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Bloomberg.com on May 30 said that Vietnam and the US have found common ground over security matters in recent years. It wrote Vietnam wants to further integrate with global markets and enhance trade ties with the US. On his first year in office, US President Donald Trump will attend the Asia Pacific Economic cooperation summit in Vietnam, which shows the US’s will to promote ties with the country. The same day, Asia Sentinel posted an article by former American diplomat David Brown, saying that Washington and Hanoi had forged a strategic entente during the Obama years. Though President Trump has ripped up the Trans-Pacific Partnership, the two countries might agree to explore a bilateral trade pact that would entail many TPP-like reforms. Bilateral talks will be at the top of Prime Minister Nguyen Xuan Phuc’s agenda during his visit toWashington, Brown said. Dr. Jonathan D. London, Lecturer of Global Political Economy – Asia at Leiden University in the … [Read more...] about PM Phuc’s US visit grabs international attention

During the trip, PM Phuc is scheduled to meet with President Trump, US cabinet secretaries, and Senators. He will attend a conference with local businessmen, deliver a speech at the Global Heritage Fund, and meet representatives of the Vietnamese community in the US. In New York, PM Phuc will meet UN Secretary-General Antonio Guterres and attend a ceremony marking Vietnam’s 40th year as a UN member. Vietnam joined the UN in 1977. He met on Monday with Robert H. McCooey Jr., Senior Vice President of NASDAQ's Listing Services unit. Phuc expressed his hope that the NASDAQ will continue expanding cooperation with and support for Vietnamese businesses that are listed on NASDAQ. Mr. McCooey said he hopes to have the Vietnamese government’s support. At meetings the same day with Vietnam’s permanent delegation to the UN and Vietnamese entrepreneurs and intellectuals, the government leader praised the expatriate community’s contributions to the US economy and to … [Read more...] about Government leader’s activities in US

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Vietnam attracted US$1.79 billion worth of acquisitions from foreign investors from January until May this year, up 116.2% on-year, according to the Ministry of Planning and Investment’s Foreign Investment Agency (FIA). This is a remarkable increase, reflecting the obvious trend of growing interest in entering Vietnam’s market through mergers and acquisitions (M&A). Last week, Bibo Mart JSC, the owner of the baby-and-mom chain of stores of the same name in Vietnam, announced that Japan’s ACA Investments, one of the best-performing fund managers in Asia, has acquired a 20% stake in the company. Bibo Mart was only one among the many M&A deals reported in this year’s first five months. Another is the South Korean firm Taekwang’s interest in acquiring a stake in Gemadept, the largest Vietnamese logistics firm. “Foreign direct investment (FDI) in a country is organized in two channels: Green-field investment and cross-border M&A. The majority … [Read more...] about Merger and acquisition activity raises total FDI

However, the money market has unexpectedly reversed with liquidity considerably improved. The interest rate performance in the interbank market last week was different from the weeks before when it decreased sharply from 4.7%-4.9% to 3.9%-4.1% for overnight loans (O/N). In OMO (Open Market Operations), no commercial bank registered to borrow capital from the State Bank on May 19, which was the first time since the beginning of the year. The average balance in OMO, which was always over VND35 trillion, has dropped to VND4 trillion. A BVSC report shows that the banking system’s liquidity has returned to a surplus state. Where’s the cash flow coming from? In theory, the sudden reverse in the two markets would occurs only if the State Bank (SBV) pumps capital into the market, and the quickest way for SBV to support liquidity is pumping capital through OMO. However, the scenario did not occur as the outstanding balance of the banks on OMO is on the decrease and is nearing zero … [Read more...] about Money market changes course unexpectedly

During the meeting, Ambassador Nguyen Phuong Nga, Head of Vietnam’s Permanent Mission to the UN, reported the delegation’s performance since it was established in 1977 in conjunction with Vietnam starting its UN membership. The delegation has followed the UN agenda for sustainable development and completed Vietnam’s duties as an active member of the UN, Nga said. She added that the delegation also work to support Vietnamese expatriates in New York and boost trade and cultural exchange between Vietnam and the US. The PM said the work has contributed significantly to the implementation of Vietnam’s foreign policy of multilateraliation and diversification of foreign relations, and proactive and active integration into the world. He urged the delegation to sustain its positive operation and further promote Vietnam’s image to international friends. The same day, the PM received a number of Vietnamese entrepreneurs and intellectuals in the US, who expressed … [Read more...] about PM meets Vietnamese delegation to UN, Vietnamese businesses

Pham Dinh Thi, Director of the Tax Policy Department under the Ministry of Finance, said that the move aims to raise organisations’ and individuals’ awareness and responsibility for the environment, hence reducing the use of those products. According to the international practice and Montreal Protocol, countries are requested to cut down the use of major ozone depleting substances, including HCFC and Vietnam must phase out consumption of the solution by 2030, Thi said. Meanwhile, plastic bags are taxed heavily or even banned in many countries in the world. At a recent press conference to introduce the bill on amendments and supplements to the Law on Environmental Protection Tax, Deputy Minister of Finance Vu Thi Mai said that the law is set up to realise the Party and State’s policies and guidlines on completing institutions, mechanisms and financial policies on environmental protection while restructuring state budget in the coming time. The amended law will make … [Read more...] about Environmental tax hikes planned for HCFC, plastic bags

The ministry’s proposal said businesses should be fined VND5-10 million if they charge higher than their listed prices, according to a new report on the government website. Those who fail to list their prices or list them in a way that confuses customers or beyond the regulated limits should be fined VND3-5 million, it said. Advertising violations such as using speakers or leafleting in public areas would face the same fine, while advertising with flying objects such as balloons and kites would be subject to penalties of VND5-10 million, the proposal said. Non-aviation services at Vietnamese airports, mostly shops selling food, drinks and souvenirs, earned VND2.6 trillion in 2015 and accounted for nearly a fifth of the Airports Corporation of Vietnam's annual revenue, according to the group's financial report from last year. But these money-making services also draw regular complaints from passengers, both locals and foreigners, who say they usually cost much more than the same … [Read more...] about Ministry proposes penalties for overcharging of airport services

During a seminar held in Hanoi on May 29 to review the project, Director of the Supporting Industry Enterprises Development Centre (SIDEC) Truong Thi Chi Binh said among more than 200 participating enterprises, 98 percent of them have increased sales while 38 percent have recorded higher export earnings. The project has connected spare parts manufacturers with buyers worldwide, particularly those in the European market, and assisted in building relevant policies. Thanks to the project’s support, the Vietnam Association for Support Industries (VASI) was born in March 2017 which links together businesses, organisations and individuals working in the field. Up to 30 training courses in manufacturing-trade have benefited 1,500 people while 67 stalls were organised for businesses in eight international fairs in Europe. Do Thi Thuy Huong from the Vietnam Electronics Industries Association said the project has made it easier for Vietnamese firms to supply products to Samsung. … [Read more...] about EU-funded project improves Vietnam’s support industry

Petrolimex’s foreign ownership capped at 9.31% by May 28. Last year, the Japanese JX Nippon Oil &Energy (JXEV) bought 103.5 million stocks, or 8 percent of the group’s shares, at VND39,000 per share. The group’s market capitalisation value tops VND78.4 trillion (US$3.4 billion), helping the enterprises surpass Vietinbank, BIDV and ROS to enter the club of five largest companies on the HoSE with high capitalisation value. Last week, Petrolimex announced that it had sold 20 million registered shares at five times higher than the share’s par value. The move is an opportunity for the company to step into VN30, top 30 largest firms in terms of capitalisation and equity. With a large distribution system of 2,400 stores and franchised agents accounting for 50 percent of Vietnam’s petrol market share coupled with robust business results in the first quarter of this year, PLX will continue to be an attractive code to foreign investors.Equitised in 2011, … [Read more...] about Petrolimex shares attractive to foreign investors