Formosa Allowed to Import Coal for Power Production
The Vietnamese government has allowed Formosa Hung Nghiep Company to import high-quality coal to feed its thermal power plan in the southern province of Dong Nai, which became operational in 2004 with a capacity of 300MW.
The Ministry of Industry and Trade has asked the customs authority to facilitate Formosa’s coal import process.
Vietnam, Cambodia Sign Deal to Cut Import Tariffs
Ahead of the opening session of the 8th Cambodia-Laos-Myanmar-Vietnam Summit (CLMV-8) in Hanoi on October 26, Cambodia and Vietnam inked an agreement to drop import tariffs on dozens of products in an effort to lift bilateral trade to $5 billion.
According to the agreement, Cambodia will provide a special preferential duty on 29 Vietnamese products, allowing them to enter the country duty-free. Vietnam agreed to provide the same preferential treatment for 39 Cambodian products, including rice, dried tobacco, meat and plastic products.
Vietnam, Belgium Seek Economic Cooperation Development
More than 100 officials and businesspeople from Vietnam and Belgium participated in a workshop in Belgium’s northern city of Ghent on October 26 to study trade and investment between the two countries.
Vietnamese Ambassador to Belgium Vuong Thua Phong said Belgium was an important partner of Vietnam with two-way trade seeing growth in recent years, the Vietnam News Agency (VNA) reported.
International Tourists to Vietnam Soar in Jan-Oct
More than eight million foreign tourists arrived in Vietnam in the first ten months of 2016, up 25.4% against the same period last year, according to the General Statistics Office (GSO).
China and South Korea remain the two largest sources of foreign tourists for Vietnam, with the growth of arrivals from China reaching 55.2% and from South Korea being 40.1%.
Vietnam, Russia Seek Closer Petroleum Cooperation
The Vietnamese government always creates the most favorable conditions for petroleum firms of Vietnam and Russia to step up cooperation, Deputy Prime Minister Trinh Dinh Dung told visiting General Director of Russian oil and gas company Zarubezhneft Sergei I Kudryasov.
The two countries have recorded productive cooperation in the oil and gas field, with projects operated by Russian oil and gas firms in Vietnam, especially joint ventures between Zarubezhneft and PetroVietnam – Vietsovpetro in Vietnam and Rusvietpetro in Russia, Deputy PM Dung was quoted by VNA as saying.
Higher Prices of Medical Services, Fuels Drive Inflation in October
Vietnam’s consumer prices in October increased 0.83% from September and 4.09% against the same period last year, mainly driven by the upward adjustment to prices of medical services and higher foods costs during the wedding season.
Rising school tuitions at some centrally-run cities and provinces as well as gas and petrol price hikes were also attributed to the increase in living cost, according to GSO.
France Sees Vietnam as Attractive Market: Ambassador
Vietnam is an attractive destination for foreign investors in various fields, including infrastructure, health care, tourism, information technology, and climate change, VNA reported, citing French Ambassador to Vietnam Bertrand Lortholary.
Addressing the France-Vietnam Business Forum in Ho Chi Minh City on October 27, the diplomat noted that Vietnam is enjoying a more stable economic growth compared to other Southeast Asian countries and becoming the most open economy in the region.
AmCham Organizes Supplier Day in HCM City
The American Chamber of Commerce (AmCham) in HCM City on October 26 organized the Supplier Day 2016 for FDI
manufacturers and local suppliers aiming at the growth of the Vietnam supply chain.
More than 60 enterprises, including Walmart, participated in the event where they discussed manufacturers' needs and requirements and how suppliers can meet those needs, according to VNA.
41 European F&B Firms to Come to Vietnam Next Month
European Commissioner for Agriculture and Rural Development Phi Hogan will lead a business delegation comprised of 41 leaders of food & beverage companies to visit Vietnam on November 2-4 to seek opportunities here.
The businesses will introduce a wide range of farm and food products ranging from beverages to veggies and meat.
Telecommunications Corporation (MobiFone) reported a net profit of 2.51 trillion dong ($112.5 million) in the first six months of this year, representing a minor decline from a year earlier.
Its revenue increased 19.7% year-on-year to $727.6 million in the six-month period, according to MobiFone’s latest financial statement.
Disbursement of foreign direct investment (FDI) in Vietnam totaled $12.7 billion in the first ten months of this year, representing an increase of 7.6% from a year earlier, the Ministry of Planning and Investment (MPI) has said in an announcement.
Fresh FDI approvals reached $12.26 billion in the ten-month period, down 1.3% year-on-year, while overseas investors won approval to add $5.35 billion to operational projects, falling 22.1% year-on-year.
Thailand-headquartered Siam Cement Group (SCG) posted revenue of $1732 million in the three months ending September this year, down 2% year-on-year and making 46% of the group’s sales in ASEAN
(excluding its home country).
Its revenue from sales in Vietnam reached $498 million in the first nine months of this year, SCG has said in a press released.
The Vietnamese government signed agreements to borrow $45 billion worth of official development assistance (ODA) loans between 2005 and 2015 and spends around $1 billion per year on foreign loan and interest repayments, according to the Ministry of Finance.
Foreign investment flows into Vietnam’s agriculture remain limited and do not match its potential although the country is a signatory to the landmark Trans-Pacific Partnership (TPP) agreement.
According to data of the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment, foreign direct investment (FDI) pledged for Vietnam’s agriculture-forestry-fishery sector reached $3.54 billion as of September this year, accounting for just 1.2% of total FDI approvals. The average size of project in this sector stands at $6.7 million.