Vietnam

Country Region
Project Stage
Not Specified
Financing Model(s)
Not Specified
Total Project Value(USD)
Not Specified
Capital Required(USD)
4,800,000,000
About this project
Region(s)
Project Sector(s)
Format of Cooperation(s)
About this project

Overview

Vietnam's shift from a centrally planned economy to a market economy has transformed it into a lower-middle income country. Vietnam's economy continues to show fundamental strength, supported by robust domestic demand and export-oriented manufacturing. Vietnam is now one of the most dynamic and fastest-growing emerging markets globally. In 2018 continued stellar expansion in manufacturing output, propelled by buoyant export demand for electronics and supported by robust foreign direct investment (FDI) inflows, primarily fuelled solid growth. The robust growth from 2018 is expected to spill over in the near term, owing to healthy private consumption supported by strong private credit growth and rising incomes. The industrial sector also continues to expand at a stellar pace, supported by strong FDI inflows. Vietnam's 2011-2020 Socio-Economic Development Strategy, a 10-year strategy, highlights the need for structural reforms, environmental sustainability, social equity and macroeconomic stability. The Socio-Economic Development Plan for 2016-2020, approved in April 2016, looks to accelerate reforms.

Sources: World Bank, Fitch Solutions

Major Economic/Political Events and Upcoming Elections

September 2016
India announced USD500 million worth of credit for Vietnam towards defence spending.

July 2018
Doosan Heavy Industries & Construction started the construction of a 1.33GW thermal power project in Vietnam. The project, known as Nghi Son 2, involved the construction of two 665MW thermal power generation plants in Thanh Hóa. Construction was scheduled to be completed by July 2022.

August 2018
Thailand-based firm Siam Cement Group Public Company signed loan agreements worth more than USD3.2 billion with six financial institutions for the Long Son Petrochemicals' complex in Vietnam. The project, which would require an investment of around USD5.4 billion, would be located in Bà Ria-Vung Tàu Province. Commercial operations were expected to begin in 2023.

October 2018
The Communist Party of Vietnam, Vietnam's ruling Communist Party, agreed to nominate General Secretary Nguyen Phu Trong as president. This took place almost two weeks after the death of former-president Tran Dai Quang on September 21, 2018.

January 2019
In 2018 the Vietnamese government passed several new and amended laws which came into effect in 2019. The laws primarily focused on wages, environmental projects, the food industry, rural development, cybersecurity and administrative procedures.

October 2019
Sumitomo Corporation and BRG Group formed a 50-50 joint venture to build a USD4.2 billion smart city in Hanoi. The five-phase project would come up on a 2.72sq km area in the northern district of Dong Anh. Overall, the project would have 7,000 residential units, hospitals, schools, disaster prevention facilities, security systems and commercial facilities. Construction would start in 2020 with the project due for completion in 2028.

November 2019
The Government of Vietnam sanctioned the Dung Quat 1 and 3 combined-cycle gas turbine plants in the Quang Ngai province. The power facilities would have a capacity of 750MW each. The Dung Quat 1 plant was planned to begin construction in January 2021, with first light to be produced in December 2023. Construction of Dung Quat 3 was due to start in January 2022, with operations slated to commence in December 2024. The two facilities would use gas from the Blue Whale gas field in the South China Sea.

December 2019
Vietnam's National Assembly approved a new Labour Code which will take effect in January 2021. The amended code offers greater protection for employees and is viewed as better aligned with international best practices. It should help smooth the implementation of several key trade agreements.

February 2020
Vietnam planned to increase its power-generating capacity to between 125GW and 130GW, from nearly 54GW currently, by 2030. Renewable-based power capacity would be increased to 15-20%. The government would seek foreign and domestic private investment to help develop new power plants as well as the privatisation of the state-owned power companies. To boost funding in clean energy, the Vietnam Business Forum launched the second edition of the Made in Vietnam Energy Plan later in February.

March 2020
The authorities announced a credit package totalling VND285 trillion (about 3.8% of GDP) from the banking sector for firms and households affected by Covid-19. This was time-bound from March 23 to June 2020.

Samsung Electronics started construction of a new research and development centre in Vietnam. The 16-storey building, which costed USD220 million, was being built in Hanoi. The facility, due for completion by the end of 2022, would be able to accommodate 2,200-3,000 employees.

April 2020
At the beginning of April, 69.5% of the full site had been cleared for 11 sub-projects under the eastern North-South Expressway in Vietnam. The sub-projects would have a total length of 654km, with land cleared for 454.15km. Of the 11 projects, three would be financed through the state budget, and the remainder would be executed under the public-private partnership (PPP) model. The PPP projects had sought approval from the National Assembly to be converted into state-backed projects. The overall 2,109 North-South Expressway woudl link the provinces of Lang Son and Ca Mau.

Sources: BBC Country Profile – Timeline, Fitch Solutions, VN Express

Has been added to favorites Has been removed from favorites

Disclaimer

  1. The information submitted will not be independently verified by the Hong Kong Trade Development Council (HKTDC). HKTDC does not take responsibility for such information and endorse the accuracy, adequacy, completeness, timeliness, reasonableness or any other aspects of the information submitted.
  2. To the fullest extent permitted by law, HKTDC shall not be liable for any and all liability arising out of including without limitation any inaccuracies, incompleteness, errors in, or omissions from, the information submitted nor any representations or misrepresentations contained therein. In no event will HKTDC be liable for any claim, or any direct, indirect, special, incidental or consequential damages, losses or expenses asserted by any third party due to or arising from or in connection with any use or reliance of such information on the Belt and Road Portal website even if they are made or should be aware of the same.
  3. HKTDC may, in their sole discretion and at any time, without prior notice to you and without cause, remove, delete, delist, make or adopt any changes, modifications or amendments to, or correct any error or omission to any information contained in and data linked to your profile on the Belt and Road Portal website and Belt and Road Portal-related publications. HKTDC shall not be liable for any loss of data, removal of information, or for any claim, or any direct, indirect, special, incidental, or consequential damages of any kind (including lost profits) resulting from the removal of your profile or other content of the profile from the Belt and Road Portal website and Belt and Road Portal-related publications.
  4. In the event of any inconsistency between the English and Chinese versions, the English version shall prevail.
Who can help you in this project?
PD Academia Limited
EventXtra Limited
QBE Hongkong & Shanghai Insurance Limited
3E Accounting Limited
Find Solution AI Limited
MediConCen Limited
Korah (H.K.) Limited
HashKey Digital Asset Group
More on this...
Mainland China / Southeast Asia
Transport and Logistics
Southeast Asia / Mainland China
Transport and Logistics
Southeast Asia / Mainland China
Infrastructure
Southeast Asia / Mainland China
Infrastructure
Mainland China / Southeast Asia
Infrastructure
Project Stage
Not Specified
Financing Model(s)
Not Specified
Total Project Value(USD)
Not Specified
Capital Required(USD)
527,100,000
About this project
Region(s)
Project Sector(s)
Format of Cooperation(s)
About this project

Overview

Vietnam's shift from a centrally planned economy to a market economy has transformed it into a lower-middle income country. Vietnam's economy continues to show fundamental strength, supported by robust domestic demand and export-oriented manufacturing. Vietnam is now one of the most dynamic and fastest-growing emerging markets globally. In 2018 continued stellar expansion in manufacturing output, propelled by buoyant export demand for electronics and supported by robust foreign direct investment (FDI) inflows, primarily fuelled solid growth. The robust growth from 2018 is expected to spill over in the near term, owing to healthy private consumption supported by strong private credit growth and rising incomes. The industrial sector also continues to expand at a stellar pace, supported by strong FDI inflows. Vietnam's 2011-2020 Socio-Economic Development Strategy, a 10-year strategy, highlights the need for structural reforms, environmental sustainability, social equity and macroeconomic stability. The Socio-Economic Development Plan for 2016-2020, approved in April 2016, looks to accelerate reforms.

Sources: World Bank, Fitch Solutions

Major Economic/Political Events and Upcoming Elections

September 2016
India announced USD500 million worth of credit for Vietnam towards defence spending.

July 2018
Doosan Heavy Industries & Construction started the construction of a 1.33GW thermal power project in Vietnam. The project, known as Nghi Son 2, involved the construction of two 665MW thermal power generation plants in Thanh Hóa. Construction was scheduled to be completed by July 2022.

August 2018
Thailand-based firm Siam Cement Group Public Company signed loan agreements worth more than USD3.2 billion with six financial institutions for the Long Son Petrochemicals' complex in Vietnam. The project, which would require an investment of around USD5.4 billion, would be located in Bà Ria-Vung Tàu Province. Commercial operations were expected to begin in 2023.

October 2018
The Communist Party of Vietnam, Vietnam's ruling Communist Party, agreed to nominate General Secretary Nguyen Phu Trong as president. This took place almost two weeks after the death of former-president Tran Dai Quang on September 21, 2018.

January 2019
In 2018 the Vietnamese government passed several new and amended laws which came into effect in 2019. The laws primarily focused on wages, environmental projects, the food industry, rural development, cybersecurity and administrative procedures.

October 2019
Sumitomo Corporation and BRG Group formed a 50-50 joint venture to build a USD4.2 billion smart city in Hanoi. The five-phase project would come up on a 2.72sq km area in the northern district of Dong Anh. Overall, the project would have 7,000 residential units, hospitals, schools, disaster prevention facilities, security systems and commercial facilities. Construction would start in 2020 with the project due for completion in 2028.

November 2019
The Government of Vietnam sanctioned the Dung Quat 1 and 3 combined-cycle gas turbine plants in the Quang Ngai province. The power facilities would have a capacity of 750MW each. The Dung Quat 1 plant was planned to begin construction in January 2021, with first light to be produced in December 2023. Construction of Dung Quat 3 was due to start in January 2022, with operations slated to commence in December 2024. The two facilities would use gas from the Blue Whale gas field in the South China Sea.

December 2019
Vietnam's National Assembly approved a new Labour Code which will take effect in January 2021. The amended code offers greater protection for employees and is viewed as better aligned with international best practices. It should help smooth the implementation of several key trade agreements.

February 2020
Vietnam planned to increase its power-generating capacity to between 125GW and 130GW, from nearly 54GW currently, by 2030. Renewable-based power capacity would be increased to 15-20%. The government would seek foreign and domestic private investment to help develop new power plants as well as the privatisation of the state-owned power companies. To boost funding in clean energy, the Vietnam Business Forum launched the second edition of the Made in Vietnam Energy Plan later in February.

March 2020
The authorities announced a credit package totalling VND285 trillion (about 3.8% of GDP) from the banking sector for firms and households affected by Covid-19. This was time-bound from March 23 to June 2020.

Samsung Electronics started construction of a new research and development centre in Vietnam. The 16-storey building, which costed USD220 million, was being built in Hanoi. The facility, due for completion by the end of 2022, would be able to accommodate 2,200-3,000 employees.

April 2020
At the beginning of April, 69.5% of the full site had been cleared for 11 sub-projects under the eastern North-South Expressway in Vietnam. The sub-projects would have a total length of 654km, with land cleared for 454.15km. Of the 11 projects, three would be financed through the state budget, and the remainder would be executed under the public-private partnership (PPP) model. The PPP projects had sought approval from the National Assembly to be converted into state-backed projects. The overall 2,109 North-South Expressway woudl link the provinces of Lang Son and Ca Mau.

Sources: BBC Country Profile – Timeline, Fitch Solutions, VN Express

Has been added to favorites Has been removed from favorites

Disclaimer

  1. The information submitted will not be independently verified by the Hong Kong Trade Development Council (HKTDC). HKTDC does not take responsibility for such information and endorse the accuracy, adequacy, completeness, timeliness, reasonableness or any other aspects of the information submitted.
  2. To the fullest extent permitted by law, HKTDC shall not be liable for any and all liability arising out of including without limitation any inaccuracies, incompleteness, errors in, or omissions from, the information submitted nor any representations or misrepresentations contained therein. In no event will HKTDC be liable for any claim, or any direct, indirect, special, incidental or consequential damages, losses or expenses asserted by any third party due to or arising from or in connection with any use or reliance of such information on the Belt and Road Portal website even if they are made or should be aware of the same.
  3. HKTDC may, in their sole discretion and at any time, without prior notice to you and without cause, remove, delete, delist, make or adopt any changes, modifications or amendments to, or correct any error or omission to any information contained in and data linked to your profile on the Belt and Road Portal website and Belt and Road Portal-related publications. HKTDC shall not be liable for any loss of data, removal of information, or for any claim, or any direct, indirect, special, incidental, or consequential damages of any kind (including lost profits) resulting from the removal of your profile or other content of the profile from the Belt and Road Portal website and Belt and Road Portal-related publications.
  4. In the event of any inconsistency between the English and Chinese versions, the English version shall prevail.
Who can help you in this project?
PD Academia Limited
EventXtra Limited
QBE Hongkong & Shanghai Insurance Limited
3E Accounting Limited
Find Solution AI Limited
MediConCen Limited
Korah (H.K.) Limited
HashKey Digital Asset Group
More on this...
Mainland China / Southeast Asia
Transport and Logistics
Southeast Asia / Mainland China
Transport and Logistics
Southeast Asia / Mainland China
Infrastructure
Southeast Asia / Mainland China
Infrastructure
Mainland China / Southeast Asia
Infrastructure
Project Stage
Not Specified
Financing Model(s)
Not Specified
Total Project Value(USD)
Not Specified
Capital Required(USD)
660,200,000
About this project
Region(s)
Project Sector(s)
Format of Cooperation(s)
About this project

Overview

Vietnam's shift from a centrally planned economy to a market economy has transformed it into a lower-middle income country. Vietnam's economy continues to show fundamental strength, supported by robust domestic demand and export-oriented manufacturing. Vietnam is now one of the most dynamic and fastest-growing emerging markets globally. In 2018 continued stellar expansion in manufacturing output, propelled by buoyant export demand for electronics and supported by robust foreign direct investment (FDI) inflows, primarily fuelled solid growth. The robust growth from 2018 is expected to spill over in the near term, owing to healthy private consumption supported by strong private credit growth and rising incomes. The industrial sector also continues to expand at a stellar pace, supported by strong FDI inflows. Vietnam's 2011-2020 Socio-Economic Development Strategy, a 10-year strategy, highlights the need for structural reforms, environmental sustainability, social equity and macroeconomic stability. The Socio-Economic Development Plan for 2016-2020, approved in April 2016, looks to accelerate reforms.

Sources: World Bank, Fitch Solutions

Major Economic/Political Events and Upcoming Elections

September 2016
India announced USD500 million worth of credit for Vietnam towards defence spending.

July 2018
Doosan Heavy Industries & Construction started the construction of a 1.33GW thermal power project in Vietnam. The project, known as Nghi Son 2, involved the construction of two 665MW thermal power generation plants in Thanh Hóa. Construction was scheduled to be completed by July 2022.

August 2018
Thailand-based firm Siam Cement Group Public Company signed loan agreements worth more than USD3.2 billion with six financial institutions for the Long Son Petrochemicals' complex in Vietnam. The project, which would require an investment of around USD5.4 billion, would be located in Bà Ria-Vung Tàu Province. Commercial operations were expected to begin in 2023.

October 2018
The Communist Party of Vietnam, Vietnam's ruling Communist Party, agreed to nominate General Secretary Nguyen Phu Trong as president. This took place almost two weeks after the death of former-president Tran Dai Quang on September 21, 2018.

January 2019
In 2018 the Vietnamese government passed several new and amended laws which came into effect in 2019. The laws primarily focused on wages, environmental projects, the food industry, rural development, cybersecurity and administrative procedures.

October 2019
Sumitomo Corporation and BRG Group formed a 50-50 joint venture to build a USD4.2 billion smart city in Hanoi. The five-phase project would come up on a 2.72sq km area in the northern district of Dong Anh. Overall, the project would have 7,000 residential units, hospitals, schools, disaster prevention facilities, security systems and commercial facilities. Construction would start in 2020 with the project due for completion in 2028.

November 2019
The Government of Vietnam sanctioned the Dung Quat 1 and 3 combined-cycle gas turbine plants in the Quang Ngai province. The power facilities would have a capacity of 750MW each. The Dung Quat 1 plant was planned to begin construction in January 2021, with first light to be produced in December 2023. Construction of Dung Quat 3 was due to start in January 2022, with operations slated to commence in December 2024. The two facilities would use gas from the Blue Whale gas field in the South China Sea.

December 2019
Vietnam's National Assembly approved a new Labour Code which will take effect in January 2021. The amended code offers greater protection for employees and is viewed as better aligned with international best practices. It should help smooth the implementation of several key trade agreements.

February 2020
Vietnam planned to increase its power-generating capacity to between 125GW and 130GW, from nearly 54GW currently, by 2030. Renewable-based power capacity would be increased to 15-20%. The government would seek foreign and domestic private investment to help develop new power plants as well as the privatisation of the state-owned power companies. To boost funding in clean energy, the Vietnam Business Forum launched the second edition of the Made in Vietnam Energy Plan later in February.

March 2020
The authorities announced a credit package totalling VND285 trillion (about 3.8% of GDP) from the banking sector for firms and households affected by Covid-19. This was time-bound from March 23 to June 2020.

Samsung Electronics started construction of a new research and development centre in Vietnam. The 16-storey building, which costed USD220 million, was being built in Hanoi. The facility, due for completion by the end of 2022, would be able to accommodate 2,200-3,000 employees.

April 2020
At the beginning of April, 69.5% of the full site had been cleared for 11 sub-projects under the eastern North-South Expressway in Vietnam. The sub-projects would have a total length of 654km, with land cleared for 454.15km. Of the 11 projects, three would be financed through the state budget, and the remainder would be executed under the public-private partnership (PPP) model. The PPP projects had sought approval from the National Assembly to be converted into state-backed projects. The overall 2,109 North-South Expressway woudl link the provinces of Lang Son and Ca Mau.

Sources: BBC Country Profile – Timeline, Fitch Solutions, VN Express

Has been added to favorites Has been removed from favorites

Disclaimer

  1. The information submitted will not be independently verified by the Hong Kong Trade Development Council (HKTDC). HKTDC does not take responsibility for such information and endorse the accuracy, adequacy, completeness, timeliness, reasonableness or any other aspects of the information submitted.
  2. To the fullest extent permitted by law, HKTDC shall not be liable for any and all liability arising out of including without limitation any inaccuracies, incompleteness, errors in, or omissions from, the information submitted nor any representations or misrepresentations contained therein. In no event will HKTDC be liable for any claim, or any direct, indirect, special, incidental or consequential damages, losses or expenses asserted by any third party due to or arising from or in connection with any use or reliance of such information on the Belt and Road Portal website even if they are made or should be aware of the same.
  3. HKTDC may, in their sole discretion and at any time, without prior notice to you and without cause, remove, delete, delist, make or adopt any changes, modifications or amendments to, or correct any error or omission to any information contained in and data linked to your profile on the Belt and Road Portal website and Belt and Road Portal-related publications. HKTDC shall not be liable for any loss of data, removal of information, or for any claim, or any direct, indirect, special, incidental, or consequential damages of any kind (including lost profits) resulting from the removal of your profile or other content of the profile from the Belt and Road Portal website and Belt and Road Portal-related publications.
  4. In the event of any inconsistency between the English and Chinese versions, the English version shall prevail.
Who can help you in this project?
PD Academia Limited
EventXtra Limited
QBE Hongkong & Shanghai Insurance Limited
3E Accounting Limited
Find Solution AI Limited
MediConCen Limited
Korah (H.K.) Limited
HashKey Digital Asset Group
More on this...
Mainland China / Southeast Asia
Transport and Logistics
Southeast Asia / Mainland China
Transport and Logistics
Southeast Asia / Mainland China
Infrastructure
Southeast Asia / Mainland China
Infrastructure
Mainland China / Southeast Asia
Infrastructure
Company Profile

QBE Hong Kong has had a presence since 1920, operations include QBE Hongkong & Shanghai Insurance Limited, QBE General Insurance (Hong Kong) Limited, and QBE Mortgage Insurance (Asia) Limited. As a leading general insurer, QBE Hong Kong provides a comprehensive range of non-life insurance solutions for small to mid-sized businesses, large companies, multinational corporations and personal customers. QBE Hong Kong operates through an extensive network of professional insurance agents and brokers and has an exclusive distribution partnership with Hang Seng Bank and Manulife.

QBE Hong Kong opened a representative office in Guangzhou, China in 1998. This office provides a valuable presence in the principal city of Guangdong Province and enables QBE to develop business opportunities in mainland China.

QBE Hong Kong is part of the QBE Insurance Group, a leading global general insurance and reinsurance company with operations in key insurance markets. Tracing its origin back to 1886, QBE Insurance Group is listed on the Australian Securities Exchange and is headquartered in Sydney.

Has been added to favorites Has been removed from favorites
Company Profile

3E Accounting Limited. is a Hong Kong-based accounting firm that specialises in providing affordable and quality professional incorporation, accounting, tax, and compliance services, based on Three Es: efficiency, effectiveness and economy – as part of our One-Stop Solution services for our clients. Our office is conveniently located in Central with a local team familiar with Hong Kong legislation. Founded by Chartered Accountant Lawrence Chai, we are recognized by ACCA as an Approved Employer. The ACCA Approved Employer Program only accepts companies that ACCA recognizes for having high standards of staff training and development. With this recognition, you are assured that 3E Accounting meets or exceeds global standards for teaching and developmental support. 3E Accounting Limited. is an independent member of 3E Accounting International Network, with presence in more than 80 countries to support clients in their overseas expansion to Asia, North and South America, Europe, Oceania, and Africa.

Has been added to favorites Has been removed from favorites
Company Profile

Korahs enterprise solution ccRobot is a conversational workflow platform, powered by AI and ML, for creating/customizing chatbots and digitize operational processes for any organization. Readily integrated with 1,500+ applications and systems, ccRobot can potentially automate 80% of repetitive operational workflows to increase customer satisfaction and worker productivity as well as lower operational costs.  Designed as agile, fail-safe and secure, ccRobot can help a business proactively reach out to customers in multiple and mixed languages via all common social messaging platforms more efficiently and effectively.  Korah was selected by the Canadian Govt as a qualified AI Solutions Provider, in the same category as Accenture, Amazon WS, IBM, Microsoft, SAP etc.  

ccRobot is already commercially deployed at Canadian Government departments (Immigration, Refugees and Citizen Canada and Service Canada) as well as various private businesses (i.e. financial institution and real estate).  In Hong Kong, ccRobot has been verified by a CK Hutchison Group subsidiary for rolling out internally and to external clients. We also have strategic partners in Mainland China, Korea, Thailand and Vietnam. 

We aim to help governments and businesses throughout Asia, including those contributing to the One-Belt-One-Road initiative. While institutions and entrepreneurs develop their operations in the One-Belt-One-Road region, staff with local language skills are usually rare resources. By leveraging ccRobot, repetitive client and supplier interactions in local languages can be automated by these institutions and enterprises to address their resource issues and, at the same time, be more efficient and effective interacting with clients and suppliers.

Has been added to favorites Has been removed from favorites
Project Stage
Not Specified
Financing Model(s)
Not Specified
Total Project Value(USD)
43,470,000
Capital Required(USD)
Not Specified
About this project
Region(s)
Project Sector(s)
Format of Cooperation(s)
About this project

Overview

Vietnam's shift from a centrally planned economy to a market economy has transformed it into a lower-middle income country. Vietnam's economy continues to show fundamental strength, supported by robust domestic demand and export-oriented manufacturing. Vietnam is now one of the most dynamic and fastest-growing emerging markets globally. In 2018 continued stellar expansion in manufacturing output, propelled by buoyant export demand for electronics and supported by robust foreign direct investment (FDI) inflows, primarily fuelled solid growth. The robust growth from 2018 is expected to spill over in the near term, owing to healthy private consumption supported by strong private credit growth and rising incomes. The industrial sector also continues to expand at a stellar pace, supported by strong FDI inflows. Vietnam's 2011-2020 Socio-Economic Development Strategy, a 10-year strategy, highlights the need for structural reforms, environmental sustainability, social equity and macroeconomic stability. The Socio-Economic Development Plan for 2016-2020, approved in April 2016, looks to accelerate reforms.

Sources: World Bank, Fitch Solutions

Major Economic/Political Events and Upcoming Elections

September 2016
India announced USD500 million worth of credit for Vietnam towards defence spending.

July 2018
Doosan Heavy Industries & Construction started the construction of a 1.33GW thermal power project in Vietnam. The project, known as Nghi Son 2, involved the construction of two 665MW thermal power generation plants in Thanh Hóa. Construction was scheduled to be completed by July 2022.

August 2018
Thailand-based firm Siam Cement Group Public Company signed loan agreements worth more than USD3.2 billion with six financial institutions for the Long Son Petrochemicals' complex in Vietnam. The project, which would require an investment of around USD5.4 billion, would be located in Bà Ria-Vung Tàu Province. Commercial operations were expected to begin in 2023.

October 2018
The Communist Party of Vietnam, Vietnam's ruling Communist Party, agreed to nominate General Secretary Nguyen Phu Trong as president. This took place almost two weeks after the death of former-president Tran Dai Quang on September 21, 2018.

January 2019
In 2018 the Vietnamese government passed several new and amended laws which came into effect in 2019. The laws primarily focused on wages, environmental projects, the food industry, rural development, cybersecurity and administrative procedures.

October 2019
Sumitomo Corporation and BRG Group formed a 50-50 joint venture to build a USD4.2 billion smart city in Hanoi. The five-phase project would come up on a 2.72sq km area in the northern district of Dong Anh. Overall, the project would have 7,000 residential units, hospitals, schools, disaster prevention facilities, security systems and commercial facilities. Construction would start in 2020 with the project due for completion in 2028.

November 2019
The Government of Vietnam sanctioned the Dung Quat 1 and 3 combined-cycle gas turbine plants in the Quang Ngai province. The power facilities would have a capacity of 750MW each. The Dung Quat 1 plant was planned to begin construction in January 2021, with first light to be produced in December 2023. Construction of Dung Quat 3 was due to start in January 2022, with operations slated to commence in December 2024. The two facilities would use gas from the Blue Whale gas field in the South China Sea.

December 2019
Vietnam's National Assembly approved a new Labour Code which will take effect in January 2021. The amended code offers greater protection for employees and is viewed as better aligned with international best practices. It should help smooth the implementation of several key trade agreements.

February 2020
Vietnam planned to increase its power-generating capacity to between 125GW and 130GW, from nearly 54GW currently, by 2030. Renewable-based power capacity would be increased to 15-20%. The government would seek foreign and domestic private investment to help develop new power plants as well as the privatisation of the state-owned power companies. To boost funding in clean energy, the Vietnam Business Forum launched the second edition of the Made in Vietnam Energy Plan later in February.

March 2020
The authorities announced a credit package totalling VND285 trillion (about 3.8% of GDP) from the banking sector for firms and households affected by Covid-19. This was time-bound from March 23 to June 2020.

Samsung Electronics started construction of a new research and development centre in Vietnam. The 16-storey building, which costed USD220 million, was being built in Hanoi. The facility, due for completion by the end of 2022, would be able to accommodate 2,200-3,000 employees.

April 2020
At the beginning of April, 69.5% of the full site had been cleared for 11 sub-projects under the eastern North-South Expressway in Vietnam. The sub-projects would have a total length of 654km, with land cleared for 454.15km. Of the 11 projects, three would be financed through the state budget, and the remainder would be executed under the public-private partnership (PPP) model. The PPP projects had sought approval from the National Assembly to be converted into state-backed projects. The overall 2,109 North-South Expressway woudl link the provinces of Lang Son and Ca Mau.

Sources: BBC Country Profile – Timeline, Fitch Solutions, VN Express

Has been added to favorites Has been removed from favorites

Disclaimer

  1. The information submitted will not be independently verified by the Hong Kong Trade Development Council (HKTDC). HKTDC does not take responsibility for such information and endorse the accuracy, adequacy, completeness, timeliness, reasonableness or any other aspects of the information submitted.
  2. To the fullest extent permitted by law, HKTDC shall not be liable for any and all liability arising out of including without limitation any inaccuracies, incompleteness, errors in, or omissions from, the information submitted nor any representations or misrepresentations contained therein. In no event will HKTDC be liable for any claim, or any direct, indirect, special, incidental or consequential damages, losses or expenses asserted by any third party due to or arising from or in connection with any use or reliance of such information on the Belt and Road Portal website even if they are made or should be aware of the same.
  3. HKTDC may, in their sole discretion and at any time, without prior notice to you and without cause, remove, delete, delist, make or adopt any changes, modifications or amendments to, or correct any error or omission to any information contained in and data linked to your profile on the Belt and Road Portal website and Belt and Road Portal-related publications. HKTDC shall not be liable for any loss of data, removal of information, or for any claim, or any direct, indirect, special, incidental, or consequential damages of any kind (including lost profits) resulting from the removal of your profile or other content of the profile from the Belt and Road Portal website and Belt and Road Portal-related publications.
  4. In the event of any inconsistency between the English and Chinese versions, the English version shall prevail.
Who can help you in this project?
PD Academia Limited
EventXtra Limited
QBE Hongkong & Shanghai Insurance Limited
3E Accounting Limited
Find Solution AI Limited
MediConCen Limited
Korah (H.K.) Limited
HashKey Digital Asset Group
More on this...
Mainland China / Southeast Asia
Transport and Logistics
Southeast Asia / Mainland China
Transport and Logistics
Southeast Asia / Mainland China
Infrastructure
Southeast Asia / Mainland China
Infrastructure
Mainland China / Southeast Asia
Infrastructure
Project Stage
Not Specified
Financing Model(s)
Not Specified
Total Project Value(USD)
107,600,000
Capital Required(USD)
Not Specified
About this project
Region(s)
Project Sector(s)
Format of Cooperation(s)
About this project

Overview

Vietnam's shift from a centrally planned economy to a market economy has transformed it into a lower-middle income country. Vietnam's economy continues to show fundamental strength, supported by robust domestic demand and export-oriented manufacturing. Vietnam is now one of the most dynamic and fastest-growing emerging markets globally. In 2018 continued stellar expansion in manufacturing output, propelled by buoyant export demand for electronics and supported by robust foreign direct investment (FDI) inflows, primarily fuelled solid growth. The robust growth from 2018 is expected to spill over in the near term, owing to healthy private consumption supported by strong private credit growth and rising incomes. The industrial sector also continues to expand at a stellar pace, supported by strong FDI inflows. Vietnam's 2011-2020 Socio-Economic Development Strategy, a 10-year strategy, highlights the need for structural reforms, environmental sustainability, social equity and macroeconomic stability. The Socio-Economic Development Plan for 2016-2020, approved in April 2016, looks to accelerate reforms.

Sources: World Bank, Fitch Solutions

Major Economic/Political Events and Upcoming Elections

September 2016
India announced USD500 million worth of credit for Vietnam towards defence spending.

July 2018
Doosan Heavy Industries & Construction started the construction of a 1.33GW thermal power project in Vietnam. The project, known as Nghi Son 2, involved the construction of two 665MW thermal power generation plants in Thanh Hóa. Construction was scheduled to be completed by July 2022.

August 2018
Thailand-based firm Siam Cement Group Public Company signed loan agreements worth more than USD3.2 billion with six financial institutions for the Long Son Petrochemicals' complex in Vietnam. The project, which would require an investment of around USD5.4 billion, would be located in Bà Ria-Vung Tàu Province. Commercial operations were expected to begin in 2023.

October 2018
The Communist Party of Vietnam, Vietnam's ruling Communist Party, agreed to nominate General Secretary Nguyen Phu Trong as president. This took place almost two weeks after the death of former-president Tran Dai Quang on September 21, 2018.

January 2019
In 2018 the Vietnamese government passed several new and amended laws which came into effect in 2019. The laws primarily focused on wages, environmental projects, the food industry, rural development, cybersecurity and administrative procedures.

October 2019
Sumitomo Corporation and BRG Group formed a 50-50 joint venture to build a USD4.2 billion smart city in Hanoi. The five-phase project would come up on a 2.72sq km area in the northern district of Dong Anh. Overall, the project would have 7,000 residential units, hospitals, schools, disaster prevention facilities, security systems and commercial facilities. Construction would start in 2020 with the project due for completion in 2028.

November 2019
The Government of Vietnam sanctioned the Dung Quat 1 and 3 combined-cycle gas turbine plants in the Quang Ngai province. The power facilities would have a capacity of 750MW each. The Dung Quat 1 plant was planned to begin construction in January 2021, with first light to be produced in December 2023. Construction of Dung Quat 3 was due to start in January 2022, with operations slated to commence in December 2024. The two facilities would use gas from the Blue Whale gas field in the South China Sea.

December 2019
Vietnam's National Assembly approved a new Labour Code which will take effect in January 2021. The amended code offers greater protection for employees and is viewed as better aligned with international best practices. It should help smooth the implementation of several key trade agreements.

February 2020
Vietnam planned to increase its power-generating capacity to between 125GW and 130GW, from nearly 54GW currently, by 2030. Renewable-based power capacity would be increased to 15-20%. The government would seek foreign and domestic private investment to help develop new power plants as well as the privatisation of the state-owned power companies. To boost funding in clean energy, the Vietnam Business Forum launched the second edition of the Made in Vietnam Energy Plan later in February.

March 2020
The authorities announced a credit package totalling VND285 trillion (about 3.8% of GDP) from the banking sector for firms and households affected by Covid-19. This was time-bound from March 23 to June 2020.

Samsung Electronics started construction of a new research and development centre in Vietnam. The 16-storey building, which costed USD220 million, was being built in Hanoi. The facility, due for completion by the end of 2022, would be able to accommodate 2,200-3,000 employees.

April 2020
At the beginning of April, 69.5% of the full site had been cleared for 11 sub-projects under the eastern North-South Expressway in Vietnam. The sub-projects would have a total length of 654km, with land cleared for 454.15km. Of the 11 projects, three would be financed through the state budget, and the remainder would be executed under the public-private partnership (PPP) model. The PPP projects had sought approval from the National Assembly to be converted into state-backed projects. The overall 2,109 North-South Expressway woudl link the provinces of Lang Son and Ca Mau.

Sources: BBC Country Profile – Timeline, Fitch Solutions, VN Express

Has been added to favorites Has been removed from favorites

Disclaimer

  1. The information submitted will not be independently verified by the Hong Kong Trade Development Council (HKTDC). HKTDC does not take responsibility for such information and endorse the accuracy, adequacy, completeness, timeliness, reasonableness or any other aspects of the information submitted.
  2. To the fullest extent permitted by law, HKTDC shall not be liable for any and all liability arising out of including without limitation any inaccuracies, incompleteness, errors in, or omissions from, the information submitted nor any representations or misrepresentations contained therein. In no event will HKTDC be liable for any claim, or any direct, indirect, special, incidental or consequential damages, losses or expenses asserted by any third party due to or arising from or in connection with any use or reliance of such information on the Belt and Road Portal website even if they are made or should be aware of the same.
  3. HKTDC may, in their sole discretion and at any time, without prior notice to you and without cause, remove, delete, delist, make or adopt any changes, modifications or amendments to, or correct any error or omission to any information contained in and data linked to your profile on the Belt and Road Portal website and Belt and Road Portal-related publications. HKTDC shall not be liable for any loss of data, removal of information, or for any claim, or any direct, indirect, special, incidental, or consequential damages of any kind (including lost profits) resulting from the removal of your profile or other content of the profile from the Belt and Road Portal website and Belt and Road Portal-related publications.
  4. In the event of any inconsistency between the English and Chinese versions, the English version shall prevail.
Who can help you in this project?
PD Academia Limited
EventXtra Limited
QBE Hongkong & Shanghai Insurance Limited
3E Accounting Limited
Find Solution AI Limited
MediConCen Limited
Korah (H.K.) Limited
HashKey Digital Asset Group
More on this...
Mainland China / Southeast Asia
Transport and Logistics
Southeast Asia / Mainland China
Transport and Logistics
Southeast Asia / Mainland China
Infrastructure
Southeast Asia / Mainland China
Infrastructure
Mainland China / Southeast Asia
Infrastructure
Project Stage
Not Specified
Financing Model(s)
Not Specified
Total Project Value(USD)
15,240,000
Capital Required(USD)
Not Specified
About this project
Region(s)
Project Sector(s)
Format of Cooperation(s)
About this project

Overview

Vietnam's shift from a centrally planned economy to a market economy has transformed it into a lower-middle income country. Vietnam's economy continues to show fundamental strength, supported by robust domestic demand and export-oriented manufacturing. Vietnam is now one of the most dynamic and fastest-growing emerging markets globally. In 2018 continued stellar expansion in manufacturing output, propelled by buoyant export demand for electronics and supported by robust foreign direct investment (FDI) inflows, primarily fuelled solid growth. The robust growth from 2018 is expected to spill over in the near term, owing to healthy private consumption supported by strong private credit growth and rising incomes. The industrial sector also continues to expand at a stellar pace, supported by strong FDI inflows. Vietnam's 2011-2020 Socio-Economic Development Strategy, a 10-year strategy, highlights the need for structural reforms, environmental sustainability, social equity and macroeconomic stability. The Socio-Economic Development Plan for 2016-2020, approved in April 2016, looks to accelerate reforms.

Sources: World Bank, Fitch Solutions

Major Economic/Political Events and Upcoming Elections

September 2016
India announced USD500 million worth of credit for Vietnam towards defence spending.

July 2018
Doosan Heavy Industries & Construction started the construction of a 1.33GW thermal power project in Vietnam. The project, known as Nghi Son 2, involved the construction of two 665MW thermal power generation plants in Thanh Hóa. Construction was scheduled to be completed by July 2022.

August 2018
Thailand-based firm Siam Cement Group Public Company signed loan agreements worth more than USD3.2 billion with six financial institutions for the Long Son Petrochemicals' complex in Vietnam. The project, which would require an investment of around USD5.4 billion, would be located in Bà Ria-Vung Tàu Province. Commercial operations were expected to begin in 2023.

October 2018
The Communist Party of Vietnam, Vietnam's ruling Communist Party, agreed to nominate General Secretary Nguyen Phu Trong as president. This took place almost two weeks after the death of former-president Tran Dai Quang on September 21, 2018.

January 2019
In 2018 the Vietnamese government passed several new and amended laws which came into effect in 2019. The laws primarily focused on wages, environmental projects, the food industry, rural development, cybersecurity and administrative procedures.

October 2019
Sumitomo Corporation and BRG Group formed a 50-50 joint venture to build a USD4.2 billion smart city in Hanoi. The five-phase project would come up on a 2.72sq km area in the northern district of Dong Anh. Overall, the project would have 7,000 residential units, hospitals, schools, disaster prevention facilities, security systems and commercial facilities. Construction would start in 2020 with the project due for completion in 2028.

November 2019
The Government of Vietnam sanctioned the Dung Quat 1 and 3 combined-cycle gas turbine plants in the Quang Ngai province. The power facilities would have a capacity of 750MW each. The Dung Quat 1 plant was planned to begin construction in January 2021, with first light to be produced in December 2023. Construction of Dung Quat 3 was due to start in January 2022, with operations slated to commence in December 2024. The two facilities would use gas from the Blue Whale gas field in the South China Sea.

December 2019
Vietnam's National Assembly approved a new Labour Code which will take effect in January 2021. The amended code offers greater protection for employees and is viewed as better aligned with international best practices. It should help smooth the implementation of several key trade agreements.

February 2020
Vietnam planned to increase its power-generating capacity to between 125GW and 130GW, from nearly 54GW currently, by 2030. Renewable-based power capacity would be increased to 15-20%. The government would seek foreign and domestic private investment to help develop new power plants as well as the privatisation of the state-owned power companies. To boost funding in clean energy, the Vietnam Business Forum launched the second edition of the Made in Vietnam Energy Plan later in February.

March 2020
The authorities announced a credit package totalling VND285 trillion (about 3.8% of GDP) from the banking sector for firms and households affected by Covid-19. This was time-bound from March 23 to June 2020.

Samsung Electronics started construction of a new research and development centre in Vietnam. The 16-storey building, which costed USD220 million, was being built in Hanoi. The facility, due for completion by the end of 2022, would be able to accommodate 2,200-3,000 employees.

April 2020
At the beginning of April, 69.5% of the full site had been cleared for 11 sub-projects under the eastern North-South Expressway in Vietnam. The sub-projects would have a total length of 654km, with land cleared for 454.15km. Of the 11 projects, three would be financed through the state budget, and the remainder would be executed under the public-private partnership (PPP) model. The PPP projects had sought approval from the National Assembly to be converted into state-backed projects. The overall 2,109 North-South Expressway woudl link the provinces of Lang Son and Ca Mau.

Sources: BBC Country Profile – Timeline, Fitch Solutions, VN Express

Has been added to favorites Has been removed from favorites

Disclaimer

  1. The information submitted will not be independently verified by the Hong Kong Trade Development Council (HKTDC). HKTDC does not take responsibility for such information and endorse the accuracy, adequacy, completeness, timeliness, reasonableness or any other aspects of the information submitted.
  2. To the fullest extent permitted by law, HKTDC shall not be liable for any and all liability arising out of including without limitation any inaccuracies, incompleteness, errors in, or omissions from, the information submitted nor any representations or misrepresentations contained therein. In no event will HKTDC be liable for any claim, or any direct, indirect, special, incidental or consequential damages, losses or expenses asserted by any third party due to or arising from or in connection with any use or reliance of such information on the Belt and Road Portal website even if they are made or should be aware of the same.
  3. HKTDC may, in their sole discretion and at any time, without prior notice to you and without cause, remove, delete, delist, make or adopt any changes, modifications or amendments to, or correct any error or omission to any information contained in and data linked to your profile on the Belt and Road Portal website and Belt and Road Portal-related publications. HKTDC shall not be liable for any loss of data, removal of information, or for any claim, or any direct, indirect, special, incidental, or consequential damages of any kind (including lost profits) resulting from the removal of your profile or other content of the profile from the Belt and Road Portal website and Belt and Road Portal-related publications.
  4. In the event of any inconsistency between the English and Chinese versions, the English version shall prevail.
Who can help you in this project?
PD Academia Limited
EventXtra Limited
QBE Hongkong & Shanghai Insurance Limited
3E Accounting Limited
Find Solution AI Limited
MediConCen Limited
Korah (H.K.) Limited
HashKey Digital Asset Group
More on this...
Mainland China / Southeast Asia
Transport and Logistics
Southeast Asia / Mainland China
Transport and Logistics
Southeast Asia / Mainland China
Infrastructure
Southeast Asia / Mainland China
Infrastructure
Mainland China / Southeast Asia
Infrastructure