[Round-up] Vietnam Gov’t Green Lights Casino Entry, Foreign Consultant to Evaluate Steel Sector Master Plan

Tuan Minh

09:22 27/12/2016

BizLIVE - Vietnamese citizens may be allowed to enter a new casino at the Van Don Special Administrative-Economic Zone on a trial basis. The Industry ministry will hire a foreign consultancy firm to evaluate its draft master plan for steel production.

[Round-up] Vietnam Gov’t Green Lights Casino Entry, Foreign Consultant to Evaluate Steel Sector Master Plan

Vietnamese citizens may be allowed to play at three casinos on a trial basis. Photo: clearwatercasino.com

Vietnam, Japan Ink Labor Training Agreement
A memorandum of understanding on a skills internship program was signed on Saturday in Tokyo between Vietnam’s Ministry of Labor, Invalids and Social Affairs and IM Japan – the Japanese international human resources training agency.
The program offers free-of-charge internship to candidates, IM Japan’s President Yanagisawa Kyoe told a Vietnam News Agency (VNA) correspondent. IM Japan will provide training support to those who are eligible to complete five-year internships in Japan to open their own companies, he added.
Deputy PM Okays Underground Shopping Center at Ben Thanh Station
Deputy Prime Minister Pham Binh Minh has agreed in principle to build an underground shopping center in downtown Ho Chi Minh City alongside the city’s first metro line project.
The deputy PM has asked the municipal people’s committee to seek official development assistance (ODA) loans to develop the Ben Thanh underground shopping center project.
PM Heads National Steering Committee on Int’l Integration
Prime Minister Nguyen Xuan Phuc will head the National Steering Committee on International Integration and his deputies are Deputy PMs Pham Binh Minh, Vuong Dinh Hue and Vu Duc Dam.
The committee is meant to help the government to set forth orientations, strategies, solutions relating international integration while proposing key tasks on international integration for each stage.
PM Pledges to Remove Obstacles for Agriculture Sector
Prime Minister Nguyen Xuan Phuc pledged to work hard to remove and adjust unsuitable land use policies to accelerate agriculture development during an online year-end conference of the Ministry of Agriculture and Rural Development on December 26, according to VNA.
The PM pointed out that largest obstacles hindering agriculture development include land limitation, poor capacity of agricultural businesses and slow application of science and technology.
Gov’t Green Lights Casino Entry
Vietnamese citizens may be allowed to enter a new casino at the Van Don Special Administrative-Economic Zone in northern Quang Ninh province on a trial basis.
The government is considering a draft decree on the casino business, PM Nguyen Xuan Phuc said at a meeting with Quang Ninh authorities last week. He also confirmed that the Politburo’s decision has already given permission for Vietnamese people to enter two casinos, one at Van Don and one on Phu Quoc Island.
Foreign Consultant to Evaluate Vietnam’s Steel Sector Master Plan
The Ministry of Industry and Trade will hire a foreign consultancy firm to evaluate its draft master plan for steel production by 2025 and its vision till 2035.
The firm, which will have operations in Vietnam, will be in charge of ascertaining the trends in steel industry development across the world and the region; assessing the domestic steel sector’s competitive ability in comparison with the world and the region; choosing contractors and technology; and evaluating the sector’s impact on the environment.
EU Has 1,809 Valid Projects in Vietnam
European investors are running 1,809 valid projects worth $23.16 billion in Vietnam, accounting for 8.7% and 8% of total EU projects and investment in the country, respectively.
EU investors are particularly interested in the sectors of manufacturing-processing, real estate and electricity in Vietnam, VNA reported.
Experts Warn of Environmental Pollution’s Impacts on GDP Growth
Natural disasters and environmental pollution can reduce GDP by 0.6 percent per year from 2016-2020, according to the National Centre for Socio-economic information and Forecast (NCIF) under the Ministry of Planning and Investment.
Dang Duc Anh, head of the Centre’s Analysis and Forecast Department, underlined the need for policies to help the economy better adapt to climate changes and to protect the environment in the long run.
Vietnam to Adopt IFRS by 2025
Vietnam is expected to adopt International Financial Reporting Standards (IFRS) instead of the current Vietnamese accounting standards (VAS) by 2025 in its efforts to enhance comparability and improve transparency.
This information was revealed at a seminar held in Hanoi late last week with the theme: “IFRS - Trend and roadmap for adoption in Vietnam,” co-organized by Vietnam Association of Accountants and Auditors (VAA), and the Association of Chartered Certified Accountants (ACCA) in collaboration with the Ministry of Finance.
South Korean conglomerate Lotte Group has bought out the Ciputra Mall trade center project in Hanoi, which has come to standstill since 2012, from South Thang Long Urban Development Company, in a move to expand its retail foothold in Vietnam.
Details of the deal have not been disclosed, the Vietnam Finance review reported.
Premiums of insurance companies in Vietnam are estimated to reach 86.05 trillion dong (roughly $3.8 billion) this year, rising 22.74% year-on-year, higher than a growth of 21.9% in 2015, according to the Ministry of Finance.
From being one of Shell’s smallest lubricant markets in 2013, Vietnam is now among its key ones, the Vietnam News Agency reported, citing Troy Chapman, executive director and cluster general manager for lubricants in Southeast Asia.
The country’s rise to the top 20 list was originally a target to be achieved in 2018.