Deputy Prime Minister and Foreign Minister Pham Binh Minh is leading a Vietnamese delegation on a trip to China from April 16 to 18 to conduct the 10th meeting of the Vietnam – China Steering Committee for Bilateral Cooperation in Beijing, according to the Vietnam News Agency (VNA).
The steering committee’s meeting aims to implement the outcomes reached during the visit to China by Party General Secretary Nguyen Phu Trong in January 2016, and prepare cooperation plans in 2017.
Indian Cars Flood Vietnam Market
Vietnam imported nearly 4,800 Indian cars in the first quarter of this year, increasing more than threefold compared with the same period last year, according to the Vietnam Customs.
The average costs, insurance and freight (CIF) price were reported at nearly $3,800 each, excluding taxes and fees, much cheaper than those from Thailand, Indonesia and South Korea.
Vietnam Carriers Report Fewer Flight Delay, Cancellation in Q1
The number of delayed and cancelled flights decreased in the first quarter of 2017, VNA reported, citing the Civil Aviation Authority of Vietnam (CAAV).
Statistics revealed by the CAAV showed that low-cost carrier Jetstar Pacific
had the highest rates of both delayed and cancelled flights. It delayed 2,379 out of 8,542 flights, or 27.9% of the total. The delay rates at Vietnam Airlines and VietJet Air were 8.6% and 12.3%, respectively.
Vietnam Raises Buying Price of Solar Power to Stimulate Investment
The Vietnamese government has issued a number of incentives in order to encourage investment in solar energy, including raising the feed-in tariff to 9.35 cent per kWh.
In addition, solar power generating projects will enjoy tax exemptions for importing goods for their fixed assets, as well as corporate income tax exemptions and reductions.
Derivatives Interest Many Investors
With less than a month left until derivatives products will be available for trading in the Vietnam securities market, institutional investors seem highly interested in the new products, according to national broadcaster VTV.
The first two derivatives products that will become tradable in May are the index future contract and future bond contract.
WB Okays $102 Million Loan to Help Vietnam Improve Energy Efficiency
The World Bank
has approved a $102 million loan to the government of Vietnam to support the effort of industrial enterprises to adopt energy-efficiency technologies and practices.
Under this project, industrial enterprises can access a new line of credit to fund their purchases of energy-efficiency and production-optimization technologies, thus reducing energy consumption and production costs and increasing their overall competitiveness in the domestic and international markets.
Apple Threatens Slams Shops in Vietnam for Intellectual Property Violations
Apple Inc.’s legal representative in Vietnam, VOTRA Co Ltd, has recently sent documents to Vietnamese phone stores on their illegal use of the brand’s trademark without Apple’s permission.
After the warning, a number of mobile stores in Vietnam began removing Apple’s “half-eaten apple” logo from their shop banners.
Saudi Arabia Suspends Live Poultry Import from Vietnam over Bird Flu
The Ministry of Environment, Water and Agriculture of Saudi Arabia has temporarily banned imports of live birds, hatching eggs and chicks from Vietnam over concerns about avian flu, according to VNA.
The Saudi Press Agency quoted Director General of Department of Animal and Plant Quarantine Osama bin Abdullah Al-Saleh as saying that the ban was based on a warning issued by the World Organization for Animal Health (WOAH).
Vinamilk Eyes $2.26 Billion in Revenue This Year
Vietnam Dairy Products JSC (Vinamilk), the country’s largest dairy producer, aims revenue of 51 trillion dong ($2.26 billion) in 2017, an increase of 8% from the previous year.
It targets a post-tax profit of 9.97 trillion dong ($438.6 million), a year-on-year rise of 4%, General Director Mai Kieu Lien said at the company’s annual share holders’ meeting on April 15.
VIB Interested in Buying ANZ’s Retail Operations in Vietnam
Vietnam International Bank (VIB) is looking at the possibility of purchasing ANZ‘s retail ops in Vietnam, DealStreetAsia reported, citing people familiar with the matter.
Local Vietnamese media had earlier reported that five local and foreign lenders had expressed interest in acquiring the Melbourne-based bank’s retail business in the Southeast Asian country. Sources in the financial industry told this portal that VIB was one of those banks.
VietinBank-PG Bank Merger still Awaits Central Bank Nod
The State Bank of Vietnam (SBV), the country’s central bank, has yet to give final approval to the merger of smaller Petrolimex Group Commercial JS Bank (PG Bank) into Bank of Industry and Trade of Vietnam (VietinBank) as the regulator takes cautious steps in its ongoing bank revamp.
VietinBank’s shareholders approved a plan to take over PG Bank at an annual general meeting (AGM) in 2015, under which each share of PG Bank would be swapped for 0.9 share of VietinBank. The fusion was scheduled for completion in mid-2015.
The fate of Sacombank remains uncertain after real estate developer Ho Chi Minh City-based Novaland quit a plan to join Sacombank’s restructuring plan, citing headwinds.
MarketIntello, a Hanoi-based independent market research company, has revised down its 2017 GDP growth forecast for Vietnam by 0.2 percentage point to 6.1%, citing a slowdown of the mining sector and potential impact of global turbulence on the country’s exports.
The country’s economy expanded 5.1% in the first quarter (Q1) this year, the lowest in the latest three years, due to a wider trade deficit, slower investment, and weaker retail sales, according to a MarketIntello report.
A stellar performance of the five-star hotel segment helped lift the average occupancy in Hanoi by four percentage points (ppts) quarter-on-quarter (q-o-q) and 10 ppts year-on-year (y-o-y), Savills Vietnam has said in a report.
The average room rate (ARR) increased 21% q-o-q and 41% y-o-y due to increases across all segments. The revenue per available room (RevPAR) went up 28% q-o-q and 64% y-o-y.
Vietnamese Prime Minister Nguyen Xuan Phuc has demanded the government of Ninh Thuan province and relevant ministries to stop work on the $10.6-billion steel plant project in the wake of an environmental disaster caused by Taiwan’s Formosa Group that occurred a year ago.
With a net buying value of $554 million in the first quarter this year, foreign investors’ securities portfolios in Vietnam were valued at approximately $23.4 billion at the end of March 2017, rising 14.8% from end-2016.