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☆ Apple plans to spend more in Vietnam as it looks beyond China
▼ + stars: | 2024-04-18 | by ( Anna Cooban | ) edition.cnn.com time to read: +5 min

Apple (AAPL) has already spent almost $16 billion through its supply chain in the country since 2019, the government quoted Cook as saying. According to the statement, Cook said Apple “stands ready … to enhance cooperation and investment activities” in the Southeast Asian country. Nguyen, whose firm manages $6 billion in assets, told CNN that labor costs in Vietnam’s manufacturing sector are about half those in neighboring China. That’s a big draw for foreign tech companies looking to hire workers for their factories, and find consumers for their products. Still, Vietnam represents a far smaller market than India, which has also been wooing large foreign companies, including Tesla (TSLA), to set up factories in the country.

Persons: Tim Cook, Pham Minh Chinh, Cook, Apple “, Thuy Anh, Nguyen, Dan Ives, “ We’re, ”, “, Tuan Hung, Ho, That’s, Ives, Juliana Liu Organizations: London CNN, Apple, Vietnamese, Dragon, CNN, country’s Ministry of Planning, Investment, Wedbush Securities, Intel, Consumer, Monetary Fund Locations: Vietnam, China, Hanoi, Beijing, India, United States, Ho Chi Minh City, Washington, That’s, Europe

☆ Vietnam aims to start work on high-speed rail lines to China by 2030
▼ + stars: | 2024-04-10 | by ( ) www.cnbc.com time to read: +1 min

Vietnam's Prime Minister Pham Minh Chinh (R) bids farewell to China's President Xi Jinping after their meeting at the Government Office in Hanoi on Dec. 13, 2023. Vietnam aims to start building two high-speed railway lines linking its capital Hanoi with China before 2030, the Ministry of Planning and Investment said, another sign of a recent warming of ties between the two Communist-ruled neighbors. China is Vietnam's largest trading partner and a vital source of imports for its manufacturing sector. The two countries are already connected via a system of highways and two railway lines that are old and need upgrading on the Vietnam side. One of the planned high-speed lines would run from Vietnam's port cities of Haiphong and Quang Ninh through Hanoi to Lao Cai province, which borders China's Yunan province, the ministry said in a statement released late on Tuesday.

Persons: Pham Minh Chinh, Xi Jinping, Lao Cai Organizations: Vietnam's, Government, Ministry of Planning, Investment Locations: Hanoi, Vietnam, China, Vietnam's, Haiphong, Quang Ninh, Lao, China's Yunan, Lang Son, China's Guangxi

☆ Vietnam is planning high-speed rail connections with China
▼ + stars: | 2024-04-10 | by ( ) edition.cnn.com time to read: +2 min

Vietnam aims to start building two high-speed railway lines linking its capital Hanoi with China before 2030, the Ministry of Planning and Investment said, another sign of a recent warming of ties between the two Communist-ruled neighbors. The two countries are already connected via a system of highways and two railway lines that are old and need upgrading on the Vietnam side. Earlier this month, Vietnam said it was seeking to learn from China to develop its first high-speed railway network and had sent its officials to work with Chinese railway companies. A massive high-speed railway line linking capital Hanoi with business hub Ho Chi Minh City is also being planned in the country. Trade between Vietnam and China in the first quarter of this year rose 22% from a year earlier to $43.6 billion, according to Vietnamese government data.

Persons: Lao Cai, Vuong Dinh Hue, Xi Jinping Organizations: Ministry of Planning, Investment, National Locations: Vietnam, Hanoi, China, Vietnam’s, Haiphong, Quang Ninh, Lao, China’s Yunnan, Lang Son, China’s Guangxi, Chi Minh City, Beijing, South China

☆ Vietnam's digitalization efforts fuel startup scene
▼ + stars: | 2023-07-12 | by ( Nyshka Chandran | ) www.cnbc.com time to read: +2 min

Vietnam's tech startups are reaping the benefits as the country sets its sights on becoming a fully digital society by 2030. In 2021, new startup support centers Hanoi, Da Nang and Ho Chi Minh City were announced. It ranked third in terms of deal count in Southeast Asia, and fourth in deal value last year, the report said. Notably, domestic funds were the top investors in local startups last year, accounting for 45% of total deal value. However, the total value of investment in Vietnamese startups was only $634 million in 2022 — down 56% year-on-year from the record high of $1.4 billion in 2021, the report noted.

Persons: Momo, Sky Mavis Organizations: French IT, World Bank, Ventures, National Innovation Center, Ministry of Planning, Investment Locations: French, Ho Chi Minh City, Silicon, Hanoi, Da, Southeast Asia

☆ Analysis: Chinese suppliers race to Vietnam as COVID let-up opens escape route from Sino-U.S. trade war
▼ + stars: | 2023-03-16 | by ( Francesco Guarascio | Thomson Reuters | Francesco Leads A Team Of Reporters In Vietnam That Covers Top Financial | ) www.reuters.com time to read: +6 min

Adding impetus to the move is the increasing cost of labour in China, expanding U.S. restrictions on high-tech-related trade with China, and tit-for-tat tariffs from a Sino-U.S. trade war that triggered a past wave of Chinese investment in Vietnam. "Enquiries from Chinese firms about manufacturing investment in Vietnam grew exponentially in the last quarter of last year," said Michael Chan, senior director of leasing at industrial real estate specialist BW Industrial Development. "Chinese investment has also increased remarkably," he said. Chinese firms also experience longer times to obtain staff visas and work permits, said Filippo Bortoletti, who heads the Vietnamese unit of investment consultancy Dezan Shira. "Chinese companies move here mostly to serve their clients who moved earlier," said BW Industrial Development's Chan.

SINGAPORE, Feb 24 (Reuters) - U.S streaming giant Netflix Inc (NFLX.O) is making preparations to open an office in Vietnam after years of negotiations with authorities and completing a risk assessment, two sources with knowledge of the matter said. Netflix declined to comment in response to Reuters questions about its plans and its current operations in Vietnam. The office could open as early as late 2023 but will require a lengthy regulatory process that could take longer, according to one of the sources. As Vietnamese officials grow more confident in the country's rising consumer power, however, they have begun ramping up pressure on tech firms to abide by the rules. With the fastest growing middle class in Southeast Asia, Vietnam has become a key market for tech giants.

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