Vietnam stocks soar 1.98% as TPP agreement reached
The benchmark VN Index jumped 1.98% to 581.29 on Tuesday with the trading value hitting 3.02 trillion dong (134.4 million USD), the highest since August 24, as traders stepped up buying across the board after trade ministers of 12 countries finalized Trans-Pacific Partnership talks.
Shinichi Kitaoka becomes JICA’s new president on October 1
The Japan International Cooperation Agency (JICA) has appointed Shinichi Kitaoka as new president, succeeding Akihiko Tanaka. Before assuming the present post, he was president of the International University of Japan.
VAMC buys $10.2B bad debt since 2013
The Vietnam Asset Management Company (VAMC), run by the Vietnamese central bank, has purchased a total of 224.87 trillion dong (10.22 billion USD) at book value worth of non-performing loans from local banks since its launch in 2013.
TPP to make Vietnam economy more competitive: HSBC CEO
The Trans-Pacific Partnership agreement or TPP will exert positive pressure on Vietnam for faster reform to transform the country Vietnam into a more competitive and efficient economy, said Pham Hong Hai, CEO of HSBC Vietnam.
TTP to help spur Vietnam economy by 10%, says World Bank
The Vietnamese economy is estimated to grow by an additional 8%-10% at least until 2030 if it taps the access to a huge market once it joins a Pacific Rim trade deal and carries out proper reforms, said Sandeep Mahajan, lead economist of the World Bank in Vietnam.
Taiwan’s Formosa mulls raising investment in Vietnam steel complex to $26B
Taiwan’s Formosa Plastics Group is considering increasing its investment in a steel complex in central Vietnam to 26 billion USD, making it the would-be second-largest foreign-invested project in Vietnam.
Work starts on $1.2B tower project in Ho Chi Minh City
A three-party joint venture last Friday kicked off the construction of a 1.2 billion-USD observation tower complex project in the Thu Thiem New Urban Area in Ho Chi Minh City.
Japanese groups to build high-end condominiums in Ho Chi Minh City
Two Japanese real estate groups Daiwa House and Nomura have announced their plan to construct a high-class condominium building in Ho Chi Minh City. The apartment building, which is estimated to cost around 220 million USD, will comprise 1,000 units and cover a total area of 28,000 square meters in Phu My Hung, one of the city’s most modern residential townships.
S&P downgrades Vinacomin rating to ‘B'
Standard & Poor’s late last month lowered the long-term corporate credit rating on Vietnam National Coal and Minerals Industries Holding Corp Ltd (Vinacomin) from ‘B+' to ‘B'.