Power China, BYD, China Rare Earth Group, Haosen electronic battery company are among the Chinese enterprises planning to make new investments in Vietnam in the near future.
A dearth of Chinese tourists, historically accounting for one-third of total arrivals, also suggests that the near-term boost of Vietnam’s tourism maybe muted.
Chinese e-commerce giant Alibaba Group and Baring Private Equity Asia have paid $400 million to buy 5.5 per cent stake in The CrownX, retail unit of Vietnamese conglomerate Masan.
The international visitor volume through Vietnam’s airport has declined sharply because of the outbreak of coronavirus.
The Chinese multinational electronics company is currently waiting for the investment licenses of two projects to manufacture speakers and headphones in Quang Ninh province.
The luxury hospitality group behind some of Vietnam’s finest restaurants is expanding its portfolio, unveiling its 13th restaurant dedicated to lobster with live cooking stations that serve up Vietnamese, Japanese, Korean, Western and Chinese fare.
The overwhelming dependence on Chinese tourists has made Vietnam’s tourism growth slows down.
The country has experienced 25 per cent growth on international visitor arrivals between 2016 and 2018, with tourism receipts accounting for some 11 per cent of GDP, according to Maybank Kim Eng Research.
The weakened dong has come as part of the Chinese yuan devaluation in the previous day, with the reported devaluation of some 0.8 per cent year-to-date, which in turn partially benefiting local exporters but also worrying importers.
Despite the desperate call for visa exemption for international tourists from the private sector, state management bodies insisted that it did not affect the visitor flow into Vietnam.
Chinese buyers are making up a dominant part of transacted luxury and high-end apartments, showing their keen interest in Vietnam's real estate market.
Vietnam has established itself as one of the brightest manufacturing hotspots within South East Asia partly due to the relocation of Chinese companies to Vietnam, according to JLL.
A lot of experts and local tourism enterprises estimate that visa exemption for foreign visitors to Vietnam will help promote this industry and create a sustainable growth.
Vietnam would continue to be in the top three target markets for international investors, especially Japanese, South Korean, Chinese and Singaporean investors, according to a report just released by Jones Lang LaSalle (JLL), American professional services and investment management company specializing in real estate.
