EC Launches EUR1.6 Million Project to Enhance Vietnam’s Nuclear Safety
The European Commission has launched a project worth 1.6 million euros to enhance the capacity and effectiveness of the Vietnam Agency for Radiation and Nuclear Safety (VARANS).
“The aim of the Commission is to assist Vietnam to establish a sound legal and regulatory framework before it embarks on a nuclear power program. Moreover, the technical capabilities of VARANS’ staff will be enhanced, helping them cope with the anticipated introduction and use of nuclear energy in Vietnam,” the Delegation of the EU to Vietnam said in a press release.
Foreign Firms from 27 Countries to Attend Vietbuild in HCM City
Companies from Vietnam and other 27 countries and territories will showcase their latest products at the Construction-Building Material-Real Estate and Interior-Exterior Decoration International Exhibition (Vietbuild) to be held in HCM City from June 24 to 28, according to the Vietnam News Agency.
The event will feature 2,430 booths of more than 800 exhibitors, displaying building materials, internal and external decorative items, smarthome systems, electric equipment, solar energy systems, paints, anti-absorbents and others.
SME Law to Yield $19 Billion in Taxes
The law to support small and medium-sized enterprises (SMEs) will help generate over $19 billion in taxes for state coffers, VNA cited an impact assessment by expert Le Duy Binh as saying
The law, the draft of which is being made available for public comments, would contribute to realizing the government’s goal of doubling the number of small businesses by 2020 and expanding the private economic sector.
Mexico Opens New Sea Route to Vietnam
The Port of Lázaro Cardenas (LCT), the largest Mexican container port, launched routes to Vietnam and Chile on June 21 which will save up from 13 to 18 days of transit, VNA reported.
Export from Houston, the United States, to Vietnam will be transported to Lázaro Cardenas by train before en route to Vietnam by sea, Huesca said, adding that this way is at least 18 days faster than traditional routes through Long Beach or Panama Canal.
Auto Imports from India Surge
The import of completely built-up (CBU) autos from India in May jumped more than 20 times from February to over 3,500 units, most of which were mainly 4-seat cars and small vans, according to the Ministry of Industry and Trade.
Between January and May, Vietnam imported 41,238 cars worth $968.18 million. Of the total volume, Vietnam bought 12,538 cars from Thailand, 7,696 from South Korea, and 5,918 from India.
HCM City Pledges Further Support for Investors
Authorities of Ho Chi Minh City
will continue holding meetings with local and foreign businesspeople to promptly remove obstacles facing them, Secretary of the Ho Chi Minh City Party Committee Dinh La Thang told Chairman of the British Business Group in Vietnam (BBGV) Kenneth Atkinson on June 21.
Mr. Thang hoped Atkinson and the BBGV will keep calling for UK investment in Ho Chi Minh City, VNA reported.
Vietnam Metropolis Acts to Address Plunge in FDI
HCM City authorities plan to address business competitiveness and productivity at meetings with investors to respond to the sharp drop in foreign direct investment (FDI) this year, according to VNA.
Tran Viet Ha, head of the Investment Department of the HCM City Export Processing and Industrial Zones Authority (Hepza), said the drop had occurred mostly because of the lack of new big projects in the garment and textile sector.
VinaCapital Funds to Divest Entirely from Medicine Maker
Two funds of Ho Chi Minh City-based investment and asset management firm VinaCapital will sell more than 6.3 million shares, or a 7.28% stake, of DHG Pharmaceutical Joint Stock Company (DHG), a major medicine producer in Vietnam.
The funds said the transactions are expected to be carried out between June 22 and July 21, and the sale will help them restructure investment portfolios.
Samsung Suppliers in Vietnam Surge to 190
The number of Vietnamese suppliers for Samsung has risen sharply to 190 currently from several dozens a year earlier, said Han Myoung Sup, Samsung Vietnam’s general director, said a conference on supporting industries in Hanoi on June 21.
Of the amount, the number of tier-1 Vietnamese vendors joining Samsung’s supply chain has tripled year-on-year to 12, while 178 Vietnamese companies sell parts to Samsung as tier-2 vendors.
South Korean authorities have suspected the owner family of South Korean conglomerate Lotte Group of using an offshore company that developed a high-rise in Hanoi to funnel money into a slush fund, according to The Korea Herald.
The allegation came amid probe by Korean prosecutors into Lotte Group for suspected corruption, illegal intragroup deals and embezzlement.
Woori Bank, South Korea’s largest bank by consolidated assets, is waiting for a license from the State Bank of Vietnam
(SBV), to establish a wholly-owned subsidiary in the Southeast Asian country by the end of next month, a bank official was quoted by Reuters as saying.
This is part of the lender’ plan to expand its foothold in the country where South Korea is the biggest investor, with major investments made by Samsung Electronics, LG Electronics, Kumho Construction, Posco and Lotte.