Vietnam Govt Sets up Finance, Money Policy Consultation Council
Prime Minister Nguyen Xuan Phuc has signed a decision to establish a 39-member National Financial and Monetary Policy Consultation Council, tasked to propose recommendations to the government and the PM regarding big guidelines, policies and projects in the field of finance and money.
The council, led by Deputy Prime Minister Vuong Dinh Hue, has three vice chairmen namely Governor of the State Bank of Vietnam Le Minh Hung, Minister of Finance Dinh Tien Dung and Chairman of the National Financial Supervisory Committee Vu Viet Ngoan.
Up to 72% of Enterprises in Vietnam Support TPP
The proportion of businesses in Vietnam showing support for the Trans-Pacific Partnership (TPP) rose from 62% in 2014 to 72% in 2015, the Vietnam News Agency cited a recent survey conducted by the Vietnam Chamber of Commerce and Industry (VCCI).
The survey indicated that 78% of the surveyed enterprises said they are aware of the trade deal, up from 68% in 2014.
UK Firm Charges Vietnam’s BSR $25 Million for Expansion Design Contract
Amec Foster Wheeler is reported to pocket $25 million from providing front-end engineering and design (FEED) for the expansion and upgrading of Dung Quat oil refinery, the sole operating one of its kind in Vietnam and run by Binh Son Refining & Petrochemical Co. Ltd. (BSR).
The expansion, which costs an estimated $1.8 billion, will lift the plant’s crude processing capacity by 30% to 8.5 million tons per year from 6.5 million presently.
Vietnam Imports Largest Volume of Steel in ASEAN
Vietnam is the biggest steel importer in ASEAN and is ranked seventh in world, according to World Steel Association (WSA).
Last year, Vietnam imported 11.3 million tons, mostly from China, the Vietnam Steel Association reported. In the first four months of this year, the country imported 3.7 million tons of steel from China.
Vietnam Government Bonds Remain Attractive
Government bonds have been popular this year and in fact are considered the favorite asset class for credit institutions and foreign investors.
The State Treasury raised 43.34 trillion dong ($1.93 billion) from bond sales in May, almost 50% higher than the volume in April, with five-year notes being the bestsellers, accounting for 77%.
UN to Fund Vietnam’s Industrial Strategies
The Ministry of Industry and Trade and the United Nations Industrial Development Organization (UNIDO) launched a project Friday to support the Vietnamese government in building industrial strategies, according to VNA.
The project aims to improve the quality of industrial development strategies and policies to increase the local industry’s competitiveness, thus contributing to reducing poverty and improving gender equality by generating new production activities and jobs.
Da Nang Hosts Startup Fair
A startup fair was held this weekend for the first time in the central city of Da Nang, aiming to support startups and entrepreneurship.
The event, organized by the Da Nang Entrepreneurship Support Co Ltd, included a series of workshops and an exhibition of startup models focused on the startup ecosystem, support policies and investment.
The value of Vietnamese shares listed on the Hochiminh, Hanoi stock exchanges and UPCoM reached 1,494 trillion dong ($66.5 billion) as of the end of May, equivalent to 37.3% of the country’s GDP and rising 8.1% from end-2015, according to exchange data and Doanh Nhan Saigon Online.
Taiwanese conglomerate Far Eastern Group (FEG) is seeking to erect a textile and synthetic fiber complex worth $760 million in the southern province of Binh Duong, in a move to take advantage of the yarn-forward rule under the mammoth Trans-Pacific Partnership (TPP) agreement.
This is the company’s second project in the province, home to multiple foreign-invested enterprises, according to the Vietnam News Agency.
KAMAZ Chief Executive Officer Sergey Kogogin and Managing Director of the Russian Export Center Petr Fradkov have signed an agreement on boosting shipment of KAMAZ-branded vehicles to Vietnam, Sputnik reported.
Russia’s biggest truck producer plans to increase its export to Vietnam from 700 trucks in 2015 to 1,000 units this year.
Foreign direct investment (FDI) in the southern province of Binh Duong has reached $1.1 billion as of mid-June, rising 8.3% from the comparable period of last year and fulfilling 78.3% of this year’s target.
Capital approvals for 113 fresh projects were $731 million while 64 operational projects had their capital raised by $367 million, local media cited the local government as saying.
Moody’s Investors Service has hailed a scheme by the Vietnam Asset Management Company (VAMC
) to make its first purchase of troubled loans from banks this year.
“This is credit positive for Vietnamese banks because a cash sale would effectively transfer all economic risks associated with a non-performing loan (NPL) to the VAMC and away from the banks,” the U.S. rating agency said in a report on Monday.