[Round-up] Vietnam Promises Incentives to Koreans, Conglomerate Plans $1 Billion Solar Park Project

Tuan Minh

03:49 10/06/2017

BizLIVE - South Korean investors in the electronics industry in Vietnam will receive many incentives as part of the government’s growing focus on this field. TTC Group is planning to spend as much as $1 billion on a plan to build a sizable portfolio of solar projects.

[Round-up] Vietnam Promises Incentives to Koreans, Conglomerate Plans $1 Billion Solar Park Project

South Korean investors in the electronics industry in Vietnam will receive many incentives as part of the government’s growing focus on this field. Photo: Reuters

Prime Minister’s Japan Visit Helps Reinforce Bilateral Ties
Prime Minister Nguyen Xuan Phuc’s official visit to Japan from June 4 to 8 has contributed to consolidating the Vietnam-Japan extensive strategic partnership, said Deputy Foreign Minister Le Hoai Trung.
In an interview granted to the press after the visit, the Deputy FM underlined that during the meetings, the two sides reached consensus on major orientations and specific measures to deepen the relations in all aspects, from politics to economy, official development assistance (ODA), trade, culture, education and cooperation between localities.
Vietnam Promises Incentives to Koreans
South Korean investors in the electronics industry in Vietnam will receive many incentives as part of the government’s growing focus on this field for the country’s industrial development, officials told a conference held on Thursday in Seoul.
The conference aim was to promote cooperation between the two countries in the electronic and mechanical industries and to introduce the investment advantages for South Korean companies in Vietnam, VNA reported.
Gangwon Businesses Promote Korean Investment in HCM City
Businesses of Gangwon province of South Korea want to set up partnership with and expand investment in Ho Chi Minh City, Governor Choi Moon-soon was quoted by the Vietnam News Agency (VNA) as saying.
He made the remark at a conference on Gangwon – HCM City economic cooperation held by the Korea Federation of Small and Medium Enterprises and a delegation of Gangwon firms in HCM City on June 9.
PetroVietnam Beats Five-Month Production Target
Vietnam National Oil and Gas Group (PetroVietnam) saw its production surpassing the target set by the government by 7.7% in the past five months.
PetroVietnam said it exploited 2.25 million tons of oil equivalent in May, 10.4% higher than the set plan, bringing the exploitation of oil equivalent to 11 million tons in the five-month period.
Vietnam, Czech Have Potential to Reach $1-Billion Trade Target
The target of raising trade between Vietnam and the Czech Republic to $1 billion in the time ahead is within reach, especially after the free trade agreement between Vietnam and the EU, to which the Czech Republic is a member, comes into force, said Vice President of the Vietnam Chamber of Commerce and Industry (VCCI) Vo Tan Thanh.
Vietnam has also been attractive to Czech investors for many areas, but bilateral trade has failed to reflect the two countries’ potential and demands, he noted.
Drivers Hurt in Grab, Uber, Taxi Price War
Price competition between traditional taxis and ride hailing companies like Grab and Uber has become fierce, but it is mostly the drivers on both sides who are suffering the biggest losses.
Grab and Uber continue to offer huge discounts to passengers to grab market share from traditional taxis. Meanwhile, traditional taxis have to follow many regulations and pay lots of fees, but not Grab and Uber, said a driver.
Resort Real Estate Projects Attract Foreign Investment
Foreign direct investment (FDI) in the real estate market hit nearly $52.7 billion as of May this year, with 65% of which or $40 billion being poured into resort projects.
According to Phan Huu Thang, vice president of the Vietnam National Real Estate Association (VNREA), Vietnam’s resort property is attractive to foreign investors thanks to the country’s popular tourist destinations, 4,000-year history, diverse culture and cuisine, hospitable people, and favorable geographic location.  
Vietnam Rice Export Prices Hit 3-Year High
The price of Vietnamese export rice has hit a three-year high thanks to the rising import demands and the restricted supply source. The demand for Vietnam’s 5% broken rice, has been rising, bringing its prices to $390 per ton in the early days of June, against $360-$380 per ton in late May.
This is the highest price since December 2014, the Ministry of Industry and Trade said, attributing it to the rising global demand for rice imports, especially in the Asian region.
HCM City Lures $1.37 Billion in FDI in Jan-May, up 46% y/y
HCM City attracted $1.37 billion worth of foreign direct investment (FDI) in the first five months of this year, a year-on-year increase of 45.8%, according to the Department of Planning and Investment.
Authorities issued investment certificates to 283 new projects worth $342 million, while 81 existing projects increased their investment by $287 million. The city also approved 775 M&A deals worth $742 million.
Vietnam Conglomerate Plans $1 Billion Solar Park Project
Vietnam’s TTC Group, a sugar, energy, real estate and tourism conglomerate, is planning to spend as much as $1 billion on an ambitious plan to build one of the country’s largest portfolios of solar projects in an effort to capitalize on the nation’s growing power needs, according to Bloomberg.
The Ho Chi Minh City-based company is looking for new investors for 10 to 20 solar parks it expects to have in operation by 2018, Chief Executive Officer Thai Van Chuyen said.
Firms in Vietnam Owe $2.16 Billion in Taxes
Around 96,000 enterprises in Vietnam have owed a total of over 49 trillion dong ($2.16 billion) in taxes. Of the firms, 86% have owed taxes for over three months and the smallest amount is 10 million dong ($440), according to the country’s taxman.
Vietnam Gov’t to Sell 49% Stake in Construction Giant Song Da
The Vietnamese government will dispose of a 49% stake in leading construction company Song Da Corp at the latter’s upcoming initial public offering (IPO) to cut the state holding to as low as 51% through 2019
According to a prime minister-approved privatization plan, the government will sell a 30% stake to strategic investors and another 18.82% to the public at the IPO, the government said on its website. The IPO timing is not clarified.
Sweden’s H&M to Open First Store in Vietnam’s Biggest City
Sweden-based fashion transnational Hennes & Mauritz (H&M) has announced plans to open its first store in Vietnam at the Vincom Dong Khoi commercial complex in downtown Ho Chi Minh City, Vietnam’s southern metropolis, local media reported.
The 2,200-square-meter store will offer affordable fashion products for all types of ages. Its opening will be accompanied with the debut of the brand's Fall-Winter 2017 Collection.

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