Daily News 9 June 2023

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

List Today News

1. Vinfast introduces mini electric car: Hopes to establish it as the new “National Vehicle” for Vietnamese people
2. Swiss Masterpiece: Trung Sisters’ image embodied in luxurious Swiss Timepiece
3. Vietnamese Manufacturing takes off: Apple supplier pours $260 million into factory construction
4. Vietnam’s Energy Market: A lucrative for China’s energy industry titans
5. Vietnam’s E-commerce Triumph: Surging at 20% annually, propelling it to the global top 5

News #1 Vinfast introduces mini electric car: Hopes to establish it as the new “National Vehicle” for Vietnamese people

Vietnamese automaker VinFast has officially revealed its new electric car, the VF 3.

The VF 3 is VinFast’s first small-sized vehicle, designed with the characteristics and traffic habits of local consumers in mind. It measures approximately 3,114 mm in length, featuring two side doors, one rear door, and ample interior space for five passengers.

This car will be offered in two versions: Eco and Plus, ensuring a satisfying range to meet customer demands. With a compact and modern design, the VF 3 caters to various needs and environments, offering a green, intelligent, and dynamic mobility solution for all.

Now, pricing and official range details for this model are yet to be announced.

Next, we will witness Christophe Claret’s ‘Legend’ collection pays homage to historical figures, with a standout timepiece featuring the Trung sisters. 

News #2 Swiss Masterpiece: Trung Sisters’ image embodied in luxurious Swiss Timepiece

In recent news, Swiss watchmaker Christophe Claret has introduced a new collection called “Legend,” which includes a timepiece featuring the Trung sisters. This collection was initially hinted at by Christophe Claret in 2021, aiming to honor famous historical figures from around the world.

Swiss artist André Martinez created the artwork of the Trung sisters featured on the watch. It includes a flying tourbillon and a minute repeater that emulates Westminster chimes. Interestingly, the depiction of the Trung sisters riding elephants is dynamic, synchronized with the minute repeater strikes using a Jacquemart automata mechanism.

Although the official price for this watch has not been announced by Christophe Claret, based on the material cost compared to other models in the same collection, the estimated price for this design ranges from $714,000 to $747,000 (over 15 billion Vietnamese dongs).

And we have a new latest update about adding an Apple supplier investing $260 million in Vietnam for factory construction, operations to begin in 2024. 

News #3 Vietnamese Manufacturing takes off: Apple supplier pours $260 million into factory construction

On the afternoon of June 7, the investment cooperation agreement was signed between Green i-Park Joint Stock Company and Compal Electronics Vietnam Limited Liability Company.

According to the contract, Compal Electronics will lease 4,3 million ft² in Liên Hà Thái Industrial Park. Construction starts in 2023, testing in Q1 2024, and full operation in Q2. The project has a registered investment capital of 260 million USD. Estimated annual revenue: 1.2 billion USD by 2029, 6.8 billion USD by 2037.

Compal Electronics known to a Taiwanese (Chinese) enterprise specializing in computer manufacturing and computer peripherals, including components and related accessories, is known as one of the major manufacturers for Apple and other global technology corporations.

Besides, we also have new updates: 2 Chinese energy and battery companies are negotiating to open a factory in Vietnam, with a potential investment exceeding $1 billion. 

News #4 Vietnam’s Energy Market: A lucrative for China’s energy industry titans

Two Chinese energy storage systems and battery manufacturers are considering investments in Vietnam exceeding $1 billion, according to Reuters.

Firstly, Xiamen Hithium Energy Storage Technology, an expanding startup in Europe and the US, has engaged with industry regulators in Vietnam for discussions on a $900 million investment plan. Their aim is to construct a factory spanning over 3,2 million ft² of land, potentially making them one of the largest foreign investors in Vietnam.

Additionally, Growatt New Energy is showing strong interest in Vietnam. They have leased a manufacturing plant and planning to spend approximately $300 million to acquire around 1,6 million ft² of industrial land for a new factory.

Reuters highlights Vietnam as an attractive market for investment and the development of renewable energy facilities, capturing the attention of Chinese energy giants.

We conclude today’s news program with Vietnam ranking in the top five globally in e-commerce growth rate. 

News #5 Vietnam’s E-commerce Triumph: Surging at 20% annually, propelling it to the global top 5

On June 7th, Amazon Global Selling, in partnership with the Ministry of Industry and Trade Vietnam, hosted the inaugural cross-border e-commerce conference, themed “Asian Essence, Global Breakthrough.” The event blew everyone away with mind-blowing stats showcasing Vietnam’s epic e-commerce growth.

Over the past year, Vietnamese-branded products sold on Amazon worldwide reached nearly 10 million, with Vietnamese sellers experiencing a remarkable 45% export value growth. Vietnam’s cross-border retail revenue amounted to $3.4 billion, expected to exceed $10.6 billion by 2026.

Vietnam ranks among the top five countries with a 20% annual growth rate in global e-commerce. Experts believe that many Vietnamese businesses are ready for online exports, bringing Vietnamese products to the world. However, they will face several challenges, focusing on four key aspects: knowledge, capacity, regulations, and costs.

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