[Round-up] Formosa Pays $250 Million in Compensation, Coca-Cola Fined for Food Safety Violations

Tuan Minh

20:09 29/07/2016

BizLIVE - Formosa has paid the Vietnamese government $250 million in compensation for an environmental disaster its steel plant caused in early April. The Ministry of Health’s Inspectorate has fined Coca-Cola Vietnam $19,400 for violating food safety regulations.

[Round-up] Formosa Pays $250 Million in Compensation, Coca-Cola Fined for Food Safety Violations

Formosa has paid the Vietnamese government $250 million in compensation for an environmental disaster its steel plant caused in early April.

U.S. May Allow Import of Vietnam’s Star Apples
The United States Department of Agriculture may allow the import of star apples from Vietnam, Vietnam’s Commercial Counselor in the United States, Dao Tran Nhan was quoted by the Vietnam News Agency as saying.
The import is scheduled to begin in the fourth quarter of this year.
Coca-Cola Vietnam Fined $19,400 for Food Safety Violations
The Ministry of Health’s Inspectorate has fined Coca-Cola Vietnam 433 million dong (roughly $19,400) for violating food safety regulations, said Nguyen Van Nhien, the ministry’s deputy chief inspector.
Nhien said the company’s violations involve in the production of supplement food without food safety certificates at three production facilities.
PM Cites Macroeconomic Stability as Foundation for Sustainable Growth
The socio-economic situation in the first six months of 2016 reaped positive outcomes with the macro-economy being stable, VNA cited Prime Minister Nguyen Xuan Phuc as reporting at the first session of the 14th National Assembly in Hanoi on July 29.
The PM proposed key solutions to spurring socio-economic development in the coming time, referring to embarking on the macroeconomic stability as a foundation for sustainable growth; developing strategic fields in combination with economic restructuring; removing barriers for businesses to develop and promoting start-up spirit and innovation.
HCM City Hopes for New Wave of Malaysian Investment
Ho Chi Minh City hopes to welcome a new wave of Malaysian investors, especially following the formation of the ASEAN Community and the conclusion of the Trans-Pacific Partnership (TPP).
Le Thanh Liem, vice chairman of the municipal People’s Committee, made the remark when he received a delegation from Malaysia’s Consulate General in HCM City on July 29, VNA reported.
Dong Nai Enterprises in Need of More Workers
Many enterprises in southern Dong Nai Province have been in need of labourers, mostly manual workers for textiles, wood processing and mechanics to complete their additional contracts in the past two months.
They have tried many ways to recruit enough workers. Some have even set a table with recruitment signs in crowded areas, but the number registered has not met current demand.
Formosa Pays $250 Million in Compensation
Taiwan’s Formosa Plastics Group has transferred $250 million to the Vietnamese government, half of the amount it committed to pay in compensations for the damages caused a toxic leak from its steel mill in the central coastal province of Ha Tinh in April.
Minister of Natural Resources and Environment Tran Hong Ha revealed the information at the ongoing sitting of the 14th National Assembly on July 29. Formosa will pay the remaining $250 million on August 28.
Big C Vietnam yet to Pay Transfer Tax 3 Months after Transaction Announced
Big C Thang Long Company, the Vietnam unit of Casino Group, has not paid the transfer tax corresponding to the sales of the Big C chain in Vietnam to Thailand’s Central Group completed in April 29, said the General Department of Taxation, arguing that the transaction took place within Vietnam.  
The department will impose fine against tardy payment of the tax, it said.
South Korea's Daewoo to Build $2.7 billion Power Plant in Vietnam: report
Daewoo Engineering and Construction, a construction giant from South Korea, reportedly plans to develop a coal-fired thermal power plant in the southern province of Long An at a projected cost of $2.7 billion, local media reported.
The Korean developer will build the 1,320-megawatt plant, operate it within a certain time and then transfer it to local authorities, according to the People's Committee of Long An.
South Korea's Daesang Plans to Buy out Vietnam Sausage Firm for $33 Million
Daesang Corporation, a major producer of consumer foods and additives in South Korea, has reportedly been in talks to buy a 99.99% stake in Duc Viet Food JSC for $33 million, in a move to expand its business in Vietnam.  
Foreign investors have spent a combined $2.95 billion on forming joint ventures and acquire stakes in companies operating in Vietnam since July 2015, said the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment.
This is the first time FIA has published this data, apart from that of foreign direct investment (FDI).
Vietnam has scored the highest EM index for greenfield foreign direct investment (FDI) for the second consecutive year, leaving other emerging economies far behind, the Financial Times (FT) reported.
The country came top in the second annual study of 14 countries by fDi Intelligence, an FT data division, which looked at inbound greenfield investment in 2015 relative to the size of each country’s economy.

TUAN MINH