Vietnam President Expects Stronger Japanese Investment
Vietnam hopes the Japanese government will continue providing financial assistance and experience for Vietnam’s industrialization and modernization cause, President Truong Tan Sang told visiting Kuroiwa Yuji, governor of Japan’s Kanagawa prefecture.
The Vietnamese government always facilitates foreign investors, including those from Japan, to conduct their long-term investment in Vietnam, Mr. Sang said.
U.S. Can Boost Hardwood Supply for Vietnam: Association
The U.S. is capable of increasing the supply of hardwood for Vietnam by two-fold or three-fold from the current level thanks to its abundant reserves, said Michael Snow, executive director of the American Hardwood Export Council.
The U.S. is now the second-largest hardwood provider for Vietnam, with the export value reaching $238 million in 2014, rising 10.7% from 2013.
Foreign Venture Funds Land on Vietnam
A number of overseas venture funds have poured funds into startups in Vietnam, aiming to capitalize on the country’s rapid economic growth and growing consumer demand.
Cassia Investments, Captii Ventures, Tiger Global Management and 500 Startups have stepped in local startups such as café chain KAfe Group, eatery review website Foody, baby products distributor Taembe.com and smartphone-based payment platform OnOnPay.
Japan’s Kitoku Shinryo to Expand Rice Business in Vietnam
Tokyo-headquartered major food wholesaler Kitoku Shinryo Co., Ltd. will introduce more varieties of Japanese rice and roll out capital investments in Vietnam starting 2016 to tap in potential in the Southeast Asian market.
Kitoku Shinryo, which engages in the rice business, will acquire an 80% stake in a Hanoi-based rice wholesaler. The Japanese company also plans to establish a new company as early as next spring and invest some $3.36 million in Japanese-style drying and rice-polishing equipment.
Siemens Interested in Business Expansion in Vietnam: CEO
Siemens AG Group, which has participated in a large number of infrastructure projects, will expand business expansion in Vietnam, with a long-term commitment, in providing high technologies in the sectors of infrastructure, healthcare, urban management, mobility, airports, and efficient logistics, Joe Kaeser, the group’s president and chief executive officer.
The German engineering company was particularly interested in providing technology for urban railway projects in Ho Chi Minh City and Hanoi, he stressed.
Vinacomin Kick-starts $192 Million Thermal Power Plant in China-bordering Province
Vinacomin Power Corporation on October kicked off the construction of Na Duong II thermal power plant in the China-bordering province of Lang Son.
The power plant has a design capacity of 110 MW with an investment of 4.19 trillion dong ($192 million) and is slated for completion in 2018.
IFC to Facilitate Vietnamese Farmers’ Financial Access
The International Finance Corporation (IFC), the World Bank’s private lending arm, has developed a toolkit to enable Vietnamese financial institutions to develop agricultural finance products, according to the Deal Street Asia.
“IFC is working to expand access to finance in the agricultural sector, as long-term and affordable funding will help farmers and agribusinesses raise income, increase employment, and improve export earnings, contributing to Vietnam’s economic growth,” said Kyle Kelhofer, IFC country manager for Vietnam, Cambodia and Laos.
Dragon Capital, StanChart to Launch Vietnam Fintech Club
Dragon Capital Group and Standard Chartered Bank Vietnam have joined hands to sponsor and launch the Vietnam FinTech Club, which acts as links and advocates in pulling together ideas to develop a relevant fintech ecosystem in Vietnam, Dragon Capital said in a statement.
Thailand’s Saha Group, Japan Partner Eye Expansion in Vietnam
Saha Group, Thailand’s largest consumer products conglomerate, is negotiating with its Japanese partner to jointly expand its logistics, wholesale and property ventures in Vietnam next year.