[Round-up] Vietnam-EAEU FTA to Take Effect in October, PVFCCo Partners with Japanese Firms to Build Ammonia Plant

Tuan Minh

08:52 20/08/2016

BizLIVE - The Vietnam-Eurasia Economic Union Free Trade Agreement will come into force on October 5 this year. A PetroVietnam subsidiary will team up with two Japanese companies to study the possibility of jointly building an ammonia production facility and derivatives from gas fields in the south-eastern region.

[Round-up] Vietnam-EAEU FTA to Take Effect in October, PVFCCo Partners with Japanese Firms to Build Ammonia Plant

The Vietnam-Eurasia Economic Union Free Trade Agreement will come into force on October 5 this year. Photo: Internet

Public Hospital Fees Hiked by 18% in August
Public hospital services and products in 16 provinces and cities have become 18% more expensive since the middle of August, as patients pay for health staff’s basic salaries, according to the Vietnam News Agency (VNA).
Labor-intensive services such as check-ups, bed charges and surgeries, particularly those requiring up to eight medical workers for three or four hours, cost more now.
Vietnam Asks for South Korea’s Help in IT Personnel Training
Politburo member and President of the Vietnam Fatherland Front Nguyen Thien Nhan has asked for help from South Korea in training personnel in information technology for Vietnam during his friendship visit to the Northeast Asian country.
At his meeting with South Korean Prime Minister Hwang Kyo-Ahn on August 18, Nhan said Vietnam needs help to address newly arising cyberspace problems, VNA reported.
Vietnam, Indonesia Promote Trade, Investment
A workshop highlighting economic and trade cooperation potential between Vietnam and Indonesia, one of the top priorities of their strategic partnership, was held in Hanoi on August 19.
Chairman of the Vietnam – Indonesia Friendship Association Nguyen Dang Tien cited that two-way trade topped $5.4 billion in 2015 and is expected to hit $10 billion in 2018 following the formation of the ASEAN Economic Community at the end of 2015.
Fuel Prices Gain Nearly 700 Dong per Liter
The Ministry of Industry and Trade and the Ministry of Finance raised the prices of RON 92 petrol and bio-fuel E5 by 675 dong and 975 dong per liter from 3:30 pm on August 19.
The prices of diesel 0.05S and kerosene also increased 253 dong and 200 dong per liter, respectively.
Bankers Discuss Basel II Capital Assessment at IFC-hosted Workshop
Banking experts shared their experiences in applying the Basel II capital adequacy guidelines at an IFC-hosted workshop on August 18 in Hanoi.
According to banking experts, applying Basel II is indispensable for local banks, especially when Vietnam has become part of the Trans-Pacific Partnership, with most banks of other member countries having applied Basel II or even Basel III.
Plastics & Rubber Exhibition to Open Next Month
More than 320 companies from around the world will participate in a plastic and rubber industries exhibition opening in HCM City next month.
The exhibitors, from 11 countries and territories including Singapore, South Korea, Japan, Thailand, and India, will showcase products and services like plastic compressing machines, PET bottle blowing machines, mould manufacturing equipment, plastic materials, chemicals and others at 500 stalls at the Saigon Exhibition and Convention Center.
PVFCCo to Build Ammonia Production Facility with Japanese Partners
PetroVietnam Fertilizer and Chemicals Company (PVFCCo) on August 19 signed a memorandum of understanding with Japan’s UBE Industries Ltd (UBE) and Sojitz Corporation (Sojitz) to study the possibility of joining hands in building an Ammonia (NH3) production facility and derivatives from gas fields in the south-eastern region.
Under the MoU, parties will carry out a feasibility study for the facility, which would be built in the south-eastern region with an estimated design capacity of 1,500 to 2,000 tons per day.
PM Approves WB Infrastructure Project
Prime Minister Nguyen Xuan Phuc has approved a technical assistance project in service of the World Bank’s City Infrastructure Financing Facility (CIFF) project.
The project is worth $666,000, including $630,000 from the WB’s non-refundable official development assistance (ODA) and the remaining to be sourced from the state budget as reciprocal capital.
South Korea Bank Opens Branch in Ho Chi Minh City
South Korea’s Busan Bank (BS) opened its branch in Ho Chi Minh City on August 18, in order to facilitate the investment of businesses from South Korea in general and Busan in particular in Vietnam.
Chief Executive Officer and Director of BS Financial Group Sung Se Hwan said that BS is South Korea’s fifth largest bank, through which more than 60 Korean enterprises have invested in Vietnam.
Vietnam-EAEU FTA to Take Effect on October 5
The Vietnam-Eurasia Economic Union Free Trade Agreement (FTA) will come into force on October 5, 2016, according to an announcement released by the Vietnamese Ministry of Industry and Trade.
After the FTA takes effect, the two sides will establish a joint committee, a committee on goods trade, and a subcommittee on origin regulations for the effective implementation and supervision of the agreement.
Vietnam, South Work to Enhance Technology Transfer
A workshop was held in Ho Chi Minh City on August 18 to promote technology connectivity and transfer between Vietnam and South Korea.
It aims to connect technology supply and demand between the two sides so as to introduce advanced technology that Korean companies can transfer to or cooperate with their Vietnamese partners to develop.
Small South Korean-invested securities companies operating in Vietnam are showing weaker-than-expected performances although the local stock market is among the best performers in the Asia-Pacific region.
According to the Korea Financial Investment Association, South Korean investment funds have been net buyers in the Vietnamese share market over the past six months. Funds such as KITMC, Mirae Asset and the investment vehicle of Samsung Securities are bullish on Vietnam and have boosted buying local shares.
Vietnam had nearly 36 trillion dong ($1.6 billion) worth of unsold real estate products as of mid-August, falling 29.34% from December 2015 and 4% from end-June 2016, according to the Vietnam Real Estate Association.

TUAN MINH