04:43 (GMT +7) - Sunday 16/12/2018


November 28

Released at: 11:27, 28/11/2017 PRESS WATCH

November 28

VET's round-up of news from Vietnamese media for November 28.

HCMC seeks additional funding and time for Metro Line No. 2

Ho Chi Minh City has asked the government for an additional $800 million for its Metro Line No. 2 from Ben Thanh to Tham Luong to accommodate design changes and has also sought permission to delay completion until 2024. The project was approved in 2010 at a cost of $1.4 billion, with basic design by the Transportation Construction and Investment Consultancy JSC. In 2012, after construction began, the investor brought in an international consultancy consortium led by a German firm to prepare a detailed design. The latter identified many errors and rectified them.

Investors hampered by oil refinery product purchase criteria

Criteria asking investors to purchase products manufactured by the Dung Quat and Nghi Son oil refineries for ten years is creating difficulties for those interested in becoming strategic investors of the PetroVietnam Oil Corporation (PV Oil). According to the divestment plan submitted to the Prime Minister for approval, PV Oil will put a 65 per cent stake up for sale, including 20 per cent offered at its initial public offering (IPO) and 44.7 per cent to strategic investors. Foreign investors are permitted to own a maximum of 49 per cent in PV Oil.

Samsung opens R&D center in HCMC

Samsung has opened a research and development (R&D) center and an executive briefing center (EBC) at the Saigon Hi-Tech Park (SHTP) in Ho Chi Minh City’s District 9. The Samsung Ho Chi Minh City Research & Development Center at the Samsung Electronics Ho Chi Minh City CE Complex (SEHC) includes a mold center and automation, facility, QA testing, circuit, software, modeling, and 3D scanning labs, all located adjacent to the manufacturing area to promptly provide technical support. The center is developing techniques relating to washing machines, vacuum cleaners, and refrigerators.

Saigon Co.op opens two stores in Hanoi

The Saigon Union of Trading Co-operatives (Saigon Co.op) opened the first two Co.op Food convenience stores in Hanoi on November 25. The Co.op Food Hapulico store is located at 1 Nguyen Huy Tuong Street in Thanh Xuan district, while Co.op Food Bac Ha is on the first floor of Block CT2 in the Bac Ha C14 Building on To Huu Street in Nam Tu Liem district. The two stores each stock about 4,000 essential goods and fresh food.

Kirin Holding keen on Sabeco

Kirin Holdings is considering buying a stake in Vietnam’s largest beer brewer, the Saigon Beer Alcohol Beverage Corp. (Sabeco). The Vietnamese Government is due to publish details soon of a divestment plan for its nearly 90 per cent stake in the brewer. Kirin Holdings will determine how big a stake it wants to buy once the details of the sale are disclosed. Valued at $9 billion at current prices, Sabeco received a strong response from potential suitors at an investors’ roadshow in Singapore, Chairman Vo Thanh Ha said.

HCMC forecasts extra $1.3 billion in remittances before year-end

Ho Chi Minh City is forecast to receive a further $1.3 billion in overseas remittances from now to the end of the year, bringing the annual total to $5.2 billion, up 6 per cent against 2016 but down slightly from the city’s forecast a month ago. Remittance inflows to the city, the country’s largest economic hub, totaled $3.9 billion in the first ten months of the year, a $600 million increase compared to the first nine months, according to Mr. Nguyen Hoang Minh, Deputy Director of the city’s branch of the State Bank of Vietnam.

Lotte Duty Free to open at Cam Ranh Airport

Lotte Duty Free has announced it will open a second duty-free shop at Cam Ranh International Airport next year. It has been granted permission, valid to 2028, to open a duty-free store at the new terminal of the airport in the first half of 2018. The new store is expected to earn revenue of up to $664 million over the next ten years.

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