Weekly News Bulletin - No. 02, September 2023
The Asian Development Bank (ADB) signed a loan agreement for USD 13.8 million to GreenYellow Smart Solutions Vietnam Co. Ltd., or GreenYellow, to develop rooftop photovoltaic (PV) solar power systems in Vietnam.
This is ADB’s first financing of a solar PV rooftop portfolio for the commercial and industrial segment in the Southeast Asian country. With a planned total installed capacity of up to 32.3 megawatts at its peak, the project is set to increase clean energy supply to the sector by at least 31.5 gigawatt hours annually, reducing 15,530 tons of carbon dioxide emissions by 2025.
German news website NTV has published an article highlighting the attractiveness of Vietnam to German businesses. According to the September 14 article, Vietnam has long been famous for shoes, garment and textile, coffee and pepper. The country is always ready to innovate and absorb new technologies, so it has a good reputation as an electronics manufacturing hub.
Two-way trade turnover reached 18 billion euros (19.2 billion USD) last year, of which shipments from Vietnam accounted for 14.7 billion euros. Germany is currently Vietnam’s most important trade partner in the European Union (EU) while Vietnam is Germany’s largest partner in the Association of Southeast Asian Nations (ASEAN).
Last week highlight
The Government's Decree 68/2023, issued on September 7, adds Malaysia, Chile and Brunei to the list of CPTPP members that are eligible to enjoy preferential export and import taxes when trading with Vietnam, under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). The CPTPP officially took effect in Malaysia in November 2022, and Chile and Brunei in February and July this year, respectively.
Let’s look at some other key financial and business headlines during the past week
- ADB offers $13.8mn loan to develop rooftop solar power systems in Vietnam
- German businesses interested in Vietnam
- Vietnam, Switzerland look to expand trade, investment cooperation
- Dutch businesses commit to support Vietnam’s net zero target
- Oxford Economics: Hospitality to benefit from higher spending on premium goods
- Digital transformation centers to be established across Vietnam
- Regional logistics center planned for HCMC
- Upcoming Capital Law to help Hanoi address pollution issues
- Boeing, Walmart, Amazon look for Vietnamese suppliers
- Vietnam seeks ways to expand cross-border e-commerce growth
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Key words: Vietnam, business, finance, economy
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