India’s Tata Sons Eyes Vietnam as Potential Market
At least seven companies of Tata Sons, India’s oldest conglomerate, have zeroed in on Vietnam and Myanmar as markets that need to be penetrated into, according to the Economic Times.
Growing economies and an expanding middle class, as well as pacts with global powers and tax incentives have made these countries important for firms that seek to reach out further into the ASEAN and global markets.
“The demographics and the economic development stage of these countries represent a market for several products and services from the Tata Group,” a Tata Sons spokesperson said.
SMEs in Vietnam Can Borrow Capital for Supporting Industries
Small and medium-sized enterprises (SMEs) in Vietnam can borrow up to 70% of the capital they need for investing in supporting industries prioritized by the government from February 22, according to the latest circular of the State Bank of Vietnam.
The money borrowed by the SMEs must be guaranteed by credit underwriting organizations, and the SMEs must register a mortgage value of at least 15% of the loans at the lending institutions and have at least a 20% stake in the investment projects.
Samsung to Continue Expansion in Vietnam
Vietnam is the biggest production hub of Samsung Electronics, and the firm will continue to expand our business, Ha Chan Ho, senior strategic advisor to Samsung Electronics Vietnam, told the Vietnam News Agency.
Samsung is willing to collaborate with local suppliers and contribute to the development of Vietnam’s supporting industry.
“It will benefit both Samsung and Vietnam if there are more parts suppliers near our factories in Bac Ninh and Thai Nguyen. Samsung will prioritize placing orders with local businesses if they are able to meet our standards,” Mr. Ho added.
Vietnam Government Calls on Local Firms to Improve Foreign Market Strategies
The Vietnamese government has approved a plan to help Vietnamese businesses directly participate in foreign distribution networks through 2020 to help locally-made goods penetrate international markets, a senior government official said.
The project aims to promote exports by ensuring that Vietnamese products are directly sold into major distribution systems of countries in Europe, North America, Southeast Asia and Northeast Asia that signed free trade agreements with Vietnam, said Deputy Minister of Industry and Trade Ho Thi Kim Thoa.
Vietnam Posts Trade Surplus of $31 Billion with U.S. in 2015
Vietnam reported a trade surplus of $31 billion with the U.S. in 2015, rising 24.5% year-on-year, according to data of the U.S. Census Bureau.
Vietnam’s exports to the U.S. increased 24.2% year-on-year to $38 billion last year while spending $7.1 billion on imports from that market, rising 23.3% year-on-year.
Vietnam Minister Urges Preparation for Upgrade of Stock Market Status
Vietnamese Finance Minister Dinh Tien Dung has asked local stock market authorities to accelerate the preparation for the upgrade of the market status to Emerging Market from Frontier Market presently.
At a gong-striking ceremony on Monday morning, Minister Dung also requested better share auctioning to quicken the equitization process of state-owned enterprises and listing on the local stock markets.
South Korean corporate officials have picked Hanoi and Ho Chi Minh City the best investor-friendly cities among 10 peers in China, Vietnam and three other Asian countries, according to a poll.
According to the survey by the Korea Institute for Industrial Economics and Trade (KIET), Hanoi topped the list with a score of 3.86 points out of five, followed by HCM City with 3.81.
French grocer Casino
Group has just initiated the process to sell its retail chain Big C Vietnam, denying reports saying that the group had finished transferring to Thai tycoon Charoen Sirivadhananbhakdi’s TCC Holding.
The group is still seeking for a suitable partner for its Vietnam operations, the representative told the Tuoi Tre (Youth) newspaper.
The State Bank of Vietnam (SBV
), the country’s central bank, is mulling over allowing foreign bank branches to use up to 35% of their short-term funding to buy government bonds (G-bonds), considerably rising from 15% currently.
This stipulation aims to enable a number of foreign bank branches, which are major G-bond buyers and often exceed the limit, to meet the SBV’s requirements and boost foreign and domestic investment in G-bonds.
The State Bank of Vietnam (SBV), the country’s central bank, on February 2 issued a request for comment on its proposed stricter rules on asset-liability management and on providing credit to the real estate sector.
These proposals, if implemented in the coming months, would be credit positive for Vietnamese banks because they would improve their liquidity and limit credit growth in the relatively high-risk real estate sector, Moody’s Investors Service said in a released on Monday.