Vietnam net news

HCM City steps up patrols to reduce traffic congestions Traffic congestion on Thu Thiem bridge in HCM City Ho Chi Minh City’s Department of Transport has added more patrols to handle traffic congestions during the holiday season. A department representative said the patrol force at Cat Lai port will strictly handle violators for parking in the wrong spots. The department has also arranged forces to regulate traffic at the busy An Phu and My Thuy intersection in district 2. Tran Quoc Khanh, chief inspector of the city’s Department of Transport, said they would also arrange forces to strictly handle illegal buses at bus stations and regulate traffic at streets that lead to the station such as Kinh Duong Vuong, Xo Viet Nghe Tinh, Dinh Bo Linh, and National Road No 13. In addition, the city will also arrange an inspection force at Tan Son Nhat International Airport, where traffic jams often occur during the holiday season. Nguyen Chi Trung, Director of the city’s Public … [Read more...] about Social News 31/12

Vietnam, New Zealand networking event discusses CPTPP The Vietnam Trade Office partnered with the Wellington Chamber of Commerce and the ASEAN-New Zealand Business Council to run the Vietnam-New Zealand Free Trade Breakfast last week, discussing various trade issues. The event gathered representatives from enterprises in Wellington and Auckland doing business in or have business transactions with Vietnam together with local trade promotion agencies.  It provided an opportunity to network and hear directly from key figures in Vietnam and New Zealand to gain a better understanding of the benefits of the two countries’ trade relations, particularly as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is about to enter into force. Speaking at the event, Vietnamese Ambassador to New Zealand Ta Van Thong gave the attendees an overview of Vietnam’s economy, its CPTPP commitments relating to the domestic business environment, and support … [Read more...] about BUSINESS NEWS IN BRIEF 21/12

Thanh Thanh Cong Investment acquires 35 million SBT shares, lifting ownership to 32 per cent      Thanh Thanh Cong Investment JSC has purchased 35 million shares in Thanh Thanh Cong - Bien Hoa JSC (SBT), lifting its ownership in the sugar manufacturer to 158.5 million shares, an equivalent of 32 per cent of SBT’s capital. The number fell short of its total registered purchase of 45 million shares. Shares in SBT were trading at around VND20,000-22,000 (US$0.90) on the Ho Chi Minh Stock Exchange during the purchasing time from November 16 to December 14, putting the deal value at more than VND750 billion ($32 million). Earlier in November, chairwoman of Thanh Thanh Cong Investment JSC Dang Huynh Uc My completed the purchase of 20 million shares of SBT, raising her stake to 10.6 per cent. The two shareholders have a combined stake of 42.6 per cent of the outstanding shares of SBT. In October, the company approved a plan to allow My and her affiliates to increase … [Read more...] about BUSINESS NEWS 20/12

Mexico to face fierce competition from Vietnam: Mexican economists Mexican economists have shared the view that once the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) takes effect, Mexico will have to face fierce competition from Vietnam  in many sectors, such as garments and textiles, leather and footwear, and electronic equipment.  Arnulfo Gomez, a foreign trade expert, said Vietnam has successfully implemented a commercial strategy that helps improve the quality and competitiveness of its products on the international market by reducing spending  on materials and applying technology in production.  With such advantages, Vietnam has more capacity than Mexico to utilise opportunities generated by the CPTPP, he said.  The experts suggested that the Mexican Government set forth new measures to raise the competitiveness of domestic businesses, thus avoiding adverse impacts from the deal.  Statistics of the Mexican Ministry of … [Read more...] about BUSINESS NEWS IN BRIEF 16/12

ADB provides US$300m loan to BIDV to support SMEs in Viet Nam      The Asian Development Bank (ADB) and Joint Stock Commercial Bank for Investment and Development of Viet Nam (BIDV) signed a US$300 million loan agreement on Wednesday to support the growth and productivity of small and medium-sized enterprises (SMEs) in Viet Nam. “The agreement includes a $200 million loan provided by ADB and a $100 million loan arranged by ADB from 12 commercial lenders,” BIDV Chairman Phan Duc Tu said at the signing ceremony. “This is the biggest commercial loan ADB has provided to an Asian commercial bank so far, affirming the development finance institution’s positive evaluation of Viet Nam’s stability and economic growth as well as its trust in Viet Nam’s banking operations in general and BIDV in particular.” He said the loan would support SMEs in Viet Nam and reaffirm their partnership with ADB in achieving poverty reduction, economic … [Read more...] about BUSINESS NEWS IN BRIEF 14/12