Vietnam Economic News: 17.1 – 31.1.2025
Summary of Vietnam Economic News: 17.1 - 31.1.2025
---
Summary of Vietnam Economic News: 17.1 - 31.1.2025 ---
US top diplomat Rubio urges Vietnam to address trade imbalance
Reuters News – 24 January 2025
New U.S. Secretary of State Marco Rubio held a call on Friday with Vietnam's Deputy Prime Minister and Foreign Minister Bui Thanh Son in which he urged Vietnam to address trade imbalances and also discussed shared concerns about China. In the call, the first between the two top diplomats under the new administration of U.S. President Donald Trump, the two hailed the 30th anniversary of U.S.-Vietnam relations and progress made under a Comprehensive Strategic Partnership the countries agreed in 2023, a State Department statement said. "The Secretary also discussed regional concerns to include China’s aggressive behaviour in the South China Sea," it said. While praising the two countries' economic cooperation, Rubio "encouraged Vietnam to address trade imbalances," it said. The U.S. trade deficit with Vietnam exceeded $110 billion in the first 11 months of 2024, U.S. figures released this month show, as exports from the Southeast Asian industrial hub grew amid a record fall of its currency against the dollar. Although Vietnam has become an important U.S. security partner, the large trade gap is seen by analysts as a major risk for the export-reliant nation amid threats from Trump of across-the-board tariffs on U.S. imports. The U.S. data from this month showed a nearly 18% rise in the U.S. deficit with Vietnam compared with the same period the previous year. It confirmed Vietnam has the fourth highest commercial surplus with the United States, topped only by China, the European Union and Mexico. Trump ended his first term in the White House with Treasury declarations of Vietnam and Switzerland as currency manipulators over their market interventions to weaken the value of their currencies. Vietnam, which counts the U.S. as its biggest market, is home to big export-focused industrial operations of U.S. multinationals such as Apple, Google, Nike and Intel.
Visa and Fintech DealMe Collaborate to Launch Cross-Border Card Instalment Payments
Dow Jones Newswires – 24 January 2025
Visa (NYSE: V), a global leader in digital payments, and DealMe, a fintech company, have joined forces to address the increasing demand for cross-border shopping and flexible payment options. This collaboration will introduce cross-border card instalment payment services, offering greater payment flexibility to Vietnamese and other international consumers. Cardholders with locally issued Visa credit cards in Vietnam will soon have access to real-time instalment offers at top merchants in South Korea, enhancing repayment convenience while traveling. This initiative will benefit Vietnamese shoppers, as Visa's data indicates that 75% of surveyed Vietnamese consumers plan to travel for leisure next year, with South Korea being the top destination. Vietnamese travellers with Visa credit cards issued in Vietnam will be able to shop at duty-free shops, department stores, and medical institutions in South Korea. This collaboration allows Visa and DealMe to provide card instalment payments for foreign customers at participating merchants, a service that was previously unavailable. Dung Dang, Visa Country Manager for Vietnam and Laos. Mr. KIM Tae Hong, SVP of DealMe, said: "We are delighted to partner with Visa to enable card instalment payment on cross-border transaction. This gives consumers an additional payment option when traveling overseas."
V-GREEN and eTreego sign MoU to develop 100,000 VinFast charging portals in Indonesia, the Philippines and Vietnam
Dow Jones Newswires – 22 January 2025
V-GREEN has signed a Memorandum of Understanding (MoU) with eTreego, a Taiwanese green energy company, to significantly expand VinFast electric vehicle charging station infrastructure. This partnership aims to install 100,000 charging portals in VinFast's three key Southeast Asian markets, Indonesia, the Philippines and Vietnam, underscoring V-GREEN's commitment to building a comprehensive electric vehicle ecosystem and meet the growing demand for green transformation across Southeast Asia. Both parties will actively research and work towards strategic goals, including building and operating 100,000 franchised charging portals for VinFast electric vehicles by 2030. Specifically, in the second quarter of 2025, eTreego will deploy 200 pilot charging portals in Vietnam, before expanding into VinFast's two key international markets: Indonesia and the Philippines. According to the MoU, eTreego will be the charging station product supplier for V-GREEN. Furthermore, eTreego agrees to lease designated locations and facilitate introductions to potential partner sites in key areas for the development and expansion of V-GREEN's charging station network. Both parties will also actively work to promote other green initiatives, including developing a Carbon Credit Certification project for V-GREEN's charging stations. Additionally, the two Companies will explore collaborative opportunities to expand VinFast's electric vehicle supply chain and enter new international markets, seizing the significant opportunities in the global green transportation sector.