Daily News 1 June 2023

Welcome to Vietnam Untold! Today, we are bringing you some of the most exciting news from around Vietnam. 

List today news:

  1. Unforgettable Moment in Vietnam’s Car Market: Vietnam welcomes the debut of its First Mini Electric Car
  2. Investment of $2B for a Seaport Project: Da Nang Becomes Gateway to Southeast Asia
  3. Thailand’s Retail Group Unleashes Investment in Vietnam: CRC Group to invest $1.45 billion in Vietnam’s retail market
  4. Escalating Tensions in South China Sea: Vietnamese criticizes a violation sovereignty Chinese Actions

News #1 Unforgettable Moment in Vietnam’s Car Market: Vietnam welcomes the debut of its First Mini Electric Car

Vietnam’s first mini-electric car, the Wuling HongGuang MiniEV, debuted at TMT Motors factory on May 24th. Assembled and exclusively distributed by TMT Motors, they are a result of the GM (US-China) joint venture.

The cars are expected to be officially launched and available for order in the second quarter of 2023. The initial production and assembly capacity is set at 30,000 cars per year. Currently, the selling price in Vietnam is undisclosed, but in China, it ranges from $6000 to 7000.

The car’s compact size, two-door layout, and four seats fulfill mobility needs and are set to leave a mark on Vietnam’s market. China’s early introduction of this model in the Vietnamese market may pose challenges for the upcoming mini electric cars by VinFast.

Next, we move on to good news for Da Nang with a 2-billion-dollar seaport project. 

News #2 Investment of $2B for a Seaport Project: Da Nang Becomes Gateway to Southeast Asia

The CEO of Adani, a large Indian corporation, Karan Adani, has just revealed a plan to invest 2 billion USD for a seaport project in Lien Chieu, Da Nang of Vietnam.

Lien Chieu Port in Da Nang, Vietnam, holds a strategic position with deep waters and ample storage, poised to become a leading seaport in Southeast Asia. The port’s location at the end of the East-West Economic Corridor presents an alternative for Laos, bypassing Thailand and Myanmar.

Designated as an international gateway port, Lien Chieu Port has a 50-million-ton capacity and spans about 48 thousand feet. Its logistics area covers about 21 thousand feet. The project requires an investment of over 146 million USD, with 127 million USD coming from the central government during the 2021-2025 phase and the remainder from the city’s budget.

Also, we have news about Thailand’s largest retail group, CRC, for its expansion in Vietnam. 

News #3 Thailand’s Retail Group Unleashes Investment in Vietnam: CRC Group to invest $1.45 billion in Vietnam’s retail market

Thailand’s largest retail group, Central Retail Corporation (CRC), has announced plans to invest 50 billion baht ($1.45 billion) in Vietnam’s retail market over the next five years. This move aims to capitalize on the Vietnam’s high-potential market and expand CRC’s presence.

CRC’s revenue in Vietnam has witnessed an astounding surge, catapulting from 300 million baht ($ 8,6 thousand) in 2014 to an impressive 38.6 billion baht ($ 1,1 billion) in 2021. Olivier Langlet, CEO of CRC, highlights Vietnam’s immense potential as the fastest-developing market in Southeast Asia, predicting that its GDP growth will soon surpass Thailand’s.

Central Retail Vietnam plans to double its stores to 600 across 57 provinces by 2027, covering 2 million sqm.

Lastly, we wrap up today’s news with an announcement of tensions over East Sea sovereignty escalate between Vietnam and China.

News #4 Escalating Tensions in South China Sea: Vietnamese criticizes a violation sovereignty Chinese Actions

China’s audacious move to install signal buoys in Vietnam’s Truong Sa archipelago, encompassing Da Nam reef, Ba Dau rock, and Ga Ven reef, has drawn a strong response from the Vietnamese Ministry of Foreign Affairs.

The ministry asserts Vietnam’s sovereignty over Truong Sa and Hoang Sa archipelagos, supported by legal basis and historical evidence according to international law. China’s unauthorized installation of signal buoys violates Vietnam’s sovereignty and lacks legal validity.

Chinese ambassador justifies signal buoy installations in South China Sea as Beijing’s rightful assertion of sovereignty. This Chinese’s decision came in response to the Philippines’ move after the Philippine government declared the installation of buoys on the submerged Ba Dau rock in the Truong Sa archipelago in mid-May.

Amidst these developments, the Vietnamese government voiced condemnation of recent actions taken by Philippine and Chinese, calling for calm and dialogue to address the escalating tensions in the region.

Thank you for watching Vietnam Untold. Stay informed, stay connected. We’ll be back tomorrow with more news.