Semba Tohka Industries to set up JV in Vietnam
Semba Tohka Industries Co. Ltd has said it plans to set up a food selling joint venture, Semba-NFC Vietnam Company Limited, in Vietnam with a local firm Nature Foods Company Ltd and a Japan-based firm Merry Time Foods Co., Ltd.
The JV will be set up at the end of October with a registered capital of $100,000. Semba Tohka will hold a 60% stake in the JV.
State-owned Viettel Group and Vietnam National Posts and Telecommunications (VNPT) have become the first two telecom firms in Vietnam to win a license to provide fourth-generation (4G) wireless service on the 1,800 Mhz band after periods of trial.
MobiFone is likely to get a 4G license soon, local newspapers reported.
Vietnam Woos Foreign Investors with New Stock Index
The creation of a new Vietnamese stock index comprising shares from both the Ho Chi Minh City and Hanoi exchanges reflects the government's aim of attracting more overseas investors.
VNX Allshare will debut on October 24, consisting of 237 stocks listed on the Ho Chi Minh Stock Exchange and 214 on the Hanoi Stock Exchange, accounting for 92% of the Vietnamese stock market’s total capitalization and nearly 94% of the market’s trading value.
HCM City to Give Financial Aid to Selective Startups
Some startup projects in Ho Chi Minh City will receive financial support of up to two billion dong ($90,000) within two years under a mechanism recently issued by the local government, according to the Vietnam News Agency (VNA).
The beneficiaries will operate in the city’s four key industrial sectors: manufacturing mechanics, electronics-information-technology, chemicals-rubber-plastics, and food processing.
EU Businesses Seek Cooperation Opportunities in Vietnam
A delegation of 40 EU businesses will visit Vietnam from November 2 to 4 to seek investment and business opportunities in agriculture and farm produce trading in the country as a trade agreement between the 28-country bloc and Vietnam will take effect soon.
The delegation, to be led by EU Commissioner for Agriculture and Rural Development Phil Hogan, comprises firms operating in dairy, cereal, vegetable and wine production, VNA reported.
Vietnam’s Top Party Leaders Discuss New Growth Model
Renewing the growth model which should be propelled by productivity and competitiveness of the economy is a key task set by the 12th Party Central Committee during its six-day fourth plenary meeting that concluded on October 14.
Other tasks consented by the committee’s members include stabilizing the macro economy, ensuring social welfare, stepping up international integration and building the Party.
Hai Phong, South Korea Shipper Partner to Provide Logistics Services
Hai Phong Port JSC and South Korea’s Heung-A Shipping Co., Ltd put into operation their joint logistics services in the northern city of Hai Phong on October 14, VNA reported.
The logistics facility is based at Dinh Vu economic zone. It has an area of 10 hectares, with an estimated annual capacity of handling 108,000 TEU of empty containers and 7,200 TEU of freight containers.
Hanoi to Host Expo of Latest Industrial Technologies
The 25th Vietnam International Industrial Fair is set to take place in Hanoi from October 17 to 20 with the participation of over 200 businesses, including more than 100 foreign enterprises from South Korea, China, Taiwan (China), India, and Japan, among others.
Businesses will showcase up-to-date industrial products and technologies that help improve productivity and product quality such as automated welding robots, large drilling machine, air compressors, and components and spare parts in the hydraulic industry.
VinaCapital, which oversees some $1.4 billion in assets in Vietnam, plans to establish the VinaCapital Special Access Fund (VSAF) next months to help foreign investors diversify their securities portfolios.
VSAF will invest in shares of Unlisted Public Company Market (UPCoM), which now houses 350 companies, compared to 150 in 2014, and has driven larger attention of investors.
Vietnam pays around 17 trillion dong ($760 million) per year for 700,000 allegedly incompetent civil servants, or one third of state employees, said Bui Sy Loi, vice chairman of the National Assembly’s Committee for Social Issues.
The Asian Development Bank (ADB) and the Vietnamese government have signed a $231.3 million loan agreement to enhance the power transmission network in the country’s southern region.
The loan is the third tranche of the 10-year Power Transmission Investment Program, which was approved by ADB in 2011, the bank said in a statement.