Local Enterprises Upbeat about Business Production in H2
Most of the local processing and manufacturing enterprises feel more upbeat about their business prospects in the second half of the year, the Vietnam News Agency (VNA) cited a recent survey by the General Statistics Office (GSO) as saying.
The GSO’s statistics revealed that 55.4% of local enterprises expect a surge in production, 35.3% expect things to remain stable and only 9.3% anticipate their production to dip in the six-month period ending in December.
Ministry to Better Financial Institutions
Vietnam’s Ministry of Finance will push ahead with improving financial institutions in the years to come to realize the country’s socio-economic development plan in 2016-2020, Minister Dinh Tien Dung said in an interview with the Vietnam News Agency.
Apart from the effective use, management and distribution of financial resources in line with the socio-economic development orientations, the ministry will gradually restructure the budget and priorities proper investment in human resources, social welfare and national defense, he said.
Export Value Hits over $82 Billion in Six Months
Vietnam exported $82.2 billion worth of goods in the first two quarters of 2016, a year-on-year increase of 5.9%, VNA cited the Ministry of Industry and Trade as saying.
The group of processing industries was not listed among sectors with impressive export growth. Meanwhile, the group of mining industries posted a tumble due to the rapid exhaustion of natural resources and the falling price of crude oil.
Economic experts said this is a negative sign for the national economy as these are key contributors to economic growth.
Vietnam to Increase Steel Imports
The Vietnam Steel Association (VSA) said Vietnam is likely to increase steel imports, especially at the year’s end when the construction demand surges.
Since the beginning of 2016, the country has imported over 9.6 million tons of steel of all kinds, worth around $3.42 billion, indication a year-on-year rise of 48% in volume and 1% in value. Up to 60% of the imported steel was from China, according to the VSA.
German Garment & Textile Technologies Introduced in Hanoi
Germany’s latest textile and apparel technologies have been introduced to local enterprises in Hanoi on July 5 at a forum held by the Vietnam Textile and Apparel Association (Vinatas) and the Textile Machinery Association under the Germany Engineering Federation (VDMA).
The forum had the participation of around 650 business representatives and experts from Vietnam’s textile and support industries, according to VNA.
Hai Phong Takes Lead in Race for FDI Attraction
The northern port city of Hai Phong has attracted $1.8 billion in foreign direct investment (FDI) in the first half this year, 3.5 times higher than the same period last year, becoming the top invested locality in Vietnam, according to the city’s Department of Planning and Investment.
The surge in FDI flow into the city was driven by the kick-off of a $1.5 billion OLED plant invested by South Korea’s LG Display.
Vietnam Cuts Petrol Prices Again
The Ministries of Industry and Trade, and Finance have jointly slashed the ceiling prices of RON 92 petrol and E5 bio-fuel by 200 dong a liter as of 3:00 p.m on July 5 to 15,698 dong ($0.7) and 15,447 dong ($0.68) a liter, respectively, after cuts made on June 20.
Precision Engineering Exhibition Opens in HCM City
As many as 416 enterprises from 24 countries and territories worldwide, are displaying technologies, products and machines in the precision mechanical sector at an exhibition which opened in Ho Chi Minh City on July 5, according to VNA.
BT Tee from the Singapore Exhibition Services company said the International Precision Engineering, Machine Tools & Metalworking Exhibition (MTA Vietnam 2016) has attracted a greater number of businesses compared to previous events, especially foreign companies (accounting for 76% of the total).
Vietnam Stock Market Watchdog to Boost Corporate Bond Market
The State Securities Commission (SSC), Vietnam’s stock market watchdog, is actively implementing the corporate bond scheme to make the local corporate bond market work next year, said SSC’s Deputy Chairperson Nguyen Thi Lien Hoa.
Over the next six months, the SSC would issue relevant decrees to develop the market as well as a legal framework for developing credit qualified rating units for corporate bonds, she added.
Vietnam Shares Gain for 7th Straight Day
The benchmark VN Index
of the Hochiminh Stock Exchange (HOSE
) ended up 0.45% at 650.88 on July 5, making a seven-day winning streak and marking the highest close in more than eight years.
National Assembly May Ratify TPP Later This Year: Official
Vietnam’s National Assembly (NA) may ratify the Trans-Pacific Partnership (TPP) agreement by the end of this year, Vice Chairman of the parliament’s Committee for External Relations Ngo Duc Manh was quoted by VNA as saying.
The NA will ratify the pact after referring to the law on signing, joining and implementing international treaties, and considering other TPP-related issues such as the TPP’s constitutionality and compatibility with Vietnam’s legal documents, the possibility of enforcing the entire agreement or just part of the deal, and suggested revisions and supplements.
Vietnam Property Market Recovering: Forum
The property market will continue recovering but experts told an online forum held by Dau Tu (Investment) newspaper recently that they do not expect breakthroughs in the second half of this year.
According to Tran Du Lich, a member of the National Monetary Policy Advisory Council, the market will not see significant developments in the remaining months of the year as the low-end segment is set to improve.
Vietnam Collects $200 Million from Share Sales in H1
Vietnamese government-run enterprises collected 4.49 trillion dong ($200 million) by from divesting stakes in non-core operations in the first six months of 2016, according to data of the Ministry of Finance.
Economic groups and companies withdrew over $16 million of their capital and collected $18 million from five sensitive fields, namely stock, insurance, banking-finance, real estate, and investment fund.
They also divested $42.5 million and collected $54 million from businesses having invested in areas out of the five aforesaid ones.
Japan’s ANA Group Becomes Strategic Partner of Vietnam Airlines
Japan’s biggest airline ANA Holding Inc (ANA) has completed the purchase of an 8.77% stake in Vietnam Airlines, becoming a strategic shareholder of the national flag carrier.
Under the transaction, reached on July 1, ANA paid more than 2.4 trillion dong ($109 million) for the stake in the Vietnamese carrier.