Totalgaz Acquires Petronas’ LPG Business in Vietnam
Totalgaz Vietnam Limited has announced the acquisition of Malaysian company Petronas’ liquefied petroleum gas business in Vietnam, becoming the second largest LPG player in Vietnam.
The agreement signed late last week in Malaysia covers Petronas’ two liquefied petroleum filling facilities in the northern city of Hai Phong and the southern province of Dong Nai together with a large portfolio of customers and partners.
Success Dragon Announces Two Vietnam Slot Club Deals
Success Dragon International Holdings Ltd said it has made two agreements to manage electronic gaming machines at gaming clubs in two five-star hotels in Vietnam.
One agreement, made on October 28, is with Tien Phuoc and 990 Co Ltd, the owner of Le Meridien Hotel, a five-star property in Ho Chi Minh City. The second deal, made on Thursday, is with the owner of One Opera Hotel, described as a five-star hotel and commercial complex in Danang.
The firm said in a filing on Friday to the Hong Kong Stock Exchange that although “Vietnam laws presently only allow foreigners and Vietnamese residing in overseas countries holding foreign passports to wager in casinos and electronic gaming machine clubs,” the firm had targeted Vietnam for the deals because “it is expected that there will be more foreign visitors to Vietnam, leading to a potential growth for the electronic gaming industry”.
Zalora Rejects Rumor of Leaving Vietnam
Rocket Internet’s online fashion seller Zalora has refuted information saying that it was seeking for a partner to sell its Vietnam unit.
The rumor on Zalora leaving Vietnam came after the failure of two internet-based service providers namely Easy Taxi and Foodpanda
A Zalora representative told BizLIVE that its sales indicated that Vietnam remained a potential market.
China Lifts Ban on Import of Prawns from Vietnam
The Chinese government has lifted a ban on the import of fresh prawns as of December 7, paving the way for their re-entry into the market, said the Ministry of Industry and Trade.
The ministry said the re-introduction comes after lengthy discussions with Chinese officials and testing to assure there are no negative effects on aquaculture biodiversity or possibility of infecting local Chinese stocks with disease.
Vietnam, Russian Seek to Expand Ties
Vietnam and Russia businesses held a conference in Hanoi on Monday to examine opportunities to expand their ties which have developed significantly in trade, investment, oil and gas and electricity.
The Free Trade Agreement (FTA) signed between Vietnam and the Eurasian Economic Union (EAEU) in May will open up opportunities for Vietnamese and Russian firms to accelerate their cooperation, said Hoang Quang Phong, vice chairman of the Vietnam Chamber of Commerce and Industry (VCCI).
The two governments had committed to create the most favorable conditions for enterprises to do business, he added.
Taiwanese Firms Put $1.1 Billion in Vietnam in 11 Months
Taiwanese businesses have brought $1.11 billion to 154 projects in Vietnam over past 11 months, making the territory one of the largest direct investor in the Southeast Asian country, according to the Foreign Investment Agency under the Ministry of Planning and Investment.
During the period, the processing and manufacturing sector attracted the largest amount of $890 million, followed by the construction sector with $130 million.
Hanoi Hosts Russia-Vietnam Industrial Exhibition
Russian-based Zarubezh-Expo held the industrial exhibition EXPO Russia-Vietnam 2015 in Hanoi on Monday.
The expo, featuring approximately 120 enterprises from Russia, are showcasing modern technology in various fields, including energy, mechanical engineering, transport infrastructure, telecommunications, communications, mining, chemistry, medicine and agriculture.
Vietnam Licenses 661 Foreign Institutional Stock Investors in Jan-Nov
The Vietnam Securities Depository (VSD) granted trading codes to 661 foreign institutional investors and 277 international individuals in the first eleven months of this year, the highest number of individual foreign investors licensed since 2011.
The agency has provided trading codes to 18,508 foreign investors so far, including 2,864 institutions and 15,644 individuals.
The rise in trading codes for foreign investors was partly due to the removal of the 49% foreign ownership cap in many listed companies in September.
Vietnam Finance Ministry Has Countermeasures for Oil Crash
Vietnam’s Ministry of Finance (MoF) has drawn up scenarios to ensure budget collections in case oil prices fall to $60, $50, $45 or even $30 a barrel, Deputy Finance Minister Do Hoang Anh Tuan said in an interview with national broadcaster Vietnam Television on December 13.
Mr. Tuan said that recent low oil price is for future delivery and will not affect the country’s state budget revenue in 2015. Vietnam has collected some 66 trillion dong (roughly $3 billion), which has met the revised target.
A number of Vietnamese economists have ruled out the possibility of the central bank weakening the domestic currency by the end of this year, as the USD/VND rate has hit the upper limit.
The State Bank of Vietnam (SBV
), the country’s central bank, is unlikely to adjust the USD/VND rate at the moment, Truong Van Phuoc, vice chairman of the National Financial Supervisory Commission, told BizLIVE.vn.
Mr. Phuoc’s assessment is echoed by some other experts and bankers such as Dang Ngoc Duc, director of the Banking-Finance Institute under the Hanoi-based National Economics University, and a forex trader at National Citizen Bank.
Vietnam still has a substantial deficit of quality housing despite economic growth and the government’s efforts, said the World Bank’s “Vietnam affordable housing – A way forward” report.
According to the report, the share of the urban population is expected to reach 50% by 2040, thus an estimated 374,000 additional housing units will be needed in cities each year to cope with demand.