[Round-up] Singapore PM to Visit Vietnam, Gov’t Chief Calls on Japan to Become Top Investor

Tuan Minh

22:32 17/03/2017

BizLIVE - Singapore’s Prime Minister Lee Hsien Loong will pay an official visit to Vietnam on March 21-24. PM Nguyen Xuan Phuc has reiterated his hope that Japan will become the largest investor of Vietnam in the near future.

[Round-up] Singapore PM to Visit Vietnam, Gov’t Chief Calls on Japan to Become Top Investor

Singapore’s Prime Minister Lee Hsien Loong. Photo: AFP

Singapore Prime Minister to Visit Vietnam
Singapore’s Prime Minister Lee Hsien Loong and his spouse will pay an official visit to Vietnam from March 21 to 24, at the invitation of Prime Minister Nguyen Xuan Phuc, according to the Ministry of Foreign Affairs.
Vietnam Tells Firms to Stop YouTube and Facebook Ads
Vietnam on Thursday called on all companies doing business in the country to stop advertising on YouTube, Facebook and other social media until they find a way to halt the publication of "toxic" anti-government information and fake content.
"Today we call on all Vietnamese firms that are advertising not to abet them to take advertising money from firms to use against the Vietnamese government," Information and Communications Minister Truong Minh Tuan addressed a meeting in Hanoi.
Economic Restructuring Outcomes Remain Modest: Report
Economic restructuring outcomes so far remain modest and have yet to create favorable conditions to shift to a good growth model, according to the 2016 Vietnam economic report of the National Economics University.
The country’s economic growth was still largely based on capital and foreign investment, the report said, adding that the private sector remained weak and the state sector failed in its leading role of the economy, said the report.
E-Commerce Market Potential Remains Untapped
The lack of customer confidence, payment solutions and information transparency all have prevented e-commerce from booming, with only 17% of the population buying online.
A Nielsen report showed that 45% of Vietnamese are Internet users, 28% of whom conduct online shopping with an average spending level of $160 per head per month, accounting for 2.8% of total retail sales.
The market expects the 22% growth rate in 2017 and 13.2% by 2020, according to eMarketer.
Japan Hoped to Be Vietnam’s Largest Investor
At a reception for Tsutomu Takebe, Special Advisor to the Japan-Vietnam Friendship Parliamentary Alliance and President & CEO of Nidec Corporation Shigenobu Nagamori in Hanoi on March 16, PM Nguyen Xuan Phuc reiterated his hope that Japan will become the largest investor of Vietnam in the near future.
He affirmed that the Vietnamese government will work to ensure the success of Japanese enterprises in Vietnam and will strive to develop support industries and will create optimal conditions for Japanese businesses operating in this field.
Non-state Capital Critical to Transport Infrastructure Projects: PM
PM Nguyen Xuan Phuc has requested the Ministry of Transport (MoT) and relevant ministries to remove all obstacles, including existing mechanisms and policies, to mobilize capital from all possible sources for transport infrastructure projects.
He assigned the MoT to build specific mechanisms for developing highways and drawing investment in the Public-Private Partnership form, while seeking more capital from ODA, the Vietnam News Agency (VNA) reported.
HCM City: First Startup Firm in IC Development Established
The Vietnam High Efficiency Software (VHES) Corporation officially debuted on March 16, becoming the first high-tech startup enterprise formed under the integrated circuit (IC) industry development program of Ho Chi Minh City, according to VNA.
The firm launched its first product using smart grid development called high efficiency software, which is an intermediate software system connecting the meter data management system and the terminal network including Modem/DCU and electrometers.
Vietnam Slams Australia’s Prawn Ban
The Vietnamese government has accused Australia of "causing serious damage" to its prawn farmers and exporters and has asked the Federal Government to reconsider the ban on uncooked prawn imports.
Vietnam’s deputy minister of Industry and Trade Tran Quoc Khanh said the ban had damaged his country’s aquaculture industry, which exports about $55 million worth of uncooked prawns to Australia.
Russian UAZ Off-Roaders Go on Sale in Vietnam
Russia’s UAZ automaker is launching the sale of its off-road vehicles in Vietnam. At present, the UAZ vehicles delivered to Vietnam are for defense needs only, however it strives to enter the country’s commercial market, the company’s Export Director, Andrei Dorofeyev, told Sputnik.
In an exclusive interview with Sputnik Vietnam, Andrei Dorofeyev said that AutoK will be selling mostly diesel-powered Hunters, Pickups and Patriots.
Vietnam Shares Fall on ETFs’ Selling
The benchmark VN Index of the Ho Chi Minh City Stock Exchange (HOSE) slid in the last minutes to close down 0.61% at 710.54 as foreign-run exchange-traded funds sold bluechips to refresh their holdings.
Since its establishment in July 2013, the central bank-run Vietnam Asset Management Company (VAMC) has issued 245.67 trillion dong ($10.8 billion) in special bonds to acquire 282.12 trillion dong ($12.4 billion) worth of problem debts at book value, of which 17.8% has been recouped.
Actual foreign direct investment (FDI) in Vietnam could reach a combined $118 billion between 2017 and 2015 when the country enters the aged population period, PhD. Nguyen Thuong Lang from the Hanoi National Economics University (HNEU) has said in a report.
FDI commitments are forecast at $335 billion in the period, the Saigon Times newspaper cited Lang as saying.

TUAN MINH

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