Weekly News 6.7.2020 – 10.7.2020

Gelex to raise stake in Viglacera

The Vietnam Electrical Equipment JSC (Gelex) plans to acquire a 21 per cent stake in the industrial group Viglacera. Gelex will purchase 95 million Viglacera shares to raise its ownership to 46.15 per cent or 260.93 million shares. Gelex and related shareholders are holding 112 million shares or 2.94 per cent of Viglacera’s capital.

For more details, please kindly visit:

http://bizhub.vn/markets/gelex-to-raise-stake-in-viglacera_316915.html

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HCM City to develop hi-rises along metro line

HCM City plans to stop construction of high-rise apartment buildings in downtown areas and focus instead on building such residential complexes along the first metro route in the eastern part of the city comprising districts 2, 9 and Thủ Đức. Under a new proposal for 2021-30 by the Department of Construction, new housing projects must align with the development of technical and social infrastructure and availability of land for public transport and parks.

For more details, please kindly visit:

https://vietnamnews.vn/society/749161/hcm-city-to-develop-hi-rises-along-metro-line.html

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Developers race to buy lands post-pandemic

Property companies are snapping up prime lands, taking advantage of distress selling as the Covid-19 pandemic continues to weigh on the economy. Hung Thinh Group recently acquired 1,000 hectares in the Central Highlands province of Lam Dong, home to travel hotspot Da Lat.

For more details, please kindly visit:

https://e.vnexpress.net/news/business/industries/developers-race-to-buy-lands-post-pandemic-4126043.html

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Vietnam is taking drastic action to fast-track Metro Line 1 in Ho Chi Minh City

Last Monday, Deputy Prime Minister and Minister of Foreign Affairs Pham Binh Minh chaired a meeting with municipal authorities to resolve obstacles around the disbursement of official development assistance (ODA) and concessional loans (CLs) in the city.

For more details, please kindly visit:

https://vnexplorer.net/vietnam-is-taking-drastic-action-to-fast-track-metro-line-1-in-ho-chi-minh-city-a202060843.html

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IFC offers Phu My Hung US$75 million to help business recover after Covid-19

International Finance Corporation (IFC), a member of the World Bank Group, offered a financial package of US$75 million to Phu My Hung Development Corporation to help sustain its operations following the Covid-19 pandemic and allow it to extend financial relief to its clients, suppliers and contractors along its property value chain, thus helping preserve jobs and contributing to a resilient local economy.

For more details, please kindly visit:

https://english.thesaigontimes.vn/77506/ifc-offers-phu-my-hung-us$75-million-to-help-business-recover-after-covid-19.html

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Corporate bond market to boom in second half

Companies are looking to raise debts from bond issuance before the amended Law on Securities takes effect next January. The amended securities law, which was approved by the National Assembly in November 2019, will take effect on January 1, 2021.

For more details, please kindly visit:

https://english.vov.vn/economy/corporate-bond-market-to-boom-in-second-half-415775.vov

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E-commerce in Vietnam strongly pushed during COVID-19

It not only has changed consumers’ behaviors, but also forced traditional retailers and manufacturers to go online. Anh said he got home from Binh Dien Market at midnight and then had to go to the Vietnam Online Business Forum 2020 the next morning. He said the huge market is cumbersome and wants to carry out digital transformation and bring special products to e-commerce trading floors.

For more details, please kindly visit:

https://vietnaminsider.vn/e-commerce-in-vietnam-strongly-pushed-during-covid-19/

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VGSI - Korean developer inks agreement with BIDV

Vietnam GS Industry and the Joint Stock Commercial Bank for Investment and Development of Vietnam, or BIDV, signed a deal to develop phase 1-1 of zeit RIVER COUNTY 1 at the ZEITGEIST urban township project. BIDV is committed to providing financial services and offering various privileges to VGSI’s partners and customers.

For more details, please kindly visit:

http://bizhub.vn/corporate-news/vgsi-korean-developer-inks-agreement-with-bidv_316966.html

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Residents of 4.3-hectare zone in Thu Thiem to receive compensation in September

Families and individuals whose land was located inside a 4.3-hectare zone wrongfully reclaimed in the Thu Thiem new urban area will receive compensation, including a new land lot, apartment or cash in September 2020, HCMC vice chairman Le Thanh Liem said at a meeting this morning, July 9.

For more details, please kindly visit:

https://english.thesaigontimes.vn/77532/residents-of-43-hectare-zone-in-thu-thiem-to-receive-compensation-in-september-.html

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Vietnam is seeking a return to nuclear power

Vietnam mulls return to nuclear energy after 2035 amid warnings that dwindling natural resources could lead to electricity shortages. The VNExpress reported. A draft power plan by the Ministry of Industry and Trade envisages building nuclear power plants with a capacity of 1,000 MW by 2040 and 5,000 MW by 2045.

For more details, please kindly visit:

https://vietnaminsider.vn/vietnam-is-seeking-a-return-to-nuclear-power/