Vietnam Morning News – May 11

Estimated Reading Time: 6 minutes

Vietnam arrests oil execs as anti-graft sweep broadens
Vietnam arrested the chairman and chief accountant of a leading state-run oil refining firm on Thursday (May 10) for alleged abuse of power and property appropriation, as the government forges ahead with its massive anti-graft sweep.
— Channel NewsAsia

Many banks yet to shift to ATM chip cards
Most ATM domestic card holders still have to wait until 2020 to be able to use chip cards instead of magnetic stripe cards as currently despite growing card information theft.
— The Hanoi Times

Vietnam’s Haiphong Deepwater Port Ready for Business
The Lach Huyen International Gateway Port in Haiphong, Vietnam, will commence operation later this month.
— The Maritime Executive

Nippon Sheet Glass revives Vietnam plant for solar glass
Nippon Sheet Glass will invest around 40 billion yen ($365 million) to expand production of solar glass, as growing demand for renewable energy trickles down to Japan’s material makers, whose technology is crucial for high-performance panels.
— Nikkei Asian Review

Experts want strong tobacco tax hike
The Ministry of Finance has proposed an additional special consumption tax of VND1,000 for each pack of cigarettes on top of the current special consumption tax rate of 70%, but experts said this extra amount is too small to discourage smoking in Vietnam.
— VietnamNet Bridge

SCIC to sell stakes in 121 firms for after-tax profit
The State Capital Investment Corporation (SCIC) said it would offload capital in 121 businesses in 2018 with a view to making after-tax profit of 5.4 trillion VND (237.8 million USD), a 17 percent year-on-year decrease.
— Nhan Dan Online

Vietnam’s fintech sector is reaching greater heights
Vietnam’s strong economic growth in recent years has led to the flourishing of the nation’s digital economy.
— The Asean Post

Vietnamese rice prices soar to near 4-year high
Export prices for rice surged to a near four-year high in Vietnam this week due to strong demand, while slow buying interest put pressure on prices of Indian rice.
— Bangkok Post

Vietnam: Fruits & vegetables surpass crude oil in export revenue
With a sharp surge of 30 percent to US$1.32 billion in the first four months of this year, export turnover of fruits and vegetables surpassed crude oil for the first time.
— Fresh Plaza

JICA urges Vietnam to address late payment for ODA-funded projects
Chief Representative of the Japan International Cooperation Agency (JICA) Vietnam Office Tetsuo Konaka has urged the Government of Vietnam to continue scrutinizing the process of allocating funds for official development assistance (ODA) projects.
— VietnamPlus

Changing face of VN hospitality
The fast-changing hospitality industry is offering many opportunities for developers to expand the number of rooms and market their properties to future new categories of guests like millennials, according to hospitality experts.
— Bizhub

Public investment capital disbursement at slowest pace
The disbursement for public investment projects has been moving at the slowest pace with only VND65 trillion (US$2.85 billion) in the first four months of this year, equal to 16.27 percent of the plan assigned by National Assembly.
— The Hanoi Times

High-quality products – key to reaching out global market
Producing high-quality products will enable Vietnamese businesses to make inroad into the global market, experts said at a workshop in Hanoi on May 10.
— VietnamPlus

Vietnam Railway proposes to upgrade Saigon-Nha Trang railway route
The Vietnam Railway Corporation (VNR) has proposed the Ministry of Transport to work out a project to improve the operation of the train on the Saigon-Nha Trang route.
— The Hanoi Times

Nearly VND3.5 trillion raised from government bond auction
The State Treasury raised VND3.474 trillion (approximately US$153 million) from an auction of government bonds on May 9, the Hanoi Stock Exchange has announced.
— Nhan Dan Online

CPTPP likely to increase garment exports to Australia
Viet Nam’s turnover from textiles and garment exports to Australia is predicted to reach a double-digit growth after the signing of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
— Bizhub

Can ‘Made in Vietnam’ degrees make it in Vietnam?
The partnership between VinGroup and Cornell to establish a world-class university in Vietnam has many challenges to overcome, starting with gaining the trust of local students and parents, argues Matthew D. Edward.
— Vietnam Insider/ Times Higher Education

​Management of Vietnamese natural reserve mulls renting forest land to tourism companies
The management board of a natural reserve in the south-central Vietnamese province of Khanh Hoa is seeking permission to set aside a portion of the forest it is overseeing for tourism purposes.
— Tuoi Tre

With VTA barrier lifted, cars seen arriving in Vietnam in droves
Imports of completely-built-up (CBU) cars to Vietnam will most likely take a quantum leap in months to come as authorities in some Asian and European countries now issue Vehicle Type Approval (VTA) certificates for car importers in Vietnam.
— VietnamNet Bridge

Vietnam cbank orders lenders to pull the brakes on ATM fee hikes
With several local lenders raising fees for cash withdrawals at ATMs, the State Bank of Vietnam is stepping in to slow the ‘fee hike’ race.
— Tuoi Tre

European farm produce seek ways to reach Vietnamese consumers
The European agriculture producers are expecting the European Union-Vietnam Free Trade Agreement (EVFTA) to take effect soon as it will pave the way for their agricultural products, including fruits, meat and dairy, to enter the Southeast Asian market with a population of 93 million.
— VietnamPlus

Widespread money outflow triggers tumble of indexes
Red coloured the stock market on May 10 when a money outflow was recorded in all groups of shares, leading to a tumble of indexes on the two main bourses.
— VietnamPlus

Thai firms eye business opportunities
More than 210 Thai enterprises are showcasing their products and services at the Top Thai Brands expo which opened yesterday in HCM City.
— Viet Nam News

Celtrion Group to build $800-million pharmaceutical factory in VN
Adding to the excitement of investments in the Vietnamese pharmaceutical sector, Celtrion Group from South Korea also found opportunities to join the game.
— VietnamNet Bridge

JC&C joins the race for Vinamilk
Singapore’s largest automotive group, Jardine Cycle & Carriage Limited Company (JC&C), announced intentions to take up the competition with F&N Dairy Investment Pte., Ltd. for a stake in Vietnam Dairy Products JSC (Vinamilk) by registering to buy an additional 14.5 million shares through its Platinum Victory Pte., Ltd. investment fund.
— VietnamNet Bridge

Vietnam – continues to develop, offering great opportunities for investors
Kevin Snowball, Chief Executive Officer, PXP Vietnam Asset Management, reveals to Hubbis the size and scale of the Vietnam investment opportunity.
— Hubbis

Why Hanoi’s historic buildings are under threat from modernity
A walk near Hanoi’s Hoan Kiem Lake reveals the city’s distinctly Francophile architectural legacy.
— CNN

Travel from Cambodia to Vietnam by bicycle and by boat
Journey by bicycle and boat from Siem Reap, Cambodia, to Ho Chi Minh City, Vietnam, on a new 11-day tour offered by Grasshopper Adventures.
— Los Angeles Times