[Round-up] Foreign Firms Broaden Presence in Vietnam as TPP Signing Looms

Tuan Minh

17:28 19/11/2015

BizLIVE - Foreign investors have announced plans to beef up their investment in Vietnam as the 12 Pacific Rim countries have agreed to sign a U.S.-brokered trade deal next February.

[Round-up] Foreign Firms Broaden Presence in Vietnam as TPP Signing Looms

Foreign investors have announced plans to beef up their investment in Vietnam as the 12 Pacific Rim countries have agreed to sign a U.S.-brokered trade deal next February.

Cuba Open to Vietnam Businesses: Minister
Cuba welcomes and will create favorable conditions for Vietnamese businesses to seek opportunities in Cuba, the Caribbean country’s Minister of Foreign Trade and Investment Rodrigo Malmierca Diaz told Prime Minister Nguyen Tan Dung at a meeting in Hanoi Wednesday.
Cuba is implementing the open-door policy in various fields, including foreign investment attraction, the minister said, adding that considering the traditional friendship and comradeship, Cuba hopes Vietnamese businesses will become the first foreign investors in the island country.
Japan Firms Showcase Technologies in HCM City
At an event in HCM City on Tuesday, seven leading technology suppliers from Japan introduced to Vietnamese partners their latest technological solutions and applications in industry and building areas such as construction glass, air-conditioner, solar energy, led bulb and sewage treatment system.
The event was jointly held by the Energy Conservation Centre in Ho Chi Minh City (ECC) and Japan’s Mitsubishi UF J Morgan Stanley Securities (MUMSS).
Vietnam Gov’t Shows Red Card to Costly Administrative Buildings
The Vietnamese government will suspend projects to build administrative centers, which consume huge resources of the state budget, for local authorities, Deputy Prime Minister Hoang Trung Hai said during the National Assembly’s Q&A session on Wednesday.
Many legislators have raised concerns over the massive proposal to build local administrative headquarters. These centers are estimated to cost several trillion dong, while the local economy still faces difficulties and more urgent public needs have to be given priority.
Demands for Vietnam Fruit, Veggies on the Rise
An increasing number of countries, including selective markets like the US, Australia, the EU and Japan, have opened their doors to Vietnamese fruits and vegetables.
Fruit and vegetable exports are likely to hit the government’s target of $1.65 billion this year, according to the Ministry of Industry and Trade.
Earnings from fruit and vegetable exports have increased sharply in recent years, from $460 million in 2010 to $1.47 billion in 2014, according to the Vietnam Fruit and Vegetable Association (Vinafruit).
Vietnam Sees Rising Number of Russian Travelers in October
The number of Russian tourists arriving in Vietnam increased by 60% in October despite a continuous decrease to most other major destinations abroad, according to the RBK – Russian news channel.
A total of 24,000 Russian travelers went to Vietnam in October, up from 15,000 during the same period last year, according to Vietnam National Administration of Tourism under the Ministry of Culture, Sports and Tourist.
Vietcombank Resumes ATM Service, Money Transfer for Foreigners
Stated-controlled Vietcombank has done a U-turn on its ATM service and money transfer policy for foreign customers, making these transactions available to foreign cardholders again from Thursday, just one week after stopping them.
Leaders of the dozen member nations of the Trans-Pacific Partnership (TPP) on Wednesday decided to sign the deal on February 4, 2016 in New Zealand and signatories’ respective legislatures would have two years to ratify it, international media reported.
U.S. multinational oil and gas corporation ExxonMobil has come back to Vietnam after five years of absence by appointing authorized distributors of lubricant products across the country.
Vietnamese businesses registered to invest $625.4 million abroad in the first ten months of this year, compared to $155.4 million in the January-June period.
Local companies won approvals to invest $441.9 million in 102 newly-licensed projects and increase $192.8 million in 53 operational projects in the ten-month period, the Foreign Investment Authority under the Ministry of Planning and Investment said on its website.
Giant global electronics companies including Samsung, Foxconn, LG, Panasonic and Intel invested some $10 billion in their production facilities in Vietnam, according to the Foreign Investment Agency.
Cargill will build a new $30 million animal feed mill in the southern province of Binh Duong and a $10 million agreement with Saigon International Terminals Vietnam (SITV) for dedicated grain and oilseeds warehousing facilities in Phu My.
Kenda Rubber, Taiwan’s second-largest tire manufacturer, plans to increase its investment in Vietnam-based tire manufacturing factory to $10 billion Taiwan dollars ($304 million), the would-biggest for Kenda, Chairman Yang Ying-ming told the Channel News Asia.