WB Lends Vietnam $150 Million to Improve Land Management
The World Bank has approved a $150-million credit for the Vietnam Improved Land Governance and Database Project, in a move to help Vietnam improve efficiency and transparency in land administration services.
The project is designed with an emphasis on building sustainable databases that are accurate, user-friendly, and accessible through a gradual approach to developing Land Information Systems and land databases.
Vietnam’s Textile Exports Slow in H1 as Buyers Shift Order
Vietnam's exports of textiles and garment products increased 5.1% to $10.7 billion in the first six months of this year, the slowest pace since 2010, which industry insiders attribute to the rise of new suppliers in the global market.
Buyers are not cutting back purchases altogether but they are increasingly turning toward other suppliers such as Bangladesh, Cambodia, Laos and Myanmar for lower import tariffs and thus lower prices, local media reported, citing industry insiders, according to Thanh Nien and Dau Tu newspapers.
Gold Prices in Vietnam Drop off Three-year High after Central Bank’s Assurance
SJC-brand gold prices in Vietnam have dropped around two million dong ($88.9) per tael (1 tael = 37.5 grams) to 36.5 million dong-37.5 million dong ($1,622-1,667) for buying and selling on Thursday afternoon after reaching a three-year high one day earlier.
A State Bank of Vietnam official ascribed to surge in gold prices at home to investors’ defensive sentiment against impacts of Brexit, and pledged that the central bank would intervene to stabilize the gold market when necessary.
Indian Engineering Firm Wants to Enter Vietnam
Sonal Tyagi, general manager of International Business at Escorts – India’s leading engineering group operating in agriculture and construction machines – has expressed his wish to build tractor manufacturing facilities in Vietnam and transfer technology to Vietnamese partners.
During a working session with a delegation from the Vietnamese embassy’s Trade Office in India, Tyagi hoped that Vietnam could become a center of manufacturing tractors for domestic use and export to third countries, particularly ASEAN member states, the Vietnam News Agency (VNA) reported.
China Airline Launches Route Connecting Phu Quoc with Guangzhou
China Southern Airlines on July 6 launched a direct air route connecting Phu Quoc island offshore the southern province of Kien Giang and China’s Guangzhou
More directs flights between Phu Quoc and China’s localities are scheduled to start in July. Vietnam’s low-cost airline VietJet Air will open its service from Phu Quoc to China’s Kunming, while China Eastern Airlines will operate another air route from Zhejiang to Vietnam’s largest island, according to VNA.
Vietnam Seafood Exports to UK to Face Headwinds from Brexit
Britain’s exit from the European Union (EU), or Brexit, may affect the competitiveness of seafood products exported to the UK in terms of price, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).
Vo Van Phuc, Director of Vietnam Clean Seafood Corporation, said that there will be difficulties in seafood exports to both the UK and the EU as Brexit causes devaluation of the British pound and the euro.
Vinh Phuc Province Pledges Maximal Support for Japanese Investors
The authorities of Vinh Phuc province assured Japanese businesses of maximum support for them at a meeting on July 6, held by the provincial People’s Committee, the Vietnam Chamber of Commerce and Industry (VCCI) and the Japanese Embassy in Vietnam.
Chairman of the provincial People’s Committee Nguyen Van Tri promised continued efforts to improve local investment climate, develop infrastructure and skilled manpower, and timely deal with Japanese firms’ requests and administrative procedures.
Vietnam Licenses 795 Foreign Securities Traders in H1
The Vietnam Securities Depository granted licenses to 129 foreign institutions and individuals, including 34 institutions, to trade local stocks in the first six months of this year, bringing the number of foreign traders in Vietnam to 19,278 to date.
MetLife Appoints Gaurav Sharma as Vietnam CEO
MetLife has announced the appointment of Gaurav Sharma as Country CEO for its Vietnam business, BIDV MetLife Life Insurance Limited Liability Company or BIDV MetLife.
Vietnam’s economic growth has yet to escape a short-term downward cycle that started in the third quarter of 2015 and is not likely to bottom out this year although, the National Financial Supervisory Commission (NFSC) has said in a report.
In the long run, Vietnam’s economy will remain on a positive track thanks to efforts to reform institutions and improve the business environment that will lead to enhanced national competitiveness, government-run NFSC has said in a monthly report.
Moody’s Investors Service has assigned local and foreign currency issuer and deposit ratings of ‘B3/NP’ to Vietnam Maritime Commercial Joint Stock Bank (MSB) for the first time with a Positive outlook.
A standalone baseline credit assessment (BCA) of ‘caa1’ and an adjusted BCA of ‘caa1’ have been given to the Vietnamese bank, the rating agency said in a note Thursday.
Total revenues of hotels in Vietnam reached 338 trillion dong ($15 billion) in 2015, rising from $10.75 billion in 2014, as domestic travelers jumped nearly 50% year-on-year to 57 million, according to a hotel survey by Grant Thornton Vietnam.
Overseas property developers have been increasingly involved in mergers and acquisitions (M&As) of landmark buildings and projects in Ho Chi Minh City
, the main engine of Vietnam’s economy, amid loosened regulations on foreign ownership and rising demand for housing of all segments.