Weekly News Bulletin - No. 03, March 2023
China's Sunny Group plans to invest up to USD2.5 billion in the northern province of Thai Nguyen, which is expected to generate USD5 billion in annual revenue and create jobs for 15,000 local people.
The company was listed on the Hong Kong Stock Exchange in June 2007 and has been included in the "Fortune China Top 500 Enterprises List" for six consecutive years, currently ranking 284th. Sunny Group has invested a total of USD130 million in four projects in Vietnam, namely Sunny Opotech, Sunny Automotive, Sunny Infrared and Sunny Opotec. These projects produce infrared lenses for cars, mobile phone camera modules and surveillance cameras in industrial parks in Thai Nguyen, Vinh Phuc and Hanoi.
Vietnam’s startup market is set to receive investment capital worth US$5 billion during the 2023-2025 period. The figures were announced at the Vietnam Venture Summit 2022 with the theme "Shifting Global Capital Flows" held on December 19, where 39 venture capital funds pledged to invest USD1.5 billion in local startups during the period. According to the Minister of Planning and Investment (MPI), venture capitals and innovative startups would remain key partners of the Government in drafting a legal framework for the development of the local innovative startup ecosystem.
Last week highlight
The Ministry of Information and Communications (MIC) recently reported positive results for the cybersecurity sector in the first quarter of 2023. Specifically, the sector posted revenue of 252.8 billion VND (USD10.6 million) during the period, an increase of 33.5% year-on-year, resulting in a growth of 33.1% to VND20.22 billion. It contributed VND21.8 billion to the State budget, up 50.6% over the same period last year. According to the ministry, there are 103 cybersecurity enterprises operating in the industry during the period, a rise of 12% on-year, creating 3,492 jobs, up 10.6%.
Let’s look at some other key financial and business headlines during the past week
- US businesses exploring investment, business opportunities in Vietnam
- Japanese-Vietnamese developers want to begin work on Hanoi smart city in 2023
- Investors set to pour US$5 billion into Vietnam’s startup market in 2023-2025
- Vietnam rice export prospect bright with major markets returning
- China's Sunny Group plans US$2.5 billion investment in Vietnam
- Vietnam-Singapore Industrial Park 3 construction underway
- Vietnam posts 78.9% growth in coffee export value to Spain
- Green logistics key to green transition process
- Vietnam’s regulatory interest rates to be reduced by 0.5-1% from March 15: SBV
- Consumers cut back on spending amid unemployment
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Key words: Vietnam, business, finance, economy
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