Latest news with #ToLam
Economist
12 hours ago
- Business
- Economist
Why Vietnam's new leader is worried
Vietnam's economy may be booming—but To Lam, its new leader, isn't happy. Over the past 15 years, the country has achieved 6% average annual growth, powered by new factories—which have sprung up from Hanoi to Ho Chi Minh City—to make goods destined for export, largely to America. But many of those factories are foreign-owned and don't work much with Vietnamese firms. In addition Vietnam now risks being caught between a feuding Washington and Beijing. So what can Mr Lam do to revolutionise Vietnam's economy? Hosts: Ethan Wu and Mike Bird. Guests: David Dapice, emeritus professor of economics at Tufts University; and Nguyễn Khắc Giang, a visiting fellow at the ISEAS-Yusof Ishak Institute in Singapore.
The Star
14 hours ago
- Business
- The Star
Vietnam party chief calls on newly merged southeastern city to become international megacity
HANOI: Vietnam's newly merged city comprising Ho Chi Minh City, Binh Duong province and Ba Ria-Vung Tau province is expected to become an international megacity in South-East Asia, the Vietnam News Agency quoted General Secretary of the Communist Party of Vietnam Central Committee To Lam (pic) as saying on Wednesday (June 18). Speaking at a high-level working session in Ho Chi Minh City on Wednesday, Lam said the merger has brought together the country's three most dynamic economic regions with strategic strengths in finance, high-tech industry and seaport logistics, the state-owned media reported. According to Lam, the new vision for the city is to become a "Southeast Asian international megacity," which is a smart, green and innovative urban hub that excels not only in economic capacity, but also in culture, arts, sports, entertainment and modern lifestyle. Vietnamese official data from 2024 shows that the newly merged Ho Chi Minh City will cover 6,772sq km with a population exceeding 14 million, while consolidating the three top-performing provinces in the field of digital governance, administrative reform and free trade implementation. The merger of the three provinces is a part of the Vietnamese government's broader plan to reduce the number of provincial-level administrative units from 63 to 34, according to the Vietnam News Agency. - Xinhua
Time of India
3 days ago
- Business
- Time of India
How America's new plan to cut China's supply chain for Apple, Google, Samsung and other technology companies has worried Vietnam
The United States reportedly has another plan to cut China's hardware and components supply chain of Apple, Google, Samsung, Meta and other technology companies. According to a report in Reuters, America is urging Vietnam to reduce Chinese technology in devices assembled in the country and exported to America. Vietnam, a hub for tech giants like Apple and Samsung, relies heavily on Chinese components, with Meta and Google also producing goods like VR headsets and smartphones there. Vietnam has held meetings with local businesses to increase the use of Vietnamese parts, with firms expressing willingness but noting the need for time and technology, one source told Reuters. Trump Tariffs: 46% tariff threat and ... The Trump administration has threatened 46% tariffs, which could disrupt Vietnam's export-driven economy. One source said that Vietnam was asked to "reduce its dependency on Chinese high-tech" to restructure supply chains and lessen US reliance on Chinese components. Another source highlighted the US goal of accelerating decoupling from Chinese tech while boosting Vietnam's industrial capacity, citing VR devices as an example. With a US-imposed tariff deadline of July 8 looming, the scope and timing of a potential deal reportedly remain uncertain. Sources emphasized that reducing Chinese high-tech content in exports is a US priority. Last year, China exported $44 billion in tech goods to Vietnam, 30% of its total exports there, while Vietnam shipped $33 billion in tech goods to the US, per Vietnam's customs data. The US also wants Vietnam to address Chinese goods mislabeled as "Made in Vietnam" to evade higher duties. Vietnam's trade ministry noted progress in recent Washington talks but said key issues remain unresolved. What is Vietnam's big worry Vietnam's Communist Party chief, To Lam, may meet President Trump in late June, though no date is confirmed, sources told Reuters. Local companies have shown willingness to adapt but warned that rapid changes could "destroy business," one source said. Industry experts note that Vietnam's supply chain lags China's by 15–20 years but is progressing in sectors like electronics. Abrupt shifts could strain Vietnam's ties with China, a key investor and also lead to security concerns.
Yahoo
3 days ago
- Business
- Yahoo
Qualcomm Launches AI R&D Center in Vietnam to Advance Generative, Agentic AI Solutions
Qualcomm Incorporated (NASDAQ:QCOM) is one of the 11 most profitable NASDAQ stocks to buy now. On June 10, the US chipmaker Qualcomm announced the launch of a new AI research and development center in Vietnam. This strategic move aligns with Vietnam's national strategies for AI, semiconductor development, and digital transformation. The R&D center will focus on advancing generative and agentic AI solutions. Researchers at the facility will concentrate on developing AI technologies across a broad range of applications, such as smartphones, personal computers, XR (extended reality), automotive systems, and IoT devices. A technician testing the latest 5G device, demonstrating the company's commitment to innovation. Qualcomm's initiative in Vietnam emphasizes several key areas, which include transferring technology, fostering ecosystem collaboration, and building local capacity in the AI & semiconductor sectors. On the same day, Vietnam's top leader To Lam met with Qualcomm's President of Global Affairs, Alex Rogers, in Hanoi. During their meeting, To Lam encouraged Qualcomm to continue expanding its operations within the country. Qualcomm Incorporated (NASDAQ:QCOM) develops and commercializes foundational technologies for the wireless industry worldwide. It operates through 3 segments: Qualcomm CDMA Technologies/QCT, Qualcomm Technology Licensing/QTL, and Qualcomm Strategic Initiatives/QSI. While we acknowledge the potential of QCOM as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the . READ NEXT: and . Disclosure: None. This article is originally published at Insider Monkey. 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
CNA
4 days ago
- Business
- CNA
Vietmam lawmakers abolish district-level government
HANOI: Vietnam's National Assembly approved amendments to the constitution on Monday (Jun 16) to abolish an entire level of government, as part of major reforms to the way the communist country is run. Lawmakers voted unanimously to do away with district-level administration, reducing the governmental structure to two layers – provinces and communes. The move is the latest in a series of drastic changes to Vietnamese government aimed at saving billions of dollars in expenditure by cutting one in five public sector jobs. In February they slashed the number of government ministries, resulting in 23,000 job losses. The dramatic changes echo the steps taken by US President Donald Trump and Argentina's Javier Milei to take an axe to government spending. But in a communist system where working for the state has long meant a job for life, the reforms piloted by party chief To Lam have caused some unease. Lam, the Communist Party general secretary and top national leader, has said the drastic restructuring is needed if Vietnam is to achieve "fast, stable and sustainable development" in its quest to be a middle-income country by 2030. The National Assembly also voted on Monday to reorganise the lowest level of government, reducing the number of communes from over 10,000 to around 3,300. With this "important reform", the size of communes will be expanded, Minister of Interior Pham Thi Thanh Tra said. The move will mean eliminating around 120,000 part-time jobs at the commune level, Tra said last week. The governmental reforms follow a huge, wide-ranging anti-corruption drive that has seen dozens of senior government figures and top business leaders caught up. Export-dependent manufacturing hub Vietnam is aiming for 8 per cent economic growth this year after hitting 7.1 per cent last year. But a 46 per cent trade tariff threatened by Trump is causing anxiety, and Vietnamese negotiators are locked in talks with their US counterparts to find a solution.
