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March 16, 2017

Released at: 14:30, 16/03/2017 PRESS WATCH

March 16, 2017

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

30% of Vietnamese enterprises want to invest in Laos

Thirty per cent of enterprises taking part in the Provincial Competitiveness Index (PCI) 2016, released by the Vietnam Chamber of Commerce and Industry recently, expressed an interest in investing in Laos, which is Vietnam’s largest overseas investment destination. It is followed by the US, Singapore, Cambodia, Japan, and Myanmar.

Offshore investors optimistic about stock market

Rising foreign direct investment, quickening economic growth, and an equitization program that’s boosting the size of the stock market have offshore investors optimistic there’s more juice left in Vietnam’s stock market rally. Bloomberg quoted Asia Frontier Capital Ltd. Chief Executive Officer Thomas Hugger as saying that the market will “continue to do well”.

Government calls for investment in railways

Under a draft of a revised railway law being discussed by the National Assembly Standing Committee, the government gives priority to developing, maintaining, and protecting national and urban railways. The government will call for and support organizations and individuals to invest in or run railway businesses.

Ministry asks Australia to reconsider ban on shrimp imports

According to Deputy Minister of Industry and Trade Tran Quoc Khanh, the government has asked Australia to reconsider its ban on Vietnamese shrimp imports as the ban has caused huge losses to the country’s farmers and exporters. Vietnam earns about AUD55 million ($41.75 million) annually from exporting uncooked shrimp to Australia.

VAMC buys $12 billion of bad debts

Since it came into operation three and a half years ago, the Vietnam Asset Management Company (VAMC) has bought bad debts from 42 credit institutions in Vietnam totaling VND282.12 trillion ($12.24 billion) in principal. The total value of special bonds issued to raise funds to finance bad debt purchases was VND245.67 trillion ($10.66 billion). Almost all of the bad debts used properties, factories, industrial parks, and company bonds as collateral.

EU wants to become largest investor in Vietnam

The EU wants to become the largest investor in Vietnam, especially in Ho Chi Minh City and neighboring localities, Ambassador H.E. Bruno Angelet, Head of the EU Delegation to Vietnam, said during a meeting in the southern city on March 15 with Chairman of the People’s Committee Nguyen Thanh Phong. According to the ambassador, the EU is among the Top 3 trade partners of Vietnam and the fifth-largest investor in the country.

Airlines may face airport charge hikes

The Civil Aviation Administration of Vietnam (CAAV) wants to raise the service charges imposed on Vietnam’s airlines. Proceeds from the hike would fund projects to upgrade runways and departure gates at major airports to accommodate the increasing number of Vietnamese people traveling by air. Services charges on Vietnamese airlines have remained unchanged since 2011 and represent between 47 and 67 per cent of charges imposed by other Southeast Asian countries.

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