Vietnam Localities Court U.S. Investors
Leaders of dozens of Vietnamese localities turned up at a meeting on Wednesday, held by the Ministry of Foreign Affairs and Hanoi’s People’s Committee, to invite U.S. companies to make investments.
At the event titled “Meet the USA”, Nguyen Duc Chung, Hanoi’s mayor, called on U.S. to expand investments in a wide range of sectors including banking and finance, software development, electronics, supporting industries and IT.
He pledged to create the best possible conditions and secure environment for the U.S. investors to proceed with their projects in the city.
Vietnam Bank Lending Rises 0.39% in Jan-Feb
Total outstanding loans at banks operating Vietnam as of February 20 increased 0.39% while capital mobilization rose 0.34% from the end of 2015, according to a government report earlier this week.
Compared with the same period last year, credit increased 0.96% and capital mobilization edged up 0.05%.
Vietnam PM Okays Samsung’s $300 Million R&D Investment
Vietnamese Prime Minister Nguyen Tan Dung has approved a $300-million research and development (R&D) project by Samsung Electronics Vietnam (SEV) in Hanoi.
The project would have a validity of 50 years and will be exempted from land use fee, the government said on its website.
Dubai Developer Limitless Start Work on Delayed Vietnam Project
Dubai developer Limitless has started work at a long delayed $550 million housing and tourism project in Vietnam.
Dubai government-owned Limitless reported yesterday that it started groundwork on its 120-hectare Ha Long Star project in the Ha Long Bay, north-east Vietnam, nearly a decade after the project was first announced.
The ambitious project was first unveiled in 2007 by Limitless and its joint venture partners with an initial investment of $220 million. It was put on hold in 2009 due to the global financial downturn and the burst of the Vietnamese property market bubble.
Edelman Hires New Vietnam CEO
Edelman has hired Thien Thanh Nguyen as CEO of the firm’s operations in Vietnam to replace former managing director Ngoc Anh Bui, who will remain with Edelman in an advisory role.
Nguyen will be in charge of AVC Edelman, established in 2012 after Edelman acquired local Vietnamese firm AVC Communications.
ADB Funds $224 Million for Urban Green Growth in Vietnam
Ha Giang, Vinh Phuc and Thua Thien-Hue provinces have been chosen to join an urban green development project funded by the Asian Development Bank (ADB).
Under the project, the three provinces will receive $223.87 million from the bank to develop their transport networks and improve environmental conditions.
Anco Defeats Korea’s CJ to Acquire 14% Stake in Meat Processor Vissan
Agro Nutrition Company, a subsidiary of Masan Group (MSN) defeated South Korea’s CJ CheilJedang Corp to snap up a 14% stake in Vietnam state-owned food processor Vissan at a share auction on Thursday.
Dong Nai-based Anco bought 11.33 million shares of Vissan for 126,000 dong ($5.64) each, higher than 120,600 dong ($5.38) each bid by the South Korean firm.
Living Costs Edge up in Vietnam’s Two Biggest Cities
Consumer prices in Ho Chi Minh City went up 0.09% in March from February and 0.64% from a year earlier, as medicine and health services topped the list with an increase of 8.69%, said the municipal statistics office.
The living cost in the capital city of Hanoi rose slightly in March, said its statistics office, without providing a specific figure.
By some accounts, it already is. Because some companies like Pepsi, Coca-Cola and Intel invest through Singapore or through a third country. So if you take into account all the third-country investments, probably the U.S. is already at least the No. 2 or No. 3 [investor], said U.S. Ambassador to Vietnam Ted Osius
“I don’t think it’s gonna take very long. Because when I see companies are not waiting for the entry into force. Companies are making investment decisions now and they are betting on Vietnam,” he said on the sideline of the “Meet the USA” conference in Hanoi on Wednesday.
Vietnam’s consumer price index (CPI) in March has increased 0.57% month-on-month and 0.99% from the end of 2015, according to data the government-run General Statistics Office (GSO).
The increase is quite unusual as goods prices, especially those of food and foodstuffs, seasonally drop after the Lunar New Year (Tet) holiday. The one-week Tet holiday this year fell in early February.