Vietnam Govt Aims at 6.7% GDP Growth in 2016
Vietnam’s gross domestic product growth is projected to accelerate to 6.7% in 2016, up from 6.5% seen for this year, while consumer prices are expected to rise 5%.
The government affirmed that the country’s GDP would reach 6.5% this year, 0.3 percentage point higher than the Nation Assembly-approved plan.
Vietnam 2015 Trade Gap Predicted at $6B: Ministry
Vietnam is predicted to incur a trade gap of $6 billion in 2015, accounting for 3.63% of the country’s total exports, the Ministry of Industry and Trade said. The country’s exports are projected to advance 10% from a year earlier to $165 billion while its imports are likely to climb 15.7% to $171 billion.
Vietnam Fiscal Deficit Projected at 257 trillion dong in 2016
The Vietnamese government projects a state budget deficit of 257,000 trillion dong ($11.5 billion) in 2016, up 31 trillion dong from the target set for 2015. The deficit is equivalent to 5% of the country’s gross domestic product and will bring the nation’s public debt to 63.2% of GDP.
South Korea’s KEPCO Keen on $3.17B Power Plant Project in Vietnam
Korea Electric Power Corporation (KEPCO) has advanced interest in investing in a 1,600 MW thermal power plant project costing $3.17 billion in the southern province of Long An.
KEPCO coupled with Vinakobalt Long An Company proposed investing in the Long An 2 thermal power project under the Build-Operate-Transfer format. The plant, which is expected to consume 3.5 million-4.5 million tons of coal per year imported from Australia or Indonesia, will likely to come into operation in 2022 or 2023.
Thai Hotel Operator Sets Footprint in Vietnam
Thailand-based ONYX Hospitality Group, a leading hotel management in Asia, has entered Vietnam through a cooperation agreement with HB Group to manage the 364-room OZO Hoi An project in the central province of Quang Nam.
OZO Hoi An Hotel is slated for debut by the end of 2016 and will embrace a shopping complex, a culinary village and recreational zone, apartments and villas.
Electronics Firm Hanel to Sell 61% Stake
The government has allowed state-owned electronics and IT firm Hanel Co Ltd to sell a 61% stake to strategic investors which can be either foreign or domestic by the end of this year.
Hanel Co Ltd, whose businesses range from the electronics and IT sectors to real estate, supporting industries and logistics with 37 affiliates, will have a chartered capital of 1.93 trillion dong ($86.2 million) after an initial public offering.
Vietnam Govt Enhances Supervision of SOEs’ Investment
The Vietnamese government has issued regulations aimed to further tighten supervision on state capital in enterprises, in a move to ensure investments are effective.
Under Decree 87 issued last week, the government will look into financial situation, performance evaluations and information disclosure of state-run firms. The regulation is expected to improve the performance of state-owned enterprises (SOEs), especially when the government is speeding the equitization process and divestment of state capital at SOEs.
TPP to Catalyze Foreign Investment in Vietnam: Jetro
The Trans-Pacific Partnership agreement will be a key factor that pushes up foreign direct investment in Vietnam, especially in sectors that ship products to the U.S., said Chief Representative of the Japan External Trade Organization (JETRO) Hanoi Atsusuke Kawada.