[Round-up] Vietnam Wants Japanese Investment in Auto Industry, $45 Billion Needed for Transport Infrastructure

Tuan Minh

22:29 20/05/2016

BizLIVE - Vietnamese Deputy PM Trinh Dinh Dung has called for Japanese investment in the local automobile industry. The country is in need of $45 billion to upgrade its transport infrastructure.  

[Round-up] Vietnam Wants Japanese Investment in Auto Industry, $45 Billion Needed for Transport Infrastructure

Vietnamese Deputy PM Trinh Dinh Dung has called for Japanese investment in the local automobile industry.

Japan’s IMJ Investment Partners Scouts for More Deals in Vietnam
Seed to series A Japanese investor IMJ Investment Partners, which has already made one venture funding in a Ho Chi Minh City-based startup, is scouting for more investible bets in Vietnam, Deal Street Asia reported.
The firm typical invests in the region of $100,000-$300,000. Founded in January 2012, IMJ originally focused on Japan and Silicon Valley but started looking at Southeast Asia following setting up of an office in Singapore in February 2013.
ILO Pledges to Support Vietnam in TPP
The International Labor Organization (ILO) will support Vietnam and the Vietnam General Confederation of Labor (VGCL) to fine-tune laws with ILO labor standards during the country’s engagement in the Trans-Pacific Partnership (TPP) agreement.
Director of the ILO Office in Hanoi Chang Hee Lee made the statement at a working session with VGCL President Bui Van Cuong in Hanoi on May 19, Vietnam News Agency (VNA) reported.
The VGCL is preparing a project to renew trade union activities, which appeals for constructive ideas from the ILO, Cuong said.
Vietnam Keen on Japanese Investment in Auto Manufacturing
Vietnam wants Japanese firms to invest in its automobile manufacturing, with a focus on spare parts and support industry, Deputy Prime Minister Trinh Dinh Dung told Chief Executive Officer of Toyota Japan Fukui Hiroyuki during a reception in Hanoi on May 19.
Dung said Vietnam appreciates economic and trade ties with Japan and continually provides all possible support for Japanese investors, VNA reported.
Vietnam Needs $45 Billion for Transport Infrastructure Upgrade
Vietnam will need over 995 trillion dong ($44.5 billion) to upgrade the national transport infrastructure in the next five years, including building more than 1,500 km of expressway and upgrading the North-South railway.
The capital would come from the state budget, official development assistance (ODA) and government bonds, said Deputy Minister of Transport Nguyen Hong Truong in Hanoi Thursday.
Vietnam Government Lays Groundwork for Start-Up Ecosystem
Vietnamese Prime Minister Nguyen Xuan Phuc has approved a project to develop the national ecosystem for start-ups by 2025 in an effort to fuel a start-up boom, according to VNA.
This was part of initial efforts by the government to boost the development of the start-up community as the country was seeking to become a start-up nation amidst its rapid integration into the global economy.
Vietnam Logistics Firms Seek Growth
The logistics industry in Vietnam, which is expected to develop strongly in coming years, needs a new legal framework that would address future growth and its participation in a more competitive international environment, an official of the Vietnam Institute of Logistics said at a seminar held in HCM City on May 18.
Bui Quoc Nghia, director of the institute, said that Vietnam had become a global manufacturing and processing hub by signing more free trade agreements (FTAs) in recent years, VNA reported.
Vietnam President Meets with WB Vice Chairperson
At a meeting with World Bank (WB)’s Vice Chairwoman Victoria Kwakwa in Hanoi Thursday, Vietnamese President Tran Dai Quang expressed hoped that the bank to continue providing support for Vietnam in infrastructure development and climate change response.
Kwakwa, former WB country director for Vietnam, told the Vietnamese president that the bank would soon submit a number of projects on education reform, land management and policy reform in combination with climate change response.
Hanoi Unveils New Initiative to Improve Investment Climate
Hanoi, with its emerging domestic market and abundant low labor costs, has sparked lots of interest among foreign businesses who view the City as a potential ‘new destination’ for foreign direct investment (FDI), VOV reported.
“We need to seriously address investment climate issues in a professional manner,” and select the best suited industries and create a sound environment for the selected industries to operate, said Nguyen Duc Chung, chairman of the Hanoi People’s Committee.
In order to develop a comprehensive plan to attract new businesses to the city and formulate a cohesive platform focusing on solutions to issues such as regulation, legal matters as well as financial, banking and taxation procedures, the city has scheduled a conference for June 4 at Lotte Hotel in Hanoi.
Revision of Circular 36 Could Significantly Impact Vietnam’s Realty Credit Access: Savills
The draft revision of Circular 36, if applied, could significantly impact real estate credit access, Savills Vietnam has said in its latest report.
The State Bank of Vietnam (SBV), the country’s central bank, in February circulated a draft amendment of Circular 36, which sets several new rules aimed to strengthen risk management of lending activities.
Overseas enterprises have been aggressively increasing their foothold in Vietnam through mergers and acquisitions (M&As) and new business formations as part of their strategy to tap the huge potential of a 90 million-consumer market, which has worried local peers.
Vietnamese Prime Minister Nguyen Xuan Phuc has wrapped up his official visit to Russia, his first overseas trip since being sworn in early last month, with a focus on economic, trade, security and military cooperation.
On the sidelines of the Russia-ASEAN summit in the Russian resort city of Sochi, the Russian Economic Development Ministry and the Vietnamese Ministry of Industry and Trade signed a memorandum on activating bilateral trade and economic cooperation.