HCM City Seeks Investors for Metro Project
Ho Chi Minh City is seeking $1.9 billion for the second phase of metro line No. 5, which extends from the new Can Giuoc Bus Station in District 8 to the Bay Hien intersection in Tan Binh district, the Vietnam News Agency (VNA) reported.
Le Nguyen Minh Quang, director of HCM City Management Authority for Urban Railways, said the city would seek investment from many sources, including ODA loans and loans through public-private partnerships.
Vietnam to Apply Online Tax Refund Soon in 13 Cities, Provinces
The online tax refund pilot project would be implemented in 13 municipal taxation departments this year and expanded in 2017, with an aim of reducing negative phenomena in the refund of value added tax (VAT).
“The localities have a large number of tax refund businesses in the country as well as numerous exporters that would be suitable for the pilot implementation of online tax refunds,” said Nguyen Dai Tri, deputy head of the General Department of Taxation under the Finance Ministry.
Japanese SMEs Eye Vietnam Investment
Medium-sized and small enterprises (SMEs) from Japan are set to invest in Vietnam in addition to capital expansion by many Japanese companies already operating in the country, according to VNA.
Abayashi Isao, general secretary of the Japanese Business Association in HCM City, said Vietnam was attractive to Japanese businesses since Vietnamese customers liked their brands.
According to statistics released by the Japan External Trade Organization (Jetro), nearly 70% of Japanese companies would like to increase their investment and expand production in the Southeast Asian country.
Vietnam Expo 2016 to Be Held in HCM City
The 14th Vietnam Expo, which will take place at the Saigon Exhibition and Convention Center in HCM City from November 30 to December 3, is expected to draw the participation of businesses from more than 20 countries and territories, including Indonesia, South Korea, mainland China and Taiwan.
According to the Ministry of Industry and Trade, the event will provide a platform for businesses to meet, expand and promote trade and investment.
Vietnam Consumer Prices Climb 0.48% m/m in November
Vietnam’s consumer price index (CPI) increased 0.48% in November against October, driven by three price hikes of fuels between October 20 and November 19, according to the General Statistics Office (GSO).
The index in November increased 4.5% from December 2015 and 4.52% from a year earlier. Cost of living in Vietnam rose 2.47% year-on-year in the past 11 months.
Industrial Production Grows 7.3% in Jan-Nov
The index of industrial production in Vietnam increased 7.3% year-on-year in the 11 months through November, compared to a 9.9% expansion in the same period last year, official statistics showed.
Vietnam welcomed over nine million foreign visitors between January and November, rising 25.4% against the same period last year, driven by increases in holidaymakers from China, South Korea, New Zealand and Russia, according to official data.
JA Solar Vietnam Company, a subsidiary of JA Solar Hongkong Investment, on November 27 kicked off construction of a solar photovoltaic cell manufacturing plant in the northern province of Bac Ninh.
The firm will pour $320 million in the project in the first three years. Once operational, the plant will have an assembly capacity of 1.5 gigawatts and generate revenue of $500 million per year.
The U.S.-headquartered Las Vegas Sands Corp. (LVS) is planning to develop an integrated resort in Ho Chi Minh City to capitalize on growing foreign arrivals to the country, according to the Vietnam News Agency.
LVS plans to build luxury hotels and Meetings, Incentive, Convention and Exhibition (MICE) facilities that can serve as venues for conferences and exhibitions in the city, LVS’ Managing Director of Global Development George Tanasijevich told municipal government officials at a recent meeting.
Saigon Beer Alcohol Beverage Corp or Sabeco will debut its share listing on the Ho Chi Minh Stock Exchange on December 6, six days sooner than the initial plan, as the government accelerated the sale in brewery assets.
The brewer’s stock will be traded at a starting price of 110,000 dong ($4.88) a share. With 641.28 million shares to be floated, the firm will have a market capitalization of $3.15 billion, making it the fifth largest blue-chip on the exchange after Vinamilk
(VNM), PVGas (GAS), Vietcombank
(VCB) and Vingroup
The government of the Mekong Delta province of Can Tho has decided to scrap a $538-million oil refinery project following the investors’ failure to kick off its construction after eight years of getting the license, according to the Dau Tu newspaper.
The license was initially granted to a venture between the U.S.-based Semtech Limited BVI and Vietnam’s Vien Dong Investment and Trading Company. However, the U.S. partner pulled out in November 2009 due to financial constraints.