Vietnam, EU reiterate commitment to trade, investment deals The Vietnamese Government and the European Commission (EC) have pledged to carry out the Europe-Vietnam Free Trade Agreement (EVFTA) and the Investment Protection Agreement (IPA) in a timely and effective manner. The commitment is expressed in a joint statement issued by Vietnam’s Minister of Industry and Trade Tran Tuan Anh and European Commissioner for Trade Cecilia Cecilia Malmström following their meeting on October 19 in Brussels on the sidelines of the 12th Asia-Europe Meeting Summit (ASEM 12). The statement said the Vietnamese Government is preparing plans to fulfill obligations under the free trade agreements while the EC stands ready to support the necessary reforms and adjustments through technical assistance. Both sides acknowledged the relevance of the trade and sustainable development chapter of the FTA and agreed to jointly promote initiatives in this field, including the ratification of the … [Read more...] about BUSINESS NEWS IN BRIEF 23/10
Sporting events in july 2017
BUSINESS IN BRIEF 31/3
Danang Hi-Tech Park needs VND1.3 trillion Danang City is promoting investments into housing, training and service facilities in Danang Hi-Tech Park (DHTP) worth a combined VND1.268 trillion, according to the Danang Investment Promotion Agency. Director of the agency Le Canh Duong on March 26 said local and foreign firms could choose to invest through public-private partnerships (PPP), which include build-operate-transfer (BOT). In addition to seeking capital for these facilities, DHTP also wants to attract investors to a research and development center to assist operations of enterprises there. Such projects can be financed by official development assistance (ODA) capital, according to Doan Ngoc Hung Anh, deputy head of the DHTP management board. In particular, the housing development project comprises villas, adjoining houses and condominiums with an investment estimated at VND842 billion. It aims to provide quality accommodation for employees, experts and scientists working at DHTP. … [Read more...] about BUSINESS IN BRIEF 31/3
BUSINESS IN BRIEF 21/12
Vinh Long lures 514 million USD for social development The Mekong Delta province of Vinh Long expects to mobilise 10.8 trillion VND (514 million USD) for its social development this year, up 6.35 percent against 2013. To achieve this goal, the province has increased investment promotion activities in Japan , the Netherlands and Belgium as well as assisted its businesses in joining domestic and international seminars and trade fairs. It has focused on developing urban areas and trade centres to call for investment, especially from foreign businesses, while providing incentives for investors, diversifying capital mobilisation forms and streamlining administrative procedures. Vinh Long is now home to 322 projects worth 1.24 billion USD in total, with 28 of them invested by foreign businesses. This year, the province granted investment licences to three FDI projects capitalised at 33.1 million USD. Vietnam looks for closer trade ties with Kuwait The Vietnamese and Kuwait business … [Read more...] about BUSINESS IN BRIEF 21/12
BUSINESS IN BRIEF 22/5
Hydropower plant comes on line The first turbine of the A Luoi Hydropower Plant in central Thua Thien-Hue Province began supplying electricity to the national grid today. The VND3.2 trillion (US$155.5 million) plant, which has been under construction since 2007, has two turbines with a total capacity of 170MW. The plant, the biggest of its kind in the province, is expected to produce nearly 690 million kWh a year. Central Hydropower Joint Stock Company is the investor. The second turbine is also expected to become operational this year. Plant project manager Power Transmission Company 2 said the company had overcome difficulties, including unfavourable weather and continual floods, to finish the project and erect the power lines from the plant to Hue City. The 29km line, with 72 power poles, runs through mountainous areas, which posed difficulties in construction. More than 100 households were relocated to make room for the plant's reservoir. It is expected to become a tourist … [Read more...] about BUSINESS IN BRIEF 22/5
BUSINESS IN BRIEF 15/6
Commercial banks to support WB projects Sai Gon-Ha Noi Bank (SHB) and Viet Nam Technological and Commercial Joint Stock Bank (Techcombank) have been assigned to support projects signed between Viet Nam and the World Bank. The decisions were issued by the State Bank of Viet Nam (SBV). Accordingly, SHB will support the project "Medium Urban Development" - Financing Agreement for Additional Financing Credit 6070-VN and Financing Credit Code 6071-VN, signed on December 15, 2017. In addition to this, SBV also assigned Techcombank to serve “Sustainable development of Da Nang City” - Financing Agreement for Additional Financing Credit 6032-VN, signed on September 29, 2017. The general directors of SHB and Techcomback are responsible for implementing the provisions of Decree 16/2016 /ND-CP dated March 16, 2016, of the government on the management and use of official development assistance (ODA) and preferential loans of foreign donors, guiding documents of the … [Read more...] about BUSINESS IN BRIEF 15/6