Rent-A-Port Expands Business in Vietnam
Belgium’s Rent-A-Port Green Energy has signed a memorandum of understanding with the Vietnamese Ministry of Agriculture and Rural Development to develop wind and solar driven micro desalination, in a bid to solve the problems of salt water harming rice fields in the Mekong Delta region, the Vietnam News Agency (VNA) reported.
Under the agreement, the Belgian firm and the ministry will set up five demonstration wind-powered water desalination plants, with a total investment of $15 million, which are capable of providing fresh water for at least 200 hectares of rice fields in five locations across the Mekong Delta region.
Vietnam's Leather, Footwear Exports to Reach $26 Billion by 2020: Ministry
Vietnam is targeting to earn between $24 billion and $26 billion from leather and footwear exports by 2020, according to a plan by the Vietnam's Ministry of Industry and Trade.
According to the plan, the sector's annual production value is expected to grow by 11.62% in the 2016-2020 period, 8.87% in the 2021-2025 period and 6.04% in the 2026-2035 period.
Vietnam among Ten Economies with Highest Rate of Female Entrepreneurs
Vietnam ranks 7th among 54 Asian-Pacific economies having the highest rate of female entrepreneurs, above China and the U.S., according to the Index of Women Entrepreneurs 2017 Report released by MasterCard.
In terms of women’s advancement, knowledge assets, and supporting entrepreneurial conditions, Vietnam scored 65 points to rank 19th, higher than expected index scores as it is a lower middle in-come country, the report says.
Saigon Tourist to Unload Stake in Loss-Making Airline
State-owned tour operator Saigon Tourist will auction its entire holding of almost 363,800 shares of loss-making Jetstar Pacific
Airlines Joint Stock Aviation Company this month, an amount equivalent to 1.14% of the budget airline’s capital, VNA reported.
The starting price is set at 15,000 dong ($0.66) a share, just 13.6% of the face value of 110,000 dong for a Jetstar Pacific share. At this price, Saigon Tourist will post a loss of nearly 35 billion dong for this investment.
Vietnam’s Car Sales Jump 52% in March
Nearly 26,900 cars were sold in Vietnam in March, representing an increase of 52% from February, according to a Vietnam Automobile Manufacturers Association (VAMA
Of this figure, there were 16,806 passenger cars, 8,278 commercial cars and 1,789 special-use units, up 67%, 31% and 45%, respectively.
Vietnam Auto Industry Faces Nearing Tax Abolishment Challenge
Vietnam’s auto industry, which has ploddingly developed for the last many years, will face tariff abolishment on products imported from ASEAN nations from January 1 next year, the Saigon Giai Phong newspaper reported.
Once the tax removal comes true next year, the auto industry will not have many opportunities to develop and compete with Southeast Asian countries who have gone before Vietnam by decades in this field.
Uber Gets Green Light to Join New Ridesharing Pilot Program
After entering Vietnam two years and a half, ride-sharing app Uber has been given the green light to run a pilot service program in the country, a movement which the tech company saw as “overcoming huge yet worthwhile challenge”.
Accordingly, the local transportation ministry has approved Uber’s involvement in the country’s so-called “IT application in contracted passenger transportation services” pilot scheme, to which its biggest rival Grab has been admitted.
VPBank to Divest 15% Stake in Private Placement This Year
Hanoi-based lender VPBank is exploring a 15% private placement to both local and international investors in 2017 as part of its plan to increase its charter capital by around 40% to over 14 trillion dong ($616.7 million), according to DealStreetAsia.
The price will be determined by mutual consent through negotiations between the bank and its investors, the bank told existing shareholders during a meeting on April 10. Under the plan, buyers will be required not to sell the shares for at least a year.
Australia, WB partner to Support Vietnam’s Development Agenda
Australian Ambassador Craig Chittick and the World Bank
’s Country Director Ousmane Dione on Monday signed a new five year partnership to continue joint support to Vietnam’s sustainable and inclusive economic reform agenda.
Australia will provide AUD25 million to the World Bank to implement this partnership over the next five years, with a focus on the areas of trade and competitiveness; transport; ethnic minorities; Mekong delta with two crosscutting issues of gender and innovation.
Vietnam’s GDP is likely to grow by 6.1% this year, far below the government-set target of 6.7%, the Vietnam Center for Economic and Policy Research (VEPR) said in a report released on April 10.
After hitting a three-year low growth of 5.1% in the first quarter (Q1) this year, the local economy is forecast to expand 5.7% in Q2, 6.5% in Q3, and 6.6% in Q4, said Nguyen Duc Thanh, director of VEPR.