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December 8

Released at: 11:26, 08/12/2017 PRESS WATCH

December 8

VET's round-up of news from Vietnamese media for December 8.

PYN Elite Fund to pick up 4.99% of TPBank

The Tien Phong Commercial Joint Stock Bank (TPBank) and PYN Fund Management have signed a share purchase agreement, under which the PYN Elite Fund will own 4.99 per cent of TPBank’s capital after the latter’s share issuance, worth nearly $40 million. The transaction marks the first time the PYN Elite Fund has invested in a Vietnamese bank and is also the largest new investment the fund has ever made in Vietnam. The PYN Elite Fund is currently the third-largest foreign investment fund in Vietnam, with a total portfolio value of €417 million ($490.7 million). The Finnish Foundation has been officially investing in Vietnam since 2013 and is well-known in the market, with ownership in many large companies.

Danish manufacturer to supply wind turbines

Danish wind turbine manufacturer Vestas and local company Tan Hoang Cau have signed a turbine supply contract for the 30MW Huong Linh 1 wind farm as well as a memorandum of understanding (MoU) on the pre-development of three other wind projects. The turbine supply contract for Huong Linh 1 is estimated to be worth more than €22 million ($26 million). Huong Linh 1 is located in the central province of Quang Tri.

Hoi An homestay decision sparks controversy

Controversy has greeted a decision by authorities in central Hoi An ancient town that only local people can provide homestay services. Under a new regulation, owners of homestays must be Hoi An residents with spouses who are not foreigners. At least two generations of families must live in houses providing homestay services. The regulation, as explained by Hoi An authorities, aims to preserve and promote local culture, traditions and values. The decision has been applauded by local people but criticized by tourism experts.

HCMC tax authorities receiving online retail tax payments

Tax authorities in Ho Chi Minh City have collected VND21 billion ($925,000) in taxes from online retailers while asking nearly 14,000 individuals and organizations selling goods on Facebook to fulfill their tax obligations. Data from the Ho Chi Minh City Department of Industry and Trade shows that as at September, the city had nearly 300 electronic trading platforms, more than 8,000 e-commerce sites, and 73 social networking sites.

Construction of FTP campus and software park in Can Tho underway

The FPT Group has commenced construction on an FPT University campus and a software park inside a complex in the Mekong Delta city of Can Tho, with total investment of VND1.4 trillion ($61.64 million). Covering 5.2 ha in Ninh Kieu and Binh Thuy districts, the FPT University and FPT Can Tho Software Park complex will include an office building and a lecture hall in the first phase. They are being designed based on international standards in order to save energy and protect the environment. The complex, when in place, will have 3,000 staff and 5,000 students. FPT plans to develop the FPT University campus in Can Tho into a leading institution in the delta, with 10,000 students by 2025.

Worldon Vietnam’s garment and textile chain in place

With the completion of a garment and textile production chain in Vietnam, the Worldon Vietnam Co. under China’s Shenzhou Group is likely to expand its investment in the country. The company put into operation the chain’s last project, worth $310 million, at the Dong Nam Industrial Park in Cu Chi district, Ho Chi Minh City. Mr. Tran Viet Ha, Head of the investment section at the Ho Chi Minh City Export Processing and Industrial Zone Authority, said this is the biggest invested garment and textile project at an industrial park in the city.

PM assigns budget estimates

Prime Minister Nguyen Xuan Phuc has issued a decision assigning new State budget estimates in 2018 to relevant authorities and localities, as well as urging them, on the basis of the assigned estimates, to take the initiative in introducing increases to basic salaries for civil servants and public employees from July 1 next year. State budget estimates for 2018 have been set for all ministries, ministerial-level agencies, government-attached agencies, and other central agencies, in addition to the Vietnam Electricity Group, the Vietnam National Tobacco Corporation, and centrally-run cities and provinces.

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