[Round-up] Vietnam Entices Aussie Investment in Mining, Shipbuilding, Samsung to Get More Involved

Tuan Minh

08:00 02/12/2017

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National Assembly Chairwoman Nguyen Thi Kim Ngan, who is on an official visit to Australia, welcomed mining group Alcoa and ship-builder Austal to invest in Vietnam. Samsung Vietnam Shim Won-hwan pledged to continue supporting Vietnamese firms to take part in the Korean group’s global supply chain.

[Round-up] Vietnam Entices Aussie Investment in Mining, Shipbuilding, Samsung to Get More Involved

Samsung plans to plant deeper roots in Vietnam.

Vietnam Parliament Speaker Invites Aussie Investment in Mining, Shipbuilding
National Assembly Chairwoman Nguyen Thi Kim Ngan, who is on an official visit to Australia, welcomed mining group Alcoa and ship-builder Austal to invest in Vietnam during her meeting with the two companies’ executives in Perth on December 1, the Vietnam News Agency (VNA) reported.
The Vietnamese National Assembly is committed to creating the best possible favorable conditions for foreign investors, including those from Australia, to do successful and long-term business in Vietnam, Ngan said, adding that she will convey Alcoa’s proposal to the Vietnamese government.
Vietnam's Retail Sales, Service Revenues Rise 10.7% in Jan-Nov
Vietnam's total goods retail sales and consumer service revenues were nearly 3,601 trillion dong ($158.6 billion) in the 11 months through November, up 10.7% on-year, the country's General Statistics Office said on Thursday.
Of the sum, goods retail sales stood at nearly 2,698 trillion dong ($119 billion), up 10.8%.
Vietnam on Course to Meet Textile, Garment Export Target
While another $8 billion worth of exports is needed before the yearend to fulfil Vietnamese Government’s 2017 export target of $31 billion in textiles and garments, the average export growth rate in August and September indicates the target is achievable, according to Le Tien Truong, general director of Vietnam National Textile and Garment Group (Vinatex).
Vietnam’s textile and apparel exports were worth $28 billion in 2016 and exports growth is projected to reach 10% this year, a Vietnamese online newspaper reported.
Samsung Elevates 29 Vietnamese Vendors to Tier-1 Supply Chain
Samsung completed the consultation program for 12 enterprises in 2017 and has achieved the target of 29 Vietnamese businesses becoming tier-1 vendors by the end of the year.
With great efforts to seek and connect Vietnamese vendors, the number of Samsung’s tier-1 Vietnamese vendors has increased dramatically from four businesses in 2014 to 29 at the moment.
Samsung Vows More Support for Vietnamese Firms to Enter Its Supply Chain
General Director of Samsung Vietnam Shim Won-hwan pledged to continue supporting Vietnamese firms to take part in the Korean group’s global supply chain while meeting Chairman of the Ho Chi Minh City People’s Committee Nguyen Thanh Phong on November 30, VNA reported.
Chairman Phong spoke highly of operation of Samsung, one of the biggest foreign investors in Vietnam, noting its contribution of about 20% of the country’s export revenue. The Samsung complex in the Saigon Hi-tech Park has operated effectively since mid-2016, creating jobs for more than 7,000 people.
South Korea’s Huneed Technologies Seeks Investment in Vietnam
South Korean defense firm Huneed Technologies, which is partly owned by Boeing, is looking to invest in establishing a facility in Vietnam, the state-run Vietnam News Agency (VNA) reported on November 28.
According to the report, Huneed Technologies wants to invest in a high-technology industry park in Saigon, near to Ho Chi Minh City (HCMC). VNA said the government of HCMC “will create optimal conditions to welcome Huneed Technologies to its Saigon Hi-Tech Park.”
Uber Signs Partnership with Vietnam's Leading E-Wallet Firm
Uber Technologies Inc. on Wednesday signed a deal with MoMo, Vietnam's leading financial technology firm, enabling Uber riders to pay for trips using MoMo's e-wallets in a country where most transactions are done in cash.
The partnership is Uber's first deal with a fin-tech company in Southeast Asia. It aims to catch up with regional rival Grab, which has its own e-wallet service.
Mobile Payments Boom, But Not in Vietnam
While mobile payments are becoming more widely used in many countries, the service remains unpopular in Vietnam, despite the high number of mobile phone subscribers.
The habit of making payments in cash and the appearance of so many mobile payment solutions are hindrances to market development, a banking expert said.
French Group Urged to Expand Investment in Vietnam
At a reception in Hanoi on November 29 for visiting VINCI Chairman Jerome Stubler, Prime Minister Nguyen Xuan Phuc has hoped that France’s VINCI Group will increase investment in Vietnam, especially in infrastructure and environment.
As Vietnam is in need of infrastructure development, especially expressways, the Vietnamese PM urged VINCI to continue engaging in projects in this field, even purchasing the right to exploit expressways.
Vietnam Airlines and LOT Sign Interline Agreement
Vietnam Airlines and LOT Polish Airlines have signed an interline agreement that will allow passengers to connect between each other’s networks.
Passengers will be able to purchase LOT tickets through Vietnam Airlines, and vice versa, says Vietnam Airlines in a statement.
Korean Business Seeks Production Opportunities in Ha Nam
ILMI Agriculture & Fisheries Co. Ltd from the Republic of Korea plans to grow radishes in the northern province of Ha Nam, heard a working session between the company and the provincial People’s Committee on November 30, according to VNA.
Oh Young Cheol, chairman of the company, said that the firm is farming 40 hectares of radish in Bac Ninh province and wants to expand to Ha Nam due to its fertile soil.
Vietnam’s Manufacturing Purchasing Managers' Index (PMI), fell to 51.4 in November from October's 51.6, signaling the weakest improvement of business conditions since March 2016, Nikkei and IHS Markit have said in a monthly report.
The rate of new order growth eased for the second month running in November, with slower increases in both total and export orders.
In the three years of operation in Vietnam, Malaysia-based car-hailing app Grab suffered a combined loss of 938.2 billion dong ($41 million), mainly due to huge promotions, marketing costs and offering lower fares compared to traditional taxi companies.
Specifically, in 2014, the company reported a loss of 51.6 billion dong ($2.28 million), while the figures for 2015 and 2016 were over 441 billion dong ($19.51 million) and 444.7 billion dong ($19.67 million), respectively.

TUAN MINH

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