Vietnam Joins TPP Discussions in Washington
Representative of Vietnam, Peru, Canada and Japan joined a dialogue in Washington DC on December 10 to discuss opportunities and challenges coming from the Trans-Pacific Partnership (TPP) agreement.
The participants said that a majority of the residents and business communities believed the TPP would be beneficial to member countries through tariff elimination, trade and investment liberalization, and the global supply and value chains.
Japanese Firms Seek to Expand Investment in Ha Nam, Thai Binh Provinces
A delegation of Japanese agricultural companies led by Atsuke Kawada, chief representative of the Japan External Trade Organization (JETRO
) in Hanoi, has made a fact-finding tour to the northern provinces of Ha Nam and Thai Binh to seek investment opportunities in the localities.
Leaders of the two provinces affirmed that they wanted to attract more investment from Japanese firms, especially in agriculture, and pledged that they will give incentives for land and building infrastructure.
Vietnam Beer Producers to Face Tough Competition from Foreign Firms
Vietnam’s local beer producers are set to face fierce competition due to a rising number of foreign brewers moving into the market after the country joins the TPP, experts said.
Under the TPP agreement, Vietnam’s imported beer tax from member countries will be reduced from 35% to zero. As a result, imported beer will increase presence in Vietnam.
Korean Company to Build IP in Vietnam Central Province
South Korean firm C&N VINA Tam Anh will start construction of its first industrial park (IP) in Tam An commune in the central province of Quang Nam later this month.
The Korean firm will begin the first stage of construction on 200 hectares, with a total investment of $25 million for infrastructure development, and this phase will be completed in 2017, according to an official of the Chu Lai Open Economic Zone Authority (EZA).
Koizumi Buys 23% Stake in Vietnamese Steel Firm
Japan’s Koizumi Co., Ltd on December 5 signed a strategic investment agreement for buying a 23% stake in Vietnamese steel firm QH Plus JSC.
VietinBank Securities and the VietinBank provided consultancy for the investment. The detailed value of the deal has not been disclosed.
Vietnam’s northern province of Quang Ninh
is making efforts to attract more foreign direct investment and bolster its economy.
It has been the first locality to set up an investment promotion agency (IPA), subjected to the provincial People’s Committee. It has streamlined business licensing procedures and granted incentives to projects on a case-by-case basis.
National Citizen Bank Appoints New CEO
Hanoi-based National Citizen Bank (NCB) has appointed Dao Trong Khanh, vice chairman of Maritime Bank, to the general director post, replacing Tran Hai Anh.
FDI Approvals in Binh Duong Province Beat Target
Fresh foreign direct investment (FDI) approvals in the southern province of Binh Duong have amounted to more than $2.8 billion in the year to date, well above the full-year target of $1 billion.
The new FDI commitments include $2.06 billion in 188 fresh projects and more than $765 million in 123 operational ones.
Vietnam Association Wants New Special Consumption Tax Delayed
The Vietnam Beer, Alcohol and Beverage Association (VBA) has proposed the government delay the enforcement of a new government decree on special consumption tax.
Decree 108/2015/ND-CP guiding the implementation of the special consumption tax law is set to take effect early next year. Under the decree, the tax will be calculated based on selling prices, instead of import prices.
The association bemoaned that the decree, which will come into force on January 1, 2016, just two months after its issuance, will impact firms’ operations and finances. Special consumption tax may rise strongly, causing selling prices of imported products to jump.
Indonesia Trade Fair Opens in Hanoi
The Indonesia Trade Fair, organized by the Indonesian Embassy in Hanoi in collaboration with the Vietnam Chamber of Commerce and Industry and Vinexad, kicked off at the Hanoi International Center for Exhibition on Tuesday.
The three-day fair is showcasing a wide range of high-quality products from Indonesia including automobiles and spare parts, construction and consultancy services, pharmaceutical and medical equipment, food and beverages.
Restaurant Chain Operator Huy Vietnam Rejects Overseas IPO Report
A representative of Huy Vietnam Group, which operates popular restaurant chains in the country, has said that it does not plan an initial public offering in Hong Kong next year as reported by international media.
The company, funded by US and Hong Kong private equities, made the statement soon after news website Finance Asia reported that the firm will file an application with the Hong Kong Exchanges and Clearing for the listing this month.