U.S. ambassador congratulates conclusion of TPP negotiations
U.S. Ambassador to Vietnam Ted Osius has expressed his delight of the finalization of the Trans-Pacific Partnership agreement or TPP and congratulated [U.S. and Vietnamese] negotiating teams for the achievement.
Vietnam is top winner in Asia from TPP, says Credit Suisse
Vietnam is most likely the top winner in Asia from the Trans-Pacific Partnership agreement, Credit Suisse has said in a report, noting that the textile, garment and footwear manufacturing segment would be the biggest beneficiary.
Vietnam could see a 10% boost to GDP by 2025, while Malaysia could see a 5.5% boost, Credit Suisse cited a Peterson Institute research as saying. Singapore is a relatively small beneficiary with an expected GDP boost of 1.4%, partly because it has an existing free trade agreement with the US unlike the other two countries.
IMF Lifts 2015 GDP Growth Forecast for Vietnam to 6.5%
The International Monetary Fund or IMF has followed the World Bank and the Asian Development Bank to lift the gross domestic product growth projection for Vietnam to 6.5% in 2015 from an estimation of 6.0% in an April report, citing the oil price windfall and higher domestic demand.
Japan’s ANA eyes 10% stake in Vietnam Airlines
Japan’s All Nippon Airways or ANA is reportedly interested in buying a 10% stake of the partly-private Vietnam Airlines, out of the 20% holding that the carrier plans to sell to strategic partners and the government plans to slash ownership to 75%.
Foreign brewers boost foothold in Vietnam’s $3B beer market
Transnational producers are increasing their presence in Vietnam’s three-billion-USD beer market with large growth potential as the nation is seeking to deepen global integration via free-trade agreements.
Japan’s Sapporo International Inc. has spent 8.28 million USD on acquiring a 29% stake in Sapporo Vietnam Co. Ltd. from its joint-venture partner state-owned Vinataba, making the brewing company its wholly-owned subsidiary.
Besides Sapporo, a large number of famous brewers are seeking to step up their footprint in Vietnam, with the prime target of dominating the market, especially in the middle-end segment which is now controlled by Saigon Beer, Alcohol and Beverage Corporation (Sabeco) and Hanoi Beer Alcohol and Beverage Joint Stock Corporation (Habeco).
Ho Chi Minh City to issue 1T VND next week
Authorities of Ho Chi Minh City, Vietnam’s southern metropolis, will issue one trillion dong (44.5 million USD) on October 12, following an issuance of two trillion dong on September 15, aiming to fund socio-development projects in the city.
MBBank to merge Song Da Finance in 2015
Military Commercial Joint Stock Bank or MBBank, in which the government’s investment arm SCIC holds a 10% stake, will merge Song Da Finance JSC (SDFC), the financial unit of state-owned construction giant Song Da Corporation, into it by the end of this year.
The merger will help Military Bank develop its consumer credit segment by adding SDFC’s resources to its operation, said Luu Trung Thai, vice chairman of the bank.
Vietnam to allow short selling of stocks
Vietnam’s stock market watchdog will soon allow investors to short-sell shares in the two stock exchanges in a bid to boost market liquidity, a senior official said at a meeting with financial professionals Wednesday, adding that short selling was a complicated process and required strict management to make sure it does not create instability for the national stock market.