[Round-up] Mitsubishi Eyes Electric Car Factory in Vietnam, Hanoi to Ban Carpooling Services

Tuan Minh

22:56 19/07/2017

BizLIVE - Mitsubishi Motors plans to partner with Nissan to produce electric cars using advanced technology in Vietnam. The Hanoi government has asked the municipal transport department to ban carpooling services for contracted cars.

[Round-up] Mitsubishi Eyes Electric Car Factory in Vietnam, Hanoi to Ban Carpooling Services

Mitsubishi's first generation electric kei-car the i-MiEV. Photo: electric-vehiclenews.com

PM Pushes SBV to Achieve Robust Growth Target
Prime Minister Nguyen Xuan Phuc has urged the State Bank of Vietnam (SBV) to take more comprehensive and bold measures to boost credit growth and reduce interest rates, in a bid help achieve the 6.7% economic growth targeted for this year.
Besides meeting the credit growth target of 18% in 2017, the PM has required the SBV to better direct loans flowing into production, business and infrastructure to support firms.
SBV Hikes Int’l Reserves
The SBV unexpectedly resumed the issue of central bank bills worth eight trillion dong ($352.4 million) this week, a move aimed at increasing the nation’s foreign exchange reserves. The last time the bank issued bills was on March 3, the Vietnam News Agency (VNA) reported.
According to industry insiders, the SBV made the move as commercial banks did not sell the U.S. dollar to the central bank although they bought a large quantity of the greenback from individuals and institutions.
Pork Prices Rebound on New Stimulus Program
Pork prices have risen recently following programs to stimulate demand and to control the number of pigs raised by farmers, according to the Ministry of Agriculture and Rural Development, according to VNA.
Nguyen Xuan Duong, deputy head of the ministry’s Department of Livestock Production, said that a rise in exports to other countries, especially China, had helped raise prices.
Mitsubishi to Build Electric Car Factory in Vietnam
Mitsubishi Motors plans to partner with Nissan to produce electric cars using advanced technology in Vietnam, CEO Osamu Masuko told PM Nguyen Xuan Phuc on Tuesday.
The car would be suitable for the Vietnamese market as its goal was efficient use of energy and environment protection, said Masuko said, adding the alliance is studying a location in Vietnam to set up an automobile manufacturing factory.
Cyber Attacks Push Vietnam Lower in World Cyber Security Index
Vietnam has been ranked 101 out of 193 countries with a score of 0.245 in the Global Cybersecurity Index 2017.
The country fell 25 places due to cyber attacks on the country’s airlines last year and the widespread Wannacry ransomware infections in May this year.
Vietnam’s Packaging and Printing Sector on the Rise
The packaging industry for processed food in Vietnam will grow by 38% between 2015 and 2020, while the demand for machinery and materials will also increase by 25%, according to VNA.
The prediction was made by the German Engineering Federation in a technical seminar for the packaging and printing industries held in Hanoi on Wednesday.
JICA Helps Build Saline Water Control System in Ben Tre
The Japan International Cooperation Agency (JICA) on Tuesday signed an agreement with the Vietnamese government to provide loans of up to 24.2 billion yen ($216 million) for a water management project in the Mekong River Delta region.
A Japanese ODA package will help install a system to control saline water intrusion in the southern province of Ben Tre, a region that suffers severe saline damage.
Vietnam Records Whopping Rise in Steel Imports from India
Vietnam imported 812,000 tons of steel worth $422 million from India in the first half of this year, representing a rise of more than 20 times in volume and 13 times in value over the same period last year, according to customs data.
The huge increase in steel imports from India was attributed to low prices. Average price of steel from India was $519 per ton, $44 lower than China’s, and $61.6 lower than the average steel import price to Vietnam.
Hanoi to Ban Carpooling Services
The Hanoi’s People Committee asked the municipal transport department to ban carpooling services for contracted cars.
The committee said that it received a request from the Ministry of Transport to stop ride hailing platforms Uber and Grab from providing carpooling services.
Imports and exports of foreign-invested companies increased 23.9% year-on-year to $129.62 billion in the six-month period, accounting for 65.4% of Vietnam’s total figure. The share of the FDI sector was 64.2% in the same period of 2016 and 60.6% in 2015.
Overseas players have always maintained a favorable trade balance over the past year, gaining a trade surplus of $8.31 billion between January and June this year, compared to a deficit of $11.09 billion of domestic peers.
Nghi Son Refinery and Petrochemical LLC (NSRP), the owner of the Vietnam’s second oil refinery in the central province of Thanh Hoa, has chartered a supertanker to carry crude from Kuwait, indicating that the project may soon start operations after delays.
NSRP chartered crude carrier Millennium to load up to 270,000 tons of crude oil from Kuwait's Mina Al Ahmadi port on Aug. 1 for delivery into Vietnam, Reuters cited sources as saying.
Vietnam imported 50,990 CBU autos worth $1.04 billion in the first half of this year, up 2.9% in volume but down 15% in value, with the biggest suppliers being Thailand, Indonesia and South Korea, according to customs data.

TUAN MINH

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