[Round-up] Vietnam to Join Eurasian Development Bank, Gov’t Hastens ODA Disbursement

Tuan Minh

21:27 19/10/2016

BizLIVE - Vietnam and other 11 candidates can be admitted to the Eurasian Development Bank (EDB) at the end of 2017. The Vietnamese government has hastened the disbursement of official development assistance and preferential loans in the final months of this year.

[Round-up] Vietnam to Join Eurasian Development Bank, Gov’t Hastens ODA Disbursement

The Vietnamese government has hastened the disbursement of official development assistance and preferential loans in the final months of this year. Photo: Thanh Nien News

Japan Firms Look to Get Bigger Bite on Vietnam’s Instant Noodle Market
Vietnam has one of the world's most ravenous appetites for instant noodles, and Japanese makers are determined to get the biggest bite they can, according to Asahi Shimbun.
Vietnam ranks as the fourth largest market for instant noodles after China, Indonesia and Japan. The country's economic growth is fueling lifestyle changes that Japanese manufacturers say are ideal for their expansion plans.
Vietnam Textile Chemicals Market to Grow at 16% during 2016 - 2025
The textile chemicals market in Vietnam is anticipated to grow at a CAGR of over 16% during 2016-2025, on account of higher living standards of consumers and growing demand for fine fabric items coupled with increasing number of industrial set-ups, according to TechSci Research.
Moreover, growing inclination of consumers towards new and brighter shades demand from beige and off-white shades is expected to positively influence the Vietnam textile chemicals market.
Vietnam Transfer Pricing Rules to Multiply Reporting Duties
Vietnam is preparing transfer pricing regulations that would increase the amount of data companies must report on their internal transactions, but exempt more taxpayers from reports altogether, according to Bloomberg.
A draft decree expected to take effect in early 2017 would require what accounting firm Deloitte called a “huge” amount of added paperwork. In the main file, companies would delineate their organizational structure, key business lines, past-year mergers or acquisitions, transfer pricing policy, group financial results, intangible assets and major intra-group agreements.
Vietnam Joins ASEAN-Hunan High-Quality Product Trade Fair
Twenty-five Vietnamese exhibitors joined the ASEAN-Hunan Famous Brand High-Quality Products Trade Fair that opened in Changsha city, the capital of China’s Hunan province on October 19, the Vietnam News Agency (VNA) reported.
With the support of the Vietnamese embassy’s Trade Office in China, nearly 70 Vietnamese stalls showcase specialties such as coffee, cashew nut, handicrafts and processing food, among others.
Vietnam Light Industry Park to be Built in Moscow
Authorities of Ho Chi Minh City and Moscow are working together to establish a light industry park for Vietnamese enterprises in the Russian capital.
The park is expected to cover between 100 and 120 hectares. It will offer production support, legal and logistics services, among other facilities. Its target sectors include garment-textiles, leather footwear, woodwork production and packaging.
Eurasian Development Bank May Admit Vietnam by End-2017
Chairman of the Eurasian Development Bank (EDB)’s Management Board Dmitry Pankin expressed his wish that all 12 candidates, including Vietnam, can be admitted to the bank at the end of 2017, according to VNA.
In his interview granted to Russia’s newspaper, Pankin affirmed the EDB, managed by the Eurasian Economic Union (EAEU), hopes to have the decision on expanding its membership by the end of 2017 and if the consensus is reached later this year, official procedures for admitting new members can be completed in early 2018.
Vietnam, Spain Businesses Seek Transport Cooperation
The ICEX Spain Trade and Investment and the Spanish Embassy in Vietnam hosted a program in Hanoi on October 19, seeking to connect Spanish and Vietnamese companies in internationally-funded projects.
The event saw the participation of 15 Spanish enterprises leading in transport infrastructure, energy, traditional energy, renewable energy, and environment.
Dong Nai’s FDI Disbursement Beats 2016 Target
Disbursement of foreign direct investment (FDI) capital from the beginning of this year in the southern province of Dong Nai has reached nearly $800 million, surpassing the target set for the year, according to the provincial Department of Planning and Investment.
The figure represents 50% of the total registered capital, the department said, adding that the majority of disbursed FDI capital comes from Japan, Taiwan, South Korea and is mainly funnel into the manufacturing, processing and electronic industries.
Vietnam Stresses Need to Speed up ODA Disbursement
Hastening the disbursement of official development assistance (ODA) and preferential loans remains a huge task for the remaining two months of this year in the context of increasing public debts and limited resources, said Deputy Prime Minister Pham Binh Minh in Hanoi on October 18.
Minh, who is also head of the National Steering Committee for ODA and Preferential Loans, emphasized the need to disburse more than $22 billion of ODA and concessional loans committed to Vietnam for 2017-2020.
Vietnam’s competitiveness with regional peers has been put to question as the country’s trade deficit with ASEAN persists and keeps widening over the past few years.
The country logged a trade gap of $4.5 billion with the 10-country bloc in the first nine months of this year, larger than a deficit of $4.1 billion in the same period of last year, according to statistics of the General Department of Vietnam Customs.
Credit institutions in Vietnam had moved 548.5 trillion dong (roughly $25 billion) worth of non-performing loans (NPLs) off their balance sheets from late 2012 to the end of August 2016, helping bring down the bad debt ratio in the banking system, according to data of the State Bank of Vietnam.
Of the amount, banks have handled 57.2% worth bad loans on their own and sold the rest to the central bank-run Vietnam Asset Management Company (VAMC) and other institutions.
Vietnam had a trade deficit of $20.83 billion with China in the first nine months of this year, representing a fall of 14.2% from the comparable period of 2015, according to customs data.