Business News

1. Vingroup chief meets India's second richest man to discuss partnership

 Source: https://e.vnexpress.net/news/business/companies/vingroup-
chief-meets-india-s-second-richest-man-to-discuss-partnership-
4674861.html
 Summary:
Vietnam’s richest person, Pham Nhat Vuong, called on India’s second richest,
Gautam Adani to discuss potential tie-ups. The two met at the headquarters of
Adani Group, a conglomerate with interests in port development and management,
electricity, and infrastructure – in India, and the Indian billionaire posted a picture
of them on X (formerly Twitter). He said that he was "really inspired" through the
entrepreneurial journey of the head of Vingroup.
Billionaire Gautam Adani started his business and got rich from agriculture and
coal and is actively expanding into many other fields. In 1988, he founded Adani
Enterprises, a subsidiary of Adani Group and is currently India's largest coal
trading company. 2022 is considered a prosperous year for Adani when he
surpassed compatriot Mukesh Ambani to become the richest person in Asia.
However, after a sharp decline in stock prices, this billionaire's assets dropped to
more than 52 billion USD, making him the second richest person in India and
ranked 23rd in the world. Mr. Pham Nhat Vuong is a billionaire ranked 614th in the
world, according to the latest update of Forbes.
A Vingroup spokesperson confirmed the meeting and said the two billionaires
spoke about opportunities for partnerships in Vietnam and India, one of the
markets that auto subsidiary VinFast wants to expand to besides Indonesia,
Malaysia, and the Middle East.
VinFast is considering buying a factory from U.S. auto company Ford in Chennai
in southern India, according to a recent report by AutoCar India, which said the
automaker is looking for a plant that could produce 100,000 cars a year. VinFast
has started hiring in India, and is expected to start selling cars there next year.
 Key word: tie-up, entrepreneurial, subsidiary, asset, spokesperson,
automaker
 Questions:
- Where was the meeting of the two billionaires?
 - Why was Gautam Adani no longer the richest person in Asia?
- What are some markets that auto subsidiary VinFast wants to expand to?

2. HCM City students win GBA Business Challenge 2023

 Source: https://vietnamnews.vn/economy/1636386/hcm-city-students-
win-gba-business-challenge-2023.html
 Summary:
Students from Ho Chi Minh City University of Technology (HUT) have been
honoured as champions of a start-up competition, the GBA Business Challenge,
convincing the panel of judges with their innovative business idea aimed to save
the environment and highlight Vietnamese identity.The winning team stood out
with its business initiative ENSOVER: Sustainable Water Hyacinth Paper. The
initiative transforms the invasive water hyacinth into high quality paper, turning an
environmental issue into a sustainable solution.
Embodying the motto "From Waste to Great", the champion aims to highlight
Vietnamese identity through innovative solutions to local environmental
challenges, fostering national pride and showcasing Vietnamese ingenuity. This
effort reflects Việt Nam’s commitment to sustainability and resilience.
Launched by the Germany Business Association (GBA) in 2020, the GBA
Business Challenge aims to support local young talents who have promising,
forward-thinking ideas, helping them transform their visions as well as their
initiatives into viable businesses.The competition provides participants with
entrepreneurial tools, real-life business experience, and a starting fund. The
competition has attracted over 200 diverse business concepts with the potential to
positively impact society, the environment, and people in the long term.
This year’s competition theme focused on addressing issues related to social,
environmental, or sustainable development. Out of 50 startups that underwent a
rigorous six-month training and evaluation process, five teams from various
universities across Việt Nam reached the top ranks of the competition. These teams
presented their innovative solutions to compete for a prize of VNĐ350 million and
a 12-month coaching programme.
 Key word: innovative, initiative, sustainable, motto, resilience, vision
 Questions:
 - What is the aim of the GBA Business Challenge?
- How many business concepts has the competition attracted?
- What is the prize of the champion?

3. FPT acquires US product engineering services firm

 Source: https://en.vneconomy.vn/fpt-acquires-us-product-engineering-
services-firm.ht
 Summary:
The FPT Corporation has announced its acquisition of the US-based Cardinal Peak,
a strategic move to strengthen its product engineering delivery capabilities in
North America. As part of FPT’s global growth strategy, the investment leverages
Cardinal Peak’s expertise and 20 years of experience in delivering end-to-end
product engineering services, including hardware, embedded software, IoT, cloud,
and mobile product development, to over 300 companies in the automotive,
healthcare, robotics, consumer electronics, streaming media, security and safety,
and aerospace industries.
FPT also gains 100 experts and an office in the US. With these additional
resources, it sets its sights on doubling its product engineering services revenue in
the Americas in the next two years. This goal is partially driven by its investment
commitment of $100 million by the end of 2023 in the strategic market.
Meanwhile, Cardinal Peak will remain an independent entity but now has access to
enhanced service offerings, greater scale, and global delivery options through
FPT’s extensive network.
FPT and Cardinal Peak have expressed their alignment in ways of working and
people-focused mindsets, as well as optimism about future opportunities. FPT CEO
Nguyen Van Khoa expects that the synergy between FPT and Cardinal Peak will
result in new digital products, contributing to the advancement of Vietnam’s IT
industry.
The Americas is currently among FPT’s largest overseas markets, where it has 14
offices in the US, Canada, and Latin America, including nearshore facilities in
Colombia, Costa Rica, and Mexico, and employees in 28 states and provinces.
 Key word: strategic, end-to-end, revenue, access, alignment, synergy
 Questions:
- What is the strong point of Cardinal Peak?
- What is the goal of FPT in the Americas in the next two years?
- How many offices does FPT have in the Americas?