Vietnam Calls for Japanese Investment in Prioritized Sectors
Vietnam hopes Japanese investors to step in prioritized sectors in the country’s industrialization strategy, along with infrastructure, energy, climate change response, and supporting industries, President Tran Dai Quang
told Vice President of the International Friendship Exchange Council (FEC) Yoshihiko Nakagaki.
The Vietnamese leader proposed that Japan speed up technology transfer to Vietnam and help the country in human resources training, the Vietnam News Agency (VNA) reported.
WB Inspects Wrongdoing at Urban Upgrade Project in Vietnam
The World Bank
is carrying out an inspection in a multimillion-dollar project to upgrade My Tho City in Vietnam’s Mekong Delta province of Tien Giang over allegations of wrongdoing in calling for contractors.
The inspection was prompted by recent incidents related to a Ho Chi Minh City
-based contractor which had won the bid to build three elementary schools in My Tho but had sold the bid to three other contractors in the name of “allotment.” The three contractors then in turn sold their bid to a Tien Giang-based company for construction.
Vietnam, Denmark Hold 5th Joint Governmental Committee
Vietnamese Minister of Planning and Investment Nguyen Chi Dung and Danish Minister of Foreign Affairs Kristian Jensen co-chaired the 5th meeting of the Joint-Governmental Committee (JGC) between Vietnam and Denmark in Hanoi on Tuesday.
At the meeting, the two ministers highlighted the rapid development of economic cooperation and bilateral trade between Vietnam - Denmark during the recent years, especially since the two countries became comprehensive partners in 2013 and signed subsequent specific action plans for 2014-2015 and 2016.
Vietnam-UK Network to Facilitate Trade with Ho Chi Minh City
The Vietnam-UK Network (VUN) will facilitate trade and exchange between the UK and Ho Chi Minh City firms, its visiting Chairman Ben Chapman told Vice Chairman of the municipal People’s Committee Tran Vinh Tuyen during a meeting on October 11, VNA reported.
Chapman said the VUN’s members, including hundreds of overseas Vietnamese working in many fields, wish to develop Vietnam-UK ties as well as contribute to the development of Ho Chi Minh City.
PetroVietnam Aims to Produce 6.5 Million Tons of Oil in Q4
State-run energy firm PetroVietnam plans to exploit 6.49 million tons of oil equivalent, including 3.88 million tons of crude oil and 2.61 billion cubic meters of gas in the remaining months of this year.
The plan aims to lift the total output in the year to 27.59 million tons of products, raking in 514.5 trillion dong ($23 billion) in revenues and contributing 104.2 trillion dong ($4.68 billion) to the state coffers.
Vietnam Seeks Investors for Major Big Transport Infrastructure Projects
Vietnam has been taking steps to attract investors with strong financial capability to large public-private partnership (PPP) transport infrastructure projects as the country works to improve its transport infrastructure.
According to Deputy Minister of Transport Nguyen Nhat, to make projects more attractive to foreign investors, state risk-sharing mechanisms in PPP projects need to be revised, including state guarantees for revenue and effectiveness of projects, VNA reported.
Car Sales Rise 13% in September
Vietnam’s automobile sales in September increased 13% to 26,551 units against the previous month, according to the Vietnam Automobile Manufacturers Association (VAMA).
During the month, the number of passenger cars sold increased 9% to 16,327 vehicles, commercial vehicle sales rose 21% to 9,117 units and special-purpose cars sales went up 15% to 1,107 units.
Vietnam to Reduce State Holding in Merged Stock Exchange to 75%
After months of debate, the Vietnamese government recently agreed to locate a new operating entity of the bourses in Ho Chi Minh City, the country's economic hub, after merging the stock exchanges into a single state-run Vietnam Stock Exchange (VSE).
According to the plan, the Vietnam Stock Exchange will be operated as a joint stock company until 2020, when the state would reduce its ownership to 75%, according to the Nikkei Asian Review.
Vietnam, China to Hold International Trade Fair Next Month
The Vietnam-China International Trade Fair is scheduled to take place in Dongxing city, China’s Guangxi province from November 8-12, according to VNA.
The fair will accommodate 834 booths, including 100 of Vietnam, displaying special products of ASEAN member countries.
The Asian Development Bank has announced it will maintain lending to Vietnam at around $1 billion per year in the coming four years and stands ready to scale up its assistance to the Southeast Asian country should additional resources be requested.
The announcement was made at the launch of the Vietnam Country Partnership Strategy for the 2016-2020 period, after the country reached the lower-middle income status in 2010.
The Hong Kong and Shanghai Banking Corp (HSBC) has cut its economic growth forecasts for Vietnam by 0.1 percentage point to 6.2% for 2016 and 6.5% for 2017 as the scope for either monetary or fiscal easing is rather limited.
Lingering bad debts, potential upside risks to inflation, and a slower-than-planned pace of public divestment pose headwinds to the economy, the UK bank said in its latest report on Asian economies.
Credit institutions in Vietnam expect credit growth to reach 21.82% in 2016, higher than the 17.26% expansion in 2015 and the 18%-20% growth target set by the central bank for 2016, according to a recent survey.