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Tag: Vietnam

  • Vietnam and US Wrap Up Dynamic Second Round of Talks on Reciprocal Trade Agreement

    Vietnam and US Wrap Up Dynamic Second Round of Talks on Reciprocal Trade Agreement

    Vietnam and the United States have taken significant strides forward in their pursuit of a reciprocal trade agreement, following the second round of negotiations held in Washington D.C. from May 19-22. The Vietnamese delegation was led by Minister of Industry and Trade Nguyen Hong Dien, who also heads the government’s negotiation team, accompanied by members from various ministries and the State Bank of Vietnam.

    Cordial Negotiations Yield Positive Outcomes

    The three-day discussions were marked by a spirit of goodwill, transparency, and mutual respect for each other’s institutional frameworks. Both sides sought to align their interests while being mindful of their respective international commitments and development levels. This collaborative atmosphere facilitated fruitful exchanges regarding each country’s policies, enabling them to clarify the draft agreement and explore the essential issues that matter to both nations.

    With an eye towards accelerating the negotiation process, the two delegations outlined areas of consensus and identified topics that still needed further discussion. They also established timelines for providing feedback on the draft, proposed specific wording changes, and arranged for virtual meetings in preparation for the next round of talks.

    Looking Ahead: Building on Agreements

    On the final day of the talks, Minister Dien and U.S. Trade Representative Jamieson Greer held a bilateral meeting to assess the outcomes and set priorities for the next phase of negotiations, which is expected to kick off in early June. Greer praised Vietnam for its commitment to addressing U.S. concerns and expressed optimism that the two nations would continue to deepen their engagement at both technical and ministerial levels in pursuit of an agreement.

    Dien welcomed Greer’s encouraging remarks and reaffirmed Vietnam’s dedication to fostering trade relations with the U.S. in a way that is balanced and sustainable, ultimately benefiting the people and businesses in both countries. He committed to instructing his technical teams to further enhance discussions that lead to a mutually beneficial agreement.

    One could say that when it comes to international trade talks, a sprinkle of goodwill can often go further than a bag of tricks!

    Questions & Answers

    What was the main goal of the recent negotiations between Vietnam and the U.S.?
    The primary aim was to advance discussions on a reciprocal trade agreement while balancing interests and adhering to international commitments.

    Who led the Vietnamese delegation during the talks?
    Minister of Industry and Trade Nguyen Hong Dien led the Vietnamese delegation, which comprised members from various ministries and the State Bank of Vietnam.

    When is the next round of negotiations scheduled to take place?
    The next round of negotiations is set to occur in early June 2025, following the positive progress made during the latest discussions.

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  • Gas Prices Plummet: What the Dip Means for Your Wallet and the Economy

    Gas Prices Plummet: What the Dip Means for Your Wallet and the Economy

    Vietnam’s gasoline prices experienced a slight dip on Thursday morning, striking a chord of relief for motorists across the nation. In an environment often marked by volatility, this latest trend brings a momentary sigh of ease.

    Fuel Price Movements

    The price for the popular RON95 fuel fell by 0.31%, now standing at VND19,530 (approximately US$0.75) per liter. Similarly, the biofuel E5 RON92 mirrored this drop, decreasing by 0.31% to VND19,120. On a contrasting note, diesel saw an uptick of 1.05%, reaching VND17,400.

    Global Market Influences

    The global fuel market has been rocked over the past week by a medley of influences. Heightened tensions in the Middle East, increasing U.S. crude oil inventories, and an ongoing stalemate in the conflict between Russia and Ukraine have all contributed to the tumult. These factors have resulted in a mixed bag for global fuel prices, where the average price for a barrel of RON95 gasoline dipped 0.4% to $76.7. Meanwhile, diesel prices experienced a rise of 1.3%, reaching $80.15 per barrel.

    For consumers, fluctuations in fuel prices often feel akin to riding a rollercoaster—stomach-churning, yet exhilarating.

    Questions & Answers

    What are the current prices for RON95 and E5 RON92 in Vietnam?
    Currently, RON95 is priced at VND19,530 per liter, while E5 RON92 stands at VND19,120.

    How have global factors affected fuel prices recently?
    Recent months have seen tensions in the Middle East and rising U.S. crude oil inventories influencing global fuel prices, resulting in mixed fluctuations.

    Is diesel also seeing significant price changes?
    Yes, diesel prices have increased by 1.05%, now priced at VND17,400 per liter.

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  • Dollar Takes a Dive Against Dong: What It Means for the Markets

    Dollar Takes a Dive Against Dong: What It Means for the Markets

    On Friday morning, the U.S. dollar tumbled against the Vietnamese dong, marking what seems to be a continuous seven-day decline. Vietcombank priced the dollar at VND26,130, reflecting a 0.07% decrease from the previous day. Meanwhile, the State Bank of Vietnam maintained its reference rate at VND24,960. In the black market, the dollar fell further, hitting VND26,380, down 0.19%.

    Globally, the dollar was softening as Friday unfolded, poised for its first weekly drop against the euro and yen after five weeks. This decline is attributed to concerns surrounding the worsening fiscal health of the United States, leading investors to seek refuge in safer assets. According to Reuters, the dollar index, which measures the currency against six others, including the yen and the euro, is forecasted for a 1.1% dip this week, despite showing little fluctuation, resting at 99.829 early in Asian trading.

    In these economic tides, the dollar seems to be on a slippery slope, almost like a tightrope walker struggling to maintain balance!

    Questions & Answers

    How much did the U.S. dollar drop against the Vietnamese dong?
    The U.S. dollar dropped to VND26,130, a decrease of 0.07% from Thursday.

    What was the state of the dollar on the black market?
    On the black market, the dollar fell to VND26,380, reflecting a 0.19% decline.

    What factors are contributing to the dollar’s decline?
    Worries about the worsening fiscal health of the United States have prompted investors to seek safer assets, leading to the dollar’s decline against other currencies.

  • Dollar Gains Ground Against Dong in Latest Currency Exchange Update

    Dollar Gains Ground Against Dong in Latest Currency Exchange Update

    The U.S. dollar experienced a slight uptick against the Vietnamese dong on Thursday morning, but faced declines when matched against various major currencies.

    Vietcombank Adjusts Rates

    In an intriguing shift, Vietcombank increased its dollar exchange rate by 0.04%, setting it at VND 26,150. Meanwhile, the State Bank of Vietnam took a different approach, reducing its reference rate by 0.03% to VND 24,955. On the black market, the dollar saw a 0.19% drop, marking a noteworthy twist in the ongoing currency dynamics. Despite these fluctuations, the greenback has seen a rise of 2.34% against the dong since the beginning of the year.

    Global Concerns Weigh on the Dollar

    Internationally, the U.S. dollar faced headwinds driven by fiscal uncertainties and a lackluster Treasury bond auction, causing it to hit a two-week low against the yen. According to reports, President Donald Trump was making an attempt to shepherd his ambitious spending and tax-cut proposal through Congress. As a result, the dollar dipped to 143.27 yen, its lowest since May 7. In the European currency market, the euro remained stable at $1.1330 following a 0.4% rise on Wednesday, marking a third consecutive day of gains.

    Bitcoin and Gold Shine

    In the world of alternative investments, Bitcoin soared to a new all-time high on Thursday, capturing the attention of investors seeking options beyond U.S. assets. Gold also enjoyed a boost, hitting an almost two-week peak of $3,325.79—just $175 shy of its record high from April. It seems that, in a world rife with uncertainties, some assets just know how to dazzle!

    Questions & Answers

    What sparked the rise in the dollar against the Vietnamese dong?
    Vietcombank’s increase of its exchange rate contributed to the dollar’s rise, despite mixed signals from the State Bank of Vietnam.

    How did the dollar perform in global markets?
    While it rose against the dong, the dollar struggled against major currencies, dropping to a two-week low against the yen.

    What trends did Bitcoin and gold exhibit recently?
    Bitcoin reached an all-time high as investors sought alternatives to the dollar, while gold climbed to nearly a two-week high, heightening its appeal in this uncertain financial landscape.

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  • Vietnam’s Gold Prices Rise as Global Markets Surge

    Vietnam’s Gold Prices Rise as Global Markets Surge

    A subtle shift in the gold market has been observed in Vietnam as local prices edged upwards on Thursday morning, coinciding with a significant uptick in global bullion values. This rise comes as gold reached its highest point in two weeks, enticing investors to seek refuge in this precious metal amid growing economic uncertainties.

    Local Gold Market Response

    In Hanoi, gold bars from the Saigon Jewelry Company saw a modest increase of 0.57%, bringing the price to VND121.3 million (approximately US$4,668.98) per tael, which is equivalent to 37.5 grams or 1.2 ounces. Gold rings also experienced a rise, climbing 0.43% to VND115.5 million per tael.

    Global Factors at Play

    On the international stage, gold prices surged to a two-week high as investors gravitated towards this safe-haven asset in light of escalating concerns regarding the burgeoning debt of the U.S. government and tepid demand for 20-year Treasury bonds. This scenario increasingly reflects a diminished appetite for U.S. assets. As reported, spot gold climbed 0.8% to $3,340.53 an ounce, marking its highest level since May 9.

    The U.S. dollar remains weak, hovering near a two-week low reached in the previous trading session. This trend has made dollar-priced gold more affordable for investors holding foreign currencies. “Gold’s bullish reversal is supported by a weaker U.S. dollar and lingering stagflation risks in the U.S. economy,” observed Kelvin Wong, senior market analyst for Asia Pacific at OANDA.

    As the global gold market fluctuates, one can’t help but wonder if this precious metal will soon become the star of the economic show!

    Questions & Answers

    What caused the recent rise in gold prices in Vietnam?
    The rise in Vietnam’s gold prices is attributed to a surge in global bullion values, driven by investor concerns about the U.S. government’s growing debt and soft demand for Treasury bonds.

    How much did the gold price increase at the Saigon Jewelry Company?
    Gold bars at the Saigon Jewelry Company increased by 0.57%, with prices reaching VND121.3 million per tael.

    What external factors are influencing gold prices globally?
    A weaker U.S. dollar and concerns over stagflation in the U.S. economy are key factors contributing to the recent bullish trend in global gold prices.

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  • PM Seeks PowerChina’s Expertise to Boost Railway Industry Growth

    PM Seeks PowerChina’s Expertise to Boost Railway Industry Growth

    During a recent reception in Hanoi on May 21, Vietnamese Prime Minister Pham Minh Chinh met with Zhou Jiayi, President of PowerChina Asia Pacific, to discuss exciting prospects for collaboration on the Hai Phong – Hanoi – Lao Cai railway line. This key transport corridor aims to connect with China’s bustling cities of Kunming and Chongqing, opening avenues to European markets and beyond.

    Vietnam’s strategic focus on transport, energy, and digital transformation infrastructure bolsters this initiative, especially in enhancing rail connectivity with China. PM Chinh enthusiastically welcomed PowerChina’s collaboration with local partners, emphasizing the importance of expanding business ventures in Vietnam’s railway sector. He acknowledged China’s longstanding partnership with Vietnam, highlighting that many joint projects have yielded substantial benefits.

    To further invigorate railway infrastructure, Vietnam is keen on inviting reputable Chinese corporations to invest, starting with the Lao Cai – Hanoi – Hai Phong line. The Prime Minister encouraged PowerChina to forge close ties with Vietnam, aiming to develop the railway industry through technology transfer, workforce training, and operational support.

    He also spotlighted recent resolutions aimed at propelling science, technology, innovation, and private sector development, which create a conducive investment climate. Beyond infrastructure, PM Chinh urged PowerChina to incorporate Vietnamese companies into its global supply chain and share clean energy technologies with local giants like Viettel and the Vietnam National Industry – Energy Group for wind turbine and solar panel projects. “The more the merrier!” he seemed to imply about the integration of local firms into broader projects.

    Looking to the future, the Prime Minister conveyed his hope that PowerChina would use Vietnam as a launchpad to solidify its presence in Southeast Asia and beyond. Reiterating Vietnam’s commitment to aligning interests and sharing risks, he assured that the Vietnamese government stands ready to support and protect the rights of foreign investors, including PowerChina, to guarantee effective and law-abiding projects that yield mutual benefits.

    Zhou Jiayi shared PowerChina’s excitement about Vietnam’s rail initiatives, drawing upon the company’s experience in constructing over 2,000 kilometers of railways across China, Laos, and Indonesia. He suggested that government backing could facilitate cooperation with four Vietnamese firms on the Lao Cai-Hanoi-Hai Phong line, promising timely, quality, and cost-efficient construction, alongside the sharing of technical expertise.

    As the world’s seventh-largest energy contractor, PowerChina operates in more than 130 countries, with 2024 revenue projected to surpass $100 billion, making its mark among the top 500 companies globally. With a dynamic portfolio spanning hydropower, irrigation, urban infrastructure, and digitalization, PowerChina has been actively contributing to Vietnam’s energy and infrastructure landscape since the early 2000s, participating in over 100 projects, including seaports.

    In 2024, PowerChina signed a memorandum of understanding with four Vietnamese firms—FECON JSC, Lung Lo Construction Corporation, Song Da Corporation JSC, and Thang Long Joint Stock Corporation—to create the CVRail Consortium, all geared toward nationally significant railway ventures. The consortium’s projected revenue for 2024 stands around VND22 trillion, or approximately $880 million. Imagine what they could achieve if everyone brought their A-game!

    Questions & Answers

    What railway project is Vietnam focusing on with PowerChina?
    Vietnam is concentrating on the Hai Phong – Hanoi – Lao Cai railway line, designed to connect with China’s Kunming and Chongqing.

    What benefits does Vietnam expect from PowerChina’s involvement?
    Vietnam anticipates enhanced railway infrastructure, technology transfer, workforce training, and operational support, fostering economic growth and connectivity.

    What is the CVRail Consortium?
    The CVRail Consortium is a partnership formed by PowerChina and four Vietnamese firms, aimed at advancing significant railway projects in Vietnam, with projected revenues of approximately $880 million for 2024.

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  • PM Kicks Off $1.5B Trump Organization Hotel and Golf Project in Northern Vietnam

    PM Kicks Off $1.5B Trump Organization Hotel and Golf Project in Northern Vietnam

    The exciting development known as Trump International Hung Yen is set to transform over 990 hectares along the scenic Red River, encompassing seven communes in Khoai Chau District. This ambitious project will feature four distinct subzones, including a luxurious eco-residential area with a golf course for 3,500 residents, another eco-residential community with an ecological golf course for 1,800 residents, a bustling commercial and service urban zone designed to accommodate 29,700 residents, and vibrant green spaces featuring themed parks.

    With a whopping investment of nearly VND 40 trillion (over $1.5 billion), this project is on track for completion by the second quarter of 2029 and will operate under a 50-year license. The vision behind this endeavor is to unleash the full potential of the local area, leveraging its strategic position along the Red River tourism corridor that links Hung Yen with Hanoi and the broader northern region.

    Trump International Hung Yen marks a significant moment for Vietnam, positioning the country firmly on the global luxury real estate and resort stage. It symbolizes a robust confidence from international markets in Vietnam’s long-term potential in the high-end property sector while serving as a beacon of ambition and integration for both Hung Yen and Vietnam as a whole.

    During a recent groundbreaking ceremony, Prime Minister Chinh emphasized that this project showcases the faith foreign investors have in Vietnam—particularly American firms. Giants like Intel, Nike, Apple, Boeing, and Nvidia have ramped up their investments in the country, reflecting a broader confidence in Vietnam’s growth trajectory.

    This project promises to not only accelerate Hung Yen’s development but also enhance its international reputation. It is expected to introduce advanced management technologies, create job opportunities for local communities, and bolster the enduring relationship between Vietnam and the United States.

    Chinh directed relevant ministries and agencies to offer robust support to Hung Yen authorities and investors, aiming for a timely completion within two years, just in time for Vietnam to host the APEC 2027 Economic Leaders’ Week. He noted that elevating Hung Yen’s service industry would significantly deepen the Vietnam-U.S. partnership.

    The Prime Minister’s speech recalled U.S. President Donald Trump’s visits to Vietnam during his first term, which were met with warm enthusiasm from the Vietnamese people, reinforcing the strategic importance of their mutual relationship in fostering regional and global stability and growth.

    Acknowledging that the groundbreaking is merely the first step, Chinh pointed out the challenges ahead regarding land clearance and construction. He called on all stakeholders to work collaboratively to overcome obstacles and ensure both progress and quality.

    In a nod to the local community, he expressed gratitude to residents who have made sacrifices for the project’s success, urging continued support. He insisted that local authorities and investors safeguard people’s livelihoods and ensure resettlement areas offer enhanced living conditions.

    PM Chinh praised Hung Yen, historically known as Pho Hien, as a region of great cultural heritage and revolutionary spirit, once a thriving trading port second only to the capital. He expressed confidence in Hung Yen’s ability to leverage its rich legacy to achieve rapid progress across all sectors, aligning with the nation’s vision for a new era of growth.

    Dang Thanh Tam, Chairman of the Kinh Bac City Development Holding Corporation, assured that local contractors and partners would swiftly advance the project, aiming for completion within two years for the Trump Organization to take over its management. Eric Trump, Executive Vice President of the Trump Organization, echoed his enthusiasm for investing in one of the world’s most dynamic markets, emphasizing that this endeavor represents not just a notable project but a tribute to Vietnamese culture and a meaningful contribution to the future.

    The Chairman of the Hung Yen provincial People’s Committee, Tran Quoc Van, welcomed the Trump Organization’s investment, committing to facilitating land clearance, handling administrative processes efficiently, and collaborating closely with investors to swiftly tackle any issues that may arise.

    Questions & Answers

    What is the main purpose of the Trump International Hung Yen project?
    The project aims to unlock the area’s potential and promote economic growth, particularly by developing luxury residential spaces and enhancing the local tourism corridor.

    What is the expected completion date for this massive development?
    The project is scheduled for completion by the second quarter of 2029, with a targeted two-year timeline for key phases leading up to the APEC 2027 Economic Leaders’ Week.

    How does this project impact local residents?
    The project is expected to create job opportunities, enhance management technologies, and ensure the resettlement areas offer improved living conditions for those affected.

  • Vietnam’s Thriving Event Industry Unveils New Opportunities for Young Talent

    Vietnam’s Thriving Event Industry Unveils New Opportunities for Young Talent

    Vietnam’s cultural landscape took enormous strides in 2024, marked by a burgeoning entertainment scene that has revved up job creation and opened doors for aspiring young professionals. With domestic entertainment gaining traction and audiences enthusiastically responding, both the public and private sectors are waking up to the industry’s vast potential.

    Major Events Make Waves

    This year has been nothing short of spectacular, with blockbuster reality shows and sensational music concerts like Anh Trai Vuot Ngan Chong Gai, Anh Trai Say Hi, and Ha Anh Tuan’s performances drawing massive crowds and generating substantial revenue, amounting to billions of dong.

    Highlighting the excitement, two BlackPink concerts held in July 2023 at My Dinh Stadium in Hanoi raked in an impressive US$13.7 million, providing a significant tourism boost to Hanoi during those lively nights.

    Cultural Revival Through Festivals

    In 2024, Vietnam hosted over 50 major and minor music events showcasing both international sensations and homegrown talents, with turnout numbers often soaring between 30,000 and 40,000. As we step into early 2025, this upward trend shows no signs of wavering, emphasizing the Vietnamese music industry’s bright future.

    But music is just part of the picture—2024 also shone with vibrant cultural and historical festivals, celebrating Vietnam’s rich heritage and arts.

    Global Economic Impact of Live Music

    On a global scale, the cultural sector stands as a formidable economic force. Research from Custom Market Insights reveals that the live music market reached an impressive $34.84 billion in 2024, on a trajectory to hit $62.59 billion by 2034, with a promising annual growth rate of 8.78% between 2025 and 2034.

    Engaging the Young Workforce

    Generation Z and Millennials are at the forefront of this cultural boom, with around 60% willing to spend on live experiences. The revival of in-person events reveals a growing appetite for real-world connections, transforming Vietnam and other Asian countries into magnets for international events, conferences, and large-scale exhibitions.

    This evolving landscape introduces innovative formats, including hybrid and virtual events, creating exciting career opportunities in management, promotion, and support roles—a beacon of hope for students eager to dive into this vibrant industry.

    In response to this surge, British University Vietnam (BUV) is set to offer a bachelor’s degree in events management, conferred by Bournemouth University, in 2025.

    Proudly ranked among the top 100 universities worldwide and third in the UK according to the Times Higher Education (THE) Young University Rankings 2024, Bournemouth University’s Hospitality and Leisure Management programs are celebrated, landing in the top 20 globally as per QS World University Rankings 2024.

    Career Prospects in Events Management

    Graduates of this progressive program will find themselves equipped for roles spanning from Conference and Events Manager to Planner and Coordinator, including the ever-bustling weddings and MICE (Meetings, Incentives, Conferences, and Exhibitions) sectors. The rigorous three-year curriculum emphasizes practical skill development in event management. Students emerge with a robust foundation in event design, project management, consumer behavior, finance, and logistics.

    The hands-on approach combines classroom learning with real-life event organization, as students intern with prominent partners like Intercontinental, Sheraton, FPT, Movenpick Hotel & Resort, and Thanh Viet Production.

    BUV boasts a comprehensive curriculum and strong industry connections, positioning students to secure fulfilling employment shortly after graduation. Being Vietnam’s first QS 5-star university and the first in the region accredited by the U.K.’s Quality Assurance Agency (QAA), BUV ensures that its programs are future-ready, achieving an impressive 100% employability rate within three months of graduation.

    Questions & Answers

    What are the major achievements in Vietnam’s cultural sector in 2024? The sector has seen a surge in domestic entertainment popularity, hosting over 50 major events that attracted huge audiences and revenue.

    How is the live music market expected to grow in the coming years? It is projected to expand from approximately $34.84 billion in 2024 to $62.59 billion by 2034 at a compound annual growth rate of 8.78%.

    What opportunities does BUV offer to students interested in events management? BUV provides a bachelor’s degree in events management with a focus on practical skills and industry connections, ensuring high employability for graduates.

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  • Vietnam Plans Ambitious Financial Hub Connecting Two Major Cities

    Vietnam Plans Ambitious Financial Hub Connecting Two Major Cities

    Deputy Prime Minister Nguyen Hoa Binh shared an ambitious vision at a recent meeting with consultants, presenting it to the National Assembly during its ongoing session. Richard McClellan, the global ambassador of property developer Terne Holdings, voiced his enthusiastic support, emphasizing that Vietnam’s financial center should be conceived as a cohesive operating system rather than a mere geographical entity. According to McClellan, this innovative approach could position Vietnam as a formidable player in the global financial landscape, highlighting the synergy between Da Nang and Ho Chi Minh City as complementary locations rather than rivals.

    Exploring New Frontiers in Finance

    Binh pointed out that Vietnam has the opportunity to consider establishing two international financial centers or a single center spread across two locales, tapping into the unique strengths each city offers. Jochen Biedermann, managing director of the World Alliance of International Financial Centers, underscored the need for significant investments in software, digital infrastructure, and training of talent to ensure seamless operations in a dual-location model.

    Adding his insights, Andreas Baumgartner, CEO of The Metis Institute, advocated for a unified management model that respects the operational independence and unique advantages of each site. Such an international financial center could revolutionize Vietnam’s ability to attract premium financial resources, enhance governance, and elevate the nation’s competitive edge, all while deepening its ties to the global financial system.

    Binh reiterated the government’s commitment to crafting a groundbreaking legal framework designed to maximize these opportunities. “Vietnam will adhere to international laws and standards, encourage innovation, and provide distinctive and attractive incentives for investors,” he pledged. He assured that forthcoming policies would strive to balance the interests of the state, investors, and citizens, perfectly aligned with Vietnam’s management capabilities.

    Da Nang City Party Secretary Nguyen Van Quang characterized the international financial center as a “very new and challenging” project vital for the nation’s growth. He expressed confidence in the city’s robust ecosystem, boasting both the hard and soft infrastructure needed to support the center’s operations. Meanwhile, Ho Chi Minh City’s Vice Chairman Nguyen Van Dung highlighted ongoing efforts to refine policies, enhance technical infrastructure, and nurture human resource development to support the financial center’s goals.

    During the conference, leaders from various international financial organizations, businesses, investors, and partners pledged their support and collaboration to ensure the successful launch and development of this groundbreaking initiative.

    What a compelling venture—who knew Vietnam’s financial future could shine so brightly?

    Questions & Answers

    **What is the main vision for Vietnam’s financial center as proposed by Deputy Prime Minister Nguyen Hoa Binh?**
    The vision is to create an international financial center that functions as a unified operating system across multiple locations, such as Da Nang and Ho Chi Minh City, enhancing Vietnam’s global competitiveness.

    What key investments are suggested to ensure the center’s success?
    Investments in software, digital infrastructure, and training human resources are crucial for establishing a seamless financial center that operates effectively across two different locales.

    How is the Vietnamese government addressing investor interests in this project?
    The government is committed to developing a legal framework that adheres to international standards, encourages innovation, and balances the interests of the state, investors, and citizens.

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  • Vietnam Weighs ‘Red Alert’ Label to Tackle Toxicity Risks in Durian Farming

    Vietnam Weighs ‘Red Alert’ Label to Tackle Toxicity Risks in Durian Farming

    A comprehensive examination of durian cultivation areas and packaging facilities is essential to pinpoint those using prohibited substances, asserted Vu Duc Con, chairman of the Dak Lak Durian Association, in a letter to the Ministry of Agriculture and Environment. He emphasized the necessity of assigning a “red alert” label to facilities found in violation, urging the government to establish a recovery plan that encourages the adoption of safe and sustainable farming practices.

    This proposal comes on the heels of multiple warnings from Chinese customs, which have heightened scrutiny since late 2024 regarding cadmium levels in Vietnamese durians—a toxic heavy metal. Moreover, some samples were reported to contain auramine O, a banned additive with potential cancer risks.

    The impact on Vietnam’s agricultural sector is stark, with durian exports to China plummeting by 74% year-on-year during the first four months of 2025, totaling just $130 million, according to the agriculture ministry. In response, China has begun testing all shipments for cadmium and auramine O, enforcing strict penalties such as the suspension of codes for related growing areas and packing facilities.

    To combat these challenges, the Dak Lak Durian Association is collaborating with official agencies to conduct extensive sampling to detect chemical residues and trace their origins. In a bid to secure its standing in the Chinese market, this prominent durian-growing region in the Central Highlands aims to establish its own quality control standards for the fruit.

    Furthermore, the association has called on the government to develop technical standards and adopt rapid on-site testing technologies to ensure food safety prior to exports. In cases of serious safety violations, they advocated for the destruction of contaminated shipments rather than rerouting them to domestic markets, protecting public health and the industry’s reputation in the process.

    Currently, Vietnam boasts over 150,000 hectares dedicated to durian cultivation; however, only 20% are certified for export. Many of these farms fall short of regulatory standards regarding pesticides and quality, which hampers their global competitiveness. With China being the largest market for Vietnamese durians—contributing to $3.2 billion in exports last year—maintaining high standards is crucial for the industry’s future success.

    As the saying goes, “If you can’t stand the heat, get out of the durian kitchen!”

    Questions & Answers

    **What prompted the review of durian farming practices in Vietnam?** The review was prompted by repeated warnings from Chinese customs regarding the presence of cadmium in Vietnamese durians and other unsafe additives.

    How much have Vietnamese durian exports to China decreased recently? Exports plunged by 74% year-on-year in the first four months of 2025, totaling just $130 million.

    What measures is the Dak Lak Durian Association advocating for? The association is urging for the establishment of technical standards, rapid testing technologies, and strict penalties for safety violations to enhance the safety and quality of durian exports.

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  • Cambodia Enters China’s Booming Durian Market, Challenging Vietnam, Thailand, and Malaysia

    Cambodia Enters China’s Booming Durian Market, Challenging Vietnam, Thailand, and Malaysia

    China’s General Administration of Customs has recently opened doors for fresh durian shipments from Cambodia that comply with food safety standards, a significant development following the signing of a phytosanitary protocol between Cambodia’s Ministry of Agriculture, Forestry and Fisheries and Chinese authorities in late April. This newfound opportunity is poised to transform Cambodia’s durian industry and delight the palates of Chinese consumers who have long been enamored with the so-called “king of fruits.”

    Building a Path to Export

    Following the accord, Cambodia’s agriculture department has taken proactive steps, urging durian growers, farming communities, and processing facilities to register for exports to China. Plans are already underway to compile a list of fresh durian plantations and processing factories, set to be submitted to the Chinese side for evaluation and review in May 2025, as reported by the Khmer Times.

    Breaking into the Chinese Market

    As Cambodia seeks to make its mark, it faces the challenge of standing out in a marketplace that has already been saturated by competitors with established reputations. “It lacks the long-standing brand recognition of Thailand’s Monthong or Malaysia’s premium Musang King,” stated Lim Chin Khee, an adviser at Malaysia’s Durian Academy, highlighting the uphill battle for Cambodia’s emerging durian brand.

    Chinese consumers are currently spoiled for choice, with last year’s record durian imports amounting to an impressive US$6.99 billion, primarily driven by Thailand and Vietnam, which together accounted for nearly 99% of the market share. The competition isn’t stopping there; Indonesia is gearing up to export its own durians, while Laos is eyeing entry into this lucrative market.

    Can Cambodian Durian Compete?

    Despite this fierce competition, the unique Au Khak variety, predominantly grown in Cambodia’s Kampot and Kampong Cham provinces, is beginning to generate interest among discerning Chinese durian enthusiasts. Zhao Yu, a 38-year-old durian aficionado from Shanghai, expressed her curiosity but admitted she needed time to explore the Cambodian variety before adding it to her list of favorites.

    However, experts believe that Cambodian farmers hold significant potential. Lim assured that with the right investment and foreign technical support—especially from China—Cambodian durians could soon rival those from more established producers. The sentiment was echoed by Wang Wenbin, the Chinese ambassador to Cambodia, who expressed his enthusiasm during a recent visit to a durian farm in Kampot, proclaiming Au Khak to be “the best durian in the world.” He optimistically hinted at a future filled with Cambodian durians gracing the tables of Chinese consumers.

    In 2024, Cambodia exported over 12 million tons of agricultural products valued at $5.3 billion across 95 markets. The agriculture sector significantly contributes to the nation’s economy, accounting for approximately 16.7% of its GDP. Recent deals have also set the stage for other Cambodian products like swiftlet nests and crocodiles to enter the Chinese market, further diversifying Cambodia’s agricultural exports.

    Khim Finan, the undersecretary of state, views these efforts as vital in expanding Cambodia’s agricultural market, boosting farmers’ incomes, and fostering overall economic growth through agriculture.

    As Cambodia steps into this new era of durian exports, one can only wonder how the world will react. Will Cambodian durians become the next big sensation in China, or will they remain the fruity underdog in the kingdom of durians?

    Questions & Answers

    What recent development has allowed Cambodia to export durians to China?
    China’s General Administration of Customs started permitting fresh durian shipments from Cambodia after a phytosanitary protocol was signed with the Cambodian Ministry of Agriculture in late April.

    What challenges does Cambodia face in exporting durians to China?
    Cambodia lacks the brand recognition of established competitors like Thailand and Malaysia, which could hinder its ability to attract Chinese consumers who have a wide range of options available.

    What other agricultural products from Cambodia are set to enter the Chinese market?
    In addition to durians, Cambodia has signed protocols for the export of swiftlet nests and crocodiles, which could diversify its agricultural offerings in China.

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  • Lalamove Expands Horizons: Launches Into the Ride-Hailing Market

    Lalamove Expands Horizons: Launches Into the Ride-Hailing Market

    The exciting landscape of ride-hailing in Vietnam just got a little more dynamic. Lalamove, a Hong Kong-based logistics company, recently launched its ride-hailing services in Ho Chi Minh City, which are available for both motorbike and car rides (four- and seven-seaters) through the Lalamove app.

    Nguyen Hai Dang, CEO of Lalamove Vietnam, expressed the company’s commitment to meeting consumer demand for more affordable travel options while simultaneously enhancing driver incomes. Although he remained tight-lipped about the fleet size, he did hint at plans to expand these services to other regions shortly.

    Founded in Hong Kong in 2013, Lalamove has established a strong footprint across 14 markets, including Asia, Europe, and beyond. Since its entry into the Vietnamese market in 2017, the company has primarily focused on round-the-clock delivery services catering to both individuals and businesses, particularly in Ho Chi Minh City. Lalamove also boasts ride-hailing services in countries like Indonesia, Thailand, and the Philippines.

    The growth potential in Vietnam’s ride-hailing and delivery markets is impressive. According to the “e-Conomy SEA 2024” report from Google, Temasek, and Bain & Company, the market is expected to soar from US$4 billion in 2024 to a whopping $9 billion by 2030. Furthermore, Mordor Intelligence predicts that the passenger transport market alone will grow from $1.05 billion this year to $2.56 billion by 2030.

    The competitive landscape is rapidly evolving, with established players such as Grab, Xanh SM, be, and Tada jostling for market share. Xanh SM currently leads the ride-hailing segment with a commanding 39.85% market share, closely followed by Grab at 35.57%. As Mordor Intelligence points out, this growth can be attributed to factors such as rapid urbanization, the demand for convenient mobility solutions, and a tech-savvy younger generation, all amidst an influx of tourists in Vietnam.

    Yet the competition is fierce. The Google report highlights how local companies are making significant strides, impacting even Gojek’s decision to exit Vietnam in September 2024. “Competition is expected to heat up, potentially transforming the industry and speeding up the transition to electric vehicles,” it notes.

    Safety and affordability are vital in users’ service preferences, especially for motorbike rides, according to a survey by Q&Me, an online market research platform. Other factors that weigh in include respectful drivers, quick response times, ease of booking, and overall vehicle quality.

    As Lalamove gears up to make waves in this vibrant market, the question arises: will it be smooth sailing or a bumpy ride ahead?

    Questions & Answers

    What services is Lalamove launching in Ho Chi Minh City?
    Lalamove is introducing ride-hailing services for motorbikes and four- and seven-seat cars, available for booking via the Lalamove app.

    What are the growth projections for Vietnam’s ride-hailing market?
    The ride-hailing and delivery market in Vietnam is anticipated to grow from US$4 billion in 2024 to $9 billion by 2030, while the passenger transport market is expected to expand from $1.05 billion to $2.56 billion in the same timeframe.

    Which companies are the major players in Vietnam’s ride-hailing market?
    Key participants include Grab, Xanh SM, be, and Tada, with Xanh SM currently leading the market share, closely followed by Grab.

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  • Vietjet Strengthens China–Vietnam Flight Network with New Hanoi–Chengdu and Hanoi–Xi’an Routes, Marking Seven Direct Services to China in the First Half of 2025

    Vietjet Strengthens China–Vietnam Flight Network with New Hanoi–Chengdu and Hanoi–Xi’an Routes, Marking Seven Direct Services to China in the First Half of 2025

    Vietjet has unveiled two new direct routes from Vietnam’s capital, Hanoi, to Chengdu and Xi’an in China, with inaugural flights taking off on 1 July and 6 July 2025, respectively. Each route will offer four round-trip flights per week. These new services bring the airline’s total number of Vietnam–China direct routes introduced in the first half of 2025 to seven, further strengthening its expanding flight network. For Singaporean travellers, this opens up a more seamless journey to China via Vietnam’s Hanoi and Ho Chi Minh City, offering more flexible and affordable travel options across the region. 

    These new services follow Vietjet’s recent launches connecting Hanoi and Ho Chi Minh City with Beijing and Guangzhou, as well as the Hanoi-Shanghai route introduced in March and April. The two additional services will strengthen comprehensive air connectivity between Vietnam and China, promoting tourism and trade while offering greater access between China, Southeast Asia, and beyond.

    Vietjet has been rapidly expanding its international flight network, particularly between Vietnam and China, with direct routes now linking Ho Chi Minh City and Hanoi to major Chinese cities such as Shanghai, Chengdu, Xi’an, Beijing, and Guangzhou. Beyond China, the airline is also boosting regional connectivity with a new direct service between Singapore and Phu Quoc to be launched on May 30. In the first and second quarters, Vietjet also launched new services to India—linking Ho Chi Minh City to Hyderabad and Bengaluru—and to Japan’s Nagoya and Fukuoka. These strategic expansions reflect Vietjet’s strong commitment to enhancing international cooperation and making travel across the Asia–Pacific region more accessible and affordable.     

    In line with its global ambitions, Vietjet continues to broaden its global flight network while providing travellers with a comfortable and seamless journey aboard modern, eco-friendly aircraft and professional service that reflects the authentic spirit of Vietnam.      

    As part of its passenger-first approach, Vietjet also offers complimentary SkyCare travel insurance and exclusive rewards through its SkyJoy loyalty program.     

    Information on New Vietnam-China Routes

    (All times are in local time, using the 24-hour format)

    Hanoi (HAN) – Tianfu Chengdu International Airport (TFU) route

    Sector Flight number Departure – Arrival times Frequency
    HAN – TFU VJ7306 21:10 – 00:15 (+1) Mon, Tue, Thu, Sat
    TFU – HAN VJ7307 01:15 – 02:25 Tue, Wed, Fri, Sun

    Hanoi (HAN) – Xi’an Xianyang International Airport (XIY) route

    Sector Flight number Departure – Arrival times Frequency
    HAN – XIY VJ7342 21:25 – 01:10 (+1) Mon, Wed, Fri, Sun
    XIY – HAN VJ7343 02:10 – 04:10 Mon, Tue, Thu, Sat
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  • Dodo Pizza, the fastest-growing chain, closes its outlets in Ho Chi Minh City.

    Dodo Pizza, the fastest-growing chain, closes its outlets in Ho Chi Minh City.

    In a surprising twist within the competitive pizza landscape of Vietnam, Dodo Pizza, once hailed as the fastest-growing pizza chain globally, has announced the closure of all four of its outlets in Ho Chi Minh City. The final day of operations is set for May 26, marking the end of a four-year venture in the city.

    In a Facebook update, the company attributed its decision to “various factors and a new strategic direction.” Following the closures, Dodo Pizza will maintain only one location, situated in Binh Phuoc Province, approximately 120 kilometers away from the bustling city.

    Dodo Pizza achieved remarkable recognition in 2021 when U.S.-based food market research firm Technomic praised it as the “fastest-growing pizza chain in the world.” When it first entered the Vietnamese market, the chain identified the region as brimming with potential, particularly due to its expanding middle class. Today, Dodo Pizza operates over 1,300 outlets across 24 countries and reported a revenue increase of 19% last year, reaching a substantial US$1.2 billion.

    In its quest for growth, the company is actively exploring strategic partnerships, targeting national franchisees and multi-unit operators in markets such as the Middle East, Africa, Asia, and South America. However, the Vietnamese food and beverage scene, especially the pizza segment, remains fiercely competitive, with numerous domestic and international brands vying for customer attention. Major players include local favorite Pizza 4P’s, highly recognized American franchises like Pizza Hut and Domino’s Pizza, and Thailand’s The Pizza Company, alongside a host of European and Australian brands.

    The Vietnamese pizza market, valued at $780 million in 2024, is on a growth trajectory, projected to reach $1.1 billion by 2033, according to IMARC Group. As consumer demand for quick and convenient dining rises amid increasingly hectic lifestyles, pizzas are not only a staple in dedicated restaurants but are also making their way onto the menus of an expanding array of hotels and eateries.

    In a landscape where everyone is fighting for the pizza crown, Dodo Pizza’s retreat raises intriguing questions about the resilience of brands in hotly contested markets.

    Questions & Answers

    **What led Dodo Pizza to close its HCMC outlets?**
    The company cited “various factors and a new strategic direction” for the closures.

    How many Dodo Pizza locations will remain open in Vietnam?
    After the closures, Dodo Pizza will have just one remaining location in Binh Phuoc Province.

    What is the current state of the pizza market in Vietnam?
    The Vietnamese pizza market is highly competitive and is projected to grow from $780 million in 2024 to $1.1 billion by 2033, driven by rising demand for convenient dining options.

  • Ocean City Elevates Hanoi Tourism Through Dynamic Visitor Engagement Initiatives

    Ocean City Elevates Hanoi Tourism Through Dynamic Visitor Engagement Initiatives

    Beyond its viral beginnings, Ocean City has blossomed into a vibrant epicenter of culture, entertainment, and lifestyle, captivating enormous crowds and reshaping the regional tourism landscape. What initially sparked social media buzz has transformed into a weekly tourist magnet, drawing in hundreds of thousands of visitors. Notably, the Anh Trai Vuot Ngan Chong Gai concert attracted a staggering 130,000 attendees in just one day, while events like the Korea Travel Festa and the Vincom 20th Anniversary Concert, hosting 30,000 and 20,000 attendees respectively, have culminated in an impressive milestone of over 12 million visitors in 2024.

    Unwavering Appeal Through Year-Round Programming

    Ocean City’s charm thrives on its year-round programming, offering a consistent slate of retail, cultural, and entertainment activities. Daily events—ranging from art performances to community gatherings—keep visitors engaged and encourage them to linger longer. The business ecosystem of Ocean City has matured significantly, demonstrating operational stability complemented by strong commercial performance. With nearly 1,000 stores scattered across themed areas such as The Venice, K-Town, Little Hong Kong, and Sake Village, the hustle and bustle are particularly vibrant on weekends and holidays. Many brands within the fashion, beauty, F&B, and entertainment sectors are delighting in revenue surpassing expectations, proving that Ocean City is as lucrative as it is picturesque.

    A Lifestyle Beyond Living: Residents Weave Community in Ocean City

    For residents like Cho Ducksang, a South Korean national who has called Vietnam home for the past nine years, Ocean City is much more than just a residence. It is a lifestyle hub that fosters relaxation, social connections, and a sense of community. “I often kick off my day with a swim, enjoy fishing on weekends, and relish vibrant nights with friends in Little Hong Kong,” Cho shared, fondly recalling memories from a BBQ festival at Sake Village filled with grilled meats and cold beers. “Even when friends arrive late from Korea, we can always find lively restaurants in Little Hong Kong. It’s where we’ve created many unforgettable evenings.” He cherishes the community events, particularly live music and street performances, which inject vitality into the area each day.

    A Destination Shaped by Experiences

    These enriching experiences fortify Ocean City’s identity, showcasing it not merely as a residential development but as an evolving urban destination where both residents and visitors contribute to its vibrant tapestry. The customer journey is crafted through consistent operations and continual enhancements, rather than relying solely on architecture.

    Thriving Future with Vincom Mega Mall

    Looking forward, Ocean City is poised to elevated its allure with the upcoming Vincom Mega Mall Ocean City set to launch in 2025. Spanning nearly 70,000 square meters, this commercial complex aims to embody the “One-Stop Shoppertainment” model in Vietnam, enhancing visitor experiences through shopping, entertainment, dining, and relaxation. With four experience pillars—Show, Shop, Food, and Fun—the mall plans to introduce several innovative features. Among these is VinPalace, Vietnam’s first theater within a shopping mall, boasting 1,600 seats and state-of-the-art production technology for shows inspired by Vietnamese folklore, representing over $13 million in investment. Moreover, northern Vietnam will welcome its first full-scale Korean-style wellness complex, Aquafield, providing a rejuvenating blend of sauna, jjimjilbang, and specialized massage services in one venue.

    The mall will house more than 150 brands, including well-known names like AEON, Mr. D.I.Y., CGV, Kidzooona, and Phuong Nam Book City. Positioned strategically at the heart of Ocean City, Vincom Mega Mall Ocean City is expected to bolster the momentum that has made Ocean City a trending destination. With its expansive scale, unique amenities, and experiential design, the mall is set to redefine contemporary urban living. “More than just a shopping destination, it promises to be a transformative journey,” remarked a Vinhomes representative, hinting that each visit might just lead you to rediscover a bit of magic.

    Questions & Answers

    What types of events can visitors expect at Ocean City? Ocean City hosts a variety of activities year-round, including concerts, art performances, and community gatherings to keep visitors engaged.

    How has the business ecosystem at Ocean City evolved? With nearly 1,000 stores operating in themed areas, the business ecosystem has matured, showcasing operational stability and robust commercial performance.

    What will Vincom Mega Mall offer that sets it apart? Vincom Mega Mall will introduce Vietnam’s first theater within a shopping mall, alongside a full-scale Korean-style wellness complex, making it a unique destination for shopping and entertainment.

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