Northern Key Economic Region Advised to Enhance Connectivity
The northern key economic region’s socio-economic development is of great significance to the socio-economic development of the Red River Delta and the country as a whole, according to a conference on December 27.
As political, economic, cultural, scientific and technological hub of the entire country, the northern key economic region comprises seven cities and provinces, namely Hanoi, Hung Yen, Hai Phong, Quang Ninh, Hai Duong, Bac Ninh and Vinh Phuc
. It boasts a range of advantages in terms of geographical location and infrastructure systems, enabling it to support other regions’ development.
PM Urges Vinh Phuc to Become Industrial, Service Hub of Northern Region
The northern province of Vinh Phuc should become a development center of the northern region and the whole country regarding industry, service, tourism, innovative ideas, and agricultural renovation, Prime Minister Nguyen Xuan Phuc
During the province’s investment promotion conference on December 27, he urged the locality to invest more in tourism and services as the way to maintain a good living environment for locals.
Future Share Sales Should Avoid Vinamilk Mistakes: Official
Systemic problems in auctioning shares of Vinamilk recently should serve as a lesson for upcoming share sales, the Vietnam News Agency reported, citing Dang Quyet Tien, deputy head of the Ministry of Finance’s Enterprise Finance Department.
Tien attributed the problems to the lack of a clear governmental framework on SOE divestment, especially for foreign investors.
UK and Australia Visa Application Center Opens in Da Nang
The new joint United Kingdom and Australia Visa Application Center has been inaugurated in the central city of Da Nang to help those in central Vietnam apply for UK and Australian visas.
Applicants in central Vietnam no longer have to travel to either Hanoi or Ho Chi Minh City to apply for visas, according to VNA.
Deputy PM Inspects Loss-Making Plants in Hai Phong
Deputy Prime Minister Vuong Dinh Hue made a fact-finding tour to National Chemical Group (Vinachem)’s DAP2 fertilizer company and the PetroVietnam Petrochemical and Textile Fiber Joint Stock Company (PV Tex) in the northern city of Hai Phong on December 27.
They are among the 12 unprofitable projects that are required to be tackled as soon as possible by the National Assembly and Prime Minister.
South Korea’s Solum Vina Opens Factory in Vinh Phuc
South Korea’s Solum Vina Company on December 26 inaugurated its factory at the Ba Thien II Industrial Park (IP) in northern Vinh Phuc province’s Binh Xuyen district, VNA reported.
Covering an area of 40,000 sq.m., the $20 million project produces and outsources electronic spare parts for TVs, computer screens, mobile phones and electronic parts for large companies, such as Samsung, Oppo, Panasonic and Sony. The factory has total capacity of 10 million products per month.
Hanoi’s Industrial Production up 7.1% in 2016
Hanoi’s industrial production increased 7.1% this year compared to 2015, according to the municipal statistics office.
Industrial production in December expanded by 5.5% month-on-month and 9.9% year-on-year.
Tax Authority Promotes National Online Tax Refund
The General Department of Taxation is hastening the implementation of online tax refunds on a national scale, a part of the tax reform effort, to create favorable conditions for businesses, according to VNA.
This is a critical issue as tax reimbursement procedures remained burdensome to firms while the country was striving to improve the business climate following the government’s Resolution 19.
Workshop Aims to Fuel Vietnam-China Economic Cooperation
A workshop chaired by the Vietnamese Foreign Ministry was opened in Hanoi on December 27 with a view to beefing up economic cooperation between Vietnam and China, VNA reported.
It focused on China’s external economic policy; investment, trade and tourism cooperation between the countries’ localities; along with bilateral affiliation within the framework of some regional connectivity initiatives.
Vietnam’s consumer price index (CPI), which measures the cost of living in the country, in December has increased 4.74% from a year earlier, below the parliament-mandated 5% target, official data showed.
The average CPI is estimated to have risen 2.66% this year from 2015, the General Statistics Office (GSO) said in an online report on December 28.
Consecutive natural disasters have caused losses totaling $1.7 billion to Vietnam’s agriculture this year, nearly 1% of its GDP, Prime Minister Nguyen Xuan Phuc said on December 26.
Vietnam’s gross domestic product (GDP) has increased 6.21% this year from 2015, among the fastest paces in Asian but missing the downwardly revised target of between 6.3% and 6.5%, government data has showed.
The quarterly growth rate has been on an upturn toward the year end, with the rate reaching 6.68% in the three months ended December, said Nguyen Bich Lam, head of the General Statistics Office (GSO) at a press briefing on December 28.
Taiwan Paiho Ltd, which manufactures shoelaces and elastic tape, plans to invest $50 million to build a new plant in Vietnam, which is scheduled to start operations in the fourth quarter of next year, to meet the rising demand from global shoemakers.
The Vietnam plant would be operated by Paiho Shih Holdings Corp, Paiho’s subsidiary, would produce mainly jacquard warp-knitted fabrics for global customers, Taipei Times quoted the firm as saying.
NYK Establishes Logistics Company for Finished Cars in Vietnam
NYK has signed a joint-venture agreement with Vietnam Ocean Shipping Agency Corporation (VOSA) to establish NYK Auto Logistics (Vietnam) (NALV), a logistics company for finished cars.
NALV will be owned by NYK (80%) and VOSA (20%) and will offer services for inland logistics such as the storage, delivery, and pre-delivery inspection of imported cars to Vietnam, where sales are strong and increased demand is expected.
Indonesia Initiates an Anti-dumping Investigation of Vietnamese Steel
The Indonesian Anti-Dumping Committee (KADI) has initiated an anti-dumping investigation of relevant color-coated steel sheet imports from China and Vietnam, according to the Vietnam Competition Authority (VCA) under the Ministry of Industry and Trade.
The decision was made following the complaint by PT NS BlueScope Indonesia alleging that repeated illegal trade practices have devastated production and employment and are causing irreparable harm to the Indonesian steel industry. The color-coated steel being investigated have HS codes of 7210.70.10.00, 7212.40.10.00 and 7212.40.20.00.