Singapore Restaurant Group Jumbo to Open Restaurants in Vietnam
Home-grown restaurant chain Jumbo Group announced on Jan. 3 that it has inked a franchise agreement with Vietnam's Nova Bac Nam 79 Joint Stock Company to operate Jumbo Seafood restaurants in Ho Chi Minh City
and Da Nang
The first Jumbo Seafood restaurant in Vietnam is expected to open in Ho Chi Minh City in the middle of 2017, and there are also plans to open two other outlets, in Ho Chi Minh City and Da Nang, over the next two years.
Tough Competition Prompts Vietnamese Lotteries to Raise Prizes
In an effort to compete with the emerging American-style jackpot offered by Vietlott in the country, traditional lottery companies in Vietnam’s south have increased their top prizes by a third.
Starting January 1, members of the Southern Lottery Council raised their top prizes to by 33% to two billion dong (nearly $86,100). The increase was based on a decision made by the council, which represents 21 small Vietnamese lotteries, in October.
Spain’s PSH Group Win OK for Amusement Park Project in Thua Thien Hue
Spain’s PSH Group on December 28 received approval from the People’s Committee of Thua Thien-Hue to develop Hue Amusement & Beach Park in two communes of Phu Vang district at an estimated cost of $47.5 million.
The project will be deployed on an area of 49.5 hectares in the second quarter of 2017. The project is going to start operations in the second quarter of 2019 and is expected to make the city more attractive to tourists by providing a wide range of entertainment options.
Vietnam Licenses 513 Foreign Institutions, Individuals to Trade Shares in Q4
The Vietnam Securities Depository granted licenses to 418 foreign individuals and 95 overseas institutions to trade local securities in the fourth quarter of 2016.
As many as 3,152 institutional investors and 17,107 individual traders are participating in Vietnam’s stock market to date.
Vietnam Delays Airport Slots Plan until after Locals-In-Casinos Trial
PM Nguyen Xuan Phuc has reached agreement with the Ministry of Finance to put the airport slots plan on hold until the government can gauge the results of its three-year trial of allowing local residents to gamble at two in-development Vietnamese integrated resorts, according to Yogonet.
Gaming industry observer and professor Augustine Ha Ton Vinh told Yogonet that PM Nguyen Xuan Phuc decided on December 30 to delay such projects meaning that only two casinos will be operating at the Van Don and the Phu Quoc areas with local Vietnamese allowed to gamble there.
State Bank Works to Ensure Stable Exchange Rate
The State Bank of Vietnam (SBV) will keep a close watch on the developments of the domestic and global economies to work out measures to ensure stable exchange rate management in 2017, SBV Deputy Governor Nguyen Thi Hong said at a press conference in Hanoi on January 4.
She added that the exchange rate and foreign exchange market in 2016 were quite stable despite pressure from unpredictable fluctuations in the global market.
Japanese Consumer Product Fair Opens in Hanoi
The Japan Branding Consumer Product Outlet Fair, organized by the Japan External Trade Organization (JETRO) and the Vietnam National Trade Fair and Advertising Company (Vinexad), kicked off in Hanoi on January 5 and will last through January 8, the Vietnam News Agency (VNA) reported.
Nearly 100 pavilions have been set up selling various kinds of products such as household utensils, garment, jeweler and healthcare and beauty care goods, decorations and souvenirs, and electric equipment.
Vietnam Spends $2.3 Billion on Car Import
Vietnam imported 115,000 vehicles worth $2.3 billion last year, down 8.5% in number and 22.1% in value from 2015, according to the General Statistics Office.
An estimated 16,000 vehicles worth $227 million were imported in December, compared to respective 12,000 and $190 million in November.
Masan Consumer Ends Flat on Debut Day
Shares of food processor Masan Consumer Corporation ended flat at 90,000 dong ($3.96) apiece on its debut day on the UPCom on Thursday.
The shares hit the intraday high of 126,000 but then fell after news that the Ministry of Health will carry out a comprehensive inspection at Masan this year.
EVN Invests Nearly $6 Billion in Power Projects in 2016
Electricity of Vietnam (EVN) said it channeled more than 134.85 trillion dong (nearly $6 billion) into boosting the national grid capacity last year. The figure was 1.8% higher than the investment sum the group planned for 2016 and was equal to 9% of total social investment of the entire nation, according to VNA.
During the year, EVN put into operation five turbines at Lai Chau and Huoi Quang hydropower plants as well as Duyen Hai thermo-power plant with combined capacity reaching 2,305 MW.
Samsung Display Vietnam Company has announced a plan to pour another $2.5 billion into its existing project in the northern province of Bac Ninh as the South Korean electronics giants seeks to tap the low labor cost in the country.
The investment will be carried out in five years starting 2018, bringing the sum to be invested in this project to $6.5 billion, the Ministry of Planning and Investment-run Dau Tu newspaper reported.
Vietnamese companies having shares traded on the Unlisted Public Company Market (UPCoM), a secondary market run by the Hanoi Stock Exchange, had market capitalization of a combined 313.4 trillion dong ($13.8 billion) as of December 30, 2016, up 420% year-on-year.
The Vietnamese government has released a portfolio of state-run enterprises where it will keep full ownership and those in which it will reduce stakes in the 2016-2020 period in a move to boost participation of investors in the privatization process.
According to a prime ministerial decision, the government will retain full ownership in state-owned enterprises (SOEs) operating in 11 sectors that are vital to the country's political, economic and military policies.