Vietnam Yet to Lift Casino Ban on Locals
Vietnam will likely continue to ban locals from entering casinos, local media reported, citing a latest draft by the Ministry of Finance.
In June, the ministry submitted its long-awaited draft of Vietnam’s revised gambling law, which reportedly included a recommendation on lifting the longstanding ban on local residents gambling in the country’s casinos. However, a subsequent draft had reversed course, maintaining the restriction that limits casino access to foreign tourists and Vietnamese holding foreign passports.
Airbus Helps Develop Aviation Industry in Vietnam
During an official visit by President Francois Hollande to Vietnam, French aircraft manufacturer Airbus’s President and CEO Fabrice Bregier signed several agreements with Vietnamese partners to help the country develop the aviation industry, according to the Vietnam News Agency (VNA).
Airbus chose Hanoi-based Nikkiso Vietnam as its partner in manufacturing specific components for wide-body aircraft, and signed a contract with Artus Vietnam – a subsidiary of Meggitt PLC – on assessing the possibility of providing spare parts for Airbus in the next 10 years.
Meanwhile, NAVBLUE – an Airbus subsidiary – inked a protocol with the Vietnam Air Traffic Management Corporation to improve the efficiency of Vietnam’s air traffic control system.
Drug maker Domesco Gets OK to Scrap Foreign Ownership Cap
The State Securities Commission has allowed Domesco Medical Import Export JS Corporation (Domesco) to remove its foreign ownership limit as the country seeks to further open its economy.
Foreign holdings in Domesco, the country’s third largest medicine manufacturer by market cap, stand at 49%, of which Chile’s CFR International SpA holds 45.9%.
PAN Group to Lift Foreign Ownership Bar
The State Securities Commission has approved PAN Group JSC’s removal of the limit of foreign ownership in the company.
With the decision, PAN Group has become the second firm in the food industry after dairy firm Vinamilk
to lift the bar for foreign investors.
70% of Vietnam’s Adults Set to Have Current Accounts by 2020
A recently-approved blueprint for improving access to banking services aims for 70% of adults in Vietnam to have bank current accounts by 2020, according to the VNA.
The plan, signed off by Prime Minister Nguyen Xuan Phuc, also aims for at least 20 branches or transaction offices of commercial banks per 100,000 adults.
Review of FDI Projects Needed: Former Govt Officer
Potential threats to the nation’s economic sovereignty, natural environment and social fabric should be limited to the maximum extent possible, a foreign investment expert has said.
Phan Huu Thang, former head of the Ministry of Planning and Investment’s Foreign Investment Agency, has also called for a comprehensive review of foreign direct investment (FDI) projects in different fields, industries and localities.
Hanjin Shipping Global Ceases Operations in Vietnam
The Vietnamese Representative Office of Hanjin Shipping Global, South Korea’s giant container shipping company, announced that it would not accept any new booking of freight orders from August 31, VNA reported.
According to the Ministry of Industry and Trade, bankruptcy of the Hanjin shipping line would possibly affect local businesses’ export and import shipping and receiving activities.
Vietnam recorded a trade surplus of $2.02 billion with the world’s 20 largest economies (G20) in the first seven months of this year, compared to a shortfall of $5.67 billion in the corresponding period of 2015, data of the General Department of Vietnam Customs showed.
Three Vietnamese airlines have signed agreements to acquire 40 airplanes worth up to $6.5 billion from France-based Airbus on September 6 during President Francois Hollande’s visit to Vietnam, according to AFP.
Budget private airline VietJet Air placed an order for 20 more A321s, which are valued at $2.39 billion at current list prices. National flag carrier Vietnam Airlines will purchase 10 Airbus A350 planes while its low-cost arm Jetstar Pacific, in which it holds a 70% stake, will buy 10 Airbus A320 jets.
The Vietnamese government could rake in $7.2 billion by divesting its shares in 12 flagship companies including dairy producer Vinamilk, reinsurer Vietnam Reinsurance and two brewers Habeco
, according to a financial expert.
Moody’s Investors Service has announced that it has put the long-term credit ratings of seven Vietnamese banks on review for upgrade on improvements of the operating and economic environment for banks.
At the same time, Moody's has placed on review for upgrade the baseline credit assessments (BCAs) and long-term counterparty risk assessments (CRAs) of these seven banks and those of two more banks.