Latest news with #HANOI
Reuters
5 hours ago
- Business
- Reuters
Vietnam targeting 8.3%-8.5% GDP growth this year, PM says
HANOI, July 16 (Reuters) - The Vietnamese government will aim to raise its gross domestic product by 8.3% to 8.5% for this year, Prime Minister Pham Minh Chinh said on Wednesday, despite challenges. The target, which compares with growth of 7.09% last year, will "create a firm foundation for double-digit growth in the 2026-2030 period," Chinh said at a meeting in Hanoi, according to a government statement. Lawmakers in the Southeast Asian industrial hub had earlier approved a GDP growth target of at least 8% for this year. Chinh said Vietnam will need to renew its traditional growth drivers such as domestic consumption, exports and investment, while adopting new drivers, including green growth and the digital economy, according to the statement. However, Vietnam is still facing numerous challenges, he said, citing conflicts, geopolitical competition, trade tensions, supply chain disruptions and climate change. Chinh's statement came hours after U.S. President Donald Trump said that a trade agreement with Vietnam was nearly complete. Trump said early this month that Vietnamese goods would face a 20% tariff, with trans-shipments from third countries through Vietnam also facing a 40% levy. The rates are lower than the 46% he threatened in April. Vietnam's GDP in the second quarter accelerated to 7.96% year-on-year, from 6.93% in the first quarter.
Reuters
8 hours ago
- Business
- Reuters
Vietnam's public security ministry takes stake in internet firm FPT Telecom
HANOI, July 16 (Reuters) - A majority stake in Vietnam's FPT Telecom, one of the country's largest internet providers, has been transferred to the Ministry of Public Security from a state-run investment corporation in an effort to boost national cybersecurity, the ministry said on Wednesday. Vietnam's State Capital Investment Corporation previously held 50.17% of FPT Telecom, while FPT Corp ( opens new tab, Vietnam's largest private tech company, had a 45.66% stake but retained control of the unit, according to FPT Telecom's financial statements for last year. The transfer is aimed at strengthening the ministry's capability to protect national security and ensure network and information security, the ministry said in a statement. It did not elaborate whether the ministry would take effective control of FPT Telecom. Wednesday's statement confirmed a Reuters report in April about the possible transfer. The ministry, which oversees the police, has become increasingly involved in Vietnam's internet and telecoms sector. It took control of the country's third-largest telecoms operator, MobiFone, last year and also spearheaded a tightening of data protection rules that has raised concerns among foreign tech firms. Shares in FPT Corp rose by 0.24% on Wednesday morning, while shares in FPT Telecom were also up slightly. In addition to providing internet services, FPT Telecom is involved in the development of undersea fibre-optic cables, which Communist-run Vietnam considers a national priority as most of its existing cables are ageing and prone to accidents.
Yahoo
8 hours ago
- Business
- Yahoo
Vietnam's public security ministry takes stake in internet firm FPT Telecom
HANOI (Reuters) -A majority stake in Vietnam's FPT Telecom, one of the country's largest internet providers, has been transferred to the Ministry of Public Security from a state-run investment corporation in an effort to boost national cybersecurity, the ministry said on Wednesday. Vietnam's State Capital Investment Corporation previously held 50.17% of FPT Telecom, while FPT Corp, Vietnam's largest private tech company, had a 45.66% stake but retained control of the unit, according to FPT Telecom's financial statements for last year. The transfer is aimed at strengthening the ministry's capability to protect national security and ensure network and information security, the ministry said in a statement. It did not elaborate whether the ministry would take effective control of FPT Telecom. Wednesday's statement confirmed a Reuters report in April about the possible transfer. The ministry, which oversees the police, has become increasingly involved in Vietnam's internet and telecoms sector. It took control of the country's third-largest telecoms operator, MobiFone, last year and also spearheaded a tightening of data protection rules that has raised concerns among foreign tech firms. Shares in FPT Corp rose by 0.24% on Wednesday morning, while shares in FPT Telecom were also up slightly. In addition to providing internet services, FPT Telecom is involved in the development of undersea fibre-optic cables, which Communist-run Vietnam considers a national priority as most of its existing cables are ageing and prone to accidents.
Yahoo
10 hours ago
- Business
- Yahoo
Vietnam's public security ministry takes stake in internet firm FPT Telecom
HANOI (Reuters) -A majority stake in Vietnam's FPT Telecom, one of the country's largest internet providers, has been transferred to the Ministry of Public Security from a state-run investment corporation in an effort to boost national cybersecurity, the ministry said on Wednesday. Vietnam's State Capital Investment Corporation previously held 50.17% of FPT Telecom, while FPT Corp, Vietnam's largest private tech company, had a 45.66% stake but retained control of the unit, according to FPT Telecom's financial statements for last year. The transfer is aimed at strengthening the ministry's capability to protect national security and ensure network and information security, the ministry said in a statement. It did not elaborate whether the ministry would take effective control of FPT Telecom. Wednesday's statement confirmed a Reuters report in April about the possible transfer. The ministry, which oversees the police, has become increasingly involved in Vietnam's internet and telecoms sector. It took control of the country's third-largest telecoms operator, MobiFone, last year and also spearheaded a tightening of data protection rules that has raised concerns among foreign tech firms. Shares in FPT Corp rose by 0.24% on Wednesday morning, while shares in FPT Telecom were also up slightly. In addition to providing internet services, FPT Telecom is involved in the development of undersea fibre-optic cables, which Communist-run Vietnam considers a national priority as most of its existing cables are ageing and prone to accidents. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
a day ago
- Business
- Reuters
SpaceX expected to launch Starlink services in Vietnam from fourth quarter
HANOI, July 15 (Reuters) - SpaceX is expected to launch Starlink satellite internet services in Vietnam from the fourth quarter of this year, state media cited a government official as saying on Tuesday. "The Ministry of Science and Technology aims to license the pilot services using low-orbit satellites immediately after the investor completes investment procedures and establishes a legal entity in Vietnam, with the goal of deploying the services in the fourth quarter of 2025," deputy minister Pham Duc Long said, according to the Tuoi Tre newspaper. SpaceX is currently working with the Ministry of Finance to complete the procedures required to set up a wholly-owned unit in Vietnam, the report said. Two sources told Reuters in April that SpaceX was readying a ground station in the Southeast Asian country for Starlink satellites and planned many more. Vietnam's government said in March it would allow SpaceX to launch its services in the country on a trial basis, with no foreign ownership limit. It said the trial period would last until the end of 2030.
