Vietnam Govt Releases New Auto Sector Strategy
The Vietnamese government has issued mechanisms and policies needed to implement the strategy for Vietnam’s automobile industry development through 2025, with a vision toward 2035.
The policies include support in terms of credit, demand stimulation and market development.
Investment projects to produce automobile parts and assemble automobiles by domestic enterprises will be given access to loans provided by the Vietnam Development Bank in line with regulations.
Vietnam Taxman Expects Higher Tax Collection in 2016
The collection of tax arrears in 2016 would be higher than that of last year, the Vietnam News Agency cited General Director of Taxation Bui Van Nam as saying.
Besides applying government instructions, the tax sector would establish a special team for enforcement of tax arrears collection at the department.
It would also submit to the prime minister for approval on a decision to prevent people with tax arrears from leaving the country.
Local tax authorities collected 39.1 trillion dong ($1.74 billion) in arrears in 2015, representing a 27% year-on-year rise and beating the set target.
HCM City to Aid SMEs
Ho Chi Minh City plans to provide further incentives for small- and medium-sized enterprises (SMEs) that invest in support industries, said Nguyen Phuong Dong, deputy director of Department of Industry and Trade.
Support industries not only provide jobs and promote exports, but also prevent excessive dependence on imported goods and services, he added.
However, their development has been slow in Viet Nam because policies are not attractive enough to investors.
Vietnam Firm Join Hands with H2Origins to Ship Seafood to U.S.
Vietnam’s Bien Dong Seafood, Co. Ltd has signed contracts with America’s H2Origins Seafood Inc on the supply and development of fishery products.
Bien Dong Seafood and H2Origins Seafood will work together to increase seafood sales in the American market to more than $300 million over the next three years.
They also aim to boost their market share to more than 40% by sharing market intelligence and developing new high-quality seafood products for the United States market.
Three Vietnam Banks Named among Most Valuable Brands Globally
VietinBank, BIDV and Vietcombank are among the world’s 500 most valuable banking brands, with respective values of $249 million, $218 million and $189 million, said UK valuation consultancy firm Brand Finance.
VietinBank, the country’s largest bank by assets at the end of 2015, saw its ranking up to 379th this year from 437th.
Bank for Investment and Development of Vietnam (BIDV) was the newcomer, taking the 413th position, while Vietcombank advanced 37 places from last year to stand at 450th.
Vietnam’s consumer confidence index increased three points quarter-on-quarter to 108 in the fourth quarter (Q4) of 2015, helping the country take the sixth position globally in terms of consumer optimism, according to a survey of Nielsen.
Vietnam’s consumer confidence index in Q4/2015 indicates improvement in consumers’ optimism. This can be attributable to increasing spending intentions and considerable increase of retailers’ confidence during the Lunar New Year season, said Vaughan Ryan, managing director of Nielsen Vietnam.
A number of foreign-invested companies changed chief executive officers during 2015 to fit into their strategy changes.
The changes in executives of foreign-invested companies in Vietnam are seldom widely announced. BizLIVE reviews changes in top personnel of HSBC, Maybank Kim Eng, and Ford Vietnam, among others.
On his Facebook site, Singapore
an Prime Minister Lee Hsien Loong took a picture of himself and Vietnamese PM Nguyễn Tấn Dũng, Cambodian PM Hun Sen, and Laotian DPM and Foreign Minister Thongloun Sisoulith.
The “wefie” was taken during the ASEAN-U.S. Leaders’ Summit at Sunnylands in California, where they discussed a number of issues ranging from the Trans-Pacific Partner Ship (TPP
) accord to maritime security.
Vietnam and Malaysia are among Asian countries that bear the major brunt of the ongoing oil plunge while Thailand, Korea and Sri Lanka are the largest beneficiaries, a Fitch report states.
Vietnam is the only country to experience deterioration in its net oil bill, which rose by about 1% of GDP on account of significant export declines, says the report.
Vietnam’s state-owned National Power Transmission Corporation (NPT) has signed a $200 million loan facility for a coal-fired power plant, backed by Japanese export credit agency (ECA) Nippon Export Investment Insurance (NEXI).
NPT, a subsidiary of Electricity of Vietnam (EVN), signed the project finance facility in December with coordinator BNP Paribas and a club of Japanese banks including Sumitomo Mitsui Trust Bank, Shizuoka Bank, Nomura Trust Bank, and Daishi Bank.
Singapore-based Nexif Energy, a Southeast Asian independent power producer, has announced it has acquired a controlling stake in 30-megawatt (MW) Coc San hydro power project in northern Vietnam through the acquisition of a majority ownership of Viet Hydro Pte Ltd.
Nexif Energy, formed with the backing of energy-focused private equity firm Denham Capital, acquired the shares of two existing shareholders and has subscribed to additional equity shares, resulting in it holding a majority stake in Viet Hydro.