Việt Nam News

The Vietnam Opportunity Fund, managed by VinaCapital Group, has sold its entire holding in an unnamed trophy asset for US$100 million to a newly-formed hospitality joint venture between it and US private equity firm Warburg Pincus.

Efforts to decrease the trade deficit with China is an important policy and one of the Ministry of Industry and Trade (MoIT)’s chief concerns, in addition to increasing exports to this market, says Industry and Trade Deputy Minister Đỗ Thắng Hải.

The Ministry of Industry and Trade has mapped out next year’s development plan for the industrial sector and forecast an 8 per cent rise in industrial production, against this year.

The Việt Nam – Eurasian Economic Union free trade agreement, which took effect last month, offers Vietnamese firms the opportunity to boost exports of garments and textiles, footwear, wooden products, seafood, and farm produce to Russia, a conference heard in HCM City yesterday.

Việt Nam should develop breakthrough policies to create momentum for the further development of electronic payments to meet the growth of e-commerce, said Phạm Nguyên Minh, director of the Institute for Trade Research and Development under the Ministry of Industry and Trade.

Shares rose higher yesterday, driven by oil and gas producers and banking-financial companies, while listed firms with positive 10-month earnings also bolstered investor confidence.

The Parkson Việt Tower is located at the Thái Hà-Tây Sơn intersection, an expensive section of the city centre. It covered more than 11,000cu.m, showcasing many famous brands, but the number of customers has been on the decline since its opening in 2008.

After rising continuously for the past few weeks, the đồng/US dollar exchange rate declined this morning, owing to the devaluation of the American currency in the global market.

Việt Nam’s import-export turnover by November 15 was on the threshold of US$300 billion, up $100 billion against 2011, the latest preliminary statistics from the General Department of Customs showed.

National flag carrier Vietnam Airlines has asked its shareholders to register their ownership by the end of this month to serve its trading registration on the Unlisted Public Company Market (UPCoM), which is expected in December.

Việt Nam’s sovereign fund State Capital Investment Corporation will auction a 9 per cent stake comprising 130.63 million shares in the Vietnam Dairy Products JSC (Vinamilk) at the HCM Stock Exchange on December 2.

Shares rebounded on the two local exchanges yesterday, lifted by energy stocks on increasing expectations of a short-term output curb agreement between oil producers.

The nation should aim at secure, sustained financing of the State Budget for the next five years by reducing deficits, increasing spending efficiency and tackling tax fraud, a new Politburo Resolution says.

Việt Nam would attach special attention to reform in insolvency regime in order to create favourable business and investment climate, according to Chief Justice of the Supreme People’s Court Nguyễn Hòa Bình.

The National Assembly has adopted a resolution cancelling a project to build the Ninh Thuận nuclear power plant, said the Chairman of the Government Office, Mai Tiến Dũng, at a news conference yesterday.

Authorities in Thừa Thiên-Huế Province have decided to revoke the investment licence given to build a resort and upmarket residential areas in the region, after the project has been delayed.

The Mekong Initiative for Startup Tourism (MIST) has been launched in HCM City to boost investment and innovation in the tourism sector in Cambodia, Laos, Myanmar and Việt Nam.

The domestic automobile market has warmed up recently, and consumption is seen moving toward vehicles with 1,500cc engines, or smaller, and pick-up trucks.