Vietnam Economy Forum

[Viet]

Brother Vietnam inaugurates its fourth factory in Hai Duong
1/19/2013 1:20:08 PM Voice of Vietnam

(VOV) - Brother Vietnam Co. Ltd has inaugurated its fourth factory on January 18 at Phuc Dien Industrial Park in the province of Hai Duong. Covering an area of nearly 70,000 square metres and with total investment capital of around US$30 million, the factory could generate more than 2,000 jobs.

Brother Vietnam Co. Ltd is a wholly foreign-invested Japanese company that specialises in producing printers, faxing, and industrial sewing machines.



Gov’t to underwrite huge loans for Nghi Son oil refinery
| SGT | Jan 19, 2013 09:56 am

Leaders of the Ministry of Industry and Trade and Vietnam Oil and Gas Group (PVN) on Tuesday signed a pledge on the Government guarantee worth VND4 trillion for developing the basic components of the Nghi Son Oil Refinery project.

Nghi Son Oil Refinery with a total investment cost of some $9 billion will be built on a 400-hectare area in Nghi Son Economic Zone in Thanh Hoa. The project is scheduled to get off the ground in May this year and start operation in 2017, meeting 40pct of the domestic fuel demand.

 

[Viet]

Vinacomin to issue VND2.5 trillion bonds
| Nhan Dan | Jan 16, 2013 08:55 am

Vietnam National Coal and Mineral Industries Group (Vinacomin) will issue VND2.5 trillion ($120 million) worth of bonds at the beginning of this year to raise fund for business activities, said President and CEO of Vinacomin, Le Minh Chuan, on January 1.

In 2012, Vinacomin issued VND500 billion ($24 million) worth of bonds and mobilised VND11.6 trillion ($556.8 million) in short-term loans for production and business activities.

The country’s largest mining firm has so far borrowed a total of $1.2 billion from both domestic and foreign credit institutions for its investment and production operations.

 

[Anonymous user]

Brother Vietnam inaugurates its fourth factory in Hai Duong
Gov’t to underwrite huge loans for Nghi Son oil refinery
| SGT | Jan 19, 2013 09:56 am

Leaders of the Ministry of Industry and Trade and Vietnam Oil and Gas Group (PVN) on Tuesday signed a pledge on the Government guarantee worth VND4 trillion for developing the basic components of the Nghi Son Oil Refinery project.

Nghi Son Oil Refinery with a total investment cost of some $9 billion will be built on a 400-hectare area in Nghi Son Economic Zone in Thanh Hoa. The project is scheduled to get off the ground in May this year and start operation in 2017, meeting 40pct of the domestic fuel demand.

Man you guys are muscling in on our Oil refining business

 

[oct605032048]

what's Vietnam's gdp in 2012?

 

[Viet]

Japan funds waste water project in Hanoi
1/21/2013 8:00:00 AM Voice of Vietnam

The Japanese Government has decided to grant US$623 million to help Hanoi build a US$740 million waste water treatment plant. The Vietnamese side will contribute US$117 million to the Yen Xa Wastewater Treatment System for seven districts in Hanoi.

An agreement on the loan was signed between the Hanoi People’s Committee and representatives from Japanese International Co-operation Agency (JICA) in Hanoi on January 18.

The Yen Xa treatment facility will be built in Thanh Liet commune, Thanh Tri district, covering 13 hectares in acreage.

It will treat waste water from 900,000 residents living in Ba Dinh, Dong Da, Thanh Xuan, Hoang Mai, Ha Dong, Thanh Tri and Tu Liem districts. The system will be constructed between 2013 and 2020.

 

[Viet]

Garment factory opens in Thanh Hoa province
Updated January, 21 2013 10:06:50 Vietnam News

Vietnamese garment workers

THANH HOA (VNS)— Tien Son Corp inaugurated the first phrase of its VND120 billion (US$5.85 million) garment factory in the central province of Thanh Hoa on Saturday.

The factory covers a total area of 40,000sq m in Dinh Lien District. Its second phrase will be put into operation in 2015. All of its products will be exported to the EU and US.-VNS

 

[Viet]

Vietnam-EU FTA negotiations begin in Brussels
1/23/2013 8:52:25 AM Voice of Vietnam

(VOV) - The second round of free trade agreement (FTA) negotiations between Vietnam and EU began in Brussels, Belgium, on January 22.

Four-day discussions are focused on the exchange of goods and services, investment, intellectual property, labour, and the environment, among others. After the success of the first round, the second round is expected to speed up bilateral negotiations as agreed upon by top leaders of the two sides.



Vietnam-US trade to hit US$50 bln by 2020
Updated : 1/22/2013 1:00:25 PM Voice of Vietnam

(VOV) - Vietnam-US trade turnover is likely to reach US$50 billion in 2020, according to the American Chamber of Commerce in Vietnam (Amcham Vietnam).

Amcham forecasts that bilateral trade would exceed US$27 billion by 2013 with Vietnam’s exports estimated at US$22.5 billion, and would rise to US$33 billion by 2015 with its exports amounting to more than US$27 billion.

It notes that trade relations between the two nations continued to grow in 2012 but at a lower level than the previous years at just US$24.6 billion. Vietnam’s garment and textile exports to the US market increased by only 8 percent to US$7.8 billion. There is high hope that they will reach US$8.4 billion in 2013, US$9.1 billion in 2014 and US$9.7 billion in 2015.



2012 - Balance of payment surplus estimated at US$10 bln
1/22/2013 12:36:52 PM Voice of Vietnam

The surplus of the country’s overall balance of payment is estimated to hit US$10 billion in 2012, much higher than any previous projection, Governor of the State Bank of Vietnam (SBV) Nguyen Van Binh has confirmed.

SBV forecast early last year that the 2012 surplus would be roughly US$3 billion against US$2.6 billion in 2011. The US$10 billion figure is a extremely high, and was last matched in 2007 when the country joined the World Trade Organisation and became a hot destination for foreign investors.

Binh attributed the improvement of balance of payment to the country’s trade surplus.

Vietnam recorded a trade surplus of US$780 million last year, its first since 1993, according to the General Department of Customs.


Government provides relief aid to the poor
1/22/2013 6:30:00 PM Voice of Vietnam

(VOV) - Prime Minister Nguyen Tan Dung has decided to offer disadvantaged people relief aid during the coming lunar New Year (Tet) holiday and lean months.

Under the PM’s decision, nearly 19,000 tonnes of rice from national reserves will be provided to 12 provinces of Cao Bang, Quang Ngai, Ha Tinh, Quang Tri, Quang Binh, Kon Tum, Binh Dinh, Lao Cai, Phu Yen, Thanh Hoa, Quang Nam, and Nghe An to support the poor.



Green One UN House built in Vietnam
Updated : 1/21/2013 6:19:50 PM Voice of Vietnam

(VOV) -The Green One UN House groundbreaking ceremony was held in Hanoi on January 21.

Deputy Foreign Minister Pham Quang Vinh confirmed Vietnam’s commitment to implementing the united action initiative, saying that once completed the Green One UN House will symbolise the tradition of cooperation between Vietnam and the UN.

The Green One UN House is one pillar of the six Vietnamese united action initiative reforms. It will serve as a common office for UN staff in Hanoi, constituting an expansion and equipment upgrade that enables UN agencies to maximise their cooperation and performance.



First Japanese resort inaugurated in Danang
Updated : 1/23/2013 12:33:30 PM Voice of Vietnam

(VOV) - Japan’s P&I Enterprise Company has opened its US$12 million Pulchra Resort on Truong Sa Street in the central city of Danang.

The wholly-foreign invested project, the first of its kind in Danang, was built on an area of 10ha, following the Champa architectural design.

The first phase of the project has 31 villas of various types and a series of luxury sailboats, swimming pools and a professional tennis court.

Shoji Nishikawa says he hopes that direct flights between Japan and Danang will open soon to attract Japanese holiday-makers to central Vietnam which is home to several UNESCO-recognised world cultural heritage sites.

In the second phase, the resort will have an additional 20 high-class villas, a series of Japanese restaurants and other high-quality services.

 

[Viet]

US$200 mln invested in Khanh Hoa’s luxury tourism
1/19/2013 12:26:24 PM Voice of Vietnam

(VOV) - Emirates NBD Bank PJSC from the United Arab Emirates (UAE) has agreed to provide US$200 million for luxury tourism and resort projects planned in the southern Khanh Hoa province.

A signing ceremony for a joint-venture contract between Swiss Attixs Hospitality Group and Bao Lam Investment Joint Stock Company on the use of the sponsor capital was held in Khanh Hoa’s Nha Trang city on January 18.

 

[Viet]

Exports soar 43 percent in January
Updated : 1/25/2013 3:32:11 PM Voice of Vietnam

Vietnam is estimated to earn US$10.1 billion from exports in January, a year-on-year increase of 43.2 percent, according to the General Statistics Office (GSO).

Foreign invested sector contributed significantly to the country’s total export value with US$6.61 billion. The sector’s export turnovers surged 47.3 percent against the same time last year.

Among staples recording the highest turnover were crude oil, garments, seafood, footwear, mobile handsets and spare parts. During the month, the country also posted an import turnover of US$9.9 billion, marking a yearly rise of 42.3 percent with foreign invested sector making up over half of the total with US$5.55 billion, up 52.7 percent year-on-year.

Following an optimistic result in 2012, the nation continued enjoying a trade surplus of US$200 million in the first month of this year.



Foreign investment pours into real estate market
Updated : 1/24/2013 5:57:29 PM Voice of Vietnam

(VOV) - As many as 389 foreign-invested projects were licensed to operate in the domestic property market in 2012, with a total capitalisation of around US$49.8 billion.

Foreign direct investment (FDI) injected in real estate projects alone accounted for 23.32 percent of Vietnam’s total FDI last year. Ho Chi Minh City attracted the bulk of the real estate FDI, with 163 projects worth US$12.4 billion. It was followed by Hanoi, Ba Ria-Vung Tau, Phu Yen, Binh Duong and Dong Nai, consecutively.

Singapore is currently the largest foreign trade partner of Vietnam’s real estate sector with 55 projects capitalised at US$8.6 billion. The Republic of Korea ranks second with 79 projects worth US$6.7 billion.

 

[Viet]

Phu Quy wind farm opens
24/01/2013 | 21:48:39 Vietnam News

The 6-megawatt Phu Quy wind farm in Phu Quy island district , Binh Thuan province began full operation on January 24, after a successful testing period in August, 2012.

The wind farm, funded by the PetroVietnam Power Corporation, is the first one in Vietnam that uses both wind and diesel to generate power. Built at a cost of 335 billion VND (17 million USD), it includes three turbines and generates 25.4 million kWh per annum.

The plant will ease the current power shortage for 27,000 residents on the island, and fuel socio-economic development in the region./.VNA



Ohashi Tekko Vietnam receives investment certificate
24/01/2013 | 11:21:24 Vietnam News

auto parts

Ohashi Tekko Vietnam Ltd on January 23 received an investment certificate for the construction of its plant making automotive parts.

The 14 million USD project, located in Binh Xuyen Industrial Zone, northern Vinh Phuc province will operate at the beginning of 2014.

When operating stably, it may contribute one million USD to the state budget each year.

 

[Viet]

2011’s public debt accounts for 54.9 percent of GDP
Updated : 1/24/2013 5:25:57 PM Voice of Vietnam

(VOV) - The Finance Ministry has announced Vietnam’s public debt hit VND1,392 trillion by the end of 2011, equivalent to 54.9 percent the GDP for that year.

It said Government debt hit VND1,096 trillion, or 43.2 percent of GDP. Of the total, about VND429 trillion was borrowed from domestic capital sources, while the remainder was sourced from foreign loans.

The total debts guaranteed by the Government reached VND285 trillion, equivalent to 11.3 percent of GDP.

The Finance Ministry said it is going to publish a bulletin on Vietnam’s public debt, the first of its kind in the country, to ensure transparency in financial management and improve the business climate in Vietnam.

 

[Viet]

Alstom China to provide generators to Vietnam
English.news.cn 2013-01-24 18:06:53

Dong Nai 4 hydropower plant - Photo: Internet

TIANJIN, Jan. 24 (Xinhua) -- Alstom China and its partner Huangdong Engineering Corporation will provide generators to a Vietnamese hydropower station in a deal worth 20 million euros (26.7 million U.S. dollars), Alstom announced on Thursday.

According to the contract, Alstom - a Fortune Global 500 company - will provide two 77-megawatt generating units and supplemental equipment to Dong Nai 5 hydropower station in southern Vietnam. Vinacomin Power Holding Corporation operates the station.

All the units and equipment will be sourced from Alstom's production base in north China's Tianjin Municipality.

The generators are expected to be put into service in August 2015.

Dong Nai 5 hydropower station is located on Dong Nai river. With a total installed capacity of 154 megawatts, it will generate 616 million kilowatt hour (kwh) of electricity to the country every year.

 

[Viet]

Vietinbank funds road-tunnel construction in central Vietnam
Last Updated: Saturday, January 19, 2013 02:25:00
Thanh Nien News

An artist's conception of the Deo Ca tunnel


Vietnam JSC Bank for Industry and Trade will lend VND4 trillion (US$192 million) to the Deo Ca Investment JSC for building a tunnel through Dai Lanh Mountain to connect the central provinces of Phu Yen and Khanh Hoa.

The Deo Ca tunnel would also be funded by France's Crédit Agricole Corporate and Investment Bank and Société Générale Bank and US bank Goldman Sachs, news website thoibaokinhtesaigon.vn reported Thursday.

The 4.4-kilometer tunnel, for which ground was broken on November 18 last year, will go through the Ca Pass and cost VND15.6 trillion ($748.9 million). The project, scheduled for completion in 2016, is divided into two stages.

The first involves construction of the 3.9-kilometer Deo Ca tunnel in Dong Hoa District, Phu Yen Province, under the BOT (build-operate-transfer) system. The second will see construction of the 500-meter Co Ma tunnel in Van Ninh District, Khanh Hoa Province, but this will be a BT (build-transfer) project.

Five bridges and an approach road are also part of this stage.

Vietinbank, as the bank is commonly known, has already lent VND214 billion to Deo Ca Investment JSC for acquiring and clearing land costing around VND539 billion.

 

[Viet]

US fast-food chain returns to Vietnam
Last Updated: Wednesday, January 23, 2013 10:35:00

Ron Whitt (2nd, L), deputy chairman of Popeyes, hands a certificate of franchise to Le Hong Thuy Tien of Vietnam Food And Beverage Service Ltd

Popeyes, a US fast-chain with a focus on fried chicken, is returning to Vietnam six months after it exited the country due to losses.

On January 21 it opened an outlet in District 7, Ho Chi Minh City.

Popeyes, which has more than 2000 outlets around the world, has chosen HCMC-based Vietnam Food And Beverage Service Ltd as its exclusive franchisee in Vietnam, news website thoibaokinhtesaigon.vn reported Tuesday.

This year it plans to open seven restaurants in the country as well as identify a chicken supplier.

Popeyes first came to Vietnam in June 2010, opening two restaurants in downtown HCMC. Two years later it was gone.

Another US fast-chain Burger King, opened its first outlet in downtown Ho Chi Minh City last October after earlier opening stores at Tan Son Nhat and Da Nang airports in November 2011.

In August executives from McDonald’s, the world’s largest chain of fast-food restaurants, held talks with the Ministry of Planning and Investment about investing in the country. The company said it could open two outlets in HCMC through franchising in the next few years, later expanding to 100 nationwide.

 

[Viet]

Vietnam opens its largest and deepest seaport
Updated January, 28 2013 12:41:02 Vietnam News

BA RIA – VUNG TAU (VNS)– The Ministry of Transport today opened the Cai Mep Thi Vai International Port in the southern province of Ba Ria Vung Tau, the country's deepest and biggest seaport, which designed to meet the increasing demand of container shipping in the South.

The VND13 trillion (US$619 million) project, funded by ODA loan of JICA and counterpart budget of Vietnam government, will also open direct shipping channels with other domestic and international ports worldwide, cutting the intermediate and transit shipping costs

"The project will also help increase the social economic development of Ba Ria Vung Tau in particular and the southern region in general while save other ports in the South from overload burdens." said Deputy Prime Minister Hoang Trung Hai.

Hai said the port, which marks 40th years of relationship between Vietnam and Japan, will also play as a shipping hub connecting countries in the Mekong region.

According to the Vietnam Port Association (VPA), Viet Nam has 30 ports with 166 harbors and 350 wharfs.