[Round-up] Iran President on Visit to Vietnam, HCM City Wants More Singapore Investments

Tuan Minh

22:49 05/10/2016

BizLIVE - Iranian President Hassan Rouhani on October 5 started a three-day state visit to Vietnam. The top leader of Ho Chi Minh City hopes Singapore will conduct more investment and cooperation projects in the city.

[Round-up] Iran President on Visit to Vietnam, HCM City Wants More Singapore Investments

Iranian President Hassan Rouhani. Photo: en.alalam.ir

Iran President Begins Official Visit to Vietnam
Iranian President Hassan Rouhani on October 5 started a three-day state visit to Vietnam at the invitation of his Vietnamese counterpart Tran Dai Quang, the Vietnam News Agency (VNA) reported.
The visit aims to tighten cooperation between Iran and Vietnam. During the trip, the two sides will compare notes on measures to boost the bilateral collaboration in trade, investment, tourism and agriculture.
China Values Ties with Vietnam: Ambassador
Chinese Ambassador to Vietnam Hong Xiaoyong has affirmed that the Chinese Party, state and people attach importance to ties with Vietnam during a meeting in Hanoi on October 5 with Politburo Member of the Communist Party of Vietnam Dinh The Huynh, according to VNA.
The ambassador expressed desire to maintain high-level exchanges and practical cooperation in all areas, for the healthy and stable development of the bilateral comprehensive strategic cooperative partnership.
Vietnam Seeks Multi-faceted Cooperation with South Africa
Vietnam regards South Africa as its leading partner in Africa and wishes to develop all-round cooperation with the country on par with the “partnership for cooperation and development”, President Tran Dai Quang told visiting South African Vice President Cyril Ramaphosa in Hanoi on October 4.
He called on South Africa to continue backing the candidacy of the Vietnamese Ambassador and the President’s Special Envoy for the post of UNESCO General Director for 2017-2021, as well as the country’s efforts to run for a non-permanent seat at the UN Security Council during the 2020-2021 tenure.
Swedish Firms Aim to Increase Investment in Vietnam
Swedish businesses will expand their investment in Vietnam as the EU-Vietnam Free Trade Agreement (EVFTA) enters into force, Swedish Minister for EU Affairs and Trade Ann Linde told Deputy Minister of Industry and Trade Do Thang Hai in Hanoi on October 5, according to VNA.
She revealed that her government passed an ambitious export strategy to boost trade and participation of Swedish companies in the global economy. Bilateral trade with and investment in Southeast Asia, including Vietnam, is an important part of the strategy.
WB Helps Build $14.5-Million Environment Data Center in Mekong Delta
The World Bank will provide Vietnam with $13.8 million in official development assistance (ODA) loan to build a $14.5 million database serving climate change adaptation in the Mekong Delta region.
The regional data center will collect, integrate, analyze and store data on natural resources and environment, thus providing reliable climate change-related information for the building of sustainable development plans in the region.
Vietnam-EAEU FTA Takes Effect
Ambassadors of member countries of the Eurasia Economic Union (EAEU) have pinned high hope on trade and investment ties between EAEU and Vietnam as their free trade agreement took effect on October 5.
The pact was inked in Burabay, Kazakhstan, on May 29, 2015 by Vietnam and the EAEU members, namely Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan.
Vietnam Motor Show 2016 Opens in Hanoi
The Vietnam Motor Show (VMS) 2016 opened on October 5 in Hanoi, showcasing more than 100 car models by 13 domestic automobile makers, including Chevrolet, Ford, Honda and Toyota.
Along with models present in Vietnam for the first time, more than 80 booths at the event also introduced accessories and spare parts from support industry firms, as well as products of insurance enterprises and banks.
France’s VINCE Eyes Investment in HCM City’s Infrastructure
French-based VINCI Construction has shown interest in investing in infrastructure development in Ho Chi Minh City, particularly in building metros and flooding prevention works as well as turning waste into energy.
The company is also interested in housing development and the construction of high-rises, VINCI Construction Chairman Jerome Stubler told HCM City People’s Committee Nguyen Thanh Phong on Oct. 5.
Singapore Urged to Increase Investment in HCM City
Ho Chi Minh City hopes Singapore will conduct more investment and cooperation projects in the city, Secretary of the municipal Party Committee Dinh La Thang told Singaporean Ambassador to Vietnam Catherine Wong Siow Ping in the city on October 4.
Thang said he hopes Singapore will continue to share its development experience with the city and affirmed local authorities will further improve the business environment for foreign investors, including those from Singapore.
Vietnam to Issue Extra $1.4 Billion in G-bonds in Q4
The State Treasury of Vietnam has announced a plan to issue an additional 31 trillion dong ($1.4 billion) worth of government bonds in the fourth quarter of this year, bringing the whole-year volume to 281 trillion dong ($12.6 billion), 27.7% higher than the initial figure.
The World Bank (WB) has retained its 2016 economic growth forecast for Vietnam at 6.0%, lower than the government’s revised target of 6.3%-6.5%, while urging faster implementation of structural reforms to boost productivity.
“Amidst slower global growth, Vietnam’s economy has proven resilient. Economic activity in Vietnam moderated somewhat in the first three quarters of 2016, due to the impact of a severe drought on agricultural production and slower industrial growth.
But macroeconomic stability has been maintained and inflationary pressures remain subdued,” the bank said in its East Asia and Pacific Update released Wednesday.
VinaCapital Group, among the largest asset management companies in Vietnam, plans to launch a private equity (PE) fund that will have a size of over $200 million early next year, DealStreetAsia cited the firm’s Managing Director and Chief Investment Officer as saying.
“$200 million is quite doable. It depends on our ability to deploy money in two to three years. If the money comes in too much and we cannot deploy it in that period, that is not good,” Andy Ho said on the sidelines of DealStreetAsia’s Asia PE-VC Summit held in Singapore last week.
Foreign electronics giants have been scaling up their presence in Vietnam over the past decade, turning the Southeast Asian country into a global manufacturing hub, while local peers are struggling to stay afloat.