Focus of FDI 2018-2030 identified

FDI attraction in 2018-2030 will focus on education and healthcare, sectors making the most added value, financial services, metal forging and chemistry, high-tech equipment, logistics, and pharmaceuticals. Vietnam has so far achieved remarkable outcomes in its FDI attraction, increasing nearly 1,000 per cent over the last decade. FDI value per capita exceeds the figure in China, India, and all large ASEAN countries except for Malaysia.

Vingroup into oriental medicine

Vingroup announced on its website that it has established the Vinfa JSC and will spend VND2.2 trillion ($96.5 million) on developing a pharmaceutical manufacturing and research center in the northern province of Bac Ninh’s Gia Binh district. The first priority of the center is to study and manufacture oriental medicine remedies of Vietnamese origin to serve the domestic market and for export. Vinfa will manufacture healthy food, vaccines, and medical equipment that meet international standards.

Air Seoul to fly to Da Nang

South Korean low-cost carrier Air Seoul announced on April 9 that it will launch a new route to the central city of Da Nang next month. The first flight will take off on May 18, on 195-seat A321 aircraft. There are currently around 160,000 Vietnamese people living in South Korea and about 150,000 South Koreans in Vietnam. The new route aims to further expand the carrier’s services in the Asia-Pacific region.

Rambutans heading to New Zealand

Vietnamese rambutans were officially approved for export to New Zealand at a ceremony on April 10. New Zealand’s experience and innovative solutions will also be provided to help Vietnam improve competitiveness. Approval was first announced during the official visit to New Zealand by Deputy Prime Minister Vuong Dinh Hue on July 27, 2017.

Q1 budget revenue 23.4% of annual target

Total budget revenue in the first quarter of this year reached VND308 trillion ($13.55 billion), equal to 23.4 per cent of this year’s target and up 5.3 per cent against last year, according to the Ministry of Finance. Of total revenue for the first quarter, domestic revenue totaled roughly VND253 trillion ($11.13 billion), 7.2 per cent higher than in the same period last year.

Vietcombank to offload OCB holding

Vietcombank will auction off its 6.67 million shares in the Orient Commercial Bank (OCB), at a starting price of VND13,000 ($0.57) per share, according to the Hanoi Stock Exchange. The northern bourse said that OCB’s charter capital has reached VND5 trillion ($220 million) and it has more than 110 branches and offices nationwide.

Moody’s upgrades for four banks

The long-term local currency deposit and local- and foreign-currency issuer ratings of the Asia Commercial Bank (ACB), the Military Commercial Joint Stock Bank (MB), and the Vietnam Technological and Commercial JSB (Techcombank) have been upgraded from B2 to B1, Moody’s Investors Service said in a statement. Moody’s affirmed the foreign currency deposit ratings of these three banks at B2, with the ratings constrained by Vietnam’s foreign currency deposit ceiling of B2. The international ratings agency also upgraded the Baseline Credit Assessments (BCA) for the three banks to B1 from B2. It also affirmed the long-term local and foreign-currency deposit and issuer ratings of Vietnam Prosperity Joint Stock Commercial Bank (VPBank) at B2 and upgraded its BCA to B2 from B3.