[Round-up] Vietnam Stresses Importance of Stable Financial Policies, Seeks More Assistance from EIB

PM Stresses Importance of Stable Financial Policies
Financial policies must be kept stable in order to help firms feel secure while conducting production and business activities, the Vietnam News Agency (VNA) cited Prime Minister Nguyen Xuan Phuc as saying during his remarks at a conference held by the Ministry of Finance in Hanoi on January 8.
He asked the financial sector to take the initiative in overcoming difficulties facing Vietnam’s economy while studying economic policies of neighboring countries to serve domestic economic development.
PM Stresses Sci-Tech’s Role in Economic Development
PM Nguyen Xuan Phuc has stressed the important role played by science and technology in promoting production value and economic growth, and asked for more efforts to effectively develop the sector in the coming time.
Speaking at a conference held by the Ministry of Science and Technology in Hanoi on January 9 to review scientific and technological activities in 2017, the government leader praised state management of science and technology at all levels in the year, and called for more breakthroughs in improving the innovation index and consider enterprises as a center of innovation.
Vietnam Keen to Deepen Comprehensive Partnership with U.S.: Top Legislator
Vietnam wishes to further deepen its comprehensive partnership with the US in a pragmatic and effective manner in order to contribute to the maintenance of peace, stability, cooperation and prosperity in the region and beyond, said National Assembly Chairwoman Nguyen Thi Kim Ngan while receiving new U.S. Ambassador to Vietnam Daniel Kritenbrink in Hanoi on January 9.
Sharing views with the Vietnamese leader, the US ambassador said the US considers Vietnam one of the most important partners.
Deputy PM Trinh Dinh Dung Calls for More Assistance from EIB
While receiving EIB Vice President Jonathan Taylor in Hanoi on January 9, Deputy Prime Minister Trinh Dinh Dung has called for more support from the European Investment Bank (EIB) to Vietnam’s projects, including those in transport infrastructure, energy, climate change response and sea level rise.
As a developing country, Vietnam has huge demands for infrastructure development, climate change adaptation, energy security and environmental protection, he said.
Calls for Improved Business Climate
Although Vietnam’s ranking in doing business had improved considerably in the past four years, the Ministry of Planning and Investment has proposed the government to hasten efforts aimed at improving the business environment in 2018.
It proposed Resolution 19 for 2018 to be issued with a focus on measures to lift those indices that ranked low as well as to add targets to improve competitiveness in the tourism and logistics sectors and to raise labor productivity.
Retailers under Pressure as More Foreign Peers Set to Come
Foreign retail businesses who came and introduced modern trade methods, technology together with professional management skills, have posed a big challenge to Vietnamese retailers, according to VietnamNet.    
They have so far dominated Vietnam’s retail landscape through merge and acquisitions (M&A), joint ventures and direct investment.
Experts said that more foreign giants will continue to join Vietnam’s retail sector given the country is working to carry out its integration commitments. Meanwhile, Vietnamese distributors are working hard to tackle their limitations in financial capital, purchasing power, infrastructure, professional workforce, and global ties.
Can Tho Plans to Draw More Japanese Investments in 2018
The Mekong Delta city of Can Tho will organize a range of activities to strengthen cooperation with and attract more investments from Japan in 2018, said Nguyen Khanh Tung, director of the city’s Centre for Investment, Trade Promotion and Exhibition.
Work will start on an ICT Innovation center developed by Brainworks Company and the city will hold a trade and investment promotion conference in Japan’s Hyogo prefecture, a meeting with Japanese investors in Hanoi and a dialogue with Japanese firms, he added.
Government Inspectorate Unveils Violations at Vinacomin
Potential wrongdoings involving 15 trillion dong ($658.5 million) and 6.7 million sq.m of real estate were found with the state-owned coal and mining giant, Vinacomin.
Other problems in financial management, investment and land management were also disclosed in a recently released report by the Government Inspectorate (GI) regarding law and policy compliance of Vinacomin (Vietnam National Coal – Mineral Industries Holding Corporation Limited) and its subsidiaries the 2010-2015 June period.
Government Approves Restructuring of Vinachem
Deputy Prime Minister Vuong Dinh Hue has approved the restructuring plan of the Vietnam National Chemical Group (Vinachem), stressing the need for streamlined and compact business models after the equitization process at Vinachem and its member companies.
The key focus of Vinachem is State divestment from the mother company and a number of its subsidiaries. The mother company plans to become equitized in 2018-2019, leaving only 50-65% of its registered capital of some 20 trillion dong ($890 million) under state control.
Hilton Group Hopes to Expanded Investment in HCM City
At a meeting with HCM City’s authorities on Jan. 9, Paul Hutton, vice president of operations for Southeast Asia at Hilton Worldwide Group, has expressed his hope that the group will receive further support from the city’s leaders to carry out its projects for the development of the city’s economy, especially tourism.
Paul Hutton said that the group is running 11 hotel projects in the country, many of which are being effectively operated in Ho Chi Minh City. He suggested the city study to change some planning and construction indexes to improve land use efficiency, meeting the country’s requirements for economic integration in the coming time.
Hong Kong’s Steel, Solar Power Projects Seek Approval in Hau Giang
The People’s Committee of Hau Giang had a working session with Hong Kong-based Dragon Joy International Engineering Company on January 9 to discuss the firm’s two projects which are seeking permission in the Mekong Delta province.
The projects include a steel mill with a designed capacity of 150,000 – 200,000 tons per year and a 1.1 trillion dong ($4.8 million) solar project capable of producing 66,000 MW annually.
IFC Commits to Invest $15.3m in Vietnam’s DNP Water
The International Finance Corporation (IFC), the private lending arm of the World Bank Group, has committed a $15.3 million in the form of a convertible loan to DNP Water Joint Stock Company to support clean water supply for urban households in Vietnam, the IFC announced on January 9.
The Vietnam-based private company aims to expand the supply of clean water to urban households and increase its treatment and supply capacity by five times to one million cubic meters per day by the next eight years.
Vietnam’s Forex Reserves Rise to New High of $53 Billion
The State Bank of Vietnam (SBV), the country’s banking regulator, net bought over $1 billion worth of hard currencies to bring its forex reserves to over $53 billion, marking a fresh record in history.
SBV Governor Le Minh Hung made the revelation at a banking conference attended by Prime Minister Nguyen Xuan Phuc in Hanoi on January 9, VnEconomy reported.
Vietnam Shares Continue Heading North on Earnings Expectations
The benchmark VN Index of the Hochiminh Stock Exchange (HOSE) settled up 1.04% at 1,033.56 on Tuesday, extending gains for a second day in a row, as investors stepped in to buy industrial and consumer goods stocks on hopes for hefty earnings.
After markets opened, a swift selloff weighed on the main gauge but sentiment became stronger after that as companies will soon enter the earnings report season.
European Investment Bank to Support Vietnam in Climate Change Response
A high-level delegation from the European Investment Bank (EIB), the world’s largest international public bank, will make a three day visit to Hanoi this week to further cooperation with Vietnam in dealing with a number of issues, including climate change, the Delegation of the European Union to Vietnam has said in a release.
Jonathan Taylor, Vice President responsible for operations in Asia, will lead the delegation and be accompanied by the EIB’s Director for operations outside Europe and senior colleagues responsible for lending in the region.
Vietnam Manages to Lower 2017 Public Debt to 61.3% of GDP
The Vietnamese government has brought down public debt to 61.3% of the country’s GDP in 2017, compared to 63.7% in 2016, as economic growth beat expectations, according to the .
At the latest National Assembly sitting in November, the government predicted the ratio to reach 62.6% of GDP by the year-end.
Vietnamese Stock Trading Accounts Reach 1.9 Million
The number of securities trading accounts owned by Vietnamese investors increased 12.17% year-on-year to reach 1.899 million as of end-2017, of which institutional traders accounted for 0.45%, according to the Vietnam Securities Depository (VSD).

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Từ khóa: Nguyen Xuan Phuc, Vinachem, Can Tho, HCM City, public debt, GDP, Vinacomin
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