Engel Opens Subsidiary in Vietnam
Engel Austria has opened a new sales and service subsidiary in Ho Chi Minh City, Vietnam, in a bid to raise its profile market in Southeast Asia.
The injection molding machine and system supplier announced last week that the move was in response to growing demand for its products by the international entertainment electronics industry in Vietnam.
Ousmane Dione Appointed to World Bank Country Director for Vietnam
Ousmane Dione will assume the position of Country Director for the World Bank (WB) in Vietnam, effective September 12, 2016, the bank said in a press release on Friday.
In his new position, Ousmane’s top three priorities will be to: 1) manage Vietnam’s smooth IDA graduation; 2) continue to strengthen the partnership and close cooperation with Government of Vietnam, at the same time, deepen the WB’s subnational engagements; and 3) work closely with the Vietnamese government and development partners to carry forward the vision and recommendations of the Vietnam 2035 report.
Vinamilk Seeks to Buy Second U.S. Dairy Company in Growth Push
Vietnam Dairy Products JSC (Vinamilk), Southeast Asia’s biggest milk producer by market value, is in talks to buy another U.S. company as it accelerates acquisitions to expand globally and achieve annual revenue of $3 billion by the end of 2017, Bloomberg reported.
The company, which already has a stake in California-based Driftwood Dairy, expects the deal to close as early as next year, Chief Executive Officer Mai Kieu Lien said, declining to give the name of the target or the deal value.
Samsung Electronics Wants More Vietnamese Firms to Join Supply Chain
Samsung Electronics said at a seminar in Ho Chi Minh City on September 9 that it expects more Vietnamese enterprises could join its global supply chain in the future, the Vietnam News Agency (VNA) reported.
In recent years, Samsung has sought Vietnamese firms which could join its supply chain and send experts to enterprises to improve their capacity. However, among 190 Vietnam-based suppliers for Samsung, only 12 are home-grown which could only offer packaging and spare parts and the remaining are foreign-invested ones.
Vietnam Seeks to Lure More North American Tourists
Along with Vietnam’s top tourist markets of Northeast Asia and ASEAN, North America has become an important market of Vietnamese travel companies in recent years with abundant untapped potential, according to VNA.
About 600,000 out of total 7.9 million foreign tourists to Vietnam in 2015 came from the U.S. and Canada, accounting for 8%, noted Ha Van Sieu, deputy head of the Vietnam National Administration of Tourism during a conference in Ho Chi Minh City on September 9.
Investment Promotion Conference Held in U.S.
Minister of Planning and Investment Nguyen Chi Dung has co-chaired an investment promotion conference in the U.S. within the framework of his working visit to the country from September 6, VNA reported.
The event attracted the participation of numerous US officials, scholars and policy-makers, representatives from ASEAN countries, and US enterprises, including such renowned groups as Coca-Cola, Caterpillar, Mastercard, ExxonMobil, and United Technologies Corporation.
Construction Starts on Cam Ranh Airport International Terminal
Cam Ranh International Terminal JSC began construction on an international terminal at Cam Ranh International Airport in the central province of Khanh Hoa on September 8, aiming to meet the recent robust increase in foreign tourists at the airport.
The two-storey building, worth four trillion dong ($180 million), will cover a 50,000sqm.-area and construction will be carried out in three stages, with the first one expected to be completed by 2018.
Rise of Yen behind ACV Losses
State-run Airports Corporation of Vietnam (ACV) incurred losses of 1.37 trillion dong ($60.8 million) in the first half of this year due to the sharp appreciation of the Japanese yen.
ACV, as a large borrower of Japanese official development assistance (ODA) posted revenues of 3.26 trillion dong. Its financial costs swelled to 1.4 trillion dong, affecting its businesses.
French President Francois Hollande has visited Vietnam, with much weight put on economic cooperation between the two countries which elevated their relations to strategic partnership in September 2013 during then Prime Minister Nguyen Tan Dung’s France tour.
Six Vietnamese companies reaped a combined 2.83 trillion dong ($127 million) from selling 204.45 million shares via auctions on the two local stock exchanges in August, with Vietnam Engine & Agricultural Machinery Corporation (VEAM) booking the largest proceeds of $95.65 million.
The Vietnamese Ministry of Health is carrying out a food safety inspection at Suntory PepsiCo Vietnam Beverage (SPVB) following recent checks at the Vietnam operations of U.S. Coca-Cola and Philippine URC, local media reported, citing a ministry decision.
The inspectors will look into the beverage firm’s legal compliance with food safety regulations during 45 days starting September 6. The scrutiny will take place at the firm’s distribution centers, suppliers of material, food additives, and package.