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February 21, 2017

Released at: 16:00, 21/02/2017 PRESS WATCH

February 21, 2017

VET's daily round-up of news from Vietnamese media for February 21.

First train in Hanoi’s urban railway hits tracks

The first train on Hanoi’s Cat Linh -  Ha Dong urban railway line was installed on the tracks on February 20. The line’s trains are manufactured by the Beijing Subway Rolling Stock Equipment Co. and have a designed maximum speed of 80 km/h and an operating speed of 35 km/h. The remainder of the fleet will be transported from China to Hai Phong Port then to Hanoi in three stages in the months to come, with test runs scheduled for October.

ADB provides $20 million loan to SHB

The Asian Development Bank (ADB) and the Sai Gon - Ha Noi Commercial Joint Stock Bank (SHB) signed a Revolving Credit Agreement (RCA) on February 21, under which the ADB’s Trade Finance Program (TFP) will provide a $20 million direct loan to SHB to support pre-shipment and post-shipment trade transactions. The RCA is TFP’s second agreement with SHB, which became a partner bank of the TFP early last year.

Indochina invests in HCMC

The Indochina Company Limited, registered in the British Virgin Islands and headquartered in Hong Kong, has completed legal procedures and payments to become the owner of Saigon Metropolitan Limited, which holds a 70 per cent stake in Saigon Metropolitan Tower Limited - the investor of the Metropolitan Tower in District 1, Ho Chi Minh City.

EU businesses positive about Vietnam

Seventy-six per cent of European enterprises in Vietnam are optimistic about the country’s business environment this year, according to a survey conducted recently by the European Chamber of Commerce in Vietnam (EuroCham) and released in Hanoi on February 21. Fifty-six per cent of respondents said they would continue hiring Vietnamese workers and expanding operations in the country this year.

19 Japanese groups join Hanoi expo

The Factory Network Asia Business Expo (FBC Hanoi 2017) will be held in Hanoi on February 23 and 24 with the participation of 19 major groups from Japan and more than 110 small and medium- sized enterprises from China, Japan, Singapore, Thailand, and Vietnam. This is the first time the FBC has been held in Vietnam.

IB Securities to issue $25.96mn in bonds

The Hanoi-based IB Securities JSC plans to issue VND600 billion ($25.96 million) worth of bonds in 2017. The bonds will mature in one to three years, with a face value of VND1 billion ($43,250) each. The bond notes are unconvertible and non-guaranteed.

Italian cosmetic company plans to raise investment in VN

Italy’s Cosmoproject plans to raise its investment in Vietnam, the company’s director, Mr. Primo Tortini, told the Vietnamese Ambassador to Italy, H.E. Cao Chinh Thien, recently. The company will soon open an outlet in Ho Chi Minh City, following one in Hanoi in 2015, and in the long-term will build a facility to produce cosmetics in Vietnam.

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