HCM City Mulls Recalling License of Berjaya’s $3.5 Billion Town Project
The Ho Chi Minh City government is considering revoking the license granted to Malaysian group Berjaya’s Vietnam International University Town (VIUT) project, which has advanced at a snail’s pace.
The project was licensed in July 2008 with a capital of $3.5 billion. It would span 925 hectares in Hoc Mon district and was set to become a leading educational and residential hub in the Southeast Asia.
EVN to Privatize in 3 Power Generating Corporations in Coming 5 Years
Electricity of Vietnam (EVN), the sole power distributor in the country, plans to sell shares in three power generating corporations in the 2016-2020 period, said the group’s Chairman Duong Quang Thanh.
EVN is undertaking procedures to equitize Power Generation Corporation No. 3 (Genco3) by the end of this year, while the corporate value of Genco1 and Genco2 will determined in 2017 and 2018, Thanh added.
Vietnam Ministry Drawing up New Economic Plan
The Ministry of Planning and Investment is developing a plan on restructuring the economy by 2020 aiming to renovate the growth model towards improving efficiency and competitiveness of the economy, according to the Vietnam News Agency (VNA).
Under the plan, inflation would be controlled at 5% per year, the state budget deficit would be cut to between 3.5% and 4% of gross domestic product (GDP), public debts down to below 62% of GDP and foreign currency reserve equivalent to five months of imports.
Laptop sales in Vietnam Slowed by Tablets
Laptop sales have plateaued despite companies launching new products to stimulate the market, with insiders blaming it on the economy and a switch by consumers to tablets, VNA reported.
In the first half of this year there has been a slight fall in laptop sales compared with the same period last year, said Nguyen Van Thanh of the mobile devices purchasing department at Mobile World JSC.
Three Vietnamese Startups Receive Funds
Three Vietnamese startups -- Homily, Fundy and Wisami – out of 14 startups received investments at the Topica Founder Showcase 2016 recently held in Hanoi.
These start-ups presented their products to 40 domestic and international investment funds, such as IDG Ventures, Unitus Impact, NSI Ventures and 500 Start-ups, besides KK Fund, Gobi Partners and IMJ Investment Partner.
$230 Million Offshore Oil Rig Delivered to Vietsovpetro
Marine Shipyard JSC (PV Shipyard) has handed over the Tam Dao 05 offshore oil rig, the largest ever locally manufactured jack-up rig, to Vietnam-Russia Oil and Gas Joint Venture (Vietsovpetro) in the southern province of Ba Ria-Vung Tau.
The $230-million jack-up rig weighs almost 18,000 tones and can drill to a depth of nine kilometers.
Vietnam Prime Minister Backs Refinery Tax Cut Proposal
Prime Minister Nguyen Xuan Phuc has agreed to support a request by Binh Son Refining & Petrochemical Co Ltd (BSR) to adopt a more favorable policy to help its Dung Quat oil refinery compete with imported petroleum products, according to VNA.
At a meeting in Quang Ngai province last week with heads of the company, the PM said he would support BSR’s proposal at the upcoming regular meeting of the government with the aim of ensuring the effective implementation of market principles and equality among businesses.
Vietnam Banks Call for Customers’ Caution against Cyberttacks
Commercial banks have called for customers to take caution when using telephones and the Internet amid rising threats from hackers.
Hoang Thi Na Huong in Hanoi, a Vietcombank customer, said she received notifications of transfer orders of 500 million dong ($224,000) from her Vietcombank account from 11pm of August 3 until 5am on August 4 while she was at home.
At a meeting on August 11 between Huong and Vietcombank, the bank found that Huong had browsed a scam website on her phone and the site had stolen her banking information and password. However, insiders have said Vietcombank should revise its IT system.
The Philippine beverage firm Universal Robina Corp. (URC), the food manufacturing unit of the Gokongwei Group, has cut its revenue growth target set for fiscal year 2016 as a product recall resulted in a decline in sales in Vietnam, according to the Standard news website.
“Given the unexpected significant decline in Vietnam, we are revising our guidance with topline growing by low to mid-single digit and operating income slightly lower than fiscal year 2015,” URC said.
Toyota Vietnam Company, in which the Japanese conglomerate Toyota Motor Corp holds a 70% stake, earned a profit of 4.66 trillion dong ($208.7 million) in 2015, rising 9% from a year earlier, thanks to the fast-growing automobile market in the Southeast Asian country.
The firm sold 52,428 cars in Vietnam last year, grabbing a market share of 25.5%. This sales volume increased 28.66% year-on-year, according to a prospectus released by state-owned Vietnam Engine & Agricultural Machinery Corporation (VEAM).
The Vietnamese government has earned some $47 billion worth of profit and taxes from Vietsovpetro, an oil and gas joint venture between PetroVietnam and Zarubezhneft, during the firm’s 35 years of operations.
The Russian side booked a profit of $11 billion during the period, the firm said on its website.