DongABank Appoints New CEO
Troubled DongABank has appointed Nguyen Thanh Tung to general director starting January 1, 2016, after the State Bank of Vietnam, the country’s central bank, approved the appointment.
Mr. Tung, 46, was director of VietinBank’s Ho Chi Minh City branch before being promoted.
Vietnam Listed among Fastest Growing Emerging Economies
Vietnam’s economy expanded 6.27% in 2015, ranking sixth among the fastest-growing emerging economies, after India, Tanzania, China, Uganda and Dominica, according to Bloomberg.
Vietnam Govt Announces Sectors Open to Foreign Investment
The Vietnamese government has made public a list of 17 industries that are open to foreign investors in a move to make the investment climate more transparent and appealing.
The list embraces real estate and services in tourism, entertainment, computing, research and development, information, leasing, transportation, construction, healthcare and trading, Reuters cited the Planning and Investment Ministry-run Foreign Investment Department as saying on its website (dautunuocngoai.gov).
Vietnam’s retail sales increased 10.6% year-on-year to 2.46 trillion ($108.8 billion) while local and international market forecasts earlier suggested retail sales could only reach $109 billion in 2017.
Many foreign retailers have either broken into the market or announced plans to do so, including South Korean discount store chain E-mart and Japan's biggest convenience store chain 7-Eleven.
Those who are already present here have been gearing for expansions, such as Japan's Aeon with a plan to open 200 stores around the country and France’s AuchanSuper expecting to open 17 supermarkets by the end of next year. Aeon does not provide a timeframe for its plan.
Vietnam Beverage Firm to Launch IPO This Month
Hanoi-based beverage company Viet Ha Corporation plans to put 18.7 million shares for sale at an initial public offering (IPO) on the Hanoi Stock Exchange on January 26, 2016.
The firm will sell a 24.33% stake to its strategic investor Vietnam National Vegetable, Fruit and Agricultural Product Corporation (Vegetexco). The government will hold a 51% of the company’s while the staff will own 0.34%. After its equalization, the company is expected to have a registered capital of 768 billion dong ($34.13 million).
Vietnam State Budget Revenue Beats 2015 Target, Public Debt at 61.3% of GDP
Vietnam’s state budget collections are estimated to reach 957 trillion dong ($42.53 billion) as of December 28, surpassing the year’s target by 5%, said Deputy Finance Minister Vu Thi Mai at a conference in Hanoi on December 30.
Collection of tax arrears and inland revenues were attributed to the result.
According to the ministry, the nation’s public debt was estimated at 61.3% of GDP by the year end, within the government’s limit of 65%.
Vietnam’s Telecom Revenues Reach $15 Billion in 2015
Vietnamese telecom companies obtained revenues of over 340 trillion dong ($15 billion) in 2015 and paid taxes of 48.88 trillion dong ($2.17 billion), according to a report by the Ministry of Information and Communications.
earned 36.9 trillion dong ($1.8 billion) of revenue and profit of 7.4 trillion dong ($370 million). The respective figures of Vietnam Posts and Telecommunications Group (VNPT) were 89 trillion dong ($4.9 billion) and 3.3 trillion dong ($1.6 billion).
Military-run Viettel generated revenue of 222.7 trillion dong ($11 billion), up 13%year-on-year. It made a pretax profit of 45.8 trillion dong ($2.2 billion).
South Korean Firm Kicks off Industrial Park in Quang Nam
South Korea-invested C&N VINA Co industrial zone (IZ) started the construction of a industrial park (IP) on December 30 the central Quang Nam province.
Spanning in 200ha, the IP has an investment of 525 billion dong ($23.3 million) and is slated for completion in the fourth quarter of 2017. It will serve several industries such as machinery, engineering and automobile manufacturing and assembly.