[Round-up] U.S. Investment in Vietnam Expected to Surge, Sumitomo Begins Building another IP

Tuan Minh

14:03 22/09/2017

BizLIVE - Economists forecast that U.S. investment in Vietnam will increase in the near future with the arrival of big names. Japan’s Sumitomo Corporation on Thursday broke the ground for the construction of its third Thang Long Industrial Park in Vietnam’s northern province of Vinh Phuc.

[Round-up] U.S. Investment in Vietnam Expected to Surge, Sumitomo Begins Building another IP

Economists forecast that U.S. investment in Vietnam will increase in the near future with the arrival of big names.

HCM City Seeks Denmark’s Partnership in Smart Urban Development
Vice Chairman of the Ho Chi Minh City People’s Committee Tran Vinh Tuyen wished that his city and Denmark would join in specific projects in the fields of smart urban development, clean energy, environment pollution and urban infrastructure construction, the Vietnam News Agency (VNA) reported.
During a reception in Ho Chi Minh City on September 21 for Permanent Secretary of State of the Danish Ministry of Energy, Utilities and Climate Thomas Egebo, Tuyen expressed his delight at the development of ties between Vietnam, Ho Chi Minh City and Denmark in trade, science-technology, clean energy and climate change response.
Hungarian Prime Minister to Visit Vietnam Next Month
Hungarian Prime Minister Orbán Viktor and his spouse will pay an official visit to Vietnam on September 24-26 at the invitation of Prime Minister Nguyen Xuan Phuc.
At a regular press conference on September 21, the Foreign Ministry’s Spokeswoman Le Thi Thu Hang said that during the upcoming visit, Vietnam and Hungary will seek ways to step up bilateral cooperation in economy, trade, investment, science-technology, education-training, healthcare, environment, security and defense.
U.S. Investment in Vietnam Expected to Surge
The U.S. ranked ninth out of 122 countries and territories investing in Vietnam as of September 2017, with 835 foreign direct investment (FDI) projects worth $9.39 billion.
Economists forecast that U.S. investment in Vietnam will increase in the near future, with big names such as Coca-Cola, Procter&Gamble (P&G), Exxon Mobil, Nike, Boeing and MacKinsey likely to expand operations in the Southeast Asian country.
Japan’s TDS Opens Solenoid Factory in Ha Nam
Vietnam TDS Co. Ltd., a subsidiary of TDS Co. Ltd of Japan, on September 21 inaugurated a solenoid factory in Dong Van 2 Industrial Park in Duy Tien district of northern Ha Nam province.
Takahashi Takihiko, General Director of the TDS Co. Ltd., said the factory, built at a cost of over $5.4 million in the first phase, has a monthly capacity of 1.7 million products. It is expected to create jobs for around 400 workers.
Sumitomo Begins Building Thang Long Industrial Park III
Japan’s Sumitomo Corporation broke the ground for the construction of its third Thang Long Industrial Park (TLIP III) in Vietnam’s northern province of Vinh Phuc on September 21.
The park, covering 213 hectares, is calling for projects on environmentally-friendly industries, prioritizing high-tech projects, support industry, spare parts production in service of the auto and motorcycle sector, and precision engineering, among others.
Vietnam, Japan Promote Trade, Economic Cooperation
Nearly 100 Vietnamese and Japanese enterprises in agriculture, food, garment and support industry attended a Vietnam-Japan trade and economic cooperation conference in Tokyo on September 20, according to VNA.
The event was held by the Vietnam Trade Promotion Agency under the Ministry of Industry and Trade, Trade Office of the Vietnamese Embassy in Japan and the ASEAN-Japan Centre (AJC). It created opportunities for enterprises from the two countries to find trade partners, enhancing bilateral economic relations.
AirAsia to Start Offering Manila–Ho Chi Minh City Flights in November
Budget carrier AirAsia Philippines has announced it will begin offering direct flights from Manila to Vietnam’s Ho Chi Minh City in November.
AirAsia will fly three times a week from Manila to Ho Chi Minh, every Tuesday, Friday, and Sunday.
Dragon Capital, the largest fund manager in Vietnam, has realized profit from its investment in Hanoi-based Military Bank (MBB) after shares of the bank hit an all-time high.
Norges Bank and Wareham Group Limited, two funds related to Dragon Capital, have sold a combined 10 million shares to Composite Capital Master Fund LP via put-through transactions, for some 230 billion dong ($10.1 million).
Vietnam and the United States are actively arranging the visit by U.S. President Donald Trump to the Southeast Asian country in November, Le Thi Thu Hang, spokesperson of the Ministry of Foreign Affairs said at a press meeting on Thursday.
“At a meeting between Prime Minister Nguyen Xuan Phuc and President Donald Trump in May, the U.S. president affirmed he would visit Vietnam and attend the APEC 2017 summit [to be held in central city of Da Nang in November]. The two sides are actively preparing for the visit”, the spokesperson said.
Vietnam’s government debt reached $94.3 billion at the end of 2015, compared to $52.5 billion in 2011, while debt service amounted to $13.35 billion in 2015 versus $5.18 billion four years earlier, according to a recently-released semi-annual bulletin by the Ministry of Finance.
The World Bank (WB) stands ready to support Vietnam to meet its electricity demand sustainably, said Ousmane Dione, country director for the World Bank in Vietnam, at a recent event jointly held by the Electricity of Vietnam (EVN) in Hanoi on Wednesday.
“Alongside the solar support we are already providing for development of hydropower, power sector reform, energy efficiency of industrial sectors and strengthening the efficiency of the transmission and distribution grids,” Dione said at the launching of a solar measurement campaign for Vietnam in support of efforts to increase the deployment of renewable energy in the country.
Another extended period of rapid credit growth to meet GDP targets could eventually trigger another wave of defaults in Vietnam, Fitch Ratings has said in a press release sent to BizLIVE, referring to the government’s credit-boosting plan aimed to rev up economic growth.

TUAN MINH

BizLIVE Gặp gỡ