U.S. Ambassador Highlights Obama’s Fruitful Visit to Vietnam
U.S. Ambassador to Vietnam Ted Osius described the recent visit to Vietnam by President Barack Obama a great success during a talk at the Center for Strategic & International Studies (CSIS) in Washington D.C on June 9.
He reviewed significant achievements gained during the President’s trip, including the Vietnam – U.S. Joint Statement, which demonstrates the bilateral relationship is quickly broadening and deepening based on their comprehensive partnership.
Click here for the video.
Vietnam Sees Startup Boom
The start-up culture in Vietnam has taken off since last year, with more young people eager to start businesses as the government and local organizations have offered more favorable conditions, the Vietnam News Agency reported.
Pham Duy Hieu, CEO of Startup Vietnam Foundation, said the number of young people starting businesses and receiving venture capital had doubled compared to last year.
Vietnam Car Sales Soar in May
As many as 26,028 cars were sold in Vietnam last month, increasing 1% from April but 45% from the same period last year, data of the Vietnam Automobile Manufacturers’ Association (VAMA) showed.
During the month, the number of passenger cars sold rose 2.2% from a month earlier to 14,039. The figure for commercial cars was up 6.7% to 10,312 units while special-purpose cars sales dropped 27% to 1,677.
Vietnam Petroleum Imports from ASEAN Surge on Duty Cuts
Vietnam imported 5.41 million tons of petrol and oil products in the first five months of this year, up 27.6% against the same period last year, with the major ASEAN markets being Singapore and Malaysia.
The rise was attributed to the import tariff on petrol and oil products from ASEAN that went to zero since the ASEAN Trade in Goods Agreement took effect on January 1, 2016.
Vietnam, South Africa Discuss $3 Billion Trade Turnover
Vietnam and South Africa agreed to double the bilateral trade revenue to $3 billion by 2020 at the third meeting of their joint trade committee in South Africa’s capital of Pretoria, according to VNA.
The revenue hit approximately $1.15 billion in 2015, almost doubling the figure for 2010, at $659 million.
BIDV Signs Secondary Loan Contract with Four Banks
Hanoi-based Bank for Investment and Development of Vietnam (BIDV) on June 9 signed a sub-loan contract with four banks, who were selected for implementing the Vietnam Sustainable Agriculture Transformation (VnSAT) project.
The agreement was inked to re-lend the credit loan borrowed from the World Bank.
The VnSAT project, which borrowed total capital of $238 million from the World Bank’s preferential loan, aims to specifically support implementation of the new agenda in two sub-sectors namely high value rice production for export in the Mekong Delta and coffee in the Central Highlands.
Credit Growth in HCM City Hits Three-year High in Jan-Apr
Credit in Ho Chi Minh City
increased 4.2% in the first four months of this year, the fastest pace over the past three years, the State Bank of Vietnam (SBV)’s HCM City branch said at a meeting on Thursday.
The loan-to-deposit ratio at banks operating in the city stays at 79%-80%, in line with the requirement set by the central bank.
U.S. Imposes Anti-Dumping Duty of 113.8% on Vietnamese CWP
The U.S. Department of Commerce (DOC) has issued a preliminary decision on anti-dumping duties on circular welded carbon-quality steel pipes (CWP) imported from Vietnam, the Vietnam Competition Authority has announced.
Accordingly, the DOC applied a common tariff of 113.8% on Vietnamese CWP exporters while only three businesses working hand in hand with the DOC during the investigation process were subject to anti-dumping duties ranging 0-0.38%.
Vietnam – 4th Largest Foreign Investment Recipient in Asia-Pacific in 2015
Foreign direct investment (FDI
) in Vietnam reached $21.1 billion in 2015, making up 7% of the whole figure in the Asia-Pacific (APAC) region, according to a report by fDiIntelligence, run by Financial Times.
The amount put Vietnam on the fourth position among the largest FDI recipients in the region.
Singapore-based property developer Mapletree Investments Pte has bought out Kumho Asiana Plaza, a landmark building in downtown Ho Chi Minh City, from South Korea’s Asiana Airlines Inc. and Kumho Industrial Co.
Saigon Boulevard Holdings Pte. Ltd, an affiliate of the Singaporean developer, acquired the building for $215 million, Yonhap reported Thursday.