Vietnam Insider - Page 151 of 1523

Apple Unveils the iPhone 16 and iPhone 16 Pro with Game-Changing Features

Advertisements

In a major announcement today at its Worldwide Developers Conference, Apple introduced the highly anticipated iPhone 16 lineup, along with other key product launches.

The new iPhone 16 and iPhone 16 Pro models feature cutting-edge technology, marking the beginning of a new era for Apple’s flagship devices.

The iPhone 16 Pro and iPhone 16 Pro Max boast impressive display sizes of 6.3 inches and 6.9 inches, respectively, setting a new standard with the thinnest borders ever seen on any Apple product. The Pro models also feature a lightweight titanium body that is more scratch-resistant than any previous material used by the tech giant.

A key highlight of the new Pro models is the A18 Pro chip, powered by second-generation 3-nanometer transistors and a 16-core neural engine. Apple emphasized the chip’s advanced capabilities in handling generative AI workloads, delivering a significant boost in performance and efficiency over previous versions.

The camera system on the iPhone 16 Pro models has also been supercharged, with a 48-megapixel “fusion camera” that can read data twice as fast, alongside an ultrawide camera for capturing more detail in wide-angle shots. Video recording has reached new heights with 4K resolution at 120 frames per second, offering the highest quality yet for iPhone users.

In addition to the iPhone 16 series, Apple unveiled the Apple Watch Series 10, AirPods 4, and several other exciting updates across its product range. Preorders for the iPhone 16 Pro and Pro Max start on Friday, with in-store sales beginning on September 20. Prices start at $999 for the Pro model and $1,199 for the Pro Max.

Vietnam Gains Another UNESCO Global Geopark

Advertisements

Lang Son Geopark has been evaluated and voted as a UNESCO Global Geopark by the UNESCO Global Geopark Council.

On the afternoon of September 8, during the 8th International Conference of the Asia-Pacific Region UNESCO Global Geoparks Network held in Cao Bang Province, the UNESCO Global Geopark Council officially recognized Lang Son Geopark as a UNESCO Global Geopark.

Tourists visit Huu Lung district, a mountainous district of Lang Son province, located within the Lang Son Geopark. Photo: Hung Vi

Previously, on November 30, 2023, the People’s Committee of Lang Son Province, in collaboration with the Vietnam National Commission for UNESCO, completed the dossier imply Lang Son Geopark as a UNESCO Global Geopark and submitted it to the United Educational Nations, Scientific, and Cultural Organization (UNESCO).

According to the leadership of the Department of Culture, Sports, and Tourism of Lang Son Province, the recognition of Lang Son Geopark as a UNESCO Global Geopark will help the province focus its resources on managing, preserving, and promoting the value of geology, culture, historical, archaeological, and biodiversity heritage, as well as the province’s remarkable landscapes.

Lang Son Geopark spans eight districts and cities: Bac Son, Chi Lang, Huu Lung, Loc Binh, Van Quan, and Lang Son City, covering a total area of over 4,800 km² and home to nearly 627,000 people, representing approximately 58% of the province’s area and 78% of its population.

Lang Son Geopark boasts a rich ecosystem, particularly in the Huu Lien Nature Reserve, which covers over 8,200 hectares. The reserve has recorded 794 species of vascular plants from 162 families, with 31 species listed in Vietnam’s Red Book, along with 57 species of mammals, 23 species of reptiles, and 14 species of amphibians.

Lang Son Geopark is expected to receive its UNESCO Global Geopark certificate in 2025 in Chile.

@SGtiepthi

Five Vietnamese Dishes Make the List of Top 100 Coconut Dishes in the World

Advertisements

The culinary website Taste Atlas has selected 100 of the best coconut-based dishes in the world, with five dishes from Vietnam making the list.

Leading the list of Vietnamese coconut dishes is pomelo sweet soup. This dessert is made from a mixture of pomelo peel, mung beans, and, of course, coconut milk. The green pomelo peel is removed, and the spongy white part is used as the main ingredient. It is diced, salted, soaked in water, rinsed, boiled, and mixed with sugar and tapioca starch.

The mixture is then combined with steamed mung beans, water, coconut milk, and sugar until it thickens. This dessert is especially popular during the summer.

Cake dish

Another dish on the list is beef cake, a traditional Vietnamese sponge cake with a coconut flavor made from fermented batter. There are several varieties of cake depending on its shape, ingredients, and preparation method, but all share a unique spongy texture, which is why they are sometimes called honeycomb cakes.

Banh Bo can be baked or steamed and is often dyed using natural colorants. The base is typically made from rice flour or tapioca flour. However, no one seems to know why the cake is named banh bo (cow cake).

Next is roasted coconut rice and shrimp, a dish originating from Ben Tre. It consists of rice steamed inside a coconut, coconut water, and additional ingredients such as carrots, onions, lotus seeds, and peas, served with fried shrimp.

Banh Phu The, a traditional Vietnamese dessert, is made from tapioca flour and mung beans. Other ingredients include sugar, shredded coconut, and pandan leaves. Visually appealing, the dessert has a translucent green color in its original version.

The final dish is pandan leaf sandwich, a traditional pandan waffle originating from Vietnam. These pandan waffles are made from a mixture of flour, sugar, eggs, tapioca flour, coconut milk, baking powder, and pandan extract. The pandan gives the waffles their green color and distinctive fragrance.

@Thanhnien.vn

The First Tourist Destination in Ba Ria – Vung Tau Receives Carbon Neutral Certification

Advertisements

The Institute for Research, Application, and Innovation in Business (under the Department of Science and Technology of Ho Chi Minh City) awarded the carbon neutral destination certification to Suoi Rao Ecolodge. This is the first tourist spot in Ba Ria – Vung Tau Province to receive such certification.

On September 9, Mr. Trinh Hang, Director of the Department of Tourism of Ba Ria – Vung Tau Province, announced that Suoi Rao Ecolodge, located in Hamlet 2, Suoi Rao Commune (Chau Duc District), had been certified as a carbon-neutral destination by the Institute for Research , Application, and Innovation in Business.

Carbon Neutral Destination Certification Awarded to Suoi Rao Ecolodge

Suoi Rao Ecolodge is located on a hillside covering 5 hectares, adjacent to the Xuan Son protective forest. About 15 years ago, this area was barren land with mostly short-term agricultural crops.

With the vision of creating an eco-village, Ms. Le Thi Nga, Director of Thuong Uyen Landscape Architecture Company (the investor of Suoi Rao Ecolodge), planted trees to cover the barren hills. Today, over 95% of Suoi Rao Ecolodge is covered in greenery. More than 1 million trees have been planted and identified, with around 700 species, including 18 rare and valuable tree species from Ba Ria – Vung Tau Province and 300 types of medicinal plants.

Suoi Rao Ecolodge covered with green space

According to the Institute for Research, Application, and Innovation in Business, after conducting research, measurements, and monitoring of carbon fluctuations over time, the total amount of CO2 stored in the trees and soil at Suoi Rao Ecolodge reached 1,558.86 tons over six years ( equivalent to 260 tons of CO2 per year). The measured CO2 emissions were 19 tons per year, meaning the activities at Suoi Rao Ecolodge consume only about 7% of the carbon stored annually.

Mr. Trinh Hang noted that Suoi Rao Ecolodge is the first tourist destination in the province to receive the carbon-neutral destination certification. The ecotourism model at Suoi Rao Ecolodge is expected to serve as a model for replication throughout the province.

In recent years, Suoi Rao Ecolodge has gained recognition from both domestic and international tourists. It is especially popular among European visitors due to its unique blend of landscape architecture and natural surroundings.

@Thanhnien.vn

Sa Pa Temporarily Suspends Tourist Visits Due to Storm Impact

Advertisements

On September 8, the People’s Committee of Sa Pa Town (Lao Cai Province) issued a document temporarily suspending tourist visits to ensure safety in response to the storm and flood prevention efforts within the town.

Sa Pa temporarily suspends all tourism and sightseeing activities.

The document noted that due to prolong heavy rains caused by Storm No. 3, many roads and overflow dams in Sa Pa have been damaged or are no longer safe for transportation.

To ensure tourist safety, the Department of Culture and Information of Sa Pa Town has requested that Hoang Lien National Park, the Tourism and Heritage Management Board, the Management Board of Ham Rong Tourist Area, and other tourist sites in the area proactively inspect and prepare for the storm’s effects to ensure the safety of property and people, especially in areas with waterfalls, streams, and complex terrain.

It has also been mandated that all heritage sites and scenic spots managed by these organizations temporarily suspend receiving visitors from September 8 until further notice from the People’s Committee of Sa Pa.

Local authorities have been asked to increase awareness, inspect tourist areas under their jurisdiction, and ensure that these tourist destinations cease welcoming visitors to protect both property and human lives.

The Lao Cai Tourism Association has informed its member businesses to proactively ensure the security and safety of tourists, suspending all tours and outdoor activities until further notice from the Sa Pa People’s Committee.

@Znews

Tay Ninh Tourism Nears 2024 Revenue Target

Advertisements

After just eight months, the total tourism revenue for Tay Ninh Province is estimated to have reached over VND 2.1 trillion, achieving 93.3% of the 2024 target

Tay Ninh tourism revenue in 8 months reached more than 93% of the plan. Photo: Dat Thanh

According to statistics for the first eight months of 2024, Tay Ninh ranks first in economic growth in the Southeast region. The province’s tourism sector alone is estimated to have attracted 3.9 million visitors, a 3.6% increase year-on-year. Total tourism revenue is estimated at VND 2,145 trillion, up 37.3% compared to the same period, reaching 93.3% of the annual target.

In August 2024 alone, the number of visitors is estimated at over 276,000, up 17.7% compared to the same period last year. Tourism revenue is estimated at VND 158 billion, an increase of 43.6% year-on-year. It is projected that Tay Ninh will continue to welcome more tourists in the remaining three months of 2024. According to the Tay Ninh Department of Culture, Sports, and Tourism, from now until the end of 2024, the province will focus on implementing policies and diversifying and enhancing the quality of tourism products aligned with the local potential and advantages. The tourism industry is also concentrating on promoting solutions for marketing and outreach to other provinces and international destinations.

specifically, Tay Ninh is strengthening tourism development partnerships with six provinces and cities in the Southeast region and signing a tourism cooperation agreement for the 2024-2029 period with Saigon Tourist Corporation.

This cooperation is seen as an opportunity for the province and other localities in the region to leverage their strengths in unique tourism products, such as industrial tourism, river tours, traditional craft villages, entertainment, and cultural experiences. Tay Ninh is also actively organizing Famtrip tours to survey and connect the province’s tourism offerings with other provinces and cities across the country.

@SGtiepthi

Dong Lam Grassland Festival to Take Place at the End of October

Advertisements

Scheduled for the end of October 2024, the Dong Lam Grassland Festival offers visitors the opportunity to admire the natural beauty of Huu Lung while participating in various recreational and exploration activities.

A corner of Dong Lam grassland. Photo: Hung Vi

The People’s Committee of Huu Lung District, Lang Son Province, has announced plans to organize the 2024 Dong Lam Grassland Festival under the theme “Dong Lam – The Green Grassland.” The festival is set to take place on October 25-26, 2024, at Dong Lam Grassland, Nong Use Lake in Huu Lien Commune, as well as at the community tourism villages in Huu Lien and Yen Thinh Communes, along with other tourist sites in Huu Lung District.

The festival is not only an opportunity to admire the pristine beauty of Dong Lam Grassland, with its clear lakes and cool streams, but also an opportunity for visitors to engage in various exciting activities. These include kayaking on Nong Using Lake, horseback riding around the grasslands, and trekking to discover Khe Dau Waterfall and Pac Mo Dam.

Tourists kayaking in Dong Lam grassland area. Photo: Hung Vi

Additionally, the festival will recreate a traditional countryside market, where visitors can experience agricultural production processes, taste local cuisine, and participate in traditional games, such as fish-catching contests, pig-roasting competitions, and tent-decorating challenges.

Located in Huu Lien Commune, Huu Lung District, Lang Son Province, Dong Lam Grassland is about 25 km from Lang Son city center and approximately 150 km from Hanoi. Spanning around 100 hectares, this tranquil grassland has attracted many tourists in recent years.

As part of the “Top 7 Impressive Vietnam” program in 2023, the community tourism villages of Huu Lien and Yen Thinh were voted by Saigon Tiep Thi readers as one of the “Top 7 Ecotourism Destinations.”

@SGtiepthi

Bitcoin Bottom In? BTC Order Book Liquidity Says Yes

Advertisements

Liquidity both close to and further away from the going market rate has declined, hinting at an impending bull reversal.

Bitcoin (BTC) order books, which show the supply and demand dynamics for the largest cryptocurrency, are signaling a potential price bottom and a bullish shift on the horizon.

Data tracked by Hyblock Capital shows market depth, or the collection of buy and sell orders, both close to the going market rate and further away, dried up over the weekend. That’s a pattern usually observed at market turning points, suggesting an end to BTC’s decline from late-August highs above $65,000.

Liquidity, represented by market depth, gauges the market’s ability to absorb large trading orders without influencing price. It tends to depend on several factors, including the time of day, prevailing market events and specific price levels.

Market bottoms are characterized by traders struggling to make decisive moves, leading to fewer buy and sell orders and a decline in liquidity.

“By analyzing the combined spot order books, particularly at the 0%-1% and 1%-5% spot order book depth, we see a pattern where low liquidity in the order book often coincides with market bottoms,” Shubh Verma, co-founder and CEO of Hyblock Capital, said in an interview with CoinDesk. “These low order book levels can be early indicators of a price reversal, frequently preceding a bullish trend.”

“It’s a signal worth monitoring for traders looking to catch significant movements before they unfold. Understanding these imbalances can help identify key turning points in the market,” Verma said.

The 1% market depth shows the total volume of buy and sell orders within 1% of the current mid-market price. The 5% depth represents liquidity 5% away from the current mid-price. Hyblock tracks market depth across multiple exchanges, including Binance and Coinbase.

Potential short squeeze and positive macro

Bitcoin changed hands at $54,800 at press time, up 4.3% from Friday’s low of $52,530, according to TradingView data. Still, funding rates in the perpetual futures market tied to bitcoin remain negative, indicating a bias for bearish bets known as shorts, according to Coinglass.

So, if the market remains resilient, bears may throw in the towel, squaring off shorts and putting upward pressure on prices.

“Positioning remains light, and with funding [rates] negative, the short-term ‘pain trade’ is perhaps higher,” the LondonCryptoClub newsletter said in Sunday’s edition.

The market is fast moving into positive macroeconomic developments for bitcoin, according to the newsletter.

“Fiat, debt driven economies cannot sustain high real rates. The window to normalise rates and reduce central bank balance sheets, withdrawing liquidity, are typically small and that window has now firmly closed. Whilst we encourage short term caution as the market seeks assurances that the Fed will keep the party going, rest assured the punch bowl is about to be returned. Bitcoin and broader crypto investors will be getting drunk again quite soon,” the newsletter reads.

Crypto Exchange Woo X Introduces Copy Trading, With a Twist

Advertisements

The exchange’s version of social trading comes with a countertrade feature as well as more transparent and equitable profit sharing.

Cryptocurrency exchange Woo X has introduced what it says is an enhanced and fairer version of copy trading, a way of emulating the expertise of seasoned traders by mimicking their market activities, the firm said on Monday.

Copy trading, or “social trading,” as Woo X calls it, is not new in either crypto or traditional finance. The practice of easily availing customers of the returns made by the most successful traders was made popular by fintech platform eToro and is also offered by several large crypto exchanges like Binance and OKX.

However, the existing model required recalibration, according to Woo X COO Willy Chuang, such that lead traders don’t just profit from exchange fees or other misaligned incentives. Another improvement was finding a way to reduce the consistent pressure on lead traders to always outperform, which prompted Woo X to add the flexibility of a countertrade option.

“We conducted extensive research and identified clear pain points for users,” Chuang said in an interview. “Many of the reported returns are misleading or unsustainable, and in some cases, users were being shilled by lead traders. We’ve introduced a higher profit threshold that protects users, ensuring that profits are only shared with lead traders when the portfolios are genuinely profitable.”

Cuc Phuong National Park Named Asia’s Leading National Park

Advertisements

Recently, at the World Travel Awards held in Manila, Philippines, Vietnam’s Cuc Phuong National Park was honored as Asia’s Leading National Park for 2024.

Cuc Phuong National Park surpassed several strong contenders from around the world, including Japan’s Fuji-Hakone-Izu National Park, Nepal’s Chitwan National Park, Sri Lanka’s Minnieriya National Park, Malaysia’s Kinabalu and Taman Negara National Parks, and Vietnam’s own Cat Tien National Park, to win the prestigious title of Asia’s Leading National Park 2024.

This marks the sixth consecutive year, starting in 2019, that Cuc Phuong National Park has received this esteemed award.

Characterized by tropical rainforests, Cuc Phuong includes an extremely valuable biodiversity value system, one of the places with high biodiversity in Vietnam with many rare species of animals and plants listed in the Red Book of Vietnam.

Based on the natural forest conditions of its limestone mountains, Cuc Phuong, Vietnam’s first national park, is recognized as one of the country’s most effective public institutions. It has successfully utilized government investments and support from both domestic and international organizations.

The park operates with a focus on forest protection and biodiversity conservation, serving scientific research, environmental education, and ecotourism. This approach aims to raise awareness, promote community livelihoods, and contribute to rapid, green, and sustainable economic development.

This award reaffirms the appeal of ecotourism—a form of tourism actively developed in national parks and nature reserves across Vietnam. It also serves as a golden opportunity to promote Vietnam’s natural beauty on the global ecotourism map.

@vtv.vn

Why Vietnam Becomes A Prime Destination for Global Investors

Advertisements

Vietnam continues to strengthen its position as a key destination for foreign direct investment (FDI), attracting $20.52 billion in registered FDI capital in the first eight months of 2024, a 7% increase compared to the same period last year, according to the Foreign Investment Agency under the Ministry of Planning and Investment.

Strong FDI Growth Across Key Sectors

Out of the total FDI, nearly $12 billion was committed to 2,247 new projects, marking a 27% increase in value and an 8.5% rise in project numbers compared to 2023. Additionally, existing projects received $5.7 billion in supplementary capital, up 4.9% in value and 14.8% in the number of projects. Despite a 40.9% decline in foreign investment through capital contributions and share purchases, this impressive growth in direct project investments reflects Vietnam’s continued appeal to global investors.

The manufacturing and processing industry remains the backbone of FDI inflows, receiving nearly $14.17 billion, which accounts for over 69% of the total registered capital—up 7.4% from last year. Real estate ranked second, attracting $3.36 billion, followed by the wholesale and retail sector with $844.9 million.

“Vietnam’s manufacturing sector is a major draw for foreign investors, thanks to its skilled labor force, strategic location, and favorable trade policies,” said Ms. Sophie Dao, Senior Partner at GBS, an investment consulting firm in Vietnam. “With the country’s ongoing economic reforms and commitment to improving infrastructure, Vietnam is well-positioned to attract even more FDI, especially in high-tech industries and renewable energy.”

Top Investment Sources and Key Provinces

Singapore led the list of 94 countries and territories investing in Vietnam from January to August 2024, pouring over $6.79 billion into the country, a 75.5% year-on-year increase. Hong Kong (China) followed with $2.4 billion, reflecting a 43.7% surge. This highlights Vietnam’s growing attractiveness to regional investors who seek to diversify their supply chains and capitalize on Vietnam’s favorable investment climate.

On the provincial level, the northern province of Bac Ninh emerged as the largest recipient of FDI, drawing nearly $3.47 billion, representing 16.9% of the total and marking a nearly three-fold increase compared to last year. Quang Ninh and Ho Chi Minh City followed, with nearly $1.78 billion and over $1.76 billion, respectively.

Long-Term FDI Prospects

As of August 31, 2024, Vietnam had 41,142 active FDI projects, with a total registered capital of $491.39 billion, of which approximately $311.33 billion had been disbursed. The steady growth in FDI underscores Vietnam’s commitment to creating a business-friendly environment through policy reforms, trade agreements, and infrastructure development.

Vietnam’s strategic location in Southeast Asia, coupled with its political stability and integration into global trade networks, continues to make it a magnet for international investors looking to expand in the region. With key sectors such as manufacturing, real estate, and high-tech industries leading the way, the country remains a top destination for FDI.

For global investors seeking to capitalize on Vietnam’s robust economic growth, now is the time to seize the opportunities this dynamic market offers. “Vietnam is reaching new heights as an investment hub,” Ms. Sophie Dao emphasized. “The country’s proactive approach to economic reforms, coupled with its thriving industrial base, makes it a highly attractive destination for FDI, particularly for those looking to tap into emerging sectors like renewable energy and high-tech manufacturing.”

Everything to Know about Apple’s iPhone 16

Advertisements

Apple Inc. is gearing up for its most significant event of the year on Monday, Sept. 9, at 10 a.m. Pacific Time, live from its Cupertino headquarters.

This highly anticipated launch event is set to unveil the iPhone 16 series, alongside exciting announcements for other Apple products, including major updates to AirPods and Apple Watches. Furthermore, the tech giant is expected to introduce a new artificial intelligence (AI) platform, marking a new chapter in its innovation strategy.

A Closer Look at the iPhone 16

The centerpiece of the event will be the new iPhone 16 lineup. While Apple has remained tight-lipped about specific details, industry experts predict that the iPhone 16 will bring several advancements in hardware and software. Likely enhancements include improved battery life, faster processors, and even better camera capabilities—areas where Apple consistently strives to outperform competitors.

Speculation has also been rife about Apple’s potential shift toward a more AI-driven user experience. With the rise of generative AI and machine learning, the iPhone 16 may incorporate advanced AI features to optimize performance, customize user interactions, and enhance app integration.

Major Updates for AirPods and Apple Watches

In addition to the iPhone 16, Apple is expected to roll out significant updates for its AirPods and Apple Watch lines. For the AirPods, reports suggest improvements in sound quality and noise cancellation, alongside longer battery life. The possibility of health-tracking features integrated into AirPods has also sparked interest.

As for the Apple Watch, the latest models may boast better sensors for health monitoring, extended battery life, and possibly a fresh design. With Apple’s growing emphasis on health and fitness, these upgrades could make the Apple Watch even more indispensable for health-conscious consumers.

AI Takes Center Stage

One of the most exciting aspects of this year’s event is Apple’s rumored unveiling of a new artificial intelligence platform. As AI continues to play a pivotal role in shaping the tech industry, Apple is expected to join the competition with a platform designed to streamline user experience, enhance app functionality, and drive innovation across its product ecosystem. This could involve a more seamless integration of AI into Siri and across Apple’s suite of apps, further pushing the boundaries of smart technology.

A Monday Event With Strategic Timing

It’s notable that Apple has scheduled this event on a Monday, which is uncharacteristic for the company. This earlier timing is likely strategic, allowing Apple to grab the spotlight before two major events the following day: a U.S. presidential debate and a critical decision by the European Commission on a long-standing $14 billion tax dispute between Apple and Ireland.

By positioning its iPhone 16 launch ahead of these high-profile events, Apple aims to ensure maximum media attention and steer the conversation around its new products and innovations.

The iPhone 16 launch on Sept. 9 is set to be one of Apple’s most significant events in recent years. With the promise of a cutting-edge iPhone, key updates to AirPods and Apple Watches, and the potential introduction of a groundbreaking AI platform, Apple continues to solidify its role as a leader in consumer technology. As always, the tech world will be watching closely as Apple unveils the next chapter in its iconic product lineup.

Vietnam’s Economy Receives Upgraded Growth Forecast and Positive Assessments

Advertisements

Vietnam’s economy garnered positive assessments in August, with the World Bank (WB) raising its growth forecast for 2024 to 6.1%, up from the previous projection of 5.5%. The bank’s latest bi-annual report, Taking Stock, also predicts Vietnam’s economy will grow by 6.5% in both 2025 and 2026, an increase from last year’s 5% expansion.

Economic Growth and Capital Market Development

The WB highlighted the robust development of Vietnam’s capital markets over the past decade, attributing their progress to solid macroeconomic fundamentals. However, the markets are still considered in their early stages. According to Ketut Kusuma, WB Senior Financial Sector Specialist, despite global challenges, Vietnam’s economy has shown resilience, with GDP expanding by 6.4% in the first half of 2024 compared to the same period in 2023. This growth was driven by the recovery in exports of processed goods, alongside higher levels of investment and consumer spending.

Challenges and Areas for Improvement

While the economy has rebounded, the report noted that Vietnam has not yet fully returned to its pre-pandemic growth trajectory. Consumer spending and private investment are still below pre-COVID levels. WB experts pointed out that although credit growth improved after a slow start to 2024, concerns about bank asset quality have persisted since 2023.

Sebastian Eckardt, WB’s East Asia and Pacific Practice Manager for Macroeconomics, Trade, and Investment, emphasized that to sustain growth, Vietnam should focus on structural reforms, accelerate public investment, and manage emerging financial risks.

Capital Markets and Institutional Gaps

Vietnam’s capital markets, currently valued at over 90% of GDP, are on par with Indonesia’s in terms of size. Healthy economic growth, low inflation, political stability, and a stable exchange rate have contributed to this growth. Nevertheless, there is significant room for improvement in Vietnam’s capital markets, especially in financial intermediation.

A key challenge is the underdeveloped institutional investor base, particularly the underutilization of Vietnam Social Security (VSS). The WB report calls for stronger policy frameworks to make social insurance a driving force for capital market development. Well-functioning capital markets are essential for mobilizing resources and building resilient, inclusive financial systems.

Foreign Direct Investment and Supply Chain Relocation

Vietnam’s foreign direct investment (FDI) inflows have remained steady, with FDI accounting for 3.4% of GDP in the first quarter of 2024, similar to Q1-2023 levels. This consistency reflects foreign investors’ confidence in Vietnam’s economic prospects, supported by ongoing supply chain relocations to the country. However, the financial account showed a smaller surplus in Q1-2024 compared to the previous year, driven by higher net outflows.

To maintain its competitive edge and attract higher-quality FDI, the World Bank suggests that Vietnam elevate its position in the global value chain. This includes improving the quality of human capital and enhancing essential infrastructure services like transportation, telecommunications, and electricity. The report also encourages the adoption of green technologies and the reduction of emissions to bolster Vietnam’s long-term competitiveness.

FDI and Vietnam’s Competitive Position in ASEAN

A separate report from HSBC, titled Vietnam at a Glance: FDI – Back to the Basics, emphasizes that Vietnam’s strong fundamentals have made it a leading destination for FDI in Southeast Asia, outperforming its ASEAN peers. The country’s competitive costs and FDI-friendly policies have attracted multinational corporations. Additionally, Vietnam has made significant strides in securing key trade agreements, such as the EU-Vietnam Free Trade Agreement (EVFTA) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), further boosting its attractiveness as an FDI hub.

Conclusion

Vietnam’s economic growth prospects remain strong, with positive assessments from key global institutions like the World Bank and HSBC. However, to maintain this momentum, the country must address key structural challenges in its capital markets, deepen its integration into the global value chain, and prioritize sustainable development. By doing so, Vietnam can solidify its position as a prime destination for foreign investment and continue its upward economic trajectory.

Dong Nai Company Takes 42,000 Employees on Trip to Da Lat

Advertisements

On the morning of September 7th, a company based in Dong Nai sent the first group of 1,000 employees on a trip to Da Lat. In total, the company is organizing a tour of Da Lat for 42,000 staff members

The group of up to 42,000 visitors will be divided into groups. The first group of 1,000 people arrived in Da Lat on the morning of September 7. Photo: M.V.

According to the plan, employees from Chang Shin Vietnam Co., Ltd. (Dong Nai) will visit Da Lat from early September until the end of 2024. The 42,000 employees will be divided into groups of 5,000 to 7,000, with each group visiting Da Lat monthly.

Tran Thi Vu Loan, Vice Chairwoman of the People’s Committee of Da Lat (Lam Dong), said: “Da Lat City is honored to welcome the largest group of visitors ever to the city.”

On the first day of receiving visitors, the city assigned a leadership representative to accompany the group and assist with transportation. Le Anh Kiet, Head of Da Lat’s Department of Culture and Information, was also present to provide support.

A representative from Chang Shin Company shared that this is the second time the company has chosen Da Lat as a travel destination.

“Responding to the desires of our employees, the company’s leadership and the grassroots trade union worked hard to organize this trip to Da Lat, allowing our team to explore the scenery and enjoy the fresh, cool air despite the ongoing economic challenges,” the representative said.

To welcome the first group of 1,000 visitors on the morning of September 7th, the leadership of Da Lat’s People’s Committee and the TTC World tourist area presented flowers in gratitude to the company for choosing Da Lat as one of the destinations for its employees.

Da Lat City has arranged personnel to support companies in welcoming the largest group of tourists ever. Photo: M.V.

To manage the group of 42,000 visitors, the travel company Vietravel is coordinating with TTC World Love Valley.

Huynh Phan Phuong Hoang, Deputy General Director of Vietravel, said: “The large group is divided into multiple waves visiting various locations over several months, so there are no issues with overcrowding. Each group enjoys a 3-day, 2-night trip.”

During their time in Da Lat, the visitors will explore famous attractions such as Love Valley, Truc Lam Zen Monastery, watch gong performances at Langbiang tourist area, and savor many of Da Lat’s culinary specialties.

Earlier, Da Lat City Chairman Dang Quang Tu sent a letter to Chang Shin Vietnam Co., Ltd. to express gratitude for using its welfare fund to organize the trip to Da Lat for its employees.

Located at over 1,500 meters above sea level, Da Lat sits on the Lam Vien Plateau and boasts stunning temperate natural landscapes with pine forests and rolling hills. Its cool climate has won the hearts of tourists. Additionally, the city offers a unique cultural charm, diverse cuisine, and many exciting attractions, making it a favorite destination for both domestic and international visitors.

@Znews

Ho Chi Minh City Aims to Fully Transition to Electric Buses by 2030

Advertisements

The Ho Chi Minh City Department of Transport has proposed loan interest subsidies to implement a plan to invest more than 3.52 trillion VND in transitioning the entire public bus fleet to electric and clean energy by 2030.

Ho Chi Minh City aims to increase the total number of electric buses to 3,317 by 2030. Photo: Y Kien.

The Ho Chi Minh City Department of Transport (DoT) has sent a document to the Ho Chi Minh City Fatherland Front Committee, along with other departments, districts, and Thu Duc City, seeking input on a draft resolution by the City Council regarding the transition plan and policies to support the conversion of public passenger transport vehicles to electric and green energy buses in the city.

Specifically, the DoT is developing a project to control vehicle emissions in the city, with phase one focusing on transitioning public passenger transport vehicles to electric buses and green energy.

The DoT stated that this initiative stems from the current situation where Ho Chi Minh City and many other urban areas are facing increasing greenhouse gas emissions. The transport sector alone accounts for around 18% of the country’s total greenhouse gas emissions.

Worryingly, air pollution alone is causing approximately 60,000 deaths annually due to related illnesses. Major cities like Hanoi and Ho Chi Minh City are suffering from high levels of PM2.5 dust pollution, with estimated economic losses of $10.8-13.2 billion, equivalent to 5% of the national GDP.

Currently, Ho Chi Minh City has around 2,209 buses, of which 546 run on electricity and CNG, while the remaining 1,663 use diesel, resulting in a total CO2 emission of 553,299 tons per year. Between 2025 and 2030, the city plans to add 1,108 more buses, bringing the total to 3,317 by 2030.

The DoT emphasized that if the plan and supportive policies to transition public buses to electric or green energy are not quickly implemented, the city’s environmental pollution from traffic will worsen, harming public health and causing economic damage.

Therefore, the DoT proposed policies to support interest rate subsidies for investment in vehicle conversion. The goal is to provide a legal framework for loan interest rates and budgetary support to facilitate the transition from fossil fuels to electric and green energy vehicles.

Under the proposed plan, Ho Chi Minh City aims to invest more than 3.521 trillion VND to fully transition the public bus fleet to electric and clean energy by 2030.

Of this, 2.095 trillion VND will be allocated for vehicle investment loans, with an additional 79 billion VND for energy supply station investment. The remaining 1.347 trillion VND will be used to build electric charging stations.

For the vehicle conversion policy, the maximum loan amount is set at 85% of the total project investment. The maximum interest-supported loan is 300 billion VND per project, with a support period of up to 7 years.

Regarding charging station investment, businesses and economic organizations can borrow up to 70% of the total project investment. The maximum interest-supported loan for these projects is 200 billion VND.

The interest rate is calculated at 50% of the loan interest rate announced by the Ho Chi Minh City State Financial Investment Company for the loaned capital during the loan term. The city’s budget will cover the remaining 50% of the interest rate.

@Znews