Vietnam and the Eu
ropean Union will official sign a free trade accord early next month on the occasion of the visit of Vietnamese leaders.
The Vietnamese Ministry of Industry and Trade and the European Trade Commission have agreed to sign the EU-Vietnam free trade agreement on December 2, Industry and Trade Minister Vu Huy Hoang told local media late on November 19.
South Korea’s Hanwha Group
is keen to build a $200-million solar power plant with a capacity of 100 MW-200 MW in the central province of ThuaThien-Hue, a policy advisor to the Korean Ministry of Trade, Industry and Energy has said.
Hanwha is carrying out solar energy projects in Vietnam as part of cooperative agreements reached by the two governments, Mr. Lee said.
Vietnam Mekong Delta Attracts $3 Billion FDI in Jan-Oct
Foreign investors committed to invest $3.05 billion, including $2.8 billion in fresh projects, in Vietnam’s Mekong Delta province in ten months through October.
Tire sales in Vietnam are forecast to reach $2.7 billion by 2020 thanks to rising auto sales and growing foreign investment in the country, TechSci Research said in a report.
Growing automobile sales, rising vehicle fleet, favorable government policies and increasing foreign investments in the automotive sector will drive the tire market in Vietnam.
In the first fortnight of this month, the country’s exports slid 1.3% year-on-year to $6.49 billion while its imports picked up 3.77% to $6.77 billion, resulting in a trade gap of $272.78 million, the General Department of Vietnam Customs said in a report released Thursday.
In the year to mid-November, Vietnam shipped $140.87 billion worth of goods abroad while spending $144.73 billion on imports, leading to an accumulate deficit of $3.855 billion, according to the department.
VietJetAir Seeks OK to Run Phu Quoc Airport
VietJet Aviation JSC, a Vietnamese budget carrier, has asked for the Ministry of Transport’s permission to buy the right to operate Phu Quoc International Airport off mainland Kien Giang Province for a period of 30 years.
VietJetAir is the third private firm showing interest in operating the airport on the resort island. Earlier, T&T Group and Imex Pan-Pacific Co. Ltd. (IPP) sought to become the operator of the airport.
GrabTaxi Vietnam Hikes Fares
GrabTaxi Vietnam increases both GrabCar and GrabBike transport fares by 1,000-3,000 dong (4-13 U.S. cents) per kilometer for the first three kilometers. From the fourth kilometer onwards, the service will be charged VND4,500 per kilometer. New charges will be applied in Hanoi next Monday.
Earlier, the service charges for GrabCar taxi in HCM City were also revised up to 9,000 dong and 11,700 dong per kilometer during off-peak and peak hours respectively compared to the previous rate of 6,000 dong.
Acer Appoints Vietnamese CEO
Taiwan’s Acer Inc. has appointed Vietnamese Vo Ngoc Dien to CEO of Ho Chi Minh city-based Acer Vietnam Company.
Mr. Dien, a telecommunications engineer, previously worked for Vietnam subsidiaries of Lenovo, HTC and Asus.
Vietnam to Export Rice Straw to Japan
State-owned Song Hau Collective Farm has signed a deal to sell straw from the coming winter-spring crop to Japan Beef Import Export Association for cow feed production.
Yutaka Aoyama, director of the Japanese association, told local media that Japan needs to import around 220,000 tons of processed straw every year and nearly half of that used to come from China. But the country has stopped sourcing from China after detecting harmful bacteria in its straw.
Vietnam May Cut Import Tax on Automobile Spare Parts
Vietnam’s Finance Ministry has proposed slashing the import tariff on auto spare parts and components to zero next year, two years before schedule in 2018, under the ASEAN Free Trade Agreement, aiming to support the domestic automobile industry.
Vietnam Treasury Raises $5.7 Billion from Bond Sales Year to Date
The State Treasury of Vietnam sold 7.01 trillion dong ($311.6 million) worth of local currency bonds on November 18, totaling 127.45 trillion dong ($5.66 billion) in the year to date.
Vietnam Banks Post Swelling Irrecoverable Loans
Potentially irrecoverable loans of Vietnamese banks have increased sharply despite a fall in their bad debt ratios.
According to Q3 financial reports released by 12 banks to date, their potentially irrecoverable loans [classified as Group 5] reached 23.522 trillion dong ($1.05 billion) at the end of September, rising 28.17% from December 2014 and accounting for 65% of their total non-performing loans.