Despite recent losses driven by the Chinese stock rout, Vietnam’s stock market is one of the few bright spots among emerging markets tracked by US investment bank Goldman Sachs. The main support was attributed to rising exports and the Vietnamese government’s push to become an Asian manufacturing hub. The country’s economic growth perked up to 6.4 percent in the second quarter from 6.1 percent during the previous three months. Vietnam’s benchmark VN-Index has gained 4.9 percent this year while US-based MSCI Inc’s Next 11 equity gauge – which includes the Republic of Korea, Indonesia, the Philippines, Nigeria, Bangladesh, Egypt, Pakistan, Turkey, Mexico, Iran and Vietnam – has tumbled 19 percent…
Binh Duong: industrial production rises 13.8 percent
The value of industrial production in the southern province of Binh Duong has hit over 152 trillion VND (6.68 billion USD) for the first nine months of the year, up 13.8 percent on a yearly basis. According to the provincial Department of Industry and Trade, the domestic sector accounted for 50 trillion VND of the figure, a rise of 12.3 percent, while the foreign-invested sector posted 103 trillion VND, up 14.6 percent. Two-digit growth of 12 out of 27 groups of key products of the locality contributed to the high increase of total industrial production. Semiconductors, refrigerating equipment, footwear, wooden furniture, steel, garment-textiles and bags saw increases between 10-31 percent.…
Japanese-invested projects benefit Binh Duong
Japanese-invested projects have proved effective and significantly contributed to economic development in the southern province of Binh Duong, said Chairman of the provincial People’s Committee Tran Van Nam. Japanese investors have to date run 232 projects totalling approximately 5 billion USD in the locality, with a focus on electronic components, pharmaceuticals and high-quality products. Locals are most excited about the Aeon Binh Duong Canary shopping centre, which is operating effectively. Most recently, a series of projects to develop the property market, transport infrastructure and smart buses are underway in the province. Japanese-invested projects have also generated jobs for tens of thousands of local labourers. Binh Duong is currently ranked second…
Can Tho to focus more on services sector
CAN THO – Can Tho City will attend more to the quality of economic growth and development of the services sector in the restructuring of its economy with services, industry and agriculture on focus. The economic structure of Can Tho was unveiled by Tran Quoc Trung, deputy secretary of Can Tho City’s Party Committee, when he replied to the Daily’s relevant question at a press conference in the Mekong Delta city on Monday. Trung said in the past years, the city’s economy has grown on an industry-service-agriculture structure but it is very difficult for the city to attract investments in industrial projects while infrastructure and services cannot meet the demand…
VN airline signs strategic agreement with Japanese finance corporations
VietNamNet Bridge – Private airline Vietjet and Mitsubishi UFJ Lease & Finance Company Limited (MUL), a member of Japan’s leading finance group Mitsubishi UFJ Financial Group (MUFG), signed a memorandum of understanding (MOU) yesterday in Tokyo on the sidelines of the official visit of Party Chief Nguyen Phu Trong to Japan. Japan’s Prime Minister Shinzo Abe and General Secretary Nguyen Phu Trong witnessed the signing of the MOU, which will pave the way for MUL to finance Vietjet’s leasing and acquisition of three brand new A321 aircraft, worth US$347.2 million, according to the manufacturer’s listed price. These three aircraft are part of a contract signed earlier between Vietjet and European…
Seven additional investment projects roll into Binh Thuan
Seven additional investment projects will be carried out in the central province of Binh Thuan, as agreed between local authorities and investors at a promotion conference held in the locality on September 12. Most of the large-scale projects focus on the province’s strengths, including the Hoa Thang 1 Wind Power Plant, a solar power plant, the Vietnam-Cambodia friendship tourism site and a milk processing plant. Chairman of the provincial People’s Committee Le Tien Phuong affirmed that Binh Thuan is one of the most attractive destinations for investors in Vietnam, especially for tourism and the energy industry, given the favourable investment climate in the locality. He highlighted that thanks to the…
Toshiba extends backing for higher education
Toshiba Corporation last week announced its continued commitment to granting scholarships for eligible individuals in Vietnam to get access to quality tertiary education through Vietnam National University Hanoi (VNU-Hanoi) and Vietnam National University HCMC (VNU-HCMC). On the occasion, the company hosted two ceremonies to mark the 10th year of scholarship awarding at VNU-Hanoi and VNU-HCMC. Toshiba has funded the scholarship program since 2005 which has benefited more than 400 recipients to date. Toshiba will provide each of universities with 1.6 million yen per year. Selected post-graduate students will get annual scholarships covering tuition fees and living expenses. Apart from scholarships, Toshiba established a laboratory to develop platform technology for embedded…
Food, beverage markets thrive
The food and beverage sectors have enormous potential for development with a stable annual growth rate of 7-8 percent, according to the Vietnam Beer, Alcohol and Beverage Association (VBA). With the population of more than 90 million, the food and beverage sectors are key industries and make significant contributions to the country’s economy, said Nguyen Van Viet, chairman of the association. Many domestic and foreign enterprises are seeking opportunities to invest in food and beverage sectors with potential market, Viet said at the opening ceremony of the 19th International Exhibition on Food & Beverage and Food Processing & Packaging Technology & Equipment that opened on September 9 in HCM City.…
Ministry proposes increase to special consumption tax
HA NOI (VNS) — The Ministry of Finance has proposed to increase special consumption tax on imported goods to ensure fair competition between locally manufactured products and imported ones. Under the current regulations, the special consumption tax on imported goods is calculated keeping in mind their cost, insurance, and freight (CIF) value plus current import tariff. However, the ministry said the import tax on automobiles and air-conditioners would be lowered to zero under the country’s commitment to international integration. The current special consumption tax on imported goods would not ensure fairness between local and imported items. It could become vulnerable for importers to take advantage of the tax cut for…
Private investment needed in infrastructure
Demand for transport infrastructure is increasing, so the Ministry of Transport must review transport system planning and seek private investment for transport projects, according to officials at a workshop. The meeting was held by the Vietnam Institute of Economics and the Bank for Investment and Development of Vietnam (BIDV) on September 7. It focused on promoting investment in transport infrastructure. The demand for investment in transport infrastructure between 2016 and 2020 had grown to 1 quadrillion VND (45 billion USD), said Nguyen Danh Huy, Director of the Public-Private Partnership Department at the Ministry of Transport. The State budget is limited. It can provide about 28 percent. However, the Ministry of…
Plan proposes increase in pension
HA NOI — A new proposal to increase pension for the elderly who are receiving less than VND2.5 million (US$111) a month, has been submitted to the government for its approval. The labour, invalids and social affairs ministry said the pension would be increased by VND250,000 ($11) per person per month for those who retired or were granted subsidy for occupational health loss prior to April 1993. The time-frame was set so that it was compatible with the national budget’s funding capacity, the ministry said. The proposal also said the pension amount a person would receive after the adjustment would not be more than VND2.5 million ($111) a month. It…
Regional minimum wage to rise 12.4 percent next year
The regional minimum wage in 2016 will be raised by 12.4 percent as approved at the third meeting of the National Salary Council on September 3. The increase level for Region 1 is 400,000 VND (17.8 USD) while the respective figures for Region 2, 3 and 4 are 350,000 VND (15.6 USD), 300,000 VND (13.3 USD), and 250,000 VND (11.1 USD). The expected minimum wages will be 3.5 million VND (155.6 USD), 3.1 million VND (136.4 USD), 2.7 million VND (118.8 USD), and 2.4 million VND (105.6 USD), respectively. Regionally-based monthly minimum wages vary in four different regions based on four separate benchmarks determined by living standards in each area. …
80,000 Vietnamese labourers work abroad within 8 months
HA NOI (VNS) — Nearly 80,000 Vietnamese labourers went to work abroad from January to August this year, marking an increase of 8.21 per cent, over the same period last year, statistics from the Ministry of Labour, Invalids and Social Affairs’ Overseas Labour Management Department (OLMD) show. With this figure, the country met 83.98 per cent of the target for this year. It had planned to send 90,000 workers abroad this year. During just the month of August, the statistics from enterprises show that the total of labourers working abroad was 11,255, of which 3,590 were women. Taiwan still ranked as the largest market for Vietnamese labourers during the first eight…