U.S. Works to Ratify TPP: Ambassador
The U.S. is working to ratify the Trans-Pacific Partnership (TPP) agreement, U.S. Ambassador to Vietnam Ted Osius
told President of the Vietnam General Confederation of Labor Bui Van Cuong at a meeting in Hanoi on August 10.
According to the Lao dong (Labor) newspaper, the two sides exchanged the roadmap for Vietnam’s involvement in the world-largest free trade pact.
Vietnamese Firms to Showcase Products in Japan
Vietnamese businesses will have a chance to display their products at Vietnam Fair in Japan's largest eco-friendly shopping Centre - AEON Lake Town Saitama - on September 2-4, local media reports.
Vietnamese goods will be showcased at 20 booths and will include garments and textiles, footwear, farm produce, food and home furniture.
Poland Exporters Eye Vietnam Poultry Market
With a population of over 90 million and rising incomes and demand for quality poultry products, Vietnam is a promising market for the Polish poultry industry, said the general director of that country's National Poultry Council – Chamber of Commerce.
Speaking at a seminar in HCM City on August 9, Lukasz Dominiak, citing U.S. Department of Agriculture figures, said Vietnam’s annual poultry consumption rose by 79% between 2002 and 2012 to 7.6 kilograms per capita and this trend is expected to continue.
Vietnam to Launch Common Stock Index
The Ho Chi Minh City and Hanoi stock exchanges will launch a common index in October, part of a plan to merge the two exchanges and standardize local stock indexes in the future.
Industry insiders said the southern bourse will mainly operate shares and corporate bond trading, while the Hanoi Stock Exchange will focus on government bonds and derivatives transactions.
SOEs Divest $128 Million in 7 Months
As many as 43 state-owned enterprises (SOES), including six corporations, were cleared for equitization in the first seven months of this year, the Vietnam News Agency (VNA) cited the Finance Ministry as saying.
State units divested 2.87 trillion dong ($128 million) in book value and earned 5.63 trillion dong (252 million) from selling stocks.
Vietfood & Beverage - ProPack Exhibition 2016 Draws 420 Firms
The Vietfood & Beverage - ProPack international exhibition opened in Ho Chi Minh City on August 10 with the participation of 420 enterprises from 20 countries and territories worldwide, according to VNA.
As many as 500 booths at the event are displaying a wide range of products with many of Vietnam’s strength such as tea, coffee, fresh and packed seafood, vegetables, fruit, and confectionary.
“Golden land” Plots in HCM City Fall into Foreigners’ Hands
The HCM City authorities' plan to put 23 land plots in advantageous positions, called ‘golden land plots’, into auction this year. Only a few Vietnamese enterprises are financially capable of buying the land, according to VietNamNet.
Analysts say the war to acquire golden land plots will be fierce in the time to come. Reports showed that real estate remains the favorite sector for foreign investors.
Thai Union Subsidiary Looks to Lift Stake at Yueh Chyang Canned Food
Thai Union Group’s subsidiary Songkla Canning is planning to increase its current holding of 51% in Vietnam-based Yueh Chyang Canned Food (YCC) to 95.04%.
The offer price is calculated based on the 12.2 times of the average annual profit of the past three years, and also equals 1.59 times of the book value of YCC, the Thai firm said in an information disclosure.
Mitra Energy (Vietnam 05-1) Pte Ltd, a wholly-owned subsidiary of Mitra Energy Inc., has signed an agreement to acquire a 30% working stake in the Blocks 05-1b and 05-1c Production Sharing Contract (PSC) offshore Vietnam for $14.3 million from Teikoku Oil (Con Son) Co., Ltd, a wholly-owned subsidiary of Inpex Corporation.
Foreign direct investment (FDI
) in Vietnam is expected to remain strong in the second half (H2) of this year, thanks to still-strong interest from multinationals, supporting the manufacturing sector, Standard Chartered Bank said in a recently-issued report.
The bank said that 65% of FDI inflows so far this year have been to the manufacturing sector, which has received over 50% of all annual FDI since 2012.
Fast Moving Consumer Goods (FMCG) growth in the six key cities in Vietnam reached 6.3% in the second quarter of the year, the highest growth in the past three years, driven mainly by an increase of 5.2% in volume, Nielsen Vietnam has said in its latest Market Pulse report.