[Round-up] Vietnam Gov’t Excites Business Community, Encourages Korean Investment in Power Projects

Tuan Minh

12:30 19/05/2017

BizLIVE - The Vietnamese government has adopted a number of measures to help local businesses to thrive. It encourages South Korean investment in electricity projects due to increasing domestic demand.

[Round-up] Vietnam Gov’t Excites Business Community, Encourages Korean Investment in Power Projects

PM Nguyen Xuan Phuc announce an instruction on avoiding overlapping inspections at local companies. Photo: VGP

Vietnam Gov’t Bans Overlapping Inspections at Firms
The Vietnamese government has issued an instruction on avoiding overlapping inspections carried out by inter-sectorial and competent forces such as police, customs officers and inspectors, according to the Vietnam News Agency (VNA).
The instruction was issued right after a conference between Prime Minister Nguyen Xuan Phuc and the business community in Hanoi on May 17, where the government received many opinions from enterprises and associations as well as proposals of the Vietnam Chamber of Commerce and Industry.
Vietnam International Motor Show to Introduce New Car Models
The Vietnam International Motor Show (VIMS 2017) will be held at the Saigon Exhibition Convention Centre in Ho Chi Minh City from October 25 to 29, where car importers in Vietnam hope to build connections with customers through the event.
The event will draw the participation of seven carmakers, including Audi, Jaguar, Land Rover, Maserati, Mercedes-Benz, Subaru and Volkswagen.
Vietnam among Asia’s Growth Leaders
Southeast Asia, including Vietnam, is taking over as the region’s growth leader, according to an IMF outlook report.
According to the outlook, expansion of the ASEAN 5, consisting of Vietnam, Indonesia, Malaysia, the Philippines and Thailand will exceed 5% through 2022.
Vietnamese, German Businesses Seek Partnerships through Digitalization
Digitalization would be an effective solution to connect Vietnamese and German businesses together, heard a workshop in Berlin on May 16, VNA reported.
Taking place within the framework of the ongoing Asia-Pacific Week, the event brought together representatives from 70 Vietnamese and German enterprises.
Vietnam Proposes Four Initiatives to Enhance APEC Financial Cooperation
An official of the Ministry of Finance has detailed four financial cooperation initiatives proposed by Vietnam in the APEC Year 2017, ahead of the Senior Finance Officials’ Meeting slated for May 18-19 in Ninh Binh province.
Vu Nhu Thang, Director of the ministry’s Department of International Cooperation, told Vietnam News Agency that the four initiatives relate to finance for infrastructure, base erosion and profit shifting (BEPS), disaster risk finance and insurance, and comprehensive finance.
Vietnam State Budget Faces Deficit as Fuel Import Tax Cut Down
Special consumption tax must be adjusted to avoid a serious budget deficit when fuel import tax is cut in line with various trade agreements Vietnam has signed, President of the Vietnam Petroleum Association Phan The Rue has said.
Currently, income from fuel import tax accounts for 7% of the state budget, he said at a conference in Hanoi on May 16.
Businesses Appreciate Gov’t Resolution 35 on Developing Enterprises
The business community has put forward recommendations for the more effective implementation of the Government’s Resolution No.35/NQ-CP on supporting and developing enterprises through 2020 at a conference with the Prime Minister in Hanoi on May 17, VNA reported.
A quick survey in late 2016 and early 2017 of the Vietnam Chamber of Commerce and Industry (VCCI) showed three quarters of responded businesses think the five groups of solutions set in the resolution have brought about “positive” impacts, and only one quarter said they have not felt any effect.  
Event Connects Businesses Exporting Products to China
The Ministry of Industry and Trade and the northern mountainous province of Cao Bang held a meeting on May 16 to connect exporters of agro-fishery-forestry products to China.
In recent years, import-export activities through border gates between Vietnam and China have grown significantly, with several bilateral cooperation mechanisms and border trade policies decided.
APEC Ministers to Seek Clarity on Trade in Hanoi
Trade ministers and officials from the 21 APEC member economies will meet in Hanoi to alleviate uncertainty about the future of trade in the Asia-Pacific and its capacity to boost employment and living standards for all people across the region.
The APEC Ministers Responsible for Trade Meeting on May 20-21 will cap off a pivotal set of policy development meetings here over the next 10 days to decide the next steps for trade amid rising skepticism about the benefits of globalization and rapid social and technological change.
Oman Wants to Boost Investment in Hanoi
Omani Ambassador to Vietnam Sultan bin Saif bin Hilal Al Mahrouqi asked for information on infrastructure projects in Hanoi for investment promotion during his meeting with the city mayor Nguyen Duc Chung on May 16.
Chung noted that the capital city is calling for investment in a range of infrastructure projects on transport, clean water supply, environmental sanitation and waste treatment, adding that these projects will be carried out in the next five years.
Vietnam Encourages Korean Investment in Electricity Projects
Vietnam encourages investment in electricity projects due to increasing domestic demand, Deputy Prime Minister Trinh Dinh Dung told President and Chief Executive Officer of Korea Southern Power Company (KOSPO) Yoon Jong-keun during a reception in Hanoi on May 16.
The deputy PM said Vietnam wants to attract capable and experienced investors to power generation projects, adding that many Korean investors operating in the field have reaped considerable successes in the country.
German companies are interested in investing in a wide range of fields including electronics, pharmaceuticals, healthcare, refinery, clean energy and waste management in Vietnam, government officials told BizLIVE in a recent visit to Vietnam.
Iris Gleicke, Parliamentary State Secretary at Federal Republic of Germany Ministry for Economic Affairs & Energy, said German companies are keen to invest in the energy and environmental treatment areas.
South Korean multinational Samsung has appointed Shim Won Hwan, 58, to general director of Samsung Vietnam, replacing Han Myoung Sup.
This is the second time Shim is appointed to this position, which he assumed previously between 2010 and 2014, VnEconomy cited information from Samsung Vietnam as saying.
Representatives of the largest foreign investors in Vietnam have voiced a series of obstacles that the Vietnamese government needs to remove to better the investment climate and boost trade flows as well as overseas investment.
Chairman of KoCham Vietnam Rya Hang Ha commented that foreign companies investing in Vietnam are getting “tougher and tougher” with an increasing number of regulations.
The Republic of Korea has surpassed China to be the market with which Vietnam posted the largest trade gap, of $9.94 billion, in the first four months of this year. The deficit with China widened slightly to $8.82 billion, according to custom data.
Samsung Vietnam aims at revenue of $60 billion this year, of which $50 billion will come from exports, said General Director of Samsung Electronics Vietnam Han Myoung-sup at a meeting with Prime Minister Nguyen Xuan Phuc in Hanoi on May 16.
After taking a hit from the kill-off of Galaxy Note 7 phone, the multinational’s export value will rebound to reach $11 billion in the second quarter of this year, with the launch of Galaxy Note 8 and Galaxy S8 and Galaxy S8 Plus, according to the executive.

TUAN MINH

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