[Round-up] Vietnam Looks to Foster Economic Relations with Singapore, South Korea

Tuan Minh

09:30 24/09/2016

BizLIVE - The Vietnamese Ministry of Planning and Investment has held separate meetings with officials from South Korea and Singapore to review their economic relations and discuss measures to foster cooperation in various spheres.

[Round-up] Vietnam Looks to Foster Economic Relations with Singapore, South Korea

Vietnam is looking to enhance economic cooperation with South Korea and Singapore.

Vietnam, Singapore Foster Economic Connectivity
Vietnam’s Minister of Planning and Investment Nguyen Chi Dung and Singapore’s Minister of Industry and Trade Lim Hng Kiang co-chaired the 12th Vietnam-Singapore Economic Connectivity Ministerial Meeting in Singapore on September 23 to review bilateral cooperation in six areas since the 11th meeting.
Addressing the event, Lim Hng Kiang stressed that the meeting is an effective mechanism in the framework of the bilateral partnership, which has a great influence on trade and investment ties between the two economies, the Vietnam News Agency (VNA) reported.
Binh Duong Pledges to Facilitate Japanese Investment
The southern province of Binh Duong will create more favorable conditions for Japanese investors, VNA reported, citing Chairman of the provincial People’s Committee Tran Thanh Liem.
During a dialogue with representatives of nearly 100 Japanese firms operating in the province on September 23, the local leader said that the province will continue mobilizing resources to complete socio-economic and transport infrastructure, expand industrial parks and create land funds for businesses.
Foreign Investment in Vietnam Garment Industry Loses Steam
The foreign direct investment (FDI) flow into Vietnam’s garment and textile sector has slowed down since the beginning of this year, in contrast to a surge two years ago, as investors take a wait-and-see stance on the fate of the U.S.-brokered Trans-Pacific Partnership (TPP) deal.
This phenomenon comes in the context of complications in the U.S. election campaign, which make foreign garment players more cautious about making decisions, Nguyen Hong Giang, vice president of the Vietnam Cotton and Spinning Association, has said. 
International retailers’ interest in Vietnam’s fast-growing retail market stems from the country’s young demographic, increasing middle and affluent class, and rising tech-savvy consumers, according to a note by Jones Lang LaSalle (JLL) Vietnam.
If import procedures can be shortened by one day, businesses in Vietnam can save $200 each consignment, or $800 million in the whole country each year, according to a deputy finance minister.
Experts Discuss Ways to Protect Vietnamese Famous Brands
More than 100 intellectual property experts and lawyers discussed measures to promote the recognition and protection of Vietnamese famous brands during a workshop held in the central city of Da Nang on September 23.
Deputy Chief Inspector of the Ministry of Science and Technology Nguyen Nhu Quynh said the Law on Intellectual Property has been issued for over 10 years, stipulating criteria and jurisdiction on the recognition of famous brands. However, the application of such regulations in reality is still a challenge for competent agencies, and no brands have been so far officially recognized as famous ones.
Japanese Firm Pilots Clean Veggie Growing in Binh Dinh
Japan’s Kei JSC will invest 3 million yen ($29,100) in a clean vegetable project in central Binh Dinh province’s Nhon Hau commune, VNA reported.
The company will use Japanese technology to produce clean vegetables, support domestic consumption and expand investment to export products to Japan.
Viettel among World’s Top 30 Largest Mobile Firms
Viettel Group has been ranked 29th out of a total of 461 telecom companies around the world in terms of mobile subscriptions by GSMA Intelligence.
It has reached 90 million subscribers in Vietnam and its nine other international markets, Laos, Cambodia, Timor Leste, Cameroon, Haiti, Mozambique, Burundi, Peru, and Tanzania.
Vietnam, S.Korea Review Partnerships, Look to Spur Economic Relations
Vietnam and South Korea discussed measures to foster cooperation in various spheres, including trade, investment and labor, at the 15th meeting of their Inter-governmental Commission in Hanoi on September 22, according to VNA.
Vietnam’s Deputy Minister of Planning and Investment Nguyen The Phuong said the meeting with South Korea’s Foreign Ministry reviewed bilateral cooperation since the 14th event held in July 2015 while defining cooperation directions for the time ahead.
Thaco Makes Big Investment in Bus Project
Truong Hai Auto Corporation (Thaco) plans to invest more than 2.1 trillion dong ($94 million) in a project to produce buses with European emission standards for both domestic use and export to other markets in ASEAN.
The project, to be carried out with cooperation from South Korea’s Hyundai Group, will have a design capacity of about 20,000 buses annually, including 12,000 mini buses and 8,000 coaches.