Ministry seeks support for car industry

NDO - Minister and Chairman of the Government Office Mai Tien Dung conveyed the Prime Minister's criticism of ministers and chairmen from People's Committees of 13 ministries and provinces in relation to the slow disbursement of public investment in 2017. Minister Dung, who led the PM Working Group to meet with heads of 13 ministries, provinces and cities on July 25, named the list of ministries and localities reporting slow disbursement including the Ministry of Planning and Investment, the Ministry of Foreign Affairs, the Ministry of Health, and the cities of Hanoi, Da Nang and Ho Chi Minh City, among others. The report showed that over VND357 trillion (US$15.71 billion) was to be allocated for development investment purposes in 2017 including VND307 trillion (US$13.5 billion) sourced from the State budget and VND50 trillion (US$2.2 billion) from Government bonds. However, only VND85 trillion (US$3.74 billion) had been disbursed by June 15, equivalent to 23.9% of the year's plan and 27.6% of the plan set by the National Assembly and the Prime Minister. In particular, 13 ministries, agencies and localities have disbursed less than 20% of the set plan, namely the Ministry of Planning and Investment, the Ministry of Foreign Affairs, the Ministry of Health, the State Bank of Vietnam, the Committee for Ethnic Minority Affairs, Vietnam News Agency, the Veterans Association of Vietnam, and the cities of Hanoi, Ho Chi Minh City, Da Nang, Binh Duong, Binh Phuoc, and Tay Ninh. The PM Working Group said that…... [read more]

Financial group Blue HK from Hong Kong signed an investment agreement with Start-up Beta Media JSC to construct low-cost multiplexes in smaller cities and provinces in Vietnam, according to newswire NDH. Blue HK and Beta Media goes around competition to target uncontested, lower-scale markets According to the agreement, Beta Media is valued at VND600 billion ($27.5 million). However, the specific value of the agreement and the stakes to be held by the Hong Kong partner have yet to be disclosed. Previously, Beta Media received investment from Vietnam Investments Group (VIG)—the investor of Galaxy Cinemas and Galaxy Studios, as well as numerous food brands. Since 2015, with the launch of the Beta Cineplex chain in northern province of Thai Nguyen, Beta Media has built and opened three other cinemas in Bien Hoa city in the southern province of Dong Nai and two in My Dinh and Thanh Xuan districts in Hanoi. Ticket prices are 60 to 65 per cent lower than high-end cinemas in major cities. Beta Media general director Bui Quang Minh said that by developing cinema theatres in smaller provinces, the company can avoid the fierce competition with large firms. In 2017, Beta Media plans to open six more multiplexes in the central province of Thanh Hoa, the northern province of Bac Giang, as well as Hanoi, Nha Trang and Ho Chi Minh City, increasing the number of its total multiplexes to…... [read more]

Chairman of the Binh Dinh People’s Committee said that he would personally take responsibility for a number of procedural violations in FLC Group’s project in the central province of Binh Dinh, and requested the Ministry of Construction (MoC) to work with the province to further clarify a number of issues in the inspection report. RELATED CONTENTS: Numerous violations found in FLC’s million-dollar projects Deputy PM gives instructions on hi-end complex construction FLC Group starts construction of Vietnam’s largest hotel FLC Chairman buys 10 million ROS shares FLC chairman to become the richest billionaire in Vietnam’s stock market A recent inspection by MoC revealed numerous procedural violations in FLC Group’s project in the central provinces of Binh Dinh and Thanh Hoa. In the inspection report, MoC recognised that FLC has been implementing a number of projects, contributing to the socioeconomic development of many regions in the country. However, aside from positive contributions, MoC inspectors also listed numerous violations in the implementation of FLC Quy Nhon and FLC Sam Son complexes, including the lack of various planning and inspection records as well as permits. According to VnEconomy, on July 23, Ho Quoc Dung, Chairman of the Binh Dinh People’s Committee, spoke with reporters about the inspection. He stated that the province will request to work with MoC to further clarify some of the…... [read more]

The 21st VietFood, Beverage and Professional Packing Machines (VietFood & Beverage-ProPack) exhibition will take place in Saigon Exhibition and Convention Centre at 799 Nguyen Van Linh Street, District 7, Ho Chi Minh City, from August 9 to 12, 2017. 500 companies from 20 countries and territories will showcase their very best at the annual event The series of events have been a significant trade promotion platform, with the participation of two important sectors. On one hand, the food and beverage section will display five product categories (food, agricultural, local, and aqua-sea products; beverage; nutrition, pharmaceutical food; materials and ingredients). The other section of the event will highlight machinery and equipment, packaging and food preservation products, and franchise opportunities. The side-line events will also offer plentiful showcasing and networking opportunities as they are held in collaboration with the Vietnam Association of Retailers (AVR), the Ho Chi Minh Food and Foodstuff Association (FFA), the Vietnam Beer-Alcohol-Beverage Association (VBA), the Young Business Association and the Ho Chi Minh Business Association. Vietfood & Beverage-ProPack has brought in huge commercial values in its more than 20 years of annual event attracting well-known domestic and international brands. This year will see the participation of  500 businesses from 20 countries and territories, raising about  600 pavilions. Notable participants hail from Taiwan, Poland, Malaysia, Thailand, Korea, China, and of course Vietnam. In 2016, the exhibition attracted 425 companies and 500 pavilions…... [read more]

Export value totalled US$97.7 billion in the first six months of 2017, up as high as 18.8 per cent over the same period of 2016 (up 5.9 per cent) on higher prices (mainly agricultural products and fuels) and shipments (manufactured products). Exports also increased month by month. Notably, fuel and mineral exports recorded very high growth of 40.2 per cent to reach US$2.29 billion in the six-month period. All commodities in these groups advanced, particularly coal (up 326 per cent), crude oil (36.2 per cent) and petroleum (31.2 per cent), on higher prices. The export of processed goods rose sharply by 19.1 per cent to US$78.56 billion. High and stable growth was seen in key exports, particularly electronic devices, electric devices and footwear. Woodwork export regained its high growth momentum to reach US$3.66 billion in the review period, up 13.9 per cent over the same period of 2016 (up only 1.1 per cent) because Chinese shipments to the United States were imposed anti-dumping duties, resulting in a redirection of export orders to ASEAN markets, particularly Vietnam. Therefore, there are many opportunities for the Vietnamese wood industry to enter the interior furniture market in the US. The third reason to the export jump was the six-month growth of agricultural, forestry and fishery products, rising 16.7 per cent to US$12.1 billion, led by the high growth of vegetables and fruits (43.5 per cent) and seafood (16.7). After a long period of slowdown, rice also drove…... [read more]

Cruise tourism is contributing significantly to the tourism industry and economy of Vietnam. However, in the long run, Vietnam needs the correct strategy and investment for modern seaport system development to unlock its potential strength. Impressive figures According to the General Statistics Office (GSO), Vietnam's cruise tourism has developed rapidly, with more international visitors coming to Vietnam. In 2016, Vietnam welcomed more than 10 million international visitors, including 284,855 arrivals by sea, up 67.7 per cent over 2015. In the first six months of 2017, tourist arrivals from the sea reached 170,843, an increase of 26 per cent over the same period of 2016. These results, according to tourism experts, come from Vietnam's favourable natural conditions, with more than 3,200 kilometres of coastline, thousands of islands, diverse ecosystems and world-renowned bays like Ha Long Bay, Nha Trang Bay, Vinh Hy Bay and Lang Co Bay. In addition, Vietnam is favourably located between two of the largest cruise tourism centres of Hong Kong and Singapore - the major economic hubs that open the door for Vietnam to access other countries in the region and the world from the East Sea. In addition, to attract and serve an increasing number of cruise trvellers to Vietnam, relevant authorities and tourism businesses have adopted many reform ad investment policies in the past years. Specifically, it has opened Phu Quoc Island and Con Dao Island to foreign tourists, it has waivered visas for cruise tourists to Vietnam, and reduced port fees for…... [read more]

NDO – The Power Generation Corporation No. 3 (EVNGENCO 3) on July 24 announced its decision to establish the Thai Binh Thermal Power Company, which will be in charge of managing and operating the Thai Binh Thermal Power Plant. The company is based on the labour force of the management board of the Thai Binh Thermal Power Plant project, aiming to serve the safe, continuous and effective operation of the plant, while seeking optimal production costs and the improvement of business production efficiency. The Thai Binh Thermal Power Plant, located in Thai Binh province’s Thai Thuy district, is one of the Government’s key projects, with Electricity of Vietnam (EVN) as its investor and EVNGENCO 3 as its management advisory unit, represented by the management board. Its projected cost is estimated at over VND26 trillion (US$1.14 billion) with an installed capacity of 600 megawatts (2x300MW) and an annual power output of approximately 3.6 billion kWh. This is the first large-scale thermal power plant to be designed by a Vietnamese advisory unit. After over three years of construction, the project has now been basically completed. Addressing the event, leaders of EVN and Thai Binh province asked officials and staff of the Thai Binh Thermal Power Company to uphold their responsibilities while effectively carrying out management and operation duties of the plant. The company was requested to strictly comply with regulations on environmental protection ; to optimise production costs; and to manage and use capital and assets in…... [read more]

Grab, the leading on-demand transportation and mobile payments platform in Southeast Asia, steps up its game with new investments. DiDi and Softbank open their wallets wide for Grab's current financing round The ride-hailing firm yesterday announced that DiDi Chuxing (DiDi), the world’s leading one-stop mobile transportation platform, and SoftBank Group Corp. (SoftBank), a global technology leader driving the Information Revolution, will invest up to $2.0 billion to lead Grab’s current financing round. Grab anticipates that it will raise an additional $500 million, bringing the total to $2.5 billion in this round from existing and new investors. This is the largest single financing round in the history of Southeast Asia. DiDi and SoftBank will continue to support Grab’s vision of helping customers in Southeast Asia access safe transportation and financial products, whilst creating employment opportunities. Grab is by far the most dominant on-demand transportation platform in the region, with a market share of 95 per cent in third-party taxi-hailing and 71 per cent in private vehicle hailing. The company will continue to strengthen its already-leading market position and invest in GrabPay, its proprietary mobile payments solution. Anthony Tan, the group’s CEO and co-founder, said that, “We are delighted to deepen our strategic partnership with DiDi and SoftBank. We are encouraged that these two visionary companies share our optimism for the future of Southeast Asia and its on-demand transportation and payments markets, and recognise that…... [read more]

Regional trade pacts and business climate improvements have made Vietnam become a manufacturing hub for ASEAN investors and firms. Vietnam’s cement sector has allured ASEAN investors with some big acquisition deals, Photo: Quynh Trang Rebecca Fatima Sta Maria, senior policy researcher from the Economic Research Institute for ASEAN and East Asia (ERIA), said that under the institute’s latest survey about the ASEAN investment situation, Vietnam has been considered by ASEAN as “a regional special investment destination”. “Investment from ASEAN has been strongly flowing into Vietnam, focusing in many sectors, especially in the industrial manufacturing and processing sector,” Maria said at last week’s Hanoi-based conference on the 50-year anniversary of ASEAN, organised by Vietnam’s Ministry of Foreign Affairs (MoFA) and ERIA. ERIA statistics showed that by late 2016, the total registered investment capital inflows into Vietnam from ASEAN (Cambodia, Brunei, Indonesia, Laos, Malaysia, the Philippines, Singapore, and Thailand) reached almost $60 billion for 3,127 valid investment projects. About half of that is concentrated into the manufacturing and processing industry. “The fact that foreign direct investment (FDI) from ASEAN went into the manufacturing and processing industry the most demonstrates Vietnam is emerging as an important industrial manufacturing hub of ASEAN, also thanks to its improved business and investment climate,” Maria said. Nguyen Quoc Dung, MoFA Deputy Minister and Vietnam’s ASEAN SOM leader, said that ASEAN total registered capital into Vietnam has so far hit over…... [read more]

Fortinet (NASDAQ: FTNT), the global leader in high-performance cybersecurity solutions, today announced it has been recognised as a leader in the 2017 Gartner Magic Quadrant for Enterprise Network Firewalls. The report evaluated Fortinet’s Security Fabric, its ‘completeness of vision’ and ‘ability to execute’ as factors for the placement in the Magic Quadrant. As a foundation of the Fortinet Security Fabric, the FortiGate Enterprise Firewall is the only solution that delivers the scale, automation, and performance needed to protect from the edge to the datacenter and from IoT to the Cloud. More than 310,000 customers trust Fortinet solutions to deliver the broadest, most powerful and highly automated security to defend their entire attack surfaces. FortiGate Enterprise Firewall customers have enthusiastically provided 288 perfect 5-star reviews and 498 total reviews on Gartner Peer Insights – compared with the 418 reviews for the next 10 enterprise firewall vendors combined as of July 12. Independent evaluation and market analysis conducted by firms like Gartner are critical to help businesses determine the best vendors to protect their critical data and assets against an increasingly hostile threat landscape. “Cybersecurity is a very dynamic space. Customer requirements keep evolving, the attack surface is growing as mobile devices, cloud computing and IoT is used in corporate networks, and the threat landscape is getting more sophisticated and automated," Ken Xie, founder, chairman of the board and CEO at Fortinet. "Just over a year ago, we launched our Fortinet Security Fabric technology vision…... [read more]

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