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November 27

Released at: 13:39, 27/11/2017 PRESS WATCH

November 27

VET's round-up of news from Vietnamese media for November 27.

Construction of Binh Duong production area underway

A breaking ground ceremony for a $19 million production area funded by investors from Taiwan (China) took place at the Bau Bang Industrial Park in southern Binh Duong province on November 24. The 13-ha area is invested by four Taiwanese firms: DDK Vietnam, Yi Xing, T-Star, and Every Young, which specialize in real estate, factory leasing, industrial infrastructure investment consultation, environmental protection equipment, and electricity and aluminum product production. Construction will cost $200 million on an area of 80 ha.

Trung Nguyen opens Shanghai rep office

The Trung Nguyen Coffee Group opened a representative office in Shanghai, China, on November 23. Mr. Richard Khoo Hye Koon, Director of International Marketing & Business Development, said Shanghai’s strategic location and dynamic trade scene would connect Trung Nguyen Coffee with a broader Chinese market. To capitalize on the neighboring market, Trung Nguyen plans to open its first overseas production facility in the country, he said, adding that the group aims to capture $1.6 billion from the market.

ODA loans to fund development of university towns

The government has decided to borrow official development assistance (ODA) loans totaling around $300 million from international financial institutions to develop three high-quality university towns in the country. The Office of the Government previously issued a notice detailing a conclusion that Prime Minister Nguyen Xuan Phuc made at a regular cabinet meeting on a mechanism and special policy to turn Vietnam National University Hanoi, Vietnam National University Ho Chi Minh City, and Danang University into leading training and research centers of national and regional scale. The notice states the universities will play a vital role in the national education and training system. Therefore, they should pioneer innovation, renovation, and improvements to higher education.

FTAs to affect budget revenue

Vietnam may lose over VND110 trillion ($4.8 billion) in budget revenue over the next three years as a result of new-generation free trade agreements (FTAs), according to the Ministry of Finance. The ministry estimated budget revenue losses in 2018, 2019, and 2020 could be VND30.15 trillion ($1.3 billion), VND36.34 trillion ($1.58 billion), and VND43.97 trillion ($1.9 billion), respectively. Next year, more than 90 per cent of tariff lines in the ASEAN Trade in Goods Agreement (ATIGA) will be cut to zero per cent. Of these, products with big tariff revenues include autos, parts, steel, farm produce, tobacco, and alcohol. Under the ASEAN-China Free Trade Agreement (ACFTA) and the ASEAN-Korea Free Trade Agreement (AKFTA), over 400 tariff lines with current rates of 5 per cent, 7 per cent, and 10 per cent will also be lowered to zero from next year.

Government to boost tourism infrastructure development

The government will spend over VND30 trillion ($1.3 billion) on tourism infrastructure development to 2020, according to its latest target program on tourism infrastructure development for 2016-2020 period. It expects to build modern infrastructure systems in order to boost tourist attraction, attract foreign and domestic investment in national tourist areas, and contribute to turning tourism into a key economic sector. It plans to develop comprehensive and modern infrastructure for three to five national tourist areas and provide financial resources to support tourism infrastructure development at 30 other tourist sites.

ASEAN to come even closer together

ASEAN member countries have bright economic prospects in the coming years due to strong regional integration, better transport connectivity, and reform momentum. A report released by BMI Research from the Fitch Group notes that aside from the ASEAN Economic Community, the proposed Regional Comprehensive Economic Partnership and China’s Belt and Road Initiative are expected to bring the region closer together and fuel growth. Myanmar and Vietnam will be the region’s outperformers, the report said.

NA approves Long Thanh Airport site clearance funding

The National Assembly (NA) has approved VND23 trillion ($1 billion) to fund site clearance at the Long Thanh International Airport in southern Dong Nai province. With 90 per cent of delegates voting in favor, the approval is another milestone in the mega project, which was first approved in June 2015. In addition to the VND5 trillion ($217.4 million) previously allocated for the project under the 2016-2020 medium-term public investment plan, the NA agreed on using VND15 trillion ($652.2 million) from the VND80 trillion ($3.5 billion) State investment fund for major national major projects. The remainder will come from the collection of land use fees and the sale of resettlement apartments. The project plan states a total of 5,399 ha will be cleared to develop the airport. Of this, 5,000 ha will be used for building the airport, 379 ha for the Loc An - Binh Son resettlement areas, and 20 ha for a cemetery. Site clearance is scheduled to be completed by 2021.

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