Vietnam Morning News For May 14

PM hopes for Vingroup’s contributions to domestic auto industry
Prime Minister Nguyen Xuan Phuc expressed his hope that Vingroup conglomerate will contribute to the development of the domestic automobile sector with the establishment of its VinFast automobile and electric motorbike manufacturing complex.
— Nhan Dan Online

Banks eye consumer finance
Several banks are keen to establish consumer finance arms to grab a bigger share of a market that is expected to reach VNĐ1,000 trillion (US$4.38 billion) by 2020 and grow at 29 per cent annually.
— Viet Nam News

Backlash on MoF tax plan
Experts’ reactions to the Ministry of Finance’s (MoF) tax adjustment draft have been mixed, while the business community struggles to keep up with the variety of proposed tax hikes.
— Viet Nam News

VinaCapital increases stake in food major Kido Group to over 5%
Vietnam-based fund manager VinaCapital has increased its stake in food and flavours major Kido Group (KDC) from 4.97 per cent to 5.03 per cent, according to an announcement on the Ho Chi Minh City Stock Exchange (HoSE).
— DealStreetAsia

40% FDI enterprises choose commercial arbitration in cases of dispute
The proportion of FDI enterprises choosing to use commercial arbitration in cases of dispute is 40%.
— Nhan Dan Online

Bad timing for Vietnamese watermelon
Nearly 5,000 tonnes of watermelon have been left to rot in Vietnam’s Phu Ninh and Binh Son Districts of Quang Ngai.
— Asia Fruit

Transport ministry targets red tape
Will you please talk about the Ministry of Transport’s plan to simplify its business conditions as written in Decision 767/QĐ on April 17, 2018?
— Viet Nam News

New port built in Vietnam with Japan’s assistance
A new international gateway port capable of accommodating large containerships has been completed in northern Vietnam with Japanese assistance.
— NHK World

More policies needed to remove ‘bottleneck’ for BOT projects
Amidst the current financial constraints, the continuing mobilisation of financial resources from non-state sectors for transport infrastructure development is necessary, according to experts.
— Viet Nam News

Domestically made dairy products have upper hand over imports
Domestic dairy production has been increasing rapidly, while the proportion of imports in total domestic consumption is on the decrease, which is good news for Vietnam’s dairy industry.
— VietnamNet Bridge

Pepper output increases sharply but prices fall
Vietnam’s output and export of pepper increased sharply last year, but their prices and thus turnover from exports fell, according to the industry association.
— VietnamPlus

Habeco requested to pay 1.85 trillion VND in tax liabilities
The State Audit of Vietnam (SAV) has proposed the Hanoi Beer Alcohol and Beverage JSC (Habeco) pay the State budget 1.85 trillion VND (81 million USD) in tax liabilities.
— VietnamPlus

Three waterway projects in Mekong Delta proposed
The Vietnam Inland Waterway Administration has proposed the Ministry of Transport consider and invest in three waterway transport projects in the Mekong Delta under public-private-partnership (PPP) form.
— VietnamNet Bridge

Global footwear giants shift sourcing from China to Vietnam
More world leading footwear manufacturers are expecting to shift their sourcing from China to Vietnam as the first’s footwear industry might face risks of high tariff imposed by the US.
— The Hanoi Times

Vietnam can be North Korea’s model for int’l integration: former ambassador
With 30 years of experience in economic reforms, Vietnam is willing to help N Korea reconnect with the world.
— VnExpress

Air freight costs stymie fruit exports
Vietnamese air freight costs are much higher than the regional average and this is believed to be one of the main reasons hindering Vietnam’s fruit exports.
— VietnamPlus

Fast moving consumer good sales drop in the first quarter of 2018
The nationwide fast-moving consumer goods (FMCG) sales of traditional trade channel continued to experience a dip in the first quarter of 2018, dropping to 1%.
— The Hanoi Times

Vendors on hot bricks as shutdown looms for used clothes market in Vietnam’s Mekong Delta
Traders at a long-standing market selling second-hand clothes in southern Vietnam are feeling concerned for their own business as local authorities have plans to forbid the sale of this type of goods in a bid to combat smuggling.
— Tuoi Tre

More banks eye lucrative consumer finance arm
More commercial banks are keen to establish consumer finance subsidiaries to seize a bigger share of a market that is high potentials with annual growth rate of over 50 percent and projected value of VND1,000 trillion (US$43.85 billion) by 2019.
— The Hanoi Times

Net sells by foreign investors not a worry: analysts
Local investors are concerned with recent increases in net selling by foreign traders, fearing a capital flight, but experts have tried to calm the market with positive recommendations.
— VietnamNet Bridge

Land prices around HCM City jump
The appreciation in land prices seen in HCM City in recent time is spreading to its adjoining provinces, according to traders and agents.
— Bizhub

Neglecting architectural heritage could be a bad economic decision for Vietnam
As Vietnam develops, there is a growing debate on whether buildings with architectural or historical value in the core of major cities should be preserved.
— VnExpress

Firms buy goods from distressed farmers
Korean supermarket chain Lotte Mart has bought more than 10 tonnes of pumpkins and five tonnes of watermelons from distressed farmers facing declining prices because of a bumper crop in Đắk Lắk and Quảng Nam provinces.
— Viet Nam News

Mumuso Vietnam addresses allegations of selling Chinese goods under S. Korean brands
Representatives of Mumuso Vietnam, which has been alleged in a recent coverage on South Korean television as falsely claiming itself as a South Korean store chain but in fact only sells Chinese goods, fell short of clarifying those allegations as they addressed local media on Friday.
— Tuoi Tre

Environmental and health pioneers win awards for Asian contributions
A Chinese environmentalist using the power of the internet to promote cleaner industry, a Vietnamese doctor bringing cutting-edge medicine to children and an Indian social reformer tackling two of his country’s biggest challenges — poor hygiene and discrimination — have been awarded this year’s Nikkei Asia Prizes.
— Nikkei Asian Review

India, Vietnam gear up for first naval drill in China backyard
In what will be a significant step towards India’s ‘Act East policy’, India and Vietnam will conduct their first bilateral naval exercise later this month, marking the continued upswing in relations.
— The Tribune

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