Singapore Fund to Pour $300 Million into Real Estate Project in Vietnam
Singapore’s Genesis Global Capital will spend $300 million in the coming six years to buy a 30% of a green residential building developed by Phuc Khang Corporation, marking its first investment in Vietnam.
The apartments target buyers who are foreign businessmen, investors and overseas Vietnamese who want to own homes in Vietnam, according to the Singaporean firm.
UK Investors Keen on Railway Projects in HCM City
UK investors are interested in participating in urban railway projects and the expansion of the Tan Son Nhat International Airport in Ho Chi Minh City, said David Puttnam, the British Premier’s special trade envoy.
Mr. Puttnam and HCM City’s authorities discuss also discussed the cooperation between the Investment and Construction Authority for Thu Thiem New Urban Area (Thu Thiem ICA) and the UK’s Canary Wharf to develop the new financial center.
Japan Firms Explore Vinh Phuc’s Investment Environment
A delegation of the Japan Chamber of Commerce and Industry (JCCI) on October 28 had a field trip to Vietnam’s northern province of Vinh Phuc to study the investment environment there.
Yoichi Kobayashi, chairman of the JCCI’s Japan-Mekong Economic Cooperation Committee, hoped there would be more Japanese investors operating in the locality after the visit.
Chile Wants Export Timber to Vietnam
Chile intends to boost exports to Vietnam, which has increasing demand for wood to make products for export, according to a seminar held in HCM City late last week.
With Vietnam’s wood production and exports forecast to develop strongly, there is an enormous potential for collaboration between Chile and Vietnam, said Aldo Cerda, chairman of the Chilean Timber Council.
Siam Cement Group’s Q3 Sales Rise y/y to $174 Million in Vietnam
Siam Cement Group (SCG), a major producer of chemicals, paper and cement, building materials, generated revenues of 3.83 trillion dong ($174 million) in Vietnam in the third quarter this year, up 5% year-on-year.
The Thai firm booked revenues of 10.19 trillion dong ($463 million) in the first three quarters of 2015, rising 4% from the comparable period of 2014, the firm said in a press release.
Vietnam Needs to Ease Restriction in Consumer Segments: Diageo CEO
Diageo Vietnam’s CEO Shivam Misra has suggested the Vietnamese government lessen restriction in consumer segments and ensure the stability of the domestic financial system, in order to attract foreign investors.
The Vietnamese government should also perfect a policy framework that enables easier investment and easier returns. “I think if Vietnam can do these three things, 6%-7% [economic] growth is nothing actually,” Mr. Misra noted.
Vietnam Financial Watchdog Warns of Economic Slowdown
The National Financial Supervisory Commission (NFSC) has warned that Vietnam’s economic growth could slow down in the next quarters due to anemic global economic growth, the sluggish economic reform at home and the narrowing room for the fiscal and monetary policies.
The commission has upheld its forecast for Vietnam’s economic growth at 6.5% in 2015, and grow 6.5%-6.7% in 2016.
Vietnam’s PMI Rebounds to 50.1% in October, vs. 49.5 in September
The Nikkei Vietnam Manufacturing Purchasing Managers’ Index (PMI), a composite single-figure indicator of manufacturing performance, posted 50.1 in October, up from 49.5 in September, thanks to a marginal increase in production.
The reading in October is fractionally above the 50.0 no-change market and thereby signals little change in business conditions over the month, Nikkei said in its latest report.
Vietnam Banks Lifts Deposit Interest Rates
A large number of Vietnamese banks including Viet Capital Bank and DongA Bank have raised deposit interest rates by a combined 0.5 percentage point over the past week, in a move to mobilize long-term funding and boost lending by the year-end.
This is banks’ second rate hike over the past week and the fifth upward revision since early August, with a combined one percentage point.
Vietnam Credit Growth Accelerates to 12.51% as of Oct 26
Total outstanding loans in the Vietnamese banking system as of October 26 expanded 12.51% from the end of 2014 and are headed for a 17% rise this year, according to a government report.
Vietnam Development Bank Raises 20.75 Trillion Dong from Bond Sales YTD
The Vietnam Development Bank sold 5.3 trillion dong ($235.6 million) out of seven trillion dong worth of government-guaranteed bonds offered at an auction on the Hanoi Stock Exchange on October 29.
The bank has raised a total of 20.75 trillion dong from bond sales in the year to date.
Top Brewer Sabeco to Withdraw from Eximbank
Saigon Beer, Alcohol and Beverage Corporation (Sabeco), the largest brewer in Vietnam, has offered to sell all 5.73 million shares it holds in Vietnam Export – Import Commercial Joint Stock Bank (EximBank).
This is part of Sabeco’s plan to divest from non-core businesses which include banking, real estate, investment fund, securities and insurance.