Vietnam, Thailand Target $20 Million Bilateral Trade for 2020
Prime Minister Nguyen Xuan Phuc called on Vietnam and Thailand to redouble their efforts in order to bring bilateral trade to $20 billion in 2020, according to the Vietnam News Agency (VNA).
At a reception for Thai Deputy Prime Minister Thanasak Patimaprakorn in Hanoi on June 16 the Vietnamese government leader suggested the two countries, as the world’s biggest rice exporters, partner with each other to keep rice prices beneficial to their farmers.
Malaysia Telco OCK Sets Up Units in Vietnam, Myanmar
Malaysian telecommunications network provider OCK Group Bhd has incorporated two new indirect subsidiaries in Myanmar and Vietnam, The Star cited the firm’s announcements to Bursa Malaysia as saying.
The two units, OCK Myanmar Towers Pte Ltd and OCK Vietnam Towers Pte Ltd, were set up with the intention to undertake activities related to tower facilities, utilities and communication network for mobile and broadband operators.
Vietnam Grabs Market Share from Asian Peers in European Trade
Vietnam took market share of European Union trade away from other Southeast Asian nations last year, a trend that may continue after it concluded a free trade agreement with the regional bloc, Bloomberg reported.
The country accounted for 19.1% of the 201.4 billion euros ($227 billion) in total trade between the EU and ASEAN members in 2015. That figure is up from 15.8% in 2014, according to data from the EU delegation in Singapore.
BMW Asia Says Vietnam Is a Top Growth Market as Economy Expands
BMW AG said its car sales in Vietnam are expanding at the fastest pace among markets in Southeast Asia as the nation’s economic growth spurs demand, according to Bloomberg.
The company estimates unit sales in the country will rise 30% to 40% through 2017, according to Axel Pannes, managing director of BMW Group Asia, who heads 13 mostly developing Asian markets. BMW said it sold just over 1,500 cars last year in Vietnam, a country it entered in 1993 and which has been its top growth market in Southeast Asia for the past few years.
Vietnam Asks for More ADB Soft Loans
President Tran Dai Quang
has asked the Asian Development Bank (ADB)’s President Takehiko Nakao to continue providing soft loans to Vietnam to realize its socio-economic goals, according to VNA.
Noting that over the past years, Vietnamese leaders have always paid a lot of attention to the distribution of ADB’s loans, he pledged that the country will work hard to maximize the efficiency of the capital.
At a meeting with Finance Minister Dinh Tien Dung
on June 16, Nakao affirmed the bank would continue providing preferential loans and technical support for Vietnam’s projects in the coming time.
JICA Helps Vietnam with SOEs, Bank Restructuring
Deputy Prime Minister Vuong Dinh Hue and Vice President of the Japan International Cooperation Agency (JICA) Kenichi Tomiyoshi have discussed policies on the restructuring of state-own enterprises (SOEs) and the banking system in Vietnam in the 2016-2020 period.
JICA would provide Vietnam with technical assistance in building policies in order to complete a legal framework dealing with bad debts and weak credit institutions, and to improve the performance of large-scale SOEs by using loans granted by strategic investors or Japanese banks, JICA experts said.
Thua Thien-Hue Targets over $448 Million in Investment
Vietnam’s central province of Thua Thien-Hue plans to attract 10 trillion dong ($448.3 million) from 15-20 domestic and foreign investment projects into its industrial parks this year.
According to the provincial People’s Committee, the industrial parks in the locality target to generate a combined industrial production value of 13.2 trillion dong ($591.7 million) and exported about $550 million worth of products.
PetroVietnam Oil to Buy 96 Million Tons of Products from Rosneft-Report
PetroVietnam Oil Corporation (PV Oil), a subsidiary of state-run energy firm PetroVietnam, and Russian giant Rosneft have signed a long-term contract for the supply of 96 million tons of petroleum products by 2040 at the St. Petersburg International Economic Forum on Friday.
“The volume is up to 96 million tons until 2040. The transaction will be carried out after the necessary regulatory and other approvals are received,” the Russian company told TASS.
The Vietnamese Ministry of Finance (MoF) has put Vietnam’s fiscal deficit at 6.61% of gross domestic product (GDP) in 2014, higher than the cap of 5.3% stipulated earlier by the National Assembly (NA), the country’s supreme legislative body.
According to an MoF report sent to the NA’s Standing Committee, the nation’s budget overspending swelled to 260.14 trillion dong ($11.6 billion) in 2014, 16.1% beyond the limit approved by the NA for that year.
The Vietnamese government has raised 173.3 trillion dong ($7.7 billion) from selling sovereign bonds via the Hanoi Stock Exchange in the year to date, meeting 78.8% of the year’s plan.
South Korea’s food-making conglomerate Daesang Corp. has decided to purchase 13 million shares, or 99.99% stake, of Vietnam-based Duc Viet Food JSC for $32 million, aiming at the refrigerated ham market in Southeast Asia, South Korean media reported.
Daesang said in a regulatory filing that it has decided to buy Duc Viet Food to enter the Vietnamese food processing market that is set to grow fast as it is still in its fledgling stages currently centering frozen ham products.
The International Finance Corporation (IFC
), a member of the World Bank Group, has invested 340 billion dong ($15.11 million) in Anova Feed Joint Stock Company, a subsidiary of Anova Corporation, to help the company expand animal feed production.
IFC will make the investment by buying five-year convertible bonds, IFC said in a press release filed on its website.