregarded.

Persons: Volker Turk, Denis Balibouse, U.N, Joe Biden, Ngo Thi, Nhien, Le Van Manh, Phil Robertson, Manh, Francesco Guarascio @fraguarascio, Michael Perry Organizations: United Nations, Human Rights, REUTERS, Rights, Vietnam Initiative for Energy, Reuters, UN, World Bank, USAID, LinkedIn, UNDP, European, Asia, Thomson Locations: Geneva, Switzerland, Rights HANOI, Hanoi, United States, Vietnam

☆ UN Worried About Vietnam Arrest of Energy Expert After Biden's Visit
▼ + stars: | 2023-09-25 | by ( Sept. | At A.M. | ) www.usnews.com time to read: +2 min

By Francesco GuarascioHANOI (Reuters) - The U.N. human rights office has expressed concern about the arrest of a Vietnamese green energy expert, who had collaborated with U.N. and U.S. agencies, just days after President Joe Biden signed business and human rights deals with Hanoi on a visit. Hanoi police on Sept. 15 detained Ngo Thi To Nhien, Executive Director of the Vietnam Initiative for Energy Transition (VIET), an independent think tank focused on green energy policy, Reuters reported last week citing a charity and a source. She "has participated in international and national events, including consultations organized by UNDP on the topic of energy transition," the UNDP in Vietnam confirmed in an email message to Reuters. Vietnam's government has not issued any public statement about Nhien's arrest, and did not reply to requests for comment. Phil Robertson, Deputy Asia Director at Human Rights Watch, said Manh had a strong alibi which was disregarded.

Persons: Francesco Guarascio HANOI, U.N, Joe Biden, Ngo Thi, Nhien, Le Van Manh, Phil Robertson, Manh, Francesco Guarascio @fraguarascio, Michael Perry Organizations: Vietnam Initiative for Energy, Reuters, UN, Human Rights, World Bank, United Nations, USAID, LinkedIn, UNDP, European, Asia Locations: Hanoi, United States, Vietnam

[1/2] Chairman and CEO of Vietnam's leading tech firm FPT Truong Gia Binh poses during an interview with Reuters at the company's headquarters in Hanoi, Vietnam September 11, 2023. REUTERS/Francesco Guarascio Acquire Licensing RightsHANOI, Sept 14 (Reuters) - Vietnam's leading tech firm FPT (FPT.HM) has orders for nearly 70 million chips through 2025 and is eyeing expansion in Artificial Intelligence (AI) and technical training, the company's chief said. It offers AI, cloud and big data services to clients in 29 countries and is also growing in chip designing and education. FPT sealed a partnership with U.S. firm Landing AI to boost its training capabilities, the company said. The new law was a "game-changer" because it created the conditions for foreign countries, "other than China", to expand, and U.S. pledges this week to boost Vietnam's chips sector further confirmed that, he said.

Persons: Gia Binh, Francesco Guarascio, FPT, Joe Biden's, Truong Gia Binh, Binh, Francesco Guarascio @fraguarascio, Phuong Nguyen, Lincoln Organizations: Reuters, REUTERS, Rights, Artificial Intelligence, U.S, Nvidia, Samsung, JPMorgan, Thomson Locations: Hanoi, Vietnam, Rights HANOI, Chi Minh City, Moscow, U.S, China, Taiwan, South Korea, Japan, Korean, United States

U.S. President Joe Biden attends a meeting with Vietnam's Communist Party General Secretary Nguyen Phu Trong, at the Communist Party of Vietnam Headquarters in Hanoi, Vietnam, September 10, 2023. Deals unveiled by the White House during the trip include Vietnam Airlines' purchase of 50 Boeing 737 Max jets, in an agreement that it said was worth $7.8 billion, in line with an earlier Reuters report. The White House also announced plans by Microsoft (MSFT.O) to make a "generative AI-based solution tailored for Vietnam and emerging markets." The White House also highlighted the number of chip-related investments by U.S. firms in Vietnam, including plans by Marvell and Synopsys (SNPS.O) to build chip design centres in the country. U.S. State Secretary Antony Blinken and Vietnam's investment minister Nguyen Chi Dung chaired the meeting, which was followed by discussions with Biden and Vietnam's Prime Minister Pham Minh Chinh.

Persons: Joe Biden, Nguyen Phu Trong, Evelyn Hockstein, Joe Biden's, MoMo, Biden, Vietnam's FPT, Antony Blinken, Nguyen Chi Dung, Pham Minh Chinh, Dung, Phuong Nyugen, Nandita Bose, Francesco Guarascio @fraguarascio, Edwina Gibbs Organizations: Vietnam's Communist Party General, Communist Party of, REUTERS, Rights, Google, Intel, Marvell, Boeing, Innovation, Investment, Nasdaq, Vietnam Airlines, White, Max, Microsoft, Nvidia, Intel's, Honeywell, State, Vietnam's, Thomson Locations: Communist Party of Vietnam, Hanoi, Vietnam, Rights HANOI, chipmaking, Washington, China, Taiwan, U.S, United States

U.S. President Joe Biden attends a meeting with Vietnam's Communist Party General Secretary Nguyen Phu Trong, at the Communist Party of Vietnam Headquarters in Hanoi, Vietnam, September 10, 2023. Senior executives from Google (GOOGL.O), Intel (INTC.O), Amkor (AMKR.O), Marvell (MRVL.O), GlobalFoundries (GFS.O) and Boeing (BA.N) are attending the Vietnam-U.S. Newly unveiled deals by the White House include plans by Microsoft (MSFT.O) to make a "generative AI-based solution tailored for Vietnam and emerging markets." The White House also highlighted the number of chip-related investments by U.S. firms in Vietnam, including plans by Marvell and Synopsys (SNPS.O) to build chip design centres in the country. Vietnam Airlines will also purchase 50 Boeing 737 Max jets, the White House said, in an agreement that a source told Reuters was valued at about $7.5 billion.

Persons: Joe Biden, Nguyen Phu Trong, Evelyn Hockstein, Joe Biden's, MoMo, Antony Blinken, Nguyen Chi Dzung, Biden, Pham Minh Chinh, Vietnam's FPT, Phuong Nyugen, Francesco Guarascio @fraguarascio, Edwina Gibbs Organizations: Vietnam's Communist Party General, Communist Party of, REUTERS, Rights, Google, Intel, Marvell, Boeing, Innovation, Investment, Nasdaq, Vietnam Airlines, State, Vietnam's, White, Microsoft, Nvidia, Intel's, Max, Reuters, Honeywell, Thomson Locations: Communist Party of Vietnam, Hanoi, Vietnam, Rights HANOI, U.S, chipmaking, Washington, China, Taiwan . U.S

The second person familiar with the plans confirmed the presence of several large U.S. chips companies, including Amkor, their Vietnamese partners, such as tech company FPT (FPT.HM), and Vietnamese and U.S. top officials, including Secretary of State Antony Blinken. Chip designing firm Marvell has said it plans to build a "world-class" centre in Vietnam. Vingroup (VIC.HM), Vietnam's largest conglomerate and the parent of Nasdaq-listed electric car maker VinFast , has a unit focussed on AI. Boeing may announce a deal involving the sale of 50 of its 737 MAX jets, people familiar with the matter told Reuters. Reporting by Francesco Guarascio @fraguarascio; additional reporting by Fanny Potkin; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.

Persons: Joe Biden, Leah Millis, Antony Blinken, Janet Yellen, Marvell, Francesco Guarascio @fraguarascio, Fanny Potkin, William Mallard Organizations: Warehouse Union, Pacific Maritime Association, White, REUTERS, Rights, Intel, Google, Marvell, Boeing, Reuters, Sunday, Samsung, Qualcomm, Nasdaq, Thomson Locations: Washington , U.S, Rights HANOI, U.S, Hanoi, Vietnam, China, Taiwan

Fearful of the potential reaction from its much larger neighbour, Vietnam had initially expressed caution about the upgrade. Yet it is unclear what Vietnam, which is at odds with China over boundaries in the South China Sea, stands to gain in the short term from the upgrade. Meanwhile, Vietnam is talking with several other countries to upgrade and expand its mostly Russian-made arsenal, and has recently engaged in multiple high-level defence meetings with top Russian officials. The U.S. may offer more, said Vu Tu Thanh, head of the Vietnam office of the US-ASEAN Business Council. The upgrade of relations is expected to boost U.S. firms' plans in Vietnam.

Persons: Joe Biden, Biden, Xi Jinping, Li Qiang, Hong Hiep, Singapore's, – Yusof, Hiep, Thanh, Francesco Guarascio, Trevor Hunnicutt, Khanh Vu, Lincoln Organizations: Manutronics, REUTERS, Rights, United, Washington, ASEAN Business Council, Energy, Boeing, AES, Thomson Locations: Bac Ninh province, Vietnam, Rights HANOI, Hanoi, China, Washington, Russia, Beijing, South China, U.S, Washington's, Thanh

Vietnam targets LNG-sourced gas generating up to 22.4 gigawatts (GW) of power by 2030, enough to power 20 million households and account for nearly 15% of national power supply. Complicating LNG efforts, much of Vietnam's planned gas power investment is directed to the south of the country despite the under-served north's greater vulnerability to blackouts. Reuters GraphicsThe first plant due to come online, the Nhon Trach 3 facility being built by state-run PetroVietnam Power (PV Power) (POW.HM) near Ho Chi Minh City, is scheduled to begin operation in late 2024. Takafumi Akino of Tokyo Gas, which is building an LNG terminal and a gas plant in northern Quang Ninh province, predicted "hard negotiations". PV Gas said this month it was in talks with U.S. energy giant ExxonMobil and Russia's Novatek on LNG cooperation.

Persons: Thi, Kaushal Ramesh, EVN, Japan's Marubeni, Takafumi, Rystad's Ramesh, Francesco Guarascio, Khanh, Emily Chow, Florence Tan, Phuong Nguyen, Tony Munroe, William Mallard Organizations: European Chamber of Commerce, Reuters, Energy, Tokyo Gas, Industry, Plant, Foreign, Delta Offshore Energy, Gulf International Holdings, Delta Offshore, Gulf Energy Development, Buyers, PV Gas, ExxonMobil, Russia's, Gas, Thomson Locations: Vietnam, Hanoi, HANOI, China, Thailand, Singapore, Philippines, Ho Chi Minh City, Oslo, U.S, Tokyo, Quang Ninh, South, Southeast Asia, Asia, Khanh Vu

If the investment is finalised at that figure, the company would become one of the largest foreign investors in Vietnam. Growatt, which produces battery systems and energy storage inverters for residential and commercial use, did not reply to requests for comment. It has yet to pass legislation, however, that would permit the use of energy storage facilities to strengthen its power network. Hithium, which currently does not have a presence in Vietnam, specialises in manufacturing stationary energy storage products, including cells and larger containers that help manage the intermittent supply of energy from solar or wind farms. The global stationary energy storage market is estimated to jump in value to roughly $224 billion by the end of the decade from just over $31 billion in 2021, according to Precedence Research.

Persons: Francesco Guarascio, Phuong Nguyen, Edwina Gibbs Organizations: Energy, Xiamen Hithium Energy Storage Technology, Research, Panasonic, Philips, Thomson Locations: Vietnam HANOI, Vietnam, Xiamen, Europe, U.S, Growatt

OECD senior tax official John Peterson declined to comment about the outcome of the meeting, citing confidentiality rules. However, he said if one country compensates a multinational with "targeted benefits, for example in the form of grants or tax credits" it would no longer be able to raise revenues from a top-up tax. In that case, the company "will simply be subject to additional top-up tax, equal to the same amount, in another jurisdiction." Decisions on compensation would be taken case by case and no direct link would be established between handouts and the top-up tax, the source added. Asked whether the planned rules could be considered a direct subsidy to offset multinationals' higher taxes, the OECD declined to comment as Vietnam's plans had not been finalised.

Persons: John Peterson, Nguyen Thanh Lam, Francesco Guarascio, Phuong Nguyen Organizations: OECD, Economic Cooperation, Development, Vietnam, Reuters, Samsung Electronics, Intel, Samsung, Thomson Locations: Vietnam, HANOI, China, Hanoi, Korea, handouts

HANOI/BEIJING, June 6 (Reuters) - A Chinese research ship and its escort, which operated for nearly a month in Vietnam's exclusive economic zone (EEZ) in the South China Sea, left those waters on Monday night, vessel-tracking experts said, just after high-level U.S.-China talks. "The Chinese scientific research vessel carrying out normal research activities in maritime waters under China's jurisdiction is legitimate and proper. At 0300 GMT on Tuesday the Chinese research ship was seen approaching Hainan, said Ray Powell, who leads Stanford University's Project Myoushu on the South China Sea. Vietnam's fisheries surveillance ships turned back after the Chinese vessel and its escort left Vietnam's EEZ around midnight Vietnam time, Powell added. Vietnam's foreign ministry did not reply to requests for comment.

Persons: Xiang Yang Hong, Dmitry Medvedev, Ray Powell, Powell, Van Pham, Francesco Guarascio, Laurie Chen, Khanh Vu, Gerry Doyle Organizations: Stanford, China, Chronicle Initiative, Thomson Locations: HANOI, BEIJING, South China, China, Vietnam's, Beijing, Hainan, Hanoi, Vietnam

HANOI, May 30 (Reuters) - Samsung and other foreign companies are pushing Vietnam to introduce a multi-million-dollar reform that would compensate them for higher levies they face from next year under a global overhaul of tax rules, a source involved in the talks said. The discussions precede the introduction from January of a minimum tax rate of 15% for large multinationals under a landmark global reform led by the Organisation for Economic Cooperation and Development (OECD). The global rule requires companies paying less in a low-tax jurisdiction to face a top-up levy in their home country. Samsung's tax rate varies by district, and ranged between 5.1% and 6.2% in 2019 in the two northern provinces where it produces smartphones, according to government data cited by local media. Smaller companies that are not within the scope of the new global rules may also receive handouts, the source said.

☆ Vietnam rebukes China, Philippines over South China Sea conduct
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +2 min

HANOI, May 18 (Reuters) - Vietnam criticised on Thursday the recent conduct in the South China Sea of a Chinese research ship and the Philippines coast guard, accusing its neighbours of separate actions that were violating its sovereign rights. Tensions are currently high in contested parts of the South China Sea, one of the world's most important trade routes and a conduit for more than $3 trillion of annual ship-borne commerce. China had said that scientific research was a normal activity in areas under Chinese jurisdiction. China claims almost the entire South China Sea as its territory, based on what it says are old maps, including waters that lie within the EEZ of Vietnam and four other Southeast Asian countries. Asked about the Philippines' move, Hang said: "Vietnam strongly opposes all acts violating Vietnam's sovereign rights."

☆ Cluster of Chinese vessels spotted near Russian rig off Vietnam - ship monitors
▼ + stars: | 2023-05-10 | by ( Francesco Guarascio | Thomson Reuters | Francesco Leads A Team Of Reporters In Vietnam That Covers Top Financial | ) www.reuters.com time to read: +3 min

Strong relations between Russia and China are a major factor supporting global stability, Russian Defence Minister Sergei Shoigu said in March, but the two countries have conflicting interests in the South China Sea. "Chinese fishing and scientific research vessels carry out normal production and work activities in maritime areas under China's jurisdiction," it said. It made similar remarks on Tuesday after Chinese boats approached an area where the navies of India and Southeast Asian countries held exercises. On Wednesday, the Chinese vessels were about 10 nautical miles (18 km) from the Japanese operating rig and about 20 miles from the Russia-Vietnam rig, according to South China Sea Chronicle Initiative (SCSCI), an independent non-profit. The Chinese research vessel moved at full speed before entering Vietnam's EEZ but slowed to 4-5 knots, suggesting the ship was conducting a survey there, said SCSCI's Van Pham.

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