Foreign Consortium Gets OK for $311 Million Seaport Project in Northern Vietnam
A consortium of investors from Singapore, Hong Kong and the Cayman Islands has received a go-ahead from the Vietnamese government to invest 6.94 trillion dong ($311 million) in a seaport and an industrial zone complex in the northern province of Quang Ninh, the government said on its website.
Foreign Investors Net Sell Shares on HOSE for 15 Straight Days
Foreign investors net sold 2.19 million shares worth 67.57 billion dong (roughly $3 billion) listed on the Hochiminh Stock Exchange on Sept. 20, extending their net sale streak to 15 days in a row.
Vinamilk (VNM) topped the list of the most sold stocks in the trading session, with a net sale value of 81 billion dong ($3.63 million), followed by real estate developers PDR, KBC and Vingroup (VIC).
China Eyes Vietnam's Hundred-billion Dollar Retail Market
Following Thai, Japanese and South Korean retailers flocking to Vietnam, Chinese investors are now jumping into the market, with Miniso being the latest Chinese firm to open a store here, according to VietNamNet.
In April, Alibaba, China's biggest e-commerce group, spent $1 billion to obtain the right to control Lazada, a well-known e-commerce website in Southeast Asia, including Vietnam.
Central Bank Reaffirms Disallowance of Loan Rollover
The State Bank of Vietnam, the country’s central bank, has reiterated that domestic and foreign lenders in Vietnam must recover a loan’s entire principal and interest at the end of the lending period, as agreed in the credit contract with customers. They must not renew all or part of the original loan before the due date.
The requirement was first stated in a document issued two years ago.
U.S., Sweden Increase Investments in Vietnam
The U.S. and Sweden have affirmed that they want to step up trade and investment ties with Vietnam and Ho Chi Minh City
in particular, the Vietnam News Agency (VNA) reported.
The affirmation was made by U.S. Consul General Mary Etta Tarnowka in HCM City and Swedish Ambassador Pereric Hogberg during separate meetings with Secretary of the HCM City Party Committee Dinh La Thang on September 19.
Deputy PM Pledges Support to Russian Oil Companies
Vietnamese Deputy Prime Minister Trinh Dinh Dung has pledged support for investors operating in oil and gas, including Zarubezhneft and other Russian companies, according to VNA.
During a working session in Moscow on September 19 with Zarubezhneft – one of Russia’s largest oil companies and a long-standing strategic partner of the Vietnam National Oil and Gas (PetroVietnam), Dung hailed expansive cooperation between Zarubezhneft and PetroVietnam over the past years, evidenced by the good performance of the Vietsovpetro and Rusvietpetro joint ventures.
South Korea Firm Wins License for Components Plant in Thai Nguyen
South Korean-invested ALK JSC Company has received an investment license to build a factory in the local Diem Thuy industrial park at a cost of $75 million, VNA reported.
Upon its completion by the first quarter in 2020, the factory will produce aluminium frames for LCD/OLED TVs and electronic components, aluminium components for automobile, trains, and airplanes, at a volume of 36,000 tones per year.
Indonesia’s lifestyle retailer Mitra Adiperkasa will open a Zara store in Vietnam next year and many more in the years to come as it seeks to meet demand from the swelling middle class in the neighboring country.
Through its Vietnam unit, Mitra Adiperkasa plans to open stores for other brands such as Berska and Massimo Dutti also owned by Spain-headquartered fashion group Inditex, said a representative.
VietJet Aviation Joint Stock Company (VietJet Air) will go ahead with its initial public offering (IPO) as planned despite “legal complications”, the airline’s Managing Director Luu Duc Khanh told BizLIVE.
The company will launch an IPO in Vietnam first before going overseas in accordance with the Vietnamese Law on Securities, Khanh noted.
Vietnam spent $605.78 million on importing 9.72 million tons of coal in the first eight months of this year, soaring 107.7% in value and 191.5% in volume year-on-year, to feed rising demand of coal-fired power plants, according to customs data.