[Round-up] Toyota Vietnam to Recall 20,000 Cars, WB Finances $250 Million for Can Tho City

Tuan Minh

19:36 09/01/2016

BizLIVE -

Toyota Vietnam has announced to recall nearly 20,000 cars to fix a window switch fault. The WB will provide a $250.36 million loan for the Mekong Delta city of Can Tho to enhance sustainable urban development and deal with climate change.

[Round-up] Toyota Vietnam to Recall 20,000 Cars, WB Finances $250 Million for Can Tho City

Toyota Vietnam has announced to recall nearly 20,000 cars to fix a window switch fault.

WB Funds Can Tho City $250 Million to Deal with Climate Change
The World Bank will provide a loan worth $250.36 million for the Mekong Delta city of Can Tho to enhance sustainable urban development and deal with climate change.
The loan is part of a government-approved program worth $322.5 million, of which the remainder comes from the Swiss State Secretariat of Economic Affairs (SECO) and Vietnam’s reciprocal capital.
State-owned oil and gas group PetroVietnam exploited a record high of 29.2 million tons of oil and gas in 2015, including 18 million tons of crude oil, although oil prices have taken a nosedive.
In 2016, the firm plans to produce 16.03 million tons of crude oil, down two million tons, and 9.6 billion cubic meters of gas, down one billion cubic meters from 2015.
EVN Earmarks $26.7 Billion for Energy Investment in Next 5 Years
State-run Electricity of Vietnam (EVN) plans to invest 600 trillion dong ($26.67 billion) in power generation and transmission projects in the 2016-2020 period, compared to 492 trillion dong ($22 billion) in the past five years.
As of December 2015, Vietnam had a combined power generation capacity of 38,800MW, ranking second among Southeast Asian countries, after Indonesia. Of the amount, EVN made up 60.8%.
Foreign Investors Unload $4.33 Million worth of Vietnam Shares in First Week of 2016
Overseas investors net sold a combined 97.54 billion dong ($4.33 million) worth of shares listed on the Hochiminh and Hanoi stock exchanges in the first week of 2016 amid broad-based selloffs in the global market.
They unloaded a net value of 169 billion dong ($7.51 million) on the Hochiminh Stock Exchange while net buying 71.46 billion dong ($3.17 million) on the Hanoi bourse, according to the Dau Tu Chung Khoan (Securities Investment) newspaper.
The benchmark VN Index lost 3.3% while the HNX Index dropped 4.4% in the week.
The growth rate of disbursed foreign direct investment (FDI) in Vietnam could reach between 10% and 15%, even higher this year from a record high in 2015, Phan Huu Thang, former head of the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment, told the Dau Tu (Investment) newspaper.
Disbursements of FDI in the country rose 17.4% year-on-year to $14.5 billion in 2015, thanks to two multi-billion-USD projects of Samsung in northern Vietnam and the Taiwan-invested Formosa steel complex in the central province of Ha Tinh.
More State Companies to Launch IPOs This Month
More than 10 state-owned companies will launch initial public offerings (IPOs) this month as the government speeds up the privatization process.
Among notable IPOs, Viet Ha Investment Company, a sizable beer and beverage firm in northern Vietnam, will offer 18.7 million shares on the Hanoi Stock Exchange on Jan. 26, at a starting price of 10,000 dong ($0.44) a share.
Vietnam to Cut State Holding in VTVCab to 51%
National broadcaster Vietnam Television (VTV) will reduce the state ownership in Vietnam Television Cable Corp (VTVCab) to 51% in the first quarter of this year from 100% currently and to below 50% in VTVbroadcom.
VTV will also cut its holding in SaigonTourist Cable TV Company and turn the latter into a joint stock company.  
Toyota Vietnam to Recall nearly 20,000 Cars
Toyota Vietnam has announced to recall 19,616 Corolla, Vios and Yaris cars to fix fault the window switch starting January 8.
Sun Life Raises Holding in PVI Sun Life to 75%
Canadian insurer Sun Life has increased its holding in PVI Sun Life, a joint venture between it and PVI Holings, to 75% from 49%.  
Big-Wig Dairy Producers Narrowly Escape $45.87 Million Toll
A group of domestic dairy producers including Vinamilk, Nutifood, Friesland, and Hanoi Milk that hold massive shares in the Vietnamese milk market will likely be set free of a tax arrear toll of around one trillion dong ($44.44 million).
The Ministry of Finance stated that it would revoke the subordinate General Department of Customs (GDT)’s decision of collecting the tax sum from eight milk manufacturers. GDT’s move aimed to recover the import tax sum that had not yet been collected.

TUAN MINH