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FDI capital: Breakthrough expectation in 2018

FDI capital: Breakthrough expectation in 2018

Many experts expect that this year will have many big turning points in attracting FDI with new directions from the Government.

“New barrier” on automobile import

The Government’s Decree No. 116/2017/ND-CP which came in full force and effect on January 01, 2018, is viewed as a “new barrier" to protect domestic automobile industry from the automobiles imported from ASEAN entitled to a zero per cent tariff, according to automobile importers and exporters.

Nutifood exports Pedia Plus milk product to America to gain expectedly US$100 million

It is expected that Nutifood will gain US$100 million in annual revenue from American market after next five years.

Binh Son Refining and Petrochemical’s IPO obtains over US$245 million

Domestic and foreign investors have paid an average price of VND23,000 (US$1.01) per share, 56 per cent higher than the initial price of VND14,600 (US$0.64) offered in the auction.

HCM City calls for additional US$17.8 billion in eight urban railway routes

Ho Chi Minh City (HCMC)’s future urban railway system is scheduled to includes eight major urban railway routes divided into 12 project packages of which three have been approved, two have been submitted to the Government and seven have not been started yet.

Billionaire Phuong Thao's company acquires 50 per cent of Splendora urban project

Phu Long Real Estate JSC, which is part of billionaire Phuong Thao’s Sovico Group, received VND2.3 trillion (US$ 101.4 million) of additional capital before acquiring a 50 per cent stake in Splendora urban project and replacing Korean investor Posco E & C.

Vung Ro Petroleum co-operates with Danish corporation to build green bituminous binders processing plant in Vietnam

The project is expected to have a storage capacity of 12,000 MT with a second phase upgrading to 30,000 MT.

The Deputy Prime Minister urges to finalize the legal framework for managing virtual currencies

Deputy Prime Minister Vuong Dinh Hue has urged the Ministry of Justice to chair and coordinate with the State Bank to urgently research and finalize the legal framework for managing virtual currencies in Vietnam and report to the Prime Minister by January 30, 2018.

Vietnamese BMW importer accused of transfering illegal profits abroad

Euro Auto Joint Stock Company (Euro Auto), the authorized importer and distributor of BMW, has falsified the records for tax avoidance, constituted behavior associated with the smuggling and transferred all illegal profits abroad, according to General Department of Vietnam Customs (Vietnam Customs).

Khaisilk’s commercial infringements subject to strict punishments

Deputy Prime Minister Truong Hoa Binh has assigned the Ministry of Public Security, the Ministry of Industry and Trade, the Ministry of Finance and other relevant agencies to strictly handle the commercial infringements caused by Khai Duc Ltd., Co. (Khaisilk) in accordance with the law.

Prices of some automobile models suddenly increase to contradict common trend

Truong Hai Auto Corporation (Thaco) has announced a slight reduction of some Mazda models’ prices while Honda CR-V’s price is also showing signs of increasing before Tet holiday.