Vietnam Woos European Investors
Vietnam will create the best possible conditions for German businesses who want to invest in the country, the Vietnam News Agency cited Ambassador Doan Xuan Hung as addressing a workshop in Germany’s Frankfurt on April 19.
Vietnam has huge demand for capital, science and technology from European nations, including Germany, said the ambassador.
Vietnam PM to Meet with Businesses This Month
Newly-elected Prime Minister Nguyen Xuan Phuc
will gather with foreign and domestic enterprises on April 29 in a bid to improve the business environment and clear obstacles facing them.
Around 300 private enterprises, 50 foreign-invested companies and representatives from 20 business associations including American, European, Japanese and Korean chambers of commerce will be invited to the event.
Foreign Investments Run to Supporting Industries in Dong Nai
The southern province of Dong Nai approved 33 new foreign direct investment (FDI) projects worth a combined $240 million in the first quarter of this year, with nearly half of them poured into support industries such as mechanical engineering and garment.
Another 28 operational FDI projects won approval to raise their capital by a combined $340 million, according to data of the province’s Industrial Zones Authority.
South Korean Firms Keen on Vietnam’s Precision Mechanics
South Korean enterprises are interested in the precision mechanics industry in Vietnam as investors from the Northeast Asian are flocking to Vietnam, said Hyu Hang Ha, chairman of the Korea Chamber of Business in Vietnam (Korcham).
As many as 16 South Korean firms will participate in the 4th International Precision Engineering, Machine Tools and Metalworking Exhibition, to be held in Hanoi on April 26-28.
Vietnam, China Sales Boost Heineken’s Q1 Beer Volumes
Heineken NV on Wednesday posted a drop in first-quarter net profit but recorded a sharp rise in beer volumes thanks to strong sales in Vietnam and China, The Wall Street Journal reported.
Consolidated beer volumes rose 7% in the period, boosted by strong sales during the New Year celebrations in Vietnam and China and the earlier timing of Easter.
80% of Hanel’s IPO Shares Left Unsold
Hanel Company Limited, a Hanoi-based electronics and real estate firm, could sell just 3.9 million or 20.4% of the shares it launched for sale at its initial public offering (IPO) on April 20, according to the Hanoi Stock Exchange.
The firm sold the shares at an average price of 10,004 dong (45 U.S. cents) each, booking proceeds of 39 billion dong ($1.75 million).
VTV Plans Exit from Loss-Making K+
Vietnam’s national television station VTV will ask for the government’s permission to divest a 26% stake from Vietnam Satellite Digital Television Company (VSTV), which owns the K+ brand, if VSTV continues to make losses.
VTV now holds a 51% in VSTV, which is 49% owned by France’s Canal+ International Development. VSTV had an accumulative loss of $93 million as of 2015.
Tycoons Jostle for Stakes as Vietnam’s Buy-Thai Market Booms
Through supermarkets, malls, dairy and beer, Thai tycoons are pursuing deals in Vietnam that could break mergers and acquisitions records in the upwardly mobile market of 90 million people, at the expense of their Asian rivals, Reuters reported.
Vietnam’s swelling middle-class sees Thai products as better and more affordable than Japanese and Korean imports, and vastly preferable to the cheap but unpopular goods that flood across the border from giant neighbor China.
Vietnam recorded a trade deficit of $6.47 billion with China in the first three months of this year, compared to a trade gap of $7.8 billion in the same period of 2015, data of the General Department of Vietnam Customs show.
Vietnam raked in $4.2 billion from exports to China, up 19.2% year-on-year, with the staples being crude oil, fabrics, computers and electronics, and cameras and spare parts.
Vietnam had 44.85 trillion dong ($2 billion) worth of housing products unsold as of March 20, 2016, down 6.37% from a month earlier, according to data of the Ministry of Construction.
Credit for the property sector hit $17.6 billion as of January 31, 2016.
The central bank-run Vietnam Asset Management Company (VAMC
) is looking for potential investors to unload around 7,000 bad debts at market prices, the Saigon Times newspaper reported, citing a relevant source.
VAMC has evaluated and classified the soured loans and mortgaged assets into groups. The bad debts are free of disputes, so they can be sold to investors, according to the source.