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February 1

Released at: 13:32, 01/02/2018 PRESS WATCH

February 1

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

Forbes Vietnam announces list of prominent young entrepreneurs

Forbes Vietnam magazine announced its “30 Under 30” list earlier this week, featuring some of the brightest young entrepreneurs, innovators, and game changers in the country. This is the third time Forbes Vietnam has announced the list, honoring young people who have made a positive contribution in different fields.

Square Communications teams up with Japanese strategic partner

The Square Communications JSC, an integrated marketing communications group in Ho Chi Minh City, has announced that Hakuhodo Inc., Japan’s second-largest advertising company, has become its strategic partner after two years of negotiations. The partnership will help Square Communications double its capabilities in serving Vietnamese, Japanese, and international clients. Hakuhodo Inc. will send experts from its subsidiary, Hakuhodo Product, to Square Communications to share knowledge, expertise and technology to expand the latter’s operations throughout Indochina.

Asanzo Vietnam opens Long An plant

Electronics producer the Asanzo Vietnam JSC has opened a plant in the Mekong Delta province of Long An and intends to build another in Ho Chi Minh City later this year. Covering 8,000 sq m and costing VND200 billion ($8.8 million), the new facility will supply electronic products to customers in the Mekong Delta, Chairman Pham Van Tam told the launch of Vietnamese smartphone models Asanzo S2 and S3 on January 30.

Construction of two Mekong Delta wind power plants underway

Breaking ground ceremonies for two wind power plants in the Mekong Delta provinces of Bac Lieu and Soc Trang were held on January 30. The installation of 71 turbines in the third phase of the VND8.9 trillion ($391.6 million) Bac Lieu Wind Power Plant began in Vinh Trach Dong commune in the provincial capital, Bac Lieu city. This phase is part of efforts to enhance trade and investment ties between Vietnam and Thailand. With the new turbines, the project will house a total of 133 turbines with a total capacity of 241.2 MW. The third phase alone has a capacity of 142 MW.

PV Power holds IPO

The PetroVietnam Power Corporation (PV Power) sold all 468.37 million shares it offered at its initial public offering (IPO) on the Hanoi Stock Exchange on January 31, raising nearly VND7 trillion ($308 million). Representing about 20 per cent of charter capital, the shares had an initial price of VND14,400 ($0.633) and were sold to 1,981 investors at an average price of VND14,938 per share, with the highest price being VND28,000 and the lowest VND14,500.

January export turnover down against December

Export turnover in January was estimated at $19 billion, down 3.3 per cent against December, according to the General Statistics Office (GSO). The domestic economic sector earned $5.41 billion from exports, down 5.2 per cent, while the foreign-invested sector earned $13.59 billion (including crude oil), down 2.6 per cent. Export turnover for certain items was down compared to December, such as iron and steel (-28.3 per cent), footwear (-11.5 per cent), and textiles (-7.2 per cent).

Two-thirds of Japanese enterprises in Vietnam are profitable

Nearly two-thirds (65.1 per cent) of Japanese enterprises in Vietnam are “profitable”, an increase of 2.3 points compared to 2016, an annual survey conducted by the Japan External Trade Organization (JETRO) found. JETRO conducts its survey every year on the operations of Japanese-invested enterprises in Asia and Oceania, including Vietnam, according to Chief Representative Mr. Hironobu Kitagawa. Export earnings (EPE) are relatively good, and about 70 per cent of Japanese enterprises in Vietnam plan to expand operations, which is high compared to other countries, and Vietnam continues to be an important investment destination. The survey was conducted from October 10 to November 10, 2017, involving nearly 12,000 Japanese enterprises in 20 countries and territories. In Vietnam, 1,345 Japanese enterprises were contacted about participating in the survey, of which 652 (48.5 per cent) responded.

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