[Round-up] Vietnam’s Growth Target of 6.7% Doubted, Romania Firms Sign Deals

Tuan Minh

17:34 14/07/2016

BizLIVE - A slowdown in the first six months means will make it hard for Vietnam to achieve the economic growth target of 6.7% this year. Two Romanian companies have signed accords with Vietnamese counterparts in energy field.

[Round-up] Vietnam’s Growth Target of 6.7% Doubted, Romania Firms Sign Deals

A slowdown in the first six months means will make it hard for Vietnam to achieve the economic growth target of 6.7% this year.

Transgaz and Transelectrica Sign Cooperation Accords in Vietnam
SNTGN Transgaz SA and CNTEE Translectrica SA companies, present in the official delegation led by Romanian PM Dacian Ciolos during July 11-14 in Vietnam, signed with their counterparts two memorandums of understanding.
The memorandums refer to the cooperation and development of relations between Romania and Vietnam in energy field. It is valid for the period 2016-2019, with the possibility of extension.
Slovak Prime Minister to visit Vietnam
Slovakian Prime Minister Roberto Fico is scheduled to pay official visit to Vietnam from July 16 to 19 at the invitation of Prime Minister Nguyen Xuan Phuc, the Vietnam News Agency (VNA) reported, citing a statement from the Ministry of Foreign Affairs.
Vietnam-Mongolia Trade Links to be Facilitated: PM
Leaders of the Vietnamese and Mongolian governments agreed to create the most favorable conditions for the two countries’ enterprises to further expand trade and investment links in the time ahead, said Prime Minister Nguyen Xuan Phuc at the Vietnam-Mongolia Business Forum on July 14.
The PM briefed Mongolian investors and businesses on the huge potential of the Vietnamese market, saying that Vietnam wishes to invest in mining, technology, tourism, infrastructure development and some other fields in Mongolia, according to VNA.
Foreign Firms to Partake in F&B Expo in HCM City Next Month
Over new and well-known firms from 20 countries and territories worldwide, including China, Germany, Malaysia, Poland, Taiwan (China), Thailand, South Korea and Vietnam will showcase their products at the Vietfood & Beverage and ProPack international exhibition, scheduled for August 10-13 in Ho Chi Minh City.
This is also an opportunities for well-known domestic businesses like Habeco, Sabeco, Tan Hiep Phat Group, Vissan and Vifon to consolidate their positions on the market along with introducing their latest products, seeking partners and learning about customers’ demands.
Hanoi’s Export Revenue Hits $5.2 Billion in H1
Hanoi reeled in more than $5.2 billion through exports in the first six months of 2016, up 0.1% year-on-year, VNA cited the municipal Department of Industry and Trade as saying.
Exports with good growth included garment-textile which brought in $711 million, followed by machinery-equipment-component with $612 million, and means of transport and spare parts with $396 million.
PetroVietnam to Boost Crude Oil Production with Additional Drilling
Vietnam Oil and Gas Group (PetroVietnam) will increase its drilling activities to produce an additional one million tons of crude oil in 2016, said PetroVietnam General Director Nguyen Vu Truong Son.
An additional four or five oil wells will be drilled in Su Tu Nau (Brown Lion) oil field in Block 15-1, Rong (Dragon) oil field in Block 09-1 and Te Giac Trang (White Rhino) oilfield in Block 16-1.
HCM City to Boost Economic Ties with San Francisco
Vice Chairman of the Ho Chi Minh City People’s Committee Tran Vinh Tuyen has met with Mayor of San Francisco to discuss the programmer for economic cooperation by 2020 between the two cities.
During the meeting in San Francisco on July 13, the two sides agreed to together boost their bilateral relations, contributing to further developing the strategic partnership between Vietnam and the U.S., the Sai Gon Giai Phong (Liberated Saigon) newspaper reported.
Shoes & Leather Exhibition Attracts 500 Businesses
As many as 500 shoe and leather producers and suppliers from 27 countries are showing their latest technologies and products at the 18th International Shoes & Leather Exhibition Vietnam 2016 that opened at the Saigon Exhibition and Convention Center in Ho Chi Minh City on July 13.
This year, total exhibition space has been expanded to 12,000 square meters to host pavilions from various countries, including Argentina, Brazil, China, Colombia, France, Italia, South Korea and the U.S., according to VNA.
Vietnam May Miss Growth Target of 6.7% after Soft H1
A slowdown in the first six months means it will be unlikely for Vietnam to achieve the economic growth target of 6.7% this year, said Nguyen Van Giau, chairman of the National Assembly’s Economic Committee.
“It is good if GDP can grow 6% in 2016, and it is very good if the growth reaches 6.3%-6.5%,” said Minister of Finance Dinh Tien Dung. “But it is very difficult to have 6.7%.”
JA Solar Holdings Co., Ltd. will pour over $1 billion into a solar cell producing facility in the northern province of Bac Giang, up from the initial plan of $320 million, making it among the largest solar cell plants in the country.
The plant is part of JA Solar’s strategy to expand manufacturing operations to the global market and gain a larger share. Its products will also be exported to the U.S.
South Korea’s Hanjin Shipping has sold its 21.3% stake in the Tan Cang-Cai Mep International Terminal (TCIT) in order to stay afloat financially, according to The Korea Herald.
The firm, which is South Korea’s largest container line, sold its shares for 23 billion won ($20 million) to its affiliated logistics company, Hanjin Transport.
Vietnam recovered just 4.68 trillion dong ($208 million) or 7.8% of total assets involved in corruption cases over the past ten years, according to the Government Inspectorate.