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    0 0
  • 02/08/17--02:15: Article 4
  • Ministry staff found visiting pagoda during work hours


    The Ministry of Industry and Trade said that it will issue serious punishment to its staff that were found to have visited a pagoda during their work hours.


     Ministry staff found visiting pagoda during work hours, social news, vietnamnet bridge, english news, Vietnam news, news Vietnam, vietnamnet news, Vietnam net news, Vietnam latest news, vn news, Vietnam breaking news

    Staff from the Trade Promotion Agency’s Export Support Centre went to Mother Temple in the northern province of Hung Yen on February 7. The group were uncovered during an interview by VTV television with a man working in the temple who helped to complete worship procedures for the group. 

    The man even showed a notebook which is used to write down all names of delegations which had attended at the temple, including people from the centre. Both the contact and address of the centre were also noted on the notebook.

    VTV reporters called all numbers of the centre, but no one picked up the phone.

    Minister of Industry and Trade Tran Tuan Anh requested the Trade Promotion Agency to provide an explanation today, February 8, before giving punishments to violators.

    On February 7, local media also reported a number of staff from the Hanoi People’s Committee had gone to pagodas using state-owned vehicles during working hours. However, the committee has yet to comment.

    Earlier, Prime Minister Nguyen Xuan Phuc issued a document requesting ministries and localities to work seriously and avoid post-Tet indulgences after the holiday.

    Under the PM’s instruction, public servants are not allowed to go to festivals or pagodas during working hours or use public cars for that activity, except when performing their duties, the PM said. They are also banned from holding parties in their work time.

    Dtinews


    0 0
  • 02/08/17--05:07: Article 3
  • Business leaders meet to discuss boosting trade with Vietnam

    Vietnam Ambassador Truong Manh Son sat down on February 7 with many of the top business leaders in the Czech Republic to discuss ways of opening new opportunities for commercial trade.

    business leaders meet to discuss boosting trade with vietnam hinh 0

    At the meeting in Prague, Ambassador Son explained there are many prospects that will flow from the Vietnam-EU free trade agreement that is expected to come into force as early as 2018.

      

    The trade pact will remove onerous tariffs that hinder overseas trade and present numerous openings for small and medium-sized businesses in both economies to grow and create jobs, noted Ambassador Son.

    He encouraged Czech leaders to explore new market opportunities in Vietnam, noting in particular, the agriculture, aquaculture and manufacturing opportunities in the electronics supply chain.

    VOV


    0 0
  • 02/08/17--05:11: Article 2
  • Vietnam looks at sending more poeple to work abroad


    Vietnam is planning to send 105,000 people to work overseas this year, further expand the labour export market and co-operation with other countries.


    Vietnam looks at sending more poeple to work abroad, vietnam economy, business news, vn news, vietnamnet bridge, english news, Vietnam news, news Vietnam, vietnamnet news, vn news, Vietnam net news, Vietnam latest news, Vietnam breaking news 
    Workers of Nhat Huy Khang Company ready before going to Japan


    Minister of Labour, Invalids and Social Affairs Dao Ngoc Dung said the market would offer new opportunities for employment abroad.

    Reports from the Department of Overseas Labour show that last year Vietnam sent 126,296 workers abroad, 26.29% higher than targeted. Taiwan is Vietnam's top market with 68,224 workers. Japan and South Korea followed with 39,938 and 8,482 workers respectively.

    Pham Viet Hong, the department's vice head said that was the third consecutive year that Vietnam sent more than 100,000 workers overseas so they can completely meet the goal of 2017.

    The department will focus on three major markets and implement agreements about labour exports signed last year. For example the agreement on labour co-operation between Vietnam and Laos, the agreements on sending and receiving labourers between Vietnam and Thailand and Vietnam and South Korea.

    Vietnam Association of Manpower Supply Chairman Nguyen Luong Trao said Vietnamese workers were employed in 29 markets. Six markets including Taiwan, Japan, South Korea, Malaysia, Algeria and Saudi Arabia had agreed to take over 1,000 workers.

    271 labour export agencies operate in Vietnam and most of them are also sending workers to those key markets. About 2,566 contracts with demand for 15,000 workers to Taiwan in the first quarter have been signed. Japan will also receive over 10,000 people.

    According to the Ministry of Labour, Invalids and Social Affairs, the number of guest workers has increased year on year. From 80,000 workers during 2006-2013 period to over 100,000 workers in the past three years.

    The foreign currency incomes from people working abroad reached over USD1.5bn a year. "This is a huge number that contributes to GDP growth, improve the living conditions of many families and Vietnam rural areas," Minister of Labour, Invalids and Social Affairs Dao Ngoc Dung said.

    Sending people abroad to work to provide stable jobs and develop the economy. In the coming times, the ministry will improve vocational skills including foreign languages before sending them to work. They had submitted to the prime minister the plan to send skilled workers abroad during 2017-2020 period with a vision toward 2025. 

    However, they are still struggling to deal with labour export scams and people who over-stay their visas. In the past three years, the ministry had applied over 100 fines for various violations.

    Dtinews


    0 0
  • 02/08/17--05:45: Article 1
  • Hà Nội temporarily closes online poll on loudspeakers
     

     
    Tied to poles or streetlights at a height, loudspeakers, or loa phường in Vietnamese, are used to provide local people with news, songs and information at dawn and dusk. The concept is said to have originated in the 1970s during the American War when they would be used to raise an alarm before the bombing raids. - VNA/VNS Photo


    HÀ NỘI - The online poll on loudspeakers that Hà Nội’s Department of Information and Communication started on January 25 has been temporarily closed since Tuesday afternoon.

    The poll, on the continued use of loudspeakers, a public address system that was widely used when the country was at war, is supposed to close on March 10.

    Phan Lan Tú, head of the department, said the move was made after a sudden, sharp increase in responses was observed on Monday. Most of these responses – all of them said loudspeakers were necessary  were found to have originated from four IP addresses.

    “From Monday morning to 11.25am, the responses increased from 3,000 to 178,000, and 48 per cent of the total responses said it was necessary to continue using loudspeakers. Before Monday, about 80 per cent of the responses said loudspeakers were unnecessary,” Tú said.

    Tú dismissed the possibility that the system had been hacked and said it was because of an error in the system.

    The temporary closure was needed to maintain the objectiveness of the poll results, Tú told vietnamnet.vn online newspaper.

    She said the online poll would be up and running by Wednesday afternoon at https://hanoi.gov.vn/tham-do-y-kien. However, it was not accessible by this time. 

    People can also email their response to pbcxbtt_sotttt@hanoi.gov.vnThe information department will report its results to Hà Nội People’s Committee. 

    Tied to poles or streetlights at a height, loudspeakers, or loa phường in Vietnamese, are used to provide local people with news, songs and information at dawn and dusk. The concept is said to have originated in the 1970s during the American War when they would be used to raise an alarm before the bombing raids.

    Earlier this year, Hà Nội People’s Committee Chairman Nguyễn Đức Chung asked concerned agencies to assess the necessity of using loudspeakers in all the communes and wards. The city has 584 commune-level administrative units, including 386 communes, 177 wards and 21 towns. Loudspeakers cost each unit a few hundred million Vietnamese đồng annually. - VNS


    0 0
  • 02/08/17--06:18: Article 0
  •  Canada invests in Bình Định factory


    Currently, there are 69 FDI projects in Bình Định with a total registration capital of $783million. - Photo baodautu.vn


    HÀ NỘI - The planning and investment department of Bình Định Province has issued an investment certificate to Seldat Việt Nam Company Limited to build a garment factory in An Nhơn town.

    The US$1.2 million project will be funded by an investor from Canada. The factory, to be built in Nhơn Khánh Commune’s An Hòa Hamlet, will have five garment lines and a design capacity of two million products a year, most of which will be exported to the US.

    The plant will be constructed on a 2,440sq.m site and is expected to become operational in the second quarter of this year.

    This is the first licence that has been given to a foreign direct investment (FDI) project in the central province this year. Currently, there are 69 FDI projects in Bình Định with a total registration capital of $783million. Investors are from countries such as the US, China, Japan, France, South Korea, Singapore, Malaysia and Thailand.

    Last year, the province implemented reforms and simplified administrative procedures to create an attractive investment environment. Bình Định will continue its work on conducting dialogues with firms in the province to understand their problems and propose solutions so as to improve its business environment and boost its socio-economic development.

    Đầu tư (Vietnam Investment Review) quoted Nguyễn Bay, director of the provincial investment promotion centre, as saying that the province’s goal is to continue building the Nhơn Hội Economic Zone as well as other industrial parks and become a hub for industry and tourism.

    Trade surplus with Canada

    Việt Nam enjoyed a trade surplus of around $3.089 billion with Canada at the end of November 2016, an increase of 24.6 per cent against the same period in 2015, according to Statistics Canada.

    In that period, the two-way trade value touched $3.826 billion, a year-on-year increase of 10.6 per cent, which includes Việt Nam’s exports worth $3.457 billion, up 16.4 per cent, and an import value of $368 million, a drop of 25 per cent.

    Hoàng Anh Dũng, Việt Nam’s commercial counsellor in Canada, said the country leads among ASEAN nations in terms of export value to Canada.

    Việt Nam is followed by Thailand with $2.17 billion, a drop of 3.2 per cent; Malaysia with $1.789 billion, down 7 per cent; Indonesia with $1.134 billion, down 7.6 per cent; the Philippines with $934 million, down 9.8 per cent; and Singapore with $666 million, down 3.5 per cent.

    Canada spent $1.174 billion on Việt Nam’s electronic products and accessories, up 56.5 per cent; $355 million on footwear, up 15.5 per cent; $108 million on sportswear, up 25 per cent; and $54 million on toys, up 24 per cent.

    Among Việt Nam’s export goods, mobile phones recorded the highest jump of 67.9 per cent, touching  $827 million.

    Viet Nam News


    0 0
  • 02/09/17--01:50: Article 4
  • Overseas remittances fall, worrying real estate developers


    Kieu hoi (overseas remittances) to Vietnam unexpectedly decreased in 2016, raising concerns among real estate developers as kieu hoi are an important source of capital for the property market.


    vietnamnet bridge, english news, Vietnam news, news Vietnam, vietnamnet news, TPP, US President Obama, Vietnam net news, Vietnam latest news, vn news, Vietnam breaking news, kieu hoi, SBV, FED 

    According to Izumi Devalier from HSBC (Hong Kong and Shanghai Banking  Corporation), 70 percent of kieu hoi are poured into business.

    According to the State Bank, one-fifth of kieu hoi in 2015, or $2.5 billion, flowed into the real estate market.

    According to Nguyen Hoang Minh, deputy director of the State Bank’s HCMC Branch, only $5 billion of kieu hoi had been remitted to the city by the end of 2016.

    In general, the volume of kieu hoi to HCMC accounts for more than 50 percent of total kieu hoi to Vietnam. This means that the total kieu hoi volume to Vietnam in 2016 was no more than $10 billion. The figure was much lower than the $12.2 billion in 2015.

    Kieu hoi (overseas remittances) to Vietnam unexpectedly decreased in 2016, raising concerns among real estate developers as kieu hoi are an important source of capital for the property market.

    For many years, kieu hoi has been considered an important capital source like FDI (foreign direct investment) and ODA (official development assistance).

    According to the Central Institute of Economic Management (CIEM), in 1999-2015, Vietnam received $120 billion worth of kieu hoi and was among the biggest kieu hoi receivers in the world.

    The State Bank’s HCMC Branch estimated that the real estate market attracted 52 percent of kieu hoi volume in 2014. The figure reduced to 21.6 percent in the next two years, but it is still an important source of capital for the real estate market.

    Many reasons have been cited to explain the $2 billion decrease in kieu hoi in 2016. The US dollar has become more attractive in the US thanks to a higher interest rate. Meanwhile, the US is the source of 60 percent of kieu hoi to Vietnam.

    The kieu hoi flow from the EU, Japan, South Korea and Malaysia also decreased because of the difficulties overseas Vietnamese workers met in the year.

    Tran Thi Mai Huong from the Hanoi National Economics University has urged the government to apply measures to encourage kieu hoi flow to Vietnam, including low service fees and preferences for kieu hoi recipients.

    A CIEM report showed that 30 percent of kieu hoi in 2012-2013 was put into investment and production, while the figure dropped to 16 percent in 2014 and then surged to 70 percent in 2015. 


    Le Van, VNN


    0 0
  • 02/09/17--01:57: Article 3
  • Athletes from snowless Vietnam ready for 2017 Asian Winter Games


    Team Vietnam is all set to compete at the 2017 Asian Winter Games in Japan later this month, though snow is considered a rare sight in the tropical country.


     
    Vietnamese winter sports athletes pose for a photo during a training session on sand dunes in Mui Ne, located in south-central Vietnam.Tuoi Tre


    The Asian Winter Games will run from February 19 to 26 in Sapporo and Obihiro, with 31 teams slated to compete in sports like skiing, ice hockey, snowboarding, and curling, all of which have yet to be introduced to the Southeast Asian country.

    The Vietnamese General Department of Sports and Physical Training thus took many by surprise when holding a press conference to announce the national team’s participation in the upcoming sporting event on Wednesday.

    Even Tran Duc Phan, the body’s deputy head, admitted it was an odd situation.

    “We almost have no conditions to practice winter sports in Vietnam,” he told reporters.

    “However, as a member of the Olympic Council of Asia, Vietnam is encouraged to participate in all sporting events held by the body.”

    Phan said participation in the upcoming Asian Winter Games is a chance for Vietnam’s sporting body to consider “developing such winter sports at home.”

    Vietnam will send a 13-member delegation to Japan, including six athletes who will compete in alpine skiing, cross-country skiing, and snowboarding. One head coach will join the crew.

    The team will leave for Japan on February 13 to familiarize themselves with the competition venues and the local weather.

    Speaking at Wednesday’s briefing, Mai Ba Hung, deputy director of the Ho Chi Minh City sports department, said it is not so unusual for Vietnam to take part in a winter sports competition.

    Hung added that all six Vietnamese athletes had been trained thanks to the Dream Program, an initiative sponsored by South Korea, the host of the 2018 Winter Olympics.

    “The program provides sponsorship for athletes from tropical countries to train in winter sports in South Korea,” Hung elaborated.

    “Since 2013, Vietnam has had four to five athletes partaking in this program every year, with each training course lasting about a month.

    “This is to say that athletes selected to compete at the 2017 Asian Winter Games are not really unfamiliar with skiing.”

    Following the training opportunities in South Korea, the Vietnamese athletes have continued practicing at home, though their training has been limited to sand dunes in the south-central beach resort town of Mui Ne, according to the official.

    Hung also said Japan will provide five round-trip air tickets, while a local sponsor has promised a VND100 million (US$4,464) credit, for Team Vietnam.

    “The general department of sports will only have to pay the expenses for ten members of the 13-member team,” he said, adding the private sector will cover the remaining.

    TUOI TRE NEWS


    0 0
  • 02/09/17--02:20: Article 2
  • Rice exports of Vietnam face tough year ahead


    Vietnam farmers face another difficult year as confidence falters with industry analysts particularly pessimistic the country will reach overseas sales of more than five million metric tons in 2017, the Vietnam Food Association has said.


    rice exports of vietnam face tough year ahead  hinh 0

    Speaking at a recent industry forum in Ho Chi Minh City, Huynh Minh Hue, secretary of the Association, noted that in 2016 rice exports dropped 25.5% in volume and 20.57% in value year-on-year— tallying in at 4.89 million metric tons to fetch US$2.12 billion.

    There was an oversupply in the global market for 2016, compounded by the fact that major importing countries are increasingly relying on domestic production to supplant imports, which contributed to weak global demand, he noted.

    Rice exports of Vietnam, he said, would most likely face another lacklustre year as supply outstrips demand and global competition gathers steam.

    He noted the US Department of Agriculture has reported that the global rice output in 2016/17 is estimated to increase by 1.6% from last year to 480 million metric tons due to an expansion of the area under cultivation in several countries including Australia, Myanmar, Brazil, India, Indonesia, North Korea, Pakistan, Thailand, and the US.

    Global rice exports, he added, are expected to jump by one million metric tons or 2.6% to 40.6 million metric tons.

    In addition, he said global rice stockpiles have been steadily inching upwards over the past three years and are expected to reach their highest levels since the 2001/02 crop in the coming year.

    Huynh The Nang, chair of the Association, in turn pointed out that despite the obstacles Vietnam exports face, rice farmers and other actors in the industry have set targets exceeding the volumes achieved last year.

    However, he acknowledged the lofty targets are unlikely to be achieved.

    He suggested the Plant Protection Department and other pertinent governmental agencies implement measures to improve the food safety of Vietnamese rice to ensure it satisfies the requirements of the stricter markets.

    Mr Hue subsequently called on the Ministry of Agriculture and Rural Development to invest in an international standard laboratory in Can Tho aimed at improving the country’s rice quality, with emphasis on reducing chemical residues.

    Mr Nang said it is imperative that authorities in rice growing regions do more to ensure farmers comply with food safety standards as well as implement measures to encourage them to use more certified rice seedlings.

    Do Ha Nam, chair of the Intimex Group JSC – one of the country’s 10 largest rice exporters – commented that while exports of most types of rice were lower in 2016, exports of Japonica and sticky rice increased by 136.95% and 96.59%, respectively.

    He recommended government officials work with China to bolster these types of rice exports.

    Most importantly, he noted that Vietnam rice faces tough competition in terms of price from Pakistan and India. He suggested more farmers cultivate varieties like fragrant and sticky rice, to increase overseas sales in the US and EU markets.

    Lastly, Le Thanh Tung of the Crop Production Department postulated that Vietnam farmers and exporters have the greatest potential in 2017 to boost exports of sticky, fragrant, Japonica and other high-quality rice varieties.

    VOV


    0 0
  • 02/09/17--02:22: Article 1
  • Retail premises in high demand in 2017


     Real estate consultancy firms have predicted that retail premises will become an attractive segment of the property market in 2017, especially in Hanoi and HCMC.


     vietnamnet bridge, english news, Vietnam news, news Vietnam, vietnamnet news, TPP, US President Obama, Vietnam net news, Vietnam latest news, vn news, Vietnam breaking news, retail premises, HCMC, CBRE

    The bustling retail market in recent years has given analysts more reason to believe that retail premises will be in high demand.

    Besides retailers from Thailand, who have succeeded in a series of M&A deals recently, the retail market is also being eyed by investors from South Korea, Japan and China.

    According to CBRE Vietnam, 17 international brands arrived in HCMC in 2016, three times higher than in 2015. These include Zara, H&M and 7-Eleven which are all following a strategy of rapid expansion in Vietnam.

    Real estate consultancy firms have predicted that retail premises will become an attractive segment of the property market in 2017, especially in Hanoi and HCMC.

    It is expected that the total leased retail premises area will increase by 500,000 square meters in the next three years, 55 percent of which is under construction, while the remaining is being programmed. Shopping centers will account for 75 percent of total supply in the future.

    However, the new projects in central business districts such as Spirit of Saigon and Tax Plaza would only be put into operation by 2019 and 2020. This means that the supply in the immediate time in the city will still be limited, which would help increase the occupancy rate.

    The rapid expansion of Vincom and Co-op – Vietnamese retail chains – will also lead to higher demand for retail premises. Vincom, for example, plans to open two shops a day on average.

    In Hanoi, the new supply is believed to be mostly from the western part and the inner city in 2017 and 2018. This coincides with the increasingly high number of newly established businesses. By the end of 2016, Hanoi had had more than 22,000 newly registered business, a 19 percent increase.

    Vincom Pham Ngoc Thach and Vincom Plaza Bac Tu Liem have been cited by CBRE Vietnam as the most noteworthy projects which will provide 45,900 square meters of retail premises.

    The current retail premises supply in Hanoi is 758,216 square meters, while the occupancy rate has improved considerably, mostly at newly launched projects.

    As the land fund in central business districts is limited, the major retail premises supply source in 2017 will come mostly from the suburbs, estimated at 106,000 square meters.

    Savills Vietnam also believes that though many old projects had to undergo improvement or shut down because of stiff competition in 2016, the retail premises market segment will see positive signs in 2017 and the followimg years.

    The average rent of shopping centers in Hanoi has slightly decreased thanks to decreased rent in the suburbs. This has helped increase the competitiveness of the market segment.


    Thanh Mai, VietNamNet Bridge


    0 0
  • 02/09/17--02:47: Article 0
  • Mobile operators at the ready to launch 4G services


    Viettel, VinaPhone, and MobiFone are preparing for piloting their 4G services before the official launch in the first quarter of 2017, as ordered by the Minister of Information and Communications.

     
    illustration photo

    VinaPhone was the first 4G services provider, debuting in November 2016 in Phu Quoc where it first tested and installed 4G base transceiver stations (BTS). 

    Luong Manh Hoang, deputy general director of VNPT and chairman of VNPT VinaPhone, said that VNPT VinaPhone focuses on speed and stability. After Phu Quoc Island, VinaPhone will deploy 4G in Hanoi, Ho Chi Minh City, and 10 more focal provinces and cities. He also added that the company is going to install about 21,000 4G BTS in 2017 to ensure coverage all around the country. 

    After VinaPhone’s daring pioneering, Viettel has also been providing free 4G SIM cards to their users in 1,600 locations nationwide since the end of 2016 till the end of February. According to a VIR source, Viettel was intent on officially launching 4G services in the middle of January 2017, however, they had to delay the programme due to “technological problems.” 

    Similar to Viettel, from January 25 to March 31, MobiFone has launched their free 4G SIM card campaign. MobiFone users who convert to or buy 4G SIMs and successfully install the application mConnect will be able to download 1.5 GB of data every day for three days. Notably, the first 1000 registered customers will receive MobiFone vouchers, each worth VND500,000 ($22). Up till now, there has been 1 million users converting their SIM cards to  use 4G services.

    Beside the installation of 4G BTS and staging test runs, network providers also promote building digital content on the basis of 4G technology. They have also finished plans of diversifying services, including high-speed data, among others. 

    Recently, the Minister of Information and Communications has asked its associate agencies to soon organise the auction of the 2.6 GHz broad band so that it can be completed by the end of the second quarter in 2017. 

    The appearance of 4G services opens up many opportunities for foreign investors to become involved in the Vietnamese telecom market. Currently, of all 37 million Vietnamese users, only 5 per cent have devices compatible with 4G services. It is hoped that this will be a chance to launch new products and services. 

    By Tu An, VIR


    0 0
  • 02/09/17--23:49: Article 2
  • Rice exports of Vietnam face tough year ahead

    Vietnam farmers face another difficult year as confidence falters with industry analysts particularly pessimistic the country will reach overseas sales of more than five million metric tons in 2017, the Vietnam Food Association has said.


    rice exports of vietnam face tough year ahead  hinh 0

    Speaking at a recent industry forum in Ho Chi Minh City, Huynh Minh Hue, secretary of the Association, noted that in 2016 rice exports dropped 25.5% in volume and 20.57% in value year-on-year- tallying in at 4.89 million metric tons to fetch US$2.12 billion.

    There was an oversupply in the global market for 2016, compounded by the fact that major importing countries are increasingly relying on domestic production to supplant imports, which contributed to weak global demand, he noted.

    Rice exports of Vietnam, he said, would most likely face another lacklustre year as supply outstrips demand and global competition gathers steam.

    He noted the US Department of Agriculture has reported that the global rice output in 2016/17 is estimated to increase by 1.6% from last year to 480 million metric tons due to an expansion of the area under cultivation in several countries including Australia, Myanmar, Brazil, India, Indonesia, North Korea, Pakistan, Thailand, and the US.

    Global rice exports, he added, are expected to jump by one million metric tons or 2.6% to 40.6 million metric tons.

    In addition, he said global rice stockpiles have been steadily inching upwards over the past three years and are expected to reach their highest levels since the 2001/02 crop in the coming year.

    Huynh The Nang, chair of the Association, in turn pointed out that despite the obstacles Vietnam exports face, rice farmers and other actors in the industry have set targets exceeding the volumes achieved last year.

    However, he acknowledged the lofty targets are unlikely to be achieved.

    He suggested the Plant Protection Department and other pertinent governmental agencies implement measures to improve the food safety of Vietnamese rice to ensure it satisfies the requirements of the stricter markets.

    Mr Hue subsequently called on the Ministry of Agriculture and Rural Development to invest in an international standard laboratory in Can Tho aimed at improving the country’s rice quality, with emphasis on reducing chemical residues.

    Mr Nang said it is imperative that authorities in rice growing regions do more to ensure farmers comply with food safety standards as well as implement measures to encourage them to use more certified rice seedlings.

    Do Ha Nam, chair of the Intimex Group JSC – one of the country’s 10 largest rice exporters – commented that while exports of most types of rice were lower in 2016, exports of Japonica and sticky rice increased by 136.95% and 96.59%, respectively.

    He recommended government officials work with China to bolster these types of rice exports.

    Most importantly, he noted that Vietnam rice faces tough competition in terms of price from Pakistan and India. He suggested more farmers cultivate varieties like fragrant and sticky rice, to increase overseas sales in the US and EU markets.

    Lastly, Le Thanh Tung of the Crop Production Department postulated that Vietnam farmers and exporters have the greatest potential in 2017 to boost exports of sticky, fragrant, Japonica and other high-quality rice varieties.

    VOV


    0 0
  • 02/09/17--23:55: Article 1
  • Chinese investment into Vietnam on the sharp rise


    Chinese investment into Vietnam has been on a sharp rise, putting the country among the top ten foreign investors in Vietnam.

    According to the Vietnamese Ministry of Planning and Investment, Chinese companies invested USD340 million into Vietnam in January, accounting for 22% out of the country’s total foreign direct investment (FDI) in month. This positioned China in third position among foreign investors in Vietnam in January, just behind Singapore and South Korea.

     
    Cat Linh-Ha Dong urban railway project using Chinese capital 

    Over the past five years, Vietnam has seen a considerable increase in Chinese FDI. By the end of 2016, China’s total FDI in Vietnam reached USD10.5 billion, securing the 8th spot among foreign investors in Vietnam, compared to just around USD2 billion at the 13th in 2012.

    The Ministry of Planning and Investment showed that more than half of Chinese FDI is poured into Vietnam’s processing and manufacturing industries. 

    Experts said that most of Chinese-invested projects in Vietnam are concentrated in areas which have cheap labour but face high risk of pollution such as garment and textiles, hydropower, steel production, chemicals and cement.

    However, Hanoi National University Director of the Institute of Economic and Policy Research Dr. Nguyen Duc Thanh said welcoming Chinese FDI, which is often characterised by out-dated technology and exploitation of natural resources, Vietnam would lose natural resources while the country’s environment would be harmed.

    Dr. Luu Bich Ho, Former Head of the Institute of Policy and Strategy, said Vietnam welcomed FDI projects, but this did not mean that the country wanted to attract projects by any means. Vietnam needs to choose environmentally-friendly projects.  Limits should be placed on Chinese investment, particularly with respect to natural resources.

    By Nguyen Tuyen, dtinews.vn


    0 0
  • 02/10/17--00:26: Article 0
  • BUSINESS IN BRIEF 10/2


    January State budget revenue reaches US$4.3 billion


     January State budget revenue reaches US$4.3 billion, Vietcombank plans to support restructuring of ailing bank. VND2.57 quadrillion deposited at listed banks, Vietnam Airlines to open Ha Noi-Sydney route
         

    State budget revenue in January was estimated at VND97.4 trillion (US$4.3 billion), the Ministry of Finance said.

    The amount accounted for 8 per cent of the year’s estimates.

    Of the amount, VND87.9 trillion came from domestic tax collections, up 4 per cent year-on-year and representing 8.7 per cent of yearly plan, according to data from the ministry.

    However, the ministry said budget revenue from crude oil fell by 25 per cent year-on-year to reach VND2.3 trillion in January.

    Budget revenue from import and export activities reached VND19.2 trillion, equivalent to 6.7 per cent of annual target.

    Meanwhile, expenditure revenue in January reached VND87.25 trillion, or 6.3 per cent of the year’s estimates, the ministry said, adding that the first month’s expenses were mainly to meet the needs of socio-economic development, defence, security, State management and overcoming the consequences of natural disasters.

    The progress of investment development spending in general and construction investment spending in particular remained low, the ministry said, adding that spending in January was mainly used as investment capital for 2016’s projects. 

    Trade surplus with Canada     

    Viet Nam enjoyed a trade surplus of around $3.089 billion with Canada at the end of November 2016, an increase of 24.6 per cent against the same period in 2015, according to Statistics Canada.

    In that period, the two-way trade value touched $3.826 billion, a year-on-year increase of 10.6 per cent, which includes Viet Nam’s exports worth $3.457 billion, up 16.4 per cent, and an import value of $368 million, a drop of 25 per cent.

    Hoang Anh Dung, Viet Nam’s commercial counsellor in Canada, said the country leads among ASEAN nations in terms of export value to Canada.

    Viet Nam is followed by Thailand with $2.17 billion, a drop of 3.2 per cent; Malaysia with $1.789 billion, down 7 per cent; Indonesia with $1.134 billion, down 7.6 per cent; the Philippines with $934 million, down 9.8 per cent; and Singapore with $666 million, down 3.5 per cent.

    Canada spent $1.174 billion on Viet Nam’s electronic products and accessories, up 56.5 per cent; $355 million on footwear, up 15.5 per cent; $108 million on sportswear, up 25 per cent; and $54 million on toys, up 24 per cent.

    Among Viet Nam’s export goods, mobile phones recorded the highest jump of 67.9 per cent, touching $827 million.

    Vietcombank plans to support restructuring of ailing bank     

    Vietcombank has submitted to the State Bank of Viet Nam’s governor a plan to support the restructuring of an ailing bank.

    Vietcombank’s chairman Nghiem Xuan Thanh told Deputy Prime Minister Vuong Dinh Hue at a recent meeting: “After approval by the governor and the Government, Vietcombank pledges to be a pioneer in restructuring successfully an ailing bank as entrusted by the Government.”

    The Vietcombank representative did not reveal the name of the ailing bank that it will help restructure.

    Previously, the central bank entrusted Vietcombank to support the Vietnam Construction Bank (VNCB) in a number of fields, such as capital resources, monetary business, credit and corporate governance.

    According to Vietcombank, its support to VNCB meets the country’s current legal regulations.

    At a meeting with Vietcombank late last year, SBV governor Le Minh Hung directed Vietcombank to take part in the restructuring of other ailing banks, but ensured that the Government would issue detailed policies in this regard to make certain the bank was not affected by it.

    Hung said Vietcombank made significant achievements last year in settling bad debts, which has brought its bad debt ratio down to 1.45 per cent.

    Last year, Vietcombank was also the first bank to buy back all non-performing loans (NPLs) worth VND4.3 trillion (US$189.4 million) it sold to the Viet Nam Asset Management Company three years sooner than planned.

    However, Hung asked Vietcombank to boost the settlement of bad debts by selling mortgaged assets as Vietcombank’s settlement of bad debts was mainly through provisions, which reduced the bank’s profits. Last year, Vietcombank spent some VND8.2 trillion on provisions, which was equal to 121 per cent of its total NPLs.

    After gaining a record high pre-tax profit of VND8.2 trillion in 2016, Vietcombank has targeted pre-profit figure of VND9.2 trillion in 2017, 12 per cent higher than last year. 

    VND2.57 quadrillion deposited at listed banks     

    Institutions and individuals deposited some VND2.57 quadrillion (US$113.2 billion) at eight listed commercial banks by the end of 2016.

    The listed banks include BIDV, Vietcombank, VietinBank and ACB, as well as MBBank, Eximbank, VIB and NCB.

    The amount of money was equal to 1.5 times of the country’s stock market capitalisation.

    Currently, interest rates average at 0.8-1 per cent per year based on demand and for below one-month terms, 4.5 -5.4 per cent per year for one-to-six-month terms, 5.4-6.5 per cent per year for 6-to-12 month terms and 6.4-7.2 per cent per year for 12-month-plus terms.

    The interest rate for dollar deposits was commonly zero per cent for individuals and economic institutions.

    According to the current legal regulations, depositors do not have to pay income tax. 

    Vietnam Airlines to open Ha Noi-Sydney route     

    National carrier Vietnam Airlines will launch a direct route between Ha Noi and Sydney on March 28.

    In a press release on Thursday, the carrier said this was its third route from Viet Nam to Australia. The two other routes connect Viet Nam with Sydney and Melbourne.

    According to the airline's statement, there will be three flights per week on the new generation Boeing 787-9 Dreamliner. The flight duration is nine hours and 30 minutes.

    In addition, Vietnam Airlines also launched a promotion programme for passengers departing from March 28 to April 28, 2017. The tickets are priced at VND14.69 million (US$650) and will be sold from now to February 28. The price does not include taxes and fees.

    HN to collect VND10 trillion from auctioning land     

    The capital city plans to collect VND10 trillion (US$444.5 million) from auctioning land use rights this year.

    Under plan No 14/KH-UBND of the municipal People’s Committee, more than 102ha of land will be auctioned in total, including nearly 57.5ha comprising 68 projects.

    The city will spend an estimated VND948 billion in clearing land and developing technical infrastructure for projects with area from 5,000sq.m.

    The People’s Committee said the land use rights auctioning was aimed at exploiting efficiently the land resource and raising capital for social and technical infrastructure development.

    In 2016, Ha Noi collected more than VND4.2 trillion from auctioning more than 23.8ha of land. 

    HCM City’s customs department to control taxable prices     

    HCM City’s customs department has said that it will closely control prices of taxable consumer goods with high import value and high tax rates to manageefficiently the taxable prices of import goods and to avoid loss to State revenue.

    The customs offices will hold talks about tax consultation with enterprises on fixing taxable prices because enterprises have often declared low taxable prices while the customs offices have imposed high taxable prices on import goods.

    Accordingly, the department has directed its sub-departments to study and implement the finance ministry’s regulations on taxable price management.

    The consumer goods include under 9-seat auto, other kinds of autos, motorbikes, bicycles, alcohol, beer, beverages, cosmetics, fabrics, meats, fresh, chilled and frozen seafood, instant food, metal ware, electronics, refrigerators, tablets, mobile phones, vegetables, fruits, confectionery, tiles, sanitary equipment and different types of engines.

    Customs offices must update data in the system and propose amendment, addition and building of new reference prices to the General Department of Customs after consultations or inspections following customs clearance. 

    VCCI leader believes in government’s reform determination

    Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Vu Tien Loc has expressed his confidence in the government’s resolve to push reforms spreading to grassroots levels. 

    The reforms are in line with government resolution No.19 on improving the business climate and national competitiveness in 2017 with a vision to 2020. 

    According to Loc, confidence should be fostered by the actions of civil servants while communicating with citizens and businesses. 

    It is time to create stronger impetus to improve the competitiveness of the country and each enterprise, thereby tapping opportunities brought about by global economic integration, he said. 

    He called for clearing barriers for businesses, reducing overlapping inspections and simplifying administrative procedures, adding that high administrative and capital costs are posing remarkable difficulties to firms. 

    Loc said the government should not only create a level playing field but also direct development via planning. 

    The VCCI reported that 2016 marked a record year with more than 110,000 newly-established enterprises registering total capital of nearly 900 trillion VND (39.1 billion USD). 

    Last year, the government changed laws on investment and businesses and revoked thousands of business conditions via circulars, decrees and legal regulations. 

    Numerous localities and authorities at all levels improved their provincial competitiveness indexes by rating departments, agencies, districts, communes and civil servants based on public feedback. 

    Several localities established public administrative centres, reshuffled investment promotion agencies and connected with e-government services while improving professionalism and integrity of officials.

    Book on Vietnam’s economic development debuts in India

    The book “Vietnam: The Emerging Asian star from a war-stricken nation”, which deals with various aspects of the Southeast Asian country’s economy, made its debut at a ceremony in New Delhi, India, on February 7.

    The release was part of activities marking the 45th anniversary of Vietnam-India diplomatic ties (January 7) and the 10th anniversary of their bilateral strategic partnership. 

    Published by Bloomsbury, the 160-page hardcover book was written by many authors and edited by Director of Fore Management School Dr. Jitendra Das and Dr. Hitesh Arora. 

    It gives a deep insight into Vietnam’s securities market, financial reforms, impacts of foreign direct investment, women’s role in the economy, innovation and creativity, opportunities and challenges of e-commerce, comparison of skills of workers in India, China, the Philippines and Vietnam with those in the US, and consumption trend in the country. 

    Speaking at the event, Dr. Das said thanks to the renovation cause, Vietnam has emerged from a war-stricken country into an export-oriented economy with one of the fastest growing rates in the region during the past several years. 

    As a member of almost all key agreements in the region and the world, Vietnam has become an attractive destination to investors from many countries worldwide, including India, he said. 

    Vietnamese Ambassador to India Ton Sinh Thanh said Vietnam’s economy has grown by an average 6-7 percent a year over the past three decades. 

    In the near future, Vietnam will continue restructuring its economy, with focus on improving business climate, developing high-quality workforce and modern infrastructure, he said, adding that Vietnamese and Indian leaders have defined economic links as a strategic field in the bilateral comprehensive strategic partnership established last year.

    He also expressed his belief in the bright future of Vietnam-India friendship and cooperation.

    Israel assists Dien Bien farmers in growing safe vegetables

    The Israeli Embassy and CARE International in Vietnam will assist farmers in the northern mountainous province of Dien Bien in growing vegetables in greenhouses.

    A delegation from the Israeli Embassy and CARE International in Vietnam paid a fact-finding trip to Dien Bien on February 7-8.

    During a working session with the local authorities, Yaniv Tessel, head of the economic and trade division at the Israeli Embassy in Vietnam, said each household participating in the project will be partly financed to build a 200-sq.m greenhouse.

    Each greenhouse costs 1,680 USD, of which Israel donates 680 USD and the remainder is sourced from Dien Bien province and participating households.

    Jointly carried out by Top Greenhouse Company Israel and CARE International, the pilot project will provides farming techniques for 100 local households.

    Lo Van Tien, Vice Chairman of the Dien Bien People’s Committee, said the province pledged to create favourable conditions for the implementation of the project.

    Over 400 mln USD mobilised through G-bond auctions in January

    The State Treasury of Vietnam conducted four auctions at the Hanoi Stock Exchange for 10.032 trillion VND (442.72 million USD) of Government bond as of January 31, according to the Ministry of Finance.

    In January, two loans worth 179.7 million USD from Japan for the Economic Management Competitiveness Credit (EMCC) and Support Programme to Respond to Climate Change in Vietnam (SRPCC) were signed.

    During the month, disbursement of ODA and soft loans was estimated at about 7.9 million USD.

    Disbursed investment through the state treasury system was 8.15 billion VND as of January 31, reaching 2.6 percent of the set target.

    Ministry: Pepper remains key export in 2017

    The Ministry of Industry and Trade expects pepper to remain a key foreign currency earner for Vietnam this year, with targeted export turnover of 1.6 billion USD despite a fall in output in some farming areas.

    With an expected year-on-year export growth of 13 percent, pepper is hoped to be among the 13 commodities earning shipment revenue of more than 1.5 billion USD in 2017.

    In 2016, Vietnam shipped abroad 177,000 tonnes of pepper worth 1.42 billion USD, rising by 34.3 percent in volume and 12.9 percent in value.

    The markets with the strongest surges in pepper imports from the country were Pakistan (up 3.14 times), the Philippines (3 times), the US (31.3 percent), Egypt (23.2 percent), Spain (14 percent), and India (12 percent).

    In January 2017, about 8,000 tonnes of pepper were exported, raking in 56 million USD, down 18 percent in volume and 37 percent in value.

    Many insiders attributed the fall to the Lunar New Year holiday, which made importers step up purchases at the end of 2016 and eased activities in January.

    They believe that as a leading exporter with some of the best pepper in the world, Vietnam will enjoy faster export growth in 2017.

    The Vietnam Pepper Association (VPA) predicted the country’s pepper output will hike at least 15 percent in the 2016-2017 crop although the yield in some localities could decline due to diseases and last year’s drought.

    A survey conducted by the VPA shows that the production of old pepper farms (more than 10 years old) in the districts of Bu Dop (Binh Phuoc province), Dak R’lap (Dak Nong district), Cu Kuin and Ea H’leo (Dak Lak), and Dak Doa and Chu Puh (Gia Lai province) may drop about 30 percent from the 2015-2016 crop. Chu Se (Gia Lai) and Ea Ktur (Dak Lak), which are long-standing pepper growers, may record a tumble of 60-70 percent.

    However, cultivation areas are expanding, increasing by 15-20 percent in 2016 from the previous year, due to higher pepper prices. The area of pepper farmed since 2010, with relatively high productivity – 5 tonnes per hectare on average, accounts for 10-20 percent of the area to be harvested between this February and April.

    The output of the 2016-2017 crop is likely to grow 15-20 percent from the 2015-2016 crop, bringing this year’s pepper production to about 180,000 tonnes, the VPA noted.

    Saigon bank among largest businesses of Vietnam

    The Saigon Commercial Bank (SCB) was named among the nine largest private enterprises and 44 leading businesses of Vietnam, announced the Vietnam Report and Vietnamnet online newpaper in Hanoi.

    The ranking reaffirmed the position of SCB in Vietnam’s financial market. The bank has focused on training high quality human resources, infrastructure and modern technology.

    It was also listed in the VNR500 as one of Vietnam’s 500 largest enterprises in consecutive years.

    Business leaders meet to discuss boosting trade with Vietnam

    Vietnam Ambassador Truong Manh Son sat down on February 7 with many of the top business leaders in the Czech Republic to discuss ways of opening new opportunities for commercial trade.

    At the meeting in Prague, Ambassador Son explained there are many prospects that will flow from the Vietnam-EU free trade agreement that is expected to come into force as early as 2018.

      

    The trade pact will remove onerous tariffs that hinder overseas trade and present numerous openings for small and medium-sized businesses in both economies to grow and create jobs, noted Ambassador Son.

    He encouraged Czech leaders to explore new market opportunities in Vietnam, noting in particular, the agriculture, aquaculture and manufacturing opportunities in the electronics supply chain.

    VCCI: Higher environment tax on fuels to hit business hard

    An environment tax hike sought for fuels by the Ministry of Finance will erode the competitiveness of enterprises and the country’s economy as a whole if it gets the go-ahead, according to the Vietnam Chamber of Commerce and Industry (VCCI).

    VCCI has written to the ministry expressing concerns on the proposed tax spike in a comment on draft amendments and supplements to the environmental protection law.

    The ministry proposed an environment tax of VND4,000-8,000 per liter of gasoline (compared to the current VND1,000-4,000), VND3,000-6,000 per liter of jet fuel, VND1,500-4,000 per liter of diesel oil, VND300-2,000 per liter of kerosene, VND900-4,000 per kilogram of heavy fuel oil, and VND900-4,000 per kilogram of lubricant.

    These are just tentative tax ranges, the ministry said, so specific tax rates would have to be decided by the National Assembly. The ministry argued wider tax ranges would allow for more room to maneuver in line with socio-economic development policy for a particular period of time.

    However, VCCI said the ministry’s argument did not make sense since the environment tax is not much relevant to socio-economic development policy, so it should not be adjusted based on such policy. Therefore, VCCI asked the ministry to remove that argument from its tax change proposal.

    VCCI pointed the proposed environment tax hike would hurt enterprises and the economy. It said fuels are an important input in the transport, agriculture and seafood sectors, so if the environment tax is raised, it would deal a blow to them.

    VCCI quoted the pricing management agency at the ministry as saying that fuels make up 25-45% of costs of vehicles and 39.5% of costs of airlines. Fuels account for 33-59% of production cost in the seafood sector and transport makes up 35-40% of farming cost. 

    These sectors employ large numbers of disadvantaged people and are undergoing modernization. Higher fuel bills would cause a big dent to their mechanization process, VCCI said.  

    Input costs and financial obligations of enterprises are on the rise as the world oil price has inched up and the road toll burden has become heavier for transport firms given the mushrooming of build-operate-transfer road projects. Social insurance payments for employees tend to go up, piling financial pressure on employers.

    VCCI called for a comprehensive and objective assessment of the impact of an environment tax increase for fuels on the economy and social welfare.

    The Ministry of Finance reported environment tax revenue accounted for 4.1% of total budget collections last year and 99% of it came from fuels. VCCI calculated the percentage would rise to 9.8% if import, special consumption and value-added taxes were included.

    VCCI said the proportion would be 15% if the highest rates in the proposed environment tax ranges were applied and import tariffs were reduced and lifted in line with Vietnam’s commitments to trade agreements.

    The proposed environment tax ranges which are believed to shore up budget collections would do more harm than good in the long term, VCCI stressed.

    Ease of doing business: Vietnam plans big push to catch up with Singapore, Thailand

    The goal is to cut half the time needed for business registration and simplify customs procedures this year.

    Vietnam aims to improve its business environment to reach the average level of the regional top four economies Singapore, Malaysia, Thailand and the Philippines, together known as ASEAN 4.

    Under a new plan for this year, the government said the country should try harder to crack the top 70 countries in terms of the ease of starting a business, the top 80 in terms of protection of minority investors, and the top 30 in transparency and access to credit under the World Bank's criteria.

    According to the World Bank’s ease of doing business index, Vietnam ranked 82nd out of 190 economies globally in 2016.

    By the end of this year, the country should be able to reduce the time required for business registration from six days to three days.

    The time a company has to spend on tax and social insurance procedures will be cut to 168 hours per year.

    Vietnam also wants to shorten the time dealing with construction permits to below 120 days. Customs clearance will be simplified so that it will take only 70 hours for exports and 90 hours for imports, instead of 10 days last year.

    According to the Global Competitive Report of the World Economic Forum, Vietnam dropped to number 60 last year from 56 in 2015, behind all the top four ASEAN economies.

    PM asks for more drastic restructuring of industry and trade sector

    Prime Minister Nguyen Xuan Phuc has urged the industry and trade sector to restructure and create great Vietnamese products in the 4th Industrial Revolution.

    At a recent online conference to review the industry and trade sector, the Prime Minister said the sector is shifting from an industry dependent on limited natural resources to a sustainable industry based on innovation, science, technology, and competitiveness.

    The Vietnamese government leader underlined the need to enable fair competition, create a transparent legal framework, and enhance the role of groups, private companies, cooperatives, and foreign-invested enterprises. It is essential to encourage the private sector to take part in industrialization, modernize and grow.

    Inter-bank rates drop sharply after Tet     

    Interest rates for Vietnamese dong loans of different tenors have dropped sharply on the inter-bank market following the Tet (Lunar New Year) holiday.

    On Monday, the overnight rate was quoted at 4.25 per cent per year, down 1 per cent against the week prior to Tet, which took place from January 16 to 20.

    The rates for one-week loans stood at 4.48 per cent per year, while it was 4.6 per cent for two-week loans and 4.72 per cent for one-month loans, down significantly compared with pre-Tet levels.

    The decline of inter-bank interest rates was similar to previous years, as after Tet, liquidity in the banking system is often stable owing to growing deposits of residents and enterprises.

    Money dealers have forecast rates on the inter-bank market in next few weeks will move sideways or inch down.

    Bao Viet Securities Company forecast that the central bank is expected to withdraw money via the open market operation (OMO) after Tet.

    In the week prior to Tet, when capital demands rose sharply to meet payment and import requirements, the central bank had to make a net injection of VND93.48 trillion (US$4.11 billion) via OMO to support liquidity for the banking system. 

    VietGazprom to invest in gas-to-power project

    Russia’s VietGazprom is planning to invest in a gas-to-power project in the central province of Quang Tri.

    Kovtun Andray, head of Gazprom International’s representative office in Vietnam, revealed this at a recent meeting with the provincial People’s Committee.

    Accordingly, VietGazprom is surveying plans to bring gas to the mainland of Quang Tri from the Bao Vang field, 120km offshore on the continental shelf of central Vietnam, and construct a 340MW gas-to-power plant in the province’s Quang Tri Southeastern Economic Zone, Dau tu (Vietnam Investment Review) reported.

    After completing the survey, VietGazprom will submit the project to Gazprom International for approval in March 2017.

    Nguyen Duc Chinh, Chairman of the provincial People’s Committee, said Quang Tri will support and create the most favourable conditions for VietGazprom to complete the survey as the Vietnamese Government is very interested in cooperation between Vietnamese and Russian businesses.

    He also expected the project, if it is implemented, to boost the province’s socio-economic growth.

    Vietnam Expo 2017 to be held in Hanoi in April

    The 27th Vietnam International Trade Fair – Vietnam Expo 2017, themed “Enhancing Regional and Global Economic Links”, will take place in Hanoi from April 19-22.

    As one of the important trade promotion events to welcome Asia-Pacific Economic Cooperation (APEC) meeting 2017 and a bridge linking Vietnam with countries and territories in the region and the world, the annual event is hosted by the Ministry of Industry and Trade and organised by the Vietnam National Trade Fair & Advertising Company. 

    The fair will display diverse products of local companies, particularly those winning the Vietnam Value Awards, focusing on quality, design and price which are locally made such as industrial and household plastics; tires and rubber products; electricity meters, cable and lines; water tank and heater; beer and beverages; and handicraft. 

    As part of the event, a forum on Vietnam’s export promotion, a fact-finding tour of industrial parks and a business networking programme are due to be held. 

    A new point of the fair is an industrial and development booth designed by the Trade Promotion Department. It will showcase outstanding industrial products of localities, as well as represent and provide guidance on investment policies. 

    Additionally, a space for Vietnam-Republic of Korea product design, which is a joint effort with the Korean Institute for Design Products, aims to display signature products of the two countries. There will also be advisory counters here to provide advice to businesses. 

    According to the organising board, Vietnam Expo 2017 is expected to attract more than 500 firms from 23 countries and territories with APEC members covering 600 booths. 

    The Republic of Korea, which is among the founding members of APEC, has been invited to the Vietnam Expo 2017 as an honorary country.

    Businesses from Belarus, Uganda, Singapore, the Czech Republic, Japan, Malaysia, India, the RoK and China have so far registered for the event.

    New eight projects licensed in Ba Ria – Vung Tau

    Chairman of the southern Ba Ria – Vung Tau provincial People’s Committee Nguyen Van Trinh presented investment licenses to four foreign-invested and four domestic projects during a local ceremony on February 6. 

    The projects, the first ones licensed in the province this year, were worth a total of 311 million USD and 3.588 trillion VND (156 million USD). 

    The province has so far recorded 301 foreign-invested projects worth nearly 26.7 billion USD and 451 domestic ones valued at over 245.5 trillion VND (10.67 billion USD).

    The total social investment neared 41 trillion VND (1.78 billion USD) last year, up 6.8 percent annually. Upwards 33.6 trillion VND (1.46 billion USD) of which was sourced from domestic and foreign enterprises. 

    At the event, President of Hyosung Corporation’s Chemical Division Choi Young-gyo signed a memorandum of understanding with the province, pledging to pour 1.2 billion USD into a polypropylene manufacturing facility, a liquefied petroleum gas (LPG) warehouse, and a LPG and petrochemical port. 

    Nguyen Hong Linh, Secretary of the provincial Party Committee, vowed to take synchronous measures to reform administrative procedures and create a vibrant and responsible business climate. 

    The province will also hold regular dialogues with business owners and clear arising hindrances, he stated. 

    On the occasion, nine well-performing firms were honoured for their contributions to local development. 

    Last year, the provincial economy grew 5.6 percent, contributing in excess of 32.5 trillion VND (1.41 billon USD) to the State budget and more than 10 billion VND (434,000 USD) to social welfare programmes, as well as generating over 22,000 jobs.

    Binh Phuoc province vows to swiftly address business obstacles

    The southern province of Binh Phuoc is working to strongly improve the local investment climate, by dealing with problems facing enterprises in a swift and effective manner.

    The affirmation was made by Secretary of the provincial Party Committee Nguyen Van Loi during a working session on February 6 with executives of Taiwanese-invested company New Apparel, based in the Bac Dong Phu Industrial Park.

    Loi also asked businesses to directly phone him to have their issues settled in a timely fashion.

    He believed that meetings with enterprises will promote a trustworthy investment environment and help attract investors. He also requested officials at provincial agencies to maintain contacts with companies to expeditiously address such problems as labour shortage, electricity and water supply, and security.

    New Apparel General Director Peter Chang said the firm is also building a factory covering 100ha in the Bau Bang Industrial Park of neighbouring Binh Duong province to supply fibre materials for other garment factories.

    It is employing 2,500 workers and plans to recruit an additional 2,500 this year. The number of its employees is set to reach 8,000 once its factories work at full capacity.

    At the working session, Deputy Director of the Binh Phuoc Department of Labour, Invalids and Social Affairs Le Van Mai said the province will cooperate with New Apparel at weekly job fairs and give assistance in personnel training to help it deal with the shortage of skilled labourers.

    Binh Phuoc, part of the southern key economic region, is calling for investment in 13 industrial parks. Eight of the parks have drawn 164 projects, including 64 domestic ones worth over 3.5 trillion VND (154.9 million USD). The province is also home to 30 industrial clusters.

    PM wants shrimp exports to reach 10 billion USD by 2025

    Prime Minister Nguyen Xuan Phuc asked the shrimp industry to strive for an export value of 10 billion USD by 2025 during a conference on shrimp production held in the southernmost province of Ca Mau on February 6.

    Vietnam has become the world’s third largest shrimp exporter and the world’s leading exporter of giant tiger prawn, heard participants. 

    Shrimp export accounted for nearly 50 percent of the total seafood export with the highest value of nearly 4 billion USD achieved in 2014.

    Giant tiger prawn and white-legged shrimp - brackish water species - are being farmed in 30 provinces and cities and have been key export products. The central provinces of Ninh Thuan, Binh Thuan, Khanh Hoa and southwestern provinces like Ca Mau and Bac Lieu are main shrimp producers. Ca Mau has the largest shrimp breeding areas.

    According to Minister of Agriculture and Rural Development (MARD) Nguyen Xuan Cuong, shrimp, with its high value, has been chosen as one of important products for restructuring the seafood in particular and agriculture in general.

    Speaking at the conference, Deputy Prime Minister Trinh Dinh Dung said that Vietnam’s shrimp industry still has a lot of room for more development, not only because the world’s demand is large but also because the area suitable for farming shrimp in Vietnam is very large, particularly the Mekong Delta.

    The Deputy PM recommended the MARD to review relevant institutions to revise and support the shrimp industry and work with localities to make planning based on the global demand and the restructuring of the agricultural sector and scenario responding to climate change.

    PM Phuc said the shrimp industry should work to account for 10 percent of the country’s GDP.

    He asked the State Bank of Vietnam to instruct commercial banks to provide sufficient capital for the industry, especially for high-tech breeding.

    He also reminded the industry insiders to diversify export markets to avoid risks stemming from heavy reliance on a single market.  

    He assured that the Government will stand side by side with businesses to protect their legitimate rights and benefits in price-dumping lawsuits, but will give severe punishments to violations damaging the prestige of Vietnamese shrimps.

    He assigned the Ministry of Agriculture and Rural Development to quickly design an action programme for the shrimp industry’s development.

    HOSE launches first trading session in lunar New Year

    The Ho Chi Minh Stock Exchange (HOSE) launched its first lunar New Year trading session on February 6 with the presence of Politburo member, Secretary of the municipal Party Committee Dinh La Thang.

    Thang expressed his hope that HOSE will continue accompanying the local authorities to implement key development plans and contribute further to the stock market’s sustainable development.

    This will help the southern metropolis become a leading financial centre in the country and in the region as well, he said, adding that the city will create optimal conditions for HOSE to grow stronger.

    He noted that local businesses are pushing ahead with equitisation plans in line with the government’s policy, which is expected to heat up the stock market in the time to come.

    Founded in 2000, HOSE makes up over 90 percent of the value of the Vietnamese stock market.

    In 2016, HOSE recorded respective year-on-year increases of nearly 30 percent and 24 percent in capitalisation and liquidity.

    Alumina plant expected to stimulate Dak Nong’s economy

    The Nhan Co alumina plant in Dak Nong province is expected to stimulate economic development in southern Central Highlands in general and in Dak Nong in particular. 

    The plant, a key industrial project invested by Vietnam National Coal-Mining Industries Holding Corporation Limited (TKV), is slated to start official production in the first quarter of 2017. The project has total investment of 16.8 trillion VND (754 million USD) and a capacity of 650,000 tonnes of alumina per year.

    According to Hoang Hai Quoc Minh, director of the Dak Nong-TKV Aluminium Company, the Nhan Co alumina factory, now in trial run, has produced 60,000 tonnes of alumina and 33,000 tonnes of aluminium hydroxide. The company has exported aluminium hydroxide to Japan and the Republic of Korea in early February. 

    Meanwhile, alumina will be supplied to the Dak Nong Aluminium Electrolysis Plant, which is now under construction.

    Minh said the Nhan Co project marks a turning point in TKV’s mining operation in the Central Highlands and will significantly boost local GDP growth by contributing to the State budget, creating jobs and increasing local income.

    During the construction of the plant, the TKV granted scholarships for 766 local young people to receive training, and invested 70 billion VND in building local infrastructure.

    The Nhan Co plant is one of the two trial projects important to the development of the bauxite-alumina-aluminium industry in Vietnam. The other project is the Tan Rai alumina plant, also in the Central Highlands.

    Thua Thien-Hue aims to attract 6 trillion VND of investment in 2017

    The central province of Thua Thien-Hue has set a target of luring 20 projects to its economic zones and industrial parks with a total investment of about 6 trillion VND (272 million USD).

    To this end, the province’s Economic Zone and Industrial Park Management Board will launch investment promotion programmes with focus on fostering partnership with investors in infrastructure as well as financially strong firms, said Nguyen Que, deputy head of the Board.

    Que revealed that currently, the board is working with major domestic firms including FLC Group, VinGroup, Bitexco and Viglacera, and strengthening coordination with foreign partners including JICA, KOICA and JETRO in investment promotion.

    For projects being implemented in Chan May-Lang Co Economic Zone, including the second phase of the Lang Co Laguna, Minh Vien Lang Co resort and Wharf 3 in Chan May Port, the provincial authorities have been assisting in construction process and capital disbursement. 

    According to Chairman of the Thua Thien-Hue People’s Committee Nguyen Van Cao, the province has applied a number of measures to call for more investment, including improving investment and business environment and fixing the consequences of the sea environment incident that happened last year.

    In the coming time, Thua Thien-Hue will also enhance the quality of business associations and trade organizations to better the connectivity among enterprises. The province will invest over 2 trillion VND in socio-economic infrastructure and industry development programmes in 2017.

    At the same time, Thua Thien-Hue will also restructure its vocational training system and step up administrative reform, striving to conduct over 50 percent of administrative procedures online and apply the one-stop shop model at the provincial and district administration centres, thus raising the satisfaction rate among local residents and businesses to over 80 percent, said Cao.

    Last year, local economic zones and industrial parks attracted 14 projects with total investment of nearly 4.9 trillion VND, bringing the total number of projects located in their facilities to 140 worth over 63.7 trillion VND. Of the projects, 36 are run by foreign investors with registered capital almost reaching 31 trillion VND (approximately 1.4 billion USD).

    State Bank works on credit organisation restructuring project

    The State Bank of Vietnam (SBV) has announced that it is finalizing a project on restructuring credit organisations and handling bad debt for the 2016-2020 period, to be submitted to the Politburo. 

    After the project receives approval, the SBV will develop plans to implement measures as set out in the project.

    According to the SBV, besides improving the safe level of credit organisations, the SBV will focus on enhancing efficiency and effectiveness of state management and discipline in the field, as well as intensifying the fight against law violations in monetary and banking fields.

    The comprehensive restructuring across financing, operation and governance of credit organisations will be accelerated using methods and roadmaps suitable with specific characteristics of each credit organisation.

    Handling bad debt will be accompanied by preventive measures in order to minimize new bad debt.

    In 2017, the asset management company (VAMC) will play a greater role in handling bad debt to maintain the rate of bad debt at the safe level (below three percent of the total outstanding loans).

    Canadian firm invests in garment factory in Binh Dinh

    The planning and investment department of Binh Dinh province has issued an investment certificate to Seldat Vietnam Company Limited to build a garment factory in An Nhon town.

    The 1.2 million USD project will be funded by an investor from Canada. The factory, to be built in Nhon Khanh commune’s An Hoa hamlet, will have five garment lines and a design capacity of two million products a year, most of which will be exported to the US.

    The plant will be constructed on a 2,440sq.m site and is expected to become operational in the second quarter of this year.

    This is the first licence that has been given to a foreign direct investment (FDI) project in the central province this year. Currently, there are 69 FDI projects in Binh Dinh with a total registered capital of 783 million USD. Investors are from countries such as the US, China, Japan, France, the Republic of Korea, Singapore, Malaysia and Thailand.

    Last year, the province implemented reforms and simplified administrative procedures to create an attractive investment environment. Binh Dinh will continue its work on conducting dialogues with firms in the province to understand their problems and propose solutions so as to improve its business environment and boost its socio-economic development.

    Vietnam aims to quicken electricity sector restructuring

    Prime Minister Nguyen Xuan Phuc has approved a project on restructuring the electricity industry from 2016-2020, with a vision to 2025, to increase transparency and fair competition in the field. 

    From 2016-2018, power generating corporations under the Electricity of Vietnam (EVN), the Vietnam Oil and Gas Group (PVN) and the Vietnam National Coal – Mineral Industries Holding Corporation Limited (Vinacomin) will be equitised in line with the plans ratified by the PM. EVN, PVN and Vinacomin will continue managing power generating corporations and hold at least 51 percent of stake in them. 

    Power generating corporations will be responsible for implementing new investment projects in accordance with the National Power Development Plan for 2011-2020, with a vision towards 2030. 

    They will work to carry out projects to improve the efficiency of corporate management, maintain competitiveness, ensure profitable production and business, and increase the ratio of equity capital for investment and development as required by financial institutions. 

    Renewable energy plants are encouraged to join in the pilot electricity wholesale market.

    Regarding electricity supply and retail, electricity companies will maintain the organisation as one-member limited companies, with 100 percent of their charter capital owned by EVN. 

    Regulatory mechanisms will be built among power companies to meet requirements of the power wholesale market. 

    The National Load Dispatch Centre of Vietnam (NLDC) will be responsible for operating power systems and the power market, and building a plan to transform the NLDC into a one-member limited company with independent accounting. 

    Renovation will be also carried out in the electricity regulatory department under the Ministry of Industry and Trade to satisfy management and supervision of requirements for the competitive wholesale market. 

    As from 1019, Capital divestment will be accelerated in power generating corporations to reduce State owned stakes to below controlling level. Those corporations are scheduled to be separated from EVN, PVN and Vinacomin after two years of equitisation. 

    Build-operate-transfer power plants will be encouraged to join the competitive wholesale market.

    VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VET/VIR


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  • 02/10/17--00:44: Article 2
  • Japanese gear up to pour capital into VN real estate


     It is expected that $2 billion worth of investment capital will be invested by Japanese in Vietnam’s real estate sector in the time to come.


     vietnamnet bridge, english news, Vietnam news, news Vietnam, vietnamnet news, TPP, US President Obama, Vietnam net news, Vietnam latest news, vn news, Vietnam breaking news, Japanese FDI, real estate, service sector

    Many of the developers of large-scale real estate projects recently are from Japan. Aeon Mall opened a new mall in Binh Tan district in HCMC, while Takashimaya, called the ‘new rising star’, has opened in the central business district.

    Japanese have also jumped into the apartment, office and infrastructure development sectors. Toshin, the Japanese company that backs Takashimaya, plans to develop a $100 million project this year.

    Meanwhile, Mitsubishi teams up with Vietnam’s Bitexco planning to develop a housing project capitalized at $290 million in Hanoi. Kajima, in cooperation with Indochina Capital, plans to buy the real estate projects with the total investment of up to $1 billion in the next 10 years.

    Most recently, Lemongrass Master Fund announced the additional investment of $100 million into Son Kim Land after the first investment deal of $37 million in 2013. 

    Japan is now the second largest foreign direct investor in Vietnam, after South Korea. By the end of November 2016, Japan had invested in 53 projects with total investment capital of $1.91 billion, or 4.5 percent of total FDI capital. Meanwhile, the figures were $8.2 billion and 16.1 percent for South Korea.

    Japan is now the second largest foreign direct investor in Vietnam, after South Korea.
    By the end of November 2016, Japan had invested in 53 projects with total investment capital of $1.91 billion, or 4.5 percent of total FDI capital. Meanwhile, the figures were $8.2 billion and 16.1 percent for South Korea.

    One of the biggest deals made by South Korean was the $382 million one in which Mirae Asset and AON BGN bought Keangnam Landmark 72 Building in Hanoi.

    “Twenty years ago, Japanese investors did not have interest in the field,” Masataka Sam Yoshida from Recof said at the M&A Forum held last July. However, things are getting different. From 2015 to July 2016, Vietnam was the Number 2 among ASEAN countries in terms of Japanese M&A deals.

    The Vietnamese market is now especially attractive to Japanese investors because the investment environment has improved considerably. Besides, Japan is now a big creditor which provides preferential ODA loans to Vietnam. With abundant capital, the investors have jumped into Vietnam’s real estate, the capital intensive sector.

    According to Ben Gray from Cushman & Wakefield, the low borrowing cost in Japan and narrow profits have prompted investors to pay attention to the real estate sector which can bring high profits in Vietnam.

    In the ‘real estate game’, Japanese are expected to have great advantages as Japan has made heavy investments in infrastructure in Vietnam. The city’s authorities last May asked the government to consider appointing Toshin, which represents a group of investors, to implement the Ben Thanh underground shopping mall project.


    Thanh Mai, VNN


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  • 02/10/17--01:08: Article 1
  • Vietnam aims to link Southeast Asia to Indian Ocean


    Viet Nam plans to invest in its transport infrastructure comprehensively while linking development strategies among sectors in order to develop a multi-modal transport environment, making the country the gateway connecting Southeast Asia to the Indian Ocean.


     Indian Ocean, logistics services, transport infrastructure, Vietnam economy, Vietnamnet bridge, English news about Vietnam, Vietnam news, news about Vietnam, English news, Vietnamnet news, latest news on Vietnam, Vietnam
    The stretch from An Phu Intersection in District 2 to Ring Road 2 in District 9 in HCM City, part of the Ho Chi Minh Expressway. 


    This was the target of a master plan on developing infrastructure and linking national infrastructure with other regional networks from now until 2020. The master plan was approved by Prime Minister Nguyen Xuan Phuc on Tuesday.

    According to the plan, Viet Nam will give priority to construction work which ensures the connection between national modes of transport, major economic centres, key transport hubs and traffic infrastructure networks in the region.

    Specifically, the country will focus on building expressways, including the Ho Chi Minh Expressway, and upgrading and connecting national highways of the northern and southwest belt roads and sea routes linking Vietnamese ports with neighboring countries such as Lao, Thailand and Cambodia. Around 2,000 kilometres of highways will be completed and put into use by 2020.

    The country aims to complete construction projects to connect the route from northern Cao Bang Province’s Pac Bo District to southernmost Ca Mau Province’s Dat Mui District with a two-lane road.    

    In terms of its sea route network, Viet Nam will focus on construction work that connects seaports with national transportation networks and logistics hubs in the region. Dry ports and other infrastructure that supports the development of logistics services will also be given priority.

    Development of waterway systems is also important. Viet Nam has set a goal to complete the national technical regulations on domestic waterways. Water routes connecting the Mekong Delta region with HCM City and other routes of Tien, Hau, Hong and Thai Binh rivers will be upgraded.

    The country will continue upgrading and modernising three international airports, including HCM City’s Tan Son Nhat Airport, Ha Noi’s Noi Bai Airport, and Da Nang Airport. Other facilities will also be built at other airports to help achieve total designed capacity of airports of between 110-120 millions of passengers and 1.5-2.5 millions of cargo by 2020.

    E-Government developed

    Over the coming years, the Government plans to enhance the development of e-Government to improve the quality and effective operation of State agencies.

    It will accelerate the application of information technology in management and operation of the socio-economic infrastructure system. Databases on population, land fund, finance, and insurance will create a foundation for e-government development.

    The nation will build favourable policies for information technology and communication infrastructure, in line with trends in the region and the world. Enterprises in software development will receive support to create competitive products.

    Concentrated information technology zones will be built in Ha Noi, Da Nang and HCM City.

    In the near future, the Government will complete mechanisms for concentrated information technology zones and build network links between these zones and universities, research institutes, businesses and governmental agencies.


    VNS

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  • 02/10/17--01:31: Article 0
  • Vietnam struggles with environmental crimes


    More than 50 serious pollution cases were discovered in 2016, including the mass fish deaths in four provinces of Ha Tinh, Quang Binh, Quang Tri and Thua Thien-Hue in the central region.

     vietnamnet bridge, english news, Vietnam news, news Vietnam, vietnamnet news, TPP, US President Obama, Vietnam net news, Vietnam latest news, vn news, Vietnam breaking news, MONRE, FDI, environment pollution


    Seven ministries and more than 100 Vietnamese and foreign scientists spent 84 days and nights to trace down the culprit which caused the mass fish death catastrophe. The Ministry of Natural Resources and the Environment (MONRE) finally gathered enough evidence to force Formosa Ha Tinh, the steel complex developer from Taiwan, to admit its behavior of discharging untreated waste water which caused mass fish deaths and serious pollution to coastal areas.

    The mass fish death was raising public concern while another scandal was discovered. The Ky Anh Urban Environment Management & Construction Company was caught landfilling waste sludge, which was hazardous waste from Formosa.

    Many people called for the shutdown of Formosa Ha Tinh. However, MONRE said that the soil and water environment in the waste sludge landfilling area were still safe. Ky Anh Company was prosecuted by the Ha Tinh Police.

    Another environment scandal was also discovered thanks to mass fish deaths. After nearly 50 tons of caged fish bred by locals in Nghi Son Island in Thanh Hoa were found dead, MONRE examined the pipeline that brings waste water from the Nghi Son Oil Refinery and set up a team of officers to discover the cause behind the mass fish deaths.

    More than 50 serious pollution cases were discovered in 2016, including the mass fish deaths in four provinces of Ha Tinh, Quang Binh, Quang Tri and Thua Thien-Hue in the central region.

    In June 2016, a waste reservoir at a titanium exploitation site broke allowing huge amounts of toxic red mud to flood residential areas in Thuan Quy commune of Ham Thuan Nam district in Binh Thuan. MONRE then commanded to halt the operation of Tan Quang Cuong, the titanium exploiter for investigation and repair the damages.

    Later, MONRE released a decision on stopping the exploitation of titanium-zircon ore in Nam Suoi Nhum area.

    Vietnam now has to pay a heavy price for focus on economic development while not paying appropriate attention to environmental protection.

    Prime Minister Nguyen Xuan Phuc has said that Vietnam won’t exchange its environment for immediate benefits and won’t sacrifice its environment for investment projects.

    The Prime Minister has ordered a check of all legal documents and reorganization of state management on the environment from the local to central levels, saying that the heads of localities must take responsibility for environmental problems in their localities.

    Vietnam will implement policies under which polluters must pay for environmental problem settlement.


     Thien Nhien, VietNamNet Bridge

    0 0
  • 02/11/17--00:25: Article 4
  • Vietnam spends $5 million daily on chemical imports


    If Vietnam continues importing chemicals from China, it will have to rely on Chinese imports and accept low-quality products, experts have warned.


     vietnamnet bridge, english news, Vietnam news, news Vietnam, vietnamnet news, TPP, US President Obama, Vietnam net news, Vietnam latest news, vn news, Vietnam breaking news, Vinachem, import turnover, GDC,

    A GDC report showed that in 2016 alone, Vietnam imported $1.8 billion worth of chemicals, including $1.02 billion worth of products to make other compounds. This means that Vietnam spent VND112 billion daily to import chemicals.

    The imports were mostly from China, while imports from countries with developed chemical industries such as India, the US, Canada, Israel, Japan and South Korea were modest.

    According to Ngo Tri Long, there are three reasons for Vietnam to import chemicals from China. First, Vietnam has high demand for chemicals, but it still cannot produce chemicals domestically. Second, Vietnamese enterprises prefer importing chemicals from China to other countries because Chinese products are cheaper. Third, Vietnam, like other countries neighboring China, want to import chemicals across the border gates instead of through official channels in order to avoid tax.

    Le Cao Doan from the Central Economics Institute has also expressed concern about imports from China, especially in the context of Vietnam’s high trade deficit and the risks of relying on Chinese imports.

    If Vietnam continues importing chemicals from China, it will have to rely on Chinese imports and accept low-quality products

    The high imports from China are problems to many countries including Vietnam, which imports low-quality and dirty products.

    “If Vietnam continues importing chemicals from China, it will become the place containing low-quality products and relying on Chinese imports,” he said.

    Doan said that Vietnam is facing two big problems.

    If continuing to rely on China, the Vietnam economy would lag behind, because the  economy would be based on industrial production, similar to what China once experienced in the past. In addition, Vietnam would see the damage to the environment and the platform for development.

    What does Vinachem do?

    Vinachem, or the Vietnam Chemicals Group, is known as the largest domestic chemicals producer which regulates big fertilizer and chemical factories in Vietnam.

    However, the big factories put under Vinachem’s management are incurring huge losses of trillions of dong.

    Meanwhile, Vu Dinh Duy, a member of Vinachem’s board of directors, has left Vietnam for medical services and has been unreachable for many months.

    In the latest news, Vinachem has set up a steering committee to solve existing problems at fertilizer plants which are incurring big losses.

    Besides the chemicals companies in which the state holds the controlling stakes, Vietnam also has many privately run companies in the field.

    However, an analyst said domestic chemical output remains modest and Vietnam still has to rely on imports.


    Kim Chi, VNN


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  • 02/11/17--00:46: Article 3
  • Supply industry needs to tap the global chain


    Technological and financial limitations are major development constraints for the local supply industry, Bui Quang Chuyen, Chairman of the Viet Nam Engine and Agricultural Machinery Corporation (VEAM), tells VietnamPlus.


     Vietnamese supply industry, agricultural machinery, Vietnam economy, Vietnamnet bridge, English news about Vietnam, Vietnam news, news about Vietnam, English news, Vietnamnet news, latest news on Vietnam, Vietnam
    An auto production line at Huyndai Thanh Cong Auto Plant in Ninh Binh Province’s Gian Khau Industrial Zone.


    Where does the Vietnamese supply industry stand now?

    The supply industry has progressed, but not yet caught up with the country’s development demands. This is partically due to limited technological standards and difficulties in finances.

    In 2015, the Government issued Decree 111/CP that aimed to give fresh growth impetus to the industry, but many shortcomings persist, including inadequate the lack of preferential interest rates on loans for investment projects.

    In addition, many localities do not have policies to encourage businesses to invest in the supply industry. There is no support for investment in technology, in technology transfer, or preferential tax policies, especially for agricultural machinery. For instance, there is no import tax refund on materials and fuels used to make agricultural machinery and other supply industry items.

    FDI businesses regularly complain that it is difficult to find suppliers (of spare parts, accessories etc.) in Viet Nam. What can we do to be a bigger part of the production chain?

    To join in the global supply chain, particularly in the automobile industry, hi-tech production knowledge is required so that we are competitive in terms of product quality, price, packaging and delivery. There are many other factors as well.

    VEAM currently has three companies in the supply industry; Machinery Spare parts No.1, Pho Yen Mechanical JSC and Song Cong Diesel Company. About 70 per cent of the companies’ output is supplied to Japanese motorbike makers.

    We know that the businesses will have to invest in high-tech machinery, with accuracy and capacity of foremost importance.

    To acquire and use advanced technologies, VEAM has to send its staff and workers to training courses in foreign countries and hire experts to directly train workers here.

    Were there foreign businesses specialising in agricultural machinery that bought VEAM shares during its recent initial public offering (IPO)?

    Most of the 240 investors who took part in the IPO on August 30, 2016 were financial companies and several were involved in both the financial and automobile industries.

    In fact, there were not any investors in agricultural machinery who bought VEAM shares because, even in Japan and the Republic of Korea, a lot of capital is required and profitability is not high in this industry.

    However, we at VEAM also see it as a political task, and we will have to meet the demand for “Made in Viet Nam” agricultural machinery.

    You say foreign businesses are not interested in agricultural machinery, but in fact, there is fierce competition from Chinese products. What do you think about this issue?

    In the area of agricultural machinery, our strategic focus is on quality. To compete with cheap machines imported from China and India, we seek to develop our capacity and high-tech capabilities.

    VEAM will not compete with similar products from China and India on price. Similarly, on the service side, we will focus on maintenance and meet the demands of users.

    VEAM enterprises have been part of big joint ventures alongside Honda, Toyota and Ford… What can be done to go from this stage to becoming owners and access sci-tech advances? And can they join the global supply chain?

    VEAM has sent its staff to a number of foreign companies, including Honda Vietnam and Toyota Motor Vietnam (TMC), to hold leadership roles and serve as members of executive boards in such joint ventures. Many VEAM staff are playing the role of managers or team leaders in production lines.

    In Ford Vietnam, from the General Director to other key positions, there are Vietnamese personnel, therefore both grasps of technology and technology transfer are possible.

    However, we are mainly interested in automobiles. We will focus on gaining experience, learning technologies and investing in the sector. As for motorbikes, I think volumes will fall after 2020 because the market will be saturated.

    The country’s automobile industry is facing a lot of difficulties; isn’t it a bit adventurous for VEAM to continue focusing on this area?

    VEAM has an auto factory in central Thanh Hoa Province, which is set to grow 20-30 per cent annually, mainly meeting the market demand for trucks. Our strategy is to invest in production through raising the localisation rate and improving the quality of trucks. In the future, we expect to manufacture buses. Trucks and buses are the two strategic vehicles for the future, as identified by the Government.

    For small sedans, VEAM will continue participating in financial investments with joint ventures, such as TMV and Honda.


    VNS


    0 0
  • 02/11/17--05:53: Article 2
  • MoIT pushes for science and technology solutions

     


    The Ministry of Industry and Trade and the Ministry of Science and Technology sign an agreement to promote application of science and technology in the sector. - Photo moit.gov.vn


    HÀ NỘI - The application of science and technology will be one of the strategic solutions for restructuring the industry and trade sector as well as for its sustainable development.

    Science and technology play an important role in enhancing competitiveness, Trần Tuấn Anh, minister of industry and trade, said at a signing ceremony between the Ministry of Industry and Trade (MoIT) and the Ministry of Science and Technology (MoST) in Hà Nội on Thursday.

    As per the agreement, in the 2017-20 period, the two ministries will enhance co-operation in reviewing, supplementing and completing the legal processes linked to science,  technology, industry and trade to effectively implement the MoIT’s development policies.

    The  ministries will create a special mechanism to promote science and technology in the mechanics, manufacturing, parts supply industries and other prioritised sectors.

    They will also build and implement national-level science and technology programmes during this period.

    The agreement shows the strong commitment of both ministries in promoting science and technology in the industry and trade sector. “The sector has been active in connecting science and technology activities to industrialisation and modernisation,” Anh said.

    Science and technology have become key factors in improving productivity, product quality and competitiveness. They allow enterprises to expand scale, increase manufacturing and processing, create hi-tech goods, and improve export growth rate, the minister added.

    In the 2016-20 period, the industry and trade sector has targeted an average industrial production growth rate of 13 per cent a year. The industry and construction sectors account for 42 to 43 per cent of the country’s total GDP. The annual average export growth is expected to be 11 per cent.

     Viet Nam News


    0 0
  • 02/11/17--06:20: Article 1
  •  Russian beggar poses tough repatriation task for Nha Trang authorities

    A social protection center in Nha Trang, the coastal city of the south-central province of Khanh Hoa, is calling for help from other agencies to send a homeless Russian national back to his home country.


    Kunznetsov Oleg is seen in Nha Trang. Tuoi Tre


    The Khanh Hoa Center for Social Protection has been taking care of Kunznetsov Oleg, 45, over the last few months and is finding ways to repatriate him to Russia, according to director Chu Van Cong.

    In 2012, Oleg landed in Vietnam on an Immediate Relative Immigrant Visa and has since lived in Nha Trang, according to files kept at the provincial Department of Foreign Affairs.

    According to the records, Oleg is a divorced man back in Russia and is known to have a child, now 22, there.

    Tamara Kunznetsova, Oleg’s mother, once also came to Nha Trang an investor but her business did not survive eventually.

    In 2013, Kunznetsova passed away after a heart attack, with her cremated remain already sent back to Russia.

    After his mother’s death, Oleg and his older sister Lena remained staying in Nha Trang, living upon the savings left by their mother.

    He had lived in various hotels and rental houses before becoming homeless.

    Eventually, Oleg had to make his living as a beggar at many local resorts when the savings ran out.

    Knowing of Oleg’s situation, officials of the Khanh Hoa Department of Foreign Affairs contacted him and gave some support.

    The Russian was later diagnosed with mental disorders and transferred to the province’s hospital for psychiatric treatment.

    After the treatment, Oleg was sent to and cared for at the social protection center, awaiting his repatriation case to be processed.

    While staying at the center, Oleg has tried to get out many times to search for his lost sister, whose whereabouts are known by no local agency.

    The Khanh Hoa administration has recently ordered the provincial foreign department and other competent agencies to quickly process the case to send the Russian man back to his home country.

    However, the case is reaching a deadlock as Oleg currently has no immediate relatives in Russia to take him back, according to the Consulate General of the Russian Federation in Ho Chi Minh City.

    Tuoitrenews


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