[Round-up] WTO Helps Vietnam Raise Global Trade Position, Lotte Drops Bid for Big C Vietnam

Tuan Minh

19:52 19/04/2016

BizLIVE - The World Trade Organization will support Vietnam in the fields of services and e-commerce. Lotte Shopping is pulling out of French retailer Casino Group’s auction of the latter’s Big C Vietnam supermarket chain.

[Round-up] WTO Helps Vietnam Raise Global Trade Position, Lotte Drops Bid for Big C Vietnam

Lotte Shopping is pulling out of French retailer Casino Group’s auction of the latter’s Big C Vietnam supermarket chain.

HCM City to Hold Int’l Travel Expo 2016
The International Travel Expo Ho Chi Minh City 2016 (ITE HCMC 2016) will be held from September 8 to 10 with the participation of 400 local and foreign companies from over 30 countries and territories.
The expo will draw regional and international exhibitors and sellers with a wide range of travel products and services, the Vietnam News Agency (VNA) reported.
WTO Suggests Ways to Raise Vietnam’s Position in Global Trade
Vietnam should be more active in proposing specific areas with which the World Trade Organization (WTO) can support the country, WTO Director General Roberto Azevedo said during his visit to Vietnam.
At his meeting with Minister of Industry and Trade Tran Tuan Anh last week, Roberto Azevedo explained that the WTO would expand its assistance to underdeveloped countries in the fields of services and e-commerce.
South Korea’s Exports to Vietnam Surge in Q1
South Korea’s exports to Vietnam increased in the first quarter of 2016 compared to the same period last year, while its exports to other nations, particularly China, dropped significantly, VNA cited the Korea International Trade Association (KITA) as saying on April 17.
In the three-month period, South Korea shipped $7 billion worth of goods to Vietnam, its third-biggest importer, up 7.6% year-on-year. Meanwhile, it reaped $28.5 billion from export to its number one importer China, down 15.7%, the sharpest drop in the past seven years.
Lotte Shopping to Quit Race for Casino's Vietnam Retail Chain
South Korea’s Lotte Shopping is pulling out of French retailer Casino Group’s auction of the latter’s Big C Vietnam supermarket chain, Reuters cited people familiar with the matter as saying.
One of the sources said that Lotte was not keen to bid aggressively for Big C Vietnam, which has attracted companies including Thailand’s Central Group, TCC Holding Co, and Japan’s Aeon.
Vietnam Lowers Tyre Bead Steel Duty to 0%
Iron and steel used for tyre bead wire production will enjoy a preferential import tax rate of zero per cent from May 2, the Ministry of Finance announced in a recent circular.
Tyre bead wire is used to reinforce virtually all types of pneumatic tyres for motorcycles, passenger cars and trucks, as well as off-road and farming vehicles.
Circular No 51/2016/TT-BTC specifies that the zero-per-cent rate will be applied for non-alloy iron and steel in stick, bar or roll shapes, laminated with a diameter of less than 14mm. The rate will also be applied for iron and steel wires.
Vietnam Needs Fair Competition, Say Officials
Vietnam needs a comprehensive competition policy to ensure fair competition in the market economy, said Nguyen Dinh Cung, director of the Central Institute for Economic Management (CIEM), at a seminar on competition policies held in Hanoi,
Although the country had reached positive results, the macro economy’s stability was not firm and economic growth was below targets, said Cung, adding that the country had not yet made a breakthrough in socioeconomic development and economic restructuring.
A wide array of foreign-invested wind-to-power projects have remained on paper or even had their licenses revoked due to prolonged delay, mostly due to low power buying prices, the Ministry of Planning and Investment-run Investment newspaper reported.
The government of the central coastal province of Ninh Thuan has removed the wind power plant project, proposed by IMPSA Singapore Pte, from its zoning plan as the investor has not completed investment procedures since 2011.
Investors from Japan, South Korea and Singapore continued to show strong interest in mergers and acquisitions (M&As) in Vietnam’s real estate sector, Jones Lang LaSalle Vietnam (JLL) said in a note on April 18.
The real estate service firm said that the most notable transaction in the first quarter of this year was the deal between Singapore’s Keppel Land and the owners of Empire City in District 2, Ho Chi Minh City. Keppel Land acquired 40% interest for $93.9 million in the project.
Vietnamese institutions and individuals deposited as much as $14.2 billion in foreign currency overseas in 2015, according to calculations of Nguyen Xuan Thanh, director of the Fulbright Economics Teaching Program.
During the year, local credit institutions transferred a combined $4.63 billion abroad and “other sectors” $9.55 billion, Mr. Nguyen Xuan Thanh cited data of the State Bank of Vietnam (SBV) as saying.
E-commerce sales in Vietnam soared 37% year-on-year to $4.07 billion in 2015, accounting for 2.8% of the country’s total retail sales, according the Vietnam E-commerce and Information Technology Agency. The sales are forecast to hit $10 billion in the next five years.
Japanese oil refiner Idemitsu Kosan Co., Ltd. and Kuwait’s state-run Kuwait Petroleum International (KPI) have applied to establish a joint venture to sell petroleum products in Vietnam, Idemitsu said in a statement its website on Monday.
“Through the establishment of a petroleum product distribution company, Idemitsu and KPI will achieve a stable supply of products to the growing Vietnamese market, where demand for petroleum products is expected to follow a steady upward trend,” says the statement.
South Korea’s Lotte Shopping is pulling out of French retailer Casino Group’s auction of the latter’s Big C Vietnam supermarket chain, Reuters cited people familiar with the matter as saying.
One of the sources said that Lotte was not keen to bid aggressively for Big C Vietnam, which has attracted companies including Thailand’s Central Group, TCC Holding Co, and Japan’s Aeon.

TUAN MINH

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