[Round-up] Vietnam’s Exports to U.S. Soar, Interbank Interest Rates Hit 10-Month Highs

Tuan Minh

17:46 23/12/2016

BizLIVE - Vietnam exported $35 billion worth of goods to the U.S. in the 11 months through November, up 14% from the same period last year. Short-term interbank interest rates on dong-denominated loans in Vietnam increased to 10-month highs last week.

[Round-up] Vietnam’s Exports to U.S. Soar, Interbank Interest Rates Hit 10-Month Highs

Vietnam exported $35 billion worth of goods to the U.S. in the 11 months through November, up 14% from the same period last year.

Can Tho to Host int’l Mekong Delta Agriculture Festival
The International Agricultural Festival of the Mekong Delta will be held from March 9 to 13, 2017 in Can Tho city, expecting to attract up to 500 domestic and foreign enterprises, the Vietnam News Agency (VNA) reported, citing the organizing board.
The festival aims to support agricultural development for the Mekong Delta region through the research and application of science and technology advances in production and building trademarks to increase competitiveness.
Downstream Mekong River Cities Boost Tourism Links
Authorities of the five tourism hubs along the downstream Mekong River area have determined to build transport routes and develop tourism products that connect at least two of the group.
They expressed their determination at the fourth mayor’s conference for downstream Mekong River cities of Cambodia’s Phnom Penh, Vietnam’s Ho Chi Minh City, Thailand’s Bangkok, Laos’s Vientiane and Myanmar’s Yangon in Phnom Penh on December 22.
Vietnam’s Exports to U.S. Soar
Vietnam exported $35 billion worth of goods to the U.S. in the 11 months through November, representing a rise of 14% over the same period last year, customs data showed.
The U.S. topped the list of countries importing Vietnamese key products, such as garment-textile, footwear, machinery, equipment and spare parts, seafood, and timber products.
Hong Kong Firm Starts Building Garment Factory in Vinh Phuc
Hop Lun Vietnam Company Limited of Hong Kong (China) kicked off construction of a garment factory in the northern province of Vinh Phuc on December 22 on an area of 9.7 hectares, according to VNA.
Once operational, the plant is expected to employ 2,500 workers and earn nearly $38.2 million USD from exports.
IPs Land Occupancy Rate Reaches 73%
The occupancy rate in operational industrial parks (IPs) across the country has reached 73 percent, according to the Economic Zone Management Department under the Ministry of Planning and Investment.
As of early December, there were 324 IPs, including 44 foreign-invested ones, across the nation with a combined area of 91,800 hectares, of which 61,700 hectares were for lease.
Nearly $2.4 Billion Poured into Quang Ninh in 2016
An estimated 54.4 trillion dong (roughly $2.4 billion) was invested in the northern coastal province of Quang Ninh in 2016, including $523.6 million in foreign direct investment (FDI), up 10.2% year-on-year.
According to the provincial Department of Planning and Investment, the local authorities granted new investment licenses and approved capital additions to 28 domestic projects and 20 foreign-invested ones, with respective registered capitals of over 17.7 trillion dong ($778.8 million) and $567.3 million.
Taiwanese Firm Builds Workshops in Vinh Phuc
Fuhua Co., Ltd of Taiwan (China) on December 21 commenced the construction of 17 workshops for rent in the Binh Xuyen 2 Industrial Park in the northern province of Vinh Phuc.
The provincial management board of industrial parks licensed the firm to invest $28.5 million in a 29-workshop project covering a total area of 18.8 ha in the Binh Xuyen 2 Industrial Park.
Vietnam’s Interbank Interest Rates Hit 10-Month Highs
Short-term interbank interest rates on dong-denominated loans in Vietnam increased to 10-month highs last week, as banks increased lending in the high season, according to Bao Viet Securities.
The overnight rate soared 125 basis points (bps) from a week earlier to 5.1% per year, while rates of the one-week and two-week loans climbed 117 and 95 bps to 5.11% and 5.07%, respectively.
The Vietnamese information technology (IT) industry has generated revenue of 939.4 trillion dong ($41.4 billion) in 2016 while sales of telecommunications and Internet service providers has reached $16 billion, according to the Ministry of Information and Communications.
As many as 110,100 businesses have entered the market in Vietnam in the year to December 20, rising 16.2% from a year earlier and marking a record high, according to the Ministry of Planning and Investment.
Their registered capital has reached a combined 891 trillion dong ($39.2 billion), soaring 48.1% year-on-year. However, the newly-established firms created 1.27 million jobs, down 13.9% year-on-year.  
A host of foreign oil giants including Thailand’s state-run PTT have shown interest in acquiring strategic stakes of Binh Son Refining & PetroChemical Co. (BSR), the operator of the Dung Quat oil refinery, as the firm plans an initial public offering (IPO) next year, a senior executive has said.
Russia’s Gazprom Neft still holds on to its plan to have shares in BSR although the Russian oil giant earlier this year dropped talks to acquire a 49% stake in the Vietnamese refinery, citing unfavorable conditions, Tran Ngoc Nguyen, CEO of BSR, told VnExpress.

TUAN MINH