[Round-up] Vietnam Parliament to Monitor Foreign Loans, Car Imports Rise in Aug

Tuan Minh

20:00 01/09/2017

BizLIVE - The Vietnamese parliament has set up a delegation to evaluate the management and use of foreign loans. Vietnam’s CBU auto imports went up slightly in August.

[Round-up] Vietnam Parliament to Monitor Foreign Loans, Car Imports Rise in Aug

The Vietnamese parliament has set up a delegation to evaluate the management and use of foreign loans.

Vietnam Parliament to Supervise Management of Foreign Loans
A delegation was set up under a resolution issued by the National Assembly Standing Committee with a task to evaluate the issuance of legal documents and the implementation of policies and regulations relevant to the management and use of foreign loans.
The lawmakers will review results, shortcomings and difficulties as well as defining the responsibilities of agencies, organizations and individuals.
Vietnam’s CBU Auto Imports Rise Slightly in August
Vietnam imported around 8,000 complete built-up (CBU) cars worth $180 million in August, marking a slight increase of 1,000 units in volume and $13 million in value compared to the previous month, according to a government report.
Some 66,000 units were imported into the country in the first eight months of the year with total import turnover of nearly $1.39 billion, down 4.4% in volume and 14.4% in value year-on-year.
Insiders said domestic auto consumption is currently unstable because many consumers are still waiting for prices of cars to be lowered until early 2018 when import tariff in the ASEAN bloc will become zero per cent. Notably, local automakers and distributors have been trying to accelerate consumption through discounts and promotional programs.
Vietnam’s Pharmaceutical Products Imports on the Rise
Vietnam’s imports of pharmaceutical products increased from $2.035 million in 2014 to $2.32 billion in 2015 and $2.563 billion in 2016. France was the biggest supplier last year with $321.7 million, followed by India with $276 million and Germany with $225.5 million.
The country spent $1.712 billion on importing pharmaceutical products year to Aug. 15, up 5.8% against the same period last year. Most of the products were imported from France, India, South Korea, Italy, the UK, Belgium, Germany and the U.S.
Vietnam-Australia Trade Rises 4.7% Each Year: Ministry
Six years after implementing the ASEAN-Australia-New Zealand Free Trade Area, trade between Vietnam and Australia has increased 4.7% each year on average, according to the Ministry of Industry and Trade.
Popular Vietnamese exports to Australia include aquatic products, consumer goods, apparel, footwear and wooden products due to preferential tax deals in the ASEAN-Australia-New Zealand Free Trade Area, added the ministry.
Dohwa Breaks Ground on 49.5 MW in Vietnam
South Korea’s Dohwa Engineering has begun the construction of a 49.5 MW solar array in central Vietnam.
The Seoul-based company expects to finish building the project in Vietnam’s Le Thuy district, Quang Binh province, by late 2018. The total investment has been estimated at roughly $55 million, according to a statement on the Quang Binh provincial government’s website.
HCM City Calls for Foreign Investments
Ho Chi Minh City authorities held a meeting on August 31 with foreign consuls general in the city to discuss orientations to develop the southern metropolis and joint works to increase foreign capital, the Vietnam News Agency (VNA) reported.
Speaking at the function, Chairman of the municipal People’s Committee Nguyen Thanh Phong stated HCM City is committed to improving the local business climate to welcome long-term operations of foreign investors, and said the city wants to learn from experience of cities around the world in terms of growth and living quality.
Hau Giang Seeks Funding for Key Investment Projects
The southern province of Hau Giang will organize an investment promotion conference in the middle of September to attract investment capital for its key projects, a local official has said.
The key sectors that need investment include the infrastructure in industrial zones and complexes, the wholesale markets for farm produce, the processing and preserving systems for farm produce, the high-tech agriculture zones, and tourism.
PV Drilling Secures $6 Million Deal with KrisEnergy
PetroVietnam Drilling & Well Service Corporation (PV Drilling) has signed a contract worth over $6 million to offer jack-up drilling services to Singapore-based KrisEnergy, according to VNA.
Under the deal, the PV Drilling I jack-up rig will be used for the exploration of six fixed and two optional wells in the Gulf of Thailand’s block G10/48, where KrisEnergy holds an effective 89% working interest in and is the operator.
Belarus Eager to Help Build National Library, Metro in Vietnam
Belarus may participate in the construction of a metro system and a national library in Vietnam, BelTA learned from Ambassador of Vietnam to Belarus Le Anh on 31 August, according to Belta.
According to the source, a memorandum was signed during a recent visit of the delegation of the city of Hanoi to Belarus. In line with the memorandum both sides will continue working on shipping Belarusian automobiles to Vietnam.
Dutch Businessman Sues Vietnam Gov't for $1.25 Billion in Decades-Long Dispute
An international court is hearing a lawsuit filed by Trinh Vinh Binh, a Dutch national of Vietnamese descent, who is demanding $1.25 billion in compensation from the Vietnamese government for convictions that date back to 1998.
At a regular press briefing on Wednesday, Minister and Chairman of the Government Office Mai Tien Dung said that “we will have to wait”, in response to a question about Vietnam’s reaction to the suit, which has been lingering for around two decades.
Vietnam Builds Vessel for Canada Offshore Fishing
Vietnamese fishing firm Ha Long Shipbuilding Company, a subsidiary of the Vietnam Shipbuilding Industry Corporation, plans to build a new fishing vessel which will be used to fish off the coast of northern Canada, Nhan Dan newspaper reported.
The vessel, which has been built for its Canadian firm Hill Enterprises, is the first to be built by a Vietnamese shipbuilder for a Canadian client.
HSBC Vietnam’s 2016 Net Profit Grows 25% y/y
Hong Kong and Shanghai Banking Corp (HSBC) Vietnam, the largest foreign-invested lender in the country by registered capital, has said it earned a net profit of 982.17 billion dong ($43.26 million) in the first half of this year, rising 25% from a year earlier.
The bank booked net interest income of 1.33 trillion dong ($58.3 million), up 18.6% from the same period last year. Meanwhile, operating expenses declined 5% to 885.4 billion dong ($39 million).
U.S. Secretary of State Congratulates Vietnam on National Day
U.S. Secretary of State Rex Tillerson, on behalf of the U.S. government, has congratulated the people of Vietnam as the country celebrates its National Day on September 2.
“On this occasion, I wish all Vietnamese people peace and prosperity in the coming year”, the Department of State cited Secretary Tillerson as saying in a statement.
China remained Vietnam’s largest import market in the first eight months of this year with a turnover of $36.4 billion, up 14.7% year-on-year.
The runners-up were South Korea with $30.2 billion, ASEAN with $18.1 billion, Japan with $10.5 billion and the EU with $7.9 billion, according to government data.
Vietnam’s Manufacturing Purchasing Managers’ Index PMI – a composite single-figure indicator of manufacturing performance – ticked up to 51.8 in August from 51.7 in July, indicating a further modest monthly improvement in the health of the sector, Nikkei has said in a report.

TUAN MINH

Từ khóa: HCM City, ASEAN, PMI, HSBC

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