[Round-up] Formosa to Pay off $250 Million, Vietnamese, Austrian Firms Seek Business Ties

Tuan Minh

18:25 26/08/2016

BizLIVE - Formosa will pay to the Vietnamese government the remaining $250 million in compensation for the environmental disaster that caused mass fish deaths in April. Vietnamese and Austrian enterprises have gathered to seek partners in a number of fields.

[Round-up] Formosa to Pay off $250 Million, Vietnamese, Austrian Firms Seek Business Ties

Formosa executives made a public apology for the toxic discharge. Photo: Internet

Agricultural Restructuring a Tough Task: Deputy PM
Agricultural restructuring must be paired with climate change response, natural resources and environmental protection, and new-style rural area building, Deputy Prime Minister Trinh Dinh Dung said.
At a working session on agricultural restructuring with the Ministry of Agriculture and Rural Development on August 25, he urged the agricultural sector to diversify its products and identify key products of regions and localities, stressing that agricultural restructuring is difficult and will require time.
Vietnam-Myanmar Economic Ties Remain Untapped
Partnerships in economics, trade and investment between Vietnam and Myanmar have yet to meet expectations, participants said at a discussion on bilateral ties in Hanoi on August 25.
Many attendees agreed that the two sides boast huge potential for investment and trade cooperation in multiple spheres such as agriculture, industrial trees, automobile manufacturing, and construction. Among them, aviation, banking, telecommunications, oil and gas, and mineral should be prioritized in the time ahead.
Leader Calls for U.S.-ASEAN Business Council’s Assistance to Vietnam Firms
Prime Minister Nguyen Xuan Phuc has asked the U.S.-ASEAN Business Council (US-ABC) to help Vietnamese enterprises improve their competitiveness and advise his government on steering the national development.
Vietnam-U.S. relations, especially their investment and trade ties, have made progress over the past decade, he stressed, appreciating U.S. businesses’ assistance and cooperation with their Vietnamese peers, particularly the help given through the Vietnam Chamber of Commerce and Industry (VCCI).
Over $6.6 Billion Planned for Central Highlands Development
The government has planned to invest more than 14.69 trillion dong (over $6.6 billion) in the Central Highlands in 2016-2020, mostly in building and upgrading irrigation and water supply facilities for drought prevention and control, and transportation system, according to the Vietnam News Agency (VNA).
According to the Steering Committee for the Central Highlands Region, the investment includes 9.88 trillion dong mobilized through government bonds, and over 4.15 trillion dong of official development assistance (ODA).
2016 Handicraft Fair-Exhibition Opens in Hanoi
The 2016 handicraft fair - exhibition opened at the Thang Long Royal Citadel in Hanoi on August 26, aiming at promoting Vietnamese craft to domestic and foreign markets, VNA reported.
The event is hoped to help craftsmen, trade villages, enterprises introduce their products, boost exchanges and cooperation in order to seek partners both at home and abroad and expand market for the Vietnamese handicraft products.
Vietnam Legislator Asks U.S. Firms for Support
Economic and trade partnerships remain a focus of and a momentum for Vietnam-U.S. relations, National Assembly Vice Chairman Phung Quoc Hien told representatives of the U.S.-ASEAN Business Council.
He asked U.S. companies operating in Vietnam to pay more heed to environmental protection and social responsibility while helping the host nation in manpower training and technology transfer.
Vietnam to Develop Energy for Sustainable Development
Vietnam needs to carry out many solutions to supply enough energy for social-economic development as well as pursue a sustainable development in the long term, VNA reported, citing experts.
The country also needs to raise proportion of clean and renewable energy as well as promote solutions for efficient and effective electricity use, said Le Tuan Phong, deputy head of the General Department of Energy, at the Vietnam Energy Forum 2016 on August 25.
Vietnam Ministry to Inspect Road Toll Collection
The Directorate for Roads of Vietnam has proposed the Ministry of Transport inspect fee collection at the toll station on Phap Van-Cau Gie expressway, the southern gateway to Hanoi, to prevent loss of fees.
The move was made following recent toll collection supervision at the station which found that total collection increased.
Vietnam, Brunei Forge Trade Links
The upcoming visit to Brunei by President Tran Dai Quang from August 26 to 28 is meant to not only mark the bilateral partnership but also promote bilateral affiliation to such potential fields as trade, investment, tourism, education-training, agriculture, oil and gas, and seafood.
At the same time, it will help Vietnamese businesses study investment opportunities to make inroads into Brunei, according to VNA.
Customs Sector to Cut Clearance Time
The General Department of Vietnam Customs has targeted reducing customs clearance time for exports and imports to 10 days and 12 days, respectively, this year.
The sector aims to cut customs clearance time for exports and imports to below 36 hours and 41 hours by 2020.
Vietnamese, Austrian Firms Seek Business Ties
Vietnamese and Austrian enterprises attended a business-to-business platform in Austria on August 23 to seek partners in the fields of clean energy, banking, telecommunications and garments, as well as food.
Nguyen Hoang Thang from VCCI described this event as a good opportunity for Vietnamese enterprises to get up tot date information about the European Union market and then draw up business strategies to access the market more effectively.
Formosa to Pay Vietnam Remaining $250 Million in Coming Days
Taiwan’s Formosa Ha Tinh Steel Company will pay to the Vietnamese government the remaining $250 million of the $500-million amount that the firm had committed in compensation for the environmental disaster that caused mass fish deaths in April.
The firm will make the payment by August 28, a vice minister of finance said on August 26.
Local veteran economists have called on the Vietnam government to change its strategy to lure foreign direct investment (FDI) as a bunch of sizable projects have remained on paper or simply never been materialized.
Vietnam has returned to be the most favored nation in ASEAN for American businesses operating in the region, after conceding the title to Indonesia over the past two years, according to the 2017 ASEAN Business Outlook Survey (ABOS).


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