[Round-up] Vietnam’s Re-elected PM Demands No Recurrence of Formosa-like Disaster

Tuan Minh

21:21 26/07/2016

BizLIVE - Re-elected PM Nguyen Xuan Phuc has requested revision of foreign-invested projects to avoid disasters like that caused by Formosa Plastics Group. A host of French conglomerates have showed increasing interest in doing business in Vietnam.

[Round-up] Vietnam’s Re-elected PM Demands No Recurrence of Formosa-like Disaster

Nguyen Xuan Phuc is sworn in as prime minister. (Photo: VGP)

Vietnam Re-elected PM Asks for No Recurrence of Formosa
Nguyen Xuan Phuc, which was re-elected as Vietnam’s prime minister on Tuesday for a new five-year tenure, expressed the government’s determination not to allow the repetition of a disaster similar to that caused by a steel mill of Taiwan’s Formosa Plastics Group.
The government will work to enhance the interconnection between the domestic and foreign sectors, continue to improve the business environment and help Vietnamese companies to deepen their participation in the global chain.
Business Opportunities in Vietnam Introduced to Egypt
A seminar took place in El Gouna of the Red Sea Governorate, Egypt on July 25 to introduce to local firms the potentials and business opportunities in Vietnam and boost bilateral trade between the two countries, the Vietnam News Agency (VNA) reported.
Addressing the event, Vietnamese Ambassador Do Hoang Long said Vietnam and Egypt have huge potential for cooperation in the fields of agriculture, forestry, aquaculture, mining and tourism, the ambassador said, urging state agencies of the two nations to put forward solutions to unleash such potentials.
Transport Ministry Earns $89 Million from Divestments
The Ministry of Transport divested from several companies following government directives, gaining more than two trillion dong ($89 million) during the first half of this year, said an official from the ministry.
Vu Anh Minh, director of the Enterprise Development Department, told the local press that the amount represented about 130% of the book values of the firms, and the ministry sent it to the enterprise rationalization fund of State Capital Investment Corporation (SCIC).
Vietnam Needs $36.7 Million for Waterway Safety
Vietnam needs nearly 825 billion dong ($36.7 million) to ensure waterway traffic safety and upgrade waterway infrastructure by 2018, the latest report of the Vietnam Inland Waterways Administration (VIWA) has said.
VIWA statistics show that the country has more than 646 bridges, of which 251 do not follow technical norms for inland waterway traffic safety.
McKinsey Plans Tourism for Dong Van Karst Plateau Geopark
McKinsey & Company Vietnam, a subsidiary of the U.S. McKinsey Group, has agreed to design a plan for tourism development in the Dong Van Karst Plateau Geopark in the north western mountainous province of Ha Giang, VNA reported.
According to the agreement signed in Hanoi on July 25 between local tourism officials and the company, the U.S. company will also make plans for developing tourism in Ha Giang City through 2025 with a vision to 2035.
Vietnam, France to Priorities Cooperation in Green Growth
Vietnam and France decided to priorities cooperation in green growth and easing the impact of climate change on agriculture during the Fourth High-Level Economic Dialogue in Paris on July 25, according to VNA.
The two sides agreed to work to remove barriers to market access in order to boost bilateral trade and investment collaboration between businesses.
They also looked into key French ODA-funded projects covering the Hanoi Train Station-Nhon urban metro rail, medical equipment supply for the Can Tho city General Hospital and the launch of the second remote sensing satellite VNRED Sat-2.
Politburo Member Receives Visiting U.S. Treasury Official
Nguyen Van Binh, Politburo member and head of the Party Central Committee’s Economic Commission, received vising U.S. Treasury Undersecretary Nathan Sheets in Hanoi on July 25.
Undersecretary Nathan Sheets spoke highly of Vietnam’s achievements in socio-economic development and affirmed that the U.S. attached importance to boosting multifaceted cooperation with Vietnam, as it considers Vietnam an important partner in the region.
Vietnam Increasingly Attractive to French Investors
Vietnam’s stable economic growth rate and improved business and investment environment over a long period has enticed French big corporations to invest or expand their projects in Vietnam, said participants at the Vietnam-France Business Meeting on July 24.
The meeting was organized on the sideline of the Fourth High-Level Economic Dialogue between Vietnam and France with the attendance of leading French corporations like Airbus, Alstom, ADF, EDF, Areva, La Poste and Vietnamese businesses like FPT and Viettel.
Goods from China’s Zhejiang Province to be Promoted in Hanoi
The 2016 Zhejiang export fair will be held in Hanoi from August 4 to 6, showcasing the best products hailing from the Chinese province.
The fifth Zhejiang export fair will feature 150 booths of nearly 100 prestigious businesses, said Nguyen Khac Luan, general director of the Vietnam National Trade Fair & Advertising Company (Vinexad), the event’s organizer.
Several Vietnamese ministries are debating whether to accept China’s offer to loan $304.6 million for an expressway project to be developed in the northern province of Quang Ninh, which borders Guangxi of the neighboring nation, local media reported.
The Chinese government, through state-owned Export-Import Bank of China, has offered to lend Vietnam nearly 80% of the total investment of a project to build a 96-kilometer expressway linking Mong Cai town with Van Don island district.
Singapore-based The Blue Circle, a wind energy provider in Southeast Asia, has announced it has received permission from Vietnam’s southern central province of Ninh Thuan to develop a 40 megawatt (MW) Dam Nai project.
The firm, along with its Vietnamese partner TSV, will sign a long term lease, as well as Power Purchase Agreement with Electricity of Vietnam (EVN), the national power utility.
Foreign businesses registered to invest a total of $863.6 million in the year to July 15, decreasing 65.2% from the corresponding period of 2015, due to a lack of sizable projects, data of the municipal statistics office showed.
Vietnam and the World Bank (WB) late on Monday signed agreements for three projects, worth $371 million in total, to support the country’s economic competitiveness, climate change response and green growth, and water supply and waste water treatment.


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