Central Bank to Stop Acquiring Weak Banks at Zero Dong
The State Bank of Viet Nam (SBV
), the country’s central bank, will not acquire poor-performing commercial banks at zero dong as it did in 2015, according to an announcement made at a government meeting earlier this week.
The government also agreed to handle three banks that the SBV bought at zero dong in 2015 by using existing legal regulations.
PV Power Eyes $600 Million from IPO, Strategic Investors
Vietnam’s electricity major PetroVietnam
Power Corporation (PV Power) said to sell down a major minority stake of 49% as it expected an initial public offering (IPO) to be completed in August, a transaction that could be valued at $600 million-700 million, a top executive was cited by DealStreetAsia as saying.
The second biggest power generation firm is planning to offload around 4% of its equity to general buyers and its employees, while a portion of 45% stake will be sold to strategic investors, according to a company presentation. The strategic stake offer could amount to 60%, upon future decision by the local government.
Vietnam’s Tourism Index Ranking Improves to 67th
Vietnam ranks 67th among 136 economies in the recently released Travel & Tourism Competitiveness Index (TTCI) 2017, going up eight places compared to the same period in 2015, according to a biannual report by the World Economic Forum (WEF).
The country occupies the highest position in the sub-section, index of terrorism incidence, as well as in timeliness of providing monthly/quarterly travel and tourism data.
‘Made in China 2025’ Strategy Puts Pressure on Vietnam
China's 10-year development strategy could be a good policy for its industry, but it has raised concerns in other countries, including Vietnam.
In May 2015, the Chinese administration announced ‘Made in China 2025’, which aims to push up the development of the country’s industries in the next 10 years amid declining demand, a slowing domestic economy and fierce competition from developing economies in the region.
Positive Shift in South Korea’s Investment in Vietnam: KOTRA Hanoi Chief
Investment from South Korea in Vietnam is being spread across a wider range of fields as Korean investors now consider Vietnam not only a for-export manufacturing workshop but also a potential consumption market, Park Chul Ho, general director of the Korean Trade-Investment Promotion Agency (KOTRA)’s Hanoi office, told the Thoi bao Kinh te Viet Nam (Vietnam Economic Times).
Korean businesses’ interest in Vietnam is stronger than ever, noting that Vietnam with open policies has maintained good economic growth. The Vietnam-South Korea Free Trade Agreement, effective from December 2015, has also boosted bilateral trade.
Vietnam Welcomes GE Group’s Investment Expansion, Says President
Vietnam welcomes the US General Electric (GE) Group’s plan to expand its investment in energy, aviation, and medical equipment in Vietnam, which are sectors in need of foreign investment, President Tran Dai Quang
was quoted by the Vietnam News Agency (VNA) as saying.
Meeting with GE Chairman Jeffrey R. Immelt in Hanoi on April 14, the president praised the GE’s operation in Vietnam, saying that the group has made practical contribution to the Vietnam-U.S. economic, trade and investment cooperation, thus boosting the bilateral comprehensive partnership.
Japan Commends Vietnam’s Business Climate
Approximately 1,600 Japanese firms are operating in Vietnam as a result of the country’s efforts to improve investment climate, VNA reported, citing Japanese Foreign Minister Fumio Kishida.
He made the remark at a meeting with visiting Vietnamese Minister of Planning and Investment Nguyen Chi Dung in Tokyo on April 14.
Vietnam Welcomes Japanese Investors: Investment Minister
Vietnam wants Japanese enterprises to seek business and investment opportunities in the country, said Minister of Planning and Investment Nguyen Chi Dung at talks with Chairman of the Japan Chamber of Commerce and Industry (JCCI) Akio Mimura on April 13.
Dung emphasized the important role of the JCCI and its chairman in encouraging Japanese enterprises to invest in Vietnam.
Vietnam will need a total of 312.44 trillion dong ($13.76 billion) to construct the 1,372-kilometer North-South expressway in three phases, scheduled for completion after 2028, according to a proposal submitted by the Ministry of Transport.
Sinenergy Pte. Ltd., a subsidiary of Singapore-based SHS Holdings Ltd., has signed a memorandum of understanding with the government of the south-central province of Ninh Thuan to build a 300 MW solar farm.
The farm will be constructed on an area of 832 hectares with an estimated cost of 7.92 trillion dong ($347 million). The construction is scheduled for completion in July 2019.
Japan’s J-Power is seeking to construct a 4,400 megawatt (MW) coal-fired power plant in the Dung Quat economic zone in the central province of Quang Ngai amid robust energy demand in the country, local media reported.
At a recent working session with the local government, the Japanese firm asked for permission to carry out the feasibility study for the plant.