S. Korea’s E-mart to Open 1st Hypermarket in Vietnam Next Week
E-mart, the discount store chain operated by Korean-owned Shinsegae Corporation, will open its first store in Vietnam next week, becoming the second Korean retailer to enter Vietnam after hypermarket chain Lotte Mart, local media reported.
Emart Go Vap hypermarket, with an investment of up to $60 million, is situated on an area of over three hectares in Go Vap district, about one kilometer to the northeast of Ho Chi Minh City’s center.
The store will mainly sell locally-made products, said Choi Kwang Ho, CEO of E-mart Vietnam, adding that his company also plans to introduce select Vietnamese products to its stores in South Korea.
Canada Levies Anti-Dumping Duties on Vietnam Oil Pipe
The Canada Border Service Agency (CBSA) has decided to impose anti-dumping duties of 37.4% on oil country tubular goods (OCTG) imported from Vietnam, according to the Vietnam Competition Authority under the Ministry of Industry and Trade.
The decision was made after the CBSA concluded that Vietnam businesses did not provide full information for investigation agencies
The Vietnamese Ministry of Transport will auction the entire 85.58 million shares, or a 97.7% stake, of Vietnam Motors Industry Corporation (Vinamotor) on the Hanoi Stock Exchange on Jan. 11, 2016.
The shares will be sold at a starting price of 14,612 dong ($0.65) each. Potential buyers have to meet certain criteria such as having owner’s equity of more than 926 billion dong ($41.16 million) as of June 30, 2015, and no accumulative losses.
Vietnam Ministry Asks Transport Firms to Cut Fares
The Ministry of Finance has requested transport companies to reduce transport fees in accordance with falls in fuel prices, otherwise they may have their business licenses withdrawn.
There has been a sharp decline in fuel price since mid-September this year while transport fees remain unchanged, Head of the ministry’s Cost Management Sector Nguyen Anh Tuan told said.
By December 18, fuel prices had been adjusted for the 23rd time since early this year, according to the Ministry of Industry and Trade.
Vietnam Operates $1.6 Billion Hydropower Plant
The Electricity of Vietnam (EVN) has operated the first turbine of the Lai Chau hydropower plant, which has an investment of 35.7 trillion dong (roughly $1.6 billion) and a designed capacity of 1,200 MW.
The power plant, coupled with two other plants namely Son La and Hoa Binh on the Da river, will provide around one third of the hydropower output in Vietnam, helping meeting the power demand in the country.
Vietnam Health Ministry Probes Scandal-Hit Drinks Company
The questionable quality of the bottled drink products of Tan Hiep Phat Group overshadowed a press conference chaired by the Ministry of Health on Tuesday, prompting the country’s food safety watchdog to reassure the public that they had begun looking into the issue, according to the Tuoi Tre newspaper.
Tan Hiep Phat is grabbing national headlines after winning a lawsuit last week that sent one of its customers to jail for seven years for attempting to “blackmail” the company after finding a fly inside a bottle of energy drink made by the firm.
The bad debt ratio of the whole banking system in Vietnam slid to 2.72% at the end of November 2015, from 2.91% in October and 2.93% in September, the State Bank of Vietnam (SBV
), the country’s central bank, said at a press meeting on Thursday morning.
The bank added that credit growth in the system reached 17.17% as of December 21, above an average rate of 12.6% in the 2011-2014 period and the initial target of 13%-15% set for this year.
Tensions in the East Sea may have a psychological effect but will not hamstring foreign direct investment flow to Vietnam in general and Quang Ninh province in particular, Nguyen Anh Tuan, vice chairman of the Vietnam Association of Foreign Invested Enterprises (VAFIE), told BizLIVE.
Vietnam’s consumer price index (CPI), a measure of inflation, has risen 0.6% in 2015 from 2014, the lowest level on an annual basis over the past 14 years, the government-run General Statistics Office (GSO) has said.
The reading is far below the 5% target set for the year by the National Assembly, the country’s supreme legislative body.
Foreign investors have recognized the Vietnamese government’s efforts to better the business environment but complained of law execution, Professor Nguyen Mai tells BizLIVE.