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December 22

Released at: 15:44, 22/12/2017 PRESS WATCH

December 22

VET's round-up of news from Vietnamese media for December 22.

Formosa Ha Tinh to expand

Formosa Plastics Group, through its five subsidiaries, intends to pour an additional $247.88 million into its $10.6-billion Formosa Ha Tinh Steel Complex, to increase capacity to 7 million tonnes of steel. The investment aims to replenish operating capital, with plans to raise $500 million in the second instalment of the ongoing capital injection project.

Saigon Autotech & Accessories Show 2018 for May

The 14th Saigon Autotech & Accessories Show 2018 will take place at the Saigon Exhibition and Convention Center in Ho Chi Minh City from May 24 to 27. The event will have 500 booths from 300 domestic and foreign enterprises and is set to attract more than 15,000 visitors. Exhibitors will display automobiles, motorcycles, electric and sports bikes, accessories and spare parts, car maintenance services, new-tech engines, and smart parking solutions.

Vimo & SASCO come together

E-wallet service provider the Vimo Technology JSC has clinched a deal with the Southern Airports Services JSC (SASCO) to provide WeChat Pay e-wallet services to Chinese tourists in Vietnam from early next year. The deal will make it convenient for Chinese tourists to pay in Vietnam dong via WeChat Pay e-wallet at SASCO’s duty-free and retail shops at Tan Son Nhat International Airport in Ho Chi Minh City, using the WeChat Pay app on their smartphone to scan QR codes.

Age requirement on second-machinery to be eased

A decree guiding the execution of the Law on Foreign Trade Management is being crafted in a way that the age requirements for used machinery imports will be eased, according to the Ho Chi Minh City Department of Science and Technology. The draft decree will provide different age limits on different second-hand machinery and equipment imported from other countries.

Ninh Thuan seeking wind power investments

Boasting huge potential for renewable power development, the south-central province of Ninh Thuan is working to attract investments in the sector and become Vietnam’s clean energy center. The province is relatively safe from storms while boasting good wind resources, with wind speeds of between 6.4-9.6 meters per second for ten months of the year, which is favorable for developing wind energy. Surveys show that 14 areas of about 8,000 ha, mainly in the three districts of Ninh Phuoc, Thuan Nam and Thuan Bac, have potential for wind power development.

Samsung making a mark on exports

Figures show that Samsung plays a crucial role in Vietnam’s balance of trade. Export turnover of Made-in-Vietnam phones, electronic equipment, and spare parts reached a record high of $65.06 billion in the first eleven months of 2017, up 33 per cent year-on-year and accounting for 33.45 per cent of Vietnam’s total exports.

FPT releases 11M business results

FPT has announced revenue in the first eleven months of the year of over VND39.3 trillion ($1.7 billion), up 10 per cent year-on-year. After-tax profit was over VND2.5 trillion ($110 million), up 12 per cent. Overseas turnover reached more than VND6.1 trillion ($268.7 million), up 13 per cent, while pre-tax profit was VND967 billion ($42.6 million), up 20 per cent and accounting for one-third of total profit.

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