Vietnam, Belgium Seek to Strengthen Economic Cooperation
Prime Minister Nguyen Tan Dung
and the Belgian counterpart Charles Michel met in Brussels on November 2 to discuss ways to strengthen bilateral ties across politics, economics, culture, education, and science-technology.
Both sides agreed to quicken the building and implementation of projects in the fields of logistics, transport, green growth and outer space.
Samsung R&D Center Affirms Role in Vietnam
The Samsung Vietnam Mobile Research and Development Centre (SVMC) in Hanoi has contributed around 10% of software market share used in Samsung’s smart phones and tablets globally.
Do Duc Dung, head of the SVMC’s project management office told media that SVMC is the largest Research and Development (R&D) center in the Southeast Asian region. Samsung has 25 R&D centers specializing in research for its phones worldwide.
Vietnam Startups to Receive Finland Funding from 2016
Vietnam’s projects involved in the development of the startup ecosystem will receive funding and human resource assistance from the Vietnam-Finland Innovation Partnership Program Phase Two (IPP2) in 2016.
The IPP2 will fund 70% of the project’s personnel expenses, worth total EU
R50,000. The projects with best results will receive additional funds from the IPP2, up to EUR100,000.
Foreign Firms Explore Opportunities in Vietnam’s Construction, Mining Sectors
Companies from Germany, India, South Korea and China have attended the International Trade Fair for Construction & Building Technology, Equipment, Machinery, Materials and Mining, opened in Hanoi Wednesday, in order to look for opportunities to provide products and services to Vietnam’s construction and mining sectors.
Over 400 Foreign Companies Showcase Products at Vietnam Expo
Nearly 470 companies from 20 countries and territories including Switzerland, Taiwan, Korea, Japan, and Romania are displaying their products in 500 stalls at the 2015 Vietnam Expo and Vietnam Cycle that opened in Ho Chi Minh City on December 2.
The expos provide room for investors and producers in and from outside Vietnam operating in the industries of machinery and equipment, agricultural produce, food processing, construction, electrical-electronics, IT and others to explore cooperation opportunities.
Vietnam, India Businesses Meet to Explore Tie-up Chances
As many as 15 Indian companies operating in food processing, environmental pollution control, electronics, pharmaceuticals and mechanical engineering sectors attended a seminar in Hanoi on December 2 to exchange information and seek partnerships with Vietnamese businesses.
Vietnamese businesses hope to receive technological support from India in the fields of tea processing, mining, information technology and heavy industry, which are India’s strengths, said Hoang Quang Phong, vice president of the Vietnam Chamber of Commerce and Industry (VCCI).
Vietnam and the European Union on November 2 signed a free trade deal after nearly three years of negotiations, on the occasion of Prime Minister Nguyen Tan Dung’s tour to the EU.
The agreement will liberalize 99% of tariffs on goods traded between the 28-nation bloc and the communist country over a period of up to seven years, except for a small number of tariff lines for which the EU and Vietnam agreed on partial removal through zero-duty Tariff Rate Quotas.
Vietnam’s inflation is expected to rebound from a record low 0.5% in 2015 to 3.1% year-on-year by end-H1 2016 and accelerate to 4.9% by end-2016, fueled by rising domestic demand.
The State Bank of Vietnam (SBV), the country’s central bank, will therefore have to shift to a tightening mode next year, HSBC has said in its latest flashnote titled “Coming soon: the return of twin deficits.”
The Vietnamese economy is forecast to get out of the declining period and begin a new growth cycle in the 2016-2020 period, said Mai Thi Thu, director of the National Center for Socio-economic Information and Forecast (NCIF).
“Vietnam’s economic growth is expected to recover strongly, buoyed by a number of factors ranging from low commodity prices, momentum from foreign-invested enterprises and external demand, coupled with institutional reforms,” Ms. Thu said.
The Vietnamese Ministry of Finance will likely postpone a plan to issue $3 billion worth of sovereign bonds abroad as the ministry needs more time to ponder exchange rate risks, a local newspaper cited a source as saying.
Green Light Turned for Vinapharm Privatization Plan
Prime Minister Nguyen Tan Dung has approved the equitization plan of Vietnam Pharmaceutical Corporation (Vinapharm), under which the Ministry of Health will hold 65% in the firm.
There will be 40.29 million shares, or a 17% stake, offered to strategic investors, while 42.56 million shares, or 18%, will be sold to the public.