[Round-up] Vietnam Looks to Improve Bidding Transparency, Jetro Boasts Huge Potential of Support Industry

Tuan Minh

16:48 16/06/2017

BizLIVE - Vietnam's bidding grievance handling mechanism needs to be renovated to ensure transparency and keep pace with the country’s rapid international integration. The Japan External Trade Organization (JETRO) has highlighted the huge potential of Vietnam’s support industry.

[Round-up] Vietnam Looks to Improve Bidding Transparency, Jetro Boasts Huge Potential of Support Industry

Vietnam sees the need to reform the bidding grievance handling mechanism. Photo: Internet

Genco 3 to Build 3,600MW Thermal Power Plant in Ba Ria-Vung Tau
General Electric Corporation 3 (Genco 3) under Electricity of Vietnam (EVN) Group plans to invest $4.39 billion in building the Long Son thermal power plant in the southern province of Ba Ria–Vung Tau, according to VNA.
The plant is planned to be built in Long Son commune, Vung Tau city with an area of 132ha and a capacity of 3,600MW. A port of Liquefied Natural Gas (LNG) with a capacity of 3.5 million tons per year will be built to serve the plant.
Minister Clears up Concerns over Public Investment
Minister of Planning and Investment Nguyen Chi Dung on Thursday was grilled about specific measures to mobilize social resources for development investment, the allocation of public investment capital, the prevention of wastefulness in public investment and responsibility of ministries and agencies for the implementation of major national projects.
Responding to queries at the National Assembly regarding the two-year enforcement of the Public Investment Law, the minister highlighted remarkable outcomes, such as enhanced management of development investment, and transparent and equal allocation of investment capital among localities and sectors.   
Jetro Boasts Huge Potential of Vietnam’s Support Industry
Chief Representative of the Hanoi Office of the Japan External Trade Organization (JETRO) Kitagawa Hironobu said Vietnam’s support industry has huge potential during the Vietnam Support Industry Forum in Hanoi on June 15.
Speaking at the event, Hironobu recognized Vietnam’s manufacturing currently ranks second in ASEAN and Japan is interested in Vietnamese market. However, the rate of locally-made materials and spare parts is only 34%, forcing Japanese firms to import them from neighboring countries like Thailand and China.
Ho Chi Minh City’s Economy Grows 7.76% in Six Months
Ho Chi Minh City’s gross regional domestic product likely has grown 7.76% in the first half of this year, higher than the same period in the past two years, according to VNA.
It was unveiled during a meeting of the municipal People’s Committee on June 15 to discuss the city’s socio-economic-cultural performance and the budget expenditure and spending in the first half of the year, and major tasks for the remaining months.
Consumer Loans Rise Nearly 30% by end-May: Commission
Consumer lending by the end of May grew 29.7% against the end of 2016, the National Financial Supervisory Commission (NFSC) has said.
Of the total consumer loans, home renovation loans and home purchase loans accounted for 52.8%, compared to 49% at the end of 2016.
Vietnam Looks to Improve Bidding Transparency
The bidding grievance handling mechanism needs to be renovated to ensure transparency and keep pace with the country’s rapid international integration, said Deputy Minister of Planning and Investment Dao Quang Thu at an international workshop in Hanoi on June 14
Thu said that grievance handling mechanisms in Vietnam were revealed to have shortcomings, while the country’s rapid international integration requires more transparency in bidding or public procurement.
Foreign Cosmetic Exhibitors Introduce Products in HCM City
Nearly 200 cosmetics producers and firms from Japan, South of Korea, Singapore, Hong Kong (China) and India are displaying products and services at the Mekong Beauty Show in Ho Chi Minh City.
The three-day event, which opened on June 15, aims to help exhibitors establish partnerships with potential importers, thus expanding markets for their products, according to VNA.
Hong Kong-based Summerfield Co. has expressed interest in joining a $2-billion recreation project in the southern province of Long An that has been carried out sluggishly.
At a recent meeting with local authorities, Francois Da Pan Shih, chairman of Summerfield, said he had studied thoroughly the project and expected to receive incentives before deciding to step in the HapplyLand recreation complex project.
Summer is found to be the 2nd most important and promising season of the year after Tet in northern and central regions for Beverage, Dairy-based and Personal Care products, according to Quarterly Market Pulse report released by Nielsen Vietnam.
An average sale per month, compared to Tet, in summer time is observed to be significantly high. Assuming Tet sale equals to $100, summer sales starting from May to August for total FMCG comes around $87, $89 and $90 for the northern, central and southern regions, respectively.
The Vietnamese government plans to sell up to a 49% stake in Investment and Industrial Development Corporation (Becamex IDC) as it seeks to attract buyers and accelerate its asset selling program.
Becamex IDC will offer a 25% stake or 329.25 million shares, to strategic investors, the government said on its website, citing a plan approved by the prime minister.
Foreign-invested enterprises in Vietnam posted a trade surplus of $1.6 billion in May, bringing the tally to $6.81 billion in the first five months of this year, versus a deficit of $9.31 billion recorded by domestic firms, according to custom data.

TUAN MINH