[Round-up] Vietnam Industrial Output Growth Slows, Ninh Thuan Gets Big Investments

Tuan Minh

22:34 30/08/2016

BizLIVE - Vietnam’s industrial production growth slowed to 6.9% in the first eight months of this year. Work on a German-invested wind power plant has started in Ninh Thuan and a $10.6-billion steel mill to be invested by Hoa Sen Group will come online soon.

[Round-up] Vietnam Industrial Output Growth Slows, Ninh Thuan Gets Big Investments

Work on a German-invested wind power plant has started in Ninh Thuan.

Vietnam to Conduct General Economic Census Next Year
The Vietnamese government will carry out a general economic census starting March next year, aiming to help assess the country’s socio-economic development and build development policies.
The census will include information about economic establishments, laborers’ income, production and business activities, enterprises’ technological application and their access to loans.
South Korea Firms Look to Invest in Yen Bai
A delegation from the South Korea Business Association came to Yen Bai on Monday to explore investment opportunities in the province, which is home to five industrial parks.
The association wants updates on the province’s socio-economic development plans, incentives for foreign investors, local infrastructure and human resources to develop a solar power project in the province.
Hoa Sen Group to Build Mega Steel Plant
Hoa Sen Group (HSG) will construct a steel plant with a capacity of 16 million tons a year in the south-central province of Ninh Thuan at an investment of $10.6 billion, with five stages between 2017 and 2031.
The first stage will be implemented in 2017-2018 on an area of 240ha and is set to start operation in 2019 with an annual capacity of 1.5 million tons of steel a year.
German Firm Start Work on Wind Power Plant in Ninh Thuan
Germany’s EAB Company has kicked off the construction of a 37-megawatt wind power plant in the south-central province of Ninh Thuan at an estimated cost of $57 million.
With 16 turbines spanning 12 hectares, the plant is scheduled for completion in 2017.
Work Starts on Saigon Silicon City Center
Silicon Saigon Park JSC on August 30 started the construction of the $21.6 million Saigon Silicon City Center, expected to make HCM City a smart city, the Vietnam News Agency (VNA) reported.
Covering a total area of over 11,000 sq.m in the Saigon Hi-Tech Park, the center forms part of the 52ha Saigon Silicon City project worth about $40 million.
Conference to Foster Vietnam-France Economic Links
The 10th cooperation conference between Vietnamese and French localities will take place in the Mekong Delta city of Can Tho on September 14-16, with an aim to help localities of the two countries expand economic and trade links.
The conference will include five workshops on cooperation in economy-tourism, education-health, the environment, climate change, agriculture-fishery, urban development and culture-heritage.
Vietnam Halts Govt-backed Loans amid Public Debt Concerns
Vietnam will temporarily halt the granting of government guarantees for loans to new projects from 2017 to ensure a safe level of public debt, according to VNA.
Financing from the state budget-backed debt payment funds would be limited if firms could seek other funding sources. In addition, firms must be proactive in arranging funds to ensure repayment and negotiate with lenders to restructure loans.
Central Bank Urges More Lending Supervision
The State Bank of Vietnam has directed its supervisors and credit institutions to enhance control over lending to borrowers, including state-owned enterprises, with large outstanding loans.
The banking authority also requires credit institutions to increase supervision on credit granting that is higher than allowed limits.
Vietnam Industrial Production Growth Slows in Jan-Aug
Vietnam’s industrial production index increased 6.9% year-on-year in the first eight months of this year, lower than the 9.8% growth recorded in the same period last year due to a continuous downturn in production of the mining, processing and manufacturing industries.
According to the General Statistics Office (GSO), in the eight-month period, the mining industry saw its production down 3.8%, while the production of crude oil and natural gas fell 5.5%.
Vietnam posted a state budget deficit of 111.5 trillion dong (roughly $5 billion) in the year to August 15, widening 5.6% from a month earlier and meeting 43.9% of this year’s plan, according to the General Statistics Office.
GIC, Singapore’s sovereign wealth fund has reached a preliminary to acquire a 7.73% stake in Hanoi-based Bank for Foreign Trade of Vietnam (Vietcombank) for about $400 million, international media reported.