Vietnam News Today (Aug. 13): Singaporean Investors Keen On Vietnamese M&A Market

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Delegates at the event (Photo: VNA)

Vietnam pushes for cultural ties at ASEAN-China Week

A Vietnamese delegation led by Deputy Minister of Culture, Sport and Tourism Ho An Phong is attending the ASEAN-China Week that opened in the Chinese province of Shanxi on August 12.

The week, themed “ASEAN-China Comprehensive Strategic Partnership Dialogue: Achieving Prosperity through Innovation”, will last till August 15.

Following the opening ceremony, delegations from ASEAN countries and China engaged in a dialogue on the same theme, cited VNA.

In his speech, Phong underscored the role, importance and value of mutual learning, exchange, and cooperation, particularly in culture and people-to-people exchange. He believed that these elements are instrumental in strengthening connections, understanding, and friendship among ASEAN nations and China, contributing to the sustainable development and shared prosperity of the entire region and the world.

Phong proposed a series of initiatives to bolster this vision, including regular exchange activities for young professionals in key cooperation areas such as politics-security, the economy, and socio-culture under the form of seminars, discussions, forums, and festivals.

He also stressed the importance of sharing experiences and best practices in policy-making, with a focus on youth workforce development.

Addressing the ASEAN-China exchange seminar on culture, tourism, and youth development in the afternoon of the same day, Phong held that within the framework of the ASEAN-China comprehensive strategic partnership and on the basis of the joint 5-year action plan between the two sides, cooperation in culture, sports and tourism, with the central role of the youth, has become an important bright spot, manifested via their exciting and diverse activities in recent times, thus contributing to further deepening friendship and fine traditions between ASEAN and China.

He proposed promoting tourism, culture, and sports at major international events, upholding ASEAN-China cooperation in global and regional mechanisms related to these fields, aiming to refine international policies and regulations.

The Deputy Minister further highlighted the role of the ASEAN-China center in advancing tourism and showcasing the culture, countries, and people of ASEAN and China. He called for more experience-sharing activities between State management agencies, particularly in policy building, State management, and public-private partnership.

While in Shanxi, the Vietnamese delegation, along with their ASEAN and Chinese counterparts, attended the launch of the ASEAN-China Cultural Festival, the ASEAN-China Import and Export Service Platform, the center's mascot, and a collection of Shanxi province's cultural innovations. They also toured prominent enterprises and cultural establishments.

Singaporean investors keen on Vietnamese M&A market

Singaporean financiers continue to eye Vietnam’s merger and acquisition (M&A) deals across multiple fields, ranging from renewable energy to real estate, according to industry insiders.

Specifically, Levanta Renewables, a leading Southeast Asia-focused renewable energy platform backed by Actis, has unveiled that in mid-July it acquired a 28.7 MWp rooftop solar system from related companies of Tien Nga Joint-Stock Company, a major logistics provider in Vietnam.

This represents the largest rooftop solar project in Dong Nai province, whilst also being one of the largest rooftop solar projects nationwide, spanning close to 200,000 sqm of rooftop surface.

The project is expected to generate over 34 GWh per year, supplying green energy to Vietnam Electricity (EVN) under long-term Power Purchase Agreements (PPAs).

“This acquisition is an important milestone in the growth of Levanta Renewables in Vietnam and a demonstration of our diversification across utility scale and commercial & industrial markets. It adds to our Vietnam portfolio of solar and wind assets and helps to achieve our goal of owning and operating a 1.5 GW renewable platform across Southeast Asia by 2028,” said Sudhir Nunes, CEO of Levanta Renewables.

Meanwhile, Sembcorp Solar Vietnam Pte Ltd announced in June its acquisition of majority interests in three out of four subsidiaries of Gelex Group JSC in the renewable energy sector. Following this transaction, Sembcorp is set to add a total of 196 MW of operational solar and wind power capacity to its portfolio.

Furthermore, Sembcorp will also acquire a 73% stake in a fourth subsidiary of the GELEX system, with this expected to happen in the second half of the year, according to VOV.

The renewable energy field attracts many Singaporean investors.

Upon completion of all four transactions, Sembcorp's gross renewable energy capacity in the country will reach 455 MW, while the group's gross renewable energy capacity globally is likely to stand at 14.4 GW.

Another Singaporean company, Great Master, is also eligible to acquire 20% of the total charter capital of Trung Khoi Joint Stock Company, an industrial park developer based in the central Quang Tri province.

Moreover, Singapore-based Atlantic, Gulf and Pacific LNG (AG&P) has also acquired a 49% stake in Cai Mep LNG Terminal in the southern Ba Ria - Vung Tau province.

Seck Yee Chung, partner of multinational law firm Baker & McKenzie, shared that foreign investors continue to be an important factor in the Vietnamese M&A market, largely driven by strong interest in the nation as a growth market.

In particular, Singapore has maintained its position as one of the most active investors in the Vietnamese M&A market.

Chung expressed his confidence that Singaporean financiers will strengthen their investment portfolio by making new strategic deals in the country - an emerging market in Southeast Asia.

According to data compiled by the Ministry of Planning and Investment, Singapore ranked third, after the Republic of Korea and China, among foreign investors conducting M&A activities in the Vietnamese market in the first half of the year with 142 deals worth about US$349 million.

HCM City serves 23 million visitors in seven months

Ho Chi Minh City welcomed more than 3 million foreign tourists and 20 million domestic visitors in the first seven months of 2024, according to the municipal Department of Tourism.

The figures represented a year-on-year increase of 30.3% and 7.6%, respectively.

The city earned over 108 trillion VND (4.3 billion USD) in revenue from tourism from January to July, up 15.4% over the same period last year.

According to Nguyen Thi Anh Hoa, Director of the municipal Department of Tourism, the agency will advise the municipal People’s Committee to approve the "Ho Chi Minh City Tourism Development Strategy to 2030", and continue to implement the "Smart Tourism Development Project in Ho Chi Minh City for the 2021-2025 period".

The city’s tourism sector will roll out distinctive tourism products in Thu Duc city and districts, as well as develop waterway tourism, cultural and historical tourism, agriculture and ecological tourism, night-time tourism, and MICE, she added.

Notably, it will organize the 18th International Travel Expo Ho Chi Minh City – ITE HCMC 2024 in early September. The event aims to accelerate the recovery and growth of the southern economic hub's tourism sector, VNA reported.

Tourists visit the Ho Chi Minh City Central Post Office. (Photo: VNA)

Themed “Responsible Travel – Creating Future,” it plans a variety of activities promoting key tourist destinations and services in Vietnam, with a goal of expanding the international tourist market and increasing the flow of visitors between countries to optimize tourism revenue.

To date, the organizer has registered around 500 domestic and international exhibitors, who will showcase travel destinations, tourism technology, and products.

The event is expected to welcome around 220 international buyers from over 45 countries and territories, including senior executives from travel agencies, MICE (Meetings, Incentives, Conferences, and Exhibitions) organizers, luxury travel companies, and other key stakeholders interested in the Vietnamese market.

On the sidelines, participants will be treated to forums, conferences, seminars, and specialized tourism events.

Overseas Vietnamese entrepreneurs aspire to bring Vietnamese goods to Thai market

Ho Van Lam, chairman of the Thai-Vietnamese Business Association of Thailand, has affirmed the association’s determination to mobilize overseas Vietnamese to introduce and consume local products and develop distribution channels for Vietnamese goods abroad in the 2020 to 2024 period.

The first annual conference of the Thai-Vietnamese Business Association (TVBA) has recently been held in Udon Thani province of Thailand with a view towards enhancing trade connection between the two neighboring countries.

The event brought together overseas Vietnamese business people across Thailand, along with representatives of numerous Vietnamese enterprises, cited VOV.

At the event.

In his speech at the event, Vietnamese Ambassador to Thailand Pham Viet Hung hailed the significance of the association’s operations, stating that economic collaboration activities among enterprises in the association, as well as those in Thailand and Vietnam, have contributed to strengthening economic co-operation between the two countries.

Ho Van Lam, chairman of the TVBA, said that the key tasks set by the executive board of the association this year are to continue to intensify exchange activities and trade links between businesses owned by overseas Vietnamese in Thailand and Vietnamese ones.

Le Huu Phuc, Trade Counselor at the Vietnam Embassy in Thailand, applauded the role of overseas Vietnamese (OV) businesses as a "bridge" in bringing Vietnamese products to consumers in the host country.

As part of this occasion, TVBA opened a showroom of Vietnam Ngoc Linh ginseng (Panax vietnamensis Ha et Grushv) at the Vietnam Exhibition and Convention Center in Udon Thani.

The launch of the showroom in Thailand serves to demonstrate the role and efforts of the TVBA in enhancing trade links with domestic enterprises as part of efforts to bring high-quality Vietnamese products to the Thai market, Lam said.

Hanoi to display fireworks on 70th Liberation Day

The Hanoi People’s Committee has decided to launch firework displays at 31 venues from 9:30 pm to 9:45 pm on October 10 to celebrate the 70th anniversary of Capital Liberation Day.

Previously, it planned the shows on October 9.

The main event will feature a high-altitude and low-altitude fireworks show at the My Dinh National Stadium in Phu Do ward of Nam Tu Liem district, comprising 800 fireworks and 24 pyrotechnics with 480 tubes.

Eight additional locations will host combined high-altitude and low-altitude displays, each featuring 600 fireworks. These locations include the headquarters of Hanoi Moi newspaper and the Hanoi Post Office in Hoan Kiem district; Lac Long Quan Flower Garden in Tay Ho district; Dua Island, Thong Nhat Park, and Le Dai Hanh Ward in Hai Ba Trung district; Van Quan Lake and Van Quan Ward in Ha Dong district; Son Tay Ancient Citadel in Son Tay town); Project land of the regulating lake in Tam Hiep commune of Thanh Tri district); and Dong Anh District Sports and Physical Training Center.

The remaining 22 districts will each host low-altitude fireworks displays, VGP reported.

Photo: VGP

In addition, a series of outstanding events, such as film weeks and photo exhibitions are expected to provide tourists with a comprehensive view of the city.

Earlier, the Department of Grassroots Culture under the Ministry of Culture, Sports and Tourism and the Hanoi Department of Culture and Sports have just officially announced the logo to celebrate the 70th anniversary of the capital city's liberation (October 10, 1954 - October 10, 2024).

The 70th anniversary of the capital city's liberation is one of the major anniversaries of the country and the Capital in 2024.

The liberation of the capital, Hanoi, on October 10, 1954, marked an important turning point, opening a new glorious period in the history of Thang Long - Dong Do – Hanoi.

The capital was completely free from the yoke of colonialism.

Since that day, the Vietnamese workers have enjoyed true freedom and become real masters of their lives, starting to build a new society that opened the era of socialist revolution in Vietnam.

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