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Top Story: MOT Reconsiders Port Development Strategy
TOP STORIES:
The Vietnamese Ministry of Transportation has taken advice from the Japan International Cooperation Agency on efficiency upgrades to Vietnamese ports and is considering investing in improvements. JICA advised the government that in light of 12 percent year-on-year growth in cargo movement at the ports, Vietnam should focus on building capacity at Ho Chi Min City’s Cai Mep – Thi Vai deep-water port. That single, large-capacity port is under increasing strain as all other smaller ports in southern Vietnam cannot handle ships of the same size. JICA claims that if improvements are not made, HCM City’s ability to handle cargo will be under capacity and choke off commerce throughout the country by 2015.
Top Story of the Week: Tax and Customs Revamp Urged to Reduce Red Tape
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Top Story of the Week: Ministry of Finance Explores Import Tariff Increase
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· The Ministry of Finance has asked government agencies around Vietnam for a list of product lines on which tariffs could be increased in line with the country’s WTO commitments. The ministry expects roughly 460 product lines to be affected by tariff increases ranging from 2 to 3 percent. A ballooning trade deficit and concerns for infant industries in the country are reasons provided for the move.
· ACE Life Insurance Co., part of the ACE Group, received its full license to operate in Vietnam from the State Securities Commission on October 28. ACE can now operate its first fund management company in Asia in support of its investment services worldwide. The firm’s operations in Vietnam will be based in Ho Chi Minh City.
Top Story of the Week: Vietnam Ships US$13.7 billion Worth of Goods to ASEAN
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· Vietnam shipped US$13.7billion in goods to other ASEAN countries in September, representing an 11.1 percent year-on-year increase in exports. This increase represents both a sign of newfound economic momentum following Vietnam’s recent slowdown, as well as continuing improvements in manufacturing and agriculture sectorial productivity. Vietnam’s largest trading partners in the region are Malaysia, Thailand, Singapore and Indonesia.
Top Story of the Week: US, Vietnam Sign Nuclear Trade Agreement
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· Vietnam and the United States signed the U.S.-Vietnam Civil Nuclear Cooperation Agreement this past week which pledges transfer of nuclear production technologies to the Southeast Asian nation. Secretary of State John Kerry called the deal beneficial for US businesses while Vietnam continues to diversify its energy sourcing. Hanoi recently completed a similar nuclear deal with South Korea and agreed this week to further pursue energy cooperation with Russia.
Top Story of the Week: Vietnam Attracts US$15 Billion of FDI in Nine Months
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Despite perceptions of a slowing economy, Vietnam attracted US$15billion in foreign direct investment in the first nine months of 2013. This is a 36.1 percent year-on-year increase over 2012. 86.4 percent of the investment went to the processing and manufacturing industries.
Top Story of the Week: PM Dung welcomes strategic partnership efforts with France
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Prime Minister Nguyen Tan Dung continued a busy week by heading to the United Nations General Assembly in New York after an official visit to France. Prime Minister Dung and French President Francois Hollande discussed strengthening of bilateral relations between Vietnam and France as well as broader ASEAN-EU economic connections.
Top Story: In Slowing Region, Vietnam Perks Up
Looking Ahead:
Becamex is organizing a seminar focused on Business Opportunities in Vietnam on October 2, 2013 in Philadelphia, PA. For full details, please see the flier here.
IN THIS UPDATE:
National Affairs
+ In Slowing Region, Vietnam Perks Up
+ Vietnam would take slower, wiser steps in attracting FDI
Top Story: Party Central Committee meets in Hanoi
Top Story: U.S. Companies Look to Expand Investments in Vietnam
IN THIS UPDATE:Council News
+ U.S. Companies Look to Expand Investments in Vietnam
Defense
+ Three factors in the Vietnam-US relationship
Economics