Vietnam Morning News For August 28

Vietnam Morning News For August 28

Vietnam morning newsMinistry drafts auto part tax cut
Its WTO commitments require Vietnam to maintain a tax level on import auto components between zero per cent and 30 per cent. Officials say the tax changes will also serve domestic interests.
— Bizhub

Stocks retreat on investor caution
Vietnamese shares declined slightly on Friday morning following a two-day increase as investors remained cautious about market trading conditions.
— Bizhub

Survey Claims to Shatter Vietnam Rural Consumer Market Myths
A recent survey by global performance management company Nielsen titled ‘Discover the 4 Truths About the Rural Area‘ claims to shatter four long-held myths about the Vietnam rural consumer market.
— AEC News Today

Vietnam’s fashion market large enough for both domestic, foreign brands
Many foreign brands, from high-street to luxury, including Chanel, Giovanni, Salvatore Ferragamo, Mango, Zara and H&M, all have landed in Vietnam. Uniqlo from Japan is also expected.
— VietnamNet Bridge

Vietnam consumer confidence at record high: Nielsen
VIETNAM ranks as the fifth most optimistic country globally with an index score of 117 in the latest Consumer Confidence Index released by Nielsen, its highest score in the past five years and up five points from the last quarter of 2016.
— The Nation

Ho Chi Minh City to host Cotton Day in September
Ho Chi Minh City will host the Cotton Day 2017 on September 12, which aims to strengthen connection between garment-textile firms and partners, suppliers and experts in the cotton sector.
— VietnamPlus

Customer sues Sony for questionable warranty violation
According to Kham, on October 2, 2014, he bought a Sony KDL 42 W700 television from an agency of Sony in Pham Ngu Lao street, Hai Duong province. The warranty period was 24 months after the TV was bought.
— VietnamNet Bridge

Banks to provide $1.15bn in credit for HCMC PPP projects
Investors and banks signed a memoranda of understanding (MoU) on August 24 in Ho Chi Minh City to provide credit to eight PPP projects with total investment of around VND26 trillion ($1.15 billion).
— Vietnam Economic Times

406 SOEs under divestment: exciting opportunities for investors
According to the yearly SOE divestment plan approved by the prime minister, 406 SOEs will be divested in the next four years (2017-2020), with 135 SOEs scheduled for 2017 alone.
— VietnamNet Bridge

LG supplier denied import tax refund
On August 18, the Ministry of Finance (MoF) issued Official Dispatch No.11080/BTC-TCHQ to answer a motion by Serveone Vietnam Co., Ltd. (SOVN) on the import tax reimbursement process for the materials the company imports for LG Electronics Vietnam’s (LGE) production of export products.
— VietnamNet Bridge

Tran Anh Digital and Mobile World on verge of merger
Electronics retailer Tran Anh Digital World Company (TAG) is seeking its shareholders’ approval to sell a 25 per cent stake to Mobile World Investment Corporation (MWG), paving the way for a merger into the latter company.
— Bizhub

Toyota recalls 20,000 cars in Vietnam due to faulty airbags
The airbags produced by Japanese manufacturer Takata have been linked to 17 deaths worldwide.
— VnExpress

Vietnam trying to wean itself off preferential ODA loans
From 2018, Vietnam will no longer receive preferential ODA loans from WB, ADB and other financial institutions in developed countries at preferential loans of 2-3 percent. The interest rates will be 5-6 percent, not including the service fee.
— VietnamNet Bridge

Vietnam has advantages to join RTAs/FTAs: experts
Vietnam has a lot of advantages to join regional trade agreements (RTAs) and free trade agreements (FTAs), said delegates to the APEC SOM Dialogue on RTAs/FTAs in Ho Chi Minh City on August 27.
— VietnamPlus

Minimum wage hikes seen sending production costs soaring
The Ministry of Labor, Invalids and Social Affairs, which is drafting a decree on the region-based minimum wages, proposes a wage increase of 6.5%, or VND180,000-230,000 a month, which would go into force early next year.
— VietnamNet Bridge

Can Tho wishes for stronger cooperation with Japan in agriculture, health care
Chairman of the Can Tho People’s Committee Vo Thanh Thong told Japanese Ambassador to Vietnam Umeda Kunio on August 25 that he wants Can Tho and Japan to foster cooperation in farm produce processing and health care.
— VietnamPlus

Ratio of short-term funds for long-term loans to be revised
The State Bank of Viet Nam (SBV) is adjusting for the second time the roadmap to apply the maximum ratio of short-term funds used for medium- and long-term loans.
— Bizhub

VN stocks rally for a third session
Vietnamese shares rose for a third session on both local markets on August 25, boosted by financials, energy firms and property developers.
— VietnamPlus

Geleximco calls for Chinese investor in Long Thanh airport
The Hanoi Export-Import Company (Geleximco) has sought permission from authorities to find a Chinese investor to construct the multi-billion-dollar Long Thanh International Airport, which will be the country’s biggest when completed.
— Vietnam Economic Times

Free trade agreement helps boost Vietnam-EAEU trade
Trade between Vietnam and the Eurasian Economic Union (EAEU) hit 1.7 billion USD in the first 6 months of 2017, up 21 percent year-on-year, according to statistics of the General Department of Vietnam Customs.
— VietnamPlus

Vietnam is worried that Trump’s weakness is making China strong
Citizens of Vietnam have developed an unusual national pastime: Across the country and on social networks, people trade suspicions that their government is secretly giving in to an aggressive China. And lately, there has been plenty of fuel for their rumours.
— The Sydney Morning Herald

Is it a good time for Vietnam to raise value added tax?
If the proposal is approved, Vietnam’s VAT rate will be the second highest in Southeast Asia.
— VnExpress

APEC Food Security Week wraps up in Can Tho city
Outcomes of the Food Security Week, which took place in Can Tho from August 18-25, have contributed to materialising one of the four priorities of the APEC Year 2017, which is to enhance food security and sustainable development in response to climate change.
— Vietnam Times

BIM Group to share condotel operation with investors
Property developer BIM Group is organising a workshop on Saturday to share with investors operation, management mechanism and development plan for its flagship project on Phu Quoc Island – InterContinental Phu Quoc Long Beach Residences.
— Bizhub

South Korea the largest foreign investor in Vietnam
South Korean investments in Vietnam this year surpassed $6.02 billion in August, accounting for 26 per cent of all foreign direct investment (FDI), making it the largest foreign investor in the country, according to the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment.
— Vietnam Economic Times

​Vietnamese laborers sweat to land well-paid jobs in Japan
In order to secure a highly-paid job in Japan, many Vietnamese laborers have to undergo strict, and unusual to some, recruitment and training programs as required by employers.
— Tuoi Tre

 

Feature photo Oxfam in Vietnam
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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