Vietnam to Miss 2016 Export Target: Minister
Vietnam is unlikely to meet the 10 percent export growth target for this year because unstable politics in key export markets have reduced demand and prices, Minister of Industry and Trade Tran Tuan Anh told the Vietnam News Agency (VNA).
The decline of China’s economy has also affected global trade, including Vietnam’s, he said.
Vietnam, Japan Speed up Multi-dimensional Ties
On the sidelines of the 24th Asia Pacific Economic Cooperation (APEC) in Lima, Peru, President Tran Dai Quang
and Japanese Prime Minister Shinzo Abe
have agreed that the two countries’ relationship has grown robustly across the board and it should be further expanded.
President Quang affirmed Vietnam always considers Japan as the leading and long-term partner and wished to further deepen the extensive strategic partnership with Japan.
For his part, PM Shinzo Abe affirmed Japan wants to boost multifaceted cooperation with Vietnam, especially in high-quality infrastructure.
Power Shortages Loom in South Vietnam
Southern Vietnam, home to commercial hubs like HCM City
and manufacturing clusters such as Dong Nai and Binh Duong provinces, may face more power shortages next year, VNA reported.
Many power projects which do not belong to Electricity of Vietnam (EVN) are behind schedule, according to EVN. Companies have only completed 67.5% of their assigned work in the 2011-2015 period, which was one of the main causes of power shortages in the region in the period.
Japan Wants to Invest in Metro Line in HCM City
Japanese businesses are keen to share experience, transfer technology and invest in the construction of metro line 3A and a trade center at the central station of metro line No.1 in Ho Chi Minh City, Japanese State Minister for Foreign Affairs Nobuo Kishi told a municipal official on November 19.
Kishi said the Japanese government, localities and businesses hope to push ahead with cooperation with Vietnam and HCM City in particular in all fields, adding that the rapid increase in the number of Japanese investors in the city over the past time demonstrates the Japanese side’s wish for stronger bilateral cooperation.
Mekong Capital Divests Entirely from Jewelry Maker PNJ
Vietnam Azalea Fund, run by Mekong Capital, has sold all 3.4 million shares, or a 3.52% stake, in HCM Stock Exchange-listed Phu Nhuan Jewelry Company (PNJ).
The shares were sold to Apollo Asia Fund Ltd, DC Developing Markets Strategies Public Limited, Russell Emerging Markets Equity Pool, among others.
Banks Pumps $35 Billion into Five Prioritized Sectors in HCM City
Banks in Ho Chi Minh City have lent 800 trillion dong ($35 billion) to companies belonging to five prioritized sectors in the city, accounting for 58% of total credit, according to a report.
Firms have also borrowed $9.6 billion from banks since the start of this year through bank-business matching events.
Hitachi May Produce Elevators in Vietnam
Japan’s Hitachi has plans to build a factory to produce elevators in Vietnam, the Dau Tu (Investment) newspaper reported.
In Vietnam, the demand for elevators and escalators that enable smooth transfer is expected to rise over 7% of annual growth rate, the firm said in a press release on the establishment of Hitachi Elevator Vietnam Co., Ltd. .
The Philippines’ Jollibee Foods Corporation (JFC) has reached an agreement with its joint venture (JV) partner Viet Thai International Joint Stock Company (VTI) to list its JV company Superfoods Group on the Vietnam Stock Exchange by July 2019.
Jollibee disclosed the information in a filing sent to the Philippine Stock Exchange (PSE) on November 21.
The Vietnamese government will have to lower the lid on public debt to 60% of gross domestic product (GDP) by 2030, compared to 65% of GDP set for the 2016-2020 period, the Politburo of the Communist Party of Vietnam has dictated in a resolution on securing the national financial security.
Parallel, government debt and foreign debt will be reduced by five percentage points to 50% and 45% of GDP, respectively.
Ho Chi Minh City-based fund management firm VinaCapital is likely to have sold its holding in Sofitel Legend Metropole Hotel Hanoi for at least $100 million to a newly-formed hospitality joint venture between it and Warburg Pincus.
VinaCapital Vietnam Opportunity Fund Limited (VOF), run by VinaCapital, last week announced that it had received the first payment of $37 million upon signing and closing the Share Purchase Agreement on the divestment of “an asset” to a newly-formed consortium.
Spain-headquartered fashion group Inditex has rejected rumors saying that the firm would open two Zara stores in Hanoi after marking its presence in Ho Chi Minh City in September.
Several Vietnamese media outlets have recently reported that Zara would open seven more stores in Vietnam, two in Hanoi and five in Ho Chi Minh City, which excited fashion lovers.
China remained the largest import market for Vietnam in the ten months through October, shipping $40.24 billion worth of goods to the latter. South Korea, Japan and Thailand followed with $26 billion, $12.2 billion and $6.9 billion, respectively.