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Hậu Giang’s investment promotion conference slated for June

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A part of Hậu Giang Province. — Photo provided by the province

HCM CITY — The Mekong Delta province of Hậu Giang will advertise its potential and strengths, promote trade and tourism while introducing a list of projects calling for investment during an upcoming investment promotion conference in the locality. 

The conference, slated to be held from June 15 to June 18, will create favourable conditions for domestic and foreign businesses to learn about the province’s mechanisms and policies, its investment incentives besides its prioritised projects, director of the provincial Department of Planning and Investment Trần Ngọc Hùng told a press conference in HCM City on Wednesday. 

Hùng also described the event as a good chance for management agencies, organisations and investors to discuss measures to help the province attract more investment to promote its socio-economic development in the near future. 

Five seminars discussing Hậu Giang’s potentials and opportunities in the fields of industry, agriculture, urban development, tourism and IT will be held on the sidelines of the conference. 

For his part, Chairman of Hậu Giang People’s Committee Đồng Văn Thanh said his province was committed to facilitating businesses with the establishment of a steering committee for investment promotion and support. This would guide and support investors in fulfilling investment procedures in a timely manner. 

Speeding up investment procedures and land clearance while ensuring sufficient infrastructure for investors were also included, Thanh said at the press conference. 

The chairman said the upcoming conference would demonstrate his locality’s determination and desire in promoting the province’s potential, opportunities and competitive advantages to the businesses, especially those in HCM City.

Recently, the committee approved the list of 35 projects seeking foreign direct investment between now and 2025.  

These projects, worth a total US$876 million, are in a wide range of sectors including construction of industrial zones and clusters, industry, farming, trade and service, tourism, and healthcare. —

Source: https://vietnamnews.vn/economy/1193057/hau-giangs-investment-promotion-conference-slated-for-june.html

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Vietnam’s 2022 economic growth projected at 7%

Vietnam’s GDP is likely to expand by around 7 percent in 2022, much higher than 2.58 percent growth of 2021.

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Minister of Planning and Investment Nguyen Chi Dung made the above statement at the Cabinet meeting in Hanoi on July 4.

With this scenario, the economy needs to expand 9 percent in the third quarter and 6.3 percent in the last quarter this year, the minister said.

In the first half, the Southeast Asian country’s GDP accelerated to 6.42 percent growth compared to the optimistic scenario of 5,1-5,7 percent as figured out in the Government’s Resolution No. 01/NQ-CP, dated January 01, 2021 on major tasks and solutions for implementation of socio – economic development plan and state budget estimate for 2022. 

Especially, the GDP grew 7.72 percent in the second quarter, which is the fastest growth pace for April-June period since 2011.

Earlier, the World Bank predicted Vietnam’s 2022 GDP growth at 5.5 percent if the COVID-19 pandemic is controlled.

The projection is lower than the Vietnamese Government’s predictions at 6.5-7 percent, HSBC at 6.5 percent and Standard Chartered at 6.7 percent.

Source: https://e.nhipcaudautu.vn/economy/vietnams-2022-economic-growth-projected-at-7-3346528/

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Dragon Capital buys 2.1 million shares of Sacombank

Asset management company Dragon Capital has bought 2.1 million shares of HCMC-based Sacombank, increasing its stake in the bank to 6.09 percent.

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On June 29, two affiliated funds, CTBC Vietnam Equity Fund and Norges Bank, bought 2.3 million shares of the lender while a third, Samsung Vietnam Securities Master Investment Trust, sold 200,000 shares.

The value of the deal is estimated at VND47.5 billion (US$2.03 million) based on the share’s closing price last Wednesday.

Funds under Dragon Capital own 114.8 million shares or a 6.09 percent stake in the bank.

In March, Dragon Capital had raised its stake from 4.98 percent to 5.05 percent, after its largest fund, Vietnam Enterprise Investment Limited, bought 1.25 million shares.

Source: VnExpress

Source: https://e.nhipcaudautu.vn/companies/dragon-capital-buys-21-million-shares-of-sacombank-3346515/

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Vietnam targets 7% GDP growth this year: minister

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HANOI — Vietnam is aiming for economic growth of 7% this year, the country’s planning and investment minister said on Monday, higher than an official target of 6.0%-6.5% set previously.

To achieve this, year-on-year economic growth in the third quarter needs to be 9.0% and in the fourth quarter 6.3%, minister Nguyen Chi Dung also said during a government meeting.

Dung said Vietnam’s budget was in surplus, giving scope for fiscal policy to be used to support businesses and residents.

“Credit institutions will need to further cut their lending interest rates to reduce input cost pressure for businesses and for the economy,” he said.

Vietnam, a regional manufacturing hub, started lifting its coronavirus curbs late last year, allowing factories to resume full operations.

The economy is recovering after growing only 2.58% last year, the slowest pace in decades.

The Southeast Asian country reported GDP growth of 7.72% in the second quarter, backed by strong export growth, but warned of upward inflation pressure for the rest of the year. 

Source: https://tuoitrenews.vn/news/business/20220704/vietnam-targets-7-gdp-growth-this-year-minister/67932.html

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