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March 8

Released at: 14:59, 08/03/2018 PRESS WATCH

March 8

VET's round-up of news from Vietnamese media for March 8.

Jooan Holdings to establish branch and build food plant in Vietnam

Targeting the potential food manufacturing and distribution sector in Vietnam, Jooan Holdings Corporation from South Korea has decided to established a branch in Hanoi before setting up a $1.2 million food manufacturing and processing plant in Vietnam. It also signed a memorandum of understanding (MoU) with the HT Food Co. to cooperate in the country’s food distribution sector. Within six months after establishing the branch, the company plans to enter into a cooperation agreement with the T&T 159 Food JSC to build the food manufacturing and processing plant.

Tourism development fund to be set up

A tourism development fund will be set up with capital to be sourced from the State budget in the first three years and then funded by 10 per cent of revenue from visa and immigration-related fees. Under Government Decree No. 168/2017/ND-CP, which guides the execution of the tourism law, capital for the fund will also come from annual revenues at tourist destinations and contributions from sponsors, local and international organizations, and bank interest, among other sources. There is no mention of the charter capital of the fund in the decree but it will be determined after the Prime Minister decides on the fund’s establishment.

PM seeks early warning of macroeconomic and financial risks

Prime Minister Nguyen Xuan Phuc has asked the National Financial Supervisory Commission to quickly submit a plan to develop an early-warning system for macroeconomic and financial risks. At a ceremony to mark the 10th anniversary of the Commission, Prime Minister Phuc hailed its achievements in helping the government keep inflation under control and maintain macroeconomic stability. Given unpredictable global conditions and flaws in the domestic economy, the responsibilities of agencies, including the Commission, are heavy. The financial market should be developed to be more competitive and become a solid foundation for fast and sustainable economic growth.

Mizuho Bank and Vinh Phuc sign investment agreement

Japan’s Mizuho Bank has signed a memorandum of understanding with the northern province of Vinh Phuc on cooperation in boosting Japanese investment in the locality. The Provincial People’s Committee will create all favorable conditions possible for Mizuho’s customers to make investments in the province. Local authorities will also enable the Japanese bank to join in investment promotion events to seek partners and promote products and services. Mizuho will send experts to Vinh Phuc to offer advice on financial and banking services to support investors if requested.

Two Vietnamese debutants on Forbes rich list

Mr. Tran Ba Duong, Chairman of the Truong Hai Auto Corporation (Thaco), and Mr. Tran Dinh Long, Chairman of the Hoa Phat Group, with total net assets of $1.8 billion and $1.3 billion, respectively, are among 259 debutants on Forbes’ list of the world’s wealthiest people in 2018. Vietnam now has four billionaires on the list, which also includes Mr. Pham Nhat Vuong and Ms. Nguyen Thi Phuong Thao.

Jan-Feb exports up 23%

Vietnam earned $33.6 billion from exports in the first two months of 2018, a year-on-year increase of 22.9 per cent, according to the Ministry of Industry and Trade. The State sector contributed $9.6 billion, up 25.7 per cent, and the foreign-invested $23.9 billion, up 21.8 per cent.

Company established to provide security at airports

The Aviation Security Company will be established to provide aviation security services and security control at airports in Vietnam. According to a plan submitted by the Airports Corporation of Vietnam (ACV) to the Ministry of Transport, the Aviation Security Company will be an independent accounting company and fully-owned by the ACV.

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