[Round-up] Vietnam Likely to Delay Operation of Formosa Steel Plant till Flaws Fixed

Tuan Minh

17:27 24/08/2016

BizLIVE - The environment monitoring team of Ha Tinh province will recommend holding off the operation of a Formosa-invested steel factory until its environmental protection problems are fixed. GS E&C wants to deepen its participation in infrastructure project in HCM City.

[Round-up] Vietnam Likely to Delay Operation of Formosa Steel Plant till Flaws Fixed

An inspection team checks the waste water treatment system of Formosa steel plant. Photo: Internet

GS E&C Eyes Larger Involvement in HCM City’s Infrastructure
South Korea’s GS Engineering & Construction (GS E&C) wants to invest in infrastructure, especially in the transport sector, in Ho Chi Minh City, the firm’s Vice Chairman Huh Myung Soo told municipal leaders on Tuesday.
The South Korean firm is mulling taking part in two urban railway routes in the city, Soo added.
Expat Tax in Vietnam to Come under Scrutiny
Vietnam’s tax authorities are expected to closely check tax payments by foreign workers and even cross-check related information outside the country amid an increasing number of overseas laborers here, especially in construction and oil and gas.
“Regular updates about new tax regulations of Vietnam and other AEC countries is key to ensuring full compliance with regulatory requirements both at home and host locations to avoid unnecessary exposure,” said an organizer of a seminar held in Ho Chi Minh City on Tuesday.
Foreign Tourist Arrivals to Vietnam Rise 25% in 8 Months
Vietnam received about 6.5 million foreign visitors in the first eight months of this year, representing an increase of 25.4% from a year earlier, according to the National Administration of Tourism.
The sector earned over 265 trillion dong ($12 billion) in the period, up 22.5% against the same period in 2015.
Large Room for Vietnam-U.S. Cooperation despite Slow TPP Enforcement: Ambassador
There’s plenty of room for cooperation between Vietnam and the U.S. despite slow enforcement of the Trans-Pacific Partnership (TPP) agreement, Vietnamese Ambassador to the U.S. Pham Quang Vinh said in an interview with the Lao dong (Labor) newspaper.
The U.S. will obviously have benefits from TPP, but the issue is, however, a controversial topic at the underway U.S. presidential race.
Ha Tinh Authorities Suggests Postponing Operation of Formosa Steel Plant
The environment monitoring team of Ha Tinh province will recommend to the Ministry of Natural Resources and Environment not allow Formosa to start operation of its steel factory as the firm has fixed just 32 out of 58 environmental protection problems.
Formosa Ha Tinh Steel Co. Ltd, the operator of the steel mill blamed for mass fish die-off along the central coast in April, expects to fix all of the flaws by mid-2018, an executive said on Tuesday.
Vietnam President to Visit Brunei, Singapore
President Tran Dai Quang and his spouse will pay a state visit to Brunei on August 26-28 and to Singapore on August 28-30.
The visits will be made at the invitation of Brunei’s King Haji Hassanal Bolkiah Mu’izzaddin Waddaulah and Singaprean President Tony Tan Keng Yam, according to the Vietnam News Agency (VNA).
Healthcare Services Push up Consumer Prices in August
Vietnam’s consumer price index (CPI) in August went up 0.1% from July, 2.57% from the same period last year and 2.58% from last December. The eight-month CPI climbed 1.91% year-on-year.
The rise in the cost of living was driven by medicine and healthcare services which posted a monthly hike of 6.18%, the sharpest among six goods group that saw their prices up in the month.
HCM City to Host International Property, Architecture Expo
Real estate, architecture and interior and exterior decoration companies will showcase their latest products at the Vietbuild International Exhibition that opens in HCM City on August 27, according to VNA.
The five-day expo, the second Vietbuild to be held in the city this year, will see 2,430 booths set up by 840 domestic and foreign companies from 24 countries and territories, including South Korea, Japan, Germany, Thailand, Malaysia, Singapore, Italy, the U.S., the UK, Australia, and China.
The value of securities holdings by foreign investors in Vietnam has topped $16 billion presently, the all-time high since the local stock market was launched in 2000, according the State Securities Commission.
Foreign investors have disbursed up to $9.8 billion in their projects in Vietnam since the start of this year, representing an 8.9% increase from the comparable period of 2015, data of the Foreign Investment Authority (FIA) under the Ministry of Planning and Investment showed.
Fresh foreign direct investment (FDI) approvals increased 24.3% year-on-year to $9.8 billion in the eight-month period while 770 operational projects had their capital added by $4.57 billion, down 16.3%.
Authorities in Vietnam have granted ONGC Videsh Ltd. (OVL), the overseas arm of India's state-owned Oil and Natural Gas Corp. Ltd. (ONGC), a one-year extension to explore Block 128 off the country’s coast that had expired in mid-June, Indian media reported.
This is the fourth extension for OVL to explore Block 128, the license for which is now valid till June 15, 2017, sources close to the matter said.