08:17 (GMT +7) - Thursday 13/12/2018


February 23

Released at: 11:18, 23/02/2018 PRESS WATCH

February 23

VET's round-up of news from Vietnamese media for February 23.

PM approves ultra-thin glass project

Prime Minister Nguyen Xuan Phuc has given in principle approval to the construction of an ultra-thin glass factory with a capacity of 1,200 tons per day in Yen Khanh district, northern Ninh Binh province. He has assigned the Ninh Binh Provincial People’s Committee to assume prime responsibility and to coordinate with the Ministry of Construction in guiding the investors in implementing the project according to the law, direct and supervise project implementation, and ensure environmental standards and technical regulations are met.

Nha Trang entertainment park project terminated

The Nha Trang Sao Park of Culture, Entertainment and Sport has just received a decision on the termination of its operation from the Khanh Hoa Department of Planning and Investment. The project saw construction begin in 2014 with total investment of more than $33 million, with the investor being the Nha Trang Sao Joint Stock Company. The reason for the termination is that the investor did not comply with the provisions of the investment certificate and ensure the extension of the implementation schedule with the People’s Committee, and was previously penalized for administrative violations but continued to commit such violations.

VCCI recommends changes to road services costs

The Vietnam Chamber of Commerce and Industry (VCCI) has sent a letter to the Finance Department at the Ministry of Transport suggesting a draft amendment to Circular No. 35 on the maximum price for conducting road services. According to Circular 35 and the draft, the maximum price shall be based on both the linear and the line length method. However, this method of maximum pricing is inadequate, regardless of route length, road quality, speed, and duration of traffic. The method does not solve the problem of over-charging on certain upgrading projects. VCCI recommends the drafting agency calculate the road use price for each means of transport based on the saved transportation cost of that means.

Malaysian fund keen on Vietnam

After spending more than $40 million on buying into the Mobile World Investment JSC (HoSE: MWG), the Kuala Lumpur-based investment fund Creador will invest an additional $100 million in M&A deals in Vietnam over the next three years. CEO Brahmal Vasudevan said the fund has been impressed with the speed of economic growth in Vietnam and sees similarities between Vietnam and China and India, which are two of its main investment destinations.

Dragon Capital funds purchase PNJ shares

A group of funds run by Dragon Capital has bought an additional 5.22 million shares in the Phu Nhuan Jewelry JSC (HoSE: PNJ) and raised ownership to approximately 11.4 million shares, or 10.49 per cent. The Ho Chi Minh Stock Exchange (HoSE) has just announced changes in foreign ownership at PNJ. The group of funds run by Dragon Capital - Vietnam Enterprise Investments Ltd. (VEIL), Wareham Group Limited, Norges Bank, KB Vietnam Focus Balanced Fund, and Hanoi Investments Holdings Limited - spent over VND841 billion ($37 million) on buying the 5.22 million shares.

PM calls for Hoa Lac Hi-Tech Park to be startup center

Prime Minister Nguyen Xuan Phuc has tasked the Management Board at the Hoa Lac Hi-Tech Park in Hanoi to create every condition possible for investors and turn the park into a center for high-tech startups. He made the direction during a February 22 visit to the park, where he was accompanied by Deputy Prime Minister Vu Duc Dam and leaders from the Ministries of Science and Technology, Planning and Investment, Finance, and Education and Training, the Vietnam Academy of Science and Technology, and the Hanoi People’s Committee.

Site clearance at Long Thanh Airport to cost $1 billion

Land reclamation, compensation, and resettlement support regarding the construction of the Long Thanh International Airport in the southern province of Dong Nai is estimated to cost nearly VND23 trillion ($1 billion). According to a feasibility study on land compensation for submitted recently to the State Appraisal Council by the Dong Nai Provincial People’s Committee, work will be completed before 2021. Site clearance will be prioritized on nearly 1,200 ha of land for the first phase of the airport’s construction. To acquire nearly 5,400 ha for the airport’s full construction, 4,900 households and 26 organizations will be relocated.

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