China-backed Thermal Power Plant Project Breaks Ground in Vietnam
A thermal power plant project with a capacity of 1,200 megawatts broke ground in Vietnam's northern Hai Duong province on Sunday.
It is co-funded and co-built by China Power Engineering Consulting Group Co., Ltd and Malaysia’s JAKS Resources with an investment of $1.8 billion.
Myanmar Picks Vietnam’s Viettel for Fourth Telecom License
Myanmar is granting its fourth telecom license to a consortium led by a Vietnamese mobile network operator and includes a military-run company, as it looks to further open up its young but increasingly competitive telecoms market.
Hanoi-based Viettel will be the third foreign telco to enter the country, tying up with 11 local firms and an outfit owned by Myanmar’s Defense Ministry.
Vietnam to Have Fifth Air Carrier
Vietnam’s Ministry of Transport is proposing the government grant license to Vietstar Airlines Multirole Corporation to run a new airline called Vietstar Airlines, adding to four existing carriers now.
Vietstar, with a registered capital of 800 billion dong ($35.7 million), will transport both passengers and cargoes. It will be run by the Ministry of National Defense’s Vietnam Air Defense-Air Force.
Korean Firms Keen on Vietnam’s Burgeoning Startup Ecosystem
Following in the footsteps of venture capital firms and investors from Singapore and the U.S., Korean players are now making their presence felt in the Vietnam startup space, Deal Street Asia reported.
Since 2015, Vietnam has seen increasing investor interest from companies like Yello Mobile. The company has invested in two Vietnamese startups CleverAds and price comparison firm Websosanh through its digital marketing and e-commerce units, Yello Digital Media and Yello Shopping Media.
Vietnam Expected to Have 3 Casinos by 2020
There will be more integrated resorts cropping up all over the country in the near future, bringing more tourists to Vietnam, said Stellar Management CEO Augustine Vinh.
“Five years from now, there are going to have two or three, at least two integrated resorts [in Vietnam],” he told CalvinAyre.com. “Right now, there’s one in Ho Chi Minh City, so in a year or two, they’re going to have another one. In five years, I think we’re going to see a good industry in Vietnam, and you’ll see two or three [casino resorts] in operation.”
Japan Prioritizes Vietnam in Infrastructure Funding
Japan aims to raise JPY30 trillion ($300 billion) for high quality infrastructure development projects and human resources training in Asian countries, giving top priority to Vietnam, Vietnam Economic Times reported.
Nikai Tohishiro, chairman of the General Council of Japan’s ruling Liberal Democratic Party (LDP), made the statement at the first session of the party’s special committee on the general cooperation strategy for infrastructure development, in Tokyo last weekend.
Construction Planned for Three Airports in North-West Region
The Civil Aviation Administration of Vietnam (CAAV) has intended to build three airports- Na San, Lai Chau and Lao Cai in the north-west region next year at a total cost of 9.81 trillion dong ($438 million).
Capital resources for building Son La and Lai Chau airports come from the state budget and CAAV.
The remaining airport to be built in the form of Built-Operation-Transfer (BOT) is scheduled for completion in 2019 to handle approximately 560,000 passengers per year.
Vietnam Industrial Production Rises 6.3% in Jan-Mar
Vietnam’s Index of Industrial Production (IIP) picked up 6.3% year-on-year in the first three months of this year, lower than a 9.3% expansion in the same period of 2015, according to the General Statistics Office (GSO
Vietnam Retail Sales, Service Revenue Gains 9.1% in Q1
Vietnam’s total retail sales and service revenue reached 859.6 trillion dong ($38.38 billion) dong in the first quarter of this year, representing a 9.1% increase from a year earlier, according to GSO data.
If the inflation factor is excluded, the revenue rose 7.9% year-on-year, compared to an increase of 9.2% in the same period of 2015.
Around 214,100 Chinese visited Vietnam in March, representing a jump of 106.5% from a year earlier, remaining Vietnam’s largest source of international guests, according to GSO.
The runners-up were South Korea with 116,000 visitors, Japan with 69,300 and the U.S. with 47,200.
Vietnam has attracted heavy foreign investment over the past few years and possesses competitive edges over neighboring countries, Pham Hong Hai, chief executive officer (CEO) of HSBC Vietnam, was quoted by Thai media as saying.
Vietnam stands out because of its cheap labor, its big market with a population of 90 million, and free-trade agreements with 55 countries, aside from political stability and promised economic reforms, Mr. Hai noted.
As many as 20,044 companies in Vietnam suspended operations in the first three months this year, representing an increase of 23.9% from a year earlier, according to the General Statistics Office (GSO).
In addition, 2,919 enterprises closed down, up 13.8% year-on-year, with most of them classified as small-sized for having registered capital of less than 10 billion dong ($446,000).