Weekly News 11.5.2020 – 15.5.2020

Vietnam set to welcome dual investment flows following COVID-19

Despite foreign direct investment (FDI) shown signs of a slowdown as a result of the negative impact of the novel coronavirus (COVID-19), experts believe that the nation will be able to welcome an array of fresh dual investment after the pandemic. According to the Ministry of Planning and Investment’s Foreign Investment Agency (FIA), the country attracted US$12.33 billion in FDI in the first four months of 2020, an annual fall of 15.5% due to the impact of the COVID-19 pandemic.

For more details, please kindly visit:

https://english.vov.vn/economy/vietnam-set-to-welcome-dual-investment-flows-following-covid19-413535.vov

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South Korean group proposes $150 million technopark in Dong Nai

Vietnam-Korea Techno Park has proposed investing $150 million in a technopark in Dong Nai to lure in $2-3 billion of high-tech investment in about six-nine years of operation. Vietnam-Korea Techno Park proposed to the Dong Nai provincial government to build a 300-hectare industrial park. The project will be developed in three stages with $150 million in total investment and is expected to lure $2-3 billion of investment within six-nine years of operation. This is the first technopark to be built by Vietnamese-Korean co-operation in the country.

For more details, please kindly visit:

https://www.vir.com.vn/south-korean-group-proposes-150-million-technopark-in-dong-nai-76210.html

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Quang Tri eyes US$86 million logistics centre

The People's Committee of Quang Tri province has approved in principle for Dong Nam ICD JSC to develop a logistics centre, expected to cost more than VND2 trillion (US$86 million), in the East South Quang Tri Economic Zone. The 72ha centre is slated for completion in 2025. That aims to contribute to speeding up the development of the logistics industry in the province and facilitate local enterprises in the economic zone and those in neighbouring areas.

For more details, please kindly visit:

https://english.vov.vn/economy/quang-tri-eyes-us86-million-logistics-centre-413545.vov

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Bac Lieu attracts lion’s share of FDI capital in first four months

The southern province of Bac Lieu topped the country in attracting foreign investment in the first four months of 2020 with a single project worth 4 billion USD producing electricity from LNG, the Ministry of Planning and Investment’s Foreign Investment Agency (FIA) has reported. The 3,200MW plant, invested by Singapore’s Delta Offshore Energy Pte.Ltd, will have four turbines of 750MW each and one with a capacity of 200MW, the former to go on stream at the end of 2023 and the latter in 2027.

For more details, please kindly visit:

https://www.vir.com.vn/bac-lieu-attracts-lions-share-of-fdi-capital-in-first-four-months-76270.html

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Vietnam’s Vingroup purchases DeepView 24 submarine for resort in Nha Trang

Vietnamese conglomerate Vingroup has confirmed its purchase of the Triton DeepView 24 submarine and is expected to add it to the list of tourist activities at its resort in the south-central beach city of Nha Trang by the end of this year. The Triton DeepView 24 can take 24 passengers to depths of up to 100 meters and offer them magnificent views thanks to its vast panoramic windows. Passengers will be seated inside a 15.4-meter-long cabin equipped with modern air-conditioners.

For more details, please kindly visit:

https://tuoitrenews.vn/news/business/20200510/vietnams-vingroup-purchases-deepview-24-submarine-for-resort-in-nha-trang/54498.html

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Positive market signs emerge for Vietnam’s grand reopening

Instead of adopting the age-old “sell in May and go away” strategy, and focusing on months with traditionally stronger market growth, investors now could be more bullish about a stock rally, buoyed by optimism about a gradual reopening of businesses. Market uncertainties sparked by the COVID-19 pandemic have led to an abrupt end of the bull market, leaving investors’ confidence plummeting through multiple selling sessions. However, the unprecedented outbreak could set the stage for positive recovery signs. Some sectors that will benefit the most include e-commerce, retail, insurance, healthcare, aviation, and construction.

For more details, please kindly visit:

https://www.vir.com.vn/positive-market-signs-emerge-for-vietnams-grand-reopening-76162.html

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Hà Nội implements six solutions to improve PCI ranking

Hà Nội is implementing six solutions to improve the city’s ranking in the Provincial Competitiveness Index (PCI) in 2020 and maintain its position among the top ten localities in the country. The capital city was ranked ninth among 63 localities in the latest PCI rankings (for 2019) announced recently by the Vietnam Chamber of Commerce and Industry (VCCI). The reading improved 3.4 points from the previous year. Breaking down the 2019 index, Hà Nội has three component indexes among the 10 highest in the country, which are business support services, labour training policies and market entry.

For more details, please kindly visit:

https://vnexplorer.net/ha-noi-implements-six-solutions-to-improve-pci-ranking-a202036149.html

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Industrial zone developers reap profits despite pandemic

While many businesses in various fields have been hit hard by the coronavirus pandemic, industrial zone developers in Vietnam have been flourishing. This sector is expected to maintain its growth as the country is seen as an attractive investment destination, especially after the Covid-19 crisis is over. Sonadezi Corporation, which has a long history in the investment, development and trade of industrial park infrastructure in Vietnam, recently announced that its net revenue in the first quarter of the year expanded nearly 11% to over VND1 trillion and net profit inched up a staggering 42% to over VND150 billion over the same period last year.

For more details, please kindly visit:

https://english.thesaigontimes.vn/76649/industrial-zone-developers-reap-profits-despite-pandemic.html

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Initial results of CPTPP implementation in Vietnam surpass expectations

Since it took effect in Vietnam just over a year ago, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) has created both pressures and opportunities for domestic businesses and sectors. In an official report to the National Assembly regarding the CPTPP’s impact on the Vietnamese economy, the government forecast a 4.04 percent increase in exports to CPTPP markets from now until 2035, meaning an annual increase of about US$700 million.

For more details, please kindly visit:

http://ven.vn/initial-results-of-cptpp-implementation-in-vietnam-surpass-expectations-42812.html

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Singapore becomes biggest investor in Vietnam during Jan-April

Singapore rose to become the biggest foreign investor in Vietnam in the first four months of 2020 with 5.07 billion USD, accounting for 41 percent of the total. It was followed by Thailand and Japan, with 1.46 billion USD and 1.16 billion USD, respectively, according the Ministry of Planning and Investment’s Foreign Investment Agency (FIA). Foreign investors poured 12.33 billion USD in total into Vietnam during January-April, a year-on-year decrease of 15.5 percent due to the impact of the COVID-19 pandemic.

For more details, please kindly visit:

https://www.vir.com.vn/singapore-becomes-biggest-investor-in-vietnam-during-jan-april-76269.html