WB Project Improves Waterway, Inland Transport in Mekong Delta
The Ministry of Transport and the World Bank
(WB) jointly held a workshop to review the completed Mekong Delta transport infrastructure development project (WB5) in Can Tho city on August 10, according to the Vietnam News Agency (VNA).
The WB-funded project has significantly improved the transport connection between urban areas and those where poor and ethnic minority groups are living, as well as between Ho Chi Minh City and provinces in the region, a Vietnam official said.
Finance Ministry Proposes Erasing Tax Debts
The Ministry of Finance has suggested writing off and rescheduling nearly 15 trillion dong ($675 million) of delinquent tax owed by enterprises, in a move to help businesses overcome current difficulties.
There were around 500,000 businesses operating in recently, with 10% of them, which were dissolved, unable to meet payment, and faced bankruptcy not filing for bankruptcy.
Japanese Group Wants to Invest in Vietnam
Japan’s Marubeni Corporation is seeking investment opportunities in coal exports, gas production, renewable energy usage and waste water treatment in Vietnam, according to VNA.
Managing Executive Officer and Regional Chief Executive Officer of ASEAN at the corporation Shoji Kuwayama made the statement at a meeting with President Tran Dai Quang
in Hanoi on August 10.
American University Makes Debut in Da Nang
The American University in Vietnam came into operation in the central city of Da Nang on August 6, the first education institution under the U.S. curriculum in central Vietnam.
The university, which was built on 32 hectares with total investment of 3.2 trillion dong ($142.2 million) in Ngu Hanh Son District, is scheduled to enroll students for 2016-2017 basic training in finance, accounting, marketing, hotel management, tourism, communication and business.
Vietnam PM Okays E-commerce Development Master Plan
Prime Minister Nguyen Xuan Phuc has given the green light to a master plan to develop e-commerce over the period 2016-2020, which will strive to build a network providing e-commerce services in all cities and provinces nationwide in the next four years, VNA reported.
Regarding e-commerce market scale, about 30% of the population are expected to join online shopping by 2020, with the average value of purchased commodities reaching $350 per buyer.
Vietnam Records Car Sales Rebound in July
Car sales in Vietnam in July rose 15% from the previous month and 38% from a year earlier to 28,004 vehicles, recovering from a monthly drop in June, according to Vietnam Automobile Manufacturers’ Association (VAMA).
Nearly 163,870 cars were sold in the first seven months of 2016, rising 32% from a year earlier. Special-purpose vehicles saw the fastest sales growth (49%), followed by commercial cars (36%) and passenger cars (28%).
Vietnam to Launch E-visas in 2017
Vietnam has been working on a scheme to grant electronic visas for foreign visitors next year, said Prime Minister Nguyen Xuan Phuc.
The Vietnamese government has allocated about 200 billion dong (nearly $9 million) to speed up the implementation of the scheme so that e-visa system can be launched on January 1, 2017.
Korean-Vietnam Sausage Deal Delayed
Daesang Corp, a South Korean food-making conglomerate, has yet to complete its acquisition of Vietnamese sausage producer Duc Viet Food JSC, which was rumored to be finished by August 5, VNA reported.
International and local media earlier reported the South Korean food company was set to acquire 99.99% of Duc Viet Food, one of Vietnam’s leading meat processors, for $32 million to make inroads into the Southeast Asian country’s meat processing market with its high growth potential.
The government of Quang Ninh
province has proposed not using Chinese official development assistance (ODA) for the Van Don-Mong Cai road project and calling for domestic investment instead, local media reported.
The refusal came in following a heated debate among government agencies on whether to accept China’s offer to loan $304 million for the 96-kilometer expressway project amid concerns over strings attached.
The Bill & Melinda Gates Foundation Trust has poured another $12.4 million into Vietnam Enterprise Investment Ltd (VEIL) run by Dragon Capital, which focuses on investing in Vietnamese securities.
The Washington-headquartered trusteeship fund acquired an additional 3.5 million fund certificates of VEIL, becoming the largest stakeholder in the latter with an 11.34% stake, according to a notification of the London Stock Exchange.
Cyberattacks cause losses of some eight trillion dong ($358 million) per year to enterprises and institutions in Vietnam as 40% of websites in the country have information security breaches.
Honda Vietnam, a subsidiary of Japanese motor manufacturer, posted a profit of 11 trillion dong ($492 million) in 2015, rising an estimated 10% from a year earlier, according to a prospectus released by state-owned Vietnam Engine & Agricultural Machinery Corporation (VEAM).
The firm raked in revenue of 68 trillion dong ($3.04 billion) last year, marking a year-on-year increase of 12%, while its total assets remained little changed at $1.4 billion.