[Round-up] HSBC Puts Vietnam's 2018 Inflation at 3.7%, Samsung Vietnam Tops Heavyweight List

Tuan Minh

09:35 08/12/2017

BizLIVE - HSBC has predicted Vietnam’s inflation at 3.7% next year, driven by prices of a number of necessities and services. Samsung Electronics Vietnam has overtaken PetroVietnam to become the largest firm in Vietnam in 2017.

[Round-up] HSBC Puts Vietnam's 2018 Inflation at 3.7%, Samsung Vietnam Tops Heavyweight List

Samsung Electronics Vietnam has become the largest firm in Vietnam in 2017.

Deputy PM Lauds USAID’s Contributions to Socio-economic Development
Deputy Prime Minister Vuong Dinh Hue has applauded contributions of the US Agency for International Development (USAID) to Vietnam’s socio-economic development as well as national management, the Vietnam News Agency (VNA) reported.
At a reception for Michael Greene, USAID director, in Hanoi on December 7, the Deputy PM highlighted the agency’s humanitarian aid to Vietnamese Agent Orange (AO)/dioxin victims and dioxin remediation in the country, along with its projects on HIV/AIDS prevention, climate change response and settlement of natural disaster and post-war consequences.
Vietnam, Taiwan Strengthen Industrial Cooperation
Vietnam and Taiwan share huge potential to accelerate bilateral investment cooperation in the field of industry, stated the delegates at the Vietnam-Taiwan Industrial Cooperation Forum 2017, organized by the Vietnam Chamber of Commerce and Industry (VCCI), in Ho Chi Minh City on December 7, the Nhan Dan (The People) newspaper reported.
In the time ahead, Vietnam will give priority to attracting investment projects with high technological content and creating more added values, said Deputy Director of the Ministry of Industry and Trade’s Industrial Department Pham Tuan Anh, calling on Taiwan companies to actively boost their connection with Vietnamese enterprises and facilitate a new investment wave into Vietnam.
Samsung Electronics Vietnam Tops Largest Firms List
Samsung Electronics Vietnam has overtaken Vietnam National Oil and Gas Group (PetroVietnam) to become the largest firm in Vietnam in 2017, according to the top 500 largest Vietnamese enterprises list (VNR500) in terms of capital, sales and profits.
Samsung Electronics Vietnam has been among the top 10 for the past five years. However, this year, it topped the ranking, followed by Electricity of Vietnam Group (EVN) and PetroVietnam.
Nearly 800 Foreign Firms Learn about Vietnamese Market
The Ministry of Industry and Trade yesterday hosted a trade promotion conference with the attendance of nearly 800 foreign businesses, who have come to learn about consumption demand as well as investment opportunities in Vietnam.
The 800 businesses come from 15 nations including South Korea, the US, Italy, the Netherlands, China, Taiwan (China) and Thailand. They mainly operate in fields such as electricity-electronics, tech products, accessories, machines and components, building materials, interior and exterior decorating items, beverage and beauty products.
U.S. Slaps Duties on Vietnamese Steel Originating from China
The U.S. Commerce Department on Tuesday slapped steep import duties on steel products from Vietnam that originated in China after finding they evaded U.S. anti-dumping and anti-subsidy orders.
The decision marked a victory for U.S. steelmakers, who won anti-dumping and anti-subsidy duties against Chinese steel in 2015 and 2016 only to see shipments flood in from elsewhere. The industry has argued that Chinese products are being diverted to third countries to circumvent the duties.
MPI Proposes Removing Conditions for 21 Business Sectors
The Ministry of Planning and Investment has proposed to remove conditions imposed on 21 business sectors, including rice export, logistics and debt trading service, according to VNA.
According to the ministry, the sectors should be removed from the list of conditional business lines as they do not meet the requirements of Clause 1, Article 7 of the Law on Investment, which means they do not affect national defense and security, social order, social morality and health of the community.
Vietnam to Gain $3.6 Billion from Vegetable, Fruit Exports
Vietnam is estimated to gain $3.6 billion in vegetable and fruit exports for this entire year, according to the Ministry of Agriculture and Rural Development.
The ministry said the export value of vegetable and fruit products has increased sharply recently. The value was $2.4 billion in 2016 while it reached $3.1 billion in the first 11 months of 2017, a year-on-year growth of 43.2%, including $292 million in November 2017.
Wood, Timber Product Exports to Hit $8 Billion
Exports of wood and timber products are expected to hit $8 billion in 2017, surpassing the year’s target of $7.5 billion, according to Nguyen Ton Quyen, Vice President and General Secretary of the Vietnam Timber and Forest Product Association.
The figure reached nearly $7 billion in January-November, up 10.5% from the same period last year, said Quyen.
Vinalines Teams up with Belgian Firm to Build Grain Port in Vietnam
Vietnam National Shipping Lines (Vinalines) inquired with Vietnam’s Ministry of Transport to allow a partnership with Rent-A-Port of the Belgian Ackermans & Van Haaren Group to invest in developing ports in Lach Huyen – Hai Phong international port. Hai Phong is a major port city in northeastern Vietnam.
The two sides are working to develop a specialized grain port, capable of receiving 100,000 deadweight tonnage (DWT) ships, and construct a 250-hectare logistics center opposite the grain port to facilitate the handling, storage and distribution of grain for the northern region.
Rent-A-Port plans to buy 10% of Vinalines’ charter capital when the company launches an initial public offering (IPO) this month.
Chinese Firm Completes Garment-Textile Production Chain in Vietnam
With the completion of a garment-textile production chain in Vietnam, Worldon Vietnam Co., Ltd under the Chinese Shenzhou Group is likely to expand investment in the Southeast Asian country.
Last week, the company put into operation the chain’s last project worth 310 million USD at Dong Nam (South East) industrial park in Cu Chi district, Ho Chi Minh City.
SM Entertainment to Hunt for Future Global Stars in Vietnam
South Korea’s major entertainment company SM Entertainment Co. is on the hunt for fresh, young talent in Vietnam to groom them like K-pop stars into the next global pop icons, according to Pulse News.
The rise of “V-pop” would have a huge positive impact on the rapidly growing Vietnamese economy, said Lee Soo-man, founder of SM Entertainment, during his keynote speech at Maekyung Vietnam Forum in Hanoi, Vietnam on Tuesday.
HSBC Puts Vietnam's 2018 Inflation at 3.7%
In a report released on December 4, HSBC predicted Vietnam’s inflation at 3.7% next year, driven by prices of a number of necessities and services such as healthcare, food and oil.
Food prices, which peaked in 2016 due to drought, have edged down from the relatively bountiful harvest this year. However, with base effects fading by year-end, food prices are expected to gradually pick up in 2018, peaking at around the end of the second quarter and early in the third quarter.
HCM City Targets 8.5% Growth in 2018
The Ho Chi Minh City People’s Council (ninth tenure) set a gross regional domestic product (GRDP) growth rate of 8.3-8.5 percent for 2018 during its sixth session that took place from December 4-7.
It has also set other tasks for the city, including completely fulfilling the estimate of budget collection, establishing 46,000 new enterprises, cutting poverty rate by 1 percentage point in line with the sustainable poverty reduction program during 2016-2020, and generating jobs for 130,000 laborers.
Nissan, Honda Recall Cars to Fix Problems
The Vietnam Register has announced the recall of 3,073 Nissan Navara pickup trucks, imported from Thailand, manufactured from September 20, 2010, to December 1, 2014, due to airbag faults.
According to the Japanese automaker Nissan, front passenger airbags in Nissan Navara LE and Navara XE are manufactured by Takata. After long-term exposure to the environment, the air blower can be exposed to moisture, which prevents normal operation as per the design.
As many as 3.59 million Chinese people traveled to Vietnam between January and November, soaring 44.9% from the same period last year and accounting for 30.86% of total foreign tourist arrivals to the Southeast Asian country in the 11-month period, according to government data.
Foreign investors net purchased $1.77 billion worth of Vietnamese securities in the 11 months through November, up six-fold from the same period last year, indicating the appeal of the fastest-growing stock market in Asia, according to a government report.
In November alone, they net spent $405 million to acquire shares but net sold $62 million in bonds, resulting in a net buying value of $343 million in the month, the National Financial Supervisory Commission has said in a monthly report.