[Round-up] Vietnam Govt Aims at Faster Economic Growth, Eases Restriction on Used Machinery Import

Tuan Minh

17:30 18/11/2015

BizLIVE - The Vietnamese government is upbeat about a rapid economic growth rate this year. Business deals and foreign investment made headlines in local media today.

[Round-up] Vietnam Govt Aims at Faster Economic Growth, Eases Restriction on Used Machinery Import

The Vietnamese government is upbeat about a rapid economic growth rate this year.

With positive economic performance in the year to date, the Vietnamese government will make efforts to obtain a 6.5% expansion in gross domestic product this year despite facing numerous headwinds, said Prime Minister Nguyen Tan Dung on Wednesday morning.
Eight ASEAN countries have poured $56.85 billion into 2,705 investment projects in Vietnam as of October 20, making up one fifth of total foreign direct investment in the country, according to the Ministry of Planning and Investment’s Foreign Investment Authority.
Singaporean businesses, including Vietnam-Singapore Industrial Park Company, have put $33.92 billion in Vietnam, making it the largest investor in the country. It is followed by Malaysia with $13.35 billion and Thailand with $7 billion.
Ho Chi Minh City-based Saigon Asset Management has acquired 100% of Heritage Beverage Corporation, the exclusive U.S. and Canada distributor of Saigon beer in an all-cash transaction, SAM said in a press release, without unveiling the value of the deal.
Authorities of Vietnam’s southern province of Binh Duong hope to draw investment of the Netherlands’ Emmen city in high-technology agriculture and industry.
Tran Van Nam, chairman of the municipal People’s Committee, told leaders and corporate executives of Emmen city at a signing ceremony of a memorandum of understanding between the two localities on November 17.
Enterprises from Slovenia and Vietnam have great opportunities to cooperate in the sectors of heavy industry, maritime transportation and logistics, Slovenian Minister of Economic Development and Technology Zdravko Pocicalsek to the Vietnam Economic Times during a field trip to the Southeast Asian country.
Slovenian firms want to ramp up cooperation with Vietnamese partners in a wide number of industries such as water management, biotechnology, nanotechnology which are Slovenia’s strengths in the EU, the minister added.   
Nearly 1,000 foreign non-governmental organizations have so far provided more than $3 billion in aids to thousands of projects in Vietnam related to poverty reduction, repair of war consequences, healthcare, environmental protection, education and climate change.
They have contributed $300 million annually over the past five years, the government’s website reported.
Vietnam Eases Restriction on Import of Used Machinery
Vietnam has adopted a new policy that will allow local companies to import machinery that has been in use overseas for less than 10 years, effectively easing a restriction on machines older than five years.
The new rule will take effect on July 1 next year, according to the Ministry of Science and Technology.
It is the second time since 2012 that the ministry has reviewed its policy on the import of used machinery, a practice that many have warned could put the country at risk of becoming an industrial dumping ground.
Vietnam Cuts Gasoline Prices Again
Vietnam’s Ministries of Finance and Industry and Trade have decided to slash the price of RON 92 gasoline, the most popular grade in Vietnam, by 178 dong a liter to 17,054 dong ($0.76)/liter, starting 3pm Wednesday.
Prices of other gasoline products (RON 95 and E5) have been cut similarly.
Hi-tech Park in Hanoi Proposes Incentives to Boost Hi-Tech Investments
The Hoa Lac Hi-Tech Park (HHTP) has suggested giving preferential treatments on property issues for potential hi-tech companies, in a move to beef up sci-tech projects.
Incentives for property issues are aimed at reducing the costs for hi-tech companies when they make investments in the HHTP, said Pham Dai Duong, deputy minister of science and technology and also director of HHTP.
Vietnam Exporters Mull over Ways to Enter New Markets
Vietnamese businesses need to thoroughly study ways to penetrate the U.S. and Latin American countries which have huge demand for Made-in-Vietnam products, participants said at a forum in HCM City on Tuesday.
They also need to improve quality to meet the demands of these markets, attendees told the Export Forum organized by the Investment and Trade Promotion Centre of HCM City.
Vietnam, Czech Biz Seek Linkage
A Vietnam-Czech business forum was held in Hanoi on Tuesday with an aim of creating opportunities for enterprises from both countries to promote cooperation opportunities in trade and investment.
Bilateral trade is expected to reach $1 billion in the near future, from $295 million in 2014, if firms take full advantage of opportunities and support from their governments, said Vice Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Doan Duy Khuong.
SBV Inspectors Uncover Banking Violations
Inspectors of the State Bank of Vietnam (SBV), the country’s central bank, have conducted 6,555 inspections on credit institutions in the past five years and uncovered numerous violations in the banking sector.
The inspections focused on non-performing loans, asset quality, and implementation of restructuring, apart from appraisal on real capital and financial status, and the compliance of legal regulations.
Vietcombank Halts Transfer Transaction for Foreign Cardholders
Vietcombank, Vietnam’s top forex trader, has stopped ATM and money transfer services for foreign cardholders due to difficulty in overseeing these transactions.
Vietcombank customers are now not allowed to transfer money via ATMs if the recipients are foreign cardholders. Transactions to send money from an account or card of another bank to a Vietcombank account of a foreign cardholder have also been made invalid, the bank said last week.


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