HCM City’s Overseas Remittances Hit $2.5 Billion in 7 Months
Inward remittances sent to Ho Chi Minh City
reached $2.5 billion in the past seven months, rising 4.16% from a year earlier, local media report.
Most of the money came from the U.S. and Europe, said Nguyen Hoang Minh, deputy director of the State Bank of Vietnam-Ho Chi Minh City branch.
Many Sectors May Face Labor Shortage
Many industries in Vietnam, especially those relating to engineering, information technology, health care, textiles and footwear, are forecast to have a great demand for employees in the coming years, according to the Vietnam News Agency (VNA).
In the Vietnam Industry Development Strategy to 2025 with a vision to 2035, the government has decided to give priority to developing three industries, including the processing and manufacturing industry, electronics and telecommunications, and new and renewable energy
HCM City to Host Manufacturing Exhibition
Nepcon Vietnam 2016, an international exhibition on SMT, testing technologies, equipment and support industries for electronics manufacturing, will take place in HCM City on October 6-8.
Exhibitors will present technology, machines and solutions to over 10,000 visitors looking to improve their SMT lines and the country's electronic manufacturing sector, according to VNA.
Finance Ministry Proposes Cutting Tax for SMEs
The Vietnamese Ministry of Finance has proposed cutting the corporate income tax (CIT) for small- and medium-size enterprises (SMEs) to 17% from 20% currently in the next four years, in a bid to help them overcome difficulties.
A 17% CIT is equal to the preferential tax rate imposed on new projects located in areas of socio-economic difficulties, aimed to enable SMEs to accumulate capital for investment and business expansion and for improving competitiveness.
Vietnam-Canada Cooperation to Benefit Largely from TPP
Canada and Vietnam will have a lot of opportunities to bolster their cooperation stemming from their membership of the Trans-Pacific Partnership (TPP) agreement, Canada’s Consul General Richard Bale told Nguyen Thanh Phong, chairman of the HCM City municipal People’s Committee on August 4.
Bale also noted that the relations between Canada and HCM City will also thrive on the back of the two countries’ TPP engagement.
Hong Kong Logistics Firms Target Da Nang
A delegation of 20 logistics firms from Hong Kong have met with Da Nang authorities to explore cooperation opportunities in the city, which aims to have at least 30 hectares for the logistics industry by 2020.
Entrepreneurs from Hong Kong were interested in getting to know Vietnam’s roadmap to open the logistics market for overseas investors as well as incentives granted by the city.
Japan’s JFE Wants to Build Waste-to-Power Plant in Da Nang
Japan’s JFE Engineering Corp has proposed building a waste-to-power plant in the central coastal city of Da Nang at a cost of $20 million, of which $10 million would come from the Japanese Ministry of Environment through the Joint Credit Mechanism (JCM).
Singapore GIC Eyes to Own at least 7% of Vietnam's Vietcombank: Report
GIC Pte Ltd (GIC), a sovereign wealth fund run by the Singaporean government, is holding talks to acquire a stake of at least 7% in Bank for Foreign Trade of Vietnam (Vietcombank), Reuters cited sources familiar with the issue as saying.
Should things go smoothly, Hanoi-based Vietcombank will issue new shares to GIC at a discount to market prices, the sources added.
Foreign investors net purchased a total of 17,107 billion dong ($766 million) worth of Vietnamese government bonds in the first seven months of this year, according to Bao Viet Securities Company.
U.S. tech giant Apple Inc. has shown keenness to build a database center costing $1 billion in a hi-tech park in the Vietnamese central province of Da Nang, one of the five largest cities in the Southeast Asian country, local media quoted the city’s portal as saying.
The information was unveiled at a meeting of the local government on foreign direct investment (FDI) on August 4. However, the detail was removed from the portal on Friday morning.
Building materials company LafargeHolcim has announced that it will sell its entire 65% shareholding in LafargeHolcim Vietnam to Thailand’s Siam City Cement Public Company Limited (SCCC).
The enterprise value will be 867 million Swiss francs ($890 million), on a 100 percent basis, the Swiss-French group said in a statement filed on its website.