[Round-up] Vietnam Welcomes Japanese Investment, CJ Group Expands into Vietnamese Logistics

Party Central Committee to Focus on Socio-Economic Development
The 12th Party Central Committee’s sixth meeting opened in Hanoi on October 4, expected to discuss the socio-economic and financial-budgetary situation in 2017 and draft a socio-economic development plan and financial-budgetary estimates for next year.
Party General Secretary Nguyen Phu Trong delivered an opening speech and President Tran Dai Quang, on behalf of the Politburo, chaired the first working day.
Members of the 12th Party Central Committee discussed the socio-economic situation, State budget of 2017 and tasks for 2018 during the second working day of their 6th meeting on October 5.
Vietnam Welcomes Japanese Investment: PM
Vietnam is committed to create favorable conditions for Japanese businesses to invest in the country, Prime Minister Nguyen Xuan Phuc stated while receiving Kanji Hayama, former President of the Japanese construction contractor Taisei Corp., in Hanoi on October 4.
Recalling the company’s efforts in handling the collapse of Can Tho Bridge 10 years ago, Phuc lauded Taisei’s contributions to Vietnam’s socio-economic growth via its construction of many large-scale infrastructure projects, VNA reported.
Vietnam Attracts Foreign Investment, but Technology Transfer Remains Low
One of the major purposes of Vietnam attracting foreign direct investment (FDI) in the last 30 years is to receive technology to be transferred by foreign investors, according to Vietnamnet.
However, according to the 2016 World Economic Forum, the efficiency of technology transfer from foreign invested enterprises (FIEs) in Vietnam is surprisingly low. Vietnam ranked 57th in the world in 2009, while it ranked 103rd in 2014, falling by 46 grades after five years, much lower than other regional countries, including Malaysia (13th) Thailand (36th), Indonesia (39th) and Cambodia (44th).
Vietnam Climbs 5 Places in WEF Global Competitiveness Index
Vietnam is now ranked 55th in the World Economic Forum’s Global Competitiveness Index in the 2017-2018 period, up 5 places from the 2016-2017 period.
CJ Group Expands into Vietnamese Logistics
South Korea"s CJ Group has acquired over 50% of the shipping and logistics subsidiaries of Gemadept, Vietnam"s biggest logistics company, according to filings Tuesday to the Hochiminh Stock Exchange.
Figures have not been disclosed, but insiders estimate the deal is worth more than $120 million, Nikkei reported.
Leading Thai Logistics Group JWD to Expand into Indonesia, Vietnam
Thailand’s JWD Infologistics Pcl expects to make acquisitions in Indonesia and Vietnam, part of plans to expand in the region to tap growing demand and boost growth, Reuters reported, citing its chief executive.
The company expects to buy one third of a cold storage company in Indonesia later this year, and a majority stake in a Vietnamese freight forwarding company early next year, CEO Charvanin Bunditkitsada told reporters. He did not name the companies.
MODEC Gets Vietnam Extension
Japan Vietnam Petroleum Co. (JVPC), a subsidiary of JX Nippon Oil & Gas Exploration, has extended its contract with a MODEC Dutch subsidiary Rang Dong MV17 BV (MV17BV), for the time charter of the FSO Rang Dong MV17, according to OE Offshore Engineer.
The FSO is operating in the Rang Dong oil field, which lies within Block 15-2, offshore southern Vietnam since November 2008. The FSO is owned and operated by MV17BV.
Japan’s Second Project Becomes Operational in Dong Van 3 IP
Ohtsuka Sangyo Material Vietnam, a subsidiary of Japan’s Ohtsuka Sangyo Material Co. Ltd, on October 5 inaugurated its factory at Dong Van 3 Supporting Industrial Park in Duy Tien district in the northern province of Ha Nam.
This is the second Japanese-invested project that has become operational at the industrial park, according to VNA.
Ninh Thuan Lures Investment in Renewable Energy
The south central coastal province of Ninh Thuan is trying to create favorable conditions to lure investment in developing wind and solar power towards ensuring sustainable development of the power sector and contributing to national energy security.
So far the province has granted investment licenses to 8 wind power projects with a combined capacity of 514 MW, and total capital of 19.7 trillion dong ($867 million). Construction work has started on four projects.
Japan’s Tsuchiya to Build $10 Million Auto Parts Factory in Vinh Phuc
Tsuchiya TSCO Vietnam Co., Ltd has entered a land lease contract with Thang Long Industrial Park in the northern province of Vinh Phuc to set up a $10-million facility that will produce automotive parts and industrial products.
Tsuchiya TSCO, a member of the Japan-based Tsuchiya TSCO Group, is among first companies signing a lease with the industrial park, according to the provincial People’s Committee.
Tetra Pak Starts Building $110-Million Packaging Factory in Binh Duong
Sweden-based food packaging and processing company Tetra Pak on October 4 broke ground for a plant at a cost of $110 million at the Vietnam-Singapore Industrial Park II in the southern province of Binh Duong.
This is the first factory in Vietnam that will produce packaging for liquid food and will produce 20 billion units per year to serve domestic and export demand.
LienVietPostBank Plans to Sell 25% Stake to Foreign Strategic Investor
Hanoi-based Lien Viet Post Joint Stock Commercial Bank, known as LienVietPostBank, is in talks to sell a 25% stake to an overseas strategic investor as the bank seeks expertise to expand its foothold, the bank’s General Director Nguyen Doan Son has said at a meeting with investors.
The executive, however, did not unveil the name of the foreign partner or the price of the shares to be sold.
Vietnam Spend $8.82 Billion in 9 Months to Service Debt
Vietnam spent a total of 200.4 trillion dong ($8.82 billion) to repay debt year to September 15, of which 72.4 trillion dong ($3.18 billion) was used to pay interests and the rest to liquidate principals, meeting respective 73.2% and 78.1% of the year’s plan, according to government statistics.
Prudential Seeking to Sell Vietnam Consumer Finance Arm: Report
UK financial group Prudential has initiated a plan to dispose of its Vietnam consumer finance unit, Prudential Vietnam Finance Company Ltd, for around $150 million, Reuters cited people with knowledge of the matter as saying.
This is part of the group’s plan to sell or restructure some units to save costs, and to focus on its core insurance business in the Southeast Asian country.
HSBC Raises Vietnam’s 2017 GDP Growth Forecast to 6.6%
The Hongkong and Shanghai Banking Corporation (HSBC) has revised up its GDP growth forecast for Vietnam this year to 6.6%, from the 6.0% downwardly projected in July and 6.2% updated in September.
The revision was made due to a faster-than-expected growth rate in the third quarter this year.

TUAN MINH

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Cùng dòng sự kiện
Từ khóa: Nguyen Phu Trong, Tran Dai Quang, Nguyen Xuan Phuc, Gemadept, LienVietPostBank, HSBC
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