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Tishwash: HCM City (Vietnam) attracts increasing interest from US companies

US companies are increasingly investing in HCM City, the head of its export processing zones’ management said.

Hứa Quốc Hưng, head of the HCM City Export Processing and Industrial Zones Authority (Hepza), said their investments were mostly in transportation, urban infrastructure, smart city, agriculture, health, education, and services.

US chipmaker Intel Corporation recently invested US$475 million in Intel Products Vietnam (IPV), the company’s largest assembly and test plant, IPV chief financial officer Alan Danner said.

It had originally invested over $1 billion.

The fresh investment is meant to bolster production of 5G products, Intel Core processors with Intel Hybrid Technology, and the 10th Gen Intel Core.

Another US company to invest over $1 billion, First Solar, a global manufacturer of thin-film modules, has said it plans to increase its head count in Việt Nam to over 950 and open a second factory in the country at the Đông Nam Industrial Park in HCM City.

With its favourable geographical location, improved infrastructure and attractive incentives, the city is a popular investment destination, according to Hưng.

More than 160 US businesses have invested in the city.

Marie CDamour, the US consul general in the city, said trade between Việt Nam and the US had seen impressive growth over the last 25 years, with more and more American businesses being interested in partnering with their Vietnamese counterparts and investing in the country.

Bilateral trade rose from $450 million in 1995 to $77 billion last year, she said.

“Việt Nam has great demand for energy, infrastructure and the digital economy, areas in which many US companies are strong.”

The US ranks 11th in terms of FDI in Việt Nam.

Hưng said major US companies were paying closer attention to Việt Nam as an investment destination to set up sustainable supply chains due to the market volatility caused by COVID-19, and so the Government should focus on improving the business climate.

Businesses should also consider producing goods made with US raw materials and technologies and exporting back to that country, forming a closed supply chain that could be beneficial to both countries’ businesses, he added.

Việt Nam, especially HCM City, is expected to attract investment from US businesses in sectors like technology, health, education, telecom, aviation, the digital economy, renewable energy, and finance and banking   link

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Tishwash:   Visa ties up with MoneyGram to offer P2P payment to Viet Nam

Global cross-border P2P payments and money transfer service provider MoneyGram International and Visa on Wednesday launched a real-time peer-to-peer (P2P) payment solution to Việt Nam.

It enables customers to transfer money from the US, UK and 18 other European countries to Việt Nam quickly and securely through Visa Direct.

They can transfer money almost instantly through the MoneyGram mobile app or website to any Visa cardholder in Việt Nam.

“We’ve already hit the ground running in 2021, and this latest integration with Visa Direct further improves our leading customer experience and will help execute our strategy to scale digital growth in one of the largest remittance markets in the world,”  Grant Lines, global chief revenue officer at MoneyGram, said.

“We have built a modern, mobile and API-driven company that has enabled MoneyGram to become the preferred partner for cross-border transfers, and we are excited to continue to expand our real-time transfer capabilities with Visa Direct.”

Đặng Tuyết Dung, country manager, Visa Vietnam and Laos, said: “Cardholders can use any Visa debit or prepaid card to receive cross-border payments via Visa’s real-time push payment solution.

“This partnership with MoneyGram will … streamline the remittance transferring process.”

Việt Nam is one of the top 10 remittance recipients in the world.

With Visa Direct, customers can now transfer up to US$2,500 per transaction and $10,000 per day. From now until June 30 this year, consumers can send money to a Visa debit card in Vietnam without having to pay a fee   link