[Round-up] Legislators Elect High-ranking Officials, Bank Cross Ownership Persists

Tuan Minh

17:53 27/07/2016

BizLIVE - Vietnamese legislators cast secret ballots to elect the vice state president, chief judge of the Supreme People’s Court and prosecutor general of the Supreme People’s Procuracy today. Cross holdings in the Vietnamese banking system persist even five months after the deadline set by the central bank.

[Round-up] Legislators Elect High-ranking Officials, Bank Cross Ownership Persists

Vice President Dang Thi Ngoc Thinh (M), Chief Judge Nguyen Hoa Binh (R) and Prosecutor General Le Minh Tri (L) (Source: VNA)

Legislators Elect High-ranking Officials
Vietnamese legislators cast secret ballots to elect the vice state president, chief judge of the Supreme People’s Court and prosecutor general of the Supreme People’s Procuracy in Hanoi on July 27, the sixth working day of the 14th National Assembly’s first session.
Hanoi to Host Vietnam Motor Show 2016 in October
The Vietnam Automobile Manufacturers Association (VAMA) will hold Vietnam Motor Show 2016, themed “Accelerate to Celebrate”, at the International Exhibition Center, Hanoi from October 5 to 9 this year, after three consecutive events held in HCM City.
At the exhibition, 11 VAMA members with 13 car brands will showcase their latest products and hope to bring a change to the domestic automobile industry, according to a VAMA press release.
Japanese Firm Explores Investment Opportunities in Ha Nam
A delegation from Japan’s Oates Chemical Company had a working session with Ha Nam authorities on July 26 to explore the investment climate in the northern province, the Vietnam News Agency (VNA) reported.
The company has four factories in Japan and plans to expand its production of rubber components to Vietnam, Director Goda Kengo said, adding that Ha Nam boasts good policy to attract investment, especially from Japanese businesses.
Recovery of Property Market Polishes Real Estate Shares
The recovery in the property market has made the stocks of real estate companies more attractive, Le Hoang Lan Nhu Ngoc of CBRE Vietnam was quoted by VNA as saying.
Trading in real estate stocks has shot up in the last month, with the volume reaching a total of 1.1 billion shares, while their prices have risen by 4.2%, said Dang Tran Hai Dang, deputy director of VietinBank Securities’ Research Center.
Vietnam Needs Greater Efforts to Maintain Exports to France
Vietnam’s export to France has been on a steady increase from the beginning of this year. However, with Britain’s exit from the EU, France is likely to face difficulties and thus reduce imports, including those from Vietnam.
To maintain export growth in France, domestic businesses must improve their product quality in order to meet this market’s strict regulations, according to the Ministry of Industry and Trade.
Hyosung to Open New Nylon Production Facility in Vietnam
The Korean multinational conglomerate Hyosung is planning to open a new Mipan nylon manufacturing facility in Vietnam, in the same vicinity as Hyosung’s Creora spandex and tire core factories.
As sourcing from Vietnam continues to be important to brands and retailers, we wanted to provide expanded product offerings as we already produce Creora spandex in Vietnam, said Ria Stern, Hyosung Textiles global marketing director.
HCM City Seeks Green Light for Major PPP Projects
The Ho Minh City People’s Committee has submitted for government approval a list of priority transportation and sanitation investment projects that will be developed in the Public Private Partnership (PPP) format between 2016 and 2020, according to VNA.
All eligible projects will have a combined investment of about 137 trillion dong ($6.1 billion), of which 38 trillion dong ($1.69 billion) is expected to come from the state budget.
Bank Cross Ownership Persists in Vietnam
Five months after the deadline set by the State Bank of Vietnam (SBV) for resolving cross ownership in the banking system, the problem persists because of, bankers say, low share valuations.
In 2014, SBV announced that by February 01, 2016, commercial banks with stakes in more than two other credit institutions, or holding 5% of stakes in a credit institution, have to reduce them to less than 5%.
Mitsubishi Corp. is partnering with Ho Chi Minh City-based Bitexco Group to develop up to 8,700 middle-income residences on the outskirts of the capital city of Hanoi, Vietnam, where the wealthy and middle class is growing fast, Nikkei Asia Review reported Wednesday.
According to their joint plan, 17 high-rises containing about 7,700 condominium units and 1,000 units in low-rises will be built at an estimated cost of roughly 200 billion yen ($1.9 billion).
Vietnam’s gross domestic product (GDP) is expected to grow 6.14% in the third quarter (Q3) of this year as the government moves to reduce red tape for businesses and encourage entrepreneurship, according to the Central Institute for Economic Management (CIEM).
The country’s exports are likely to expand 6.8%, consumer prices are forecast to increase 1.31% and a trade deficit is seen at $0.4 billion in Q3, CIEM said in a report released Tuesday.
Actual foreign direct investment (FDI) in Vietnam reached $8.55 billion in the first seven months of this year, representing a year-on-year increase of 15.5%, according to data of the Ministry of Planning and Investment (MPI).
FDI pledges outpaced in the period with a growth rate of 46.9%, hitting $12.94 billion.