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Mozambique could be gateway for Vietnamese firms to access southern Africa

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Movitel, the telecommunications network of Viettel in Mozambique. There is significant room for Việt Nam and Mozambique to increase trade and investment cooperation. — Photo vneconomy.vn

HÀ NỘI — Mozambique could act as a gateway for Vietnamese businesses to penetrate member countries of the Southern African Development Community (SADC), President of the Mozambican Assembly Esperanca Laurinda Francisco Nhiuane Bias said at a meeting with representatives of the Vietnamese business community in Hà Nội on Tuesday.

Held by the Việt Nam Chamber of Commerce and Industry (VCCI) and the Mozambique Embassy in Việt Nam, as part of the President of the Assembly’s visit to Việt Nam, she called on Vietnamese enterprises to invest in tourism, mining, energy and agriculture, in which Mozambique has potential.

She stressed the African nation had established a portal providing information for both private and state-owned firms to support investors.

She suggested that Vietnamese and Mozambican businesses maximise the benefits offered by cooperation agreements reached by the two countries, and expressed her hope that after the meeting, more Vietnamese firms would come to operate in Mozambique.

VCCI’s Chairman Phạm Tấn Công emphasised that apart from political ties, bilateral economic and trade relations had seen positive signs recently.

During the 2020-2021 period when COVID-19 was still rampant, two-way trade exceeded US$150 million, he said.

Pointing out optimal cooperation potential between the two countries, Công suggested that Vietnamese firms consider investment opportunities in Mozambique, particularly in agriculture, heavy industry, infrastructure, finance, health care, and information technology and telecommunications (ICT).

Along with traditional goods like rice, cable lines, fertilizers, garment textiles, steel, cashew nuts and wood, among others, Vietnamese and Mozambican enterprises should expand the list of goods that could be exchanged such as farm produce, construction materials and medical equipment of Việt Nam, and some agricultural products and minerals of Mozambique, he said.

According to Đỗ Thị Quỳnh Nga, Director of the Investment Promotion Centre, North Việt Nam, under the Ministry of Planning and Investment, Mozambique is one among countries that Việt Nam prioritised promoting relations in Africa.

Currently, Vietnamese businesses were actively exploring and penetrating the African market in general, and in particular Mozambique.

Việt Nam has three projects in Mozambique, making the country the 13th country of out 79 countries and territories where Việt Nam has poured investment.

A notable project was the $345 million investment of Viettel in telecommunications in Mozambique.

Nga stressed that Việt Nam and Mozambique have great potential to enhance cooperation in economy, trade, science and technology, culture and social cooperation.

She said that with rapid international integration, Việt Nam was becoming a strategic investment destination for foreign companies in the process of restructuring the global and regional supply chains.

Việt Nam is continuing to improve the legal framework and the investment environment for foreign investors, Nga said, adding that attracting Mozambican businesses to invest in Việt Nam was also an important factor to promote economic and trade ties between the two countries.

Việt Nam always welcomed Mozambican investors, Nga stressed.

Besides, Việt Nam and Mozambique need to support each other in expanding trade to other countries in the region, Nga said, adding that Việt Nam is willing to be a gateway for Mozambican products to penetrate the Southeast Asian markets.

Việt Nam also wants Mozambique to be a bridge for Vietnamese goods to penetrate the large and promising markets in southern Africa.

The two countries will celebrate the 50th anniversary of the establishment of diplomatic relations in 2025. —

Source: https://vietnamnews.vn/economy/1252723/mozambique-could-be-gateway-for-vietnamese-firms-to-access-southern-africa.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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