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PRESS WATCH

January 9

Released at: 11:42, 09/01/2018 PRESS WATCH

January 9

VET's round-up of news from Vietnamese media for January 9.


Garco 10 to list on UPCoM

The Hanoi Stock Exchange (HNX) has given approval to 18.9 million shares of the Garment 10 Corporation (Garco 10) being traded on the UPCoM market with the stock code M10. The shares will be listed on January 10, with a reference price on the first trading day of VND22,800 ($1) per share. M10 is therefore valuated at close to VND431 billion ($19 million).


Viet Uc Seafood to launch Bac Lieu shrimp facility

The Viet Uc Seafood Corporation will launch a high-quality shrimp farming greenhouse complex costing around VND1 trillion ($44 million) later this month, a recent seminar on high-tech agriculture in the Mekong Delta province of Bac Lieu heard. Covering 315 ha in the province’s Hiep Thanh commune, the complex includes a breeding facility, a feed processing plant, a greenhouse shrimp farm, and a shrimp processing plant. Annual output is expected to reach an average of 120-130 tons of shrimp per ha, according to the organizer of the seminar.


Five-star resort on Cat Ba Island announced

The first five-star resort and entertainment complex on Cat Ba Island, off the coast of Hai Phong city and just south of Ha Long Bay, promises to change the local tourism sector and economy. Flamingo Group’s Executive Director Rajat Chhabra made the remarks at a January 7 ceremony in Hanoi where the Flamingo Cat Ba Beach Resort was officially announced. The resort, with a view of Lan Ha Bay, is located on Cat Co 1 and Cat Co 2 beaches.

Steel association calls for MoIT to fight US anti-dumping measures

The Vietnam Steel Association (VSA) has asked the Department of Trade Defense at the Ministry of Industry and Trade (MoIT) to assist Vietnamese steel producers in anti-dumping investigations launched by the US into corrosion-resistant steel and cold rolled steels. The association suggested that the ministry take measures to support steel businesses in opposing any acts by the US that are inconsistent with international law and ask the US Department of Commerce (DOC) to obey WTO regulations and US laws. If the US side doesn’t change its decision, the association said, MoIT must then propose the government sue the country at the WTO.


Maritime industry and trade plan given green light

Minister of Industry and Trade Tran Tuan Anh has approved a plan to develop Vietnam’s maritime industry and trade to 2025 with a vision to 2035. The industry will become an important economic sector under the plan, with high and stable growth and contributing to shifting the maritime economic structure towards industrialization, modernization, and high-quality services and trade. Total average growth in industrial production value in coastal areas is to reach 9-9.5 per cent per year in the 2016-2020 period and between 10.5-11 per cent per year in the 2021-2025 period.

2017 public debt to GDP ratio lower than expected

Vietnam’s public debt to GDP ratio stood at 61.3 per cent as at the end of 2017, lower than an earlier estimate of 62.6 per cent, according to the Ministry of Finance. Deputy Minister Tran Xuan Ha announced the official figure at a conference on January 8 reviewing the performance of the financial sector last year.


MWG picks up Tran Anh

The Mobile World Investment JSC (MWG) has completed its purchase of a 95 per cent stake from shareholders in the Tran Anh Digital World JSC, costing VND824 billion ($36.3 million), through transactions on January 3 and 5. MWG also saved VND577 billion ($25.4 million) from the sale of 6.2 million additional shares issued to Tran Anh’s existing shareholders at a discount of VND93,300 ($4.1) per share. The net outlay to acquire Tran Anh was therefore about VND247 billion ($10.9 million).

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