7.24 million international visitors to VN in seven months

In the first seven months of this year, Vietnam lured in nearly $22 billion in foreign direct investment (FDI) with the comeback of multibillion dollar projects, promising a breakthrough in FDI attraction for the whole year. The location of the future Thu Thiem New Urban Area  The age of multibillion dollar projects On July 25, Korean Lotte Group and the Ho Chi Minh City People’s Committee signed a contract to construct Eco-Smart City in Thu Thiem New Urban Area. According to the contract, the developer of the project is a joint venture between four of Lotte’s affiliates, namely Lotte Asset Development Co., Ltd., Lotte Shopping Co., Ltd., Hotel Lotte Co., Ltd., and Lotte Engineering & Construction Co., Ltd. The construction will be kicked off in the third quarter of this year and be implemented within three years with a total investment capital sum of VND20.1 trillion ($884 million) without the expenditure of compensation and land clearance. “Lotte placed a deposit of around VND2 trillion ($89.6 million) for the land use fees for six plots of land in Thu Thiem New Urban Area to develop the project. They are determined to develop the project,” said Nguyen Thanh Phong, Chairman of the Ho Chi Minh’s People’s Committee. Thus, based on the investor’s determination and the feasibility of implementation, Lotte may soon receive the investment certificate. One month ago, the Ministry of Planning and Investment…... [read more]

Vietjet Air on July 25th signed a partnership agreement with Japan Airlines to share code on routes between the two countries.   Under the agreement, as a first step, the two carriers will start a code-share cooperation for all flight services between Japan and Viet Nam, as well as JAL’s domestic flights, and Vietjet’s domestic flights, as well as flights between Viet Nam and the other Asian countries.   Japan Airlines and Vietjet will further explore opportunities to develop the partnership in various areas, including a frequent flier partnership, aircraft operations and maintenance, as well as ground handling services and training.   In his speech at the signing ceremony, Mr. Tadashi Fujita, Japan Airlines Executive Vice President, said the carrier is operating direct flights from Tokyo (Narita airport) to Ho Chi Minh City and Ha Noi, as well as from Tokyo (Haneda airport) to Ho Chi Minh City.   The two airlines have held a series of discussions on expanding their networks in response to the travel needs of people in neighboring Asian countries to Viet Nam, in addition to meeting growing demand for air travel between Japan and destinations in Viet Nam, he added.   Mr. Luu Duc Khanh, Managing Director of Vietjet Air, said Japan is a key market of the airline’s expanding flight network in the Asia-Pacific region. The partnership will help the carrier diversify its air transportation products and the…... [read more]

Three foreign investors and six Vietnamese companies will build urban railway lines in Hanoi as the city revs up its public transport system, Chairman of the Hanoi People’s Committee, Mr. Nguyen Duc Chung, has said. The People’s Committee will create optimal conditions for the investors so that projects will be completed quickly and help ease traffic congestion, Mr. Chung told a recent meeting with voters, though he did not reveal the names of the investors. It was reported earlier this month that the city would allow two foreign companies - Russia’s Mosmetrostroy and South Korea’s Lotte Group - to join the railway projects. Five Vietnamese companies will also be involved: Vingroup, Xuan Thanh Group, Lung Lo 5, Tan Hoang Minh, and a consortium of Licogi and MIK Group Vietnam. The construction of the railway lines is part of the city’s plans to enhance its public transport network and limit personal vehicles in the central business district by 2030. According to the city’s master plan for 2030 and vision to 2050, Hanoi will have ten urban railway lines with a combined length of 417.8 km. The city will need over $40 billion for their construction, including $7.5 billion in 2017-2020, $7.6 billion in 2021-2015, $3.5 billion in 2026-2030, and $21.3 billion after 2031. All will be built under the private-public partnership (PPP) model, in which investors can use land to develop urban infrastructure and shopping centers. Hanoi earlier submitted plans to auction 6,000 ha of land to build ten urban railway…... [read more]

The Vietnam Steel Association (VSA) has proposed a limit be placed on foreign investment in steel projects making products that domestic enterprises are able to produce, with foreign investment only attracted for the production of steel that can’t be produced locally, such as high-quality alloy steel for machinery production. Steel has become an important industry for Vietnam, with output of over 17 million tons per year. The sector is now focusing on four main steel groups: construction steel, cold rolled steel, welded steel, and galvanized steel. Figures from VSA show that the demand for stainless steel is on the increase, with imports last year reaching 700,000 tons. Only two local factories produce the steel: VSC-POSCO, with 100 per cent capital from South Korea, and the Vietnam’s Inox Hoa Binh International Joint Stock Company, with total capacity of 300,000 tons per year. Recognizing that Vietnam is an ideal destination for stainless steel, many Chinese investors are keen on establishing mills in the country. A Chinese investor recently expressed an interest in building a steel mill in southern Dong Nai province with a capacity of 300,000 tons a year. VSA pointed out that with the development of the steel sector, domestic enterprises can afford to build large-scale projects with capacity of up to 6 million tons per year. Therefore, no more foreign investment should be attracted in the sector. It believes the government should consider the right time to attract foreign investment and consider project scale and technology in order to ensure…... [read more]

Viet Nam attracted US$21.93 billion in foreign direct investment (FDI) during the first seven months of this year, a surge of 52 per cent year-on-year, according to the latest Foreign Investment Agency statistics. Of the total, $12.92 billion came from 1,378 newly-licensed projects, representing a yearly increase of 48.7 per cent. Another 677 already-operating projects have registered to increase their capital by more than $5.87 billion, up 38.5 per cent year-on-year. Foreign investors made 2,946 deals in contributing capital to businesses and buying shares of Vietnamese businesses with total value of $3.12 billion, soaring by 109.7 per cent compared with the same period in 2016. During January-July, FDI disbursement reached $9.05 billion, up 5.8 per cent against last year’s figure. Exports of foreign-invested enterprises (excluding crude oil) are estimated at $83.05 billion, up 20.3 per cent over last year, accounting for 72 per cent of the country’s total export turnover. Including crude oil, this figure is $81.26 billion, up 20 per cent. Imports of foreign-invested enterprises reached $71.35 billion, up 28.1 per cent and accounting for 60.3 per cent of the total import turnover of the country. Foreign-invested imports reached $ 71.35 billion, up 28.1 per cent over the same period in 2016 and accounted for 60.3 per cent of import turnover. Manufacturing and processing industries continued to be the top sector, receiving $10.83 billion of FDI, comprising 49.4 per cent of the total registered FDI. The sector was followed by the electricity production and distribution sector, with total investment…... [read more]

FDI in Jan-July through years in 2011-2017. — VNS Photo Linh Anh Viet Nam attracted US$21.93 billion in foreign direct investment (FDI) during the first seven months of this year, a surge of 52 per cent year-on-year, according to the latest Foreign Investment Agency statistics. Of the total, $12.92 billion came from 1,378 newly-licensed projects, representing a yearly increase of 48.7 per cent. Another 677 already-operating projects have registered to increase their capital by more than $5.87 billion, up 38.5 per cent year-on-year. Foreign investors made 2,946 deals in contributing capital to businesses and buying shares of Vietnamese businesses with total value of $3.12 billion, soaring by 109.7 per cent compared with the same period in 2016. During January-July, FDI disbursement reached $9.05 billion, up 5.8 per cent against last year’s figure. Exports of foreign-invested enterprises (excluding crude oil) are estimated at $83.05 billion, up 20.3 per cent over last year, accounting for 72 per cent of the country’s total export turnover. Including crude oil, this figure is $81.26 billion, up 20 per cent. Imports of foreign-invested enterprises reached $71.35 billion, up 28.1 per cent and accounting for 60.3 per cent of the total import turnover of the country. Foreign-invested imports reached $ 71.35 billion, up 28.1 per cent over the same period in 2016 and accounted for 60.3 per cent of import turnover. Manufacturing and processing industries continued to be the top sector, receiving $10.83 billion of FDI,…... [read more]

Rice cooperation between Vietnam and Australia is growing strongly and will continue to head upwards in the years to come. Deputy Prime Minister Vuong Dinh Hue, during his visit to the Australia, told a meeting with Australian businesses on July 24 that Vietnam can supply all types of rice in bulk to the country. Vietnam’s rice exports to Australia reached 220,000 tonnes last year, an increase of 50 per cent compared to 2015 and accounting for 4.5 per cent of all trade with the country. Mr. Rob Gordon, CEO of Sunrice, the world’s largest rice and food processor, said that some Vietnamese enterprises have exported micronutrient rice to islands in the Pacific Ocean under orders from Sunrice. He also suggested the Vietnam Government permit Sunrice to expand its business in Vietnam, transfer technology, and share its experience in rice production in a closed process with Vietnamese enterprises. Deputy PM Hue appreciated Sunrice’s goodwill and affirmed that the Vietnamese Government would direct the Ministry of Industry and Trade and the Ministry of Agriculture and Rural Development to cooperate with the company to support Vietnamese rice producers. Besides rice, Australian enterprises are also keen on other sectors in Vietnam such as tourism. Vietnam is becoming a popular holiday destination for many Australians, with 50,000 expected each year in the near future. Vietnam is now Australia’s 15th largest trade partner, with two-way trade of over $10 billion, while Australian investment in Vietnam has boomed over recent years. In the first six months of…... [read more]

Vietnam’s Deputy Foreign Minister Bui Thanh Son, in his speech at the plenary session of the APEC Business Advisory Council (ABAC)’s third meeting in 2017 in Toronto, Canada on July 26, urged the business community in APEC economies to actively join the forum’s activities this year. Vietnam’s Deputy Foreign Minister Bui Thanh Son The Vietnamese Deputy FM detailed APEC’s progress in the first half of 2017, especially the outcomes of APEC’s Second Senior Officials’ Meeting (SOM2) and relevant meetings in May in Hanoi, the APEC Ministers Responsible for Trade Meeting in Hanoi and preparation for SOM3 in Ho Chi Minh City next month.  According to Son, many issues were discussed at the meetings, towards realising previous APEC agreements and commitments, including implementing the Bogor Goals on free trade and investment, aiming to realise the APEC Strategy for Strengthening Quality Growth, the APEC Services Competitiveness Roadmap, the Master Plan on Connectivity and the Lima Declaration on Free Trade Area of the Asia Pacific.   Canadian Minister of International Trade Francois-Phillippe Champagne stressed the significance of APEC cooperation in economic growth in the Asia Pacific. Participants approved the SOM2, and discussed the draft 2017 ABAC Letter, and the dialogue form between ABAC and APEC leaders. They were also updated on the CEO APEC Survey on difficulties and prospect of the regional and global economy.  Attendees proposed ideas to improve ABAC in particular and APEC in general, suggesting practical dialogues with APEC leaders to address difficulties in the region.  Taking place from July…... [read more]

Toronto, July 27 (VNA) – Vietnam’s Deputy Foreign Minister Bui Thanh Son, in his speech at the plenary session of the APEC Business Advisory Council (ABAC)’s third meeting in 2017 in Toronto, Canada on July 26, urged the business community in APEC economies to actively join the forum’s activities this year.  The Vietnamese Deputy FM detailed APEC’s progress in the first half of 2017, especially the outcomes of APEC’s Second Senior Officials’ Meeting (SOM2) and relevant meetings in May in Hanoi, the APEC Ministers Responsible for Trade Meeting in Hanoi and preparation for SOM3 in Ho Chi Minh City next month.  According to Son, many issues were discussed at the meetings, towards realising previous APEC agreements and commitments, including implementing the Bogor Goals on free trade and investment, aiming to realise the APEC Strategy for Strengthening Quality Growth, the APEC Services Competitiveness Roadmap, the Master Plan on Connectivity and the Lima Declaration on Free Trade Area of the Asia Pacific.  Canadian Minister of International Trade Francois-Phillippe Champagne stressed the significance of APEC cooperation in economic growth in the Asia Pacific.  Participants approved the SOM2, and discussed the draft 2017 ABAC Letter, and the dialogue form between ABAC and APEC leaders. They were also updated on the CEO APEC Survey on difficulties and prospect of the regional and global economy.  Attendees proposed ideas to improve ABAC in particular and APEC in general, suggesting practical dialogues with APEC leaders to address difficulties in the region.  Taking place from July 24-28, the ABAC meeting…... [read more]

Vietnam’s Deputy Foreign Minister Bui Thanh Son (Source: VNA) Toronto (VNA) – Vietnam’s Deputy Foreign Minister Bui Thanh Son, in his speech at the plenary session of the APEC Business Advisory Council (ABAC)’s third meeting in 2017 in Toronto, Canada on July 26, urged the business community in APEC economies to actively join the forum’s activities this year. The Vietnamese Deputy FM detailed APEC’s progress in the first half of 2017, especially the outcomes of APEC’s Second Senior Officials’ Meeting (SOM2) and relevant meetings in May in Hanoi, the APEC Ministers Responsible for Trade Meeting in Hanoi and preparation for SOM3 in Ho Chi Minh City next month. According to Son, many issues were discussed at the meetings, towards realising previous APEC agreements and commitments, including implementing the Bogor Goals on free trade and investment, aiming to realise the APEC Strategy for Strengthening Quality Growth, the APEC Services Competitiveness Roadmap, the Master Plan on Connectivity and the Lima Declaration on Free Trade Area of the Asia Pacific.   Canadian Minister of International Trade Francois-Phillippe Champagne stressed the significance of APEC cooperation in economic growth in the Asia Pacific. Participants approved the SOM2, and discussed the draft 2017 ABAC Letter, and the dialogue form between ABAC and APEC leaders. They were also updated on the CEO APEC Survey on difficulties and prospect of the regional and global economy. Attendees proposed ideas to improve ABAC in particular and APEC in general, suggesting practical dialogues with APEC leaders to address difficulties in the region.…... [read more]




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