Honda Vietnam’s motorcycle, automobile sales continue to drop in February
Honda Vietnam has reported its fall in motorcycle and automobile sales at 36.8% and 7.3% respectively in February.
That is the second month in a row the company recorded sale falls after seeing a growth of nearly 19% for motorcycles and 62% for the automobile last December.
In February, it sold 140,669 motorcycles, down 36.8% compared to the previous month. Specifically, the sale of Wave Alpha – its best-seller semi-automatic model, decreased by 42.6% compared to that in January.
Similarly, Vision – its best-seller scooter model – also saw a sales decrease of 34.9%, and Winner X clutch 27% compared to the previous month.
Previously, the Vietnam Association of Motorcycle Manufacturers (VAMM) forecasted that the Vietnamese motorcycle market had entered a period of saturation and was shifting from manual transmission motorbikes to automatic ones. Currently, the automatic transmission motorbike lines account for more than 45% of the market share and will be a strongly growing segment soon when Vietnam’s per capita income increases.
In February, Honda Vietnam also exported 23,917 motorcycles.
Meanwhile, the Japanese manufacturer last month sold 1,385 automobiles, down 7.3% from the previous month. Honda City and Honda CR-V continued to be the two best-selling models of Honda Vietnam with 1,235 vehicles, accounting for 89.2% of its total car sales in February.
Vietnamese exporters attend Seafood Expo North America
Seventeen Vietnamese enterprises are participating in the 2023 Seafood Expo North America, which opened at the Boston Convention & Exhibition Centre in Massachusetts state on March 12.
This year’s three-day expo draws the participation of hundreds of aquatic product and seafood exporters from different states of the US, and other countries like Canada, Brazil, Japan, India, Scotland, Ireland, Norway, Spain, and Vietnam.
Vietnamese businesses are showcasing the country’s key products such as tra fish and shrimp which have impressed a lot of visitors.
Talking to the Vietnam News Agency, Ambassador Dang Hoang Giang, Permanent Representative of Vietnam to the United Nations (UN), stressed the bright outlook for the export of Vietnamese seafood and aquatic products to the US in general and North America in particular.
The participation of Vietnamese enterprises in North America’s largest seafood expo shows that Vietnamese products have gained a firm foothold in such a choosy market like North America.
The US is the leading importer of Vietnamese seafood and aquatic products. Last year, the export turnover to this market reached 2.1 billion USD, accounting for 20% of the total value of the country’s seafood and aquatic product exports.
Credit growth slowing down, raising fear of business contraction
Credit growth in the first months of this year slowed significantly due to high interest rates and firms’ poor health, raising concerns about rising bad debts.
Credit growth by the end of February 2023 increased by nearly 0.8%, equal to only one-third of the rate in the same period last year.
However, the low credit growth is not because of banks’ shortage of capital and credit growth quota like at the end of last year.
The banking system’s liquidity is currently in excess with more than 50 trillion VND (2.1 billion USD), higher than the SBV’s mandatory requirements. The credit growth quota of banks is also very abundant in the wake of the State Bank of Vietnam (SBV)’s credit growth quota granting early this month.
SBV Governor Nguyen Thi Hong attributed the slow credit growth to some reasons.
First, she said, the first two months of the year coincided with the Lunar New Year, so capital demand was low during the long holiday.
Secondly, many firms are still affected by the COVID-19 pandemic, thus they are unable to meet the banks’ lending conditions.
Orders at many firms declined, making the demand for loans to fall from last year.
Finally, the difficulty of the real estate market has also caused the loan demand to decline, the Governor said.
In a report sent to the Government, the Ministry of Planning and Investment said the low credit growth showed difficulties in absorbing the capital of firms and the economy.
According to many firms, their orders decreased, so they almost had no demand for loans. Even instead of borrowing more capital, many firms have tried to pay off existing loans to reduce financial pressure.
Most export firms are facing a decrease in orders. High inflation and declining purchasing power in major markets such as the US and the EU directly hurt firms.
A representative of the Vietnam Textile and Apparel Association said the decrease in global purchasing power would likely cause the number of orders of the whole textile and garment industry to decrease by 25-30% in the first quarter of 2023.
The situation is not brighter for firms in the wood and furniture industry. Do Thi Kim Loan, General Director of Sao Nam Trading and Production Company Limited, said orders from her company decreased by 30-35% compared to last year.
Banking expert Can Van Luc told the Viet Nam News that besides decreasing consumer demand, firms are also facing difficulties in accessing capital and high interest rates.
As firms’ health is exhausted, Luc is very concerned about the risk of rising bad debt.
“Currently, the bad debt ratio of the whole banking system is still under control with an on-balance sheet bad debt ratio of 2%,” Luc noted. “However, bad debts can worsen under the context of adverse impacts of the unfavourable conditions post-pandemic while the economy is at risk of a slight recession and the foreign exchange rate is under rising pressure.”
Nguyen Hoai Nam, Deputy General Secretary of the Vietnam Association of Seafood Exporters and Producers (VASEP), said high interest rates are the biggest concern of firms. Therefore, he suggested the SBV offer a more preferential interest rate policy for seafood exporters, who are under great pressure due to high input costs.
Pham The Anh, head of the National Economics University’s Economics Faculty, said many factors would support interest rate reduction in 2023.
Vietnam should accept the devaluation of the Vietnamese dong in the short term to reduce interest rates as high interest rates are more harmful to the economy than the devaluation of the dong, Anh suggested.
The good news for firms is that commercial banks have agreed to further reduce the interest rates by 0.2-0.5 percentage points for 6-12 month deposits since early this week to pave the way for a reduction in lending interest rates.
Currently, the highest deposit interest rate is 9% per year against more than 10% last year.
Measures sought to build high-quality Vietnamese coffee chain
A workshop seeking ways to build a high-quality Vietnamese coffee chain associated with green growth and sustainable development was held in the Central Highlands province of Dak Lak on March 12 within the framework of the eighth Buon Ma Thuot Coffee Festival.
According to a report delivered at the event, coffee is one of Vietnam’s key agricultural products with a combined area of over 710,000 hectares and a total output of 1.8 million tonnes per year. The sector has created jobs and income for around 2 million people.
Vietnam is currently the world’s second largest coffee exporter, after Brazil, and ranks first in terms of Robusta coffee exports, with the export turnover surpassing 4 billion USD las year, accounting for 15% of the world market share. This product has been shipped to at least 85 countries and territories.
However, Vietnamese coffee exported is mainly raw and unprocessed, so the added value is not high, the report said, adding that the production currently focuses on exploiting the potential and productivity of coffee trees to the maximum without paying much attention to green and sustainable development.
Permanent Vice Chairman of the Dak Lak People’s Committee Nguyen Tuan Ha said that the green and sustainable development of high-quality coffee is considered a suitable direction to stimulate and exploit the domestic and foreign coffee markets, thus bringing higher export value and economic benefits to growers.
He stressed the need to develop high-quality coffee, build concentrated raw material areas with certification and traceability, boost value chain-based production linkages, attract investment in deep processing, and finding new markets.
At the workshop, participants shared good practice and proposed measures to develop the high-quality coffee industry in association with green growth and sustainable development.
Foreign delegates also shared information on the demand of the foreign markets, and pointed to opportunities for Vietnamese coffee products.
Business environment reform is the most efficient support for enterprises: GSO
In the face of domestic and international economic difficulties, the most effective support for enterprises is to create an equal, open and transparent business environment, according to Do Thi Ngoc, head of the General Statistics Office (GSO)’s Department of General Statistics.
This was one of the solutions GSO proposed to maintain macro-economic stability and promote economic growth.
It is necessary to closely monitor the global economic situation and the fiscal and monetary policies of countries with a large economic scale.
“The Government should regularly review to promptly remove difficulties and obstacles of enterprises for promoting production and business activities, including lack of capital, high input material prices and difficulties in product consumption,” Ngoc said.
“Besides that, it needs to have prompt support for several industries being affected by declining demand of the world market such as leather, footwear, textiles and wood.”
It needs to monitor labour and job markets closely and then support the enterprises to overcome labour shortages.
State management offices should effectively implement solutions to stimulate trade and service demand and develop tourism programmes.
On the other hand, they should focus on expanding and diversifying export products and markets by effectively exploiting the signed free trade agreements (FTAs) between Vietnam and its partners. On that basis, policies also need to be adjusted to lure further high-quality foreign direct investment.
“The Government should drastically and quickly implement the tasks and investment projects under the programme for socio-economic recovery and development in 2023, including disbursement of public investment capital for key projects to be completed this year or early 2024,” Ngoc said.
Disease prevention and control must be strengthened along with plans on preventing drought and saltwater intrusion impacts, as well as natural disasters, rain, floods and landslides to minimise damage to production and people’s lives.
Finally, it is necessary to improve the efficiency of State management agencies and tighten administrative discipline in those agencies.
According to the GSO, Vietnam’s socio-economic development in February took place in the context that the world economy continued to have many complicated fluctuations.
Global inflation cooled but remained at a high level, while world energy prices are still increasing, and the Russia-Ukraine conflict has many unexpected developments.
Global consumer demand is reducing, causing the number of export orders and turnover to decrease. Many key industries have been affected, especially in localities with large industrial scales, such as Quang Ngai, Vinh Phuc, Binh Duong, and HCM City.
Therefore, the index of industrial production (IIP) in the first two months of this year decreased by 6.3% over the same period last year.
The exports to some key markets recorded a decline, such as the EU (down 4.2%); the Republic of Korea (5.7%); Japan (5.9%); ASEAN (7.9%); and the US (21%).
In that challenging situation, the production and business activities of the enterprises were severely affected by higher input costs but lower orders. Many businesses temporarily suspended operations to find other directions or wait for dissolution procedures.
In the first two months of the year, the number of enterprises suspending business for a definite term was about 39,000 units, an increase of 18.5% over the same period last year. About 9,400 enterprises were waiting for dissolution procedures, an increase of 5.8%.
The difficulties of the world economy also prevented foreign investors from expanding the scale of existing projects in Vietnam. As of the end of February, registered FDI capital reached 535.4 million USD, the lowest from 2019 to 2023 and a reduction of 4.9% year on year.
Core inflation in the first two months of 2023 increased by 5.08%, higher than the general inflation at 4.6%.
“This is a challenge for the State management agencies in issuing monetary policy. It is necessary to have a proactive and flexible monetary policy, ensuring inflation control and supporting economic growth,” Ngoc said.
However, the IIP of the number of processing and manufacturing industries in February increased compared to the same period last year, such as the production of beverages, coke, refined petroleum and chemicals, she said.
The total retail sales of goods and services increased by 13% yearly, while Vietnam had a trade surplus of 2.82 billion USD in the first two months.
International visitors to Vietnam were estimated at 1.8 million arrivals, nearly 37 times higher than last year, due to many international tourism programmes when the COVID-19 pandemic is under control.
Favourable mechanisms needed to fuel domestic supporting industries
The processing and manufacturing sector is attractive to foreign investment, but domestic supporting industries still need favourable mechanisms to develop, heard a workshop in Ho Chi Minh City.
Le Hoang Tai, Deputy Director of the Vietnam Trade Promotion Agency under the Ministry of Industry and Trade (MoIT), said the processing and manufacturing sector is the magnet to the majority of foreign direct investment (FDI) as seen in the 14.96 billion USD or 54% of the total registered capital in the first 11 months of 2022.
To attract investment to processing and manufacturing, supporting industries which supply materials, components, and spare parts have a critically important role to play. Given this, the MoIT has issued many policies to help with the industries’ development, according to Le Huyen Nga, head of the division for supporting industries at the MoIT’s Industry Agency.
Certain results have been recorded in developing domestic enterprises’ capacity, seeking new markets, and connecting local companies with FDI firms. Domestic businesses in supporting industies are now able to produce items with high technological content meeting requirements of final manufacturers in supply chains.
However, Nga noted, the existing policies for developing supporting industries still lack mechanisms efficient enough to connect suppliers and manufacturers, capitalise on the capacity of manufacturers (mainly FDI firms) to improve the added value of the domestic content in finished products, or develop supply chains in the domestic market. They are also not attractive enough to draw major foreign investors to supporting industries.
In the time ahead, those policies will be supplemented with many preferential mechanisms and assistance in terms of finance, research and development, technology transfer, and production management.
It is also necessary to build a law for facilitating key industries and developing both domestic and export markets for industrial products, she went on, adding that a more effective credit policy is also needed for businesses in supporting industries.
Echoing the view, Truong Chi Binh, Vice Chairman and Secretary General of the Vietnam Association for Supporting Industries, said the production capacity of Vietnamese businesses in supporting industries is not low, but they are still unable to compete with foreign rivals due to high production costs.
Therefore, reducing production costs is the key to deeper engagement in supply chains, he opined, suggesting businesses be given better access to credit, land, and factory building procedures.
Binh also recommended state agencies form clusters and ecosystems for companies in supporting industries, help them connect with foreign and multinational enterprises, and carry out policies effectively to create optimal conditions for businesses to focus on production.
Quang Trị province focuses on combating IUU fishing
The People’s Committee of the central province of Quang Tri has just issued an action plan to wipe out illegal, unreported and unregulated (IUU) fishing.
One of its key tasks is to enforce the law and handle violations of fishing vessels and fishermen.
Notably, local fishing vessels and fishermen are not allowed to illegally exploit marine species in foreign waters. All fishing vessels will be strictly handled if they violate and fail to comply with regulations, including failing to maintain cruise control equipment connection.
Regarding the management, monitoring, inspection and control of fishing vessel activities, the province has completed registration and marking of fishing vessels, granted fishing licences, and installed cruise control equipment. It has updated fishing vessel data into the national fisheries database; inspected and controlled fishing vessels entering and exiting berths. The local authorities will monitor fishing vessels operating at sea through the fishing vessel monitoring system, and control fishing vessels operating outside the province.
A fishing vessel with a length of 15 metres or more must dock at a designated port. In addition, the province has implemented an information and communication campaign to ensure transparency in IUU fishing combat efforts. It has provided diverse forms of popularisation and training for fishermen and related organizations on anti-IUU regulations.
Thanks to its efforts, Quang Tri has seen no fishing boats and fishermen violating foreign waters.
Leather industry faces challenges to maintain growth
The Vietnam Leather, Footwear and Handbag Association (Lefaso) expects to face many challenges this year in its efforts to maintain growth in the industry, according to the company’s chairman, Nguyen Duc Thuan. This is despite the sector overcoming many difficulties to achieve impressive export turnover in 2022.
The Vietnamese leather and footwear industry exported goods worth close to $24 billion last year, marking an increase of nearly 35 per cent compared to 2021. However, since the fourth quarter of last year, facing the impact of inflation, Vietnam’s main export markets such as the US, EU, and Japan have reduced consumption.
Last month, footwear exports saw a significant drop, reaching $1.6 billion, down 17.7 per cent over the same period last year. Exports of bags, suitcases, and umbrellas have also seen a downturn, touching $320 million, down 18.3 per cent on-year. This is due in part to the timing of the Lunar New Year, but also the signifiant drop in the number and value of orders. The index of industrial production for January decreased by 14.6 per cent on-month and by 8 per cent compared to January 2022.
Taiwanese shoemaker PouYuen Vietnam is a major contributor to foreign direct investment (FDI) in the footwear industry in Vietnam, with annual revenue of about $1 billion. The company announced it was cutting 3,000 jobs this month and won’t be extending labour contracts for a further 3,000 workers later this year, blaming it on a shortfall of orders.
PouYuen is not the only manufacturer impacted by reduced orders, many smaller enterprises have also had to reduce their workforce. Another Taiwanese shoemaker, Ty Hung company in Ho Chi Minh City, cut just under 1,200 workers due to a loss of business last November.
The World Bank and the International Monetary Fund lowered their estimations for global growth last month, with the possibility that the world economy might enter recession. This will further reduce the demand for goods and affect the available investment capital for many countries, including Vietnam.
Additionally, China’s return to production is expected to cause a sharp increase in supply before any expected recovery for demand, putting yet more pressure on manufacturers.
Wise roadmap key for rate softening
Current conditions might be sufficient to soften the interest rate, yet a wise roadmap needs to be in place to avert potential threats for future development, banking leaders have discussed.
At a conference on credit channels to the real estate segment hosted by the State Bank of Vietnam (SBV) on February 8, Vietcombank CEO Nguyen Thanh Tung said that prior to the conference, top banking leaders had reached consensus about taking joint measures towards consecutively soothing the deposit rate and then the lending rate to aid both businesses and market development.
In January, the interest rate in the market had softened from 0.6 to 0.2 per cent annually at several lenders with comparatively high interest rate records such as SCB, Techcombank, HDBank, and OCB, mainly tailored to a 6-month term and beyond.
Other banks like ACB and SHB have also trimmed their ceiling rates applicable to specific packages to 9 per cent per year, while OCB and MSB scaled down their online interest rate for 12-month terms to 8.8-9 per cent per year.
In general, the deposit rates at non-state banks are kept from 0.4 to 2.3 per cent higher than those at state lenders, depending on the term.
One leader from BIDV told VIR that liquidity has become less abundant, particularly driven by a spike in cash payments on a periodical basis.
According to the leader, bank liquidity in January was low in intensity thanks to several factors. Firstly, the SBV’s monetary policy continues to shift towards aiding liquidity and the economy, through increasing money injection via the open market.
In February, the VND-denominated interest rate has witnessed a continuing downward trend at some commercial banks in the context that the central bank’s monetary policy is expected to remain stable to support the economy. Domestic economic growth, however, is still encountering hardship but inflation is expected to ease in the forthcoming months.
The VND liquidity of the banking system is also improving thanks to huge cash amounts circulating back into the system after Lunar New Year.
Economist Nguyen Tri Hieu noted that an interest rate reduction is a wise move in current context, but caution is a must to avoid negative economic consequences.
Keppel of Singapore targets Vietnamese market amid ‘China plus one’ shift
Keppel Corporation of Singapore is seeking to tap into emerging markets such as Vietnam for growth, with the country gaining traction as a manufacturing hub for investors seeking to diversify away from China, according to details given by Japan’s news service Nikkei Asia.
Loh Chin Hua, CEO of Keppel Corporation, noted in an interview with Nikkei Asia that businesses have been leaning into a “China plus one” strategy in a bid to diversify investments from the mainland in favour of alternative destinations in order to reduce concentration risks.
He therefore attributed this diversification to trade tensions between the United States and China, as well as the Chinese side’s harsh lockdown policies during the COVID-19 pandemic that hampered industries and prompted investors to think twice about relying too much on the world’s second-largest economy.
“There’s a lot of activities, manufacturing, where a number of these multinationals – especially tech companies – have started into Vietnam, looking at Vietnam as a possible manufacturing base,” Loh said, adding that the company is in a strong position to invest even more into the Vietnamese market.
Nikkei Asia went on to reveal that the company’s Keppel Land unit last year announced that its subsidiary Keppel Land Vietnam Properties had struck a deal with Vietnamese firm Phu Long Real Estates Joint Stock Company and its An Khanh New City Development Joint Venture unit in order to acquire a 49% interest in three residential land plots.
Located in Hanoi, the land was acquired for 159.7 million Singapore dollars, equal to US$118 million. Moving forward, Keppel and its Vietnamese partner plan to develop about 1,260 residences comprised of over 1,000 condominium units and more than 200 detached homes for approximately SG$680 million.
The project is part of Mailand Hanoi City and features residential properties, mixed-use complexes, schools, and hospitals. In line with this, Keppel Land has the right of first offer for the project’s latter phases.
Keppel, which counts Singapore state investor Temasek as a major shareholder, has a data centre business that focuses on developing and managing facilities across Indonesia, Malaysia, China, and other markets.
The conglomerate is regarded by some as an anchor enterprise that has contributed to Singapore’s rapid industrialisation after it became a sovereign state in 1965, alongside other Temasek-backed companies such as Singapore Airlines and telecom group Singtel.
Ample room for Vietnamese processed foods to penetrate Australian market
Although there remains plenty of room for Vietnamese processed foods to expand their market share in Australia, local firms have been advised to cater to stringent requirements in terms of food safety and hygiene, labeling, packaging and origin traceability, according to industry insiders.
Nguyen Phu Hoa, head of the Vietnam Trade Office in Australia, revealed that Vietnamese processed food have strengthened a presence at supermarkets and convenience stores throughout Australia.
Most notably, shrimp, pangasius, and basa fish are the main items which have recorded huge growth in the Australian market recently.
In line with this, the trade office has co-ordinated efforts with the Vietnamese Embassy in Australia as a means of carrying out a series of activities aimed at developing brands and promoting the consumption for Vietnamese farm produce in Australia, Hoa said.
He added that the trade office continues to introduce Vietnamese processed foods at major trade fairs in Australia, while simultaneously implementing the programme in a bid to increase the experience of consumers in Australia and co-ordinating with supermarkets to implement the Vietnam Goods Week.
To make further inroads into the demanding market, local businesses are advised to meet the importing conditions for bio-safety; regularly stay updated with Australian regulations; and actively work with importers, legal consultants, and trade office in order to avoid problems arising during the process of exporting goods.
Furthermore, local firms are also encouraged to co-ordinate efforts with the Ministry of Industry and Trade to deploy the most effective trade promotion activities in the Australian market. This is along with participating in the upcoming food fairs in Australia such as FoodService set to take place between April 20 and May 2 in Melbourne, as well as Finefood which will run from September 11 to September 14 in Sydney.
Vietnam remains fourth largest wood furniture supplier to Canada
Despite the import proportion of Vietnamese wood furniture only accounting for 15.3% of Canada’s total import value last year, Vietnam remains the fourth largest wood furniture supplier to the North American country, according to details given by the General Department of Vietnam Customs.
Vietnamese import turnover of the product in the Canadian market reached US$411.9 million, a decline of 1.1% compared to 2021.
The Vietnam Timber and Forest Products Association has assessed that there is a wealth of opportunities ahead for Vietnamese wood furniture to expand their market share in Canada in the near future.
Most notably, the enforcement of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) has helped Canadian businesses to gain greater insights about Vietnamese production capacity.
Furthermore, in the purchasing strategy of Canadian partners, Vietnam is currently emerging thanks to factors such as stability, predictability, and reasonable prices.
Following the launch of Canada’s Indo-Pacific strategy last year, the country is viewed as a reasonable gateway to enter the region thanks to its advantages in terms of geographical location, infrastructure, labour, and socio-political stability.
Moreover, both sides are members of the CPTPP and the Asia-Pacific Economic Cooperation (APEC), with the two countries establishing a mechanism of a Joint Economic Committee to periodically exchange views on economic and trade co-operation prospects.
Recently, the two countries have put into operation a large container ship route running directly from Hai Phong to Vancouver, thereby reducing the transit time to 17 days and lowering transportation costs for Vietnamese exporters.
Experts outlined that despite numerous advantages aimed at promoting the export of goods to the Canadian market, the North American nation’s trade policies are anticipated to create further challenges for local businesses seeking to boost exports to the market due to global uncertainties coupled with a decline in consumption expenditures.
In the first two months of the year, the export turnover of timber and wood products to the Canadian market stood at an estimated US$21.6 million, down 46.8% against the same period from last year.
In order to support businesses of the two sides to strengthen trade exchanges, the Vietnamese Trade Office in Canada said it will focus on implementing a range of key trade promotion activities, including holding seminars and online events as part of efforts to fully tap into FTAs moving forward.
List of firms with high quality products announced
The Business Association of High Quality Vietnamese Products on March 9 announced a list of 519 businesses with products winning the high-quality title voted by consumers.
Among the businesses, 32 have been in the list for 27 consecutive years since the High Quality Vietnamese Goods Programme was launched.
Meanwhile, 41 have entered the list for the first time, and 132 have met the Vietnamese High Quality Products – Global Integration Standards set by the Business Association of High Quality Vietnamese Products.
Vu Kim Hanh, Chairwoman of the Business Association of High Quality Vietnamese Products, said that the dried and instant food sector has the highest number of voted businesses, followed by the sauce and seasoning industry.
Outstanding names in the list include Asia Bakery-Confectionary Co. Ltd., Ha Long Canned Food JSC, Vietnam Dairy Products JSC, Trung Nguyen Group Corporation, Thai Tuan Group Corporation, Van Thanh Mattress Company Ltd., An Phuoc Garment Embroidery Shoes Co. Ltd., DHG Pharmaceutical JSC, Thien Long Group Corporation, and Saigon Paper Corporation.
The firms in the list are employing about 341,560 full-time workers and 28,791 part-time labourers.
A vote for Vietnamese high quality products in 2023 was conducted from September 2022, receiving 610,000 feedbacks from consumers across the country.
The Business Association of High Quality Vietnamese Products verified the vote results, the transparency and the level of legal regulation implementation of the firms, while consulting departments of 36 cities and provinces as well as the media and consumers on the businesses.
Around 28,400 Vietnamese sent overseas for guest work in Jan-Feb
The total number of Vietnamese sent abroad for guest work reached 28,400 in the first two months of this year, a 20-time increase over last year, according to the Ministry of Labor, Invalids and Social Affairs.
Statistics from the Department of Overseas Labor showed that Vietnam sent around 6,600 people overseas for work between January and February 2023, a 13-fold increase over the same period last year.
Taiwan took on 2,690 people, with 955 of them female, while Singapore received 141 male workers.
Vietnam also sent 81 male workers to South Korea and 69 to China in the first two months of this year.
Currently, Taiwan has the largest number of Vietnamese guest workers, with more than 14,600 people, followed by Japan, with over 12,470; Singapore, with 250 male employees; China, with 239 male workers; and South Korea, with 230 male workers.
The total number of Vietnamese laborers abroad was over 142,000, reaching 158.64% of the plan in 2022.
The Ministry of Labor, War Invalids and Social Affairs plans to send about 110,000 Vietnamese people abroad for guest work this year.
Dong Nai approves VND2.6 trillion for Beltway 3
The Dong Nai People’s Committee has approved a VND2.6 trillion budget for the Beltway No. 3 section that will pass through the province, according to the local media.
The Dong Nai section of Beltway No. 3 is over 11.2 kilometers long, with its starting point in Vinh Thanh Commune, Nhon Trach District, and the endpoint at Nhon Trach Bridge leading to Thu Duc City.
The project comprises a five-kilometer highway connecting with the Tan Van-Nhon Trach section, the roads along both sides of the expressway with a length of over 11.2 kilometers, and two bridges over the Rach Chay River.
The 76-kilometer Beltway No. 3 will pass through HCMC, Binh Duong, Dong Nai, and Long An. It is expected to create a major breakthrough in interprovincial traffic connectivity and promote socio-economic development in the southeast region.
The beltway will need a total of over VND75 trillion.
The project also includes intersections with the Ben Luc-Long Thanh Expressway and Provincial Road 25C. The whole project will be completed in 2026.