Hanoi-based Bank for Foreign Trade of Vietnam or Vietcombank (HOSE
: VCB) is asking shareholders for approval on a plan to set up a wholly-own banking subsidiary in Laos, with an initial registered capital of $80 million.
The move is part of the bank’s plan to expand its operations and become the top bank in Vietnam.
Japan Firm Acquires Majority Stake in Battery Maker
Japanese battery producer The Furukawa Battery Co., Ltd. has spent some 196 billion dong ($8.78 million) to acquire a 10.54% stake in Ho Chi Minh City-based Dry Cell and Storage Battery JSC (PAC).
The Japanese firm bought 4.9 million shares of PAC at 40,000 dong ($1.8) each via put-through transactions on September 28.
PM Okays Japanese-Funded Project
Prime Minister Nguyen Xuan Phuc has approved an investment plan for a technical cooperation project worth $3.16 million funded by the Japanese government.
The project aims to boost capability in cost estimates, and the management of contract, quality, and safety in construction projects. It will focus on improving regulations on management of public construction projects in Vietnam in line with international criteria.
Vietnam President Holds Talks with Iranian Counterpart
President Tran Dai Quang held talks with Iranian President Hassan Rouhani following the welcome ceremony in Hanoi on October 6, expressing his belief that the visit will generate a fresh driving force to promote bilateral ties for the benefit of the two peoples.
The Vietnamese president stressed that the visit reflects Iranian leaders’ determination to further deepen friendly relations between the two countries, according to the Vietnam News Agency (VNA).
Work on Vietnam-Germany University Begins
Construction of the Vietnam-Germany University started in Ben Cat town in the southern province of Binh Duong on October 6, expected to become an excellent university in Vietnam with high ranking in the world, VNA reported.
The project, part of the education cooperation agreement between the Vietnamese and German governments, has a total investment of over $200 million, with $180.4 million of preferential loans from the International Development Association (IDA) and $20.2 million from the government.
Vietnam Posts $2.77 Billion Trade Surplus in Jan-Sep
Vietnam recorded a trade surplus of $2.77 billion in the first nine months of this year, with exports and imports reaching $128.2 billion and $125.4 billion, respectively, data of the Ministry of Industry and Trade showed.
Telephones and spare parts continued to lead Vietnamese exports with $24.96 billion, up 8.6% year-on-year.
Vietnam Top Legislators Discuss Draft Law on SMEs Support
The National Assembly Standing Committee gave feedback on the draft Law on Support for Small- and Medium-sized Enterprises (SMEs) during their fourth working session in Hanoi on October 6, VNA reported.
With six chapters and 47 articles, the bill aims to enhance the efficiency of support for SMEs in line with market principles while ensuring that it does not violate the country’s international commitments and creating a legal framework to rally public support of the effort, the law drafting board said.
SOE Equitization Pace Remains Sluggish
The restructuring of state-owned enterprises (SOEs) in the first nine months of this year failed to meet the set target, with 49 SOEs having their equitization plans approved in the period, said the Ministry of Finance.
The total real value of these 49 businesses is over nearly 32 trillion dong (around $1.44 billion), including nearly 23.2 trillion dong ($1.04 billion) of state capital.
Hanoi Discusses Potential Cooperation with Swedish Businesses
Hanoi officials discussed cooperation possibilities in potential fields with a delegation of 18 leading Swedish enterprises headed by Minister for EU Affairs and Trade Ann Linde, on October 5.
Hanoi is calling for investment in such fields as health care, education, smart urban transport infrastructure, waste and waste water treatment technology, particularly electricity generation from waste processing, said Chairman of Hanoi People’s Committee Nguyen Duc Chung.
Vietnam’s No.1 Brewer May Go on Bourse by December: CEO
, the largest brewer in Vietnam, could float all of its shares on the Ho Chi Minh Stock Exchange by late November of early December this year, its General Director Le Hong Xanh told Reuters, as the government is accelerating a program to sell state assets in flagship companies.
All options for the government's stake divestment from the state-controlled firm were being considered and the government had yet to approve any particular course of action, Xanh added.