Investing

The new Law on Public Investment is set to boost implementation of state-funded projects, Photo: Le Toan Compiled by the Ministry of Planning and Investment (MPI), the revised Law on Public Investment was adopted last week by the ­National Assembly (NA), with a series of brand-new provisions that create a sound legal framework for the government to conduct public investment. The first new point of the law is the unification of the definition on public investment. Specifically, it regulates two types of public investment capital, including state budget and the capital from legal revenue of state agencies and public non-business units reserved for investment. “This move is a very ­important change which ­simplifies the processes, order, and procedures of ­carrying out ­projects and public investment plans,” said Tran Quoc Phuong, ­director of the MPI’s ­Department for ­National Economic Issues, which is a member of the … [Read more...] about NA adopts Law on Public Investment

Significant investment commitments have been made at the Vietnam Venture Summit 2019 At last week’s Vietnam Venture Summit, Nguyen Chi Dung, Minister of Planning and Investment, said, “To achieve the goal of renewing the growth model based on innovation, the Vietnamese government is making strong efforts to build a number of supporting policies and ­complete the innovation ecosystem to create the most favourable conditions for ­development in the field. Three major action plans are in focus, including unblocking the financial resources for innovation activities.” The summit aimed to ­attract more investment from domestic and ­international venture capital funds into the local startup community, showing the ­government’s strong determination to create a ­knowledge-based digital economy. Concrete policies ahead Aware of the need for concrete strategies and ­policies to approach potential foreign investors in a more active … [Read more...] about Action plan trio to boost Innovation

Viettel will join the promising ride-hailing market, challenging the dominance of Grab, Go-Viet, and FastGo with its MyGo app.   The red and green uniforms are dominating the ride-hailing market Most recently, Viettel Post has published a recruitment announcement for drivers for its ride-hailing service app MyGo. Accordingly, MyGo may be launched in July, offering ride-haling and delivery services for food and parcels. At present, MyGo is available on the iOS and Android applications. The outstanding feature of MyGo is that it has committed not to increase fares during peak hour. The new app is Viettel’s move to complete its technology service eco-system. Previously, the group successfully launched the e-payment wallet ViettelPay, which attracted 2.5 million users in only four months. Besides, it owns a logistics system serving large enterprise customers. Over the past few years, Vietnam has witnessed the explosive growth of ride-hailing in the biggest cities, … [Read more...] about Viettel joins ride hailing market

Johnsonville, the leading United States-based sausage provider, is looking for processing firms in Asia to grow its presence in the international market. The firm is receptive to forming joint-ventures, acquisition or seller approaches, said managing director Arun Khanna. In June 2019, Johnsonville announced successful co-operation with Frabelle Fishing Corp. (Philippines) in a bid to take advantage of the Philippines’ large market for hotdogs and other frozen meat products, The Manila Times reported. Founded in 1945, Johnsonville is one of the biggest sausage providers in the US and reached the highest revenue of all sausage brands, with annual revenue of $1 billion. It offers a wide range of products, including traditional smoked-cooked links, brats, grillers, Italian, and breakfast sausages to more innovative chicken sausages, meatballs, and sausage accompaniments such as mustard and rolls. US-based sausage provider Johnsonville is looking for partners in Asia, … [Read more...] about Johnsonville looks for meat processing firms in Asia and Vietnam

Masan’s Nui Phao complex is among the biggest investment projects in Thai Nguyen Earlier this month, Nhu Van Tam, Deputy Chairman of the Thai Nguyen People’s Committee, made a fact-finding trip to the construction site of Song Cong II Industrial Zone (IZ) with a view to fast-tracking the project and completing the infrastructure for investors in this September. Song Cong II IZ is one of six IZs in Thai Nguyen’s development planning scheduled to call for investment. The six IZs are planned on 1,420 hectares and will be complemented by 35 industrial clusters of 1,259ha to welcome potential investors. This move is to prepare for the potential new investments in the months to come. According to the Ministry of Planning and Investment, Thai Nguyen attracted $445.5 million worth of foreign direct investment (FDI) in 2018, ranking 16th among cities and provinces. The figure is on an upward trend as in the first five months of 2019, the province approved the investment … [Read more...] about Thai Nguyen province on cusp of funding progress