Vietnam Economy Forecast to Grow 6.7% This Year: Commission
Vietnam’s economy is expected to expand 6.7% in 2016 after growing 6.68% in 2015, the government-run National Financial Supervisory Commission said in its Financial Market Overview Report 2015 on Monday.
The country’s consumer price index (CPI) is expected to pick up by 3%-3.5% this year, compared to a 0.6% rise last year, according to the commission.
Canadian Firms Put $5.3 Billion in Projects in Vietnam to Date
Canada-based companies registered to invest $5.28 billion in 149 valid projects in Vietnam as of February 20, 2016, according to statistics of the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment.
The real estate sector has been the most favored by Canadian firms when attracting four projects worth $4.23 billion. The manufacturing and processing sector comes second with $476.4 million.
Thailand Pours $7 Billion into Vietnam Manufacturing, Processing Industry
Direct investments by Thai enterprises in Vietnam’s manufacturing and processing sector reached nearly $7 billion as of February 2016, according to FIA data.
Thai firms had 428 projects with a combined capital of $7.88 billion in Vietnam as of February, putting Thailand the 11th biggest invest in the country.
Gazprom’s Deputy Chairman Vitaly Markelov will visit Vietnam and China from 16 to 18 March to discuss key issues.
Gazprom’s representatives will look into details of the strategic cooperation agreement with state-run energy firm PetroVietnam. The accord, signed in 2009, outlines their partnership in oil and gas projects in Russia, Vietnam and third countries.
Vietgazprom, a joint venture between Gazprom and PetroVietnam, conducts exploration drillings in Vietnam’s continental shelf.
Over 30 Vietnam Firms Seek Partners in Iran
More than 30 Vietnamese corporations including Viettel
, PetroVietnam, and Vinafood 1 attended a business forum in Iran to find partners for tie-ups.
The forum, held on Tuesday during the visit of President Truong Tan Sang to Iran, drew the participation of over 200 Iranian companies operating in the sectors of construction, agriculture, mechanics, energy and food processing.
Vietnam Party Official Asks for WB Help in Tapping FTAs
Vuong Dinh Hue, head of the Central Economic Commission, asked for the World Bank’s support in taking advantage of and dealing with challenges of free trade agreements the country has signed.
In response, Anabel Gonzales, senior director of the World Bank Group Global Practice on Trade and Competitiveness, and Victoria Kwakwa, WB Country Director for Vietnam, pledged to provide assistance for Vietnam in implementing the Trans-Pacific Partnership (TPP) and achieving targets set by the 12 National Congress of the CPV.
Vietnam Levies Safeguard Tariff on Imported MSG
Vietnam’s Ministry of Industry and Trade has decided to impose a safeguard duty on imported monosodium glutamate (MSG), aiming to protect local producers which have been hit by the influx of cheap imports.
With the exception of products from developing countries such as Angola and Myanmar, whose MSG exports account for less than 3% of Vietnam’s total imports, other imports will have to pay an extra tax of around 4.39 million dong ($196) a ton, according to the ministry.
The tariff will be applicable in a year starting March 25, and will decline gradually in the following three years.
European Businesses Invited to Invest in Central Province
Some 40 businesses from the central coastal province of Khanh Hoa and Europe met at a workshop in Nha Trang city on Monday to discuss bilateral economic cooperation opportunities.
Acting Director of the provincial Department of External Relations Nguyen Hoang Long said the event enabled local businesses to welcome a wave of investment from European partners since the EU-Vietnam Free Trade Agreement (EVFTA) was signed in 2015.
He said the Ministry of Foreign Affairs was willing to act as a bridge between the two business communities.
The South Korean multinational technology giant will officially operate its Samsung Electronics HCMC CE Complex (SEHC) in the middle of this year, making Vietnam one of the manufacturing hubs of Samsung-brand TVs and home appliances in the globe.
The complex, whose construction started in the Saigon Hi-Tech Park (SHTP) in May 2015, is at the trial run for commercial operation, the Ministry of Planning and Investment-run Dau Tu (Investment) newspaper reported.
Rosneft Chairman Igor Sechin and PetroVietnam CEO Nguyen Vu Truong Son on March 14 visited a gas drilling platform and an exploration well located offshore Vietnam as the two countries are strengthening cooperation in the energy industry.
Rosneft Vietnam B.V., a subsidiary of Russian state-owned oil company Rosneft, last week started drilling exploration well in in Bloc 6.1. where Rosneft Vietnam B.V. owns 35% of the project and is the operator, ONGC 45% and PetroVietnam 20%.
Apple Inc. has plans to invest up to $1 billion to build an Asia-focused database center in Vietnam, scheduled to operate as a Research & Development (R&D) of the firm, the Dau Tu (Investment) newspaper cited people with knowledge of the matter as saying.
The project is currently at the initial phase and Apple is considering locations for the facility, possibly in Hanoi, the Ministry of Planning and Investment-run newspaper added.
Co. is about to reach an agreement to acquire French retailer Casino Guichard-Perrachon SA’s Big C chain in Vietnam, Bloomberg cited sources with knowledge of the matter as saying.
Aeon has emerged as the leading bidder after submitting an offer that values the business at more than $800 million, according to the sources. While an agreement could be announced as soon as this week, the transaction hasn’t been finalized, and the deal could still fall apart.