05:57 (GMT +7) - Thursday 22/03/2018


March 14

Released at: 14:01, 14/03/2018 PRESS WATCH

March 14

VET's round-up of news from Vietnamese media for March 14.

Amazon to announce Vietnam strategy

Amazon will announce a development strategy at the Vietnam Online Business Forum on March 14, which is being held first in Hanoi and then in Ho Chi Minh City. The forum will include discussions on online shopping trends, tax management, and new technologies. Amazon is set to join Vietnam’s fast-growing retail market this month by opening up its platforms to local small- and medium-sized enterprises (SMEs). The US giant is expected to sign a deal with the Vietnam E-Commerce Association on March 14.

Vietnamese take most short trips globally

Vietnamese travelers take the most shorts trips in the world and the trend is expected to rise, with more travel outside of Asia and more spending on trips, according to the Visa Global Travel Intentions (GTI) survey, which presents a comprehensive look at travel and tourism in 2018. Findings highlight various parts of travelers’ journey, surveying respondents from Vietnam as well as around the world. Vietnamese travelers, in particular, are found to take the most shorts trips, with 74 per cent of those being for four nights or less.

MPI seeks clarification from Formosa over capital increase

The Ministry of Planning and Investment (MPI) has asked the Formosa Ha Tinh Steel Corporation to provide clarification over a capital hike from $11 billion to $11.6 billion. The Taiwanese company sought the ministry’s approval for adjusting its investment certificate for the capital increase, which it said was due to the increased costs of certain construction components as well as machinery. Formosa also attributed the additional investment of $600 million to the $18 million it spent on a chemical coal workshop and an increase in paid-in capital from $4.5 billion to $5 billion.

Binh Duong licenses 19 new projects

The People’s Committee of the southern province of Binh Duong held a ceremony recently for the granting of investment certificates to 19 projects with total registered capital of nearly $200 million. Recipients include 17 foreign direct investment (FDI) projects, mostly from South Korea, Singapore, and Taiwan, together with two domestic investors. According to the People’s Committee, Binh Duong has seen good signs in attracting FDI this year. Domestic and foreign investment totaled VND10.3 trillion ($450 million) and $435 million, respectively, in the first two months of this year.

2M steel exports to US double

Total steel exports in the first two months of the year rose 38.6 per cent year-on-year to more than 728,000 tons, according to the Vietnam Steel Association (VSA). Steel exports to the US in particular surged, standing at 124,600 tons worth $104.2 million in the two-month period; double the figure in the same period of last year.

Can Tho to hold cake festival in April

A southern traditional cake festival will take place in the Mekong Delta city of Can Tho from April 25 to 29. Themed “Origin of the Homeland Cake”, the festival will feature 100 booths introducing traditional cakes from the southern region while other booths will feature specialties from other regions and overseas. Highlights of the festival include cake-making performances and contests, folk games, and southern folk music and dance.

Packaging and sack exports to US now targeted

According to the Trade Remedies Authority, the US Department of Commerce has received a proposal on imposing anti-dumping or anti-subsidy measures on several Vietnamese products. They consist of packaging and sacks woven from the polymers of polyethylene and polypropylene; ramie - plants out of which fiber can be made; and other similar materials. The enterprises who submitted the proposal are ProAmpac and Polytex Fibers, which are major producers of laminated woven sacks in the US. They claimed that such products from Vietnam are receiving financial support and being sold at a lower price than the normal price in the US market. This situation is alleged to be greatly detrimental to the US’s domestic production of packaging and sacks.

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