Vietnam Morning News For July 19

ADB maintains Vietnam’s 2019 growth forecast at 6.8 percent
The Asian Development Bank (ADB) retained its growth projections for Vietnam at 6.8 percent for 2019 and 6.7 percent for 2020 in a report released on July 18.
— VietnamPlus

Viettel creates digital subsidiary in Vietnam
Viettel has unveiled a new subsidiary dedicated to digital services as the telecommunications provider targets new markets in Vietnam.
— Channel NewsAsia

Is Huawei a Security Threat? Vietnam Isn’t Taking Any Chances
As the world splits along U.S.-China fault lines, telecom companies in Vietnam appear to be quietly avoiding the Chinese tech giant in their 5G plans.
— New York Times

Japanese apparel maker to build new plant in Vietnam
Japanese apparel maker Matsuoka Corp will build a new plant in Vietnam as part of a medium-term business strategy to lessen its reliance on China.
— Bangkok Post

Vietnam to import more electricity from Laos, China
Vietnam plans to import electricity to overcome the imminent electricity shortage caused by delays in building new power plants.
— VnExpress

The Vietnam Seafood Industry Seeks To Scale Up Sustainability, Shrimp Farm By Farm
The complexity of global supply chains is a hot topic in business circles right now. Companies have been working harder to understand the environmental and social impacts associated with the products they source; many are beginning to address a wide range of issues that arise along those value chains, from pollution to human trafficking.
— Forbes

Vietnam’s export surge does not justify massive manufacturing relocation from China
Vietnam’s export revenue in the first five months of 2019 has seen a 6.7 percent increase year-on-year. Against the backdrop of a global economic slowdown and sprawling trade protectionism, this export performance has outshone other countries.
— Global Times

Vinh Tan Port welcomes first international vessel
The Spring Hummer, under the Belize flag, has become the first foreign cargo ship to dock at Vinh Tan, a seaport in the south central province of Binh Thuan, since the port was licensed as a goods inspection location a month ago.
— NDO

Manufacturing and processing to be mainstays of economic growth
In a bid to materialise the country’s growth target for 2019, the government will lay a more keen focus on manufacturing and processing development, as well as attracting more investment into the sector as one of the key growth propellants this year.
— NDO

Vietnam PM asks “super committee” not to be admin burden on enterprises
Timing is essential in a market economy, requiring the Committee for State Capital Management (CSCM) to be responsive and quickly address enterprises’ concerns, said Prime Minister Nguyen Xuan Phuc.
— The Hanoitimes

SME Financing in Vietnam can be transformed with the support from Indovina Bank, Cathay Holdings and Finaxar
Finaxar VN, Indovina Bank and Cathay Financial Holdings on Thursday, July 18, 2019 announced its partnership to improve access to financing for small and medium enterprises (SMEs) in Vietnam.
— Vietnam Insider

Fubon Bank in Vietnam posts 40% loan growth
Taipei Fubon Commercial Bank (??????) yesterday said that its Vietnamese operations saw annual loan growth in the first five months of this year grow 40 percent, thanks to increasing investments by Taiwanese and local companies.
— Taipei Times

Construction giant reports lowest quarterly profit in 4 years
Construction giant Coteccons reported a pre-tax profit of VND156 billion ($6.7 million) for the second quarter, a 71 percent decline year-on-year.
— VnExpress

VN suffered the most offline cyber attacks in all Southeast Asia
Offline attacks are when malicious code spreads via USB, CD, DVD and other offline methods.
— Viet Nam News

Vinamilk donates milk to disadvantaged children in Thái Nguyên
The donation, worth of VNĐ470 million, is part of the ‘Stand Tall Vietnam’ Milk Fund run by Vinamilk.
— Viet Nam News

South China Sea Standoff Likely Signals China’s ‘Push of Maritime Claims’ Amid Vietnam Backdown
An ongoing standoff between Chinese and Vietnamese vessels in disputed waters of the South China Sea likely indicates that Beijing is “prepared to push its maritime claims” after Hanoi cancelled oil exploration activities in the area in recent years, according to experts.
— Spratly Islands

Japanese bank eyes EVN’s energy projects
The Japan Bank for International Cooperation (JBIC) is interested in investment plans for energy projects of the Vietnam Electricity (EVN) and Vietnam Oil and Gas Group (PVN), unveiled Kazuhisa Yumikura, Managing Executive Officer and Global Head of Infrastructure and Environment Finance Group at JBIC.
— Sggp News

Walmart pushes for more Vietnamese products in its distribution network
Walmart has been working with Vietnamese partners and is willing to address their concern in approaching its distribution system.
— The Hanoitimes

Social, Health and Unemployment Insurance Contributions in Vietnam
Health insurance (“HI”) contributions are required for Vietnamese and foreign individuals that are employed under Vietnam labour contracts.
— Vietnam Insider

Otherworldly landscapes: 7 of Vietnam’s best cave experiences
Vietnam already has a worldwide reputation for its food, beaches, ancient history and diverse landscapes. And, over the past decade, it’s also emerged as one of the world’s leading destinations for caving.
— CNN

Vietnam’s unseen coastal paradise
The white sand is already scorching my feet when I take an early morning stroll along the beach on Cam Ranh Bay in southeastern Vietnam. The turquoise-green water shows barely a ripple at this time of day.
— 7News

Vietnam, France promotes cooperation between parliamentarian groups
The Vietnam-France and France-Vietnam Friendship Parliamentarians Groups held talks Hanoi on July 17 to discuss ways to foster cooperation between the two sides.
— NDO

Japanese cosmetics and drugstore chain to enter Việt Nam
The chain recently signed a co-operation deal with Việt Nam’s Lotus Food Group.
— Viet Nam News

Mekong agricultural development project launched by Vietnam
Vietnam wants to foster cooperation between countries in the Mekong sub-region and share experiences in agricultural and rural development through policy advisory networks of not only government agencies but also non-governmental organisations and the private sector.
— The Phnom Penh Post

Vietnam organises cybersecurity training for Cuba
According to a press release, Vietnam’s Ministry of Information and Communications held an advanced cybersecurity training course in Havana, from 8 July to 13 July.
— OpenGovAsia

Foreign currency lending abolished – impact on enterprises
Enterprises can borrow money in Vietnamese (VNĐ) and then purchase foreign currency for payment when they need the capital to import input materials, say commercial banks.
— Viet Nam News

Vietnam, RoK bolster information exchanges on successful policies
The Ministry of Planning and Investment (MPI) signed a memorandum of understanding (MoU) on information exchange of successful policies with the Presidential Committee on Balanced National Development of the Republic of Korea (RoK) on July 17.
— NDO

Ex-chairman of Vietnam’s BIDV bank dies in detention
A former head of Vietnam’s second largest listed bank, the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV), died in detention on Thursday, state media and three sources with direct knowledge of the situation said.
— Kfgo

Arctech Solar Hit a New Record with 1GW Installed Capacity in Vietnam
Arctech Solar, a leading solar tracking and racking system provider, announced that it has sold over 1GW of fixed structures and solar trackers to 12 utility-scale power plants in Vietnam in the past year, and all of these PV plants were connected to the grid before 30th June 2019 in accordance with Vietnam’s solar Feed-in-Tariff program.
— Yahoo News

Super committee should act as supportive agency: PM
The Committee for Management of State Capital at Enterprises (CMSC) should act as an efficient and supportive State capital management agency, not a governmental bureaucratic body, said Prime Minister Nguy?…n Xuân Phúc.
— Viet Nam News

VN stocks fall, mounting sell pressure hits large-caps
Vietnamese shares finished Thursday on a negative note as large-cap firms were unable to hold up against mounting selling pressure.
— Viet Nam News

Factories in residential area blamed for water pollution
Local resident Trần Văn Ba said the farmers used to use water from the commune’s irrigation canal for farming but now, they did not dare.
— Viet Nam Net

Lotte Card expanding presence in Vietnam
Lotte Card has sought to strengthen its foothold in Vietnam by making mass investments in its subsidiary there, to take advantage of the Southeast Asian country’s fast-growing consumer finance market.
— Korea Times

4 Vietnamese children drown in fish pond
Four children aged five to seven drowned in a fish pond in Vietnam’s central Khanh Hoa province, local media reported on Thursday.
— Xinhua

VN, Czech Republic strengthen trade relationship
Measures to boost two-way co-operation in economics, trade and investment were discussed at a meeting between officials from Việt Nam and the Czech Republic on Wednesday.
— Viet Nam News

Former chairman of top Vietnam bank dies in prison
Tran Bac Ha, former chairman of Vietnam’s second largest listed bank, died while being held for allegedly violating banking regulations, a Hanoi hospital says Thursday.
— VnExpress

VN stocks decline as selling pressure mounts
Vietnamese shares fell on Thursday morning as investors looked to earn profits from recent rallies.
— Viet Nam News

Talking Shop: Ministry helps steel exporters minimise negative impacts of US decision
Earlier this month the US Department of Commerce (DOC) announced preliminary rulings on the circumvention inquiries into Vietnamese cold-rolled steel and corrosion-resistant steel exports made from raw materials imported from Taiwan and South of Korea.
— Viet Nam News

Seafood industry needs new strategy to benefit from trade pacts
The seafood industry must envision a long-term strategy to make full use of new trade pacts and prepare for problems that might arise when they take effect, Truong Ðình Hòe, VASEP general secretary, said.
— Viet Nam News

Vinamilk donates milk to disadvantaged children in Thái Nguyên
The donation, worth of VNÐ470 million, is part of the ‘Stand Tall Vietnam’ Milk Fund run by Vinamilk.
— Viet Nam News

Factories in residential area blamed for water pollution
Local resident Tr?n Van Ba said the farmers used to use water from the commune’s irrigation canal for farming but now, they did not dare.
— Viet Nam Net

VN stocks decline as selling pressure mounts
Vietnamese shares fell on Thursday morning as investors looked to earn profits from recent rallies.
— Viet Nam News

Product quality more important than origin
Vi?t Nam already has regulations on labelling products, however, there are no criteria for how products are labelled ‘Made in Vi?t Nam’.
— Viet Nam News

KS Drilling jackup contract extended in Vietnam
The jackup has been operating in Vietnam for a number of years, and the extension is worth around $5.6m. The company did not reveal the length of contract or the client, although the rig has worked for VietsovPetro in the past.
— Splash 247

Kiên Giang Province to organise investment promotion conference
Local and foreign investors have been invited to take part in the Kiên Giang Investment Promotion Conference 2019 to be held in the province’s R?ch Giá City on July 29.
— Viet Nam News

VN, Czech Republic strengthen trade relationship
Measures to boost two-way co-operation in economics, trade and investment were discussed at a meeting between officials from Vi?t Nam and the Czech Republic on Wednesday.
— Viet Nam News

VN, Latvia to boost trade cooperation
Vi?t Nam and Latvia have maintained close diplomatic relations, however, trade relations are not commensurate with the potential of the two countries.
— Viet Nam News

Feature photo ILO Asia-Pacific

This week’s Vietnam morning news feature photo focus on World Youth Skills Day, July 15.

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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