Just one year after the opening of the first shop and announcing a plan to open 1,400 points of sale, Microsoft Store has closed, according to VietNamNet.
Market survey firms commented that Microsoft products have become less competitive than rivals. By May 2016, its market share had dropped to a disappointing 4.7% in Vietnam.
Vietnam-Japan Joint Initiative Helps Improve Investment Climate
Vietnam and Japan have agreed to implement the sixth phase of their Joint Initiative for the next 17 months, starting from August 2016.
The sixth phase will focus on employment, salary, logistics and transportation, services, small- and medium-sized enterprises, pharmaceutical products, the Law on Investment and the Law on Enterprises.
FTA with South Korea to Bring Economic Benefits for Vietnam
The free trade agreement between Vietnam and South Korea will bring enormous economic benefits for the Southeast Asian country, Vietnamese Ambassador to South Korea Pham Huu Chi said in an interview with the Vietnam News Agency (VNA).
He said the pact will help Vietnam improve its business environment and accelerate economic restructuring towards increasing added value and competitiveness in the global value chain, in addition to helping lure investment from that country.
HCM City Opens First Used Car Market
HCM City has opened its first secondhand automobile market where sellers and buyers can meet directly to discuss purchases, according to VNA.
Sago Auto, which recently opened on 29 Nguyen Dinh Chieu Street in District 1, has an area of 5,000 square meters and can accommodate 100 4-seat and 7-seat autos.
Lam Dong Province Calls for Investment
The Central Highlands province of Lam Dong is seeking investments for 53 projects worth $2.8 billion in transport, industrial zones, bio-technology, and hi-tech farming, in addition to food processing and tourism.
Deputy Chairman of the province's People's Committee Phan Van Da said the province offers preferential policies and smooth conditions for investors in boosting connectivity between Lam Dong and cities and provinces in the central region.
Quang Ninh Pledges to Facilitate Enterprises
The northern province of Quang Ninh has taken numerous measures to facilitate local enterprises, Chairman of the provincial People’s Committee Nguyen Duc Long said at a conference on August 22 with the participation of representatives of around 500 enterprises.
Administrative reform, establishing the Investment Promotion Agency and e-government system at all levels are among the efforts to better the business climate and enhance the competitiveness of local enterprises, according to VNA.
PwC Appoints Head of Legal Offices in Two Major Cities
PwC has appointed Nasir Dao - PKM Abdul as partner in Vietnam and head of the PwC Legal offices in Hanoi and Ho Chi Minh City
Nasir has worked in Vietnam for the past 12 years and his Vietnam practice spans private equity investments, private and public M&A, joint ventures and general corporate, investment and commercial matters.
Vietnam Declares Water nearby Formosa Steel Mill Safe for Fish Farming
Sea water in Vietnam’s four coastal provinces is now basically safe for swimming and fish farming, four months after being heavily polluted by toxic discharge from a Formosa-invested steel plant, a minister said in Hanoi on Monday.
The contents of iron, phenol and cyanide in sea water are mostly within allowable limits, said Minister of Natural Resources and Environment Tran Hong Ha at a conference reviewing the status of the marine environment following a mass fish die-off in April this year.
Hanoi Tourist Corporation (Hanoitourist) and South Korea’s Global Consultant Network Co., Ltd. have inked a joint venture agreement to carry out a $500-million project that embraces a a horse racing track, the Dau Tu (Investment) newspaper reported.
The project includes a hotel, commercial, recreation centers and a golf course.
Vietnam’s real estate market is classified among ones with low-transparency, taking the 68th position out of 109 countries, according to JLL’s 2016 Global Real Estate Transparency Index.
However, the market has shown signs of improvement during the past two years. Vietnam was classified as a country with low-transparency in 2014 and in 2016 the country is considered “on the cusp of Semi-transparent.”
Vietnam needs an estimated $10.2 billion to invest in water supply and waste water treatment in the upcoming five years as demand for clean water is expected to reach 9.6 million cubic meters per day and around seven million cubic meters of waste water need treatment by 2020, according to a workshop held in Ho Chi Minh City on August 22.
The Vietnamese government plans to loosen the cap on foreign holdings at local banks by 2020 in a bid to attract overseas investment and expertise to boost the banking overhaul, according to a master plan for the economic reform in the 2016-2020 period.
According to the plan drafted by the Ministry of Planning and Investment, the government will continue to equitize state-controlled commercial banks and reduce the state holding to as low as 65% in the upcoming five years.