[Round-up] Labor Ministry Inspects Samsung Vietnam, Thai Energy Tycoon May Invest in Vietnam

Tuan Minh

07:31 29/11/2017

BizLIVE - The Vietnamese labor ministry has announced the result of the investigation at Samsung Vietnam that was accused of mistreating workers by a Swedish NGO. A Thai energy tycoon plans to invest up to $4.6 billion in power plants over the next four years in Thailand and neighboring countries, including Vietnam.

[Round-up] Labor Ministry Inspects Samsung Vietnam, Thai Energy Tycoon May Invest in Vietnam

Samsung Vietnam has been alleged to mistreat workers. Photo: Internet

Vietnam Open to Polish Goods, Investment: President Duda
Poland’s President Andrzej Duda told reporters in Hanoi on Tuesday that Vietnam’s President Tran Dai Quang had assured him “of the openness of the Vietnamese authorities and the Vietnamese market to Polish goods and Polish investment.”
According to Duda, Tran Dai Quang confirmed Vietnam was ready to create friendly conditions for Polish companies interested in doing business and investing in the southeast Asian country, especially in sectors where Poland “has a competitive advantage,” such as mining, food processing, pharmaceuticals and environmental protection.
Italian Government, Firms Praise Vietnam’s Free Trade Policy
The Italian Government and businesses have highly evaluated Vietnam’s policy on open and free trade, Italian Deputy Minister of Economic Development Ivan Scalfarotto was quoted by the Vietnam News Agency as saying.
The Italian official made the comment when he was received by Prime Minister Nguyen Xuan Phuc in Hanoi on November 28. He is visiting Vietnam to attend the 4th session of the Vietnam-Italy Joint Committee for Economic Cooperation.
Labor Ministry Inspects Samsung Vietnam over Worker Mistreatment Allegations
The Ministry of Labor, Invalids and Social Affairs has announced the result of the investigation at Samsung Vietnam that was accused of mistreating workers by Sweden's International POPs Elimination Network, local media reported.
Nguyen Tien Tung, chief inspector at the ministry, said they had sent two teams to inspect Samsung's factories in Bac Ninh and Thai Nguyen provinces. The teams concluded that Samsung Vietnam had basically followed all regulations on labor contracts, working environment, regular health check-ups, wages and bonuses.
However, both factories have wrongdoings concerning working hours. There are two shifts from 8 am to 8 pm, and then from 8 pm to 8 am.
Thai Energy Tycoon May Invest in Power Plants in Vietnam
Gulf Energy Development Pcl’s billionaire founder Sarath Ratanavadi plans to invest up to $4.6 billion in power plants over the next four years in Thailand and neighboring countries, including Vietnam, after the company’s listing this month, Bloomberg reported.
According to the tycoon, the firm is studying projects in such countries as Myanmar, Laos and Vietnam, where faster economic growth will boost demand for electricity. The investment plan will focus on gas-fired electricity and probably cover acquisitions of existing power plants and green-field projects.
FPG Steel Mill in Vietnam Put on Environmental Watch List: Report
A steel mill owned by the Formosa Plastics Group (FPG), one of Taiwan's largest conglomerates, has been put on a special environmental watch list by Vietnamese authorities, according to a media report Tuesday.
The report on the Vietnamese news site VnExpress said the inclusion of Formosa Ha Tinh Steel Corp. on the watch list was due to a toxic waste spill at the steel plant in 2016.
State Bank of Vietnam Central Launches First-ever Fintech Challenge
The State Bank of Vietnam (SBV) on Tuesday officially launched the first-ever Fintech Challenge Vietnam to encourage innovation in financial services for greater financial inclusion in the country.
The country’s financial sector has grown substantially, but financial institutions still find it challenging to provide financial services to underserved customer segments, including small businesses, rural populations and urban migrants. The recent worldwide explosion of financial technology (fintech), including in Vietnam, promises to fill this gap.
Japan’s Daiwa Securities Seeks to Raise Stake in Vietnam’s No. 1 Brokerage
Japan’s Daiwa Securities Group Inc. has registered to buy an additional 14.86 million shares of Saigon Securities Inc. (SSI) to hike its holding in Vietnam’s largest brokerage house to 20.5% from the current 17.47%.
Daiwa Securities, which stepped in SSI as a strategic investor in 2008, will spend an estimated 380 billion dong ($16.7 million) to buy the extra shares at existing market prices.
Taiwanese Firms Look to Invest in Vietnam's Binh Duong
Companies from Taiwan (China) are eyeing investment opportunities in the Binh Duong province of Vietnam, according to Guo You Ting, head of the Association of Taiwanese Enterprises, who recently met the province’s People’s Committee and praised the improved local investment climate. Taiwan is the province’s biggest investor, with 772 projects worth more than $5.5 billion.
Construction of a Taiwanese factory producing polyester will start this month on nearly 200 hectares in Bau Bang Industrial Park, Tran Thanh Liem, vice chairman of the provincial People’s Committee said after the meeting, according to a news agency report.
Sweden’s Fram to Acquire Rocket Internet-backed Car Classifieds Site in Vietnam
Fram, a Swedish-Vietnamese IT service provider and venture builder which listed on Stockholm’s Nasdaq First North exchange last month, has obtained a 95% stake in Carmudi Vietnam, a Rocket Internet-backed group of car classifieds sites, for $50,000.
The deal gives Fram rights to use the Carmudi brand indefinitely in Vietnam, including ownership of the “carmudi.vn” domain, and a license to conduct marketplace-based ecommerce in the country.
According to buyer Fram, Carmudi.vn had a turnover of close to $190,000 between January and September this year, but made a loss of more than $506,000. In 2016, it made $169,000 with a loss of $518,000. The site had around 1.1 million organic page views in September 2017.
Actual foreign direct investment (FDI) in Vietnam reached an estimated $16 billion year to November 20, representing a year-on-year increase of 11.9% and beating a record made in 2015, the Foreign Investment Agency under the Ministry of Planning and Investment has said in a monthly report.
FDI inflows to the Southeast Asian country hit a record high of $15.8 billion in 2016.
Kirin Holdings Co., one of the largest longstanding beer and beverage producers in Japan, is considering buying a stake in Sabeco, Vietnam’s largest beer company maker, Reuters quoted a spokesman for the Japanese beer maker as saying on Monday.
Kirin Holdings will determine how much it will buy once the Vietnamese government discloses details of the sale, the spokesman said.