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February 6

Released at: 13:27, 06/02/2018 PRESS WATCH

February 6

VET's round-up of news from Vietnamese media for February 6.

State capital management commission established

A commission for the management of State capital in enterprises has been formally established, in a move to enhance the efficiency of State-owned enterprises in Vietnam. Designated a government agency, the commission came into being following a resolution signed by Prime Minister Nguyen Xuan Phuc on February 3. It will be the representative owner of wholly State-owned enterprises and of the government’s stakes in those that have been equitized.

Canada imposes duties on copper pipe fittings

The Canada Border Services Agency (CBSA) has conducted preliminary determinations on dumping and subsidizing with respect to certain copper pipe fittings originating in or exported from Vietnam. The dumping and subsidy duties are 159 per cent and 4.7 per cent, respectively, for products from the Hailiang (Vietnam) Metal Products Co. Ltd, while for all other exporters the rates are 159 per cent and 42.4 per cent. The CBSA will accept case arguments from all parties prior to March 19.

Rubber production and exports third globally

Vietnam is currently ranked third globally in natural rubber production and export, according to the Vietnam Rubber Association. The country earned $2.3 billion last year from the export of 1.4 million tons of natural rubber, up 36 per cent in value and 11.4 per cent in volume against 2016.

South Korean projects for Long Son Petrochemicals

Two South Korean investors - SK E&C and POSCO E&C - will develop two projects to serve the Long Son Petrochemicals Complex on Long Son Island in the southern province of Ba Ria Vung Tau. The ethylene plant is one of the segmented parts of the project, including a polypropylene and a polyethylene plant. SK E&C will build the ethylene plant and other utility facilities.

Real estate receives 6.2% of FDI in January

Foreign investors pumped in a total of $77.6 million into Vietnam real estate market in January, according to figures from the Foreign Investment Agency. The real estate sector ranked third among 19 sectors receiving foreign direct investment (FDI) in the month, attracting 6.2 per cent of total registered capital. There were 1,400 new construction firms founded in January, up 21 per cent, together with more than 460 new firms in the real estate business, up 47 per cent over the same period last year.

Vimo & Lotte Duty Free strike deal

E-wallet service provider the Vimo Technology JSC has clinched a cooperation agreement with Lotte Duty Free to accept payments by Chinese tourists via the WeChat Pay e-wallet at Lotte duty-free stores at Da Nang International Airport. Chinese tourists are able pay for goods and services by using the WeChat Pay app on their smartphones to scan QR codes instead of using bank cards or cash. Vimo and Lotte Duty Free have offered the service at five Lotte Duty Free stores at the airport.

HCMC to push multi-story workshop buildings at IPs and EPZs

Ho Chi Minh City authorities have plans to develop more multi-story workshop buildings at several industrial parks (IPs) and export processing zones (EPZs) after the success of such buildings at the Tan Thuan Export Processing Zone in the city’s District 7. The Tan Thuan Co Ltd on February 3 put an eight-story workshop building into operation at the EPZ, bringing the total number of multi-story workshop buildings at the zone to four. Each can offer business or production space for several companies, especially small and medium-sized enterprises. The workshop buildings, developed at a cost of nearly $7 million, provide full amenities to tenants.

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