
VinFast to Open India Factory June 30, Indonesia Plant in October
By
Updated on
Save
Vietnamese electric vehicle maker VinFast Auto Ltd. is pushing expansion into Asian markets instead of North America and Europe, founder Pham Nhat Vuong said during a Hanoi shareholders' meeting for parent Vingroup JSC.
VinFast has no current plans to boost sales in North America and Europe due to high logistic fees and will instead focus on India, Indonesia and the Philippines, as well as the Vietnam market, said Vuong, who is also the company's chief executive officer.

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
an hour ago
- Yahoo
Asian shares make modest gains as investors eye US-China talks
Asian shares were marginally higher on Tuesday as investors kept an eye on US-China trade talks that might help stave off a recession. Tokyo's Nikkei 225 gained 0.9% to 38,445.68, while the Kospi in South Korea jumped 0.3% to 2,865.12. Hong Kong's Hang Seng edged 0.3% higher, to 24,261.26 and the Shanghai Composite index was up 0.1% at 3,403.52. In Taiwan, the Taiex surged 2.1% to 22.253,46. Australia's S&P/ASX 200 advanced just less than 0.9% to 8.588,10. On Monday, the S&P 500 edged up just 0.1% and at 6,005.88 is within 2.3% of its record set in February. The Dow Jones Industrial Average slipped by 1 point, which is well below 0.1%, to 42,761.76. The Nasdaq composite added 0.3% to 19,591.24. A second day of talks between the US and China was planned after the two global powers met in London for negotiations. The hope is that they can eventually reach a deal to reduce painfully high tariffs against each other. Most of the tariff hikes imposed since US President Donald Trump escalated his trade war have been paused to allow trade in everything from tiny tech gadgets to enormous machinery. Hopes that President Donald Trump will lower his tariffs after reaching trade deals with countries around the world have helped the S&P 500 win back gains after it dropped roughly 20% from its record two months ago. The index is back above where it was when Trump shocked financial markets in April with his wide-ranging tariff announcement on so-called 'Liberation Day'. Related Chip designer Alphawave sees stock soar on Qualcomm takeover agreement China accuses US of violating trade truce and vows firm retaliation Some of the market's biggest moves came from the announcement of big buyout deals. Qualcomm rallied 4.1% after saying it agreed to buy Alphawave Semi in a deal valued at $2.4bn (€2.1bn). IonQ, meanwhile, rose 2.7% after the quantum computing and networking company said it agreed to purchase Oxford Ionics for nearly $1.08bn (€947.1mn). On the losing side of Wall Street was Warner Bros. Discovery, which flipped from a big early gain to a loss of 3% after saying it would split into two companies. One will get Warner Bros. Television, HBO Max and other studio brands, while the other will hold onto CNN, TNT Sports and other entertainment, sports and news television brands around the world, along with some digital products. Tesla recovered some of its sharp, recent drop. The electric vehicle company tumbled last week as Elon Musk's relationship with Trump broke apart, and it rose 4.6% on Monday after flipping between gains and losses earlier in the day. The frayed relationship could end up damaging Musk's other companies that get contracts from the US government, such as SpaceX. Rocket Lab, a space company that could pick up business at SpaceX's expense, rose 2.5%. In the bond market, the yield on the 10-year Treasury eased to 4.48% from 4.51% late Friday. It fell after a survey by the Federal Reserve Bank of New York found that consumers' expectations for coming inflation eased slightly in May. Economists expect a report due on Wednesday to show that inflation across the country accelerated last month to 2.5% from 2.3%. The Federal Reserve has been keeping its main interest rate steady as it waits to assess the inflationary effects of Trump's tariffs. A persistent increase in inflation expectations among US households could drive behaviour that creates a vicious cycle that only worsens inflation. In other dealings early on Tuesday, US benchmark crude oil picked up 31 cents to $65.45 per barrel. Brent crude, the international standard, also gained 31 cents, to $67.35. The dollar rose to 144.93 Japanese yen from 144.61 yen. The euro slipped to $1.1399 from $1.1421.
Yahoo
2 hours ago
- Yahoo
China's vice president visits Spain as mutual courtship blossoms
MADRID (Reuters) -China's Vice President Han Zheng arrived in Spain on Tuesday for a four-day trip during which he will meet with King Felipe and Prime Minister Pedro Sanchez, a further sign of increasingly close economic and political ties. Han's visit is taking place two months after Sanchez visited Beijing for the third time in as many years. There, he sought to woo China's President Xi Jinping as global trade reels from U.S. President Donald Trump's tariffs policy. The Socialist premier has been vying to position Madrid as an interlocutor between China and the European Union, as well as to attract more Chinese investment in advanced technology such as batteries, electric vehicles and hydrogen. Last year, auto maker Stellantis and Chinese battery maker CATL announced plans to build one of Europe's largest EV battery factories in Spain. However, not all is idyllic in Spain's relations with China. Beijing's anti-dumping inquiry into EU pork launched last year in retaliation for Brussels' tariffs on Chinese EVs hit Spain, a top exporter, hard. Sanchez's last visit to China, however, clinched expanded access for Spanish exports of pork stomach - a product widely consumed in China but not previously authorised. Han will meet with Sanchez on Wednesday morning in Madrid, Sanchez's office said, while King Felipe will receive the Chinese official on Thursday, according to the royal household's agenda. The Spanish monarch is also scheduled to visit China later this year to commemorate the signing of a strategic partnership 20 years ago. After his meetings with Sanchez and Spain's king, Han is set to travel to Seville to meet Andalusia's regional leader, Juan Manuel Moreno, who last year secured over 2.5 billion euros ($2.86 billion) of Chinese investments in the southern Spanish region. According to projections by tourism lobby Turespana, the number of visitors to Spain from China is expected to surge by 36% this summer compared to last year, making Spain the European destination with the biggest growth in tourists from the Asian nation. ($1 = 0.8749 euros)
Yahoo
2 hours ago
- Yahoo
French Senate adopts bill to regulate fast fashion
The French Senate on Tuesday adopted a bill to regulate the fast fashion industry by sanctioning companies and banning advertisements. The bill is targeted at Chinese-founded e-commerce giant Shein, which has a reputation for selling lower quality clothes at a very low price. Easy to order and to replace, fast fashion items are exported to France on a large scale, causing pollution and saturating markets. The bill, which had been adopted by the lower house, the National Assembly, in March 2024, was passed by the Senate on Tuesday afternoon, with 337 votes for and only one against. The vote is not the final legislative hurdle: a joint committee of senators and lower house deputies is expected to meet from September to produce a joint text, prior to the final adoption of the law. Before final adoption, the European Commission also has to be notified, to ensure the bill complies with EU law. The bill "is a major step in the fight against the economic and environmental impact of fast fashion, and a strong signal sent to businesses and to consumers," said the minister for ecological transition, Agnes Pannier-Runacher, after the vote's results were announced. The text plans to "reduce the environmental impact of the textile industry", said Anne-Cecile Violland, the centre-right member of parliament who proposed the bill. Fast fashion is a growing market in France, and between 2010 and 2023 the value of advertised products in the sector grew from 2.3 billion euros to 3.2 billion euros. Around 48 clothing items per person are released into the French market each year, and 35 are thrown away every second in the country, according to the state environmental agency Ademe. - 'Triple threat' - Pannier-Runacher has called fast fashion a "triple threat" that promoted overconsumption, caused ecological damage and threatened French clothing businesses. The Senate, dominated by the right, modified the bill to target "ultra" fast fashion companies, such as Asian websites Shein or Temu. The Senate's amendments plan to leave out French and European brands that may be affected by the bill, such as Zara, H&M and Kiabi. The fashion giants will still be obliged to notify their customers about the environmental impact of their products, according to the new bill. "I have no intention of making French brands that contribute to our country's economic vitality pay a single euro,' said rapporteur Sylvie Valente Le Hir, member of the right-wing The Republicans party. The bill will impose stricter sanctions on fast fashion companies by scoring their "environmental communication". This "eco-score" will affect all fast fashion companies, Pannier-Runacher said. Those with the lowest scores will be taxed by the government up to five euros per product in 2025 and up to 10 euros by 2030. This tax cannot go beyond 50 percent of the price of the original product. - Ad ban - The bill would impose sanctions on influencers who promote such products and ban fast fashion advertisements. The regulation of the fast fashion industry will only succeed with a "collective effort", and not by targeting "a single actor," Shein spokesperson Quentin Ruffat told RTL radio on Monday. According to Ruffat, the law would "impact the purchasing power" of French people. On Monday, France's Textiles Industry Union called the bill as "a first step" and hoped for its "rapid adoption... even if the text does not entirely fit our expectations". ama-dfa-ola-mct/ekf/rmb