Hong Kong calls for investment from Vietnam Hong Kong is currently an ideal destination for Vietnamese firms to expand operations abroad, heard a round-table seminar in Ho Chi Minh City on August 13. Vo Tan Thanh, Director of the Vietnam Chamber of Commerce and Industry (VCCI)’s Ho Chi Minh City Branch, held that Vietnam and Hong Kong are key major trade partners of each other with bilateral trade reaching 9.2 billion USD in 2017, up 22 percent from 2016. As of June 2018, Hong Kong was the sixth largest foreign investor in Vietnam with a total capital of nearly 19 billion USD, he said. With the ASEAN-Hong Kong free trade agreement, trade and investment between Vietnam and Hong Kong are both expected to grow fiercely in the near future. Vietnam is encouraging firms to expand investment abroad to popularise Vietnamese products across the world. Thanh hailed Hong Kong as a free, developed economy with a strategic location, modern infrastructure, and large capital … [Read more...] about BUSINESS NEWS IN BRIEF 14/8
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BUSINESS NEWS IN BRIEF 4/8
PetroVietnam signs deals on Sao Vang-Dai Nguyet gas field exploitation A series of trade agreements on exploiting the Sao Vang-Dai Nguyet gas field was inked between the Vietnam National Oil and Gas Group (PetroVietnam) and its partners in Hanoi on July 31. The agreements included a gas sales and purchase and a gas supply agreement. The stakeholder participation in the Petroleum Sharing Contract includes the operator Idemitsu Kosan Co Ltd with 43.08 percent; Teikoku Oil (Con Son) Co Ltd, 36.92 percent; and PetroVietnam, 20 percent. Speaking at the signing ceremony, PVN General Director Nguyen Vu Truong Son said the signing of trade agreements achieved after over two years of negotiations among sides involved. He said the event is very significant for the gas filed to turn out the first flow of oil and gas in the third quarter of 2020, with an estimated annual output of 1.5 billion cubic metres of gas and of 2.8 million barrels of crude oil and natural-gas condensate. The … [Read more...] about BUSINESS NEWS IN BRIEF 4/8
BUSINESS NEWS IN BRIEF 3/8
JLL reports on real estate M&A in first half Vietnam’s real estate market continued to exhibit irresistible appeal among foreign investors in the first half of 2018 and continued to witness high-value merger and acquisition (M&A) transactions in a variety of sectors such as residential, commercial, and industrial, according to Ms. Khanh Nguyen, Associate Director, Capital Markets, Vietnam, at JLL. Joint ventures have become popular among foreign developers who have strong financial capacity and track record, with them joining forces with local developers who own land and have strong connections with the local community. Foreign investors are from many different countries, such as Japan, South Korea, and Singapore, and with an increasing number of groups from Mainland China. JLL observes that there is an increasing number of local investors who are actively seeking real estate deals alongside foreign investors. 2018 started off with the acquisition of Sun Wah office tower … [Read more...] about BUSINESS NEWS IN BRIEF 3/8
BUSINESS NEWS IN BRIEF 2/8
Can Tho invites investors to investment promotion conferenceThe Mekong Delta city of Can Tho will hold an investment promotion conference on August 10, inviting investors for 54 projects worth nearly 124 trillion VND (5.44 billion USD). At a press conference on the conference on August 1, Chairman of the municipal People’s Committee Vo Thanh Thong said investors have already expressed interest in 44 out of the 54 projects on offer, and some are ready to start work immediately on 22 projects. He added that some projects attracted two or more investors, so the city will set criteria to select the best among them. Among the 54 projects, 21 are in real estate, 9 in culture-sports and tourism, 9 in agricultural and industrial infrastructure, 8 in transport, 4 in logistics and power, 2 in cultural-sport and health care infrastructure and 1 in information technology. Prime Minister Nguyen Xuan Phuc is expected to deliver a keynote speech and chair the conference, … [Read more...] about BUSINESS NEWS IN BRIEF 2/8
BUSINESS NEWS IN BRIEF 1/8
Vinh Phuc seeks investment from S Korea The northern province of Vinh Phuc promoted its potential and called for investment at a conference held in Gyeonggi Province in South Korea on Friday. Speaking before an audience of South Korean businesspeople, Chairman of Vinh Phuc provincial People’s Committee Nguyen Van Tri highlighted the province’s convenient location in Viet Nam’s northern key economic zone and favourable natural conditions suitable for industry, tourism and hi-tech agriculture. He informed the South Korean business circle that the province has made efforts to streamline its administrative procedures, upgrade infrastructure, especially at industrial zones, and train the local labour force. The provincial leader reported that Vinh Phuc is now home to more than 300 foreign direct investment (FDI) projects, including many run by South Korean corporations such as Partron Vina, Haesung Vina, Bangjoo and Interflex. Several more South Korean … [Read more...] about BUSINESS NEWS IN BRIEF 1/8