Vietnam Stock Market Expected to Reach Emerging-Market Status in 2016
Vietnam expects to meet all of MSCI’s criteria for emerging-market classification as soon as the end of 2016, Nguyen Son, head of market development at the State Securities Commission, told Bloomberg.
The “most difficult” remaining obstacle is to alter foreign-exchange policy to improve the ease of fund flows, he said.
Gazprom and PetroVietnam to Jointly Invest in Third Countries
Gazprom and PetroVietnam will sign agreements to jointly make investments in third countries and produce electricity in Vietnam, said Gazprom CEO Aleksey Miller.
Gazprom also sees big potential in cooperation to produce gas-fueled engines in Vietnam.
Lotte Cinema Continues Expansion in Vietnam
Major South Korean exhibitor Lotte Cinema is opening two new sites with eight screens in Vietnam this week, bringing its total to 111 screens in the territory, according to Screen Daily.
Lotte estimates the Vietnamese box office has grown four times its size since it first launched into the country – from $25 million in 2008 to $50 million in 2012 and $100 million last year.
LG Display Wins License for $1.5 Billion Project in Vietnam
South Korea’s LG Display Co Ltd has received a license for a new display module assembly plant with an investment of $1.5 billion in Vietnam’s northern city of Hai Phong.
LG Display will start the construction of the plant in the coming month and will put it into operation in early 2017.
Vietnam Ministry Calls for Longer Visa Exemption for European Tourists
Vietnam’s Ministry of Culture, Sports and Tourism has urged the government to double the visa-free stay period for tourists from five European countries to 30 days to attract more visitors, according to local media.
The visa waiver for visitors from France, Germany, Italy, Spain and the UK, made last July, would be more effective with a longer period of stay since western tourists usually vacation for three to four weeks, it said.
U.S. Firms Seek Opportunities in Vietnam’s Aviation Industry
As many as 13 American companies which provide aviation technologies and services participated in a workshop in Ho Chi Minh City Thursday to explore opportunities in Vietnam’s aviation sector amid rising traveling demand here.
Vietnam plans to operate 23 airports in the country in 2020 from 21 presently with a combined capacity of 113 million passengers. The number of airports will be raised to 25 in 2030.
Vietnam Ministry Divests 37.6% Stake from Vilico
Vietnam’s Ministry of Agriculture and Rural Development sold out 23.72 million shares, or a 37.59% stake, in Vietnam Livestock Corp (Vilico) at an auction Thursday, reaping nearly 400 billion dong ($17.86 million).
Before the share sale, the ministry held a 77.59% holding in Vilico, whose shares were put on the UPCoM in October 2015.
representative at a meeting in Ho Chi Minh City Friday suggested the new Vietnamese government to accelerate administrative reforms and improve the business environment.
Vietnam’s Manufacturing Purchasing Managers’ Index (PMI) climbed to a nine-month high of 52.3 in April from 50.7 in the previous month thanks to a surge in new orders, according to a news release by Nikkei and Markit.
French retailer Casino Guichard-Perrachon SA, or Casino Group, has agreed to sell Vietnam’s Big C grocery chain to Thailand’s Central Group for an enterprise value of one billion euros ($1.1 billion), part of its deleveraging plan.
The proceeds to be received are 920 million euros, the France-based company said in a press release Friday.
Drought and saltwater intrusion in Vietnam cost the country nearly 6.4 trillion dong (roughly $287 million) in the first four months of this year, according to government data.