[Round-up] Vietnam Probe Formosa-linked Waste Dumping, Shares Fall to 5-week Low

Tuan Minh

21:33 03/08/2016

BizLIVE - Investigative police in the central province of Ha Tinh have launched an investigation into the illegal dumping of harmful waste material from a steel plant run by Formosa Plastic Group. Vietnamese shares dropped to a five-week low Wednesday due to rising fears for further corrections.

[Round-up] Vietnam Probe Formosa-linked Waste Dumping, Shares Fall to 5-week Low

Formosa Ha Tinh Steel Corp has contracted unlicensed firms to bury industrial waste. Photo: Zing News

Vietnam Probes Harmful Waste Dumping from Formosa Steel Mill
Police in the central province of Ha Tinh have launched an investigation into the illegal dumping of harmful waste material from a steel plant run by Formosa Plastic Group, which caused the country's worst environmental disaster.
Bui Dinh Quang, deputy police chief in Ha Tinh province, said a local company was the target of the investigation after police last month caught the company burying the industrial waste at a private farm.
USAID Vietnam Mission Announces New Leadership
Michael Greene, a career member of the Senior Foreign Service, assumed the position of mission director for the United States Agency for International Development (USAID) Vietnam since July 2016, the U.S. Embassy in Hanoi said in a media release Wednesday.
Also in July, Craig Hart, who has an M.S. in National Security Strategy from the National War College and an M.Ed. from the University of Vermont, assumed a new position as deputy mission director for USAID Vietnam.
Vietnamese Processing Industry Lures ASEAN Investors
The processing and manufacturing industry in Vietnam has become very attractive to investors from ASEAN countries, according to the Vietnam News Agency.
ASEAN investors have pumped as much as $27.68 billion into 1,176 projects in the field, according to the Foreign Investment Agency under the Ministry of Planning and Investment.
Vietnam Gov’t Determined to Achieve Highest GDP Growth
The Vietnamese government is determined to weather all setbacks and challenges to attain the highest possible economic growth, Prime Minister Nguyen Xuan Phuc stated at the first regular meeting of the 2016-2021 tenure in Hanoi on August 1-2.
The Ministry of Planning and Investment admitted that it will be hard to fulfill the target of 6.7% or if so, it will require great endeavors from all sectors, especially agro-forestry-fishery, and the industrial sectors.
Vietnam Fisheries International Exhibition Opens in HCM City
The Vietnam Fisheries International Exhibition (Vietfish 2016) opened in HCM City at the Saigon Exhibition and Convention Centre on August 3, according to VNA.
With the theme of “Asia’s Home of Seafood”, Vietfish 2016 is being attended by nearly 200 big local and foreign enterprises from 14 countries and territories such as Malaysia, Thailand, Japan, Germany, the United States, Turkey and South Korea.
Vietnam Shares Drop to Five-week Low
The benchmark VN Index of the Hochiminh Stock Exchange fell 0.7% to 631.61 on Wednesday, the lowest since June 29 due to fears for rising bad debts in the banking system and margin calls, exchange data showed.
Vietnam Remains in Top 10 Most Optimistic Nations despite Consumer Confidence Slide: Nielsen
Vietnam was the seventh most optimistic country in the world although its consumer confidence index experienced a two-point decline to 107 in the second quarter of this year, according to a survey by Nielsen, a global information and measurement company.
Among six Southeast Asian countries surveyed by Nielsen, Vietnam came third, only after the Philippines and Indonesia.
Ho Chi Minh City and Hanoi recorded a total of 12,900 transactions in the residential property market in the second quarter of this year, property consultancy firm Savills Vietnam said in a release Wednesday.
There were approximately 6,900 sales in HCM City in the quarter, up 10% quarter-on-quarter (QoQ) and 34% year-on-year (YoY). The overall absorption rate was stable QoQ at 17%, down two percentage points (ppts) YoY.
Mobile Internet will help Vietnam’s gross domestic product increase by an additional $5.1 billion in the upcoming five years, compared to $3.7 billion since 2010, according to Oliver Salmon, senior economist at Oxford Economics.
Non-performing loans (NPLs) accounted for 2.78% of total credit of banks operating in Vietnam as of the end of May 2016, said Deputy Governor of the State Bank of Vietnam (SBV) Nguyen Thi Hong late on Tuesday.
The figure is higher than 2.62% in March and 2.55% in December 2015 while credit growth accelerated to 8.16% in the first half of this year, data of the central bank showed.
Thai retailer Central Group, which acquired Casino Group’s Vietnam assets in April, has committed to pay 2.03 trillion dong ($91 million) worth of transfer tax the firm declared for the transaction by the end of this month, local media reported.
The Thai firm has made two payments totaling 500 billion dong ($22.4 million) as of August 2 and the rest will be paid up by August 31, the Tuoi Tre (Youth) newspaper cited a source from the Ministry of Finance as saying.