Page 7 - Vietnam

VinFast Auto earmarks $200 mn for assembly units in India, Indonesia

Vietnam's electric car maker VinFast Auto on Thursday said it is planning to invest up to USD 200 million (nearly Rs 1,665 crore) to set up assembly units in India and Indonesia with production expected to commence by 2026. VinFast, a competitor of American electric carmaker Tesla, "is aiming to access the tremendous potential for increased EV adoption in India and Indonesia where EV penetration is currently only 1 per cent", the company said, citing media reports in its third quarter earnings statement. "The establishment of VinFast facilities in these local markets can provide access to government incentives for local manufacturing, relief from certain tariffs and taxes and access to raw materials at attractive rates," it said. Each CKD (completely knocked down) facility in "Indonesia and India has a planned total capacity of up to 50,000 cars per year and an estimated total capital expenditure of USD 150-200 million in phase 1", the company said, adding, "Production is expected t

Vietnam's Vietjet to launch more services to India to tap growing interest

As Vietnam is largely becoming an emerging tourism destination for Indian travellers, Vietjet, the country's largest private carrier, is getting ready to tap this growing interest by expanding its service to India connecting more cities. A new route connecting Tiruchirappalli (Tamil Nadu) and Ho Chi Minh City is expected to be launched this November, airline authorities said here. Direct flight services from Kerala's Kochi to Ho Chi Minh City had already been launched by the private carrier from Cochin International Airport in August. A senior airline official said here that Vietjet currently has 32 return flights servicing India each week. "From November, Vietjet is expected to launch a new route connecting Tiruchirappalli and Ho Chi Minh City and we have plans to have an initial frequency of three return flights per week, in order to meet rising demand from travellers in both countries," the official, who doesn't want to be named, said. Vietjet would like to eventually expand it

Biden's statement: Battle of perceptions

Was President Biden's statement in Vietnam on discussing human rights and civil society issues with PM Modi perfunctory appeasement of his domestic constituency or another example of US interference?

12 killed in Vietnam's Hanoi after fire burns 9-storey apartment building

A fire in a nine-story apartment building in Vietnam's capital killed about 12 people and injured more than 50, state media reported Wednesday. The fire has been extinguished and rescue operations were continuing, the official Vietnam News Agency reported. Authorities have not confirmed an exact death toll. The fire was believed to have started late Tuesday and rescuers struggled to reach the building on a narrow lane in south Hanoi. It wasn't immediately clear how much of the building had burned. It was home to 150 residents, and 54 of the 70 people rescued from the fire were hospitalized for their injuries, state media said. Authorities were investigating the cause of the fire. A deadly fire at a karaoke parlor in southern Vietnam's Binh Duong province killed 32 people last year.

Biden wraps Vietnam visit by talking with biz leaders and visiting memorial

President Joe Biden was wrapping up a visit to Vietnam on Monday, meeting with Vietnamese government officials and business leaders and spotlighting new deals and partnerships between the two countries. He'll also visit a Hanoi memorial honouring his late friend and colleague Sen. John McCain, who was held for more than five years as a prisoner during the Vietnam War. Biden met with Prime Minister Pham Minh Chnh, who also accompanied Biden to a quick drop by at a meeting of business leaders. Biden also sat down with President V Van Thuong, who hosted the US president for a formal state luncheon. Biden spoke about strengthening Vietnam's semiconductor industry and his administration's commitment to an open Pacific. My message today is quite simple. Let's keep it up," Biden told the CEOs. We need to develop and drive our collaboration, We need to forge new partnerships. The prime minister also stressed the need to improve cooperation and said the sky is the limit for the expanding

US outreach to Vietnam about providing stability, says President Biden

President Joe Biden said Sunday his visit to Vietnam to showcase stronger ties with Hanoi was not about trying to start a cold war with China, but rather was part of a broader effort to provide global stability by building US relationships throughout Asia at a time of tensions with Beijing. It's not about containing China, Biden said at a news conference in Vietnam's capital after attending the Group of 20 summit in India. It's about having a stable base. The American president came to Hanoi as Vietnam was elevating the United States to its highest diplomatic status, comprehensive strategic partner. That is evidence of how far the relationship has evolved from what Biden referred to as the bitter past of the Vietnam War. The expanded partnership reflects a broader effort across Asia to counter China's influence. Biden has said Vietnam wants to flex a degree of independence, and U.S. companies are seeking an alternative to imports from Chinese factories. He is pursuing possible allie

Vietnam chases secret Russian arms deal, even as President Biden flies in

Vietnam Air, Boeing near $10 bn deal

Biden opens Vietnam visit by saying 2 countries are 'critical partners'

President Joe Biden opened a brief visit to Vietnam on Sunday by telling the country's leadership that the two nations have a chance to shape the Indo-Pacific for decades to come. Biden said he hoped progress could be made on climate, the economy and other issues during his 24-hour visit. Vietnam and the US are critical partners at what I would argue is a very critical time, Biden told Nguyen Phu Trong, general secretary of the Communist Party of Vietnam, during the public portion of their meeting at party headquarters. Trong agreed that their meeting presented an excellent opportunity to expand bilateral ties. He thanked Biden for inviting him to visit Washington soon. Vietnam is elevating its relationship with the US to the status of being a comprehensive strategic partner, which one of Biden's top national security advisers said represents Vietnam's highest tier of international partnership. Other countries that Vietnam has extended the designation to include China and Russia.

G20 Summit 2023: Key takeaways from US President Joe Biden's India visit

Biden landed in New Delhi on Friday for the G20 Summit and departed for his visit to Vietnam on Sunday. Here are the key takeaways from his India visit

US President Biden leaves for Vietnam after concluding India visit

US President Joe Biden left for Vietnam after he and several other G20 leaders paid homage at Mahatma Gandhi's memorial Rajghat here on Sunday morning. On his first visit to India as the US President, Biden arrived in the national capital on Friday to attend the two-day G20 summit and held talks with Prime Minister Narendra Modi the same day. In their over 50-minute talks, Modi and Biden vowed to "deepen and diversify" the bilateral major defence partnership while welcoming forward movement in India's procurement of 31 drones and joint development of jet engines. Biden also participated in key sessions of the G20 Summit on Saturday.

Biden to follow CDC guidelines during his India visit for G20 Summit: US

US President Joe Biden will follow the COVID-19 guidelines of the Centers for Disease Control and Prevention (CDC) during his visit to India for the G20 Summit and his trip to Vietnam, the White House has said. The announcement on Tuesday came after First Lady Jill Biden, 72, tested positive for COVID-19 on Monday. President Biden, 80, was tested for the virus on Monday and Tuesday following his wife's positive test, but his results were negative. The White House said the president has tested negative twice and there is no change in his travel plans for India and Vietnam later this week. Responding to questions from reporters, it said the president, however, is taking all the necessary precautions and following standard procedures as per the CDC guidelines. What I can tell you is that the president certainly is going to test on a regular cadence determined by his physician. Of course, all travellers, including the president, will test before travelling to India," White House Press

Leaders besieged by thorny issues as they hold ASEAN summit without Biden

Southeast Asian leaders led by Indonesian host President Joko Widodo are gathering in their final summit this year, besieged by divisive issues with no solutions in sight: Myanmar's deadly civil strife, new flare-ups in the disputed South China Sea, and the longstanding United States-China rivalry. The Association of Southeast Asian Nations meetings will open Tuesday in the Indonesian capital Jakarta under tight security. The absence of U.S. President Joe Biden, who typically attends, adds to the already somber backdrop of the 10-state bloc's traditional show of unity and group handshakes. After discussions Tuesday, the ASEAN heads of state would meet Asian and Western counterparts from Wednesday to Thursday, providing a wider venue that the U.S. and China, and their allies, have used for wide-ranging talks on free trade, climate change and global security. It has also become a battleground for their rivalries. Chinese Premier Li Qiang was set to join the meetings, including the ...

Philippines, Malaysia, Vietnam, Taiwan join India to reject China's new map

Governments in the Philippines, Malaysia, Vietnam and Taiwan on Thursday joined India in rejecting China's new national map, issuing strongly worded statements accusing Beijing of claiming their territory. China published a new version of its national map on Monday to correct what Beijing has in the past referred to as problematic maps that it claims misrepresent its territorial borders. India on Tuesday lodged a strong protest with China over its so-called "standard map" laying claim over Arunachal Pradesh and the Aksai Chin, and asserted that such steps only complicate the resolution of the boundary question. The External Affairs Ministry also rejected China's claims as having "no basis". "Just making absurd claims does not make other people's territories yours," External Affairs Minister S Jaishankar said while reacting to the Chinese move. The Philippine government on Thursday slammed China's 2023 edition of its so-called standard map that still shows swaths of Philippine feat

US, Indonesia and 5 other nations hold war drills amid China concerns

Soldiers from the US, Indonesia and five other nations began annual training exercises Thursday on Indonesia's main island of Java while China's increasing aggression is raising concern. American and Indonesian soldiers have held the live-fire drill since 2009, and Australia, Japan and Singapore joined last year. The United Kingdom and French forces are participating in this year's Super Garuda Shield exercises, with a total of about 5,000 personnel. China sees the expanded drills as a threat, accusing the US of building an Indo-Pacific alliance similar to NATO to limit China's growing military and diplomatic influence in the region. Brunei, Brazil, Canada, Germany, India, Malaysia, Netherlands, New Zealand, Papua New Guinea, Philippines, South Korea, and East Timor also sent observers to the two-week exercises in Baluran, a coastal town in East Java province. Commanding general of US Army Pacific, Gen. Charles Flynn, said the 19 nations involved in the training are a powerful ...

India's restrictive trade policy is working great, but for Vietnam

One way to think about this is that India is first damaging its competitiveness, and then compensating firms to set up factories in the country

Vietnam firm 'VinFast Auto' jumps 270%, beats GM, Ford in valuation

VinFast CEO Thuy said on Tuesday the EV maker would be shifting to a new "hybrid model" for sales, bringing in distributors and dealers for overseas markets

China appears to be constructing airstrip on disputed S China Sea island

China appears to be constructing an airstrip on a disputed South China Sea island that is also claimed by Vietnam and Taiwan, according to satellite photos analysed by The Associated Press. The work on Triton island in the Paracel group mirrors construction on seven human-made islands in the Spratly group to the east which have been equipped with airstrips, docks and military systems, although it currently appears to be somewhat more modest in scale. China claims virtually the entire South China Sea as its own, denying the claims of others and defying an international ruling invalidating its assertion. Satellite photos from Planet Labs PBC analysed by the AP show construction on the airstrip first visible in early August. The runway, as currently laid out, would be more than 600 metres (2,000 feet) in length, long enough to accommodate turboprop aircraft and drones, but not fighter jets or bombers. Also visible are large numbers of vehicle tracks running across much of the island,

Indian diamond industry set to focus on domestic markets, ASEAN countries

The diamond industry is set to focus on domestic markets and emerging markets in ASEAN countries in an attempt to neutralise the impact of reduced demand from the US and the European Union (EU)

ONGC Videsh seeks 3-yr extension for Vietnamese oil block in S China Sea

India's flagship overseas firm ONGC Videsh Ltd has sought another three-year extension to explore for oil and gas in a Vietnamese block in the contested waters of the South China Sea, officials said. If granted, this will be the eighth extension for OVL, the overseas arm of state-owned Oil and Natural Gas Corporation (ONGC). Officials said the seventh extension to explore for oil and gas was till June 15, 2023 and the company is in talks with Vietnamese authorities for another three-year extension. OVL, they said, has submitted a proposal for a three-year extension of the exploration phase-1 to the regulator PVN and the approval is awaited. The company has so far not found any commercially recoverable oil and gas reserves in the block in the 17 years it has been exploring there but has continued presence there because of India's strategic interest in the South China Sea. Vietnam too wants the Indian firm to counter China's interventions in the contested waters. OVL had signed a .

Govt might lift the ban on white rice export soon as production increases

In September last year, India imposed a ban on broken rice exports and put a 20 per cent export tariff on non-basmati and non-parboiled rice, aimed at improving domestic supplies