U.S. Concludes Anti-dumping Probe into Steel Firm in Vietnam
The U.S. Department of Commerce has removed a 24.22% anti-dumping tax currently imposed on steel pipes produced by South Korean-invested SeAH Steel VINA Corporation (SSV) in southern Vietnam.
The department determined that the firm did not sell merchandise in the U.S. at abnormally undervalued prices between February 2014 and August 2015 after SSV provided timely response to inquiries.
VinaCapital Vietnam Opportunity Fund Mulls 20 Exits from Companies
VinaCapital, the Vietnam-focused fund management company with $1.4 billion worth of assets under management, has said it is planning strategic exits for 20 portfolio companies under the Vietnam Opportunity Fund (VOF) over the next three years while continuing to search for new opportunities.
VinaCapital has invested almost $800 million in 92 private equity-related deals, and claims a weighted average gross IRR at over 20% across 40 fully realized deals, according to DealStreetAsia.
Japanese Firms, Big and Small, Keen on Vietnam Business: JCCI
Political stability, high growth and a quality workforce in Vietnam are key reasons extending the Japanese investment wave from big corporations to small firms, a Japan Chamber of Commerce and Industry (JCCI) official said on October 18.
Yoichi Kobayashi, who is chairman of JCCI’s Japan-Mekong Economic Cooperation Committee and is heading a delegation of Japanese businesses visiting Vietnam, made the statement to Prime Minister Nguyen Xuan Phuc
Viettel Targets $1.5 Billion in Revenue from Overseas Markets
Telecom giant Viettel is optimistic about achieving the goal of collecting $1.5 billion from its nine overseas markets in 2016 following positive signals from these markets, local media reported.
At the end of the second quarter, overseas markets brought about $493.8 million, up 13% from last year but equal to just one third of the year target. But a surge in revenues of its Peruvian operation, a two-digit growth in African markets and the stable expansion in the remaining markets justify the corporation’s confidence in meeting its target.
Vietnam, Luxembourg Sign Deal on Securities, Financial Cooperation
The governments of Vietnam and Luxembourg have signed a protocol on a project to support the State Securities Commission in its implementation of the Vietnam Stock Market Development Strategy in 2016-2020, the Vietnam News Agency (VNA) reported.
With three major parts, the project will help the commission to complete the Stock Market Law along with guiding documents. It will also help local lecturers and create an information technology system for better management and protection of investors.
Vietnam Calls on UK to Join Economic Restructuring
Deputy Prime Minister Vuong Dinh Hue has urged UK businesses to get more involved in the reshuffle of financial and banking systems in Vietnam, according to VNA.
The Deputy PM told UK Minister of State for Trade and Investment Mark Ian Price at a meeting in Hanoi on October 19 that Vietnam is accelerating efforts to deal with bad debts and restructure banks and public investment.
Bulgarian Firms Explore Investment Chances in Binh Duong
Bulgarian entrepreneurs visited the southern province of Binh Duong on October 19 to learn about investment opportunities in the province, especially in the Vietnam-Singapore Industrial Park (VSIP).
Bulgarian businesspeople took the occasion to ask about the fields prioritised for investment and business partnership opportunities with VSIP Company. They were also interested in investment attraction policies and relevant procedures in Binh Duong.
IFC Invests $10 Million in Vietnam-based English Training Center
The International Finance Corporation (IFC), the private investment arm of the World Bank, is co-funding $10 million in U.S. Society International English JSC (VUS), a local English training facility, according to DealStreetAsia.
Co-investors include Aureos South-East Asia Fund II (ASEAF II), an IFC investee fund managed by the Abraaj Group, with presence across emerging markets in Asia, Africa, Latin America and the Middle East.
The Vietnamese government aims to achieve an economic growth rate of 6.7% next year, higher than an expansion of 6.3%-6.5% seen this year, although the scope for either monetary or fiscal easing is rather limited.
The figure was announced by Prime Minister Nguyen Xuan Phuc during a report read at the opening of a month-long sitting of the National Assembly on October 20.
The Vietnamese government has finally decided to locate the headquarter the future Vietnam Stock Exchange in the country’s capital city of Hanoi, ending discussions over the past two years, the Saigon Times Online newspaper cited sources as saying.
The decision was made at a Prime Minister Nguyen Xuan Phuc-chaired meeting in Hanoi late on October 19.
Cheng Loong Corp, Taiwan (China)’s biggest industrial papermaker, plans to put a new factory into operation in Vietnam in the first half of 2018, with an annual capacity of 300,000 tons, according to the Taipei Times.
The Taiwanese firm plans to invest $240 million in the factory, which will mainly produce industrial paper for clients in Southeast Asia, the firm’s President Tong-ho Tsai was quoted as saying at an investors’ conference on October 19.