Vietnam's Finance Ministry Proposes Doubling Coal Export Quota
Vietnam's Ministry of Industry and Trade has proposed the central government to double the export quota of coal to four million tons/year for 2017-2020, from two million tons/year set previously.
The increase in the exports will help lower the local producers' soaring stockpile of coal, which is currently at about 12 million tons, the government portal reported Tuesday, quoting Nguyen Khac Tho, deputy director of the ministry's General Department of Energy.
Vietnam Designs Commodity Exchanges
The Vietnam Rubber Group (VRG), the Vietnam National Coffee Corporation (Vinacafe), the Vietnam Commodity Exchange (VNX) and Straits Financial from Singapore have recently signed a memorandum of understanding (MoU) on the cooperation to operate commodity trading floors in Vietnam.
Under the MOU, VNX will be mainly responsible for creating the regulations for the operation of the rubber & coffee trading floor, expected to become operational in October or November, according to VietNamNet.
Dutch Trade Delegation Signs Host of Deals in Vietnam
A Dutch business delegation with executives from 34 companies operating in a wide range of sectors has signed several MoUs related to education, vaccines, agriculture and light industry in HCM City
, a day before leaving for HCM City, the delegation had signed an MoU under which 10 Dutch aviation and airport companies will support the Civil Aviation Administration of Vietnam and Vietnamese airlines, airports and service providers.
WB Aids HCM City to Develop Solar Power
The World Bank has offered help that includes technical assistance, procurement and financing to Ho Chi Minh City in developing rooftop solar power.
The city’s authorities expects to receive the bank’s help in 2017-2018, aiming to raise the share of renewable energy to 1.74% to total power consumption in the city by 2020.
TAL Group’s Apparel Factory in Vietnam Now Operational
Hong Kong-based TAL Group, which has been operating in Vietnam since 2004, has started operating its new garment factory in the northern province of Vinh Phuc.
The new factory has been built at an investment of $50 million and is spread over an eight-hectare area. It is expected to manufacture around 12 million pieces per year, specifically for exports, especially to the U.S.
Ntegrator Secures $15 Million Supply Contract from Viettel
Ntegrator International said on Wednesday that it has secured a $15 million supply contract from Vietnam-based mobile network operator Viettel, according to the Business Times.
The Catalist-listed communications network specialist and systems integrator added that the contract is for the supply of high-performance batteries, which comes under a frame contract entered into between Ntegrator and Vietnam in January 2015, in which Ntegrator was recognized as one of the main suppliers of the Narada brand of batteries to Viettel on an ongoing basis.
FPT to Invest $50 Million to Expand Myanmar Operations
FPT Myanmar Company Limited, a fully owned entity of Vietnamese tech major FPT Corporation, is planning to invest about $50 million in the frontier country in the first phase till 2018, DealStreetAsia reported.
While the focus of the investments would be on the payments space, the firm is also looking at various tech-enabled sectors such as telecom, banking and financial services and e-governance. The firm is also exploring online gaming and e-commerce but those are seen as a longer-term play.
Lotte Scales up Expansion into Vietnam
Lotte Group is actively seeking to strengthen its presence in Vietnamese real estate market, according to Korea Herald.
Lotte Asset Development has announced the acquisition of a 10% stake in Lotte Properties (Hanoi) Singapore for $14.43 million, to develop and manage real estate properties in Hanoi. It already operates Lotte Center Hanoi since 2014, the group’s first overseas complex.
CLMV 8 Summit Looks to Seize Opportunities, Shape Future
The leaders of Cambodia, Laos, Myanmar and Vietnam (CLMV) agreed on an array of cooperation measures towards a seamless connectivity among them at the 8th CLMV Cooperation Summit (CLMV 8) in Hanoi on October 26, the Vietnam News Agency (VNA) reported.
At CLMV 8, themed “Seize Opportunities, Shape the Future”, the participating leaders shared the view that the CLMV countries are holding many big economic development chances which come from the global science-technology revolution, the region’s strong economic integration, and the formation of the ASEAN Economic Community.
Leaders Share Measures for Mekong Region Development
The Mekong region is a dynamic development zone in Asia with some economies posting high growths driven by reforms and international integration, according to VNA.
A World Economic Forum on the Mekong Region held on October 25 in Hanoi gathered opinions from leaders of participating countries and the World Economic Forum to seek to step up the region’s synergy for achieving higher growth.
CJ Subsidiary Builds $31 Million Animal Feed Mill in Ha Nam
CJ Vina Agri Co., Ltd., a subsidiary of South Korea conglomerate CJ Group on October 26 kicked off construction of an animal feed factory in the northern province of Ha Nam.
The factory, CJ Vina Agri’s fifth one in Vietnam, covers 7.5 hectares in the Dong Van II Industrial Park in Duy Tien district. It has a total investment capital of $31 million and a capacity of 330,000 tons per year.
Philips Lighting to Build Smart Lighting System in Binh Duong
The Netherlands’ Philips Lighting will work with the Investment and Industrial Development Corporation (Becamex IDC) to implement a cooperation agreement on sustainable lighting and turn Binh Duong city into a smart city.
Under the agreement, Philips Lighting will install 2,000 sets of energy-efficient LED lights on some streets in Binh Duong, VNA reported.
Vietnam has achieved the 82th position in the World Bank’s Doing Business 2017 ranking, marking a seven-step improvement from last year, as the government strives to make the country’s investment climate more attractive.
In comparison with other regional countries, Vietnam comes after Malaysia (23), Thailand (46) and China (78), but before Indonesia (91), the Philippines (99) and Laos (139).
Vietnam has been voted as the third most attractive destination in the region for Asian companies to expand operations in the coming three to five years, only after Singapore and Japan, according to a recent survey conducted by Singapore-based United Overseas Bank (UOB).
As many as 28% of respondents said they would invest more in Vietnam, below 32% who considered Singapore and 29% who voted for Japan. Meanwhile, just 22% of surveyed enterprises chose China.
The Vietnamese government sourced 611 trillion dong ($27.4 billion) from the state budget to invest in the agriculture and rural development between 2011 and 2015, soaring 83% from the 2006-2010 period.