[Round-up] Formosa Allowed to Import Coal, U.S. Investment Fund to Expand Operation in Vietnam

Tuan Minh

20:09 12/01/2017

BizLIVE - PM Nguyen Xuan Phuc has allowed Taiwan’s Hung Nghiep Formosa Steel Company to import coal for electricity production at its thermal power plant. Harbinger Capital Partners LLC plans to expand investment and cooperation in Vietnam.

[Round-up] Formosa Allowed to Import Coal, U.S. Investment Fund to Expand Operation in Vietnam

Harbinger Capital Partners LLC plans to expand investment and cooperation in Vietnam.

Party Leader Arrives in Beijing, Beginning Official Visit to China
General Secretary of the Communist Party of Vietnam Central Committee Nguyen Phu Trong and a high-ranking delegation of Vietnam arrived in Beijing on January 12 afternoon (local time), beginning their official visit to China at the invitation of General Secretary of the Communist Party of China Central Committee and President Xi Jinping.
Taking place at a time when the two countries are preparing to celebrate the 67th founding anniversary of diplomatic relations and welcome their traditional Lunar New Year, the visit is of great importance as it aims to set out healthy and long-term development orientations for bilateral ties, according to the Vietnam News Agency (VNA).
PM Affirms Partnership with South Korea in Phone Talks with Acting President
Prime Minister Nguyen Xuan Phuc reiterated that Vietnam wants to strengthen the strategic cooperative partnership with South Korea during a phone conversation with acting Korean President and Prime Minister Hwang Kyo-ahn on January 11, VNA reported.
He expressed the wish that both sides would work closely together to hold activities celebrating the 25th anniversary of bilateral diplomatic ties, effectively implement the bilateral free trade agreement, and expand ties across culture, education, tourism, labor and people-to-people exchange.
Unifi’s REPREVE Expands to Vietnam
NYSE-listed Unifi, Inc. continues to expand its global footprint of REPREVE recycled fiber by entering into Vietnam with support from Century Synthetic Fiber Corporation, now a licensed manufacturer of REPREVE.
Century Corporation will manufacture, sell and distribute REPREVE filament yarn within Vietnam, and Unifi Textiles (Suzhou) Co., Ltd. (UTSC) - Unifi’s subsidiary in China - will manage sales and distribution of REPREVE filament yarn exported from Vietnam.
Vietnam, Spain Pledge to Facilitate Business Connectivity
Vietnam and Spain have pledged to facilitate business exchanges and connectivity, especially in the fields of clean and renewable energy, environment, infrastructure and tourism, VNA reported.
During a political consultation in Hanoi on January 11 between permanent Deputy Foreign Minister Bui Thanh Son and Secretary of State of Spanish Foreign Ministry Ignacio Ybanez Rubio, both sides agreed to further deepen bilateral cooperation within the framework of the Vietnam-Spain strategic partnership, including devising new collaboration mechanisms to raise mutual understanding and create a new driving force for bilateral ties.
Vietnam, Hungary Sign EUR440 Million Agreement
Vietnam and Hungary have signed a framework agreement on credit cooperation worth 440 million euros as Hungarian PM Viktor Orban is slated to pay an official visit to Vietnam in April.
With this framework agreement, the two sides will implement many cooperation projects in the spheres of Hungary’s strength and Vietnam’s demand such as water resources management, wastewater treatment, information technology, cyber security and health care.
U.S. Investment Fund to Expand Operation in Vietnam
The U.S.’s Harbinger Capital Partners LLC plans to expand investment and cooperation in Vietnam, President of the investment fund Philip Falcone told Prime Minister Nguyen Xuan Phuc at a meeting in Hanoi on January 12.
He informed the host about the progress of the Ho Tram resort and tourism complex project in the southern province of Ba Ria – Vung Tau. The 4.2 billion USD project is expected to generate about 4,000 jobs for local laborers.
PM Allows Formosa to Import Own Coal
PM Nguyen Xuan Phuc has allowed Taiwan’s Hung Nghiep Formosa Steel Co Ltd (Formosa) to import coal for electricity production at its Nhon Trach 3 thermal power plant in the southern province of Dong Nai.
Since 2001, Formosa has asked the government for coal imports as it said the local coal is neither good enough nor compatible with the technology used at its thermal power plant.
Gov’t Inspectors Detect Economic Irregularities Involving $2.63 Billion in 2016
The Government Inspectorate of Vietnam reported that the inspection sector discovered economic irregularities involving more than 59.4 trillion dong ($2.63 billion) and 4,000ha of land in 2016.
At the inspection sector’s review meeting in Hanoi on January 11, the agency said the sector conducted 6,586 administrative inspections and 252,592 specialized inspections and examinations in 2016.
Vietnam-Philippines Business Forum Held in HCM City
A Vietnam-Philippines business forum took place in Ho Chi Minh City on January 11 with more than 120 businesses from both countries taking part.
Do Quoc Hung, Deputy Director of the Asia-Pacific Market Department under the Ministry of Industry and Trade, said the event, held concurrently with a trade seminar, provided a good chance to introduce Vietnamese firms’ capacity of manufacturing and goods supply to Filipino partners as well as facilitate business networking.
Czech Medicine Firms Target Vietnamese Market
Pharmaceuticals distributors from the Republic of Czech are targeting the Vietnamese market, according to Prague radio on January 11.
Lekarnici 95 Pharmaceuticals Company, which owns a network of pharmacies in Karlovy Vary and Plzen provinces, plans to expand operations to Southeast Asia, including Vietnam.
Vietnam PM to Attend World Economic Forum in Davos
Prime Minister Nguyen Xuan Phuc will head a Vietnamese delegation to attend the annual World Economic Forum (WEF) 2017 in Davos, Switzerland from January 17 to 20.
Since Vietnam and WEF established ties in 1989, senior Vietnamese leaders have frequently attended the WEF’s annual meetings in Davos and East Asia.
Vietnam’s retail market in general and Hanoi in particular expect to see more entrance and further investment, especially from foreign retailers, according to a recent report by CBRE Vietnam.
Both Japanese and Chinese retailers have expressed their growing interest in Vietnam. Thai retailers have recently made major moves through two notable tractions.
Combined sales of dairy companies in Vietnam topped 95 trillion dong ($4.2 billion) in 2016, of which Vinamilk accounted for 44.8%, said the Vietnam Dairy Association, forecasting the industry to grow 9% annually in the next four years.

TUAN MINH