China’s Asia Innovations Group Buys Vietnamese Entertainment Firm Big Cat
Chinese mobile social and entertainment platform Asia Innovations Group (AIG) has acquired a major stake at Vietnam-based Big Cat Entertainment, the owner of some most popular Youtube channels from the Southeast Asian country, for an undisclosed sum, according to DealStreetAsia.
Financial details of the deal were not disclosed, but Tech In Asia speculated it was valued at a seven-digit figure in both cash and shares.
Vietnam’s Beer Giant Stake Will Go to Best Partner for Company
As the world’s largest brewers line up to buy a stake in Vietnam’s largest beer maker, government officials are looking for investors that will further Sabeco
’s expansion over the highest bidder, Bloomberg reported.
Dutch brewer Heineken NV, Anheuser-Busch InBev NV and its merger partner SABMiller Plc, as well as Japan’s Asahi Group Holdings Ltd. and Kirin Holdings Co. are among seven foreign companies that previously registered to bid for stakes in Sabeco, which stands for Saigon Beer Alcohol Beverage Corp.
PM Pledges All Possible Support for Singaporean Investors
During a meeting with Singaporean Foreign Minister Vivian Balakrishnan in Hanoi on October 26, Prime Minister Nguyen Xuan Phuc
pledged all possible support for Singaporean investors to do long-term business in Vietnam, according to VietNamNet.
The PM asked the Singaporean side to open more industrial parks in Da Nang, Ninh Binh, and soon inaugurate the 8th Vietnam-Singapore Industrial Park in the southern province of Binh Duong and a food processing facility in the central province of Thanh Hoa.
Vietnam’s Public Debt Growth Far Outstrips GDP Expansion
Vietnam’s public debt reached 2,608 trillion dong ($116.8 billion) at the end of 2015, rising 18.4% per year on average between 2011 and 2015, three times the pace of the country’s GDP in the period. The public debt was equivalent to 62.2% of its GDP in 2015.
The government debt as per GDP reached 50.3% in 2015, breaching the ceiling of 50%.
HCM City, Japan’s Nagano Prefecture Boost Economic Ties
Ho Chi Minh City
and Nagano Prefecture of Japan need to boost economic ties for their development, agreed the two sides’ leaders at a meeting in Vietnam’s southern economic hub on October 26, the Vietnam News Agency (VNA) reported.
Chairman of the municipal People’s Committee Nguyen Thanh Phong highlighted Nagano’s strength in technology, supporting industry and high-tech agricultural production while voicing his support for an initiative to sign a cooperation agreement between two localities.
Vietnamese Software Companies Invest in Japan
Ten Vietnamese software companies have opened branches in Japan, Vietnam’s second largest outsourcing market since 2014, VNA reported, citing information released at the 10th Vietnam-Japan Information Technology Day in Hanoi on October 26.
During the day, an annual event since 2007, two memorandums of understanding were signed to promote cooperation between member companies of IT associations of the two countries.
Vietnam to Host Important Events of Regional Textile Industry
The Vietnam Textile Association (Vitas) will host a number of important events of regional textile industry from October 31 to November 2, Vitas President Vu Duc Giang was quoted by VNA as saying.
The events include the 36th Council Meeting and 34th plenary meeting of the ASEAN Federation of Textile Industries (AFTEX), and an international conference on the strengthening the supply chain in ASEAN textile sector towards sustainable development.
Hong Kong-based conglomerate Sunwah Group has announced a new investment of $100 million in Vietnam, through its investment subsidiary Sunwah Vietnam Investment Company (SVIC).
SVIC will be investing in areas that are strategic to Sunwah Group, which include food and beverage (F&B), real estate, ecommerce, media, education, healthcare, and green technology.
The Overseas Private Investment Corporation (OPIC), the U.S. government’s development finance institution, is looking to ramp up its engagement with the Vietnamese private sector, with an aim to expand its portfolio of financing to $500 million in “the next a couple of years,” said a senior executive.
“Beyond that, we would like to see it [portfolio] to grow to $1 billion to $2 billion or more in the next six to ten years,” OPIC President and CEO Elizabeth Littlefield told BizLIVE when leading a business delegation to Vietnam this week.
As many as 652 state-owned groups and corporations in Vietnam reported a combined pre-tax profit of 161.43 trillion dong ($7.23 billion) in 2015, down 11% year-on-year, while their revenue remained little changed at $71.13 billion, according to a government report.
Int’l Motor Show Features 150 Car Models
More than 150 auto models of 16 brands are on display at the second Vietnam International Motor Show (VIMS 2016) that opened in Ho Chi Minh City on October 26 and will run through October 30.
These brands range from luxuries like Bentley, Lamborghini and BMW to affordable ones such as Nissan, Suzuki and Ud Trucks.