DIRS.INFO The most relevant business & tech news

☆ Tycoon’s death penalty in $12.5 billion fraud case highlights Vietnam’s corruption crisis
▼ + stars: | 2024-04-12 | by ( Heather Chen | ) edition.cnn.com time to read: +12 min

The scale of the fraud was said to be equivalent to roughly 3% of Vietnam’s economy. Though widely considered ceremonial, the presidency is one of the top three positions in Vietnam’s political hierarchy after the CPV’s Secretary General, currently Nguyen Phu Trong. In fact, the International Monetary Fund expects Vietnam’s economy to grow by 5.8% this year, compared to 4.6% for China. Their fate remains unclear, given the highly secretive nature of Vietnam’s political system. But Vietnamese political experts said a permanent appointment would not end the instability.

Persons: Truong My Lan, Van Thinh, siphoned, “, Eric Chu, Vietnam’s, Vo Van, Trong, Thuong, Vo Van Thuong, Richard A, Brooks, Nguyen Xuan Phuc, Pham Binh, Le Hong Hiep, Yusof, ” Hiep, ”, Thu, General Trong, Xi Jinping, ” Zachary Abuza, Salt Bae, Lam, ” Abuza, Nguyen Phu Trong, Evelyn Hockstein, Abuza, Bui Thanh Soh, ” Soh, Vo, Xuan, Thuong’s, Le Hong Organizations: CNN, Van Thinh Phat Holdings Group, Stock Commercial Bank, Reuters, SCB, Express, Communist Party, Institute, Crisis Group, National War College, Vietnamese Communist Party, Public Security, Vietnam, International Monetary Fund, Companies, Apple, Intel, Vietnam's Communist Party General, Yusof, Brookings Institution, “, Crisis Locations: Vietnam, Saigon, People’s, Ho Chi Minh City, Hong Kong, Duc, Singapore, Asia, China, Washington, “, London, Turkish, Hanoi, Bangkok

☆ Southeast Asia's smartphone market is booming so far this year as China remains sluggish, research says
▼ + stars: | 2024-03-08 | by ( Dylan Butts | ) www.cnbc.com time to read: +2 min

Smartphone shipments in Southeast Asia continued a resurgence at the start of 2024, contrasting to a lull in other regions, as the promising market for mobile makers continues to attract more brands and investment. The top five markets in the region saw 7.26 million smartphone units shipped, marking a significant 20% increase from the same period last year, according to research from technology market analyst firm Canalys published Wednesday. The results continue a market rebound that began in the fourth quarter of 2023 when Southeast Asia phone shipments increased year-over-year for the first quarter in almost two years amid a broader post-pandemic industry recovery. "To capitalize on this market resurgence, smartphone manufacturers, which adopted conservative strategies in the last six months, are now deploying aggressive tactics to gain market dominance," he said in the release, noting trends such as affordable 5G, AI integration, ecosystem development, and channel optimization. Xiaomi, the second largest phone brand by shipments in January for that region, saw year-on-year growth of 128%, while Transsion, a relative newcomer to the market, saw growth of 190%.

Persons: Canalys, Le Xuan Organizations: Samsung Locations: Surakarta, Indonesia, Southeast Asia, Asia

☆ Chinese zodiac fortune predictions for 2024
▼ + stars: | 2024-02-09 | by ( Maggie Hiufu Wong | ) edition.cnn.com time to read: +19 min

Natalie Leung/CNN, Adobe StockMonkeys are going to have a relatively stable year. Natalie Leung/CNN, Adobe Stock“This year, you may have to work a bit harder and work longer hours than usual. Natalie Leung/CNN, Adobe Stock“It isn’t the worst year but there are going to be some challenges. Natalie Leung/CNN, Adobe Stock“According to ancient Chinese philosophy, Tigers and Dragons have a complicated relationship. Natalie Leung/CNN, Adobe StockAll you Rabbits can give yourself a pat on the back.

Persons: Hong Kong CNN —, There’s, ”, Chen, “, Thierry Chow, CNN Chow, floristry, “ It’s, Chow, Xuan, Duke, Jupiter, Stringer, VCG, Zhang Yu, Ulet Ifansasti, Johanes, NurPhoto, Zhang Cheng, Wu Wenjun, Axel Miranda, Tai Sui –, Tai Sui, Natalie Leung, Ben Ming Nian, “ Let’s, Ben Ming, “ You’ll, Ma Xing, –, it’s, It’s, there’s, ” Chow, Xing Tai Sui Organizations: Hong Kong CNN, CNN, Shui, China News Service, Spring, Reuters Workers, Adobe, Adobe Stock, Adobe Stock People, ”, Roosters, Tiger Tigers, Dragons, Tigers Locations: Hong Kong, Asia, Xuan Kong, Xi'an, Shaanxi Province, China, Beijing, Solo City, Indonesia, Dharmayana, Bali , Indonesia, Guangzhou, China's, Guangdong Province, Barcelona, Spain, Nanchang, Jiangxi Province

☆ Extreme Weather May Be Displacing Animals, Too, a New Study Suggests
▼ + stars: | 2023-11-07 | by ( Asher Elbein | ) www.nytimes.com time to read: +1 min

A new analysis published this week suggests that extreme weather linked to climate change might be much harder on native species than on nonnative ones. As the planet warms, extreme weather events — heat waves, cold snaps, droughts and floods — are becoming more common and destructive. The new paper, published on Monday in the journal Nature Ecology & Evolution by a team from the Chinese Academy of Sciences, suggests that these sudden, violent changes in conditions could be helping to fundamentally reshape ecosystems. In a statement, the team said that research on the impacts of extreme weather on ecosystems, while still in its early stages, was “critically important” to our ability to understand the effects of global warming on biodiversity. The researchers, led by Xuan Liu, an ecologist at the Academy of Sciences, analyzed 443 studies that examined the responses of 1,852 native and 187 nonnative species — from land, freshwater and marine habitats — to extreme weather.

Persons: Xuan Liu Organizations: Chinese Academy of Sciences, Academy of Sciences

☆ 'Relentless pursuit of eyeballs': Analysts name China internet stocks to buy, give 2 over 50% upside
▼ + stars: | 2023-09-21 | by ( Amala Balakrishner | ) www.cnbc.com time to read: +3 min

Several stocks are set to benefit from the "relentless pursuit of eyeballs" in the Chinese internet sector, according to analysts at asset management firm AllianceBernstein. Mini programs are apps within WeChat and have functions in areas such as e-commerce, task management, coupons, and so on. Tech giant Alibaba was given a price target of $100, representing a 14.9% upside from its Sept. 18 close. Kuaishou and Bilibili were given target prices of HK$70 and $16, representing 10.9% and 17.0% upside, respectively. Outlook The analysts said the expansion of channels for spending could lead to accelerating growth in e-commerce penetration, though the extent of upside is "debatable."

Persons: Robin Zhu, Ronald Ma, Xuan Ji, Xiaohongshu, AllianceBernstein, PDD, JD, — CNBC's Michael Bloom Organizations: Douyin, JD, Hong Kong, HK, Tech Locations: China, Pinduoduo

☆ China urges deeper trade ties with Russia despite Western rebuke
▼ + stars: | 2023-09-19 | by ( ) www.reuters.com time to read: +3 min

Chinese President Xi Jinping and Russian President Vladimir Putin attend a presentation of a Haval F7 SUV produced at the Haval car plant located in Russian Tula region, at the Kremlin in Moscow, Russia, June 5, 2019. It insists the ties do not flout international norms, and China has the prerogative to collaborate with whichever country it chooses. The Russian Far East bordering China as well as North Korea has gained new strategic significance as a zone of cross-border trade and commerce. Chinese state media also says there is a growing "necessity" for China and Russia to step up their grain trading amid continued tight global supplies. The construction of a grain corridor linking Russia to Heilongjiang, China's northeastern bread basket, will help bolster China's food security.

Persons: Xi Jinping, Vladimir Putin, Maxim Shipenkov, Wang Yi, Vladimir Putin's, Wang Wentao, Tongjiang, Ryan Woo, Alex Richardson, Timothy Gardner, Michael Perry Organizations: Kremlin, Reuters, Rights, West, Commerce, Chemical Co, Yuan Industrial, Thomson Locations: Russian Tula, Moscow, Russia, Rights BEIJING, China, Ukraine, Russian, Beijing, China's, North Korea, United, Yuan, Nizhneleninskoye, Europe, Japan, Heilongjiang

A fire broke out at a nine-story apartment tower in Hanoi, Vietnam, on Tuesday night, resulting in more than 50 casualties, the country’s state-run news media said. The Hanoi police announced the figure, which includes dead and injured, hours after the blaze in the capital’s Thanh Xuan district, the Dan Tri newspaper reported on Wednesday morning. The exact death toll was not immediately clear, but Dan Tri reported that many of the 54 people who had been hospitalized after the fire had died. Officials said the cause of the blaze was under investigation. The building has 45 households, and many residents were there when the fire started around 11:30 p.m., the official Vietnam News Agency reported.

Persons: Dan, Dan Tri Organizations: Hanoi police, Dan Tri, Vietnam News Agency Locations: Hanoi, Vietnam, Thanh Xuan

☆ These 8 daily habits could add up to 24 years to your life, new study says: 'Even adding only one' may lead to 4 extra years
▼ + stars: | 2023-08-03 | by ( Renée Onque | ) www.cnbc.com time to read: +1 min

It's clear now more than ever that living longer is heavily influenced by lifestyle choices like diet and exercise, but a recent unpublished study found that certain habits can add more than 20 additional years to your life. The research, presented last month at the American Society for Nutrition's annual meeting, found that practicing eight healthy habits at age 40 was associated with an additional 24 years of life for men. Women saw similar benefits from incorporating the practices in their lives at age 40, with 21 extra years added to their lives. "We were really surprised by just how much could be gained with the adoption of one, two, three, or all eight lifestyle factors," said Xuan-Mai Nguyen, lead study author and health science specialist at the Department of Veterans Affairs, in a press release. "The earlier the better, but even if you only make a small change in your 40s, 50s, or 60s, it still is beneficial."

Persons: Xuan, Mai Nguyen Organizations: American Society, Department of Veterans Affairs

☆ Read Your Way Through Hanoi
▼ + stars: | 2023-08-02 | by ( Nguyễn Phan Quế Mai | ) www.nytimes.com time to read: +1 min

Read Your Way Around the World is a series exploring the globe through books. Hanoi has always been a city of tales and legends. Cradled by the silky Red River, Hanoi is also a city of loss and survival: It was destroyed time and time again during the French Indochina War, then the Vietnam War, when thousands of tons of bombs were dropped onto the city. But once in Hanoi, you will feel the energy of a city that constantly renews itself. If you prefer to get to know Hanoi via fiction, “Dumb Luck,” by Vu Trong Phung — a sarcastic novel set in Hanoi during the colonial period — is considered a classic of Vietnamese literature.

Persons: ”, Emperor Ly Thai, Luke Nguyen, banh, Huong, Ho Xuan Huong, Nguyen Quang Thieu, Vu Trong Locations: Hanoi, Indochina, Vietnam

☆ Samsung launches two new folding smartphones to fend off competition from rivals
▼ + stars: | 2023-07-26 | by ( Ryan Browne | ) www.cnbc.com time to read: +8 min

The Samsung Galaxy Fold 5 and Galaxy Z Flip 5. Galaxy Z Flip 5The star of the show in Samsung's new folding phone portfolio is its new Galaxy Z Flip 5. The Samsung Galaxy Z Flip 5's standout feature is a much larger cover display. Galaxy Fold 5The Samsung Galaxy Fold 5. Galaxy Tab S9(From left) The Samsung Galaxy Z Flip 5, Galaxy Fold 5, Galaxy Watch 6, and Galaxy Tab S9.

Persons: Ryan Browne, phonemakers, Oppo, who've, Ben Wood, It's, Paolo Pescatore, Le Xuan Chiew, There's Organizations: Samsung, CNBC Samsung, Wednesday, CNBC, CNBC Foldables, Huawei, Motorola, Lenovo, IDC, CCS Insight, Google, Android, PP Foresight, Apple, Global, Galaxy, Windows Locations: Korean, foldables

☆ These 8 habits could add up to 24 years to your life, study says
▼ + stars: | 2023-07-24 | by ( Sandee Lamotte | ) edition.cnn.com time to read: +9 min

Just add eight healthy lifestyle choices to your life at age 40 and that could happen, according to a new unpublished study analyzing data on US veterans. No problem, you could prolong your life by up to 21 years, the study found. Adding just one healthy behavior to a man’s life at age 40 provided an additional 4.5 years of life, Nguyen said. Adding a second led to seven more years, while adopting three habits prolonged life for men by 8.6 years. 5: Eating a plant-based diet would raise your chances of living a longer life by 21%, the study found.

Persons: You’ll, “, Xuan, Mai Nguyen, ”, don’t, ” Nguyen, Nguyen, Walter Willett, it’s, —, that’s Organizations: CNN, Million, Boston Healthcare, American Society for Nutrition, Million Veteran, SES, Harvard, of Public Health, Harvard Medical School, CNN’s, Department of Health, Human Services Locations: Chan

☆ Spain’s far-right Vox party is targeting women’s rights. It may end up kingmaker in Sunday’s election
▼ + stars: | 2023-07-21 | by ( Jack Guy | ) edition.cnn.com time to read: +9 min

Teaming up with Vox, which is projected to receive 36 seats, would give a right-wing coalition a slim working majority. Meanwhile, more than 1,200 Spanish women have been killed by current or former partners since 2003, according to data from the equality ministry. “As progress has been faster, the opposition to gender equality policies has also been more intense and animated,” she said. If the party were to come into government it could severely impact the lives of Spanish women, said Nuño. In local administrations where it has gained influence, Vox has been able to end equality initiatives and censure cultural events, she said.

Persons: CNN —, Spain’s, Pedro Sanchez, Paul Hanna, Vox, Francisco Franco, Paloma Román Marugan, Xuan Cueto, Santiago Abascal, ”, “, ” Vox, Alberto Núñez Feijóo, Oscar del Pozo, Laura Nuño Gómez, King, King Juan Carlos, Franco, “ Vox, Jon Nazca, Clara Campoamor Organizations: CNN, Vox, Reuters, Popular Party, Spanish, Bloomberg, Getty, Socialist, PSOE, PP, Deputies, Complutense University of Madrid, Europa Press, Guardia Civil, King Juan, King Juan Carlos University, European Economic, European Union Locations: Europe, Spain, Madrid, Catalonia, Gijon, AFP, Ronda

☆ For Apple, emerging markets like Vietnam, India and Indonesia are 'a golden opportunity' right now
▼ + stars: | 2023-05-19 | by ( Michelle Toh | ) edition.cnn.com time to read: +6 min

Hong Kong CNN —Apple launched an online store in Vietnam this week, in another nod to the growing importance of emerging markets for the iPhone maker. Markets like Vietnam, India and Indonesia are becoming more important for Apple as its growth in developed markets, including China, slows down, prompting the company to focus on places where it’s traditionally been less active. “Clearly, growth has slowed globally and thus put more pressure [on Apple] to aggressively go after emerging markets,” said Daniel Ives, managing director of Wedbush Securities. This has “been the core part of its success in China that now can be replicated in India, Indonesia, and Vietnam, among others,” said Ives. And while consumers are becoming more affluent, the company’s price points are still considered high in many emerging markets, noted Ives.

☆ Man charged in baseball bat attack on two U.S. congressional staffers
▼ + stars: | 2023-05-17 | by ( Dan Whitcomb | ) www.reuters.com time to read: +1 min

Xuan-Kha Tran Pham, 49, was taken into custody by Fairfax police following the attack in the offices of Representative Gerry Connolly on Monday. Attorneys Office in eastern Virginia, which filed the charges, have not said what they believe motivated the attack but said in a written statement that the suspect was demanding to speak to Connolly. Connolly, a Democrat from Northern Virginia, said on Twitter that the two staff members had been released from hospital. Prosecutors say Pham entered Connolly's office in Fairfax carrying the baseball bat, then struck a female in the head and hit an intern in the ribs. He then returned to the first victim, striking her a total of eight times, according to prosecutors.

☆ China to boost regulatory oversight of digital economy -c.bank deputy governor
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +2 min

BOAO, China, March 31 (Reuters) - China will beef up its regulatory oversight of the digital economy, as new technologies, especially new forms of finance, should not be blindly accepted and recognised, a deputy governor of China's central bank said on Friday. Digital currencies and newly invented cryptocurrencies, rather than solving problems in finance, can in fact create new challenges, Xuan Changneng, a deputy governor of the People's Bank of China, said at the annual Boao Forum in Hainan province. He did not spell out steps that will be taken to boost oversight. China itself has launched its own digital renminbi, or yuan, but it is little used. The National Financial Regulatory Administration will absorb the China Banking and Insurance Regulatory Commission's responsibilities and take over some supervisory functions from the central bank and the securities regulator.

☆ China keeps lending benchmarks unchanged in March, as expected
▼ + stars: | 2023-03-20 | by ( Reuters Staff | ) www.reuters.com time to read: +3 min

SHANGHAI (Reuters) - China kept its benchmark lending rates unchanged for the seventh straight month in March, as expected, with the economy already benefiting from policy actions taken last week as it recovers from the pandemic. On Monday, the one-year loan prime rate (LPR) was kept at 3.65%, while the five-year LPR was unchanged at 4.30%. (Graphic: China lending rates unchanged in March here)In a Reuters poll conducted last week, all 22 participants predicted no change to either loan prime rate. “The central bank’s RRR cut was more of an emergency response to prevent overseas banking crisis from spilling over to China,” Xing said. An RRR cut nonetheless also promotes economic growth, so economists thought that last week’s made an LPR cut less likely.

☆ China's c.bank warns SVB failure shows impact of rapid global rate hikes- state media
▼ + stars: | 2023-03-18 | by ( ) www.reuters.com time to read: +1 min

March 18 (Reuters) - A senior official at the People's Bank of China said on Saturday the collapse of Silicon Valley Bank (SVB) showed how rapid monetary policy shifts were having spillover effects, state-owned newspaper Shanghai Securities News reported. Silicon Valley Bank's balance sheet characteristics made it more sensitive to interest rates changes and ultimately led to risk, the newspaper cited him as saying. "Based on the current situation, there is still uncertainty about whether inflation in the major developed economies will fall significantly in the short term, and continuing to maintain relatively high interest rates may also have an adverse impact on the steady operations of the banking and financial system," he said. SVB Financial Group (SIVB.O) on Friday sought protection under Chapter 11 of the U.S. bankruptcy code, days after its former unit Silicon Valley Bank was taken over by U.S. regulators. Reporting by Juby Babu in Bengaluru and Brenda Goh in Shanghai; Editing by William Mallard and Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

Now overseas demand is slumping amidst a local credit crunch and a corruption crackdown. A trade agreement and warmer relations with Washington spared its manufacturers from tariffs and sanctions applied to its northern neighbour. Now overseas demand is stuttering. Vietnam's exports of goods and services have been slowingFollow @KatrinaHamlin on TwitterCONTEXT NEWSVietnam's economy grew 8.02% in 2022, the fastest annual pace since 1997, according to data released by the country’s General Statistics Office on Dec. 29. Vietnamese exports were flat in February and fell 23.4% in January compared to a year earlier, according to Refinitiv data released on March 9.

☆ Vietnam parliament elects Vo Van Thuong as new state president
▼ + stars: | 2023-03-02 | by ( ) www.reuters.com time to read: +1 min

HANOI, March 2 (Reuters) - Vietnam's National Assembly on Thursday elected Vo Van Thuong as the country's new president, in a reshuffle of the country's top leadership amid a sweeping anti-graft campaign. In his first speech to the parliament as new president, Thuong said he will "resolutely" continue the fight against corruption. "I will be absolutely loyal to the fatherland, the people and the constitution, striving to fulfill the tasks assigned by the party, the state and the people," Thuong said in a statement that was broadcast on Vietnam's state television. Thuong was elected with 98.38% of the votes, according to the parliament's online portal. Reporting by Francesco Guarascio @fraguarascio, Khanh Vu and Phuong Nguyen, Editing by Ed Davies, Kanupriya KapoorOur Standards: The Thomson Reuters Trust Principles.

☆ Vietnam Communist Party nominates Vo Van Thuong as new president - sources
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +2 min

HANOI, March 1 (Reuters) - Vietnam's Communist Party has nominated Vo Van Thuong as the country's new president, two party sources said on Wednesday, following the sudden forced resignation in January of his predecessor as part of a sweeping anti-corruption campaign. Thuong, 52, is the youngest member of the party's Politburo, the country's top decision-making body, and is widely regarded as being close to General Secretary Nguyen Phu Trong, Vietnam's most powerful figure. Both the government and Communist Party said on Wednesday the party's Central Committee had agreed on a nomination for president, without naming the candidate. The president in Vietnam holds a largely ceremonial role, but is among the top four political figures in the country, together with the party's general secretary, the prime minister and the head of the national assembly. Speaking at a party meeting last month, Thuong said: "The people's lawful and legitimate interests must be the important starting point of all the Party's guidelines and policies".

☆ President of Vietnam resigns after being blamed for officials’ wrongdoing
▼ + stars: | 2023-01-17 | by ( ) www.nbcnews.com time to read: +1 min

HANOI, Vietnam — Vietnamese President Nguyen Xuan Phuc has submitted his resignation after the ruling Communist Party found him responsible for violations and wrongdoing of numerous officials under him, the country’s official news agency said on Tuesday. Phuc, 68, a former prime minister, has held the largely ceremonial position for less than two years. There was widespread speculation about Phuc’s resignation following January’s dismissals of two deputy prime ministers, who were working under him when he led the government. To become effective, Phuc’s resignation requires approval from the National Assembly. Vietnam has no paramount ruler and is officially led by four “pillars”: the powerful party’s secretary, the president, the prime minister and the chair of the parliament.

Summary Phuc blamed for conduct of officials under himPresident highest-profile casualty of graft crackdownPhuc's replacement unclearHundreds of officials hit by 'blazing furnace' campaignHANOI, Jan 17 (Reuters) - Vietnam President Nguyen Xuan Phuc has resigned after the ruling Communist Party blamed him for "violations and wrongdoing" by officials under his control while prime minister, the government said on Tuesday. Phuc, 68, who was premier from 2016-2021, has held the largely ceremonial position of president for less than two years and is the highest-ranking official targeted by the party's sweeping corruption crackdown. Vietnam has no paramount ruler and is officially led by four "pillars": the powerful party's secretary, the president, the prime minister and the chair of the legislature. Phuc was chosen in April 2021 to be president, and was widely tipped to succeed the party's General Secretary, the state's most prestigious job. "As prime minister for the 2016-2021 term, he has made great efforts in leading, directing and administering the COVID-19 epidemic prevention and control, achieving important results," it said.

Issuance of bonds tied to environmental, social and governance (ESG) themes grossed $142 billion in Asia Pacific last year, barely below the record $144 billion of 2021, according to data from Refinitiv. Major EM ESG issuance Asia, Europe and USParticipants say the 2022 issuance in Asia was fuelled on the supply side by the gargantuan task of greening Asia's energy grid and by low yuan interest rates in top issuer China, where investment from domestic institutions supported prices. Chinese entities issued 59.3% of the ESG bonds in the Asia-Pacific region in 2022, with total proceeds totaling $84 billion, up about 6% from $80 billion in 2021. "Domestic capital markets in Asia have been developing over many years, and are quite deep today," he said. Major EM ESG issuance Major EM ESG issuanceGlobally, ESG issuance fell last year as debt markets became turbulent, while investors pulled cash from funds devoted to sustainable investment for the first time in more than a decade as soaring prices for fossil fuel stocks, which they exclude, hurt their relative performance.

☆ Investor sentiment is worse than it was at the depths of the Great Financial Crisis in 2008 - but that suggests a stock market bottom is near, Fundstrat says
▼ + stars: | 2022-12-29 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

Investor sentiment is worse than it was at the depths of the 2008 Great Financial Crisis, according to Fundstrat. But stock market conditions today are not as bad as they were in 2008, suggesting a bottom is near. Based on a rolling 51-week average of bearish sentiment measured by the AAII Investor Sentiment Survey, sentiment is at its lowest level on record since the survey began in 1987, Fundstrat's Ken Xuan said in a Thursday note. All-in, the overly bearish investor sentiment, combined with inflation showing signs of falling "like a rock," means the stock market is near a bottom if it hasn't already been realized. And that sets the stock market up for a big rally in 2023, which Fundstrat's Tom Lee believes can eclipse more than 20% to his 2023 S&P 500 target of 4,750.

☆ Samsung, LG plan multi-billion-dollar additional investment in Vietnam
▼ + stars: | 2022-12-06 | by ( ) www.reuters.com time to read: +2 min

NO ARCHIVES/File PhotoHANOI, Dec 6 (Reuters) - South Korean electronics giants Samsung (005930.KS) and LG (066570.KS) plan to pour billions of dollars of additional investment into Vietnam, state media reports and the Vietnamese government said on Tuesday. The announcement comes after Samsung cut smartphone production in Vietnam twice this year in response to weaker global demand. Samsung Electronics, the largest single foreign investor in Vietnam, will invest $2 billion more in the Southeast Asian country, raising its total to $20 billion, Vietnamese state media said. The additional investment will further firm up Vietnam as Samsung's key production site, reported Vietnam News Agency, following a meeting on Tuesday in Seoul between Vietnamese President Nguyen Xuan Phuc and the company's chief executive Han Jong-hee. The state media report and the government statement did not provide further details on the investment by the two companies.

Search resuls for: "Xuan"

25 mentions found