Duterte to Visit Vietnam
After his first foray on international stage at the recent ASEAN summit and subsequent visit to Indonesia, Filipino President Rodrigo Duterte is set to visit Vietnam next week, CNN reported.
The working visit to the Asian neighbor would likely find Duterte discussing maritime disputes over the South China Sea, according to Communications Secretary Martin Andanar.
Vietnam Seeks to Raise Retiring Age as Population Pressures Pensions
Vietnam is trying to raise the retirement age of both men and women to mitigate the economic impact of a rapidly aging population and take pressure off of its depleted social welfare funds, Reuters reported.
The Labor Ministry wants to get the issue on the agenda of parliament having faced resistance from legislators fearful that by keeping people in work longer, the younger generation might have problems getting jobs.
Vietnam Calls Azerbaijan for More Cooperation in Oil, Gas Sphere
Vietnam’s President Tran Dai Quang called Azerbaijan for more cooperation in oil and gas exploration at the meeting with the country’s Ambassador Anar Imanov in the city of Hanoi, the Voice of Vietnam reported Sept. 22.
Quang welcomed the establishment of the Vietnam-Azerbaijan Joint Committee on Economic, Trade, Science and Technology Cooperation, and proposed studying and soon signing an agreement on education and training to further bolster cooperation in this field.
LS C&S Vietnam to Provide Cable for Samsung Display in Hanoi
LS Cable & System announced on Sept. 21 that its Vietnamese branch LS Vina Cable and System has signed a $15 million contract with iMarket Korea to provide electric cables.
The cables will be used in wiring a mobile phone module manufacturing factory being built by Samsung Display in Bac Ninh
, north of Hanoi, according to the Korea Herald.
South Korean Firm to Invest $1.5 Billion in Racetrack in Vietnam
South Korea’s G.O.Max I&D has reportedly submitted a plan to authorities of the northern province of Vinh Phuc
to increase its initial investment from $570 million to $1.5 billion to build a racetrack, according to local media outlets.
G.O.Max plans to build an international racecourse and sports and entertainment complex on a 750-hectare land in Vinh Phuc. The project will include a 72-hole golf course, a sports and entertainment area, a racetrack, a sports and entertainment area, an equestrian center and polo club as well as housing and villas.
Vietnam, South Korea Want to Boost Cooperation
Vietnam and South Korea began the 15th session of the Joint Economic Committee on Sept. 22, with talks focusing on ways to boost cooperation and address pending issues, the Vietnam News Agency reported.
Deputy Minister of Planning and Investment Nguyen The Phuong said the two countries had made significant achievements in cooperation in trade, investment, labor export, as well as energy and infrastructure development but there remained some pending questions.
Taiwan’s Garment Firm to Open New Factory in Vietnam
Garment manufacturer Quang Viet Enterprise Co. has said it is to open a new plant in Vietnam to increase production capacity, as its lines there cannot meet targets, according to the Taipei Times.
“Work on the new plant in Vietnam is to be completed by the end of this year,” Quang Viet President Charles Wu said at an earnings conference, adding the firm also plans to add 15 production lines to two existing plants in Vietnam next year to satisfy customer needs.
BlackIce Appoints Le Trung Hai as Vietnam Country Manager
BlackIce Enterprise Risk Management Inc. (BlackIce) has appointed Le Trung Hai as country manager for Vietnam.
Hai leads the BlackIce Basel Solution deployment team in Vietnam, and has extensive knowledge and experience across multiple areas of financial risk management. He has worked for EY and KPMG Vietnam and Deloitte in Ireland.
Forty-eight multi-level marketing companies in Vietnam earned combined revenues of four trillion dong ($179 million) in the first half of this year, with foreign-invested firms taking a 45% share.
Some 500,000 people participated in this business, down 57% from a year earlier, according to the trade ministry.
Vietnamese and Russian authorities have expressed their intention to use national currencies in bilateral trade and investment, Russia’s First Vice Prime Minister Igor Shuvalov was quoted by Sputnik as saying.
“We would like to significantly advance on the use of only national currencies in our trade relations without the use of third-party currencies. This will help us to support bilateral projects, including investment,” Shuvalov noted at an intergovernmental commission session.