Vietnam Morning News For October 24

Vietnam Morning News For October 24
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Vietnam morning newsCentral bank policies expand foreign reserves
Adoption of appropriate policies by the State Bank of Vietnam (SBV) has helped it buy a large amount of US dollar to increase the nation’s foreign reserves, industry insiders said.
— VietnamPlus

Vietnam Confident of 6.7% Growth
Vietnam is confident it will meet its goal of 6.7% economic growth this year, and forecasts the same rate of expansion in 2018.
— Financial Tribune

VinaCapital invests $11m into OCB
The Việt Nam Opportunity Fund (VOF), managed by VinaCapital Group, invested US$11 million into the Orient Commercial Bank (OCB), owning nearly 5 per cent stake in the bank.
— Viet Nam News

Association established to promote investment between Hokuriku and Vietnam
An association of enterprises seeking to promote investment between Japan’s Hokuriku region and Vietnam was established in Kanazawa city on October 20.
— Nhan Dan Online

Vietnam news site Saigoneer bags 500 Startups backing
Vietnamese news and lifestyle site Saigoneer raised an undisclosed amount of seed funding from 500 Startups and Vietnam Innovative Startup Accelerator (VIISA), it announced today.
— Tech in Asia

National Assembly convenes fourth plenary session
The fourth plenary session of the 14th National Assembly (NA) convened in Hanoi on the morning of October 23 with the opening ceremony broadcast live on national television and radio channels.
— Nhan Dan Online

Vietnam set to roll out new regulations for VC funds independent from securities law
Vietnam is working on a separate set of regulations, independent of the existing securities law, to govern venture capital investment activity in the country. The move is seen to enable a diverse set of investors to participate in startup funding in the country.
— DealStreetAsia

Planner suggests ’twin city’ model for HCM City
The western city would include 16 inner districts and five outlying ones, Cuong said at a conference on solutions for increasing land values and focusing on the development of infrastructure and land use in HCM City.
— VietnamNet Bridge

Shares slide on profit-taking selling
Shares edged down on the two national stock exchanges on Monday, led by large caps which declined steeply under strong profit-taking selling pressure.
— Viet Nam News

Samsung looks to boost local parts suppliers in Vietnam
HANOI — Samsung Electronics intends to roughly double its local suppliers of smartphone parts in Vietnam to around 50 companies by 2020, an executive revealed at an event in Ho Chi Minh City last week.
— Nikkei Asian Review

GDP growth must rely on internal strength: economists
GSO said the major driving force behind the high growth rate were the development of processing, manufacturing industry, export and domestic consumption (12.8 percent, while Samsung reported the growth rate of 45 percent); improvement in agriculture production and fisheries; and a sharp increase in exports (+19 percent), especially from foreign invested enterprises.
— VietnamNet Bridge

Vietnam doubles efforts to improve business environment
Vietnam’s business environment and competitiveness have been improved significantly over the past three years thanks to a range of solutions, according to the Ministry of Planning and Investment (MoPI).
— VietnamPlus

Interest groups weaken fake fertiliser crackdown: meeting
A backlog of violations needs to be dealt with firmly, interest groups disbanded and strict, heavy punishments handed out to deal with the production of fake fertilisers in the country, officials said at an online meeting on Friday.
— Viet Nam News

Storm over special tax regime
A special high tax proposed by some provinces and cities is being questioned by economists due to its controversial impacts on Vietnam’s tax policies.
— VietnamPlus

MEM to oversee development of Vietnamese wind farm
Modern Energy Management (MEM), a specialist in delivering project lifecycle certainty to renewable energy developers, financiers, and investors, has announced that it is to provide project management services for the development of the intertidal Tra Vinh wind farm.
— Windpower Engineering (press release)

Tien Giang works to support enterprises
The Mekong Delta province of Tien Giang will actively provide legal support and disseminate legal regulations related to the investment law, business climate and labour in order to help local firms promote production and business in the remaining months of the year.
— VietnamPlus

Vietnam to launch Shark Tank TV series to fund early stage startups
The Vietnamese version of funding TV show Shark Tank is launching on November 4 with a corpus of VND70 billion ($3 million) targeting early stage financing for promising startups and to raise the awareness about the local fledgling startup ecosystem.
— DealStreetAsia

China-Vietnam border trade zone opens
A new China-Vietnam cross-border trade zone in south China’s Guangxi Zhuang Autonomous Region has opened, local authorities said Monday.
— Xinhua

Volume Moving the Tape For Vinacapital Vietnam Opportunity Fund Ld (VOF.L)
Vinacapital Vietnam Opportunity Fund Ld (VOF.L) shares are moving today on volatility -0.10% or -0.30 from the open. The LSE listed company saw a recent bid of 306.325 and 28121 shares have traded hands in the session.
— Stock Daily Review

Vietnam’s last chance: Sustainable tourism
DESPITE being a cautionary tale dating back to the Industrial Revolution, the economy-versus-ecology dilemma continues to plague many developing countries to this day
— Asian Correspondent

Nghi Son economic zone to welcome ecological resort
The People’s Committee in the central province of Thanh Hoa has recently given the go-ahead to a US$15.6-million eco-tourist resort project in the Nghi Son economic zone in Tinh Gia District.
— Bizhub

Lending grows 12.16% in nine months
Credit growth of the entire banking system in the last 10 days of September rose 1.14 per cent, pushing the total increase in the first nine months of this year to 12.16 per cent, the latest report from the State Bank of Viet Nam (SBV) showed.
— Bizhub

EU gives Vietnam ‘yellow card’ over illegal fishing
The European Union said Monday it has given a “yellow card” to Vietnam, warning the Pacific country it could ban seafood exports unless Hanoi did more to tackle illegal fishing.
— The Business Times

Of ill repute
The poor standing of Chinese contractors in infrastructure projects in Vietnam has cast a cloud over the Long Thanh International Airport project.
— Vietnam Economic Times

Entry of foreign fuel: a game changer?
Earlier this month Idemitsu Q8 Petroleum LLC opened its first retail outlet in Hà Nội’s Thăng Long Industrial Park, marking the first time a wholly foreign-owned company has entered the fuel retail sector.
— Viet Nam News

Feature photo ILO in Asia and the Pacific
Find our previous morning news feature photos in the AEC News Today Morning News Feature Photos gallery where you will find a pictorial display of daily life throughout the Asean Economic Community (AEC).

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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Sreypov Men recently completed a course of study in International Relations at the Institute of Foreign Languages.

She commenced as an intern at AEC News Today and was appointed as a junior writer/ trainee journalist on April 2, 2018

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