Sun Life Financial Wholly Acquires PVI Sun Life
Sun Life Financial Inc. on November 9 said it had completed the acquisition of the remaining 25% stake of PVI Sun Life Insurance Company Limited from PVI Holdings following receipt of regulatory approval.
Sun Life renamed PVI Sun Life to Sun Life Vietnam Insurance Company Limited to reflect its new status as a wholly owned subsidiary of Sun Life.
CJ Launches $18.3 Million Feed Factory in Ba Ria-Vung Tau
CJ Group, which has been present in Vietnam since 1998, is expanding its operations in the animal feed sector in Vietnam by launching a new feed mill in the southern province of Ba Ria-Vung Tau on November 10.
The $18.3-million facility will specialize in manufacturing feed ingredients, like fermented soybean, for both the local market and export at an estimated capacity of 22,000 tons per year.
More S. Korea, Japan Investors Come to Can Tho
More foreign businesses from South Korea and Japan are exploring investment opportunities in the Mekong Delta city of Can Tho, said Vice Chairman of the municipal People’s Committee Truong Quang Hoai Nam.
He noted that the ongoing second trade and culture exchange program between Vietnam and Japan held in the city from November 11 to 13 drew 40 Japanese businesses, allowing authorities to introduce local strengths to lure foreign investment.
PM Suggests Vietnam, Portugal Raise Trade to $500 Million
Prime Minister Nguyen Xuan Phuc
called on Vietnam and Portugal to take further steps to raise bilateral trade from nearly $400 million USD in 2015 to $500 million by 2020, the Vietnam News Agency (VNA) reported.
At a meeting with Portuguese Ambassador Francisco de Assis Morais e Cunha Vaz Patto in Hanoi on November 10, the PM suggested Portugal soon sign the EU-Vietnam Free Trade Agreement (EVFTA) and the Vietnam-Portugal agreement on double taxation avoidance.
Vietnam-S. Korea Trade Likely to Hit $70 Billion by 2020
The target of $70 billion in two-way trade is achievable if Vietnam and South Korea optimize the bilateral free trade agreement, which was signed in October 2015 and came into force two months later.
South Korean Ambassador to Vietnam Lee Hyuk made the statement in an interview with the Cong Thuong (Industry & Trade) newspaper.
Vietnam Seeks to Lure Malaysian Finance, Industry Businesses
Vietnam is an attractive destination for Malaysian finance and industry businesses, CK Lim, director of the ASEAN Business Community said at a function to connect Vietnamese and Malaysian businesses in Ho Chi Minh City on November 10.
He noted that the Vietnamese government’s investment attraction policies and tax incentives offered to foreign businesses have made the Vietnamese market attractive, VNA reported.
HCM City Looks to Further Capitalize On Overseas Remittances
Ho Chi Minh City attracts the largest amount of overseas remittances among all cities and provinces in Vietnam, and it is working on how to optimize this source of capital, according to VNA.
Remittances to the southern economic hub increased by 10-15% per year from 1993 to 2015, totaling more than $50 billion so far. They account for nearly 50% of the total remittances to Vietnam every year and make the city the top remittance destination in the country, said Nguyen Hoang Minh, a central bank official.
Vietnam expects foreign investors to bolster their engagement with the banking reform as the government seeks to speed up the local economy, said the chief of the Vietnamese central bank.
Addressing the 33rd Asian Bankers Association (ABA) General Meeting and Conference on November 11, Governor of the State Bank of Vietnam Le Minh Hung said the Vietnamese government will refine the legal framework and improve the business environment to hearten overseas investors.
Vietnam will carry on its integration policy and further improve the business environment whether the Trans-Pacific Partnership (TPP) free trade agreement is ratified or not in the light of power transition in the United States, high-ranking Vietnamese government officials have stated.
“It’s too soon to reckon the fate of the TPP,” Vietnamese Trade Minister Tran Tuan Anh told local press on the sidelines of the ongoing parliamentary session on November 10.
As much as 95 trillion dong ($4.25 billion) worth of non-performing loans in the Vietnamese banking system has been resolved in the year to date, of which 52.4% has been handled through debt recovery, and 21% sold to VAMC, according to the National Financial Supervisory Commission.