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☆ Vietnam to Hold Arms Fair in December as Its Seeks to Diversify Supplies
▼ + stars: | 2024-01-25 | by ( Jan. | At P.M. | ) www.usnews.com time to read: +1 min

HANOI (Reuters) - Vietnam's defence ministry said on Friday it will organise an international arms fair in December, as it seeks to diversify its arms supplies and expand cooperation in arms production and exports. Vietnam held its first international arms fair in December 2022, which attracted 174 exhibitors from 30 countries, including all large arms-making nations except China. The ministry on Friday said "several deals were reached" at that arms fair, without giving further details. The Southeast Asian country has an annual military expenditure of above 2% of its gross domestic product, according to the ministry. Vietnam is producing among other weapons small weapons, ammunitions, drones and armoured vehicles.

Persons: Khanh Vu, Francesco Guarascio, Michael Perry Locations: HANOI, Gia Lam, Hanoi, China, Vietnam

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

☆ China, Vietnam Consider Rail Link Through Rare Earths Heartland
▼ + stars: | 2023-11-30 | by ( Nov. | At P.M. | ) www.usnews.com time to read: +3 min

By Francesco Guarascio and Khanh VuHANOI (Reuters) - China and Vietnam are working on a possible significant upgrade of their underdeveloped rail links to boost a line that crosses Vietnam's rare earths heartland and reaches the country's top port in the north, senior officials and diplomats said. 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.

Persons: Francesco Guarascio, Khanh Vu, Xi Jinping, Vietnam's, Wang Yi, Tran, Pham Minh Chinh, Wang Wentao, Phuong Nguyen, Stephen Coates Organizations: Vietnam's, China's Commerce, Initiative Locations: Khanh, Khanh Vu HANOI, 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 set to raise effective tax rate on multinationals as part of global deal
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +2 min

HANOI, Nov 27 (Reuters) - Vietnam's parliament is set to approve on Wednesday a top-up tax for multinationals, which will raise the effective rate of the corporate levy to 15% from January in line with a global agreement. But it has eventually added it back to its schedule, with the vote on the tax expected now at the last day of its month-long session. Vietnam's corporate income tax is already set at 20%, but the country has offered for years effective rates as low as 5% and lengthy zero-tax periods to large foreign investors. With the new top-up tax, 122 foreign companies will face a steep increase in their tax costs in Vietnam, according to a document prepared by the Vietnamese government which estimated the additional intake for the state at 14.6 trillion dong ($601.05 million) a year. Reporting by Khanh Vu and Francesco Guarascio; Editing by Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

Persons: Khanh Vu, Francesco Guarascio, Stephen Coates Organizations: Samsung Electronics Co, chipmaker Intel Corp, Organisation for Economic Cooperation, Development, Thomson Locations: HANOI, Vietnam, 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

☆ Vietnam upgrades ties with Japan to highest level
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +2 min

Vietnam's President Vo Van Thuong speaks as he attends the Indo-Pacific Economic Framework (IPEF) Leaders event at the Asia-Pacific Economic Cooperation (APEC) CEO Summit in San Francisco, California, U.S. November 16, 2023. REUTERS/Brittany Hosea-Small/File Photo Acquire Licensing RightsHANOI, Nov 27 (Reuters) - Vietnam and Japan on Monday officially upgraded their relations to a "comprehensive strategic partnership" during a visit by Vietnamese president Vo Van Thuong to Tokyo. Vietnam has designated five other countries as comprehensive strategic partners, including China, India, Russia, South Korea and the United States. Japan is Vietnam's third-largest source of foreign investment and its fourth-largest trading partner, with bilateral trade reaching $50 billion last year. Vietnam and Japan, both embroiled in separate maritime disputes with China, in 2020 reached a $348 million Japanese loan agreement for Vietnam to build six patrol vessels.

Persons: Vo Van Thuong, Brittany Hosea, Vo Van, Thuong, Khanh Vu, Ed Osmond Organizations: Economic, Economic Cooperation, REUTERS, Rights, Monday, Japan, Honda, Panasonic, Bridgestone, Thomson Locations: Asia, San Francisco , California, U.S, Rights HANOI, Vietnam, Japan, Tokyo, China, United States, India, Russia, South Korea

☆ Vietnam to Extend Anti-Graft Drive as Police Reveal Real Estate Fraud Worth 3% of GDP
▼ + stars: | 2023-11-23 | by ( Nov. | At A.M. | ) www.usnews.com time to read: +3 min

By Khanh Vu and Francesco GuarascioHANOI (Reuters) - Vietnam's top leader vowed to extend "for the long-term" an anti-corruption campaign that has had a chilling effect on the economy, after police revealed financial scandals in the real estate sector worth more than 3% of gross domestic product. Trong's remarks came after the police announced the outcome of months-long investigations into two financial scandals, revealing for the first time the scale of the fraud, worth a combined $12.8 billion, or 3.2% of the economy. The case had been widely publicised when My Lan was arrested in October last year and led to a crisis in the real estate sector and the market for corporate bonds, which she has been accused of issuing illegally in large amounts. The huge scale of the fraud had not been known until this week and has raised concern among financial experts about the impact on the banking sector. In September, the Asian Development Bank warned of potential spillover into banking from the crisis in the real estate sector as the ratio of non-performing loans increased.

Persons: Khanh Vu, Francesco Guarascio HANOI, Nguyen Phu Trong, Trong's, Truong My Lan, Van Thinh, Lan, Morgan, Moody's, Tan, Francesco Guarascio, Robert Birsel Organizations: Communist Party's, Van Thinh Phat Holdings Group, Stock Commercial Bank, Morgan Research, Asian Development Bank, Group Locations: Communist, Saigon, China

☆ Vietnam ramps up South China Sea island expansion, researchers say
▼ + stars: | 2023-11-17 | by ( ) www.reuters.com time to read: +2 min

A Vietnamese naval soldier stands quard at Thuyen Chai island in the Spratly archipelago in the South China Sea on January 17, 2013. China, Vietnam, the Philippines, Malaysia, Brunei and Taiwan all claim territory in the sea, which covers important shipping routes and is thought to hold untapped oil and gas reserves. China claims sovereignty over vast swathes of the South China Sea, including the areas where Vietnam has been building up islands. China, Brunei, Malaysia, the Philippines, Taiwan and Vietnam have lodged competing claims for some or all of the Spratly Islands. In August, the Philippines, Malaysia, Taiwan and Vietnam rejected a map released by China that denotes its claims to sovereignty including in the South China Sea.

Persons: Thuyen, Khanh Vu, Robert Birsel Organizations: Washington's Center, Strategic, International Studies, Vietnam's Ministry of Foreign Affairs, CSIS's, Transparency, Thomson Locations: Thuyen Chai, Spratly, South, China, Vietnam, Philippines, Malaysia, Brunei, Taiwan, HANOI, South China, U.S, Spratly Islands, CSIS's Asia

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

☆ Indonesia, Vietnam energy transition financing under G7-funded plans
▼ + stars: | 2023-11-01 | by ( ) www.reuters.com time to read: +5 min

South Africa was the first country to reach a deal under the JETP, securing a $8.5 billion financing pledge in 2021. Indonesia secured a pledge of $20 billion and Vietnam $15.5 billion in deals struck in late 2022. Without the plan, Indonesia's greenhouse gas emissions are expected to reach more than 350 million tons in 2030. How would the JETP financing be arranged? G7 donors as well as Norway and Denmark have pledged a total $10 billion public financing for Indonesia while the remaining $10 billion will come from public financing.

Persons: they'll, Quoc Khanh, Fransiska Nangoy, Khanh Vu, Francesco Guarascio, Robert Birsel Organizations: REUTERS, Rights, Climate, Asian Development Bank, Natural Resources, Reuters, European Union, Thomson Locations: Hanoi, Rights JAKARTA, HANOI, Indonesia, Vietnam, Africa, Senegal, INDONESIA Indonesia, Norway, Denmark, VIETNAM, EU

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 rare earths arrests include key figure in bid to build industry
▼ + stars: | 2023-10-20 | by ( ) www.reuters.com time to read: +2 min

[1/2] Luu Anh Tuan, Chairman of mining company VTRE in his Hanoi office with samples of rare earth oxides in Hanoi, Vietnam September 7, 2023. REUTERS/Francesco Guarascio/File Photo Acquire Licensing RightsHANOI, Oct 20 (Reuters) - Police in Vietnam have arrested six people accused of violating mining regulations, including the chairman of a company at the heart of efforts to develop Vietnam's rare earth industry, seizing 13,715 tons of rare earths ores. VTRE has partnered with Australian mining companies Australian Strategic Materials (ASM) (ASM.AX) and Blackstone Minerals LTD (BSX.AX), which were not involved in the investigation. ASM signed a binding agreement in April with VTRE for the purchase of 100 tons of processed rare earths this year, and committed to negotiating a longer-term supply deal. Vietnam is planning to organise auctions for concessions at its largely unexploited rare earths mines, which are considered to contain the world's second biggest deposits of the critical minerals used in electric cars and wind turbines.

Persons: Anh Tuan, Francesco Guarascio, Yen Bai, VTRE, Blackstone, Dong Pao, Tuan, Doan Van Huan, Khanh Vu, Edmund Klamann, Martin Petty Organizations: REUTERS, Rights, Police, Earth JSC, Duong Group, Ministry of Public Security, Strategic Materials, Blackstone Minerals LTD, Blackstone, ASM, Australian, Thai Duong Group, Thomson Locations: Hanoi, Vietnam, Rights HANOI, Vietnamese, Yen, Lai Chau, Yen Bai

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

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

These include power plants built by industrial firms such as nickel smelters for their own consumption. Under JETP, Indonesia is committed to cap and peak power sector's carbon emissions at 290 million metric tons by 2030. How does Indonesia plan to deploy JETP funds? Indonesia also wants JETP to finance the early retirement of some of its coal power plants, however some banks are reluctant to finance these early retirement for fear of being seen as financing coal projects. Indonesia is also considering expanding the green label to loans for coal power plants used by industries that make products considered sustainable, such as batteries for electric vehicles (EV).

Persons: JETP, Quoc Khanh, Tran Hong Ha, Fransiska Nangoy, Khanh Vu, Florence Tan Organizations: Association of Southeast Asian Nations, Natural Resources, Deputy, EV, Marine Spatial, Thomson Locations: JAKARTA, HANOI, Indonesia, South Africa, Vietnam, INDONESIA Indonesia, JETP, VIETNAM

☆ Vietnam PM courts U.S. companies, seeks investment in chip sector
▼ + stars: | 2023-09-19 | by ( ) www.reuters.com time to read: +2 min

[1/2] Semiconductor chips are seen on a printed circuit board in this illustration picture taken February 17, 2023. Chinh pledged to facilitate future investments by Nvidia and Synopsys in Vietnam, the statement said. The statement quoted Nvidia CEO Jensen Huang as telling Chinh that "Nvidia wants to cooperate with Vietnam in semiconductor, information technology and artificial intelligence." Synopsys, which has plans to build chip design centres in Vietnam, on Monday signed memorandums of understanding with Vietnam's information ministry and with the investment ministry. Nvidia, a top supplier of servers to Vietnam, and Synopsys did not immediately respond to Reuters requests for comment.

Persons: Florence Lo, Pham Minh Chinh, Joe Biden, Chinh, Jensen Huang, Synopsys, Amkor, Khanh Vu, Edwina Gibbs Organizations: REUTERS, Rights, Nvidia, U.S, Synopsys, Monday, Intel, United Nations General Assembly, Thomson Locations: Rights HANOI, Vietnam, San Francisco, United States, Hanoi, Chinh, U.S, Brazil

☆ VietJet to take delivery of up to 12 Boeing 737 MAX jets next year
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: 1 min

An aircraft of the national flag carrier Vietnam Airlines taxis behind a Vietjet aircraft at Noi Bai airport in Hanoi, Vietnam December 23, 2020. REUTERS/Kham/File Photo Acquire Licensing RightsHANOI, Sept 12 (Reuters) - Vietnam's VietJet said on Tuesday it will take delivery of up to 12 737 MAX jets next year, out of 200 planes it has ordered with Boeing. The first batch of the jets will be delivered to its unit in Thailand, Thai VietJet, the company said in a statement, following a meeting between its chairwoman Nguyen Thi Phuong Thao and Boeing Global President Brendan Nelson in Hanoi. On Monday, VietJet signed a memorandum of understanding with Carlyle Aviation Partners for pre-delivery payment financing facility worth up to $550 million to fund its 737 MAX aircraft purchases, it said. Reporting by Khanh VuOur Standards: The Thomson Reuters Trust Principles.

Persons: Vietnam's VietJet, Nguyen Thi Phuong Thao, Brendan Nelson, VietJet, Khanh Vu Organizations: Vietnam Airlines, REUTERS, Rights, MAX, Boeing, Boeing Global, Carlyle Aviation Partners, Thomson Locations: Noi Bai, Hanoi, Vietnam, Rights HANOI, Thailand, Thai

☆ US Says Hanoi Ties Upgrade Is Not a 'Cold War' Move Against China
▼ + stars: | 2023-09-12 | by ( Sept. | At P.M. | ) www.usnews.com time to read: +2 min

HANOI (Reuters) - The United States' move to upgrade relation with Hanoi is not a Cold War move against China, a U.S. National Security Council official said on Wednesday. Vietnam and the United States on Sunday upgraded their relationship to the highest diplomatic status during a visit to Hanoi by U.S. President Joe Biden. On Monday, Chinese foreign ministry spokesperson Mao Ning called on the U.S. to "abandon hegemony and Cold War thinking," in her response to the Vietnam-U.S. relation upgrade. "We demand that the United States, when dealing with relations with Asian countries, must respect the common aspiration of regional countries for stability, cooperation, and development, abide by the basic norms of international relations," Ning said. Vietnam and China have for years been embroiled in a dispute over the potentially energy-rich stretch of water, called the East Sea by Vietnam.

Persons: Mira Rapp, Hooper, Joe Biden, Mao Ning, Ning, Rapp, Khanh Vu, Francesco Guarascio, Lincoln Organizations: United, U.S . National Security, National Security, Sunday Locations: HANOI, United States, Hanoi, China, U.S, Vietnam, Sea

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

☆ US, Vietnam to Elevate Ties During Biden Visit, With Eye on China
▼ + stars: | 2023-09-09 | by ( Sept. | At P.M. | ) www.usnews.com time to read: +3 min

Persons: Nandita Bose, Francesco Guarascio, Joe Biden, Biden, Nguyen Phu Trong, Antony Blinken, Jake Sullivan, Khanh Vu, Heather Timmons, Chizu Organizations: Francesco Guarascio NEW, Sunday, Communist Party General, Party, U.S ., Google, Intel, Marvell, GlobalFoundries, Boeing, U.S, Communist Locations: Francesco Guarascio NEW DELHI, HANOI, United, China, Asia, Vietnam, South China, Russia, India, 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

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