[Round-up] RCEP Nations Aim to Finalize Negotiations in 2018, Vietnam Limits Use of Credit Cards

Tuan Minh

07:05 14/11/2017

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The 16 nations involved in negotiating a free trade bloc in East Asia including China and India have now agreed to push to conclude an agreement in 2018. The Vietnamese central bank has issued a draft limiting the amount of cash credit cardholders can withdraw a day.

[Round-up] RCEP Nations Aim to Finalize Negotiations in 2018, Vietnam Limits Use of Credit Cards

The 16 nations involved in negotiating a free trade bloc in East Asia have agreed to push to conclude an agreement in 2018. Photo: ASEAN Post

RCEP Nations Aim to Finalize Negotiations in 2018
The 16 nations involved in negotiating a free trade bloc in East Asia including China and India have now agreed to push to conclude an agreement in 2018, having missed deadlines for three years, according to the Vietnam News Agency (VNA).
"We have agreed that RCEP should complete negotiations in 2018," Indonesian Minister of Trade Enggartiasto Lukita told Kyodo News after a meeting in Manila among trade ministers from the countries involved in pursuing the Regional Comprehensive Economic Partnership free trade agreement.
Top Legislator Asks for Deloitte’s Technical Support
National Assembly Chairwoman Nguyen Thi Kim Ngan asked for Deloitte Global’s technical support in completing a legal framework for independent audit in Vietnam while receiving Deloitte Global Chairman David Cruickshank in Hanoi on November 13.
Vietnam hopes for Deloitte Global’s sharing of knowledge and experience to help National Assembly deputies improve the capacity of financial verification and supervision, she said. She asked Deloitte Global to continue recruiting Vietnamese staff and training quality human resources for Vietnam’s financial sector.
Vietnam Deputy PM Calls on Deloitte Global to Support Local Firms
At a meeting with Chairman David Cruiskshank in Hanoi on November 13, Deputy Prime Minister Vuong Dinh Hue said the Vietnamese government moves to expand financial auditing for public service units, adding that this is essential to ensure governance transparency.
He called on Deloitte to strengthen support for Vietnamese enterprises to make public financial reports in accordance with international standards and issue bonds on domestic and international markets.
Vietnam Won’t Tolerate IUU Fishing: Agro Official
Vietnam will never tolerate or permit activities related to illegal, unreported and unregulated (IUU) fishing, Deputy Minister of Agriculture and Rural Development Vu Van Tam said on Saturday.
Tam shared his opinion after receiving information that a foreign fishing vessel had violated IUU fishing regulations and was suspected to have docked in Vietnam.
Apparel Firms Advised to Increase Technology Application
Applying new technologies to reduce production cost and increase competitive edge is the urgent solution for the garment-textile industry given global fiercer competition.
It is also necessary for businesses to seek more markets outside the Association of Southeast Asian Nations (ASEAN) and reinforce its niche on major ones such as the U.S., the EU, and Japan to maintain growth.
Vietnam Seeks to Tighten Regulations on Use of Credit Cards
The State Bank of Vietnam (SBV) has recently released a draft circular saying that credit cardholders will not be allowed to withdraw cash worth of more than 5 million dong ($220) for domestic transactions and no more than 30 million dong in foreign currency.
Accordingly, for the withdrawal of cash by cards abroad, to limit the use of cash as foreign currency spent for improper purposes that are not permitted by the law, the draft stipulates that cash withdrawal transactions will be subject to a daily cap limit.
Mobile Phone Customers Prefer Installment Payment Method
More than half of mobile phone transactions whose prices are over 10 million dong ($439) are purchased on installment payments, according to statistics of Mobile World Group, FPT Shop and CellphoneS.
At Mobile World, the top mobile phone distributor chain in Vietnam, 48% cent of customers choose the installment payment method for products worth over 10 million dong.
Mekong Capital announced today that its Vietnam Azalea Fund (VAF) has divested its entire 24.99% stake in Traphaco JSC at 141,500 dong ($6.23) per share for a total consideration of more than $64.5 million, generating a gross return multiple of 6.3x in USD on this investment.
Traphaco was the fund’s last remaining investment, and with the exit of Traphaco, the fund has now fully divested from its portfolio companies.
Japanese steel manufacturer Kyoei Steel Ltd has announced that the acquisition of 14.76 million shares, or a 20% stake, in Hochiminh Stock Exchange-listed steel maker Vietnam – Italy Steel Joint Stock Company (VIS).
Before the transaction, Kyoei Steel did not own any shares of VIS.
Vietcombank, the fourth-largest bank in Vietnam by assets, is planning to divest its entire stakes in four banks and a finance company, in a bid to comply with a central bank regulation and cut cross-ownership.
The Hanoi-based lender aims to unload its shares in Saigonbank, Orient Commercial Bank (OCB) and Cement Finance Company (CFC) in the remaining months of 2017, the bank’s Chairman Nghiem Xuan Thanh told reporters.
The State Bank of Vietnam, the country’s central bank, has granted the in-principle approval to Agricultural Bank of China to establish a branch in Hanoi.
The go-ahead is part of a series of agreements signed between the two countries during the recently-concluded state visit by Chinese President Xi Jinping to Vietnam on November 12-13.
Singapore's Jardine Cycle & Carriage's wholly owned unit Platinum Victory has bought a 5.53% stake in Vinamilk, Vietnam's largest listed company, for $616.6 million in cash, the Singaporean company said Monday in an exchange filing.
It has bought the shares through the open market and from State Capital Investment Corporation, the largest shareholder of Vinamilk.
Businesses from Vietnam and the United States have signed cooperation agreements that had a combined value of $12 billion as U.S. President Donald Trump visited the Southeast Asian country to promote his “America First” policy.
The agreements were inked in the presence of Vietnamese President Tran Dai Quang and President Donald Trump after their talks in Hanoi on November 12.
Overseas Private Investment Corporation (OPIC) President and Chief Executive Officer Ray W. Washburne presented on November 12 a letter of intent to Virginia-based energy company AES, supporting the construction of a liquefied natural gas (LNG) terminal plant and 2,250MW combined cycle power plant in Vietnam.
The presentation took place at the Presidential Palace in Hanoi in the presence of Vietnamese President Tran Dai Quang and U.S. President Donald J. Trump, who paid a state visit to Vietnam on November 11-12.
Overseas investors net purchased 7.4 trillion dong ($326 million) worth of Vietnamese shares in the week ending November 10, mostly Vincom Retail (VRE) and Vinamilk (VNM), bringing the year-to-date net buying value to 22.02 trillion dong ($970 million).

TUAN MINH

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