[Round-up] PM Orders Halt to Controversial Golf Course, S. Korea Becomes Vietnam’s 2nd Largest Trade Partner

Tuan Minh

06:18 20/06/2017

BizLIVE - PM Nguyen Xuan Phuc has ordered halt to all construction works related to auxiliary infrastructure for a golf course adjacent to Tan Son Nhat Airport. South Korea has overtaken the U.S. to become the second-largest trade partner of Vietnam in the first five months of this year.

[Round-up] PM Orders Halt to Controversial Golf Course, S. Korea Becomes Vietnam’s 2nd Largest Trade Partner

PM Nguyen Xuan Phuc has ordered halt to all construction works related to auxiliary infrastructure for a golf course adjacent to Tan Son Nhat Airport. Photo: Zing.vn

PM Orders Halt to Golf Course Construction at Tan Son Nhat Airport
Prime Minister Nguyen Xuan Phuc has ordered the Ministry of National Defense to halt all construction works related to auxiliary infrastructure for a golf course, including a golf school, villas and luxury apartments, in the vicinity of Tan Son Nhat International Airport.
The government leader also requested the Ministry of National Defense to check issues regarding the golf course’s investment, operation and management, especially land use in the airport.
WB Assists Vietnam’s Tax Reform
A delegation from the World Bank (WB) recently worked with Vietnamese partners to prepare for a project modernizing the tax system in Vietnam, according to Deputy Finance Minister Do Hoang Anh Tuan.
The project, worth $4.1 million, is funded by the Japanese government through the Policy and Human Resources Development Fund, with the WB entrusted to receive the funds and disburse them to Vietnam.
Vietnam Eyes Export Boost through Chinese Border
Vietnam should implement polices to increase its export volume through its border gates with China by taking advantage of the Vietnam-China Border Trade Agreement, which has created favorable conditions for Vietnam’s border provinces to change reasonably their economic structure, experts said.
However, many experts were of the opinion that Vietnam should limit shipments of small volume of exports without legal contracts, and promote large volume of exports, as small-scale exports did not provide enterprises with incentives to improve the quality of their goods and competitiveness.
Thailand, Indonesia Become Vietnam’s Top Auto Suppliers
Vietnam’s automobile import in the first five months of 2017 increased 5.3% year-on-year in volume to 43,274 but dropped 10.1% in value to $878 million, according to the customs data.
Thailand and Indonesia were the largest import markets for Vietnam, with respective values reaching $287 million and $150 million.
Australia Agrees to Re-Import Processed Shrimps from Vietnam
The Australian Department of Agriculture and Water Resources has received a document from the National Agro-Forestry-Fisheries Quality Assurance Department (NAFIQAD) affirming that Vietnam is able to meet all requirements in Australia’s new import conditions for processed shrimps, the Vietnam News Agency (VNA) reported.
According to Vietnam’s Trade Office in Australia, the Australian Department of Agriculture and Water Resources has officially accepted Vietnam’s applications for importing raw shrimps that are caught naturally in Australia for processing, and then re-exported to Australia.
11 Hilton Hotel Projects to Be Developed in Vietnam
BRG Group said it will join hands with Hilton Worldwide Group to run 11 Hilton hotel projects in Vietnam, aiming to meet the increasing demands of both domestic and foreign costumers, contributing to the country’s tourism development, said BRG Chairwoman Nguyen Thi Nga.
According to the group, apart from brand names like Hotels & Resorts and Hilton Garden Inn, many seven and six-star ones will be introduced in Vietnam for the first time.
Vietnam Co-working Space Toong Raises Funding from Indochina Capital
Vietnam-based co-working space chain Toong has raised investment from Indochina Capital (ICC). The funding amount was not disclosed.
The company will use the newly raised capital to expand its network of co-working spaces in Vietnam. In addition, Peter Ryder, founder and CEO of Indochina Capital and Doan Viet Dai Tu, co-founder and chairman of Openasia Group, will join Toong’s Board of Directors.
Bac Lieu Attractive to Foreign Wind Power Firms
Authorities of the Mekong Delta province of Bac Lieu had separate meetings with two foreign firms, UPC Renewables and Kimin Power, on feasibility study reports on wind power projects to be developed by the firms.
Meeting representatives from UPC Renewables, the authorities were introduced to the firm which has invested over 3 billion USD in wind power projects around the globe with total capacity of more than 2,000MW.
FDI Inflows into HCM City Surge to $2.15 Billion in Six Months
Ho Chi Minh City has attracted $2.15 billion in foreign directed investment (FDI) in the first half of 2017, doubling the figure in the same period last year, reported the municipal People’s Committee.
As many as $375 million was poured into 340 new projects, while $346 million was added to 91 existing projects. In addition, foreign investors spent $1.15 billion to contribute capital to, buy shares or repurchase capital contributions in local firms.
South Korea has overtaken the U.S. to become the second-largest trade partner of Vietnam in the first five months of this year, with two-way trade soaring 45.2% year-on-year to $23.94 billion.
China remains the No. 1 partner with bilateral trade rising 23.6% to $32.76 billion, according to customs data.
TCC Group is highly interested in the beer business and wants to make Vietnam’s beer brands reach out to international markets as the country has longstanding beer brands of good quality, the group’s chairman has said.
TCC chairman Charoen Sirivadhanabhakdi made the statement at a meeting with Vietnamese Prime Minister Nguyen Xuan Phuc in Hanoi on June 18.
Japan and South Korean developers led interest from foreign groups in the first three months of this year while Chinese investors continue to return to Vietnam following the recent thawing in relations.
As an emerging trend, South Korean buyers are seeking three- and four-star hotels in Ho Chi Minh City, while the tourist resorts of Da Nang city and Hoi An town have also seen solid demand for hospitality assets.
Japanese fashion company Uniqlo is planning to open a store in Vietnam amid an increased presence of other global peers, the Vietnam Economic Times reported.
The centuries-old fashion casual wear company recruited local employees since April for a number of positions. The recruitment has been completed and the staff is ready for the opening.

TUAN MINH