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October 27, 2016

Released at: 21:00, 27/10/2016 PRESS WATCH

October 27, 2016

VET's daily round-up of news from Vietnamese media for October 27.

US to invest $500 million in private sector projects

The US Government is looking to boost investment in Vietnam’s private sector with the goal of providing $500 million worth of financial assistance to Vietnamese projects over the next three years. The information was provided by Ms. Elizabeth L. Littlefield, President and CEO of the US Government’s Overseas Private Investment Corporation (OPIC) during a working visit to Ho Chi Minh City this week.

Vietnam Airlines, ANA to begin code-shares

Vietnam Airlines (VNA) and its Japanese strategic partner All Nippon Airways (ANA) will kick off code share flights on ten Vietnam-Japan routes and 25 domestic routes in both countries on October 30. This is the first cooperation project between the two sides after ANA Holding acquired an 8.77 per cent stake worth $109 million in VNA, becoming a strategic shareholder of Vietnam’s national flag carrier.

Government proposes $66 billion mega-projects

The government is seeking National Assembly approval of a number of mega-projects for the 2016-2020 period with an estimated cost of $66 billion. The projects include the North - South Expressway, Long Thanh International Airport, and the North - South Railway.

Lotte Group to fund $1 million startup program

South Korea’s Lotte Group plans to invest $1 million in a five-year program to support Vietnamese startups. The group expects to bring products made by the most outstanding startups into Lotte Vietnam’s distribution network.

Japan egg producer teams up with local company

Ise Foods, Japan’s largest egg producer, has agreed to transfer its technology to DTK, a Vietnamese feed and drug company. Under the deal, DTK will increase its number of chickens from 100,000 now to 1.2 million. The two are also mulling over a joint venture to cooperate in chick raising and egg sales, among other things, in the hope of grabbing a 10 per cent share in Vietnam’s egg market over the medium term.

Vietnamese software companies invest in Japan

A dozen Vietnamese software companies have opened branches in Japan, Vietnam’s second-largest outsourcing market since 2014. Worthy of note is FPT Software, which plans to increase its staff numbers in Japan from 500 to 3,000 by 2020 and to earn revenue of $500 million.

Labor exports continue rising

Some 10,361 people went to work in foreign countries in October, bringing the total number in the first ten months of the year to 98,410, up 17 per cent year-on-year. Most went to Taiwan, Japan, South Korea, and Malaysia.

10,314 enterprises registered in October

An additional 10,314 enterprises were established in October, with combined registered capital of VND81.527 trillion ($3.59 billion), a month-on-month increase of 28.2 per cent in number and 7.1 per cent in capital. The number of enterprises resuming operations also increased, by 38.8 per cent year-on-year.

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