Poland Supports Vietnam’s Stronger Ties with EU
Poland supports stronger ties between Vietnam and the European Union, said Polish Deputy Foreign Minister Joanna Wronecka at the annual political consultation at deputy foreign ministerial level between the two countries held in Hanoi on October 12.
Wronecka also affirmed that the Polish government will push for the early signing of the Vietnam-EU Free Trade Agreement, noting that the enforcement of the FTA
will help boost multi-faceted cooperation between Poland and Vietnam, the Vietnam News Agency (VNA) reported.
Prime Minister Stresses Local-level Cooperation with South Korea
Prime Minister Nguyen Xuan Phuc has said Vietnam attaches importance to expanding exchanges and cooperation between localities of Vietnam and South Korea, considering it an important factor to further cooperation between the two countries.
At his reception for Kwon Young Jin, mayor of South Korea’s Daegu city, in Hanoi on October 12, the PM expressed his pleasure at the cooperation between Daegu and Vietnamese localities, particularly Da Nang and Ho Chi Minh City, and asked the Daegu mayor to help encourage the city’s firms to invest in Vietnam as well as boost bilateral trade.
Vietnam, Germany Convene Strategic Management Groups’ Meeting
Deputy Foreign Minister Bui Thanh Son and Secretary of State to the German Federal Ministry for Foreign Affairs Markus Ederer co-chaired the fourth meeting of the Vietnam – Germany Strategic Management Group in Hanoi on October 12.
The officials agreed on measures to implement upcoming projects between Vietnam and Germany, especially in the fields such as politics, trade-investment, education-training, science-technology and judicial and legal affairs, according to VNA.
SOEs Remain Biggest Tax Payers in Vietnam
State-owned enterprises (SOEs) remain the biggest tax payers in Vietnam as they make up nearly 60% of the total value of corporate income tax paid by the top 1,000 enterprises of tax contribution (V1000) in 2016.
SOEs’ tax contribution rises significantly this year, compared to 45% in 2015. Meanwhile, private businesses’ contribution slid to 27% of the total value.
FTA Expands Trade Cooperation Opportunities for Vietnam, Russia
Vietnamese and Russian businesses discussed cooperation opportunities at a forum held in Russia on October 12 after the free trade agreement (FTA) between Vietnam and the Eurasia Economic Union (EAEU) took effect on October 5, 2016.
The forum also allows businesses to seek partners and investment opportunities, said Vietrade Deputy Head Bui Thi Thanh An, suggesting the two sides take more measures to accelerate joint projects while encouraging businesses to invest in the respective markets.
HCM City Hosting Packaging, Printing and Food Technology Expo
More than 250 companies from Vietnam and several countries are displaying products and services at an exhibition on machinery for the packaging and printing industries as well as food technologies in HCM City.
It is expected to be a venue for industry insiders and suppliers to find partners and to help local manufacturers gain easy access to the latest machines and equipment to improve productivity, competitiveness, and export value.
Ha Nam Seeks Japanese Investment in Supporting Industries
The northern province of Ha Nam called on Japanese firms to invest in its supporting industries during a conference in Japan’s Osaka city on October 11, according to VNA.
Pham Sy Loi, chairman of the Ha Nam People’s Council, introduced the local investment environment and industrial parks as well as the preferential policies that the province is giving to Japanese investors, especially those in supporting industries.
Can Tho Hosts Vietbuild International Exhibition 2016
Up to 183 domestic businesses and 36 joint ventures and foreign groups from China, Japan, Malaysia, Thailand, South Korea, France, Singapore, and the U.S. are participating the Vietbuild international exhibition 2016, which opened in the Mekong Delta city of Can Tho on October 12.
This year’s exhibition houses 550 pavilions showcasing products of nearly 225 units operating in construction, interior and exterior decoration.
Danish Investors Keen on Ho Chi Minh City: FM
Two thirds of approximately 130 Danish investors in Vietnam are operating in Ho Chi Minh City, indicating the potential and attraction of the southern economic hub, said visiting Danish Foreign Minister Kristian Jensen.
He made the remark at a meeting with Vice Chairman of the municipal People’s Committee Le Thanh Liem on October 12.
Difficulties Await if U.S. Applies Trade Remedies against Vietnamese Steel
Though Vietnamese companies export an insignificant volume of cold-rolled steel to the U.S., they will still face difficulties if the U.S. applies trade remedy measures against this product, an industry insider said.
Lai Quang Trung, head of the market planning division at the Vietnam Steel Corporation, said if that is the case, steel businesses will have to sell their products in the domestic market, whose demand is currently lower than producers’ capacity, which in turn can also affect their sales.
Vietnam’s Real Estate Tempts Asian Investors
Vietnam has been extremely attractive to Asian investors, especially those from Japan, South Korea and Singapore, at least over the past decade, said CBRE Director of Research, Consulting and Asset Management Services Nguyen Hoai An.
She added that Japanese investors have shifted their interest from industrial properties to housing and offices over the past two years. They tend to buy up existing projects or start new ones from scratch.
Rainy season in the quarter ending September pulled average occupancy of hotels in Hanoi by two percentage points (ppts) from the previous quarter, but the ratio was up four ppts year-on-year (y-o-y), Savills Vietnam has said in a report.
Vietnam needs some $25 billion to deal with non-performing loans and another 180 trillion dong ($8 billion) to solve mortgage at credit institutions in the coming five years, said Truong Van Phuoc, vice chairman of the National Financial Supervisory Commission.