[Round-up] Obama Finishes 3-day Visit, Praises Vietnam’s Entrepreneurial Spirit

Tuan Minh

20:56 25/05/2016

BizLIVE - U.S. President Obama has wrapped up a three-day Vietnam visit during which he met with young entrepreneurs and hailed their spirit.

[Round-up] Obama Finishes 3-day Visit, Praises Vietnam’s Entrepreneurial Spirit

The Air Force One carrying President Barack Obama left Ho Chi Minh City for Japan on May 25. (Photo: VnExpress)

Prime Minister’s Japan Visit to Deepen Strategic Partnership
Prime Minister Nguyen Xuan Phuc’s working visit to Japan from May 26 to 28 looks to further enhance the strategic partnership between the two countries, Vietnam News Agency (VNA) reported.
During his stay, Prime Minister Phuc will attend the G7 Summit Japan 2016 in Mie prefecture at the invitation of his Japanese counterpart Shinzo Abe.
Three More Vietnam Firms Join Samsung’s Supply Chain
Another three Vietnamese companies namely Ngan Ha Printing Company, Phuoc Thanh Plastic Company and Minh Dat Precision Mold Company have qualified to join the production supply chain of Samsung Electronics Vietnam.  
As many as 63 Vietnamese enterprises in total are supplying spare parts and components for Samsung, including 11 tier-1 vendors and 52 local tier-2 vendors.
Consumer Prices Pick up in Major Cities
Hanoi’s consumer prices increased 0.35% month-on-month in May while the cost of living in Ho Chi Minh City climbed 0.82% from April.
The increases were driven by the pickup of transportation services, mainly caused by the price hikes in gasoline and oil.
HCM City Leader Meets U.S. investors
Ho Chi Minh City will create all possible business conditions for US and foreign investors for mutual benefit, said Secretary of the municipal Party Committee Dinh La Thang during a meeting with a group of US investors led by Howard Lutnick, Chairman and CEO of Cantor Fitzgerald Group, on May 24.
He lauded U.S. investors in choosing Ho Chi Minh City to locate a financial tower project, expressing his hope that the project in Thu Thiem urban area will commence soon, thus making the area a financial center in the region and attracting more world financial giants, according to VNA.
Local Car Market Sees Rise in Thai Imports
Thailand has become the leading exporter of automobiles to Vietnam in the first four months of this year, with 10,155 units, accounting for 35% of total car imports, VNA reported, citing data of the Vietnamese Ministry of Industry and Trade.
The increase was buoyed by preferential import tax policies, under Vietnam’s commitments to the ASEAN Trade in Goods Agreement, the ministry said.
Vietnam to Consider Removal of Ceiling Milk Prices
Minister of Finance Dinh Tien Dung said Vietnam would consider the removal of the ceiling prices for dairy products for children aged under six from July, 2016.
The minister said during his meeting in Hanoi on May 24 with Michael Froman, U.S. Trade Representative, who showed interest in how the implementation of special consumption tax impacts Vietnam’s commitments to the World Trade Organization, as well as its control over dairy products.
U.S. President Praises Vietnam’s Entrepreneurial Spirit
U.S. President Barack Obama discussed the status of the Trans-Pacific Partnership (TPP) trade agreement and Vietnam’s entrepreneurial growth during a talk with 100 young businesspeople in Ho Chi Minh City on May 24, according to VNA.
The U.S. leader spoke at the Dreamplex Co-Working Space at the Miss Ao Dai Building in the city’s District 1 and saw products made by young Vietnamese, including virtual games created for people with nerve injuries, a smartphone-controlled laser cutter, and other innovations.
Vietnam and the United States have enhanced bilateral relations ranging from investment, trade to security and environmental issues after a three-day visit paid by President Barack Obama to the Southeast Asian country.
The Air Force One carrying President Barack Obama left Ho Chi Minh City on Wednesday afternoon, closing a three-day Vietnam visit full of activities that have won the heart of millions of Vietnamese.  
Vietnamese customs authorities have suspected Formosa Ha Tinh Steel Corporation (FHS) of transfer pricing following consecutive violations of the Taiwanese-invested firm, according to the Tuoi Tre (Youth) newspaper.
Local authorities have retrieved some two trillion dong (nearly $100 million) worth of taxes from FHS, including 1.55 trillion dong ($65.3 million) for misuse of tax refund papers.
Ho Chi Minh City is in need of 97.3 trillion dong ($4.35 billion) to build anti-flooding works in the coming five years as its population has exceeded 10 million.
The city has secured just 23 trillion dong while it will have to seek for the remainder from ODA, enterprises and the state budget.
Boeing sees the potential of the Vietnamese market and will continue investing in the future, said Dinesh Keskar, Boeing’s senior vice president of sales for Asia-Pacific and India.
Boeing will work with the Civil Aviation Authority of Vietnam (CAAV) and the U.S. Trade and Development Agency (USTDA) to help improve aviation infrastructure in the country, Keskar said.