[Round-up] PM Raises 2016 Export Growth Forecast to 8%, HCM City’s 2016 Economy to Grow 8%

Tuan Minh

17:35 17/11/2016

BizLIVE - Prime Minister Nguyen Xuan Phuc has revised up the forecast for the country’s annual export growth to 8% this year, from the previous 6-7% expansion projections. Ho Chi Minh City’s GDP is expected to grow 8.05% year-on-year in 2016 to $46.5 billion.

[Round-up] PM Raises 2016 Export Growth Forecast to 8%, HCM City’s 2016 Economy to Grow 8%

Prime Minister Nguyen Xuan Phuc has revised up the forecast for the country’s annual export growth to 8% this year, from the previous 6-7% expansion projections. Photo: VGP

Vietnam Raises 2016 Export Growth Forecast to 8%
Vietnam is expected to achieve an annual export growth of 8% this year, Prime Minister Nguyen Xuan Phuc said at a Q&A session at the National Assembly in a televised broadcast on Thursday.
The prime minister noted that that exports in the first 10 months of 2016 have risen an estimated 7.2%. The country’s exports earlier were projected to expand 6% to 7% this year.
KSB to Provide 22 Pumps for Vietnamese Power Plant
Germany’s KSB AG has been contracted to supply 22 power station pumps by September 2017 for the new Long Phu-1 power plant in Vietnam, whose two 600 MW units are currently being built by a Russian engineering contractor.
The scope of supply includes six vertical condensate pumps and four vertical cooling water pumps. All pump sets are supplied complete with electric motors, couplings, base frames and instruments.
Hanoi Attracts $2.8 Billion FDI in Jan-Oct
Foreign investors won approval to carry out 445 projects worth a combined $2.8 billion in Hanoi in the first 10 months of this year, up 2.6-fold from a year earlier, said an official of the municipal Department of Planning and Investment.
The largest projects correspond to Samsung’s $300 million R&D center and Vietnamobile’s $208 million added capital.
HCM City’s 2016 Economy to Grow 8.05%
Ho Chi Minh City’s GDP is expected to grow 8.05% year-on-year in 2016 to $46.5 billion, according to a report by the municipal People’s Committee.
Total outstanding loans in the city are forecast to expand 18% from a year earlier to $65.2 billion.
Vietnam among Top Investment Choices of Japan’s Mechanical Firms
Vietnam is a top destination of choice for Japan’s mechanical engineering companies when seeking investment opportunities in Southeast Asia, the Vietnam News Agency reported, citing Itoh Kaori, head of a business delegation from Gifu prefecture.
At a Vietnam-Japan trade exchange in Ho Chi Minh City on November 16, she said Vietnam attracts great interest from many Japanese enterprises, especially those in the mechanical engineering industry, as the country has a developing industrial sector, an abundant workforce with good quality, and low production costs.
Singapore conglomerate Semcorp is gearing up a plan to invest in an integrated software park in the central city of Da Nang, among the most active localities in Vietnam, according to the municipal e-portal.
The local government has required its three relevant departments to prepare a land lot in Hai Chau district, on the bank of the Han river, for Semcorp’s project.
Interest rates on dong-denominated loans in the interbank market have soared in recent days to five-month highs given stronger borrowing demand toward the year-end and thinner liquidity.
According to Maritime Bank’s Research Division, rates on November 15 increased between 18 and 25 basis points from a day earlier, with the rates for overnight, one-week, and two-week loans reaching 1.9%, 2.0% and 2.22% per annum, respectively.
Companies operating in Vietnam have yet to pay a total of 14.24 trillion dong ($637 million) worth of social insurance, health insurance and voluntary insurance to the Vietnam Social Security as of October, a rise of 8.4% from September, affecting rights of employees.
Vina Kraft Paper Co., Ltd. (Vietnam), or VKPC, has started the second paper production line, doubling its existing capacity in Vietnam, as the company seeks to tap into growing demand in Southeast Asia.
The firm said in a statement on November 16 that the first paper reel of corrugated medium paper was rolled out at the end of October, ahead of the initially planned second quarter of 2017.
Airports Corporation of Vietnam (ACV), which operates civilian airports in the country, will make debut of its 2.18 billion shares on the Unlisted Public Company Market (UPCoM) on November 11, nearly one year after its initial public offering (IPO).
ACV shares will have a starting price of 25,000 dong ($1.12) each on its first trading day, giving the firm a price tag of 54.4 trillion dong ($2.43 billion).

TUAN MINH