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☆ Taiwan's Apple supplier Quanta plans Vietnam factory
▼ + stars: | 2023-04-22 | by ( ) www.reuters.com time to read: 1 min

HANOI, April 22 (Reuters) - Apple supplier Quanta Computer (2382.TW) plans to set up a factory in northern Vietnam, the Vietnamese government said. The company, a MacBook contract manufacturer, on Friday signed an agreement with the authorities of Nam Dinh province, 90 km (56 miles) south of Hanoi, to construct the facility at an industrial park there, the government said in a statement late on Friday. The facility, which would be Quanta's 9th factory globally, would initially cover an area of 22.5 hectares, the statement said, without giving its capacity nor a time frame for the construction. Local media said on Saturday Quanta would invest $120 million in the factory. Reporting by Khanh Vu; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

☆ Vietnam needs $11.5 bln to expand national fuel storage capacity by 2030
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +1 min

HANOI, March 31 (Reuters) - Vietnam would need investment of up to 270 trillion dong ($11.51 billion) to expand its national fuel storage system by 2030, state media reported on Friday, citing a draft plan prepared by the Ministry of Industry and Trade. The investment would raise the country's crude oil and refined fuel storage capacity to 75-80 days of net imports, Dau Tu newspaper reported. The country's current fuel storage capacity stands at 65 days of net imports, state radio broadcaster VOV cited the Minister of Industry and Trade, Nguyen Hong Dien, as saying on Thursday. Most of the investment needed for the plan would come from businesses, Dau Tu reported. ($1 = 23,455 dong)Reporting by Khanh Vu; Editing by Kanupriya KapoorOur Standards: The Thomson Reuters Trust Principles.

☆ Vietnam communist party chief, Biden agree to boost ties in phone call
▼ + stars: | 2023-03-30 | by ( ) www.reuters.com time to read: +2 min

HANOI, March 30 (Reuters) - The chief of Vietnam's ruling Communist Party Nguyen Phu Trong and U.S. President Joe Biden agreed in a telephone call on Wednesday to "promote, develop and deepen" ties, Vietnam's state media reported. The United States is now Vietnam's largest export market and the two former foes are celebrating the 10th anniversary of a "comprehensive partnership" this year. The report said Trong, who is Vietnam's most powerful figure, and Biden repeated invitations to visit each others country. In October, Trong was the first foreign leader to meet Xi Jin Ping in Beijing after he secured a precedent-breaking third term as General Secretary at the Chinese Communist Party. Reporting by Khanh Vu in Hanoi and David Brunnstrom in Washington Editing by Ed Davies and Michael PerryOur Standards: The Thomson Reuters Trust Principles.

☆ Vietnam Q1 GDP growth slows as weak demand hits exports
▼ + stars: | 2023-03-29 | by ( Khanh Vu | ) www.reuters.com time to read: +2 min

HANOI, March 29 (Reuters) - Vietnam's economic growth slowed to 3.32% in the first quarter, against a 5.92% year-on-year expansion in the fourth quarter of 2022, government data showed on Wednesday, as exports of smartphones and electronics fell sharply. The Southeast Asian country, a regional manufacturing hub, reported an 11.9% fall in overall exports in the January-March period from a year earlier due to weakening global demand. Industrial production in the first quarter fell 2.3% from a year earlier, while retail sales of goods and services rose 13.9%, the GSO said. Vietnam is targeting 6.5% growth of gross domestic product this year, below a decade-high expansion of 8.02% last year. "We expect economic activity to remain weak this year given the challenging external demand backdrop and the lagged impact of monetary tightening," Capital Economics said.

☆ Vietnam may resist diplomatic upgrade with Washington as U.S.-China tensions simmer
▼ + stars: | 2023-03-23 | 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

The United States is hoping for an upgrade in the relations this year, ideally to coincide with the 10th anniversary in July of its comprehensive partnership with Vietnam. The United States is a major investor in Vietnam and the largest ever U.S. business mission visited the country this week. Though it is Vietnam's biggest export market, it is currently ranked as a third-tier diplomatic partner for Hanoi. A formal ties upgrade this year "is not considered realistic anymore," said Florian Feyerabend, the representative in Vietnam for Germany's Konrad Adenauer Foundation. Le Hong Hiep, a Senior Fellow at Singapore's ISEAS–Yusof Ishak Institute, said there was no doubt Vietnam wants to upgrade ties with Washington, but it was unlikely to agree to that this year.

☆ Vietnam seizes 7 tonnes ivory in largest wildlife smuggling case in years
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +1 min

HANOI, March 20 (Reuters) - Vietnamese authorities on Monday seized seven tonnes of ivory smuggled from Angola, the largest seizure of wildlife products in years, the government said. Trade in ivory is illegal in Vietnam but wildlife trafficking remains widespread. Other items often found smuggled into the country include pangolin scales, rhino horns and tiger carcasses. This followed the finding of more than 600 kilograms of African ivory last month at the city's Lach Huyen Port. Last month, a court in Vietnam sentenced a man to 13 years in prison for trafficking nearly 10 tonnes of endangered animal parts from Africa, including ivory and rhino horns.

☆ Vietnam arrests Facebook user for attempt to 'overthrow the state'
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +1 min

HANOI, March 17 (Reuters) - Police in Vietnam on Friday arrested a Facebook user who authorities accuse of "attempting to overthrow the state" by sharing content that defamed leaders of the ruling Communist Party, its security ministry said. Despite sweeping economic reform and increasing openness to social change, Vietnam's ruling Communist Party retains tight media censorship and tolerates little criticism, with dozens of people jailed for speaking out against authorities. Nha was also accused by police of joining and recruiting members for the U.S.-based "Provisional National Government of Vietnam", a group listed by the Vietnam as a "terrorist organisation", though not by the United States. The organisation, which could not be reached by Reuters, has previously pledged loyalty to the now defunct state of South Vietnam. Several people have been jailed in Vietnam accused of recruiting for the California-based group.

☆ 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.

☆ 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".

☆ Nike, Adidas shoe supplier Pou Chen to slash 6,000 jobs in Vietnam -sources
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +2 min

The firm's Pouyuen Vietnam factory will cut 3,000 jobs this month and not extend labour contracts for another 3,000 workers later this year, the officials said, declining to be identified because they were not authorised to speak to media. The Pouyen Vietnam factory supplies global companies such as Nike Inc. (NKE.N) and Adidas AG (ADSGn.DE) and is one the biggest employers in Ho Chi Minh City, with 50,500 workers. Pou Chen shares fell 1.2% in early afternoon trade in Taiwan in a broader market (.TWII) that was down just 0.1%. Telephone calls to a factory labour union official were not answered. The plan to cut jobs marks a reversal for the company that in 2021 faced a labour shortage and manufacturing disruption in Vietnam due to the coronavirus pandemic.

☆ Exclusive: Intel weighs boosting investment in Vietnam chip packaging plant -sources
▼ + stars: | 2023-02-10 | by ( ) www.reuters.com time to read: +1 min

HANOI, Feb 10 (Reuters) - Intel Corp (INTC.O) is considering a significant increase in its existing $1.5-billion investment in Vietnam to expand its chip testing and packaging plant in the Southeast Asian nation, two sources familiar with the matter told Reuters. One of the sources said the investment was likely to be made "over the future years" and could be even bigger than $1 billion, while the second person said Intel was also weighing alternative investment in Singapore and Malaysia, which may be preferred to Vietnam. Both sources sought anonymity as the plan was not yet public. Asked about the possible investment plan, Intel told Reuters, "Vietnam is an important part of our global manufacturing network, but we have not announced any new investments." Reporting by Francesco Guarascio and Khanh Vu; Additional reporting by Stephen Nellis in San Francisco; Editing by Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

☆ South Korea court orders first compensation for Vietnam war victim
▼ + stars: | 2023-02-07 | by ( Hyonhee Shin | ) www.reuters.com time to read: +2 min

SEOUL, Feb 7 (Reuters) - A South Korean court ordered the government on Tuesday to compensate a Vietnamese victim of atrocities during the Vietnam War in the 1970s, when about 300,000 South Korean troops fought alongside U.S. forces. The ruling marked the first legal acknowledgement of South Korea's liability for atrocities during the war and could potentially pave the way for other victims to seek compensation. The Seoul Central District Court ordered the government to provide around 30 million won ($23,800) in compensation and additional funds for delay to Nguyen Thi Thanh, a survivor of killings of civilians by South Korean troops. A court official confirmed the decision but said the full verdict was not immediately available for release. Hanoi's foreign ministry did not immediately respond to a request for comment.

☆ Vietnam seizes 600 kg of ivory smuggled from Africa
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +1 min

[1/2] Seized elephant ivory and rhino horns are destroyed by Vietnamese authorities in Hanoi November 12, 2016. REUTERS/Nguyen Thanh Cao/File PhotoHANOI, Feb 6 (Reuters) - Vietnamese authorities have over the past week seized more than 600 kilograms of ivory smuggled from Africa, the government said on Monday. Trade in ivory is illegal in Vietnam but wildlife trafficking remains widespread. This followed the finding of nearly 500 kilograms of African ivory on Thursday last week at Lach Huyen Port in the city, the government said. This has been the largest seizure of smuggled ivory in the country in more than four years.

☆ An Apple a day could keep the layoffs away
▼ + stars: | 2023-01-23 | by ( Diamond Naga Siu | ) www.businessinsider.com time to read: +5 min

For many tech workers, however, this Lunar New Year was tainted with layoff anxiety. Apple is the only Big Tech company that hasn't conducted sweeping layoffs recently. Apple has long been a lone wolf among its Big Tech peers. The chart above shows how more tech workers were laid off in January 2023 than during the first half of 2022 combined. Read four of the memos in full here, from Google Chrome, Google Cloud, Google UK, and its Europe, the Middle East, and Africa offices.

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.

☆ With few entry tests, Southeast Asia may gain most from China's travel revival
▼ + stars: | 2023-01-06 | by ( Xinghui Kok | ) www.reuters.com time to read: +4 min

Except for airplane wastewater testing by Malaysia and Thailand for the virus, the region's 11 nations will treat Chinese travellers like any others. As many as 76% of Chinese travel agencies ranked Southeast Asia as the top destination when outbound travel resumed, according to a survey released in December by trade show ITB China. Thailand already expects to welcome 5 million Chinese travellers this year, or about half of the 10.99 million of 2019. Neighbouring Malaysia projects 1.5 million to 2 million Chinese tourists this year versus 3 million before the pandemic. "But for Cambodia, it’s an invitation to Chinese people: Chinese tourists, come to Cambodia."

☆ Vietnam's largest refinery's RFCC unit shut for troubleshooting
▼ + stars: | 2022-12-31 | by ( ) www.reuters.com time to read: 1 min

HANOI, Dec 31 (Reuters) - Vietnam's largest refinery, Nghi Son Refinery and Petrochemical (NSRP), has shut a residual fluid catalytic cracking (RFCC) unit for "troubleshooting", two sources familiar with the matter said. "The issue was detected earlier this week and the refinery has been fixing it," one of the sources said, adding that "the unit is expected to resume normal operations soon." Calls to the refinery seeking comment were not immediately answered. The 200,000 barrels-per-day refinery is 35.1% owned by Japan's Idemitsu Kosan Co (5019.T), 35.1% by Kuwait Petroleum, 25.1% by Vietnam's state oil firm PetroVietnam and 4.7% by Mitsui Chemicals Inc (4183.T). Reporting by Khanh Vu in Hanoi and Trixie Yap in Singapore: Editing by Neil FullickOur Standards: The Thomson Reuters Trust Principles.

☆ Vietnam's largest refinery's RFCC unit shut for troubleshooting - sources
▼ + stars: | 2022-12-31 | by ( ) www.reuters.com time to read: 1 min

☆ Vietnam 2022 GDP growth quickens to 8.02%, fastest since 1997
▼ + stars: | 2022-12-29 | by ( ) www.reuters.com time to read: +1 min

HANOI, Dec 29 (Reuters) - Vietnam's gross domestic product grew 8.02% in 2022, the fastest pace annually since 1997, backed by strong domestic retail sales and exports. The reading is higher than an official growth target of 6.0%-6.5% and growth last year of just 2.58%, when COVID-19 lockdowns left a dent on the economy and impacted factory activity. "The economic performance is worth noting amid global economic and political uncertainty and challenges," the General Statistics Office (GSO) said in a report. GDP growth in the fourth quarter was 5.92%, slowing from a growth of 13.71% in the third quarter, the GSO said. Exports in 2022 were up 10.6% to $371.85 billion, while retail sales rose 19.8%, the GSO said.

"It's not a question of if it will happen, it's now just a matter of how many and how fast." As the Lunar New Year holiday - typically a peak travel period for Chinese tourists - starts on Jan. 21, some businesses are already gearing up. Japan, however, is being cautious about Chinese tourism due to the rapid spread of the virus in China. Australia, Germany, Thailand and others, however, said they would not impose additional rules on Chinese travel for now, with France taking to social media platform Sina Weibo to emphasise it welcomed Chinese friends "with open arms". "I suspect any meaningful rebound will have to wait until the travel boom in June or July next year."

☆ Vietnam central bank buys dollars to shore up foreign reserves
▼ + stars: | 2022-12-27 | by ( Khanh Vu | ) www.reuters.com time to read: +2 min

The State Bank of Vietnam (SBV) also said it will manage monetary policy in a flexible way to keep inflation at 4.5% next year, aiming to "stabilise the monetary and foreign exchange markets to ensure the safety of the banking system". Lending by Vietnamese banks rose 12.87% as of Dec. 21 from the end of last year, the SBV said in a statement. Tu said the SBV was buying dollars to boost its foreign exchange reserves, but provided no details. Vietnam does not provide regular disclosure on the size of its foreign exchange reserves. The central bank early this month raised its 14% cap on credit growth for the banking system this year by 1.5 to 2.0 percentage points, following a credit crunch in the property sector and its financial markets.

☆ Thailand hosts Myanmar junta figures in talks, key ASEAN nations skip
▼ + stars: | 2022-12-22 | by ( ) www.reuters.com time to read: +4 min

Foreign ministers of Myanmar, Laos and Cambodia and Vietnam's deputy foreign minister joined the talks hosted by Thailand's foreign minister, according to Thai foreign ministry spokeswoman Kanchana Patarachoke. "The consultation was a non-ASEAN meeting but intended to complement ASEAN’s ongoing collective efforts to find a peaceful political resolution," Kanchana said in a statement. Myanmar Foreign Minister Wunna Maung Lwin attended along with Kan Zaw, minister for investment and foreign economic relations, and Ko Ko Hlaing, minister for international cooperation, Myanmar's foreign ministry said in a statement. The Philippines said its foreign minister would also not join, without elaborating. "Any meeting convened under ASEAN, formal or informal, should not divert from this decision," it said, according to the source.

☆ Vietnam holds first international arms expo in Hanoi
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: +1 min

[1/5] Military arms are displayed at the Vietnam International Defence Expo 2022, in Hanoi, Vietnam, December 8, 2022. REUTERS/Khanh VuHANOI, Dec 8 (Reuters) - Vietnam on Thursday opened its first large-scale international defence exhibition, as the Southeast Asian country seeks to diversify its arms sources and also to export equipment. The three-day event held at an airport in the capital Hanoi attracted 174 exhibitors from 30 countries, including the United States, Russia and European nations. Officials and analysts said Vietnam is also eyeing a major defence shift as it seeks to reduce its reliance on Russian, which was for decades Vietnam's main supplier of weapons and defence systems. Reporting by Khanh Vu and Francesco Guarancio Editing by Ed DaviesOur Standards: The Thomson Reuters Trust Principles.

☆ G7 makes new $15 billion offer to Vietnam to cut coal use -sources
▼ + stars: | 2022-12-07 | by ( Francesco Guarascio | ) www.reuters.com time to read: +2 min

HANOI, Dec 7 (Reuters) - The Group of Seven (G7) industrialised nations has made a new $15 billion offer to Vietnam to agree during a summit next week on funding to speed up its transition away from coal, three people familiar with the talks told Reuters. The offer has gradually expanded from an initial pledge of just $2 billion in public funds with undefined additional private support. It remains unclear whether Vietnam would be prepared to accept the increased offer, because its main concerns do not appear to have been addressed. One of the sources said there was a "50/50" chance of a deal next week. Reporting by Francesco Guarascio @fraguarascio; additional reporting by Khanh Vu; Editing by Ed DaviesOur Standards: The Thomson Reuters Trust Principles.

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