08:15 (GMT +7) - Thursday 13/12/2018


February 21

Released at: 15:39, 21/02/2018 PRESS WATCH

February 21

VET's round-up of news from Vietnamese media for February 21.

Hyosung Group to make Vietnam a global manufacturing base

South Korea’s leading textile and chemicals firm, the Hyosung Group, intends to invest $6 billion to enable Vietnam to become a global manufacturing base for the chemicals and heavy industries. Hyosung has set out a strategy for semi-finished products in Vietnam based on cost competitiveness. The semi-finished products will be turned into finished products at a plant in Changwon, South Korea, and then exported to other countries. This strategy will raise export value as well as improve the productivity of the plants in South Korea.

New solar power project for Ninh Thuan

Sunseap International, the international arm of Singapore’s leading clean energy provider the Sunseap Group, has signed an agreement with InfraCo Asia Development Pte., Ltd. (InfraCo Asia) to jointly develop a 168 MW utility-scale solar power project in the south-central province of Ninh Thuan. InfraCo Asia will take a minority stake alongside Sunseap’s existing partner, CMX RE Canada, while Sunseap International will continue to hold a majority stake in the project.

ZaloPay to have 1,000 new points of sale

ZaloPay e-wallet, developed by the VNG Corporation, aims to open about 1,000 new points of sale in 2018. Run by the ZION Company Limited, a member of the Vietnam Banking Association, ZaloPay enables electronic payment for bills such as electricity, water, internet, and TV as well as money transfers via QR code and connections with bank accounts for cash withdrawals or recharging. ZaloPay is accepted at retail chains such as The Gioi Di Dong, FPT Shop, Vien Thong A, Nguyen Kim, Circle K, Family Mart, 7 Eleven, B’s Mart, Lotte Cinema, Galaxy Cinema, BHD Cinema, Viettravel and Tiki.

Agriculture exports to grow 2.2-2.3% this year

The agriculture sector aims to gross over $21 billion in export turnover in 2018, representing a year-on-year increase of 2.2-2.3 per cent, according to the Ministry of Agriculture and Rural Development. Localities will continues shifting their crop structures to grow more profitable crops that are adaptive to climate change, such as corn and fruit and vegetables, and develop aquaculture, especially in the northern, south-central, and central highlands regions.

Nghi Son refinery delayed

Commercial production at the Nghi Son Oil Refinery, which has a capacity of 200,000 barrels per day, has again been delayed. Japan’s Idemitsu Kosan Petroleum Co. currently owns 35.1 per cent of the project. The refinery was previously scheduled to begin commercial operations in the first quarter of this year.

US DoC recommends steel import tariffs

The US Department Commerce (DoC) has recommended that President Donald Trump impose a steel tariff of at least 53 per cent on all steel imports from 12 countries - Brazil, China, Costa Rica, Egypt, India, Malaysia, Russia, South Korea, South Africa, Thailand, Turkey, and Vietnam, ranging from global and country-specific tariffs to broad import quotas. Other countries will be subject to a quota limiting their tariff-free access equal to their 2017 steel exports to the US. The country-specific aluminum tariff option would impose a 23.6 per cent tariff on all products from China, Hong Kong, Russia, Venezuela, and Vietnam.

Warburg Pincus & Becamex IDC strike JV

US firm Warburg Pincus is forming a joint venture with a State-run Vietnamese company to provide logistics services in the country’s key economic and industrial zones. Warburg Pincus and the Investment & Industrial Development Corp. (Becamex IDC) will pour more than $200 million into the joint venture. The venture, the BW Industrial Development JSC, will develop and operate modern warehouses and factories in Vietnam.

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