Vietnam Morning News For May 31

VIMO targets illegal mobile wallet payments in Vietnam
The Vietnam National Administration of Tourism noted that from January to April 2018, 1.8 million Chinese tourists visited the country, 32% of total international arrivals.
— Telecomasia

Foreign investors rush to Vietnamese plastics market
Vietnamese plastic firms are under big pressure to make restructure to be able to compete against foreign counterparts, who have made many mergers and acquisitions of domestic firms in the past few years.
— The Hanoi Times

Berjaya Corp unit’s hope to recoup US$10m dims after Vietnam court upholds key decision
A court has upheld a key judgement in Vietnam’s biggest-ever fraud case, a victim’s lawyer told Reuters, in a trial that has spotlighted the country’s ability to tackle financial crime at a time when foreign banks are heeding government calls to invest.
— The Star Online

Siam Cement takes over stalled $5.4bn Vietnam petrochemical project
Thai industrial conglomerate Siam Cement Group has taken full ownership of a long-delayed petrochemical project in Vietnam after buying out its local partner in the $5.4 billion endeavor to build the Southeast Asian country’s first such complex.
— Nikkei Asian Review

Việt Nam rolls out carpet for Japanese investment: President
Foreign investments, including those made by Japanese firms, are a driving force for Việt Nam’s development and improvement of national competitive capacity, said President Trần Đại Quang.
— Viet Nam News

Vietnam: Abandoned imports pile up at City ports
Following China’s ban on import of plastic wastes, a lot of them are coming instead to Việt Nam, but with consignees failing to claim shipments, the wastes are piling up at ports including in HCM City.
— Hellenic Shipping News

Fuel price hike propels Vietnam’s May inflation to record high
Inflation could rise even further and cannot be taken lightly, PM cautions.
— VnExpress

Vietnam tries to mobilize idle gold held by people
Some 500 tons of idle gold worth billions of U.S. dollars are estimated to be held by Vietnamese people, which would be very useful if converted into money and other assets to invest in the economy, Vietnam News Agency reported on Wednesday.
— Xinhua

KDDI to offer IoT smart metering in Vietnam
KDDI Vietnam has announced plans to offer the country’s first smart metering system at the DEEP C Industrial Zone at Haiphong in the north of the country.
— Telecomasia

Tide of shrinking foreign investment on the turn
Vietnam’s foreign investment capital attraction has been showing signs of recovery in the in first five months of this year after consecutive decreases, thanks to the issuance of the first casino licence in the past 10 years to Laguna Lang Co Integrated Resort.
— VietnamNet Bridge

Vietnam: Positive Outlook for Long-Term Trade
The growth in foreign direct investment in Vietnam, driven by its strategic location, low wages, and improvement in the business environment, is the major factor that transformed Vietnam into a manufacturing hub in the region.
— Vietnam Briefing

Air conditioner makers battle for Vietnam’s red-hot market
Air conditioner manufacturers around the world are locking horns in Vietnam, whose market has become the second largest in Southeast Asia as rapid economic growth supports a burgeoning middle class.
— Nikkei Asian Review

Vietnamese group wins Japonica rice export contracts to RoK
Vietnam’s Tan Long Group has won three contracts to sell 50,000 tonnes of Japonica rice to Korea Agro-Fisheries & Food Trade Corp of the Republic of Korea, 70 percent of the bidding volume.
— VietnamPlus

Why Vietnam is shutting out some materials
Vietnamese authorities have boosted inspections of scrap imports and plan to halt shipments to key ports next month.
— Resource Recycling

FDI disbursements up 10% in five months
Foreign direct investment (FDI) disbursements rose 10 per cent year-on-year to US$6.75 billion in the first five months of 2018, Foreign Investment Agency (FIA) statistics reveal.
— Bizhub

SOEs invested nearly $13 billion abroad in 2011-2016
Eighteen state-owned enterprises (SOEs) poured US$12.6 billion in 110 overseas investment projects as of December 31, 2016, according to a recent report delivered to the National Assembly (NA).
— The Hanoi Times

Vietnam’s 500kV transmission line listed as critical to national security
The 500kV power transmission network, which runs through 42 provinces and cities throughout Vietnam, has been classed as a critical project to national security by the Prime Minister.
— Nhan Dan Online

VN cement industry on the clinker road to recovery
Vietnam’s cement market is seeing the light of recovery at the end of the tunnel, thanks to the strong clinker exports.
— VietnamNet Bridge

VN’s CPI up 0.55 per cent, highest since 2012
Viet Nam’s consumer price index (CPI) inched up 0.55 per cent in May, the highest monthly increase since 2012, according to the General Statistics Office (GSO).
— Bizhub

Dollar nears VND22,900 in Vietnam as cbank sets midpoint at year’s highest
With the State Bank of Vietnam setting the mid-point rate for the dollar/dong at the highest level so far this year on Tuesday, banks in the Southeast Asian country quoted the greenback at rates just shy of the VND22,900 mark.
— Tuoi Tre

Việt Nam’s reference exchange rate down by 15 đồng
The State Bank of Việt Nam set the daily reference exchange rate for May 30 at VNĐ22,590 per US dollar, down by 15 Việt Nam đồng from the previous day.
— Viet Nam News

Farmers should reduce areas farming shrimp
Farmers should reduce their volumes of shrimp at present to deal with a fall in purchasing price and wait for a recovery in shrimp prices on the world market, according to the Viet Nam Association of Seafood Exporters and Producers (VASEP).
— VietnamNet Bridge

Tour double-deckers roll in Hanoi after successful test run
Three behemoth sleek double-deckers began cruising streets in Hanoi on Wednesday following a trial run mid-2017, promising to offer passengers a fresh view of the cityscape.
— Tuoi Tre

Vietnamese firms contribute to Cambodia’s development: Ambassador
Vietnamese businesspeople in Cambodia serve as an important bridge to foster the traditional friendship between the two countries, making contributions to the development of the host nation.
— VietnamPlus

Over 52,300 new enterprises established in five months
Over 52,300 enterprises were formed nationwide in the first five months of the year, with a total registered capital of VND517 trillion (US$22.64 billion), up 3.5% in the number of new businesses and up 6.4% in terms of capital compared with the same period of 2017.
— Nhan Dan Online

Ford’s gear-box scandal reaches Vietnam
In the afternoon of May 28, 76 Ford owners using Powershift gear-boxes filed a lawsuit against Ford Vietnam Ltd. at the Hai Duong People’s Court for the defective powershift gear-boxes and bad after-sales services at official dealers.
— VietnamNet Bridge

Việt Nam hopes to receive help from Global Environment Fund
Việt Nam wants the Global Environment Fund (GEF) to continue helping in addressing environment-related issues, Prime Minister Nguyễn Xuân Phúc said during his reception for GEF CEO and Chairperson Naoko Ishii in Hà Nội on Wednesday.
— Viet Nam News

DHL extends same-day delivery service to Vietnam
DHL’s Parcel and eCommerce division is extending its same-day parcel delivery service to Ho Chi Minh City and Hanoi, Vietnam – allowing domestic retailers to offer customers same-day delivery, real-time tracking and scheduling management via DHL’s digital platform.
— Air Cargo World

Forum discusses development paths for fintech in Vietnam
The Vietnam Financial Technology (Fintech) Forum was held in Hanoi on May 30 by the Asian Development Bank, the Australian Government, and the State Bank of Vietnam (SBV) to seek ways to boost the development of fintech businesses in the country.
— Nhan Dan Online

Feature photo Nam-ho Park

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.