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Business in brief
Date :  28/09/2018
(Sourced from various news agencies)
  • Vietnamese businesses injected 331 million USD into 122 projects abroad in the first nine months of this year, the Foreign Investment Agency reported. According to the agency’s statistics, 286 million USD was pumped into 99 new overseas projects, while the rest was earmarked for 23 existing ones. As per the data, finance-banking attracted the most interest from Vietnamese investors, accounting for 32 percent of their total, or 106 million USD. Agro-forestry-fisheries came next with 64 million USD (19.2 percent), followed by manufacturing and processing with 46 million USD (14 percent) and others. Vietnamese businesses invested in 30 countries and territories in the period with Laos taking the lead with 95.1 million USD or 29 percent. Australia came next with 46.7 million USD or 14 percent and Slovakia was third with 35.9 million USD or 11 percent. (VNA)
  • PM Nguyen Xuan Phuc chaired a seminar on investment attraction to Vietnam in the context of the Fourth Industrial Revolution with more than 40 leading businesses of the US in New York city on September 27. The event attracted US businesses operating in such fields as ICT, retail, logistics, food, beverage, energy and construction. It was held by the Business Council for International Understanding and the FPT Company of Vietnam. Calling on US firms to promote investment in Vietnam, the PM also asked them to recommend ways to help the country capitalize on Industry 4.0, particularly in dealing with risks of job losses or lagging behind. At the seminar, US investors showed their optimism about investment and business opportunities and prospects in Vietnam, with many firms having been present in the country for decades. Concluding the event, PM Phuc highlighted the Vietnam-US comprehensive cooperation, firstly in economy and trade, with priority given to technology. He affirmed that Vietnam always rolls out red carpet for investors and will do its utmost to help them succeed in the country. (VNA)
  • The PM has signed Decision No. 1226/QĐ-TTg on the establishment of the national planning council. The council is tasked to consult and assist the Government and the PM in launching tasks assigned in the Lao on planning related to the organization of the national master planning, national maritime spatial planning, national land use planning and regional planning in the 2021-2030 period, with a vision to 2050. The council includes the chairman, the vice chairmen, members and permanent agencies of the council. Deputy PM Trinh Dinh Dung is the chairman of the council. Vice Chairmen of the council are the Ministers of Planning and Investment, Natural Resources and Environment and Construction. (VGP)
  • The Ministry of Industry and Trade (MoIT) has released the results of an auction for 94,000 tons of imported sugar in Hanoi. Eight firms won bids for 29,000 tons of refined sugar. They were Quang Ngai Sugar and Lotte Vietnam (500 tons each); Sanofi Synthelabo Vietnam Pharmaceutical, FES Vietnam, Unilever Vietnam and Red Bull Vietnam (1,000 tons each); URC Vietnam (4,000 tons); and Vinamilk (20,000 tons). Only 28,000 out of the 65,000 tons of raw sugar received successful bids from Bien Hoa-Ninh Hoa Sugar (2,000 tons), two subsidiaries of TTC Group (6,000 tons) and VietSugar (20,000 tons). The auctioned volume comprises 65,000 tons of raw sugar and 29,000 tons of refined sugar, according to a ministry’s circular on managing import tariff quotas for sugar. The reference prices for raw and refined sugar were the same, at 1.4 million VND (60 USD) per ton. This is the third time that the MoIT has held such an auction, following the Vietnam Sugarcane Association’s repeated proposals over the years to open tenders. (VNA)
  • The country should revise Decree 83 on petrol trading, especially regulations related to the calculation of output prices to ensure a transparent petroleum market, said Đỗ Hoàng Anh Tuấn, Deputy Minister of Finance Ministry. Tuấn said Vietnam may be the only country in the world still be calculating petrol prices based on the weighted average of import taxes, a price stabilization mechanism and discount rates. He said the current method was outdated and that the local petrol market had been developed without adequate strategies and orientation for sustainable growth. The number of petrol traders was high but mostly on a small scale. This was the reason that the country needed an adequate legal framework as a basis to build a market strategy. The calculation by a weighted average of the tariffs has been applied as base price since March 2016 and adjusted every quarter. The calculation at that time was suitable as Vietnam was dominated by trade commitments with many regions and countries. (VNS)
  • Binh Thuan province welcomed more than 4 million tourists in the first three quarters of 2018, up 11 percent from the same period last year. The number included approximately half a million foreigners, mostly Russian and Chinese, up 13 percent year on year, according to the provincial Department of Culture, Sports and Tourism. The province earned about 9.5 trillion VND (404.5 million USD) in revenue from tourism, up 20 percent. The province has 468 accommodation facilities, offering more than 14,600 guest rooms, including 129 hotels rated 1 – 5 star. Some 390 tourism projects, worth more than 59 trillion VND (2.51 billion USD), are being operated in the province. These include 23 foreign projects with total investment of 13 trillion VND (553.5 million USD). This year, the province aims to receive about 5.75 million visitors, including 670,000 foreign travellers, and generate 12.85 trillion VND (547.1 million USD) in tourism revenue. (VNA)
  • Multi-sector Sao Mai Group Corporation (Sao Mai Group) has offered to buy 27 million shares of the International Development and Investment Corporation (IDI) to increase its power in the later one. Sao Mai Group aims to increase its ownership in IDI to 120 million shares, equal to 66 per cent of charter capital, from the current 93 million shares (51.14 per cent). The deal will be carried out through both put-through and order-matching transactions on the stock market between September 28 and October 26. Sao Mai Group is listing nearly 242 million shares on the HCM Stock Exchange (HoSE) with code ASM, gaining 0.8 per cent to end Thursday at VNĐ13,150 (US$0.58) apiece. IDI is listing more than 181.6 million shares on the HoSE with ticker IDI. (VNS)
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