BUSINESS IN BRIEF 18/10 Vietnam’s packaging, printing industries grow fast to meet demand  Vietnam’s economy develops fast leading to huge demand of consumption; subsequently, packaging and printing industries have become one of the most developed sector in the country. With average growth of 15 – 20 percent a year, the packaging industry for processed food in Vietnam is relatively attractive to foreign machinery providers in the field. On the contrary, experts warned today’s biggest challenge which the packaging industry is facing, is technology innovation because customers have increased demand for smarter packaging such as slight packages, environmentally friendly packaging, eye-catching design. As per the Vietnam Printing Association, the packaging and printing industries in Vietnam have grown significantly with average growth rate of 15-20 per cent annually Especially, the packaging industry for processed food soared by 38 percent for 2015 while demand of material and machines in the industry also hiked by 25 percent. One more challenge for the industries is that the design is simple; accordingly, enterprises is less likely to actively participate in the value chain and create sustainable profit meanwhile domestic demand have risen for consumer goods, processed food and for packing exporting commodities. The solutions advised by experts are the application of new technologies in manufacturing, using new materials, investing in advanced production lines to increase efficiency and assuring quality of products. Statistically, in Ho Chi Minh City, packaging and printing share in the city account for 60-65 percent of the whole country and it has seen growth rate of 15 percent annually. At present, of over 1,000 packaging factories in the country, 70 percent of them are located in the Southern Vietnam (mostly in HCMC) Chairman of the Vietnam Printing Association Nguyen Van Dong said that the packaging and printing industries’ growth rate is 55 percent in Asia generally and Southeast Asia particularly within ten recent years. Though Vietnamese enterprises have advantages of low labor cost and high domestic demand, they are encountering fierce competition from Chinese counterparts and not many of them can afford new technologies. Hence, government should provide financial aid to them to improve their competitiveness as well as buy environmentally friendly machines. The Ministry of Industry and Trade said the industries play an important role in industrial production especially processed food industry which is inclined to printing technologies and automatic packaging to have smart packages; accordingly, demands of advanced equipment are raised resulting in the packaging and printing industry’s technology innovation. Promotional programs launched for Vietnamese Women’s Day Supermarkets, commercial centers, restaurants and e-commerce websites have launched promotional programs on the occasion of Vietnamese Women’s Day (October 20) in HCMC. Big C supermarket system has applied 50 percent discount on 1,000 beauty care products of 200 famous brand names and offered gift boxes for women with reasonable prices. Similarly, Lotte Mart supermarket chain has organized a string of promotional and beauty care programs with prestigious cosmetic products. Customers also have a chance to buy over 150 essential products best-selling at Lotte Mart such as food, beverage, home appliances and fashion items at preferential prices. In addition, a lot of fashion shops of various brand names at commercial centers in the city have started many promotional programs with the discount of 20-30 percent a product or presents for women. Japan’s travel conglomerate to join hotel project in Khanh Hoa Hideo Sawada, Chairman of H.I.S, a leading travel conglomerate in Japan, has recently confirmed the group will take part in a hotel and resort project in Cam Ranh city, the central coastal province of Khanh Hoa. Cam Ranh, only an hour from Ho Chi Minh City by air, is blessed with beautiful ports and beaches, Hideo told Japan’s Nikkei newspaper. He said H.I.S will work with a Vietnamese group to develop a 1.8-billion-USD resort complex with 5-6 hotels, one or two of which to be built by the Japanese firm. The main investor in Vietnam will build a large-scale theme park inside the complex similar to Huis Ten Bosch Park in Nagasaki prefecture in Japan, he noted, adding that the Huis Ten Bosch attracts about 3 million visitors and generates 89.5 million USD in revenue every year. In many developing countries, rising incomes result in more demand for major entertainment centres. The project will be a success if there are at least 10 million people living in the neighbourhood, because local residents normally account for 60 – 70 percent of visitors to such a park, he explained. Quang Ninh to host Vietnam-China trade fair The 2017 Vietnam-China International Trade Fair will take place in Mong Cai city, Quang Ninh province, northern Vietnam from December 1-7, according to the organisers. The event, the 12th of its kind held on a rotational basis by Quang Ninh and Guangxi of China, is expected to host have 400 pavilions, including 300 of Vietnamese businesses and 100 Chinese ones. It will feature products from Vietnam and China, including agricultural and aquatic products, machines, equipment, electronic appliances, and handicrafts. Tourism, trade and investment promotion workshops will be held to introduce Mong Cai city’s potential to domestic and foreign investors. Exhibitions, art performances, sports exchanges will also take place on the sidelines of the event. Vietnam, Singapore bolster economic connectivity, trade cooperation The 13th Vietnam-Singapore Connectivity Ministerial Meeting opened in Hanoi on October 17, aiming to strengthen economic connectivity and trade cooperation between the two countries. Speaking at the meeting, Minister of Planning and Investment Nguyen Chi Dung said Singapore is a significant trade partner of Vietnam in Asia and Southeast Asia. The meeting offers a chance to review bilateral investment on several fields such as education, information, transportation, finance-banking and tourism services. Recently, Vietnam has been more active in improving business and investment climate, and raising the confidence of international businesses, the minister added. He voiced his hope that the two countries will expand cooperation in the coming time, raising the efficiency of bilateral investment. The two sides will also exchange information and address difficulties of Singapore’s firms in Vietnam. For his part, Singaporean Minister for Trade and Industry Lim Hng Kiang affirmed that Vietnam is a major economic partner that has attracted the increasing number of foreign investment, including those from Singapore. At the meeting, the two sides evaluated the implementation of bilateral cooperation agreements in the six connectivity areas, namely investment, finance, information technology and communications, education and training, transportation, and trade and services. To boost economic connectivity and investment cooperation, the two sides proposed both countries’ State management agencies bolster cooperation, information exchange and experience sharing on management policies and knowledge in various fields such as communications, education-training, tourism-services, urban transportation planning and management, road transport development and export-import. Vietnam-Singapore trade has been thriving with an average growth of 12 percent a year. Singapore is the sixth biggest trade partner of Vietnam while Vietnam is currently the 11th largest trade partner of Singapore. In the first seven months of 2017, two-way trade between Vietnam and Singapore hit five billion USD, up 16.4 percent year-on-year. Singapore currently has more than 1,910 valid investment projects in Vietnam, with total registered capital of over 41.38 billion USD, making it the third leading foreign investor in Vietnam. In the January-August period, Singapore poured 3.93 billion USD of registered capital into Vietnam. Of the sum, 2.84 billion USD came to newly-approved projects, while 718 million USD was added to existing projects. Bosch, Vingroup join hands in vehicle production Vingroup and Bosch, a global supplier of technology and services, signed a memorandum of understanding (MOU) last week on cooperation in the Vinfast car and e-scooter manufacturing project. Within the framework of the MOU, Bosch and Vingroup will consider comprehensively cooperating in the field of manufacturing cars and e-scooters, including providing hardware and software solutions, and services for Vinfast, a new member of Vingroup which has been known as a leading property developer in the country. Regarding hardware, Bosch will provide Vinfast with components and equipment in conformity with the production process. Bosch also supports and gives advice to Vinfast to develop and apply software for automotive and solutions for the operation and management of its factory, such as design and user experience services and customer solution development. Both sides will jointly research and put into application technological solutions for Vinfast cars, aiming to introduce car models with modern features and bringing an outstanding experience to users. Moreover, Bosch will provide smart campus solutions for the Vinfast plant, including smart security and safety, connected mobility, smart operation, energy management, connected industry consultancy and deployment. Bosch will also give Vinfast advice on establishing a vocational training center. Bosch is the suitable partner for this activity because of its experience of investing in the Bosch Technical Industrial Apprenticeship training center, aiming to develop a high-skilled local technical workforce in Dong Nai Province. Vinfast plans to establish a mechatronics vocational training center based on German standards to build up its own qualified technicians to operate modern production lines and gradually receive technology transfer from foreign partners. Speaking at the signing ceremony, Guru Mallikarjuna, managing director of Bosch Vietnam, said: “The MOU signing ceremony is a critical milestone in the cooperation between Bosch and Vingroup. With our expertise in technology for automotive, including software, hardware solutions and services, Bosch is committed to support Vingroup in implementing this project successfully.” Vingroup CEO Duong Thi Mai Hoa, meanwhile, asserted the cooperation with Bosch and other world leading technology partners is “a part of our strategy to proactively attract and apply the most modern technologies in Vinfast car and e-scooter projects.” Joining the automotive manufacturing sector on September 2, Vinfast has conducted strategic steps. Within 40 days, it has organized the ground-breaking ceremony, recruited high profile international management, and introduced a collection of 20 concept cars from the four well-known design studios. VNITO 2017 attracts 400 firms The Vietnam Information Technology Outsourcing (VNITO) Conference 2017 slated for October 19-20 in HCMC will be attended by more than 250 local information technology (IT) enterprises and 150 international hi-tech firms. Organizers have made a VNITO Conference 2017 app available on App Store and Google Play. Guests participating in the conference can download the app to have information about the schedules of the conference and sideline activities, business matching programs of domestic IT enterprises, the list of speakers in the VNITO 2015, and contact information of organizers. At VNITO 2017, experts will present reports on trends of IT outsourcing services in the future, connections to the Silicon Valley technology ecosystem, Vietnam’s human resources for global creativeness and assessments of Vietnamese IT service market conditions and prospects. The event also includes seminars on Vietnamese IT manpower, competitiveness enhancement thanks to new technologies and solutions, and prospects of the Business Process Outsourcing (BPO) sector. IT experts and VNITO Alliance’s consultants will share their experience in market development and field queries from participating businesses. At the conference, VNITO Alliance and trade promotion and startup support organizations will sign cooperation agreements to connect Vietnamese organizations with experts overseas. VNITO 2017 set to take place at GEM Center at 8 Nguyen Binh Khiem Street in District 1 will be jointly held by VNITO Alliance, Quang Trung Software City (QTSC), and the Investment and Trade Promotion Center of HCMC (ITPC) with the support from the HCMC Computer Association (HCA), and Vietnam Resource and IT Development Group (VIDG). Japan’s Hosui pear shipped to Vietnam Hosui pear from Japan’s Miyagi Prefecture has been introduced to consumers in HCMC for the first time after Vietnam lifted a ban on fruit import from Japan in January. The farm produce has been on sale at the supermarket systems of Aeon mall Tan Phu Celadon, and some stores in HCMC since last Saturday. Kiyoshi Asana, representative director of JA Myagi Sennan Agricultural Cooperative in Miyagi Prefecture, said the first batch of Hosui pear weighs 5,000 kilograms. If local consumers are in favor of the fruit, it will be widely sold at more supermarkets and stores. He said the fruit has met a variety of quality criteria before being shipped to Vietnam. Each fruit weighs 250-300 grams at VND248,000 (US$11) a kilo. He added the prefecture is home to some specialties and agricultural products like seafood, strawberries, rice and pears. The locality has three types of pears with a total area of around 50 hectares, with Hosui pear covering half of the plantation area and an output of about 700 tons each crop. A source from the Japan External Trade Organization said Vietnam’s lifting a ban on Japanese pear exports in January has paved the way for other fruits to Vietnam. Japanese partners have plans to ship two kinds of pear to Vietnam in the rest of the year. As such, apple and pear have become two Japanese fruits to be shipped to the country. SaigonBank celebrates 30th anniversary of establishment Saigon Bank for Industry and Trade (SaigonBank) will continue to restructure its operations to improve business performance, enhance financial capacity, expand network and distribution channels, and enhance human resources to prepare for a new stage of development, heard the 30th birthday anniversary of SaigonBank on Saturday. Founded in 1987 by the HCMC Party Committee, several banks, State-owned enterprises and individuals, SaigonBank is the first joint stock bank in Vietnam. When announcing the system-wide restructuring years ago, the State Bank of Vietnam has chosen SaigonBank as one of the healthy credit institutions and allowed for self-restructuring. By late 2015, the bank had basically completed a restructuring plan to begin a new stage of development. At present, SaigonBank has total chartered capital of VND3.08 trillion (US$135.54 million) and total assets of VND20.2 trillion, with 1,500 employees and 90 branches and transaction offices. The bank has the lowest bad debt in the system, with about VND300 billion, and has earmarked full provisions for the bad debt. Danang seeks investors for infrastructure, tourism projects Danang City’s government organized two conferences to lure investors for the central coast city’s infrastructure and tourism projects under the framework of the Invest Danang 2017 Forum taking place on October 14-15. In the infrastructure sector, local authorities continued attracting investment, especially from the private sector, into key projects in the coming time. According to city vice chairman Nguyen Ngoc Tuan, the conference aimed to introduce important projects to international and domestic investors, donors and overseas organizations. The city wished to draw attention, feedback and suggestions from potential investors to complete the projects. Specifically, the city is seeking investors for huge projects such as Lien Chieu Port which is able to handle 100,000 DWT ships and container vessels from 6,000 to 8,000 TEUs, and Danang railway station relocation. To secure connectivity with neighboring localities, authorities of Danang and Quang Nam Province approved in principle to develop a tramway project linking Danang with Hoi An City. In addition, local government is preparing a solid waste treatment complex and a water environment improvement project. The two projects are expected to deal with urban and beach pollution in the central city. Given the importance of information technology application, Danang is calling for private investors to take part in its smart traffic management project and media and information technology development project. The conference is a forum to exchange experiences in official development assistance project implementation and public-private partnership, helping partners and investors learn about key infrastructure projects in Danang. Many international financial organizations committed to give capital support for the city’s projects. At the tourism conference, enterprises said the city has large potential for tourism development. However, slow-moving port and yacht wharf projects have dampened waterway tourism growth. Besides, the city is short of incentives for investors of entertainment services, especially night entertainment spots, shopping and cuisine centers, large-scale art performance programs and distinctive tourism products. In the coming time, Danang will launch programs and plans to assist investors, speed up promotion activities, develop tourism products and call on investment for the manpower and technology sectors. According to the tourism department, the city will concentrate on three main groups of products including sea tourism and high-class leisure, shopping and meeting-incentive-conference-exhibition (MICE) tourism, and cultural, historical and ecological tourism. There will be auxiliary products such as spiritual, culture-culinary, healthcare and sports tourism. The city will also focus on manpower training for the tourism sector and strengthen regional connection to promote advantages of coastal central localities. Singaporean firm wants to make master plan for Bach Dang Park Singapore’s Surbana Jurong Private Limited has shown keen interest in making a master plan for the riverside park of Bach Dang in downtown HCMC into a vibrant commercial hub for the city. Eng Cheong Teo, CEO for international business at Surbana Jurong, shared his ideas for making the master plan for the park at a working session with the municipal government last Thursday. Teo said the company has achieved success in transforming industrial port areas into vibrant commercial and communal spaces in Singapore, and such experiences can be used for bringing into play the potential of the park by the Saigon River. His proposed plan focuses on pedestrian connectivity, cultural, commercial and communal activities, and iconic works of the city. In particular, the plan includes a museum at the intersection between Ham Nghi and Nguyen Hue streets, a commercial center or a dining complex, a central market between Me Linh and Ton Duc Thang squares, and especially two circling pedestrian bridges connecting District 1 and District 2. The bridges will become not only an important walkway but also a communal space for significant events to be held on the Saigon River, according to the CEO. He added that the company will also include infrastructure facilities like pedestrian overpasses and vehicular tunnels which are listed in the city’s scale 1/2000 master plan in order to improve traffic flow along Ton Duc Thang Street. HCMC vice chairman Tran Vinh Tuyen said the municipal government attaches great importance to planning for the central area, and has hired consultants for planning its underground spaces. He spoke highly of the company’s proposed master plan, saying the city aims to lure investors into conducting the project. Wooden products export projected at US$8.5 billion in 2020 The Ministry of Agriculture and Rural Development has set a target of earning US$8.5 billion from wood and wooden product exports by 2020, up US$700-900 million over the target set for this year. At an online meeting held Saturday on “enhancing forest protection and management in the coming time,” Minister of Agriculture and Rural Development Nguyen Xuan Cuong said the forest development strategy in the coming time is aimed at boosting the productivity, quality and value of each type of forest, mitigating impacts of natural disasters, protecting the environment, and responding to climate change. Specifically, the sector expects to obtain an average forestry production growth rate of 5.5-6% per year, raise the forest coverage to 42%, equivalent to 14.4 million hectares of forest, and annual output of 20 cubic meters of wood per hectare of replanted forest. According to the Vietnam Timber and Forest Products Association (VIFORES), the country fetched revenue of US$5.9 billion from wood and wooden product exports in the first nine months of the year. VIFORES expects the number to hit US$8 billion this year, up 16% versus last year. Despite such figures provided by VIFORES, Minister Cuong said the export turnover of wood and wooden products had been forecast to reach US$7.6-7.8 billion this year, growing US$300-500 million over 2016. According to the minister, the strategy also targets to maintain 25 million jobs in the sector, thus helping reduce poverty and improve livelihoods for forestry workers. Although the online conference was meant to discuss forest protection and development, targets to this effect are deemed as low. The sector will decrease the area of forests illegally destructed by 30-35% compared to the 2011-2015 period, recover 360,000 hectares of forests a year and upgrade 90,000 hectares of thin forest into thick forest. In order to reach the foresaid targets, law enforcement should be promoted to cut down violations on forest protection. Results of a survey into forests nationwide last year showed that Vietnam had 14.3 million hectares of forest, increasing 316,000 hectares versus 2015. The forest coverage was 41.19%, rising a mere 0.35 percentage point against 2015. In the Central Highlands, there was 2.5 million hectares of forest in 2016, decreasing 3,200 hectares over the previous year. In which, the natural forest area shrank by nearly 11,500 hectares to 2.2 million hectares while the planted forest area grew by over 8,300 hectares to 324,200 hectares. Localities with vast areas of forest destructed include Dak Nong with some 3,300 hectares, Gia Lai with 1,200 hectares, Kon Tum with 184 hectares and Dak Lak with 180 hectares. According to a report of the Ministry of Agriculture and Rural Development, competent agencies detected nearly 13,200 cases of forest protection violations in the first nine months of 2017, down more than 3,400 cases or 21% against the year-ago period. Nearly 3,900 cases were detected in the Central Highlands alone, decreasing 10% year-on-year. However, the forest area logged down increased by 5%, accounting for 53.7% or 1,300 hectares of the country’s total forest area destructed. FDI firms contribute 72% to Vietnam’s export revenue Foreign direct investment (FDI) firms contributed 72% to Vietnam’s export revenue in the first nine months of the year, according to the Ministry of Industry and Trade. Vietnam shipped over US$154 billion worth of products abroad in the period, up 19.8% year-on-year, of which US$43.16 billion came from local firms and US$110.86 billion, inclusive of crude oil, from foreign-invested companies, up 16.8% and 21% respectively. January-September exports of manufactured goods reached US$123.9 billion, up 20.2% over the same period last year and representing 80.44% of the total. Shipments of computers, electronic accessories and mobile phones amounted to US$49.45 billion, with mobile phones and phone components alone making up US$31 billion. The ministry forecast exports of cell phones and phone parts would continue picking up as major manufacturers, especially Samsung, are performing well. At a meeting with Prime Minister Nguyen Xuan Phuc in Hanoi City last week, Jong-Kyun Shin, president of Samsung Electronics, which have phone manufacturing facilities in Vietnam, said the group is looking to obtain export revenue of more than US$50 billion this year, accounting for over 20% of Vietnam’s total. Computers, electronic appliances and accessories generated US$18.46 billion in export revenue in January-September, a year-on-year surge of 40.8%. This impressive export growth resulted from enterprises promoting their exports to South Korea, ASEAN, Canada, Taiwan and Russia and at the same time maintaining traditional markets such as China, the U.S. and Japan. HCMC calls for investment in infrastructure The government of HCMC has rolled out hundreds of projects, including six in Thu Thiem New Urban Area, which will need local and foreign investors to get involved in. City vice chairman Tran Vinh Tuyen told an investment promotion conference on October 11 that the city would develop a comprehensive traffic system to fuel socio-economic development and ease the pressure of high population growth on infrastructure. The conference was attended by 500 investors, and representatives of municipal agencies and departments. There are 64 traffic infrastructure development projects, five urban rehabilitation projects and seven flood control projects requiring private sector capital. Eleven national-level projects will be implemented in the city, including nine for traffic improvement. The city looks to become one of the biggest economic, financial, commercial and science-technology centers in Southeast Asia. Therefore, in its development plan by 2020 with a vision towards 2025, the city will need private investment in services including finance, banking-insurance, tourism, transport-warehousing, post-telecom, information technology, real estate, consulting, science and technology, healthcare, and education. The four priority groups of industries are mechanical engineering, electronics-information technology, chemical-rubber-plastic and food-foodstuff processing, and urban infrastructure, environment, healthcare and manpower. Tuyen said the city would promote domestic and international investments in these sectors so that it can become a modern, friendly and livable place. According to a construction plan until 2020 and after 2025, the city will be expanded towards four directions – east, south, northwest and southwest, said a representative of the Department of Zoning and Architecture. The city is working on eight metro lines, three tram lines and a monorail line with a combined length of 220 kilometers. The Saigon Hi-Tech Park in District 9, and new urban areas like Thu Thiem, Saigon South, Thanh Da South, Tay Bac and Hiep Phuoc are underway, offering lots of opportunities for investors. Vo Van Hoan, office manager of the HCMC People’s Committee, said the city would need a staggering US$40 billion to fund projects in seven breakthrough programs until 2020. But the city alone cannot afford to raise such a huge amount, so capital from domestic private and foreign firms would have to be sought, he said. The city also said huge private capital would be needed for upgrading 500 old and deteriorating apartment buildings, and developing new housing blocks. HCMC hotel room rates steady despite high occupancy Although hotel room occupancy in HCMC has stayed at high levels this year, helped by strong growth in international tourist arrivals, room rates have remained unchanged or even dropped. A report of real estate management service and consulting firm Savills Vietnam said the average room rate at four to five-star hotels in HCMC is US$76 per night, down 5% over the same period last year. The room rate fall reflects fierce competition among hotels in the city. Speaking to the Daily, hoteliers said most hotels in the city center have posted occupancy of more than 80% but the competition has become tougher. Years ago, room rates would surge when more tourists came to the city. But it is different now; hotels will have to add more services if they want to hike room rates. “Room occupancy would be immediately affected even if room rates inch up a mere US$2 per night,” said the manager of an up-market hotel in downtown HCMC. He said the mushrooming of privately-owned three to four-star hotels with attractive room rates on Ly Tu Trong, Le Thanh Ton and Pham Hong Thai streets has made the market more competitive. Lam Quang Huy, deputy general director of Grand Hotel on Dong Khoi Street in the commercial business district, said the hotel’s occupancy had reached 87-90% recently but its room rates had barely changed. “We have had to improve services, such as upgrading breakfast and the gym, but have kept our room rates unchanged,” he said. Room rates are significantly different between State-owned and privately-held hotels, and between locally and foreign-invested hotels. Room prices of domestic hotels range from US$90 to US$120 per night while those of foreign-invested hotels of same level are as high as US$125-140. Currently, the city has 2,128 hotels and other lodging facilities with more than 50,000 rooms, of which 1,941 are star-rated hotels with nearly 49,000 rooms, and 185 are hostels with more than 1,000 rooms. According to data of the HCMC Department of Tourism, the average room rate at three to five-star hotels in HCMC was VND1.9 million (US$84) per night in the first half of 2017, 11.3% lower than in 2014, as more hotels were put into service. A report of the HCMC People’s Committee said the city welcomed 4.2 million international tourists in January-September, up 16% year-on-year. Revenue from tourism increased 10% to VND84.6 trillion (US$3.72 million). The city expects to serve six million international visitors this year. Vietjet in codeshare deal with Qatar Airways Vietnam’s low-cost air carrier Vietjet and Qatar Airways have inked a codeshare agreement. Qatar Airways passengers can now fly with Vietjet to destinations in Vietnam and other countries where the local airline is present while Vietjet customers will be able to fly to 150 global destinations of Qatar Airways. Qatar Airways CEO Akbar Al Baker said the deal with Vietjet would provide passengers with smooth and easy connections in HCMC or Hanoi before they transfer to Qatar Airways flights. Nguyen Thi Thuy Binh, deputy general director of Vietjet, said the partnership would make it easier and faster for its passengers to take connecting flights. Vietjet would cooperate with other foreign airlines to benefit their customers. Qatar Airways operates two non-stop flights a day from Hanoi to Qatar’s capital of Doha and 10 weekly flights from HCMC to Doha. Earlier Vietjet and Japan Airlines had reached a codeshare deal on flights between Japan and Vietnam, domestic flights and those between Vietnam and other Asian countries. Vietjet currently has a fleet of 45 A320 and A321 aircraft and operates 350 flights a day. France’s farm exports to Vietnam expected to maintain strong growth French officials and business leaders have expressed optimism that France’s exports of agricultural products to Vietnam will continue strong growth given the increasing Vietnamese demand for imported products of high quality. France saw an increase of 25% in farm exports to Vietnam in 2015-2016, Alexandre Bouchot, agriculture affairs counselor at the French Embassy in Hanoi, told a press conference held in HCMC on October 11 to introduce a series of events aimed at promoting French products and gastronomy in Vietnam next month. France obtained 200 million euros from agricultural exports to Vietnam last year, Bouchot said, and major export earners included wines, dairy products and fruit. Among the fruits shipped to Vietnam is apple, of which about 3,000 tons is sold a year to the Southeast Asian market. France is looking to export more fruits to capitalize on high local demand for quality fruit. Bouchot said Vietnam’s demand for imported products and especially safe food is rising. The prospect for trade between France and Vietnam is positive, he noted. His view was shared by Guillaume Crouzet, general director of the French Chamber of Commerce and Industry in Vietnam, and Gregoire Debre, regional manager of international communication and marketing agency for food, drink and lifestyle Sopexa in Southeast Asia and Taiwan. Crouzet told the Daily that he believed trade between France and Vietnam and cooperation between companies of the two countries would expand in the years to come. France exported 1.5 billion euros worth of goods to Vietnam and spent 4.5 billion euros on imports from Vietnam last year, Crouzet said. Opportunities abound for France to step up exports to Vietnam, particularly produce, Debre said. French Consul General in HCMC Vincent Floreani told the press conference that Vietnam had invited France to Vietnam Foodexpo 2017, which is slated to take place at the Saigon Exhibition and Convention Center in HCMC from November 15 to 18. French agencies and partners in Vietnam will promote French products and share how to improve food safety at Vietnam Foodexpo 2017 and supermarket chains across the country, Floreani said. Thua Thien-Hue: Businesses play crucial role in economy The central province of Thua Thien-Hue is now home to over 6,500 enterprises, which play a significant role in manufacturing, job creation, and local budget collection, according to Chairman of the provincial Business Association Duong Tuan Anh. As of early October 2017, Thua Thien-Hue had nearly 500 newly-registered businesses with registered charter capital of VND4.8 trillion (US$211.2 million). The province granted licenses to 50 domestic projects worth VND5.6 trillion (US$246.4 million) and three foreign invested ones. Businesses contributed nearly VND2.8 trillion (US$123.2 million) to the State budget. The export turnover reached over US$558 million, of which the State economic sector made up over US$96 million while foreign invested firms accounted for more than US$330 million. Anh said the Thua Thien-Hue Business Association has held a number of dialogues to remove difficulties for businesses in terms of tax, credit, land, administrative procedures, and technology access. It has also actively worked with relevant sectors to provide maximum support for businesses via trade promotion activities, human resources training, credit aid, trade connectivity, and sales of products, in addition to increasing e-commerce capacity and reducing time for tax payment and customs clearance. Additionally, the association held workshops and training courses on international economic integration and encourage businesses to join domestic and foreign trade fairs and create supply chains of products and services, he added. Permanent Vice Chairman of the provincial People’s Committee Phan Ngoc Tho said the province will focus on developing industry in the coming time, prioritising infrastructure investment at industrial parks and economic zones, transport system, and seaports. The province will increase investment through connection with major groups to join global value chains while speeding up equitisation and divestment in State-run businesses in tourism, as well as selecting strategic and competent investors in this field and pushing ahead with administrative reform. Hanoi works to attract more investment Hanoi hopes to attract US$110 billion in an investment capital in the next few years to boost its growth. Hanoi is working hard to improve its investment environment because the state budget can only supply fifth of what the city needs. Hanoi has attracted US$5.2 billion in the last two years thanks to its strengthened investment promotion activities. So far this year, investment for development has totaled US$8.6 billion. On October 10, Hanoi debuted a startup portal at Startupcity.vn as a platform to connect startups and mobilize resources from domestic and foreign investors. Chairman of the Hanoi Municipal People’s Committee Nguyen Duc Chung said “Hanoi has improved its business environment to promote startups and entrepreneurship. Tourism investment programs have been boosted. Hanoi’s Provincial Competitiveness Index has increased 10 levels to 14th out of 63 cities and provinces.” In the next three years, state budget allocations for Hanoi will shrink while the cost of needed infrastructure increases. Hanoi has asked the government and ministries to work out a specific mechanism to enable it to mobilize resources, improve its business environment, and increase its competitiveness. Hanoi has modernized its administrative system to reduce time and costs for enterprises and moves towards its goal of becoming a smart city. Mr. Chung said “Municipal leaders will help solve problems for all sectors. Hanoi will strengthen administrative reforms, exports and production.” Hanoi is welcoming investment in socio-economic development to become an economic hub of Vietnam. Businesspeople contribute to Vietnam’s global integration Vietnam now has 610,000 operating businesses. On Vietnam Entrepreneurs’ Day on October 13, VOV will look at how Vietnamese businesspeople are promoting their trademarks to the world. Private businesses contribute 40% of Vietnam’s annual GDP each year and employ millions of jobs. Creating best conditions for businesses In the past 9 months, 94,000 new enterprises were established, 15% higher than in the same period last year. Their total registered capital is US$39 billion, 43% year-on-year higher. Thanks to the government’s incentives, the number of enterprises is on the rise. In Ho Chi Minh city, 30,000 start-ups were reported in September. Chu Tien Dung, President of the Municipal Business Association, said the investment environment has improved significantly. “The whole political system is keen on entrepreneurship and economic development. So, business operations are progressing well. Their contributions to the State budget and the number of newly-established enterprises are both on the rise in Ho Chi Minh city,” said Mr. Dung. Vietnamese enterprises, fueled by the government’s preferential policies, have established strong trademarks. Vinacafe, a famous coffee brand and company based in Bien Hoa city, has dominated the domestic market and is exported to 30 countries. Nguyen Tan Ky, Director General of Vinacafe Joint Stock Company, said “We believe that the company’s core value lies in its strong trademark. So we have concentrated on building and developing our trademark, which is known by 80% of Vietnamese consumers. We will work to make Vinacafe a world-class brand.” Nguyen Lien Phuong, Director of the LP Group, said his company is targeting more export markets: “We are targeting the markets in Vietnam, China, and the Middle East and expanding to other East Asian markets. We hope to create an aloe wood perfume line next year.” Vietnam’s macro economy has been stabilized and this year’s national GDP is predicted to grow 6.7%, much of it due to private businesses. Prime Minister Nguyen Xuan Phuc said recently that the government is committed to creating a fair and friendly business environment. “The government continues to review regulations and take steps to ease the burdens on enterprises like taxes, customs, licensing procedures, BOT fees, and the costs of logistics and public services. 2017 should be a year of reducing fees for enterprises”, PM Phuc noted. The government and private businesses are working closely together to achieve the goal of 1 million operating business by 2020. Hong Kong businesses keen on investment opportunities in Vietnam Hong Kong Trade Development Council (HKTDC) has announced that it will send two business delegations to Vietnam, from now until January 2018, to seek investment opportunities in the country. A new wave of investment is taking shape in Hong Kong as speculators seek opportunities to invest in projects on transport infrastructure and wastewater treatment. Tina Phan, Director of Indochina at Hong Kong Trade Development Council, said at a recent conference on trade promotion in Ho Chi Minh City that she hoped when the ASEAN-Hong Kong Free Trade Agreement takes effect, it will open up huge opportunities for Hong Kong businesses to increase trade and investment in Vietnam. Apart from traditional fields such as clothing, real estate, agro-forestry and fisheries, investors are looking to fund infrastructure and waste treatment in the form of the Public-Private Partnership (PPP) model. Hong Kong investors are currently seeking investment opportunities in HCM City’s Metro Line No. 2 project, road construction and wastewater projects in cities. Tina Phan expressed hope that the HKTDC will dispatch more delegations of Hong Kong businesspeople to learn about investment opportunities in Vietnam after the ASEAN-Hong Kong FTA comes into effect. Vietnam is the sixth largest exporter to Hong Kong and a major trading partner. Hong Kong is consistently listed among the top 10 countries and territories having the biggest sources of FDI poured into Vietnam. At present, FDI capital flowing from Hong Kong into Vietnam ranks sixth with a total registered capital of US$17.6 billion across 1,239 projects. In the first nine months of the year, Vietnam’s export turnover to Hong Kong surged 23.4% to US$5.5 billion, while Vietnam's imports from Hong Kong increased 25% to US$1.3 billion against the same period last year. In 2016, Vietnam earned US$6 billion from exporting goods to Hong Kong while its imports from Hong Kong reached US$1.5 billion. Hong Kong importers are showing their keen interest in Vietnam's consumer market for products such as phones, computers, and electronics. Professionalization improves competitiveness for Vietnam’s tourism sector Vietnam’s tourism sector has been working hard to improve its tourism products and services to attract more visitors and establish Vietnam as a popular tourist destination. In the last nine months, approximately 9.5 million international visitors have visited Vietnam, 28% more than last year. In September alone, the number of international visitors to Vietnam was 1 million people, bringing Vietnam’s tourism a revenue of US$16.5 billion . Following successful tourism promotion programs in key markets, Vietnam expects to realize its target of a 30% increase in foreign arrivals in the near future. The rise in the number of international visitors from July to September reflects Vietnam’s attraction. Nguyen Van Tuan, Director General of the Vietnam National Administration of Tourism, said that the number of international visitors will continue to increase till the end of the year but more should be done to compete with other regional markets. “Vietnam’s tourism has grown but not sustainably. Although it has enjoyed a relatively high growth, its competitiveness has not improved much. According to the World Economic Forum, between 2015 and 2017 Vietnam's tourism competitiveness remained in the middle level, ranking 67th among 136 economies though it improved 8 places. Challenges remain. They include poor tourism infrastructure, weak government spending on tourism, and more restrictive visa requirements than other members of ASEAN,” Tuan noted. Tourism experts say that to increase its tourism competitiveness, Vietnam needs to professionalize all jobs, not just the ones under the sector’s control. Truong Thi Hong Hanh, Deputy Director of Da Nang’s Tourism Department, said “We need to improve professionalism in all areas, from vendors and cyclo drivers who are the first people to serve tourists, to state agencies. The hospitality sector at all levels needs to work closely with security forces at the airport and other relevant forces to create comprehensive effects.” Vietnam needs to focus more on advertising and promotional programs, more open visa requirements, and a safer environment. Tran Trong Kien, President of the Thiên Minh Group said, “The tourism sector should set up a council to promote Vietnamese tourism following an international model that mobilizes private and state companies to jointly develop different approaches to different markets. Our markets should be segmented so each can offer targeted products. In addition, we should find the most effective channels to advertise our tourism products. Our group will prioritize digital channels to access the greatest number of customers at the lowest possible cost.” Localities have improved their environment to attract more visitors. Tourism products have been diversified to include the exploration of culture and history and the organization of conferences, seminars, and other large-scale events. KPMG’s service arm eases local business In response to the increasing enterprise-wide need for quality professional services, KPMG Vietnam has recently launched a new service arm to support the local business community. “We strive to offer clients comprehensive, business-focused, and practical advice by bringing together in one team our experts across assurance, tax, legal, and advisory services,” said Warrick Cleine, chairman and CEO of KPMG Vietnam. “We believe there is no substitute for seamless and efficient business operation. Applying our specialized knowledge and best practices, we are confident that our Corporate Services will satisfy any enterprise-wide needs, ensuring compliance with a number of governance obligations and improvement of corporate policies, procedures, and outcomes,” he added. Nguyen Quang Phuc, director of KPMG Corporate Services, said, “Our team has been fully operational since September 2017. Whether you need someone to help you set up your accounting system, open a bank account, prepare administrative reports, or pick up a company seal, we are there to assist.” Following the “Client at the Heart of our Thinking” principle, KPMG Vietnam has expanded and improved its service coverage to meet its client demand in recent years. In early 2015, KPMG was among the first of the “Big Four” companies to establish a legal practice in Vietnam. The practice has since grown to over 50 staff members across offices in Hanoi, Danang, and Ho Chi Minh Citỵ In 2016, KPMG launched KPMG OnDemand, a new service that provides corporations and organisations personnel for short-term secondments. KPMG OnDemand quickly resolves major concerns that many businesses have nowadays when it comes to seasonal work and unexpected business demands, which cannot be effectively managed through the regular recruitment process. “We are very excited about the new Corporate Service offerings,” Cleine said. “We have moved another step further to become a true one-stop shop for solutions for business needs that companies may struggle to meet, irrespective of their size and complexity. Doing business in Vietnam has never been easier.” KPMG is now the firm with the best geographical coverage and the most comprehensive suite of services delivered by highly-trained professionals to support clients entering into and doing business in Vietnam. According to Vietnam’s Ministry of Planning and Investment, Vietnam’s foreign direct investment (FDI) capital in the past nine months reached almost US$25.5 billion, up 34.3% from 2016. A recent report by the World Bank showed that Vietnam moved up nine places from last year, ranking 82nd in the world for ease of doing business. Not only does this figure prove that foreign investors see Vietnam’s economic prospects favourably, but it also demonstrates the country’s efforts to support its ongoing commitments to attract foreign investors. Cleine is chairman and CEO of KPMG in Vietnam and Cambodia. He has lived in Vietnam since 1998, playing a pivotal role in driving KPMG’s success as the leading professional services organisation in the country, with 36 partners and over 1,200 employees, providing audit, tax, legal, and advisory services. Nguyen Quang Phuc is recognized as one of Vietnam’s leading corporate advisors. He has over eight years of experience working as a professional consultant to support clients on various aspects of FDI in Vietnam, including business structure advisory, incorporations, licensing, corporate secretarial assistance, accounting solutions, payroll, and tax compliance services. Reference exchange rate down by 2 VND at week’s beginning The State Bank of Vietnam set its reference VND/USD exchange rate at 22,451 VND/USD on the morning of October 16, down by 2 VND from the end of last week. With the current /- 3 percent VND/USD trading band, the ceiling exchange rate is 23,125 VND per USD and the floor rate is 21,777 VND per USD. Major commercial banks kept their rates quite stable. Vietcombank offered its buying and selling rates at 22,680 VND and 22,750 VND, per USD, down by 5 VND compared with the end of last week. Vietinbank and BIDV set 22,685 VND (buying) and 22,755 VND (selling), per USD, unchanged from the end of last week. Vietnam Airlines to increase Hanoi – Sydney flights The national flag carrier Vietnam Airlines will increase flights between Hanoi and Sydney, Australia to seven per week, from the current three, in the near future. Passenger volume between Vietnam and Australia grew nearly 4 percent on average from 2012-2016. In the first seven months this year, the number of passengers neared 213,000, nearly 23 percent of them departed from Vietnam and the remaining from Australia. Vietnam Airlines launched flight service between Ho Chi Minh City and Sydney and Melbourne cities of Australia in 1992, using wide-body Boeing B777 and Airbus A330. In March 2017, the carrier offered Hanoi – Sydney route with three flights per week on Boeing B787. It has also partnered with Quantas, Jetstar Airways and Virgin Australia to operate Australian routes such as Sydney/Melbourne – Adelaide, Canberra, Brisbane and Australia-New Zealand. Ariyana Da Nang convention centre inaugurated The Ariyana Da Nang Exhibition and Convention Centre was officially inaugurated and put into use in the central city of Da Nang on October 15 in the presence of Prime Minister Nguyen Xuan Phuc. The centre is a key project to serve the Asia-Pacific Economic Cooperation (APEC) Leaders’ Week scheduled to take place from November 6-11. Construction of the centre started in March 2016 and was completed ahead of schedule after 22 months. Covering an area of 12,000 sq.m, the Ariyana centre is connected with the Furama Da Nang International Convention Palace. It is the largest conference and workshop complex in Vietnam, accommodating up to 5,000 seats and 15 functional rooms, with a grand ballroom alone offering 2,500 seats. The two centres will be the hosting venues for most of the events held within the framework of the APEC Economic Leaders’ Week 2017, including the APEC CEO Summit. Leaders from 21 APEC member economies, together with around 10,000 domestic and foreign delegates, including corporate executives in the region and the world, are expected to attend events during the week. Deputy PM affirms farmers’ role in changing agriculture Deputy Prime Minister Vuong Dinh Hue has affirmed that farmers play a decisive role in changing the face of Vietnam’s agriculture in the future. He was speaking at the second national farmers’ forum themed “Farmers are ready for agriculture 4.0” co-hosted by the Vietnam Farmers’ Union (VFU) Central Committee, the Ministry of Agriculture and Rural Development, the Ministry of Industry and Trade, and the Ministry of Science and Technology in Hanoi on October 14. The Deputy PM asked concerned ministries and agencies to deal with obstacles regarding capital, human resources, market and technology and devise specific policies in support of farmers and agribusinesses. VFU Chairman Lai Xuan Mon said the event served as a chance for scientists, speakers, managers, scientists and farmers to discuss impacts of the fourth industrial revolution on Vietnam’s agriculture, farmers and rural areas; the current situation and future trends; opportunities and challenges arising from the fourth industrial revolution. Prof. Dr. Nguyen Van Bo, former Director of the Vietnam Academy of Agricultural Sciences, suggested that the State should create a transparent and easily-accessible legal corridor for producers, ramp up infrastructure and build a database compatible with sectors and markets. Participants shared a view that farmers not only need capital and markets but should also prepare human resources to operate modern equipment and seek suitable technologies used for agricultural production. They urged the government, ministries, agencies, localities, and VFU to offer more training courses to farmers so that they could grasp opportunities and overcome challenges. The same day, a competition “I am farmer 4.0” was launched in the capital city. The six-month competition, the first of its kind, is open to Vietnamese individuals and groups of individuals that adopt technological solutions to farming production. The awards ceremony is scheduled for late May 2018. Mid-priced flats in vogue in HCM City The mid-priced apartment segment in Ho Chi Minh City is developing strongly with demand and supply and liquidity all looking up, especially in the eastern part, experts said. A report from market researcher CBRE Vietnam said the segment, with prices ranging from 800 USD to 1,500 USD per square metre, accounted for 60 percent of third quarter launches. The HCM City Real Estate Association had predicted at the beginning of this year that the property market would see a strong restructure, with developers switching from luxury to mid-priced apartments. It had explained that the rebalancing would take place to resolve the mismatch between demand, which was overwhelmingly for cheaper units, and supply, which was skewed in favour of high-priced ones. Dau Tu newspaper (Vietnam Investment Review) quoted Vinh Kiem, an investor in HCM City, as saying that mid-range apartments built by prestigious developers bring solid returns to buyers. Since prices are not high, an investor can buy several at a time, according to Kiem. Last May, he bought two apartments in District 9 at around 1.7 billion VND each and now they have both appreciated by 300 million VND. But he is waiting for the prices to rise even further. For people looking to buy houses to live in them too, mid-priced apartments are a good choice since many are in good locations and offer many amenities. To meet the growing demand in this segment, several major developers like Vingroup, Hung Thinh and Him Lam Land have launched many projects. But projects in the eastern part of the city, in places like districts 9 and 2, are customers’ favourites and are thought to bring profits of 20-50 percent to buyers. Investors said apartments here are in high demand thanks to the excellent and constantly developing infrastructure, including the city’s first metro route. The news that authorities are planning to build the Rach Chiec Sports Centre in District 2 for SEA Games 31 has sparked off even more interest in the area. Investors now expect the market to remain strong for the next two years. Ngo Quang Phuc, general director of Him Lam Land, said the improved infrastructure and the Rach Chiec Sports Centre would be factors in pushing up prices in the area. MoIT’s new decision benefits gas producers Gas and oil power plants are expected to benefit from the new decision of the Ministry of Industry and Trade (MoIT) that has suspended the operation of the competitive electricity generation market. The competitive electricity generation market (CGM) was launched in July 2012 to diversify power sources, reduce the country’s dependence on hydropower plants and make the power market more competitive. MoIT Decision No 3698/QD-BCT that took effect on October 1 suspends the CGM operation to maximise the consumption of gas-based power production, thus benefiting gas power producers at least in the fourth quarter, according to HCM City Securities Co (HSC). Until now, the Electricity of Vietnam (EVN) bought power from plants through bidding competitions based on the plants’ costs. EVN will now buy power from the plants based on the prices stated in the power purchase agreements (PPAs) it signed with power producers. For thermal power producers, the PPA price is calculated on the fixed cost plus operation and maintenance costs, varying cost and material transportation cost. The PPA price for thermal power plants would be higher than the average CGM price. However, the volume of power EVN purchases from those plants will be lower once EVN gives priority to gas power products, thus making earnings of those producers decline, HSC said. For hydro and gas power plants, the PPA price is calculated by the fixed cost plus operation and maintenance costs. Of the two types of power producers, HSC assumes hydro power plants would suffer as they have the lowest production cost, pulling the PPA price below the CGM average price by 20-30 percent. EVN will also buy less from hydro power plants, therefore, their income will be badly affected, HSC said. The gas power producers that could benefit from the decision are PetroVietnam Power Nhon Trach 2 JSC (Nhon Trach 2), Ba Ria Thermal Power JSC and PetroVietnam Power Company (PV Power), HSC added. Nhon Trach 2 is running a gas power plant with capacity of 750 megawatts (MW). The decision could increase the plant’s fourth-quarter production by 25 percent year on year to 1.5 billion kWh. Vietnam’s biggest operator of gas power plants, PV Power, is managing the operation of three gas power plants. Two of its plants - Nhon Trach 1 and Nhon Trach 2 plants - used to sell 15-20 percent of their production on the CGM. Nhon Trach 2 contributed 60 percent of post-tax profit in 2016 for shareholders of the parent company PV Power. PV Power earned 1.6 trillion VND (71 million USD) in net profit last year. Ba Ria Thermal Power Company is running a gas power plant with capacity of 388.9 megawatts. Shares of those companies are expected to rise in the near future. Ba Ria Thermal Power Co and Nhon Trach 2 are listing their shares on the HCM Stock Exchange under code BTP and NT2, respectively. BTP stocks rose 1 percent in the last two sessions to end October 12 at 10,700 VND (47.5 US cents) per share and NT2 has jumped 25 percent in the last one month to close at 29,000 VND per share. In addition, PV Power is expected to make its initial public offering (IPO) in December 2017 and the prospects of higher earnings could make PV Power’s shares more attractive, HSC said. Vietnamese firms told to improve oversight of RPTs Vietnamese public companies, especially listed ones, should have clear policies and procedures governing related party transactions (RPTs) and an effective oversight mechanism that complies with the laws and follows best international practices, a recent forum on corporate governance heard in Ho Chi Minh City. Titled ‘Handling Conflict of Interest and Related Party Transactions,’ it was attended by 100 regulators, board members and senior executives from large public and listed companies. It aimed to address concerns and issues related to best practices in governing conflicts of interest and RPTs for sustainable performance and growth. Chris Razook, head of corporate governance for East Asia Pacific, International Finance Corporation, said definitions of related parties vary from place to place and across various sources of standards. A good definition of related parties broadly covers all persons and entities that, by virtue of their positions, authorities, ownerships, have scope for direct or indirect influence on banks’ decision making with regard to RPT’s. An RPT is a transfer of resources, services or obligations between related parties, regardless of whether a price is charged, according to international accounting standards. Delegates said RPTs are common in most businesses across industries and sectors in Asia. Though they do not necessarily affect the company negatively, the risk of shareholder abuse is potentially present in non-arm’s length transactions involving sale or purchase of goods, transfer of intangible items and even establishment of joint ventures, they said. Abusive RPTs have led to significant corporate failures destroying shareholder value and eroding investors’ confidence in the integrity of capital markets, they said. In fact, over the last few years abusive RPTs have become one of the biggest challenges facing the Vietnamese business landscape, they said. Chris Razook said: “RPTs are always viewed as situations which are open to possible conflicts of interest and should be subject to rigorous review.” The conflict of interest regulation index in Vietnam (4.3), though improved in recent years, remains lower than the regional average (5.6) and far lower than EU and OECD averages, according to the expert. It is a recommended practice that a company should outline its RPT policy as part of its governance policy framework and ensure that any conflicts of interest inherent in RPTs are strictly addressed. “In the absence of a strict RPT policy at the company level, RPTs could be easily abused, significantly weakening the competitive edge of many companies, thus increasingly posing a challenge to the integrity of Vietnam’s capital markets,” Tran Van Dung, chairman of the State Securities Commission of Vietnam, said. Vietnamese public companies, especially the listed ones, should do more to enhance efficient governance, applying good governance practices to stand firm against challenges in regional integration, to maintain competitive capacity, increase shareholders’ confidence and attract foreign investment, he said According to Dinh Thi Quynh Van, CEO of PwC Vietnam, independent directors have a central role in assisting the board in overseeing RPTs. A healthy RPTs environment and leadership at the top is important and it empowers internal gatekeepers of the company. "Corporate governance reform is a top priority for regulators, institutional investors and boards," Dominic Scriven, chairman of Dragon Capital Group, said. "Good corporate governance, including attracting qualified independent board directors, and transparency in RPTs are absolutely critical," he added. The forum was the first annual event hosted by the Vietnam Corporate Governance Initiative founded by the International Finance Corporation, the Ho Chi Minh Stock Exchange and the Hanoi Stock Exchange.- Experts urge organic fertiliser use It is time to increase the production and use of organic fertilisers to foster organic farming, according to the Vietnam Fertiliser Association. Speaking at a national conference on development strategies for the organic fertiliser industry and organic agriculture in Ho Chi Minh City on October 13, Nguyen Hac Thuy, general secretary of the association, said: "Consumers around the world pay increasing attention to food safety and farm produce quality, while importing countries scrupulously check imported agricultural produce, especially for residues of plant protection chemicals, antibiotics, and heavy metal content. “Many countries have shifted to organic agriculture to ensure sustainable agriculture, food safety and people’s health.” Vietnam’s agriculture has made great strides in recent decades, with productivity shooting up to not only meet domestic but also export demand. But its challenges are increasing in the form of natural disasters, saltwater intrusion, droughts, flooding and soil exhaustion due to overuse of fertilisers. Luong Quoc Doan, Vice Chairman of the Vietnam Farmers Association’s executive committee, said: “It is time for Vietnam’s agriculture to have new directions to enable it to develop more sustainably and efficiently, and organic agriculture, through eliminating the use of chemical fertilisers and enhancing the use of organic ones, is among the new directions. “Organic fertilisers are among the important factors in pushing Vietnam’s agriculture towards organic farming. “But domestic supply of organic fertilisers is still very modest compared to demand.” Thuy said Vietnam produced more than 1.2 million tonnes of organic fertilisers a year, accounting for a tenth of total fertiliser demand. “Statistics provided by the Ministry of Agriculture and Rural Development reveal that the agricultural sector annually produces around 40 million tonnes of straw, corn and sugarcane refuse and over 25 million tonnes of animal and poultry waste, which are potentially raw materials for marking organic fertilizers, but for a long time we did not take advantage.” "With such volumes of agricultural by-products, we can produce 5-6 million tonnes of organic fertilisers," he said. Using the agricultural by-products to produce organic fertilisers would also help reduce pollution and improve soil fertility and farm produce quality, he added. Doan said promoting the use of organic fertilisers remained difficult since to fertilise a similar area a larger volume of organic fertilisers is needed compared to chemical fertilisers, making transportation harder and costs higher. Besides, their impact is not as quick as that of chemical fertilisers, he said. “Despite facing difficulties in developing the organic fertiliser market, it is a vital trend and the Government should offer support through appropriate policies and technologies,” Doan said. At the conference, the Crop Production Department issued Decree No 108/2017/ND-CP on fertiliser management to encourage legitimate producers and eradicate fake products, a widespread problem. Hoang Trung, head of the department, said the new decree was expected to address the shortcomings of the previous decree, in which many provisions have become outdated and not impracticable. The new decree would improve oversight to crack down on fraudulent companies, he said. Under the former decree, both the Ministries of Agriculture and Rural Development and Industry and Trade managed fertilisers, causing an overlap, he said. "The new decree resolves this issue since the agriculture ministry becomes the only agency in charge," he said. The department also solicited contributions for a draft decree on dealing with violations in the fertiliser sector, which envisages increasing fines for certain violations. The department would continue to seek feedback from relevant agencies and businesses to complete the draft before sending it to the Government for approval in December, Trung added. Entrepreneurs Day honours 57 firms Fifty-seven businesses operating for more than 30 to 40 years were honoured for their contributions to the country’s socio-economic development on the occasion of Vietnam Entrepreneurs Day in Ho Chi Minh City on October 13. More than 800 delegates and representatives from state agencies and local and foreign business associations participated in the ceremony to celebrate the 13th Vietnam Entrepreneurs Day, organised by the HCM City Business Association. Of the honoured businesses, which were shortlisted from 400 businesses by the association, 23 have been operating for more than 30 years and 34 more than 40 years. In addition, 79 products and services from 79 companies were also awarded as excellent products and services in 2017 during the ceremony. The selections were made by the HCM City Business Association, Department of Industry and Trade, Department of Science and Technology and the Vietnam Standards and Consumers Association. The businesses were honoured for their excellent observance of state policies and achievements in production and business and constant improvement in the quality of their activities. Chu Tien Dung, President of the HCM City Business Association, said the fourth industrial revolution was posing opportunities as well as challenges for businesses, requiring them to take initiative in renovation and apply cutting-edge technologies to increase productivity and product quality. Many businesses had established their brands which satisfy customers in terms of quality and service, he added. The businesses also contributed to creating more jobs while ensuring sustainable development, environmental protection and corporate responsibility. The HCM City Business Association had worked with agencies to provide timely assistance to businesses to ensure their smooth business operations, Dung said. The Gross Regional Domestic Product (GRDP) of the city reached 7.97 percent in the first nine months of the year, while the city’s budget collection rose by 10.7 percent compared to the same period last year, according to Dung. Nearly 30,000 new firms had been established so far this year, while 1,372 household businesses had been transferred to businesses in the first nine months, Dung said. Vietnam calls for UN’s poverty reduction support Vietnam has called on the United Nations to assist the country in poverty reduction via resources supply, policy consultation and offering linkage with international financial institutions. A representative of the Vietnamese Mission to the UN made the call at the meeting of the UN General Assembly’s Economic and Financial Committee (Second Committee) held last week. The Vietnamese side highlighted achievements and challenges in poverty reduction, including economic restructuring, seeking sustainable development models, mitigating impacts of climate change, and dealing with social inequality, especially vulnerable groups such as ethnic minorities and those living in remote and mountainous areas. Participants shared the view that poverty elimination is the most inclusive and decisive goal among other Sustainable Development Goals. They underscored the need to devise a proper development strategy on economic-social-environment pillars, as well as design social policies to ensure welfare, provide basic public services and promote gender equality. They called attention to strengthening developed countries’ resources support to developing ones via technological transfer. Tien Sa wharf in Da Nang to be inaugurated in November Tien Sa wharf of Da Nang port in the central city of Da Nang city will be completed and put into operation in late November, four months ahead of the plan, said the Vietnam National Shipping Lines (Vinalines). The wharf will be able to receive container ships of 50,000 DWT and bulk carriers of up to 70,000 DWT. According to statistics, nearly 6 million tonnes of cargo went through the Da Nang port in the first nine months, equivalent to 80 percent of the yearly plan. The port is estimated to handle about 8.5 million tonnes of cargo in 2017, surpassing the yearly plan by 5-10 percent. Da Nang hopes for open conversations with investors Chairman of the Da Nang city People’s Committee Huynh Duc Tho has called on enterprises and investors both at home and overseas to have open conversations with the city’s government about investment cooperation opportunities. The city is always willing to listen to and stand side by side with businesses, Tho said in a meeting to mark Vietnam Entrepreneurs’ Day (October 13). According to the chairman, enterprises are a driving force of the economic growth amid the global integration; hence improving their capacity continues to be the city’s key task. Local authorities have provided all possible conditions and support for companies and investors to do business in the city, particularly in terms of administrative reform, he noted. The central city has organised a number of government-business meetings and carried out projects to support the development of startups by 2020, receiving positive responses from enterprises and business associations. Foreign companies contributed approximately 21 trillion VND, or about 39 percent, to the city’s Gross Regional Domestic Product (GRDP) and created nearly 70 percent of the local jobs last year. Tho revealed that a business event gathering over 1,000 leading businessmen and senior officials from Vietnam and other countries will be held during the APEC Economic Leaders’ Week from November 6-11. Workshop promotes Vietnam-South Africa investment A workshop was held in Johannesburg city on October 12 to promote investment between Vietnam and South Africa. Vietnamese Ambassador to South Africa Vu Van Dung said South Africa is one of the biggest economies in Africa while Vietnam is a dynamic economy with a lot of potential. Therefore, it is necessary to step up the bilateral cooperation in economics, trade, and investment as well as increase information exchanges and connectivity among businesses, he said. The diplomat called on enterprises from South Africa and Johannesburg city in particular to boost investment in Vietnam, including the northern province of Vinh Phuc. He cited the fact that two-way trade is estimated at over 1.2 billion USD at present. Chairman of the Vinh Phuc People’s Committee Nguyen Van Tri highlighted the local advantages in geography, natural conditions and transport system along with potential to develop industry, services, construction and infrastructure, simple administrative investment procedures and abundant labour resources. As of September 2017, the province received more than 253 foreign direct investment (FDI) projects from 16 countries and territories with total registered capital of over 3.8 billion USD, he noted. He welcomed investors from South Africa and Johannesburg city to invest in the local strong manufacturing fields and pledged to create the best conditions for businesses to expand investment. President of the Johannesburg Chamber of Commerce and Industry Herman Breedt hailed the cooperation potential between South African and Vietnamese enterprises, including those from Johannesburg city and Vinh Phuc province. He added that the workshop creates an opportunity for Johannesburg firms to understand better the economy and trade situation in Vietnam and Vinh Phuc province, through which seeking to boost cooperation in the areas of their strength. CPI to grow by less than 4 percent this year: steering committee Members of the Steering Committee on Price Management shared the view that the consumer price index (CPI) will grow by less than 4 percent this year, citing the positive outcomes of the first three quarters and price forecast for the last quarter. At a meeting on October 13, the steering committee’s aides reported that prices were controlled in line with the target set by the Government and National Assembly. The figures were basically stable in the past nine months. The CPI growth rate declined month on month with a nine-month average increase of 3.79 percent compared to the same period of 2016. However, it grew by only 1.83 percent against last December. The CPI hike between January and September was mostly attributable to the scheduled augmentation of medical and educational services prices, which are under the State’s management, along with the five consecutive rises of petrol prices in recent months. The increases of minimum wage at the year’s beginning and construction sand prices since the second quarter are also contributors to the CPI growth. Meanwhile, CPI was hampered by falling food prices, especially pork prices in mid-2017, strong price management moves taken by the Government and sectors, and a flexible monetary policy that has helped stabilise exchange rates and interest rates, according to the aides. Applauding inflation control efforts, Deputy Prime Minister Vuong Dinh Hue said inflation rate must be kept at below 4 percent while core inflation must be at 1.6 percent this year so as to help minimise expenses for businesses and achieve the targeted economic growth rate of 6.7 percent. Regarding the last quarter of 2017, he asked ministries and sectors to pay attention to the rising trend in petrol, gas and pork prices. He also told the Ministry of Agriculture and Rural Development to update information about damage caused by the recent storm Doksuri and floods in order to manage prices of agricultural products. Meanwhile, the Ministry of Industry and Trade needs to continue coordinating with the Ministry of Finance to use the petrol price stabilization fund appropriately, helping to control petrol prices’ subsequent impacts on other goods. The State Bank of Vietnam was ordered to adjust credit growth to inflation and ensure capital is channeled into prioritised fields.- Vietnam’s tea exports likely to increase in coming months Vietnam’s tea exports are forecast to increase in both volume and value in the remaining months of 2017 due to growing global demand and limited supply.' The reduction of output in major tea exporting countries such as Kenyan, India and Sri Lanka, will push up tea prices, benefiting Vietnamese enterprises in the short term. According to the Ministry of Industry and Trade, Vietnam exported 103,000 tonnes of tea worth 164 million USD in the first nine months of 2017, representing year-on-year rises of 12 percent and 11.2 percent respectively. Pakistan, Taiwan and Russia were the biggest importers of tea from Vietnam, accounting for 51.5 percent of Vietnam’s total tea export turnover in the January-August period. Besides opportunities, Vietnamese tea exporters are facing a number of challenges related to production costs, processing technology, quality standards, and marketing. In the context of global economic integration, apart from tariff reduction, businesses have to suffer pressure from technical barriers, especially regarding food hygiene and safety. To ensure sustainable growth of tea exports, local exporters need to join global value chains, promote tea production models meeting Good Agricultural Practice (VietGap) standards, build up brand names and invest in technology to penetrate into such choosy markets as the US and European Union (EU). Vietnam has exported tea products to 110 countries and territories worldwide, with the Vietnamese tea brand names registered for protection in 70 countries and regions. Vietnam is now the world’s seventh largest tea producer and fifth biggest tea exporter with 124,000 hectares under tea farming and over 500 facilities which produces more than 500,000 tonnes of dried tea per year. Steel sector grows 24 percent in nine months The local steel sector saw a high growth rate in the first nine months of the year, despite difficulties, said the Vietnam Steel Association (VSA). The VSA’s data showed that from January to September, the country’s steel output was 15.4 million tonnes, posting a 24.2 percent year-on-year increase. Steel consumption also rose by 20.5 percent from the same period last year. The steel output in September alone reached 836,624 tonnes, increasing 19 percent from the corresponding period last year and 18 percent from the previous month. The steel consumption last month dropped 6.5 percent from the previous month to 740,565 tonnes, but represented a 16.5 percent year-on-year rise. Therefore, steel inventories in September rose 28 percent from the previous month to 579,342 tonnes. Prices of steel billet for production fluctuated at 525-530 USD per tonne, reducing 15 percent from the beginning of last month. In the third quarter of the year, the steel billet price rose 90 USD per tonne in comparison with the second quarter. However, the construction steel price did not increase, remaining stable at 12.5 million VND (550USD) per tonne in the north and 13.5 million VND (594 USD) per tonne in the south. The average capacity of the domestic steel sector has been at 70 percent to avoid high inventory. Vietnamese steel producers are still facing pressure from imported steel. In the first eight months of the year, imported steel reached 13.5 million tonnes worth some 7 billion USD, reducing 22 percent in terms of quantity but reporting a 3.8 percent increase in terms of value, in comparison with the same period last year. The decreasing import amount was mostly seen at cold rolled steel coil, as Formosa Ha Tinh Steel Plant has been able to produce the steel. In addition, the trade defence measures on some steel products of coated steel, alloyed steel and steel bar have helped reduce imports. Producers of construction steel and others are still facing fierce competition from imported products to maintain their market shares. Local steel producers, therefore, need to keep a close control on the quality of imported steel to make the market healthy. Many domestic steel producers have been actively investing in modern technologies and expanding markets to improve their products’ quality to attract foreign customers. Gov’t projects 6.7% GDP growth in 2017 The Government projects GDP growth of 6.7 per cent in 2017 in a report submitted to the National Assembly Standing Committee on Thursday during the committee’s 15th session in Hà Nội. But many legislators expressed doubt about the feasibility of that figure. According to the Government’s report, the macro-economy has stabilised while inflation remains below 4 per cent. The gross domestic product (GDP) is estimated at VNĐ5 quadrillion or nearly US$225 billion. Based on the socio-economic development plan for 2016-20 adopted by the legislature, the projected performance of the economy in 2017 and the domestic and international situation, the Government expects GDP to expand by 6.5-6.7 per cent in 2018. Many NA Standing Committee members expressed concern that gains in productivity and economic competitiveness remain slow and below expectations, and doubts about the feasibility of the 6.7 per cent GDP growth goal. They say that there is not much grounds for expanding domestic consumption, the foreign sector’s exports, manufacturing and processing in the remaining months of the year. The Government report also says the consumer price index would rise by an estimated 4 per cent and the total social investment would account for 33-34 per cent of the GDP next year, according to the projection. The majority of NA Standing Committee members shared the Government’s view that most major socio-economic development targets would be achieved this year, noting that the economy remains stable and the business climate continues to improve. NA Vice Chairman Uông Chu Lưu said it is the first year that all 13 socio-economic criteria would be met or surpassed. He asked the Government to explain to the legislature the factors it expects to ensure a 6.7 per cent growth. The Vice Chairman also requested the Government to clarify why it is confident that State budget collection will meet its 2017 target when the domestic revenue only rose 2.1 per cent and revenues collected from State-owned, foreign-invested and non-State enterprises failed to meet Government estimates. NA Vice Chairman Đỗ Bá Tỵ said that in order to achieve a 6.7 per cent growth this year, the figure for the fourth quarter must hit 7.4-7.5 per cent, which is a challenging task. Moreover, disasters and floods still pose challenges to farming sector. On the socio-economic development plan for 2018, Tỵ asked the Government to identify factors that can affect domestic production and free trade agreements’ impacts on growth. Pork prices set to rise as year-end supply dwindles As the number of pig breeding households continues to drop, a shortage of live pigs could result in high pork prices later this year, according to the Ministry of Agriculture and Rural Development (MARD). The ministry estimates that pig herd numbers have declined by 10 per cent year on year as of September this year. Pork production in the third quarter was 522,000 tonnes, down 2.3 per cent compared with the previous year. The situation has resulted out of a long-term plunge in pork prices. The foot-and-mouth disease outbreak in a number of northern provinces was also a reason for many farmers deciding to stop breeding pigs. According to the MARD’s Department of Livestock Production, pig farmers are also not interested in expanding their pig due to unstable pork prices. The department estimates that the number of pig breeding households is predicted to reduce by a third, or between 800,000 and 900,000 by the end of this year. After nearly 4,000 pigs were found injected with sedatives at the Xuyên Á Slaughter House Complex in HCM City recently, pork prices fell to VNĐ25,000-27,000 (about $1.1) per kilo in Đồng Nai, he said. A similar situation has happened in pig farming areas in Hà Nội, with many households going bankrupt or shifting to other businesses. Trần Văn Minh, a breeder in the capital city’s outlying Đan Phượng District, is among them. He was among the bigger breeders in the district, but his farm stands empty now. Over the past two years, the household business has operated at a loss as pork prices continued to fall. They even sold valuable property to continue investing in pig farming. Now they are bankrupt and hundreds of millions of đồng in debt, owing money they spent on feed, veterinary medicines and other things. “We’ve lost everything. We are too old to be employed by companies so we look forward to receiving assistance from the government,” Minh said. Nguyễn Kim Đoán, vice chairman of Đồng Nai Poultry Association, warned that the high number of households quitting pig breeding would result in rising unemployment in rural areas, with most of the people affected being those too old to work in companies or enterprises, and incapable of doing hard work. “About 40 per cent of small scale big breeders, amounting to tens of thousands of households, have gone bankrupt. This has created difficulties for local authorities in generating employment and in ensuring social security and order,” Đoán told the Nông thôn ngày nay (Countryside Today) newspaper. Nguyễn Đức Trọng, Deputy Director of Department of Livestock Production, said they haven’t got the exact number of households who’ve quit pig breeding or correct figures from big businesses like the CP (Charoen Pokphand) Group that have large number of sows and pig herds. He said it was normal that prices go up and down in livestock breeding sector. For example, pork prices increased constantly from 2011 to early 2016. There was a time it reached VNĐ52,000 ($2.3) per kilo. The prices started dropping from the end of last year, he said, adding that it has affected a lot of farmers. "I assume that the pork prices will increase from now until the year-end if the number of pigs herds keeps dropping. However, the increase will not be as steep or sudden as before," said Trọng. Several breeders have turned to exports because of low consumption and prices in the domestic market. Trọng said the ministry would try its best to create favourable conditions for exporters. "At present, we export about 40,000 tonnes of pork per year, via eight enterprises from Hải Dương Province and Hải Phòng City.” "The ministry plans to establish disease-free zones to reduce production costs and facilitate pork export to markets like Europe. This is an urgent matter so the ministry is determined to do this,” he said. Business innovation to drive success in fourth industrial revolution Innovation in business plays an important role in an increasingly competitive and changing economy, experts said at an international conference held on Thursday in HCM City. Nguyễn Đình Thọ of the International School of Business at the University of Economics HCM City said that innovation was particularly crucial in transitioning economies like Việt Nam and that firms incapable of innovating would find it difficult to compete with other companies. Innovation includes the generation, development and implementation of new ideas, products or processes that improve companies’competitive advantage and performance, Thọ explained. Dr Bahaudin Mujtaba of the US’s Nova Southern University described innovation “as the process and outcome of creating something new which is of value.” Outcomes of innovation include new products, new ways of organising, new markets, new processes and new sources of supply. “Innovation can be a better way of doing things or an improvement to an existing product or invention,” he said. Innovation requires creativity and the ability to see a problem in several dimensions and to truly understand the problem at hand, Mujtaba said. Process innovation is achieved through the creation of a new means of producing, selling or distributing an existing product or service, while technical innovation is simply the creation of a new product or service, such as a new line of automobiles or the introduction of cellular telephones. Administrative innovation is the creation of a new organisational design which supports the creation, production and delivery of services or products, such as a virtual team meeting without all members being in the same room or even working at the same time. Most companies see the importance of innovation, Mujitaba said, adding that innovation success is a consequence of creating a culture in which it can take place. “The key to their success has been to create the conditions in which innovation can arise from any one of a number of directions, including lucky accidents, and there is a deliberate attempt to avoid putting too much structure in place, because this would constrain innovation,” he added. One way to spur creativity and innovation is to allow employees to work on their own and in their own time on innovation projects, accessing resources in a non-formal way, he said. The one-day international conference served as a platform for researchers and practitioners to debate recent insights on innovation in various industries. The conference was organised by the HCM City Open University in co-operation with the United Nations Industrial Development Organisation, Berlin School of Economics and Law, and other foreign universities. Hong Kong business eye VN opportunity The Hong Kong Trade Development Council (HKTDC) will send two delegations to Viet Nam between now and January 2018 to explore investment opportunities. In addition to traditional fields, such as clothing, real estate, agro-forestry-fishery, Hong Kong investors are looking to fund infrastructure and waste treatment in the form of Public-Private Partnership (PPP) models, the Voice of Vietnam cited Tina Phan, Director of Indochina at HKTDC, as saying. The director said she hoped when the ASEAN-Hong Kong Free Trade Agreement goes into effect, it will open up huge opportunities and her council will send more business delegations to Viet Nam to study opportunities. Viet Nam is the sixth largest exporter to Hong Kong and a major trade partner. Over the past nine months, Viet Nam exported US$5.5 billion worth of goods to Hong Kong, up 23.4 per cent year-on-year, while its imports rose 25 per cent to $1.3 billion. Hong Kong is also among Viet Nam’s leading sources of foreign direct invesment (FDI). From January to September, FDI capital from Hong Kong ranked sixth with a total of $1.19 billion. Vinh Phuc aims to charm SAfrican investors Officials from Vinh Phuc Province on Friday made their case to potential investors at a conference in Johannesburg, South Africa, organised by Vinh Phuc and the Johannesburg Chamber of Commerce and Industry. During the event, chairman of the Vinh Phuc People’s Committee Nguyen Van Tri highlighted his province’s advantages in geography, natural conditions and transportation infrastructure along with its potential to develop industry, services, simple administrative investment procedures and abundant human resources. The chairman encouraged investors from South Africa and Johannesburg to invest in the locality and pledged to create the best conditions for businesses to expand investment. Vietnamese Ambassador to South Africa Vu Van Dung called on enterprises from South Africa and Johannesburg in particular to boost investment in Viet Nam, including the northern province of Vinh Phuc. On his speech, president of the Johannesburg Chamber of Commerce and Industry Herman Breedt spoke highly of the co-operation potential between South African and Vietnamese enterprises, including those from Johannesburg and Vinh Phuc Province. He described the event as a good opportunity for Johannesburg firms to better understand the economy and trade situation in Viet Nam and Vinh Phuc Province, and then seek to boost co-operation in the areas of their strength. Finance sector discusses application of Industry 4.0 The fourth industrial revolution (Industry 4.0) will have a significant impact on all aspects of socio-economic life in all countries around the world, said Vu Thi Mai, deputy minister of finance, at a workshop on Thursday. The workshop discussed the importance of Industry 4.0, and especially its impact on the finance sector. Reviewing the application of information technology in the finance sector, Mai said that in the past the sector had maintained rapid and steady development and mobilised financial resources efficiently for the country’s socio-economic development. “In order to continue these achievements, the contribution of information technology to the sector must be significant,” she said. Until now, information technology has been applied deeply and extensively in almost all financial activities, becoming an indispensable part of key activities such as State budget management, e-payment and government bond management, implementation of e-taxation, e-customs, national and ASEAN one-stop mechanisms and public debt management. The period from now until 2030 is important for the implementation of strategic breakthroughs in the development of the digital finance sector in line with the Government’s orientation. Mai affirmed that the sector would be the leading unit among governmental agencies in the e-Government roadmap to 2020. The role of information technology is important, as the application of IT aims to modernise the finance sector. Systems will manage, develop and provide modern public finance products, serving people and businesses, based on the technological achievements of the industrial revolution 4.0, Mai noted. Mai also highlighted major hurdles that the finance sector must be overcome. These include successfully developing e-finance by 2020, establishing an open finance sector by 2025, and striving to complete the goal of fully converting to digital finance by 2030. The sector, with the support of advanced technology, will also strive to meet international standards and reach the level of modernising the governmental financial sector in the leading group of countries in Southeast Asia. At the workshop, experts also said that the inevitable shift from simple digitisation (the third industrial revolution) to innovation based on technology (the fourth industrial revolution) means each sector will have to adapt. For the financial sector, to be ready and proactive in the 4.0 industry, it is imperative to have breakthrough solutions, said experts. According to Dang Duc Mai, director of the Department of Financial Informatics and Statistics, in the future, the Ministry of Finance should continue to step up and successfully build e-finance, an open financial database and apply data analysis tools. Viettel leads VN 4.0 industrial revolution Viet Nam’s leading telecommunication service provider Viettel group opened an exhibition in HCM City last Saturday to display its achievements and preparation for the 4.0 industrial revolution. With the theme of “Viettel and the 4.0 industrial revolution”, the exhibition displayed Viettel’s network infrastructure and solutions for State management offices, enterprises and households. To prepare for the 4.0 indsutrial industrial revolution, Viettel has strongly invested into researching and developing equipment for its telecommunication network. The most important achievement is the 4G base transceiver station, which is made by Viettel. At present, Viettel has around 340,000 km of fibre-optic cable, 36,000 4G base transceiver stations with the most modern technology covering 95 per cent of the population. The company owns five data centres with cloud computing technology meeting international standards. “A strong telecommunication network foundation is the most important factor to create a 4.0 industry and a 4.0 society where all electronic equipment can connect,” said Nguyen Manh Hung, Viettel general director. At the exhibition, Viettel offered a series of digital solutions for electronic government and smart cities including: public service solutions, traffic surveillance system, security surveillance, automatic traffic fee collection and solutions to improve the management of important industries such as healthcare, education, agriculture and tourism. Vingroup and Bosch team up over automotive production Vingroup and Bosch Vietnam signed a memorandum of understanding (MoU), over the VinFast automobiles and electric motorcycles project on Thursday, marking an important milestone between the two sides. According to the MoU, the two sides will consider comprehensive co-operation in the field of automobile and electric motorcycle production, including hardware solutions, software and services for VinFast. In terms of hardware, with the advantage of being one of the world’s largest suppliers of technology and automotive components, Bosch will provide VinFast with parts that will be of top quality, compliant with the manufacturing process. As for software, Bosch will support and advise VinFast to deploy software for automobiles, motorcycles, and corporate management software, such as design solutions, and user experience and customer development. In particular, Bosch and Vingroup will jointly research and apply the world’s leading advanced technologies for VinFast models, aiming to roll out modern vehicles. In addition, the MoU also mentions a smart campus solution for the VinFast Automobile Factory Complex, including security solutions, intelligent security, connected mobility and intelligent operation, as well as energy management, consulting and deploying of a connected industry. In addition, Bosch will advise VinFast on the establishment of a vocational training centre. With experience in investing over US$1 million in vocational training in the industrial sector and training highly qualified local workers, Bosch is expected to be a suitable partner to meet the needs of VinFast. As planned, VinFast will establish a training centre of mechanical and electronic engineering in accordance with German standards to gather qualified staff to operate modern and advanced manufacturing lines and gradually receive the transfer of technology from foreign partners. Speaking at the signing ceremony, Guru Mallikarjuna, General Director of Bosch Vietnam, said the signing ceremony of this MoU marked an important milestone in the co-operation between Bosch and Vingroup. With comprehensive expertise in vehicle technology, Bosch was committed to supporting Vingroup to successfully implement this project, he said. General Director of Vingroup Duong Thi Mai Hoa, said the co-operation with Bosch and other leading technology partners in the world was the main part of VinFast’s strategy to move up and apply the most modern technology for manufacturing automobiles and electric motorcycles. “We will provide our customers with products that are not only high quality and safe, but also made using excellent technology," said Hoa. Even though VinFast announced its entry into the automobile industry only on September 2, within 40 days, VinFast kicked off construction of an auto manufacturing plant. It started recruiting senior international personnel, introduced a collection of 20 car models from four prestigious design studios for public selection and successively signed co-operation agreements with Bosch and Siemens. This proves Vingroup’s determination in achieving the target of engaging in motorcycles after 12 months and cars after 24 months, which will be modern in style and quality, of international standards, yet suitable to Vietnamese tastes. CEOs to mull ways to develop Mekong delta at annual forum The third annual CEO Forum Mekong Connect, which focuses on developing the economy of the Cuu Long (Mekong) Delta and investment opportunities there, will be held in Ben Tre Province this month. Its organisers, the Business Association of High Quality Vietnamese Goods, told a press conference in Can Tho city on October 10 that this year the event would have the theme, “Developing local resources in combination with technological strength.” The forum will help connect the participating CEOs with local and foreign partners and international investors with delta authorities. There will be nearly 30 international experts speaking about how to develop the delta’s resources through the use of technology, potential of renewable energy sources in the fight against climate change effects. Vu Kim Hanh, chairwoman of the Business Association of High Quality Vietnamese Goods, said this year the forum would have around 500 Vietnamese and 100 foreign firms and 20 international business organisations. At two-day event on October 25-26, there will be meetings and group discussions related to the main local resources -- such as coconut in Ben Tre, rice in Can Tho, fisheries in An Giang, and lotus in Dong Thap. Each locality in the delta has various strengths but they have not been tapped properly due to shortcomings in processing and preservation capabilities and poor trade promotion, Hanh said. Nguyen Huu Lap, deputy chairman of the Ben Tre People’s Committee, said his province has more than 70,000ha under coconut, and Tien Giang, Tra Vinh and Vinh Long too are large producers. It is necessary to create links between delta provinces and enterprises to strengthen the coconut processing industry to make it more competitive and capable of taking on rivals from other countries in the region, he added. VN Index ends positive on bank stocks Share increased strongly on the HCM Stock Exchange on October 17 as investor confidence rose for companies that were expected to release good quarterly earnings reports. The benchmark VN Index increased by 1.08 percent to close at 828.29 points. It was down 0.19 percent on October 16. More than 177.2 million shares were traded on the southern bourse, worth 3.91 trillion VND (rough 174 million USD). The figures were up 4.8 percent in trading volume but down 3.6 percent in trading value compared to the previous session. Foreign investors returned as net sellers, posting a net sell value of 24.8 billion VND in comparison to their net buy value of 221 billion VND made on October 16. The market breadth was positive with 146 gaining stocks against 128 declining one and 49 stocks ending flat. Large-cap stocks performed well with 19 of the top 30 listed companies by market capitalisation and trading liquidity in the VN30 Index advancing. On the Hanoi Stock Exchange, the HNX Index grew 0.50 percent to end at 109.84 points, extending its gains for a third session and posting total growth of 1.3 percent. More than 127.6 million shares were traded on the northern bourse, worth 3 trillion VND. The figures soared nearly 173 percent in volume and 465 percent in value, compared to October 16. The sharp increase in the northern market’s liquidity was attributed to foreign trading for shares of the Asia Commercial Bank (ACB). More than 74.6 million shares of the bank were traded by foreign investors, worth 2.44 trillion VND. VNN |
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Landlords unfazed by higher supply Despite predictions of falling prices in the buy-to-let housing segments in Hanoi and Ho Chi Minh City due to increased supply, as of now the segment remains one of the most profitable for investors.  Despite rising supply in the housing sector, Vietnam’s rental yields make buy-to-let property a profitable endeavour. In its latest report “The Great Wave”, Savills Vietnam released new numbers, showing that the housing rental yield in Hanoi and Ho Chi Minh City is much higher than it is in Singapore. The report said that Hanoi and Ho Chi Minh City are leading Southeast Asia in real estate leasing yield. The number reached 7.4 per cent in Hanoi and 5.8 per cent in Ho Chi Minh City. Hanoi’s numbers are double those of Singapore and 1.7 times those of Manila and Bangkok. Considering these figures, Savills stated that the segment of housing-for-lease in Vietnam is more attractive than it is in other countries in the region. Leading real estate developer CapitaLand Vietnam recently launched the D1MENSION, a high-potential buy-to-lease project located in District 1 of Ho Chi Minh City. Chen Lian Pang, CEO of the company, said that buyers can invest in a project with sustainable value for the mid- to long-term. According to Nguyen Van Duc, deputy director of the Dat Lanh Real Estate Company, the real yield in Ho Chi Minh City is much higher than stated by Savills. “There are many Hanoians charging into Ho Chi Minh City’s buy-to-let market. The reality is that these properties are in much higher demand in Ho Chi Minh City than in Hanoi, due to the increasing migration and population,” Duc said. A 60sq.m apartment in Ba Dinh district in the heart of Hanoi can be leased for the price of VND5 million ($227) per month, said Duc. The lease for the same unit in the centre of Ho Chi Minh City could be twice as expensive. Duc went on to say that even though housing prices in general are higher in Hanoi than in Ho Chi Minh City, yield is smaller. “In Hanoi, many investors bought units for the sole purpose of keeping their money safe, and looked to buy-to-let properties for making profit. However, the demand for leasing is lower than in Ho Chi Minh City,” he said. “In Ho Chi Minh City, a number of foreigners from Japan, Korea, and China are leasing units in residential projects. In some special high-end projects, foreigners make up more than 60 per cent of total leases.” The developer said that for small and well-furnished units, the leasing yield can reach 9 per cent, while some mid-range units can reach between 7 and 8 per cent each year. Tran Khanh Quang, general director of Viet An Hoa, commented that units in areas centred around high-end residential projects like Thao Dien in District 2, Phu My Hung in District 7, and The Manor and Saigon Pearl in Binh Thanh district are mostly bought by investors from northern provinces, who lease them out to generate income. Apart from the high leasing yield, Quang also pointed out that apartment units for lease in Ho Chi Minh City are mostly furnished and equipped with more facilities than those in Hanoi. According to figures from the Ministry of Labour, Invalids, and Social Affairs, more than 84,000 foreign workers and experts were living in Vietnam in the first half of 2017. Around 90 per cent of these needed housing for lease.  In Hanoi, the area around West Lake remains most attractive for leases, with occupancy around 80 per cent and leasing prices in the range of $500 - $1,500 per month per unit. In Ho Chi Minh City, District 7 and the area along Binh Thanh district’s Nguyen Huu Canh street are most attractive, with prices from $600 to 1,000 per month per unit. Buy-to-let is attractive to investors because it brings more stable benefits and long-term capital gains than other investment channels such as gold, securities, and even bank interest. VIR |
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Vietnam scraps planned parenthood in revised population policyThe country is expected to welcome its 100 millionth citizen before 2030.
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Reforms fail to halt bureaucratic bloat The simplification of Viet Nam’s governance structure over the last decade or so has not resulted in significant changes in policy-making and macro-economic management.
The process began in 2007, but the bureaucracy is still bloated and its payroll continues to increase in size, exerting greater pressure on the State exchequer. Acknowledging the hurdles still in the way of administrative reforms, the Party has called for stronger and more practical reforms, from the grassroots to the central levels. Speaking at the opening ceremony of the sixth Party Central Committee Meeting earlier this month, Party General Secretary Nguyen Phu Trong expressed high appreciation of efforts made by the Party, the Government, the Viet Nam Fatherland Front and other agencies in accelerating institutional changes. However, the wait is still on for a positive breakthrough that can affect far-reaching, sustainable changes. According to a Government report, since 2007, its structure has been simplified, with 18 ministries, four ministry-level agencies and eight Government agencies. However, in August 2017, the National Assembly (NA) Supervisory Delegation pointed out that the change has created no significant impact in terms of policymaking and macro-economic management. The socialisation and decentralisation processes have not been conducted efficiently. The merging of ministries has not included due adjustments of their functions. Therefore, some agencies are now overwhelmed with tasks and projects that should be handled by subordinate entities. The resolution adopted by the Politburo in 2015 has had little effect on reducing the number of public units as 28 and 822 new public units were established under ministries and general departments, respectively from 2011 to 2016. Phung Quoc Hien, NA Vice Chairman, said public administration has improved over the years, but not to the extent required. This wastes State Budget resources and keeps the bureaucracy cumbersome and impractical, he said. Overlapping functions The increase in the number of public agencies has led to overlapping management of many issues, sparking conflicts of opinion among many ministries. For instance, food safety, tourism, debt and rural development can fall under the purview of two or three ministries. Enterprises’ spending on specialised evaluations are multiplied since conclusions are not mutually recognised among ministries. Additionally, interdisciplinary agencies are established to solve common issues, increasing the number of meetings held to tackle them. Su Ngoc Anh, director of the HCM City Department of Planning and Investment, said that in the seven first months of 2017, the department leaders attended more than 2000 conferences, three to four per day, not to mention emergency meetings. Such prolificacy is expensive and places a huge burden on the State budget. Lack of legal uniformity The lack of a synchronised legal framework has obstructed ministries from properly implementing the Party’s policies. Moreover, special laws have not promoted proper decentralisation and have failed to address the issue of power concentration in the economic sector. Furthermore, the functions and duties of ministries and Government’s agencies are not clearly legislated; and this is one of the factors contributing to the increasing size of the bureaucracy. State fiscal dependence The continued dependence of public units on Government funding indicates inadequate management of financial resources. The State budget allocates funds for paying 5.4 million people on the public-sector payroll. To ease this burden, the Government has been encouraging public sector units to manage their own affairs, including finances, and improve the quality of public services. They have been allowed to plan their use of State budget allocations, develop the human resources, expand operations, raise workers’ wages and sign labour contracts in order to complete assigned tasks. Agencies that can control their operational costs can also decide on their payroll. Meanwhile it is worth bearing in mind that 30 per cent of the State budget spends on public agencies, according to Le Vinh Tan, Home Affairs Minister. Tan also stressed the abundance of public agences in localities. The central province of Thanh Hoa, for example, is home to 2,500 agencies, while Dak Nong Province has 500, mostly in education, health and science research. In 2016, about 57,000 public agencies, accounting for 27.33 per cent, were self-funded, and the remaining depend heavily on the State budget. A report prepared by the Ministry of Science and Technology (MoST) in 2016 indicated that there were 1,432 public scientific organisations, more than the Government can actually fund with only three financially independent ones. Deputy Prime Minister Vuong Dinh Hue has noted that in the sci-tech sector, skilled staff (scientists, technicians, etc) are few, with the majority comprising management officials. According to Nguyen Huu Quang, deputy head of the NA Financial and Budgetary Committee, inadequate financial mechanisms are causing dependence and preventing public sector units from attracting funding from other sources, he said. At the meeting, Party leader Trong stressed the need to create favourable conditions for researchers and scientists with priority policies, improve public services quality and avoid misspending. Payroll reform Public sector restructuring does not just mean a reduction in staff, it also requires enhancing efficiency, said NA deputy Le Thanh Van of Ca Mau Province. While the restructuring policy has been around for a long time, its implementation has remained incomplete. NA Chairwoman Nguyen Thi Kim Ngan said “We all agreed upon restructuring the public sector, however, no one wanted to carry it out in their localities or agencies." Deputy Van from Ca Mau Province said at an NA meeting that while State expenditure keeps increasing, the quality of staff varied. As of mid-2017, the numbers of civil servants and staff were estimated at 270,000 and 2.44 million respectively. In general, the State payroll witnessed a decrease from 2011 to 2016, especially between 2014 and 2016, when staff strength reduced by 4,000 each year. However, in 2016, the number rose again, mostly in the education and health sectors with increases of 136,663 and 54,500 staff respectively. There is one public staff in every 40 people in Viet Nam while in US, the ratio is 1:160 in the 30 times bigger area and four times higher population. A Government report shows that 13 of 15 ministries and ministerial-level agencies have exceeded their payroll target. Only the Ministry of Industry and Trade and Ministry of Home Affairs have proposed that they reduce their staff; the others asked to recruit more. After two years of implementing the Politburo’s resolution on public sector restructuring in 2015 and 2016, more than 17,000 staff reduced, including 731 working in Party agencies, 2,253 working at administrative offices and 11,206 working in other public sector agencies. As noted in an earlier example, the public sector has witnessed an increase in the number of management officials over skilled staff. From 2011 to 2016, the number of managers in ministries’ departments increased from 12,216 to 14,556. A similar increase was also seen in ministry-level agencies and other Government bodies, with the number of managers rising from 3,871 to 4,619. This excess is also true of localities, leading to poor management and responsibility in the public sector, Van said. Budget burden At a time when the pressure of public debt has been rising, the spending on bureaucracy is accounting for a huge proportion of the Stage budget. According to Nguyen Huu Quang, deputy head of the NA Financial and Budgetary Committee, in the last five years, regular expenditures increased rapidly, from VND370,000 billion ($16.2 billion) in 2011 to VND740,000 billion ($32.6 billion) in 2016. Therefore, financial security is not guaranteed, he said. Debts are not being repaid on time, and have to be rolled over. Over the past three years, State assets have been sold and additional dividends paid to offset the expenses. Economist Pham Chi Lan said the State budget cannot pay for 11 million public staff across the country. She also emphasised the importance of autonomy for public agencies to deal with this situation. Other experts have said that while reducing the number of people on the State payroll, the public sector needs to enhance the capacity of remaining staff. Van noted that if Viet Nam can annually reduce the State payroll by 1.5 per cent each year, State budget spending can save from VND800 to 900 billion ($35.2 to 39.6 million). But it was important that the restructuring focuses on staff quality, not quantity, Van said. VNS |
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Social News 19/10 Dien Bien: Two arrested for transporting 4,000 drug pills  A man and a woman were arrested on October 16 for trafficking 4,000 synthetic drug pills in northern mountainous Dien Bien province. Vu A Phong, born in 1995, and Mua Thi Sua, born in 1991, both from Dien Bien were caught red-handed when carrying the drug pills hidden inside 20 blue plastic bags in Ba Khom village, Nam Lich commune of Muong Ang district. The pair attacked the local police with stones to resist arrest, leaving a policeman injured. They confessed to purchase the drugs at a border area and were on the way to make sales. The case is under further investigation. Vietnam Women Award honours 18 units, individuals The Vietnam Women’s Union (VWU) Central Committee on October 17 presented the Vietnam Women Award 2017 to eight units and 10 individuals with outstanding contributions to social development. The honoured units include women teams of the Emergency Department of Cho Ray Hospital in Ho Chi Minh City, Hanoi-Amsterdam High School, Thai Hung JSC, and Women’s Union of Ba Che district of Quang Ninh province. Meanwhile, the 10 outstanding individuals include Lieutenant Colonel Bui Thi Ha from the Naval Technical Institute, Do Thuy Ha from Hanoi Blind Association, Nguyen Thi Hue from a lemon growing cooperative in Can Tho city, Nguyen Thi Lieu from Duc Tri junior high school, and Nguyen Ngoc Mai, a worker of Vincem Hoang Thach cement company. Addressing the event, Deputy Prime Minister Vuong Dinh Hue affirmed that the Party and State always create favourable conditions for women to develop, adding that administrations at all levels and sectors have paid due attention to gender quality and women’s progress. He asked the WVU Central Committee to continue promoting its role in protecting and ensuring legitimate rights and interests of women, while increasing communication campaigns to raise public awareness of the need to implement women-related policies. The Deputy PM also requested agencies, ministries, sectors and localities to ensure adequate ratio of women’s participation in their organisations. Meanwhile, VWU President Nguyen Thi Thu Ha underlined Vietnamese women’s tradition of patriotism and devotion. In the current period of international integration, Vietnamese women have continued their important role in promoting socio-economic development as well as ensuring security-political of the country. The women honoured with the Vietnam Women Award 2017 have inspired millions of others across the country to work harder and create for the nation’s sustainable development. The same day, the VWU also organised Women Innovation Day with the themed “Women engaging in natural disaster risk reduction and climate change response”. The organising board presented certificates of merit to 22 project authors, while funding three most feasible initiatives. Fifteen female students who recorded the highest scores in the university entrance examination 2017 and a female student winning a silver medal at the International Biology Olympiad 2017 also received certificates of merit. On the occasion, the VWU also raised funds to support flood-hit residents in northern mountainous provinces. Central city to build new $300m paediatric hospital The central city of Đà Nẵng has proposed building a world-class paediatric hospital in Cẩm Lệ District, with an estimated price tag of US$300 million. Ngô Thị Kim Yến, director of the city’s heath department, said the city urged the ministry of health to begin construction of the high-tech paediatrics hospital to serve people in the central and Central Highlands region. Yến said the establishment of a new paediatrics hospital would ease overcrowding at the city’s Paediatrics and Obstetrics Hospital. Opened in 2012 and designed to hold 600 beds, the hospital now operates with more than 1,600. The city plans to designate land for the development of the new hospital in the newly launched Hòa Xuân Eco-Urban Area. According to the central paediatrics hospital, retired doctors and professors from Japan, Germany, the Czech Republic and other developed countries will be invited to work at the hospital and provide training courses for young staff. The city and the ministry will also call for private sector investment in high-quality medical services in the region. Đà Nẵng currently has 11 hospitals with 1,000 doctors and more than 620 consulting rooms and medical care centres. HCM City’s inter-hospital red alert saves young woman Obstetricians at Hùng Vương Obstetrics and Gynaecology Hospital in HCM City on Monday saved the life of a 27-year-old woman suffering from uterine inversion, a rare and fatal childbirth complication, thanks to the inter-hospital red alert. Nguyễn Thọ Loan was admitted to the Nhà Bè District Hospital, where she delivered a 3.4kg baby boy, but the placenta did not separate normally. Doctors there manually removed the placenta, but their efforts to separate and expel it from the uterus failed. After 30 minutes the mother developed life-threatening bleeding and went into shock. Doctors had to activate the inter-hospital red alert to seek professional assistance. Fifteen minutes later Hùng Vương Hospital’s rapid response team of obstetricians and nurses arrived at the Nhà Bè District Hospital and immediately began resuscitative efforts and performed life-saving surgery, Lê Kim Bá Liêm, the team leader said. The woman had lost 3,000gm of blood and was in a coma and without a pulse; her survival chances were very low, he said. But after three hours of resuscitative efforts and the surgery, her condition stabilised. She was transferred to Hùng Vương Hospital for further treatment yesterday, Liêm said. The red alert system has helped save the lives of many patients who might otherwise have died on the way to higher level hospitals, according to the doctor. Health Ministry urges preventive methods against hand-foot-mouth disease The Ministry of Health has instructed people’s committees in provinces and cities throughout the country to ensure that preventive methods against hand-foot-mouth disease are being carried out as the number of incidences has increased. Since the beginning of the year, more than 730 children in the Mekong Delta city of Cần Thơ have contracted the common viral illness, which affects mostly infants and children younger than five years old. The figure is an increase of more than 100 compared to the same period last year, according to the city’s Preventive Health Centre. The illness can sometimes occur in older children and adults, according to the Center for Disease Control and Prevention (CDC). Typical symptoms of hand-foot-mouth disease include fever, mouth sores and a skin rash. Hand- foot-mouth disease is spread from person to person through coughing and sneezing, or contact with blister fluid or feces of an infected person. Đồng Tháp Province has recorded more than 4,170 children with the disease since the beginning of the year, an increase of 123 per cent against the same period last year. Many other provinces in the Mekong Delta region have seen an increase of incidences of hand-foot-mouth disease. Nguyễn Công Tuấn of Vĩnh Long Province’s Department of Health told Tuổi Trẻ (Youth) newspaper that the virus had spread among children at kindergartens. Dr Huỳnh Minh Trúc, head of the Cần Thơ Preventive Health Centre, said the peak season started from September and ended in November. Because of the spread of the disease in kindergartens and schools, the centre has given guidance to teachers about identifying kids with the virus and isolating them in a timely fashion, Trúc said. Teachers were also told to wash toys and other teaching aids and keep the school environment clean, he added. According to the Ministry of Health’s recommendations, people should wash hands regularly, especially before cooking meals and feeding or holding babies. They should disinfect dirty surfaces and soiled items and avoid close contact such as kissing, hugging, or sharing eating utensils or cups with infected people or those suspected of having an infection, the ministry says. As of October, the country had more than 65,000 incidences of hand-foot-mouth disease, an increase of 10 per cent compared to the same period last year. Nearly 30,000 of the cases required hospitalisation. Programmes planned to introduce SDGs to youth A series of activities aiming to raise young people’s awareness about the Việt Nam’s implementation of the United Nations’ 17 sustainable development goals will take place in Hà Nội this December. The sustainable development goals (SDGs) are a set of targets that UN member states, including Việt Nam, are attempting to reach by 2030. Together, the goals are intended to end poverty and protect the environment. The first event is the “2017 Creative & Innovative Youth Award”. This is the first time the award has been organised in Việt Nam to honour youth organisations working for community development in the 2015-17 period. As planned, the award will be given in December 3 with financial support from Irish Aid. The first prize is worth VNĐ17 million (US$750). The deadline for applications is October 28. Vũ Duy Kiên, coordinator of the Centre for Sustainable Development Studies—the organiser of the award—said on Tuesday the award was created after the centre worked with 45 youth organisations and found that the number of youngsters who knew about the 17 SDGs was less than expected. The second event, “The story of Kiến Village”, is a forum where 70-80 people under the age of 30 will gather to learn about the importance of youth force in the implementation of SDGs in Việt Nam. It will be held on December 1 and 2 on the outskirts of Hà Nội. The participants will be offered chances to share their initiatives to deal with current social problems in the country. The forum was also designed for young people to build up their professional networks. Another event, International Volunteer Day, will be organised on December 3 at Hà Nội’s pedestrian streets around Hoàn Kiếm (Returned Sword) Lake by the Hồ Chí Minh Communist Youth Union Central Committee. The event will consist of discussions on the role of voluntary activities in achieving the SDGs in Việt Nam. Phạm Quang Huy, a first-year student of Hà Nội Culture University said he was eager to join the activities. But Huy said the organisers should do more to promote the activities via mass media so that more young people will learn about them and plan to attend. Phạm Thị Hồng Nết, Advocacy Officer for Oxfam’s Education Programme, said the organisers are considering developing an alternative phrase to describe the goals, as "Sustainable Development Goals" may sound inaccessible to vulnerable young people living in remote areas. Different terminology, she suggested, might help people in rural communities more readily see the relevance of the goals to their lives. In May, the Government issued a National Action Plan to implement the 2030 Agenda for Sustainable Development, which demonstrates the country’s commitment to achieving the global SDGs. Vietnam Embassy in Indonesia raises funds for flood victims The Vietnamese Embassy in Indonesia on October 17 raised funds to support local residents affected by recent floods in northern and north-central regions of the home country. Vietnamese Ambassador to Indonesia Hoang Anh Tuan said the embassy expected that people in these regions will soon recover from the floods and stabilise their lives. On this occasion, staff members of Vietnamese representative agencies in Indonesia also donated money to support the unfinished wish of the Vietnam News Agency’s reporter Dinh Huu Du, who laid down his life reporting the flood in Yen Bai province. The proceeds will contribute to the building of a library in remote Che Tao commune in Mu Cang Chai district and a bridge in Khe Ngoa village in Van Yen district (both in Yen Bai province), where local people have to use ropes to cross a stream every day. Northern mountainous provinces and part of the central region have been submerged by widespread floods resulting from torrential rains on October 10 and 11. The death toll climbed to 72 by 21:00 on October 15, according to the Central Steering Committee for Natural Disaster Prevention and Control. Thirty others are still unaccounted for while 33 are injured. Can Tho, An Giang present gifts to the poor in Cambodia The Vietnam Fatherland Front (VFF) committees of the Mekong Delta province of An Giang and Can Tho city partnered with the General Association of Vietnamese Cambodians in Cambodia to present gifts to poor Vietnamese and Cambodian nationals affected by the recent floods. Speaking at the event, Chairwoman of the An Giang provincial VFF Committee said gift-giving activities have been conducted by the two committees for many years. Chairman of the General Association of Vietnamese Cambodians in Cambodia Chau Van Chi thanked the overseas Vietnamese and Cambodian people for their practical support. A total 300 gifts were presented to families. Apart from gifts presented in Kongpong Speu province on October 17, the remaining will be offered to poor Vietnamese and Cambodian citizens living in Phnom Penh and Siem Reap province on October 18. Evangelical Church (North) holds 35th General Assembly The Evangelical Church of Vietnam (North) opened its 35th General Assembly on October 17 with the participation of representatives from the Vietnam Fatherland Front and the Government Committee for Religious Affairs and about 1,500 delegates. Head of the Church Pastor Nguyen Huu Mac said that participants at the three-day event will review the Church’s operation in the 2013-2017 period, adjust its Charter, build plans for the next period, and elect an executive board for the 2017-2021 tenure. He noted that in the 2013-2017 period, the Evangelical Church of Vietnam (North) added 12,000 new followers, more than 140 registered places, while recognizing six local Churches and ordaining 54 pastors. It also appointed dignitaries-managers for 14 local churches. The Church actively joined social activities and poverty reduction programmes. Along with launching campaigns to donate blood to the needy, the Church also presented gifts to poor children in mountainous areas. Followers of the Church donated land, money and 1,300 working days to construct 16 concrete roads in Thai Nguyen, he said. Addressing the event, Vice Chairman of the Government Committee for Religious Affairs Bui Thanh Ha hailed charitable activities of the Church, expressing hope that in the future, the Church will continue that activities, contributing to the country’s prosperity. Ha affirmed the Party and State’s policy of respecting and ensuring people’s freedom to religion and belief, saying the State encourages progressive religious activities in service of the nation and people. Vietnam always pays attention to religious harmony and works to strengthen the harmony, he said, adding that all religious organisations are equal before law, which is clarified in the Law on Belief and Religion that will take effect from January 1, 2018. Vietnam-USA Society seeks to enhance people-to-people links The Vietnam-USA Society (VUS) organized a seminar in Hanoi on October 17 to discuss measures for its efficient operation to contribute to boosting the friendship of the two people. The seminar was on the occasion of the 72nd anniversary of the Vietnam-USA Society, a member of the Vietnam Union of Friendship Organisations. VUS President Nguyen Tam Chien said that the formation of the VUS, which was formerly the Vietnam-US friendship association, showed Vietnam treasured the development of its relations with the US. Thanks to efforts of both sides, bilateral relationship was normalized and developed to comprehensive partnership, he noted. Chien stressed that VUS should help with organising more meetings and increasing all-round cooperation between people of the two countries, thus deepening bilateral ties and connecting efforts in dealing with war-era problems. According to Nguyen Van Huynh, a member of the VUS Standing Committee, along with boosting collaboration in economy, science-technology, culture, education, VUS should also strengthen mutual understanding between Vietnamese and US people through the organization of seminars to introduce their nation and people, the publishing of books on VUS history, and meetings with US civil organisations and businesses in Vietnam. He also stressed the need to maintain and develop the VUS English Centres. Meanwhile, Dr. Pham Xuan Dai, VUS Standing Committee member, said that the society should expand its membership to receive ideas from people from all walks of life in all fields. Economic committee prepares reports for NA’s coming session The National Assembly (NA)’s Committee for Economic Affairs commenced a two-day meeting in Da Nang city on October 17 to prepare for verification reports to be submitted to the parliament’s fourth session, slated for later this month. During the event, participants are set to verify a report on the implementation of the NA’s resolution on the 2017 socio-economic development plan while discussing development directions and tasks for 2018. They will look into the draft revised law on competition, a project on land seizure, compensation and resettlement support serving the construction of Long Thanh International Airport in Dong Nai province, and the investment in building some sections of the eastern North-South Expressway between 2017 and 2020. Deputy Minister of Planning and Investment Nguyen Van Trung delivered a report on the implementation of the NA’s resolution on the 2017 socio-economic development plan and on directions for 2018. Accordingly, Vietnam’s macro-economy has been kept stable with GDP growth rate estimated at 6.7 percent this year. While the investment and business climate has continued to be improved, the economic restructuring associated with growth model reform has been stepped up. Administrative reforms and the fight against corruption and wastefulness have been strengthened, resulting in many important outcomes. Improvements can also be seen in different social aspects, Trung said. Major development orientations for 2018 include continuing to stablise the macro-economy, making substantive improvements in carrying out strategic breakthroughs and economic restructuring, encouraging innovation and startups, and promoting economic growth. Enhancing administrative reforms, environmental protection, climate change response, defence-security strength, external activities, and international integration will also be main directions for development next year, according to the report. Solutions sought to end gender-based violence Drastic efforts are crucial to ending gender inequality and violence against women and girls, said Le Khanh Luong, Vice Director of the Gender Equality Department under the Ministry of Labour, Invalids and Social Affairs. Speaking at a conference in Ho Chi Minh City on October 16 on communication training on gender equality, gender and domestic violence prevention, Luong said that women and girls are still victims of trafficking, abusing, sexual assault and violence. He said that the first action month against gender-based violence, part of a national action programme on gender equality and domestic violence, was held in 2016 with more than 800 activities involving over 200,000 people. This year, the action month, starting from November 15, aims to change public awareness of gender equality. Ha Thi Quynh Anh, an official from the United Nations Population Fund said that inter-sectoral support, including health care and legal aid, is necessary to help women and girls recover from domestic violence. She also stressed the need for stronger communications to raise public awareness of gender equality. Nguyen Thi Diem Chi from Ho Chi Minh City Women’s Newspaper said that the newspaper’s hotlines have received many reports on domestic and gender-based violence, which show that the problem is still common. Statistics show that as many as 34 percent of married women have suffered from physical or sexual abuse, the majority of whom did not reveal their situation or seek help from public services. Meanwhile, backward concepts have caused a serious at-birth gender imbalance at 112.2 boys over 100 girls (2016). It is predicted that in 2030, up to 4.5 million Vietnamese men will be unlikely to have spouses. From 2005-2009, nearly 6,000 women and girls were victims of human trafficking in Vietnam. HCM City student dies from falling concrete A male student has been killed by a falling concrete while waiting for the lift at Hutech University in Ho Chi Minh City, a representative from the university said. The accident occurred at 6 pm on October 17 when the students were waiting for the elevator in the yard which is located on Dien Bien Phu Street in Binh Thanh District. A student said that she was queuing with some ten other students for the lift when hearing a loud noise behind and small pieces of concrete falling on her. "I turned around to see a male student lying on the ground bleeding a lot with a big piece of concrete beside," she said. "We all screamed in fears and many ran away. Some people rushed in to help him but he was dead." Some people witnessed the accident said that the concrete fell from a wall of a building there. According to the university, the victim was Nguyen Thanh Long, 29, a student at the Environment Technology Faculty. They are investigating the cause of the accident Hanoi proposes construction of Me So Bridge at US$215 million The Hanoi municipal government has proposed constructing the Me So Bridge connecting the city’s Thuong Tin district with Hung Yen province at a cost of approximately VND4.89 trillion (US$215 million). According to Hanoi’s report, presented to the Ministry of Transport and Ministry of Planning and Investment, the bridge will be built by a consortium of two companies, Phuong Thanh and Nguyen Minh, under a build-operate-transfer contract. The project will include a bridge over the Red River and connecting roads, with a total length of 13.8 kilometres, running from an interchange with National Highway 1 to an intersection with the Hanoi-Hai Phong Expressway in Van Giang district of Hung Yen province. The bridge and roads will be part of Hanoi’s fourth ring road. The project is designed to strengthen the connectivity between the two expressways of Phap Van-Cau Gie and Hanoi-Hai Phong, to reduce traffic towards the capital city’s inner area and boost the economic development of Hanoi and Hung Yen province. In 2015 the authorities of Hanoi and Hung Yen agreed with the Ministry of Transport on reporting the project to the Prime Minister in order to seek investment approval, under which the transport ministry will be responsible for implementing the project. But since then no progress has been made on the project. At a meeting last September, it was agreed that the Hanoi municipal government will now take charge of the Me So Bridge project. Vietnam targets US$2.5 billion in rice export revenues by 2030 The Ministry of Industry and Trade (MOIT) has set the target of raising Vietnam’s rice export revenues to between US$2.3 and 2.5 billion by 2030. The target was announced at a conference on realising Vietnam’s rice export strategy during the 2017-2020 period, with a view towards 2030. Under the strategy, Vietnam will gradually reduce its rice export volumes whilst increasing the proportion of high-earning varieties, with the annual volume for the 2017-2020 period targeted at 4.5-5 million tonnes and shrinking to 4 million tonnes by 2030. Specifically, low and medium-quality white rice will not exceed 20% of the total export volume by 2020, while high-quality white rice accounts for approximately 25%, fragrant, speciality and Japonica rice around 30% and glutinous rice 20%. By 2030, fragrant, speciality and Japonica rice will make up 40% of Vietnam’s rice export volume, with glutinous rice at 25% and other nutritious rice at over 10%. According to the delegates at the conference, in order to achieve this target, Vietnam needs to deal with a number of issues that are currently plaguing Vietnam’s rice industry. At present, Vietnam’s rice export growth is heavily skewed towards volume growth, rice farming is not linked to the market demand and exports are highly dependent on a number of markets. In addition, Vietnam’s rice exporters have not been able to build well-known brands or meet the market’s diverse demands. At the conference, the delegates discussed a number of solutions, such as re-organising production and post-harvest processing and storage, building national rice brands, strengthening international cooperation and enhancing the capacity of domestic rice traders. 151 pine trees poisoned with herbicide in Lam Dong Province People’s Committee in the central highlands province of Lam Dong has decided to carry out investigation of 151 pine trees poisoned with toxic chemicals in the jungle under the management of Lam Vien forest ranger board. Some 151 pine trees planted over 30 years in the jungle of 8,500 s.q meters in the central highlands town of Da Lat in Lam Dong Province were poisoned with toxic chemicals. The jungle is just one kilometer far from the People’s Committee in Ta Nung Commune. Before, management board of Lam Vien forest in coordination with local forest rangers and forestry brigade in Ta Nung Commune discovered 151 pine trees had been toxified with herbicide. These trees with its root diameter of 12-60 cm and height of 12-16 cm were poisoned. At the spot, foresters collected an empty jar of herbicide and a cellphone. From the evidence, related agencies summoned some locals for investigation. Most of pine trees are drilled three to seven holes in its roots and culprits poured weed -killer into the holes to kill the trees. Leaves of pine trees changed its color. Many trees with diameter of 40-60cm had been chopped down before. Forester Lieng Hót Quil said pouring herbicide into holes in tree is not new way to kill pine tree yet it is hard to discover and it takes a short time for criminals to toxify all forest of tree. Further investigation will be carried out. New type of cyber security attack threatens wifi users The Association for Information Systems (AIS) under the Ministry of Information and Communications has warned wifi users in Vietnam of new cyber security attacks. According to AIS, a website of network security researcher Mathy Vanhoef at www.krackattacks.com has discovered serious weaknesses in WPA2, a protocol that secures all modern protected Wi-Fi networks, which allow attackers to use key reinstallation attacks (KRACKs) to read information that was previously assumed to be safely encrypted. This can be abused to steal sensitive information such as credit card numbers, passwords, chat messages, emails, photos, videos and others. The attack works against all modern protected Wi-Fi networks. Android, Linux, Apple, Windows, OpenBSD, MediaTek, Linksys, and others, are all affected by some variant of the attacks, according to AIS. The weaknesses are in the Wi-Fi standard itself, and not in individual products or implementations. Therefore, any correct implementation of WPA2 can be affected. Depending on the network configuration, it is also possible to inject and manipulate data. For example, an attacker might be able to inject ransomware or other malware into websites. To prevent the attack, AIS suggested users update affected products as soon as security updates become available. Users should not use public wifi networks unless it is necessary, install software from untrusted sources, or provide private information over unencrypted connections. AIS also suggested organizations and enterprises actively watch for information from relevant agencies to get the updated solutions. For support or further information, call AIS at 04.3943.6684 or send emails to ais@mic.gov.vn. Cần Thơ prosecutes VAT invoice traders The Investigation Agency in southern Cần Thơ City said it had decided to investigate six people who are directors, accountants and heads of local enterprises for allegedly involvement in illegal trading of value-added tax (VAT) invoices. They are identified as Lương Ngọc Huyền and Nguyễn Thế Hùng, chief accountants of Cần Thơ Housing Development Joint Stock Company’s Sand Exploitation Establishment; Lê Chí Công, head of Sand Exploitation Establishment’s Construction Team No 1; Đinh Hồng Châu, accountant of the Construction and Tourism Joint Stock Company’s western branch; Võ Đăng Tuyết Sương, director of two one member limited companies of Vạn Thành Phát Trading and Service and Minh Phát Construction and Trading Service; and Trần Công Thành, director of HDV Joint Stock Company. All of them are banned from leaving their residential areas, e-newspaper Vietnamplus reported. Last month, the police discovered Huyền, who was delivering 20 VAT invoices to Hùng at a coffee shop in Ninh Kiều District, with total sales of over VNĐ769 million (over US$34,100). The police also seized 111 VAT invoices of the four companies, worth VNĐ5.3 billion ($235,500), upon searching Huyền’s house. She admitted she bought these invoices from Sương, the director of two limited companies. After searching Hùng’s workplace, the police seized 117 VAT bills, with sales of VNĐ2.1 billion ($93,300) from five businesses. At the police station, Sương confessed she had set up two companies without any business activities to mainly purchase and sell VAT invoice. Sương also claimed to have sold 589 invoices, worth VNĐ25.7 billion ($1.1 million), to 51 enterprises. The police are investigating the cases further. VNN |
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BUSINESS IN BRIEF 19/10 HCM City gets new serviced apartment Luxury serviced apartment Sherwood Suites in HCM City will rent out units from October 28. It has 157 units ranging from studio apartments to one- and two-bedroom apartments besides six penthouses. Managed by Windsor Property Management Group, the property is at 192 Nam Kỳ Khởi Nghĩa Street in District 3. There are promotions for the opening, according to Kai Speth, deputy president for operations and business performance at WMC Group, said. WMC Group is a hospitality and property services management company based in HCM City. Vietnam Int’l Industrial Fair returns Hanoi The 26th Vietnam International Industrial Fair (VIIF 2017) opened in Hanoi on October 18, bringing together 250 domestic and foreign exhibitors to showcase their latest products and technologies. The annual event aims to assist local firms in seeking new technologies and business partners towards the industry’s sustainable development and in exchanging technologies and expanding markets. According to the event’s organizer, the Vietnam Exhibition Fair Centre, on display are products from well-known brands in Italy, the Republic of Korea, China and more. The products include battery, CNC laser cutters, plasma cutters and those in electrical engineering and automotive support industries. A series of workshops, forums and business-matching events will also be held on the sidelines of the fair. Highlights are workshops on promoting investment and trade in industrial machinery; Vietnam’s mechanical industry; and support industry. The event will run through October 21. Rice exports surpass 2016 volume  Farmers in a paddy field in the southern province of Long An are seen harvesting rice. The volume of rice exports in the year to early this month had beaten the 2016 figure Vietnam’s rice exports in the year to early this month had risen by a staggering 41% year-on-year to more than 5.2 million tons, beating last year’s volume of around 4.8 million tons, according to the Vietnam Food Association (VFA). VFA said in a report that Vietnam had achieved the highest rice export growth rate among the world’s top five rice exporters, namely Thailand, India, Vietnam, Pakistan and the United States, though Vietnam’s rice trade remains smaller than that of Thailand and India. As of October 3, Thailand had exported more than eight million tons of rice, up 16.5%; India with over 8.3 million tons, up a mere 2.8%; Pakistan with around 1.9 million tons, down 26.8%; and the U.S. with about 2.6 million tons, up 3.2%. Overall, the five exporters sold around 26.2 million tons, a year-on-year rise of 9.4%. Pham Thai Binh, director of Trung An Hi-tech Farming JSC, told the Daily that China, Malaysia, the Philippines, Bangladesh and African countries will sustain their high demand for Vietnamese rice in the remainder of the year. However, he was anxious whether local rice exporters can secure enough rice stocks for their export contracts. He explained the volume of rice is now in short supply, partly due to floods. As earlier covered in the Daily, former VFA chairman Huynh The Nang said Vietnam is likely to export around 5.6 million tons of rice this year, with about 1.8 million tons set to be shipped in the last quarter. However, some insiders forecast the figure may exceed 5.6 million tons, given positive results so far. Luang Prabang calls for HCMC investors Leaders of Laos’ Luang Prabang Province called for support from HCMC authorities so that Vietnamese enterprises could join fact-finding trips and make investments in the locality. Khamkhanh Chanthavisouk, governor of the province, made the proposal at a meeting with HCMC’s leaders last Saturday. Both sides signed the minutes of the meeting to boost comprehensive cooperation in various fields. Luang Prabang has advantages in tourism, agriculture and forestry. The province’s tourism has reported growth from 15% to 20% annually in recent years. Many destinations in Luang Prabang are popular worldwide and recognized as cultural heritages. The province has used the advantages to speed up socio-economic development, the governor said. Over the past years, Luang Prabang has been voted as one of the 10 most favorite destinations in the world. It attracted nearly 620,000 visitors last year. Luang Prabang government plans to strengthen promotions to attract more international tourists to the province. According to the governor, as 2018 is chosen as the Visit-Laos Year, Luang Prabang will organize many events, focusing on its historical and cultural traits. Leaders and enterprises from HCMC are invited to visit the province on the occasion to learn more about the locality. HCMC Chairman Nguyen Thanh Phong at the meeting expressed his wish to learn more about Luang Prabang’s socio-economic development experiences, especially in tourism and agriculture. Regarding the guest’s proposal, Phong said this is among contents included in the minutes. Aside from encouraging businesses from the two localities to deepen cooperation, the two localities will step up cooperation in various aspects such as health, education, economy, trading and culture, according to the minutes. T&T Group introduces property project in Long An T&T Group announced a 20.9-hectare property project in Long An Province last Saturday with investors snapping up 100% of land lots offered at the launching ceremony. Located in Can Giuoc District, the T&T Long Hau project includes nearly 1,000 land lots from 90 to 200 square meters each. The products are priced at around VND7 million per square meter. According to the enterprise, property investors accounted for around 70% of buyers at the launching ceremony in HCMC last week. According to Nguyen Thi Kim Lien, general director of T&T Land, a member of T&T Group, land lots are a safe product with high liquidity. In addition, as T&T Long Hau is located near Long Hau Industrial Zone and well connected to important traffic routes to HCMC, it is attractive to young families and investors. The project includes villas, shophouses and public facilities such as schools, parks, internal roads and children’s playgrounds. T&T Group is active in many sectors including finance, property, agriculture and education. For the realty segment, it has developed three projects – T&T Riverview in Hanoi, T&T Victoria in Nghe An Province and T&T Long Hau. U.S. attorney shares immigration information USIS Group and Lincoln Stone Lawyers are organizing a sharing talk show to support potential investors to gain a profound insight into the EB-5 Immigrant Investor Program as well as the U.S. latest regulation updates. The workshop titled “Truths about EB-5 – Sharing from a leading immigration attorney in the U.S.” took place for the first time in HCMC yesterday. Lawyer Lincoln Stone will share his experience to the audience in Hanoi with an event held at the Melia Hotel on Thursday. The U.S. attracts hundreds of thousands of visitors going there for travel, overseas studies, job chances, living and settling down. Meanwhile, the EB-5 Immigrant Investor Program is currently regarded as the most attractive immigration program. With a minimum investment equivalent to US$500,000 per petition and creating at least 10 jobs, investors and family members are granted permanent residence cards in America and obtained enormous benefits of citizenship. Speaking to the Daily, Lincoln Stone said that over 100 investors have signed up for the seminars and the number continues to increase. The U.S. immigrant investor program (the EB-5 category of immigration) provides permanent resident status for investors of equity capital in a new commercial enterprise that will create at least ten full-time jobs for U.S. workers. The investor must demonstrate the funds come from lawful sources and the capital will be at risk throughout the entire period of investment. The process involves a petition with the U.S. immigration agency (USCIS), immigrant visa processing and entry to the U.S., two years of conditional permanent residence, and then a final petition to USCIS to remove the conditions, Lincoln told the Daily via email. For any investor, a spouse and his/her children who are under 21 when the I-526 petition is filed will generally be included. If a visa backlog occurs, however, children may “age-out” and become ineligible if the visa is not issued before they reach the age 21. Besides, a permanent resident must have the intention of “residing” in the U.S. When permanent residents spend extended periods of time outside the country, they risk losing the permanent resident status. Notably, there is no mathematical formula that applies to this question. However, if the permanent resident desires to apply for U.S. naturalization, there is the requirement of spending at least half the time in the country. Since the early 1990s, around 63,000 immigrant visas have been issued to EB-5 investors and their dependent family members. The majority of those visas have been issued in the past five years. According to the expert, EB-5 law and policies are evolving over time. Currently, several legislative proposals are pending before the Congress and USCIS have proposed new regulations, all of which would change certain aspects of the EB-5 program. The most likely change is an increase in the minimum investment amount to at least US$800,000 or US$900,000. Asked about policies for Vietnamese people, Lincoln said no special incentives are provided by the Congress or USCIS for investors from any particular country. However, if the demand for EB-5 visas from a particular country is extraordinarily high, as there is for investors from China, a backlog could arise and this backlog would delay immigration for successful EB-5 applicants. For investors facing challenges seeking U.S. immigration in the EB-5 category, Lincoln suggested that at least three considerations stand out as very important: (1) Due diligence or investigation of the investment options, (2) documenting lawful source of funds, and (3) confirming the expertise of the professionals who provide services. To fix with the obstacles, it is very important to work with highly experienced professionals who will help conduct research about EB-5 investment options, and who will help investors hire U.S. immigration counsels with expertise in immigration law and with EB-5 matters specifically, he added. Lincoln Stone is recognized as a top-notch expert in the U.S. with more than 25 years of work experience. Lincoln has successfully represented for hundreds of investor clients and entrepreneurs in startups and emerging businesses, helping to qualify for a wide range of visa categories. He has also successfully processed over 4,000 investor applications in the EB-5 investor visa category. Additionally, in Vietnam, Lincoln is a strategic partner of the USIS Group – a pioneer and leading agent in investment-based immigration industry, specializing in markets of America, Europe, Australia and Canada. HCM City compromises pork traceability standard upon traders’ protest The management boards of Hoc Mon and Binh Dien wholesale markets on October 16 succumbed to protests by vendors and thus allowed them to sell pork without traceability tags at the markets although the HCMC government had earlier instructed that traceability is a must for all pork on sale there. The number of traders abiding by the traceability regulation accounted for a small proportion on the first day the ban took effect on October 16. A representative of the Binh Dien Market Management Company told the Daily that as of 1 a.m. on October 16, among 22 trucks carrying pork to the market, only four vehicles showed as sufficient documents on pork traceability as required. Others had their products wearing traceability tags, but without sufficient information, such as necessary details about slaughterhouses. Under the regulation, the management boards shall not allow traders of pork without clear origin to enter the markets. However, due to their fierce opposition, the HCMC Department of Industry and Trade, and the Binh Dien Market Management Company had no way but to let them take their products into the market. As of 2 a.m. on October 16 at Hoc Mon Market, only 15 out of 150 pork-carrying trucks had secured enough information, including details about both farms and slaughterhouses. Le Van Tien, deputy director of the Hoc Mon Market Management Company, said 100% of pork products at the market were attached with traceability tags. However, the majority of them contained information about farms only without abattoir details. He said after HCMC-based Xuyen A slaughterhouse had suspended its operation, the number of pigs from provincial slaughterhouses to the market has risen from around 100-200 to a staggering 3,100 on a daily basis. Nguyen Ngoc Hoa, deputy director of the municipal Department of Industry and Trade, said the move which allowed traders to sell substandard pork on October 16 was merely a temporary solution. He stressed traders must obtain business certificates in the coming time. The city government will also ask slaughterhouse operators to process pigs from the licensed traders only. Singapore registers to invest over $41.38 billion in Vietnam Singapore has 1,918 valid investment projects in Vietnam with the total registered capital of US$41.38 billion by the end of August, ranking third out of 122 nations and territories investing in the country. That was reported according to data from Foreign Investment Agency under the Ministry of Planning and Investment at the 13th ministerial conference on Vietnam-Singapore economic connectivity in Hanoi yesterday. Vietnam has 93 projects in Singapore with the total capital of $235 million. Singapore ranks 12 out of 72 countries and territories which Vietnam has invested in. The projects concentrate in fields such as oil and gas, mining, retail, services, information technology and logistics. Vietnam-Singapore Industrial Park (VSIP) is the highlight in the cooperation relationship between the two countries. VSIP Group has developed a total of eight projects in Vietnam over 8,400 hectares, obtained the export turnover of $32 billion and created jobs for 200,000 workers. Minister of Planning and Investment Nguyen Chi Dung said that the conference aims to continue exchanging solutions, sharing experiences to intensify the cooperation between Vietnamese and Singaporean authorized agencies. Through these activities, the connectivity between Vietnamese and Singaporean economies will be boosted in all fields. Within the framework of the conference, the Vietnamese Ministry of Planning and Investment, the Singaporean Ministry of Trade and Industry and the People’s Committee of Quang Tri province coordinated together to organize an investment promotion conference in the north central province. In Vietnam, taking ownership to escape poverty UN Secretary General Antonio Guterres has emphasised that listening to the views of the people living in poverty and acting together with them is a way of making poverty reduction sustainable on International Day for the Eradication of Poverty. Below is Nguyen Thi Tinh’s story on how she escaped poverty with the help of the UNDP and its partners. Nguyen Thi Tinh lives with her daughter in Na Vuong village in the northern mountain province of Cao Bang. Her husband left when her daughter was very small, and her daughter has to travel more than 10 kilometres to her secondary school. For many years, Tinh received support from various poverty reduction programs and tried very hard to escape from poverty. “Once I got a ploughing machine which was shared with several other households. With the type of soil here I can only grow one rice crop a year and this is not self-sufficient,” Tinh said. “Another time, I received VND5 million (US$230) from a poverty reduction program and spent it repairing my house which was in very bad condition. I even had to borrow more money for the repair and am still paying back the debt.” Tinh is from the Tay ethnic minority group that inhabits this remote mountainous area, and her situation is not uncommon. Across Vietnam, many other ethnic minority households are chronically poor. While overall poverty levels in the country dropped to 14.5 per cent in 2010, ethnic minority groups have experienced a much slower pace of poverty reduction. Progress in reducing poverty among ethnic minority people in dimensions other than income, such as education, health, housing, sanitation and water also lag behind the national average. The Government of Vietnam recognized the persistence of chronic poverty among ethnic minorities and mountain communities, and has been implementing a series of policies and programs targeting these population groups. Under the Poverty Reduction Policies Project, co-financed by Irish Aid, UNDP and its partners - including policymakers, government agencies, and grassroots communities – have explored two important questions: How best to meet the needs of the ethnic minority people? How to ensure poverty reduction initiatives effectively help ethnic minority people permanently escape from poverty? Since 2012, UNDP has promoted community agreement and ownership of poverty reduction models to enable poor people like Tinh to sustainably escape poverty. Last year, we [villagers] met to discuss livelihood options for our village. With the soil and other conditions here, we agreed that cow breeding would be most feasible,” said Tinh. “We also discussed to decide which households were the poorest in the village and should participate in the [UNDP-supported] cow rearing scheme.” Tinh was among the seven households selected for the first round. She had the right to select her own cow, and she decided to choose one with its baby. Tinh and fellow villagers took part in training sessions in cow breeding techniques such as improving nutrition for the cows, constructing barns, growing grass, etc. They have been putting the obtained knowledge and skills to use. After 10 months, the baby cow has grown up and been returned to the project, so that additional villagers can benefit from the project. “The mother cow will deliver soon. I will breed the baby cow and in 10 months I will sell it and get money to clear all debts and buy a motorbike for my daughter to go to school,” Tinh looked ahead optimistically. “I hope that my daughter will go to college and get a decent job afterward.” Over 11,500 poor women and men from various ethnic minority groups across eight pilot provinces in Vietnam have actively participated in community meetings, where they discuss problems, define solutions, and plan development of their communities. They also attended training programs equipping them with new skills to improve their livelihoods. Not only have their livelihoods improved through innovative income generation activities, their confidence to take charge of their own development has increased substantially. This very positive experience of community empowerment in the project’s pilot locations is being shared and scaled up in many more provinces under the National Target Program for Sustainable Poverty Reduction. Government agencies at provincial and central levels increasingly recognize poor people’s capability to provide sustainable solutions to key development questions. Policy improvements have been made promoting the community-owned initiatives and institutionalizing participatory planning. Over US$15.5 billion worth of FDI poured into Bac Ninh Foreign direct investment (FDI) flow into Bac Ninh province has increased from US$177.6 million, invested in four projects in 1997, to over US$15.5 billion on more than 1,080 projects from 32 countries and territories at present, making it one of Vietnam’s largest recipients of FDI. The figures were announced during a conference held on October 17 to review Bac Ninh’s FDI attraction over the past three decades. Following 30 years of implementation, FDI attraction in Bac Ninh has grown forcefully into a dynamic economic sector, with significant achievements, actively contributing to the province’s growth and socio-economic development. The Republic of Korea is the largest FDI investor in the northern Vietnamese province with over US$10 billion. The FDI flow is focused mainly in the processing and manufacturing industry, with a registered capital of more than US$14.6 billion, representing 96% of the province’s total FDI attraction. FDI projects in Bac Ninh has also been highly appreciated in terms of their quality, thanks to the investment of many world renowned brands, namely Canon (Japan), Samsung (Republic of Korea), Nokia (Finland), Pepsico (US), and ABB (Sweden). The success of FDI businesses has played a key role in Bac Ninh’s economic growth, with the contributory rate of the FDI economic sector to the province’s gross regional domestic product (GRDP) increasing through the years. From just 0.05% in 1997, the FDI sector’s industrial production value rose to 89.9% of the whole province’s total industrial production value last year. FDI businesses in Bac Ninh exported US$22.6 billion worth of commodities in 2016, accounting for over 99% of the province’s total export value, whilst contributing more than VND7 trillion (US$308 million) to the State budget last year and VND3.6 trillion (US$158.4 million) in the first half of 2017. They have also contributed to providing employment and raising the income for nearly 200,000 labourers, both within and outside the province. Addressing the conference, Chairman of the Bac Ninh provincial People’s Committee, Nguyen Tu Quynh, spoke highly of the foreign investors’ decisive role in developing Bac Ninh from a merely agricultural province to a modernity-oriented industrial province, with many targets among the leading group of the country. There remains a lot of business potential and opportunities for foreign investors in Bac Ninh, he said, encouraging FDI enterprises to actively renovate themselves and participate effectively in the fourth Industrial Revolution, as well as the global value chain, in addition to exerting continuous efforts to advertise Bac Ninh to the world and supporting the province in investment promotion work. Quynh pledged stronger administrative reforms and greater efforts to build a safe, attractive, transparent and favourable business climate for investors, affirming that Bac Ninh always works with and considers foreign investors an integral part of the economy. On the occasion, the Chairman of the provincial People’s Committee presented certificates of merit to 23 exemplary collectives with significant achievements during the period of 1987-2017. EuroCham pharma committee marks successful first year The EuroCham International Quality Generics Sector Committee (IQGx) under the EuroCham Healthcare Forum has marked its one-year anniversary as a successful platform dedicated to discussing approaches towards an ever-improving business environment for the healthcare industry in Vietnam. Over the past year, the EuroCham IQGx has been an active partner of key healthcare stakeholders, having been recognized as an important forum working towards better access for patients to affordable and high quality pharmaceutical products in the country. “The EuroCham IQGx is the youngest sector committee in EuroCham’s Healthcare Forum and has been delivering well in promoting opportunities for international quality generics businesses,” said Mr. Jens Ruebbert, EuroCham Chairman. “The sector committee has brought about important efforts to create a platform where companies and Vietnamese authorities can discuss solutions for effective and inclusive policy making. For over one year, the group has been actively working with other healthcare sector committees under EuroCham, which together bring a valuable contribution to the healthcare industry in Vietnam.” The continuous demographic increase in Vietnam as well as a rise in non-communicable diseases have generated intensified demand for healthcare. During this shift, Vietnamese patients have become increasingly overburdened with high out-of-pocket payments and therefore require further affordable treatment options. In this context, universal health coverage surfaces as the most critical healthcare priority to ensure social welfare. In recent years, the government has presented a number of policies to deal with pressing healthcare issues, such as increasing patients’ access to healthcare, using the national healthcare budget effectively, increasing tender and procurement, and encouraging high quality generic pharmaceuticals. Over the past 12 months, IQGx has employed numerous efforts to deliver on its commitment to improving Vietnamese patients’ access to high quality medicines. Moreover, efforts have also gone into contributing to policy making, with the goal of enhancing the business environment. The IQGx has sent many valuable recommendations to the Vietnamese Government through different channels, with those in the EuroCham Whitebook (launched in March 2017) being a good example. Another landmark of its advocacy work was the “Multi-Criteria Decision Analysis (MCDA) Methodology and Applications in Decision-Making for Off-Patent Pharmaceuticals” scientific symposium, co-organized with the Ministry of Health in Hanoi in July. The event gathered key stakeholders to explore the title concept and exchange opinions on the potential application of international best practices in regards to using MCDA for off-patent pharmaceutical reimbursement decisions in Vietnam. “For the past year, IQGx has created a new platform where some issues and solutions were discussed among like-minded business professionals in the industry,” said Mr. Ngo Van Huy, Chairman of IQGx. “We will continuously look for ways to partner with various healthcare stakeholders and provide recommendations to the government. We aim to deliver an affordable, high quality, and sustainable supply of trusted branded generic medicines and services, ultimately helping patients to obtain better access to healthcare in Vietnam.” The EuroCham IQGx vows to continue to work as effectively as possible towards the future of healthcare in Vietnam, taking into account the context of the EU-Vietnam Free Trade Agreement, which is scheduled to come into force in 2018. The sector committee will continue to apply the same constructive approaches in its joint activities, bearing in mind the well-being of patients, improving Vietnam’s business environment, and the advancement of the country as a whole. “High quality generics play a critical role in maximizing the efficiency of the public healthcare system through improved accessibility of patients to affordable medical therapies,” said Mr. Torben Minko, Vice Chairman of IQGx. “IQGx is committed to advocating for a better outcome in developing effective solutions through a constructive dialogue with the government, protecting and improving the health of patients in Vietnam.” Hanwha Life Vietnam's new premium growth at 47% Hanwha Life Vietnam has taken in VND478 billion ($21 million) in new premiums this year, an increase of 47 per cent year-on-year and taking its market share up 0.4 per cent. In the first nine months it employed 19,000 new financial consultants and sales capacity per contract remains the highest in the market. The company had 100 customer service centers across the country by mid-August and continues to expand. It launched six new general agencies, including Hau Loc, Thach Thanh and Ha Tinh 2 in the north, and Thanh Khe, Cam Lo, and North Quang Binh in the central region, raising the number of customer service centers to 108 nationwide. Its network is expected to spread out around the country to better serve customers and increase its brand identity. Moreover, it will focus on diversifying its distribution channels, in cooperation with two South Korean banks in Vietnam - Woori Bank and Shinhan Bank. Mr. Back Jong Kook, Chairman of the Board of Directors and CEO of Hanwha Life Vietnam, said the strong growth in the third quarter of this year was due to the expansion of its distribution network, focusing on improving customer care services and professionalizing its team of financial consultants. “Hanwha Life Vietnam always considers service quality as a foundation value,” he said. “To improve quality, we are ready to meet the strictest of needs among all customers. At the same time, we will improve the quality and professionalism of our financial consultant team so that they operate more and more professionally. Our goal is to become one of the leading life insurance companies in terms of quality and sustainable development in Vietnam.” 2016 was the first year the company recorded profit after eight years in Vietnam, of VND12 billion ($527,994). South Korea trade to reach $100 billion by 2020 Two-way trade between Vietnam and South Korea is expected to rise to $100 billion by 2020, Mr. Park Chun Ho, General Director of the Korea Trade-Investment Promotion Agency (KOTRA) in Hanoi, told a conference held on October 17 as part of the 25th anniversary of Vietnam-South Korea diplomatic relations entitled “Supporting Vietnamese Enterprises in Applying the Vietnam-South Korea Free Trade Agreement”. The relationship between the two countries has flourished in many fields over the 25 years, especially in investment and trade. Two-way trade rose from a mere $500 million in 1992 $43.4 billion in 2016, with South Korea become Vietnam’s third-largest trade partner. Vietnam, meanwhile, is South Korea’s fourth-largest trading partner. In 2014, South Korea surpassed Japan to become the largest foreign investor in Vietnam, with 6,324 projects and capital of $55.8 billion as at September 20 this year. With the free trade agreement officially coming into force, cooperation in investment and trade between the two countries will be further strengthened, according to Mr. Bui Huy Son, Director of the Trade Promotion Agency at the Ministry of Industry and Trade. Manufacturing and processing, which leads in export growth from Vietnam to South Korea, recorded turnover of $5.4 billion in the first six months this year, up 28.6 per cent year-on-year. Agriculture and aquatic products reached $497.2 million, up 29.3 per cent. Other products South Korea imports from Vietnam, such as machinery, equipment, electronic products, spare parts, textiles and footwear materials, increased by between 16 and 20 per cent. Export turnover in September reached $19 billion, up 23.6 per cent over the same period of 2016. The first nine-month figure was $154 billion, up 19.8 per cent year-on-year. Import turnover in the month reached $18.6 billion and $154.5 billion in the first nine months, up 23.1 per cent year-on-year. Vietnam therefore recorded a trade deficit with South Korea of $442 million in the first nine months of the year. While the domestic sector recorded a deficit $18.08 billion, the foreign-invested sector recorded a surplus of $17.64 billion. The deficit with South Korea is due to Samsung importing large quantities of machinery and equipment to produce new products such as the Galaxy Note 8. Vietnam’s exports to the country have remained stable since the beginning of the year. UOB partners with Toong to make room for SMEs United Overseas Bank (UOB) recently signed a memorandum of understanding (MoU) with Toong to provide UOB’s small and medium-sized enterprise (SME) customers preferential rentals at any of Toong’s five co-working office spaces in Vietnam. UOB customers will enjoy up to 20 per cent off rentals and have access to Toong’s business partners, including legal and accounting firms, who can advise them on such issues as local incorporation. “According to our research, one in four Asian enterprises is keen to expand into Vietnam,” said Mr. Harry Loh, Vietnam Country Manager at UOB’s Ho Chi Minh City Branch. “However, managing the costs of cross-border expansion is a key concern of business owners. By partnering with Toong, we are able to offer our customers a convenient and more cost-effective way to set up and manage their operations in Vietnam.” “Unlike a typical office lease in Vietnam, which requires a two to five-year commitment, our co-working space provides companies with the ability to set up their operations in Vietnam quickly and easily,” said Mr. Duong Do, Founder and CEO of Toong. “In addition to office space, we will also support these companies in their operational needs, such as registering their company and helping them understand the local business landscape.” As part of the MoU, UOB and Toong will also work together to promote the exchange of knowledge, business, and culture between Vietnam and Singapore. A focus area of these joint efforts will be in nurturing the development of Vietnamese financial technology (FinTech) startups. Today, about 50 per cent of Toong’s clients are in the technology sector, while the remainder are from industries including finance, education, real estate, and logistics. UOB will share its expertise with Toong’s clients and other promising startups in the areas of business development and innovation. It will also facilitate knowledge sharing and networking sessions between Vietnamese startups, potential investors, and industry experts. Toong will open up its office space for these events. FinTech startups will also be given the opportunity to participate in UOB’s accelerator program, The FinLab. The FinLab provides practical guidance, resources, and mentorship to enable startups selected for its 100-day accelerator program to secure investor funding, to sign commercial deals, and to expand into new markets. Singapore’s UOB last month announced it had received licensing from the State Bank of Vietnam as a foreign-owned subsidiary bank. At the same time, it also launched a Business Banking service dedicated to helping small businesses in Vietnam grow. Toong is the first and largest co-working space chain in Vietnam, providing innovative working environments to SMEs and startups around the country. After more than two years of operations, it now has five locations in Ho Chi Minh City, Hanoi, and Da Nang. After receiving funds from the Openasia Group and Indochina Capital (ICC), Toong sought partnerships with CapitaLand in developing co-working space innovation centers in Vietnam, and International Enterprise Singapore (IE Singapore) in helping Singaporean SMEs expand into Vietnam. E-commerce Club established The Hanoi Small and Medium Enterprises Association (Hanoi SMEs) has established the E-commerce Club, as e-commerce has become a familiar means of communication among large trading companies. E-commerce is now a global trend and an area of potential for SMEs to grow and develop and also presents opportunities to those who wish to start a new business. Mr. Mac Quoc Anh, Vice President and General Secretary of Hanoi SMEs, said that rapid integration requires more information technology (IT) and online transactions. “This is a favorable condition for the e-commerce sector to develop further,” he said. Mr. Nguyen Dinh Hung, General Director of the EDX Corporation and Chairman of the E-commerce Club, said there are a huge number of enterprises looking forward to applying e-commerce in their business, especially with the fourth industrial revolution (Industry 4.0) beginning to take hold. “Enterprises not involved in e-commerce may well fail,” he said. “The establishment of the E-commerce Club provides the conditions for businesses to develop.” It’s not, however, easy to gain benefits from e-commerce initially. “Enterprises must remain patient and manage and improve their e-commerce system,” he suggested. All ready for E5 biofuel introduction Vietnamese enterprises and authorities are ready to produce and trade E5 biofuel gasoline. From January 1, 2018, gasoline enterprises are only allowed to produce and trade E5, under a decision from Prime Minister Nguyen Xuan Phuc. Enterprises have made careful preparations regarding suppliers and technology for production, with suppliers being a key concern of the Ministry of Industry and Trade (MoIT). “We can fully meet demand for E5 gasoline given the capacity at existing plants,” Deputy Minister of Industry and Trade Hoang Quoc Vuong said. “We also allow enterprises to import ethanol to ensure competition in the market.” Because E5 biofuel is quite new for customers, Mr. Vuong said that enterprises and ministries must promote its advantages. In addition, MoIT and the Ministry of Finance (MoF) will cooperate in introducing tax policies for biofuel, to attract customers. Authorities have tested the quality as well as the effect of E5 biofuel, finding it protects the environment and lowers harmful gases such as CO2, HC, and SO2, according to Mr. Nguyen Nam Hai, Deputy Director General of the Directorate for Standards Metrology and Quality. E5 gasoline has no negative effect on modern engines. Mr. Nguyen Duc Nam, Deputy Director of the PetroVietnam Oil Corporation (PV Oil), said it has prepared resources to improve and expand E5 gasoline blending facilities to ensure supply after January 1. PV Oil has a blending station at Dinh Vu in Hai Phong with a capacity of about 80 cu m per hour, which will increase in line with demand, he said. Petrolimex also said that they will ensure ethanol supplies and expand E5 gasoline blending stations in provinces around the country. Deputy Director Tran Ngoc Nam emphasized that the group targets introducing distribution chains from December 1. The requirements on producing E5 are high, including in technology and facilities, so the government should adopt reasonable policies to support small and medium-sized enterprises to take part in the E5 gasoline business, according to Mr. Phan The Rue, Chairman of the Vietnamese Gasoline Association. E5 is formulated from 95 per cent A92 gasoline and 5 per cent anhydrous ethanol. HCM City has 24,000 Grab and Uber cars The HCM City Trasport Department has revealed that by the end of September there were 25,000 under 9-seat cars working in ride share networks, with Grab and Uber, more than double traditional taxis that have just 11,000 vehicles. As a result, the city has a total of 36,000 ride share and traditional taxis, 2.5 times higher than the number of taxis expected in the 2020 master plan at about 14,500. This high number of taxis is believed to have made traffic congestion worse. Recently, the Ministry of Transport has announced that HCM City can limit the number of Uber and Grab vehicles in the city, but in fact, the city hasn’t released any decision to limit the ride share taxi. However, 36 traditional taxi companies were limited to 12,654 vehicles in 2010. Right now, due to fierce competition, there are only 21 traditional taxi companies with 11,000 cars doing business. Seminar looks to lure more foreign investment Adjusting preferential policies for investment projects according to development plans in different areas is essential to attract more foreign direct investment (FDI), Chairman of the Vietnam Association of Foreign Invested Enterprises Nguyen Mai said at a seminar held in Hanoi on October 17. For developed cities such as Hanoi, Ho Chi Minh City, Da Nang, and Hai Phong, it is necessary to promote industry and high-quality services, creating high added value products and increasing competitiveness both domestically and globally, he said. At the same time, he urged not choosing labour-intensive and environmentally-unfriendly projects, he added. Deputy head of the Foreign Investment Department under the Ministry of Planning and Investment Dang Xuan Quang noted some major factors to attract more foreign investment such as ensuring sustainable socio-economic and environmental development, developing the private sector, drawing high-quality projects, and grasping opportunities from the fourth industrial revolution. Experts recommended paying attention to policies connecting FDI enterprises with domestic ones while developing the support industry and joining global value chains. Since 1991, the foreign economic sector has been a driving force for Vietnam’s economy, contributing significantly to the country’s industrial productivity, services, import-export, State budget collection, and gross domestic product. From 1991-2017, Vietnam lured nearly 162 billion USD in FDI. Notably, the presence of more large-scale projects worth at least one billion USD between 2011 and 2016 helped Vietnam become a destination to produce hi-tech products such as smart phones, tablets, and information technology. As of September 20, 2017, Vietnam had 24,200 active FDI projects with total registered capital exceeding 310 billion USD, with about 167 billion USD disbursed. Da Nang develops tourism to welcome 9 million visitors by 2020 The central coastal city of Da Nang has become a popular destination for both domestic and foreign tourists in recent years. The city was honoured last year as “Asia’s Leading Festival and Event Destination” at the World Travel Awards Asia & Australasia Gala Ceremony. Vice Chairman of the municipal People’s Committee Ho Ky Minh said the city hopes to forge tourism links with the central and Central Highland regions, prioritising sea-based tourism, MICE (meetings, incentives, conferences and exhibitions) tourism, culture-history tourism, and ecological tourism. It will regularly host tourism, sport, culture, and festival events at national, regional and international levels to promote Da Nang as a friendly destination, he added. Da Nang hopes to welcome nine million visitors by 2020, with 30 percent being international holidaymakers, and rake in 31.5 trillion VND (1.38 billion USD) in revenue. In the fourth quarter of 2017, the city has been completing the amendments to a master plan on tourism development by 2025, with a vision toward 2030, and a project on preferential policies to develop Thua Thien Hue-Da Nang-Quang Nam tourism, and promote tourism in key markets in Asia. Da Nang is famous for its beautiful destinations, especially beaches. Visitors can admire the natural wonders in Ba Na Hills, explore the jungle in Son Tra Peninsula, and pray at Linh Ung Pagoda with Vietnam’s highest Bodhisattva Statue at 67 metres. In 2017, Da Nang is expected to greet 6.5 million visitors, including more than 2 million foreigners. The city is now home to 83 investment projects in tourism and services worth around 7.3 billion USD. Advance technologies of water industry at VIETWATER 2017 Vietnam’s leading international water supply, sanitation, water resources, and purification event, VIETWATER 2017, will take place at SECC, Ho Chi Minh City between November 8 and 10. According to the organiser, there will be more than 480 participating companies from 38 countries and regions in this exhibition. According to Eliane van Doorn, business development director (ASEAN Business) at UBM Asia, the organiser of VIETWATER, the event will continue building an international business platform for 14,000 participants to connect, exchange, and share their industry expertise. “The exhibition features 14 international pavilions, giving participants the latest technology updates in the water industry. Focusing on sustainable water development, VIETWATER 2017 is carrying out activities to support both businesses and the general community,” said Doorn. To support the Vietnamese community, UBM is working with Vietnam Water Supply and Sewerage Association (VWSA), Australian Water Association (AWA), and SkyJuice Foundation to deliver a safe drinking water project in the rural communities of Khanh Phu and Lien Sang of Khanh Hoa province. The project provides advanced, low cost, and easy-to-operate membrane filtration systems to two rural schools, providing 20,000 litres of safe drinking water per day to the children and staff. Apart from these activities, VIETWATER 2017 is introducing the Water Innovation Gallery on the exhibition floor, where the latest innovative technologies and solutions are on display to assist the development of water technologies in Vietnam. The exhibition also offers free admission, allowing all industry visitors an opportunity to learn about the Vietnamese water market, international technologies, and a number of practical and insightful experiences from technical seminars to an international conference with the theme “Toward Sustainable Water Development—International Experience.” VIETWATER 2017 once again co-located with Vietnam’s leading renewable energy and energy efficiency exhibition, RE & EE Vietnam 2017, and brings forth a premier business platform for both the water and the energy industry. HCM City vows to support RoK firms’ long-term investments HCM City vows to help foreign investors, including those from the Republic of Korea (RoK), to make long-term investments in the city. Chairman of the municipal People’s Committee Nguyen Thanh Phong made the promise at a meeting with Park Soo Kwan, Honorary Consul General of Vietnam in the RoK’s Busan region on October 17. Phong called on Park to continue promoting ties between the two localities and to encourage firms from Busan and the RoK to invest in the city, particularly in building infrastructure, addressing environmental pollution, developing hi-tech agriculture, and in the support industry. For his part, Park said RoK firms, including those in Busan, consider Vietnam and HCM City as a promising market, adding that they want to help make HCM City a development hub of the region. Numerous RoK enterprises want to invest in the city in waste treatment, waste-to-energy development, and urban infrastructure, he said. The RoK is the fourth biggest investor among 92 nations and investing in HCM City. Vietnam-RoK ties flourishing at 25 A quarter of a century of diplomatic relations between Vietnam and the Republic of Korea (RoK) has yielded substantial progress, especially in investment and trade, said Bui Huy Son, head of the Ministry of Industry and Trade’s Vietnam Trade Promotion Department (Vietrade). Two-way trade increased 86 times from 0.5 billion USD in 1992 to 43.4 billion USD last year, he said at a workshop in Hanoi on October 17. The RoK is Vietnam’s third largest trading partner, while Vietnam is the RoK’s fourth largest trading partner. In terms of investment, the RoK surpassed Japan to become the largest foreign investor in Vietnam in November 2014. Cooperation has been boosted further since the free trade agreement between Vietnam and Korea (VKFTA) went into effect in December, 2015, the director added. Manufacturing sectors are the leading sector of export growth to the RoK, enjoying preferential FTA conditions. The sector achieved 5.4 billion USD in exports in the first six months this year, an increase of 28.6 percent over the same period last year. Exports of agricultural and aquatic products reached 497.2 million USD, increasing 29.3 percent over the same period last year. Under Vietnam’s tariff reduction commitments, the import of Korean machinery and electronic products, spare parts and raw materials of textiles, leather and footwear increased by 16-20 percent. “I believe that besides the efforts of Vietnamese agencies in supporting Vietnamese businesses in applying the VKFTA, the support of the Republic of Korea Embassy in Vietnam and the Korea Trade-Investment Promotion Agency (Kotra) was valuable and notable,” Son said. “With the determination of the two’s governments and the proactivity of enterprises, the goal of reaching bilateral trade turnover of 70 billion USD by 2020 is feasible,” he emphasised. “Kotra, Vietrade, the general department of customs and other Vietnamese agencies are doing their best to instruct Vietnamese businesses to apply VKFTA,” said Han Kyung Joon, deputy director of Kotra. But, he added, to maximize VKFTA opportunities, businesses themselves need to be proactive to thoroughly study the agreement and grab investment and business opportunities. Vietnamese companies could also ask for support from Kotra’s VKFTA support centre in Hanoi. Park Chul Ho, director general of Kotra, advised Vietnamese exporters to ensure good preparation of papers and procedures, such as certificates of origin (C/Os). Quang Tri - promising land for investors A favourable geographical location is one of the central Quang Tri province’s advantages in attracting investment, said Chairman of the provincial People’s Committee Nguyen Duc Chinh. Speaking at a trade promotion seminar in Hanoi on October 17, the official said Quang Tri has good transport conditions in terms of road, railway and waterway, as the province is located at the intersection of the North-South and East-West economic corridors. Of note, the East-West Economic Corridor, which runs through 13 cities and provinces of Myanmar, Laos, Thailand and Viet Nam, including Quang Tri, is the shortest trans-Asia route, he said. Quang Tri is also one of the leading localities nationwide in forestation and timber product processing and export, he said, adding that the coastal province has silica sand deposits which can be used for glass and construction material production. The province also has potential for renewable energy and tourism development. According to the official, Quang Tri has, so far, attracted 330 projects worth about 69.5 trillion VND (3.05 billion USD), including 14 foreign direct investment projects valued at 1.02 trillion VND (44.9 million USD). The businesses have accounted for 47.6 percent of the province’s Gross Regional Domestic Product and created about 35,500 jobs. Minister of Planning and Investment Nguyen Chi Dung said over the years, Quang Tri has improved its investment climate by raising human resource quality, streamlining administrative procedures and upgrading infrastructure. The Ministry of Planning and Investment will work with other ministries and agencies to create optimal conditions for investors in Quang Tri, he pledged. Lim Hng Kiang, Singaporean Minister for Trade and Industry, said many Singaporean investors have come to seek investment opportunities in Quang Tri. In March 2017, Sembcorp and KinderWorld Groups of Singapore examined the locality in preparation for an industrial and urban complex project, and Pegasus ecotourism project, he said. More British firms expected to explore Hanoi’s opportunities An increasing number of enterprises from the UK will come to Hanoi to explore investment opportunities in the future, said British Deputy Ambassador to Vietnam Steph Lysaght. At a recent seminar, Lysaght highlighted improvements in Hanoi’s competitiveness over the past 20 years, saying that it has become attractive to foreign investors, including those from the UK. The UK has strength in the finance-banking, education, economic, construction, transport, logistics and insurance sectors, he said, adding that the country wants to boost cooperation with Hanoi in these fields. Vietnam is considered an important partner of the UK, for the development and prosperity of both nations, the diplomat said. Christopher Jeffery, Vice Chairman of the British Business Group Vietnam and Dean of British University Vietnam suggested Hanoi improve administrative procedures and transparency to enhance its competitiveness. The UK’s exit from the European Union will have no impact on the country’s investment in Vietnam, he said. For his part, Vice Chairman of the municipal People’s Committee Nguyen Doan Toan pledged that Hanoi will create optimal conditions for British firms to do business in the city. Toan highlighted the contributions British investors have made to the municipal budget and their major projects. In 2016, Hanoi earned 524 million USD from shipping goods to the UK, making up 4.9 percent of the city’s total export value, mostly garments-textiles, footwear, bags, agricultural products, and handicrafts. Hanoi also imported 142 million USD worth of commodities from the UK, or 0.6 percent of its total import value, mostly metal, animal food, agricultural products, pharmaceuticals, pesticides, garments-textile materials, and computer spare parts. Vietnam, Singapore bolster economic connectivity, trade cooperation The 13th Vietnam-Singapore Connectivity Ministerial Meeting opened in Hanoi on October 17, aiming to strengthen economic connectivity and trade cooperation between the two countries. Speaking at the meeting, Minister of Planning and Investment Nguyen Chi Dung said Singapore is a significant trade partner of Vietnam in Asia and Southeast Asia. The meeting offers a chance to review bilateral investment on several fields such as education, information, transportation, finance-banking and tourism services. Recently, Vietnam has been more active in improving business and investment climate, and raising the confidence of international businesses, the minister added. He voiced his hope that the two countries will expand cooperation in the coming time, raising the efficiency of bilateral investment. The two sides will also exchange information and address difficulties of Singapore’s firms in Vietnam. For his part, Singaporean Minister for Trade and Industry Lim Hng Kiang affirmed that Vietnam is a major economic partner that has attracted the increasing number of foreign investment, including those from Singapore. At the meeting, the two sides evaluated the implementation of bilateral cooperation agreements in the six connectivity areas, namely investment, finance, information technology and communications, education and training, transportation, and trade and services. To boost economic connectivity and investment cooperation, the two sides proposed both countries’ State management agencies bolster cooperation, information exchange and experience sharing on management policies and knowledge in various fields such as communications, education-training, tourism-services, urban transportation planning and management, road transport development and export-import. Vietnam-Singapore trade has been thriving with an average growth of 12 percent a year. Singapore is the sixth biggest trade partner of Vietnam while Vietnam is currently the 11th largest trade partner of Singapore. In the first seven months of 2017, two-way trade between Vietnam and Singapore hit five billion USD, up 16.4 percent year-on-year. Singapore currently has more than 1,910 valid investment projects in Vietnam, with total registered capital of over 41.38 billion USD, making it the third leading foreign investor in Vietnam. In the January-August period, Singapore poured 3.93 billion USD of registered capital into Vietnam. Of the sum, 2.84 billion USD came to newly-approved projects, while 718 million USD was added to existing projects. Vietcombank secures deal with Singapore Manufacturing Federation The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) inked a cooperation agreement with the Singapore Manufacturing Federation (SMF) on October 17. Under the pact, the two will work together to capitalise on their respective potentials and bring benefits to their customers. Vietcombank Deputy Director General Dinh Thi Thai said the deal will help elevate the sides’ partnership to new heights. SMF President Douglas Foo said he believes with a strong partner like Vietcombank, SMF members will be facilitated in payments, cash management, and business finance. As part of the signing ceremony, Vietcombank and SMF held a networking meeting for loyal Vietcombank customers and Singaporean businesses that plan to invest in Vietnam. Founded in 1932, the SMF has more than 3,000 members in various fields, such as real estate, electricity, food and beverages, energy, and chemicals. Vietcombank was the first Vietnamese bank to open a representative office in Singapore, supporting the operations of financial institutions and businesses in the country that wish to invest in Vietnam. In 2016, the bank’s total assets reached 787.9 trillion VND (34.7 billion USD), up 16.8 percent year-on-year, and reported pre-tax profits of 8.52 trillion VND (375 million USD). Cement, clinker exports set to reach yearly target Viet Nam generated US$438 million from exporting 13.6 million tonnes of cement and clinker over the past nine months of this year, fulfilling 90 per cent of the yearly target. The nine-month exports also marked respective increases of 12.7 per cent in value and 21.4 per cent in volume compared with the same period last year, statistics from the General Department of Customs revealed. In September alone, the country’s cement and clinker exports reached more than 1.53 million, valued at $53.7 million, up 10.6 per cent in volume but down one per cent in value over August, according to the data. During the January-September period, Bangladesh and the Philippines remained the two largest importers of Vietnamese cement and clinker, accounting for 33.8 per cent and 31.8 per cent of the country’s total exports, respectively. Bangladesh imported 5.53 million tonnes of cement and clinker, worth $162.4 million, from Viet Nam during the period, while Philippines spent $153.2 million on importing 3.43 million tonnes of Viet Nam’s cement and clinker. Other major consumers included Taiwan, which imported 778,000 tonnes, valued at $23.3 million; Peru (436,000 tonnes, $20.5 million); and Sri Lanka (423,000 tonnes, $12.5 million). Despite positive export performance in the nine-month period, domestic enterprises are still worried about the cement oversupply in the future as a new production line of the Xuan Thanh cement factory in northern Ha Nam Province has started operations, providing 4.5 million tonnes of cement annually. The nation’s total designed cement production capacity to date is estimated at nearly 100 million tonnes. VN rice industry should focus on quality: experts Vietnamese rice producers and exporters should focus on quality and supplying products that are in demand to sustain the production and export of the grain and add value to the grain, a meeting heard in HCM City on Thursday. Speaking at the meeting held to discuss Viet Nam’s Rice Market Development Strategy from 2017 to 2020, Phan Van Chinh, head of the Ministry of Industry and Trade’s import-export department, said the global rice market had seen changes, with major importing countries increasing domestic production. “Free trade agreements theoretically create opportunities for Viet Nam to boost exports to these markets, but to do so Vietnamese rice must meet the quality standards set by these markets.” To achieve sustainable production and export, the Government has approved a strategy for the 2017–20 period. Tran Xuan Long of the import-export department said one of the goals of the strategy was to gradually reduce rice export volume but increase value. Thus, the annual export volume is expected to be 4.5-5 million tonnes by 2020, earning an average of US$2.2-2.3 billion. Between 2021 and 2030 the annual volume is expected to be around four million tonnes, earning $2.3-2.5 billion. The make-up of the exports would also be restructured then, with a focus on increasing the export of fragrant, speciality, japonica and high-grade white rice, he said. Viet Nam would focus on Asian and African markets, with China, Bangladesh and ASEAN members such as the Philippines, Malaysia and Indonesia remaining key markets. Huynh Minh Hue, general secretary of the Viet Nam Food Association, said the main varieties of rice traded in global markets are basmati, parboil, fragrant, white broken rice, sticky rice, japonica, and white long-grain rice. Viet Nam is well placed in terms of sticky rice, fragrant, white broken rice, and white long-grain rice, he said. He said rice traders should “capitalise on their advantages to develop nearby and traditional markets whose demands dovetail with Viet Nam’s conditions.” To improve the competitiveness of rice traders, which is one of the measures in the strategy, businesses should focus on improving quality and marketing and cut costs, he said. Rice traders and exporters should establish links with farmers to ensure supply meets market demand and efficiency, he said. Pham Thai Binh, general director of Trung An Hi-tech Farming JSC, said rice traders who have contracted farmers that use safe production processes have bagged export orders from the beginning. The country should have zoning plans for each variety of rice based on soil conditions in different areas and use technology to improve the quality and value, he said. Delegates at the meeting called on the Government to speed up negotiations and sign agreements on hygiene and food safety standards with importing countries. The Ministry of Agriculture and Rural Development should decide on and apprise exporters about the process of quality inspection and hygiene and food safety regulations in line with those agreements, they said. Relevant agencies should review seaport planning and speed up loading and unloading of goods at ports to reduce logistics costs, they said. They called for co-operation among traders in promoting exports. According to the VFA, Viet Nam is expected to export 5.6 million tones of rice this year. Dau Tieng Rubber Corporation invests in high-tech agriculture Dau Tieng Rubber Corporation plans to build a high-tech agriculture zone, on an area of 2,000 hectares to improve efficiency in land use. This is a part of its development strategy for the period of 2015-20, said Le Thanh Hung, the corporation’s general director. The high-tech agricultural area will be located in Long Hoa and Minh Tan farms and the investment will be developed in three phases during the period of 2018-20. The corporation plans to intercrop banana trees on a total area of 1,000 hectares, while in the remaining area, it will call on domestic and foreign investors to build joint venture projects on developing cultivation and husbandry. The policy of intercropping other farming products in rubber plantations was implemented from 2014 on a total area of 1,487ha and the corporation made a profit of VND785 million (US$34,475). This was developed every year, but in 2017, due to the low price of agricultural products, the area for intercropping decreased, as against previous years. Therefore, the corporation cooperated with the U&I Company with experience in market, plants and technique to develop a joint-venture project on intercropping banana trees in rubber plantations on an area of 1,000ha from 2017 to 2020. This year, the two firms have invested in an area of 95ha with a total capital of VND345 million. The area is expected to harvest in December and they expect to receive a revenue of VND395 million per hectare, or an average profit of VND52 million per hectare per year. BIDV to launch 24 hour e-tax payment service The Bank for Investment and Development of Viet Nam (BIDV) will be one of the first commercial banks in Viet Nam to co-operate with the General Department of Customs to provide 24 hour e-tax payment service. The service will provide support to businesses to directly pay taxes for customs activities any time, including holidays, and any place with an internet connection. Payments of enterprises will be confirmed by BIDV and customs clearance procedures will then be complete. This is likely to help shorten time and reduce costs for firms in customs clearance. Firms can also find all their tax payment information at customs offices and enjoy preferential offers from the bank. The co-operation between the General Department of Customs and BIDV follows the e-tax payment service of banks and the 24-hour customs clearance project. This is considered a breakthrough for the customs sector in terms of reform of administrative procedures, facilitating firms in import-export activities. Since 2010, BIDV has co-operated with the General Department of Customs to connect the e-payment portal and import-export tax guarantee. The co-operation has contributed to accelerating administrative reform in the tax area. BIDV has co-operated with the State Treasury of Viet Nam and the General Department of Taxation to develop several convenient payment services for the business community and promote non-cash payment in the country. Vietcombank, SMF promote co-operation The Bank for Foreign Trade of Viet Nam (Vietcombank) and Singapore Manufacturing Federation (SMF) on Tuesday signed a comprehensive co-operation agreement in Ha Noi. Under the agreement, the two sides will co-operate to fully exploit their available potential, thus bringing benefits to SMF’s members and Vietcombank’s customers. Speaking at the signing ceremony, Dinh Thi Thai, Vietcombank’s deputy general director, said the strategic relationship between Viet Nam and Singapore has been enhanced following the official visit of Lee Hsien Loong in March. The bilateral trade between the two countries reached US$14 billion last year. Viet Nam has been the Singapore’s 12th biggest partner, while the latter has been one of three countries with the highest FDI capital in Viet Nam. Many Singaporean-invested projects have been operating effectively, contributing to the growth of Viet Nam’s economy, increasing export turnover and creating jobs. Vietcombank is the first bank with representatives in Singapore to supports firms investing in Viet Nam. The bank also established an FDI Customer Division, which has a team to serve Singaporean investors. Douglas Foo, SMF’s chairman, said the co-operation would support SMF in finance, banking and trade activities. Vietcombank, which has been operational since 1963, would help SMF’s members in payment, cash management, trade finance and foreign currency services. The two sides also organised a meeting between Vietcombank’s customers and SMF’s investors to exchange business opportunities, diversify distribution channels and help develop the market. SMF, which was established in 1932 in Singapore, includes manufacturing and other related firms. It has more than 3,000 members in many sectors such as property, electricity, food, beverage, energy and chemical. SMF has been one of two federations operating strongly and it has had the most significant effect in Singapore. MBBank continues support to SMEs The Military Commercial Joint Stock Bank (MB Bank) provided credit support to more than 1,000 small-and-medium sized enterprises (SMEs) with total capital of VND5 trillion (US$220 million) in the first nine months of the year. Ha My Hanh, deputy director of MBBank’s SMEs department, said the bank would continue to provide loans of total VND20 trillion with preferential interest rate to SMEs while developing new credit products for the firms with flexible guarantee assets in the future. Hanh said MB had effectively implemented the connecting businesses and bank programme by reducing interest rate by 1-1.5 per cent per year in comparison with the normal interest rate for SMEs. Interest rates have been less than six per cent and eight per cent a year for short-term and mid-term loans. In addition, the bank has launched preferential products and policies for prioritised sectors, including agriculture, rural development, exports, support industry and startups.The programme has been continuously implemented since 2012. MB has committed to provide maximum supports to SMEs. It will also have solutions to resolve businesses’ difficulties in accessing the bank’s loans for their production. Social media could give SMEs global reach: experts Small- and medium-sized enterprises (SMEs), which make up 90 per cent of businesses in Viet Nam, should take advantage of new marketing tools like social media to have access to global value chains, experts said at a meeting held on Tuesday in HCM City. Speaking at the forum on SMEs, Mai Huynh, a representative of a Facebook team based in Singapore, said there were 53 million active Vietnamese Facebook users on a monthly basis. Of the figure, 96 per cent use Facebook on their smartphones, while 68 per cent of Vietnamese view pages about enterprises selling products on Facebook, creating a huge potential for online marketing. Tran Thi Thanh Tam, deputy director of the SMEs Promotion Centre of the Viet Nam Chamber of Commerce and Industry (VCCI), said that SMEs were expected to have great opportunities to enter the global market in the digital economy. SMEs should take advantage of digital applications and minimise logistics and transaction costs by using the powerful tools of social media, she said. The fourth industrial revolution, which is digitally based, can help SMEs purchase goods and services in global value chains, opening up market access, attracting foreign investment, and accessing advanced production technology, according to Tam. However, most SMEs lack international customers and markets. Only 21 per cent of Vietnamese SMEs participate in global value chains. This challenge results in SMEs being less likely to benefit from the advantages of FDI, which include technology transfer, knowledge transfer and enhanced productivity. In addition, a major barrier for SMEs is the high cost of technology, while knowledge about e-commerce is still limited, hindering growth. More than 90 per cent of Vietnamese businesses are SMEs. They often encounter difficulties in accessing capital and technologies and lack management skills and connectivity, all of which are major hindrances when joining supply chains. Links among producers and distributors in supply chains are weak and have created unhealthy competition, making it more difficult for Vietnamese to join big markets. Though the Government has stepped up reform of institutions and improved the business environment, experts said it should minimise administrative procedures to help firms join supply chains. The forum was organised by the Viet Nam Chamber of Commerce and Industry (VCCI) and Facebook. Ford sales rise slightly this year Ford Vietnam sales rose 1 per cent so far this year, reaching 21,532 vehicles and capturing 10.8 per cent market share, the company announced. In September it sold 2,271 vehicles. The Ranger model saw September retail sales rose 12 per cent year-over-year to 1,259 vehicles. It continued leading Viet Nam’s pickup segment for the month and year-to-date, as sales rose 5 per cent to 10,734 vehicles. The Transit model continued to lead Viet Nam’s bus and van segment with September sales of 477 vehicles and year-to-date sales of 4,569 vehicles. The EcoSport compact SUV saw sales of 267 vehicles, pushing its year-to-date sales up to 2,925 vehicles. The premium Explorer SUV achieved sales of 90 vehicles in September with year-to-date sales reaching 981 vehicles. Each continued to lead their respective segments. The sporty Focus model’s September sales increased 5 per cent to 84 vehicles, with year-to-date sales increasing 24 per cent to 874 vehicles. Demand continued to rise in September for the Everest mid-size SUV model, with sales of 47 vehicles and year-to-date sales of 883 vehicles. In another development, Ford Vietnam has opened a new authorised dealer, Ford Binh Thuan, in the south-central province of Binh Thuan at an investment of VND100 billion (US$4.4 million). This is the 34th Ford Vietnam dealership in the country. VIMS 2017 show returns with new models The number of imported and vintage cars and motorbikes will appear for the first time at the Viet Nam International Motor Show (VIMS) 2017 to be held in HCM City October 25-29. The organisers said car enthusiasts would be the first to witness the unveiling of the Audi TT and Audi Q3 special editions as well as the launch of new models Volkswagen Passat BlueMotion 2017, Volkswagen Beetle Dune 2017, the New Volvo XC60, Subaru XV 2.0is, SsangYong G4 Rexton, and the Yacht Flyer 7.7. within a 10,000sq.m display area of VIMS 2017. For the first time in the show’s history, besides the featured exhibition, the Stunt show from Subaru with world-famous stunt driver Russ Swift will show off his smooth moves on wheels that should not be missed. In the outdoors area of the venue, test-drive programmes featuring signature cars of participating brands are expected to bring mind-blowing experiences. A stand-out activity will be The Art of Performance, a test-drive programme hosted by Jaguar & Land Rover, dedicated to provide users hands-on experiences with impressive performances from these luxury English car brands. SMEs get chance to connect with debt investors Small and medium-sized enterprises (SMEs) operating in Viet Nam, who contribute towards sustainable development and are seeking debt capital and investment readiness assistance, now have the chance to connect with investors by applying for the inaugural Capital Mobilisation Challenge for the Southeast Asian Region. The challenge is designed in the event that SMEs in Viet Nam and in the Southeast Asian region (SEA) face an array of sustainable development challenges due to their diverse geographic, economic and cultural attributes. A snapshot of these challenges includes access to clean energy, health services, sustainable economic growth, adequate infrastructure and reliable water and sanitation services. Therefore, the programme aims at addressing SMEs’ financial inclusion by improving their investment readiness level while concurrently mobilising investors. Local SMEs actively promoting sustainable development in one of the aforementioned thematic areas and in need of US$500,000-$2 million in debt capital are encouraged to apply for the challenge. The competition was launched in September 2017 and organised by Unkapt Capital, a unit of Australia’s Evermore Money Management, in collaboration with Melbourne-based financial advisory service firm Pennam Partners. Successful candidates at the competition will be eligible for awards worth up to $50,000, which include complimentary investment readiness bootcamp “Demystifying Private Debt,” up to $10,000 technical assistance grant, advisory support from Pennam Partners, and/or application for fee waiver and access to the Unkapt platform. Upon access to Unkapt, successful applicants will also have the opportunity to list and showcase their debt capital raising offer on the Unkapt platform with a view to facilitating introduction to private debt investors. Unkapt is an alternative lending and cross border capital raising platform for SMEs seeking to raise debt capital through accredited investors. Unkapt offers embedded deal execution, advanced credit analytics and interactive tools that all work to lower the engagement barrier between the investee and investor. For more information on the Capital Mobilisation Challenge, visit cmc.unkapt.capital for the infopack, application package and FAQs. The challenge application phase closes on October 31, 2017. Interested parties should sign up at the earliest. Shrimp exports to EU rebound Shrimp exports to the EU constantly increased in August and September, making it the biggest consumer of the Vietnamese product, according to the Vietnam Association of Seafood Exporters and Producers (Vasep). Vasep has reported that shrimp exports to the market in June and July came to a standstill due to the supply shortage and price hikes while EU businesses reduced shrimp imports. However, as from August, exports to the EU have been restored with more supply from domestic businesses. The country’s shrimp export revenue hit US$2.5 billion in the first nine months, up 21.9% against the same period last year. Exports to the EU grew 32% in the period. High demand for shrimp from the EU pushed raw shrimp prices up. Domestic businesses are accelerating shrimp purchase to meet the EU markets. Vasep warned that to boost exports to the market, businesses should pay more attention to labels and the quality of products to build brand names and expand markets. They should make proper plans to improve their competitiveness against other exporters such as India. The EU tends to increase its shrimp imports in the remaining months of this year to serve culture and food festivals, offering a chance for domestic businesses to spur exports. Vietnam records US$24.1 billion trade surplus with US Vietnam enjoyed a US$24.1 billion trade surplus with the US during the first nine months of this year, equal to 78% of the country’s total exports to the market, according to the General Department of Vietnam Customs. Vietnam’s exports to the US reached US$3.62 billion in September, bringing the total value across the nine months to nearly US$31 billion, a year-on-year rise of 9.4%. Eight groups of products had an export revenue of more than US$1 billion each, including clothes and accessories, computers, electronics and components, wooden products, machinery, and seafood. VNA/VNS/VOV/SGT/SGGP/TT/TN/Dantri/VNEVET |
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Reliance on petrol imports from South Korea may bring risks Nearly 100 percent of petroleum imports are now from South Korea. This occurred after the import tariff was cut to 10 percent.  Meanwhile, imports from the traditional ASEAN market have dropped dramatically because of the higher tariff of 20 percent. Since January 1, 2016, the imports from South Korea have been taxed 10 percent in accordance with the Vietnam-South Korea FTA. Meanwhile, imports from ASEAN (Singapore and Thailand) still bear a 20 percent tariff. This prompted Vietnamese petroleum importers to shift to import from South Korea instead of the traditional ASEAN market.
According to the General department of Customs (GDC), in 2016, Vietnam imported $1.25 billion worth of petroleum products, of which 75 percent was from South Korea. In 2017, imports from South Korea soared rapidly with 97 percent of turnover from the country in the first nine months of the year. Analysts believe that the figure will be 100 percent in the time to come and South Korea will be the only supply source of petroleum products to Vietnam. GDC has proposed to cut the import tariff applied to imports from ASEAN from 20 percent to 12 percent in order to ensure a reasonable difference between the tariffs for the ASEAN and South Korean markets. The agency said the tariff cut would help diversify supply sources, because the reliance on one market is risky. Meanwhile, analysts warned that the revenue of the state budget from petroleum import tax collections would decrease notably as 97 percent of imports come from South Korea. The 20 percent import tariff doesn’t exist in reality because enterprises no longer import products from ASEAN. GDC confirmed that the tax amount from petroleum in 2016 decreased by VND10 trillion. The analysts also warned that the big gap in the import tariff may put Vietnamese importers at a disadvantage. They may have to pay higher than the average market price or other buyers, and bear disadvantageous conditions in contracts. The chair of the Vietnam Petroleum Association Phan The Rue confirmed this is likely to happen. With the low import tariff, Vietnamese would still buy products from South Korea even though they have to pay higher prices. However, he noted that importers must obtain the C/O to prove that they are importing products from South Korea to enjoy the 10 percent tariff. Meanwhile, this is not an easy task. “It is very difficult for small enterprises to get a C/O, or they have to pay a high price for the C/O,” Rue said. The different tariffs could lead importers to commit trade fraud. “They import products from another market, but play tricks to obtain South Korea C/Os to enjoy the 10 percent tariff,” Rue said. M. Ha, VNN |
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Sexual harassment on buses all too common Third-year university student Duong Huyen in Ha Noi has never been inappropriately touched by a stranger, but she has seen it happen.
“It was on a bus at about 10am,” she said. “The bus was full, and I saw this forty-something man who kept brushing himself against a young woman of 20-25.” The woman did not react and got off the bus at the next station, Huyen said. “The man then moved on to another young woman that was standing nearby and did it again. This time the woman yelled, and the man got thrown off the bus.” Sexual harassment, robbery and poor customer services are the major issues with the public bus system that were discussed at a conference on the effects of public sexual harassment, domestic violence and school violence on women and girls in HCM City on Tuesday, the Tien Phong (Vanguard) newspaper reported. The teenage daughter of Phuong Thi Bich Phung, head of a crime prevention club in District 4, recently decided to take xe om (motorbike taxis) with female drivers to school instead of buses because she was afraid of getting groped like some of her friends. “Lots of stories of teenage girls being sexually harassed on buses have been brought to my attention,” Phung said. “Public buses are definitely not safe for girls.” Nguyen Ngoc Long, head of a women’s association in District 3, said that despite the low cost of travelling by bus, few women use them because of the risk of harassment. “There aren’t enough lights at the bus stations, which increases the risks of robbery and sexual harassment,” she said. Nguyen Thi Quyet Tam, chairwoman of the city’s People’s Council, said that bus drivers and driver assistants should be more customer-oriented. Once when she was sitting on a bus, she called out to the driver and asked him to stop at a station so that she could get off, Tam said. “The driver’s assistant immediately barked at me: ‘You’re talking too much! Leave your seat and stand near the door,’” she said. “Such a good way to lose customers.” To improve the bus system’s service quality, the city recently replaced 500 out of 3,000 old buses with new ones and installed 4,000 security cameras on the 3,000 buses, said Ha Le An, deputy director of the HCM City Urban Transport Management and Operation Center. “We monitor the security cameras with internet connections,” he added. “Women who get threatened by thieves or sexually harassed can reach us via the hotline number 1022 and request an intervention from the police.” Tran Vinh Tuyen, vice chairman of the HCM City People’s Committee, said that the city also requested its youth union to deploy youths to assist senior citizens and stop women and girls from being harassed on buses. Untreated psychological trauma Although domestic violence leaves serious physical and psychological damages on women, many won’t admit to having experienced it, said Nguyen Thi Thanh Luan, chairwoman of the women’s association of Thu Duc District. “Doctors can easily recognise and identify the causes of this physical damage, but these women don’t admit it, probably because they fear embarrassment,” she said. “Hospitals and clinics should provide support for women and girls that have been abused.” Doctor Le Thi My Chau from the city’s Department of Health said that doctors should be trained to probe into psychological issues that patients don’t share. Shelters should be established in the city for victims sexual harassment and physical abuse, she added. Police should be present at these shelters to protect the victims. School violence is another pressing issue that is often overlooked, said Nguyen Ngoc Toan of Go Vap District, a mother of a high school student. The bullied do not only get beaten but also isolated, threatened, stripped, filmed and ridiculed on the internet, which leads to panic, fear, and sometimes suicidal thoughts, she said. “There’s no way to control the bullies since the Criminal Law does not apply to minors, and the Law on Children does not set fines for bullying,” she added. Lots of students commit suicide due to being bullied, said Nguyen Thi Dao, head of a woman’s association in Binh Thanh District. “There are consultants at school, but they are teachers who take consultancy as a side job, not psychiatrists with a proper psychological background,” she said. VNS |
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More obese children found in Hanoi and Ho Chi Minh City HCM City and Hanoi have the highest number of overweight children with children in city centres more obese than children in the suburbs.  illustrative photo. Bui Thi Nhung from the National Institute of Nutrition announced at the conference about child obesity held in Hanoi on October 18. In 1996, the prevalence of obesity in Hanoi and HCM City was only 12%. This number increased to 43% in 2009. According to the latest report, the percentage was 50% in HCM City in 2014-2015 period and 40.7% in Hanoi. "It's alarming that one out of every two children is obese," Nhung said. A survey conducted at eight primary schools in Hanoi by the Hanoi Preventive Medicine Centre show that the city centre has more obese children. The prevalence of obesity in Hoang Mai, Thanh Xuan district is lower than in Hai Ba Trung or Hoan Kiem District. 40.6% of the obese children are in the inner city and 17% are in the suburbs. The nutritionists have warned about a variety of illnesses such as heart disease and high blood pressure and diabetes. Nhung said, "As high as 50% of 500 obese children have dyslipidemia." Unbalanced diets are blamed. According to experts, children consume too much fast and fried food, and carbonated soft drinks while rarely exercise, preferring to stay home to play on computers. Nhung said children needed to eat more fresh fruit and vegetables and exercise more. Obesity among adults is also a growing problem and discussed at the conference. The national strategy on nutrition during the 2011-2020 period identified specific measures for different target groups and regions. Issues included improving the average height of people, obesity and related disease prevention. dtinews.vn |
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BUSINESS IN BRIEF 20/10 Building material market remains stable  The domestic building material market remained stable in the first nine months of this year, according to the Ministry of Construction. The ministry said plans and programmes for development of building materials have ensured the balance between supply and local market demand. The total consumption of cement and clinker, two key building material products, grew 6 percent to 59.27 million tonnes in the first nine months of this year. Consumption in the domestic market was estimated at 45.28 million tonnes, 4 percent higher than the same period last year, including 18.9 million tonnes sold by the Vietnam Cement Industry Corporation. The cement industry also exported about 13.99 million tonnes, nearly completing the milestone annual export target of 14-15 million tonnes, despite fierce competition from Thailand and China and disadvantages in tax rate and export prices. During the first nine months, Vietnam produced 141 million sq.m of building glass products, or 96 percent of the total volume in the same period of last year. The ceramic tile volume also reached 416 million sq.m, 4 percent over the same period last year, and sanitary ware production reached 9.9 million units, a year-on-year growth of 4 percent.- Deputy PM highlights ICT business opportunities Deputy Prime Minister Vu Duc Dam has highlighted business opportunities in information and communication technology (ICT) in Vietnam on the back of its 100 million population with 60 percent aged below 35 and many subscribing to Internet. Speaking to the annual Vietnam ICT Investment Forum 2017 held in Hanoi on October 18, Dam said Vietnam has become a destination for foreign ICT firms. Last year, the domestic ICT sector earned over 67.69 billion USD, more than 60.78 billion USD of which was from exports, mostly contributed by foreign investors. Vietnam is improving business climate to attract ICT investment, he said, adding that ministries, agencies and associations have launched IT workforce training programmes to meet demand. He described data as an especially important resource in a digital economy amid the fourth industrial revolution (Industry 4.0), saying that the government and sectors are collecting data for joint use. Minister of Information and Communications Truong Minh Tuan expressed his belief that amid the trends of Internet of Things (IoT), Big Data and artificial intelligence, investors will succeed in Vietnam thanks to the government’s incentives. In order to fully tap advantages brought about by Industry 4.0, Tuan said the ministry will create a supportive ecosystem to connect domestic and foreign units with the government as well as partner with the Ministry of Education and Training, associations and business community to promote the training of high-quality IT workforce. In the near future, Vietnam will prioritise ICT development at home and gear towards ASEAN and global markets, he said. Participants highlighted opportunities and challenges in attracting investment in Vietnamese digital economy and proposed measures regarding legal framework, infrastructure, digital products and services, innovation and human resources. On the occasion, forums featuring ICT policies towards attracting investment attraction in digital economy, and digital economy market: investment opportunities and challenges were also held. ICT firms also attended a business networking exhibition introducing new products. The Vietnam ICT Investment Forum aimed to connect domestic and foreign ICT investors, especially in e-commerce, smart city, Internet of Things and start-ups. Int’l conference on communications technologies opens in Binh Dinh The International Conference on Advanced Technologies for Communications (ATC 2017) kicked off in the central province of Binh Dinh on October 18. The event was co-organised by the Radio and Electronics Association of Vietnam (REV) and the IEEE Communications Society. It drew the participation of 150 delegates from 22 nations and territories. As many as 60 reports focusing on modern technologies were delivered at the conference, including three plenary session reports and 57 official reports. The ATC 2017 aims to create an international forum for scientific and technological exchanges among Vietnamese and worldwide scientists in the fields of electronics, communications and related areas as well as to gather their high-quality research contributions. It also strives to enhance research activities and human resources training in electronics, information technology and communications in Vietnamese and international universities and institutes. The conference runs until October 20. Roadshow introduces auction of SCIC’s stake at Vinamilk The State Capital Investment Corporation (SCIC) organised a roadshow in Ho Chi Minh City on October 18 to introduce opportunities from the offloading of its 3.33-percent stake at the Vietnam Dairy Products Joint Stock Company (Vinamilk). The stake to be sold is equivalent to more than 48.3 million shares. However, investors have to wait until November 1 to know the shares’ starting price. Compared to the previous sale, the upcoming auction, slated for November 10 at the HCM Stock Exchange, is more open to foreign investors who can make deposits in USD, but these deposits will have to be converted into VND if they win the auction. Nguyen Duc Chi, Chairman of the SCIC member council, said if this auction is successful, the State will hold only 36 percent of Vinamilk’s charter capital. At the first auction last December, the SCIC offloaded more than 130 million shares in the dairy firm but sold only 60 percent of them. Two similar roadshows to popularise the auction are scheduled to be held in Singapore and Hong Kong in the time ahead. As of September 2017, Vinamilk had made up 57.8 percent of the dairy market share in Vietnam. It is set to produce 2.8 million tonnes of products of all kinds by 2021, up 70 percent from 2016. It also targets 80 trillion VND (3.5 billion USD) in revenue by that year. JICA official: Payment delay – barrier to ODA-funded projects Payment and site clearance delay are major barriers to official development assistance (ODA)-funded projects in Vietnam, chief representative of the Japan International Cooperation Agency (JICA) in Vietnam Fujita Yasuo told a press conference in Hanoi on October 18. In the first half of the fiscal year 2017 from April 1 – September 30, Japanese ODA-funded projects brought fruits to Vietnam, mostly in the three pillars of promoting growth and competitiveness, coping with vulnerable issues and strengthening governance. Among them are a north-south highway and a project to transfer vaccine production technology to Vietnam’s State-run POLYVAC company. Procurement data also showed that Vietnamese firms won numerous contracts via ODA projects. Yasuo said JICA highly values the Vietnamese government’s efforts to limit public debts, adding that ODA disbursement is not a major factor to increase public debts. JICA suggests the Vietnamese government continue reviewing procedures to promptly decide on budget allocation for projects using loans, he said. In the near future, JICA will continue working more closely with the Vietnamese government to discuss how to effectively devise and carry out priority projects, use capital from the private sector and Japanese firms. During the six-month period, Japan committed nearly 61.8 billion JPY worth of ODA to new projects, 51.2 billion USD of which was disbursed. A project using non-refundable aid worth 1.8 billion JPY was also signed. International Woodworking Industry Fair opens in HCM City The 12th International Woodworking Industry Fair (VietnamWood 2017), the biggest of its kind in Vietnam, kicked off at the Saigon Exhibition and Convention Centre in Ho Chi Minh City on October 18. This year’s event drew over 320 exhibitors from 25 nations and territories over the world with a lot of famous names in the wood processing industry such as Wilhelm Altendorf GmbH & Co. KG, Biesse, and Goodtek. Huynh Quang Thanh, President of the Binh Duong Wood Processing Association, said that with the participation of the world’s leading brands, the fair is a venue for enterprises to update latest technologies in order to have plans to buy machines and equipment serving wood production and processing. Deputy Secretary of the Association of Vietnam Timber and Forest Products Ngo Sy Hoai said that the wood export and processing industry is developing remarkably, resulting in higher demand for machines and equipment. VietnamWood 2017 is a good chance for Vietnamese firms to gain access to modern technologies and machines from other countries so as to upgrade their technologies, diversify projects and increase added values for Vietnam’s exported wood products. Several workshops on digital technology application and automation in the wood processing industry are expected to take place during the fair, which will last until October 21. Japan introduces turnip sowing, harvest machine to Can Tho A delegation from Japan’s Nomura Trade Co. Ltd led by Shuhei Tabata introduced its automated turnip sowing and harvest machine to the Department of Agriculture and Rural Development of the Mekong Delta city of Can Tho during a working session on October 18. The machine also has a sensor to measure weather conditions, including humidity. Tabata said Japan is one of the countries taking the lead in the fourth industrial revolution with several inventions used in agriculture. Deputy Director of the provincial Department of Agriculture and Rural Development Nguyen Thi Kieu said Vietnam values Japan’s technologies, adding that the application of automated technology in agricultural production is an inevitable trend. She suggested the Japanese side survey soil and weather conditions in the Mekong Delta to adjust the equipment appropriately. Gift market bursting ahead of Vietnamese Women’s Day The gift market for Vietnamese Women’s Day, October 20, this year is offering customers a wide range of products and services. Le Trong Van of HCM City, who was choosing gifts for his mother and wife at a supermarket in District 3, said: “In the past I would give my wife some money to buy gifts for my mother and herself. But this year I want to make a difference. “I think my mother and wife will be surprised with my gifts.” He said he would buy a skincare product for his mother and cloth for making ao dai (Vietnamese long dress) for his teacher wife. Van is not the only man buying gifts for the women in their lives on the occasion. And to take advantage of this, supermarkets and malls in HCM City are offering a wide range of gifts and services to satisfy all kinds of demands, and have launched promotions to attract customers. Big C supermarket chain is offering discounts of up to 50 percent on more than 1,000 items from 200 famous brands and freebies under its Ton vinh ve dep Viet (honouring Vietnamese beauty) programme until March 20. The programme focuses on skincare, make-up, body care, hair care and fashion products. Big C has also launched dozens of varieties of gift boxes with nice designs and reasonable prices. It is offering a 50 percent discount on the second item purchased of certain cosmetics. Korean supermarket chain Lotte Mart is organising the Beauty Expo 2 at all its stores nation-wide until October 20, promising customers an enjoyable shopping experience and a chance to meet their idols. It features several activities with the participation of prestigious brands like Unilever, P&G, L’Oreal, Kao, Unicharm, ROHTO, and Francia. In addition, thousands of items are being sold at discounts, customers can enjoy free beauty treatments and various amusement activities, get the chance to win diamonds from a lucky draw programme and participate in competitions to win prizes. Co.opmart supermarket is offering 25-50 percent discounts on women’s fashion products. Cosmetics, gift boxes, kitchen utensils, food and other products are also being sold at big discounts. Jewellery companies have introduced new collections and launched promotions. PNJ has launched many new jewellery collections together with promotions and a lucky draw with total prizes worth over 1 billion VND. The programme will run until October 22. Its PNJ Silver has introduced a new collection, and until October 22, customers with bills worth 700,000 VND and above will get a two-in-one canvas bag as a gift. Many other supermarkets as well as cosmetics and fashion shops and spas are running a slew of promotions. Besides cosmetics, jewellery and clothes, flowers are also popular as gifts. Shops at the Ho Thi Ky Flower Market have increased supply to meet the higher demand. They have also hired more staff to pack and deliver flowers. Dalat Hasfarm said its supply of cut flowers to the market has not increased much compared to last year, but the supply of long-lasting potted flowers with high duration is 20 per cent higher, mainly of rose, kalanchoe and begonia. At Thi Nghe Market on October 17, a bunch of 10 roses cost 80,000 VND compared to 50,000-60,000 VND a few days earlier. Phuong, a flower shop owner at the market, told Vietnam News that the prices are expected to increase further on the holiday. Bio-tech products promote sustainable agricultural growth The results of research on biotech applications such as microbial bio-pesticides have helped foster sustainable agricultural growth in Việt Nam, according to scientists. Bio-pesticides, for example, have been used in coffee and pepper crops, two of the seven main perennial crops of Việt Nam, Dr Phạm Nguyễn Đức Hoàng of the Biotechnology Centre of HCM City, said at an international conference on biotech research and application held yesterday at HCM City Open University. Most microbial bio-pesticides are used to control plant pathogenic fungi and nematodes. “The main purposes of microbial fertilisers for these crops are for nitrogen fixation, decomposition of organic matter, and nutrient absorption,” he said, adding that many microorganisms are used in fertilisers and bio-pesticides help to increase crop yield. The Biotechnology Center was able to create bio-products for these purposes using domestic microorganisms collected in southern Việt Nam, Hoàng said. Biochar from coffee husks and other crop waste can be used to enhance the effect of microbial products, he said. “The process improves crop quality and yield, decreases the use of chemical farming, and maintains the sustainability of the agricultural ecosystem,” he added. Associate Professor Nguyễn Anh Dũng of Tây Nguyên University said that bio-tech products were needed in the Central Highlands region, where agriculture plays an important role, to maintain sustainable development. Microbiological biotechnology, nanotechnology and enzymatic biotechnology should be the focus of more research, Dũng said. The conference, which was held by HCM City Open University, also heard presentations from Japanese and Thai scientists on biotech research and application in agriculture. Professor Akira Suzuki of Tokyo City University said that automated technology used in mushroom cultivation was effective but that its use was still not widespread. Mushroom companies are also eager to apply new technologies to save energy during cultivation. LED lights, for example, are used instead of fluorescent lamps, especially during budding and growth. In a related matter, Dr Takashi Yamanaka of Japan’s Forestry and Forest Products Research Institute, gave a presentation on the cultivation of the Tricholoma matsutake, one of the most economically important edible ectomycorrhizal mushrooms in the world. Pharmaceutical biotechnology, a relatively new field, involves the discovery and development of biomedicine. In Việt Nam, many biomedicines, including therapeutic drugs as well as kits for diagnosis and prognosis of human diseases, are now available. JICA wants to accelerate disbursement The Japanese International Co-operation Agency (JICA) will continue to co-operate with the Vietnamese Government at a higher level to further effectively implement Japanese ODA-funded projects in the future. A road section of North-South Express built by Japan’s ODA fund. -- photo courtersy JICA This was stated by JICA chief representative Fujita Yasuo yesterday at a press conference held to review the implementation of ODA projects in the first half of the fiscal year -- from April to September 2017. During the six months, several ODA projects were effectively carried out, contributing to the country’s sustainable development, he said. According to the chief representative, the ODA projects focused on three main fields -- growth promotion and competitiveness enhancement, preparedness for vulnerable issues, and administrative improvement. In the first half of the fiscal year, the total pledged ODA capital was JPY61.8 billion (US$548 million), of which JPY51.2 billion (US$ 454 million) was disbursed. So far, several projects have been completed and put into operation, such as Bắc-Nam (North-South) Express, Lạch Huyện International Port in Hải Phòng City, Thác Mơ Hydro-power plant in southern Bình Phước Province and POLYVAC vaccine production. Although positive results had been achieved by executing the ODA projects, slow progress in capital disbursement was a main obstacle that needed to be removed, Fujita Yasuo said. Besides this, slow progress of project approval by concerned Vietnamese offfices and slow pace of ground clearance seriously affected project implemementation. Fujita Yasuo said the obstacles would impact Việt Nam’s sustainable economic development and keep foreign investors away. To accelerate Japanese ODA projects, JICA asked the Vietnamese Government to review and simplify procedures to disburse capital soon. In the future, JICA would focus on projects that used capital from private businesses, he said. Japanese businesses pour capital into Vietnam’s electronics industry The Vietnamese electronics industry is proving an attractive destination for foreign investors, particularly Japanese businesses. The booming tech industry has contributed remarkably to Vietnam’s economic growth and exports with the emergence of big foreign investment playing a pivotal role However, to meet the needs of foreign investors, experts believe a significant improvement in infrastructure is required. The world’s largest manufacturer of printer circuit boards and electronic assemblies, Japan’s Meiko Electronics Vietnam Co, Ltd, recently announced plans to construct a third electronics plant in Vietnam, with investment in the project totaling more than US$50 million. The presence of major electronics groups is forecast to generate further investment in the area, with a large number of other foreign businesses considering production ventures in Vietnam. So far more than US$10 billion in FDI capital has been drawn in with major brand names such as Samsung, Foxconn, LG, Panasonic and Intel all investing. In 2006, when Meiko first invested in Vietnam, it decided to select TNI Holdings Vietnam as its partner to cooperate in developing its first electronics plant in Thach That Industrial Park. Meiko’s project was one of the ten biggest FDI projects in the country in 2006 and the largest foreign electronics production project at that time. Statistics from the General Department of Vietnam Customs show that Vietnam’s exports in the first eight months of this year surged an impressive 19.3% to US$21.9 billion when compared against the same period last year. 20 goods groups hit more than US$1 billion in export turnover, including five goods groups achieving a turnover of over US$5 billion. General Department of Vietnam Customs said phones and components exports in particular increased 18% to nearly US$27 billion against last year’s corresponding period, the highest figure so far. According to the latest assessment by the Ministry of Industry and Trade, the high growth of such groups as mobile phones and components and computers, electronic components has driven production up to 25%. Despite the good news, many foreign investors are concerned with the state of the current infrastructure facilities in Vietnam, which so far lacks integration and synchronicity. They highlighted the need to further upgrade the existing infrastructure in order to both meet the demands of existing foreign investors and attract new FDI businesses. Nguyen Phi Hung, Chair of TNI Holdings Vietnam said his group has attracted more than 400 investors operating in industrial parks, including 300 foreign investors from Japan, China, the US, Germany, the Republic of Korea, Thailand, Hong Kong and Taiwan. With the growing number of investment projects each year, TNI plans to expand more investments in new industrial parks (IPs) such as Que Vo 3 (Bac Ninh province), Dong Van 3 (Ha Nam province), Bim Son (Thanh Hoa), Minh Quang (Hung Yen) and other IPs in some northern provinces in the near future. Shrimp exports to EU rebound Shrimp exports to the EU constantly increased in August and September, making it the biggest consumer of the Vietnamese product, according to the Vietnam Association of Seafood Exporters and Producers (Vasep). Vasep has reported that shrimp exports to the market in June and July came to a standstill due to the supply shortage and price hikes while EU businesses reduced shrimp imports. However, as from August, exports to the EU have been restored with more supply from domestic businesses. The country’s shrimp export revenue hit US$2.5 billion in the first nine months, up 21.9% against the same period last year. Exports to the EU grew 32% in the period. High demand for shrimp from the EU pushed raw shrimp prices up. Domestic businesses are accelerating shrimp purchase to meet the EU markets. Vasep warned that to boost exports to the market, businesses should pay more attention to labels and the quality of products to build brand names and expand markets. They should make proper plans to improve their competitiveness against other exporters such as India. The EU tends to increase its shrimp imports in the remaining months of this year to serve culture and food festivals, offering a chance for domestic businesses to spur exports. Social media could give SMEs global reach: experts Small- and medium-sized enterprises (SMEs), which make up 90 per cent of businesses in Vietnam, should take advantage of new marketing tools like social media to have access to global value chains, experts said at a meeting held on October 17 in HCM City. Speaking at the forum on SMEs, Mai Huynh, a representative of a Facebook team based in Singapore, said there were 53 million active Vietnamese Facebook users on a monthly basis. Of the figure, 96 per cent use Facebook on their smartphones, while 68 per cent of Vietnamese view pages about enterprises selling products on Facebook, creating a huge potential for online marketing. Tran Thi Thanh Tam, deputy director of the SMEs Promotion Centre of the Vietnam Chamber of Commerce and Industry (VCCI), said that SMEs were expected to have great opportunities to enter the global market in the digital economy. SMEs should take advantage of digital applications and minimise logistics and transaction costs by using the powerful tools of social media, she said. The fourth industrial revolution, which is digitally based, can help SMEs purchase goods and services in global value chains, opening up market access, attracting foreign investment, and accessing advanced production technology, according to Tam. However, most SMEs lack international customers and markets. Only 21 per cent of Vietnamese SMEs participate in global value chains. This challenge results in SMEs being less likely to benefit from the advantages of FDI, which include technology transfer, knowledge transfer and enhanced productivity. In addition, a major barrier for SMEs is the high cost of technology, while knowledge about e-commerce is still limited, hindering growth. More than 90 per cent of Vietnamese businesses are SMEs. They often encounter difficulties in accessing capital and technologies and lack management skills and connectivity, all of which are major hindrances when joining supply chains. Links among producers and distributors in supply chains are weak and have created unhealthy competition, making it more difficult for Vietnamese to join big markets. Though the Government has stepped up reform of institutions and improved the business environment, experts said it should minimise administrative procedures to help firms join supply chains. The forum was organised by the Vietnam Chamber of Commerce and Industry (VCCI) and Facebook. HCM City to help SMEs, start-ups The HCM City Centre for Supporting Enterprise Development (CSED) on October 18 signed a Memorandum of Understanding (MoU) with 30 organisations to provide support to small- and medium-sized enterprises (SMEs), including start-ups. The organisations include universities, educational institutions, business associations at the district level, industry associations, and State agencies. The signing was part of a conference organised by CSED under the city’s Department of Industry and Trade in cooperation with Gia Thinh Company and Saigon Biz Corporation. The conference discussed ways to help startups and small- and medium-sized enterprises (SMEs) build confidence and access world markets. The meeting will be held annually by CSED under the direction of the Department of Industry and Trade. Pham Thanh Kien, Director of the Department of Industry and Trade, said: “Through the meeting and MOU signing, the department is committed to asking local and foreign agencies to propose solutions to support companies.” He said that agencies should work together to provide assistance for SMEs and start-ups so they can improve competitiveness. In addition to private investment, public-private partnerships will be the emphasis of the city as part of the effort to support start-ups. The city will also focus on activities to develop a start-up ecosystem under a programme to improve startups’ competitiveness and global integration, according to Kien. The programme’s main purpose is to encourage innovative startups through research, he added. He also pledged to reform administrative procedures, revoke illegal permits, and fight counterfeit products and trade fraud. Le Minh Trung, Director of CSED, said the centre would continue to work with agencies to organise similar meetings to support workers and help SMEs access capital. “The centre will propose policies to support startups which will help them innovate, apply technology and reform their management models through investment incentive programmes and bank-to-enterprise programmes,” he said.| SMEs, the engine of growth and innovation in the Asia-Pacific region, account for over 97 percent of all enterprises and employ over half of the workforce across the region. Food industry’s HR training: Firms, universities to cooperate Vice Rector of Ha Noi University of Science and Technology (HUST) Huynh Quyet Thang delivered this message at the 4th meeting of the NutriSEA project’s Steering Committee in the capital city on Wednesday. During the event, Thang emphasised the importance of drawing up effective traning programmes that involve enterprises from the food sector, to help universities and students and the firms themsevlevs. He said HUST was participating the three-year NutriSEA project, co-funded by the Eramus+ Programme from the European Union. HUST and Hue University are two Vietnamese universities selected to join the project, worth more than 970,000 euros (US$1.14 million). The project targets to create added value to the natural resources supporting food production in the three Southeast Asian countries of Viet Nam, Cambodia and Myanmar, while striving to facilitate co-operation between universities and enterprises. It includes training courses and establishment of technology transfer units at the partner universities, which focus on university-enterprise cooperation and innovation. The aim is to set up a regional food network with all the relevant stakeholders (universities, enterprises and authorities). Alejandro Montalban, head of the Cooperation Section, EU Delegation in Viet Nam, said NutriSEA, awarded in 2015, was a good example of EU-funded co-operation. European institutions and universities from Viet Nam, Cambodia, and Myanmar would work together to share experience and strive towards common goals to develop joint university courses and exchange knowledge and best practices. “In the bigger picture, the aim is to help Viet Nam and other ASEAN countries get on the road to achieving the Sustainable Development Goals, a shared objective under which the EU has committed to provide support,” he said. The 4th meeting, which continues until Friday, will witness the participation of representaives from partner schools, lecturers and a number of companies operating in the food sector. International woodworking fair opens in HCM City The 12th Viet Nam International Woodworking Industry Fair opened in HCM City on Wednesday, with over 350 firms from 28 countries and regions taking part. Seven international pavilions at the exhibition set up by the US, France, China, Germany, Sweden, Taiwan, and Canada are showcasing many woodworking machines and components used in the wood and furniture processing sector. Besides, many suppliers of high-performance woodworking machinery and equipment from Europe, America, Oceania and Asia have gathered under one roof to constitute a one-stop business trading platform for industry players seeking to upgrade operations. Two seminars on the woodworking sector will be held on the sidelines of the expo to provide an insight into the industry and offer professional opinions and solutions. Organised by the Viet Nam National Trade Fair & Advertising Company (Vinexad) and Yorkers Trade & Marketing Service Co, the exhibition, at the Saigon Exhibition and Convention Centre, will go on until October 21. Viet Nam earned over US$5.5 billion from export of wood and wood-based products in the first nine months of this year, up 11 per cent year-on-year, with the US, Japan, China, and the EU being key markets, according to the Viet Nam Timber and Forest Products Association. Full-year exports are expected to top $8 billion, Ngo Sy Hoai, the association’s deputy chairman, said. Technology plays a crucial role in the woodworking industry, he said, adding that Vietnamese firms need to invest more in modern technologies to reduce cost and improve their productivity and quality. Int’l industrial fair opens in Ha Noi The 26th Viet Nam International Industrial Fair (VIIF 2017) kicked off in the capital city on Wednesday, with the participation of 250 domestic and foreign exhibitors. The annual event, being held at the Ha Noi International Centre for Exhibition (ICE), will showcase advanced machines and technologies in manufacturing, agriculture, automation and engineering, as well as packing and printing, plastic and ceramics industries, in a total area of nearly 6,000sq.m. This year, in addition to the usual exhibitors, VIIF 2017 will see many newcomers from countries and territories such as Italy, South Korea, mainland China and Taiwan. At the opening ceremony, Deputy Minister of Culture, Sports and Tourism, Huynh Vinh Ai, said when the Industrial Revolution 4.0 was taking place worldwide, Vietnamese entrepreneurs had to make greater efforts in enhancing their presence in the domestic market, while improving their production capacities to seek more export opportunities, especially in the current competitive business environment. He added that industrial fairs serve as an effective tool to facilitate trade promotion activities and investment co-operation expansion. Organised by the Viet Nam Exhibition Fair Centre Joint Stock Company, the exhibition will run until Friday. Several forums and business events will be held during the event.The previous exhibition attracted the participation of 200 local and international exhibitors and approximately 5,570 visitors. KDC exceeds full-year target in 9 months Food producer Kido Group (KDC) reported on Wednesday that it had achieved its full-year profit target by the end of the third quarter. It said profit before tax was 9 per cent above the annual target of VND535 billion ($23.6 million) on revenues of VND5 trillion ($178 million), a 251 per cent increase. Frozen foods contributed 24 per cent of the revenues, the company said. KDC’s foray into the food industry two years ago has been successful, and it now has a nation-wide distribution system with 450,000 outlets selling canned foods and 70,000 others selling frozen food. Efforts to expand the business and increase the frozen food range are under way, it said. In the last quarter of this year it plans to bring a number of new products including new cooking oils, canned foods and sauces, it said. It plans to tie up with Dabaco to produce new products like processed foods and sausage, it added. Its other main product is instant noodles. VRC Real Estate sells 35.3 million shares VRC Real Estate and Investment Joint Stock Company sold 35.5 million shares to 581 investors, increasing the company’s charter capital to VND500 billion (US$22 million). These shares were offered at a 70 per cent discount, with the price at VND11,000 per share, on September 12. The custody and listing of the recently-issued shares is scheduled to be implemented from October 2017. Recently, VRC approved a list of 19 strategic investors to issue 25.34 million shares for sale at a price of VND11,000 per share. The only investor is currently VRC shareholder Nguyen Phuong Vi, who owns 602,810 shares of VRC, equivalent to 4.16 per cent stake. This year, VRC targets to achieve VND394 billion in revenue and VND120.5 billion in after-tax profit, a year-on-year increase of 526 per cent. The company expects to earn revenue of VND430 billion and after-tax profit of VND132 billion by 2018. Hoa Phat reaches 93% of annual profit target Hoa Phat Group hit a revenue of VND33.8 trillion (US$1.5 billion) in the first nine months of 2017, a year-on-year increase of 43 per cent. The group’s after-tax profit was VND5.6 trillion, a year-on-year increase of 21 per cent. This year, the group targeted VND40 trillion in revenue and VND6 trillion in after-tax profit. Therefore, with the results achieved in nine months, Hoa Phat has fulfilled 85 per cent of its revenue target and 93 per cent of its annual profit target, approved at the shareholder’s meeting. According to the group’s business report, over the past nine months, Hoa Phat has manufactured nearly 1.6 million tonnes of construction steel, an increase of 31 per cent over the same period last year, and achieved nearly 80 per cent of the year’s plan. As regards the export market, the company exported about 127,000 tonnes of construction steel and wire drawing steel, and 35,000 tonnes of steel billets in the reviewed period. Steel pipe products continue to dominate the market with nine-month sales of nearly 425,900 tonnes accounting for more than a quarter of the total steel pipe consumption in Viet Nam, and exporting about 8,000 tonnes of all types. In terms of the Hoa Phat Dung Quat iron and steel production complex, the company has selected construction contractors and technology equipment suppliers. All major machinery and equipment such as blast furnaces, steel furnaces, steel rolling and industrial gas are imported from G7 countries such as Italy and Germany. In particular, the hot rolled steel production line of the project is evaluated at the most modern level in the world till date. In the field of real estate, Hoa Phat is speeding up the completion of the Mandarin Garden 2 project to begin handing over apartments to customers from the end of this year. At the same time, the group has started other housing projects in Ha Noi and Hung Yen Province. The group is also actively implementing the colour coated steel project and the steel wire drawing factory in Hung Yen’s Pho Noi A Industrial Zone, expected to run the chain at the end of this year. Reality TV programme for start-ups begins in November Shark Tank, a new reality television programme for start-ups will begin on November 4 at VTV3 of Vietnamese Television. The first of its kind in Việt Nam, Shark Tank aims to connect investors to start-ups that are young and creative. The programme will be broadcast every Saturday and will end on February 17 next year. Start-ups will show their projects to a board of investors composed of leaders from big companies like Sunhouse, SAM Holdings, VinaCapital and CEN Group. Start-ups will try to convince the investors to offer them funds. In each episode, there will be three or four start-ups delivering their projects and then negotiating with an investor board about capital. The board of investors will then make a decision. The participating start-ups will come from many fields: technology, food, agriculture, health-care, education, fashion and service. Shark Tank, a famous programme from Sony Pictures, has two versions, Shark Tank and Dragons’ Den. Starting in Japan in 2001, the programme has appeared in 35 nations and territories and has attracted 300 million views. In the US, the programme receives an average of 250,000 registrations every season, with 48 per cent of the start-ups successfully winning funds from the investors. Vietfood Beverage-Propack expo to open in HN As many as 200 enterprises will participate in the 2017 Vietfood and Beverage-ProPack international exhibition, which will take place at the Ha Noi International Exhibition Centre in 91 Tran Hung Dao, from November 8 to 11. This will be the second time the expo being organised in Ha Noi after being held annually in HCM City for 22 years. It was held in the capital city for the first time last year. There will be more than 200 pavilions of exhibitors from 11 countries and territories, including South Korea, Greece, Singapore and Denmark, as well as Bulgaria, Japan, Taiwan, Thailand and India, along with China and Viet Nam. Products displayed at the exhibition include vegetables (fresh, dried, canned, processed), seafood (cooked, frozen), agricultural products (coffee, tea, cashew, pepper) and food ingredients, as well as beverage, confectionery, and packaging and food preservation equipment. Vietnamese firms account for about half of the participants this year, and their key products include tea, coffee, honey and edible nests, as well as rice, spices and packaged confectionery. The four-day event, organised by the Viet Nam National Trade Fair and Advertising Company (Vinexad), is expected to attract some 15,000 visitors, the majority of which are retailers, traders, distributors, importers, exporters and e-commerce partners from other countries and territories, including Hong Kong, Singapore, Thailand and Cambodia, as well as the Philippines, Japan, Russia, France and Australia. FLC Group and KLF on lookout for strategic investors Property developer FLC Group has sought its shareholders’ approval to put 149.5 million shares on sale for a strategic investor. Accordingly, FLC and enterprises who intend to become FLC’s strategic investor will negotiate about the buying price. FLC expects to earn at least VND1.49 trillion ($65.5 million) from the sale. The transaction will be implemented after receiving approval from the State Securities Commission of Vietnam (SSC). Once the sale is completed, FLC’s chartered capital will increase to VND7.87 trillion ($346.1 million) from the current VND6.38 trillion ($280.5 million). After the sale, FLC will spend VND600 billion ($26.4 million) of the proceeds developing an apartment, office, and shopping centre complex at 265 Cau Giay Street in Hanoi. Besides, FLC will pour an additional VND600 billion ($26.4 million) into its FLC Halong resort complex in Halong city of the northern province of Quang Ninh. The 224-hectare project, which has a total investment capital of VND3.4 trillion ($149.5 million), covers a total area of 224 hectares in Hong Ha ward in the city. The resort includes an 18-hole golf course, a 1,300-seat international conference centre, a 600-room five-star hotel, a club, an amusement park, villas, and synchronous transportation network. According to the latest movements, KLF Global JSC, a member company of FLC, is also seeking shareholders’ approval to issue 98 million shares to increase its chartered capital to VND2.63 trillion ($115.6 million) from the current VND1.65 trillion ($72.5 million). Accordingly, KLF will offer 53 million shares for strategic investors at the price of VND10,000 ($0.44) apiece. These shares will not be transferable to other partners within one year of the sale. The sale will be implemented after receiving approval from SSC. The remaining 45 million shares will be offered to existing shareholders with the initial price not less than VND10,000 ($0.44) per share. KLF expects to complete the sale of these 45 million shares in 2017. After completing the sale of 98 million shares, KLF will spend VND300 billion ($13.2 million) acquiring FLC’s projects in Sam Son city of the central province of Thanh Hoa, and the remaining money will be used for other investment activities. Foreign investor spends $29 million on stake in Tien Phong Plastic A foreign investor spent $29.3 million buying nine million of the 21.27 million shares in Tien Phong Plastic JSC divested by Nawaplatic Industry Co., Ltd. According to newswire Cafef, Thai PVC manufacturer Nawaplastic has released that it has completed the divestment of its entire 23.84 per cent holding, equaling 21.27 million shares, in Tien Phong Plastic. The transaction occurred between September 25 and October 12. Accordingly, Nawaplastic’s divestment attracted the attention of numerous existing shareholders as well as foreign investors. Notably, Tien Phong’s general director bought 410,000 shares, deputy general director 203,000 shares, and Southern Tien Phong Plastic JSC registered to buy 1.8 million shares. Additionally, an unidentified foreign investor completed the purchase of nine million shares for $29.3 million. Previously, Nawaplastic’s announcement to drop Tien Phong Plastic to increasing its holding in Binh Minh Plastic came as a surprise because both Binh Minh Plastic and Tien Phong Plastic approved lifting the foreign ownership limit (FOL) to 100 per cent. Furthermore, the Thai firm earned a large profit from its investments in the two Vietnamese companies. Both Nawaplastic and Tien Phong Plastic refused to comment on this decision. According to Robert Tran, general director of Robenny Strategic Consulting Group (headquartered in Canada) in the Asia-Pacific region and the US, the decision may have come from the internal conflict in the Board of Directors. Notably, in early July this year, Tien Phong Plastic, through its subsidiary Southern Tien Phong Plastic, struck a share sale agreement with Japanese Sekisui Chemical Company Limited. Accordingly, Sekisui Chemical will become a strategic shareholder with a 25.3 per cent stake in Southern Tien Phong Plastic. Besides, Sekisui Chemical would have a representative on Southern Tien Phong Plastic’s Board of Directors. Sekisui Chemical would help Tien Phong Plastic in general and Southern Tien Phong in particular manufacture products like plastic globe valves, coils, and resistance welding parts which are not made in Vietnam at the moment. Sekisui Chemical can rely on Tien Phong's nationwide distribution network to sell its products in Vietnam, and in return, the Japanese firm will transfer technology to its local partner. The co-operation between Sekisui Chemical and Tien Phong Plastic made Nawaplastic unhappy. At the time, Nawaplastic intended to buy more of State Capital Investment Corporation (SCIC)’s stake in Tien Phong Plastic to hold controlling rights. However, SCIC had yet to issue a specific divestment plan, while Tien Phong Plastic’s plan to lift its foreign ownership limit had yet to be approved at the time. This has created more momentum for Nawaplastic’s decision to withdraw from Tien Phong Plastic. VNA/VNS/VOV/SGT/SGGP/TT/TN/Dantri/VNEVET |
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Social News 20/10 Court hears appeal on VN Pharma’s cancer drug trial  Former VN Pharma’s chairman of the Board of Directors cum general director Nguyen Manh Hung (right, first line), former director of H&C International Marine Trade Company Vo Manh Cuong (left, first line) and seven other defendants are at the appeal court in Hanoi on Thursday. - Photo vietnamnet.vn The high-level People’s Court in HCM City started hearing an appeal by pharmaceutical company VN Pharma on Thursday, in the case related to the smuggling and forging of documents to import cancer drug. The case involved former VN Pharma’s chairman of the Board of Directors cum general director Nguyễn Mạnh Hùng, former director of H&C International Marine Trade Company Võ Mạnh Cường and seven other defendants. In a trial in August, the HCM City People’s Court sentenced Hùng and Cường to 12 years behind bars for smuggling. Cường bought the drugs from an overseas source and later, sold them to VN Pharma. The other seven defendants were given sentences between 18 months and five years of imprisonment. After the first trial hearing, Hùng and Cường appealed against the court’s judgment, asking for a lighter sentence. On September 22, the high-level People’s Procuracy in HCM City protested the court’s judgment, asking for clarification on Hùng’s charge, which should have been “smuggling” or “manufacturing and/or trading in fake goods claiming to be curative medicines, preventive medicines”. The People’s Procuracy also asked for clarification on the alleged irresponsibility of the Drug Administration of Việt Nam (DAV) under the Ministry of Health in allowing Hùng and other defendants to import the alleged fake cancer drugs to Việt Nam, while also giving commission to doctors to prescribe the drug to patients. Earlier on August 29, Deputy Health Minister Nguyễn Viết Tiến issued a press release clarifying the ministry’s responsibilities in connection with the licensing for VN Pharma to import 9,300 boxes of H-Capita 500mg in 2013. H-Capita 500mg contained capecitabine, which is mainly used to treat breast, gastric and colorectal cancers. According to the press release, the DAV on October 16, 2013, received a request from VN Pharma to import the H-Capita drug manufactured by Helix Pharmaceuticals Inc of Canada. The DAV approved the import request two months later on December 30, 2013. "The DAV conducted the drug evaluation process with right order, right protocols and right regulations without any favouritism," the press release stated. "According to the law, a drug import request must include the free sale certificate (FSC) and the certificate for good manufacturing practices (GMP). VN Pharma had all the necessary papers. However, an investigation later uncovered that the papers were expertly forged and the fraud could not be detected with the naked eye," the release said. The release stressed that the DAV, however, raised doubts about the drugs when it looked into VN Pharma’s drug bidding price, which was suspiciously lower than that of the same type of drugs manufactured by other countries. The DAV on July 31, 2014, asked VN Pharma to explain the gap, which it failed to do, prompting the DAV to suspend the import and distribution of H-Capita on August 1, 2014. The DAV in August seized the drugs following an unusual inspection at VN Pharma and reported the case to the police after the Ministry of Foreign Affairs confirmed that the papers related to Helix Pharmaceutical, the drug manufacturer, were all fake. Police arrest two over alleged fake pesticides HCM City police have detained two people for allegedly selling fake pesticides. They seized hundreds of pesticide bottles with fake labels in the case. The pair are Nguyễn Thị Dung, 26, from Bình Tân District, and Huỳnh Kim Thiện, 44, from District 6. On Tuesday, police discovered Dung transporting two boxes containing 76 bottles of fake pesticides with different trademarks. Searching her store on Hậu Giang Road, police also seized nearly 290 fake bottles of pesticides and several plastic cans and bottles containing chemicals. Police also inspected her house and found two machines for making bottle caps and many cartons labelled with fake brand names. They also seized similar materials at Huỳnh Kim Thiện’s house. At the police station, Dung confessed that the trading ring was headed by Vương Mạnh Tôn, 39, who lives in Cần Thơ City. Dung said that she was responsible for producing large quantity of pesticides under the direction of Tôn. Police are conducting further inquiries. Programme to improve management of asthma, COPD patients Patients in Việt Nam with respiratory problems will benefit from a programme signed on Wednesday between the Ministry of Health’s Medical Service Administration (MSA) and AstraZeneca Việt Nam. The US$1-million programme is part of the ‘Healthy Lung’ initiative of AstraZeneca that aims to improve the quality of outpatient management of asthma and Chronic Obstructive Pulmonary Disease (COPD) in nine countries in Asia. Việt Nam is the first country to implement the programme. It will be executed by the MSA in collaboration with AstraZeneca Việt Nam, the Việt Nam Tuberculosis and Lung Diseases Association, Việt Nam Respiratory Society and the HCM City Society of Asthma and Allergy and Clinical Immunology until 2020. “Early detection and effective management of asthma and COPD outpatients is a sustainable measure in disease control. Enhancing community’s awareness on disease prevention and health worker’s diagnosis and treatment capabilities would be important activities to ensure patient’s access to early diagnosis and professional treatment services at healthcare facilities,” Director of MSA, Lương Ngọc Khuê, said at the signing ceremony. The three-year programme will focus its activities on addressing the current gap in asthma and COPD management by raising awareness of these diseases and enhancing access to available treatments through a country-wide patient education project. In addition, it will work on improving outpatient management of asthma and COPD through the establishment of 150 centres specialising in these diseases nationwide and fully equipped with spirometers and trained healthcare professionals. It is estimated that over 4.2 per cent of Việt Nam’s population suffers from COPD. It is worrying that most of them are not currently diagnosed due to the lack of medical facilities, poor awareness of patients and limitations on professional skills of public health, according to the health ministry. It is also estimated that over 300 million people worldwide suffer from asthma with the majority of deaths concentrated in low and middle-income countries such as Việt Nam. Cham people in Ninh Thuan celebrate Kate festival The ethnic Cham Brahman people in the central province of Ninh Thuan on October 19 began their celebration of the Kate festival, their most important event in the year. The same day, a ceremony to receive a certificate recognising the Kate festival as a national intangible heritage was also held. Thousands of Cham people along with visitors participated in various activities of the festival in Po Inungar shrine, Po Klong Girai and Po Rome towers. The festival was attended by Indian Ambassador to Vietnam Parvathaneni Harish and his spouse, local authorities and representatives from the Ministry of Culture, Sports and Tourism. On the occasion, many delegations from the Party Committee, the People’s Council and the Vietnam Fatherland Front of Ninh Thuan province visited and presented gifts to dignitaries and policy beneficiaries in the locality. Falling on the first day of the seventh month of the Cham calendar, Kate is the most popular Cham festival in Ninh Thuan. It reminds the ethnic Brahman community of their ancient gods and delivers wishes for bumper harvests and the growth of all beings. The Cham people have several distinctive festivals including the Ramuwan, the Rija Nugar, and the Chabun. There are about 153,000 Cham people in Vietnam, approximately 72,500 of them live in Ninh Thuan. Over 43,000 Cham people, scattered across 12 communes in seven districts of Ninh Thuan, follow the Brahmin religion. HCMC NA deputies proposes to solve difficulties for first metro line HCMC National Assembly (NA) delegation should propose the Prime Minister to submit the city’s first metro project Ben Thanh-Suoi Tien to the NA to consider and approve total investment capital at the coming NA meeting. That was suggested by Mr. Le Nguyen Minh Quang, head of the Management Board of Urban Railways (MAUR), at a meeting with the city People’s Committee on socioeconomic conditions yesterday, when many NA deputies expressed concern about capital shortage for the project. Many deputies agreed with Mr. Quang's suggestion. According to him, the first underground stretch of the metro route from Saigon Opera House to Ba Son station will be built at the end of October this year. It is expected to come into operation by the end of 2020. The project has the total capital of US$2.5 billion from loans by Japanese International Cooperation Agency (JICA). The funds was approved in 2011 according to right order and procedures, said Mr. Quang. The Prime Minister approved the report of the project's construction investment by Vietnam Railway Authority under the Ministry of Transport in 2006. Total investment capital was VND17 trillion ($748.32 million) at that time. Because consultant firm was inexperienced so the total investment capital was then adjusted to VND47 trillion ($2.09 billion). Afterwards, HCMC hired Singaporean independent consulting firms to assess and determine the number. Basing on that, the city submitted the adjusted funds to the Prime Minister. Relevant ministries and agencies gave their opinions about that. Of these, the Ministry of Planning and Investment permitted to change the total investment capital as per the proposal by HCMC. In August 2011, the Prime Minister agreed to permit HCMC to approve the adjusted funds. So far, loan amount for the project has neared VND32 trillion ($1.41 billion). However, the project's construction has been congested as the Ministry of Planning and Investment said that the amended funds is very large but investment policy has not been approved by the National Assembly. According to Resolution 49/2010 of the NA, projects with the total investment capital of over VND35 trillion must be approved by the NA. Before changing the investment capital, the HCMC People’s Committee proposed the Ministry of Planning and Investment to assign it to temporarily approve the total investment capital and report the NA Standing Committee about the change in May 2011. HCMC has sent sufficient reports to the Ministry of Transport annually and authorized by the Prime Minister to report to the National Assembly, said Mr. Quang. To solve difficulties for the project, Mr. Quang proposed the HCMC NA Deputies Delegation to prose the Prime Minister to submit the issue to the NA to decide total investment capital. In short term, he suggested the delegation to prose the PM to instruct the Ministry of Planning and Investment to work with the Ministry of Finance to advance on mid-term capital planned for the phase 2016-2020 to pay contractors in 2017 and 2018. In long term, the delegation should propose the PM to require relevant agencies to disburse official development (ODA) source in accordance with project progress and loan agreements. This aims to contribute in boosting the project’s progress, improve investment efficiency and prevent relevant consequences from occurring. Sharing the same view, deputy Tran Hoang Ngan, director of HCMC Cadre Academy, said that the Government sent two reports about the project to the NA in 2011 and 2012 but it now still meets with procedure problems. So it is needed to review to know if the NA has approved the reports. The HCMC NA Deputies Delegation should send a collective document to the NA Standing Committee proposing it to reconsider the issue, he said. Vietnam has got foreign loans so the project must be implemented, he added. Deputy Truong Trong Nghia said that if the capital adjustment was objective, reasonable, for the benefit of HCMC and the country, it must be passed. HCMC NA deputies together would propose the NA to consider and approve. Deputy Pham Phu Quoc, director general of HCMC Finance and Investment State-owned Company (HFIC), said that HCMC should invite the consulting firm who proposed the initial total investment capital of VND17 trillion to estimate the project to prove the central government that the capital adjustment is convincible and reasonable. Spring Calendar Phuong Nam wins first prize in calendar design contest Spring Calendar Phuong Nam Company won the first prize in the category of block and weekly calendar for its calendar “Nhung chu cho than quen” (friendly dogs) at the 2018 spring calendar design contest. The organizing committee of the contest late last week awarded prizes to those making calendars with creative and amazing designs on Nguyen Van Binh Book Street in downtown HCMC. Also in the same category, the company came in second for its calendar “Dong dao”. In the desk calendar category, Nhat Thong Printing and Packaging Company got the first, second and third prizes for the respective calendars “Ve mien au tho,” “Qua mien giao duong” and “Tuyet tac ngan nam”. Dang Thien Thu, art director of Spring Calendar Phuong Nam Company, said the award-winning “friendly dogs” calendar tells touching stories about nice dogs around the world with a hope to highlight a meaningful value of life for customers. HCMC finds out street flooding reason during mega pump operation Director of the HCMC Department of Transport Bui Xuan Cuong yesterday had an urgent meeting with the Steering Center for Urban Flood Control Program, Binh Thanh district and the investor of the smart pumping system in Nguyen Huu Canh street which was still flooded during a heavy rain on October 17 despite the system’s operation. Director of the HCMC Department of Transport Bui Xuan Cuong yesterday had an urgent meeting with the Steering Center for Urban Flood Control Program, Binh Thanh district and the investor of the smart pumping system in Nguyen Huu Canh street which was still flooded during a heavy rain on October 17 despite the system’s operation. Mr. Do Tan Long, head of the Drainage System Management Division under the center, said that the sewer system in the street has been cleaned up. The center has arranged workers to cope with problems arising from heavy rains. Since the principle contract to hire the smart pumping system was signed on October 2, there have been four heavy rains but the street was not inundated thanks to the pumping system. However, the flooding recurred on October 17 during a rain with the precipitation of 45mm. The center and system investor Quang Trung Industry Joint Stock Company has arrived at the scene to seek reasons for the flooding. The center will send a report to the Department of Transport and relevant sides after examining all sewer routes. Director of Quang Trung Company Nguyen Tang Cuong said that after the flooding on October 17, the company has inspected, opened four catch pits and found a lot of garbage there. It now continues working with drainage workers to see if there are other things in the sewers or not. Mr. Cuong said that eight testing times were enough to estimate the pumping system. Still the company was willing to conduct more testing to prove its efficiency to city leaders. Concluding the meeting, Mr. Bui Xuan Cuong said that according to initial results, the pumping system has operated efficiently. He suggested the Steering Center for Urban Flood Control Program, Urban Drainage Company and Binh Thanh district to work together closely to create conditions for the investor to function the system. In addition, relevant sides should intensify supervision to prevent littering from blockade sewers. PM reminds Bac Ninh to look towards hi-tech industrial hub Prime Minister Nguyen Xuan Phuc has reminded the northern province of Bac Ninh to choose projects that match its plan to develop itself into a hi-tech industrial locality. Workers package soya milk products at the Vietnam Soya Milk Products Company in the Tien Son Industrial Zone in the northern province of Bac Ninh. Prime Minister Nguyen Xuan Phuc has reminded the province of Bac Ninh to develop itself into a hi-tech industy. Workers package soya milk products at the Vietnam Soya Milk Products Company in the Tien Son Industrial Zone in the northern province of Bac Ninh. Prime Minister Nguyen Xuan Phuc has reminded the province of Bac Ninh to develop itself into a hi-tech indus During a working session with provincial authorities in Hanoi on Wednesday, Phuc mentioned challenges facing the province such as high population density, environment pollution in craft villages, insufficient and unqualified human resources, residential planning, among others. He agreed with a proposal to build Bac Ninh into a centrally-run city and asked for the establishment of a Steering Committee responsible for drafting planning adjustments that take environment, greenery and urban development into account. The PM stressed the need to gradually switch workforce from agriculture to services while ensuring security, safety and fighting social vices. At the same time, craft villages, urban and rural areas should be zoned off, he said. The Government leader agreed with a proposal to add different investment stages of Samsung Display company into a single project, adding that it must ensure that revenues to the State budget and environmental protection remain consistent. He also approved a scheme to experimentally establish a food safety management board, asking the province to take drastic actions to control food safety and thoroughly check their origin before being put on the market. In the first nine months this year, the provincial economy expanded by 15.9 percent year-on-year with the State budget collection surpassing VND13 trillion (US$577 million), up 40.4 percent. The industrial production value topped VND628.1 trillion while export value rose 18.4 percent to $18.8 billion. During the period, Bac Ninh lured $3.1 billion in foreign direct investment, and established 1,495 new businesses with total capital of over VND9.86 trillion. HCMC sets up business information center in Laos Ho Chi Minh City Center for Trade Promotion and Investment (ITPC) had a plan to establish a business information office at ASEAN shopping mall in Vientiane capital of Laos. The establishment of the office aims to promote the presence of goods and service products of Ho Chi Minh City enterprises in the market. In addition, the office is to receive information from Laotian enterprises in order to feed back as well as meet trade demand of enterprises from the two sides. The mall complex is located at a favorable trade position in the heart of Vientiane capital, on the main road connecting with Thailand and near to Lao ITECC. As plan, ASEAN Mall will provide 300 square meters for showing products from Ho Chi Minh City and city’s investment promotion activities. New Secretary of Da Nang Party Committee calls for construction of large projects Newly appointed Secretary of Da Nang municipal Party Committee Truong Quang Nghia delivered his first directions at the 10th Congress of the Da Nang municipal Party Committee, held on October 17. He asked the related agencies to take full advantage of the support provided by the Government and ministries to promote the implementation of a software park project by Sembcorp group and a project on producing sewing machines by a Japanese investor at the city's high-tech park, so that the construction of the two projects could be commenced at the time of the Asia-Pacific Economic Co-operation (APEC) Economic Leaders Week in early November. "If this is done, it would be an encouraging signal for the city's investment attraction. It is also necessary to continue to boost investment promotion after the APEC in order to attract more investment into the city. In addition, directions from the Prime Minister at the Da Nang Investment Promotion Forum 2017 should be concretised", Nghia noted. He also requested the deployment of specific measures to accelerate the disbursement of public capital to serve socio-economic development, while balancing the capital to repay bondholders in 2017. The secretary noted that APEC 2017 is a great opportunity for Da Nang to promote its image to the world, thus, all projects serving the APEC must be promptly completed, while ensuring their quality and safety. Furthermore, he asked that the districts of Hai Chau, Thanh Khe, Son Tra, and Ngu Hanh Son quickly handle the encroachment of pavements, while several other districts were directed to carry out projects on improving the environment. In addition, Secretary Nghia requested the boosting of investment in hi-tech agricultural production in Hoa Vang; the evaluation of the effectiveness of the six subsidised bus routes in order to make adjustments if needed, and completion of the building of the Dien Bien Phu - Le Do - Nguyen Tri Phuong intersection. In particular, he called for a review of the tourism projects on Son Tra Peninsula after receiving opinions and directions from ministries, central agencies and the Government. Hanoi Party leader meets city’s outstanding businesses and artisans Politburo member and Secretary of Hanoi city Party’s Committee Hoang Trung Hai held a meeting with the outstanding businesses and artisans of the capital city, on October 18. Hanoi is now home to around 225,700 businesses and 1,350 craft villages. At the meeting, the delegates and artisans shared their views on the obstacles and challenges facing the city’s business community, particularly the issues related to administrative procedures, trade promotion activities, and market expansion programmes. Speaking at the meeting, Hanoi Party leader Hoang Trung Hai expressed his appreciation for the opinions contributed by the participants, hailing the businesses’ operations for creating momentum to foster the city’s economic growth. He requested that the city’s functional agencies create the most favourable conditions for businesses in order to support them in improving their competitiveness and raising the quality of products, thus encouraging them to make further contributions to the city’s development. He also called on the city’s business community to observe the law, apply advanced technology in their operation and attach priority on protecting the environment while conducting businesses. Since the beginning of this year, Hanoi has welcomed over 18,000 new businesses, he said, adding that there remains space for new businesses to be established and develop further. VNA, Khanh Hoa sign agreement on tourism development The national carrier Vietnam Airlines and the People’s Committee of the central province of Khanh Hoa signed a deal to promote investment, trade and tourism and strengthen the image of the two sides on October 18. Under the agreement, Vietnam Airlines will study increasing the frequency of flights and open new domestic and international routes to Khanh Hoa province. The firm will also offer preferential fares to local tourism and investment promotion delegations and help the province promote tourism at international fairs for the next three years. Meanwhile, Khanh Hoa will support Vietnam Airlines’ new routes, while enhancing the capacity of Cam Ranh airport. The airline has also been recognised as the official carrier of major events in the province. The two sides also agreed to cooperate in supporting media delegations travelling to and from Europe and North East Asia to explore local tourism potential and introduce Khanh Hoa to these markets. Speaking at the signing ceremony, Chairman of provincial People’s Committee Le Duc Vinh said the agreement was expected to help the province have more international flights to and from Cam Ranh International Airport, from European and Asian markets and spread the tourism brand name Nha Trang - Khanh Hoa globally. Duong Tri Thanh, General Director of Vietnam Airlines, said the agreement marked a new step between the two sides, which would make cooperation more effective. “Vietnam Airlines commits to performing effectively as a national airline and working with the province to promote the tourism potential of Khanh Hoa," said Thanh. Currently, Vietnam Airlines and its subsidiary Jetstar Pacific operate four routes connecting Khanh Hoa with cities including Hanoi, HCM City, Da Nang and Vinh with 100 flights per week. In the first nine months of this year, the number of passengers to Khanh Hoa on Vietnam Airlines and Jetstar Pacific flights increased by 9 percent compared with the same period last year, reaching over 1.3 million passengers, accounting for 62 percent of total domestic arrivals to the province by air.- Germany-based club spreads love for homeland’s seas, islands The Sea and Island Club set up by Vietnamese people in Germany organised an exchange programme with various activities on October 18 to encourage expatriates’ attentions to the homeland’s seas and islands. The exchange programme featured a map and photo exhibition on Hoang Sa (Paracel) and Truong Sa (Spratly) archipelagos, singing and dancing performances, a discussion of initiatives, and raising funds to support soldiers and residents working and living in islands of Vietnam. The event attracted the participation of Vietnamese Ambassador to Germany Doan Xuan Hung and representatives of Vietnamese businesses, Vietnamese people’s association and the association of Vietnamese students in Germany (SIVIDUC). Hung highly evaluated the establishment of the club, whose activities have helped enhance overseas Vietnamese’ patriotism and popularise information about the country’s sovereignty over Hoang Sa and Truong Sa archipelagos among the local Vietnamese community and German people. He also asked the club to attract more participation of and contribution by expatriates and businesses to support soldiers and residents in Truong Sa islands. It should also coordinate with other associations to organise more activities to spread patriotism among the Vietnamese community and give Germans a better understanding of Truong Sa and Hoang Sa, he said. At the event, SIVIDUC representatives suggested ideas to deal with issues related to water, information and education facing soldiers and residents in Truong Sa. The Sea and Island Club in Germany was founded in May basing on an initiative of expatriates who had visited Truong Sa since 2014. Vietnam scraps planned parenthood in revised population policy For the first time in 50 years, Vietnam has shifted its population policy from ‘planned parenthood’ to ‘maintaining stable birth rates’. The news was announced at a recent press conference held by Vietnam’s Ministry of Health. “Between 1960 and 1993, our population policy was to encourage that families should not have more than two children each,” said Nguyen Van Tan, deputy director general of the General Office for Population and Family Planning. “Now we want to encourage each family to have two children and keep the birth rate as close as possible to the current replacement fertility rate of 2.1 children per woman,” he said. Instead of a blanket policy to limit the number of births per family, areas with high birth rates would be encouraged to give birth less while those with low birth rates would be encouraged to produce more births, he elaborated. While families in Vietnam have been allowed to have as many children as they wish without facing legal or administrative punishments since 1993, they are still encouraged to have one or two children, according to Tan. In 2008, a new directive came into effect, stipulating that members of the Communist Party of Vietnam be penalized for having a third child and expelled from the Party for having any more than three children. Since 2013, the policy for Party members has been relaxed, when they will only be dismissed for having five or more children. A recent online survey conducted by the General Office for Population and Family Planning found that 81.3 percent of 700,000 respondents only wanted to have one or two children, with the rest expressing their wish for three or more. Based on these findings, Tan concluded, there should be no concern over whether Vietnam’s relaxed population policy would result in an unwanted population explosion. In the 1960s, an average woman in northern Vietnam would give birth to around six children, according to Nguyen Thien Nhan, Party chief of Ho Chi Minh City. Since the implementation of the two-child policy in the 1960s, the country’s fertility rate had dropped dramatically to three children per woman in the 1980s and two children per woman from 2005 until now, Nhan said. Ho Chi Minh City currently reports the lowest fertility rate amongst women in Vietnam, at only around 1.45 children per woman, posing a possible threat to the city’s workforce. If Vietnam is able to maintain a stable replacement fertility rate, its population is forecast to reach 104 million by 2030, and 113-115 million by 2049. The country currently has an official population of 94 million, the figures that is increasing by 850,000-900,000 per year. Da Nang: Nearly VND1.75 trillion raised for poor women, children The Association in Support of Poor and Disadvantaged Women and Children in central Da Nang city has raised almost VND1.75 trillion (US$77 million) over the last 15 years for humanitarian aid. The information was revealed during a conference to review the association’s work in 2002-2017. It helped more than 148,500 children have heart check-ups and nearly 900 children undergo heart surgeries at a cost of VND37.6 billion (US$1.66 million). About 23,000 poor women were provided with cancer screenings and 488 women diagnosed with the disease received treatment. The association also allocated VND1.7 billion (US$74,827) for the treatment of 1,131 poor women and children with life-threatening diseases. Additionally, the association provided accommodation for 126 poor single women and supported 450 disadvantaged women and children to have orthopaedic surgeries and rehabilitation. On this occasion, Da Nang city and the association honoured 21 organisations and 26 individuals for their contributions to the city’s humanitarian efforts in the last 15 years. Int’l conference on communications technologies opens in Binh Dinh The International Conference on Advanced Technologies for Communications (ATC 2017) kicked off in the central province of Binh Dinh on October 18. The event was co-organised by the Radio and Electronics Association of Vietnam (REV) and the IEEE Communications Society. It drew the participation of 150 delegates from 22 nations and territories. As many as 60 reports focusing on modern technologies were delivered at the conference, including three plenary session reports and 57 official reports. The ATC 2017 aims to create an international forum for scientific and technological exchanges among Vietnamese and worldwide scientists in the fields of electronics, communications and related areas as well as to gather their high-quality research contributions. It also strives to enhance research activities and human resources training in electronics, information technology and communications in Vietnamese and international universities and institutes. The conference runs until October 20. Top international DJ set for Vietnam return to kick off Asia tour World renowned DJ Armin van Buuren is going to be bringing the beats back to Saigon this December to kick off his Asia tour, the event’s organizers have announced. No further details on the performance have been revealed. Last year, Jakarta and Singapore were also part of his global tour. Van Buuren performed in Hanoi in late 2015, when he promised to return. The 40-year-old artist, who is also a record producer and remixer, was ranked the No. 1 DJ by DJ Mag for four years in a row between 2007 and 2010, and has been held No. 4 position since 2015. In 2014, he was nominated for a Grammy Award for Best Dance Recording for his single “This Is What It Feels Like” featuring Trevor Guthrie. Martin Garrix, currently the world’s No. 1 DJ, performed in Saigon in September last year and DJ Afrojack was on set in December. DJ superstars Skrillex, Tiesto and Zedd also played the city in 2015. Can Tho University to expand cooperation with German universities Can Tho University wants to develop links with leading universities from Germany in tertiary autonomy and governance. Rector of Can Tho University Ha Thanh Toan expressed the wish at a working session with Director of the German Academic Exchange Service (DAAD) in Ho Chi Minh City Berndt Tilp in Can Tho city on October 17. Toan said his university aims to become a key research centre in the Mekong Delta, especially in hi-tech agriculture. Therefore, he hopes the DAAD will help connect Can Tho University with German universities. He noted that Can Tho University has signed several cooperation agreements with German training and research centres such as Bonn University, University of Cologne, The Hanns Seidel Foundation, and Munich Partners of WISDOM Project Phase II. Since 2000, Germany has sponsored 11 projects worth 1.7 million EUR for Can Tho University. Forty-two lecturers from the university are pursuing post-graduate education in Germany. Tilp said DAAD is interested in cooperation with universities in the Mekong Delta, particularly Can Tho University, in post-graduate education and scientific research. He introduced scholarships at German universities, adding that in 2016, 13 Vietnamese students won scholarships as part of a cooperation programme between the Vietnamese Government and DAAD. Efforts exerted to search for martyrs’ remains in Cambodia The Military Command in the Central Highlands province of Gia Lai on October 18 launched a campaign to search for and repatriate Vietnamese soldiers who died in wartime in Cambodia. The work during the 2017-2018 dry season manifested the gratitude for the sacrifice of Vietnamese martyrs in Cambodia. In that dry season, which will last until the end of April, the search team will carry out their work in Rattanakiri, Preah Vihear and Stung Treng provinces. Established in 2001, Gia Lai’s search team has to date found and repatriated 1,374 sets of remains of Vietnamese soldiers. During the 2016-2017 dry season, 29 sets of remains were repatriated. Two more cities complete new-style rural area building 2017 Deputy Prime Minister Vuong Dinh Hue, Head of the Steering Committee for the national target programme on new-style rural area building has recognised that Lang Son city and Sa Dec city have completed their 2017 new-style rural area building tasks. Lang Son city had all three communes, namely Mai Pha, Hoang Dong, Quang Lac recognised by the provincial People’s Committee as new-style rural areas in 2014, 2015, and 2016, respectively. The localities have built concrete roads in all communal and 88.67% of village road networks. All locals have access to a constant and safe electricity supply. The annual income per capital reached VND27 million (US$1,188). The poor household rate in the three communes fell to one percent. According to the report from Sa Dec city’s Steering Committee, all three communes in the city have completed the new-style rural area building tasks. The annual income per capita reached VND32.2 million (US$1,400), 99.8% of locals have access to safe electricity and all of them have access to hygienic water. All schools in the three communes meet national standards. The poor household rate is 4.5%. 91.66% of local labourers have regular work. Vietnam scraps planned parenthood in revised population policy For the first time in 50 years, Vietnam has shifted its population policy from ‘planned parenthood’ to ‘maintaining stable birth rates’. The news was announced at a recent press conference held by Vietnam’s Ministry of Health. “Between 1960 and 1993, our population policy was to encourage that families should not have more than two children each,” said Nguyen Van Tan, deputy director general of the General Office for Population and Family Planning. “Now we want to encourage each family to have two children and keep the birth rate as close as possible to the current replacement fertility rate of 2.1 children per woman,” he said. Instead of a blanket policy to limit the number of births per family, areas with high birth rates would be encouraged to give birth less while those with low birth rates would be encouraged to produce more births, he elaborated. While families in Vietnam have been allowed to have as many children as they wish without facing legal or administrative punishments since 1993, they are still encouraged to have one or two children, according to Tan. In 2008, a new directive came into effect, stipulating that members of the Communist Party of Vietnam be penalized for having a third child and expelled from the Party for having any more than three children. Since 2013, the policy for Party members has been relaxed, when they will only be dismissed for having five or more children. A recent online survey conducted by the General Office for Population and Family Planning found that 81.3 percent of 700,000 respondents only wanted to have one or two children, with the rest expressing their wish for three or more. Based on these findings, Tan concluded, there should be no concern over whether Vietnam’s relaxed population policy would result in an unwanted population explosion. In the 1960s, an average woman in northern Vietnam would give birth to around six children, according to Nguyen Thien Nhan, Party chief of Ho Chi Minh City. Since the implementation of the two-child policy in the 1960s, the country’s fertility rate had dropped dramatically to three children per woman in the 1980s and two children per woman from 2005 until now, Nhan said. Ho Chi Minh City currently reports the lowest fertility rate amongst women in Vietnam, at only around 1.45 children per woman, posing a possible threat to the city’s workforce. If Vietnam is able to maintain a stable replacement fertility rate, its population is forecast to reach 104 million by 2030, and 113-115 million by 2049. The country currently has an official population of 94 million, the figures that is increasing by 850,000-900,000 per year. Chairty shows what living with autism is like Have you ever imagined how would you react if all unnoticeable occurrences in our lives suddenly became clear and overwhelmed your senses? Or what information overload would be like? Nguyễn Thị Hồng Xuân, from Hà Nội, had to remove her headphones and burst into tears after she watched a short 360-degree virtual reality video. The video, using Google Cardboard Virtual Reality, let her experience what it’s like to suffer sensory overload. The video put Xuân in the shoes of an autistic child. Xuân was joining a project held to help people experience what it is like to be an autistic child, to give them a better understanding of autism. Autism is a neuro-developmental disorder characterised by impaired social interaction and communication, according to health experts. “It is unbelievable that everything is so hard for an autistic child. Those with autism can’t block out background noise like the rest of us. At the same time, all surrounding sounds come together and overload their hearing,” Xuân told Tuổi trẻ (Youth) newspaper. “It is really terrifying as they have to struggle with that condition every hour and every day,” she said. Many other people had the same feelings after watching the video. They could not imagine how terrible it is to suffer such sensory overload. Some of them had to cover their ears as they could not bear it. When you talk to someone, you can focus on their voice. However, for an autistic person, all surrounding sounds compete for attention at the same time, with the same sound level and speed, from birds’ singing, car horns, mobile phone ringing, a child’s crying to the sound of wind and water, said Nguyễn Hạnh Duyên, a member of the ‘Act 4 Vietnamese Autism’ or A4A Group which is carrying out the project. The project, named ‘Try to live like me’, is designed to encourage people to learn more about the condition. It has been conducted in central Quảng Nam Province and Đà Nẵng City from July and is expected to end in November. “Research shows that autism is a lifelong neurodevelopmental disorder or impairment of the growth and development of the brain or central nervous system. The senses of people with autism will therefore be more sensitive. They can hear and see more clearly than normal people and also feel more pain even when being slightly hit,” Duyên said. “This results in difficulties and misunderstandings in the communication and behaviour of autistic people,” she said. “Many people ask what autism is, whether it is a standard disease or a hereditary disease. Some people even misunderstand that autistic people are arrogant and do not want to play with others,” Duyên said. “The project is expected to help those without autism understand more about autism and have more sympathy for those with autism and encourage people to join works that can support autistic people,” she added. The A4A group was established five years ago. Most of its members are young, aged between 15 and 30. The project is part of their activities to support children with autism. They plan to publish an online magazine on autism in the future to share more information about autism. According to the World Health Organisation, for every 160 people in the world, one person has autism. No official statistics on the number of autistic people have been published in Việt Nam; it has been estimated that there are 160,000 people with autism living in the country. Int’l farming support key: official Deputy Minister of Agriculture and Rural Development Lê Quốc Doanh on Wednesday hailed international scientific research organisations for their contributions to Việt Nam’s agriculture development, in the context of devastating natural disasters due to climate changes. Speaking at a meeting with representatives from the Consultative Group on International Agricultural Research on Wednesday in Hà Nội, the deputy minister recognised the support from organisations including Worldfish, the International Rice Research Institute (IRRI) and the International Livestock Research Institute (ILRI) in helping the agriculture sector implement projects in fishery breeding, rice cultivation and production, and reduce the environmental risks in livestock breeding. “One of the key solutions for the successful implementation of the agricultural sector’s restructuring goals is the application of science and technology, so the strengthening of co-operation in the field of scientific and technological research with international organisations always attracts attention from the Government and agricultural agencies,” said Doanh. Research needs to be reformed in line with technological process and with co-operation between national and international agencies, according to the deputy minister. Dr Bjorn Ole Sander from the IRRI said the organisation, one of Việt Nam’s most active agricultural international supporters since 1963, pledged to assist Vietnamese partners in increasing productivity, reducing inputs such as pesticides, fertilisers, water, labour and seeds and improving the quality of rice. The scientist revealed the IRRI bank of rice genes had preserved a rich collection of natural genes, an important resources for research on rice adaptable to climate change in Việt Nam. He also said IRRI research could help both reduce post-harvest losses and optimise supply and product quality. Meanwhile, Dr Nguyễn Việt Hùng, Chief Representative of the ILRI in East and Southeast Asia, said the ILRI had been working with Việt Nam since 2007 in areas including mitigating risks resulting from agricultural systematic changes, developing science and technology in animal husbandry as well as solutions for the development of animal husbandry in connection with markets. Hùng said currently, ILRI research was being expanded to ensure husbandry development integrated with environmental protection. In the last few years, Doanh said, particularly last year and the first nine months of this year, the country had been suffering from continuous natural disasters including the most recent tropical depression, which caused huge damage to national agricultural production. Floods due to heavy rains hit many regions in the north and the centre of the country. The deputy minister cited northern Hòa Bình and Nam Định povinces as typical examples of losses caused by floods, with Nam Đinh bearing the loss of a total of 50,000ha or a reduction by 100,000 tonnes of rice this year. Despite such hardships due to impacts from natural disasters, Doanh confirmed the agricultural sector’s restructuring was moving in the right direction, reflected in its growth, added value and particularly through its export turnover. It is estimated that the sector will reach total turnover worth US$35 billion this year, up $3 billion over the last year. It is also expect to supply jobs for about 10 million farmer households or more than 68 per cent of the population, contributing about 22 per cent of GDP to the national economy and 35 per cent to the national export value. Woman arrested for alleged subversion activities Hà Tĩnh Province police have arrested Trần Thị Xuân, 41, for alleged "activities to overthrow the Government". Police yesterday announced that the woman living in Thạch Kim Commune in Lộc Hà District was arrested based on Article 79 of the Penal Code. They said they would initiate a full investigation into the case. President requests absolute security for APEC 2017 events President Tran Dai Quang has requested the Ministries of National Defence and Public Security not to let any mistake happen during the APEC Economic Leaders’ Week scheduled to take place in the central city of Da Nang from November 6-11. At a working session with officials of the two ministries and relevant offices in Hanoi on October 18, President Quang stressed that the APEC Economic Leaders’ Week is the most important event of the APEC Year 2017 with the participation of heads of state and over 10,000 delegates from 21 APEC economies as well as representatives from both domestic and foreign enterprises and press agencies. He noted that the regional and global political-security situations have seen complicated and unpredictable developments with a series of armed, racial and religious conflicts, terrorism activities and territorial disputes, while Southeast Asia have also witnessed new instabilities, especially those related to terrorism and sovereignty disputes. Together with “peaceful evolution” strategies and sabotage plots by hostile forces and criminal activities, these are latent threats to security and order of the APEC Economic Leaders’ Week, he said. The State leader asked the Ministries of National Defence and Public Security, the security-health subcommittee and localities involved to review and complete their plans to safeguard the meeting and backup schemes to deal with arising problems. It is necessary for relevant forces, agencies and localities to coordinate closely and assign specific tasks for each unit in order to avoid being on the defensive in all circumstances, he stressed. President Quang requested concerned forces to ensure absolute security for heads of state, heads of delegations, ministers and delegates attending the event, with the priority given to preventing terrorism, fire and explosion, and ensuring traffic safety, food safety and hygiene. Deputy Minister of Public Security Bui Van Nam said since the end of 2016, the ministry has coordinated with other relevant agencies in ensuring security and safety for six senior officials’ meetings, six ministerial meetings and hundreds of meetings held in eight provinces and cities across the nation. Established in 1989, the Asia-Pacific Economic Cooperation (APEC) Forum comprises Australia, Brunei, Canada, Chile, China, Hong Kong (China), Indonesia, Japan, the Republic of Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, Chinese Taipei, Thailand, the US and Vietnam.- NA leader inspects flood aftermath settlement in Yen Bai National Assembly (NA) Vice Chairman Do Ba Ty on October 18 inspected the settlement of flood and landslide consequences and visited flood victims in the northern mountainous province of Yen Bai. Ty and his entourage visited some bereaved families and households whose property was washed away by floods in Van Chan district and Nghia Lo town. He appreciated the local military and militia forces and youths who have helped residents to address flood consequences. He asked them to continue efforts to assist local people swiftly deal with disaster impacts and stabilise their lives. At a working session with the delegation, provincial leaders proposed the NA and Government send teams to the province to assess loses, find out causes and provide technical support to rebuild damaged roads and irrigation works. They called on the Government to give urgent financial assistance to repair 78 important traffic and irrigation works with estimated costs of around 400 billion VND (17.6 million USD). The NA leader requested Yen Bai authorities to focus on efforts to help residents stabilise their lives, solve environmental problems to prevent diseases, and proactively repair damaged traffic, irrigation and other infrastructure works. He also asked the province to use aid in an effective, fair, transparent and timely manner. Yen Bai has reported 18 deaths, 10 people missing and nine others injured in the recent downpours and floods. Nearly 2,000 houses were damaged while more than 140 households were evacuated due to landslides and flash floods. Floods also devastated more than 900ha of crops, tens of thousands of livestock and poultry, and over 42ha of aquaculture area. Total damage was estimated at over 700 billion VND (30.8 million USD). Project ensures sustainable food value chain in Southeast Asia The Hanoi University of Science and Technology (HUST) on October 18 convened the fourth meeting of the NutriSEA project management board under the Erasmus capacity building in higher education programme. The event attracted representatives from universities in Belgium, France, Germany, the Netherlands, Portugal, Hungary, Cambodia, Myanmar and Vietnam which are the project’s partners and several food enterprises. Speaking at the event, HUST Vice Rector Dr. Huynh Quyet Thang said the project has improved the capacity of lecturers and students via new approaches taught at short-term courses in countries which have strengths in the food industry such as Belgium, the Netherlands, France, Portugal and Hungary. Coordinated by Ghent University of Belgium and Royal University of Agriculture (RUA) of Cambodia, the project is known as the Network of Universities and Enterprises for Food Training in Southeast Asia (NutriSEA). It runs from October 2015 to October 2018 with the participation of 14 member European and Southeast Asian universities, including HUST and Hue University of Vietnam. Its long-term goal is to ensure a sustainable food value chain by increasing added value to natural food materials in Southeast Asia and set up a regional food network with stakeholders such as businesses and universities. With nine components, the project seeks to renovate tertiary and post-tertiary food education in six partner universities in Southeast Asia, including the RUA and Chea Sim Kamchaymear University of Cambodia, Yangon University and Yezin University of Agriculture of Myanmar, HUST and Hue University of Vietnam. On this occasion, HUST also plans to hold a seminar on food quality and safety management on October 20, with an aim of increasing inter-sectoral cooperation between partner universities and businesses at home and abroad. With more than 150 scientists, lecturers and corporate representatives, the event will discuss food quality and safety management system, risks to food safety, food production and consumption chain, among others. Legislative leader pays fact-finding trip to flood-hit Hoa Binh National Assembly Vice Chairwoman Tong Thi Phong on October 18 paid a fact-finding trip to Da Bac district in the northern mountainous province of Hoa Binh where she inspected the settlement of consequences caused by recent downpours and floods. In Dong Nghe and Dong Ruong communes, Phong conveyed the regards and sympathy from Party and State leaders to local officials and residents over great loses in humans and property. Having spoke highly of the support and assistance provided by administrations at all levels, sectors and people for affected residents, she asked the provincial authorities to continue supplying food, water and clothes to flood victims in Da Bac district. Phong handed over 5 million VND to each of three bereaved families and 2 million VND to each of 18 households whose homes were swept away during the floods. The money was contributed by the NA Office. In addition, NA Vice Chairwoman Tong Thi Phong, Head of the Party Central Committee’s Organisation Commission Pham Minh Chinh and Minister of Public Security To Lam also donated 150 million VND in total to Da Bac district. According to the province’s steering board for disaster prevention, search and rescue, total damage caused by prolong downpours and floods in Hoa Binh has exceeded 800 billion VND (35.2 million USD). By 4pm on October 16, floods had killed 24 people, injured 12 others and left 10 missing in Hoa Binh. Up to 19 dead and missing people were in Tan Lac district while 11 others were reported in Da Bac district. Mai Chau and Kim Boi districts recorded two deaths each. While more than 1,000 houses were inundated and damaged, all rice and other crop areas in the province were affected by heavy rains and floods with over 10,000ha completely inundated. PM reminds Bac Ninh to look towards hi-tech industrial province Prime Minister Nguyen Xuan Phuc has reminded the northern province of Bac Ninh to choose projects that match its plan to develop itself into a hi-tech industrial locality. During a working session with the provincial authorities in Hanoi on October 18, Phuc mentioned challenges facing the province such as high population density, environment pollution in craft villages, insufficient and unqualified human resources, residential planning, among others. He agreed with a proposal to build Bac Ninh into a centrally-run city and asked for the establishment of a Steering Committee responsible for drafting planning adjustments that take environment, greenery and urban development into account. The PM stressed the need to gradually switch workforce from agriculture and services while ensuring security, safety and fighting social vices. At the same time, craft villages, urban and rural areas should be zoned off, he said. The Government leader agreed with a proposal to add different investment stages of Samsung Display company into a single project, adding that it must ensure that revenues to the State budget and environment hygiene remain the same. He also gave nod to a scheme to experimentally establish a food safety management board, asking the province to take drastic actions to control food safety and thoroughly check their origin before being put on the market. In the first nine months this year, the provincial economy expanded by 15.9 percent year-on-year with the State budget collection surpassing 13 trillion VND (577 million USD), up 40.4 percent. The industrial production value topped 628.1 trillion VND while export value rose 18.4 percent to 18.8 billion USD. During the period, Bac Ninh lured 3.1 billion USD in foreign direct investment, and established 1,495 new businesses with a total capital of over 9.86 trillion VND. Administration academy asked to step up IT application in training Prime Minister Nguyen Xuan Phuc has asked the National Academy of Public Administration to step up the application of information technology into its training programme towards the formation of a digital administration system amidst the fourth industrial revolution. Speaking at a ceremony on October 18 to start the academy’s new academic year 2017-2018, PM Phuc said that the academy should make changes in the national administration to seize opportunities and give a boost to startups, innovation and creativity. As one of the most important pillars of an effective administrative system, public servants should promote their creativity, integrity and responsibility, he said. The PM asked the academy to improve its curriculum in order popularise a transparent and professional administrative system like in Northern European countries, New Zealand and Singapore. He laid out three main tasks for the academy in the new academic year, including renovating its training programme and organisational structure, building a 20-year strategy, and turning it a regional-level training centre of management officials. Following the ceremony, PM Phuc held a working session with leaders of the academy, during which he affirmed that the academy should focus on improving its efficiency to contribute to administrative reform in Vietnam. Associate Prof. Dr. Dang Xuan Hoan, director of the academy, pointed to a lack of legal foundation to complete its management and governance system as well as its personnel contingent. PM Phuc asked ministries and sectors to support the academy’s development. He assigned the Ministry of Home Affairs to issue policies to make research activities of the academy as part of the ministry’s operations. Lotte awards scholarships to HCM City university students Fifty four outstanding students from nine universities in HCM City received scholarships from the Lotte Foundation at a ceremony on Wednesday. Each scholarship was worth US$350 after the Korean foundation increased the value by $150 this year. The students are from the University of Social Sciences and Humanities; the University of Economics HCM City; the University of Finance and Marketing; the HCM City University of Foreign Languages and Informatics; the HCM City University of Food Industry; the HCM City University of Agriculture and Forestry; Hoa Sen University; Tôn Đức Thắng University; and the HCM City University of Industry. Park Noh Wan, the Korean consul general in HCM City, who attended the event, congratulated the awardees and said: “I believe the students will contribute to Việt Nam’s development as well as building a friendship between Việt Nam and Korea.” Vũ Nguyệt Thắng, one of the awardees, thanked the Lotte Foundation and said the scholarship is not just financial support but also a great motivation for the students. The Lotte Group, which has had a presence in Việt Nam since 1996, has been a significant contributor to the community, especially to education. The Lotte Foundation was founded in 1983 in Korea by the group’s chairman, Shin Kyuk-Ho, and has since been awarding scholarships to outstanding disadvantaged students. It has been present in Việt Nam since 2008 and granted scholarships to hundreds of university students in Hà Nội and HCM City every year. Comedy, drama in HN’s Spanish Film Festival A Spanish film festival opened last night in Hà Nội with the world premiere of Thị Mai, the first Spanish movie to be shot in Việt Nam. Entitled Eye on Spain, the festival includes five films - comedies, dramas and thrillers - reflecting Spain’s cinematographic zest. Spain ranks fourth in Europe and eighth in the world in terms of cinematic productions. Thị Mai is a comedy directed by Patricia Ferreira. It is a classic tale of west-meets-east with a hilarious Spanish-Vietnamese twist and a star-studded cast from Spain and Việt Nam. It tells the story of a woman called Carmen. When Carmen discovers that her late daughter wanted to adopt a Vietnamese child, Carmen does not hesitate to travel to Việt Nam to bring the adopted child back home with her. Her two best friends, are each undergoing a crisis of their own, and when they hear of their friend’s crazy plan they jump on the plane with her without thinking. Lost in the bustle of Hà Nội, the three women meet a whole new world of possibilities and two men who, unwittingly, will change their lives forever. The movie was screened in Spanish with Vietnamese subtitles at the National Cinema Centre with a presentation by director Ferreira and producer Larry Levene speaking about filming in Hà Nội and Hạ Long Bay. Other award-winning movies at the festival include Las Ovejas No Pierden El Tre (Sidetracked), Truman,Vivir Es Facil Con Ojos Cerados (Living is Easy with Eyes Closed) and La Caja 507 (Box 507). The comedy-drama movie Truman has been awarded dozens of national and international prizes since its premiere in Spain in 2015. It will be shown on Friday at 7pm in Spanish with Vietnamese and English subtitles. Living is Easy With Eye Closed was the big winner at the 2013 Goya Awards, taking six top prizes including best film, best director and best leading actor. It will be shown in Spanish with Vietnamese and French subtitles at 5pm on Saturday. The Spanish Film Festival is being held by the Spanish Embassy in Hà Nội to mark the 40th anniversary of diplomatic relations between Spain and Việt Nam. Besides the five screenings, the festival will include a reception at the Embassy, a round table discussion between film-makers from the two countries and other activities to strengthen ties with the Vietnamese industry and explore opportunities for future collaboration. Climbing competition to be held at Saigon Outcast Push Climbing will host its first climbing competition for both amateurs and professionals at the outdoor bar Saigon Outcast on October 21-22. There will be four categories, including novice men and women, and an open event for men and women. There will be music and BBQ party during the event. Saigon Outcast is located at 188/2 Nguyễn Văn Hưởng Street in District 2. More information can be found at http://www.saigonoutcast.com/saigon-outcast/rocktober-climbing-fest-2017/. Workshop highlights significance of October Revolution A workshop discussing the historical significance of Russia’s October Revolution took place in Hanoi on October 18, attracting scientists, researchers and managers from universities and agencies. The reports focused on the themes of the October Revolution of Russia – theoretical and practical values, lessons for Vietnamese revolution, and the October Revolution and the current age. They reviewed the development of socialism in countries and global socialism movements over the past century. Participants agreed that the October Revolution remains a significant event in history, awakening the liberation cause of the working class and helping launch socialism movements worldwide. The event was organised by the Communist Review and People’s Army newspaper and the Academy of Journalism and Communication on the occasion of the 100th anniversary of the October Revolution (November 7, 1917). Da Nang: Nearly 1.75 trillion VND raised for poor women, children The Association in Support of Poor and Disadvantaged Women and Children in central Da Nang city has raised almost 1.75 trillion VND (77 million USD) over the last 15 years for humanitarian aid. The information was revealed during a conference to review the association’s work in 2002-2017. It helped more than 148,500 children have heart check-ups and nearly 900 children undergo heart surgeries at a cost of 37.6 billion VND (1.66 million USD). About 23,000 poor women were provided with cancer screenings and 488 women diagnosed with the disease received treatment. The association also allocated 1.7 billion VND (74,827 USD) for the treatment of 1,131 poor women and children with life-threatening diseases. Additionally, the association provided accommodation for 126 poor single women and supported 450 disadvantaged women and children to have orthopaedic surgeries and rehabilitation. On this occasion, Da Nang city and the association honoured 21 organisations and 26 individuals for their contributions to the city’s humanitarian efforts in the last 15 years. VNN |
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Equitised SOEs, public or not, to trade on UPCoM Public or non-public, equitised State-owned enterprises (SOEs) will have to trade shares on the Unlisted Public Company Market (UPCoM). The move to force equitised SOEs onto the stock market is intended to increase the transparency of those companies and protect the rights and benefits of shareholders.  A stretch of railway that runs through Thuong Tin District, Ha Noi is managed by the Vietnam Railway Corporation. Equitised State-owned enterprises may have to trade shares on the Unlisted Public Company Market (UPCoM) regardless of whether or not they are public. At the moment, around 700 equitised SOEs reportedly do not trade shares on the stock market, including the Vietnam Railway Corporation (VNR) and the Vietnam Coal and Minerals Industry Group (Vinacomin), vtv.vn reported. The common reason for those companies is that they have less than 100 shareholders, which is a required condition for them to be considered public companies and trade shares on the stock market. Under the Law on Securities and relevant regulations, public companies are neither listed nor traded on the stock market and they do not have to fulfill their commitments with shareholders, especially regarding information disclosure. Therefore, those companies are unwilling to make their shares tradable on the stock market because if they do so they will have to comply with several regulations they see as unnecessary. As those companies are non-public and non-traded firms, shareholders have great difficulty accessing the firms’ information, raising concerns over whether the companies are in good condition. Some individual investors like Le Thi Minh Chau and Nguyen Thang Long are expecting the equitised SOEs to trade shares on the stock market soon so the business operations become transparent and government agencies will be able to inspect those companies to protect their investments. In addition, those individual investors want those companies to improve so that they are able to sell the shares they have purchased to earn a profit. If the SOEs are traded and/or listed on UPCoM, the unlisted marker’s regulator, which is the Ha Noi Stock Exchange (HNX), will have a great deal of paperwork on its hands. According to Nguyen Tuan Anh, HNX’s deputy general director, the equitised SOEs that have not been traded on UPCoM will have to complete all required documents and procedures so that their businesses are transparent and public. The HNX also provides those companies with online accounts so that they are able to disclose information in conveniently and quickly to help improve the business, Anh said, adding that the northern market regulator has cut the number of required procedures for those firms to trade on UPCoM. Dang Quyet Tien, deputy director of the corporate finance agency at the finance ministry, said that the ministry is working on some new solutions, including the State’s divestment from the companies in which the Government does not need to take the controlling stake, he said. The finance ministry will work with the Government, other ministries and local authorities to speed up the selling of the State’s capital in those companies to attract more investors and raise more capital for the businesses, meeting the requirements of a public company, he added. In addition, the finance ministry and market regulators are working on the legal policy to guide when SOEs must trade shares on the stock market or else face fines and punishment, Tien added. VNS |
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APEC 2017 Finance and Central Bank Deputies’ Meeting kicks off The latest updates on the implementation of the Cebu Action Plan (CAP) and activities of the APEC economic committee as well as financial cooperation progress will be the highlight of the APEC 2017 Finance and Central Bank Deputies’ Meeting, which opened in the central coastal province of Quang Nam on October 20.  Delegates at the meeting At the opening ceremony, Vietnamese Deputy Minister of Finance Tran Xuan Ha said that the meeting is of significance to domestic and foreign delegates to discuss such important issues to report to finance ministers the following day. APEC finance and bank deputies agreed on four priorities at the APEC Finance and Central Bank Deputies Meeting (FCBDM) held in Nha Trang in February, including Long-term Investment in Infrastructure, Base Erosion and Profit Shifting, Disaster Risk Financing and Insurance and Financial Inclusion, Ha said. Vietnam has joined hands with foreign agencies to organise conferences on the four priorities, he noted, adding that both domestic and international delegates set to review all of those priorities and make recommendations for cooperation in the coming time. [APEC Senior Finance Officials’ Meeting opens in Quang Nam] Delegates will give their opinions to the draft Joint Ministerial Statement which was discussed among finance officials from 21 APEC economies on October 19 to submit the final one to the APEC Finance Ministers’ meeting on October 21. The Asia-Pacific Economic Cooperation (APEC) is the Asia-Pacific region’s premier economic forum. Its primary goal is to support sustainable economic growth and prosperity in the Asia-Pacific region. APEC is united in a drive to build a dynamic, sustainable and harmonious Asia-Pacific community by boosting free and open trade and investment, promoting and accelerating regional economic integration, encouraging economic and technical cooperation, and facilitating a favorable and sustainable business environment. APEC initiatives turn policy goals into concrete results and agreements into tangible benefits. The idea of APEC was firstly publicly broached by former Australian Prime Minister Bob Hawke during a speech in Seoul, the Republic of Korea, on 31 January 1989. Ten months later, 12 Asia-Pacific economies met in Canberra, Australia, to establish APEC. The founding members were: Australia, Brunei Darussalam, Canada, Indonesia, Japan, the Republic of Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand and the US. China, Hong Kong (China) and Chinese Taipei joined in 1991. Mexico and Papua New Guinea followed suit in 1993 and Chile in 1994. In 1998, Peru, Russia and Vietnam joined the forum, taking its membership to 21. This year marks the second time Vietnam has hosted the APEC Year after the first in 2006. VNA |
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Ministry urges construction of North-South Expressway The Ministry of Transport has proposed to start the construction of the next 713km of the North-South Expressway project within this year.  Ministry urges construction of North-South Expressway According to the ministry, it is necessary to build the expressway and needed to be done quickly in order to improve the economy. This is the most viable option while the high-speed railway project cannot be started yet. "The high-speed railway can't be built during 2017-2025 period, we can't delay the expressway project anymore in order to meet transport demand," the ministry wrote in the report. The North-South Expressway connects Lang Son to Ca Mau Province and is 2,109km long. About 223km has been completed and 297km are under construction. The procedure for the next 67km is being completed. National Highway 1 has been expanded to accommodate 35,000 vehicles a day. However, it is estimated that by 2020, about 42,100 vehicles will travel this highway daily. If the North-South Expressway is not completed soon, Highway 1 will be overloaded. The government plans to carry out a three-phase plan. From 2017 to 2020, the next 713km of the North-South Expressway that runs through 12 provinces and cities will be completed. From 2021 to 2025, the sections through Ha Tinh, Quang Tri and Quang Ngai-Khanh Hoa provinces will be completed. After 2025, the section through Can Tho and Ca Mau City will be completed. Due to the scale of the first phase, the Ministry of Transport said it was impossible to call for investment and decided to divide the section into 11 smaller parts of which eight parts are PPP and BOT projects. The estimated cost for the first phase is over VND130trn (USD5.7bn). About VND55trn will come from government bonds, VND63.7trn from the state budget and VND11.5trn will be covered by built-transfer contracts. dtinews.vn |
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BUSINESS IN BRIEF 21/10 Viettel’s Peru branch makes $45-million 4G investment Bitel, a mobile telecommunications brand from Peru owned by Vietnamese military-run Viettel Group, has poured an additional $45 million to expand its 4G network in 2017, making Bitel the telecommunications service provider with the largest 4G network in Peru, according to newswire ITCnews. According to Phan Hoang Viet, Bitel general director, in order to become the largest 4G mobile supplier in Peru, the corporation has been focusing infrastructure investments. Notably, Bitel installed 3,000 base transceiver stations (BTS) with 25,000 kilometres of optical fibre cables to improve service quality. Along with infrastructure, Bitel has also been developing distribution channels and launching more new products to lure in customers. Notably, Bitel launched data packages with numerous incentives for students, taxi drivers, as well as households to meet the needs of specific customer groups. In October 2015, Viettel set foot in Peru by launching Bitel. At the time, Bitel was the only mobile network with 3G coverage in Peru and reached nearly 80 per cent of the Peruvian population. It is currently the fourth largest telecommunications services provider, following Movistar, Claro, and Entel. Peru is also considered as holding the greatest potential among Viettel’s overseas markets due to having the highest GDP, which is even higher than that of Vietnam. A report reviewing the business results of Viettel’s overseas investments in nine markets showed that in the first six months of this year, the company’s revenue rose by 25 per cent compared to the same period last year, to around VND14 trillion ($600 million). In the first six months of this year, Bitel reported the highest growth rate among Viettel’s foreign branches, making up 82 per cent of Viettel’s total revenue from foreign markets. Other fast growing markets were Burundi with 38 per cent, East Timor with 29 per cent, and Haiti with 15 per cent. Regarding Viettel’s 4G services implementation, to date, the company has implemented 4G services in five markets, Cambodia, Laos, Burundi, Peru, Haiti, and Timor-Leste. Viettel has recorded a pre-tax profit of VND1 trillion ($41.2 million) from its overseas investments, a 156 per cent year-on-year increase, during this period. The positive results come from the revenue generated by mobile phone telecommunications services, especially new services, such as 4G, e-wallet, and large information technology projects for governments and businesses. Announcement on "TPP 11" may come at APEC Summit Following intensive discussions in the wake of the US’s withdrawal from the massive free trade deal, the eleven remaining members of the TPP are expected to outline their plans at the APEC Summit hosted in Vietnam next month. APEC Executive Director Mr. Alan Bollard told CNBC in an interview that the group may discuss their plans on the sidelines of the summit in the central city of Da Nang. “We have spent the first part of this year digesting what difference the US administration’s decision might mean for trade policies and some of the latest efforts we’re making,” he said. “I think we’ve got a clear picture on that now.” He said the TPP 11 may make an announcement regarding the fate of the trade deal at the APEC Leaders Meeting. “One possibility could be that they decide to go ahead, with some changes reflecting the fact that the US is no longer there,” he said. The door, however, may be left open for the US to return. “Some of the points that the US was promoting very strongly are no longer there in the agreement, but may come in if and when it decides it wants to come in,” he added. The APEC Summit, the second hosted in Vietnam after the first in 2006, is a key gathering of leaders from the 21 member economies, including some of the world’s largest. The Leaders Meeting on November 11-12 will be attended by China’s Xi Jinping, Russia’s Vladimir Putin, and the US’s Donald Trump, who is also scheduled to fly to Hanoi for his first State visit to the country at the end of the summit. This will be the first APEC meeting for Mr. Trump, as well as for New Zealand Prime Minister Bill English, South Korean President Moon Jae-in, and Hong Kong Chief Executive Carrie Lam. Two years ago, the 12 members of APEC drafted an agreement on the TPP, with the export-driven Vietnamese economy expected to enjoy among the greatest economic benefits through expanded access to the US market. But the trade pact, which aimed to cut trade barriers in some of Asia’s fastest-growing economies, was thrown into limbo in January when Mr. Trump withdrew from the agreement to prioritize protecting US jobs. It was previously reported that although the remaining members have voiced continued commitment to the deal, adoption of the pact linking eleven countries with a combined GDP of $12.4 trillion has stalled at times, raising fears that other countries may follow the US’s lead. At a previous meeting in Sydney in late August, Vietnam raised the prospect of changes to labor rights and intellectual property (IP) provisions in the original pact. Its desire to shelve the IP provisions around pharmaceutical data is likely to win broad support, as Japanese and New Zealand officials have indicated they back the change. Moving forward, negotiators also need to decide how to ratify the deal. The original pact required ratification by at least six countries accounting for 85 per cent of the combined GDP of members. That condition cannot be fulfilled after the US withdrew and would need to be changed. PwC: Vietnam a rising economy in Asia  PwC Vietnam hosted a seminar on October 18 to share key insights from its special report on Vietnam’s growing potential as one of Asia’s fastest rising economies. PwC’s special report, “Spotlight on Vietnam”, developed in line with the country’s hosting of the APEC 2017 meetings, provides a snapshot of Vietnam’s bright future. Having been the Knowledge Partner for the APEC CEO Summit for the last eight years, PwC has taken the lead in helping businesses understand Vietnam, delivering key insights on what it takes to be a successful business in this leading emerging market. Vietnam has been enjoying consistent growth over the last several years, evident in its continued attraction of foreign direct investment (FDI). With its young and growing workforce, competitive economy, a government committed to growth, and other strong macroeconomic fundamentals, it provides a wealth of opportunities for businesses seeking to enter or expand in the country. “Understanding Vietnam, its prospects and opportunities, as well as its challenges and complexities, are important for investors who want to succeed in Asia’s rising economy,” said Ms. Dinh Thi Quynh Van, PwC Vietnam’s General Director. “Having a one-size-fits-all mindset will be counter-productive if investors are keen to pursue sustainable growth in this dynamic country. Foreign companies will benefit from recognizing what makes Vietnam different from other economies, to create a viable and successful go-to-market strategy.” “In ‘Spotlight on Vietnam’, we focus not only on the country’s key drivers for growth, but also discuss the most promising sectors for investment,” she went on. “I hope this publication will provide some important food for thought for investors as they embark on their growth journey into Vietnam.” Among the sector hotspots noted in the report is the business process outsourcing (BPO) industry, which has grown 20 to 35 per cent annually over the past decade. Vietnam’s need to secure new sources of energy has also made solar and wind energy generation a promising option for foreign investors. The upscale and luxury hotel industry also offers great potential for investment, with a consistent increase in international tourist arrivals coupled with a growing middle-class. In addition, the government’s push for business to help raise the agriculture sector’s technology level bodes well for Vietnam’s agribusiness and food sector. Demand for complex retail banking products is also predicted to increase, while financial technology (FinTech) is tipped to support Vietnam’s transition to a cashless society, making the retail banking sector another important industry to watch. Ms. Van also explained that these exciting sectors show that Vietnam has the potential to move up the value chain, harnessing people, knowledge, and technology. The time is ripe for Vietnam to establish itself as a brand that is recognized beyond its manufacturing capabilities and labor-intensive industries, in line with its transition to a high-income economy. Foreign investors will be able to tap into these new areas of growth to actively participate in this thriving economy if they can deepen their understanding of the local market and create a localized strategy that considers the people, culture, and business environment. With foreign investors keen on entering Vietnam, local businesses will need to level up their competitiveness to harness these opportunities. Businesses will do well to have an open dialogue with the government to share knowledge on industry developments in key sectors of opportunity. “Vietnamese companies must have a ‘fit-for-growth’ approach to be able to leverage on these growth opportunities,” said Mr. Grant Dennis, PwC Vietnam’s Consulting Leader. “In today’s volatile environment, the winners will be companies with an adaptive mindset that can position themselves strategically for the long haul by focusing on a few capabilities that differentiate them in the marketplace. Having a digital strategy to enhance the customer experience and optimize business operations will be key in differentiating them in a crowded local and regional marketplace. To pursue this ‘fit-for-growth’ approach effectively, CEOs need to ask themselves critical questions.” Apart from “Spotlight on Vietnam”, PwC also conducted its Annual APEC CEO Survey to sharpen understanding of what’s driving business growth and investment in the Asia-Pacific region. To be released on November 8 during the APEC CEO Summit, the survey gathers perspectives from CEOs and industry leaders across all 21 APEC economies. Related party transaction practices in need of improvement From regulators to international experts, a range of stakeholders came together to discuss the most effective ways to tackle conflict of interest and related party transactions (RPTs) at the Corporate Governance Forum 2017 in Ho Chi Minh City a few days ago. This was the first annual event hosted by the Vietnam Corporate Governance Initiative (VCGI), founded in December 2016 by the International Finance Corporation (IFC), the Ho Chi Minh Stock Exchange (HSX), and the Hanoi Stock Exchange (HNX). RPTs are common in most businesses across industries and sectors in Asia, including Vietnam. Though they do not necessarily affect a company negatively, the risk of shareholder abuse is potentially present in non-arm’s length transactions involving the sale or purchase of goods, the transfer of intangible items, and even the establishment of joint ventures. Abusive RPTs have led to significant corporate failures destroying shareholder value and eroding investors’ confidence in the integrity of capital markets. In fact, over the last few years, abusive RPTs have become one of the biggest challenges facing Vietnam’s business landscape. “RPTs are always viewed as situations that are open to possible conflicts of interest and should be subjected to rigorous review,” said Mr. Chris Razook, IFC’s East Asia Pacific Corporate Governance Lead. “It is a recommended practice that a company outline its RPT policy as part of its governance policy framework and ensure that any conflicts of interest inherent in RPTs are strictly addressed.” The forum this year, entitled “Handling Conflict of Interest and Related Party Transactions”, saw the participation of relevant stakeholders, including about 100 regulators’ representatives and board members and senior management from large public and listed companies. Given the context of Vietnam’s business and corporate governance, the event addressed concerns and issues relating to best practices in governing conflict of interest and RPTs for sustainable performance and growth; the key to raising capital. “In the absence of a strict RPT policy at the company level, RPTs can be easily abused, significantly weakening the competitive edge of many companies, thus increasingly posing a challenge to the integrity of Vietnam’s capital markets,” said Mr. Tran Van Dung, Chairman of the State Securities Commission. “Vietnamese public companies, especially listed ones, should adopt clear policies and procedures on RPTs as well as effective oversight mechanisms that comply with local laws and regulations, and follow best international practices.” Ms. Dinh Thi Quynh Van, CEO of PwC Vietnam, pointed out that “independent directors have a central role in assisting the board to fulfil its RPTs oversight function. RPT reviews could fall on a board committee comprising independent members of the board, and others not conflicted in a transaction under discussion or a party to the transaction, or an existing board committee of independent directors, such as the audit committee.” A healthy RPT environment and leadership “at the top” is important and empowers the internal gatekeepers of the company. Strong corporate governance is conveyed through a company’s leadership characteristics and its systems of accountability, and thorough fairness, transparency, and responsibility to the institution and its stakeholders. “Corporate governance reform is a top priority for regulators, institutional investors, and boards of directors,” said Mr. Dominic Scriven, Chairman of Dragon Capital. “A good corporate governance function, including attracting qualified independent board directors and the transparency of related party transactions, is absolutely critical.” Navigos Group teams up with Korea International Trade Association The Navigos Group Vietnam has signed a memorandum of understanding (MoU) with the Korea International Trade Association (KITA) on “Cooperation in supporting Korean-speaking jobseekers with employment opportunities in Vietnam”. KITA will support the Navigos Group with a list of talented South Korean candidates and Vietnamese candidates in South Korea who wish to find employment in Vietnam. The Navigos Group, meanwhile, will introduce job vacancies for Korean-speaking candidates in Vietnam to KITA. KITA and the Navigos Group will also cooperate in organizing job fairs in Vietnam and South Korea, while the Navigos Group will help promote the Global Trade Job Fair in South Korea among all users of its database, including employers and job seekers. “I believe the MoU will allow KITA and Navigos to not only contribute to people-to-people exchanges but also to our national economic cooperation and development,” said Mr. Hak Joon Kim, Managing Director of KITA. “I also hope that through this agreement, more South Korean job seekers will be given the opportunity to thrive on the global stage.” “By the end of 2016, South Korea had become the largest foreign investor in Vietnam,” said Mr. Gaku Echizenya, Chairman and CEO of the Navigos Group. “This creates many employment opportunities for Korean-speaking candidates. I strongly believe that the partnership will bring benefits to both parties and to the professional communities in Vietnam and in South Korea.” During its 15 years, the Navigos Group has followed a mission of “helping people and companies achieve their dreams”. It has also been planning regional expansion through cooperation opportunities with international enterprises and associations. The MoU between with KITA marks the commencement of its cooperation with global organizations. KITA was established in 1946 with the objective of advancing the South Korean economy through trade, and it is currently the largest business organization in the country, with over 70,000 members. RE & EE Vietnam set for November RE & EE Vietnam, Vietnam’s leading renewable energy and energy efficiency exhibition, will take place at SECC in Ho Chi Minh City from November 8 to 10, welcoming several international pavilions, including from mainland China, the EU, Finland, Germany, Taiwan, Tokyo, Singapore, and the UK. “Climate change is not just an environmental issue,” said Ms. Eliane van Doorn, Business Development Director (ASEAN Business) at UBM Asia, the organizer of RE & EE Vietnam. “It’s a development issue, which has enormous economic and social consequences. The challenge for the region’s developing countries is whether they can switch to a less polluting pattern of production while maintaining the growth and development they require. In Vietnam, energy demand is projected to increase by more than 10 per cent annually in the next five years and requires power capacity to double. The government is moving forward to develop the renewable energy sources to ensure energy security and is addressing the growing power demand. Hence, we are excited that our RE & EE Exhibition will bring several potential solutions for the energy sector.” This third edition of RE & EE Vietnam will highlight a wide range of new technologies for photovoltaic modules, the conversion of sludge to renewable energy, multi-fuel power, hydropower stations, biogas, biomass, thermal insulation, and energy efficiency. As the relationship between water and energy production is extremely close and co-dependent, UBM Asia organizes RE & EE Vietnam together with VIETWATER, Vietnam’s leading international water supply, sanitation, water resources, and purification event. “The companies joining our European pavilion aim to find professional and experienced distributors for their products, build connections regarding big energy infrastructure projects such as solar parks and wind parks, as well as research and develop partnerships with Vietnamese research institutes and companies,” said Ms. Adina Tauyatswala, Deputy Director of the EU-Vietnam Business Network (EVBN), one of the partners of RE & EE Vietnam. In line with the exhibition, some free-to-attend sessions at technical seminars will take place during the three days. At a conference with the theme “Towards developing renewable energy and energy efficiency projects in Vietnam”, industry experts will present their experience in operating and managing some of the recent renewable energy projects in Vietnam and will present the latest updates on new policies and incentives in the country. Long Xuyen Quadrangle localities pledge tighter cooperation Leaders of An Giang, Kien Giang, Hau Giang provinces and Can Tho City have agreed to join forces in seven sectors as part of a scheme for developing the Long Xuyen Quadrangle in the Mekong Delta, heard a meeting in Can Tho City on October 17. Lam Quang Thi, vice chairman of the People’s Committee of An Giang, said the provincial governments in the Long Xuyen Quadrangle will work together to prop up cooperation in seven sectors with an aim to avoid undercutting and achieve synergy. These areas comprise planning; production and trade promotion in agriculture and fisheries; tourism; water management and environmental protection in response to climate change; investment attraction; establishment of a regional information system; and policy mechanisms. He added the local authorities will submit the scheme to the Ministry of Planning and Investment later this month for appraisal before it is sent to the Prime Minister for approval in December. According to the scheme, the Long Xuyen Quadrangle, which is an important agricultural region of the Mekong Delta and the country as a whole, is located on the right bank of the Hau River – one of the two major tributaries of the Mekong River. The quadrangle encompasses An Giang, Kien Giang, Hau Giang and Can Tho, covering more than 500,000 hectares. The quadrangle is the natural bottom land which is also situated in the upstream of the Mekong Delta, along with Dong Thap Muoi (Plain of Reeds) on the left bank of the Tien River. Therefore, the quadrangle helps regulate hydrology for the entire delta. The area in flooding season is naturally inundated under three meters of water, absorbing large volumes of floodwaters, silt and aquatic resources, and thereby helping ease flooding in the downstream. Meanwhile, floodwaters in the dry season help balance saltwater and freshwater for the coastal provinces. Nguyen Huu Thien, an independent expert on the ecosystem of the Mekong Delta, said the four local governments have long pursued separate targets to bolster their socio-economic development goals. This has led to overlapping and competition which hamper the common strength due to their similar products and services, and a lack of infrastructure and manpower connectivity. He stressed the quadrangle has not effectively joined the global value chain of agricultural products, especially rice, tra fish (pangasius) and vegetables, as their output is mainly raw products without brands, and their competitiveness is low. The quadrangle produces rice with annual output of around five million tons, and fish. The scheme states that localities in the Long Xuyen Quadrangle have close relationships in terms of the environment, economy and society which also act as three cornerstones for sustainable growth in response to impacts of climate change, hydroelectric dams in the upper reaches of the Mekong River, and land subsidence. Therefore, the scheme aims to make the quadrangle prosper, elevate the living standards of local residents, and promote sustainable development through cooperation among the governments. Their cooperation is also expected to set up a major region for modern agriculture, and fast-growing industrial and service sectors. The vice chairman of An Giang also proposed the International Union for Conservation of Nature (IUCN) ask the Green Climate Fund under the United Nations to finance the scheme with an estimated cost of US$150 million. Andrew Benedict Wyatt, Mekong Delta program manager at IUCN, said the seven sectors suit the operational aims of the IUCN and GCF under the UN’s framework programs related to production, forest conservation, health, water and infrastructure among others. IUCN is likely to get US$100-150 million for the scheme, he said. Balade en France to come back in town in early November The French gastronomy fair “Balade en France,” the biggest event of the year in Vietnam that promotes French gastronomy and wines, will return in its eighth edition at the Hotel Equatorial HCMC in District 5 on November 10-11. Organized by Sopexa, the French agency for international marketing of food, wine and lifestyle, in collaboration with the Hotel Equatorial HCMC, the two-night event is expected to lure more than 2,000 guests, with 80% of them Vietnamese. Speaking at a press conference last week at the French Consul General’s residence in District 1, a representative of the organizing committee said one of the highlights of the forthcoming fair is a French Market which will be held on Sunday, November 12 from 9 a.m. to 3 p.m. where participants can feel free to browse for a variety of French wines and products with attractive prices. Visitors can grasp a special occasion to purchase tickets and coupons at the entrance to explore French culinary culture and enjoy French delicacies from popular brands like Annam Gourmet, Annam Fine Food, Astair, New Viet Wines, Celliers d’Asie, Da Loc and The Warehouse. Especially, Vietnamese singers Quang Vinh and Dong Lan, and French singer Beatrice di Carlo will be present at the event to entertain visitors. Inspired by the annual Fête de la musique street music festival, the fair will feature renowned French music bands which are promising to stage traditional French Cancan dance moves to entertain domestic guests and the French community in the city. Young kids will be pampered with fantastic experiences and amazing games at the event thanks to the active participation and kind support from Poussieres de Vie, an organization which has been active in the country since 2002 with a mandate to support poor children in Vietnam. Furthermore, guests will have a chance to join a lucky draw to take home gifts such as a seven-day tour to Europe and extravagant wines. Pre-sale tickets are priced at VND150,000 per adult and VND80,000 per child. Tickets at the gate cost VND250,000 per adult and VND150,000 per child (under 14 years old). Children under six years old can enter the event at no charge. Meanwhile, coupons which are priced at VND20,000 each will be on sale at the booths of those participating brands. The event, under the patronage of the French Ministry for Agrofood, Agriculture and Forestry and the French Consulate General in HCMC, will take place at the five-star Hotel Equatorial at 242 Tran Binh Trong Street, District 5 from 6 p.m. to 11 p.m. 100 startups to join innovation and startup week Up to 100 startups will participate in the HCMC Innovation, Startup and Entrepreneurship Week (WHISE) scheduled to take place in the city from October 23 to 28. The HCMC Department of Science and Technology on October 17 announced the event which would feature 30 seminars and conferences on innovation and startup support to connect startup businesses with domestic and foreign firms in the innovation sector. At the announcement ceremony, Nguyen Viet Dung, director of the HCMC Department of Science and Technology, said the event will be an opportunity for the startup community and innovation firms to enhance cooperation with others, especially international partners. A startup technology exhibition, and an innovation and startup conference will be held on October 27 and 28 at the White Palace Convention Center at 194 Hoang Van Thu Street in Phu Nhuan District. The event will also include business-matching activities between startups, and investors and investment funds thanks to the go-between Hatch! Ventures Vietnam, which is a startup incubator providing consulting and investment services to startups in Vietnam. The innovation and startup exhibition area will feature more than 150 booths of startups, including those from SpeedUp 2017 program, Southeastern provinces and incubators, and those participating in the final round of an annual startup contest held by Hatch! Ventures Vietnam, to attract investments. WHISE will be organized by the HCMC Department of Science and Technology, the Vietnam-Finland Innovation Partnership Program - Phase 2 (IPP2) and Hatch! Ventures Vietnam JSC with the endorsement of the HCMC government and the Embassy of Finland in Vietnam. Seminars and conferences will be held at the hall of the HCMC Department of Science and Technology at 244 Dien Bien Phu Street in District 3 and the Saigon Innovation Hub at 273 Dien Bien Phu Street. Meanwhile, a scientific seminar on “Solutions to promote the development of an innovation and startup ecosystem in the southeastern region” and a conference on promoting regional connection will take place at the Convention Center at 272 Vo Thi Sau Street in District 3. Heineken Vietnam keen on bagasse-based electricity generation Heineken Vietnam has been using electricity from bagasse-fired generators to meet its production needs so far. Matthew Wilson, corporate affairs director of Heineken Vietnam, told the Daily that four out of six Heineken plants in Vietnam have been running on biofuel and biomass. The remaining plants are expected to use biomass by 2019. The brewery spends around US$1.5 million a year purchasing rice husks as feedstock for the four plants which use the material to heat beer boilers. This helps to save production costs and reduce carbon dioxide emissions by around 38% compared to 2015. Meanwhile, as many as 44 local sugar plants have attempted to produce electricity from bagasse to serve their production needs. However, only 11 sugar refineries have successfully generated electricity from biomass with a combined capacity of 351.6 MW, with roughly 100 MW for the national grid at a selling price of 5.8 U.S. cents per kWh so far this year. Many sugar plants are planning to embark on renewable energy projects, so they are finding ways to invest in electricity generation projects using bagasse as a fuel in order to create added value and additional revenue. Some investors complained that the price of bagasse-based electricity is lower than that of straw- and rice husk-based counterparts, 5.8 cents versus over 7 cents per kWh. Vietnam has more than 80 million tons of agricultural by-products a year, which create an abundant source of potential biomass-based power. However, a small proportion of such materials has been used for power generation, according to the Institute of Energy under the Ministry of Industry and Trade. The Government has set a target of raising biomass-based electricity to 2% of the total energy consumption by 2030, as many industrial and agricultural projects are expected to use renewable energy for their production. Uber debuts support centre for partners Car-hailing service Uber launched a support centre for partners called Greenlight Hub in the capital city on October 19. Speaking at the event, Executive Director of Uber Vietnam Tom White said as the largest of its kind in Vietnam, the three-storey centre sprawls over a site of 620 sq.m where Uber will develop support features to improve experiences of drivers and passengers. It will also improve service quality by issuing rules for drivers and allowing early reservation for rides. White said Uber also increases safety for passengers by providing basic information about their upcoming rides. Uber and Grab are the only two foreign firms registering for pilot e-hailing projects apart from local taxi companies, including Vinasun Taxi, Thanh Cong Taxi and Sun Taxi. Present in Vietnam since 2014, they both accept payment in cash and bank cards. Quang Tri awards winners of contest on Vietnam-Laos ties The Party Committee of Quang Tri province on October 19 presented awards to 11 groups and 23 individuals who have won a competition on the history of Vietnam – Laos relations. The Party Committee of Vinh Linh district won the first prize of the group category, while Le The Hung from the provincial Department of Science and Technology topped the individual category. Launched in last June, the contest drew 82,395 submissions, of which 50,000 came from students and pupils across the province. This year, Vietnam and Laos celebrate the 55th anniversary of their bilateral diplomatic ties and the 40th anniversary of the signing of the Vietnam-Laos Treaty of Amity and Cooperation. Health Ministry, AstraZeneca cooperate to improve lung health in Vietnam The Health Ministry and AstraZeneca have signed a cooperation pact to implement the “Healthy Lung” programme in Vietnam, funded by the multinational biopharmaceutical company. The signing ceremony for the three-year programme took place in Hanoi on October 18. The pact marked the health body’s involvement in the 1-million-USD programme, which was launched last month by AstraZeneca, the Vietnam Medical Association, the Vietnam Respiratory Society and the Vietnam Association against Tuberculosis and Lung Diseases. “Healthy Lung”, as part of an AstraZeneca global initiative, aims to enhance management and public awareness of asthma and chronic obstructive pulmonary disease (COPD), contributing to reducing cases and deaths. Under the programme, AstraZeneca will sponsor the building of 150 outpatient centres treating the diseases to facilitate early detection and treatment. The outpatient treatment network is expected to reduce economic and health care burdens for Vietnam. Under the deal, the ministry will work with AstraZeneca and other partners to hold training courses and seminars, providing updated information for public health workers nationwide. A national survey showed that about 4.2 percent of the Vietnamese population suffers from COPD, while many others are yet to be diagnosed and treated due to poor infrastructure, limited public awareness, and weak health sector capacity. The research said only 43.9 percent of polled Vietnamese doctors could name four COPD diagnosis criteria. Intercontinental Danang among top 10 resorts in Asia Condé Nast Traveler has announced the results of its 30th annual Readers’ Choice Awards. InterContinental Danang Sun Peninsula Resort was among the top 10 resorts in Asia in its list. “We are delighted to be recognised as one of the top resorts in Asia by our discerning guests and readers of a prestigious luxury travel publication,” Juan Losada, the resort’s General Manager said. “This is testament to our commitment to deliver the best experience to our guests. We look forward to delivering even greater level of luxurious experience to our guests who choose to stay with us,” added Losada. This year, the 30th annual Readers’ Choice Awards survey set another record with more than 300,000 travellers voting for their favourite hotels and resorts, cities, cruise ships and island destinations. The awards are known for being the longest-running and the most prestigious recognition for excellence in the travel industry. They are commonly known as “the best of the best of travel.” Previously, InterContinental Danang Sun Peninsula Resort had taken second place in the list of Best Resort Hotel in Asia Pacific 2017 by Business Traveller, and had made it to the list of Top 100 Hotels in the World by Travel + Leisure’s World’s Best Awards 2017. InterContinental Danang Sun Peninsula Resort is one-of-a-kind resort that redefines the definition of luxury in the region. Suspended over the mythical Monkey Mountain, the resort is a flagship property of IHG (InterContinental Hotels Group) in Việt Nam. FPT to support PetroVietnam’s oil exploitation unit in digitalising Technology group FPT signed an agreement with PetroVietnam Exploration Production Corporation (PVEP) on research and development for new technologies in oil exploration and exploitation on Tuesday. Under this agreement, FPT will provide support to PVEP to digitalise its operation and enhance the efficiency of its oil exploitation, minimise downtime due to system incidents and promote cost savings, as well as its risk mitigation. The two sides will promote co-operation towards a long-term partnership and create conditions to apply new technologies, such as the Internet of Things, Big Data, artificial intelligence and data science. According to Truong Gia Bình, chairman of FPT, for the oil and gas production sector, industry 4.0 would help provide practical forecasts, so as to optimise operation while ensuring safety, as well as cost-cutting. For example, in the transport sector, industry 4.0 will help increase the traffic volume by 35 per cent and reduce accidents by 58 per cent, Bình said, adding that in the oil production sector, the figures would not be as impressive, but modest improvements could bring significant economic benefits. The application of technology-enabled solutions in oil exploration and exploitation became critical when oil companies were facing difficulties owing to low oil prices. Ngô H?u H?i, director-general of PVEP, said that oil exploration always had risks, especially, when oil prices remained at a low level for a long time, forcing PVEP to promote the application of advanced technologies to improve efficiency. “Approaching industry 4.0 is a completely new issue, and this is urgent to avoid falling behind,” H?i said. The two companies will soon select among the existing projects of PVEP to pilot the application of new technologies, first in wells with simple structure, then to other projects, domestically and internationally. Fried dough plant opens in Ðà Nang The wholly-foreign invested Vina Foods Kyoei’s fried dough plant in Ðà N?ng’s Hòa Khánh Expanded Industrial Zone has been put into operation, providing products for both the domestic market and export. General Director of the Japanese company, Ryuichi Nomiya, said the plant, which was built on 1.4ha beginning last year, will supply 400 tonnes of fried dough each month. He said the plant, which was built with total capital of US$7.4 million, employs 50 local workers and has two production lines. It’s the company’s second factory in the country it’s been present in for 13 years, bringing the total number of the firm’s factories to 13. According to latest reports, Ðà N?ng has attracted 141 projects from Japan with total investment of $496 million. Salt price increases The price of salt has risen this year but middlemen, rather than farmers, have benefited. According to B?c Liêu Province’s Agriculture and Rural Developemt Department, the price of salt has doubled in comparison with early this year. However, farmers are not enjoying profits from the price increase because 43,000 tonnes of salt are being kept at dealers’ stores. Nguy?n Van Kh?i, a salt maker in Ði?n H?i Commune, Ðông H?i District said: “Dealers bought all the salt right after harvesting. We have recognised that they bought at a lower price than the market, but we needed money to live and had nowhere to keep the salt.” The price gap is estimated at around 30 per cent. There are few salt makers who have a big enough storage and enough money to be able to keep their salt after harvesting. Most produce on a small plot of land, have no place to store salt and therefor often have to accept a low price offered by the dealers. The price of salt fluctuates and is often not enough for the farmers to live on. Many households have to do other jobs besides making salt. Nguy?n Tru?ng H?n, head of the Ðông H?i District’s Agriculture and Rural Development Sub-department explained that the salt price has increased because B?c Liêu Province decided to reduce the salt making area. “Only dealers benefit from the price hike,” he said. The price hike also happened in the southern province of Ninh Thu?n, the biggest salt maker in the region with 3,600ha in cultivation. For the last few months, unusual rains have reduced the supply of salt and increased the price. Dealers who recognised the situation bought at a low price and now earn a big profit. In Ninh Thu?n, salt makers can produce 50 tonnes for each hectare if the weather is favourable. Domestic shrimp exporters need to renovate Despite a rebound in shrimp exports to the EU? in recent months, Vietnam’s shrimp sector is facing a fierce competition in the market, requiring domestic exporters to continue improving their product quality and competitiveness, according to the Vietnam Association of Seafood Exporters and Producers (VASEP). The country’s shrimp enjoyed a surge of 32 percent in exports to the European market in the first nine months of 2017. Shrimp exports to the market in June and July came to a standstill due to the supply shortage and price hikes while EU businesses reduced shrimp imports. But from August, exports to the EU have been restored with more supply from domestic businesses, making the EU the top market of Vietnamese shrimp. According to the VASEP, leading European importers of Vietnamese shrimp were the UK, the Netherlands and Belgium, with growth of 46.5 percent, 47.8 percent and 34.1 percent, respectively. In the rest of the year, exports to the EU market are predicted to continue rising as the festive season is coming. Shrimp is a profitable products supplied by many large firms in the Asia-Pacific region. Currently, the major competitors of Vietnam in the EU market are India and Ecuador. The free trade agreement between Ecuador and the EU, which took effect from January 1, 2017, has offered Ecuador the preferential tax rate of zero percent from 3.6 percent earlier, enhancing the competitiveness of the country’s shrimp. It is forecast that each year, the EU consumes about 40,000 tonnes of white-leg shrimp from Ecuador at zero percent tax. Ecuador is likely to enjoy 7-9 percent growth in 2017 in the market. Vasep said that to boost exports to the market, businesses should pay more attention to labels and the quality of products to build brand names and expand markets. According to Tran Van Pham, Director of Soc Trang seafood company, firms should invest more in technology and equipment for shrimp processing to ensure clean products, while reducing production cost and improving quality. Vietnam exported 2.5 billion USD worth of shrimp to the world in the first nine months of 2017, a rise of 21.9 percent over the same period last years. Currently, the EU currently consumes about 30 percent of shrimp in the world, with about 6-8 billion USD per year. The market’s shrimp imports increased to 6.7 billion USD in 2016 from 5.6 billion USD in 2007. OVs give advice to HCM City’s hi-tech agriculture development Nearly 100 overseas Vietnamese (OV) experts, intellectuals and entrepreneurs in agriculture have given advice to Ho Chi Minh City in developing hi-tech farming during a conference in the city on October 19. Duong Hoa Xo, Vice Director of the municipal Department of Agriculture and Rural Development, underscored a small number of agricultural firms, especially those investing in hi-tech agriculture, in the city. He held that hi-tech agricultural enterprises should become a motivation force in the formation of production chain. Although agriculture accounts for only 1 percent of the city’s GDP, the sector has received due attention from the municipal leaders. HCM City aims to build an innovative and modern co-operative production model by 2020 with priority to infrastructure and science and technology application. Vice President and General Secretary of the Overseas Vietnamese Entrepreneurs’ Association Peter Hong, a Vietnamese Australian owning a hi-tech agricultural firm in the city, said that Vietnam is an agricultural country, but it is difficult to find a source of clean agricultural product supply here. He suggested learning Australia’s experience in forming specialised centres for research, application and transfer of technology to farmers across the country. Nguyen Quoc Binh, a Vietnamese Canadian, said that Ho Chi Minh City should focus to some major products such as vegetables, fruits, flowers and ornamental fish, while making careful planning for the sector’s development. At the same time, Tony Lam, CEO and General Director of US Farm company, highlighted the need to form a “supermarket restaurant” model to ensure the smooth selling of farm produce. Pork prices set to rise as year-end supply dwindles As the number of pig breeding households continues to drop, a shortage of live pigs could result in high pork prices later this year, according to the Ministry of Agriculture and Rural Development (MARD). The ministry estimates that pig herd numbers have declined by 10 percent year on year as of September this year. Pork production in the third quarter was 522,000 tonnes, down 2.3 percent compared with the previous year. The situation has resulted out of a long-term plunge in pork prices. The foot-and-mouth disease outbreak in a number of northern provinces was also a reason for many farmers deciding to stop breeding pigs. According to the MARD’s Department of Livestock Production, pig farmers are also not interested in expanding their pig herds due to unstable pork prices. The department estimates that the number of pig breeding households is predicted to reduce by a third, or between 800,000 and 900,000 by the end of this year. After nearly 4,000 pigs were found injected with sedatives at the Xuyen A Slaughter House Complex in HCM City recently, pork prices fell to 25,000-27,000 VND (about 1.1 USD) per kilo in Dong Nai, he said. A similar situation has happened in pig farming areas in Hanoi, with many households going bankrupt or shifting to other businesses. Tran Van Minh, a breeder in the capital city’s outlying Dan Phuong district, is among them. He was among the bigger breeders in the district, but his farm stands empty now. Over the past two years, the household business has operated at a loss as pork prices continued to fall. They even sold valuable property to continue investing in pig farming. Now they are bankrupt and hundreds of millions of d?ng in debt, owing money they spent on feed, veterinary medicines and other things. “We’ve lost everything. We are too old to be employed by companies so we look forward to receiving assistance from the government,” Minh said. Nguyen Kim Doan, vice chairman of Dong Nai Poultry Association, warned that the high number of households quitting pig breeding would result in rising unemployment in rural areas, with most of the people affected being those too old to work in companies or enterprises, and incapable of doing hard work. “About 40 percent of small scale big breeders, amounting to tens of thousands of households, have gone bankrupt. This has created difficulties for local authorities in generating employment and in ensuring social security and order,” Doan told the Nong thon ngay nay (Countryside Today) newspaper. Nguyen Duc Trong, Deputy Director of Department of Livestock Production, said they haven’t got the exact number of households who’ve quit pig breeding or correct figures from big businesses like the CP (Charoen Pokphand) Group that have large number of sows and pig herds. He said it was normal that prices go up and down in livestock breeding sector. For example, pork prices increased constantly from 2011 to early 2016. There was a time it reached 52,000 VND (2.3 USD) per kilo. The prices started dropping from the end of last year, he said, adding that it has affected a lot of farmers. "I assume that the pork prices will increase from now until the year-end if the number of pigs herds keeps dropping. However, the increase will not be as steep or sudden as before," said Trong. Several breeders have turned to exports because of low consumption and prices in the domestic market. Trong said the ministry would try its best to create favourable conditions for exporters. "At present, we export about 40,000 tonnes of pork per year, via eight enterprises from Hai Duong province and Hai Phong city.” "The ministry plans to establish disease-free zones to reduce production costs and facilitate pork export to markets like Europe. This is an urgent matter so the ministry is determined to do this,” he said. OVs give advice to HCM City’s hi-tech agriculture development Nearly 100 overseas Vietnamese (OV) experts, intellectuals and entrepreneurs in agriculture have given advice to Ho Chi Minh City in developing hi-tech farming during a conference in the city on October 19. Duong Hoa Xo, Vice Director of the municipal Department of Agriculture and Rural Development, underscored a small number of agricultural firms, especially those investing in hi-tech agriculture, in the city. He held that hi-tech agricultural enterprises should become a motivation force in the formation of production chain. Although agriculture accounts for only 1 percent of the city’s GDP, the sector has received due attention from the municipal leaders. HCM City aims to build an innovative and modern co-operative production model by 2020 with priority to infrastructure and science and technology application. Vice President and General Secretary of the Overseas Vietnamese Entrepreneurs’ Association Peter Hong, a Vietnamese Australian owning a hi-tech agricultural firm in the city, said that Vietnam is an agricultural country, but it is difficult to find a source of clean agricultural product supply here. He suggested learning Australia’s experience in forming specialised centres for research, application and transfer of technology to farmers across the country. Nguyen Quoc Binh, a Vietnamese Canadian, said that Ho Chi Minh City should focus to some major products such as vegetables, fruits, flowers and ornamental fish, while making careful planning for the sector’s development. At the same time, Tony Lam, CEO and General Director of US Farm company, highlighted the need to form a “supermarket restaurant” model to ensure the smooth selling of farm produce. Vietnamese, Turkish enterprises seek to boost connectivity A Vietnam-Turkey trade exchange was held in Ho Chi Minh City on October 19 with the participation of nine Turkish firms in herbal medicine and wooden product production. The event was jointly organised by the Vietnam Chamber of Commerce and Industry (VCCI) chapter in Ho Chi Minh City and Turkey’s Mediterranean Furniture, Paper, Forest Products Exporters’ Association (AKIB). Turkey, the leading trade partner of Vietnam in the Middle East, is the gateway for Vietnamese products, including rice, tea, garment, footwear and electronics, to the Middle East market. Currently, Turkey has 15 projects in Vietnam worth about 704 million USD, ranking 26th among foreign investors in Vietnam. The two countries have agreed to work together to raise two-way trade to 4 billion USD in 2020 through the strengthening of trade and investment cooperation. VNN |
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Traffic accidents kill 6,113 Vietnamese people in nine months As many as 14,346 traffic accidents occurred nationwide from December 16, 2016 to September 15, 2017, leaving 6,113 dead and 11,785 injured.
 The scene of a traffic accident The figures represented decreases of 6.24 percent, 5.11 percent and 13.35 percent, respectively, compared with the same period last year, according to statistics released by the National Committee for Traffic Safety at a teleconference on October 21. However, 15 out of the country’s 63 provinces and cities still saw an increase of over 10 percent in the number of fatalities in traffic accidents. Deputy Prime Minister Truong Hoa Binh, who is Chairman of the National Committee for Traffic Safety, asked for more efforts from ministries, agencies and localities to achieve the target of reducing the number of traffic accidents by 5-10 percent in 2017 from the previous year. Binh requested the 15 said-above localities to take more drastic measures to ensure local traffic safety and order. He pointed out weak state management and law enforcement, especially in monitoring vehicles’ loading capacity and contracted passenger cars, in several places. Therefore, the Deputy PM requested localities to tighten inspections over vehicles’ loading capacity in order to soon stop operations of overloaded vehicles, prevent and strictly punish illegal sand and gravel mining in rivers. It is essential to intensify the application of high technologies in order to effectively detect and solve traffic safety and order violations, Binh suggested. He also asked the Ministry of Public Security to take measures to ensure safety of the APEC Economic Leaders’ Week slated for November in the central city of Da Nang. VNA |
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Social News 21/10 HCM City’s first metro tunnel nears completion The Japanese-made tunnel boring machine (TBM) has nearly finished drilling the first metro tunnel in downtown Ho Chi Minh City. As of October 18, 775 meters of the 781-meter long underground passage had been completed. The tunnel runs from Ba Son Station to the Municipal Theater in District 1, part of the city’s metro route No.1 connecting Ben Thanh Terminal in District 1 with Suoi Tien Terminal in District 9. The installation of the boring machine was started in March and tunnel construction began in May. According to a representative of Japan’s Shimizu-Meada Joint Operation, the main contractor for the tunnel project, over 40 engineers and workers have been working around the clock to finish the job. The underground passage is expected to be finished on October 31, two months ahead of schedule, he stated. Following the completion, the TBM, a 70-meter long machine weighing 300 metric tons, will be disassembled. Its parts will be transported back to Ba Son Station to be re-assembled – a three month project – before construction of a second tunnel between Ba Son and the Municipal Theater begins. This entire passageway is anticipated to be completed in mid-2018. The Japan International Cooperation Agency, a provider of capital assistance for the metro project, says this is the first time a TBM has been operated in Vietnam. The technology used with the machine helps minimize vibrations and noise during the tunnel construction. According to the Ho Chi Minh City Management Authorities for Urban Railways, the construction of metro route No.1 began in August 2012 with a total investment capital of US$2.49 billion. Plans for the metro line call for 19.7 kilometers of track to pass from District 1 through District 2, District 9, Binh Thanh District, and Thu Duc District. The expected completion date is in 2020. Thanh Hoa asked to keep close watch on disaster developments  Deputy Prime Minister Pham Binh Minh has asked the central province of Thanh Hoa to keep a close watch on developments of natural disasters and scale up vigilance in the face of the complex situation of floods and storms. Thanh Hoa was also urged to check and reinforce dykes and reservoirs, promptly assist people to overcome disaster consequences and restore production, and ensure social order and safety. It should assess losses and report to the Prime Minister. The recent heavy rains and floods killed 16 and left five others missing in the province. It also flooded 28,146 houses, destroyed 28,833ha of trees and winter crops, and 6,055ha of aquaculture, costing nearly 2.7 trillion VND. On this occasion, the Deputy PM assigned the Ministry of Transport to swiftly address transport incidents, especially cases on National Highways. The Ministry of Industry and Trade was requested to instruct the operation of hydroelectric reservoirs as well as the supply of essential goods, while consolidating and re-organising the agricultural product market. Meanwhile, the Ministry of Public Security was asked to instruct local police to ensure security after floods and storms, and prepare forces to support people’s re-building efforts. The Ministry of Health was requested to prepare medicine, organise medical check-ups and treatment, and guide people how to ensure environmental hygiene. Vietnam receives 33 documentaries from Netherlands The Vietnam Film Institute under the Ministry of Culture, Sports and Tourism held a ceremony on October 19 to receive documentaries from the European Foundation Joris Ivens of the Netherlands and the Medical Committee Netherlands - Vietnam (MCNV). The items include four historical films, notably ”The 17th Parallel”, which helped Dutch documentary maker Joris Ivens receive the International Lenin Peace Prize in 1968, and “Far From Vietnam”, along with various photos and documents of the filmmaker when he worked in Vietnam in the 1960s. In addition, the MCNV handed over 29 other documentaries to the Vietnam Film Institute. Community-based environmental monitoring suggested for papermaker Minister of Environment and Natural Resources Tran Hong Ha has urged the Mekong Delta province of Hau Giang to establish a community-based monitoring mechanism to evaluate the effectiveness of papermaker Lee & Man Vietnam Ltd.’s environmental treatment. In a visit to the company’s paper mill on October 19, he asked the papermaker to complete a standard procedure for management and operation of its waste treatment and keep daily records of materials used for environmental treatment and publicise them. The firm was also requested to ensure the capability of solid and hazard waste treatment providers and control odors, particularly at night and when it rains. The minister assigned the province to make a list of local firms dumping a lot of waste and submit it to the ministry, and to set up a system for automated surface water quality monitoring along the Hau River and transfer the data to the provincial Department of Environment and Natural Resources. Lee & Man Vietnam Ltd. has completed construction of a 1.2-billion-USD paper factory, which started in 2007, at Phu Huu A Industrial Cluster along the Hau River in Hau Giang. It is the largest paper factory in Vietnam and one of the five largest in the world, capable of manufacturing 330,000 tonnes of pulp and 420,000 tonnes of packaging paper a year. It disposes an estimated 13,000 cu.m of wastewater per day. Last December, the facility was allowed to begin testing its waste treatment plant, but then ceased due to pollution. The company was accused of causing noise, dust and a bad odour, affecting nearby households. It later took responsibility for the pollution. Minister Tran Hong Ha took the occasion to visit affected families, asking them to continue informing local authorities about the factory’s operation. The ministry plans to allow the factory to be put into operation at the end of October. Japan donates relief aid to Vietnamese flood-hit localities The Japanese Government on October 19 decided to provide emergency relief aid for Vietnamese flood-hit areas. The assistance is to respond to the Vietnamese Government’s suggestions and in line with the close relationship between the two countries, according to a notice released by the Japanese Government. The donations, including blankets, fresh water and canvases, will be channelled through the Japan International Cooperation Agency (JICA). Continuous downpours from October 10 triggered floods and landslides in Vietnam’s northern and north central regions, causing huge human and property losses. Statistics released by the Vietnamese Government show that as of October 16, floods killed 75 people, injured 38, left 28 others missing and forced 2,604 households to evacuate. Nutrition and Development Week targets ensuring food security Ensuring food security and rural development to create the foundation for sustainable malnutrition reduction is the message of the ongoing Nutrition and Development Week. Launched by the Ministry of Health from October 16-23, the campaign aims to materialise the National Nutrition Strategy for 2011-2020 and respond to World Food Day (October 16). The drive will focus on encouraging people to develop the garden-pond-livestock pen (VAC) model in order to have safe food and improved living standards, while coordinating with the agricultural sector to employ solutions to ensure food security for households. Localities will also join hands to raise public awareness of balanced and nutritional intake at home, contributing to improving wellness and physique of Vietnamese people. The UN Food and Agriculture Organisation (FAO) estimated that during 2010-2012, 852 million people in developing countries or around 15 percent of the global population suffered from chronic undernourishment. UN agencies also revealed that in 2016, about 159 million under-five-year-old children were stunted and 50 million others were wasted. In the year, micro-nutrition deficiency conditions were spread among 2 billion people globally. Despite being one of the world’s biggest rice exporters, with about 5.7 million tonnes expected to be shipped abroad in 2017, up 800,000 tonnes from 2016, there remain problems in the country regarding food security in households, especially those in climate change-affected areas, food hygiene and safety, as well as food production, stockpile and distribution. Therefore, food security plays an important role in talking hunger and reducing malnutrition rate in Vietnam. HCM City offers waste-treatment services to neighbouring province The HCM City People’s Committee has agreed to receive and treat household waste from neighbouring Long An Province’s Ð?c Hòa District. Waste will be treated at the Vietstar joint-stock company in C? Chi District from now to the end of the year. It is expected that the amount of waste from Ð?c Hòa District will be around 100 tonnes a day. All expenditures for collection, transport and waste treatment will be paid by Ð?c Hòa District’s People’s Committee. Because of excessive expenditures for waste treatment, the district can collect only around 100 tonnes of a total 140 tonnes of waste generated each day. Each month, Ð?c Hòa District collects VNÐ1.67 billion (US$74,000) in fees from local households for waste treatment, but the district has had to spend twice that amount to pay for treatment at the local plant. Ð?c Hòa District had previously signed a contract with the Tâm Sinh Nghia Waste Treatment Plant, but the plant had to stop receiving waste because two waste-collection companies, Ð?c Hòa Urban Joint-Stock Company and Green Industry and Environment Cooperative, had not paid waste treatment fees. Ð?c Hòa District authorities said it would seek sources of capital to pay its debt to Tâm Sinh Nghia Waste Treatment Plant and would look for investors to build a new waste treatment plant with a capacity to treat 100 tonnes of waste a day. New bridge opens in HCM City’s District 8 The Nh? Thiên Ðu?ng No 1 Bridge in HCM City’s District 8 officially opened to traffic on Thursday, replacing one built in 1925. The bridge is designed for one-way traffic from the city centre to District 8, while Nh? Thiên Ðu?ng No 2 Bridge is used for traffic headed in the opposite direction. The three-lane bridge, which is 161m long and 12m wide, cost VNÐ163 billion (US$7.17 million). Construction began in January and finished three months earlier than scheduled. “During construction, we tried to preserve elements of the old bridge’s beauty by placing its lamps and signs on the new one to commemorate its contribution to the development of HCM City,” Nguy?n Xuân Vinh, director of Urban Transport Management Authority No 4, said. The two bridges, which connect districts 5, 8 and Bình Chánh, are among the city’s most important traffic construction works. In recent years, traffic congestion has become worse in the areas around the bridges. Locals compensated for fish kill Residents in four central provinces have received Government compensation of more than VNÐ6.1 trillion (US$275.2 million) for the April 2016 mass fish kill in which 70 tonnes of fish died, affecting the livelihoods of 260,000 people, due to pollution by the Taiwanese steel company Formosa. The money accounts for 97.4 per cent of the losses, according to a report from the Ministry of Agriculture and Rural Development (MARD). The information was released in a conference held on Wednesday in the Governmental Office in Hà N?i. The conference, chaired by Standing Deputy Prime Minister and member of the Politburo Truong Hòa Bình, was the 10th held by the Steering Committee charged with aiding people in the four affected central coastal provinces of Hà Tinh, Qu?ng Bình, Qu?ng Tr? and Th?a Thiên-Hu?. At present, three provinces have not completely disbursed the compensation because the residents suffering losses were not present at the localities, or had complaints about their compensation that are still being resolved. The four provinces that suffered the incident proposed to upgrade or build new shelters, ports, wharf, fish markets and roads to the sea and to the manufacturing areas and irrigational works, in order to help seamen stabilise their lives. The provinces also collected money from the Government agencies and distributed it directly to residents. Speaking at the conference, Deputy PM Bình said that the compensation had been basically completely disbursed. The remaining 3 per cent could be sent to the banks to wait until the residents returned to their localities to complete the claims process. The Government has approved the Ministry of Natural Resources and Environment’s project to set up a system of giving warnings on environmental issues in four central provinces. The ministry checked the maritime environment in the four central provinces, sent results to the people’s committees of the four provinces and informed the public on multiple media channels about the present environmental condition one year after the incident. Deputy PM Bình emphasised that the compensation must be paid in a precise, public and transparent manner so that the money will be distributed to the right people. He asked provinces to fully complete the compensation within next month. The mass fish deaths were first reported on April 6 last year when a large number of fish washed ashore in Hà Tinh Province. The incident also occurred in Qu?ng Bình, Qu?ng Tr? and Th?a Thiên – Hu? provinces. Th?a Thiên – Hu? alone reported that 35 tonnes of farm-raised fish had died. In June last year, Formosa accepted responsibility for the fish deaths and pledged compensation to local fishermen and to help renew the polluted marine environment. Children learn nutrition through painting A contest has been launched for children aged five to 12 to paint their favourite food and meals. Entitled We Paint The Buds, the competition’s best paintings will be displayed on October 27. Through the contest, children can make choices on food, display their right to adequate nutrition and their opinions on nutritious meals. The contest is being held by the Research Centre for Management and Sustainable Development (MSD Vi?t Nam) and the For Vietnamese Stature Foundation. As a part of the contest, a workshop was held on Sunday at the Hermann Gmeiner School in Hà N?i. Tr?n H?ng Ði?p, co-ordinator of the foundation, said that through the contest and related activities, parents could encourage children to eat nutritiously. “It’s a good chance for parents and children to connect and take part in activities for a healthy lifestyle,” she said. Painting exhibition celebrates Women’s Day An exhibition of paintings by female members of the Tranh Vi?t Club opened in HCM City to celebrate the 87th anniversary of Vietnamese Women’s Day on October 20. T? Mùa Thu ?y (From the Autumn) displays 63 oil and lacquer works and its underlying theme is “women is the world”. All paintings were selected from the artists’ latest collections of landscapes, daily life and ethnic minority women and children in different places and remote areas across the country. “Female artists of Tranh Vi?t Club highlight the beauty of Vietnamese women in their art. Their showcase, T? Mùa Thu ?y, will capture the hearts of viewers, particularly males,” said Ph?m Huy Hoàng, a final-year student at the HCM City University of Architecture, at the event’s opening ceremony last night. Hoàng’s favourite work is Gái Quê (Rural Woman), an oil painting in pink and black by artist Kim Dung. “Gái Quê is lively. The artist portrays a woman in traditional clothes sitting with baskets of fresh lotuses. I can smell the beautiful flowers,” he said. Established in 2005, the Tranh Vi?t Club organises painting exhibitions and artistic activities to help its members share their art. The exhibition is on display at the HCM City Labour Palace, 55B Nguy?n Th? Minh Khai Street, District 3. It will close on October 23. Entrance is free. VN screenwriters at Busan Film Fest Young Vietnamese screenwriters attended the Busan International Film Festival this week and exchanged ideas with international filmmakers. Between October 14 and 19, they took part in a seminar of independent filmmakers entitled Voices of Asia, a talkshow with director Tom Stern on large format in cinema, and a workshop of the ARRI Group (a global supplier of motion picture film equipment) on programmes supporting international film projects. They also attended film screenings. The screenwriters are winners of the Talented Screenwriters contest organised by CJ CGV Vi?t Nam, a cinema and entertainment company. Screenwriter Võ Th? Hoàng Y?n said the trip was a memorable experience, providing her with a chance to exchange speak with international filmmakers and encouraging her to improve her creativity. National plan for Stockholm Convention implementation issued The Prime Minister has issued a national plan for the implementation of the Stockholm Convention on Persistent Organic Pollutants (POP) by 2025 with a vision to 2030. The Stockholm Convention on POP is a global treaty, effective from 2004, to protect human health, biodiversity and the environment from chemicals that remain intact in the environment for long periods. Parties to the convention are required to prohibit and/or eliminate the production and use of the intentionally produced POPs, and reduce or eliminate releases from unintentionally produced POPs. In compliance with the convention’s Article 7, Vietnam shall develop a plan for the implementation of its obligations under the convention, review and update the plan on a periodic basis and transmit it to the Conference of the Parties. The plan’s overall objectives are to ensure strict safety lifecycle management and proper treatment of the POPs and to reduce disposal and eliminate the production and use of the POPs in Vietnam for the benefit of human health and the environment and towards the sustainable development. According to the implementation plan, the government will work to improve institutional capacity and legal framework for the management and elimination of POPs. It will reinforce its expertise in monitoring, detecting and managing POPs and enhance awareness of the POPs and their harmful effects to the environment among involved parties. The convention will also be integrated into relevant environmental agreements in response to the UN Millennium Development Goals and the country’s management of waste and chemical as well as sustainable development strategy.- Hau Giang has 20th new-style rural commune The Mekong Delta province of Hau Giang has recognised Thanh Xuan commune of Chau Thanh A district as a new-style rural area, raising the number of such communes to 20. Addressing a related ceremony on October 19, Vice Chairman of the provincial People’s Committee Dong Van Thanh praised Thanh Xuan authority and people’s efforts in fulfilling all 19 criteria of the New-Style Rural Building Programme. In 2011, the commune finished only 5 out of the required 19 criteria, however, locals have promoted their solidarity in completing the programme, he said. He asked the commune and Chau Thanh A district to continue showing strong performance in improving locals’ income, sanitation, cultural life, health care services, and speeding up poverty reduction. Thanh Xuan has spent over 132 billion VND (5.8 million USD) sourced from the State budget and the community for the effort. So far, all roads in the commune have been asphalted and concreted, while the ratio of locals accessing safe power and water is 99.5 percent and 98.41 percent. Average incomes of locals is over 38 million VND (1,672 USD) per year. The ratio of poverty to multidimensional standards is 3.98 percent, and 99.79 percent of local labourers manage to find jobs. Laos, El Salvador extend sympathies to Vietnam over flood-caused losse Lao President Bounnhang Vorachith on October 18 sent a message to President Tran Dai Quang conveying his sympathies to the Vietnamese Party, Government and people over the recent devastating floods that caused heavy losses in both human lives and property. He expressed belief that with the instruction and attention of the Vietnamese Party, Government from central to local levels, the Vietnamese people will overcome difficulties and stablise the life of the community in flood-hit areas soon. Learning Vietnam’s suffering from the disaster, Medardo Gonzalez, Secretary General of the Farabundo Marti National Liberation Front (FMLN), the ruling party of El Salvador, extended his sympathies to General Secretary of the Communist Party of Vietnam Nguyen Phu Trong and flood-hit victims. Continuous downpours from October 10 triggered floods and landslides in Vietnam’s northern and north central regions, causing huge human and property losses. As of October 16, floods in some northern mountainous and central localities killed 75 people, injured 38, left 28 others missing and forced 2,604 households to evacuate. Local and overseas Vietnamese writers work for national solidarity The Vietnam Writers’ Association will hold a meeting from October 20-25 for 50 writers at home and 33 others living in 13 other countries, according to President of the association Huu Thinh. The meeting, the first of its kind, is themed “Writers with the mission of fostering national solidarity bloc”. It aims to highlight the social responsibility of writers in connecting the Vietnamese community at home and abroad to preserve and promote national tradition and unity. It looks to create a mechanism of collaboration for the writers and the association and encourage them to create more works serving the people and culture development of Vietnam. Thinh also underscored that the Vietnam Writers’ Association always considers Vietnamese authors abroad as part of the common home of “Vietnamese literature”. The event includes various activities, including a seminar on affiliation mechanism between the Vietnam Writers’ Association and Vietnamese writers abroad. Within the framework of the meeting, delegates will visit the Vietnam Museum of Literature and visit Hung Kings’ Temple in Phu Tho and Ha Long Bay in Quang Ninh.- CPV chief urges HCM City to achieve stronger growth General Secretary of the Communist Party of Vietnam (CPV) Nguyen Phu Trong has urged Ho Chi Minh City to be proactive in gaining support and assistance from other sectors for its stronger growth. He was addressing a meeting between the Politburo and the HCM City Party Committee’s Standing Board on October 19 to review the five-year implementation of the Politburo’s Resolution No. 16-NQ/TW on orientations and tasks for development of the southern metropolis. HCM City is a special urban area, a big economic, cultural, educational and training and scientific and technological centre, a destination of international exchanges and integration, and a driver of the southern key economic region. Holding an important political position, the City has made crucial contributions to the country’s nation-building, renewal and integration efforts, he stressed. HCM City should roll out suitable, feasible, effective development roadmaps by 2020 and beyond, he said. He gave the green light to the city to pilot issues relating to mechanisms, a specialized policy and management decentralization emerging during its development process, for which the State’s regulations are yet to cover or the existing State regulations are no longer suitable for application. However, he said, the pilot implementation must be conducted under the supervision of the Government, especially when it comes to major and sensitive matters. The General Secretary noted that HCM City will have stronger power in public financial administration, budget management, planning and investment, and personnel work. The Politburo will issue Conclusion on the continuous implementation of Resolution No. 16-NQ/TW after this working session, he said. At the meeting, the municipal Party Committee’s Standing Board reported that in 2011-2015, HCM City’s gross domestic product (GDP) rose by 9.6 percent annually on average, 1.63 times higher than the country’s average and 1.5 times higher than the target set by the Resolution. In 2016, its gross regional domestic product (GRDP) growth rate reached 8.05 percent, 1.3 times higher than the nation’s number, and its GRDP per head stood at 5,122 USD, 2.37 times higher than the country’s figure. The city has also made big strides in urban infrastructure planning, management and development, education-training, scientific and technological research and application, culture, health care, social welfare, external affairs, Party building and administrative reform. Expanded external relations and international cooperation have raised the City’s prestige and position at home and abroad. However, several participants pointed out that the City’s economic growth, foreign direct investment attraction and exports were still below expectations. Yen Bai: mountainous Tram Tau district faces landslide risk Tram Tau district in the northern mountainous province of Yen Bai is facing a high risk of landslides due to lingering rains from the beginning of this year and the devastating floods on October 10-11. Although 60 households in the locality were evacuated, many others still live in landslide-prone areas due to a lack of land for their resettlement. The recent downpours and floods left 13 people dead and missing, injured seven others, and destroyed 130 houses, along with roads and bridges in Tram Tau district. The natural disaster have also eroded concrete roads, caused long cracks on several mountains and damaged houses and schools in Hat hamlet, Hat Luu commune, Tram Tau district, sparking concerns among locals. Yen Bai has reported 18 deaths, 10 people missing and nine others injured in the recent downpours and floods. Nearly 2,000 houses were damaged while more than 140 households were evacuated due to landslides and flash floods. Floods also devastated more than 900ha of crops, tens of thousands of livestock and poultry, and over 42ha of aquaculture area. Total damage was estimated at over 700 billion VND (30.8 million USD). Soc Trang: Ooc-Om-Bok Festival approaching The third Ooc-Om-Bok Festival (moon worship festival) of the Mekong Delta will take place from October 28-November 3, according to the event’s organising board. The board said at a press conference on October 19 that, during the week, there will be a galaxy of activities in Soc Trang province, including a “ngo” boat race, moon-offering rituals, a lantern-release ceremony, a carnival, a photo exhibition and a trade fair featuring 500 booths. The “ngo” boat rice is scheduled to take place on November 2-3, bringing together 62 teams from regional cities and provinces such as Bac Lieu, Ca Mau, Hau Giang and Kien Giang. Apart from cultural and sport activities, and art performances, there will be a symposium on tourism development in Soc Trang province. Ok-Om-Bok is one of the three main festivals – along with Sene Dolta and Chol Chnam Thmay – that Khmer people celebrate every year and take place under the full moon. The Khmer believe the moon is a God who controls the weather and crops throughout the year. Central Highlands: PPP models sought to aid ethnic minority areas Domestic and foreign experts, business executives and managerial officials have sought to make use of public-private partnership (PPP) to support the development of ethnic minority-inhabited areas in the Central Highlands. At a forum held in Gia Nghia town, Central Highlands Dak Nong province on October 19, Minister and Chairman of the Government’s Committee for Ethnic Affairs Do Van Chien said home to many ethnic minority groups, the Central Highlands holds an important strategic position and has a lot of potential for growth. However, the region is facing unsustainable development and dwindled resources for the implementation of ethnic policies to reduce poverty, he noted. He urged regional authorities to work to connect businesses and local people in creating jobs for ethnic minorities in addition to implementing State polices on this regard. Participants shared experience in promoting the application of PPP in forestation and safe water supply and environmental sanitation, and more. Economic expert Pham Chi Lan affirmed that PPP would bring big benefits for the country and localities, especially in the context of smaller State budget and bigger investment need for socio-economic infrastructure development. She emphasised the need to have a transparent mechanism, accountability of involved sides, locals’ involvement, and State supervision for the efficient performance of a PPP programme. Nguyen Thanh Quang, Vice Director General of Sam High-tech Agriculture Company, which has invested in Dak Nong province, said the community’s participation and assistance is very important to an efficient public-private partnership programme. If businesses want to grow, they must rely on the local community, he said. After discussion, participants made a fact-finding tour of some public-private partnership models in Dak Dong district, Dak Nong. The forum was jointly organized by the National Assembly’s Ethnic Council, the Government’s Committee for Ethnic Affairs, and the Dak Nong provincial People’s Committee. NA Vice Chairman receives Laos State Audit chief National Assembly Vice Chairman Phung Quoc Hien hosted a reception in Hanoi on October 19 for President of Laos’ State Audit Organisation Viengthong Siphandone. Hien said he is pleased to see the development of special relationship and comprehensive cooperation between the two countries. He hailed cooperation outcomes between the two State audit agencies over the past years, saying these have significantly contributed to the growth of Vietnam-Laos ties. He also congratulated Laos State Audit Organisation for taking the role of ASEAN Supreme Audit Institutions (ASEANSAI) Chair in the 2017-2019 tenure. He proposed that the two State audit agencies to foster cooperation in organising the ASEANSAI Congress in Laos in November and the 14th Asian Organisation of Supreme Audit Institution (ASOSAI) Congress in Vietnam in September 2018. For her part, Viengthong Siphandone said that she hopes Vietnam’s State Audit will continue supporting Laos in fostering coordination of audit agencies of ASEAN countries as well as within Asian region. She highlighted that Vietnam’s State Audit support to Laos over the past years has been effective, especially in personnel training. She also expressed hope that the two sides will continue bolstering their comprehensive cooperation, defining orientations for their future affiliation with focus on expert exchange and personnel training. VNN |
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BUSINESS IN BRIEF 22/10 Foreign investors eye golden land plot of unfinished Vung Tau-Paradise  Numerous domestic and foreign investors have expressed their ambition to take over the golden land plot of the unfinished Vung Tau-Paradise project. In 1991, Paradise Development & Investment Company from Taiwan was granted the investment certificate to develop the 220-hectare Vung Tau-Paradise project with a total investment capital of US$97 million, 75% of which would come from Paradise Development & Investment, while the remaining 25% from Ba Ria-Vung Tau International Tourism Service JSC. However, since then only the 27-hole golf course, a 38-room hotel, and water sport area have come into use, and the construction of the remaining stages has yet to be implemented. In April 2016, when the project's investment certificate expired, the Taiwanese investor proposed the province to extend the licence so that it could complete the unfinished stages. But, the province decided to revoke the project’s licence and only agreed to extend the time for the investor to complete the procedures to liquidate the project. Simultaneously, the province has called for other investors to pour money into the project. At the time, the province issued criteria to select investors. Accordingly, investors have to confirm to invest at least US$2 billion in the project, at least 25% of which comes from the investors’ equity. Besides, the investors have to complete the construction within three years and confirm that the project will create a connection with Bau Trung area. At present, numerous domestic and foreign investors eye the project because the 220-hectare area is considered the only golden land plot left at the Bai Sau area of the province. The first potential investor is Sebrina Holdings Pte., Ltd. from Singapore. Sebrina Holdings has 20 years of experience in the energy, property, and logistics sectors in Singapore. It currently has a representative office in Ho Chi Minh City. In 2015, representatives of Sebrina Holdings arrived to Vietnam to find investment opportunities in the seaport sector. In early 2016, it became the strategic investor of Hanel One Member Limited Liability Company. Sebrina Holdings was expected to revive the unfinished Vung Tau-Paradise project. However, numerous other heavyweights are in line to take over. These include VinaCapital Investment Management Ltd., Novaland, and Vingroup. Previously, Hanoi General Export Import JSC (Geleximco) held a working session with the provincial leaders and relevant authorities to learn about the procedure of developing an urban area, tourism, and sports complex on the land plot. Furthermore, Geleximco expressed interest in investing in Cai Mep Ha area in Tan Thuan district. Meanwhile, Housing Development and Trading JSC (HDTC) proposed the province two investment plans on the land fund. The winner of the race to seize the golden land plot under Vung Tau-Paradise project will be disclosed after the Taiwanese investor completes the procedure to liquidate the project. Vietnam boosts Agriculture 4.0 Vietnam has made great strides in boosting agricultural development. Its agricultural production value, added values, product volume, and exports have grown. Vietnam is taking advantage of the 4.0 industrial revolution to develop clean, smart, and effective agriculture. The term Agriculture 4.0 was first used in Germany. Analogous to Industrial Revolution 4.0, Agriculture 4.0 stands for the integrated internal and external networking of farming husbandry, fisheries, and forestry. Agriculture 4.0 has boosted agricultural growth in many countries. Smart digital technology has been applied widely in Vietnam’s agriculture sector. For example, remote sensing technology has been employed to forecast storms and droughts. Digital technology is used in forest protection and forest fire warning systems. Gene technology and remote sensing technology are used in high-tech agriculture, greenhouse, and livestock production projects. Tran Van Khoi, Acting Director of the National Agricultural Extension Center, said, “It’s necessary to apply high technology in agricultural production, particularly biotechnology, new materials technology, automation and mechanization technology, and information technology. Those four technologies are the key to agricultural development.” At a recent Vietnam Farmers’ Forum themed “Farmers ready for Agriculture 4.0”, Deputy Prime Minister Vuong Dinh Hue said that the 4.0 Industrial Revolution is an irreversible trend. He said Vietnam will approach Agriculture 4.0 in a smart way based on selecting effective and profitable sectors and ensuring safety for the environment and people’s health. “We need to mobilize the combined strength of all sectors at all levels and the close coordination between management agencies, scientists, enterprises, and farmers. We also need to strengthen communications to create consensus and increase social awareness about implementing this important policy,” he said. The Deputy Prime Minister asked state management agencies, scientists, enterprises, and farmers to identify priority technologies and areas for short, medium, and long-term development. He stressed the need to focus on human resource training to boost Agriculture 4.0. Khanh Hoa nets VND13,000 bil tourism revenue in nine months The south central coastal province of Khanh Hoa grossed over VND12,800 billion in tourism revenue over the first nine months of the year, an increase of over 28.7% against the same period last year, according to the provincial People’s Committee. The province welcomed more than 4.3 million visitors (up nearly 19%), including over 1.5 million foreign arrivals (up over 72%) in the reviewed period. At a recent meeting with representatives from the tourism sector, Tran Son Hai, vice chair of Khanh Hoa People’s Committee requested that the local tourism sector launch Nha Trang-Khanh Hoa special tours increase service quality, and work out solutions to attract traditional international visitors. At present, traditional foreign arrivals coming from the US and Europe have decreased 20-30% compared to the same time last year. The numbers of arrivals from the US, Australia, France, and Germany dropped 30%, 20%, 22% and 26%, respectively. Nguyen Van Thanh, vice chairman of Nha Trang-Khanh Hoa Tourism Association, predicted a stable rise in the number of foreign arrivals from now to the end of the year, that is the peak season for international visitors. Chinese and Russian visitors have accounted for more than 80% of foreign arrivals to Nha Trang-Khanh Hoa. Households in Bac Lieu rushing to raise swiftlets Many households in the southern province of Bac Lieu have been rushing to raise swiftlets, but only a small number of them have been licensed. Over the past five years, breeding swiftlets has become a trend in Bac Lieu Province, particularly in the city. Many houses for swiftlets have been built in the city without receiving permission from local authorities. Some families even expand their homes to have more space for raising the bird. According to people who live near households which raise the bird, every day they have to suffer from the sound used to attract swiftlets. They have informed local authorities of this problem as well as environmental pollution issues; however, the situation has not improved. The provincial veterinary authorities have reported that by mid-2017, the province would have 340 houses for raising swiftlets with a total number of 215,000 birds, compared to just 107 houses in 2013. The number of the bird may reach 400,000 by 2030. However, many households have raised the birth without being licensed as regulated by the Ministry of Agriculture and Rural Development. Every month, households in Bac Lieu Province provide a total around 120 kilos of edible bird's nest to the market. Each kilo is priced at around VND20 million (USD909). Despite high profits, raising swiftlets also poses potential risks. Many people do not understand clearly the techniques but have poured billions of VND into building swiftlet houses; but they failed to successfully raise the bird. Meanwhile, specific regulations on the swiftlet breeding have not yet been issued, causing difficulties for the management. Many households use loud sounds to attract the bird, however, there are no legal foundations for local authorities to fine them. Nguyen Duy Hung, deputy head of the Bac Lieu Veterinary Board said that the management agencies should early issue regulations. Vietnamese firms join Mega Show Hong Kong 2017 Some 80 booths of 40 Vietnamese handicraft and gift firms are showcasing environmentally-friendly products at the Mega Show Hong Kong 2017 held in Hong Kong, China, from October 20-23. Vietnamese handicraft and household goods are made of environmentally-friendly materials such as rattan, bamboo, wood, sedge and shells. Vietnamese craftsmen are also producing products right at their booths. The Mega Show Hong Kong is among the largest trade fairs in Asia for gifts, household appliances and toys, said Nguyen Duy Kien, Deputy Consul-General (in charge of economic-commercial affairs) of the Consulate General of Vietnam in Hong Kong and Macau. He added that the four-day fair offered opportunities for businesses to introduce and promote their products to international markets, and many Vietnamese firms have secured big export contracts and orders on the first day of the event. The Mega Show Hong Kong 2017 features 4,200 businesses from 33 countries and territories. It is expected to receive more than 50,000 visitors this year.- METALEX Vietnam attracts record number of industrial visitors The recently concluded METALEX Vietnam in HCM City received more than 12,500 professional visitors who came to source new technologies and seek business opportunities. It showcased advanced metalworking solutions, the latest electronics assembly technologies and high-quality industrial grade parts from 500 brands from 25 countries. Suttisak Wilanan, deputy managing director of Reed Tradex, the organiser, said: “After three informative trade fair days, Vietnam’s international metalworking trade exhibition METALEX Vietnam 2017 reported record new visitor numbers of 12,565. “Group visitor numbers rose by 7 per cent to 275 groups underlining the trade fair’s status as one of the most important industry events for the manufacturing community in Việt Nam. “More and more trade visitors are also coming from abroad (34 countries), predominantly from Japan, China, Singapore, Korea, and Thailand.” Taiki Hasuka, regional manager of AIDA (Thailand) Co., Ltd, said Metalex Vietnam was a good place to “meet and discuss with many people from our industry.” Toshimichi Kuronuma, director of Mitsumi Vietnam Co., Ltd, said: “This time we proudly introduced latest products such as injection items and electronic components and our new project to customers. “Thanks to METALEX Vietnam, we could expand our business network as well as connect with many potential clients and partners. Moreover, I found it a good opportunity to directly meet customer’s demands.” A representative of one of the international pavilions, Lam Joon Khoi, secretary-general of the Singapore Manufacturing Federation, said: “The Singapore Manufacturing Federation understands the importance of technology and regards Viet Nam as a manufacturer with strong potential. Therefore, we always encourage our local companies to explore business opportunities and collaborations in Viet Nam.” Ji Taik Chung, chairman of the Korea Association of Machinery Industry, said: “METALEX Vietnam provides a great opportunity for our members to demonstrate the potential of Korean technologies to Vietnamese manufacturers.” The annual expo was held concurrently with two others, Electronics Assembly and Industrial Components & Subcontracting Vietnam, from October 12 to 14 at the Saigon Exhibition and Convention Centre. Deputy PM promotes investment in Quang Ngai province Deputy Prime Minister Trinh Dinh Dung spoke at a conference on Friday in Quang Ngai Province on investment and development cooperation, intended to introduce investors to the area in hopes of attracting further socio-economic development. Addressing local agencies and businesses representatives at the conference, Dung praised their work towards trade and investment progress, and asked provincial leadership to develop policies to assist investors in future projects. In the period of 2017 to 2020, Quang Ngai aims to attract more than US$4.2 billion in investment in prioritised sectors and industries, such as industrial and supporting industrial production, logistics, urban infrastructure construction, seaports and maritime services, tourism and high-tech agriculture. In response, Tran Ngoc Cang, Chairman of Quang Ngai Provincial People’s Committee announced the commencement of 14 new industrial projects in the region’s key economic zones. The projects include a Vinamilk dairy farm, a facility for OFB Mo Duc organic agriculture chain and Phuc Ha- Dung Quat plastic production plant. Cang also expressed the province’s hopes to increase links with other provinces in the Central Highland to strengthen regional development. The province hopes to channel between $2.5 to 3.5 billion into Dung Quat Economic Zone and other key provincial industrial parks, in order to speed up the implementation of big projects such as the Hoa Phat - Dung Quat Iron and Steel Complex, the VSIP Quang Ngai Industrial-Urban-Service Complex and the expansion of the Dung Quat oil refinery. Other incoming projects include collaboration with Singapore’s Sembcorp Marine Limited on a potential gas power plant, as well as the development of a gas distribution system from the Blue Whale oil field with PVN Group to supply nearby industrial zones. In order to achieve its goals, the province has issued preferential mechanisms and policies to support investors, with financial incentives including discounts on land purchases and rebates for infrastructure investments. The province has also identified three key tasks of agricultural development, rural construction and sustainable poverty reduction, by prioritising service, tourism and marine economy development. As of October 2017, Quang Ngai is home to four industrial parks, 15 industrial clusters and craft villages, 45 FDI projects with total registered capital of $1.4 billion and 392 domestic investment projects with total registered capital of over $9.17 billion. Provincial breakthrough missions until 2020 include industrial development, transport and urban infrastructure construction, and human resource quality improvement. The Deputy PM also shared in the difficulties that Quang Ngai is facing, including low product quality and a declining ranking on the Provincial Competitiveness Index (CPI). Quang Ngai Province is strategically located in the Central Highland key economic region, with a population of nearly 1.3 million people, across 14 districts and cities over an area of more than 5,000 square kilometers. The province features diverse natural ecosystems, suitable for the development of agriculture, industry, tourism, service and marine economy. The conference in Quang Ngai Province was attended by more than 400 representatives from domestic and international businesses, together with officials from central and local administrative agencies. Electronics group to focus on social responsibility A coalition of electronics companies organised to promote socially responsible labour practices launched in Ha Noi on Friday. The coalition is backed by the Viet Nam Chamber of Commerce and Industry (VCCI) and the International Labour Organisation (ILO). “In the context of international integration, besides standards on quality and price, social responsibility of enterprises in general and electronic enterprises in particular is an important criterion for global integration,” said Vu Tien Loc, VCCI’s chairman, at the ceremony. The coalition will enable participants to experiences and strengthen training, said Loc. “The establishment of an electronic corporate network which focuses on social responsibility is a form that VCCI will pay special attention in the upcoming time,” he added. In the past, VCCI has cooperated with the ILO and the Viet Nam Electronic Industries Association (VEIA) to help electronic enterprises apply socially responsible labour practices. Viet Nam’s electronics industry has been growing rapidly in recent years. There were only 256 enterprises in 2005, while the number has increased to 1,021 enterprises in 2014. The total number of employees in the industry has also increased seven times in eight years, from 46,000 employees in 2005 to more than 327,000 in 2013 and about 500,000 today. The expansion of the multinational electronics firms’ cross-border production network has had a positive impact on the economies of developing countries such as Viet Nam, facilitating growth and the adoption of new technologies, but concerns related to labour and employment persist. "The right implementation of the standards and legal regulations on social responsibility in general and labor relations in particular is a very important requirement,” Loc said. “By investing in labourers and fulfilling social responsibilities in labour relations, businesses can recruit, train, and promote the creativity and responsibility of the workers themselves”. Multinational companies are influential wherever they invest and operate. Therefore, their practices for managing human resources have a tremendous impact not only on their individual workplaces, but also through the global supply chain, said ILO Viet Nam Director Chang-Hee Lee. Work towards a stable financial system, PM tells APEC Prime Minister Nguyen Xuan Phuc has called for stronger co-operation and coordination in policymaking among APEC’s member economies towards establishing a stable financial system and achieving sustainable development. Speaking at the opening ceremony of the 24th APEC Finance Ministers’ Meeting (FMM) in ancient city of Hoi An, Quang Nam Province, on Saturday, he noted that the meeting was the most important event under the APEC Finance Ministers’ Process (FMP). FMP is a forum for APEC member economies to address regional macroeconomic and financial issues as well as domestic and regional financial policy priorities. Phuc said the FMM was taking place in the context of global economic recovery as well as improvement in trade, investment and finance. However, the region faced many challenges, given the slowing trade, increasing trend of protectionism and use of non-tariff barriers as forecast by the Asian Development Bank (ADB), he said. The Asia-Pacific region, which has several of the world’s leading and dynamic economies, continues to be a driver of global growth, but economic growth and productivity in some economies was still low, Phuc said. “Practically, not all members of society benefit from globalisation and trade liberalisation and investment,” he added. The PM also stressed the negative impacts of climate change on economic development. Besides, the region is seeing some hotspots that may threaten peace, security and stable development of the region, he said. “I hope that the ministers will continue their efforts to coordinate policy and provide practical solutions for implementing policy priorities and addressing difficulties and challenges in achieving the goals of a stable financial system and sustainable development,” the PM said. Four financial cooperation priorities have been set for APEC 2017: long-term investment in infrastructure, base erosion and profit shifting (BEPS), disaster risk financing and insurance, and financial inclusion. Through the year, APEC Finance Ministers have actively cooperated to promote deeper economic integration, creative and inclusive growth and enhancing the competitiveness of small and medium enterprises (SMEs). The PM said that Viet Nam has made great strides in the last 30 years of its economic renovation process. From an under-developed economy, it has advanced to become a middle-income country in 2010, according to the World Bank. Viet Nam has set a gross domestic product (GDP) target of 6.7 per cent for 2017, higher than 2016’s 6.21 per cent. Inflation will likely be kept at below 5 per cent, budget deficit below 4 per cent, and public debt below 65 per cent of GDP by the year-end. Exports are expected to top US$200 billion, up 15 per cent year-on-year, while disbursement of foreign direct investment is estimated at over $15 billion, up 18 per cent year-on-year. By the end of September, stock market capitalisation had reached 93 per cent of GDP, a record since the markets’ establishment in 2000. The GDP growth set for the period of 2016-20 is at 6.5-7 per cent per year. PM Phuc said the public finance sector as well as development of the financial market have contributed significantly to these positive results. He affirmed that Viet Nam will continue to renovate it economy, especially the financial sector, towards improving efficiency and competitiveness, and ensuring sustainable growth. Top APEC finance officials on Saturday issued a joint ministerial statement on regional financial co-operation and implementation of priority tasks through the year. Vietnam, Australia sign MoU on financial cooperation Vietnam’s Ministry of Finance (MoF) and The Treasury of Australia will step up financial cooperation as per stipulated in a Memorandum of Understanding (MoU) inked by Minister Dinh Tien Dung and Treasurer Scott John Morrison. The MoU was signed on October 20 on the sidelines of the APEC 2017 Finance Ministers’ Meeting (FMM) which is being held in the central province of Quang Nam from October 19-21. Accordingly, the MoU will create a framework for the two sides to carry out cooperation between the two agencies. It will help them review and evaluate cooperation so as to make adjustments and further enhance the efficiency of collaboration. During a bilateral meeting with the Australian official before signing the MoU, Minister Dung thanked Australian experts for assisting the MoF in preparing contents for the FMM. He described the signing of the MoU as a milestone in bilateral cooperative ties, in which the MoF’s staff will have opportunities to learn state management experience from Australia and seek consultancy in building financial policies and implementing new legal documents in Vietnam. The MoF’s staff will also have chances to take part in further training programmes organised by Australia as well. Dung voiced his hope that Morrison will support Vietnam in issues of mutual concern and benefit at regional and international forums. The two ministers also exchanged views on the ASEAN-Australia Special Summit slated for March 2018 in Sydney. Dung lauded the initiative to organise the summit, affirming that this is a significant progress step to diversify cooperation channels between Australia and ASEAN member states, including Vietnam. Through the summit, Australia and ASEAN nations will tighten cooperation in the fields of mutual interests, especially regional and global issues, Dung added. Vietjet offers discounted tickets to Taiwan Vietjet is offering 40,000 discounted tickets starting at zero dollars, from now until October 22. This is being done to celebrate Vietjet’s participation in the Kaohsiung International Travel Fair 2017 in Taiwan. The promotional airfares, available from noon to 2pm at vietjetair.com, will be applicable on all international routes to Kaohsiung, Taipei, Taichung and Tainan (Taiwan) from November 1, 2017 to March 31, 2018. At the fair and Vietjet’s pavilion, visitors can participate in a lucky draw, take part in games to win interesting gifts and take photos with flight attendants. “Taiwan is in the process of changing seasons, which is the best time of the year for travelling and discovering. This is also the ideal season for giving love to your dear ones because the weather makes international destinations appear more interesting and attractive,” Vietjet said in its statement. Annual HCM City furniture design contest launched Registration is now open for the 2017-18 Hoa Mai (Apricot Blossom) furniture design competition organised by the Handicraft and Wood Industry Association of HCM City. Sponsored by the American Hardwood Export Council, the competition aims to identify and nurture talented designers and connect them with the wood furniture industry and international designers. The 15th annual contest is open to all designers and students interested in wood furniture design, Nguyen Chanh Phuong, Hawa deputy chairman, said. There will be two rounds: “Design idea” and “Making samples”. The 20 best ideas in the first round will go through to the second round. From then the jury will choose eight designers whose entries meet the contest criteria in terms of applicability and environment-friendliness and commercial, creative and aesthetic values. The deadline for submitting entries is December 15 and the award ceremony will be held at the 2018 VIFA-EXPO. Many winning entries from past competition have been bought by woodworking firms and made into products. HCM City to help SMEs, start-ups The HCM City Centre for Supporting Enterprise Development (CSED) on Wednesday signed a Memorandum of Understanding (MoU) with 30 organisations to provide support to small- and medium-sized enterprises (SMEs), including start-ups. The organisations include universities, educational institutions, business associations at the district level, industry associations, and state agencies. The signing was part of a conference organised by CSED under the city’s Department of Industry and Trade in co-operation with Gia Thinh Company and Sai Gon Biz Corporation. The conference discussed ways to help startups and small- and medium-sized enterprises (SMEs) build confidence and access world markets. The meeting will be held annually by CSED under the direction of the Department of Industry and Trade. Pham Thanh Kien, director of the Department of Industry and Trade, said: “Through the meeting and MOU signing, the department is committed to asking local and foreign agencies to propose solutions to support companies.” He said that agencies should work together to provide assistance for SMEs and start-ups so they can improve competitiveness. In addition to private investment, public-private partnerships will be the emphasis of the city as part of the effort to support start-ups. The city will also focus on activities to develop a start-up ecosystem under a programme to improve startups’ competitiveness and global integration, according to Kien. The programme’s main purpose is to encourage innovative startups through research, he added. He also pledged to reform administrative procedures, revoke illegal permits, and fight counterfeit products and trade fraud. Le Minh Trung, director of CSED, said the centre would continue to work with agencies to organise similar meetings to support workers and help SMEs access capital. “The centre will propose policies to support startups which will help them innovate, apply technology and reform their management models through investment incentive programmes and bank-to-enterprise programmes,” he said. SMEs, the engine of growth and innovation in the Asia-Pacific region, account for over 97 per cent of all enterprises and employ over half of the workforce across the region. Improve policy framework to promote consumer finance Consumer finance has significant room for growth in Viet Nam, however it is essential to improve the policy framework to ensure efficiency, transparency and sound operation of the financial system and the whole economy, heard a conference in Ha Noi on Thursday. The International Conference on Consumer Finance in Viet Nam was organised by StoxPlus, a leading financial and business information corporation in Viet Nam, with support from Nikkei Inc, from Japan and International Finance Corporation (IFC), a member of the World Bank Group. Experts agreed that the consumer lending market has high potential in Viet Nam, given the low penetration and significant size of the population that remained unbanked and unserved despite increasing income. However, the policy framework for consumer finance needed to be improved amid rapid development of financial technology (fintech), which was enabling disruption, so as to enhance access to credit, decrease the unofficial credit sector and develop financial inclusion. Statistics of the State Bank of Viet Nam revealed that total outstanding consumer loans were at VND960 trillion (US$42.1 billion), or 15.7 per cent of the total outstanding loans in the economy, in 2016, of which VND74 trillion was provided by finance companies. Nguyen Thi Hien, deputy director of the Banking Strategy Institute, said at the conference that Viet Nam had significant room for consumer finance. She cited the World Bank’s statistics according to which the population with loans accounted for 46.84 per cent in Viet Nam, but the percentage of population with loan at financial institutions was much smaller at 18.45 per cent. Nguyen Quynh Lan, the Business Information Unit’s managing director, StoxPlus, cited findings of the StockPlus’ Viet Nam Consumer Finance Report, which stated that the “real” consumer finance market – actually provided by consumer finance companies – was still very small at $3.3 billion. Given the market potential, the market was becoming increasingly competitive for seven current players - FE Credit, Home Credit, HD Saison and Prudential Finance, as well as Toyota Finance, JACCS Vietnam and Mirae Asset Finance - due to new entrants, including Mcredit, Lotte Card, and upcoming players with a new business model. According to Lan, fintech enabled the emergence of a disruptive business model for consumer finance companies, which would introduce opportunities to lower interest rates - the top concern of consumers – and reach wider market coverage. The consumer finance market was also moving away fast from the offline channel, including physical point-of-sale (POS) and direct sales agents, to online and mobile, such as e-commerce website, social media (Facebook, Zalo, Wechat) and mobile apps. Lan said Viet Nam needed a clear framework for financial intermediary, fintech and peer-to-peer lending, as well as customer protection in the digital area of consumer finance, adding that current regulations were only applicable for finance companies. In addition, consumer finance companies should leverage the application of Big Data and omni-channel for targeted customer offers, Lan said. Nimish Vinaykant Dwivedi, director of FE Credit’s Credit Card Business Centre, said: “Digital transformation – an exciting journey has just begun. To increase reach to the masses and unbanked customers, leveraging technology is the key.” He added that technology would help ensure not only convenience but also security. According to Reet Chaudhuri, financial and banking expert of McKinsey & Company, Viet Nam’s fintech entrants were relatively new and primarily focused on payments, with only a few players focusing on lending. He pointed out that the fintech ecosystem was still small with 48 players, of which only four offered direct lending and four crowd-funding. “Viet Nam should accelerate development of the fintech ecosystem in a controlled fashion and increase customer choice,” he said. For peer-to-peer, it should be encouraged in Viet Nam but a clear regulatory framework with safeguards needs to be put in place, he added. Experts at the conference also said it was essential to develop a customer database for credit organisations to access at reasonable cost while leveraging the application of modern technology in service delivery, management and promoting service quality. Nguyen Tu Anh, deputy director of the central bank’s Monetary Policy Department, said Viet Nam would study to develop a harmonised and reliable policy framework for the development of consumer finance and inclusive finance. StockPlus projected the consumer finance market growth would return to the normal rate of 20-30 per cent after posting 44 per cent growth during the past three years. National Citizen Bank appoints new general director The National Citizen Joint Stock Commercial Bank (NCB) has appointed Le Hong Phuong as the new general director of the bank, starting October 18. Prior to this, Phuong was NCB’s deputy general director. He has 15 years of experience in the field of economics, finance and banking. He has been working for NCB since 2015 and is responsible for the strategic management, system development and general operations of the bank. In addition to this, Phuong was assigned by the Board of Directors to undertake international co-operation and directly manage the project to select foreign strategic partners that the NCB had signed with its international consultant partner since the beginning of 2017. According to the NCB, the appointment of Le Hong Phuong as the general director was a strategic step for a new development phase of the bank, realising the goal of making NCB the leading retail bank in terms of effectiveness, as well as digital applications, and bringing in the changes by using a professional financial advisor model. Khanh Hoa beverage firm to join UPCoM The Ha Noi Stock Exchange has approved the listing of Khanh Hoa Sanest Beverage Company on the Unlisted Public Company Market (UPCoM). Khanh Hoa Sanest Beverage Company, subsidiary of Khanh Hoa Salanganes Nest Company, will become the first company to trade shares on the stock market while it remains a limited-liability company that has not fully transformed into a joint-stock firm. The company, with VND330 billion in charter capital, will trade nearly eight million shares on UPCoM under code SKH. The shares will start trading at VND27,800 (US$1.23) per share on October 25. The company earned VND222.7 billion ($9.8 million) from the IPO. The amount of shares Khanh Hoa Sanest Beverage Co will trade on UPCoM is equal to the number of shares the company offered at its initial public offering (IPO) in mid-September: eight million shares or 24 per cent of its capital. At the IPO, the company’s shares were sold at the starting price of VND23,000 per share and bought for an average price of VND27,937 per share. The IPO drew the participation of eight institutional investors and 285 individuals, who signed up to purchase a total of more than 20.6 million shares. After the IPO, Khanh Hoa Sanest Beverage plans to sell around 6.93 million shares or 21 per cent of its capital to an unidentified strategic investor at VND23,000 per share. Another 1.24 million shares, equal to a 3.8 per cent stake, will be sold to the company’s employees and the Government will hold 51 per cent of the company’s charter capital. The company will be renamed Khanh Hoa Sanest Beverage Joint Stock Company after the equitisation plan is completed. The company became the second subordinate unit of Khanh Hoa Salanganes Nest Co to hold an IPO after Dien Khanh Sanest Co had its IPO on June 29, 2016. Tien Phong Plastic plans to lift foreign ownership cap Tien Phong Plastic Joint Stock Company (Tien Phong Plastic) may allow total foreign ownership of its capital instead of the current 49 per cent. The final decision will be made at the company’s extraordinary shareholders meeting, scheduled for November 30. The management board will need to obtain approval of 65 per cent of shareholders for the change. The plan came after the company announced the Thai plastic producer Nawaplastic Industries (Saraburi) Co Ltd offloaded its 21.27 million shares or 23.84 per cent ownership in the Vietnamese plastic firm on the stock market (traded under the code NTP) between September 25 and October 12. Tien Phong Plastic is trading its 89.2 million shares on the Ha Noi Stock Exchange for VND69,000 (US$3.06) to VND71,900 per share during the September 25-October 12 period. That means the Thai-based plastic producer sold its share for VND1.46 trillion (roughly $65 million), triple its initial investment in 2012. The State Capital Investment Corporation (SCIC), which represents the Government to monitor the State’s capital in Tien Phong Plastic, remains the biggest shareholder with a 37.1 per cent stake. During the 14-trading-day period, there were many put-through trading transactions for Tien Phong Plastic’s shares with volume ranging from one to nine million and share price varying between VND69,300 to VND71,800 per share. The identity of the largest buyer has remained confidential, however, it is believed that a foreign investor is buying up the shares. NTP closed Thursday at VND73,000 per share, having increased by a quarter since its one-year low of VND57,600 per share in early March. During the five-year investment period, Saraburi received around VND173 billion worth of dividend payouts from the Vietnamese firm. After Saraburi completed withdrawing from Tien Phong Plastic, the two representatives of the Thai company on October 17 asked for the resignation of the Vietnamese firm’s management and supervisory boards. Tien Phong Plastic will also discuss the restructuring of the firm’s management and supervisory boards at the upcoming shareholder meeting. The company also plans to make a 15 per cent advance dividend payout for 2017 performance on November 29. In the third quarter of 2017, Tien Phong Plastic recorded nearly VND161 billion in its pre-tax profit, a yearly increase of 83.3 per cent. In nine months, the company earned total VND363 billion in pre-tax profit, an annual rise of 27.6 per cent. KDC exceeds full-year target in 9 months Food producer Kido Group (KDC) reported on Wednesday that it had achieved its full-year profit target by the end of the third quarter. It said profit before tax was 9 per cent above the annual target of VND535 billion ($23.6 million) on revenues of VND5 trillion ($178 million), a 251 per cent increase. Frozen foods contributed 24 per cent of the revenues, the company said. KDC’s foray into the food industry two years ago has been successful, and it now has a nation-wide distribution system with 450,000 outlets selling canned foods and 70,000 others selling frozen food. Efforts to expand the business and increase the frozen food range are under way, it said. In the last quarter of this year it plans to bring a number of new products including new cooking oils, canned foods and sauces, it said. It plans to tie up with Dabaco to produce new products like processed foods and sausage, it added. Its other main product is instant noodles. VRC Real Estate sells 35.3 million shares VRC Real Estate and Investment Joint Stock Company sold 35.5 million shares to 581 investors, increasing the company’s charter capital to VND500 billion (US$22 million). These shares were offered at a 70 per cent discount, with the price at VND11,000 per share, on September 12. The custody and listing of the recently-issued shares is scheduled to be implemented from October 2017. Recently, VRC approved a list of 19 strategic investors to issue 25.34 million shares for sale at a price of VND11,000 per share. The only investor is currently VRC shareholder Nguyen Phuong Vi, who owns 602,810 shares of VRC, equivalent to 4.16 per cent stake. This year, VRC targets to achieve VND394 billion in revenue and VND120.5 billion in after-tax profit, a year-on-year increase of 526 per cent. The company expects to earn revenue of VND430 billion and after-tax profit of VND132 billion by 2018. Hoa Phat reaches 93% of annual profit target Hoa Phat Group hit a revenue of VND33.8 trillion (US$1.5 billion) in the first nine months of 2017, a year-on-year increase of 43 per cent. The group’s after-tax profit was VND5.6 trillion, a year-on-year increase of 21 per cent. This year, the group targeted VND40 trillion in revenue and VND6 trillion in after-tax profit. Therefore, with the results achieved in nine months, Hoa Phat has fulfilled 85 per cent of its revenue target and 93 per cent of its annual profit target, approved at the shareholder’s meeting. According to the group’s business report, over the past nine months, Hoa Phat has manufactured nearly 1.6 million tonnes of construction steel, an increase of 31 per cent over the same period last year, and achieved nearly 80 per cent of the year’s plan. As regards the export market, the company exported about 127,000 tonnes of construction steel and wire drawing steel, and 35,000 tonnes of steel billets in the reviewed period. Steel pipe products continue to dominate the market with nine-month sales of nearly 425,900 tonnes accounting for more than a quarter of the total steel pipe consumption in Viet Nam, and exporting about 8,000 tonnes of all types. In terms of the Hoa Phat Dung Quat iron and steel production complex, the company has selected construction contractors and technology equipment suppliers. All major machinery and equipment such as blast furnaces, steel furnaces, steel rolling and industrial gas are imported from G7 countries such as Italy and Germany. In particular, the hot rolled steel production line of the project is evaluated at the most modern level in the world till date. In the field of real estate, Hoa Phat is speeding up the completion of the Mandarin Garden 2 project to begin handing over apartments to customers from the end of this year. At the same time, the group has started other housing projects in Ha Noi and Hung Yen Province. The group is also actively implementing the colour coated steel project and the steel wire drawing factory in Hung Yen’s Pho Noi A Industrial Zone, expected to run the chain at the end of this year. Vietnamobile offers heavy web usage deal Vietnamobile is providing a data plan designed for users with heavy daily internet usage. The monthly fee for the vEasy package is VND50,000 (US$2.2) for 30GB of usage. Recently, the network completed its 3G super-fast nationwide coverage. All new subscribers will receive 3G as a free trial. The company also has a vFlex 3G package with a price of VND15,000 ($0.66) for 1GB 3G data. The target audience is young people who use social media like Facebook and Zaloon and online newspapers. The Vietnamobile Telecommunication JSC in Ha Noi is operated by the Hanoi Telecom Corporate and Hutchison Asia Telecom Group. BMW recalls bikes in VN BMW has recalled all 80 of its Motorrad RnineT motorcycles sold through Euro Auto, BMW’s official distributor in Viet Nam, due to an issue where the right-side swingarm pivot pin bolts may loosen. These bolts are used to direct the rear of the vehicle, as well as the fulcrum for the rear suspension system. Therefore, if the bolts that connect the right-side swingarm pivot pin to the frame are loose, they will seriously affect safety when the vehicle enters a corner, drives on rugged terrain or decelerates. In order to ensure the safety of users and the benefits of consumers, Euro Auto decided to recall the motorcycles, which was produced from August 2014 to November 2016, to test and tighten the bolt bearings. The recall programme will end on September 27, 2018. The time to check and fix errors on each vehicle takes about one hour. In September 2017, BMW had also recalled all 79 of its Motorrad line R1200GS and R1200GS Adventure motorcycles due to a faulty suspension system. SME Vietnam Network to connect and support SMEs A network to connect and support Vietnamese small and medium- sized enterprises (SMEs) on Saturday was launched in HCM City in order to drive the country’s economy. Speaking at the launching ceremony, Nguyễn Văn Cường, deputy head of bureau of administration and management II under Government Office, said that SME Vietnam Network is being established following the guidance of the Vietnamese Entrepreneur Development Center under the Việt Nam Association of Small and Medium-seized Enterprises. The network’s members will exchange business opportunities within the country and other countries in the world. In the network, many activities will help its members improve their brand names, products and services. Under the special support from Vietnam Chamber of Commerce (VietCham Singapore) and United Overseas Bank Limited, the network’s members also will have a chance to access exclusive lending and funding schemes. Việt Nam has more than 600,000 SMEs, accounting for 97.5 per cent of the country’s companies, contributing more than 40 per cent of the GDP and using 51 per cent of the labour force. Each year, SMEs create more than half a million new jobs. According to Đinh Thị Phượng, director of the Vietnamese Entrepreneur Development Center and SME Vietnam Network, SMEs are still facing many difficulties and challenges such as a shortage of updated technologies and limited access to financial support, which is barrier for expanding their production. At the launching ceremony, SME Vietnam Network signed an agreement with United Overseas Bank Limited. Hanwha Life Vietnam reports outstanding third quarter results The Korean life insurer posted strong growth in business results and market expansion in the third quarter of 2017. For the first nine months of 2017, Hanwha Life Vietnam achieved VND478 billion ($21 million) in first-year premium, up by a whopping 47 per cent from the same period last year. This impressive growth helped Hanwha Life’s market share grow by 0.4 per cent year-on-year. In the same period, the Korean insurer has hired 19,000 new advisors. To achieve these business results, Hanwha Life Vietnam has constantly expanded its network across Vietnam. By mid-August, the firm has opened 100 points of transaction nationwide, four months earlier than the expected. Not stopping there, Hanwha Life has sped up its expansion efforts: in September alone, they have launched six agencies in the northern region (Hau Loc, Thach Thanh, and Ha Tinh 2) and the Central area (Thanh Khe, Cam Lo, and northern Quang Binh). As of October, the network included 108 points of transaction. Hanwha Life revealed that it would continue to open new agencies in more provinces around Vietnam to better serve customers, increase brand presence, and support business growth. Besides its impressive pace of network expansion, Hanwha Life also focuses on diversifying its distribution channels. The firm has partnered with two leading Korean banks in Vietnam—Shinhan Bank and Woori Bank—in a bancassurance deal, through which Hanwha Life can distribute their products via the networks of these two lenders. Back Jong Kook, chairman and CEO of Hanwha Life, said that the positive performance during the third quarter was the result of the firm’s bigger network, better service quality, and a greater number of professional advisors. “As part of our customer-centric culture, we always strive to satisfy the strictest requirements of our customers. We want our advisors to be professional, knowledgeable, and helpful to customers, and our ultimate goal is to become a leading life insurer in Vietnam, with sustainable long-term growth,” said Kook. Founded in 1946, the $84-billion Hanwha Life is a member of Hanwha Group, one of the ten largest conglomerates in South Korea and among the 500 biggest firms worldwide. Hanwha operates in various businesses, ranging from chemicals, construction, and finance to solar energy. Hanwha Life has been in Vietnam since 2009, employing 35,000 staff members and servicing 200,000 clients across the country. Vietcombank has strongest balance sheet in Vietnam: Asian Banker The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) was named as the bank with the strongest balance sheet in Vietnam by The Asian Banker, a finance and banking magazine. This is the second consecutive year that the bank has received the title, which was awarded in a ceremony to honour the 500 largest banks in the region. The ranking was based on a detailed and transparent scorecard that ranks commercial banks on six areas of balance sheet financial performance; the ability to scale, balance sheet growth, risk profile, profitability, asset quality and liquidity. Vietcombank was also named Vietnam’s best bank, best trade finance bank, best FX bank for corporates & financial institution in 2014, and Vietnam’s best bank in 2015. In 2016, the bank’s total assets reached VND787.9 trillion (US$34.7 billion), up 16.8% year-on-year, with pre-tax profits of VND8.52 trillion (US$375 million). China intensifies import of Vietnamese farm produce China has allowed Vietnamese agricultural and aquatic products to be exported through Mong Cai border gate in the northern province of Quang Ninh, according to the Ministry of Industry and Trade. The ministry requested Mong Cai city to get well-prepared to facilitate exports of the products to China. The ministry said it will invite leading Chinese enterprises involved in agricultural and aquatic products to visit mango orchards in the southern province of An Giang and dragon fruit orchards in central provinces in late October. Trade between Vietnam and China reached US$71.9 billion in 2016, a rise of 7.9% from the previous year. Exports of top 10 commodity groups surpass US$111 billion Exports of ten key groups of products made up over US$111 billion out of the two country’s total export value of US$154.3 billion in the first three quarters of this year, according to the General Department of Vietnam Customs. Telephones and components topped among export products with US$31.54 billion, trailed by garment (US$19.21 billion), computers, electronics and components (US$18.54 billion), footwear (US$10.64 billion), machines, equipment and tools (US$9.31 billion), seafood (US$5.99 billion), wood and timber products (US$5.54 billion), means of transport and tools (US$5.1 billion), fibres (US$2.63 billion) and fruit and vegetables (US$2.63 billion). The Ministry of Industry and Trade forecast a bright prospect for export growth of the ten commodity groups in the coming time. Telephone and component exports will continue to grow as world manufacturers are operating stably in Vietnam. Exports of computers, electronics and components rose by 40% in the period and continue to increase in the next months as businesses have successfully expanding markets and boosting exports to regional countries including the Republic of Korea, Canada, China, Taiwan and Russia and maintaining growth in traditional markets such as the US, Japan and China. These products have also many opportunities to conquer new markets, especially small markets where famous brands do not exist. Vietnam, US seek stronger financial cooperation Vietnam expects the US to accelerate the ratification of an agreement on double taxation avoidance and facilitate negotiations for a governmental agreement on cooperation and assistance between customs agencies, said a high-ranking official. Vietnamese Minister of Finance Dinh Tien Dung made the suggestion during a meeting with David Malpass, Under-Secretary for International Affairs at the US Department of the Treasury, on the sidelines of the APEC 2017 Finance Ministers’ Meeting (FMM) in the central province of Quang Nam on October 20. While briefing the US official on Vietnam’s economic situation, Dung said Vietnam has made concerted efforts to rise from a low-income economy to a middle-income nation in the region. The country achieved a 6.41% economic growth rate in the first nine months of the year and the figure is forecast to reach 6.7% for the whole year, while the inflation rate is kept below at 5%, he said. However, Dung noted that the Vietnamese economy has been still facing challenges like unsustainable growth, poor quality of public investment and budget collection failing to meet spending needs. Regarding future orientations, Vietnam will improve financial legal regulations, fine-tune tax laws such as corporate tax, special consumption tax and individual income tax while promote restructuring and ensure state budget balance, he said. Enhancing public debt restructuring and management, and ensuring the synchronism of financial and insurance markets, and accounting and auditing services will be other tasks, Dung said, adding that Vietnam will also step up the equitisation and increase supervision of state-owned enterprises. At the meeting, Dung and Malpass discussed cooperative relations between the two countries, including cooperation in the fields of tax, insurance, securities, capital market, accounting and auditing. Malpass said that the US Department of the Treasury will further boost cooperation with Vietnamese Ministry of Finance for mutual benefit and development. Talking with Vietnam News Agency reporters after the meeting, Malpass said: “Relationship of the US and Southeast Asia is always one of the top priority discussions. Trade imbalance between the US and Vietnam can be improved and we discussed the trade relationship that does not damage US enterprises and workers. We also welcome Vietnamese enterprises in the US and we are looking forward to promoting trade in the future.” PM lays out tasks for FTA implementation Prime Minister Nguyen Xuan Phuc has set facilitating business and export activities as an urgent task to realise free trade agreements (FTAs) Vietnam has signed. In Directive 38/CT-TTg, PM Phuc, also head of the National Steering Committee on International Integration, assigned ministries and ministerial-level and Government agencies to channel resources into effectuating the FTAs. It is also necessary to simplify administrative procedures and develop the “one-stop-shop” mechanism to shorten licensing duration, cut export costs and accelerate customs clearance, he said. Apart from amending and scrapping regulations unsuitable with commitments of the FTAs, ministries and agencies should propose measures to the Ministry of Industry and Trade (MoIT) to protect Vietnam’s rights and interests in case the FTAs are violated. The regulations of the FTAs should also be made clear to different sectors to avoid misunderstandings, the leader said, adding that intellectuals and experts should be helped to assess the impacts of international integration on Vietnam. The competitiveness of sectors should be evaluated to devise plans aiming to promote those with a competitive edge and adjust production of less competitive sectors and businesses, thus maximising benefits generated by the FTAs, the PM said. The MoIT was also assigned to work with other ministries, agencies, institutes, associations and the Vietnam Chamber of Commerce and Industry (VCCI) to make the best use of incentives offered by FTAs in each sector. The outcomes will serve as a basis to roll out activities helping Vietnamese enterprises take deeper steps into regional value chains. PM Phuc also asked the ministry to work on non-tariff measures like technical barriers and trade protection measures allowed in the World Trade Organisation and FTAs to protect the rights of domestic firms in the face of fierce competition with foreign rivals. He also suggested the ministry intensify, renovate and diversify trade promotion activities, update product and market information, and expand distribution channels, with attention paid to FTA members. The Ministry of Foreign Affairs was urged to monitor regional and international political, security and economic developments, as well as Vietnam’s foreign relations to forecast and propose measures for issues that may affect trade ties between Vietnam and its FTAs partners. PM Phuc requested the Ministry of Planning and Investment to partner with other ministries and agencies to review domestic business conditions, making them suitable with relevant international treaties. Meanwhile, the Ministry of Science and Technology was asked to increase international scientific and technological studies to apply advances in production, while paying attention to intellectual property protection. People’s Committees of cities and provinces need to raise awareness of local firms about international economic integration in general and FTAs in particular. The VCCI should strengthen integration capacity and competitiveness of its member businesses, promote ties with foreign counterparts to help its members seek promising partners and expand business networks, and exchange information and experience in FTA implementation with its foreign counterparts, PM Phuc said. Pork prices set to rise as year-end supply dwindles As the number of pig breeding households continues to drop, a shortage of live pigs could result in high pork prices later this year, according to the Ministry of Agriculture and Rural Development (MARD). The ministry estimates that pig herd numbers have declined by 10% year on year as of September this year. Pork production in the third quarter was 522,000 tonnes, down 2.3% compared with the previous year. The situation has resulted out of a long-term plunge in pork prices. The foot-and-mouth disease outbreak in a number of northern provinces was also a reason for many farmers deciding to stop breeding pigs. According to the MARD’s Department of Livestock Production, pig farmers are also not interested in expanding their pig herds due to unstable pork prices. The department estimates that the number of pig breeding households is predicted to reduce by a third, or between 800,000 and 900,000 by the end of this year. After nearly 4,000 pigs were found injected with sedatives at the Xuyen A Slaughter House Complex in HCM City recently, pork prices fell to VND25,000-27,000 (about US$1.1) per kilo in Dong Nai, he said. A similar situation has happened in pig farming areas in Hanoi, with many households going bankrupt or shifting to other businesses. Tran Van Minh, a breeder in the capital city’s outlying Dan Phuong district, is among them. He was among the bigger breeders in the district, but his farm stands empty now. Over the past two years, the household business has operated at a loss as pork prices continued to fall. They even sold valuable property to continue investing in pig farming. Now they are bankrupt and hundreds of millions of đồng in debt, owing money they spent on feed, veterinary medicines and other things. “We’ve lost everything. We are too old to be employed by companies so we look forward to receiving assistance from the government,” Minh said. Nguyen Kim Doan, vice chairman of Dong Nai Poultry Association, warned that the high number of households quitting pig breeding would result in rising unemployment in rural areas, with most of the people affected being those too old to work in companies or enterprises, and incapable of doing hard work. “About 40% of small scale big breeders, amounting to tens of thousands of households, have gone bankrupt. This has created difficulties for local authorities in generating employment and in ensuring social security and order,” Doan told the Nong thon ngay nay (Countryside Today) newspaper. Nguyen Duc Trong, Deputy Director of Department of Livestock Production, said they haven’t got the exact number of households who’ve quit pig breeding or correct figures from big businesses like the CP (Charoen Pokphand) Group that have large number of sows and pig herds. He said it was normal that prices go up and down in livestock breeding sector. For example, pork prices increased constantly from 2011 to early 2016. There was a time it reached VND52,000 (US$2.3) per kilo. The prices started dropping from the end of last year, he said, adding that it has affected a lot of farmers. "I assume that the pork prices will increase from now until the year-end if the number of pigs herds keeps dropping. However, the increase will not be as steep or sudden as before," said Trong. Several breeders have turned to exports because of low consumption and prices in the domestic market. Trong said the ministry would try its best to create favourable conditions for exporters. "At present, we export about 40,000 tonnes of pork per year, via eight enterprises from Hai Duong province and Hai Phong city.” "The ministry plans to establish disease-free zones to reduce production costs and facilitate pork export to markets like Europe. This is an urgent matter so the ministry is determined to do this,” he said. Women - dive into the world of engineering There is more room for Vietnamese women in engineering and technology, which used to be a traditionally male industry. In fact, female engineers and technicians carry a distinct advantage to pursue a viable career. Nguyen Hoai Thu is the production manager of electric cabinets at GE Energy Haiphong. Thu is always busy with work and phone calls without fixed working hours. She said, “Sometimes I don’t have time for my children. It is said that engineering is a challenging career for women. However, it is even more difficult for us to fulfill the different roles of engineer, mother, and wife.” Indeed, the engineering industry is challenging for both genders. In today’s dynamically changing business environment and stiffly competitive global market, clients’ demands become more sophisticated and volatile. At GE, the company standing in the forefront of digital transformation with exports to markets around the world, investments are being made in continuous learning in order to streamline processes, improve productivity, and apply cutting-edge technology. Thu went on to say that, “It is crucial that you have aspiration, determination, and perseverance to acquire knowledge. Unless you keep learning, you will be left behind whether you are male or female. I have had the chance to work with several female engineers possessing these characteristics. They are eager to learn and quick to catch up with market trends.” Working at GE for eight years now and five years in the engineering industry, Thu believes that feminine traits help women to tackle problems smoothly. According to her, there are a number of favourable incentives for female employees at GE as well as in Vietnam with the on-going push for gender equality. As GE places high values on integrity, honesty, and transparency, female employees are empowered to make the most of their abilities. This has encouraged Thu and her female colleagues to believe in their abilities. In addition, GE also holds training courses and foreign exchange programmes around the world to help female employees sharpen up their skills and expertise. Female engineers have competitive traits like meticulousness and attention to detail compared to male engineers. In addition to ensuring the technical quality and customer requirements, GE also puts high importance on price and delivery time to stay competitive in the market. "The key factor is to strike up long-term contracts at a reasonable price and with timely delivery. Thus, I need to be very careful with every single word and number. Tracking daily data helps me to identify the most competitive price to maximise profit," she shared with VIR. Moreover, women at the management level can comprehend others’ feelings better than male leaders. “Vietnamese people value the skills of listening, sharing, encouraging, and trusting others. At the GE factory, I manage both office and factory workers who are responsible for different tasks. Therefore, it is important to understand their job and characteristics to achieve a better balanced working environment,” she said. Thu often spends time on the factory site to learn about her work and engage in regular exchange with her colleagues about the group’s development strategy, which consequently improves their productivity. However, there is heavy pressure on women to care for their families and children. "I am still a woman. Being raised in a family with an engineering tradition, I was married to an engineer, so I receive much support from my family and my husband." “Despite being this lucky, I always encourage young women to develop careers in engineering with passion and bravery. When you are enthusiastic about engineering, you will feel more driven in your career. The engineering industry is teeming with bright prospects for employment, learning, and development. You will always find success by making constant efforts," she stated. Vietnamese, Turkish enterprises seek to boost connectivity A Vietnam-Turkey trade exchange was held in Ho Chi Minh City on October 19 with the participation of nine Turkish firms in herbal medicine and wooden product production. The event was jointly organised by the Vietnam Chamber of Commerce and Industry (VCCI) chapter in Ho Chi Minh City and Turkey’s Mediterranean Furniture, Paper, Forest Products Exporters’ Association (AKIB). Turkey, the leading trade partner of Vietnam in the Middle East, is the gateway for Vietnamese products, including rice, tea, garment, footwear and electronics, to the Middle East market. Currently, Turkey has 15 projects in Vietnam worth about US$704 million, ranking 26th among foreign investors in Vietnam. The two countries have agreed to work together to raise two-way trade to US$4 billion in 2020 through the strengthening of trade and investment cooperation. Real estate needs more foreign investment: experts The number of foreigners buying real estate products in Vietnam has increased, but the domestic property market needs policies to attract more foreign investment, according to experts. Nguyen Trong Ninh, Director of the Housing and Real Estate Market Management Department under the Ministry of Construction, said a policy on licensing foreigners buying and owning houses in Vietnam was issued in 2008. In 2014, the Ministry of Construction reviewed and evaluated this policy during its study of the amendment of the Law on Housing. According to the ministry, from 2008 to 2014, some 126 foreigners owned property products in Vietnam. Therefore, it proposed to add conditions for foreigners to buy houses in Vietnam. The amended Law on Housing 2014 including those proposals was passed in 2014 and came into effect in 2015, Ninh said. Following two years of implementing the amended Law on Housing, the domestic property market has developed in the positive direction in the segment of selling real estate products to foreign buyers, and foreigners have supported the proposals, according to reports from localities sent to the construction ministry. From 2015 until now, some 750 foreigners received housing ownership certificates, six times higher than the period from 2008 to 2014. However, there are not many transactions involving foreigners buying property products in Vietnam due to many reasons, including financial ability of foreigners, their jobs in Vietnam, demand, location and price of houses, according to Ninh. As a state management agency in the field of housing, the Ministry of Construction said in the current period, regulations on housing and policies related to housing in Vietnam for foreign individuals and organisations had been open, including subject, conditions on ownership and the number of houses that can be owned by foreign buyers. Meanwhile, regulations on the number of houses that foreign organisations and individuals can own in buildings and housing projects are in accordance with the actual conditions of Vietnam and international regulations. Nguyen Khanh Duy, Savills Vietnam’s HCM City residential sales director, said a limit on the number of apartments owned by foreigners was very important to minimise and prevent negative impact on domestic socio-economic development. Vietnam’s Circular 19/2016/TT-BXD and Decree 99/2015/ND-CP regulate the number of houses owned by foreigners to tighten procedures on re-sale of real estate products and increase transparency in the process of implementing administrative procedures for these property products. However, Duy said an adjustment that will create suitable quotas for certain kinds of property products, such as resorts or Grade A apartments, should also be considered carefully. The State should have flexible quotas to create a positive dynamic for the local property market because Vietnam has 82,000 foreigners working and living here and more than four million overseas Vietnamese, who have high demand for buying housing products in Vietnam According to Savills Vietnam, the 2015 amendment of the Law on Housing allowing foreigners to buy houses in Vietnam was considered a positive change in policy. That action has promoted further development of the local real estate market. It was expected to create more favourable conditions in stimulating development of investment, tourism and service in the real estate sector. In fact, property projects and products attracting foreigners have been mainly in the high-end segment. Markets attracting foreign buyers include HCM City, Hanoi and Da Nang, according to Savills Vietnam. However, there are a small number of red books or land use rights certificates that were licensed to foreign organisations and individuals buying houses in Vietnam. The number is lower in comparison with the high demand from foreign buyers because foreigners are not yet clear about legal procedures in Vietnam, while State administrative offices in some localities are not familiar with regulation related to foreigners. For large investors, to find suitable property projects, they often choose to work with an international consulting firm that has a network of offices and branches in many countries to ensure that all questions related to legal and trading procedures will be explained satisfactorily. Sometimes, they do not need to pay more money for consulting services. The big investors will choose a company with experience, reputation and ability to communicate well in many languages to save time and money. However, in terms of customers, these investors should have specific requirements on the project to get the most detailed consultation information, Duy said. Domestic shrimp exporters need to renovate Despite a recent rebound in shrimp exports to the EU, Vietnam’s shrimp sector is facing a fierce competition in the market, requiring domestic exporters to continue improving their product quality and competitiveness, according to the Vietnam Association of Seafood Exporters and Producers. The country’s shrimp enjoyed a surge of 32 percent in exports to the European market in the first nine months of 2017. Shrimp exports to the market in June and July came to a standstill due to the supply shortage and price hikes while EU businesses reduced shrimp imports. But from August, exports to the EU have been restored with more supply from domestic businesses, making the EU the top market of Vietnamese shrimp. According to the VASEP, leading European importers of Vietnamese shrimp were the UK, the Netherlands and Belgium, with growth of 46.5 percent, 47.8 percent and 34.1 percent, respectively. In the rest of the year, exports to the EU market are predicted to continue rising as the festive season is coming. Shrimp is a profitable products supplied by many large firms in the Asia-Pacific region. Currently, the major competitors of Vietnam in the EU market are India and Ecuador. The free trade agreement between Ecuador and the EU, which took effect from January 1, 2017, has offered Ecuador the preferential tax rate of zero percent from 3.6 percent earlier, enhancing the competitiveness of the country’s shrimp. It is forecast that each year, the EU consumes about 40,000 tonnes of white-leg shrimp from Ecuador at zero percent tax. Ecuador is likely to enjoy 7-9 percent growth in 2017 in the market. Vasep said that to boost exports to the market, businesses should pay more attention to labels and the quality of products to build brand names and expand markets. According to Tran Van Pham, Director of Soc Trang seafood company, firms should invest more in technology and equipment for shrimp processing to ensure clean products, while reducing production cost and improving quality. Vietnam exported US$2.5 billion worth of shrimp to the world in the first nine months of 2017, a rise of 21.9 percent over the same period last years. Currently, the EU currently consumes about 30 percent of shrimp in the world, with about US$6-8 billion per year. The market’s shrimp imports increased to US$6.7 billion in 2016 from US$5.6 billion in 2007. IT Outsourcing Conference spotlights cutting-edge technologies As many as 500 delegates from 20 countries and territories and representatives from several leading IT companies on October 19 gathered at the second Vietnam IT Outsourcing (ITO) Conference 2017 that kicked off in Ho Chi Minh City. During the four-day conference, the biggest of its kind in the country, participants will introduce the capabilities of Vietnamese IT services with new cutting-edge technologies, promote Business Process Outsourcing, and call for more investment in IT. In his speech, Vietnam ITO Alliance Chairman, Lam Nguyen Hai Long said the 4.0 Industrial Revolution provides a golden opportunity for Vietnam's software and IT services to further grow in the future. “Our IT industry growth has not met world demand. That’s why we have suggested solutions to improve Vietnam’s software human capacity to promote Vietnam’s IT service brand names to the international market," he said. The event also witnessed the signing of cooperation agreements between the Vietnam ITO Alliance and international organisations, including the US’s Silicon Valley Forum, Vietnam IT Development Group and Japan’s Shonan Industrial Promotion Foundation. The first Vietnam IT Outsourcing Conference was held in 2015 in the same venue, attracting more than 400 exhibitors from multi-national and high-tech companies. Bright prospect for tea exports in final quarter Vietnam is the world’s seventh largest producer of tea, and the fifth biggest exporter. 124,000 hectares are cultivated, harvested and the crops send to 500 processing facilities throughout the country eventually producing 500,000 tons of dried tea each year. It is forecast that increasing global demand will help spur Vietnam’s tea exports in the remaining months of this year. According to the Ministry of Industry and Trade, Vietnam earned US$164 million from exporting 103,000 tons of tea during the nine-month period, up 12% in volume and 11.2% in value against the same period last year. The three biggest importers of Vietnamese tea were Pakistan, Taiwan (China) and Russia, accounting for 51.5% of Vietnam’s total tea export value in the first eight months of this year. Pakistan is the biggest importer of Vietnamese tea products, which just made up 2.2% of its total imports. Furthermore, exports to the country dropped in both volume and value last year and in eight months of this year. The decline was attributable to limited types of products (mainly black tea, green tea and tea materials), the low quality of the products and generally unattractive designs and poor branding, resulting in a lack of competitiveness in the Pakistani market. Despite being the seventh biggest tea exporters in the world, Vietnamese tea products are primarily exported to easy markets, that is to say markets with lower product quality demands. Not many products are produced in Vietnam which meet the stringent export standards set by demanding markets like the US and the EU. That’s why the country’s tea exports just make up a small proportion of the global purchasing power. According to market research, the global tea market was valued at US$24.3 billion last year and is forecast to hit US$37.5 billion by 2025 with an annual average growth rate of 5% in the eight years 2017-2025. This sharp boost in value is largely thanks to a wider awareness of the health benefits associated with drinking tea, as well as lifestyle changes worldwide. However, excessively hot weather reduces the tea output of big producers and exporters like Kenya and India, leading to the shortage of global supply. Sri Lanka, the world’s leading tea exporter was seriously affected by recent devastating floods, which halt exports from the island nation. This will leave a sizeable gap in the market; one that Vietnamese tea is expected to fill. The shortage of global supply will also push up the export price of Vietnamese tea, bringing an added short term bonus to Vietnamese tea producers. Despite this advantage, the Vietnamese tea industry still has to contend with a number of difficulties. There are no products of sufficient quality penetrate the demanding markets combined with the other challenges such as high production costs, poor processing technology, low quality standards, and the weak branding of Vietnamese producers and it is clear to see that the industry has plenty of room to improve. Planting and processing procedures have not been followed closely, resulting in low quality products. The situation is not helped by the fiercely competitive nature of producers who, despite enjoying tax incentives, are withstanding pressures from technical barriers, particularly in terms of food hygiene and safety. In order for the tea industry to develop into a competitive global force and be able to export to demanding markets, changes have to be made from the ground up. Suggested changes are wide ranging, from encouraging planters to join higher quality, sustainable supply chains to businesses improving their product designs and branding. If Vietnamese tea is ever to penetrate the highly lucrative markets of the US and the EU, significant improvements will need to be made. Uber debuts support centre for partners Car-hailing service Uber launched a support centre for partners called Greenlight Hub in the capital city on October 19. Speaking at the event, Executive Director of Uber Vietnam Tom White said as the largest of its kind in Vietnam, the three-storey centre sprawls over a site of 620 sq.m where Uber will develop support features to improve experiences of drivers and passengers. It will also improve service quality by issuing rules for drivers and allowing early reservation for rides. White said Uber also increases safety for passengers by providing basic information about their upcoming rides. Uber and Grab are the only two foreign firms registering for pilot e-hailing projects apart from local taxi companies, including Vinasun Taxi, Thanh Cong Taxi and Sun Taxi. Present in Vietnam since 2014, they both accept payment in cash and bank cards. Product safety and compliance required in global supply chains Product safety, responsible sourcing, compliance, and transparency are the backbone of successful and respected supply chains and were all discussed at the American Apparel & Footwear Association (AAFA)’s 2017 Product Safety and Compliance Conference. The conference was organized by the American Chamber of Commerce (AmCham Vietnam), Ho Chi Minh City Chapter, and the AAFA on October 19 in Ho Chi Minh City, following a successful holding last year. AAFA brings together industry leaders to educate factories and suppliers in Vietnam on the critical components of manufacturing and delivering products that meet global regulations, industry compliance, and consumer demand. The 2017 conference began with a focus on the trade outlook in Washington D.C. and post-TPP negotiations, and what this means for Vietnam. Mr. Jon Fee, Senior Counsel at Alston & Bird LLP, spoke of the potential opportunities and implications for Vietnamese apparel and footwear exporters in the post-TPP world. He highlighted other deals of interest, including the Regional Comprehensive Economic Partnership (RCEP), the EU-Vietnam Free Trade Agreement (EVFTA), China’s Belt and Road Initiative (BRI), and Vietnam’s complementary Two Corridors and One Economic Circle Plan. In the 12 months ending in August, US apparel imports from Vietnam increased 8.74 per cent and footwear imports 11.83 per cent. Vietnam is a robust exporter of apparel and footwear to the US, second only to China in both. Its growth in such exports continues to outpace that of its competitors for the US apparel market, even without the benefit of any trade preference program or free trade agreement. US retailers and consumers continue to recognize Vietnam’s strengths in quality, price, and delivery. Representatives from the Worldwide Responsible Accredited Production (WRAP) discussed how the supply chain is fragmented and increasingly complex. The apparel and footwear supply chain is operating in an environment where reputation and management are global issues with very high stakes. As for social compliance auditing, it is an increasingly important aspect of supply chain management, especially given how today’s global value chain operates in an instant communication environment. The conference also discussed countering human trafficking throughout the supply chain, working conditions to keep workers safe in the factory, and ensuring factory compliance with regards to regulations, chemicals, and sustainability. Speakers discussed detoxing the supply chain and how to proactively prevent the use of restricted chemicals early in manufacturing processes. AAFA is the national trade association representing apparel, footwear and other sewn product companies and their suppliers competing in the global market. Related party transaction practices in need of improvement From regulators to international experts, a range of stakeholders came together to discuss the most effective ways to tackle conflict of interest and related party transactions (RPTs) at the Corporate Governance Forum 2017 in Ho Chi Minh City a few days ago. This was the first annual event hosted by the Vietnam Corporate Governance Initiative (VCGI), founded in December 2016 by the International Finance Corporation (IFC), the Ho Chi Minh Stock Exchange (HSX), and the Hanoi Stock Exchange (HNX). RPTs are common in most businesses across industries and sectors in Asia, including Vietnam. Though they do not necessarily affect a company negatively, the risk of shareholder abuse is potentially present in non-arm’s length transactions involving the sale or purchase of goods, the transfer of intangible items, and even the establishment of joint ventures. Abusive RPTs have led to significant corporate failures destroying shareholder value and eroding investors’ confidence in the integrity of capital markets. In fact, over the last few years, abusive RPTs have become one of the biggest challenges facing Vietnam’s business landscape. “RPTs are always viewed as situations that are open to possible conflicts of interest and should be subjected to rigorous review,” said Mr. Chris Razook, IFC’s East Asia Pacific Corporate Governance Lead. “It is a recommended practice that a company outline its RPT policy as part of its governance policy framework and ensure that any conflicts of interest inherent in RPTs are strictly addressed.” The forum this year, entitled “Handling Conflict of Interest and Related Party Transactions”, saw the participation of relevant stakeholders, including about 100 regulators’ representatives and board members and senior management from large public and listed companies. Given the context of Vietnam’s business and corporate governance, the event addressed concerns and issues relating to best practices in governing conflict of interest and RPTs for sustainable performance and growth; the key to raising capital. “In the absence of a strict RPT policy at the company level, RPTs can be easily abused, significantly weakening the competitive edge of many companies, thus increasingly posing a challenge to the integrity of Vietnam’s capital markets,” said Mr. Tran Van Dung, Chairman of the State Securities Commission. “Vietnamese public companies, especially listed ones, should adopt clear policies and procedures on RPTs as well as effective oversight mechanisms that comply with local laws and regulations, and follow best international practices.” Ms. Dinh Thi Quynh Van, CEO of PwC Vietnam, pointed out that “independent directors have a central role in assisting the board to fulfil its RPTs oversight function. RPT reviews could fall on a board committee comprising independent members of the board, and others not conflicted in a transaction under discussion or a party to the transaction, or an existing board committee of independent directors, such as the audit committee.” A healthy RPT environment and leadership “at the top” is important and empowers the internal gatekeepers of the company. Strong corporate governance is conveyed through a company’s leadership characteristics and its systems of accountability, and thorough fairness, transparency, and responsibility to the institution and its stakeholders. “Corporate governance reform is a top priority for regulators, institutional investors, and boards of directors,” said Mr. Dominic Scriven, Chairman of Dragon Capital. “A good corporate governance function, including attracting qualified independent board directors and the transparency of related party transactions, is absolutely critical.” VEPR: 21% credit growth target a challenge As at September 20, credit growth had reached 11.02 per cent since December 2016, higher than in the same period in previous years (10.8 per cent in 2015, and 10.5 per cent 2016), according to Vietnam Institute for Economic and Policy Research (VEPR)’s macroeconomic report for the third quarter. The figure, however, is much lower than the target set by the government for the year. “This will be a challenge for the realization of the credit growth target in the fourth quarter,” a representative from VEPR said. Mobilization growth reached 10.08 per cent, lower than the 12 per cent recorded in the same period of last year. The shortage of lending capital created by lower mobilization will be a barrier for the State Bank of Vietnam’s monetary policy in the last quarter, especially in reaching the targeted 21 per cent credit growth for the year as a whole. Interest rates may increase, but it is continually difficult to mobilize deposits. Because the SBV bought a significant amount of foreign currency in the third quarter, of about $3 billion, to increase reserves, liquidity in the banking system remains plentiful, as proven by the decline in interbank interest rates since the second quarter. Rates rose slightly late in the third quarter, by less than 1 per cent. As reported in September by the National Financial Supervisory Commission, liquidity in the banking system is currently sound, with a credit / system ratio of 87.2 per cent. Cash demand in late 2017 will also increase pressure on banks’ liquidity and affect interest rates, which may cause barriers to lending interest rates falling by 0.5 per cent. “The SBV should follow the market tightly to provide liquidity support as soon as possible,” the representative from VEPR said. HSBC Vietnam guides enterprises into uncharted digital waters Themed “Leveraging Technology for Business Transformation”, the HSBC Global Liquidity and Cash Management Seminar on October 17 in Ho Chi Minh City aimed to provide corporates with the most up to date analysis from specialists at respected consulting companies. Keynote speakers from KPMG, a provider of advisory services and industry insight to organizations, and SAP Asia, a provider of business transformation, digital innovation, and enterprise resources planning (ERP) solutions, joined HSBC specialists to focus on how digital technologies are transforming the world of business and how banks can help businesses not only control this transformation but also create a competitive edge through ERP and technology. While digital technologies create an exciting range of capabilities and possibilities, enterprises today often have more questions than answers. “There is huge demand for knowledge right across the corporate sector,” said Mr. Winfield Wong, Country Head of Wholesale Banking at HSBC Vietnam. “Companies wish to better understand the enterprise architecture of this new digital world so they can apply the right solutions in the right way to maximize return on investment and exploit opportunities as they arise.” “The convergence of rising consumer expectations, evolving business models, and a blurring of long-standing industry boundaries has led to an erosion in the relevance and sustainability of traditional operating models,” according to Mr. Dhiren Doshi from Industries and Digital Leadership at SAP Asia. “Companies - big and small - are being pushed to re-evaluate their strategies in light of exciting new technologies that can level the playing field while providing disproportionate advantage to disruptors and early movers.” Ms. Hanh Nguyen, Country Head of Global Liquidity and Cash Management at HSBC Vietnam, offered insights into the opportunities and challenges Vietnam now faces, what the implications for corporates in the country are and will be in this digitalization process, and how enterprises can negotiate a rapidly changing payment landscape, during her presentation “A Future Where Cash is Mobile?” “In a cash-centric society such as Vietnam, the digitalized future will transform payment systems in a dramatic fashion,” she told the gathering. “The payment ecosystem is already evolving with cards and online payments and ultimately we are on a path that will lead us to a cashless economy.” As a partner of businesses, HSBC plays a key advisory role to clients by seeking optimal solutions in ERP and technology. To meet the specific needs of each stage of business operations, HSBC provides a wide range of solutions, from efficient banking instruments, automation functions in ERP, and e-banking platforms, to more sophisticated solutions like SWIFT connectivity and other treasury solutions. In Vietnam, HSBC has been one of the pioneers in digital solutions and financial technologies. This year, the bank unveiled HSBCnet Touch ID and a digital platform for customs payments. This follows a partnership with the Department of Taxation to launch an online tax payment platform in December 2015. “We are leading the way for online and mobile banking and in the future we will continue to innovate and introduce more digital solutions for our corporate clients,” said Mr. Jason Tan, Regional Head of Client Management, Global Liquidity and Cash Management at HSBC. “HSBC strives to stay ahead of the curve so we can guide our clients as they travel into these uncharted digital waters.” HSBC was named the Best Domestic Cash Manager in Vietnam in the Euromoney Cash Management Survey 2017. This was the eighth year in a row it was voted by clients as being the best cash management bank in Vietnam. Savills to manage two new Vimefulland projects Savills Vietnam has been officially selected by the Vimedimex Group as the property manager of two new Vimefulland projects in Hanoi: Belleville, starting immediately, and The Emerald, when hand-over is ready in 2019. Located at Lot B4 in the Nam Trung Yen new urban area in Hanoi’s Cau Giay district, Belleville is a commercial shop-house development with classic French architecture. It comprises 66 shop-houses and has convenient access to Ring Road 3, Mac Thai To Street, Thang Long Avenue, and Duong Dinh Nghe Street. The Emerald will have two 30-story blocks with 1,344 luxury apartments. Conveniently located at Lot CT8 in the center of the My Dinh new urban area in Tu Liem district, Thang Long Avenue and ring roads will enable easy access to all parts of the city. Facilities include the An Sinh International Hospital, Marie Curie School, and a Big C supermarket, among others. Savills will provide high-quality management services and a dedicated team of specialist staff, adopting specific management solutions to improve project operations, cost efficiencies, and the customer experience. Mr. Le Tien Dung, CEO of the Vimedimex Group, said that Hanoi is increasingly lacking natural space and with mounting air pollution it’s become essential to have more upscale eco-living environments with healthcare options nearby. “We hope that Belleville and The Emerald will become ideal places for people to kick back and relax after a busy day at work,” he added. “We believe Savills has the experience and quality to operate and manage these projects in the most efficient way and enhance the enjoyment of residents.” Ms. Vu Kieu Hanh, Head of Savills Property Management of North and Central Vietnam, said it considers property management as a customer-orientated business and its aim is to provide much higher-quality services than the usual. “This is a key reason we have been selected by so many prestigious developers over the years,” she said. “With our unmatched experience in the national property market, we are confident in delivering the best quality management services to Belleville and The Emerald.” Savills manages over 2.5 million sq m in Vietnam. Alongside property management, it also offers facilities management, financial management, pre-management consultancy, and resident solutions. In addition to Belleville and The Emerald, Savills management portfolio includes projects such as Richland Southern, BIDV Tower, and Artemis in Hanoi, and Saigon Pearl, The Vista, Avalon, Riviera Point, and Masteri Thao Dien in Ho Chi Minh City. JLL to manage Sun Grand City Thuy Khue Residence Internationally-renowned management firm Jones Lang LaSalle (JLL) has signed a partnership with the Sun Group to provide real estate consultancy and property management services for the group’s five-star projects in Hanoi’s Tay Ho district. It will provide all management staff at Sun Grand City Thuy Khue Residence and Sun Plaza Thuy Khue , as well as training under JLL’s international standards, and will represent Sun Group in handing over apartments at Sun Grand City Thuy Khue Residence and premises at Sun Plaza Thuy Khue Commercial Center. “The signing ceremony with the prestigious management firm JLL is in preparation to welcome Sun Grand City residents,” said Mr. Nguyen Viet Hung, General Director of the Ho Tay Real Estate Development Investment Joint Stock Company, a member of the Sun Group. “At the same time, it is a milestone in the launching of Sun Plaza Mall Thuy Khue, which is expected to open next year. With quality management and operations services in accordance with international standards, Sun Grand City Thuy Khue Residence will give residents a five-star living space with a professional shopping experience at the first commercial center of large scale in the Thuy Khue area.” “We have high quality services and will provide the best in the cooperation between the two parties,” said Mr. Stephen Wyatt, General Director of JLL Vietnam. JLL will also help set up systems for operations, service organization, and operations management of the apartment complex and commercial center, working with agencies and other entities involved in the management and operations process. Together with the Sun Group, JLL will select suppliers and coordinate in managing associated services. Sun Plaza Thuy Khue will open in the first quarter of 2018 and is expected to meet the needs of nearly 19,000 customers in Tay Ho and Ba Dinh districts. Under the policy of the Hanoi People’s Committee on planning for the Buoi - Nghia Do intersection, in the near future, when Hoang Hoa Tham Street is expanded to 50 meters wide with eight lanes, Thuy Khue Street will expand to over 20 meters wide and Sun Plaza Thuy Khue promises to be the ideal venue for holding large scale events, with more than 4,000 sq m of space right near Bach Thao Park and West Lake. With the presence of premium brands such as CGV cinema and Hai Cang restaurants, as soon as they move in, residents at Sun Grand City Thuy Khue Residence will enjoy high-end services and convenience right on their doorstep. A luxury apartment development with five-star utilities, Sun Grand City Thuy Khue Residence is deemed a pioneering project that will enrich lifestyles in the center of the city. Backed by the prestigious Sun Group, according to real estate experts, the block will not only create waves in the high-end housing market in 2017 but will continue to dominate the West Lake segment in the time to come. Tourism activities to be paused on Son Tra Peninsula during APEC Week All tourism activities will be temporarily suspended on Son Tra Peninsula in the central city of Da Nang during the APEC Summit Week from November 2-11. Travel agencies and tour guides are not permitted to disclose information on the staying time, schedules, menues and personal images of the delegates and guests attending the summit. Tourism transport and business units are also not allowed to conduct passenger transport activities and bring tourist facilities to Son Tra Peninsula during the week. Business households, companies and projects, which operate on the peninsula, must pause all their business activities and construction during this time. In order to ensure the smooth and convenient traffic for the APEC Week, a number of main streets will be allocated. Notably, trucks will be banned on all streets in the city from November 3-12. Da Nang city’s Department of Tourism asked tourism transport agencies to strictly abide by the Road Traffic Law and not to use means which fail to ensure technical safety as well as park and pick up passengers at the right places and update information on banned streets. Tourism facilities must pay much attention to their services, as well as strictly comply with regulations related to pricing. A series of military enterprises to be equitised The Ministry of Defence said that only 17 military enterprises will have 100% of State-owned capital while 29 others will be equitised and 20 joint-stock military firms will be divested. Major General Vo Hong Thang, head of the Ministry of Defence’s Economic Department announced the information at a meeting held in Hanoi on October 20 to introduce the project on restructuring and improving military enterprises by 2020. Thang said the ministry will continue to maintain operations of 17 military enterprises wholly owned by the State which are carrying out military and defence tasks along with producing weapons and specialised military equipment. Meanwhile, the ministry will equitise29 military enterprises in the areas of commerce, construction and services and carry out divestment in 20 joint-stock enterprises. Several small enterprises will be merged and acquired. The Defence Ministry will hold the ratio of State capital from 51% of chartered capital until 2019 in 12 enterprises after being equitised and the ratio will be adjusted after 2020 in accordance to the law. The Defence Ministry also asked enterprises under the restructuring project to promote communications so that workers are aware of the restructuring and renewal of military enterprises, thus actively responding to the project. Nghe An Vissai wharf put into operation Nghe An provincial People's Committee and Song Lam Cement Joint Stock Company under Vissai Group held a ceremony in Nghi Thiet commune, Nghi Loc district on October 21 to put into operation Nghe An Vissai wharf. Deputy Prime Minister Vuong Dinh Hue attended the ceremony along with representatives of ministries, branches and leaders of Nghe An province, many local people were also in attendance. As part of the Nghe An Vissai International Port, the 2,000-metre wharf able to receive bulk carriers of up to 70,000 DWT. The wharf serves mainly for transportation of clinker and cement of Song Lam Cement JSC to domestic and foreign customers. Especially, at the ceremony, the first international ship of nearly 70,000 tonnes was docked at the wharf to receive clinker and cement. Speaking at the ceremony, Nguyen Dac Vinh, Secretary of Nghe An Provincial Party Committee said that putting into operation Nghe An Vissai wharf is very important not only for the Vissai Group, but also for Nghe An province’s socio-economic development. In the future, Nghe An Vissai International Port will be an important gateway for trade and transport by sea of Nghe An province in particular and other provinces across the country, as well as additional countries in general, he added. On the same day, at Dong Hoi Industrial Park, Hoang Mai town, Nghe An province, a groundbreaking ceremony of the second Hai Chau Confectionery Factory was held, with the presence of Deputy PM Vuong Dinh Hue. According to experts, after beginning operations, the factory will reach the output of nearly 75,000 tons per year and total sales of about 1.700 billion per year. The capital recovery period of the project is 10 years and 3 months. The factory is expected to create jobs for 520 labourers, each person has the potential to earn an income of from VND 4.5 million to VND 10 million per month. In addition, the project will also contribute to the consumption of domestic materials, such as sugar, salt, rice, pepper, chicken eggs and other foods, and develop local services. VNN |
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Social News 22/10 Lao Cai hosts Northwest Cuisine Festival  The Northwest Cuisine Festival opened in the northern mountainous province of Lao Cai on October 20 as part of the National Tourism Year 2017. With 55 booths, the festival aims to promote typical dishes of the five northwest provinces of Lao Cai, Lai Chau, Dien Bien, Hoa Binh and Yen Bai, as well as those from Hanoi, northern Thai Nguyen, Ninh Binh and Bac Giang provinces, and the central provinces of Ninh Thuan and Thua Thien-Hue. Speaking at the opening ceremony, Deputy General Director of the Vietnam National Administration of Tourism Ngo Hoai Chung said that the event is held in the context that Vietnam’s tourism sector is receiving much attention from the Vietnamese Party and State and the entire society. In the first nine months of 2017, Vietnam welcomed 9.4 million foreign tourists, a year-on-year rise of 28.4 percent, making it one of the world’s 10 nations with the highest growth in the number of foreign tourists. This is a premise for Vietnam to achieve an increase of at least 30 percent, or 13 million international visitors this year, Chung added. The festival will open to visitors until October 23. Czech Republic’s National Day marked in HCM City The Vietnam Union of Friendship Organisations (VUFO) and the Vietnam-Czech Republic Friendship Association of Ho Chi Minh City co-hosted a ceremony in the city on October 21 to mark the Czech Republic’s 99th National Day (October 28). Addressing the event, representatives of the two nations affirmed that Vietnam and the Czech Republic have a traditional friendship. The multifaceted cooperation between Vietnam and the Czech Republic has developed fruitfully, both bilaterally and multilaterally, with numerous cooperation agreements signed. Nguyen Muoi, President of the Vietnam-Czech Republic Friendship Association of Ho Chi Minh City, said the Vietnamese people have kept in mind the material and spiritual support the Government and people of the Czech Republic have provided for Vietnam during the past struggle for national liberation and current national construction and protection, particularly in human resource training. Numerous activities have been conducted to connect the people of HCM City and the Czech Republic, Muoi said, adding that people-to-people diplomacy will be further promoted in the coming time, thus helping to consolidate and develop the traditional relationship between the two countries. ZDenek Degen, a representative of the Czech Trade Office in the HCM City, said the two nations should boost bilateral trade as well as cooperation between their localities. The Czech Republic is one of the leading trade partners of Vietnam in Central and Eastern Europe, with two-way trade value reached 912.5 million USD in 2016, up 20.7 percent from 2015. The figure hit 390 million USD in the first half of 2017, up 6 percent year on year. Former Quang Da Party Committee marks founding anniversary A ceremony was held in central Da Nang city on October 21 to celebrate the 50th founding anniversary of the Party Committee of the former Quang Da Special Zone, now Quang Nam province and Da Nang city. Secretary of the municipal Da Nang Party Committee Truong Quang Nghia said shortly after its establishment in October 1967, the zone’s Party Committee actively prepared for the General Offensive and Uprising against the US in the spring of 1968. In this offensive, soldiers and people of the Quang Da Special Zone directly attacked the enemy’s key agencies, contributing to the whole southern region’s victory. The Quang Da Party Committee also played a crucial role in the General Offensive and Uprising in the spring of 1975, which liberated Da Nang and later the whole southern Vietnam, leading to national reunification, he added. Secretary of the Quang Nam provincial Party Committee and Chairman of the provincial People’s Council Nguyen Ngoc Quang said history proved the righteousness and creativity in the establishment of the Quang Da Special Zone’s Party Committee, demonstrating the Party Central Committee’s right assessment of Quang Da area’s strategic location and importance to the southern battlefield in the resistance war against the US. In his speech, Prime Minister Nguyen Xuan Phuc highly evaluated the celebration of the 50th founding anniversary of the zone’s Party Committee. This activity, along with the inauguration of a memorial site of the Quang Da Party Committee at Hon Tau Base in Duy Xuyen district of Quang Nam, showed the respect to veteran revolutionaries’ sacrifices in the war, he said. Quang Nam and Da Nang are now independent administrative units, PM Phuc said, asking their authorities to continue coordinating with and supporting each other for mutual development. PM presents certificate of merit to late VNA reporter The Prime Minister’s certificate of merit will be posthumously awarded to Vietnam News Agency (VNA)’s reporter Dinh Huu Du, who laid down his life while reporting the recent floods in the northern mountainous province of Yen Bai. The decision to this effect was signed by Deputy Prime Minister Truong Hoa Binh on October 20. Du, who was standing on Nghia Lo town’s Ngoi Thia bridge to record images of the floods, was swept away when the bridge collapsed due to the strong flood on October 11. He was born in 1988 in Ninh Binh city, the province of the same name. He started working as a VNA correspondent in Yen Bai province in October 2016. Previously, he was one of the reporters honoured by the provincial People’s Committee for outstanding achievements in reporting floods and heavy rains in Mu Cang Chai district in August. Workshop talks Vietnam-US ties in IT application in agriculture A workshop talking Vietnam-US cooperation in information technology (IT) application in agriculture took place in Ho Chi Minh City on October 20. Speaking at the event, deputy head of the management board for HCM City Hi-tech Agricultural Park Tu Minh Thien said Vietnam only uses IT to improve output, track sources of origin, and access the market and value chains. Meanwhile, countries worldwide are adopting technological advances to access financial services, manage land and risks, and support small-scale farming households. He added that the Hi-tech Agricultural Park and Quang Trung Hi-tech Park in Ho Chi Minh City are stepping up initiatives and measures to help farmers access value chains more effectively, including the US-based Silicon Valley forum. As the agricultural hub of the country, the Mekong Delta has applied IT in building a database, maps of epidemics forecast and tra fish farming. The Can Tho city’s chapter of the Vietnam Chamber of Commerce and Industry is building an e-commerce model and a logistics centre for key exports, and connecting with start-up programmes in localities, especially those regarding technology. Experts said though only 1 percent of the US population relies on agriculture, their farm produce are enough for domestic market and even for export thanks to technological application, adding that IT applications in agriculture are becoming popular investment deals in Silicon Valley. They shared the view that agricultural ties between Vietnam and the US remain modest because Vietnam mostly uses technologies from Israel, the Netherlands, Japan, Taiwan (China). Head of the International Relations at the Silicon Valley Forum Klaus Wehage said Vietnamese firms should adopt technologies to cut workforce and costs in the future. The event was hosted by the Vietnam Information Technology Outsourcing Alliance. Dak Lak launches online single-window administrative services The Central Highlands province of Dak Lak, on October 20, launched a system that offers online single-window administrative services to its residents. The move is in line with the Government’s Resolution No 36a on e-government, which was issued on October 14, 2015. Leaders of the province ordered relevant agencies to make public the online services and promptly update information on the processing of submitted documents. The system, as part of the local administrative reform, is expected to boost socio-economic growth in Dak Lak. Vietnam students heat up music night of world youth festival Vietnamese students staged a performance opening an outdoor musical event in Sochi, Russia, on October 20, as part of the ongoing 19th World Festival of Youth and Students. The performers wearing ao dai (traditional Vietnamese dress) received loud applauses from the audience. Since the early days of the festival, the students have run a Vietnamese space, which promotes the country’s signatures and goods, as well as provides information on Vietnam in Russian and English. Lasting from October 15 to 22, the festival draws nearly 50,000 delegates, compared to the initial estimation of 20,000. Up to 5,000 volunteers, including 314 foreigners, were mobilised to support delegates. Cambodia presents literature, art works to Vietnam A representative from the Cambodian Defence Ministry presented outstanding literature and art works lauding Vietnam – Cambodia, and Vietnam-Laos-Cambodia friendship to the Vietnam’s Defence Attaché Agency in Phnom Penh on October 20. The works were chosen from more than 600 ones in a competition launched by the Cambodian Defence Ministry in response to the campaign on composing literature and art works on the Vietnam-Laos-Cambodia fighting solidarity. The campaign was co-organised by the General Political Department of the Vietnam People’s Army, the Royal Cambodian Army and the People’s Army of Laos in celebration of the 50th anniversary of Vietnam-Cambodia ties, the 40th anniversary of the signing of the Vietnam-Laos Treaty of Amity and Cooperation and the 55th anniversary of Vietnam-Laos relations. Speaking at the event, General Director of the Cambodian Defence Ministry’s Defence Services Meas Savon said the competition helps Cambodian officers and soldiers improve their writing, photographing and filming skills and understand more about the friendship between the three countries’ armies. Entries were mostly paintings, poems, stories, films and photos, many of them praised valuable support of the Vietnamese volunteer soldiers in the fight against the Pol Pot regime, saving Cambodian people from the genocidal catastrophe. Vietnamese defence attaché in Cambodia Col. Nguyen Anh Dung said these literature and art works will contribute to strengthening the friendship among Vietnam, Laos and Cambodia, and between Vietnam and Cambodia in particular. Yen Bai exerts all efforts to search for missing people after flood The northern mountainous province of Yen Bai is taking maximum efforts to search for missing people after a historical flash flood recently swept through the locality, said Do Duc Duy, Chairman of the provincial People’s Committee. All local resources including army soldiers, police, militias and local residents have been mobilised to join the efforts. Machines have been deployed to clear landslide areas to ensure traffic flows while locals and their assets have been evacuated from affected and vulnerable areas, he said, stressing the need to enhance monitoring and supervision to promptly take measures against landslides, erosion and floods. Dinh Van Thoan, chief police of Son An commune, Van Chan district said 100 local people were mobilised to help soldiers to look for the five missing. Yen Bai reported 18 deaths, 10 missing and nine others injured in the recent downpours and floods. Nearly 2,000 houses were damaged while more than 140 families had to evacuate due to landslides and flash floods. Floods also devastated more than 900ha of crops, tens of thousands of livestock and poultry, and over 42ha of aquaculture area. Total damage was estimated at over 700 billion VND (30.8 million USD). Vietnam, RoK share experience in public sector reform A high-level seminar on the reform of public sector, theme of the second-year research between Vietnam and the Republic of Korea (KOICA), took place in Hanoi on October 20, as part of the Development Experience Exchange Programme (DEEP) for the Vision of Vietnam. Co-hosted by the Ho Chi Minh National Academy of Politics (HCMA), Yonsei University of the Republic of Korea, and the Korea International Cooperation Agency (KOICA), the event was meant to celebrate the 25th anniversary of the Vietnam-RoK diplomatic ties and the eighth anniversary of the bilateral strategic partnership. The DEEP project was approved by the two governments and funded by the KOICA. The theme of the first-year research is the development of high-level human resources while theme of the third year is refining Vietnam’s market economy mechanisms. Speaking at the event, HCMA President cum Director of the project Nguyen Xuan Thang said the seminar takes place at a time when the Vietnamese Party and State are stepping up institutional reform, particularly following the sixth plenum of the 12th Party Central Committee. Recently, the Communist Party of Vietnam (CPV) has issued two resolutions on renewing apparatus of the political system towards streamlined operations and improving operating efficiency of public administrative units, he said. He expressed his wish that scientists and policymakers will actively discuss effective measures to complete the report on public sector reform to improve State governance capacity and sustainable development of Vietnam. Director General for Development Cooperation of the RoK’s Foreign Ministry Jeong Jin-kyu said the RoK highly appreciates contents of the report on public sector reform, which he said, will help improve trade between Vietnam and partners. The RoK will continue working closely with Vietnam to devise long-term orientations to bilateral coordination based on the outcomes of the project, he said. Participants gave opinions on how to apply research outcomes of the DEEP project during its first and second years in Vietnam; along with reform of institutions and administrative procedures, human resources and public spending management. Petrol price falls slightly The prices of RON 92 petrol and bio-fuel E5 fell by 124 VND and 97 VND per litre, respectively, as from 4:55 pm on October 20. Following a joint decision by the Ministry of Industry and Trade and the Ministry of Finance, the prices of diesel 0.05S and kerosene dropped by 434 VND and 104 VND per litre. Under the joint decision, RON 92 and E5 are sold at no more than 17,875 VND (0.78 USD) and 17,634 VND (0.77 USD) per litre, while the ceiling prices of diesel 0.005S and kerosene are 14,410 VND (0.63 USD) and 12,999 VND (0.57 USD) per litre. This is the 20th adjustment of fuel prices this year, with nine falls, seven increases and two times unchanged. The ministries said the global price of RON 92 during the last 15 days to October 20 was 66.983 USD per barrel, while that of diesel 0.05S was 68.142 USD per barrel. They also decided to keep using the price stabilisation fund for RON 92 at 130 VND per litre, and for E5 biofuel remained at 110 VND per litre. Hanoi told to keep cultural identity to boost development Hanoi needs to pay due attention to maintaining its cultural identity which is the spiritual support to the capital city’s development, said General Secretary of the Communist Party of Vietnam (CPV) Nguyen Phu Trong. The CPV leader made the request during a working session between the Politburo and the Hanoi Party Committee’s Standing Board on October 20 to review the five year-implementation of the Politburo’s Resolution 11-NQ/TW on development directions and tasks for the capital between 2011 and 2020. According to the municipal Party Committee, Hanoi has recorded an average gross regional domestic product (GRDP) growth rate of 7.57 percent each year while per capita GRDP is estimated at 79.4 million VND (3,500 USD), up 1.7 times from 2011. Services now make up 67.09 percent of the local economy, followed by industry-construction 29.69 percent and agriculture 3.22 percent. With the considerable improvement of its investment climate, Hanoi ranked 14th among the 63 provinces and cities nationwide in the 2016 provincial competitiveness index, jumping 37 places from 2012. The city has reaped many achievements in terms of culture, education, health care and sports. It has also ensured absolute safety for Party and State agencies, external activities of the nation and major political events, the municipal Party Committee said. Speaking at the session, General Secretary Trong underlined the particularly important role of Hanoi capital. Amid the reform period and national industrialisation and modernisation, Hanoi needs to pay due attention to maintaining its cultural identity since this is the spiritual resource to create the strength for the capital city’s development. He stressed that as Hanoi is the location of other countries’ diplomatic representative agencies, international organisations and central agencies, it must be a civilised city and do external work better. There remains much to be done in terms of the Party and political system building, he said, adding that Hanoi’s Party organisation is the biggest of its kind in Vietnam with nearly 400,000 Party members, including senior leaders of the Party and the State. Therefore, Hanoi’s Party organisation must be a role model for others nationwide. The Secretary General also told the capital city to optimise support from central agencies and sectors and other localities so as to make stronger breakthroughs in local development. NZ officials suggest upgrading ties with Vietnam Senior officials from New Zealand have suggested Vietnam and their country work towards Strategic Partnership when meeting with Truong Thi Mai, head of the Mass Mobilisation Commission of the Communist Party of Vietnam Central Committee from October 18-20. During the visit to NZ, Mai and her entourage met Christopher Finlayson, Attorney-General of New Zealand, Minister for Treaty of Waitangi Negotiations, Minister in Charge of Government Communications Security Bureau, and Minister in Charge of the Security Intelligence Service in Wellington. The Vietnamese delegation also had working sessions with Mayor of Wellington City Justin Lester and officials from the Ministries of Foreign Affairs and Maori Development and the New Zealand – Vietnam Parliamentary Friendship Group. During the meetings, senior officials from NZ spoke highly of the good progress of the Comprehensive Partnership between the two countries since it was found in 2009. Since then, two-way trade has climbed nearly three-fold and a direct flight route has been launched between HCM City and Auckland. The two nations have become an important partner to each other in multiple areas, working together towards peace and stability in the region. The officials also asked for effort from both sides to take the relation to Strategic Partnership. Mai, for her part, praised the robust development of New Zealand in all fields. She said Vietnam always attaches importance to New Zealand in its foreign policy and looks forward to taking the Comprehensive Partnership to new height. She also updated her hosts on the latest developments in the East Sea, expressing hope that New Zealand will coordinate closely with Vietnam, ASEAN and other involved parties in ensuring security and freedom of navigation and overflight there and pushing for the settlement of disputes in the sea via peaceful means in line with international laws, including the 1982 UN Convention on the Law of the Sea. While in the NZ, Mai and her entourage met representatives from the Vietnamese community and the staff of the Embassy of Vietnam. Binh Thuan: Cham Brahman community celebrates Kate festival The ethnic Cham Brahman people flocked to the Po Sah Inu tower in Phan Thiet city of central Binh Thuan province to attend the Po Sah Inu Goddess costume carrying ceremony – an important ritual of the Kate Festival. Falling on the first day of the seventh month of the Cham calendar, Kate is biggest event in the year of the Cham followers of Brahmanism to pay respect to gods and pray for productive harvests and multiple natural and human resources. Together with the Goddess costume carrying ceremony, the festival also features other traditional rituals and performances, including Linga-Yoni altar bathing rite, prayers for peace as well as games and competitions at temples and towers. The Cham people have several distinctive festivals including the Ramuwan, the Rija Nugar, and the Chabun. There are about 153,000 Cham people in Vietnam, of whom over 41,000 live in Binh Thuan province, mainly in Bac Binh, Tuy Phong and Tanh Linh districts. The percentage of poor Cham households dropped to 4.8 percent in 2016 in comparison with 25 percent in 2004. Japanese Government helps residents in flood areas The Japanese Government, via the Japan International Co-operation Agency (JICA), on Friday sent relief to residents in Yên Bái and Hòa Bình provinces after they suffered serious losses due to the recent typhoon and landslides. Nagai Katsuro, envoy of the Japanese Embassy in Việt Nam, and Fujita Yasuo, chief representative of JICA Việt Nam, gave the relief, including 40 sets of waterproof canvas, 47 water filters and more than 5,000 blankets to representative of Việt Nam Trần Quang Hoài, director of the Flood and Typhoon Prevention and Control Administration under the Ministry of Agriculture and Rural Development (MARD). Nagai Katsuro offered his sympathy to local residents who lost family members and property in the typhoon. Fujita Yasuo appreciated the efforts of the Flood and Typhoon Prevention and Control Administration, and hoped that the relief would help ease local residents’ difficulties. Director Hoài said that it was meaningful help from the Japanese Government and expressed close co-operation between the two countries. Heavy rains occurred in Yên Bái, Hòa Bình, Sơn La and several other northern provinces from October 10-13. Serious landslides occurred in Phú Cường Commune, Tân Lạc District in Hòa Bình Province. More than 100 people were killed, 38 others were injured, nearly 300 houses were damaged and 2,600 household required evacuation. More than 162,600ha of agricultural land was submerged, according to the MARD. Samsung Vietnam funds water filters for schools in Bac Giang Twenty-six schools in the northern province of Bac Giang will have new toilets and water filtering systems thanks to a programme funded by Samsung Electronics Vietnam. The document to this effect was jointly signed by representatives from Samsung Electronics Vietnam, the Korea Food for The International Hungers (KFHI), and local authorities in Hanoi on October 20. The project, worth 6.7 billion VND (294,800 USD) to be carried out in October-December, aims to improve infrastructural facilities at the targeted schools. At the signing ceremony, Vice President of the Vietnam Union of Friendship Organisations Don Tuan Phong highlighted the friendship and multi-faceted cooperative ties between Vietnam and the Republic of Korea have benefited their people, contributing to peace, stability, cooperation and development in the region and the world. The project features a model of partnership of enterprises and foreign non-governmental organisations in performing social responsibility. Deputy Director General of Samsung Electronics Vietnam Bang Hyun Woo said the project helps ensure a healthy and clean school environment, raising the living quality for local students. ICAV – friendship bridge between Argentina and Vietnam The Argentina-Vietnam Culture Institute (ICAV) has well performed its role as a bridge for the friendship between the two countries since it was established 20 years ago. Vietnamese Ambassador to Argentina Dang Xuan Dung made the remark at a ceremony in Buenos Aires on October 20 to mark the 20th founding anniversary of the institute (1997-2017). The diplomat spoke highly of the ICAV’s valuable contributions to promote the images of the Vietnamese land and people in Argentina. Attending the event, former Vice President Truong My Hoa affirmed the Vietnamese people’s gratitude to Argentinian friends for their valuable assistance given to Vietnam during the past struggles against foreign invaders as well as the current national renewal process. She expressed her wish that the ICAV will continue diverse activities to help foster the friendship and solidarity between the two countries and their people. ICAV President Poldi Sosa Schmidt affirmed the Argentinian people’s good sentiments towards Vietnam. She said she admires the socio-economic achievements the Southeast Asian nation has made in recent time. On the occasion, Ambassador Dung presented the Vietnam Union of Friendship Organisation (VUFO)’s certificate of merit to the ICAV and the “For Peace and Friendship among Nations” insignia to Schmidt. Overseas Vietnamese share difficulties with Ukrainian people The Vietnamese Association in Odessa province, Ukraine, has presented more than three tonnes of food to locals who are living in difficult circumstances. The donations, which were collected for more than one month, were channeled through the Odessa province Red Cross. Addressing the hand-over ceremony, President of the Vietnamese Association in Odessa province Nguyen Nhu Manh shared difficulties facing local people in the context that Ukraine is encountering a crisis. The Vietnamese in Odessa have considered Ukraine as their second homeland and want to support Ukrainian people, he said, adding that the charity campaign is held annually. President of the Odessa province Red Cross Alexsandr Bunkov said this has been the sixth charity campaign launched by the association since the crisis began in Ukraine. Maximizing golden population structure for national development Since 2006 Vietnam has entered a period of optimal population structure, with more than half of its 93 million people of working age. Vietnam has devised appropriate policies to make full use of population opportunities for national development. Recent studies show that the golden population structure will have positive effects on Vietnam for at least the next 20 years. But one of the challenges is that only 20% of the workforce has been professionally trained. Vietnamese workers also lack teamwork and problem solving skills. Dang Van Hung, a worker at Thang Long Industrial Park in Hanoi, said “Automation will reduce human employment opportunities. I’m very worried because with my current qualifications, it would be quite difficult for me to find a new job.” The Fourth Industrial Revolution threatens low-skilled and semi-skilled workers. Tens of thousands of Vietnamese workers could lose their jobs before they reach retirement age. If Vietnam doesn’t find some solutions soon, it will lag behind other countries and have a harder time in ensuring social security. “Vietnam can no longer rely on low-cost labor and commodities. It’s time to change,” said economist Pham Chi Lan. Vu Quang Tho, Head of the Institute for Workers and Trade Unions under the Vietnam General Confederation of Labor, said taking advantage of the young workforce will require training. “What workers must do now is improve their skills or find jobs suitable to their qualifications. The social security system, especially social insurance and unemployment insurance, should be made more efficient so that when these people become unemployed they will have money to attend vocational training courses and find new jobs. These things should be done immediately so that Vietnamese workers can adapt to the changing labor market,” Tho elaborated. During this period of optimal population structure, the brainpower of young workers should be exploited to ensure social security before Vietnam enters a period of population aging. Vi Van Om, a labor hero in Northwestern border area Vi Van Om of the Xinh Mun ethnic group in Yen Chau district, Son La province, was honored in 2005 with the title Labor Hero in the Renewal Period for his contribution to national unity and poverty reduction in his locality. In recent years, rural areas near the border in Son La province have seen big changes. New roads connect Yen Chau district to the Na Cai border station. These changes are partly attributed to Vi Van Om, former Vice Chairman of Chieng Om commune. Mr. Song Lao Dia, current Chairman of Chieng Om commune, said, “Since 2004, Mr. Om has helped to mobilize funds from Son La province to build a road from the district to the border gate. Local people are benefiting a lot from it”. Vi Van Om returned from the army in 1972. Life in the locality was difficult then. There were no paved roads and local farmers lacked modern production techniques. Mr. Om used what he learned in the army and his ability to speak ethnic languages to teach local people how to apply modern science to their agricultural production. He also researched new methods to help farmers boost their incomes. In 1986, on a trip to Dan Phuong district, Hanoi, Om learned about a new maize variety which was easier to grow and produced higher profits. He brought it to the local farmers. Vang Lao Du of Yen Chau district, said, “We used to farm using habits that were not very effective. Thanks to new methods introduced by Vi Van Om, our agricultural productivity has increased”. Mr. Om encouraged farmers to abandon old cultivation techniques and shift to growing wet rice. He traveled to other provinces to purchase new fruit tree varieties and piloted them in his area. Om first grew 500 plum trees in Chieng Om. Farmers followed his lead and expanded plum trees to 20 hectares. Many local farmers have become richer by growing fruit trees: “Only when basic living conditions are assured can other issues like national defense and border demarcation be addressed. Recently, local people have worked closely with border soldiers to prevent illegal border crossing and drug trafficking”. Despite his age, Vi Van Om is still active and consults with local authorities about crop selection and husbandry models that can improve people’s lives. Vi Van Bien, a local from Yen Chau district, said, “Mr. Om is a role model in production. We trust him”. VOV hands TV Channel over to National Assembly Office The Voice of Vietnam (VOV) has handed the National Assembly TV Channel over to the National Assembly Office. At a ceremony in Hanoi on October 20, Head of the National Assembly Office Nguyen Hanh Phuc, said that on August 18, 2017, the National Assembly Standing Committee issued a resolution on the takeover and that the channel will be renamed Vietnam National Assembly TV. Mr. Phuc added that “We and the Vietnam National Assembly TV hope to receive continuous support from the Voice of Vietnam to successfully fulfill our tasks”. VOV President Nguyen The Ky said over the three years since its establishment, the Vietnam National Assembly TV Channel has operated effectively and accomplished its tasks. Goethe-Institute concert combines German poems, Vietnamese folk music Earlier this month, the Goethe institute in Hanoi hosted a concert which blended Vietnamese folk music and romantic verses by German poet Heinrich Heine. The poems and music filled every corner of the concert hall. Emeritus artist Kieu Oanh sang the poem “Lovesick” accompanied by a Hue folk chant. This poem was translated into Vietnamese and set to Hue music by members of the Dong Kinh Co Nhac troupe, who are dedicated to Vietnamese traditional music. Musician Dam Quang Minh said, “Most of the poems performed in this show are from Henrich Heine’s collection ‘Romance’. What we did was to match the romance of the lyrics and the music as much as possible so that the performance would touch the audience’s hearts”. The show also used cheo (opera theatre), chau van (ceremonial singing), tuong (classical opera), and other traditional genres, to convey the satirical humor and poignant emotions of unrequited love expressed in Heine’s poems. People’s artist Thanh Hoi talked about her feelings singing those poems on stage: “The emotions expressed in German poems suit the various genres of Vietnamese traditional music. Satirical verses can go well with humorous xẩm singing, while nostalgic verses match certain chèo songs. We are happy to see the audience show emotions with us through different performances”. Musician Vu Nhat Tan, a member of the Dong Kinh Co Nhac troupe and the show’s poetry editor, said, “Personally, I consider this show a great success. The German poems, translated into Vietnamese, combined with Vietnamese music nicely. They sound authentically Vietnamese”. Tran Ngoc Quyen, who loves traditional music and used to live in Germany, said, “The show today was very exciting. Combining poems with traditional music is a new idea. The audience was delighted by the performance of different folk genres. The artists’ great efforts made the concert a success”. Henrich Heine, Germany’s renowned poet, wrote many romantic poems that have been set to music. This poetry night at the Goethe-Institute was a celebration of Heine’s 220th birthday. Piloxing barre: a new sports trend for women in Vietnam Boxing and dancing together is proving the perfect combination of exercise for a rising number of women in Vietnam. Piloxing barre, the official name of the sport, was introduced to female sports lovers in the Southeast Asian country only two weeks ago via a program named 'Power Women Series,' organized by a well-known sports brand. The sport has quickly gained a lot of attention and become a new trend in exercise. “Piloxing barre is well cut out for the ladies. The movements are strong enough to make us sweat but also maintain poise in dancing,” Ngoc Yen, a newcomer to the sport, said. “It is exhausting yet very exciting.” At a dance center in District 2, Ho Chi Minh City, piloxing barre classes have been open for several months, instructed by Swiss coach Sandrine Barblan. Barblan previously taught zumba and belly dancing in the Vietnamese city before achieving her piloxing barre certificate last year. The classroom she uses is equipped with air conditioners and surrounded by mirrors. Following a warm-up, learners begin their practice by executing basic boxing moves such as jab, hook, and uppercut. The movements are mixed with lively dance steps to the sound of up-tempo music. During the lessons, each student stands next to a set of horizontal bars, akin to those used in ballet training, to help them keep balance. Piloxing barre can be thought of as an elegant form of boxing or a tougher form of dancing, coach Barblan said, adding that it is a good cardiovascular exercise that usually lasts for 45 minutes. The sport can help improve strength and endurance, she elaborated. It can also be a good choice for people with heart and joint conditions, the Swiss instructor said. However, she recommended that her trainees undergo proper health-checks to understand whether they are suitable for the sport. Emmanuelle Dupasquier, a French expat who has practiced piloxing barre for some time, said that women were often afraid that certain types of exercise would affect their figures. Previously taking part in dancing, aerobics, and bodybuilding, Dupasquier considered piloxing barre a perfect harmony of strength and flexibility. Piloxing barre was invented by Viveca Jensen, a professional dancer in Sweden, who also has a master’s degree in pilates. ‘Piloxing’ is the combination of pilates and boxing, while ‘barre’ represents the horizontal bars included in the lessons. The sport has been introduced in 92 countries and attracted about 1.5 million registered students. VNN |
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Gov’t sets 2018 GDP goal at 6.5-6.7% The gross domestic product (GDP) of Viet Nam this year is expected to reach 6.7 per cent, perfectly on point with the previously set target.  Top leaders (first row) attend the opening day of the National Assembly 4th plenary session on Monday. Prime Minister Nguyen Xuan Phuc on Monday morning delivered a report on the national socio-economic development in 2017 in the opening ceremony of the fall plenary session of the National Assembly. Việt Nam’s GDP achieved 6.41 per cent over the last nine months of the year, with growth on the momentum again, after a disappointing first quarter, said the PM. “Such positive growth shows that the economy restructuring, in line with the reform in growth model, is starting to take effect, as (Veệt Nam’s economy) gradually becomes less dependent on natural resource exploitation, especially oil and gas,” Phúc said. 2018’s targets The PM also revealed the government’s development targets for next year, of which the GDP is set to be between 6.5 and 6.7 per cent. The consumer price index (CPI) increase rate will be around 4 per cent, exports and imports will increase by 7 to 8 per cent, while the trade deficit must be under 3 per cent. The government will strive to bring down the number of poor households on the multidimensional poverty standard by 1-1.3 per cent. The unemployment rate in cities should be no higher than 4 per cent. In keeping with the ambitious plan to implement a universal health insurance, the government set a goal that at least 85.2 per cent of citizens should be covered by health insurance in 2018. Economic challenges Head of the National Assembly Committee on Economic, Vũ Hồng Thanh, warned about several challenges that would undermine the country’s economic development in the near future. Bad debts have been a prolonged heated issue over the last few years. The bad debts recorded in the banking system were below 3 per cent, Thanh said, but the rate in the whole economy was very high. The equitisation of State-owned enterprises was ongoing but problems remained in the evaluation process and the selection of shareholders, he said. The business environment was far from pro-business as the government intended, as business conditions, or so-called minor licences, were still blocking the way. “While the number of new firms has been increasing, those suspending operations or awaiting dissolution were on the rise as well,” Thanh said. The minor licence issue was also one of the biggest complaints of Vietnamese citizens, said the Viet Nam Fatherland Front Central Committee Chairman Tran Thanh Man. “(The people) ask that the government accelerates the reform for simplified administrative procedures to assure the transparency and to come up with breakthrough policies favourable to businesses,” he said. VNS |
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