Vietnam’s Investment Environment Praised by Argentinian Businesses

Hanoi welcomed a total of 653,000 visitors during the Tet holiday. Da Lat also experienced an increase in tourist arrivals during this festive season. However, Vietnam dropped out of the top 100 in the latest FIFA rankings. To boost industrial production, enterprises and authorities are actively taking measures.

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Vietnam news Feb. 14 notable headlines:

Hanoi serves 653,000 visitors during Tet

Da Lat enjoys growth in tourist arrivals during the Tet holiday

Vietnam slips out of top 100 in latest FIFA rankings

Enterprises, authorities move to bolster industrial production

Argentinian businesses hail the investment environment in Vietnam

Ho Chi Minh City to host Golden Ball Awards 2023 ceremony

Argentinian businesses hail investment environment in Vietnam (Photo: VOV)

Argentinian businesses hail the investment environment in Vietnam

Argentina’s newspaper La Nacion has run an article highlighting the business climate in Vietnam and encouraging the country’s firms to explore the Southeast Asian market. The article underlined that Vietnam is the 10th largest economy in Asia with its GDP reaching US$410 billion, forecasted growth of 6.5%, and inflation of 3.4% in 2024.

In the first 11 months of 2023, Argentina exported nearly US$2 billion worth of goods to Vietnam, and enjoyed a trade surplus of US$640 million, it noted. However, it pointed out that there are only a few Argentinian investors in Vietnam. It quoted Argentinian entrepreneurs Guillermo Cena and Santiago Campanera, who are running their business in Vietnam, as speaking highly of Vietnam – a land of opportunities for Argentinian exporters and investors.

Cena advised investors to make long-term plans and stay open to be ready to accept differences in culture and asserted that the 100-million-strong market of Vietnam is a promising land for Argentinian products and services, with a high demand for high-quality food products.

Meanwhile, Campanera stressed that Vietnam is an open market economy and called on Argentinian firms to explore opportunities in this stable and expanding economy. The Vietnamese Government always creates chances for production development and global integration, he stated. Cena said that he plans to diversify agricultural products imported from Argentina in Vietnam, while Campanera advised Argentinian enterprises to launch businesses in Vietnam to better explore the demand of the local market.

Ho Chi Minh City to host Golden Ball Awards 2023 ceremony

The Golden Ball Awards 2023 ceremony is set to be held on February 19 in Ho Chi Minh City, according to the organizing board. The gala night will reveal the Vietnam Golden Ball 2023 winners for the men’s and women’s categories of the Golden, Silver, and Bronze Ball Awards; the Futsal’s Golden, Silver, and Bronze Ball Awards; the Male and Female Young Player of the Year Awards; the Foreign Player of the Year; and the Devotion Award.

The organizing board earlier released a shortlist of the best candidates for each sports category on December 28. The top five male candidates for the Vietnamese Golden Ball Awards 2023 include Hoang Viet Anh of Hanoi Police FC, Nguyen Hoang Duc of Viettel The Cong FC, Pham Tuan Hai of Hanoi FC, Dang Van Lam of Quy Nhon Binh Dinh FC, and Ho Tan Tai of Hanoi Police FC. In the female category, Nguyen Thi Thanh Nha of Hanoi I FC, Huynh Nhu of Lank FC, Tran Thi Kim Thanh of HCMC I FC, Nguyen Thi Bich Thuy of HCMC I FC, and Pham Hai Yen of Hanoi I, are all contenders for the award.

Meanwhile, the Top 5 nominees for the Futsal Golden Ball include Pham Duc Hoa of Thai Son Nam FC, Nhan Gia Hung of Thai Son Nam FC, Chau Doan Phat of Thai Son Nam FC, Lam Tan Phat of Sahako FC, and Ho Van Y of Thai Son Nam FC. Candidates for Male and Female Young Player of the Year Awards are Nguyen Dinh Bac of Quang Nam FC, Khuat Van Khang of The Cong Viettel FC, Nguyen Thai Son of Thanh Hoa FC, Ngoc Minh Chuyen of Thai Nguyen T&T FC, Vu Thi Hoa of Hanoi I FC, and Vu Thi Hoa of Phong Phu Ha Nam FC.

Launched in 1995 by the Sai Gon Giai Phong Newspaper, the annual Vietnamese Golden Ball Awards aims to honor and recognize the contributions and achievements of Vietnamese football players during the year.

The number of foreigners visiting Hanoi during Tet rises 2.2% year on year (Photo: VNA)

Hanoi serves 653,000 visitors during Tet

The capital city of Hanoi has welcomed about 653,000 visitors in the seven-day Lunar New Year (Tet) holidays from January 8-14, up 21.6% year on year, including nearly 103,000 foreigners, a rise of 2.2% over the same time last year, according to the municipal Department of Tourism.

The department said that total revenue from tourism activities is estimated at 2.35 trillion VND (96.21 million USD), a surge of 35.1% over the same period last year. Foreign visitors are mostly from the Republic of Korea, China, the US, India, France, the UK, Germany, and Japan.

The most crowded destinations included the Huong Son relic and landscape site, which served 80,600 visitors, Van Mieu – Quoc Tu Giam (Temple of Literature) with 106,000 travelers, and Thang Long Imperial Citadel with 48,700 tourists. The director of the department Dang Huong Giang said that various activities have been conducted to improve the infrastructure system in local destinations and ensure safety, security, and sanitation at tourist attractions, thus providing the best services to visitors.

A confectionery factory of the Bao Hung International JSC in Vu Thu district, Thai Binh province (Photo: VOV)

Enterprises, authorities move to bolster industrial production

Vietnamese enterprises and authorities are taking action right from the start of 2024 to promote industrial production though many challenges remain in the global economy. The General Statistics Office (GSO) reported that the Index of Industrial Production (IIP) in January fell 4.4% month on month but still went up 18.3% year on year. In particular, the processing-manufacturing sector expanded 19.3% from a year earlier, contributing 15.1 percentage points to the overall growth.

Notably, the January IIP posted year-on-year increases in 60 provinces and cities, with a decline in just three others, the GSO said, attributing the fast expansion in some localities to sharp rises in the processing-manufacturing sector and the production and distribution of electricity.

Those recording high index rises in the processing-manufacturing sector include Quang Ninh province 157.9%, Bac Giang province 57.7%, Nam Dinh province 56.9%, Vinh Long province 51.2%, Kien Giang province 47.7%, Phu Tho province 39.4%, and Ho Chi Minh City 26.9%.

Though the global economy is still facing numerous difficulties and market demand has yet to recover, the country’s IIP has continued improving thanks to the efforts of producers to seek new orders and prepare goods for the Lunar New Year (Tet) holidays, according to the GSO.

In HCM City, production and business activities of local firms have become vibrant since the year’s beginning. The municipal Statistics Office noted the local IIP increased 26.9% year on year in January. Among the companies based in the southern economic hub, the Toan Viet electronics and informatics company recently coordinated with partners to debut Vietnam’s first set of artificial intelligence-powered desktop computers, named ROSA PC AI, that uses the Ryzen 8000G Series processors.

Experts held that despite the impacts of the global economic recession, localities nationwide have applied flexible measures to create the best possible environment for investors to carry out projects while at the same time attracting new investors to high-tech and environmentally friendly industries.

In the northern province of Vinh Phuc, some large investment projects have become operational, including the Bhflex Vina-1 electronic component factory worth VND816 billion (US$33.5 million), a vehicle production and assembly plant invested with VND564 billion by the Aeon Motor Vietnam Co. Ltd, and an VND840 billion plant project that produces trays and boxes for industrial and e-commerce activities. These businesses are promoting production and expected to enjoy vigorous growth in 2024 and 2025.

Truong Thanh Hoai, Director of the Industry Agency under the Ministry of Industry and Trade, said that this year, the agency will press ahead with effectively implementing the Government-approved enterprise support policies to remove obstacles to production and business activities, particularly in such key export sectors as textile – garment, and leather – footwear, along with foundation industries like automobile, mechanics, and steel. It will accelerate the completion and inauguration of new industrial production projects to serve export and domestic consumption, he went on.

For its part, Vinh Phuc will continue strongly reforming its growth model, with a focus on industrial development. It will shift from an industrialization policy based on traditional advantages like geographical location, cheap labor, and natural resources to one based on modern competitive edges like human resources quality, labor productivity, infrastructure, and progressive regulations. The province will also effectively step up dialogue with, and assistance for enterprises to recover and boost industrial growth, according to local authorities.

Phi Thi Huong, Director of the GSO’s Industry and Construction Statistics Department, recommended localities increase demand stimulation and promotional programs to fuel purchasing power, thus helping expand the domestic market for enterprises amid export difficulties. They should also hold more business-matching events to help firms seek partners and boost sales.

Meanwhile, Minister of Planning and Investment Nguyen Chi Dung said this ministry will propose the building of some preferential mechanisms and policies to assist large enterprises to grow further. Part of the assistance will be sourced from the Investment Support Fund, collection from the global minimum tax, and other legal sources.

Amy Mai Nguyen