17:19 (GMT +7) - Tuesday 12/12/2017

PRESS WATCH

December 1

Released at: 14:15, 01/12/2017 PRESS WATCH

December 1

VET's round-up of news from Vietnamese media for December 1.


South Korean company proposes JV with FLC Group

South Korea’s Nex Petrol Nature Energy has proposed a joint venture with the FLC Group to develop large-scale real estate projects such as apartments, offices, and condotels using three methods: acquiring the assets of the FLC Group in existing projects; investing in FLC projects under construction, or cooperating with FLC to develop new projects. The South Korean company has an investment fund of about $2 billion.

Vietcombank to conduct auction to recover debts

The Ho Chi Minh City branch of Vietcombank has announced it will auction property to recover debts owed by the Thanh Vu Tay Ninh JSC and Fujisan Limited. The value of loans as at November 13, 2017 was approximately VND206 billion ($9.07 million), of which VND169.4 billion ($7.46 million) is principal debt and VND36.4 billion ($1.58 million) is interest. The starting price offered by the bank is at least equal to the principal balance of the loan.


MoIT releases draft on domestic trade development

Retail sales revenue will reach over VND11,000 trillion ($484.58 billion) by 2025 and nearly VND44,000 trillion ($1.93 trillion) by 2035, according to the Ministry of Industry and Trade’s draft strategy on domestic trade development, which has been released to seek recommendations. According to the draft, the GDP of the domestic trade sector will be more than VND419 trillion ($18.4 billion) by 2020, VND700 trillion ($30.8 billion) by 2025, and VND2,300 trillion ($101.3 billion) by 2035, contributing roughly 15.5-16 per cent to Vietnam’s GDP by 2030.


Vietnam to work with ASEAN in considering EU’s request to join East Asia Summit

Vietnam will work with other ASEAN members to consider the EU’s request to officially become a member of the East Asia Summit, according to Ministry of Foreign Affairs’ spokesperson Le Thi Thu Hang. The East Asia Summit is a forum held annually by leaders of 18 countries, including the ten ASEAN members and Australia, China, India, Japan, South Korea, New Zealand, the US, and Russia. Further expansion will be decided upon on the basis of consensus within ASEAN.


Quang Tri Rubber to invest in Laos

The Quang Tri Rubber Co., a subsidy of the Vietnam Rubber Group (VRG), will plant 500 ha of rubber and build a rubber processing factory in Saravane province, Laos, under a land leasing contract signed in Vientiane. The project has total investment of $10 million and an operational duration of 30 years.

116,000 enterprises established in first eleven months

According to the General Statistics Office (GSO), more than 116,000 enterprises were established in the January-November period with total registered capital of over VND1,100 trillion ($48.4 billion), up 14.1 per cent in enterprise numbers year-on-year and nearly 42 per cent in registered capital. The total number of workers employed at newly-established enterprises was more than 1 million. During the period, more than 32,200 enterprises registered to increase their charter capital, totaling VND1,500 trillion ($66 billion), which helped raise the total of newly-registered and additional capital to over VND2,700 trillion ($118.8 billion).


German Asia-Pacific Business Association seeks opportunities in Hanoi

Members of the German Asia-Pacific Business Association (OAV) are keen to explore cooperation opportunities in urban development, infrastructure facilities, transportation, energy, environment, and human resources in Hanoi. Mr. Timo Prekop, Member of OAV’s Board, told Mr. Nguyen Duc Chung, Chairman of the Hanoi People’s Committee, of its intentions at a recent meeting in the capital. He said German businesses in general and OAV members in particular hope to receive assistance from city authorities in seeking opportunities in Vietnam.

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