Samsung among Largest Firms in Vietnam
Samsung Electronics Vietnam Co. is ranked the second-largest enterprise in Vietnam in terms of revenue (VNR500) this year, only after state-run Vietnam Oil and Gas Group (PetroVietnam).
The following positions are occupied by Petrolimex, Electricity of Vietnam (EVN), Viettel Group, Binh Son Refining and Petrochemical Co., Ltd, Vietnam Post and Telecommunication Group (VNPT), Vietsovpetro, Vinacomin and PV Oil.
The top ten private companies by revenue include Vinamilk, Doji Gold and Gems Group, FPT Corp, Vingroup, Hoa Phat Group and Truong Hai Auto Corp.
IMF Pledges More Support for Vietnam
The International Monetary Fund (IMF) will continue to provide technical assistance for Vietnam’s government agencies, aiming to enhance their statistic capacity, an IMF representative told State Bank of Vietnam Deputy Governor Nguyen Thi Hong on December 3.
Food Ordering App Lozi Receives Foreign Funding
Vietnam’s food ordering startup Lozi has announced that it had raised a seven-digit funding round from Golden Gate Ventures and Internet media firm DesignOne Japan Inc.
Lozi will use the funding to accelerate the use of its website and mobile app, striving to become one of the leading food ordering platforms in Vietnam. It also plans to develop technology solutions that will help connect the restaurants to its users in a better way.
Golden Gate Ventures will be supporting Lozi in marketing, technology and strategic development.
Food ordering platform Foodpanda has announced that it will stop its operation in Vietnam after over three years of being in the food ordering service sector in the country.
“Through this notice, we would like to inform you that our company will terminate the business in Vietnam due to financial difficulties,” Foodpanda said in a letter to its Vietnam-based partners.
Hitachi to Provide Elevators, Escalators for Metro Line in Ho Chi Minh City
Hitachi, Ltd. and Hitachi Elevator Asia Pte Ltd, have been awarded an order for a total of 63 elevators and escalators, for elevated stations of Metro Line 1 in Ho Chi Minh City, the first urban railway in Vietnam.
The order of 63 units made in Japan is for 11 elevated stations in the elevated section of 17.5 kilometers within a total length of 19.7 km of Metro Line 1 in HCM City. The delivery will start in 2017.
HCM City Strives for Top Administrative Rankings in Vietnam
Ho Chi Minh City, Vietnam’s economic hub, aims to be ranked in the top five in the Vietnam Provincial Governance and Public Administration Performance Index (PAPI), the Provincial Competitiveness Index (PCI) and the Public Administrative Reform Index (PAR -Index).
The city plans to achieve a Gross Regional Domestic Product (GRDP) growth rate of 8% next year.
Sonadezi Set to Go Public This Month
Industrial zone developer Sonadezi Corporation, which is based in the southern province of Dong Nai, will sell 131.3 million shares, or a 34.9% stake, in the initial public offering (IPO) on December 30, cutting the state holding in it to 65%.
Established in 1990, Sonadezi is one of the most powerful state-owned corporations in Dong Nai province. It has developed industrial parks and residential areas in Vietnam.
The Asian Development Bank has retained its forecasts for Vietnam’s GDP growth at 6.5% for 2015 and 6.6% for 2016.
The forecasts are maintained thanks to the country’s economic recovery gaining traction in 2015, rising interest in the country as a destination for foreign direct investment, and recent progress on major trade deals, ADB said in its “Asian Development Outlook 2015 Supplement” report released Thursday.
South Korea Search Partners in Vietnam for Franchising
A large number of South Korean companies are seeking for partners in Vietnam to make investments in the Southeast Asian country where a South Korean culture is spreading fast.
A surging number of South Korean enterprises have come to Vietnam for partnerships, of which the number of franchisers has jumped seven-fold in 2015 from a year earlier, Park Sang Hyup, head of the Trade Section at the South Korean Consulate General in Ho Chi Minh City, said at a business event on December 3.
Vietnam’s real estate market will hardly experience a bubble until 2021, said Le Xuan Nghia, director of the Business Development Institute at a seminar on December 2.
“According to our simulations, the supply-demand in the property market will be balanced in 2018. The supply is currently a bit higher than the demand. An overdemand will occur only after 2018, and a bubble will likely emerge in the 2021-2023 period,” Mr. Nghia said.
The Vietnamese government raised a combined 846.92 trillion dong ($38.5 billion) from selling sovereign bonds between 2010 and September 2015, an all-time high amount, according to a government report.
Vietnam has disbursed up to $27.16 billion worth of foreign concessional loans and official development assistance (ODA) in the 2010-2015 period, or 88.7% of the committed amount in the period.
Of the total, concessional loans granted by foreign donors mount to $25.28 billion and ODA is $1.89 billion in the period, according to a government report seen by the Vietnam Economic Times.
Vietnam’s foreign exchange reserves declined by $6.7 billion in the third quarter of 2015, falling to $30.3 billion as of end-September, HSBC cited data from the IMF as saying.
The country’s reserve fund is equivalent to an estimated 2.1 months of import cover, down from 2.6 months in June, HSBC said in its monthly “Vietnam at a glance” report, released on Dec. 3.