Vietnam PM Meets Banking, Corporate Executives in China
Prime Minister Nguyen Xuan Phuc
affirmed that the Vietnamese government is striving to improve business climate and offer all possi
ble support to firms during meetings with Chinese banking and corporate executives in Beijing on September 13, the Vietnam News Agency (VNA) reported.
The PM held talks with top executives of the Industrial and Commercial Bank of China (ICBC), the Agricultural Bank of China (ABC) Zhou Mubing, Zhongxing Corporation and Huawei Corporation.
Vietnam to Revise Technology Transfer Law
The National Assembly Standing Committee has agreed to adjust and supplement regulations of the Law on Technological Transfer after a decade of implementation, in a bid to meet the demand of economic growth and in-depth international integration processes, according to VNA.
The adjustment of the current Law on Technological Transfer aims to create favorable conditions for technological transfer activities inside and outside Vietnam so as to help businesses renew the technologies, said Minister of Science and Technology Chu Ngoc Anh.
Hanoi, Beijing Promote Cooperation
Hanoi and Beijing will enhance cooperation in culture and tourism, share experience in urban planning and management, and promote trade, investment and finance.
Chairman of the Hanoi People’s Committee Nguyen Duc Chung and Mayor of Beijing Wang Anshun reached the agreement at their working session in Beijing on September 13, according to VNA.
Vietsovpetro Launches Topsides of Super-size Platform
Topsides weighing more than 5,000 tons of gas extraction platform BK Thien Ung has been successfully launched by the Vietnam-Russia joint venture Vietsovpetro.
The firm said on September 13 that BK Thien Ung is a super-size structure, weighing more than 15,000 tons. It delivers gas extracted from Thien Ung and Dai Dung fields to the mainland.
Australia Considers Importing Vietnamese Fresh Shrimp
Australia is willing to consider the import of fresh shrimp from Vietnam, which is expected to start in early 2017, according to the Australian Department of Agriculture and Water Resources.
This constitutes a brilliant opportunity for the shrimp sector as shrimp is consumed most among seafood products in Australia with up to 50,000-60,000 tons per year, VNA reported.
South Korea’s Daegu Bank to Open Branch in HCM City
Daegu Bank of the Republic of Korea (RoK) is preparing to open a branch in Ho Chi Minh City in the near future with support from the State Bank of Vietnam, said CEO & Chairman of the bank Park In-Gyu.
The presence of the bank in the southern metropolis is welcome as a large number of Korean businesses invest in HCM City, Secretary of HCM City’s Party Committee Dinh La Thang said at a meeting in South Korea on September 13.
Vietnam Banking Authority Encourages M&As to Restructure Banks
The State Bank of Vietnam (SBV), the country’s central bank, will continue to encourage the practice of mergers and acquisitions (M&A) as a solution to dealing with ailing credit institutions.
The solution is stated under the project of restructuring the credit institution system in the 2016-2020 period, urgently developed by the banking authority.
Saigon Securities Inc. (SSI)’s Chairman and General Director Nguyen Duy Hung recently denied rumors that SSI is planning to bid for shares of Saigon Beer, Alcohol and Beverage Corp (Sabeco
), the country’s biggest brewer.
In an interview with Bloomberg, Sabeco CEO Le Hong Xanh mentioned SSI as the sole domestic investor in the race for Sabeco shares, along with several foreign companies including Heineken, Anheuser-Busch InBev and its merger partner SABMiller Plc., as well as Asahi Group Holdings Ltd., Kirin Holdings Co, Singha Asia Holding Pte. Ltd. and Thai Beverage Pcl.
Vietnam’s real estate market has become one of the most attractive markets in the region after the loosening of restrictions of foreign ownership of properties, said JLL Vietnam Director Greg Ohan, advising foreigners to buy housing now.
Representatives of six German companies have started a tour in Vietnam to explore investment opportunities in the local young solar photovoltaic (PV) market as the Vietnamese government seeks to expand renewable energy sources, according to the Vietnam News Agency (VNA).
The companies include IBC Solar AG, M+W Group GmbH, Droege Energy GmbH, CARERA Solar/Hydro UG, ILF Consulting Engineers GmbH and Syntegra Solar International AG.
The Vietnamese government has signed an accord to borrow another $250 million from China to speed up and finish a 13-kilometer urban railway project in Hanoi that has fallen far behind its initial schedule and seen a big cost overrun.
The deal is one of nine agreements inked on September 12 during Prime Minister Nguyen Xuan Phuc’s official visit to China.