Vietnam Morning News For October 3, 2019

World Bank signs $2.2m project to strengthen Việt Nam’s banking sector
The World Bank (WB) and the State Bank of Việt Nam (SBV) on Tuesday signed a financing agreement for a grant worth US$2.2 million to implement a project aimed at strengthening the soundness and resilience of Việt Nam’s banking sector.
— Viet Nam News

US firms eager to tap into Vietnam’s LNG thirst
Vietnam is set to import some 5 million tons of LNG by 2025 and the volume will likely reach 10 million tons by 2030 and 15 million tons by 2035.
— The Hanoitimes

Vietnam c.bank rules out devaluing currency
Devaluing the dong must take into account trade turnover, foreign debt, current account, so as to ensure the highest national interest and stability of the market, according to the State Bank of Vietnam.
— The Hanoitimes

ADB finances first large-scale floating solar PV in Vietnam
This project will help to boost the share of renewable energy in Vietnam’s overall energy mix and decrease the dependence on imported fossil fuels such as coal.
— The Hanoitimes

New air route links China’s border province Yunnan, Vietnam
A new direct flight was launched Monday, connecting Kunming, capital city of southwest China’s Yunnan Province, and Haiphong of Vietnam.
— Xinhua

Infrastructure constraint discourages foreign investors in Vietnam
Despite having interests in Vietnam thanks to the country’s low-cost labor and fast-growing market, many foreign firms have been hesitant to do business in the country due to major concerns about the country’s limited infrastructure.
— The Hanoitimes

Ex-director of Vietnamese pharmaceutical firm jailed for trading fake cancer medicine
The former general director of Vietnamese pharmaceutical firm VN Pharma has been sentenced to 17 years in prison for importing and distributing counterfeit cancer medicine.
— Vietnam Insider

Vietnam: Industrial revolution as a development factor
Some 1,500 national and foreign delegates are participating today in a so-called Industry 4.0 Summit, focused on inserting Vietnam into a revolution that is erasing the boundaries between the biological, physical and digital spheres.
— Plenglish

Vietnam to discuss South China Sea at security meeting
Vietnam will raise the situation in the South China Sea, including four intrusions by Chinese vessels into its exclusive economic zone (EEZ) since July, in the upcoming annual security dialogue with India this month, Vietnamese ambassador Pham Sanh Chau has said.
— Hindustan Times

Vietnam’s Party Central Committee Has Three Options to Deal with China in Vanguard Bank
The Vietnam Communist Party (VCP) Central Committee will convene its eleventh plenum from October 7-13. According to VCP statutes, the Central Committee must meet in executive session twice a year. The second plenum usually meets in October and so the timing of this this plenum is normal.
— Radio Free Asia

Vietnam values strategic partnership with Australia: Vice President
Vietnam always treasures the strategic partnership and all-round cooperation with Australia, including people-to-people exchange and collaboration at local level, said Vice President Dang Thi Ngoc Thinh on October 2.
— NDO

VN legal system overlaps irk property businesses
Overlapping legal documents are a major obstacle in need of removal to help construction and the development of housing projects in Vietnam.
— The Phnom Penh Post

Airline offers Saigon-Hanoi VIP service for $20,000
A VIP air charter service that provides private jets to customers for an hourly rate has been launched by Vietnam’s Vietstar Airlines, with a one-way flight between Ho Chi Minh City and Hanoi priced at US$20,000.
— Vietnam Insider

Remitting Profits from Vietnam: An Introduction for Foreign Investors
Remitting profits from Vietnam can prove to be a complex and time-consuming process, even for the most seasoned investors.
— Vietnam Briefing

Top managers in Vietnam earn $478 a month: government report
Top managers across sectors get an average monthly salary of VND11.1 million ($480), the highest of all labor groups, a government report said.
— VnExpress

Over US$1.56 billion poured into Mekong Delta in nine months
Provinces in the Mekong Delta region have attracted over US$1.56 billion worth of foreign direct investment (FDI) capital, including newly registered capital and supplemented capital, in the first nine months of 2019, according to the Ministry of Planning and Investment.
— NDO

Petrol prices go up on October 1
The retail prices of petrol and oil increased at 6pm on October 1 following the latest review of the ministries of Industry and Trade and Finance on the prices.
— Viet Nam News

Bamboo Airways plans flights to S. Korea, Czech Republic
Bamboo Airways plans to add services to Seoul, South Korea, this month and Prague, the Czech Republic, next year as it expands internationally.
— VnExpress

Int’l economists optimistic of Vietnam’s GDP growth
Economists are upgrading their growth projections for Vietnam after the latest data showed the economy surged more than 7% in the third quarter, according to Bloomberg.
— NDO

PV Drilling provides drilling rig for Brunei firm
PetroVietnam Drilling & Well Service Corporation (PV Drilling) will provide Heavy Tender Assist Semi-Submersible Drilling Unit “PV DRILLING V” for Brunei Shell Petroleum Company Sdn Bhd (BSP).
— Viet Nam News

Việt Nam’s PMI falls to 50.5 in September
According to the latest survey released by Nikkei and IHS Markit on Tuesday, the reading was down from 51.4 in August, down for the second month in a row.
— Viet Nam News

Hanoi enhances cooperation with German localities in numerous fields
Hanoi always attaches special importance to the relationship with Germany’s localities.
— The Hanoitimes

Hanoi acts to tackle air pollution: Mayor
Hanoi has been taking prompt actions to improve the air quality such as installing more monitoring stations, controlling polluting sources, and discouraging locals from using coal burning stoves.
— The Hanoitimes

Exchange rate management policy proves effective
The State Bank of Việt Nam (SBV)’s exchange rate management policy has been appropriate and effective, creating benefits for the economy and confidence for the market.
— Viet Nam News

Startups seek funds on investment day
Startups from various sectors joined in an investment day in HCM City organised by Zone Startups Joint Stock Company to seek investments and present their businesses.
— Viet Nam News

Hanoians seek solutions to air quality nightmare
At big electronics supermarkets in the city, the number of people seeking air purifiers has increased sharply.
— Viet Nam News

Rising pollution prompts ministry to issue warning
The Việt Nam Environment Administration under the Ministry of Natural Resources and Environment has advised members of the public, especially children, the elderly, pregnant women and those with respiratory diseases, to limit outdoor activities due to rising pollution.
— Viet Nam Net

Energy efficiency important as VN power needs grow with economy: conference
To meet its growing demand for energy, Việt Nam, besides exploiting new energy sources, particularly clean energy, needs to further improve energy saving and efficiency, a conference heard in HCM City yesterday.
— Viet Nam News

Retail sales rise on strong consumer demand
Total revenue from retail trade and services in the first nine months of this year reached VNĐ3.6 quadrillion (US$156.5 billion), 11.6 per cent over the same period last year.
— Viet Nam News

New flight links Hải Phòng and Kunming
This year, Cát Bi Airport is projected to welcome more than 2.7 million passengers.
— Viet Nam News

Generali named best global insurance company by Forbes
Generali is the highest ranked insurance company in the list of the “The World’s Best Regarded Companies” issued by Forbes and market and consumer analysis company Statista.
— Viet Nam News

Phones and components lead in January-September export turnover
Phones and components lead in Việt Nam’s export turnover in the first nine months of this year, with a value of US$38.6 billion, marking a year-on-year increase of 5.1 per cent and accounting for 19.9 per cent of total exports.
— Viet Nam News

10,000ha of forest to be leased to households, organisations
A project in Tây Ninh Province will allow organisations, households and individuals to lease forested areas covering 10,000ha that will be used for agricultural and forestry production, medicinal plant cultivation, and eco-tourism.
— Viet Nam Net

Shares recover on improved liquidity
Shares recovered on Tuesday on improved liquidity as cash flow came back to support large-cap stocks.
— Viet Nam News

Vietnamese firms study Bulgarian and Romanian markets
The Ministry of Industry and Trade’s Trade Promotion Agency (Vietrade) will organise a business trip for 20 domestic companies to seek new opportunities in Bulgaria and Romania from Thursday.
— Viet Nam News

Italian companies hope to partner with VN in agriculture production
The Italian Government hopes to promote commercial activities in Việt Nam, especially in the field of manufacturing and processing agricultural products, turning Việt Nam into a strategic entrance for trading and investment of Italy in Southeast Asia, said Italian Ambassador to Việt Nam Antonio Alessandro.
— Viet Nam News

Hun Sen off to Vietnam to sign border agreements
Prime Minister Hun Sen will pay an official visit to Vietnam on Saturday and is set to meet his Vietnamese counterpart Nguyen Xuan Phuc to sign two border demarcation agreements.
— Khmer Times

Kakao and Grab to join hands in Vietnam
Kakao Mobility, the mobility unit of South Korea’s mobile giant Kakao, and Grab, Southeast Asia’s leading ride-hailing app, are mulling a partnership in Vietnam, the companies confirmed on Oct. 2.
— The Investor

Public Mutual taps into Vietnam growth story with equity fund
Public Mutual has launched Public Vietnam-Global Equity Fund (PVGEF), aimed to achieve capital growth over the long term by investing 75% to 98% of its net asset value (NAV) in equities and at least 30% in the Vietnam market with the balance invested in the US, Europe and the Asia Pacific region.
— The Sun Daily

Life insurance: Like pouring money down the drain
Only 8% of Vietnamese population purchases life insurance, much lower than that in other countries. Poor customer care could be the main reason behind people’s unwillingness to make this investment.
— Sggp News

YKK opens second Vietnam zipper plant, aiming to lift production capacity by 40%
Major zipper-maker YKK Corp. started operating its second plant in Vietnam this week to boost production.
— The Japan Times

Vietnam’s FV Hospital reviews strategic options to pave exit for Quadria Capital
FV Hospital, a Vietnam-headquartered tertiary care provider, is reviewing a plethora of strategic options to provide an exit route to its existing investor Quadria Capital, its CEO Jean-Marcel Guillon told DealStreetAsia.
— DealStreetAsia

Phoenix pays $15.7M for Vietnamese company
PHOENIX Petroleum Philippines, Inc. has placed at $15.7 million the acquisition price of a Vietnamese company it bought in February that trades and distributes liquefied petroleum gas (LPG).
— Bworld Online

Vietnamese history, development achievements introduced in Argentina
The Vietnamese Embassy in Argentina and the Argentina-Vietnam Culture Institute (ICAV) on October 1 held a talk with trainees of Argentina’s National Defence College about the history of the past national liberation struggle and current construction and development of Vietnam.
— VietnamPlus

Fitch ups Vietnam growth forecast, but warns of bottlenecks
Fitch Solutions has revised Vietnam’s GDP forecast for 2019 from 6.5 to 6.9 percent, but warns infrastructure bottlenecks can limit growth.
— VnExpress

Rich South Koreans prefer Vietnam for overseas real estate investments
Vietnam is the most preferred country among rich South Koreans looking to make overseas real estate investments, a new survey has found.
— VnExpress

Feature photo People’s Police Academy

This week’s Vietnam morning news feature photo focus on World Teachers’ Day, October 5.

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).

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