HCMC – HCMC is calling for Japanese firms to invest in major sectors like mechanical engineering, chemical, food processing, fashion and production of textile-garment materials and pharmaceuticals, HCMC vice chairman Tat Thanh Cang said. Cang mentioned the key sectors in need of Japanese investment at a meeting with a business delegation from Japan’s Saitama Prefecture on June 2. The delegation, headed by Saitama deputy governor Iwasaki Yasua, is in the city to foster economic cooperation between the two localities. Cang that some 700 Japanese enterprises have invested in HCMC and that more companies from the northeast Asian country are coming to explore business and investment opportunities in this city. The…
City drums up Japanese investment in key sectors
HCMC – HCMC is calling for Japanese firms to invest in major sectors like mechanical engineering, chemical, food processing, fashion and production of textile-garment materials and pharmaceuticals, HCMC vice chairman Tat Thanh Cang said. Cang mentioned the key sectors in need of Japanese investment at a meeting with a business delegation from Japan’s Saitama Prefecture on June 2. The delegation, headed by Saitama deputy governor Iwasaki Yasua, is in the city to foster economic cooperation between the two localities. Cang that some 700 Japanese enterprises have invested in HCMC and that more companies from the northeast Asian country are coming to explore business and investment opportunities in this city. The…
WB funds public transport development
HCMC – The World Bank (WB) has approved a loan of US$124 million for HCMC to carry out a project to improve public transportation in HCMC. The WB said in a statement on June 1 that it would finance developing a bus rapid transit lane of 23 kilometers on Vo Van Kiet and Mai Chi Tho roads to connect An Lac, southwest of HCMC, and Rach Chiec in the northeast. There will be some 28 stops on the bus route as part of the project. Once completed, the service will be able to serve up to 28,300 passengers a day with a focus on facilitating the transport of women, children and people…
Technology incentives introduced to Da Nang firms
Representatives from over 70 businesses in the central city of Da Nang were informed of incentives to the use of modern technologies during a local seminar on June 2. A number of them mentioned difficulties in adopting technological advances, including high costs, lack of marketing skills and limited resources to monitor competition and the latest technology trends. They shared that Vietnamese companies predominantly process and export raw materials using outdated technologies, resulting in low added value. According to them, domestic firms also find it hard to access financial subsidies when they plan for technology adoption, partly owing to cumbersome procedures. The Ministry of Science and Technology reported that 76 percent…
Vietnam performs well in world programming competition
The Vietnamese team has performed well in the world final of the ACM International Collegiate Programming Contest (ACM/ICPC) 2015, which took place on May 25 in Morocco, according to the Vietnam National University – Hanoi (VNU-Hanoi). The Java# team from the University of Technology under the VNU – Hanoi, the only Vietnamese representative at the contest, solved six out of 13 problems, ranking 20 th out of 128 teams, the best result Vietnam has ever acquired in the contest. Since 2006, Vietnam has been ranked among the 100 most outstanding teams across the world competing in the contests, the team’s coach Ho Dac Phuong said. This year was the fourth…
A credit package worth some VND20 trillion (US$952.38 million) will be released to support homebuyers interested in commercial and urban housing projects
A credit package worth some VND20 trillion (US$952.38 million) will be released to support homebuyers interested in commercial and urban housing projects, reported Xay Dung, the Ministry of Construction’s e-paper. The ministry made the announcement in a document sent to the government office, whereby it approved the lending programme suggested by the State Bank of Viet Nam. The central bank will disburse the fund through commercial banks in which it has controlling stakes. They include Vietcombank, VietinBank and BIDV, along with Agribank and Viet Nam Development Bank. Deputy Minister of Construction Pham Hong Ha said the programme was aimed at boosting the real estate market while helping lending institutions speed…
Many small enterprises hit the wall
For the first four months of this year, 3,249 small enterprises have closed their business, and 19,000 others temporarily stopped operations, a survey conducted by the Vietnam Chamber of Commerce and Industry (VCCI) has found. Most of the companies had under 10 billion VND (480,000 USD) of registered capital. The number of enterprises temporarily stopping operation increased by 4.5 percent, though the number of enterprises closing fell 0.8 percent compared with last year. “The development of small- and medium-sized enterprises (SMEs) is very important for any economy and if SMEs can’t develop, the Vietnamese economy will find it hard to grow in a sustainable way,” Nguyen Hoang, president and CEO…
Eco-industrial parks a new trend
VietNamNet Bridge – Foreign industrial zone developers are leading the way in the development of eco-industrial parks (EIZ) in Vietnam. VSIP Nghe An is expected to kick off this September, according to Nghe An provincial authorities. This will be an EIZ to cover an area of 1,400 hectares with investment capital of VND3 trillion in the first phase of the project. The license for the project is expected to be granted in July. This will be the seventh VSIP to be developed in Vietnam. A similar project, the eighth VSIP, would be developed in the central province of Binh Dinh. Like other VSIPs, the IZs developed by the joint venture…
The free trade agreement between Vietnam and the Eurasia Economic Union (EAEU) was signed in Burabai,
Kazakhstan on May 29 after more than two years of negotiation, opening up a new chapter in the partnership between Vietnam and the union as well as each EAEU member in particular. The deal was inked by Prime Minister Nguyen Tan Dung and leaders from EAEU members – Russia, Belarus, Kazakhstan, Armenia, and Kyrgyzstan – as well as the Chairman of the Board of the Eurasia Economic Commission. Launched in Vietnam on March 28, 2013, the comprehensive and highly-committed agreement regulates issues related to goods trading, origin principle, trade remedies, investment, intellectual property, legality and institution, among others. Once it becomes effective, two-way trade between Vietnam and the EAEU is…
Japanese company to build industrial park in Vinh Phuc
Japan’s Sumitomo Corporation will build an industrial park in northern Vinh Phuc province, as said in a memorandum of understanding it signed with the provincial People’s Committee on May 29. The industrial park, named Thang Long 3, covers nearly 300 hectares in Binh Xuyen district and has an initially investment of 135 million USD. When operational, it is set to attract over 80 Japanese businesses manufacturing automobile and motorcycle components, high-tech and other products for support industries, providing 40,000 jobs for local residents. Chairman of the Vinh Phuc People’s Committee Phung Quang Hung said Sumitomo’s construction will create a prerequisite for the sustainable development and a breakthrough for local industrial…