Business highlights – February 20-26

Viet Nam hosted APEC officials in discussions on possible free trade area for Asia-Pacific, approved Samsung’s US$2.5 billion expansion plan, and recognized nearly 600 of its enterprises high quality Vietnamese product recognition. Those are economic highlights from February 20-26.

APEC officials discuss possible free trade area for Asia-Pacific

Senior officials of APEC economies as well as experts and scholars have discussed the possibility of establishing a free trade area of the Asia-Pacific (FTAAP) along with its potential impacts and difficulties facing the process.

The workshop on realizing FTAAP was held in Nha Trang, the south central province of Khanh Hoa, on February 25 as part of activities of the APEC First Senior Officials’ Meeting (SOM1) and related meetings.

Samsung’s US$2.5 billion expansion approved

Samsung Display officially received an investment license on February 24 for its US$2.5 billion expansion project in Yen Phong Industrial Park, the northern province of Bac Ninh.

The Government gave the expansion the preferential treatment of a large-scale project.

Through the expansion, Samsung Display will officially increase its investment in Viet Nam to US$6.5 billion. It is also the first billion-dollar project in the country this year.

Nearly 600 enterprises gain high quality Vietnamese product recognition

The High Quality Vietnamese Product Business Association on February 22 announced a list of more than 590 enterprises meeting the criteria for high quality Vietnamese products in 2017.

With around 16,000 questionnaires handed out, the association also released necessary information about the operation of businesses and management agencies.

Accordingly, 92% of Vietnamese customers use Vietnamese products and 78% of them prefer Vietnamese products.

ADB supports SHB in pre-shipment, post-shipment trade transactions

The Asian Development Bank (ADB) and the Sai Gon-Ha Noi Commercial Joint Stock Bank (SHB) on February 21 signed a Revolving Credit Agreement (RCA), which allows ADB’s Trade Finance Program (TFP) to provide a US$20 million direct loan to SHB to support pre-shipment and post-shipment trade transactions.

The revolving credit facility will enhance SHB’s capacity to provide trade-related loans to its clients, including for pre-export finance of agriculture products, garments, and electronics for export to markets such as China, Japan, and Singapore.

SHB became a partner bank in ADB’s TFP in early 2016. In less than 12 months, TFP has supported a total of 25 SHB transactions worth over US$160 million. The revolving credit facility is TFP’s second agreement with SHB.

ANZ predicts robust VN growth

Viet Nam is likely to have something to crow about during the Year of the Rooster as several factors will facilitate socio-economic growth, ANZ Viet Nam said on February 24.

In a press briefing titled “What lies ahead in the Year of the Rooster?” experts from the Vietnamese branch of the Australia and New Zealand Banking Group Ltd outlined their views of the global and regional economy, as well as a detailed outlook for Viet Nam in 2017.

They said the Vietnamese economy will experience higher growth this year with gross domestic production (GDP) growth about 6.4%, with the agricultural and industrial sectors doing well.

Source: ONLINE NEWSPAPER OF THE GOVERNMENT OF THE SOCIALIST REPUBLIC OF VIET NAM

[related_post themes="text" id="14118"]