Vietnam Morning News For May 25

Vietnam Morning News For May 25
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ADB Adds 2 More Vietnamese Banks to Trade Finance Program
The Asian Development Bank’s (ADB) Trade Finance Program (TFP) and two Vietnamese banks — An Binh Joint-Stock Bank (ABBANK) and Tien Phong Commercial Joint-Stock Bank (TPBank) — today signed agreements enabling the program to provide guarantees of up to $50 million annually to support trade finance in Viet Nam.
– ADB (media release)

Vietnam set to approve coal-fired power plants worth $7.5 bln
Coal-fired power, despite its environmental impacts, is still the dominant power source for electricity-hungry Vietnam.
– VnExpress

Northern provinces enjoy bumper Winter-Spring rice harvest
The northern region from Thua Thien-Hue province northward reaped a bumper harvest in the 2016-2017 Winter-Spring rice crop for the 10th consecutive year, heard a conference held in Thanh Hoa province on May 24.
– VietnamPlus

Vietnam luxury hotel market becomes ‘hotspot’ in SE Asia
The high growth rate in the tourism sector and strong investment growth in Vietnam has created a new momentum for the hotel service sector, helping it gain a new record revenue of $15 billio.

S’pore firms should ride on Vietnam’s rising growth
With the increased emphasis on internationalisation in Budget 2017 and uncertainty in the economic climate, it has become even more critical for Singapore companies to go global.
– Today

Annual exports to South America expand by 30-40 percent
Vietnam’s exports to South America enjoy an annual average growth of 30-40 percent with many popular and highly-competitive products, heard a workshop in Hanoi on May 24.
– VietnamPlus

VN firms eye South America
With GDP totaling more than US$6 trillion and a population of more than 600 million, South America has great investment opportunities for Vietnamese companies.
– Viet Nam News bizhub

Metal Shark delivers patrol boats to the Vietnam Coast Guard
Six new military patrol boats built by Louisiana-based shipbuilder Metal Shark have been delivered to the Vietnam Coast Guard.

Jaks Resources 1Q profit surges 600% on Vietnam job
Jaks Resources Bhd’s net profit for the first quarter ended March 31, 2017 (1QFY17) surged 600% to RM7.5 million from RM1.07 million a year earlier, driven mainly by its construction division, especially its Vietnam engineering, procurement and construction (EPC) project.
– The Edge Markets

Bond demand hits seven-month high
Demand for Government bonds has hit a seven-month high, helping the State Treasury successfully issue all 5-15 year bonds worth VND4 trillion (US$175.43 million) set for bidding last week.
– Viet Nam News bizhub

Banks to up capital by $1.6b
The banking system is expected to further develop this year, as 16 banks have announced plans to increase capital by a total of nearly VNĐ37 trillion (US$1.62 billion)
– Viet Nam News

Vietnam’s tax authorities to take closer look at foreign retailers
With tax avoidance among multi-nationals a growing global concern, Vietnam is keen to know what retailers are up to.
– VnExpress

Tourism industry wants visa waiver for 5 European countries extended
The HCM City Tourism Association has urged the Government to extend the visa waiver for tourists from five Western European countries — France, Italy, Germany, the UK, and Spain.
– Viet Nam News

Committees work to facilitate Vietnamese, Lao enterprises
Representatives from the Vietnam-Laos Cooperation Committee have worked with their counterparts from the Laos-Vietnam Cooperation Committee on the implementation of the Hanoi Agreement 2017 and the “one-stop-shop” customs model at the pair of Lao Bao-Densavan border gates.
– VietnamPlus

Insurance fund rejects $132 million, citing fraud
The Việt Nam Social Insurance Agency rejected VNĐ3 trillion (US$132.2 million) in health insurance fees in the first four months of this year, the agency reported at a meeting with local media in the capital Tuesday.
– Viet Nam News

Samsung Thai Nguyen vows to employ more people in VN
Samsung Electronics Vietnam Thai Nguyen (SEVT) says it will continue to expand its production scale, creating jobs for Vietnamese and increasing export turnover.
– The Nation

Co-processing, solution for industrial waste
Viet Nam is the third largest footwear maker in Asia and fourth in the world (behind China, India and Brazil), accounting for about 10 per cent of global production.

VN’s agriculture needs sustainable solutions
To achieve sustainable development, Việt Nam’s agriculture sector needs to improve productivity and quality as well as define the market structure for each farming product, experts said at the Việt Nam agricultural outlook conference in Hà Nội on Wednesday.
– Viet Nam News

Vietnam sees six-fold rise in foreign workers since 2004
Officials are now looking into possible ways to collect social insurance payments from all of them.
– VnExpress

Vietnam plans to open ‘outstanding’ special economic zones
The country is becoming more selective in the kind of investment it seeks, giving greater priority to high-tech and green sectors.
– VnExpress


Feature photo AG Gilmore
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Vietnam morning news by AEC News Today is your one stop source for Vietnam news on matters of governance and policies affecting Asean business communities. It is published M-F by AEC News Today: Governance, not government; policies, not politics.




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John Le Fevre

Thailand editor at AEC News Today

John is an Australian national with more than 40 years experience as a journalist, photographer, videographer, and copy editor.

He has spent extensive periods of time working in Africa and throughout Southeast Asia, with stints in the Middle East, the USA, and England.

He has covered major world events including Operation Desert Shield/ Storm, the 1991 pillage in Zaire, the 1994 Rwanda genocide, the 1999 East Timor independence unrest, the 2004 Asian tsunami, and the 2009, 2010, and 2014 Bangkok political protests.

In 1995 he was a Walkley Award finalist, the highest awards in Australian journalism, for his coverage of the 1995 Zaire (now Democratic Republic of Congo) Ebola outbreak.

Prior to AEC News Today he was the deputy editor and Thailand and Greater Mekong Sub-region editor for The Establishment Post, predecessor of Asean Today.

In the mid-80s and early 90s he owned JLF Promotions, the largest above and below the line marketing and PR firm servicing the high-technology industry in Australia. It was sold in 1995.

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