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Vietnam has already rail connections to China, but the system is old with limited capacity on the Vietnam side. The upgraded railway would pass through the region where Vietnam has its largest deposits of rare earths, of which China is by far the world's biggest refiner. Chinese and Vietnamese rare earths industry experts discussed last week stronger cooperation on processing the minerals, according to Vietnamese state media. It is unclear how much China would contribute to the upgraded railway track in Vietnam and whether Hanoi would accept sizeable financing from Beijing on this. A strengthened railway link could also boost Vietnam's export to China, mostly of agriculture products, boost Chinese tourism to northern Vietnam and further integrate the two countries' manufacturing industries, which experts already consider as symbiotic, with factories in Vietnam largely assembling components produced in China.

Persons: Xi Jinping, Vietnam's, Wang Yi, Tran, Pham Minh Chinh, Wang Wentao, Francesco Guarascio, Khanh Vu, Phuong Nguyen, Stephen Coates Organizations: Vietnam's, China's Commerce, Initiative, Reuters, Thomson Locations: Hanoi, China, Haiphong China, Vietnam, HANOI, United States, Tran Luu Quang, Kunming, Haiphong, Beijing, China . China, Hong Kong, Washington, South

Parliament approved the higher tax rate as part of a global tax reform, and said the government would work on specific incentives in 2024. "The National Assembly is not issuing a separate resolution on investment incentives at this time," said Le Quang Manh, head of the assembly's financial commission. Vietnam's corporate income tax is already set at 20%, but it has offered for years much lower effective rates to large foreign investors. The Korean Chamber of Commerce in Vietnam said members were concerned about the new tax rate, but "none have expressed their intention to alter their investment in Vietnam". However, Thang Vu, a tax expert at consultancy Dezan Shira, said Vietnam could see a drop in foreign investment if it did not offer "adequate alternative economic benefits" to those affected by the new tax.

Persons: Le Quang, Thang, Dezan Shira, Khanh Vu, Francesco Guarascio, Miral Organizations: Samsung, Assembly, Korean Chamber of Commerce, Thomson Locations: Vietnam, Hanoi, HANOI, Korean

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

☆ 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

Work is under way on a joint statement that would be issued during the visit, four people informed about the negotiations told Reuters. China's foreign ministry did not respond to a request for comment. Reuters GraphicsSTATE VISIT PREPARATIONSOne of the sources said China had sent a team to Hanoi to organise accommodations for Xi's delegation. China's foreign minister Wang Yi was expected to visit Hanoi in mid-October to help finalise the joint statement, the source added, if sufficient progress on the text has been made. As China's president, Xi travelled to Vietnam twice, with his latest visit in 2017, when he attended an Asia-Pacific summit with Donald Trump, Vladimir Putin and other leaders.

Persons: Xi Jinping, Wang Yi, Florence, Joe Biden's, Xi, Pham Thu, Donald Trump, Vladimir Putin, Khanh Vu, Francesco Guarascio, Martin Pollard, Yew, Tian, Gerry Doyle Organizations: REUTERS, Reuters, Graphics STATE, Vietnam, Thomson Locations: Beijing, China, Vietnam, HANOI, BEIJING, Hanoi, Washington, Vietnam's, United States, Europe, Asia, U.S, Singapore, South

☆ 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

A VinFast VF8 electric SUV is displayed during CES 2022 at the Las Vegas Convention Center in Las Vegas, Nevada, U.S. January 5, 2022. If fulfilled, Europe would become VinFast's biggest overseas market this year. The company had shipped about 2,100 EVs earlier this year to the United States. Should the EU probe conclude that punitive duties on China-made EVs are warranted, VinFast could find its cars are more competitively priced. VinFast, which is part of Vietnamese conglomerate Vingroup (VIC.HM), was formed in 2017 and began making EVs in 2021 after dropping its manufacturing of cars with internal combustion engines.

Persons: Steve Marcus, Thuy, Inovev, VinFast, Phuong Nguyen, Francesco Guarascio, Miral Organizations: Las Vegas Convention, REUTERS, Rights, Reuters, European Union, Nasdaq, EU, Thomson Locations: Las Vegas , Nevada, U.S, Rights HANOI, Europe, France, Germany, Netherlands, VinFast's, Vietnam, United States, Israel, China, Indonesia, India, East, Africa, Latin America

[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

The visit comes as trade and investment ties between the two nations are growing and a long-simmering territorial dispute between Vietnam and China heats up in the South China Sea. Vietnam has named four other countries "comprehensive strategic partners," the designation expected for the U.S.: China, Russia, India and South Korea. Biden's visit comes nearly 50 years after the end of the deeply unpopular Vietnam War between the Soviet-backed Communist government of North Vietnam and South Vietnam’s U.S.-backed regime. "For decades, the US and Vietnam have worked to overcome a painful shared legacy of the Vietnam War, working hand in hand to promote reconciliation, with our service members and our veterans lighting the way," he said. Washington has been pushing to elevate ties with Hanoi to a "strategic" partnership from one that for the past decade has been called "comprehensive."

Persons: Joe Biden, Evelyn Hockstein, Biden, Nguyen Phu Trong, Antony Blinken, Jake Sullivan, Nandita Bose, Khanh Vu, Francesco Guarascio, Heather Timmons, Chizu Organizations: Global Infrastructure, REUTERS, Sunday, Communist Party General, Party, U.S ., Google, Intel, Marvell, Boeing, U.S, Communist, Thomson Locations: New Delhi, India, DELHI, HANOI, United, China, Asia, Vietnam, South China, Russia, South Korea, Hanoi, U.S, Soviet, North Vietnam, South Vietnam’s U.S, Pacific, US, Washington, Czech Republic

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

The boost to formal ties could bring billions of dollars of new private investment and some public funds to Vietnam's semiconductor industry. But industry officials, analysts and investors said that the small pool of trained experts will be a crucial hurdle for the rapid development of the chip industry. There's also a risk of inadequate supply of trained chips software engineers, said Hung Nguyen, senior program manager on supply chains at RMIT University Vietnam. The White House has not specified which segments of the chips industry in Vietnam will be prioritised, but U.S. industry executives have indicated that the back-end is a key growth sector. More private investment could come, especially if a significant share of the $500 million available under the U.S. CHIPS Act for global semiconductor supply chains ends up in Vietnam.

Persons: Joe Biden, Kevin Lamarque, Biden, Thanh, There's, Hung Nguyen, CHINA'S, Amkor, Janet Yellen, Hung, Francesco Guarascio, Steve Holland, Trevor Hunnicutt, Khanh Vu, Phuong, Muralikumar Organizations: U.S . Army, White, REUTERS, Companies, ASEAN Business Council, RMIT University Vietnam, Boston Consulting Group, Reuters, Intel, U.S . Treasury, Marvell, Thomson Locations: Vietnam, Washington , U.S, Hanoi, Washington, Vietnam Vietnam, HANOI, U.S, China, United States, Taiwan, Beijing, The U.S, Malaysia, India, Europe, Phuong Nguyen

China is dominant in magnets and the rare earth metals they are made from. Magnet makers are also drawn to Vietnam by low labour costs and market access afforded by multiple free-trade deals. It said it sources most of its rare earths from China but is seeking alternative sources in Vietnam and Australia and plans to develop a processing facility in Vietnam. A similar request from clients prompted another Chinese magnet maker, Magsound, to decide to open a factory in Vietnam in the first half of next year, the two people said. In April, Australia's Strategic Materials (ASM.AX) signed a deal with a Vietnamese refiner that committed to supplying rare earths for export to South Korea.

Persons: David Merriman, China's Luxshare, Taiwan's Foxconn, Magsound, Japan's Shin, Obayashi, Francesco Guarascio, Khanh Vu, Mai Nguyen, Christopher Cushing Organizations: Apple, Sino, Korea's Star, Industrial, SGI, U.S . Department of Energy, South, Reuters, VinFast, Hyundai, China's, Luxshare, Thomson Locations: China, HANOI, SEOUL, Vietnam, U.S, South Korea, Washington, Beijing, Australia, Hanoi

Shares of dedicated EV maker VinFast, which merged with special purpose acquisition company (SPAC) Black Spade, surged on their Nasdaq debut on Tuesday. Other EV SPAC deals, including Lucid (LCID.O), which Black Spade used as the basis of its initial $23 billion valuation of VinFast, have seen their shares tumble after listing. Lucid is valued now at under $15 billion, nearly 40% less than its $24 billion SPAC valuation in 2021. Through the first seven months, it has sold over 16,000, including its sales in Vietnam. The Tesla Model Y is almost $7,000 cheaper than VinFast's VF8 after including federal subsidies.

Persons: Stephane Mahe, Black Spade, Pham Nhat Vuong, David Mansfield, Le, Thuy, VinFast, Vuong, Mansfield, AlixPartners, Tesla, Kevin Krolicki Organizations: REUTERS, Rights, Nasdaq, Ford, General Motors, Tesla, VinFast, VinFast's, EV, U.S ., Thomson Locations: Paris, France, Rights HANOI, U.S . West Coast, Vietnam, United States, Haiphong, North Carolina, China

A few hours before its Nasdaq debut, VinFast more than doubled its value in premarket trading involving less than 4% of its shares. Nikola now commands a market value of $1.4 billion, versus $13.9 billion before listing while Lucid has a current market value of $15.5 billion, versus $24 billion during its 2021 SPAC deal. It is still unclear how many of the company shares will trade on Tuesday and at what price. VinFast's founder, Vietnam's richest man Pham Nhat Vuong, pledged $2.5 billion in April to bolster the EV maker, including $1 billion from his personal fortune. He is the beneficial owner of 99% of the ordinary shares of the EV maker after the merger.

Persons: Mike Blake, Black Spade, Nikola Corp, Nikola, Lucid, Rivian, Pham Nhat Vuong, VinFast, Phuong Nguyen, Yantoultra, Jaiveer Singh, Francesco Guarascio Organizations: Los Angeles Auto, REUTERS, Nasdaq, Nikola, Tesla Inc, Rivian Automotive Inc, VinFast, P Global Mobility, Investors, Thomson Locations: Los Angeles , California, U.S, HANOI, Dealogic, North Carolina, Vietnam, United States

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

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