[Round-up] President Embarks on Belarus, Russia Visit, Vietnam Shares Close at Fresh 9-year High

Tuan Minh

19:00 26/06/2017

BizLIVE - Vietnamese President Tran Dai Quang left Hanoi on June 26 morning for a six-day trip to Belarus and Russia. The benchmark VN-Index of the Ho Chi Minh Stock Exchange climbed 0.46% to hit a fresh nine-year closing high.

[Round-up] President Embarks on Belarus, Russia Visit, Vietnam Shares Close at Fresh 9-year High

Vietnamese President Tran Dai Quang left Hanoi on June 26 morning for a six-day trip to Belarus and Russia.

Vietnam President Embarks on Belarus, Russia Visit
President Tran Dai Quang left Hanoi on June 26 morning for a six-day trip to Belarus and Russia, aiming to implement Vietnam’s external policy of diversification, multilateralization, reinforcement and enhancement of relations with friends and create new momentum for cooperation.
The June 26-28 visit to the Republic of Belarus, his first stop, comes at the invitation of Belarusian President Alexander Lukashenko. After that, President Quang will pay an official visit to Russia from June 28 to July 1 at the invitation of President Vladimir Putin.
Russian Firms Interested in Vietnamese Market
Russian firms are intrigued by the Vietnamese market, given that the ruble is falling and Russian manufacturers are eyeing international markets, said Olga Koshev, President of the Inter-Regional Organization for Support and Protection of Small and Medium-sized Enterprises.
In a recent interview with the Vietnam News Agency (VNA), Koshev said Vietnam plays an important role in Russia’s policy of a “pivot” to Asia-Pacific, adding that successful market penetration in Vietnam - a key member of ASEAN, will help Russia gain a foothold in the 600-million people market.
Hanwha to Invest in $100-Million Solar Farm in Vietnam
South Korea’s Hanwha Group has partnered with a Vietnamese joint venture to build a 100MW solar farm at a cost of nearly $100 million in the Mekong Delta province of Long An.
The construction will start on an area of 125 hectares in 2018 and power generation is expected to begin in 2019.
Vietnam Shares Close at Fresh 9-year High
The benchmark VN-Index of the Ho Chi Minh Stock Exchange (HOSE) climbed 0.46% to hit a fresh nine-year closing high of 772,52 on Monday, buoyed by stronger oil prices.
"We observe that the money flow in the stock market is quite strong at the moment," Tran Minh Hoang, chief economist of Vietcombank Securities, told Reuters.
CJ Completes Pepper Processing Plant in Vietnam
The CJ Group has completed constructing a red pepper powder plant which was held as part of the “CJ-KOICA Vietnam Rural Development CSV Project” in Ninh Thuan province, Vietnam. The plant, which processes Vietnamese farmers’ pepper, can handle up to 500 tons of red pepper a year.
CJ Cheiljedang plans to use red pepper powder produced in Vietnam as an ingredient for Gochujang (red pepper paste) for export or Vietnamese kimchi after strict quality inspection.
Vietnam Silicon Valley Doubles Investment in Startups under Accelerator Program
Vietnam’s government-backed accelerator Vietnam Silicon Valley is doubling its pre-seed funding for each portfolio startup from $10,000 to $20,000, while keeping its holding rate unchanged at 10%, according to DealStreetAsia.
The new funding scheme is expected to scale up more quality startups, encourage young companies to operate in a more professional manner while reducing risks for them. Best startups from this year’s bootcamp will be selected for follow-on investments of up to $50,000.
Industrial Park Land Occupancy Rate Reaches 73%
The occupancy rate in operational industrial parks (IPs) across the country has reached 73 percent, according to the Economic Zone Management Department under the Ministry of Planning and Investment.
As of early June, there were 325 IPs, including 44 foreign-invested ones, nationwide with combined area of 94,400 hectares, with 64,000 hectares for lease.
Hanoi Approves Billions of Investment Projects
Hanoi presented decisions approving investment proposals and investment licenses for 48 projects with total registered capital of over 74 trillion dong ($3.25 billion) on June 25 at the conference themed “Hanoi 2017 – Investment and Development Cooperation”.
At the conference, which attracted representatives from 50 countries and territories and more than 600 domestic and foreign investors, the city and investors also signed 15 memoranda of understanding worth nearly 135 trillion dong ($5.94 billion).
Vietnam Gets Nod to Export Poultry to Japan for First Time
Vietnam will export processed chicken for the first time, starting with Japan, as it has got a go-ahead from the Japanese government and the department of animal health, VNA reported.
On June 23, Norio Kumagai, director general of Japan’s department of animal health (DAH), sent Letter 29/shoouan/1941 to Vietnam’s DAH, stating that Japan will now accept the import of poultry and processed poultry products from Dong Nai-based Koyu & Unitek Co. Ltd.
Mayor Nguyen Duc Chung of Hanoi city has called for investment in 17 public-private partnership (PPP) projects worth 802.7 trillion dong ($35.3 billion) as the city is facing huge capital shortages for infrastructure.
PV Drilling has inked six contracts worth $42 million with Rosneft Vietnam B.V. (Rosneft) for the provision of a jack-up rig and related services in support of the latter’s 2018 exploration and development projects in Block 05.3/11 and Block 06.1 offshore Vietnam.
This is the first contracts signed between PV Drilling and Rosneft, which has been present since 2013. As accorded, PV Drilling’s jack-up rig will support Rosneft’s drilling activities in Block 05.3/11 in three months.
South Korea’s Mirae Asset Life Insurance Co. is planning to acquire a 50% stake of Prevoir Vietnam Life Insurance, the 10th largest life insurer in Vietnam, to join the fast-growing insurance market, the Pulse news website cited insurance industry sources as saying.
According to an agreement inked between Mirae Asset Life Insurance and Prevoir Vietnam Life Insurance, the former will acquire a 50% stake in the Vietnamese life insurer through new shares issued by the Vietnamese firm.

TUAN MINH

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