CJ Group Invests in Chilli Plantation in Vietnam
South Korea’s CJ Group will spend $2.1 million to grow chilli on an area of 10 hectares in the southern province of Ninh Thuan after successfully conducting a pilot project for six months in the locality, the Vietnam News Agency (VNA) reported.
Besides supplying varieties of chilli and fertilizers, CJ Group will send its experts to assist Ninh Thuan farmers in farming and caring techniques, Chang Bok Shang, CEO of CJ Group Vietnam, told the press, adding that his company is expected to harvest some 200 tons of fresh chilli annually.
Hong Kong Businesses Look to Invest in Binh Duong
A delegation of representatives from dozens of Hong Kong companies made a field trip to the southern province of Binh Duong on June 25 to learn about the local investment climate, VNA reported.
Vietnam’s signing of the Trans-Pacific Partnership has opened up opportunities for investors, while Hong Kong is working to secure trade agreements with ASEAN member states. In other words, Hong Kong Trade Development Council considers Vietnam a priority market, said HKTDC Executive Director Margaret Fong.
Vietnam Needs $2.8 Billion to Build Power Grids in Southern Region
Southern Power Corporation under Electricity of Vietnam (EVN) needs over 62 trillion dong ($2.76 billion) to carry out nine power transmission projects in the southern region and fulfill its rural electrification targets in the 2016-2020 period.
Nguyen Phuoc Duc, deputy director of the corporation, said the money will be sourced from the State budget, official development assistance (ODA
) loans, domestic commercial lending, domestic preferential loans and advances from customers.
Foreign Biz to Attend Vietfood & Beverage-ProPack Expo
New and well-known enterprises from all around the world will gather at the Vietfood and Beverage - ProPack international exhibition, to be held from August 10-13 in HCM City.
The main purpose is to promote trade and bring about value to both suppliers and consumers. Small-sized enterprises will enjoy the chance to introduce their latest products, seek potential customers and analyze responses from customers and giants in the industry.
Ministry Warns about Imbalanced Development in Property Market
The Ministry of Construction’s Department of Housing and Real Estate Market Management has rung alarm bells about the potential imbalanced development in supply and demand in the realty market.
According to the department, the domestic property market might see a shortage of mid-tier housing supply, and abundant supply in the high-end segment in late 2016.
Drought Causes $215 Million Losses to Mekong Delta
The Mekong Delta suffered losses worth more than 4.7 trillion dong ($215 million) due to the severe and prolonged drought and saltwater intrusion, VNA reported, citing the Southwest Region Steering Committee.
More than 221,000 hectares (ha) of rice, 6,500ha of vegetables, and 26,500ha of fruits and industrial trees were affected and paddy grown on 128,205ha was completely destroyed.
Finance Ministry Drafts Preferential Income Tax for SMEs, Startups
The Vietnamese Ministry of Finance is drafting a proposal on lowering corporate income tax for small and medium-sized enterprises (SMEs) and startups in the next five years, part of the government’s efforts to boost Resolution 35 on supporting and developing enterprises until 2020.
The ministry will propose two levels of corporate income tax --17% and 15% -- which will be imposed on SMEs from January 1, 2016, to 2020. The current level is 20%.
Vietnam Shares Rebound on Foreign Buying, Bottom-Fishing
Vietnamese stocks listed on the Hochiminh Stock Exchange (HOSE) bounced back 0.08% to 621.27 on June 27 as foreign bought in energy blue-chips including PV Gas (GAS) and PV Drilling, and Japanese bourses went up after a crash on June 24 following Brexit news.
The rebound was also driven by local buying in dips of battered stocks.
Foreign direct investment (FDI
) pledges of Japanese companies in Vietnam have increased to $1.23 billion in the first six months of this year, making the country the second largest investor in the period, up from the fifth position a month earlier, official data showed.
South Korea remains at the top with $3.99 billion, making up 38.2% of total FDI in the period, the Foreign Investment Agency (FIA
) under the Ministry of Planning and Investment said Monday.
Vietnam’s Ministry of Natural Resources and Environment (MoNRE) has decided to carry out an interdisciplinary inspection of a Chinese paper manufacturing plant on the bank of the Hau river in the southern province of Hau Giang following local media reports on possible environmental damage to the river.
The check will begin on July 1at Lee&Man Vietnam Paper Manufacturing Company, whose paper project Minister Tran Hong Ha reckons can potentially put the environment in danger if the investor fails to strictly comply with regulations on environmental protection, the ministry said on its website on June 26.
Mr. Katsuro NAGAI, minister, chief of the Economic Section of the Embassy of Japan in Vietnam, talks to BizLIVE on Japanese investment, ODA and Prime Minister Nguyen Xuan Phuc’s recent visit to the Northeast Asian country.