Higher electricity production and import expected this year
HCMC – Electricity output and import this year are estimated at 284.5 billion kilowatt hours (kWh), up around 5.5% over last year, according to the latest power supply plan approved by the Ministry of Industry and Trade. The figure is 16 billion kWh higher than in 2022 and 29 billion kWh higher
Standard Chartered forecasts Vietnam’s 2023 GDP growth at 7.2%
HCMC – Standard Chartered Bank has forecast Vietnam’s gross domestic product (GDP) will expand 7.2% this year, following a solid recovery to 8% in 2022. The forecast is 0.7 percentage point higher than the target approved by the National Assembly. “We still have a conviction on Vietnam’s high
Half a billion dollars committed to HCMC’s industrial zones in 2022
HCMC – HCMC’s export processing and industrial zones attracted new investments totaling nearly US$550 million last year, over 9% higher than expected, according to the HCMC Export Processing Zone and Industrial Park Authority (HEPZA). New foreign investment approvals amounted to US$196.6 million
Three Vietnam Register officials charged with bribe taking
HCMC – Investigators at the HCMC Police Department yesterday, January 5, pressed charges against three officials at Vietnam Register’s Motor Vehicle Inspection Department over allegations that they had received bribes. The three suspects are Tran Anh Quan, 60, acting head of the Motor Vehicle
Nghi Son oil refinery’s output falls 25% due to technical issues
HCMC – The output of the Nghi Son Refinery and Petrochemical LLC, which accounts for 40% of the domestic fuel supply, is estimated to fall by 20-25% or around 125,000 cubic meters in the first 10 days of 2023 due to technical issues. Nghi Son has shut down its residual fluid catalytic cracking
HCMC targets VND160,000-billion revenue from tourism in 2023
HCMC – The HCMC Department of Tourism expects the city to attract 40 million tourists, including five million foreigners, and earn around VND160,000 billion from tourism services this year. Tourism Department director Nguyen Thi Anh Hoa said the city would take a range of measures to boost the
Dak Nong starts work on VND1.7-trillion wind farm
HCMC – The Asia Dak Song 1 wind farm project got off the ground in Dak Song District in the Central Highlands province of Dak Nong on January 4, with a total investment of nearly VND1.7 trillion, making it the sixth in the province. The wind farm project is set to have a total designed […]
New FDI approvals in Binh Duong put at over US$3 billion
HCMC – The southern province of Binh Duong attracted US$3.13 billion in new foreign direct investments (FDI) in 2022, particularly in the processing and manufacturing industry, according to the provincial Planning and Investment Department. Binh Duong approved some 70 new projects worth a total of
Vietnam has huge trade deficit with South Korea
HCMC – Vietnam had a trade deficit of US$34.26 billion with South Korea last year, the highest trade deficit with a foreign trade partner in the year, according to the Vietnam News Agency. In 2022, Vietnam exported around US$26.72 billion worth of goods to South Korea and spent nearly US$61
Occupancy on domestic flights reaches 90% before Tet
HCMC – Many domestic air routes have seen a surge in occupancy to over 90% right before the Lunar New Year 2023, so passengers need to quickly book air tickets to get reasonable prices. Statistics from the Civil Aviation Authority of Vietnam showed that domestic routes from the Tan Son Nhat
Manufacturing business conditions continue to weaken in December
HCMC – The S&P Global Vietnam Manufacturing Purchasing Managers’ Index (PMI) continued to slide further, signaling a further deterioration in conditions in the manufacturing sector. The S&P Global Vietnam manufacturing PMI registered 46.4 in December, one point lower than the previous
Hoa Binh Group faces leadership struggle
HCMC – Having served as chairman of Hoa Binh Construction Group JSC for 35 years, Le Viet Hai decided in mid-December of 2022 to step down as from early this year but later rolled back his decision. On December 14, the firm announced that it had accepted Hai’s letter of resignation, and elected