ThaiGroup Partners with Hyatt to Build Hotel in Hanoi
ThaiGroup, chaired by tycoon Nguyen Duc Thuy, has signed a deal with the U.S.’s Hyatt Hotels Corporation to invest $165 million in building a luxury hotel in Hanoi.
The deal was inked on the sidelines of Prime Minister Nguyen Tan Dung’s visit to Sunnylands, California where he is attending a summit between ASEAN and the U.S.
The new hotel will reportedly be located on the existing Kim Lien Hotel in downtown Hanoi. ThaiGroup spent some one trillion dong (roughly $47 million) to acquire a 52.4% stake of the hotel from State Capital Investment Corporation (SCIC), the government’s investment arm.
Vietnam Dong May Weaken 5% against U.S. Dollar
The Vietnamese dong may fall 4%-5% in value against the U.S. dollar in 2016 as the Fed is expected to hike interest rates further and the Chinese yuan is continue the downtrend, according to Vietcombank Securities (VCBS).
Trinh Quang Anh, director of Maritime Bank’s research center, said the dong would drop by around 4% this year.
Dong Nai Attracts $2.4 Billion FDI in 2015
Vietnam’s southern province of Dong Nai attracted $2.4 billion in foreign direct investment (FDI), up 150% against the set target, thanks to improved infrastructure and administrative procedure reforms.
Most of the new investors come from Japan, South Korea and Taiwan, mainly operating in advanced and environmentally-friendly technologies and support industries, according to the Voice of Vietnam (VOV).
Vingroup Acquires $22.5 Million Land Slot in Sidney
Vietnam-based private real estate conglomerate Vingroup has forayed into the Australian property market with a $22.5-million purchase of land in Sydney’s central business district, according to The Australian.
The Vietnamese property developer will build a hotel complex in the city. It will conduct the sale process through a special purpose vehicle in Hong Kong to buy the site on Clarence Street from Alfasi Group, the report said.
Hoa Binh Corp Gets Green Light for $33 Million Project in Hi-Tech Park
Hoa Binh Construction and Real Estate Corporation (HBC) has won a license to proceed with a project worth 750 billion dong ($33.5 million) in the Saigon Hi-Tech Park (SHTP).
The Hoa Binh Innovation Center, a 16-storey building, will cover an area of 2.5 hectares in the hi-tech park in Ho Chi Minh City. It is slated for completion in 2018.
Once in place, the project will specialize in research and development of information technology, biotechnology, pharmaceuticals, construction and the automobile industry.
Jetro to Continue Supporting HCM City
The Japan External Trade Organization (Jetro) will continue to help Ho Chi Minh City develop supporting industries, Jetro Chief Representative in the city Hirotaka Yasuzumi was quoted by the Vietnam News Agency as saying.
Jetro has organized many business-matching events, exhibitions and others to boost cooperation between Vietnamese and Japanese firms in supporting industries, but few new companies have joined.
Therefore, Jetro would cooperate with Vietnamese ministries, industries and localities to identify new companies that have the capability to cooperate with Japanese firms, he said.
Expats with Degrees exempted from Work Permits in Vietnam
Foreigners with bachelor’s degrees and at least three years of experience working in their respective fields are no longer required to obtain work permits in Viet Nam, according to a decree approved by Prime Minister Nguyen Tan Dung.
Under the new decree which was released on Wednesday, a foreigner who has proved to work as an expert, manager, executive director or technician for foreign enterprises, is also eligible to work in Vietnam without a work permit.
The decree contains implementation guidelines for some items related to the management of foreign employees under the Law on Employment.
Vietnam Central Bank Net Pumps $3.4 Billion in January
The State Bank of Vietnam (SBV
) net injected some 76 trillion dong ($3.4 billion) into the banking system in January, ahead of the Lunar New Year holiday, according to Bao Viet Securities (BVSC).
Liquidity will likely improve after the festivity and the SBV will net withdraw cash from the system, the brokerage added.
The Vietnamese central bank, is building a legal framework for the launch of debt trading services, including debt trading floors, part of larger efforts to accelerate the handling of non-performing loans (NPLs).
According to the draft decree, asset management companies (AMCs) at banks’ helmet could operate as professional debt traders. Under the current legislation, AMCs can purchase debts of other credit institutions only.
Vietnam’s economic growth has signaled tapering off since the fourth quarter of last year and is forecast to stay lower than that in 2015, the Vietnam Financial Supervisory Commission said in its latest report.
The country’s economy is poised to receive a boost from recently-signed free trade agreements, increasing investment from the private and foreign sectors, and continued improvements in the business environment thanks to new legislations, the financial watchdog said.
Vietnam, which has emerged as an important manufacturing hub for the garments sector, has now received a further boost for developing its textile industry, through the free trade agreements recently signed with the European Union and United States, according to the Textile World newswire.
“In the face of these new scenarios, we’re expecting over the medium term a strong boost in demand for textile machinery by Vietnamese textile manufacturers,” said Raffaella Carabelli, president of the Association of Italian Textile Machinery Manufacturers (ACIMIT).