Vietnam news in brief - April 20

Nearly 17,000 taels of gold bars to be auctioned off

The State Bank of Vietnam will auction 16,800 taels of SJC gold bullion on April 22 to address the price gap between domestic and international markets. Each trading lot will consist of 100 taels, and bidders will pay a 10% escrow. The reference price for the deposit is VND81.8 million (US$3,233) per tael and the bidding increment is VND10,000 (US$0.4).

Phu Quoc and South Korea boost tourism cooperation 

Top view of Vinpearl Wonderworld Phu Quoc. Photo: Vinpearl

Vinpearl Wonderworld  Phu Quoc will offer all-inclusive holidays tailored to the specific needs of 3,800 South Korean civil servants from June to December this year. The activity is part of a Memorandum of Understanding (MoU) between the Kien Giang Tourism and Trade, Investment Promotion Centre, the Public Officials Benefit Association of Korea (POBA) and Vinpearl JSC (Vingroup Corporation) signed this week on Phu Quoc Island in the southern province of Kien Giang. POBA plans to extend this cooperation model to the entire Vinpearl system on a larger scale. Through the MoU on strategic cooperation between the parties, the association will introduce local Korean authorities to the scenic landscape and the ancient and unique culture of Vietnam and Phu Quoc Island. 

Japanese retailer invests in building a shopping center in Hanoi 

Takashimaya, the Japanese retailer, plans to invest around two billion yen ($12.9 million) in a shopping center in Hanoi, including spaces for residential, office, and commercial leasing, Nikkei Asia reported. 
Toshin Development, the group's subsidiary, has started construction of the complex in Hanoi. The Hanoi shopping center is expected to open in 2026 and will be the group's first overseas location in eight years. 

Addressing policy issues in Vietnamese cosmetics industry

The Ministry of Health is drafting a decree to streamline administrative procedures and improve the quality of domestic cosmetics to better compete with foreign products. Chu Quoc Thinh, head of the Cosmetics Management Department at the Drug Administration (Ministry of Health), made the announcement at the 2024 Beauty Market Forum held in Hanoi on April 19. Currently, there are a total of 965 domestic manufacturers, but only 35 of them comply with the ASEAN Cosmetic Principles and Good Manufacturing Practices.

Accelerating national digital transformation for socio-economic development in 2024

Prime Minister Pham Minh Chinh has signed Decision 58 to speed up national digital transformation for sustainable socio-economic development in 2024. The plan prioritizes the development of a digital economy with four pillars and aims to foster fast and sustainable socio-economic development. It includes targets such as creating 48,000 local digital technology enterprises and encouraging 60% of enterprises in industrial and export processing zones to adopt digital platforms for enhanced efficiency and reduced emissions.

Mexican retailer wants to buy 500,000 Vietnamese auto tires per year

The Vietnam Trade Office in Mexico hopes that the Ministry of Industry and Trade will soon help it find Vietnamese car tire manufacturers to supply Coppel Corporation with 500,000 tires per year. After three years, the retailer has not found a supplier that can meet its needs. In addition to tires, the company needs to import up to 200 million garments and 65 million pairs of shoes per year.

Each year, the company has a demand of more than 13,000 containers of goods, most of which are purchased from China. As of August 2023, Mexico has decided to increase tariffs on more than 300 items for countries that do not have a free trade agreement with the country, and Vietnam is the main alternative for Coppel partners in those countries.