[Round-up] Japan-Korea Consortium to Build $2.3 Billion Power Plant, Woori Bank Launches Vietnam Unit

Tuan Minh

05:41 10/11/2016

BizLIVE - Japan’s Marubeni Company and South Korea’s KEPCO Company will build the Nghi Son 2 thermal power plant at a cost of $2.3 billion under the BOT format. Woori Bank has officially set up a banking unit in Vietnam.

[Round-up] Japan-Korea Consortium to Build $2.3 Billion Power Plant, Woori Bank Launches  Vietnam Unit

Woori Bank has officially set up a banking unit in Vietnam.

HCM City, Japan’s Shiga Prefecture Foster Links
Ho Chi Minh City wishes to boost cooperation with Japan’s Shiga prefecture, particularly in water reuse management technology and hi-tech agricultural production, said Vice Chairman of the municipal People’s Committee Huynh Cach Mang during a reception for Shiga Governor Taizo Mikazuki on November 9.
Shiga’s enterprises want to share experience and technology with HCM City in the fields of the city’s concern such as water resources management and hi-tech agriculture, said the governor.
Vietnam President to Visit Cuba, Attend APEC High-level Week in Peru
Vietnamese President Tran Dai Quang will pay an official visit to Cuba from November 15-17 and attend the 24th High-level Week of the Asia-Pacific Economic Cooperation (APEC) Forum in Lima, Peru, from November 17 to 20.
Woori Bank Launches 6th Foreign-owned Bank in Vietnam
South Korea’s Woori Bank, which has been operating transaction offices in Hanoi and HCM City since 1997 and 2005, respectively, has officially set up a banking unit in Vietnam, the sixth wholly foreign-owned bank in the Southeast Asian country.
Speaking at the launching ceremony on November 8, the bank’s representatives said with the launch, Woori Bank will boost the retail business and target becoming the top foreign credit bank in the Vietnamese market.
Workshop Seeks to Boost Exports to China
A workshop was held in Hanoi on November 9 to promote exports to China and draw Chinese investment into Vietnam, the Vietnam News Agency (VNA) reported.
The workshop updated domestic exporters on information on China’s markets as well as business opportunities, according to Deputy Director of the Vietnam Trade Promotion Agency (Vietrade) Do Kim Lang.
Vietnam Int’l Jewelry Fair Opens in Ho Chi Minh City
The Vietnam International Jewelry Fair, the 25th of its kind, opened in Ho Chi Minh City on November 9 with nearly 200 stalls, up 10% from 2015, according to VNA.
More than 70% of the exhibitors are major domestic brands from Hanoi, Hai Phong, Vinh Phuc and Tay Ninh while the remaining are from Italy, Turkey, Thailand, India and Hong Kong.
Food & Drink Fair Opens in Hanoi
The Vietfood & Beverage – ProPack Fair opened on November 9 in Hanoi, drawing the participation of 180 enterprises from 11 countries and territories, offering a good chance for local producers to expand markets and boost exports while helping foreign ones seek their distributors in Vietnam.
The event, which will run until November 12, features 200 booths of enterprises from South Korea, Thailand, Malaysia, Italia, Denmark, Spain, and China.
Japan-Korea Consortium to Build $2.3 Billion Power Plant in Vietnam
The Ministry of Industry and Trade on November 8 signed an agreement with Japan’s Marubeni Company and South Korea’s KEPCO Company for the Nghi Son 2 Build-Operate-Transfer (BOT) thermal power plant that will cost $2.3 billion.
The two-turbine project with total capacity of 1,200MW was approved by the Vietnamese government, who selected the two companies as investors under BOT following a public international auction.
U.S. Launches Antidumping Investigation on Vietnamese Steel
The U.S. Department of Commerce (DOC) has decided to carry out antidumping duty and countervailing duty investigations on imports of corrosion-resistant carbon steel pipe from Vietnam, VNA reported.
According to the Department of Competition Management under the Ministry of Industry and Trade, a number of U.S. steel enterprises petitioned the DOC to launch the investigations.
The Vietnamese National Assembly, the country’s supreme legislative body has approved a national economic restructuring plan for 2016-2020 under which many critical financial indicators will be brought down to ensure a sustainable growth path after years of
The legislators on November 8 voted to lower the country’s budget deficit to 3.5% of GDP by 2020, against above 5% over the past few years.
Vietnamese shares were heading south on Wednesday morning, tracking losses in major bourses across the globe, as traders were jittery about Republican candidate Donald Trump would win the U.S. presidency.
The benchmark VN Index of the Ho Chi Minh Stock Exchange dipped 1.25% to 668 at 11:30 Hanoi time, dragged down by the largest blue chips such as Vinamilk (VNM), constructor ROS, real estate developer Vingroup (VIC), and insurer Baoviet Holdings (BVH).
Vietnam’s National Assembly, the country’s parliament, has agreed to increase the government debt limit as per GDP to 54% for the 2016-2020 period from 50% in the previous quinquennial period, as the figure is projected to reach 53.2% this year.
Irish wind and solar company Mainstream Renewable Power has clinched agreements with Vietnamese partners to build and operate three wind power projects in Vietnam with a total investment of $2.2 billion, as the Southeast Asian country looks to reduce reliance on fossils.
The deals were signed earlier this week in the presence of Irish President Michael Higgins, who started a visit to Vietnam on November 6.

TUAN MINH