Entry of foreign fuel: a game changer?
Earlier this month Idemitsu Q8 Petroleum LLC opened its first retail outlet in Hà Nội’s Thăng Long Industrial Park, marking the first time a wholly foreign-owned company has entered the fuel retail sector.
After stopping car exports to Việt Nam for more than a month, Japanese auto giant Honda Motor suddenly decided to import around 2,000 vehicles from Thailand in early March.
Vietnam Oil and Gas Group (Petro Vietnam or PVN) plans to reduce its ownership of Petro Vietnam Gas Joint Stock Company (PV Gas) from the current 97 per cent to 65 per cent.
Last year saw a lot of merger and acquisition (M&A) activities in the Vietnamese property sector, with transactions totalling US$1.5 billion and the participation of many major foreign players.
Since Vietnam Asset Management Company (VAMC) seized Sài Gòn One Tower using the authority conferred on it by Resolution 42 on settling bad debts, several banks have followed suit and offered mortgaged assets for sale to help pay their bad debts.
The State Bank of Việt Nam (SBV) office in the southern province of Đồng Nai is investigating the delay in repaying principal and interest by the Thái Bình People’s Credit Fund to 82 customers in Biên Hòa City’s Tân Hòa Ward.
Vietcombank recently said it has received permission from the State Securities Commission to sell its stakes in the HCM City-based Saigon Bank for Industry and Trade (Saigonbank) and Việt Nam Cement Finance Company.
According to the Ministry of Planning and Investment, as of September 20 banking credit growth was only 11.02 per cent against a full-year target of 21 per cent.
On September 13 Samsung launched its mobile payment service, "Samsung Pay", in partnership with the National Payment Corporation of Việt Nam (NAPAS). Like Samsung, Apple also plans to bring its digital wallet, "Apple Pay", to Việt Nam soon.
In the first eight months of the year Việt Nam attracted foreign investment worth more than US$23.36 billion, a year-on-year increase of 45.1 per cent.