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February 16, 2017

Released at: 14:30, 16/02/2017 PRESS WATCH

February 16, 2017

VET's daily round-up of news from Vietnamese media for February 16.

Stocks hit 9-year high as focus returns to banks

Shares hit their highest level since February 2008 on February 15, led by gains in banking and finance, while most other Southeast Asian markets rose ahead of key US economic data that could influence the US Federal Reserve’s rate hike decision. Reuters added that the VN-Index rose for a fourth straight session to close 0.8 per cent higher and trading volumes were 1.5 times the 30-day average.  

WB-funded plant begins generating power

The first 65MW turbine group of the Trung Son hydro-power plant in north-central Thanh Hoa province began generating power on February 15. The four-turbine group plant was built at a cost of $410 million, funded by the World Bank. It has a designed capacity of 260MW.

Japan’s Showa Denko to set up new facility in Vietnam

Japan’s Aluminium Can Corporation (SAC), a consolidated subsidiary of Showa Denko, has announced it will establish a second Vietnamese production plant. Located in central Quang Nam province, the facility will have a capacity of 700 million aluminum cans a year. SAC will also install new production lines in its first factory, Hanacans JSC in northern Bac Ninh province, to bring total annual production to 2 billion cans by October 2018. Total investment in the two facilities is expected to be JPY5 billion ($44.04 million).

New lending rules to come into effect in March

Circular No. 39/2016/TT-NHNN on the lending activities of credit institutions and foreign bank branches, which was issued by the State Bank of Vietnam and will come into effect from March 15, is expected to overhaul the regulatory framework applicable to such activities in Vietnam and ensure that lending continues to grow while non-performing loans are kept in check. Under the new circular, new types of lending, including revolving and rollover, will be permitted in the country.

Son Tra Mountain named national tourism site

Son Tra Mountain will become a national tourism site that will host a luxury eco-tourism resort by 2030. Mr. Ha Van Sieu, Deputy Head of the Vietnam National Administration of Tourism, told a press conference on February 15 that the mountain, 600 meters above sea level and 10 km from the central city of Da Nang, will become a key destination, along with world heritage sites in Hoi An ancient town and the central provinces of Thua Thien Hue, Quang Binh, Binh Dinh, and Phu Yen.

TH Group opens school in Hanoi

Vietnam’s TH Group, famous for its TH true MILK brand, has officially opened a TH school in Hanoi, paving the way for the group to develop universities and colleges throughout the country. The first TH-branded school, covering nearly 20,000 sq m, includes a playground, a swimming pool, labs, gyms, and classrooms for 2,000 students from pre-school to high school.

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