Vietnam Central Bank Controls 51% Stake in Sacombank
The State Bank of Vietnam, the country’s central bank, has taken control of 51% of shares in Saigon Thuong Tin Commercial Bank (Sacombank) through authorization of shareholders.
The central bank has recently approved the merger between Sacombank and smaller SouthernBank only after tycoon Tram Be agreed to quit the running of Sacombank.
Carlsberg Vietnam to Pay $58 Million in Taxes in 2015
Carlsberg Vietnam Company will pay 1.31 trillion Vietnamese dong ($58.22 million) worth of taxes this year, which makes up 28% of total budget revenue of the central province of Thua Thien-Hue, said the firm’s CEO Tayfun Uner.
Carlsberg, which entered Vietnam two decades ago through a joint venture with Hue Brewery Limited, will invest more to capitalize on market potential in Vietnam and enhance its position as the fastest growing brewery group in Vietnam.
Demark Furniture Retailer Open 1st Outlet in Vietnam
Denmark’s Global furniture brand JYSK has entered Vietnam under a franchise agreement with NeatClean JSC, with the first store opened at Aeon Mall in Long Bien district in Hanoi on October 28.
JYSK will open the second outlet on November 27 also in Hanoi, part of its plan to open 10 to 20 stores in the country over the next five years.
Czech Firms Seek Business Opportunities in Vietnam
Representatives of more than 20 Czech enterprises last Friday arrived in Vietnam to explore business opportunities on the occasion of the visit of Minister of Foreign Affairs of the Czech Republic Lubomir Zaoralek.
Sectors having the most promising opportunities for Czech firms to invest in are the automotive, chemical industry, environmental technology, safety and security, as well as medical equipment, agriculture and food, because the rapid growth of Vietnamese economy.
UK Debenhams Retailer to Enter Vietnam Next Year
The UK’s multichannel department retailer, Debenhams, will bring its brands to the Vietnamese market next year, under a deal with VinDS, a unit of Vietnam’s top property developer Vingroup.
Vingroup will distribute products in their Fashion Megastore department store chain from early 2016, offering select womenswear and menswear brands to be sold in 15 stores across the country by the end of the year, Debenhams said in a press release.
GE Wants More Deals in Vietnam
GE can develop capabilities across many different sectors in Vietnam when considering the big infrastructural needs of the country and its people, GE’s chairman and CEO Jeffrey R. Immelt said during his third visit to the Southeast Asian country.
Besides the power sector, oil and gas, aviation and healthcare will also be on GE’s list of priorities, the chairman added. “We think we can also place some newer sectors in the country.”
Siemens Plans to Build R&D Center, another Factory in Vietnam: CEO
Germany-based Siemens AG Group has a plan to set up a Research & Development (R&D) center in Vietnam and is investigating the local market for it, the group’s President and Chief Executive Officer Joe Kaeser said.
The firm is studying market potential in Vietnam to build another factory in the power sector. It currently has a factory in the southern province of Binh Duong.
Vietnam Takes Unprecedented Steps to Tackle Dwindling State Budget
The Vietnamese government has taken a number of unprecedented measures to deal with the widening state budget deficit, caused mainly to a plunge in oil prices.
The country fetched 55.5 trillion dong ($2.47 billion) from crude oil in the ten months through October, falling 37.7% from the comparable period of 2014, the Ministry of Finance has said.
HCM City Economic Growth to Surpass 10% in 2015: Mayor
Ho Chi Minh City’s gross domestic product is forecast to expand by over 10% this year as sectors have posted promising results, said the city’s Chairman Le Hoang Quan.
Total retail sales and services revenue in the first ten months of this year increased 10.6% year-on-year to 550 trillion dong ($24.5 billion).
Other indicators such as tourist arrivals, FDI, credit growth and investment by local companies also showed positive performance.
Interflour Operates Wheat Mill in Da Nang
Interflour Group’s Interflour Da Nang Company on Wednesday opened its flour processing plant, the second of its kind in Vietnam and the eighth in the world.
The mill has an initial investment of 75 billion dong ($3.33 million) and has an annual capacity of 70,000 tons of wheat imported from Canada and Australia. It specializes in milling and processing wheat, making flour-made products, producing cattle and poultry feed, and offering consulting services for storing and making grain and grain-made products.