President’s Cuba Visit to Push Bilateral Relations
President Tran Dai Quang
’s upcoming visit to Cuba from November 15 to 17, at the invitation of Cuban counterpart Raul Castro, is hoped to further strengthen solidarity between the two nations.
Cuba attaches importance to all-around ties with Vietnam, especially in agriculture, construction, education, health, biotechnology, transport, and sports, the Vietnam News Agency (VNA) reported.
Ministry Reveals Formosa Probe Results
The Ministry of Natural Resources and Environment has released the results of an investigation into Taiwan-invested Hung Nghiep Formosa Ha Tinh Steel Company’s efforts to tackle the environmental incident it caused in four central provinces.
According to the report, Formosa is applying wet coke quenching technology instead of coke drying quenching (CDQ) as required. To fulfill its pledge with the Vietnamese government, Formosa would transform technology from wet method to dry from March 31, 2017 and cease using the CDQ system by June 30, 2019.
Japanese Firms Keen on Environmental Projects: Jetro
Japanese enterprises are likely to pour large investments into environmental projects in Vietnam in the near future to fully tap its potentials, VNA reported, citing Chief Representative of the Japan External Trade Organization (Jetro) in Vietnam Takimoto Koji.
In November, 25 Japanese firms operating in the field of environment, including those specializing in wastewater, urban waste treatment and disaster risk alert software design, made a fact-finding tour to Vietnam to study the market, the chief representative told local media.
TechFest Vietnam 2016 Helps Boost Startup Movement
A two-day startup festival (TechFest Vietnam 2016) that concluded in Hanoi on November 13 attracted nearly 170 investors and more than 3,000 visitors, according to the organizers.
According to the Ministry of Science and Technology, Vietnam is the world’s third most attractive country for venture capital funds. The country is now home to 1,800 startups, 21 incubating facilities and seven business accelerators.
Conference Links up Vietnamese, Chinese Traders
A conference connecting Vietnamese and Chinese exporters of agro-forestry-fishery products was held in the northern mountainous province of Lang Son on November 12, aiming to connect Vietnamese traders with those from the Chinese province of Guangxi and Chongzuo city.
Bac Ninh Attracts $454 Million in FDI in Jan-Oct
Northern Bac Ninh province licensed 149 foreign direct investment (FDI) businesses with a total registered capital of $454 million in the first ten months of 2016, doubling last year’s figure.
To date the province is home to 920 valid FDI project worth over $12 billion, according the provincial Department of Planning and Investment.
Vietnamese market management forces carried out 145,000 checks in the first ten months of this year and detected nearly 88,000 violating cases, indicating trade frauds are on the rise, according to the trade ministry.
Texas-headquartered Globalinx Group and a number of U.S. companies have shown interest in building a $200-million port on the Saigon river running through Ho Chi Minh City.
Vietnamese-American La Anh Dung, who represents Globalinx, unveiled the plan at a meeting between overseas Vietnamese and leaders of HCM City on November 13, the Saigon Times reported.
Vietnam’s economy needs to grow by at least 7% per year to guarantee the nation can repay its debts as public debt remains a chronic headache, said a financial expert.
At a recent meeting between overseas Vietnamese and Prime Minister Nguyen Xuan Phuc, Nguyen Tri Hieu suggested the government restrain from rolling over debts to prevent them from piling.
State-owned mobile network operator MobiFone spent 8.89 trillion dong ($398 million) to acquire a 95% stake of Audio Visual Global Company (AVG) at the end of 2015, the former said in its 2015 financial statement.
According to the Ministry of Planning and Investment’s Business Registration Department, AVG has a registered capital of 3.63 trillion dong ($162.6 million). This means that MobiFone paid 2.58-fold the par value of AVG’s shares.
The Canadian Embassy and businesses are seeking to scale up shipments of their farm produce and seafood to Vietnam to capitalize on rising demand for high-quality products of a rapidly-growing middle class.
At a recent event to promote Canadian culinary specialties in Hanoi, Canadian firms and Vietnamese distributors displayed fresh seafood caught from both Atlantic and Pacific coasts, beef, pork and canola oil from Alberta, fresh and dried fruits from British Columbia, and wine and beverage from Ontario.