[Round-up] France’s Lectra Makes Inroads into Vietnam, TCC Sees Vietnam as Key Market

Tuan Minh

18:20 11/07/2016

BizLIVE - Lectra has set up its new subsidiary in Ho Chi Minh City to make inroads in the country after two decades of presence. Thai Charoen Corporation Chairman Charoen Sirivadhanabhakdi has affirmed that Vietnam is a key market of the group.

[Round-up] France’s Lectra Makes Inroads into Vietnam, TCC Sees Vietnam as Key Market

Thai Charoen Corporation Chairman Charoen Sirivadhanabhakdi has affirmed that Vietnam is a key market of the group.

France’s Lectra Makes Inroads into Vietnam
Lectra, a French provider of integrated technology solutions to industries using fabrics, leather, technical textiles and composite materials, has set up its new subsidiary Lectra Vietnam in Ho Chi Minh City.
The firm will take over the operations of Ly Sinh Cong Trading Service Co., which has been its agent for the past 12 years, according to international media reports.
JICA to Help Vietnam Export Farm Produce
The Japan International Cooperation Agency (JICA) is selecting one out of four provinces namely Ha Giang, Nghe An, Lam Dong and Vinh Long to assist the locality in exporting farm produce to Japan and the U.S.
The agency will also support Japanese companies to transfer technology to Vietnam.
Vietnam Signs Deals to Borrow $550 Million from WB
The World Bank and the State Bank of Vietnam today signed agreements for loans and credits worth $560 million for two projects to support urban development, climate resilience and sustainable livelihoods in the Mekong Delta.  
Of the amount, $250 million will go to Can Tho city to help it enhance transport network and resilience to floods while the remaining $310 million will be earmarked to strengthen climate change resilience in nine Mekong Delta provinces.
Work on Long Thanh Airport Must Start in 2019: Deputy PM
Construction of the Long Thanh International Airport must begin no later than 2019 so that the airport can offer its first services in 2025, the Vietnam News Agency reported, citing Deputy Prime Minister Trinh Dinh Dung.
To meet the deadlines, the southern province of Dong Nai, which houses the airport, should coordinate with the Ministry of Transport and other relevant ministries and agencies to promptly complete compensation and resettlement work, the official said during his field trip to the project’s area on July 9.
Local Property Market Grows: Experts
The local apartment-for-sale market, which saw positive developments in the first half of this year, is expected to maintain growth till the end of 2016, experts said.
According to a CBRE Vietnam report on the Hanoi property market in the second quarter of this year (Q2), 6,100 new units were launched via 17 projects in Q2, a 19% increase compared to the previous quarter, but falling 23% year-on-year.
In the first half of 2016, 8,900 apartments were sold, with mid-end apartments comprising 40%, CBRE Vietnam said.
Vietnam Needs More Affordable Housing
Vietnam should draft policies to encourage the development of affordable rental housing in an effort to resolve the severe shortage of housing for low-income earners, experts were quoted by VNA as saying.
The number of affordable rental housing projects, in fact, is small, and could meet only a modest part of the demand. Applications for renting these apartments always outnumbered the available rental apartments.
Vietnam Property Sales to Foreigners Grow
Property consulting firm Jones Lang Lasalle Vietnam told the English-language daily Vietnam News that since a law permitting sale of real estate to foreigners was amended last July, foreigners have bought over 1,000 apartments in HCM City alone, according to the company.
Over 10,000 apartments were sold in the second quarter of this year, many to foreigners who are permitted to buy up to 30% of the units in a project.
Vietnam Is Key Market for TCC: Chairman
Vietnam is a key market of the Thai Charoen Corporation (TCC) and the group is undertaking procedures for permission to export Vietnamese goods to Thailand and other regional countries, such as orange, sweet potato, lime and rice powder, TCC Chairman Charoen Sirivadhanabhakdi told PM Nguyen Xuan Phuc.
PM Phuc suggested TCC continue exporting Vietnamese goods to Thailand via its retail networks in Vietnam and Thailand following its shipment of 100 tons of Vietnam’s dragon fruit to Thailand for the first time.
Romanian Prime Minister Starts Official Visit to Vietnam
Prime Minister of Romania Dacian Ciolos began his official visit to Vietnam at the invitation of Prime Minister Nguyen Xuan Phuc on July 11.
Ciolos is scheduled to discuss with Vietnamese top leaders ways and means to step up the traditional friendship and multi-dimensional cooperation between the two countries.
Vietnamese ministries have discovered 53 violations of Vietnamese regulations at Formosa Ha Tinh Steel Corp (FHS), the operator of a $10.6 billion steel complex in that discharged toxins causing massive fish deaths in Vietnam’s central coast in early April.
The violations are mainly related to the design, operation and construction of the steel mill, said Minister of Natural Resources and Environment Tran Hong Ha at a meeting of the Standing Committee of the National Assembly on Monday morning.
Taipei-based Hon Hai Precision Industry Co., Ltd., known as Foxconn, through its subsidiary Chief Expertise, is taking over a 100% stake of Microsoft Mobile Vietnam Limited for $22 million to bolster its capacity, according to Nikkei.  
The deal is a follow-up of an agreement reached in mid-May when Microsoft decided to sell its feature phone operations in Vietnam to FIH Mobile Ltd., a subsidiary of Hon Hai/Foxconn Technology Group, and HMD Global, Oy for $350 million.
Thai companies will continue to ramp up investments in Vietnam in order to make Thailand among the ten largest investors here in the coming two to three years, said Thai Minister of Foreign Affairs Don Pramudwinai has affirmed.
The Thai minister made the statement at a recent conference themed “Thailand-Vietnam: Fostering economic cooperation for shared prosperity” in Hanoi.