[Round-up] Repsol Raises Interest in Vietnam Field, KDB Urged to Encourage South Korean Investment

Tuan Minh

19:54 18/04/2017

BizLIVE - Spain’s Repsol has agreed to boost its ownership of the under-development Ca Rong Do oil and gas field off south-east Vietnam. PM Xuan Phuc has called on Korea Development Bank to continue encouraging more Korean firms to invest in the country.

[Round-up] Repsol Raises Interest in Vietnam Field, KDB Urged to Encourage South Korean Investment

Spain’s Repsol has agreed to boost its ownership of the under-development Ca Rong Do oil and gas field off south-east Vietnam.

Repsol Revs Up Interest in Vietnam Field
Spanish energy company Repsol has agreed to boost its ownership of the under-development Ca Rong Do oil and gas field off south-east Vietnam by acquiring a joint venture partner's interest, according to upstreamonline.com.
The seller is Australian independent Pan Pacific Petroleum, which holds a 5% interest in Block 07/03 in the Nam Con Son basin. Upon completion of the $5 million purchase, Repsol's interest will be a 60% operating stake.
Tamida Named NEC Vietnam's New General Director
NEC Vietnam has named Kiichi Tamida as the new general director, with effect from 17 April. He will be responsible for strengthening the business operations and expansion of NEC in Vietnam.
He replaces Keita Ito, who has been leading NEC Vietnam since 2013. Ito will be moving to NEC Networks & System Integration Corporation in Japan.
APEC Ministers to Discuss TPP Direction in Vietnam
Malaysia’s International Trade and Industry Minister Datuk Seri Mustapa Mohamed said a detailed discussion on the direction of the Trans-Pacific Partnership (TPP) is scheduled to be held in Vietnam during the Asia-Pacific Economic Cooperation (APEC) ministers’ meeting this May.
Mustapa said most countries in the TPP agreement (TPP), including Malaysia, have yet to decide on the decision of its direction.
HCM City Asks for Additional $2 Billion of ODA
Ho Chi Minh City’s authorities have asked the Ministry of Planning and Investment and the Ministry of Finance to allocate an additional 48.76 trillion dong ($2.14 billion) of official development assistance (ODA) in the next three years, the Vietnam News Agency (VNA) reported.
The Japan International Cooperation Agency (JICA) has urged the city to work with the government to request more funds to implement two JICA-funded projects this year.
Steel Industry to Grow, Export Pressures High
The steel industry is expected to maintain its recent double-digit growth this year, helped by the recovery of the property market, but it will also face the pressure of trade defense instruments in import markets and competition from cheap steel, VNA reported.
Several local steel producers have set lower growth targets this year after a rosy 2016 that enjoyed an improved domestic economy, higher steel prices and application of anti-dumping duties on Chinese steel.
Sri Lankan PM Urges Serious Efforts to Achieve $1 Billion Trade Value
Sri Lankan Prime Minister Ranil Wickremesinghe called for serious efforts to be made to raise two-way trade value to $1 billion during a Vietnam-Sri Lanka investment forum held in Hanoi on April 18.
Speaking at the event, the PM said Sri Lanka wants to establish ties with many countries worldwide, especially those in Asia, including Vietnam, vowing that the South Asian country always provides all possible support for investors there.
Vietnamese, Chinese Auto Spare Part Manufacturers Meet
Vietnamese and Chinese firms operating in heavy-duty automobile spare parts met at a seminar in Hanoi on April 18 to seek partnership opportunities.
Pham Quang Thinh, deputy head of the Vietnam Chamber of Commerce and Industry (VCCI)’s Department of International Relations, said the event affords both sides a chance to introduce their manufacturing capacity, learn about respective markets and find partners.
KDB Urged to Encourage South Korean Firms to Invest in Vietnam
Prime Minister Nguyen Xuan Phuc has expressed his belief that Korea Development Bank (KDB), with its prestige, scale and experience in South Korea, would continue encouraging more Korean firms to invest in Vietnam.
While receiving KDB CEO and Chairman Lee Dong-geol in Hanoi on April 17, Phuc spoke highly of KDB’s expansion of cooperation with commercial banks in Vietnam as well as its continued implementation of investment projects in the country, VNA reported.
FDI in Green Energy Reaches $773 Million
Vietnam has attracted 16 FDI projects in the fields of green energy, with total capital of over $773 million, making up 4.5% of FDI projects and 6% of the registered foreign investment in the electricity and gas sector, according to official data.  
Saigon Alcohol Beer and Beverages Corp. (Sabeco), Vietnam’s leading beer producer, will soon pick up a consultancy firm to advise it on the plan to reduce the government stake in it, said Sabeco Chairman Vo Thanh Ha at the company’s annual general meeting on April 18.
The plan has received a green light from the Ministry of Industry and Trade but is pending government approval, Ha added, without revealing further details.
Foreign investment inflows into Vietnam are projected to remain robust although the U.S.’s Fed continues to raise interest rates as the Vietnamese government ramps up efforts to improve the business environment, the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment has said in a filing on its website.
Foreign-invested enterprises (FIEs) operating in Vietnam raked in $31.32 billion from exports in the first quarter this year while spending $27.8 billion on imports, resulting in a trade surplus of $3.52 billion, according to customs data.

TUAN MINH

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