[Round-up] Abbott Buys Vietnamese Drug Manufacturer, Gov’t to Divest State Holdings from Two Top Brewers

Tuan Minh

23:04 01/09/2016

BizLIVE - Global healthcare company Abbott has announced the acquisition of Vietnamese drug manufacturer Glomed Pharmaceutical Company Inc. The Vietnamese government will sell state stakes in the country’s two largest brewers Habeco and Sabeco in 2016 and 2017.

[Round-up] Abbott Buys Vietnamese Drug Manufacturer, Gov’t to Divest State Holdings from Two Top Brewers

The Vietnamese government will sell state stakes in the country’s two largest brewers Habeco and Sabeco in 2016 and 2017.

Government Pledges Zero Tolerance to Corruption
Cabinet members discussed several draft laws in the spirit of building a constructive government with zero tolerance toward corruption, during the first two days of the monthly cabinet meeting, said Minister-Chairman of the Government Office Mai Tien Dung.
Prime Minister Nguyen Xuan Phuc asked the new cabinet members to change their way of thinking about law making in order to ensure feasibility and sensibility, and create a favorable legal corridor for citizens and businesses.
Vietnam, Thailand Win Bid to Supply Rice to Philippines
Vietnam and Thailand have won a bid to supply 250,000 tons of rice for the Philippines at $424.85 per ton, $0.15 lower than the set reference price of $425, the Vietnam News Agency (VNA) reported.  
The Philippines’ National Food Authority Council approved the awarding of contract under a Government-to-Government Procurement Scheme in a special meeting on August 31, 2016, the National Food Authority said on September 1.
Vietnam, India Boost Cooperation in Potential Fields
Vietnam and India will boost cooperation in potential sectors like garment and textile, machinery, agriculture, and health and pharmaceuticals, Bui Trung Thuong, head of Vietnam’s trade mission in India, told VNA. 
Vietnam could become one of India’s markets for automobiles, machinery, spare parts and equipment, having greeted representatives from Tata Motors, Mahindra, Eicher and Escort companies who sought to discuss partnerships, Thuong said.
Vietnam, Cuba End 2nd Negotiation Round on New Trade Deal
Vietnam and Cuba reached a consensus on the wording of a new trade agreement, and openly negotiated issues relating to tax incentives after the four days of sitting in Hanoi, the Ministry of Industry and Trade said on September 1.
Up to 90% of the tax lines of both sides have been proposed for prompt elimination or reduction, accounting for 99% of the two countries’ export turnover to each other.
Vietnam Business Formations Rise 20% in Jan-Aug 
As many as 73,404 new enterprises with a registered capital of 567.9 trillion dong ($25.46 billion) were set up in Vietnam during the eight months, up 19.7% and 50.9% from a year earlier, respectively, according to the General Statistics Office. 
Vietnam to Divest State Holdings from Two Biggest Brewers in 2017
The state capital divestment in the country’s two largest brewers namely Hanoi Beer Alcohol Beverage JSC (Habeco) and  Saigon Beer Alcohol Beverage JSC (Sabeco) will be completed by the end of 2017, a government official said Wednesday.
Under a roadmap reported to the government by the Ministry of Industry and Trade, all state capital in Habeco, equivalent to nine trillion dong ($405 million), will be sold within 2016, while the state stake worth 40 trillion dong ($1.8 billion) in Sabeco will be divested in 2016 and 2017.
Abbott Buys Vietnamese Drug Manufacturer
Global healthcare company Abbott has acquired Glomed Pharmaceutical Company Inc (Glomed), a leading Vietnamese drug manufacturer, an executive affirmed, without disclosing the deal value. 
The acquisition makes Abbott one of the top 10 pharmaceutical companies in Vietnam.
Vietnam’s Outbound Investments Reach $20.38 Billion 
The Ministry of Planning and Investment had granted licenses to 1,125 Vietnamese projects to invest abroad with a total registered capital of $20.38 billion as of August 15, 2016, according to the Foreign Investment Agency.
Since the Law on Investment took effect on July 1, 2014, the Ministry of Planning and Investment has granted outbound investment licenses to over 190 projects, of which 124 are new projects, with a total capital of $933.2 million.
Vietnam posted an estimated trade surplus of $200 million in August, resulting in a surplus of $2.45 billion in the first eight months of this year, compared to a shortfall of $3.6 billion in the same period of 2015, data of the General Statistics Office showed.
During the eight-month period, the country raked in $112.19 billion from exports, rising 5.5% year-on-year, and its import turnover slid 0.3% to $109.74 billion.
Vietnam’s Manufacturing Purchasing Managers’ Index (PMI), an indicator of manufacturing performance, posted 52.2 in August, compared to 51.9 in July, marking the ninth month in a row above the neutral mark of 50.

TUAN MINH