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March 16

Released at: 14:01, 16/03/2018 PRESS WATCH

March 16

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

Quang Trung Software City launches smart traffic system

Quang Trung Software City (QTSC) has introduced their smart traffic management system (Smart Traffic), to pioneer the smart city model in Vietnam. The pilot, launched in coordination with Global Cybersoft Vietnam, effectively made use of artificial intelligence and image analysis by connecting with available cameras in the area. Smart Traffic helps detect and warn of traffic violations such as speeding, running red lights, and illegal parking, while also identifying banned vehicles.

Three competition agencies to merge

The Ministry of Industry and Trade will merge three agencies to form a new national competition committee, a meeting of the National Assembly (NA) Standing Committee heard. The three agencies are the Vietnam Competition Authority, the Competition Council, and the Office of the Competition Council. The merger will contribute to downsizing the State apparatus and improving efficiency while ensuring the committee’s independence and objectivity.

Dragon Capital funds pick up stake in Sabeco

Seven foreign investment funds managed by Dragon Capital completed the purchase of 15.3 million shares, or 2.3 per cent of charter capital, of Sabeco on March 15 for VND3.27 trillion ($143.6 million). The deal took place after Sabeco saw a plunge in its share value. On December 18, Sabeco successfully sold 343 million shares, or 53 per cent, to the Vietnam Beverage Co., a subsidiary of Thai Beverage, for VND110 trillion ($4.83 billion).

Hoa Lac High-Tech Park to license new foreign investors

A number of new foreign-invested projects are expected to be licensed at the Hoa Lac High-Tech Park (HHTP) in Hanoi. Projects include those from KOVA Paint, ETC Holding, and Nidec. HHTP licensed three projects last year with total investment capital of VND5.05 trillion ($229.54 million), VND4.53 trillion ($205.9 million) of which came from South Korea’s Hanwha Aero Engines. The project has kicked off and is to be put into operation in April.

EuroCham: EVFTA certain to boost trade and investment

The EU-Vietnam Free Trade Agreement (EVFTA), which is expected to be signed this year, will boost bilateral trade and investment thanks to tariff cuts and the strong commitments of both sides, Mr. Gellert Horvath, Co-Chairman of the European Chamber of Commerce in Vietnam (EuroCham) told the launch of the EuroCham Whitebook on trade and investment issues and recommendations. He stressed that the agreement will not only bring about more opportunities for Vietnamese sectors to develop but will also help to improve the country’s investment environment and raise the quality of its export products.

VTVcab to IPO in April

The government expects to raise at least VND5.96 trillion ($262 million) from selling a 47.8 per cent stake in VTVcab, a leading Pay TV provider in Vietnam, at an auction next month. VTVcab (the Vietnam Television Cable Corporation) will sell 42.49 million shares at an initial public offering (IPO) on April 17 at a starting price of VND140,900 ($6.2) apiece. At that price, VTVcab, which is wholly-owned by Vietnam Television (VTV), is valued at VND12.38 trillion ($545 million). The IPO is part of a string of share sales that the government will conduct this year to raise funds for development and ease the budget burden.

$15 million spent on Australian and US beef in Jan-Feb

Vietnam spent some $15 million importing nearly 2,300 tons of beef from Australia and the US in the first two months of this year, according to the General Department of Vietnam Customs. Of this, some 1,349 tons worth $8.9 million came from the US and 948 tons worth $6.6 million from Australia. Vietnam bought 930 tons of boneless beef and 18 tons of beef ribs from Australia and 834 tons of boneless beef and 65 tons of beef ribs from the US.

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