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September 26

Released at: 15:00, 26/09/2017 PRESS WATCH

September 26

VET's round-up of news from Vietnamese media for September 26.

MoIT to inspect loss making projects

Minister of Industry and Trade Tran Tuan Anh has promulgated a decision on conducting inspections at three loss-making projects under the ministry’s management: the Lao Cai DAP 2 Fertilizer Plant, a subsidiary of the Vietnam National Chemical Group (Vinachem), the Phuong Nam Pulp Mill, a subsidiary of the Vietnam Paper Corporation (Vinapaco), and the Dung Quat Shipbuilding Plant. The three projects are among the ministry’s 12 loss-making mega-projects. The Lao Cai DAP 2 Fertilizer Plant and the Dung Quat Shipbuilding Plant are operational but recording losses, while the Phuong Nam Pulp Mill has ceased construction owing to rising costs and a lack of capital.

Sugar development conference set for September 27-28

A conference reviewing 22 years of investment and development in Vietnam’s sugar industry will be held by the Lam Son Sugarcane JSC and the Vietnam Sugar Association in north-central Thanh Hoa province on September 27-28.

WB to provide $4 billion in loans

The World Bank will provide loans totaling $4 billion to Vietnam in the 2018-2020 period, with $2.2 billion from the International Development Association and the remainder from the International Bank for Reconstruction and Development.

$200 billion in 2017 exports targeted

Vietnam will adopt multiple solutions to reach its target of $200 billion in total export value for the year, a year-on-year increase of 13 per cent, officials have said. The target, which would mark a new record, is based on the country’s export figures in the first eight months of the year.

Startups secure investment

Hiip and Inspitrip, two Vietnamese startups, have received investment from venture funds in Singapore, Australia, and Southeast Asia. Hiip, a platform connecting influencers on social networks with brands who want to advertise and showcase their products, has received capital from 500 Startups and Cocoon Capital, the first by the latter in Vietnam. The Expara Foundation and some angel investors have also poured capital into the startup.

MPI directs ministries and localities to report on public investment

Minister of Planning and Investment Nguyen Chi Dung has sent a dispatch to ministries and localities asking them to quickly report on the implementation of Resolution No. 70/NQ-CP dated August 3, 2017 on tasks and major solutions to accelerate the implementation and disbursement of public investment plans as stipulated in MPI’s Document No. 7464/BKHDT-TH dated September 12, 2017. They must propose specific solutions to effectively use the public investment plan, which cuts capital for projects unlikely to see disbursement in 2017 and to re-allocates it to important and urgent projects.

New player in Vietnam’s tea market

LOOB Holdings and its associates will invest in Vietnam’s tea market by opening five stores, branded Tealive, in Ho Chi Minh City in the fourth quarter of the year and expects the number of stores to increase to 100 within three years.

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