21:12 (GMT +7) - Tuesday 12/12/2017

PRESS WATCH

October 12

Released at: 15:54, 12/10/2017 PRESS WATCH

October 12

VET's round-up of news from Vietnamese media for October 12.

Hanoi proposes solution for congested intersection

Hanoi has proposed a VND1.5 trillion ($66 million) two-year project that will upgrade roads and divide traffic flows at the intersection of the Phap Van - Cau Gie Expressway and Ring Road No 3. Submitted to the Ministry of Transport, the project seeks to tackle the problem of severe traffic jams that frequently blight the intersection. The project designers, the Vietnam Road Administration (VRA) and the Hanoi-based Transport Engineering Design Inc. (TEDI), said the project is based on actual traffic conditions.


Son Ha International & Toan My Production and Trading to merge

The Son Ha International JSC (SHI) will convene an extra-ordinary shareholders meeting on October 20 to approve the merger and issuance of stock swaps with its rival in the stainless steel industry, the Toan My Production and Trading JSC. Son Ha plans to issue 18 million shares at the end of this year or in early 2018, after gaining approval from the State Securities Commission. The expected swap ratio is 2:1.

Hanoi to build elevated road

Hanoi will start work next month on a new elevated road connecting the Mai Dich overpass and Thang Long Bridge as part of the capital’s Ring Road No. 3, the Dan Tri news website reports. The Thang Long project management unit under the Ministry of Transport said preparations for the project would be finished in a timely manner. The road requires an estimated VND5.3 trillion ($233.2 million), which will be sourced from Japanese official development assistance loans and Vietnam’s State budget.


SBV amends circular on bank guarantee for property purchases

The State Bank of Vietnam has issued a circular to amend Circular No. 07/2015 on bank guarantees. Under Circular No. 13/2017, which will take effect from November 15, commercial banks must issue guarantees for buyers of future property within ten days of the real estate purchase contract being signed. The guarantee means that banks will implement their financial obligations to buyers on behalf of housing developers in case the latter fails to hand over the property before the committed deadline without adequately refunding deposits.


Online payment contract signed

The VNPT Electronic Payment JSC (VNPT EPAY) and Woori Bank Vietnam have signed a contract to provide online payment services. The contract provides three services connecting the bank and the intermediary, including electronic wallet services, support for collections and payments, and an online payment gateway.


UK to focus on strengthening insurance sector

Mr. Steph Lysaght, Deputy Ambassador of the United Kingdom in Vietnam, said at the “Meeting Hanoi” seminar held by the British Association in Vietnam (BBGV) in Hanoi that “we want to strengthen the insurance sector in the time to come, besides traditional fields such as banking and finance.”


New Huawei phone launched

The Huawei Consumer Business Group has officially launched the Huawei nova 2i phone in Vietnam. It is the first smartphone equipped with four cameras, including two front cameras and two rear cameras, and an impressive screen overflow. The phone is in the mid-range segment.

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