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☆ 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.

“I have argued for years that the biggest banks in the world are still too big to fail. In practice, however, the economic damage would be considerable.”Keller-Sutter was at the center of a government-orchestrated rescue of Credit Suisse by its larger rival UBS (UBS) earlier this month. They were designed to make it possible to wind down a big bank without destabilizing the financial system or exposing taxpayers to the risk of losses. Although some investors in Credit Suisse bonds lost everything, Swiss taxpayers are still on the hook for up to 9 billion Swiss francs ($9.8 billion) of potential losses arising from certain Credit Suisse assets. The rest is lent out at higher interest rates or invested, because that’s how big banks make most of their profit.

“I have argued for years that the biggest banks in the world are still too big to fail. In practice, however, the economic damage would be considerable.”Keller-Sutter was at the center of a government-orchestrated rescue of Credit Suisse by its larger rival UBS (UBS) earlier this month. Global standards for dealing with teetering “too big to fail” banks were key a part of the package of rules introduced after the global financial crisis. They were designed to make it possible to wind down a big bank without destabilizing the financial system or exposing taxpayers to the risk of losses. The rest is lent out at higher interest rates or invested, because that’s how big banks make most of their profit.

☆ 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.

☆ Analysis: What's behind bitcoin's latest surge?
▼ + stars: | 2023-03-22 | by ( Tom Wilson | ) www.reuters.com time to read: +5 min

The original and biggest cryptocurrency has been here before, its 15-year history peppered with dramatic price increases and equally vertiginous drops. Driving bitcoin's gains have been its core user base of retail investors, analysts said. In the past, too, dramatic price swings for bitcoin have been closely tied to shifts in monetary policy globally. In 2022, bitcoin plummeted over 65% as higher rates triggered the fall of a major crypto token, precipitating the closure of major hedge funds and crypto lenders. To be sure, some investors say developments to bitcoin's intrinsic characteristics are now capable of supporting its price.

☆ 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.

CNN —Nearly two-and-a-half years after the Trump administration threatened to ban TikTok in the United States if it didn’t divest from its Chinese owners, the Biden administration is now doing the same. The new directive comes from the multiagency Committee on Foreign Investment in the United States (CFIUS), following years of negotiations between TikTok and the government body. “If protecting national security is the objective, divestment doesn’t solve the problem,” TikTok spokesperson Maureen Shanahan said in a statement. TikTok is really only a national security risk insofar as the Chinese government may have leverage over TikTok or its parent company. China has national security laws that require companies under its jurisdiction to cooperate with a broad range of security activities.

☆ Mexico finds 'serious irregularities' in labor probe at VU Manufacturing
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +2 min

Companies Carparts.Com Inc FollowMEXICO CITY, March 16 (Reuters) - Mexico's government on Thursday said it concluded there were "serious irregularities" hindering free association and collective bargaining at U.S. auto parts maker VU Manufacturing's operations in northern Mexico. "It was determined that there are serious irregularities and decisive actions on the part of the company to obstruct the free exercise of the rights to freedom of association and collective bargaining within VU Manufacturing," the government said in a statement. It added that it would seek to ensure workers can fully exercise their collective rights without disrupting bilateral trade. Michigan-based VU Manufacturing did not immediately respond to a request for comment. The U.S. government earlier said it received a petition in December from two Mexican labor organizations stating that workers at VU Manufacturing were being denied the right of free association and collective bargaining.

☆ SpaceX, Netflix, Boeing to join "biggest-ever" US business mission to Vietnam
▼ + stars: | 2023-03-17 | 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

HANOI, March 17 (Reuters) - SpaceX, Netflix and Boeing are among the companies joining the "biggest-ever" U.S. business mission to Vietnam next week to discuss investment and sales opportunities in the booming Southeast Asian nation, the organiser said. More than 50 companies, including defence, pharmaceutical and tech firms, will participate in the mission organised by the US-ASEAN Business Council, an industry body, according to a list seen by Reuters. "This is the biggest-ever mission in Vietnam," said Vu Tu Thanh, the US-ASEAN Business Council's representative in the country, noting that the body had been organising these events for three decades. The majority of the companies joining the business mission already have a business or manufacturing presence in Vietnam, including Apple (AAPL.O), Coca-Cola (KO.N) and PepsiCo (PEP.O), Thanh said, with some planning to expand it. Among them is SpaceX, which is looking to sell its satellite internet services to Vietnam and other countries in the region, Thanh said.

The Biden administration and CFIUS are pushing for a sale of TikTok in the US. The Chinese government could also block a TikTok sale outright before bidding kicks off. But the list of companies that would actually consider buying TikTok is small, experts told Insider. "I think Microsoft would be one of the only big money, big company possibilities." Ultimately, separating TikTok's US operations, whether in a sale to a big tech firm or a spin off, is complicated.

☆ 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.

☆ Mark Zuckerberg is planning another round of layoffs, and it will likely decimate remaining morale at Meta
▼ + stars: | 2023-03-14 | by ( Rebecca Knight | ) www.businessinsider.com time to read: +5 min

Meta, the parent of Facebook, could go through another round of layoffs, according to reports. CEOs often see layoffs as a way to fix a company's problems, but the cuts can do lasting damage. Just a few months ago, Meta conducted its first-ever round of mass layoffs. One bout of layoffs dents morale; a second can be devastatingIt's uncommon for a company to conduct multiple rounds of layoffs, according to data from Crunchbase. One bout of layoffs can leave a dent in employee morale; a second round can be devastating.

☆ US files new labor complaint in Mexico, eyeing allegations at Unique Fabricating
▼ + stars: | 2023-03-06 | by ( Daina Beth Solomon | ) www.reuters.com time to read: +1 min

MEXICO CITY, March 6 (Reuters) - The U.S. government on Monday filed its seventh labor complaint in Mexico under a trade pact that aims to improve workplace conditions, asking Mexican officials to probe alleged rights abuses at a plant owned by U.S. firm Unique Fabricating Inc (UFAB.A). "The union alleges Unique Fabricating refused to grant the union access to the facility and interfered with its organizing efforts," the Department of Labor said in a statement. Unique Fabricating did not immediately respond to a request for comment. Mexican officials did not immediately respond to requests for comment. Reporting by Daina Beth Solomon in Mexico City Editing by Dan Whitcomb and Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

☆ 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".

☆ Space, Life Science, and Quantum Computing Innovations
▼ + stars: | 2023-02-27 | by ( Sponsor Post | Created Insider Studios With The Uk'S Department For Business | ) www.businessinsider.com time to read: +8 min

According to the Global Innovation Index 2022, global government R&D investment is growing and the UK is ranked fourth for global innovation (and third most innovative economy in Europe). "Space observation is vital for our planet — the UK invests in the European Space Agency and at the Space Cluster at Harwell, a significant science and innovation park." Jo Hawley, deputy director for aerospace, space and automotive at DBT, reported that the UK space sector spent £836 million on R&D in 2021. The company has reported strong growth of its life science research tools business, reflected in the international footprint of its commercial and distribution operations. The Department for Business and Trade can connect you with dedicated, professional assistance to locate R&D investment opportunities and support.

☆ 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.

☆ Hasbro keeps expectations low for the start of 2023, but sees turnaround coming
▼ + stars: | 2023-02-16 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +5 min

Hasbro said it expects revenue for the year to decline in the low-single digits, percentage-wise, which missed Wall Street's expectations. But despite its confidence, the company underperformed in consumer product sales for its fourth quarter. The company announced on Thursday that Magic: The Gathering is on track to be its first billion-dollar brand. Pandemic disruption to its film productions also meant delaying a key revenue stream that had helped buoy sagging product sales. This is the first full quarter since Hasbro announced its three-year turnaround plan in October.

☆ Wall Street trading firms aren't giving up on crypto just yet
▼ + stars: | 2023-02-13 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

A bunch of high-profile Wall Street investors just piled into a startup that pledges to fix a major issue in the crypto industry. And while plenty of those bets blew up — the most spectacular of which was crypto exchange FTX — that hasn't stopped Wall Street. Click here to read more about a new crypto startup that's got backing from some of Wall Street's top trading firms. For a breakdown of all the key partnerships between Wall Street and cloud partners, check out our running list of more than 30 deals. Cheman Cheung left Wall Street after his father passed away to recover from a state of "mental chaos."

☆ 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.

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