[Round-up] Nguyen Phu Trong Reelected Top Party Leader, Vietnam 2016 GDP to Grow 6.9%

Tuan Minh

18:02 27/01/2016

BizLIVE - Nguyen Phu Trong has been elected to stay on the top position of the Communist Party of Vietnam. StanChart lifted its 2016 GDP growth forecast for Vietnam to 6.9%.

[Round-up] Nguyen Phu Trong Reelected Top Party Leader, Vietnam 2016 GDP to Grow 6.9%

Nguyen Phu Trong has been elected to stay on the top position of the Communist Party of Vietnam.

Nguyen Phu Trong to Continue Heading Communist Party
Nguyen Phu Trong, 72, has been elected to be the general secretary of the Communist Party of Vietnam (CPV), the post he has held since 2011, according to the Vietnam News Agency.
The ongoing National Party Congress on Tuesday elected 180 official members and 20 alternates for the Central Party Committee, which oversees the party’s activities between two terms.
Deputy Prime Minister Nguyen Xuan Phuc, National Assembly Deputy Chairwomen Tong Thi Phong and Nguyen Thi Kim Ngan, Minister of Public Security Tran Dai Quang and Chairman of the Central Committee of the Fatherland Front Nguyen Thien Nhan were also chosen to stay on the committee.
Vietnam Supports South Korea Incubator Park
The Vietnamese Ministry of Finance has issued a circular to regulate the mechanisms, incentives and support at the Vietnam-South Korea Incubator Park (KVIP) in Can Tho, the Vietnam News Agency reported.
Circular No. 214 also outlines taxes and the State's investment credit for pilot projects. The regulation will be applied for the incubator park, legal enterprises, co-operatives, collaborative units, science and technology organizations, and individuals.
Special policies applied to this incubator park include preferential policies for businesses and investment projects.
HCM City Attracts $148 Million FDI in First Half of January
Ho Chi Minh City licensed foreign investors pour $147.7 million into new and ongoing projects in the city in the first half of January 2016, compared to $353.1 million in the same period of 2015.
Japan was the largest fresh investor in the period with $50.5 million, followed by Singapore with $29.5 million and Malaysia with $22 million, according to the city’s statistics office.
Vietnam Trade with 29 Countries Hits $147 Billion in 2015
Of more than 200 countries and territories that Vietnam had trade relations with last year, there were 29 countries that the country had export turnover of more than $1 billion.
The export value to the 29 countries reached $147.4 billion, accounting for nearly 90.9% of Vietnam’s total export value, according to the General Department of Vietnam Customs.
Vietnam Firms Prepare Goods for Tet
Local businesses and price stabilization outlets have reserved 230 trillion dong ($10.26 billion) worth of goods for the upcoming Tet (Lunar New Year) Holiday, 10% to 15% higher than the previous year, said an official from the Ministry of Industry and Trade.
Goods for Tet have been distributed through around 8,600 markets, over 750 supermarkets, 150 commercial centers and thousands of shops and fairs nationwide.
StanChart Raises 2016 GDP Growth Forecast for Vietnam to 6.9%
Vietnam’s GDP growth is expected to accelerate to 6.9% in 2016, higher than the previous forecast of 6.6% driven by better construction and manufacturing activity and continued strength in FDI inflows, Standard Chartered Bank has said in a press release.
This forecast will make Vietnam the second fastest-growing economy in Asia, only after India, Standard Chartered’s Global Research said in a briefing in Ho Chi Minh City on Wednesday.
Chinese businesses won approvals to put a combined $179.51 million in fresh and existing projects in Vietnam in the year to January 20, making China the third-largest investor in the period.
Schneider Electric SE, a global leader in electricity distribution and automation management, on January 26 started building a $45-million plant in the Saigon Hi-Tech Park in Vietnam’s southern metropolis of Ho Chi Minh City.
With this project, Schneider Electric will integrate operations of its existing plants in Bien Hoa 1 Industrial Park and Amata Industrial Park, in a bid to produce smart-home products, adding to traditional electric products made in Vietnam over the past 20 years, the firm said on its website.
Pham Van Dung, appointed to general director of Ford Vietnam in July 2015, talked to the Dau Tu newspaper about the factors that pushed up car sales in the country and the challenges that the future holds.
The factors that drove up car sales Vietnam in 2015 were stable and buoyant economy, rising purchasing power and low inflation, he said.
Foreign investors committed to pour $1.33 billion into Vietnam as of January 20, jumping 101.2% from the same period of 2015, the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment said Monday.
They won approvals to start 127 projects with a combined $1.01 billion, up 157.9% year-on-year and to increase capital in 56 existing projects by 323.41 million, up 19.2% year-on-year.
SapuraKencana Petroleum Bhd, Malaysia’s largest oil and gas services provider by revenue, and PetroVietnam Technical Services Corp are jointly bidding for a contract potentially worth up to $300 million for Oil & Natural Gas Corp’s Neelam processing platform and other facilities.
The Neelam workscope involves a new processing platform with a topside weighing about 5,500 tons and it is bridge-linked to an existing platform, two new wellhead platforms and three clamp-on structures, according to the newswire.