[Round-up] Vietnam Seeks to Salvage TPP Minus U.S., PM Touts Investment Climate

Tuan Minh

10:44 08/11/2017

BizLIVE - Vietnam seeks a preliminary deal this week on moving forward with the Trans-Pacific Partnership trade pact without U.S. participation. PM Nguyen Xuan Phuc has affirmed Vietnam will continue to show that it is a good place to do business.

[Round-up] Vietnam Seeks to Salvage TPP Minus U.S., PM Touts Investment Climate

Vietnam seeks a preliminary deal this week on moving forward with the Trans-Pacific Partnership trade pact without U.S. participation.

Vietnam Keen on Salvaging Pacific Trade Deal Minus U.S.
Vietnam seeks a preliminary deal this week on moving forward with the Trans-Pacific Partnership trade pact without U.S. participation, President Tran Dai Quang told Japan's TPP point man here Tuesday, even though the smaller group would not include the Southeast Asian nation's biggest export market, Nikkei reported.
Vietnam Wants to Make Itself a Better Place to Do Business: PM
Vietnam will continue to show that it is a good place to do business, Prime Minister Nguyen Xuan Phuc said at a business summit on Tuesday in central Vietnam as part of the ongoing Asia Pacific Economic Cooperation (APEC) Summit.
Vietnam has proven itself to be a “reliable business partner” over the years, Phuc told the Vietnam Business Summit (VBS) in Da Nang, local media reported.
PM Receives WB Vice President for East Asia and Pacific Region
PM Nguyen Xuan Phuc hosted a reception for Victoria Kwakwa, Vice President of the World Bank (WB) for East Asia and Pacific Region, on November 7, on the sidelines of the Vietnam Business Summit (WB), taking place in the central coastal city of Da Nang.
In the context of Vietnam’s huge capital demand for infrastructure development, the WB wishes to cooperate with the country in mobilizing resources in the form of public-private partnership (PPP) and building other mechanisms to attract capital from the private sector, Kwakwa said.
Welcoming the WB Vice President’s recommendations, PM Phuc said that Vietnam wishes to cooperate with the WB in building institutions in order to enhance the efficiency of attracting private capital, to deal with the situation of nearing the public debt ceiling set at 65% of GDP.
PM Hosts Japanese Minister of Economic Revitalization
PM Nguyen Xuan Phuc received Japanese Minister of Economic Revitalisation Toshimitsu Motegi on the sidelines of the Vietnam Business Summit 2017, an event of the APEC Economic Leaders’ Week, in the central city of Da Nang on November 7.
The PM expected that Vietnam and Japan would further foster bilateral cooperation, particularly in trade, investment and ODA.
PM Meets with WEF Managing Director
PM Nguyen Xuan Phuc received World Economic Forum (WEF) Managing Director Philipp Rösler on the sidelines of the Vietnam Business Summit held in Da Nang city on November 7, saying that the Government has approved a cooperation plan with the organisation on future-proofing economy in Vietnam.
The Government has entrusted ministries and relevant departments to coordinate with the WEF to implement specific cooperative fields, he added.
PM Meets Corporate Executives on Sidelines of VBS
PM Nguyen Xuan Phuc hosted separate receptions in the central city of Da Nang on November 7 for corporate executives from the U.S., China and multinational corporations who are in Vietnam to attend the Vietnam Business Summit (VBS) and events within the framework of the APEC Economic Leaders’ Meeting.
Among the guests were Vice Chairman of the China Council for the Promotion of International Trade (CCPIT) Chen Zhou, U.S. National Centre for APEC (NCAPEC) Monica Whaley, President of Exxon Mobil Development Liam Mallon, Martin Nordenstahi, who is in charge of Asia Division of Abbott, and Global Chairman of Pricewaterhouse & Coopers (PwC) Robert E.Moritz.
Korea’s Samhwa Paint Ramps up Capacity in Vietnam
South Korea’s second-largest paint maker Samhwa Paint Industrial Co. opened a new automated paint manufacturing plant in northern Vietnam at a cost of $6 million, the company announced on Monday.
The new plant is part of Samhwa Paints Vina Co., the Korean paint maker’s Vietnamese subsidiary. It opened up in Bac Ninh industrial zone, about one hour`s drive north of Hanoi, Vietnam’s capital. It is capable of manufacturing 6,500 tons of paints annually, improving productivity by more than 60% through automated system.
Binh Son Refinery Delays IPO again, Plans to Offload Larger Stake
The initial public offering (IPO) of Vietnam’s Binh Son Refining and Petrochemical (BSR), planned for Tuesday, will be delayed until January at the latest to allow for a larger stake to be sold, its chief executive officer said on Monday.
The state-owned company, which has repeatedly delayed its IPO, plans to sell more than the original goal of 4 percent of shares – which was expected to raise around $80 million, CEO Tran Ngoc Nguyen told Reuters, without giving new targets.
Finnish Firms Ready to Partner Hanoi in Clean Water, Energy Sectors
Finland is transferring modern technology to provide clean water and renewable energy solutions for Hanoi, Finnish Deputy Minister of Economic Affairs and Employment Petri Peltonen told a Hanoi official on November 6, according to VNA.
At a working session with Vice Chairman of the Hanoi People’s Committee Nguyen The Hung, Peltonen said with the two countries’ 45-year diplomatic relationship, there are opportunities for Vietnam and Finland to enter a new stage of cooperation.
Over 200 Businesses to Join VietFood & Beverage – ProPack 2017 in Hanoi
More than 200 domestic and foreign businesses will participate in the VietFood, Beverage and Professional Packing Machines (VietFood & Beverage – ProPack) international exhibition 2017, which is scheduled to take place in Hanoi on  November 8-11.
The annual event held by the Vietnam National Trade Fair & Advertising Joint Stock Company (Vinexad) offers a wide range of products such as vegetables, seafood, farm produce, materials for food, beverages and confectionary, alcoholic drinks, fruit juice, tea, coffee, food packaging and preserving equipment, among others.
VinaCapital Vietnam Opportunity Fund (VOF), run by Vietnam-based fund management firm VinaCapital, has said it invested $20.5 million in low-cost carrier VietJet Air (VJC) in a pre-IPO offering in December 2016.
The carrier’s $170-million IPO was the biggest and first internationally marketed transaction by a Vietnamese firm. Foreign investors collectively owned a 24.4% stake in VietJet following the deal, according to DealStreetAsia.
Total assets of foreign banks and bank join ventures in Vietnam amounted to 896.41 trillion dong ($39.5 billion) as of August 2017, rising 8.22% from December 2016, slightly below the overall expansion of 8.79% of the local banking system, according to central bank data.

TUAN MINH

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