HCM City Eyes $9,800 per Capita Income by 2020
Ho Chi Minh City
has set itself a per capita income target of $9,800 by 2020, Le Thanh Liem, deputy chairman of the People’s Committee, said on August 3 at a session of the city’s People’s Council.
The city aims its average annual economic growth of 8%-8.5%, with the services sector contributing roughly 60% of its GRDP by 2020.
Vietnam Cuts Petrol Prices by 600 Dong per Liter
The Ministry of Industry and Trade and the Ministry of Finance have decided to reduce the prices of RON 92 petrol and bio-fuel E5 by 604 dong and 593 dong per liter, respectively, from 3:00 pm on August 4, citing a global downtrend.
It was the fourth fuel price cut after five hikes in a row and the eighth cut since the beginning of this year, according to the Vietnam News Agency (VNA).
Hai Phong Draws $1.83 Billion in FDI
The northern port city of Hai Phong granted licenses to 28 new foreign direct investment (FDI) projects worth $1.83 billion in the first seven months of this year.
Sixteen operational projects in the city increased their investment capital by $140.92 million in the seven-month period.
Malaysia Firms Join Hands with Vietnam Conglomerate for $6 Billion Project
Malaysian investors Pavilion Group and Genting Group have teamed up with Ho Chi Minh City-based Van Thinh Phat Investment Group to develop a park and housing complex in Vietnam’s largest city.
The Saigon Peninsula project will be constructed on an area of 118 hectares in District 7 with a total investment of $6 billion. It will comprise a park, office blocks, high-quality villa and apartment areas, and hotels among other technical infrastructure facilities.
Vietnam to Have Policy on Competition by 2017
Vietnam will build a policy on comprehensive competition by 2017, Director of the Central Institute for Economic Management (CIEM) Nguyen Dinh Cung said at a workshop in Hanoi
on August 3.
According to the expert, national economic growth witnessed a deceleration over the last decade, with average levels of 7.8% in the 1990-2007 period, 6.7% between 2007 and 2012 and about 5.8% from 2012 to now.
Malaysia’s Janakuasa Starts Building $2.2 Billion Power Plant in Vietnam
Janakuasa Sdn Bhd, one of Malaysia's leading power companies, on August 3 started building a $2.2 billion thermal power plant in the southern province of Tra Vinh, according to local media.
The developer will build Duyen Hai No.2 in five years and operate it for 25 years, before transferring it to the Vietnamese government. The plant will have two generators with a combined capacity of 1,200 megawatts.
French Group Wants to Develop Highways in Vietnam
VINCI, a French-based leading global group in infrastructure construction and concessions, hopes to cooperate with the Vietnamese government and partners to develop highway projects in the country, VNA reported.
Fadi Selwan, director of Business Development VINCI Concessions and chairman of VINCI Highways, made the remark at a meeting with Deputy Prime Minister Trinh Dinh Dung in Hanoi on August 3.
Hanoi Calls for Japanese Advanced Technology in Waste Treatment
Hanoi is offering incentives for enterprises, particularly those from Japan, to apply advanced technologies in waste treatment in the capital, Chairman of the municipal People’s Committee Nguyen Duc Chung was quoted by VNA as saying.
At a reception for Nakamuara Tetsunosuke, president of the Vietnam–Japan Friendship Association in Osaka province, Japan on August 3, Chung affirmed that Hanoi is seeking urgent solutions to waste and waste water treatment, one of the key tasks in the next five years.
OCK Group's Vietnam Subsidiary Buying Telco Tower Owner for $50 Million
OCK Group Bhd's 60% owned Vietnam subsidiary is buying Southeast Asia Telecommunications Pte Ltd for $50mil in cash which will boost the number of telco towers it owns.
It said on Thursday that OCK Vietnam Towers Pte Ltd signed a conditional share sale and purchase agreement with Vietnam Infrastructure Ltd to acquire the entire equity interest in Southeast Asia Telecommunications (SEATH).
Mekong Capital announced Thursday its fourth fund Mekong Enterprise Fund III (MEF III) invested in Ho Chi Minh City-based ABA Corporation, marking its second investment since its last funding round.
The Vietnam-focused fund manager, however, did not disclose the deal value.
Seoul-based Woori Bank has received preliminary approval from the State Bank of Vietnam (SBV), the country’s central bank, to establish a wholly-owned subsidiary in the Southeast Asian country.
The Vietnamese banking authority has asked Woori Bank to complete required documents so submit to the governor for approval, SBV said in a statement on its website.