AGS（AGS JOINT STOCK COMPANY）

Deputy Prime Minister Vu Van Ninh expressed his support for Citigroup to expand its operation in Vietnam while receiving Chief Executive Officer Michael L.Corbat in Hanoi on October 23. He was delighted that many foreign investors, including Citigroup, have chosen Vietnam as a business destination. On the occasion, the host also wished that Citigroup would continue assisting Vietnam in personnel training for the finance-banking sector. Corbat, in response, lauded the Vietnamese government for its successes in macro-economic stability, equitisation of State-owned enterprises, economic restructuring and administrative reform. Citigroup wants to continue providing Vietnam with hi-quality personnel training and an insight into regional and global economic developments, he said, adding that…

A cooperation agreement to build a bicycle production cluster in the southern province of Binh Duong was signed between representatives from the Active International Vietnam Co., Ltd and the Becamex IDC on October 23. Under the document, Active International Vietnam chose the Bau Bang Industrial Park (IP), which was invested by Becamex IDC, to house the cluster. The project, with an estimated cost of 200-250 million USD, will be built on an area of 80 hectares in the Bau Bang IP. Once completed and operational, it is expected to attract 45-60 businesses and generate jobs for 10,000 labourers. The Active International Vietnam is a subsidiary of Taiwan (China)’s DDK Corporation,…

The steel industry will grow 12 percent in the next two year under the impact of the Trans-Pacific Partnership (TPP), Nguyen Minh Nhut, director of BlueScope Steel Vietnam Limited, said at a press conference on October 21. He noted that the sector itself does not benefit from tariff reduction or elimination under the TPP. However, the TPP is expected to boost investment in other sectors, which will drive demands for construction, thus pushing up demand for steel. The sector’s current annual growth rate is seven percent. Australian steelmaker Blue Scope has established its facilities in Vietnam for 20 years with three factories built at a cost of 130 million USD.…

Vietnam is attending the 30th Trade Expo Indonesia 2015 in Jakarta from October 21 to 25.　The annual event attracts domestic and international enterprises seeking investment opportunities, information exchanges and a way to introduce their products to partners across the world.　The Vietnam booth will disseminate Vietnamese enterprises’ images and products to foreign partners.　The 2014 expo drew participation from more than 10,000 visitors from 100 countries and territories, with trade transactions coming to a total of more than 1 billion USD. 　The Indonesian government introduced several measures to stimulate the economy, attract investment and bolster ASEAN economic growth. 　Finance Minister Bambang Briidjonegoro said the government expects the economy to enjoy faster growth…

The authorities of the central province of Quang Binh held a working session with the Laos Petro Join Stock Company on October 19 to discuss the outcomes of a site survey for a bonded warehouse and oil pipeline in Vietnamese territories, reported the Lao Dong (Labour) newspaper. The survey is part of a project to construct a bonded warehouse and an oil pipeline from Quang Binh’s Hon La Island to Khammouane province in Laos. As planned, the Hon La bonded warehouse will span 30 hectares with a total capacity of about 150,000-200,000 cubic metres. The oil pipeline from Hon La to the Cha Lo border gate will have total length…

About 85.6 percent of the surveyed 4,028 enterprises in the processing-manufacturing sector expect to maintain their current growth trends or expand their business operations in the fourth quarter, according to the General Statistics Office (GSO). Data from the GSO showed that 46.8 percent of respondents were upbeat about their performance prospects, another 38.8 percent forecast stable business operation while 14.4 percent said that they would face difficulties. Escalating and stable output production will be seen in 86.2 percent of the surveyed businesses while only 13.8 percent forecast a decline. The foreign-invested sector has the highest amount of enterprises expecting a productivity surge in the last quarter of this year with…

Ministry of Agriculture and Rural Development official Nguyen Do Anh Tuan has suggested that Japanese enterprises should prioritise investments in seed production and breeding, support industries for farming, biological technology and produce maintenance in Vietnam. He also suggested that they develop farms, fish ports and irrigation works, adding that the country had been accelerating administrative reforms and support policies to attract investors into these areas. Tuan noted that, although advantages related to nature and farmers facilitates Vietnam’s agricultural development, the country’s products still remain cheap with the lack of modern technology application and linkages between production and distribution. Mori Mutsuya, Chief Representative of the Japan International Cooperation Agency (JICA) in…

Up to 2,412 contracts worth more than 200 billion VND (9 million USD) were signed at the Vietbuild international exhibition fair on construction, building materials, real estate and interior decor, freshly closed in Can Tho city. Besides, a number of foreign companies pledged to open representative offices in Mekong Delta city and Vietnam in general. The annual event hosted more than 200 local and foreign enterprises with nearly 500 booths, helping firms seek cooperation and partnership opportunities. Conferences and forums were also organised on the sidelines of the six-day fair.-VNA http://en.vietnamplus.vn/contracts-worth-over-9-mln-usd-signed-at-vietbuild/83056.vnp (151014)

Electricity of Vietnam (EVN) expects that maximum daily electrical capacity will remain below the available grid power throughout October. The country is expected to consume up to 24,790 MW per day in October, while the national grid is capable of providing between 28,000 and 29,080 MW. As such, domestic electricity consumption will be secure with sufficient backup. Due to extreme weather caused by El Nino, most reservoirs have recorded low water levels. By the end of September, total water volume across all reservoirs fell 22 billion cubic metres below last year’s level. EVN has set goals for effective use of hydropower plants and water storage facilities. It has also planned…

 Seventeen existing and new projects made a total of 9,550 apartments available in the real estate market of Ho Chi Minh City in the third quarter of this year, announced Savills Vietnam, the largest property company in the country, at a press conference on October 7. Of the figure, 5,220 units were sold, up 4 percent compared to the second quarter, with Districts 2, 7 and Binh Thanh accounting for 57 percent of the transactions. Savills Vietnam predicted about 57,000 apartments from 92 existing and future projects will be available for purchase from the fourth quarter of this year to 2017 In the July-September period, as many as 1,680 villas…

Once ratified by member country parliaments, the newly-reached Trans-Pacific Partnership (TPP) agreement will open up a new road to the future of cooperation and integration in the region, which requires each member to improve itself to greet both opportunities and their coupled challenges. October 5, 2015 marked a historical milestone for the 12 TPP countries as their trade ministers reached final consensus on the world’s largest free trade agreement after more than five years of negotiations. The TPP is a multi-lateral free trade agreement that involves not only goods and services but also non-trade affairs. Once it comes into effect, it will delineate the world’s largest free trade area with…

Ho Chi Minh City plans to set up a special economic zone spread over the four districts of 7, Binh Chanh, Nha Be, and Can Gio to develop its maritime economy and logistics industry. The HCM City Development Research Institute, which has provided the draft of the zone to the city administration, said the zone would spur the development of the area and create jobs and other livelihoods for local residents. It also said it would promote tourism and help preserve the Can Gio Mangrove Biosphere Reserve and help develop the entire southern region. In a report, it said the establishment of the zone would help convert an inefficient agricultural…

The World Bank forecast that the Vietnamese economy will grow at a speed of 6 percent in 2015, according to the East Asia and Pacific Economic Update released on October 5. The country’s poverty rate is expected to reduce with extreme poverty, which is currently set at living on 1.90 USD per day or less, tapering off from 2.8 percent in 2012 to 1 percent in 2017. Meanwhile, the population living under 3.10 USD per day is predicted to dwindle to 6.7 percent in 2017 from 12.3 percent in 2012. Economic recovery and stable macro-economic conditions will further reduce poverty. However, slower agricultural growth will affect rural resident incomes, thus…

Export turnover in the Mekong Delta province of Tien Giang hit 1.32 billion USD in the first nine months of this year, up 23 percent compared to the same period last year – the highest growth recorded thus far. According to the provincial Department of Industry and Trade, the figure reached nearly 83 percent of the yearly target. Key export products included garment-textiles, handbags and leather footwear which together accounted for 60 percent of the turnover in the period, up nearly 50 percent year-on-year. Handbag exports posted double growth while garment-textiles increased about 143 percent in terms of volume and 30 percent in value. Notably, foreign direct investment enterprises accounted…

The printing and packaging industries are expected to grow by 15-20 per cent in output this year, according to the Viet Nam Printing Association (VPA). The local printing market has steadily grown, with industrial packaging and label printing accounting for 80 per cent of the total output of the industry, said VPA Chairman Nguyen Van Dong. Industrial production expansion had contributed to the growth of industrial packaging and label printing, Dong said. Dong spoke at the 15th Vietnam International Printing & Packaging and Food Processing Industry Exhibition that opened yesterday in HCM City. Nearly 1,500 industrial packaging printing enterprises are operating nationwide with total revenue of more than US$2 billion,…

Measures to develop human resources in Vietnam were discussed at a conference, held by the Central Institute for Economic Management (CIEM) in Hanoi on September 29. Speaking at the conference, CIEM Deputy Director Nguyen Thi Tue Anh highlighted that Vietnam has to improve its human resources for prioritised sectors, saying sustainable economy is premised on human resources development. Meanwhile, Toma Massaski from the Japanese Embassy in Vietnam underscored that Vietnamese Government and relevant ministries and agencies need to pay attention to the human resources education quality while identifying fields that require advanced qualifications and technology. He stressed that high-quality manpower has a crucial role in increasing productivity and contributing to…