Ex-chief of loss-making Vietnamese firm suddenly disappears; likely abroad  File photo of Vu Dinh Duy when he was PVTex CEO. The former general director of a Vietnamese company responsible for a US$325 million yarn mill that failed to turn a profit appears to have disappeared, prompting suspicions he has fled the country to avoid allegations of misdoings. Vu Dinh Duy served as the general director of PVTex, the operator of the Dinh Vu yarn making plant in the northern city of Hai Phong, between 2009 and 2014. Duy, 41, currently sits on the board of members of state-run Vinachem, the country’s chemical giant under the management of the Ministry of Industry and Trade, but has been absent from work since late October. On Wednesday, Vinachem notified the trade ministry that Duy had taken sick leave and may have traveled overseas for treatment. A Vinachem representative reasserted the claims to Tuoi Tre, reiterating that Duy’s absence is entirely the result of illness. However, the trade ministry never approved Duy’s leave request. “The Ministry of Industry and Trade has ordered that Vinachem summon Duy to work,” Tran Huu Linh, head of the secretariat of the ministry, told Tuoi Tre. Vinachem has also been asked to review Duy’s legal compliance upon his appearance, Linh added.  Inside the PVTex plant Awful leadership The $325 million Dinh Vu plant (PVTex) in Hai Phong City has been forced to temporarily close three times since beginning operations in May 2014. The plant, developed by state-run oil and gas giant PetroVietnam, was in its second temporary shutdown of the year when Tuoi Tre visited it in October 2015. PetroVietnam holds a 75 percent stake in the costly plant, which was built as a mechanism to decrease the reliance of Vietnam’s textile sector on imported raw materials. PVTex aimed to meet 40 percent of the domestic demand for fiber and 12 percent of the domestic demand for yarn, according to PetroVietnam, but the grossly inaccurate feasibility report and uncompetitive production costs ruined all expectations for the oil and gas behemoth. By the end of 2014, PVTex had incurred VND1.08 trillion ($48.21 million) in losses. Deficits increased to VND1.73 trillion ($77.23 million) by March 31, 2015 when the plant had only managed to sell 23,000 out of the 32,000 metric tons of yarn it had produced.  The entrance to PVTex Following poor 2009-2014 leadership that put the plant on verge of bankruptcy, Vu Dinh Duy was demoted to deputy general director, and later transferred to the Hai Phong Department of Industry and Trade, where he was appointed deputy director. Duy was later appointed deputy head of the agency in charge of industrial and environmental safety under the Ministry of Industry and Trade by then-minister Vu Huy Hoang. After spending a short time at the agency, the 41-year-old was again transferred to Vinachem. Former trade minister Hoang, who ended his term in April this year, has himself been dismissed from a Party post for multiple wrongful promotions involving his own son and the now internationally wanted Trinh Xuan Thanh. Duy is now being considered as one of Hoang’s wrongful promotions. The absence of Duy is being closely watched in Vietnam for the similarities it holds to Thanh’s case, where the former senior official asked to travel overseas for health treatment before disappearing, leading to his international manhunt. TUOI TRE NEWS |
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Fire engulfs centuries-old pagoda in Hanoi The fire is seen engulfing the roof of the pagoda A hundreds-year-old pagoda in Hanoi has been severely destroyed as it was engulfed by an hours-long blaze late Friday. The fire broke out and burned through Tinh Lau Pagoda in Tay Ho District at around midnight, and was only extinguished at dawn the next day. The blaze quickly spread all over the altar area of the pagoda, which was recognized as a national historical and cultural relic site in 1996. Firefighters were quickly called to the scene and it took them nearly two hours to extinguish the blaze. “The altar and the surrounding area are made mostly of wood, so the blaze spread very quickly,” Huong, a local resident living nearby, toldTuoi Tre (Youth) newspaper. “It took only a few minutes from the time the fire began until it engulfed the pagoda’s roof.” There is no casualty reported and the damage is under estimation. Police are currently working to find out the cause of the fire. Located near the popular West Lake in Tay Ho District, Tinh Lau, also known as Sai pagoda, is also a great tourist attraction of the Vietnamese capital. While it is unclear when exactly the pagoda was built, it is estimated that its establishment dated back to the Ly Dynasty (1009-1225).    TUOI TRE NEWS |
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BUSINESS IN BRIEF 5/11 Nhon Trach 2 plant to produce 1.35 billion kWh of power in Q4 PetroVietnam’s Nhon Trach 2 Power JSC has reported that the firm will produce about 1.35 billion kWh of commercial electricity in the fourth quarter of 2016, raising its output for the year to 5.5 billion kWh. The company is likely to earn yearly revenue of more than 6.2 trillion VND (280 million USD) and profits of about 1.25 trillion VND (56 million USD) . The company also revealed that it fulfilled its 2016 target of generating 4.45 billion KWh of power on October 29, 63 days earlier than planned, pushing total power produced by Nhon Trach 2 power plant to 25.8 billion kWh after five years of operation. In the first nine months of 2016, the plant supplied over 4 billion kWh of electricity for the national power grid, roughly equivalent to the same period last year, earning after-tax profit of 860 billion VND, 124 percent of the same period last year. Research into collecting and producing liquid carbon from the plant has been completed and submitted to the government for approval. The Ministry of Industry and Trade has finalised the investment plan for the Nhon Trach 3 and 4 plants as part of efforts to deal with power shortages after 2020, especially in the southern region. The Nhon Trach 2 combined cycle power plant has a capacity of 750MW with a general productivity of 5.5 billion kWh each year for a revenue of over 6 trillion VND annually. Vietnamese, Belgian firms cooperate in producing high-quality urea The PetroVietnam Ca Mau Fertilizer Company (PVCFC) on November 2 signed a memorandum of understanding (MoU) with Belgium’s Solvay Group - a global firm specialising in chemical solutions, to develop solutions to effectively use urea in agricultural production. Under the MoU, using the Ca Mau Nitrate Plant’s modern technologies, the two sides will produce urea products covered with N Dual protective layers in line with European standards, which helps improve the efficiency of nitrate. The two firms aim to produce an environmentally friendly product that benefits plants. The signing of the MoU is part of PVCFC’s efforts to realise its product diversification target, contributing to promoting sustainable agriculture development in Vietnam. PVCFC General Director Bui Minh Tien stressed his company plans to diversify its fertiliser products, especially those produced with advanced technologies. The partnership is expected to enable the company to accelerate the production of new products, helping Vietnamese farmers improve their incomes, and contributing to environmental protection. Solvay, through hosting the “Solvay Innovation Day 2016” in Vietnam , hopes to access more business opportunities from Vietnam ’s oil and gas, and chemical industries. Martin Laudenbach, Regional Director for Solvay in Asia Pacific, said as the leading chemical and materials producer in the world, Solvay works to support its customers in realising their innovation and development targets. It also supplies solutions that help save energy and minimise CO2 emissions, he added. Kohler launches Beitou faucet collection in Vietnam Kohler has introduced the Beitou faucet collection in Vietnam, a collection of faucets that strikes a balance between architectural forms and the stunning displays of nature, resulting in a peaceful interplay of invention and appeal that speaks to quiet moments of sanctuary. The calming movement of water lies at the heart of the Beitou faucet. The effortless flow of the design mimics the natural cascade of the water over the length of the spout and into the sink. Seen in this light, the faucet becomes a stage for water delivery whose shape and sound resembles a serene river. “We aim to create a product that reflects in whole the beauty of water in nature,” said Mark Bickerstaffe, director of new product development at Kohler. “Our Shanghai design team thus led our exploration, seeking to place natural experience first.” In Beitou Kohler created a form to celebrate water, placing water first, presented up on a stage of indulgence and experience. Water rises spring-like and flows smooth and through and true in a channel seemingly worn by water, cascading gently into outstretched hands. A cantilevered spout supported on a honed cubic pillar that is designed to recede, creates a simple contemporary form that readily complements many settings. The Beitou wall-mount showerhead includes three water experiences: Cascade, Rain and Laminar, and LED light options of Pale Orange, Warm White and Blue Sky activated by the motion of the water. Established in 1873 in the US, Kohler is one of the oldest and biggest private companies in the US. It is the global leader in kitchen and bath plumbing fixtures, furniture and tile, engines and generators, and golf and resort. AEC to encourage VN competitiveness: official Viet Nam can enjoy increased commercial transactions and exchanges in the ASEAN Economic Community (AEC), Ta Hoang Linh, the deputy director of Viet Nam Trade Promotion Agency under the Ministry of Industry and Trade (MoIT), said on November 2. He was speaking at a conference held in Ha Noi on improving Viet Nam's export competitiveness in the ASEAN region. "The AEC has paid attention to narrowing the development gap among ASEAN countries. It will also help member countries promote their economic growth, creating jobs and attracting foreign direct investment as well as improving production and competitiveness," said Linh. Linh said last year the AEC was established following 10 years of preparation with a population of more than 600 million. The 10-country community has total annual GDP of some US$2 trillion. AEC is expected to create an economic area with high competitiveness and integration into the world economy. Statistics from the ministry showed that ASEAN had been one Viet Nam's most important trade partners following China. Bilateral trade between Viet Nam and ASEAN rose 13 times from $3.3 billion in 1995 to $42.1 billion in 2015. The average growth rate of Viet Nam's exports to ASEAN was 17.1 per cent per year. The country's export turnover to ASEAN increased by 18 times from $1 billion in 1995 to $18.3 billion in 2015. Do Quoc Hung, deputy director of MoIT's Asia-Pacific Department, said Vietnamese exporters would enjoy increasing trade exchange volume, changing the export structure and improving competitiveness, thus expanding market share. However, Hung said Viet Nam's goods would face fierce competition from ASEAN countries as it would have to open its market for imported products. In addition, Vietnamese exports to the region would see pressures of technical barriers. He said local firms should renew their technologies, improving products' quality and localisation rate to take advantage of opportunities to export to the ASEAN market. The issue of building brand name based on quality and added value should also be given priority. In addition, Vietnamese firms should build their own distribution channels in the export markets while enhancing studies and trade promotion activities to fully exploit the ASEAN market potential. Indian investors still keen on VN Viet Nam continues to be an attractive investment destination for Indian companies, Sanjay Kirloskar, chairman and managing director of Kirloskar Brothers Limited, told a conference on November 2 in Ha Noi. Indian companies run 132 projects worth US$1.07 billion in Viet Nam, ranking 27th among foreign investors in the country, he said, adding that the majority of Indian investments are in energy, mineral exploration, agro-processing, IT and auto components. India is one of Viet Nam's top 10 trading partners, with two-way trade reaching $5.1 billion in 2015 and $2.9 billion in the past seven months of this year. These figures are encouraging. But, in order to eliminate trade barriers between the two countries there are issues that must be addressed, such as infrastructure, trade facilitation, expansion of the trilateral highway – which currently includes only India, Myanmar, and Thailand, as well as reducing transaction costs, interconnectivity of goods and labour markets, he said. Kirloskar said he believes bilateral economic ties will reach greater heights in the future. Besides implementing two projects in Viet Nam, he hopes to expand his company's investment in the country and introduce advanced technology in pump manufacturing to contribute to reducing flooding and drought in the country's provinces and cities, especially in HCM City and the (Mekong) Delta, Kirloskar said. Naushad Forbes, the Confederation of Indian Industry president, said Indian firms were looking for investment opportunities in Viet Nam, especially in energy, agriculture, finance, oil and gas, healthcare, information technology and education. He called for Vietnamese businesses to seek opportunities in India. Naushad, who also chairs Forbes Marshall, an engineering and energy conservation solutions provider, lauded Viet Nam's investment environment. Hoang Quang Phong, vice chairman of the Viet Nam Chamber of Commerce and Industry, agreed that the two governments should pay a more attention to accelerating bilateral relations. Despite several obstacles, Phong said he believed that trade and investment ties would further develop with support from the two governments and efforts of the two business communities. Banking sector set for better access to services Deputy Governor of the State Bank of Việt Nam (SBV) Nguyễn Kim Anh has asked the banking sector to enhance efforts to improve access to banking services for the economy. The online conference, which was held yesterday, aims to seek measures to implement the Prime Minister’s Decision 1726/QĐ-TTg, dated September 5, on the project to enhance access to banking services for the economy (project 1726). According to Phạm Xuân Hòe, deputy director of the Banking Strategy Institute, the banking sector still faced a number of hurdles. The burden of providing capital for the economy was mainly on the shoulders of the banking system, which must be shared by the securities and insurance markets, Hòe said. In addition, the ratio of non-credit service charges remained modest and access to banking services for residents and enterprises remained uneven across regions and business scales. The banking sector must expand its network, diversify services, improve quality and ease access, especially for residents and enterprises in remote areas, in line with project 1726, experts said. The project targets that the 70 per cent of the adult population will have bank accounts by 2020 and the banking network will expand so that there are at least 20 bank branches per 100,000 adults and some 15 per cent of branches will be located in the rural areas. By 2020, there will be 30,000 ATMs nationwide (or 40 booths per 100,000 adults) and 300,000 points of sale (POS) (400 POS per 100,000 adults). Notably, under the project, some 50-60 per cent of existing small and medium-sized enterprises could access banking credit. “A number of measures must be implemented in three phases, including increasing services types and qualities, distribution network and the frequency of using services,” Phạm Đức Tuấn, deputy director of Agribank, said. Kim Anh at the conference asked commercial banks to develop detailed plans to successfully implement project 1726. The central bank’s statistics show that the banking sector currently has more than 9,780 branches across the country, nearly 17,000 ATMs and more than 222,800 POSs. More than 60 credit institutions provide internet banking and 35 provide mobile banking services, till date. The number of personal banking accounts soared rapidly to 36.77 million in 2015, 15 times higher than 2004. Nielsen: Consumer confidence remains steady Vietnam’s consumer confidence index (CCI) was unchanged in the third quarter from the second quarter, at 107, keeping Vietnam as the seventh most optimistic country globally, according to the latest CCI report released by Nielsen on November 2. “Vietnam’s consumer confidence index maintained a high level despite moderate market growth and market volatility,” said Ms. Nguyen Huong Quynh, Managing Director of Nielsen Vietnam. “What we are seeing here is not reflected in the performance of the market but rather the future hopes and sentiments of Vietnamese consumers, reflecting the continued growth of the middle class population and a stable economic outlook from the government. People see challenges but view these as a minor hurdle in a country where, for the most part, the upside will almost certainly continue.” The report also revealed that confidence levels are positive in four out of six Southeast Asian countries and remains firm, with scores above the 100 mark. Consumers in Southeast Asia are also among the most confident across the globe. Vietnamese people remain hopeful despite being concerned about job security. In the third quarter job security (47 per cent) led in key concerns, joined by health (35 per cent) and work/life balance (25 per cent). Parents’ welfare and happiness, at 21 per cent, has emerged as a key concern among Vietnamese consumers, while the economy again appeared on the list, at 18 per cent. While nearly half of respondents believe the country is in a recessionary state (an increase of 1 percentage point compared to last quarter), nearly two in three perceive their state of personal finances to be either good or excellent in the next 12 months (63 per cent, up 2 per cent from previous quarter), and over a half of Vietnamese consumers are also feeling hopeful about local job prospects (57 per cent versus 55 per cent in the last quarter). “In the current context, consumers continue to be upbeat about their future, financial security remains one of their top priorities,” Ms. Quynh said. “Both job security and economic outlook have a direct impact on consumers’ degree of financial security, and hence lead in key concerns.” Southeast Asian consumers are the world’s most avid savers, including Vietnamese. Seven in ten respondents (70 per cent) in the region put their spare cash into savings. The region has the world’s Top 10 most active savers, with Vietnamese being first (78 per cent) followed by Indonesians (77 per cent). The global average is 52 per cent. Along with channeling spare cash into savings, consumers in Vietnam are also eager to spend on big ticket items to increase quality of life. The survey also revealed that, after covering essential living expenses, around two in five Vietnamese consumers are willing to spend on big ticket items such as holidays and vacations (39 per cent), new clothes (36 per cent), out-of-home entertainment (32 per cent), home improvements/decorating (31 per cent), and new technology products (31 per cent). Should economic conditions improve, at least one-third of Vietnamese consumers say they will continue to save on gas and electricity (31 per cent) and minimize out-of-home entertainment (21 per cent). Raw coffee price highest in last three years Currently, the price of raw coffee in the Central Highland provinces has increased to its highest level in the last three years. This was revealed by the Ministry of Agriculture and Rural Development's Agro, Forestry and Fishery Processing and Salt Industry. The price surged by VND1,100-1,300 per kg of raw coffee to VND44,300-44,800, the department said. Meanwhile, free on board (FOB) price for Vietnamese export Robusta coffee at Sai Gon Port also jumped by US$88 per tonne to $2,043. The higher price has boosted enterprises' efforts to sell their coffee. Some 200,000 tonnes of Vietnamese coffee in the 2016-17 crop was sold in markets at home and abroad. The ministry said in the first 10 months of this year, Viet Nam exported 121,000 tonnes of coffee, earning $246 million. The exports had a year-on-year increase of 40.2 per cent in volume and 25.4 per cent in value. Germany and the United States were the two largest export markets for Vietnamese coffee in the first nine months, accounting for 15.2 per cent and 13.2 per cent, respectively, of total exports. During the first nine months, export markets witnessed strong growth in value, including the Philippines (74.3 per cent), Algeria (59.7 per cent), China (56.3 per cent) and the United States (45.3 per cent), as well as Germany (37.4 per cent), Italy (17.9 per cent) and Japan (15.4 per cent), the ministry said. Dinh's new startup earns $27,339 in 3 days DesignBold, a new startup, has earned US$27,339 within three days of operation, its founder Hung Dinh has said. Dinh, known for his widely used and reputable website JoomlArt.com, said his startup's digital design tool called DesignBold, currently a beta release, allows amateur and professional users to easily design different types of publications. Dinh started by founding JOOM Solutions, which offers open source CMS products and services, including Joomla!, Wordpress, Magento and Drupal, through websites such as JoomlArt.com, DesignWall.com, UberTheme.com, ThemeBrain.com. JoomlArt is the world's largest Joomla company with 500,000 users and customers. The design tool will help this newly established company grow in user volume, develop more innovative solutions for clients and generate more revenue, Dinh said, adding that his aim is to make it the finest design tool available online. DesignBold's data warehouse has more than 60 million stock photos, copyright vectors and 4,000 designs. Dinh said he does not expect DesignBold to earn $50,000 per day like Flappy Bird, a 2013 mobile game developed by Vietnamese artist and programmer Ha Dong through his game development company dotGEARS. DesignBold's target is to win 3,000 orders in the first two weeks, which will generate a revenue of $117,000. The product is priced at $39. DesignBold won the first prize in the Creative Business Cup Vietnam 2016 and represented Việt Nam in the Global Creative Business Cup on which it entered the final round. The event was held in Copenhagen, Denmark, from October 20 to 24. AirAsia increases flight frequency on Hanoi-Bangkok route Low-cost airline AirAsia has announced an addition of flights on the Hanoi-Bangkok route to two per day to facilitate passengers’ travel from December 9, 2016 to October 2, 2017. The airline has also offered special airfare promotion for Hanoi - Bangkok flights with one-way ticket starting from just VND99,000 (excluding tax and other additional fees). Promotional tickets can be booked from October 31 to November 13 for flights departing from December 9 to October 28, 2017. Apart from the current flight FD643 departing from Hanoi at 9:15am, passengers from Hanoi can opt for new flight FD645 at 8:50pm with flight time of one hour 55 minutes. Meanwhile, passengers from Bangkok now can select the flight FD644 at 6:35pm at their convenience instead of the existing flight FD642 at 7am. On the occasion, the airline unveiled plans to open new air routes from Hanoi to local destinations in Thailand such as Phukhet, Chiang Mai, Chiang Rai and Hat Yai. Vinamilk reaches 90% of annual plan in 9M The Vietnam Dairy Products Joint Stock Company (Vinamilk) recorded robust growth in the first nine months of this year, as the State Capital Investment Corporation (SCIC) prepares to sell 9 per cent of its stake in the dairy giant this month or next. Deputy CEO of the SCIC Nguyen Hong Hien confirmed with VET on October 27 that “the SCIC will sell 9 per cent of Vinamilk at the end of November or early December.” After-tax profit in the first nine months stood at VND7.5 trillion ($336 million), up 28 per cent year-on-year and equal to 90.5 per cent of the annual plan of $371 million, its consolidated financial statement for the third quarter revealed. From July to September net revenue reached VND12.205 trillion ($546.78 million), up 16 per cent year-on-year, while after-tax profit was VND2.55 trillion ($114.24 million), a 20 per cent increase year-on-year. Net operating profit was therefore VND3.05 trillion ($136.64 million), up 18 per cent year-on-year, with after-tax profit at VND7.53 trillion ($337.34 million), 28 per cent higher year-on-year. Earnings per share (EPS) therefore stands at VND4,697 ($0.21). The profit gained during the third quarter is down to increases in revenue from a change in products, where the focus is on highly effective segments, the third quarter report noted. The proportion of Vinamilk’s investment in securities is relatively small compared to total equity. It has divested its entire holding of more than VND82 billion ($3.67 million) in the ABBank. The group has entered into a share purchase agreement to transfer its holdings in Bao Viet Bank but the transaction is still to be completed and it has only received an advance payment of VND447.82 billion ($20.06 million) from a third party. In the first nine months its net revenue from the domestic market was VND28.69 trillion ($1.285 billion), up 20 per cent year-on-year, and gross profit stood at VND11.74 trillion ($525.95 million), up 25 per cent year-on-year. Vinamilk’s overseas markets generated nearly VND6.3 trillion ($282.24 million) in revenue in the nine-month period, up 7.43 year-on-year but gross profit stood at more than VND3.05 trillion ($136.64 million), up 27 per cent year-on-year. The profit margin in overseas markets was rather high, at 48.5 per cent. In early October Vinamilk launched its e-commerce website Vinamilk eShop, which is expected to expand its sales channels to meet customer demand. In related news, Vinamilk came to a cooperative arrangement with FPT Retail in mid-October to open a retail store chain selling Vinamilk’s products. Vinamilk has begun construction of the Da Lat Organic Dairy Farm in the central highlands’ Lam Dong province, which is expected to open in December and produce high-end products. Overseas, Vinamilk is currently negotiating to buy a US milk firm to increase its operational scale and revenue. CEO Mai Kieu Lien said she hopes to finalize the deal in early 2017 but declined to reveal the partner’s name or the deal’s value, according to Bloomberg. Vinamilk’s products are now sold in nearly 200 stores in 45 cities and provinces in Vietnam and in more than 43 countries around the world, such as Cambodia, Thailand, South Korea, Japan, China, Turkey, Russia, Canada, and the US. The company has also bought a 22.8 per cent stake in Miraka in New Zealand, 70 per cent in Driftwood in the US, and 51 per cent in Angkor Milk in Cambodia, as well as a subsidiary in Poland as a gateway to Europe. In 2017 it plans to begin construction of a new milk powder plant in Vietnam and will expand production at its New Zealand plant, which is operating at full capacity. Bank account users to reach 70 percent adult population by 2020 The rate of people having bank accounts is targeted at 70 percent of Vietnam’s adult pollution by 2020, reported the State Bank of Vietnam (SBV) this morning. The bank made the report at a conference to implement a project on improving the ability of banking service access of the economy in accordance with Decision or project 1276 by the Prime Minister. The project defines targets for the banking system to obtain by 2020. Of the targets, there will be at least 20 branches and transaction offices for every 100,000 adult citizens, 30,000 ATM posts or 40 posts per 100,000 people, 300,000 POS (point of sale) equipment or 400 POS per 100,000 people. About 15 percent of branches and transaction offices will be opened in rural areas, and 50-60 active small and medium enterprises will be access credit sources. According to reports at the conference, the country has so far had 9,787 branches and transaction offices, 16,937 ATM posts and 222,831 spots accepting POS payments. Over 60 credit institutions have launched internet banking service and 35 others provided mobile banking. Last year, the banking system’s total capital topped VND6,000 trillion (US$269.76 billion), accounting for 144 percent Gross Domestic Product (GDP). Outstanding loans reached VND4,660 trillion accounting for 111 percent GDP. Banks issued 99.52 million credit cards with the total credit card transaction value hitting VND230.6 trillion. Personal accounts strongly increased to 36.77 million, 15 times higher than the number in the previous year. Nearly 21 percent adult people in rural areas got bank loans. However, the SBV also pointed out many difficulties and challenges such as the low ratio of credit fee collection, the burden of capital supply for the economy which should be shared by the stock and insurance markets, citizens and businesses’ unequal access of banking services in different areas. German House’s topping-out ceremony in HCMC Deputy Chairman of the Ho Chi Minh City People's Committee Le Van Khoa and Foreign Minister of the Federal Republic of Germany Frank-Walter Steinmeier attended the topping-out ceremony of the German House in Ho Chi Minh City on November 1. The 25-storey building is located at No. 31 Le Duan Street in District 1 along one of the most prestigious city thoroughfares between the two Le Duan and Le Van Huu traffic arteries. The 3,500 m2 construction site was designed by gmp Architects. The building has a gross floor area of about 39,000 m2. Completion of the high-rise building has been scheduled for the summer of 2017. The building is intended to accommodate the German Consulate General with the associated residence, as well as the Goethe Institute amongst others. In addition, there will be offices for the German Chamber of Foreign Trade in Vietnam and for German companies and organizations, as well as a restaurant area with a generous panoramic terrace. In 2015, the bilateral trade turnover reached US$ 8.92 billion; the trade turnover between the two countries achieved US$1.72 billion. The HCM City’s deputy chairman hoped that the Vietnam-EU Free Trade Agreement (EVFTA) and activities of the German Business Association in Vietnam will help to strengthen the economic cooperation between Vietnam and Germany. Foreign Minister of the Federal Republic of Germany expressed his impression of the development of HCM City and stressed that many German enterprises want to seek investment and cooperation opportunities in Vietnam in general and Ho Chi Minh City in particular. National qualification framework approved The Prime Minister has approved the Vietnam National Qualification Framework on eight levels, including Level 1 - Elementary 1, Level 2 - Elementary 2, Level 3 - Elementary 3, Level 4 - Intermediate, Level 5 - College, Level 6 - Bachelor, Level 7 - Masters and Level 8 - PhD. Specifically, Level 1 mentions the qualification of learners with common and fundamental knowledge, along with basic manipulation skills to perform some repetitive simple tasks of a certain profession in an unchanged working environment, under the supervision of instructors. Level 1 requires a minimum study load of five academic credits, with learners completing the training programme, meeting the output requirements of Level 1 and being granted a certificate of ‘Elementary 1’. Level 2 requires a minimum study load of 15 academic credits, with learners completing the training programme, meeting the output requirements of Level 2 and receiving a certificate of ‘Elementary 2’. Level 3 requires a minimum study load of 25 academic credits, with learners completing the training programme, meeting the output requirements of Level 3 and receiving a certificate of ‘Elementary 3’. Level 4 requires a minimum study volume of 35 academic credits for high school graduates and 50 for secondary school graduates. Learners must complete the training programme, meet the output requirements of Level 4 and be granted with a certificate of ‘Intermediacy’. Level 5 confirms the qualification of learners with extensive practical and theoretical knowledge in a profession of training; basic knowledge of politics, culture, society, law and information technology; and essential skills of perception, occupational practice and communication, in order to deal with complicated issues; work independently or in groups in changing working conditions; take minimum individual and group responsibilities; and supervise and assess those who perform certain tasks. Level 5 requires a minimum study load of 60 academic credits, with learners completing the training programme, meeting the output requirements of Level 5 and being granted a certificate of ‘College’. Level 6 confirms the qualification of learners with solid practical knowledge; comprehensive and intensive theoretical knowledge in a profession of training; basic knowledge of social science, politics and law; perceptual skills relating to critical thinking, analysis and synthesis; skills of occupational practice and communication needed to perform complicated tasks, work independently or in groups in changing working conditions; and take individual and group responsibilities for guiding and disseminating knowledge; and supervise others’ implementation of tasks. Level 6 requires a minimum study load of 120 academic credits, with learners completing the training programme, meeting the output requirements of Level 6 and being granted with a ‘Bachelor’ certificate. Level 7 requires a minimum study load of 60 academic credits for university graduates, with learners completing the training programme, meeting the output requirements of Level 7 and being granted a ‘Masters’ certificate. Those who graduate from a university in a training programme with a minimum of 150 academic credits and meet the output requirements equivalent to Level 7 are recognised with the Level 7-equivalent qualification. Level 8 confirms the qualification of learners with advanced and intensive practical and theoretical knowledge at leading positions in a training faculty; skills to summarise and analyse information and address issues creatively; skills to think and research independently and creatively as well as create new knowledge; skills to disseminate knowledge and establish an international and national cooperation network in management and regulation of professional activities; and creativeness and abilities to give conclusions and scientific recommendations at the expert level. Level 8 requires a minimum study volume of 90 academic credits for those with master’s degrees and 120 credits for those with bachelor’s degrees. Learners must complete the training programme, meet the output requirements of Level 8 and be granted with a certificate of ‘PhD’. Those who have Level 7-equivalent qualification, complete the specialised training programme with a minimum study load of 90 credits and meet the Level 8-equivalent output requirements recognised with Level 8-equivalent qualification. SCIC pushes forward with SOE divestment strategy The State Capital Investment Corporation once again displayed its determination to divest from state-owned firms, most notably by selling 9% of the dairy giant Vinamilk in December. According to Nguyen Hong Hien, deputy CEO of State Capital Investment Corporation (SCIC), the state investor will finalize all preparations to divest from Vinamilk in late November. The stake sale is scheduled to take place in December, following a series of roadshows in both Vietnam and overseas. SCIC currently owns 44.7% of Vinamilk. “We’re also working hard to draft the most suitable divestment strategy for 10 other large-sized Vietnamese firms. These companies are major players in different sectors of the economy, thus we want to be cautious to prevent any under-the-table negotiations that hurt the state’s divestment profits,” Hien told VIR. As previously reported, SCIC plans to withdraw from 10 leading state-owned enterprises (SOEs), including Vinamilk, FPT Telecom, Binh Minh Plastics, Bao Minh Insurance and Tien Phong Plastics. Besides these heavyweights, the state investor is also tasked with 100 other divestments by the end of 2016. “Within the first nine months of 2016, SCIC has sold off stakes in 54 firms, reaping 2.3x returns on average. We want our exit from state-controlled entities to trigger a positive impact on these firms’ corporate governance and business performance. However, the road ahead isn’t easy as some of the SOEs have yet to find interested buyers,” Hien said. He added that SCIC is conducting research on “basket share sales,” which means combining stocks of different companies into one major offer. The state investor also plans to carry out the book building method, which pre-determines investors’ interest in a firm and sets the selling price accordingly. Truong Le Quoc Cong, head of the Issuance Regulations Department at the State Securities Commission, voiced his support of the book building method. He noted that companies around the world have adopted book building for a long time, thus SCIC should consider following suit. “Book building is popular with foreign investors and it can help improve the success rates of SCIC’s share sales. That said, this is a new method that requires a large number of underwriters, which can be hard to find in Vietnam. We need a detailed strategy to make this happen,” said Cong. Since 1986, the number of SOEs in Vietnam has plummeted from 12,000 to 718. In the near future, the government intends to narrow down the list of completely state-controlled sectors from 19 to 12, equaling only 190 firms. Five other sectors, including finance and banking, will retain at least 65% state ownership. Hoang Van Thu, deputy head of the Corporate Finance Department at the Ministry of Finance, stressed that the end goal of state divestment should be to encourage global standards of corporate governance at SOEs. This explains why all SOEs need at least one strategic investor, preferably one with substantial expertise in corporate governance. “To attract strategic investors, especially those from overseas, Vietnamese SOEs may need to hire international advisors for valuation and consultancy. We’re working to ensure that the foreign advisors follow both Vietnamese and international regulations when working with domestic SOEs,” said Thu. The officer then offered Vinamilk as an example. The dairy company has enlisted Morgan Stanley Asia, VinaCapital Corporate Finance, and Saigon Securities Incorporation for its upcoming share sale in December. In the next four years, SCIC and other government agencies plan to divest VND15 trillion (US$671 million) from SOEs. All divestments must ensure transparency to avoid illicit transactions that hurt the state’s profits, Thu said. European home appliances brand Beko enters Vietnam Turkish home appliances brand Beko on October 29 announced its official entrance into the Vietnamese home appliance market with a product launch at Crescent Mall in District 7 of Ho Chi Minh City. At the launch, Beko introduced its product lineup. A brand of Arçelik Group, Beko offers product lines that include major appliances, air conditioners and small appliances. According to Pornchai Trakultechadej, Arçelik Group’s Asia-Pacific marketing and product management director, the company is committed to continuously developing technology to respond to the needs of the new generation, without sacrificing the environment both from the products and manufacturing process. “Beko has been successful in Europe, as the number one brand in Europe with the fastest growth in the past seven years. For Beko, the smart generation is the greatest source of inspiration in pioneering future solutions. Beko is inspired by people’s ever-changing needs and lifestyles and strives to help make consumers’ lives easier with smart home appliance solutions. Under our global brand message ‘The Official Partner of The Everyday’, we aim to position Beko to be the partner of everyone at every stage of life,” he said. Ho Xuan Loc, general manager of Arçelik Group’s subsidiary Vietbeko said the Vietnamese market is an emerging Asian market and is very interesting and potential to Beko. “We believe with the outstanding strengths of Beko, our products will be ideal choices for young generation consumers who are tech-savvy and fond of stylishly - designed products in their unique home,” he said. Beko is one of the most important players in the UK’s home appliances market and also holds top position in the French freestanding and Polish total white goods market. Additionally, Beko has become the fastest growing white goods brand in the German market, the biggest white goods market in Europe, in the last five years with nearly three-fold growth. In Vietnam, Beko would be competing with established players in the white goods market such as Electrolux, South Korean companies Samsung and LG and several Japanese names such as Sanyo, Panasonic, Sharp and Toshiba. Developing coffee zones in Dak Lak province Sustainable coffee production has benefited many farm households in Cu M’gar district, Dak Lak province. More than 30 cooperatives and clubs following a sustainable coffee production model have been set up in the district, which has started to change old production habits, helping farmers access advanced technologies, cut input costs, boost product value and incomes, and contribute to local economic growth. Ngo Van Binh’s family in Quang Phu village, Cu M’gar district, has 1.8 hectares of coffee. In the past, Binh and his family experienced low productivity – about 2.5 tons of coffee beans per hectare. Since he joined a club to support sustainable coffee production and learned intensive farming techniques, his productivity has increased to 5 tons per hectare. In the dry season, he only needs about 400 liters of water to irrigate a coffee tree instead of the 700 liters he needed in the past. “When I decided to participate in the model, my family received technical instructions. Each year, the price of our product has increased,” Binh explained. A total of 30 cooperatives, cooperative teams, and clubs applying the sustainable coffee production model have been set up in Chư M’Gar district. The teams have been given information about weather and epidemic diseases of coffee trees, and the model has linked farmers, managers, scientists, and enterprises toward sustainable production. Through training, coffee production households have learned to conserve water resources and collaborate with each other in harvesting and processing to turn out products of higher quality. Nguyen Van Phuc, Director of the Ea Kiet Agriculture and Service Cooperative in Cu M’gar, said “Each year three or four training courses are held for members of cooperatives to introduce new science and technologies, and teach them how to increase food safety and occupational safety.” He said even “Specific plans have been made for each month for each production team and communication campaigns have increased public awareness of the model and its importance.” Cu M’gar has more than 35,500 hectares of coffee and nearly 10,000 households producing 37,000 tons of certified coffee meeting standard regulations. The model has helped locals access new technologies; the value of coffee has increased, and the environment has been protected. According to Nguyen Van Minh, Deputy Chairman of Cư M’gar People’s Committee, “The district plans to continue persuading people to join cooperatives or clubs to develop coffee sustainably. We will also instruct communes to establish more agricultural cooperatives involving farmers, managers, scientists, and enterprises to help local farmers access new methods of production and improve the quality of the district’s main crop.” FDI disbursement up 7.6% New and additional FDI capital totaled $17.6 billion in the first ten months of the year, representing 91.3 per cent of the figure in the same period of 2015, according to the latest report from the Ministry of Planning and Investment. As at October 20, 2,061 new projects had been granted investment licenses with total registered capital of $12.2 billion, equal to 98.7 per cent of the figure in the same period last year, while 967 existing projects added $5.35 billion in capital, equal to 77.9 per cent. FDI projects were estimated to have disbursed $12.7 billion, up 7.6 per cent year-on-year. Export turnover in the FDI sector (including crude oil) in the first ten months was $102.7 billion, up 8.1 per cent compared to the same period last year. Excluding crude oil the figure was $100.7 billion, up 9.8 per cent. Import turnover in the FDI sector was $83.2 billion, a 1.9 per cent increase year-on-year. The sector therefore recorded a trade surplus of $19.5 billion including crude oil and $17.5 billion excluding crude oil. Nineteen sectors received investment, in which manufacturing and processing attracted the most, with 842 newly-registered projects and 691 projects adjusting their capital, for a total of $12.84 billion, or 72.9 per cent of all registered capital in the first ten months. Real estate was second, with 46 new projects and total capital of $982.6 million, or 5.5 per cent of the total. Professional activities and science and technology ranked third, with $557.6 million, or 3.7 per cent. Foreign investment came from 65 countries and territories, led by South Korea, with total new and additional capital of $5.62 billion, or 31.9 per cent of the total. Japan followed, with $1.92 billion, or 10.9 per cent, then Singapore, with $1.73 billion, or 9.8 per cent. Fifty-four cities and provinces received investment, led by northern Hai Phong city with 43 new projects and 34 projects adjusting their capital, totaling $2.73 billion, or 15.5 per cent of the total. Hanoi was second with new and additional capital of $2.03 billion, or 11.5 per cent, followed by southern Dong Nai and Binh Duong provinces with total new and additional capital of $1.87 billion and $1.67 billion, respectively. Logistics weakest phase in farm produce export: seminar The logistics sector has been the weakest phase in the export of farm produce such as fruits, catfish, pepper, tuna and tea, according to delegates at a seminar hosted by the Trade Promotion Department under the Ministry of Industry and Trade in HCMC. Export activities in Vietnam as well as local and international trade have been developing, leading to increasing demand of logistics. Businesses should improve their awareness of the service to improve export competitiveness, they said. A synchronous supply chain should be built to bring more efficiency in production and trading as it plays an important role in growth model reform and the economy’s restructuring, they added. The Vietnam Logistics Research and Development Institute has proposed exporters to contact and negotiate with the service’s potential providers to build a transport plan suitable with their financial and production activities. Auto imports into HCMC surge HCMC had seen 14,194 completely built-up (CBU) autos under nine seats worth a combined US$276.3 million imported in the year to October 15, up 34.52% in volume and 47.75% in value against the same period last year, said the city’s Department of Customs. For other types of auto such as trucks, imports into the city rose from 24,168 units in the same period last year to 25,885 units worth a total of US$278.7 million. Auto importers contributed significantly to the city’s VND81.5 trillion (US$3.65 billion) import-export tax revenue in January-October. The city’s full-year target for import-export tax revenue is VND102.5 trillion, meaning the city will have to collect an additional VND10.5 trillion per month in the last two months. Auto imports into the city have grown steadily since last year, bringing high tax revenues for the customs department. Early this year, the department honored 17 enterprises, half of them auto importers, for paying significant taxes. The department has also pledged to create favorable conditions for exporters and importers to do business. This is a solution to attract enterprises to choose HCMC as a gateway to import and export goods as the 2014 Law on Customs allows businesses to select places where they prefer to get customs clearance done. Relocation of capital's universities and hospitals slow The relocation of many hospitals and universities out of Hanoi city centre as part of efforts to ease traffic congestion has remained slow. Hanoi has 96 universities and colleges with 67,000 students, accounting for a third of the country’s tertiary education institutions and 40% of the country's student numbers. Among those, up to 26 universities are located in the four inner-city districts of Hoan Kiem, Ba Dinh, Dong Da and Hai Ba Trung. Work on the new facility of Vietnam National University, Hanoi, in Hoa Lac area started at the end of 2003 and was scheduled for completion by the end of 2015. But construction has not yet been finished. Mai Hoang Anh, chief office manager of Vietnam National University, Hanoi, said the new campus at Hoa Lac was proceeding slowly due to a lack of finance. There are more than 70 hospitals in Hanoi, with half of these health centres are in the four inner-city districts, with many located in densely-populated areas. In 2011, the prime minister issued the Hanoi Master plan to 2030, in which, the relocation of local universities and hospitals out of the city’s centre was required. It also includes the construction of new branches of some universities and hospitals in the suburban areas. Under the decision, 13 hospitals and 12 universities were identified for relocation. However, to date, only two among the K Hospital and Endocrinology Hospital have finished construction of their second branches. Initially, the second branch of Viet Duc Hospital in Hanoi was expected to become operational by late 2017, but this has been delayed until 2018. To meet the increasing demand for medical check-up and treatment, in 2015, the hospital built another building at Phu Doan Street. The National Lung Hospital has discussed relocation for years, however, the plan has remained on paper due to financial difficulties. Woman dies after childbirth, hospital asked to explain The Ministry of Health has asked Bình Định General Hospital to clarify the cause of death of a woman who was admitted for childbirth and did not survive after a C-section. On October 28, Trương Hồ Thị Lan, 25, a resident of central Bình Định Province’s Quy Nhơn City, was hospitalised at 8.30pm to give birth. As per medical records, Lan was 40 weeks pregnant, and her blood pressure and body temperature were normal. However, at 2am, she had seizures, started drooling, turned purple and her pulse and blood pressure could not be measured. Doctors diagnosed that Lan had amniotic fluid embolism and performed an emergency Caesarean operation. The surgery was completed successfully, but by 3am Lan was in deep coma, and she died four hours later. The newborn baby girl was under treatment in the hospital’s paediatric department. Relatives of the patient refused to take her body home, accusing the doctors of being irresponsible and causing her death. Hồ Việt Mỹ, director of the hospital, said they would re-examine the processes and treatments given to her and determine the cause of death. Initial investigations indicate that she may have died because of amniotic fluid embolism, but the hospital is waiting for autopsy results, he said. According to medical experts, amniotic fluid embolism is a rare obstetric complication, but with mortality rates as high as 80-90 per cent. VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VET/VIR |
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Social News 5/11 Driver helps woman give birth in taxi  26 year old driver Nguyen Hoang Long of Tien Sa Taxi Company in the central province of Quang Binh yesterday helped pregnant Nguyen Thi Vung to successfully deliver a baby in his taxi. Before, Vung in village No.9 in Commune Nghia Ninh in Dong Hoi Town caught a taxi to go to the Vietnam-Cuba Hospital as she was going to give birth. However, in the middle of the way, she cried for pain and at last she delivered a baby with the help of taxi driver Nguyen Hoang Long. The driver continued driving her to the hospital for emergency treatment. Both mother and baby are in stable condition. Tien Sa Taxi company gave VND1 million (US$44.79) to Ms. Vung. Vice director of the company Nguyen Van Hien said that the company often provides training of first aid and encourages its staff help pregnant women in giving birth. Supreme People’s Court works on special amnesty The Supreme People’s Court has provided guidelines for the granting of amnesty to prisoners who had their sentences postponed or suspended on the occasion of National Day (September 2). Those eligible for the special amnesty include foreigners and Vietnamese scholars, intellectuals, artists, dignitaries or those holding high positions in social and professional organisations, the court said at a teleconference in Hanoi on November 3. For foreigners, amnesty must be proposed by foreign governments, embassies, consulates or international organisations. For Vietnamese, the release must be suggested by competent Vietnamese agencies and organisations. The reprieve should be considered necessary to aid external relations. The list also covers people who made great achievements during their sentence postponement or suspension, invalids, sick soldiers, those who were honoured for their contributions to national defence and construction, teenagers and above 70 year olds. The prisoners must have clear residential addresses and abide by Party policies and guidelines, State laws as well as regulations set by local authorities or their agencies during their sentence postponement or suspension. They are requested to promise not to harm political security, social order and safety, or hinder the struggle against crimes after the clemency. In 2015, clemency was granted to about 16,000 – 17,000 prisoners. AO victims receive rehabilitation house A rehabilitation house for Agent Orange (AO)/dioxin victims was presented to the Vietnam Association of Victims of Agent Orange (VAVA) on November 4 by the Vietnam People’s Navy. At the ceremony, Senior Lieutenant General Nguyen Van Rinh, VAVA President, thanked the officers and soldiers of the Vietnam People’s Navy for their sentiments towards AO victims, saying that the facility will help the victims improve their health and integrate into the society. Chairman Nguyen Van Rinh also called on domestic and foreign organisations and individuals to continue support for Vietnamese AO victims and their struggle for justice. On the occasion, VAVA presented the insignia and certificate of merit to units and individuals with outstanding contributions to activities in support of the targeted group. From 1961 to 1971, American troops sprayed more than 80 million litres of herbicides - 44 million litres of which were AO, containing nearly 370kg of dioxin - over southern Vietnam. As a result, about 4.8 million Vietnamese were exposed to the toxic chemical. Many of the victims have died, while millions of their descendants are living with deformities and diseases as a direct result of the AO/dioxin effects.- Vietnamese expats mourn Czech scholar Vietnamese expatriates in the Czech Republic have gathered in Ceske Budejovice city to mourn Ivo Vasiljev, a local expert in Vietnamese studies who recently died. Delivering a eulogy for Vasiljev, Vietnamese Ambassador to the Czech Republic Truong Manh Son called him a Czech with a Vietnamese soul. In the 1960s and 1970s, Ivo Vasiljev initiated and ran a faculty on Vietnamese study at the Charles University in Prague. In his 70s, Ivo Vasiljev co-authored four out of six volumes of the Czech-Vietnamese dictionary. The dictionary won second prize of the Dictionary of the Year award by the Union of Interpreters and Translators of Czech Republic on May 13 this year. He also translated the Prison Diary of the late President Ho Chi Minh into Czech. The Vietnamese admired him for his excellent Vietnamese, with some saying he could speak the language like a newsreader from Hanoi. OVs in Czech donate over 2 bln VND to flood victims in central region The total donation of Vietnamese in the Czech Republic to flood victims in the central region has exceeded 2 billion VND (90,000 USD) and is increasing day by day, said Vietnamese Ambassador to the country Truong Manh Son. On November 3, each staff member of the Vietnam Embassy in the Czech Republic spared their salaries of up to five-day working for the needy in the home country. Earlier, on October 18, the embassy and the Association of Vietnamese in the European country made an appeal for donations to the flood victims. On October 19, the association of Nghe Tinh fellow-countrymen in the Czech Republic also launched a fund-raising campaign for flood-hit victims. More than 500,000 CZK ( 20,543 USD) had been raised as of November 3. On October 22, 16 Vietnamese artists in the Czech Republic organised a concert and auction in Prague to raise funds for central provinces, attracting over 200 people. Donations during the event amounted to more than 600,000 CZK (24,166 USD), increasing to 800,000 CZK ( 32,869 USD ) by November 3. On October 29, the Vietnamese association’s chapter at the Sapa shopping centre also added 6,300 USD to the fund. Consecutive floods devastate central provinces Seven more locals went missing in the central province of Phu Yen due to floods caused by heavy rains over the past few days, raising the number of missing victims in the region to eight, according to initial reports. Quang Binh province reported three deaths, while two other deaths were in Quang Tri province. According to Quang Binh authorities, total material losses from destroyed and damaged houses, rice fields and infrastructure works in the province were estimated at 55 billion VND. The rains came on the heels of historic flooding just last month in the region, with Nghe An, Ha Tinh, Quang Binh, Quang Tri and Thua Thien-Hue being the hardest hit. Rains have also spread to the Central Highlands, pushing water levels in regional rivers up. More downpours are forecasted for the central region from Quang Ngai southwards to Binh Thuan, with rainfalls ranging from 50mm to 200mm. Warnings have been issued for floods and flash floods on rivers, landslides in mountainous areas and inundation in low-lying areas. Meanwhile, a tropical low pressure area has formed in the East Sea, and is expected to be at 8.9 degrees north latitude and 110.7 degrees east longitude, about 260km to the southeast of Phu Quy Island (Binh Thuan province). Due to its impact, strong winds and rains along with rough sea is forecasted for waters around Truong Sa (Spratly) Archipelago. The Central Steering Committee for Natural Disaster Prevention and Fight and the National Committee on Search and Rescue sent an official dispatch to their affiliations in coastal cities and provinces from Binh Dinh downwards to Kien Giang, and to related ministries and agencies urging close monitoring of the low pressure’s movement and take preventive measures.- Children with heart diseases receive free surgery Children with congenital heart diseases will be offered free health checks and surgery under a programme launched by the Hospital of Ho Chi Minh City Medicine and the Pharmacy University and two US charity organisations, Gift of Life and MD1 World. Patients will receive free health check-ups at the hospital on November 13, followed by diagnoses by doctors. Necessary operations will be performed by doctors from January 16-22 next year. Treatment costs will be sponsored by the Vietnam Heart Foundation, Viettel Military Telecom Corporation and VinaCapital Foundation. To register for free checkups for congenital heart disease, people can contact Heart Operation Department, Hospital of Ho Chi Minh City Medicine and Pharmacy University at 215 Hong Bang, Ward 11, District 5 or phone number 08 3952 5161/ 08 3952 5160. An estimated 12,000 children are born with congenital heart diseases in Vietnam every year, with many of them unable to get treatment as their families cannot afford the high costs.- Workshop shows how to avoid wildlife trade More than 25 transport and logistics companies have gathered at a workshop in Hà Nội to discuss ways to avoid the risk of unwittingly becoming a party to wildlife trafficking. More than 60 executives from such companies, who attended it, on Tuesday gained a better understanding of the wildlife trade and the effect it can have on bio-diversity, the illegality of trade in endangered species, and how corporate social responsibility (CSR) practices can elevate their reputation. They discussed possible risk mitigation techniques that would help them run their businesses more sustainably and avoid becoming part of the illegal wildlife trade chain. An important tool is the integration of CSR practices to protect wildlife, which would ultimately minimise the risk of transporting illegal wildlife products like rhino horn, they heard. The Việt Nam International Arbitration Centre explained the various means to manage risks by exhibiting contracts signed by the industry to protect their business interests. The event was organised by wildlife trade monitoring network TRAFFIC, the Việt Nam Chamber of Commerce and Industry (VCCI), and the Việt Nam Automobile Transportation Association (VATA). Funded by the French Development Agency (AfD), it was part of efforts by TRAFFIC, together with the VCCI and VATA, to enhance the capacity of Vietnamese businesses to reduce the illegal trade in wildlife in the country. It was an important part of efforts to bring zero tolerance towards the illegal trade in threatened species in Việt Nam. “Việt Nam is facing more pressure to crack down on the illegal trade to and within its borders,” Madelon Willemsen, head of TRAFFIC in Việt Nam, said. “After the 17th meeting of the Conference of the Parties to the Convention on International Trade in Endangered Species, and the International Wildlife Trade Conference in Hà Nội this month, the pressure is on Việt Nam to take tangible action to combat wildlife crime. “The logistics and trade organisations taking part today are leaders in their sector and are demonstrating their commitment to taking action to avoid threatened wildlife trafficking and consumption.” This is an important step as Việt Nam is in the process of joining the Trans Pacific Partnership (TPP). The TPP includes stipulations on wildlife protection, with each country required to fulfil its obligations under the Convention on International Trade of Endangered Species. Thus, countries in the TPP must combat and take measures to prevent illegal wildlife trade. Việt Nam will be under more pressure to ensure that local businesses have processes and policies in place to actively avoid illegal wildlife trade. These companies are taking these steps already by integrating risk management practices and are adopting a zero tolerance towards the trafficking and illegal consumption of wildlife. Zika, dengue control upgraded The HCM City People’s Committee yesterday decided to set up a steering board for Zika and dengue-fever prevention as the number of cases has increased during the rainy season, which creates favourable conditions for the breeding of mosquitoes. Zika and dengue fever are transmitted to people via the bite of an infected Aedes species mosquito. More than 15,000 people have been diagnosed with dengue fever since the beginning of the year, an increase of 13 per cent over 2015. As of yesterday, 21 people in the city had been tested positive for the Zika virus. The total number of Zika incidents in the country has risen to 28 in HCM City and the six provinces of Khánh Hòa, Long An, Bình Dương, Trà Vinh, Đắk Lắk and Phú Yên. At a meeting between the committee and government agencies yesterday, Nguyễn Thị Thu, the People’s Committee’s deputy chairwoman, told authorities at wards, communes and towns to improve environmental hygiene by clearing away waste and containers where mosquitoes and larvae can survive and breed. “Environmental hygiene in several districts including Hóc Môn, 12 and Bình Thạnh still needs more attention. That has been one of the reasons for the increase of Zika incidences,” Thu said. Dr Nguyễn Trí Dũng, head of the city’s Preventive Health Centre, said the city had carried out inspection for the implementation of preventive methods at localities. But inspections showed that people still have a low awareness about preventive methods and have not co-operated with local authorities to clean the environment. A city surveillance system of epidemics carried out by the city’s Department of Health has tested 921 suspected samples have since February. Of these, 21 tested positive for the Zika virus. Fifty-six more samples have been taken this week, but results have yet to be released, according to Dũng. Phan Trọng Lân, head of the city-based Pasteur Institute, explained that the number of reported incidences was high as the city’s surveillance system operated well and was able to easily identify affected areas. HCM City has a population of more than 12 million and large number of visitors, he said. Rapid urbanisation with many high-rises have also led to a higher density of mosquitoes. “It is important to control the clusters of larvae and mosquitoes to reduce the risk of spread. The city’s health sector is overloaded. We have had to treat 50 dengue fever and 40 Zika outbreaks,” Lân said. Each ward and commune-based steering committee should improve their control over their areas, he said. Dũng said that if the surveillance system identified suspicious cases, the city would not wait until positive results were received from laboratories but would immediately report their findings to ward- and commune-level health centres. Việt Nam Buddhist Sangha’s contributions celebrated at conference Việt Nam Buddhist Sangha (VBS) has contributed to enriching and developing the country’s culture, the rector of HCM City University of Social Sciences and Humanities said at conference held on Wednesday. The conference was organised to celebrate 35 years of the VBS’s development. Assoc Prof Võ Văn Sen, head of the university’s History Faculty said the VBS has made many contributions in the fields of education, healthcare and social welfare as well as culture. Việt Nam Buddhism has contributed to building a peaceful life in harmony with the environment, Sen said, adding that it had helped unify the country nationwide and preserved the national character during global integration. The most venerable Thích Thiện Nhơn, chairman of the VBS’s Central Dharma Executive Council, said that the community had active contributions to the country’s development, especially in the fields of culture and society. The VBS has set up administrative organisations from the central to grassroots levels in all provinces and cities throughout the country. The country has a total of 49,439 monks and nuns. More than 18,340 Buddhist pagodas, monasteries and other facilities exist, with more than 16 million Buddhist members. Lê Thanh Hải, former Secretary of the city’s Party Committee, said the country has four Buddhism institutes training more than 2,000 monks and nuns. More than 4,800 people have graduated with a bachelor’s degree in Buddhism studies. Nearly 100 monks and nuns have received master’s and doctoral degrees, he said, adding that nearly 400 are now studying for similar degrees in India, China and other countries. The Sangha has more than 1,000 social welfare establishments and 126 Tuệ Tĩnh health clinics that provide free services to patients, and 950 charity classrooms for poor children and orphans. The VBS has received the Hồ Chí Minh Medal two times for its contributions, according to Hải. The Government has allocated funds for VBS to translate the Tipitaka known as the Buddhist Canon from Pali, English and Chinese into Vietnamese for monks, nuns and Buddhists to study, Hải said. VBS also helps fight against superstition and behaviour that could affect the country’s benefits and violate people’s right of religious freedom, he added. The conference, which attracted 100 attendees, was organised by the University of Social Sciences and Humanities in co-operation with the Việt Nam Buddhist Studies Institute. Flood-hit Hà Tĩnh requests funds from government Hà Tĩnh is asking for urgent funds from the central government to assist the local economy after repeated floods occurred in October and early this week. Đặng Ngọc Sơn, vice chairman of the central province’s People’s Committee, told the National Committee for Flood and Storm Prevention team in a meeting in Hà Tĩnh that the locality needed agriculture and husbandry seedlings for production after the two floods devastated almost all crops and farms. He said both locals and their cattle are in shortage of food and the situation is becoming more critical as winter approaches. In an attempt to provide urgent help to locals, the province’s authorities supplied local farmers 3,400kg of sweet corn seeds to grow new crop. Some 46 communes in the province were inundated by the latest flood. In addition to emergency food, the province is in need of funds for repairing healthcare centers, schools, irrigation stations and roads, which were badly damaged. In related news, a rapid flood, which occurred on Tuesday in Quảng Trị Province’s Cam Lộ District, left tonnes of common water hyacinth, a floating species, lying on local fields. Military men in an army base located in the district helped local farmers move the hyacinth out of the fields since there were many that spread over a wide area, making it difficult for farmers to clean up on their own. VNRC releases aid for flood victims in provinces The Việt Nam Red Cross Society will release emergency aid of VNĐ 4.2 billion (US$187,000), including money and essential goods, to help the central provinces overcome difficulties following the heavy rains and floods. The aid for Hà Tĩnh, Quảng Bình and Quảng Trị provinces includes nearly VNĐ3 billion in cash and 1,200 boxes of essential goods, 300 sets of tools to repair houses, 15 tents and 455,000 Aquatab pills, as well as 501 shampoo boxes and water purification machines. The relief goods are being transported to the three provinces on Thursday and will be distributed to flood-affected families from today. On October 18, the Việt Nam Red Cross made an emergency call for donation to help people affected by the heavy rains and floods in the central region. The society also launched an SMS campaign to raise funds for the flood victims. People can support the campaign, which began yesterday, by texting UH to 1404 until December 16, 2016. Each SMS costs VNĐ18,000 ($0.8). Till date, the society has received donations of more than VNĐ17 billion ($760,000) from local and international organisations and individuals. 15 sand-mining boats seized on Red River Police of the Hà Nội waterways traffic department and at the district level yesterday seized 15 boats operating illegally to extract sand from the Hồng (Red) River. Seven boats -- four sand-mining boats, three carrying goods -- were found exploiting sand at 1am on the Hồng River section running through Thượng Cát Ward of Bắc Từ Liêm District At the same time, on the river section belonging to Liên Hà Commune of Đan Phượng District, eight other boats, including those that were self-made, were caught at the spot extracting sand. Three vehicles were without number plates. According to Senior Lieutenant Colonel Nguyễn Văn Cương, deputy head of the Hà Nội waterways traffic police department, the seizure of those 15 boats is part of a plan by the director of the Hà Nội Police Department to strengthen inspection and penalties related to sand, gravel extraction and business on the city’s rivers. Units under the waterways traffic police department are on patrol to monitor illegal mineral resources exploitation in the city, he said. According to police investigators, illegal sand miners usually operate at night and use sand-mining equipment with high capacity to dredge sand, earning huge benefits from this illegal activity. “Sand dredging can cause banks to collapse and change the flow of the river during the rainy season, putting people at risk and damaging dykes and riverside structures," Phạm Ngọc Tiến, deputy head of Hà Nội’ s Waterway Traffic Inspectorate, said. Hà Nội, currently, has only 12 companies that are qualified for exploiting several grounds on the Hồng River. Thirteen other firms have been permitted by the Việt Nam Domestic Waterway Department to dredge the riverbed and use the material collected. Hanoi hosts int’l conference on emigration An international conference on emigration was jointly held by the Vietnam Academy of Social Science (VASS) and the Institute of Socio-Political Research under the Russian Academy of Sciences on November 3 in Hanoi. Focusing on emigration Russia, Vietnam and ASEAN in the context of new economic integration and geopolitics, the conference aims to study theories and practicalities of emigration, thus seeking solutions to problems arising from emigration while promoting benefits and contributions of migrants in countries, regions and the world. Emigration has become a noticeable trend in the era of globalisation and it requires collaboration of countries in control and management, said Assoc.Prof. Dr. Dang Nguyen Anh, Deputy Chairman of the VASS. Participants at the event said that economic reason is the main factor leading to increasing international emigration, besides others such as wars, armed conflicts, security, politics and low development. According to the United Nations’ 2015 emigration and development report, emigration will bring many benefits to migrants, their native and destination countries if there are sound policies. However, in fact, development gaps and socio-cultural differences are barriers to integration of emigrants. Social inequality forces immigrants to protest or even break the law, causing political and security instabilities in several countries. Vietnam’s houses-turned-karaoke bars become deadly trap for patrons Most karaoke bars in Vietnam are renovated from residential houses and lack emergency escape routes for their large number of occupants. A fire that killed 13 in a karaoke bar in Hanoi on November 1 was found to have been started by the careless welding of billboards that caused nearby flammable objects to catch fire, while the rescue mission for trapped customers was stalled by large iron frames caging the front of the building. The fatal accident once again raised safety concerns over Vietnam’s karaoke bars, the majority of which are residential houses that were renovated to run the business. On the ‘karaoke street’ of Su Van Hanh in District 10, Ho Chi Minh City, business is booming in the dozens of karaoke bars frequented by city youths. Each of the bars has a single doorway that serves as both the entrance and exit, usually between four and eight meters. Flashy billboards run the length of these bar fronts, blocking potential escape routes through windows and balconies. In one former residential house on the street, all five stories have been renovated to accommodate 16 karaoke rooms that have been in operation for ten years. A single staircase and elevator service the entire facility, while hallways on each floor have been narrowed to allow more space in each karaoke room. The lights in the building are kept on at all times, even during the day, as all sources of natural light, including emergency exits, have been blocked to soundproof the bar. These make-shift bars are not uncommon in the city. Popular entertainment precincts, such as No Trang Long Street in Binh Thanh District and Phan Xich Long Street in Phu Nhuan District, also feature similar architecture. According to an official at the municipal Department of Construction, the renovation of residential houses into restaurants or karaoke bars is against the law and venues that attract large crowds must have standard emergency escape routes that residential houses are not equipped with. There are currently 415 entertainment venues in Ho Chi Minh City that attract large numbers of people, 150 of which are karaoke bars, according to Col. Nguyen Quang Nhat, head of the city’s fire department staff bureau. The fire department has advised business owners who plan to renovate residential houses to seek consultation in incorporating emergency exits, fire alarms, and fire extinguishers into their design plans. HCMC to soon implement Japanese PPP model Secretary of the HCMC Party Committee Dinh La Thang hoped that Japan will carefully study and select one of projects calling for investment in HCMC to soon implement the new Public Private Partnership (PPP) model, which has been implemented successfully in Japan’s Aichi province on November 3. The city secretary suggested Japanese side to pay attention to the lengthened stretches in Binh Duong and Dong Nai provinces of Ben Thanh-Suoi Tien metro route which is under construction in HCMC. He made the statement at a meeting with Japanese former Minister of Land, Infrastructure and Transport Takeshi Maeda in Hanoi, when Mr. Maeda introduced the new PPP model. The Japanese side would work with the Vietnamese Ministry of Transport and HCMC to choose a project to pilot the new PPP model, Mr. Maeda said. It is expected to implement in March next year if advantageous, he added. The PPP model requires the government and businesses to share profit and risks together. Specifically, the both sides will work to determine traffic flow expected in a route which will be built under the new investment mode. If the traffic flow is in fact 6 percent higher than the expected number after the route opens to traffic, the Government will share risks with businesses. In case the rate higher than 6 percent, the both sides will share profit. Businesses will not be allowed to increase toll level themselves. They will have to discuss with authorized agencies and get their approval before increasing the toll. Besides roads, the model will develop commerce and transport works along the route to contribute in local socioeconomic development. Various activities celebrate Vietnam Cultural Heritage Day A wide variety of cultural activities were held around Hanoi’s Old Quarter in Hoan Kiem District on November 3 to celebrate Vietnam Cultural Heritage Day (November 23, 2005 - 2016). An exhibition themed ‘Vietnamese heritage - New Perspective’ officially opened at the Hanoi Old Quarter Culture Exchange Centre at 50 Dao Duy Tu Street. The event showcased products that were reproduced and designed from national treasures and artifacts of Vietnamese feudal dynasties such as the ancient statue of A Di Da (Amida Buddha) in Phat Tich pagoda in Bac Ninh province and the Tuyet Son statue in Tay Phuong pagoda (Hanoi). Also on display is wooden furniture bearing the stamp of Ly, Tran, Le and Mac feudal dynasties as well as a series of products with advanced applications that were made of lacquer, wood and bronze. A seminar on the Amida Buddha statue – the national treasure will be held on November 5 and another one discussing ‘traditional fine arts applied in industrial fine art products’ is scheduled to be held on November 9 on the sidelines of the exhibition. On the occasion, visitors will be introduced to Vietnam’s tea culture at Heritage House (87 Ma May Street) and traditional embroidery arts at Kim Ngan Temple (42-44 Hang Bac Street) from now until late November. Notably, exhibitions featuring Vietnam’s royal costumes as well as clothes for hau dong (mediumship) activities will also be displayed at the Hanoi Old Quarter Culture Exchange Centre from November 18-27. In addition, numerous traditional arts forms, including cheo (traditional opera), tuong (classical drama) and quan ho (love duet), are expected to entertain visitors. Kindergartens enrolling babies The number of public kindergartens accepting children aged six to 18 months in the 2016-2017 academic year increased by 68 compared to the previous school year, according to the HCM City Department of Education and Training. The city has 103 public kindergartens with a total enrollment of 1,231 children aged six to 18 months in the pilot programme, which began in 2014. The programme is expected to be expanded to all HCM City public kindergartens by 2020. Previously, kindergartens did not accept children of this age. Representatives of two kindergartens in Tân Phú and Thủ Đức districts said they could not meet the high demand for enrollees. Trần Thị Bạch Mai, principal of Sơn Ca Kindergarten in Thủ Đức District, was quoted by Sài Gòn Giải Phóng (Liberated Sài Gòn) as saying that many parents wanted their children to attend the kindergarten. However, the school has only two classrooms for 22 children aged six to 18 months. The Xuân Thới Đông Kindergarten in Hóc Môn District has set aside classrooms for children aged six to 12 months, while kindergartens in districts 4, 6, 8 and Bình Thạnh have rooms for children aged 13 to 18 months only. Kindergartens in several other districts are enrolling only two or three children aged six to 18 months. Trần Thị Hoài, principal of Trường Thạnh Kindergarten, said at a meeting with the People’s Council’s Committee for Cultural and Social Affairs and District 9 People’s Committee, that all fees such as tuition, hygiene and lunches were the same as children of other ages. Nguyễn Thị Thuận, principal of Sơn Ca Kindergarten 6 in District 12, said the city subsidised 35 per cent of teachers’ salaries in the pilot programme. Other staff, including nursemaids, do not receive a subsidy. She asked the city People’s Committee to provide a salary subsidy to all staff involved in teaching and care of children six to 18 months. Acupuncture helps autistic children More than 1,500 children with autism come to the National Hospital of Acupuncture for treatment every year, said head of the hospital Associate Prof Dr Nguyễn Bá Quang at conference on Vietnamese high-tech acupuncture therapy for paediatric diseases and cerebrovascular diseases held last Saturday. Quang said that at the hospital’s ward for acupuncture therapy and special care for children with autism, these children are used to many kinds of acupuncture, such as hydro-acupuncture, in which vitamins and nerve tonic are injected, acupressure and thread embedding, in which thread is inserted at specific points. The acupuncture therapy in cooperation with modern medicine, psychology, as well as behavioural science for autism has been applied at the hospital for many years, he added. Prof Dr Nghiêm Hữu Thành, the hospital’s former head, told Việt Nam News that "acupuncture therapy helps develop brainpower and makes it easier to obtain skills and knowledge". Dr Lê Văn Hải, head of the general outpatient ward at HCM City Traditional Medical Institute, said that the institute also used acupuncture and thread embedding to provide assistance in the treatment of children with autism. According to Quang, it is estimated the country has more than 160,000 children with autism. This cooperative treatment was highlighted by doctors at the conference. Via the conference, the doctors from 24 southern and central highlands provinces and cities also were trained in high-tech acupuncture for cerebrovascular diseases. At the event, 100 patients with diseases relating to nerve, spine and paralysis caused by cerebrovascular diseases were treated with acupuncture therapy including thread embedding. Sustainable farming lagging in central VN Developing sustainable farming and new-style rural areas should be the ultimate goals of the agricultural sector in the country’s central provinces. This was the thrust of a recent conference on agricultural and economic development held by the Social and Science Institute of Central Regions (SSICR) for representatives from all central provinces from Thanh Hoá to Bình Thuận. In 2010, the Government launched the National Target Programme on New Rural Development, which set out criteria for infrastructure, production, living standards, environment, income, and culture in new-style rural areas. However, the implementation has been uneven. According to Bùi Đức Hùng, director of the institute, agricultural production in the regions has so far been focused on boosting productivity. The aspect of sustainable development, particularly its impact on the environment and society, and the correlation between agricultural development and standard of living did not receive sufficient attention. The environmental criterion is regarded as one of those hardest to implement. “It was among the three groups of criteria with lowest implementation rates,” Hùng said. The number of rural communes in the north-central region and south-central region meeting the environmental criteria set forth in the programme accounted for 22 per cent and 32 per cent in 2015, respectively. “This is quite low compared to the achievements in the Red River Delta and Southeast region, which are 42 per cent and 65 per cent, respectively,” he said. The performance in clean water access was also poor, with the northcentral region having the lowest percentage of population being able to access clean water. Participants at the conference also raised grave concern about problems arising in aquaculture, a strong sector of the region. Although productivity in aquaculture was higher than the national average, risks were high and difficult to predict, they said. Nguyễn Hoàng Long from the Đà Nẵng’s Institute of Socio-Economic Development Research said the region’s aquaculture was facing a wide range of problems, including overuse of chemical substances and antibiotics, frequent occurrence of pandemics and pollution. These have resulted in a strong drop of productivity and affected farmers’ income, according to Long. To diminish risks, Phạm Quốc Trí of the SSICR said local authorities should put in place appropriate irrigation systems to secure safe water resource near breeding areas. They should also encourage farming households to allocate one to two hectares for treatment of water before and after growing and harvesting. However, he suggested that they "give careful thought to balance between cost, benefit and applicability before spending budgets on building irrigation works.” Nguyễn Hoàng Yến of the same institute mentioned the shortcomings in environmental protection and safe water supply. According to Yến, the policy of mobilising resources from private sectors and communities in this area was set forth in the national programme on new rural development. However, the result was modest due to bad management during implementation. To tackle the problem, she said it was necessary to clearly define responsibilities and tasks for every party to avoid overlapping management. There should also be inter-sector and inter-region co-operation mechanisms and community-based management mechanisms to ensure efficient use of natural resources. “Every economic sector should be encouraged to offer environment-related services such as waste collecting, transporting, recycling and treatment by offering favourable policies and legal frameworks,” Yến said. Ta Thi Ngoc Thanh and her devotion to charity work Ta Thi Ngoc Thanh, former Director of SOS Children’s Village is known for her devotion to social work and her great love for disadvantaged children. At the age of 74, Ms. Thanh is still devoted to charity work. She has been recognized as one of 9 outstanding citizens of Hanoi. Ms. Ta Thi Ngoc Thanh was born into a family with a Confucian tradition. Her mother died when she was 2 years old, and Thanh grew up without a mother’s care. Following her family tradition, Thanh studied hard. After graduating from the Teachers Training College, Thanh taught math, physics, and chemistry at the Thanh Tri secondary school. She eventually became head of the school, and later accepted a position with the Department of Education on the outskirts of Hanoi. In 1969, Thanh was sent to Russia to study social psychology. Upon graduating, she returned to Vietnam to work for the Vietnam Institute of Education Sciences. When the SOS Children’s Village was established, Ms. Ta Thi Ngoc Thanh became the Village’s first Director. Ms. Thanh has helped many disadvantaged children: “The most important things are your heart, mind and enthusiasm. I want to make my small contribution to society. I’m happy to see many disadvantaged children do well in their study. It is essential to support them materially and spiritually”, said Ms Thanh. After retirement, Ms. Thanh continued to do social work in her residential area in Dich Vong Hau ward, Cau Giay district, Hanoi. She still works as head of the ward’s residential area and Vice Chairwoman of the Study Promotion Society. Every year, Ms. Thanh donates VND20 million of her pension to support disadvantaged children. Thanks to her help, many have grown up to lead successful lives. Nguyen Minh Phuong of Dich Vong Hau ward who was helped by Ms. Thanh has won a scholarship to study in Spain. Ms. Thanh said “I think my greatest success working in study promotion has been seeing the children grow up to be successful. I don’t mind helping those in need”. Ms. Nguyen Thi Phuong Dung, deputy head of residential area No2, Dich Vong Hau ward, says Ms. Thanh drives the local study promotion movement. More than 80 percent of the children in the ward have achieved excellent academic results. Ms. Thanh has made a great contribution to that achievement. “Ms. Thanh has a simple and modest life style, is friendly with people, and has always taken the lead in the study promotion campaign. Thanks to her encouragement, many local children have done well in their studies and have won national and international prizes. Despite her age, Ms. Thanh is still very enthusiastic”, said Ms. Dung. At the age of 74, Ms. Thanh continues to contribute to society and is acknowledged as an outstanding citizen of the capital. Career day for UK alumni to be held in HCM City Graduates from UK educational institutions should come to visit a career event called “Drive your success 2016” at Novotel Saigon on November 6 if they want to look for a job. Organized by the UK Alumni Association Vietnam (UKAV), British Council, Navigos Search and ICAEW, the event will feature over 20 representatives of leading companies like Standard Chartered, Navigos, ICAEW, ACCA, VIB, Fossil – Misfit, and SSI. It is seen as the biggest recruitment event for UK alumni in HCMC. The event is also open to people who wish to find opportunities for middle management positions with one to five years of experience. The career day will offer direct meetings between candidates and HR managers, instant job interviews with employers and a scholarship award worth over VND50 million from ICAEW. Jobseekers can improve their skills at two seminars, Drive your success and Read the interviewer’s mind, presented by guest speakers and lecturers. The free-entrance event is open from 8 a.m. to 12 p.m. at the Novotel Saigon Hotel at 167 Hai Ba Trung Street, District 1, HCM City. People are advised to register in advance at the link bit.ly/DYS_ForEmployees or https://www.facebook.com/UKAVDriveYourSuccess. Businesses wishing to join the event can contact the organizer at committeehcm6@ukav.org or http://bit.ly/DYS_ForEmployers. Japan Foundation to unveil fusion composition On Saturday, Vietnamese quartet JumpforJazz will debut their new composition at the JF Garage Concert at The Japan Foundation Center for Cultural Exchange in Hà Nội Saturday. The composition, entitled The Reborn, will feature a unique fusion of jazz and Vietnamese folksong. Saturday will be its first public performance. The ensemble features Nguyễn Hữu Vượng on piano, Nguyễn Minh Đức on double and electric bass, Hoàng Hà on drums, and Nguyễn Bảo Long as the bandleader on saxophone. The foundation is hosting the concert with an aim to support and encourage young and talented Vietnamese musicians to perform and participate in a wide variety of concerts. The Reborn will take place from 8pm to 9pm at the open stage in courtyard of The Japan Foundation, 27 Quang Trung Street. Admission is free, but the audience is advised to reserve tickets through the Japan Foundation. Vietnam province proposes high-speed rail link with China The administration of a northern Vietnamese province bordering China has called on the government to consider its plan to build a new high-speed railway, compatible with the rail in the Chinese province of Guangxi. Lang Son Province is currently connected with the capital Hanoi via the Hanoi – Dong Dang railway, which was put into use in May this year. Despite the modernized rail system, the Lang Son administration wants a brand new high-speed service, saying it is essential to help improve the province’s transportation capacity and make it easier to connect with China. The administration has submitted a document to Prime Minister Nguyen Xuan Phuc, calling on him to urge the Ministry of Transport and relevant agencies to “consider and soon implement a high-speed rail plan.” The Hanoi – Dong Dang service currently runs on 1,435mm rail track at speeds ranging from 50 to 90kph. The modernized service cuts travel time from 5.5 hours to 3.5 hours. But the Lang Son administration thinks it is not enough, and has proposed the construction of a brand new railway with speeds comparable to the Nanning-Pingxiang service in Guangxi, which travels at more than 100kph. The proposed Hanoi – Dong Dang railway will then be linked to the Nanning – Pingxiang service to create a transnational train route, according to the proposal. In the document submitted to the premier, the Lang Son administration underlined that a new, high-speed rail service would “fully tap into the rail transportation potential [of Lang Son], boost Vietnam-China export-import turnover, and reduce pressure on road transport and controlling traffic accidents.” The administration therefore suggested that “the Prime Minister ask relevant bodies to start implementing the high-speed Hanoi – Dong Dang railway project, including building an international standard rail station in Dong Dang in the 2016-20 period.” The proposal came after Lang Son authorities and the Vietnamese transport ministry met with a visiting delegation from Guangxi in December 2015. According to Dan Tri (Intellectual) newswire, the Chinese side then suggested allocating capital for Lang Son to build a new 200kph rail service connecting the province with Hanoi. Commenting on the Lang Son proposal, Deputy Minister of Transport Nguyen Ngoc Dong said it is not the first time a province has proposed building a rail service that links to China. Other northern localities, including Hai Phong City and Lao Cai Province, have previously made similar propositions, according to the deputy minister. “Of course if conditions permit it is good to have these rail services,” Dong said. “However, under the current circumstances, these proposals must be carefully considered and analyzed.” Dong said the Hanoi – Lang Son rail service currently experiences poor demand for both passenger and cargo transportations. The transnational service between Nanning and Gia Lam in Hanoi are also currently serving few passengers, compared to the Hai Phong – Hanoi – Lao Cai rail service, which links to the Chinese province of Yunnan. The deputy minister also noted that building a high-speed railway is not as simple as installing wider railway track. “We need a number of other factors, including technology, investment, and operation capacity,” he said. “Had it been that easy to build high-speed railways, the world would have been full of this kind of rail service.” Even the current north-to-south train service, running between Hanoi and Ho Chi Minh City, is yet to get a speed upgrade, the deputy minister added. PM asks for urgent flood prevention plans Because of the powerful operation of on- going cold front and east monsoon, heavy- very heavy rains have covered the north central provinces from Quang Tri to Phu Yen starting November 1 with the average rainfall of 100- 300 mm, even up to 300- 500 mm in some localities of Thua Thien- Hue, Da Nang, Quang Nam and Quang Ngai, reported the Central Hydrology Meteorology Forecast Center. Floodwaterl is rising rapidly to alarm levels 2-3 in Quang Tri province. A severe flood occurred in the central region’s river systems in the last couple days due to the heavy rain. Thereby, floodwater is forecast to continue rapidly rising on Ha Tinh province’s Ngan Sau river and the local rivers from Quang Tri to Quang Ngai. Huong Son, Huong Khe, Vu Quang, Cam Xuyen, Duc Tho district of the Ha Tinh province, and Minh Hoa, Tuyen Hoa, Bo Trach, Le Thuy district and Ba Don town of the Quang Binh province are warned to continue suffering the severe flooding at 1- 2.5 meters. According to the weather forecast, the flood level is rising rapidly to alarm levels 2-3 in Quang Tri and Quang Ngai, by level 1- 2 in Thua Thien- hue, Quang Nam, Binh Dinh, Phu Yen and Khanh Hoa. In order to ensure lowlands safety, the water reservoirs in the provinces from Ha Tinh to Binh Dinh need to be kept close watch. With the complicated weather situation, Prime Minister Nguyen Xuan Phuc yesterday required the Central Steering Committee for Natural Disaster, Search and Recue, Police Ministry collaborate with army and police forces and the flood- hit central provinces from Ha Tinh to Thua Thien- Hue in keeping close watch on the rainfall and flood situation, providing the most correct and timely information about heavy rain and flood to the residents, mobilizing the functional forces in moving resident’s properties and animals to higher areas, and delivering enough food and drinking quality to the flood victims. In addition, the PM called on local authorities to eye on water level and flood releases at reservoirs, irrigational works and hydropower dams. VNA/VNS/VOV/SGT/SGGP/TT/TN/Dantri/VNE |
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The man who infuses spirit into water puppetry The more modern the society becomes, the more traditional art forms are pushed to the oblivion, and it’s a reality that many artisans have to quit their job to look for other ways to earn a living. However, there are people who still stick to their craft work. Phung Quang Oanh is an example.
Oanh has had over 25 years making water puppets in Saigon. Born in the northern province of Ha Tay (now part of Hanoi), Oanh moved to settle down in Saigon in 2007. He had to do many jobs to raise his family and to keep his passion for puppet making. “You cannot do this without passion,” Oand told the Daily. Due to fewer orders from customers, Oanh has to do carpentry and woodwork carvings to have money. Oanh has a big concern to keep the craft work since veteran artisans are no longer committed to the art while young people are not interested in this.
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Organic farming taking root in VietnamThe slow and steady rise of organic farming in Vietnam shows no signs of subsiding. But with the extra expertise and costs associated with growing organic produce, is it a profitable business model?  Organic farmer Pham Phuong Thao of Organica Farms has said it is not a realistic business venture for most local farmers. “It simply isn’t very profitable and probably isn’t a worthwhile investment for most local farmers,” Ms Thao noted. She first went into the segment four years ago, when she launched Organica. The company spent its first few years trialling a wide variety of fruits and vegetables and experimenting with differing approaches. “It’s a lot of hard work and one doesn’t see immediate returns,” she quipped, noting it differs substantially from conventional farming requiring much more expertise and investment to be successful. All phases of cultivation and harvest must be free of pesticides, chemicals, stimulants, hormones and genetically modified seeds. In addition, growers must keep a thorough record of production. There were no textbooks on how to establish an organic farm in Vietnam when we started our operations and we had to learn every lesson the old-fashioned way, by trial and error, she said. For instance, she noted that organic plants are much more susceptible to damage from wet weather conditions and that product quality can be ruined even from a heavy rain on the day of harvest. The most difficult vegetables to grow we learned were sweet ones because they attracted a lot of insects. For the same reason, fruit was also tricky – and mango, she added, was impossible to grow organically. To deter pests, Organica had to develop its own cropping strategies to grow plants such as leeks or young garlic alongside other vegetables to prevent the nasty insects from destroying the crops. We learned quickly that organic farming was much more demanding than conventional agriculture and required strict production procedures be meticulously followed. It also raised the cost of our produce beyond what most local consumers were willing to pay. Today the Organica 1.8-hectare farm is home to nearly 100 species of tropical fruit and vegetables, including leafy vegetables, edible flowers, root vegetables, herbs, and a variety of fruit. After four years of operation, Organica has opened four stores nationwide and has become the first farm in Vietnam to have been awarded organic farming certificates from both the US and EU. But Ms Thao cautioned the road to profitability was not instant. It’s only been in the last two years that we’ve broken even, said Ms Thao. In the last year, we’ve made more money because we learned from past mistakes and had higher yields with more greenhouses. Though organic farming has seen a slow and steady rise, it remains an open question as whether is it a profitable business model for the agriculture segment of the nation’s economy on the whole. VOV |
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Here are the most beautiful bays in central Vietnam. Quy Nhon Bay  Spreading from the south of Phuong Mai peninsula to Genh Rang, the bay of Quy Nhon takes an important role in the marine economics of Quy Nhon City in the central province of Binh Dinh. There are many beautiful beaches in the bay like Hoang Hau (Queen), Tien Sa, etc. Xuan Dai Bay  The central province of Phu Yen boasts numerous beautiful scenic spots of which Xuan Dai Bay is a masterpiece of nature. With its rare and yet still little-known beauty, this bay makes an attractive destination. Located 50 km north of Tuy Hoa city, Xuan Dai Bay covers 13,000 hectares. It is flanked by 15 km Co Ngua Mountain which, from afar, looks like a unicorn’s head. The 50 km-long Bay has many beautiful small beaches with a primitive beauty. The area includes mountains, islets and peninsulas such as Ong Xa islet, Da Mai mountain, and Mu U peninsula which together create a magnificent landscape. Xuan Dai is a picturesque landscape designed by Mother Nature in which the mountains, water and sky blend harmoniously. Around Xuan Dai Bay, there are several sites for tourists to discover. Ganh Den is a slope of hundreds of stacked rocks on top of which stands a lighthouse. Beautiful sandy beaches stretching beneath the slope are not large but beautiful enough for tourists to relax and experience life close to nature. Xuan Dai Bay inspires tourists with its sandy beaches, of which the most beautiful is Binh Sa or Long beach. It looks like a long strip of white silk around a forest of coconut palms and casuarina trees. According to local fishermen, the morning is the perfect time to discover the bay because the sea is relatively calm. Nhat Tu Son is the most beautiful island in the bay. Located a few hundred meters from the mainland, the 5 ha island serves as a screen to the fishing villages of My Hai and My Thanh. Near Xuan Dai bay, there are famous landscapes such as Da Dia reef, O Loan lagoon, Cu Mong lagoon, which are ideal places for organizing various types of tourism activities such as mountain climbing, sea-diving, boat-racing, wind-surfing and exploring the sea. Xuan Dai bay has witnessed many historic events: in the years of 1775-1801, there was a seabattle between the Tay Son army and the Nguyen Dynasty; during World War II, the navy ship of the Japanese Royal Ship was sunk in the middle of Xuan Dai bay by Allied war-planes; Vung Lam bay used to be the most bustling trading port of Phu Yen in the past, the door connecting Phu Yen to outer trading worlds. Vung Ro Bay  Vung Ro is a lush and charming bay located in Xuan Hoa Nam Commune, Dong Hoa District, Phu Yen Province. Vung Ro Bay has a total area of 16,4 kilometer meters water surface and is surrounded by three majestic mountains among the immense sea, including Deo Ca (in the north), Da Bia (in the east) and Hon Ba (in the west). Also, the Bay is shielded by Hon Nua Islet in the south. Along the path to Vung Ro, you will marvel at the green trees space, endless countryside grasslands, flickering turquoise seawater from a far distance and small plain houses on an enormous ground. If you go from Deo Ca mountain pass, you will be challenged by spectacular hairpin curves and experience steep craggy mountain slopes as well. Looking from Deo Ca, you can see Vung Row, withits breathtaking allure. You can,stop for a while on the mountain pass to gaze at that wonder. Vung Ro Bay looks like a giant mirror reflecting the scenery. Those scenert is mighty but also romantic and poetic. The Bay is like a brilliant nature painting with spectacular clear sky, mountains, blue sea, white clouds and forest. Moreover, visiting Vung Ro, tourists can enjoy relaxing moments at many serene and pristine beaches, such as: Lach beach, Mu U beach, Chua beach, Chan Trau beach, Lau beach, Nhan beach, Bang beach and others. You can discover endless flat sands next to the immeasurable blue sea, duck in the cool water and play joyfully amidst a quiet and tranquil space. Vung Ro is the land’s sweetheart-a funny comparison made by the locals here because it is always protected and shielded by enduring and mighty mountains. Consequently, the sea is calm and gentle. Vinh Ro Bay looks beautiful at any time of a day. Even in the dawn or sunset, in the sweltery noon or black night, Vung Ro Bay always captivate tourists by its fascinating charm. Vung Ro Bay is also known as a historical witness of fierce fighting during the Vietnam War with the involvement of America. However, it still remains pleasant, pure and peacefully beautiful over the years. In Vung Ro Bay, you may be shocked to know that among the crowded boats anchoring there, there is a shipwreck somewhere under the water. The ship carried patriotic soldiers who sacrificed their lives during the Vietnam War against the Americans in 1964-1965. People consider Vung Ro Bay a paradise of the Nau land. It not only possesses harmonious and calm atmosphere, but also evokes the glamor of avprimordial beach paradise in Vietnam. If you feel tired of the crowded beaches and are eager to be immersed in a peaceful and pristine beach, then make a plan to explore Vung Ro Bay right away. Blue sea, fine sands and marvelous undulating mountains scenery promise to be an interesting destination. Van Phong Bay  About 80 kilometers from Nha Trang to the North, it is easy to go to Van Phong Bay. It is one of the largest and deepest bays in Vietnam with wonderful scenery and diverse sub-marine ecosystem. According to experts, Van Phong bay is a “sleeping beauty” on a large sea area. It has a huge potential for tourism, sea ecosystem and sea economy in the area as well as on an international scale. Indeed, many tourists, especially foreigners,feel it is the ideal place for relaxing, discovering, and entertaining. It is peaceful, wonderful, and pristine. Van Phong bay is a group of smaller bays and beautiful islands which are named after natural things: Na Island, Couch Grass Sea, Xuan Dung Sea. Van Phong bay seduces visitors with its endless white sandy beach, clean and transparent seawater where you can see bustling life under it and colorful and lively coral reef. Moreover, there are mangrove forest remains, hundreds of plants and many rare and beautiful marine animals. You canalso go diving to discover marine life in Van Phong bay. The beaches here are peaceful and clean in the sunshine. The sand is pure white. The color mixes with the blue of the sky and water, and the white of the clouds to create a peaceful scene. From the beaches, you can see the Dai Lanh beacon and a mighty rock mountain called Bia Mountain. Van Phong bay is favored both for natural beauty and good weather with warm sunshine all year. Therefore, it is an ideal place for honeymoons. In the sunrise, if you get up early you can feelthat the sea air seems to be overwhelming you. As the sun darts its beams on the bay, a foggy set of curtains disappears and a picturesque scene appears instead. A new day starts with fishing boats going off to sea. Son Dung beach appears to be isolated from the world. However, there are 11 families who live there. Many visitors come to Son Dung for its pristine beauty and curiosity about the fresh water that can be found underground there. It is considered a special favor of nature in the small fishing village and also attracts many visitors. The precious fresh water source is a living source of people living here. With fabulous beauty, Phong Van bay is listed on the top 4 ideal place of attractions in the sea. The bay has good climate, and various kind of marine plants and animals but also unique topography with closed bay, beautiful beaches and sand dunes, diverse ecosystem like tropical forest, mangrove forest, … Van Phong bay is a tourism paradise in Khanh Hoa province Nha Phu Bay  15km away from Nha Trang Beach to the north, Nha Phu is a haven for nature lovers who want to immerse themselves in tranquility. Nha Phu bay has peaceful waves all year around. In the middle of the sea and blue and clear sky, the cluster of dreamlike islands looks like sails to be filled with winds going offshore. Thi Islet is one of the more popular islands. It features a pristine beach for swimming and playing games, and visitors can enjoy charcoal-grilled or fried fresh seafood, meat and vegetables that are served on bamboo tables. Lao Island is another attractive island in Nha Phu Bay, Vietnam. It is named “Monkey Island” because there are hundreds of monkeys living in flocks in the wild forest and they are friendly with visitors. Tourists can enjoy entertainment and recreational activities such as sea bathing, boat racing, horse riding, fishing, flowers, birds and golden fish parks, especially circuit performances of elephants, bears, monkeys, dogs, and cats. On Lao Island there are guesthouses and accommodations available, which have traditional and unique characteristics of Viet Nam. Visitors looking for an island with five-star services and accommodation won’t find them here, but for those who want a back-to-nature experience, Orchid Stream Island is one of the best choices. The island is formed by many small streams flowing down Hon Heo Mountain, winding through rocky hills for six kilometers and across the plain before emptying into Nha Phu Lagoon. Until recently there were few services available for tourists, but today there are many activities: ostrich riding, an animal circus, mountain climbing or sea-sports such as parasailing and jet skiing. A tour to Nha Phu Bay is suitable for dynamic and nature-loving travelers. Nha Trang Bay  With an area of about 507km², including 19 large and small islands, Nha Trang Bay is one of the rare natural models of a bay system in the world. The bay contains rare typical ecosystems of tropical sea such as coral reefs, mangroves, sea grass... With a diverse ecosystem, Nha Trang Bay is an ideal habitat of rare and valuable animal species, including swallow, sea turtle, red coral, Pinctada maxima, Cypraecassis rufa, sheep’s ear abalone (Haliotis ovina)… The climate in the bay is divided into two distinct seasons, the dry season from January to August, the rainy season from September to December with an annual average temperature of 26°C. Chong Islet, Tre Islet, Bich Dam, Mun Islet, Tam Islet are open to tourists, Tre Islet – the largest islet in the bay with an area of over 3,000ha – attracts the most visitors with 5-star accommodation and golf course, Vinpearl Land Amusement Park and the world’s longest sea-crossing car cable (at the time of inauguration in March 2007) with the total length of 3,320m. At Tre Islet, visitors will have the opportunity to rest and bath in the sea; and also experience cuisine, shopping and sports, entertainment activities such as aquariums, water music, water park, thrilling games, indoor games, surfing, water ball, jet skiing, scuba diving... Mun Islet is also a must-see destination for visitors when visiting Nha Trang Bay. The seabed in Mun Islet has high biological diversity, especially corals with about 350 species, accounting for over 40% of all hard coral species in the world. Mun Islet sea is the first marine protected area of Viet Nam. Here, visitors can dive snorkeling, ride glass-bottom boats or walk under the sea to admire the magnificent water world of Nha Trang sea. Hon Mun is also the placemwhere many couples choose to take underwater wedding photos. Tam Islet is also an ideal destination for recreation and leisure activities. Hon Tam Resort built on the islet offers many Asian villas and services for visitors such as parachuting, jet skiing, windsurfing, sailing, high-speed motorcycle... Tri Nguyen Fish Lake Tourist Area in Mieu Islet is an interesting destination for people who love sea creatures. This is a sea lake parted by the stone revetment system. The lake breeds hundreds of valuable and rare sea creatures. Tri Nguyen Aquarium in Tri Nguyen Fish Lake Tourist Area – a miniature ocean with lots of precious fish and marine plants has the shape of a fossil ship covered fully moss. Soi Beach which is about a few hundred meters from Tri Nguyen Fish Lake Tourist Area offers recreational activities for visitors such as jet skiing, parachuting, scuba diving ... Swallow’s nests are a specialty of Nha Trang City. Many islands in Nha Trang Bay are home to swallows, of which Noi Islet is the most famous. To Noi Islet, visitors will have the opportunity to visit the temple of swallow’s nest ancestor to learn about the history of formation and development of this craft and climb the stone steps leading Du Ha Mountain top to take nice photos on natural scenery of swallow islet. Noi Islet also owns Doi (Twin) Beach made from a curved sand bar on the two sides as two letters C leaning against each other. The sea here is calm and clear. Visitors can swim, watch colorful corals and fish, enjoy dishes made from swallow’s nests in the restaurant on the island and buy many products from swallows such as original swallow’s nests, refined nests, ginseng swallow’s nests ... In June 2003, Nha Trang Bay became the 29th member of the club of the most beautiful bays in the world. Cam Ranh Bay  From Nha Trang city, take the National Highway number 1 for about 40km to the south, then turn to the east, go over the Long Ho bridge; you've arrived in Cam Ranh Bay. Cam Ranh Bay is about 100 sq.km with five to six km width, nearly 15 km long and a depth of 15-20m. With the advantages of being a close, wide and deep bay, Cam Ranh Bay is able to harbor large-tonnage ships of about 10 thousand tons right to the port and 20 thousand tons to the bay door. Cam Ranh Bay's beauty has been well known for a long time. Mountains and sea form a masterpiece of the nature. The bay has contrasting colors: the white sand, the blue sea and sky, and the green mountains and tree. Cam Ranh used to be very bustling in the past, but now it is quiet and calm. The streets are crowded in the daytime but become incredibly quiet at night. Fishing villages are located along the coast, nestling themselves in dense coconut or evergreen forests. Along the coastal line is a lovely series of residential areas: Ba Ngòi,Đá Bạc, Bảo Giếng and the peninsula across the bay, including the communes of Mĩ Ca, Bình Ba, Vũng Nôm and especially the Thủy Triều lagoon that has a shallow water tide, and is a breeding ground for blood cockles. If you have a chance to visit Cam Ranh Bay, you can take a 40-minute boat ride from the port of Đá Bạc (Ba Ngòi) to Bình Ba, the place of sea breezes all year long and beautiful scenery. You can also visit Vũng Nôm - a bustling fishing village - located on the bank of a peaceful and calm river and surrounded by big gardens of coconut and longan trees. It's also rich with different types of food, most notably lobsters in Bình Ba, which can reach enormous sizes with almost 1-metre antennae. Some can weigh up to seven or eight kilos. In addition, Cam Ranh also has different kinds of seafood, such as snail, crab, seaweed, squid, and fish, which are very delicious and reasonably priced. In summer, visitors will have the opportunity to enjoy an mangoes that are small but extremely sweet. Cam Ranh Bay has great economic and tourism potential. All of the beautiful landscapes around the bay, such as the sand, fishing villages, and the hills of the peninsula in the extreme southern region, and yellow apricot blossoming all year round warmly welcome visitors. Cam Ranh Bay is considered one of the national major gateways to export products from the central Highlands, such as forestry products, rubber, tea, coffee, tobacco, sugar and fruit. Sand from Ba Ngòi is white and contains silica, the material for chemical industry to produce glass and crystal. Cam Ranh Bay can also be an ideal place to establish shipping industries, fishing and seafood processing to supply hotels and for export. Cam Ranh Bay is expected to be one of the largest industrial centers in a near future. Vinh Hy Bay  Vinh Hy is blessed with unique beauty and charm; no matter how often you visit Vinh Hy and the surrounding areas, you will discover a new attraction every time. First-time visitors typically choose to take a cruise in the bay in Ninh Thuan Province to see the coral reefs and the many islands and rocks with their fascinating shapes, like an ear or a turtle, or a hand with fingers stretching to the sky. Travelers on their second or third visits tend to opt for the boat voyage to the off-the-beaten-track areas. The pristine beaches and beautiful rocks will impress even the most seasoned traveler. There are many beaches to choose from that are suitable for both amateur and strong swimmers, such as Ba Dien (crazy woman), Tien (fairy) and Coc (cup) beaches in the bay, and Thung, Hoi, Binh Tien beaches which slope gently to the sea. It takes more than an hour to reach these tranquil beaches, but the scenery on the way is breathtaking and the reward once you arrive are gentle waves, breezes blowing in from the sea and the sweet sound of waves lapping against the shore, especially if you are willing to take the 30 minute boat trip to some of the more remote beaches. A boat driver called My told the Daily that he has transported numerous groups of tourists through the walls of high rocks perched by the sea, all of whom have been overwhelmed by the picturesque beauty of the area. The waves are constantly crashing against the walls of rocks. Over time the scene may change as the rocks are transformed by the waves, but the beauty and magnificence of Vinh Hy continue to attract visitors from near and far. Phan Rang Bay  Stretching from My Tan to Dinh Cape, Phan Rang Bay is home to many beautiful beaches and rich sources of seafood. Phan Thiet Bay  This bay, which hasmany famous beaches and tourist sites, is located in central Vietnam. Compiled by Pha Le, VNN |
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New rural development and agricultural restructuringAgriculture restructuring and new rural development are the two keys to Vietnam’s industrialization and modernization.  In the next five years, agricultural restructuring will be the key elements of Vietnam’s new rural development program. The national target program of new rural development is a long-term, comprehensive rural socio-economic development program that was begun in 2011. Based on its achievements over the past years, Vietnam aims to continue the program for another five years. In 2003, the Prime Minister approved a program of agricultural restructuring toward increasing added values and sustainable growth. The program focuses on the economic, social, and environmental aspects of restructuring agriculture. Improving rural Vietnam In five years of implementing new rural development program, drastic changes have been made. More than 47,000 km of roads have been built and more than 80% of communes have fulfilled the criteria of the program. Living conditions in rural Vietnam have improved. More attention has been paid to commodity agricultural production. Many locales have enlarged their fields, re-designed their irrigation systems and prepared for field mechanization. Dang Hoang Tuan, NA deputy for Long An province, said, “This is one of the Party and State’s inclusive programs and an important solution to realizing the Party resolution on agriculture, farmers and rural areas. It plays an important role in improving people’s material and spiritual lives.” Since it debuted in 2013, agricultural restructuring has accelerated the national target program of new rural development, increased incomes, reduced poverty, restructured farm labor, and generated jobs for people in rural areas. However, there remains a big gap in program outcomes between localities and between regions. Links between new rural development and agricultural restructuring In the next five years, Vietnam intends to have 50% of all communes achieved the criteria of the new rural development program; complete the infrastructure necessary for production - transportation, electricity, water, schools, and clinics; create production models to help stabilize people’s lives; and increase 2015 incomes 80%. To achieve these goals, new rural development needs to combine with agricultural production, applying scientific and technological advances to improve productivity and competitiveness. Doan Van Viet, deputy for Lam Dong province, said “We need to apply science and technology, especially bio-technology, to the agricultural growth model and increase revenues per ha. In Lam Dong province, just 16% of the agricultural production area uses high technology but its revenue accounts for 30% of the total." "Farmers in Lam Dong earn an average of VND150 million per ha compared to VND78 million per ha nationwide. By applying high-technology, vegetable production can generate VND400 to 500 million per ha per year and flower production from VND800 million to 1 billion,” he added. Getting enterprises of all economic sectors, particularly the private sector to invest in agriculture and rural areas is a key to the new rural development program, said Nguyen Tuan Anh, NA deputy of Binh Phuoc province. He said, “We need to improve the agricultural sector and rural areas by attracting investment from enterprises. Enterprises will help them find new outlets, improve product quality and quantity, and tap the advantages of each region. To do so, the new rural development program needs to focus on resolving land problems.” VOV5 |
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Social News 6/11 Da Nang industrial parks lack childcare facilities A shortage of kindergartens for the children of migrant labourers in Đà Nẵng City-based industrial zones has put pressure on workers and authorities. Lữ Thị Kim Hoa, head of the Education Office in Liên Chiểu District said that the supply of kindergartens in the city fell short of demand from workers in industrial zones. Meanwhile, licensed public and private kindergartens in nearby residential areas are overloaded, forcing many workers to send their children to unlicensed childcare facilities, she said. The district has only 36 licensed public and private kindergartens and more than 210 unlicensed childcare facilities. There are over 70,000 workers in the city’s industrial zones, more than 30,000 of which worked in Hoà Khánh industrial zone alone, about 60 per cent of whom are female. Many facilities could not meet necessary safety and health requirements. In the past, managing childcare faciltities was the responsibility of local authorities, Hoa said. However, the office still advises localities to manage and control unlicensed kindergartens to avoid risks to children, she said. Đức Thắng, a worker in Hòa Khánh industrial zone’s Việt Mỹ Steel Production Joint Stock Company, told Lao Động (Labour) newspaper that he spent months looking for a babysitter for his nine-month-old son. He asked his friends for help finding a day-care centre on social networks. “I have to trust their advice. But it’s hard to know the real quality of unlicensed centres,” Thắng said. Another worker said that she sent her daughter to a babysitter and was satisfied with the care for the first two years. But then the quality dropped sharply when the centre accepted more children, she said. She then had to ask her parents to take care of her child, the worker said. The newspaper reported that city authorities recently approved a project by a US foundation to build a care centre and kindergarten for needy children. The centre, One Sky Đà Nẵng, will be constructed at Liên Chiểu District Hòa Khánh Bắc Ward. The project is expected to feature office buildings, multipurpose rooms, security areas, classrooms, and a playground for children from six to thirty-six months. Sponsored by Half the Sky Foundation with a budget of VNĐ75.9 billion (US$3.4 million), the centre is intended to take care of children of workers at the Hòa Khánh Industrial Park. The centre will be built between 2016 and 2019. However, according to the newspaper’s research, only 250 children will be cared for over three consecutive years. With this limited number, it will not meet the huge demand of workers in the industrial zone. Hoa explained that this choice was based on international standards with high quality of care and teaching. “About 250 children of needy families in Hòa Khánh Industrial Park will be chosen for caring at the centre under the foundation’s standard,” she said. To meet demand and ensure the children’s safety, health and proper development, the city’s construction department is studying a plan to convert dormitories for students in the west of the city to worker accommodation complexes, with kindergartens, Nguyễn Văn Nam, deputy director said. The department has assigned the planning institute to research the plan and report to city authorities and the Government, he said. It has also co-ordinated with relevant agencies to study a project for all the industrial parks in the city, Nam added. Platform consults on sustainable use of natural capital How to improve the quality of natural capital is a challenge and also a target that Viet Nam is aiming for to ensure rapid and sustainable development. This was stated by Nguyễn Thế Chinh, director general of the Institute of Strategy and Policy on Natural Resources and Environment (ISPONRE) under the Ministry of Natural Resources and Environment, at a workshop in Hà Nội yesterday. "The solution is to make use of Việt Nam’s assets, learn from international experience and combine the development of science, technology and capital sources, including natural capital," he said. The consultant workshop gathered experts and officials from related agencies, institutes and universities to discuss how to operate the Natural Capital Platform in Việt Nam effectively. Natural capital, defined as the net value of a country or region’s natural assets, includes geological features, soil, air, water and all living things. It is generally considered to comprise three principal categories, namely natural resource stocks, land and eco-systems. Natural Capital Platform in Việt Nam is a non-profit and non-political organisation. Its aim is to enhance the knowledge base and ensure well-coordinated efforts that will raise awareness of the importance of natural capital considerations among relevant stakeholders to integrate it into planning, budgeting and accounting for sustainable development in Việt Nam. It welcomes the participation of all interested parties -- government policies makers, technical staff, relevant development partners and non-governmental organisations, as well as civil society and private sector. ISPONRE, which founded the platform, also takes the lead and coordinates with national and international platforms. The foreign partners include UNDP, Asian Development Bank and German Agency for International Cooperation. According to Chinh after 30 years of đổi mới (reform), Việt Nam has made remarkable achievements. The country’s growth depends primarily on existing natural resources. This has led to environmental pollution, reduction in natural resources and affected the quality of eco-systems, threatening economic development. The gathering agreed that using natural capital effectively is extremely important to help Việt Nam reach Sustainable Development Goals and implement multilateral environmental agreements, including the Paris Agreement on Climate Change. Đào Xuân Lai, UNDP representative, said “We should begin from a scientific foundation. It means we should call for participation and support from scientific institutes and organisations at the beginning of the platform’s establishment.” Associate Prof Dr Đặng Huy Huỳnh, former executive committee deputy chairman of the Viet Nam Association for Conservation of Nature and Environment, suggested that the Ministry of Natural Resources and Environment or Ministry of Planning and Investment be the supporting unit in terms of policies for the platform. “We should also take into consideration the participation of the community, for example, of 54 ethnic groups in Việt Nam, in discovering and protecting natural capital as they know the country’s natural resources very well,” he said. According to ISPONRE, the next steps of the platform are to set up a technical working group, including experts, leading managers working in the natural capital sector in Viet Nam and a coordination committee to propose a list of priority policy briefs for collaborative efforts. HIV response must cover women With women facing increased risks of HIV infection, experts are calling for greater emphasis on addressing the needs of women and girls in the national HIV response. Speaking yesterday at a Hà Nội workshop on the importance of mainstreaming gender into HIV work, Shoko Ishikawa, UN Women Country Representative said women and girls living with HIV "now face extraordinary, and often intersecting, forms of discrimination. Many face losing their home, custody of their children and property and inheritance rights.” Women who engaged in sex work also suffer high levels of discrimination, she said. In 2014 an estimated 240,000 adults were living with HIV in Việt Nam. Although the number of new infections had remained high at 14,000 a year, the proportion of infected women increased from one in four in 2007 to one in three by 2014. More than half of women living with HIV reported their only possible exposure to HIV being through a husband or long-term sex partner who had engaged in high-risk behaviour, according to the Việt Nam Administration of HIV/AIDS Control (VAAC). VAAC deputy general director Phạm Đức Mạnh said there is "limited awareness and legal and policy framework which focus on women and girls living with HIV at the moment.” “Only very few existing indicators are women-focused, and the review system focuses on quantitative data and case studies, which provide quite limited insights into the response of women, and more generally, the quality and effectiveness of the programme. Together with the lack of gender knowledge, these are becoming major barriers to an effective national response to HIV,” he said. In Việt Nam, sexual transmission is the most common means of transmission of HIV. Half of all people who were infected with HIV in 2014 were infected sexually compared to one in 10 in 2000. But only 40 per cent of young women have accurate knowledge about preventing the sexual transmission of HIV, according to the VAAC. The VAAC is now revising the HIV National Work Plan 2016-20 and preparing 2017 work plans. Turtle laying her eggs? Privacy, please! Curiosity is not always good. Sometimes it causes annoyance for those you are curious about. This is so true for creatures that need privacy, like sea turtles. A sea turtle was seen crawling onto Mũi Cồn Beach in central Quy Nhơn City’s Nhơn Hải Commune late one night. It travelled nearly 200 metres from the water to find a safe place to lay eggs. Sea turtles usually come ashore to lay eggs only after dark and after the tide has risen. They find empty and tranquil beaches without lights or noise to work in privacy. Unluckily, the mother-to-be had a very bad experience that night. Local residents followed her footprints in the sand, armed with curiousity, excitement and smart phones. They had rarely seen any turtles on the beach in recent years, and watching an endangered species laying eggs was such an amazing experience. They quickly approached the place where the large turtle was digging a hole in which to lay her eggs. Poor turtle! She was surrounded by the lights of many cameras and by the noise of cheering human beings. The mother turtle seemed quite ashamed or annoyed, and she just filled up the hole and returned to the sea without laying any eggs. Meanwhile, the crowd got nothing but images of a sea turtle laying motionless for nearly three hours before returning to the sea, leaving no eggs. Just boycott ’cussing noodle’ shops A noodle shop in Hà Nội is famous for yelling and cursing its customers. A recent episode of a CNN food show showed the shop owner, a middle-aged lady, as being very free and frank in the way she communicates with her customers. The so-called ‘cussing noodles’, named by world-renowned chef Anthony Bourdain, captured public curiosity after being aired. Many locals and foreigners rushed to try the dish, doubling the owner’s income. Although the woman promised local media she would try to control her hot temper, she could not keep her promise. On Facebook and social networks, many asked to be paid a fee by those who insult and curse others. A lawyer from the Hà Nội Lawyers Association assessed that the shop owner could be fined between VNĐ100,000-300,000 for insulting and humiliating others’ dignity - and said she should be strictly fined for such acts. Come on! It’s not worth spending time and human resources for such cases. Just stop entering the shop, stop eating the ‘cussing noodles’, and stop talking about them. That’s the heaviest penalty she could possibly pay. HCM City’s latest play to join int’l experimental theater festival in Hanoi An experimental play named Giac Mo (The Dream) scripted by Nguyen Dinh Thi and directed by Thai Kim Tung which was launched last week in HCMC would join the International Experimental Theatre Festival in Hanoi in November. The Dream tells a story about a soldier in a battlefield who is badly injured and falls into a coma. In the half-alive situation, he has a conversation with the Death who asks him to leave but he wishes to keep his life. During this dialogue, the Death allows the soldier to meet powerful characters in the history like Emperor Qin Shi Huang and Queen Cleopatra. These two people were seeking for longevity’s medicine but all died like ordinary people. Later, the soldier learns a truth that the death in wartime is a certain thing no matter how regrettable he is. Director Thai Kim Tung has used many new methods to make the play different from normal drama. The Dream is a combination of contemporary dance, cai luong (southern opera) and poetry. The use of sounds, lighting systems and costumes has made The Dream a strange yet special story to spectators via lively performances of veteran actor Trung Dung (the spirit of the soldier), Le Vinh (the soldier), Bach Long (the Death), and Meritorious Artist My Uyen (the voice of the homeland) and young actors of the 5B Vo Van Tan Theater. The International Experimental Theatre Festival will take place from November 15 to 30 in Hanoi, featuring 17 plays by ten teams in the world. All the works will have English subtitles on a LED screen. The festival’s purposes are to bring more chances for local and international artists to exchange and improve their knowledge and experience. Mien Tay Coach Station to move to Binh Chanh Dist HCMC will move the Mien Tay Coach Station in Binh Tan District to a 20-hectare location in Binh Chanh District. The city government last week assigned Tan Thuan Industrial Promotion Co Ltd to work with Phu My Hung Corporation to transfer half of a 40-hectare area for public projects in Binh Chanh to Saigon Transportation Mechanical Corporation (SAMCO). SAMCO will develop the area into a new Mien Tay Coach Station in a plan which the city has approved. Tan Thuan Industrial Promotion will coordinate with Binh Chanh authorities to clear the site and compensate organizations and individuals affected by the 20-hectare coach station project, as well as a 4.4-hectare area used for expanding National Highway 1A. SAMCO will bear all the cost of site clearance and compensation. The new coach station is expected to serve 50,000 passengers with 2,500 trips departing a day. WWF urges wildlife protection and changes to energy, food systems Global populations of fish, birds, mammals, amphibians and reptiles may decline by two-thirds by 2020, all within a 50-year period, including iconic species in the Greater Mekong region, such as the Irrawaddy dolphin and tiger, according to the World Wide Fund (WWF) for Nature’s Living Planet Report 2016 on Monday. WWF’s report shows how people are overpowering the planet for the first time in Earth’s history. Wildlife species already declined by 58 per cent between 1970 and 2012, the most recent year with available data. The authors of the report recommend a series of changes in the way society views wildlife, food and energy to reverse the trends. “Globally, wildlife is disappearing at an alarming rate, and here in the Greater Mekong we are seeing those trends accelerate,” said Stuart Chapman, WWF Greater Mekong Regional Representative. “Biodiversity is the foundation of healthy forests, rivers and oceans and we are paving the way for ecosystem collapse, along with clean air, water, food and climate services that they provide us.” Fortunately, there are solutions. In the Greater Mekong, that includes increased enforcement against poaching and illegal logging, trans-boundary cooperation on illegal wildlife trade and landscape protection. And 2020 holds great promise. In that year, commitments made under the Paris climate deal will kick in, and the first environmental actions under the globe’s new sustainable development plan are due. If implemented, these measures, along with meeting international biodiversity targets set for 2020, can help achieve the reforms needed in the world’s food and energy systems to protect wildlife across the globe. The WWF report uses the Living Planet Index, provided by the Zoological Society of London (ZSL), to monitor trends in wildlife abundance. This index reports how wildlife populations have changed in size, rather than the specific number of animals that have been lost or gained. The top threats to species identified in the report are directly linked to human activities, including habitat loss, degradation and overexploitation of wildlife. The report’s findings provide additional evidence that the planet is entering completely unchartered territory in its history in which humanity is shaping changes on Earth, including a possible sixth mass extinction. Researchers are already calling this period the Anthropocene. Understanding why we are moving into this new epoch enables us to identify solutions for restoring the ecosystems we depend upon. According to the report, food production to meet the complex demands of an expanding human population is leading the race in the destruction of habitats and overexploitation of wildlife. Agriculture occupies about one-third of the Earth’s total land area and accounts for almost 70 per cent of water use. The Living Planet Report 2016 outlines solutions to reform the way we produce and consume food to help ensure that the world is well fed in a sustainable way. The report also focuses on the fundamental changes required in the global energy and finance systems to meet the sustainability needs of future generations “Living Planet Report 2016: Risk and Resilience in a New Era” is the 11th edition of WWF’s biennial flagship publication. The report tracks more than 14,000 vertebrate populations of over 3,700 species from 1970 to 2012. Veteran artist’s photo exhibition features old-time celebs Veteran artist Dinh Tien Mau has opened a photo exhibition featuring numerous old-time celebrities of Saigon on Nguyen Van Binh book street in downtown HCMC. The photos remind viewers of the glorious days before 1975 of many beautiful Saigon lasses, including Diem Thuy, Ha Thanh, Thanh Nga, Thai Thanh, Kieu Chinh, Kim Cuong and Tham Thuy Hang. The exhibition is among a series of events about the old Saigon, which are being held by Phuong Nam Cultural Corp. (PNC) every two months, starting from now until the end of 2017. At the event, photographer Dinh Tien Mau, the owner of the old Vien Kinh photo studio in Saigon, shared his experience in photography and his memories of the celebrated models he worked with prior to 1975, when southern Vietnam was liberated. Dinh Tien Mau, who was born in the northern province of Ha Dong (now part of Hanoi) in 1935, moved to Saigon to work as a photographer. Mau started his career when he was 13 and opened his own studio in 1958 at the age of 23. Vien Kinh Studio, which was opened in 1963 at 277 Phan Dinh Phung Street (now Nguyen Dinh Chieu Street in HCMC’s District 3), was a popular venue for celebrities to have their portraits taken for albums, and newspaper/magazine covers. After 1975, Mau still pursued photography and worked for Khan Quang Do and Tuoi Tre newspapers. Works by Dinh Tien Mau can be found in a series of books about Saigon, especially the book collection “Saigon, stories of a city” which was launched by Pham Cong Luan three years ago. HCMC tasked with higher budget collection in 2017 The budget collection burden will grow heavier for HCMC next year as it has been assigned to collect a total of VND347.8 trillion (US$15.6 billion), far higher than in 2016, heard a meeting on the city’s social-economic performance last Friday. Phan Thi Thang, director of the municipal Department of Finance, told the meeting that according to a Government plan submitted to the Nation Assembly, HCMC’s budget collections must exceed VND347.8 trillion next year, VND49.5 trillion higher than the 2016 figure. Budget revenues from domestic sources in 2017 will rise to around VND226.5 trillion from an estimated VND177.6 trillion this year. Thang said the city’s budget expenditures are estimated to reach VND60.71 trillion this year but fall to VND60.37 trillion next year. She added the city would have to collect more but spend less next year. According to the Government plan, the city can retain a mere 18% of its annual shared revenues in the next five years. But the city has proposed the Government allow it to keep 21%. According to data of the HCMC Department of Planning and Investment, the seven breakthrough programs in the city would need a combined VND471 trillion in the coming years. The city will need to spend VND96 trillion a year. If the city retains 23%, its spending on the seven programs would be VND77 trillion a year on average. If it is 18%, the city would face a serious lack of finances for these programs. Speaking at a meeting on budget matters last week, Vo Van Hoan, chief of the HCMC government office, suggested the projects under the seven breakthrough programs should be reconsidered and some of them might be transferred to the private sector. HCMC Vice Chairman Tran Vinh Tuyen told the Department of Planning and Investment to take a look back at funding sources and make necessary adjustments to make sure each dong spent could help attract 15 dong from the private sector versus the current ratio of 1:14. According to a city government report, budget collections amounted to VND249.59 trillion in January-October, meeting 83.67% of the 2016 estimate and rising 10.38% from a year earlier. Of this, revenues from domestic sources went up 18.78% year-on-year, crude oil down 58.5% and import-export taxes up 9.25%. Meanwhile, its budget expenditures totaled VND40.6 trillion in the ten-month period, representing 63.64% of the estimate and climbing 2.4% year-on-year. Spending on investment projects rose 6.58% from a year earlier and regular expenditures inched up 4.92%. Illegal quarry exploitation boom in Tây Nguyên Province Large-scale Illegal quarry exploitation has been taking place for months in Đắk Nia Commune in Gia Nghĩa Township of the Tây Nguyên (Central Highlands) province of Đắk Nông. Quarry men have used high-capacity machines to process rocks for construction material. The exploitation has led to terrible noise and air pollution in the residential areas nearby. Moreover, trucks carrying rocks run night and day, damaging the roads. Notably, the illegal quarry exploitation has been ignored by the local authority. Hoàng Văn Tẻn, head of Đắk Tân Hamlet, said quarry exploitation has been taking place for months. "Quarry exploitation has seriously affected the lives of the locals here”, Tẻn said. “The road from the mines to the commune was terribly damaged by the trucks that run night and day”, he said. Security in the area has also been unstable because most of the quarry men were from other provinces, therefore it was difficult to conduct their personal identification. Đồng Quang Huy, head of Đắk Nia Commune, said, so far, he and the local government did not know who the quarry men are, where they are from and who owned the quarry mines. According to Huy, land in the area was allocated to the Nam Tây Nguyên Company to build a tourism complex. However, Nguyễn Văn Trân, the company’s director, said the licence for the project of building the tourism complex was revoked a year ago. Huy said the commune had reported the situation to the district authority and the police, but whenever the police visited the area nobody was there. The commune appears powerless to resolve the situation. Hà Tĩnh starts getting Formosa compensation People from Hà Tĩnh Province’s Lộc Hà District, one of the worst affected by the marine environment disaster earlier this year, started getting compensation on Sunday. The district’s compensation package is around VNĐ 270 billion (US$ 9.3 million). The district government had approved the compensation package for damages as a result of a toxic spill caused by Hưng Nghiệp Formasa-Hà Tĩnh Steel Company. Lộc Hà is the first district in Hà Tĩnh Province to have started handing out compensation to affected people as part of the US$500 million package that Formosa has pledged. Around 5,000 workers in the district have been directly affected by the pollution, while another 744 have been indirectly hit. Thịnh Lộc and Thạch Mỹ communes in the district will be the first to receive compensation, to the tune of VNĐ 20 billion (US$ 896,000). On Sunday, 15 vessel owners and 15 workers in Quang Trung Village, Thịnh Lộc Commune, got compensation worth VNĐ 1.5 billion (US$ 67,200). Payment will continue to be handed out to people in Lộc Hà District in the following days. Hà Tĩnh’s provincial Party’s Committee secretary, Lê Đình Sơn, and vice-chairman of the People’s Committee, Đặng Ngọc Sơn, are overseeing the payment. “I hope people will overcome their difficulties and continue to use the ocean. It’s essential that people use their compensation appropriately. The management board in charge of compensation payment must make the process as easy as possible for those affected. It must check carefully and hand over aid to the right people,” Sơn said. Hà Tĩnh People’s Committee announced that on Monday, Deputy Prime Minister Trương Hoà Bình will attend and oversee the payment sessions in Thạch Kim Commune, Lộc Hà District. Later in the day, he will meet with representatives of people’s committees from the four provinces affected by the spill. As per the latest inventory (October 9), in Hà Tĩnh, around 7,000 fishing vessels, 2,260 hectares of ponds, lakes and tidal flats, 31,700 cubic metres of cage farming, 127 hectares of salt fields plus nearly 48,000 workers and fishermen have been affected by the toxic spill. Aquaculture products left in the storage stands at nearly 1,800 tonnes. The total damage to Hà Tĩnh is estimated at VNĐ 2 trillion (US$ 89.6 million), of which VNĐ 1.,98 trillion is direct loss. Vietnam may allow conjugal visits to make prisons more humane In a move to make Vietnamese prisons more humane, the Ministry of Public Security is drafting a rule allowing inmates to meet their spouses in private rooms. The proposed rule, recently made public by the government, will reward prisoners who have complied with regulations or make contributions with conjugal visits of 24 hours. Details are sketchy at this point. It's unclear if the rule will even apply to death row inmates or how often prisoners with good behavior can see their partners. Under one of the proposed conditions, female prisoners eligible for conjugal visits will have to use contraception and sign a commitment promising that they will not get pregnant. This can open up many more questions, but the government clearly wants to make sure that female prisoners can serve their sentences with no pregnancy involved. Vietnamese authorities may be more cautious about pregnancy in prisons now, after a drug trafficking convict in the northern province of Quang Ninh escaped death penalty after getting pregnant last year. The 42-year-old woman reportedly managed to successfully insemminate herself with seamen bought from a co-inmate. In Vietnam babies born in prisons will be either sent home to relatives or raised in on-site nurseries. Children from three years old, however, are not allowed to be raised in prisons. Tran The Quan, deputy director of the Legislation Department at the Ministry of Public Security, told local media that female prisoners who violate their commitment of not getting pregnant will be punished, without providing specifics. Commenting on the proposed rule in general, he said allowing conjugal visits is a humane and appropriate policy. “I have discussed it with foreign colleagues and they hailed such a move as an improvement for Vietnam’s legal system,” Quan said, as cited by Phap Luat Thanh Pho Ho Chi Minh (Ho Chi Minh City Law)newspaper. Quan said family reunions will have psychological benefits and give inmates motivation. In a rare example, a prison in the northern province of Bac Giang has for several years allowed visits between male prisoners and their wives and children. The prison places condoms and drinks in each reunion room. Vietnam insurer to pay US$3.5mn compensation for crashed military chopper PVI Holdings, the insurance arm of state-run oil and gas giant PetroVietnam, will pay US$3.5 million in compensation for the damages of the Airbus EC 130 T2 helicopter that crashed during a training flight last week. The said sum covers only the fuselage of the crashed chopper, as the insurer is still completing compensation procedures for the three pilots killed in the October 18 crash, according to a PVI representative. The EC 130T2 chopper coded VN-8632 disappeared off radar screens some 15 minutes into a training flight near Dinh Mountain in the southern province of Ba Ria-Vung Tau. The chopper was later confirmed crashed, with the wreckage as well as the bodies of an instructor and two trainee pilots found after a day of search. Shortly after the crash, PVI had given each family of the deceased pilots a temporary sum of VND500 million (US$22,321), according to the insurer’s representative. The crashed EC 130T2 chopper was manufactured in France in 2014 and was of versatile use, from military to tourism purposes. The helicopter is among the flying fleet of the Vietnam Helicopter Corporation. PVI has confirmed it is the main insurer for the entire Vietnam Helicopter Corporation fleet since 2009, covering damages related to the aircraft fuselages, pilots and aircrew. HCM City, Japan’s Nagasaki to increase student exchanges Vice Chairman of the HCM City People’s Committee Huynh Cach Mang has expressed support of a proposal for more student exchange programmes by Japan’s Nagasaki prefecture. The official affirmed the support during his meeting on October 28 with Takushima Toshio, President of the Industry and Trade Association of Nagasaki, who is on a working visit to the city. Mang said he will assigned relevant agencies to coordinate with Nagasaki partners to carry out the proposal, adding that he hopes the association to help engage Vietnamese students in Nagasaki in promoting the relationship between the two localities. Meanwhile, Takushima Toshio said 12,000 members of the association want to promote cooperation with Vietnam across the fields, firstly in bringing HCM City’s students to Nagasaki for study and vice versa to boost friendship and understanding among their young people. According to him, every year, Nagasaki organizes trips to Vietnam for around 1,000 students and is ready to create favourable conditions for HCM City students to study in Nagasaki. Of 26,000 Vietnamese students in Japan, around 1,300 are studying in Nagasaki. PM okays reservoir construction in Long An province The Prime Minister has approved the more than 490 billion VND (22.05 million USD) plan of funding for the Mekong Delta province of Long An to build a reservoir to supply water for daily life and agricultural activities. Director of the provincial Department of Agriculture and Rural Development Le Van Hoang on October 28 said the project aims to tackle the effects of drought and climate change in the locality. Of the investment, the central budget will cover 390 billion VND (17.55 million USD) while local funds will provide more than 100 billion VND (4.5 million USD) as compensation for land clearance and resettlement. The reservoir, which will cover 100 hectares in Thanh Hoa district with a capacity of over 4.5 million cubic meters of water, is expected to be put into operation in early 2018. Once completed, it will provide fresh water to 16,000 hectares for rice cultivation and seafood breeding and supply water to nearly 65,000 people. The project is also hoped to regulate water in rainy and dry seasons, ensure water security and conserve mangrove forests. Vietnam may allow conjugal visits to make prisons more humane In a move to make Vietnamese prisons more humane, the Ministry of Public Security is drafting a rule allowing inmates to meet their spouses in private rooms. The proposed rule, recently made public by the government, will reward prisoners who have complied with regulations or make contributions with conjugal visits of 24 hours. Details are sketchy at this point. It's unclear if the rule will even apply to death row inmates or how often prisoners with good behavior can see their partners. Under one of the proposed conditions, female prisoners eligible for conjugal visits will have to use contraception and sign a commitment promising that they will not get pregnant. This can open up many more questions, but the government clearly wants to make sure that female prisoners can serve their sentences with no pregnancy involved. Vietnamese authorities may be more cautious about pregnancy in prisons now, after a drug trafficking convict in the northern province of Quang Ninh escaped death penalty after getting pregnant last year. The 42-year-old woman reportedly managed to successfully insemminate herself with seamen bought from a co-inmate. In Vietnam babies born in prisons will be either sent home to relatives or raised in on-site nurseries. Children from three years old, however, are not allowed to be raised in prisons. Tran The Quan, deputy director of the Legislation Department at the Ministry of Public Security, told local media that female prisoners who violate their commitment of not getting pregnant will be punished, without providing specifics. Commenting on the proposed rule in general, he said allowing conjugal visits is a humane and appropriate policy. “I have discussed it with foreign colleagues and they hailed such a move as an improvement for Vietnam’s legal system,” Quan said, as cited by Phap Luat Thanh Pho Ho Chi Minh (Ho Chi Minh City Law)newspaper. Quan said family reunions will have psychological benefits and give inmates motivation. In a rare example, a prison in the northern province of Bac Giang has for several years allowed visits between male prisoners and their wives and children. The prison places condoms and drinks in each reunion room. Interesting Indian films on show in Hanoi Five Indian films will premier at the fourth Hanoi International Film Festival 2016 slated for November 1-5. The festival will give Hanoians a chance to watch new Indian films - Cinemawala, In greed we trust, Interrogation, Sohra Bride and The Quest, which are produced in 2015 and 2016 with themes of life and society. With roughly 1,000 films in different categories produced each year, the numbers of films made by the Indian movie industry is even higher than those from Hollywood, which is recognized as a world centre for the film industry. Novotel Phu Quoc Resort gets five-star certification The Novotel Phu Quoc Resort has announced that the Vietnam National Administration of Tourism (VNAT) had recognized the facilities and services of the resort on Phu Quoc Island off Kien Giang Province as meeting five-star standards. Novotel Phu Quoc was the first internationally managed property on the island to receive this accolade. VNAT sets rigorous standards for its star ratings, with five stars denoting the highest possible standards of physical facilities, service quality, and ability to meet diverse demands. Lee Pearce, the resort’s general manager, said Phu Quoc is a destination with boundless potential and limitless opportunities. As the only international five-star resort on the island, the Novotel is positioned to capture an emerging, upscale segment of the island’s tourism market. “We are confident that the investment of CEO Group, the resort’s owner, will pay dividends as the island continues to grow. Indeed, as the nearby airport continues to increase uplift, both domestically and with the addition of new international flights, the prospect for our resort to be at the center of the emergence of this destination is tremendous,” Pearce noted. With total investment capital of nearly VND5 trillion, the resort has 366 rooms and beach-front villas, two swimming pools, two restaurants, two bars, a gym, a spa, a kid’s club and a 60,000 square meter landscaped garden. Novotel Phu Quoc, which has been operational since early this year, is situated on Truong (long) Beach and is 15 minutes away from Phu Quoc International Airport. Hue museum to reopen Champa collection this November Another chance to take a look at the civilization. A section focusing on the Cham culture within the Museum of Royal Antiquities in Hue will be reopened to all visitors on November 23 after more than seven decades. The collection, available to only researchers at the moment, features more than 30 artifacts discovered in the central province of Thua Thien-Hue and nearby regions by scholars at the French School of the Far East. It is believed to be one of the most complete collection on the Champa culture, which flourished between 3,000 and 1,800 years ago along the central coast. The Hue Museum of Royal Antiquities opened 1923, originally named after Khai Dinh, the 12th emperor of the Nguyen Dynasty. VNA/VNS/VOV/SGT/SGGP/TT/TN/Dantri/VNE |
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Will a focus on consumption serve as the economic springboard for Vietnam? Economists have urged the government to reconsider the role of consumption and select it as the springboard to promote economic growth in the future.  Three decades have elapsed since doi moi (renovation) kicked off in 1986. Vietnam has been developing its economy based on three important pillars – import/export, infrastructure development and consumption. Of the three pillars, consumers once played a key role in the national economy’s growth, which made up 84.3 percent of GDP in 1990, according to the World Bank. Nguyen Xuan Thanh, director of the Public Policy Program belonging to Fulbright University, said that Vietnam has long been a consumer-aided economy. Though the role of consumers has gradually weakened over time under the impact of increases in investment and import/export, the proportion that household consumption contributes to Vietnam’s GDP has been high, 65.1 percent in 2015.
The figure was far higher than that of China, Indonesia and India and was only lower than the US. The close relation between consumption and GDP growth can be seen in the fact that when the growth rate in the consumer sector decreased in the first nine months of the year (4.9 percent vs 7.3 percent in the same period last year), the GDP growth rate also decreased (5.9 percent vs 6.5 percent). Meanwhile, import/export, the second pillar of Vietnam’s economy, which was hoped to create a driving force for GDP growth, now shows problems. Vietnam has had a trade deficit in the last two years. Exports have been relying on foreign invested enterprises (FIEs). The exports of Vietnamese enterprises decreased by 3.5 percent in 2015, FIE exports increased by 13.8 percent which made up 71 percent of Vietnam’s total export turnover. Meanwhile, experts warned that an economy which relies on FIE exports cannot have sustainable development. This is because FIEs may leave Vietnam at any time. Regarding the third pillar, investment growth still can be maintained. However, experts warned that an economy which focuses only on investment may fall into the trap, like China. China had impressive GDP growth rates thanks to huge investments, quickly becoming the world’s production base and earned big money. However, economic growth was affected when the global economic crisis occurred, which led to a fall in purchasing power. Therefore, experts have suggested that the government reconsider the role of the consumer economy and use consumption as the springboard to boost economic growth in the future. Jonathan Dunn, Chief Representative of IMF Vietnam, said that in ASEAN countries and China, the contribution of private consumption to GDP has been rising. Nam Lich, VNN |
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Nam Dinh - the native land of the Tran Kings Nam Dinh, a coastal province in the southern Red River Delta, is the sacred land of the Viet people, Tran Kings and national hero Tran Hung Dao, the spirit of the Tran Dynasty. Nam Dinh has nearly 4,000 historical cultural sites including 77 national, 216 provincial ones; and many typically historical, cultural, architectural monuments like Keo Hanh Thien pagoda, Ngoi Bridge, Luong temple, Nam Dinh flagpole. Nam Dinh is also the native place of Tran dynasty which was the most prosperous in the history of Vietnam feudal era with remains typified by King Tran Relics, Thap temple, Co Le Pagoda, Keo Hanh Thien Pagoda, Phu Day Temple, ect. In addition, there are historical and cultural monuments associated with famous men like Nguyen Hien (the first doctoral candidate), Luong The Vinh (famous for measuring and intelligence, a sense of humor), Tu Xuong poet memorial house of Nguyen Binh, the memorial site of Truong Chinh, the late General Secretary. Along with the historical and cultural heritage, Nam Dinh preserved and developed over 70 traditional villages with the industries and products such as the wood carving village of La Xuyen, baamboo lacquer Cat Dang, Tong Xa copper casting village (Y Yen district), Vinh Hao baamboo and rattan village (Vu Ban district), Vi Khe floriculture and ornamental plants (Nam Truc district). Nam Dinh preserved cultural heritage including typically over 100 traditional festivals held every year. Many unique and great festivals attract tourists such as Phu Day Festivals (national intangible and cultural heritage), the seal opening ceremony at the Tran temple, Vieng fairs, etc. Below are the mostworthy destinations in Nam Dinh Tran Temple .JPG) Tran Temple in where kings of the Tran Dynasty and their mandarins are worshiped. The structure has three main buildings, comprising Thien Truong Temple (Up Temple), Trung Hoa Temple (Center Temple), and Co Trach Temple (Down Temple). Thien Truong Temple was established from the base of Trung Quang Palace in which the former King lived and worked.  The first aisle of the temple has the altars and plaques of the Tran Dynasty’s mandarins. The other two aisles in the back are devoted to worshipping the Tran Kings and their ancestors, and the altars of their queens are located at the sides of the interior. Co Trach Temple is devoted to Tran Quoc Tuan, one of the most famous generals in the history of Vietnam, who had three epic victories for the Tran Dynasty against Mongol invaders. His family and most reliable assistant are memorialized, along with many other mandarins such as Truong Han Sieu and Pham Thien Nhan.  Trung Hoa Temple is a new building built in 2000 by the local authorities. This temple is used to worship all fourteen Kings of the Tran Dynasty along with their most respected mandarins. If you visit here on January 15th (lunar calendar) don’t miss the Tran Temple Festival, which celebrates the Tran Dynasty and its famous resistance against three Mongol invasions. This event is also a chance for people to pray for good fortune in their lives, and especially in business. Tran Temple Festival involves some rituals and cultural activities: proclamation worshipping, palanquin procession, cheo singing, van singing, bai bong dance, sword dance, and wrestling. Xuan Thuy National Park  Xuan Thuy National Park is located in a 12,000ha area of Giao Thuy District, Nam Dinh. This park is 160km from Hanoi, and is the perfect destination for those who want to explore the wild nature of northern Vietnam and its amazing biodiversity. Additionally, the place caters to visitors with a multitude of tourist packages and attractions such as community trips or to cultural sites in the surrounding area.  It could be said that Xuan Thuy is one of the best places in the world to see animals in their native habitat, especially birds. Scientists estimate there are over 100 species of migratory birds which stop within Xuan Thuy to rest during their migration, usually in massive flocks. Besides these migratory birds, there are also 215 species of birds living in its forests and mangrove swamps all year round, including several rare types such as the Pelican, Spoon-bill Stork and Saunder’s Gull.  Under the waters of Xuan Thuy is a magical habitat of approximately 500 kinds of sea creatures like the Sea Cat, Sea Fox, and many colorful species of crab, shrimp and fish. Moreover, this park contains huge numbers of medicinal and edible plants, including rare kinds of algae and seaweed. The exceptional biodiversity of Xuan Thuy coupled with its pristine landscapes make for breathtaking views, the kind usually only seen through the lens of a nature documentary. Pho Minh pagoda  Pho Minh pagoda is located in Tuc Mac Hamlet, Loc Vuong Commune, Nam Dinh City. The pagoda was built during the Ly Dynasty and was later expanded in 1262 during the Tran Dynasty. It was a place for high-ranking mandarins and the aristocracy of the Tran Royal Court to worship and lead their religious life. The pagoda was built in the noi cong ngoai quoc style where the inner part was in the form of the Han Chinese ideograph word cong (I) and the outer, the Chinese word quoc. It had clear imprints of the cohabitation of Confucianism, Buddhism and Taoism.  A 7-tonne cauldron, since vanished, once guarded the front and could hold two men. It was dubbed one of the four precious objects of An Nam, joining the Bao Thien Tower, the Quy Dien Bell and Quynh Lam Statue. The statue of King Tran Nhan Tong lying on his left side shows him entering Nirvana; the statues of the three founders of the Truc Lam Buddhist Sect, Tran Nhan Tong, Phap Loa and Huyen Quang; and 60 red-lacquered and gold-trimmed Buddha and Saint Statues have been preserved in the pagoda.  In particularl, a 13 story-tower in the shape of a lotus, 21 meters high, was built within the vicinity of the pagoda in 1305. It is estimated that the 700-tonne tower relies on an area of only 30 square meters but it has remained for 700 years. The base and the tower's first floor were constructed with flagstones and the upper floors were built with bricks. Thinh Long Beach  Thing Long is a new beach in Hai Hau, Nam Dinh that has only recently become popular. The beach is 3km of soft sandbanks and Casuarina forest that frames an inlet of sparkling blue ocean. The scenery at Thinh Long is unequalled by other beaches on the coast of Northern Vietnam, due to its untouched beauty and clean waters. Thinh Long is lucky in that it isn’t affected by the infamous hot winds from Laos, so the weather is cooler with a light but pleasing breeze bringing relief from the hot sun.  There are also some big but gentle waves, which makes Thinh Long an excellent spot for the beginner surfer. If you like to be more active than just working on your suntan, you can also hire a canoe to ride round the seashore and explore rock islands off the coast. There are professional fishing villages at each end of the beach which are happy to welcome you and show you their way of life. Don’t forget to taste the special dishes here because this place has wonderfully diverse and delicious seafood, as fresh as it gets! Co Le pagoda Co Le pagoda - ancient pagoda with Ly Dynasty architecture - was built by Buddhist Monk Nguyen Minh Khong. It has unique architecture with Cuu Pham Lien Hoa Tower, 9,000-kg bell, ancient Thich Ca Buddha statue, and more. Buddhist Monk Pham Quang Tuyen rebuilt the existing Co Le Pagoda in November 1920. In front of the pagoda is the 12-storey Cuu Pham Lien Hoa Tower built in 1926. The octagonal base of the tower sits on the back of a turtle facing the pagoda. In the tower, there is a huge staircase spiraling to the top of the tower. From the top, there is a panoramic view of the entire area.  A bridge leads to Phat Giao Hoi Quan, a Buddhist meeting place, built in 1936. In addition to this bridge, the main pagoda can be reached by two other bridges in the mountains. In the center of the pagoda is a large 9,000-kg bell moulded in 1936. In the upper temple is the statue of Thich Ca Buddha; it is made of red lacquer trimmed with gold. Several rare relics, such as a great red bell and bronze drums dating from the Ly dynasty, are kept in this pagoda. Vieng Market  Held in Nam Truc and Vu Ban Districts, Nam Dinh Province, Vieng market festival is launched on the annual 8th day of the first lunar month, only once a year, just after Tet (Lunar New Year) holiday. This is one of the most famous traditional market festivals in Vietnam. Legend has it that Vieng market is linked to the person who brought copper casting to the area, Nguyen Minh Khong, so people who go the market feel that they will get lucky if they buy something made of copper on this day.  The market opens on the 8th of lunar January; nevertheless, the most spiritual moment falls on the night of the 7th and early 8th. That is the moment of heavenly-earthly, positive-negative exchange. According to the popular belief, at the time, men and Gods reach together and prayers could be perceived more clearly. Trade at the time takes place smoothly. Consequently, there are 40,000-50,000 people coming to the market on the night of 7th. The market on the night of 7th is called “Cho am phu” (Hades Market). There are about 10,000-12,000 people coming to the market on the following 8th. The market-goers not only enjoy the atmosphere but also bring along the feeling toward Mother, praying for fortune and favorable nature, rich crops, and happy family. They buy and sell for luck in the rest of the year.  Vieng market is typical to an agricultural countryside that is rich in natural products, a kind of radiant open-air “fair” produced by local farmers, especially ornamental plants, specialty crops, subtle craft articles, utensils, bronze and iron-made tools, etc. This spring market displays handicraft products, antiquities and false antiquities, utensils, tools for agriculture production, and many kinds of ornamental plants. Specialties are barbecued beef and “banh day” (sticky rice cake). The cheapest things at Vieng would be flowers and trees, which bring both the buyer and seller happiness and luck. From around 2a.m, deals are done under the light of candles or flash-lights. Deals are agreed to quickly, as people believe, to keep luck. From 6a.m, local people bring farming tools such as hoes and sickles to sell, which relate closely to their lives. Buyers believe that the tools will bring them health and riches. Vieng market also is also a place to relax. Lovers would find themselves or their happy future here.  Above all, everyone visiting the market wants to buy the burnt veal at any cost, which is considered the indispensable gift from the market from the fair of the Vieng market-goers. Vu Ban people think of folk-songs as a reminder: Beautiful churches (1).jpg) Diocese of Bui Chu Nam Dinh is home to many beautiful Roman Catholicchurches. Diocese of Bui Chu: Located in Xuan Ngoc commune, Xuan Truong district, the church was built in 1885. After more than 100 years, the Diocese of Bui Chu is still majestic and superficial. With a length of 78m, a width of 22m and 15m high, this church hosts many important events. The diocese is reportedly Vietnam’s first place where Catholicism was introduced by foreign missionaries in 1533. It is also the cradle of Catholicism in the country. French Bishop Pierre Lambert de la Motte, one of the first two bishops of the Catholic Church in Vietnam, founded the first indigenous congregation of Adorers of the Holy Cross in the diocese in 1670.  Phu Nhai church Phu Nhai Church: The church, located in Xuan Phuong Commune, Xuan Truong District, was first built in 1866 as a small temple, but was later renovated and expanded. It is considered the biggest church of Gothic architecture in Vietnam, with 30m height, 28m width and 80m length. There are 2 bell towers with 44m height, containing 4 bells. It has statues stuck on the surface of the walls or the doors.  Kien Lao church Kien Lao Church is located in Xuan Tien commune, Xuan Truong district with a length of 75m, 26m wide, 28m high and a 46m high bell tower. On the two sides of the church are lakes and rows of street lights. Trung Linh Church is located in Xuan Ngoc commune, Xuan Truong district, 1.5 km from the Diocese of Bui Chu. This church was built in 1928 and is very beautiful. This is one of the favorite places of couples to take wedding photos. Thanh Danh Parish: The church is in Xuan Trung commune, Xuan Truong district. It is famous for carved murals related to the classic reference in the Bible.  Thanh Danh Parish Nam Dinh Cathedral is located in the heart of Nam Dinh City. The church has a simple design but still exudes serious contemplation. Hung Nghia Church: This church looks like a castle with fine details. This church is located in Hai Hung commune, Hai Hau district, built in 1927 and renovated in 2000. Xuong Dien Church: The church is located in the coastal commune of Giao Thuy, Hai Hau province, with tile roofs and wood frame like Buddhist temples in Vietnam. The combination of European-Asian style is familiar to Vietnamese.  Hung Nghia church An Phu Church: This church is in Bui Chu parish, with quite distinctive architecture. Through the ups and downs of history, wars, and weather, the church fell into disrepair and it was rebuilt in 2007. Hai Ly ruined church: Although it is seriously damaged, the church on the coast of Hai Ly commune, Hai Hau district is still one of the favorite destinations of tourists. In the past, the coast of Xuong Dien in Hai Ly commune, Hai Hau district had many large and small churches.  However, over time, seawater encroached on the coast and damaged these churches. Parishioners moved the church deep into the mainland three times to avoid the "invasion" of the sea. The damaged church on the coast of Xuong Dien named Trai Tim (Heart) has been abandoned since 1996. The best time to take photos of the church is around 5am or 6pm. Compiled by Pha Le, VNN |
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BUSINESS IN BRIEF 7/11 Vietnam Expo 2016 to be held in HCM City The 14th Vietnam Expo will take place at the Saigon Exhibition and Convention Centre in HCM City from November 30 to December 3. It is expected to draw the participation of businesses from more than 20 countries and territories, including Indonesia, the Republic of Korea (RoK), China and Taiwan. According to the Ministry of Industry and Trade, with the sponsorship of Mobifone, the event will provide a platform for businesses to meet, expand and promote trade and investment. Indonesia is the country of honour at this year's expo, sending over 60 businesses to display modern technology products at the event. The RoK's state businesses and provincial trade organisations, such as the Bucheon Chamber of Commerce and Industry, and representatives of Incheon, Suwon and Daejeon authorities will be among those present. Nearly 100 RoK businesses will introduce their latest technologies, services and products at the expo. The event will also see the introduction of hardware tools and eco-friendly technologies. Environmental issues and solutions for the manufacturing industry will also be discussed at those booths. The organising board said during the past 13 Vietnam Expos, various agreements and projects have been signed. 80% of Vietnam's small businesses ‘invisible’ on the internet A wave of digital technology has swept across Vietnam in recent years, but many Vietnamese companies have refused to sign up for the revolution. Tammy Phan, strategic partnership manager at Google, said that Vietnam currently has about 44-45 million internet users, and that figure is forecast to reach 82 million in 2020. These are good conditions for enterprises to apply digital technologies to expand their businesses, she was quoted by the Saigon Times as saying. However, small and medium enterprises (SMEs) are still reluctant to join the online trading network. Phan reportedly said only 20% of Vietnamese SMEs sell their products on the internet while the rest remain invisible as they do not have websites or digital marketing solutions to promote sales. Some businesses explained they haven’t entered the online market due to fear of data breaches and additional costs. Others are more comfortable with traditional forms of advertising like distributing fliers and advertising in newspapers. Matthew A. Heller, head of Google’s Channel Sales in Asia Pacific, advised Vietnamese SMEs to join the digital trading environment to approach more consumers, which, in return, can help push up their revenues by four times. Technology is changing people’s lifestyles. Consumers are spending more time shopping on the internet, from buying movie tickets to ordering food, the Saigon Times cited him as saying. Data from Google revealed that 70% of Vietnamese consumers use a search engine to look for information before buying any item, and 75% will pick one to three local businesses before deciding where to make their purchases. A third of the population will be buying goods and services over the Internet by 2020, according to the Vietnam E-Commerce and Information Technology Agency. The Vietnamese government has set a target that by 2020, 50% of local enterprises will have online stores and 80% will be doing business through e-commerce platforms. Truong Thanh Furniture racks up heavy losses The Truong Thanh Furniture Corporation (TTF) has released its 2016 third quarter financial statements, revealing dismal business results and a net loss of nearly VND1.5 trillion ($67.5 million) for the first nine months of the year. It recorded a loss of nearly VND399 billion ($17.9 million) in the third quarter. Total assets as at September 30 stood at VND3.2 trillion ($144 million), down VND1 trillion ($45 million) compared to the start of the year. Cost of goods sold reached VND130 billion ($5.8 million), administrative expenses increased significantly, to VND281 billion ($12.6 million), and financial expenses were VND81 billion ($3.6 million). Net revenue in the third quarter fell by a substantial 75 per cent year-on-year, to VND103 billion ($4.63 million). In the first nine months its revenue was VND986 billion ($44.3 million), down 44 per cent year-on-year with net losses at nearly VND1.5 trillion ($67.5 million). As at September 30, short-term receivables stood at VND640 billion ($28.7 million), including other receivables of VND222 billion ($9.9 million) and provision expenses for short-term receivables of VND508 billion ($22.7 million). Inventories as at the end of September were recorded at VND2.01 trillion ($90 million), down VND460 billion ($20.6 million) compared to the start of the year. TTF’s shares fell dramatically after the Tan Lien Phat Company, a subsidiary of Vingroup, suddenly announced in mid-July the suspension of its loan to TTF of VND1.2 trillion ($53.8 million) in exchange for 69 million TTF’s shares, after finding serious discrepancies in data relating to inventories and questionable debts. In August, the Ho Chi Minh City Stock Exchange (HoSE) put TTF on its special control list. In September, Ernst & Young Vietnam (EY Vietnam) expressed doubts about the ability of the Truong Thanh Furniture Corporation (TTF) to continue as a going concern. TTF’s cumulative losses as at June 30 increased by a further VND130 billion ($5.8 million) to VND1.2 trillion ($53.8 million) due to VND127 trillion ($5.7 million) in stock found to be missing. Moreover, short-term debts had exceeded current assets by VND425 billion ($19 million) as at June 30. “Those conditions reveal that uncertainty exists and raises substantial doubts about the entity’s ability to continue as a going concern,” EY Vietnam wrote in its report. EY Vietnam was appointed to review TTF’s interim consolidated financial statements since December 31, 2015. The company therefore could not confirm the calculation of TTF’s inventory as at December 31, 2015 and inspections have also not provided EY Vietnam with appropriate evidence to clarify the level of inventory as at that date. Tan Lien Phat became a major shareholder in TTF in May this year after acquiring 72 million shares. TTF then saw some instability in its senior personnel. On August 12, founder Mr. Vo Truong Thanh was dismissed from his duties as Chairman of the Board of Management after not taking sufficient responsibility as Chairman given TTF’s tough times. His was replaced by Vingroup’s Deputy Managing Director Ms. Vu Tuyet Hang. Tan Lien Phat now is the investor of major projects under Vingroup, with the most prominent being Vinhomes Central Park Tan Cang in Ho Chi Minh City. Mr. Vo Truong Thanh was born in 1958 in central Binh Dinh province. In 1993, he and his colleagues established the Truong Thanh Wood Co., He and his company have gone through many ups and downs, even bankruptcy, but he had gradually restructured the company. Vietnam the first stop for European agri-food enterprises Vietnam is considered the first stop in ASEAN for European agri-food companies and will become a distribution hub for European goods in the region thanks to the opportunities presented by the EU-Vietnam Free Trade Agreement (EVFTA), which is expected to take effect in 2018, Mr. Phil Hogan, Commissioner of the EU Commission for Agriculture and Rural Development, told a meeting with local media on November 3 during his visit to Vietnam along with 41 European food and beverage companies seeking opportunities in the country. He also said that not only are Vietnamese people increasingly interested in European agri-food products but also growing numbers of European consumers are keen on discovering Vietnam’s exotic offerings. “The recently concluded EVFTA offers tremendous opportunities for both Vietnamese and European producers to find growing markets for high quality EU produce,” he added. The impressive growth of Vietnamese products in the EU over recent years, as shown by the nearly 20 billion euro ($22.1 billion) trade surplus it recorded last year, much of which was in agriculture, best demonstrates Vietnam’s enormous potential, which will be fully optimized by the FTA and the complete dismantling of tariffs beginning in early 2018. EU-Vietnam trade totaled over 3.84 billion euros ($4.2 billion) in 2015, with 29.9 billion euros ($33.1 billion) of Vietnamese exports and 8.4 billion euros ($9.31 billion) in EU imports into Vietnam, ranking it 21st among the EU’s trading partners. The EU was Vietnam’s second largest trading partner after China and the second largest overseas market for Vietnamese products after the US. Vietnam also became the EU’s second largest trade partner in ASEAN after Singapore and ahead of Malaysia. Key export items to the EU include telephones, electronic products, footwear, textiles and clothing, coffee, rice, seafood, and furniture. EU exports to Vietnam are dominated by high-tech products such as electrical machinery and equipment, aircraft, vehicles, and pharmaceuticals. Mr. Hogan is in Vietnam from November 2-4 and leading a high-level delegation of agri-food businesses. As Commissioner he is responsible for managing the EU’s Common Agricultural Policy for the 500 million citizens of the 28 EU member states. His mission is to increase links between the EU and Vietnam in the area of agri-food trade, building upon the recent conclusion of negotiations over the EVFTA. During his visit he also met senior Vietnamese officials, addressed the opening of a seminar on the EVFTA on November 3 in Hanoi, and will join a business forum on November 4 in Ho Chi Minh City. 2016 Vietnam International Jewelry Fair to open next week Vietnam International Jewelry Fair - VIJF 2016 will be held at Phu Tho Stadium in Ho Chi Minh City’s District 11 on November 9-13. The event is expected to attract around 200 display booths of local and international enterprises from Italia, Hong Kong (China), Thailand, India, Turkey. Vietnamese booths are famous brands like SJC, DOJI, SBJ, Diamond World, Loc Phuc, Nhan Khang and others. The show will be divided into two areas, including fashion jewelry and accessories zone; machine and equipment technology sector. The largest annual Gem and Jewelry show of its kind in the country is an opportunity for domestic and international jewelry and precious gemstones enterprises to look for partners and showcase their collections of fine jewelry and gemstones. The event is orgaizned by the Saigon Jewelry Joint Stock Company (SJC) with the support of the People’s Committee of Ho Chi Minh City, World Gold Council (WGC), Vietnam Gold Traders Association (VGTA) and Saigon Jewelry Association. Vietnam Summit 2016 opens in HCM City The Vietnam Summit 2016 under the theme “Smooth Sailing Ahead” opened in Ho Chi Minh City on November 3. The annual conference co-organized by the Foreign Ministry and the UK’s The Economist magazine, aiming at giving a deep knowledge of Vietnamese business and investment environment to international enterprises, especially long-term investors. The Vietnam Summit 2016 includes six main discussions: Vietnam in the global economy, the future of manufacturing industry, Feeding Vietnam, business breakthroughs building Vietnam Inc and The World If… Geopolitics. The event is a chance for the Vietnamese Government, enterprises, experts and scholars to learn about the country’s most pressing issues, discuss opportunities and challenges which Vietnam is facing, and seek answers for the country’s development, Jons Fasman, Southeast Asian bureau chief for The Economist, said Deputy Prime Minister and Foreign Minister Pham Binh Minh stressed that the Vietnamese Government committed to create the best working condition and a favorable environment to ensure an equal and fair playground for enterprises. It has also asked the localities to attract foreign investment, especially in the industries using high technology and local human resource effectively, contributing to the sustainable development and environmental protection. Vietnam's economy shows satisfactory signal, said experts at the summit. Moreover, it is expected to benefit from a number of impending trade deals, including the Trans-Pacific Partnership (TPP). This 12-country pact involves the United States and Japan, which are already two of Vietnam’s most important trading partners. Hiep Phuoc support industry park serves SMEs Hiep Phuoc Industry Park Joint Stock Company introduced small land plots for lease at Hiep Phuoc support industry park to small and medium enterprises (SMEs) in HCMC on November 3. Specifically, the company announced land plots of 750 square meters besides those measuring 1,518-2,700 square meters which have been offered to lease for the last one year in Nha Be district. So far, 20 hectares of the 200 hectares park have been rented by investors of 34 projects from mechanics, medicine, cosmetics and logistics fields. Programme brings greater recognition of domestic goods The “Vietnamese use Vietnamese products” campaign has helped increase recognition of domestically-made goods and change consumers’ purchasing habits towards local products, said Deputy Minister of Industry and Trade Hoang Quoc Vuong. At the closing ceremony of the second “Vietnamese Goods Identification-Proud of Vietnamese Goods” programme in Hanoi on November 6, the Deputy Minister cited statistics as showing that 60 percent of Vietnamese consumers said they prefer domestic products. In Hanoi and Ho Chi Minh City, made-in-Vietnam goods make up 90 percent of commodities in distribution channels. The “Vietnamese Goods Identification-Proud of Vietnamese Goods” programme, launched in September 2016, has contributed to further spreading the message of the Vietnamese use Vietnamese products” campaign, Vuong said. According to him, the programme has helped participating businesses introduce their goods to consumers, improve their competitiveness, expand the market and seek partners. The organising board said the programme has received the enthusiastic response of many cities, provinces, associations and enterprises nationwide, especially in major cities like Hanoi, HCM City, Da Nang, Hai Phong and Can Tho. Truong Thi Ngoc Anh, Vice President of the Vietnam Fatherland Front Central Committee, said the Steering Committee of the “Vietnamese give priority to using Vietnamese products” campaign aims to have all consumers and businesses know about the campaign by 2020. All centrally-run cities and provinces, ministries, agencies and organisations are also expected to set up their own media channels to promote Vietnamese goods, she said, adding that all the cities and provinces will set up permanent outlets for Vietnamese goods. Nghe An to have new high-tech pig farm Construction began on a high-tech pig-breeding farm invested by Masan Group in Ha Son commune, Quy Hop district, the central province of Nghe An, on November 5. Covering an area of 223 hectares, the 1 trillion VND (45 million USD) Masan Nutri-Farm is the largest pig farm in the province. It is expected to employ 350 local labourers and contribute about 1 trillion VND to the local GDP once it is operational. According to Masan Group Chairman Nguyen Dang Quang, the farm is designed to raise 240,000 pigs a year in line with the Vietnamese Good Agriculture Practices (VietGap). It is scheduled to become operational in the first quarter of 2017 and supply pork for the market one year later, he said. Addressing the ground-breaking ceremony, Chairman of the provincial People’s Committee Nguyen Xuan Duong said he hopes the farm will help boost socio-economic development in the northern mountainous commune of Quy Hop and Nghe An in general. On this occasion, Masan Group presented 150 million VND (6,750 USD) to Ha Son pre-school in Quy Hop commune and gifts to 10 farming households in the commune. Masan Group is one of the largest private-sector companies in Vietnam. Its subsidiaries include Masan Food and Masan Resources. Hanoi Promotion Month offers great buys for consumers The Hanoi Promotion Month was launched in Hanoi on November 4 with the participation of nearly 500 enterprises, offering wide-scale discounts at 1,000 sale locations. Right after the ceremony, a three-day ‘tourism promotion festival’ is being held at Ly Thai To Park in city downtown with 60 booths from nearly 40 well-known tourism brand names, offering discounts up to 50 percent for domestic and international tours in the last months of the year. The programme is followed by the traditional “Golden Days” on November 12 and 13 which is an occasion for shoppers to get discounts up to 50 percent across the board at 32 major supermarkets and shopping malls across the city. Commercial banks will join supermarkets, trade centres, convenience stores and transport companies in a three-day “Credit Festival” from October 18-20, encouraging customers to get credit cards and pay in cards instead of cash. A Golden Discount Fair will mark the end of the annual promotion month. Held in the Quan Ngua stadium, the fair will feature over 200 booths offering quality goods at lowered prices. Hanoi organizes the Promotion Month every year with the aim of boosting consumption and helping firms approach customers. Conference on inter-regional links in Mekong Delta region A conference on the role of Municipal and Provincial People’s Councils in promoting inter-regional links in the Mekong River Delta opened in Ben Tre province on November 5. Participants discussed policies and mechanisms to exploit and promote the potential of the Mekong Delta region. In her address, National Assembly (NA) Vice Chairwoman Tong Thi Phong urged Municipal and Provincial People’s Councils, who serve as a bridge between the Party, State and the people, to further contribute to promoting links between localities in the region. “People’s Councils need to increase coordination between localities in the region and review their socio-economic situation. The issuance of a Resolution on People’s Council needs to take into account the relevance of local and regional socio-economic development plans," she said. Investment in agriculture and rural areas encouraged A draft resolution revising and supplementing the resolution on exempting and reducing the agricultural land use tax is receiving attention from lawmakers at the ongoing National Assembly (NA)’s second session. It is hoped that the document will encourage organizations, households, and individuals to invest in agriculture and agricultural restructuring toward greater industrialization. Exemption and reduction of the agricultural land use tax is a form of direct support for farmers, freeing capital for re-investment in production which will boost farmers’ standard of living, ease rural economic difficulties, and raise farmers’ morale. Under current regulations, only a small number of people pay agricultural land use tax. They include organizations and individuals who use agricultural land in excess of the regulated limit, civil organizations, and military organizations who rent agricultural land. Under the draft resolution, these people will be exempt from the tax until the end of 2020. The exemption will encourage independent farmers and organizations to invest in the agricultural sector. Nguyen Van The, NA deputy for Soc Trang province, said, “By not charging land tax, businesses and people can be encouraged to invest in expanding production. Those who don’t have land become laborers or start offering services. It means a shift from farm labor to non-agricultural labor. This will make farming more efficient." Exemption from the agricultural land use tax will only reduce state revenues by about US$1.5 million. NA deputy Nguyen Van Canh of Binh Dinh said, "When people have to pay a land use tax, they do their best to use the land to justify the money they have spent. But if they are exempted from the tax, they lose this motivation, so the revised resolution should stipulate that the amount of the exemption must be re-invested in land improvement. " Some deputies want the Government to monitor how the policy on agricultural land use tax is implemented and improve it in order to ensure a cconsistent tax policy for both agricultural and non-agricultural land. New rural development and agricultural restructuring Agriculture restructuring and new rural development are the two keys to Vietnam’s industrialization and modernization. In the next five years, agricultural restructuring will be the key elements of Vietnam’s new rural development program. The national target program of new rural development is a long-term, comprehensive rural socio-economic development program that was begun in 2011. Based on its achievements over the past years, Vietnam aims to continue the program for another five years. In 2003, the Prime Minister approved a program of agricultural restructuring toward increasing added values and sustainable growth. The program focuses on the economic, social, and environmental aspects of restructuring agriculture. In five years of implementing new rural development program, drastic changes have been made. More than 47,000 km of roads have been built and more than 80% of communes have fulfilled the criteria of the program. Living conditions in rural Vietnam have improved. More attention has been paid to commodity agricultural production. Many locales have enlarged their fields, re-designed their irrigation systems and prepared for field mechanization. Dang Hoang Tuan, NA deputy for Long An province, said, “This is one of the Party and State’s inclusive programs and an important solution to realizing the Party resolution on agriculture, farmers and rural areas. It plays an important role in improving people’s material and spiritual lives.” Since it debuted in 2013, agricultural restructuring has accelerated the national target program of new rural development, increased incomes, reduced poverty, restructured farm labor, and generated jobs for people in rural areas. However, there remains a big gap in program outcomes between localities and between regions. In the next five years, Vietnam intends to have 50% of all communes achieved the criteria of the new rural development program; complete the infrastructure necessary for production - transportation, electricity, water, schools, and clinics; create production models to help stabilize people’s lives; and increase 2015 incomes 80%. To achieve these goals, new rural development needs to combine with agricultural production, applying scientific and technological advances to improve productivity and competitiveness. Doan Van Viet, deputy for Lam Dong province, said “We need to apply science and technology, especially bio-technology, to the agricultural growth model and increase revenues per ha. In Lam Dong province, just 16% of the agricultural production area uses high technology but its revenue accounts for 30% of the total." "Farmers in Lam Dong earn an average of VND150 million per ha compared to VND78 million per ha nationwide. By applying high-technology, vegetable production can generate VND400 to 500 million per ha per year and flower production from VND800 million to 1 billion,” he added. Getting enterprises of all economic sectors, particularly the private sector to invest in agriculture and rural areas is a key to the new rural development program, said Nguyen Tuan Anh, NA deputy of Binh Phuoc province. He said, “We need to improve the agricultural sector and rural areas by attracting investment from enterprises. Enterprises will help them find new outlets, improve product quality and quantity, and tap the advantages of each region. To do so, the new rural development program needs to focus on resolving land problems.” Vietnam Mentors Initiative to liven up start-up scene On November 3, a multitude of organisations mentoring start-ups in Vietnam signed a strategic cooperation agreement to establish Vietnam Mentors Initiative (VMI) with the aim to connect mentors with Vietnamese start-up founders in Vietnam and over the world. VMI was launched by Start-up Vietnam Foundation, a foundation that funds start-ups in the field of science and technology. VMI’s mission is to become a wide and effective network of mentors supporting the new generation of Vietnamese business people. “It would be great if a young person starting a company got help from a person with experience. In reality, there are many successful leaders that want to give back and mentor new leaders but they do not know where to begin looking. On the other hand, many of the young bloods think the old ones are unapproachable. VMI aims to connect them,” said Pham Duy Hieu, SVF’s director. At the moment, many organisations already mentoring start-ups, such as the SVF, Hatch! Ventures, Danang Business Incubator (DNES), KisStart-up, SME Mentoring, Saigon Hi-tech Park’s incubator, BK Holdings, and the French Alumni Vietnam Start-up Network (FAVSN) have joined VMI. In 201,6 VMI aims to connect at least 40 mentors with 40 mentees. They will first focus on start-ups already funded by some of the member organisations before expanding to other start-ups next year. VMI is a non-profit initiative funded by the Swiss government’s entrepreneurship programme SECO EP and the Mekong Business Initiative. Impressive Q3 for Sabeco as listing on horizon The Saigon Alcohol Beer and Beverages Corporation (Sabeco) recorded impressive growth during the third quarter of 2016 as it nears a possible listing on the Ho Chi Minh Stock Exchange (HoSE) in the fourth quarter. In early October its CEO, Mr. Le Hong Xanh, said the beer giant may be listed on HoSE in late November or early December, according to Reuters. “The listing could be in late November or early December, according to the consulting contract and agreement, but how fast it is depends on many other factors, like transparency in management and other conditions like tax,” he was quoted as saying. Along with the Hanoi Beer Alcohol and Beverages Corporation (Habeco), Sabeco has been equitized before, with the State selling 5 per cent to Dutch brewer Heineken in 2008. The State still holds 89.59 per cent, other shareholders 5 per cent, and its strategic investor Heineken 5 per cent. The Ho Chi Minh City-based beer giant is one of the last profitable State-owned assets in which the government expects to divest its entire holding by 2017, worth an estimated $1.8 billion. The government has said it wants to list Sabeco before selling 53.59 per cent this year and the remainder in 2017, but Mr. Xanh said all options for divestment are being considered and the government has yet to approve any particular course of action. Net operating revenue reached VND7.64 trillion ($342.2 million) in the third quarter, up 3.6 times year-on-year, with gross profit at VND1.13 trillion ($50.6 million), up five times year-on-year, its third quarter financial statement revealed. During the July-September period, revenue from financial activities were down 50 per cent, mainly because of lower dividends and attributable profit, to nearly VND541 billion ($24.2 million). Cost of goods sold increased significantly, from VND73 billion ($3.3 million) in the third quarter of 2015 to VND119 billion ($5.3 million) in the third quarter of this year. Administrative expenses also increased 21 per cent year-on-year, to nearly VND69 billion ($3.1 million). During the July-September period, after-tax profit reached more than VND1.23 trillion ($55 million), up 6 per cent year-on-year. Total revenue stood at VND22 trillion ($985.44 million) with after-tax profit at VND3.2 trillion ($143.3 million), up 6.4 per cent year-on-year. Its assets totaled VND11.13 trillion ($498.5 million) as at September 30. Cash and cash equivalents were nearly VND5.76 trillion ($258 million), short-term financial investments more than VND3.09 trillion ($138.4 million), and accounts receivable VND1.99 trillion ($89.1 million). Sabeco is a non-borrowing enterprise. Its short-term payables stood at VND4.06 trillion ($181.85 million) as at September 30 and mainly comprised trade creditors and provisions for payables. Several major foreign brewers have been eyeing Sabeco since the government first earmarked it for equitization, but potential partners keen to exploit changing lifestyles and a fast-growing middle class have faced repeated delays. Foreign brewers from Europe and Asia, including Japan’s Kirin Holdings and Asahi Group Holdings, Thai Beverage, and Heineken had previously expressed an interest in the stake sale. But Mr. Xanh said the process has restarted and interested buyers would have to bid again, declining to name any specific investors, according to Reuters. Sabeco is owned and under the authority of the Ministry of Industry and Trade (MoIT) with brands such as Saigon Beer and 333 Beer. With a leading 43 per cent share in Vietnam's beer production, net profit jumped 27 per cent in the first half of 2016 to VND2.39 trillion ($107 million), and its CEO forecast that full-year profit may grow 14 per cent. TTC sets targets for M&A deals The Thanh Thanh Cong Group (TTC), a Vietnamese company in the local sugarcane industry, has recently announced merger and acquisition (M&A) plans for two of its subsidiaries, Thanh Thanh Cong Tay Ninh JSC (TTCS) and Bien Hoa Sugar JSC (BHS). “We are implementing M&A deals in order to increase our competitiveness with foreign rivals,” Mr. Pham Hong Duong, Chairman of TTC’s Sugar Segment, told its recent annual shareholders meeting. In early October, the Hoang Anh Gia Lai Group (HAGL) confirmed with local media that it has been in negotiations with TTC over the acquisition of its sugar refinery in Laos by TTC. TTC made no further comment on the deal when contacted by VET. TTC acquiring the HAGL sugar refinery would create a large sugar production company worth around $450 million. HAGL has good raw material resources and the M&A would become an important link in completing TTC’s value chain and help cut the domestic sugarcane price so it can compete with sugar from Thailand, Mr. Duong told local media. At the meeting, TTCS announced a target for consolidated revenue in fiscal year 2016-2017 of $180 million, with pre-tax profit at $14 million and a dividend payout of 6 to 10 per cent. Net revenue from sales and services at TTCS reached $180 million, exceeding the plan by 22 per cent, according to the consolidated financial statement for fiscal year 2015-2016. Pre-tax profit was over $14 million, 41 per cent more than the plan. Earnings per share therefore reached $0.07. TTCS partnered with TP Bank and VIB in May this year to issue a bond package valued at $45 million that aims to optimize its financial structure, increase capital efficiency and prepare financial resources to help it implement its projects in the 2016-2020 period. In August, TTCS increased its charter capital by 30 per cent. It now has 253,188,268 shares, for charter capital of $114 million. In order to ensure the company’s competitiveness and sustainable development in the future, three strategies were raised by the TTCS’s Board of Management at the meeting: increasing market share and creating high added value products, reducing costs through controlling material areas, and expanding by M&A deals. The company’s RE and RS sugar products account for about 18 per cent of the sugar market, with RE having the largest share. Over the next five years the company will focus on industrial customers while seeking more niche markets and increasing retail sales. It also plans to export sugar candy to Singapore through its newly-established subsidiary. To reduce costs, the company’s policy is to increase investment so that the sugarcane yield can compete with Thailand by 2020. TTC is the leading company in the sugar industry as it holds the controlling stake in many large sugar companies, including TTCS, BHS, Gia Lai Hydropower Sugar (SEC), Ninh Hoa Sugar (NHS), and Phan Rang Sugar. In the latest move, TTC has merged SEC with TTCS and NHS with BHS. TTC will still hold the advantages TTCS and BHS possess: advanced technology, experienced staff, strong brands, and a large retail network. Foreign investors strong net buyers of bonds in 10M Foreign investors net sold on Vietnam’s stock market by VND4.53 trillion ($202.89 million) while net buying government bonds by VND19.38 trillion ($868.03 million) in the first ten months of this year, according to a report released recently by the National Financial Supervisory Commission (NFSC). Bond purchases by foreign investors stood at VND22.67 trillion ($1.01 billion) in the first ten months, with strong net selling during October of VND3.29 trillion ($147.35 million) viewed as profit taking and portfolio reallocations, the NFSC report stated. Their trade on the stock market was neutral for most of this year until strong net selling in August, of VND1.63 trillion ($73 million), and in September of VND3.1 trillion ($138.84 million), saw the market at its most volatile for the year, analysts from Maybank Kim Eng Securities (MBKE) wrote in a report released at the end of October. In general, there were positive signs from investors about the recovery in the national economy, with market capitalization representing 38 per cent of the country’s GDP, analysts at NSFC said. Even though the trading value of foreign investors on the stock market remains modest, at about 20 per cent of daily trade, many local investors follow their movements. “In August and September foreign investors strongly net sold on Vietnam’s stock exchanges and were then more balanced in October,” according to analysts at MBKE. “If foreign investors end their net selling and net buy for the remainder of 2016, the indexes will be in better shape.” The VN-Index has increased 16 per cent so far this year, representing a better return on investment compared to other investment channels. Since July, however, the index has fluctuated around 670 points and any positive prospects depend largely on it moving up from this level, MBKE wrote. “Depending on how the VN-Index reacts at 670 points, the next wave will be either bearish or bullish under two different scenarios.” In the positive scenario, if the VN-Index can return to the momentum seen previously this year, when it closed at the upper line of the channel line four times, it may reach 720 points by the end of the year. If it fluctuates under 670 points and closes under 665 points for two days in a row then it may slip to 630 points over the remainder of the year. MBKE, however, believes the positive scenario is more likely. CBRE Vietnam to manage Viettel Tower CBRE Vietnam has been officially selected by the Viettel Real Estate Company to manage its latest project, Viettel Tower, at 285 Cach Mang Thang Tam Street in Ho Chi Minh City’s District 10, where many commercial activities converge and with direct transport connections to Districts 1, 3, and 5. It will provide management services for the entire complex to bring the best service quality to occupiers and deliver smooth operations. Viettel Tower is a large, modern complex, comprising two towers and a total leasable area of approximately 65,000 sq m of office space and a further 8,000 sq m of retail space, which will help meet demand for commercial space in District 10 and surrounding areas. “After carefully considering all the options, we decided to outsource our property and facilities management to CBRE Vietnam due to our confidence in the strong experience and professional ability of its property management team,” said Mr. Ha Quang Huy, Director of the Viettel Real Estate Company. “We believe that our staff, visitors and future tenants will experience the highest standards of services provided during their time working here.” “CBRE is honored to have been appointed to provide management services for Viettel Tower, a unique project in a central location in bustling District 10,” said Mr. Marc Townsend, Managing Director of CBRE Vietnam. “I strongly believe that thanks to our long years of experience and professional approach, we will contribute to maximizing the experience of occupiers, which we hope leads to their commercial success while working at the Viettel Tower.” CBRE Group, Inc., a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s commercial real estate services and investment firm. The company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. It offers a broad range of integrated services, including facilities, transaction and project management, property management, investment management, appraisal and valuation, property leasing, strategic consulting, property sales, mortgage services, and development services. HG Travel rebranded as Asia DMC for regional expansion HG Travel, a major tour operator in Southeast Asia, has rebranded itself as ASIA DMC as it moves forward to become one of the dominant B2B players in the region through a considered expansion plan throughout Asia. The growth plan will see offices opening across Asia to give ASIA DMC additional on-the-ground operations to its already-established presence in Vietnam, Cambodia, Myanmar, Laos and Thailand, adding Indonesia, Malaysia, the Philippines, China, India and Sri Lanka over the next 12 months. Launched 20 years ago in Vietnam, the rebranding demonstrates how far the company has come by specializing in travel to Indochina and developing a renowned track record for quality, service excellence, and experiential travel delivered to 50,000 inbound arrivals from global source markets per year. “The transition from HG Travel to ASIA DMC represents our growth from a local destination management company to expanding into Indochina over the last five years when we opened in Cambodia, Laos, Myanmar and Thailand and now to a continental player offering innovative, new products throughout Asia,” said Mr. Tran Thanh Nam, ASIA DMC’s CEO. He added that the change of name is also a consolidation of the company’s commitment to the B2B model over the last two decades. “It is now time for us to grow and bring our excellence in service to the world,” he said. ASIA DMC remains deeply committed to retaining the original DNA that established the reputation and success of HG Travel. “We are absolutely committed to continuing to offer the holistic service culture, attention to detail, and personal touch that have defined our company since the beginning,” said Mr. Armand Cheveux, ASIA DMC’s Director of Business Development. “How we research originality in our programs for our clients and how we take to heart their needs to have a competitive offer is what we thrive on.” In addition to office openings to support the management of travel programs in Asia, ASIA DMC will also open a sales and marketing office in the US on the west coast for its North American clients. To mark the rebranding, ASIA DMC is also launching a non-profit foundation called “People of Asia”, which is the cornerstone of the company’s commitment to sustainable tourism. People of Asia will embrace a philosophy demonstrating that a combination of social progress and ecological balance will deliver sustained economic growth, bringing together tourism partners for the benefit of local communities. ASIA DMC has been in business for 20 years and in 2015 handled over 50,000 arrivals to Vietnam, Laos, Cambodia and Myanmar managed by its offices and on-the-ground expertise in each country. It currently welcomes guests from international destinations from around the world, with leading source markets being the UK, Europe, the US, China and Australia. Quang Tri to develop island tourism The government agreed on October 31 to a tourism route being opened to Con Co Island off the coast of central Quang Tri province, after a proposal from its People’s Committee. It also asked the province to work closely with the Ministry of Defense, the Ministry of Agriculture and Rural Development, and related agencies to prepare the investment and construction plans. Con Co Island boasts a diverse ecosystem, where visitors can swim, look at coral, visit primeval forests and the lighthouse, and enjoy local food. They can also visit a building with historical artifacts and documents from the last 55 years. The island is 30 km from Cua Tung Port in Vinh Linh district and has a forest coverage of 73 per cent. It was established as an island district in 2004 and its population is about 400 people. Despite receiving investment to build a power station, a shortage of electricity and water are its two biggest disadvantages. It will form a tourism triangle in Quang Tri: Cua Tung Port - Cua Viet Port - Con Co Island. Though it has much potential to develop tourism, it attracts few tourists. The island’s natural conditions make it suitable for resorts and ecotourism destinations. Its beaches are wide and clean with a water temperature that never falls below 21C. There are 113 species of hard coral, 56 species of seaweed, 46 species of benthic zone, 87 types of coral reef fish, 164 species of phytoplankton, and many other rare species of dolphins and turtles. It is also a historical place, as from 1965 to 1973 it was a transit point for transporting over 2,500 tonnes of goods to the battlefield in the south of Vietnam. To encourage tourism investment, provincial leaders have set in place favorable conditions to help investors access priorities in the province’s investment policies, regarding land, investment liberalization, taxes, immigration, and human resources. Quang Tri faces many difficulties in infrastructure to serve living standards and promote tourism. Roads, airport and ports are evaluated as not being able to meet demand in tourism, especially international visitors. Water and electricity only meet short-term demand and in the long term require significant investment. Con Co has retained its wild beauty, but to develop tourism provincial leaders need to adopt particular strategies to ensure sustainable development. European F&B companies come knocking European Commissioner for Agriculture and Rural Development Phil Hogan is leading a business delegation of 41 European food and beverage companies to visit Vietnam and sound out business opportunities. Vietnam is the first leg of the delegation’s Southeast Asia tour that also takes in Singapore and Indonesia. The visiting businesses are scheduled to attend seminars and business forums in Hanoi and HCMC from November 2 to 4. This visit comes at an opportune time since the European Union (EU) and Vietnam have concluded negotiations for a free trade agreement (FTA) and expect to sign it soon. The delegation on November 3 introduced a wide range of farm and F&B products such as fresh fruits and vegetables, meat, poultry, processed food, milk and other dairy products, and wine and spirits. In addition, they discussed a range of topics, including food safety, investment, distribution, licensing of F&B products and business opportunities. They also visited retail outlets run by local and foreign firms to gain first-hand insights into the local market. In HCMC, Hogan and his encourage will be attending a seminar on quality food concepts such as Geographical Indications (GIs) and business opportunities in Vietnam on November 4. A business forum is expected to provide the delegation with information about market access, local laws and regulations, and Vietnamese consumer trends. Side meetings will also take place between the European firms and their potential Vietnamese partners including importers, distributors and retailers. In 2015, EU-Vietnam trade in goods total over 38.4 billion euros, with 29.9 billion euros in imports from Vietnam into the EU, and 8.4 billion euros in exports from the EU to Vietnam. Vietnam’s key export items to the EU include phones, electronics, footwear, textiles and clothing, coffee, rice, seafood and furniture. The EU’s exports to Vietnam include high-tech goods including machinery and equipment, aircraft, vehicles, and pharmaceutical products. At present, Vietnam enjoys EU trade preferences through the Generalized System of Preferences (GSP). No electricity price hike this year The Government, concerned about the possibility of core inflation surging, has ordered the Ministry of Industry and Trade to find ways to keep electricity retail prices from rising until the year-end. The ministry said that to keep core inflation at 1.81% to below 2%, the Government has told ministries to carefully consider any price adjustments in the two final months of the year. As consumer demand traditionally rise strongly during the New Year and Lunar New Year buying sprees, prices of food, foodstuff and fuels will shoot up. In addition, the implementation pace of State-funded investment projects is normally accelerated at year-end to realize yearly capital disbursement targets, thus piling some inflationary pressure on the economy. Therefore, Deputy Prime Minister Vuong Dinh Hue has told the Ministry of Industry and Trade to shelve any plan to raise power tariffs. Therefore, power retail prices have stayed at VND1,622 per kWh since March last year. Wholesale prices of electricity which Vietnam Electricity Group (EVN) sells to its power distribution corporations rose by 1.9-5.7% in May over the previous year, but the change did not affect retail prices. Taxman names 35 corporate tax debtors The HCMC Tax Department has publicized the names of 35 enterprises with tax arrears amounting to a combined VND220 billion by the end of August. These tax debtors are active in production, trade, tourism, pharmaceutical and building material sectors. Thang Long Steel Company in Binh Thanh District is the biggest debtor with more than VND41.5 billion, followed by Binh Huong Seafood Processing and Trading Company in Binh Chanh District with VND29.1 billion and M.K Construction Trading Transport Company with VND22.1 billion. Meanwhile, five companies have yet to pay some VND10-20 billion in taxes, including Thien Phuc Loc Manufacturing and Trading, Nam Viet Trading, TOA Paint Vietnam, Nhan Van Construction Trading Service and Tapbo-Lung Lo Joint Venture. There are 28 other firms owing some VND3 billion in taxes each. The department said a thorough review of the tax debtors had been done before their names were made public. This is the second time the taxman has named the names of tax debtors after the first one in June. The department made this announcement at the request of the General Department of Taxation as a measure to compel the tax debtors to fulfill their obligations. Meanwhile, the Hanoi Tax Department has released ten lists of tax debtors in the year to date. Recovering tax arrears is a vital task or the target for budget revenues from domestic sources cannot be achieved. The General Department of Taxation has assigned its local tax offices to keep tax arrears at less than 5% of total annual tax revenues. Tax arrears have dropped in many provinces and cities. An official told the Daily that irrecoverable and recoverable tax debts must be made clear and that in reality irrecoverable debt is huge. The department has several times proposed the Ministry of Finance seek permission from the Government and the National Assembly to write off tax debts owed by many businesses but to no avail. First shopping center opened at EPZ in HCMC Linh Trung 1 Export Processing Zone (EPZ) in Thu Duc District, HCMC has become the first such zone to open a shopping center to primarily serve workers there. Sepzone - Linh Trung Ltd invested VND70 billion (US$3.14 million) to build Joy Citipoint center with three levels covering some 5,820 square meters. In addition to retail space, there are other facilities like food court, entertainment area, fitness center, and cinema. Joy Citipoint is aimed at meeting shopping and recreational needs of workers, according to the management of the HCMC Export Processing and Industrial Zones Authority (Hepza). Linh Trung 1 EPZ has more than 40,000 workers but the neighborhood has no more places of interest. The opening of the center can meet their shopping and entertainment demand. VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VET/VIR |
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Vietnamese startups become FIEs after calling for investment Vietnamese startups often become a foreign-invested enterprise (FIE) after successfully raising funds from foreign investors. Coc Coc, Vntrip, Huy Vietnam, The KAfe and Wrap & Roll are just a few of them.  The startup community was stirred up recently by the information that the founder and CEO of The KAfe Dao Chi Anh will resign from the post on October 25. The announcement was made exactly one year after the startup stated it successfully called for $5.5 million worth of investment capital from foreign investors. The public has been informed that The KAfe has raised its charter capital from VND16 billion to VND224.8 billion and has become an FIE. However, in fact, The KAfe became a 100 percent FIE one year ago. The latest business registration certificate dated on October 1, 2015 showed that The KAfe is wholly owned by Kafe (Hong Kong) Ltd.
The same thing occurred with another food chain – Huy Viet Nam, the business which owns Mon Hue (Hue City dishes), Pho Ong Hung (Mr Hung’s pho) and Vntrip.vn, a startup in tourism. Huy Viet Nam is now 100 percent owned by Huy Vietnam (Hong Kong) Ltd, while Vntrip is owned by One strip OTA Ltd. Wrap & Roll, after receiving investment capital from Mekong Capital, has also become an FIE with the Singapore-based Inquisity Pte Ltd holding 78.3 percent of shares. Meanwhile, CEO Nguyen Thi Kim Oanh still holds 20.58 percent of the stake. What’s behind these stories? Analysts said that in these cases, Kafe (Hong Kong) Ltd and Huy Vietnam (Hong Kong) Ltd acted as an intermediary party which received capital from investors and then poured it into the legal entities which run the operation in Vietnam. Hong Kong and Singapore are considered ‘tax havens’ through which capital from investors is brought to Vietnamese businesses. In South East Asia, Singapore is believed to be the most ideal country for people to start up their business thanks to the friendly business environment, transparent market and good policies to support businesses. Setting up a business in Singapore is one of the requirements set by foreign investors when they consider startup projects to invest in. Registering legal entities in these countries to pour money into businesses in Vietnam is a growing trend among the startup community. In cases like The KAfe, startups’ founding shareholders have two choices, either selling all the shares to foreign investors, or converting the shares to owning shares in the legal entities established overseas. However, under current regulations, there are complicated procedures to follow make outward investments. Therefore, the second choice is not favored. Kim Chi, VNN |
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Junkies riot because of overcrowding at southern Vietnam rehab center Officers try to control the rebellion at the rehab center in the southern province of Dong Nai on November 7, 2016.Tuoi Tre Nearly a thousand drug addicts at a rehabilitation center in the southern Vietnamese province of Dong Nai have continued to cause chaos at the facility; demanding their freedom and citing overcrowding as the primary reason. Junkies assembled at the yard and climbed on roofs within the center’s premises, yelling and demanding their early release on Monday morning. The mob of rioters threw rocks at police officers, before attempting to rush to the main gate to escape, resulting in police using tear gas to control them. Some overly aggressive rebels were also apprehended for their threats. An urgent meeting was convened in Dong Nai later the same day to resolve the issue, chaired by Dao Ngoc Dung, Minister of Labor, War Invalids and Social Affairs. At the gathering, Ho Van Loc, deputy director of the provincial labor department, explained that some 34 junkies had been granted an early release due to their fatal diseases on Sunday, which angered their fellows. Over 160 addicts decided to break out of the facility on the same day, of whom 63 had been brought back, Loc said, adding that the junkies began the chaos again on Monday. “Detention officers have tried to persuade the rioters with their loudspeakers, which did not seem to be effective,” the official said. The incidents are rooted in the fact that the rehab center has degraded and is overcrowded, Loc continued. While the maximum capacity of the venue is 900, it is now housing nearly 1,500 junkies, 80 percent of whom are synthetic drug addicts and ex-convicts, he elaborated. “The drug abusers have to live in confined spaces as a result, which upset them. Groups of rioters started to form despite our efforts to shut them down,” the deputy director stated. According to Colonel Bui Huu Danh, deputy director of the provincial Department of Police, construction to expand the facility must be expedited. More detention officers should also be added for better management of the junkies, Danh said. Temporary release According to Minister Dung, the rehab center is overloaded and many of its amenities are not in good shape. Local authorities should consider returning some 200 addicts to their families, Dung suggested, adding that those with sickness and family bail could also be temporarily released. The minister ordered local police to identify and punish those who provoked others to riot as per the law. The rehab center should be expanded and the junkies be thoroughly categorized to ensure their living conditions and safety, Dung continued. A new center must also be constructed in the province as a long-term solution, he said, adding that detention officers and security guards should be added and provided with better incentives. TUOI TRE NEWS |
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BUSINESS IN BRIEF 8/11 Housing market slows but expected to pick up Though the real estate market is said to be in a rather strong growth phase, it is still showing signs of slowing down and some unstable aspects, which could badly affect it if they are not addressed in time. This judgment is based on the decrease in the number of successful transactions in the country’s two biggest markets, Hanoi and HCM City. In September, for instance, the number of transactions was respectively 1,100 and 1,050, down from 1,200 and 1,160 in August. One severe limitation in the market is an oversupply of high- and medium-end apartments and a shortage of products that most people can afford. Some analysts attributed the market slowdown to certain changes in policies by the State Bank of Vietnam (SBV), especially its hike in the risk index for lending for property and securities from 150 per cent to 200 percent. It also lays out a roadmap for reducing the cap on medium- and long-term lending using short-term funds from 60 per cent to 40 percent. The 30 trillion VND housing stimulus package launched in June 2013, which offered loans at a maximum interest rate of 5 percent to individual borrowers for a 15-year tenor, ended in June this year. This has made many low-income earners who had hoped to buy houses rethink their plans. Prospective buyers thus worry about the availability of money and have become more hesitant to enter the market. The recent increase in the prices of many real estate products and the strong return of investors in secondary properties have also contributed to volatility in the market, affecting affordability and thus liquidity year. Yet, despite the slowdown, analysts predicted the market to become more competitive in the final months of the year since supply of high-end apartments exceeds demand. In the third quarter, the supply of apartments in the Hanoi and HCM City markets increased sharply, with nearly 15,000 offered for sale, of which high- and medium-end apartments accounted for 50-60 percent, according to Vietnam Real Estate Association. The association also said thousands of new luxury apartments would come into the market by year-end but housing for low-income earners would be limited. Meanwhile, demand is predominantly for social housing. All this is likely to cause an oversupply of luxury apartments, thus sparking fierce competition. The main reason for this skewed situation is unplanned development, which was the main cause of the bubble that formed some years ago before bursting and leaving the market in tatters, according to experts. Dong Thap leads Mekong Delta in tra fish output The Mekong Delta province of Dong Thap has produced 400,000 tonnes of tra fish a year, marking the highest output in the region. Phan Kim Sa, Deputy Director of the provincial Department of Industry and Trade, said materials zones account for more than 63 percent of the province’s tra fish cultivation area of 2,120 ha, leading to the high output. After a local chain value model was built, processing firms have restructured their operations by acquiring weak ones and building a chain of supply-processing-consumption and export. More than 1,000ha of tra fish are being bred under VietGAP, GlobalGAP, ASC, BAP standards. With 122 fries producing facilities, 48 trading and over 1,200 breeding units, the province expects to produce more than 1 billion fries this year. According to Sa, Dong Thap tra fish has been present in nearly 100 markets worldwide. In January-October, the province exported more than 207,000 tonnes of farmed fish, earning over 521 million USD, up 3.43 percent annually. Dong Thap is currently home to 24 for-export seafood processors with a total annual capacity of over 429,000 tonnes. A majority of plants meet HACCP and ISO standards and could self-provide 60-70 percent of needed materials. In the coming years, the province strives to raise over 500,000 tonnes of tra fish in an area of more than 2,200ha, and export upward 645 million USD worth of tra fish. S Koreans to invest in gas facilities  South Korean company Hyosung Corporation has proposed to build polypropylene (PP) factories and a liquid petroleum gas (LPG) storage facility in Ba Ria-Vung Tau Province. The company recently submitted the proposal to the Ba Ria-Vung Tau industrial zones authority. A source from the Ministry of Industry and Trade (MoIT) said Hyosung Corp wanted to set up the factories and storage facility in Cai Mep Industrial Zone, in Tan Thanh District. The firm would make a capital investment of US$1.2 billion, and the two units would occupy a proposed area of 608,910sq.m. The project will be divided into two phases. The first phase would include the construction of an $133 million underground storage facility for LPG and the first PP factory with an annual capacity of 300 million tonnes, at a cost of $336 million. The second phase will include the construction of a second PP factory with an annual capacity of 300,000 tonnes at a cost of $226 million as well as a PDH factory worth $496 million. In its proposal, Hyosung Corp has shown its commitment to environmental conservation and guaranteed the quality of its technology and machinery. Hyosung Corp is one of South Korea's top 15 companies in the field of textiles, manufacturing spandex and nylon, among other things. In Viet Nam, Hyosung Corp operates factories in Nhon Trach 5 Industrial Zone in Dong Nai Province, producing spandex, nylon and polyester threads, and steel wires, steel tire cords, bead wires, saw wires, used in auto manufacturing. Most of their products are exported. Experts warn of sloppy food chain Improving the regional link and developing the supply chain are necessary for the Cuu Long (Mekong) Delta to boost efficiency in agricultural production and national food security. Experts of CEL Consulting specialising in supply chains in South East Asia said the region contributed more than 50 per cent of the country's food output, but farmers' income remained low and food processing and export firms continued to struggle, Hai Quan (Customs) newspaper reported. According to CEL Consulting, this was due to the shortcomings of a sloppy supply chain. Currently, the agricultural sector's supply chain still has to go through many intermediaries. More than 90 per cent of farmers rely on intermediaries as the only source of market information and the only purchasers. In addition, firms did not have direct interaction with farmers, so they failed to manage the supply, experts said. Julien Brun, director of CEL Consulting, was quoted by the newspaper as saying that the future of the region's agricultural production would be centralised production, which would require improvements in both the scale of production and the regional link. Under this model, firms would help direct farming production following the market demand, develop brand for agricultural products and apply technologies in production. Intermediaries should simply play the role of logistics service providers, according to Julien. The development of a distribution network was also essential, he said. The region must increase rice output from 21 million tonnes per year to 22.1 million tonnes and fishery output by 28 per cent by 2020 to meet national food security. Footwear firms gear up for FTAs Vietnamese leather and footwear firms are implementing new production and business strategies to make the most of the opportunities provided by free trade agreements (FTAs), especially with Eurasia. The agreement between the Eurasian Economic Union (EAEU) and Viet Nam came into effect last month. A representative of Ladoda JSC said the company had imported leather, equipment and machinery from India at zero per cent duty and was seeking foreign partners, including from Mexico. Ladoda had been exporting handbags and backpacks to the EAEU member countries, and it had now created 20 new designs for other markets in 2017, the representative said. Phan Thi Thanh Xuan, general secretary of the Viet Nam Leather, Footwear and Handbag Association (LEFASO), said the localisation rate of the leather and footwear sector was about 40-45 per cent, while materials accounted for 68 to 75 per cent of footwear prices. Once all the FTAs come into force, foreign investors will focus on material production so as to enjoy tax benefits offered on the basis of product origin. Meanwhile, Vietnamese firms are expected to raise their localisation rate and reduce their dependence on imports. Domestic leather and footwear companies have revamped their production operations to increase productivity and improve quality, even as they expanding business. At the same time, investors from countries and territories such as mainland China, Japan and Taiwan have also built plants in Viet Nam to make the most of opportunities afforded by the FTAs. Foreign direct investment (FDI) businesses, which now make up more than 70 per cent of the sector's export turnover, are said to benefit the most from the deals. Like garments and textiles, Vietnamese footwear will enjoy zero per cent tax in the EU and EAEU markets for seven years once the FTA is in effect. However, Xuan said, once the markets opened up, any business that met market requirements could benefit from the pacts. Apart from the opportunities, the deals are also creating new challenges for the Vietnamese leather and handbag sector. The high labour rate for leather products and handbags of 70 per cent, has lowered profits and made the businesses less dynamic. Besides, technical barriers imposed by the EU and EAEU, together with commitments of social responsibility, environmental protection and procedures to enjoy tax preferences, will increase business costs. Against this backdrop, the LEFASO has suggested that local enterprises roll out their own strategies and solutions in order to churn out high-quality products that can gain them a firm foothold in the home market and compete with their rivals in foreign markets. The association has also called for more tax and land incentives to encourage more investments in the sector. Seafood import restriction removed Enterprises importing seafood for processing and export can once again get customs clearance certificates before quarantine inspections. A Phap Luat Thanh Pho HCM (HCM City Law) report yesterday quoted the Viet Nam Association of Seafood Exporters and Producers (VASEP) as saying permission to obtain the certificates earlier was granted after the firms complained of undue delays, higher costs and losses. Many firms had complained to the association that over the past four years, they'd typically received customs clearance before inspections, but a new rule issued in August had hurt production and profits. The Ba Ria Vung Tau Seafood Processing, Import and Export Joint Stock Company (Baseafood) has been importing salted cod for export processing for the last two years. The company kept the imported cod in its own freezers and waited to get the inspection certificate before processing it. However, on August 8, 2016, the Region VI Animal Health Agency issued Official Letter 1094/TYV6-TH guiding quarantine declaration for imported seafood material for export processing. As per this document, the customs certificate could be granted only after the imported seafood had passed quarantine inspections. The company petitioned the association for help because it had to spend more money now to store the imported seafood at the port. This could affect the quality of stored seafood because the company could not regularly check if the refrigeration was working properly, it argued. Tran Van Linh, chairman of Thuan Phuoc Seafood and Trade Joint Stock Company, noted that local enterprises had to import seafood that was either not available locally or were available in insufficient quantities. Sometimes, the locally available seafood was priced too high, making the company's products less competitive in the international market. For instance, Viet Nam's seafood enterprises were importing shrimp from India and Ecuador for export processing because of low import prices of US$1-2 per kilo. But under the new regulation, the enterprises were losing out because they had to spend hundreds of millions of dong more on storing the shrimp at the ports until the inspections were done. The association said that four years ago, the Ministry of Agriculture and Rural Development (MARD) had allowed the granting of customs clearance certificates to enterprises storing imported seafood on their own while awaiting inspections. After receiving several complaints from its members, VASEP requested the ministry's Animal Health Department to reverse its decision. MARD responded positively to the request late in October. It said that the enterprises would be responsible for ensuring that the imported seafood they stored in their own facilities met required quality standards. They should also ensure that the stored seafood was not processed before it passed inspection, the ministry said. Pham Hai Long, general director of Agrex Sai Gon, welcomed the decision saying a large number of enterprises doing honest business should not suffer because of a few that violated existing regulations. VN bank profits surge on services, not lending Some commercial banks have reported high profits in the first nine months of the year thanks to a restructuring effort which focuses on services instead of lending as previously done. According to financial reports released recently, the Commercial Joint Stock Bank for Foreign Trade of Viet Nam (Vietcombank) posted profit of nearly VND4.5 trillion (US$200.36 million) in the first nine months, up 13.6 per cent year-on-year. Of the total, services made up $521 billion, up more than 18 per cent. Securities business also represented VND203 billion. Vietcombank's profit was nearly equal to that of the Commercial Joint Stock Bank for Industry and Trade of Viet Nam (Vietinbank) and the Commercial Joint Stock Bank for Investment and Development of Viet Nam (BIDV), although its total outstanding loans in the period were less than VND440 trillion, equal to only two-thirds of Vietinbank and BIDV's. Last year, services also accounted for 30 per cent of Vietcombank's profit. The same trend was seen in Techcombank, which reported profit of VND279 billion from services in Q3 and VND911 billion in nine months. With the contribution from services, Techcombank posted net profit of more than VND2 trillion in Q3 and more than VND6.2 trillion in nine months, up 29 per cent and 21 per cent year-on-year, respectively. The financial report from the Asia Commercial Bank (ACB) also showed that the bank posted profit of VND236 billion from services in Q3, helping the bank make total profit of VND415 billion in the period, up 15.5 per cent year-on-year. ACB general director Do Minh Toan said his bank is boosting services with a focus on financial services and individual customers. According to independent expert Dinh The Hien, while lending has shown signs of risk due to a rise in non-performing loans, increasing revenue from boosting services would help banks achieve healthy and sustained development in the future. PVcomBank cuts deposit interest rates PVcomBank last week announced it was lowering deposit interest rates in an effort to be able to cut lending rates early to support production and business. Accordingly, the bank's rate for three to five month deposits has been cut from 5.5 per cent to 5.3 per cent per year. The rate for 13 month deposits has also been reduced from 7.5 per cent to 7.2 per cent per year. The bank's highest rate of 7.6 per cent per year, applicable for 18, 24 and 36 month deposits, has also been cut to 7.5 per cent. Besides aiming to restructure capital sources, PVcomBank expected that the cut would help it cut lending rates soon to support production and business according to guidance from the Government and the State Bank of Viet Nam. Violations detected in expressway project Violations valued at over VND300bn (USD13.63m) have been uncovered in the construction of the Ha Long-Van Don Expressway, Quang Ninh Province. Three packages to relocate the electric lines of 35kV, 6kV and 0.4kV and the water mains of the Ha Long-Mong Duong section worth VND300bn have the most serious violations. According to the inspectors of Quang Ninh Province, authorities of Cam Pha City had committed wrongdoings when allocating VND180bn (USD8.18m) package to Thanh Cong Equipment and Engineer JSC, VND78bn package to Tham Gia JSC and VND16bn package to Nam Thang Construction Company. Contractor Thanh Cong Equipment and Engineer JSC is two months behind schedule in completing the VND87bn package. The company even changed the measurements and foundations. Contractors Tham Gia JSC, Nam Thang Construction Company, Quang Ninh Clean Water JSC have violated regulations through corner-cutting, using wrong designs and low-quality materials. Those companies are not specialised in electricity and clean water systems. The inspectors asked Cam Pha City authorities to review the case and punish related individuals. Supervisors and consultants must take responsibilities. Bui Dang Trieu, Deputy Office manager of Cam Pha City said they were considering punishments for Hoang Thi Ngoc Hoa, head of the Finance and Planning Office, Hoang Cong Bon, head of the Natural Resources Office and Nguyen Cong Tho, head of the Centre for Land Fund Development. PM launches establishment for Vietnamese business culture PM Nguyen Xuan Phuc on November 7 attended and launched the campaign to establish Vietnamese business culture, which is meaningful to both Vietnamese business community and the whole people and society. The PM stressed the importance of preventing tax evasion, bribery, corruption and waste as well as responsibility for the living environment and laborers in business culture. A good trade mark is not only the asset of businesses but also the national treasure, that is the reason why a creative Government is caring about business culture and entrepreneurs' ethics, he said, adding that the strong and advanced culture business is regarded as an effective connection for deeper integration into the international and regional economies. Business culture is also the mutual assistance and strong competitiveness, he highlighted. The campaign on establishment of culture for Vietnamese businesses focuses on increasing awareness on business culture, upholding production and business activities, promoting business environment, and enhancing spiritual culture and physical strength of staff and laborers. At the ceremony, Decision No. 1846/QĐ-TTg on taking November 10 as Viet Nam Business Culture Day was announced. Mekong Delta regional connectivity scheme still on paper The regional connectivity scheme for the Mekong Delta, which was mapped out by the Southwestern Steering Committee and got the green light from the Government to be conducted on a trial basis, has not been implemented. Speaking at a conference on connectivity among Mekong Delta localities in Ben Tre Province last Saturday, Vo Thanh Hao, chairman of Ben Tre Province and secretary of the provincial Party Committee, stressed that regional linkage is pivotal in the area but measures needed to promote connectivity have yet to be employed. Hao said the issues have been raised at many conferences and seminars but local authorities have yet to discuss them thoroughly. He said apart from agriculture and seafood, the delta has great potential in sectors like tourism, seafood processing and renewable energy. However, the region still lags behind other parts of the country in terms of healthcare, education, infrastructure, manpower and investment attraction. Hao emphasized the delta is facing a slew of challenges given climate change, rising sea levels and salinity intrusion while all provinces and cities, except for Can Tho, are financially weak and reliant on State budget appropriations. He said the regional linkage scheme, considered as a driver of social-economic development in the region, is still on paper. There are no mechanisms and policies to stimulate growth in the delta. Besides, while connectivity among localities is poor, some of them even embraced unhealthy competition that weakens regional linkage. The region, with support from central State agencies, has adopted bilateral and multilateral connectivity models such as the Mekong Delta Economic Cooperation, but their efficiency remains unclear. Hao said the abovementioned difficulties and poor awareness have hindered the development of each locality as well as the whole region. Ngo Dong Hai, deputy head of the Party Central Committee’s Economic Commission, told the conference that apart from the lack of good policies, weak regional linkage in the delta is attributable to localities pursuing their own interests. He explained that as long as each locality still searches for opportunities and resources for itself to fuel growth, regional linkage will remain impossible. HCM City sees ample goods supply for upcoming Tet Goods supply for the upcoming Lunar New Year holiday (Tet) in HCMC is forecast to abound as enterprises joining the city’s market stabilization program are investing more to meet soaring demand during the special occasion. The firms are preparing goods worth more than VND17 trillion (US$755 million) in total for Vietnam’s biggest holiday, up VND860 billion against the same period last year, according to Nguyen Huynh Trang, deputy director of the municipal Department of Industry and Trade, at a meeting last Friday. The total value of products with stabilized prices is over VND6.8 trillion, up 15-20% against the city’s target and 25-45% versus last Tet. They include many items with high demand such as meat, poultry, egg, sugar, cooking oil, rice and processed food. Local companies have stockpiled VND9.7 trillion worth of commodities for the buying spree from December 29 to January 27, including items worth more than VND3.76 trillion for the price stabilization program. According to the department, companies that have registered for participation in the program account for 30-40% of total goods supply for Tet, wholesale markets for 30-40% and other companies for 10-20%. In particular, the HCMC Union of Trading Co-operatives (Saigon Co.op) has stocked up on 105,000 tons of goods worth over VND3.08 trillion, including VND938 billion for the price stabilization program, Saigon Trading Group (Satra) with nearly VND1.4 trillion and VND527 billion, and three wholesale markets, Thu Duc, Hoc Mon and Binh Dien, with around 15,000-16,000 tons per day. Trang said the participating companies are committed to make prices stable during Tet. They also offer discounts on essential items such as pork, poultry and egg. Apart from price stabilization, businesses will launch over 1,500 Tet promotion programs. Large distribution systems will offer discounts of 15-49% on thousands of items. In addition, many mobile stores will offer goods at stable prices during Tet for students and low-income people like factory workers. Minister urges concerted efforts to rev up restructuring The Minister of Planning and Investment on November 3 rallied support from all ministries and localities for concerted efforts to step up economic restructuring, saying the structural reform needs to earn the top priority. Addressing the National Assembly, Minister Nguyen Chi Dung expressed concern that the process of economic restructuring could be hindered by ministries and localities for fear of their interests being affected. “Drastic measures (of the structural reform) may have certain negative impact on the interests of ministries and localities. Therefore, there remains the danger of the economic restructuring process being delayed or implemented half-heartedly,” Minister Dung said. The minister stressed that leaders of localities and ministries should have a vision beyond the interests of their own organizations and benefits of their office terms to move towards close coordination among sectors, regions and localities for higher mutual efficiency. In addition, Minister Dung said there needs to be a suitable legal corridor to help realize focal goals of restructuring. That requires certain laws and regulations to be amended and supplemented, which is a hard job as it demands consensus and swift action. The minister noted that economic restructuring is a painstaking process. As mapped out in the drastic restructuring plan, Minister Dung said, budgetary principles must be tightly adhered to. Key goals are to enhance public investment efficiency, reduce regular public expenditures, curb budget overspending to less than 4% of gross domestic product, and speed up divestment of State stakes in State-owned enterprises (SOE). Regarding financial resources for economic restructuring in 2016-2020, the minister gave further explanations on the amount of VND10,500 trillion that was mentioned in the Government’s report at the National Assembly last week. Accordingly, to achieve an average GDP growth rate of 6-5-7% and an incremental capital output ratio (ICOR) of 5 to 5.5 in the five-year period, then the total investment in the economy should amount to 32%-34% of GDP, equivalent to VND9,000-10,000 trillion. In this process, the ratio of State capital will be reduced while more funds from the society, especially the local private sector, will be mobilized. Specifically, the share of State capital will be reduced from 39.1% in 2011-2015 to between 31% and 34% in 2016-2020, while the corresponding share of local private funds will rise from 38.3% to 45-48%, Minister Dung said. He also mentioned prioritized targets in the upcoming economic restructuring to include quick settlement of bad debt and weak banks; equitization of SOEs and divestment of State stakes; strictly abiding by the Law on State Budget; and improving the business environment and supporting the private sector development among others. Worries over housing tax Suggestions let fly by the Ministry of Finance to collect the housing tax have stirred up objections from many experts who challenge the foundation for such a plan. They argue that the reasons behind the ministry’s intention are not convincible. As covered in local media, the Taxation Policy Department under the ministry has been assigned to flesh out the plan to collect the housing tax, especially those people with two or more houses. Those people with only one house will likely be exempted from this tax, but the tax rate will increase progressively from the second home. Deputy Minister of Finance Huynh Quang Hai says in Tuoi Tre that “the housing tax will surely be collected, not only to increase revenues for the State budget but also because the housing tax has been collected in many countries for long.” Such an approach immediately draws fire. In many countries worldwide, as reasoned by experts, the housing tax is often meant by the State to regulate the market so as to curb excessive speculation, thus ensuring healthy development of the property sector, beside the goal of generating more income for the State budget. In Vietnam, they say, the Ministry of Finance needs to spell out its key goal - whether it is to earn more revenue or to intervene in the market - and needs to take a prudent approach in both cases. If the primary goal is to create a new source of income for the State budget, a rethink is needed, since the burden of taxes and fees in the country is deemed to be already rather heavy for businesses and the people. Creating a new tax will make life harder for many people. Meanwhile, if the goal is to introduce State intervention to ensure justice among all market players, the goal can hardly be realized if the tax is simply based on the number of houses one owns, and speculators will still have ways to ensure their profit margin by factoring the tax sum into their prices. That is to say the rich can still defend their wealth, while poorer people will suffer if housing prices climb due to the new tax. In addition, a certain homeowner can have two or three houses, but the total value of their properties is far lower than one with only a big house in a prime location. In major cities, a big house in a good commercial quarter may cost hundreds of billions of dong, while a house on the outskirts is priced at hundreds of millions or less, and if the tax is imposed on multiple-home owners, then justice cannot be ensured. That is not to mention the vast difference between a home in a major city and another in the countryside. As such, the housing tax – if it is to come into life – must be conceived in another way, and should be based on the value of properties as the core rather than merely the number of properties, besides a set of criteria scientifically mapped out to ensure that State intervention in the market will work to make life easier for the general public. It should stabilize the market rather than stirring up public worries. Plastic material firms face tough competition from foreign rivals Experts attending a conference in HCMC last week said local producers of plastic materials for the construction industry are facing tough competition from foreign rivals in terms of both imports – largely from China – and the increasing presence of foreign companies on the market. According to the conference organizer, VietinBank Securities Company (VietinBankSC), domestic plastic materials for construction hold a market share of 60% and imports for the rest, of which 90% come from China and the remainder from Malaysia and Europe. Currently, many domestic producers use Chinese technology and equipment, Pham Van Bac, deputy head of the Building Material Department under the Ministry of Construction, told the conference on competition on the domestic plastic market. As predicted by industry experts, the demand for plastic materials for use in the construction industry, such as plastic doors, windows and others, will increase rapidly in the coming years. The Ministry of Construction said the housing market is forecast to grow 10-15% per year in the coming time, so 1-1.2 million square meters of housing would be needed a year. This demand will boost the demand for construction plastics, the ministry explained. From 80% to 90% of housing projects in Vietnam use plastic doors and the rest utilize wooden products. The competition in the plastic material industry is strong. Construction plastic materials account for only 18.2% of the entire plastic industry’s sales but their annual growth rate is 15-20%, reflecting great potential. The country is home to 180 producers of plastic products for construction projects, including plastic pipes, doors, windows, ceiling panels and even furniture. Plastic pipe producers alone register over VND12 trillion (US$533.2 million) in revenue a year with two major enterprises – Tien Phong Plastic Joint Stock Company and Binh Minh Plastics Joint Stock Company. For construction plastic materials, Dong A Plastic currently hold a dominant market share, but foreign players are increasing their presence on the market. Foreign enterprises usually step into the domestic plastic industry through merger & acquisition (M&A) deals. For example, Nawaplastic Industries, a subsidiary of Thai giant SCG, is holding a stake of more than 20% in Binh Minh Plastics and 23.8% in Tien Phong Plastic. South Korean and Chinese firms have also prepared themselves to enter the Vietnamese market, piling pressure on local plastic companies. Five loss-making megaprojects under investigation Minister of Industry of Trade Tran Tuan Anh, telling lawmakers at the National Assembly (NA) session in Hanoi last week, said his ministry is inspecting five loss-making megaprojects. The five projects – Phuong Nam paper mill, Ninh Binh fertilizer plant, Thai Nguyen iron and steel mill, Dinh Vu yarn factory and an ethanol and bio-fuel undertaking – have been executed by corporations where the State holds a controlling stake. They have been dogged by long delays, which have resulted in colossal cost overruns. The Government has acted to pull them out of difficulties but to no avail. Minister Anh warned, “Not just the five projects but a number of others are also running the risk of making huge losses.” All those individuals and units involved in these poor-performing projects should be held accountable, he noted. Anh said lessons should be learned from reckless injections of trillions of dong into the above projects. The management of investment activity of the Government and State-owned enterprises should be strengthened. Four investors interested in highway upgrade project Four consortiums have expressed interest in a major project to upgrade and widen National Highway 22, which connects HCMC and Tay Ninh Province’s Moc Bai border gate. A source from the HCMC People’s Committee office said four consortiums had submitted their formal requests to get involved in the project by early this month. These four consortiums have proposed widening the HCMC section of the highway to 60 meters and upgrading the surface and drainage system of the highway section in Tay Ninh. However, they have different proposals regarding some intersections and bridges along the road, resulting in different funding needs which range from VND6.5 trillion (US$292 million) to VND9.5 trillion (US$427 million). The HCMC government wants to widen the highway section in the city to 60 meters, upgrade the existing road surface and drainage system of the Tay Ninh section, build an intersection, widen An Ha Bridge by 30 meters, and keep the other bridges along the highway unchanged. The city government last week sent a report to the Ministry of Transport and Tay Ninh Province asking for their feedback before a feasibility study is done. The city has secured the Prime Minister’s approval for a plan to call for investors to upgrade National Highway 22 under the build-operate-transfer (BOT) format. Investors can install a toll station to recover investment capital. Some narrow stretches of the 58.2-kilometer National Highway 22 have become overloaded due to rising traffic. In a related development, the Ministry of Transport is seeking investors for an expressway linking HCMC and Moc Bai and running in parallel with National Highway 22. Along with National Highway 22, Ho Chi Minh Road, and belt roads No.3 and No.4 in HCMC, this expressway will form a complete road network connecting southern Vietnam and neighboring countries including Thailand and Cambodia. New rural development model causes widespread indebtedness The achievements of the national target program for rural development – often dubbed New Rural Development – in the past five years are undeniable but resources spent on this program are considerable. Many deputies of the National Assembly (NA) deem it necessary to review the indebtedness of rural communes and districts, and the impact of the spending of this program on the State budget. The NA last Friday spent the whole day deliberating the implementation of the national target program on rural development associated with agricultural restructuring in 2010-2015. So far, 2,061 communes (23%) have met the New Rural Area criteria, and 27 district-level units have been granted certification, says the report of the NA Standing Committee delivered by Chairman Vu Hong Thanh of the NA Economic Committee. Certain criteria are amply fulfilled, such as planning (98.74%), social security (93.7%), electricity (82.38%), education (77.86%), irrigation (61.37 %) and income (56.48%). The poverty rate in rural areas thus declined from 17.4% in 2011 to 8.2% in 2015, or an average of 1.84% per year. In the same period, the per capita income also rose from VND16 million to VND28.4 million in the communes meeting the New Rural Area criteria, while their poverty rate fell sharply from 11.6% to 3.6 %. However, to finance the program, more than VND850 trillion was mobilized nationwide. The NA has used VND15 trillion from government bond sales to finance this program in the period from 2014 to 2016. To carry out the program, 53 of the country’s 63 cities and provinces (over 84%) have racked up total debts of more than VND15.2 trillion. Some grassroots governments have even become insolvent, receiving negative feedback from the public. Debt is mainly owed by capital construction projects in the north (the Red River Delta and the north central region), the front-runner in the movement of rural development. The debt of these two regions combined accounts for 75.3% of the country’s total. Meanwhile, the total debt owed by the communes acknowledged as new rural areas makes up 46.9%. It represents 1.8% of the total resources mobilized for the program and 5.7% of the total funding. Deputy Nguyen Ngoc Phuong of Quang Binh Province said: “Many communes are achievement-driven, mobilizing excessively from the public, with even the poor, the elderly and those families under the preferential treatment policy getting involved…” Delegate Nguyen Tuan Anh from Binh Phuoc stressed the need to assess the results achieved with the money spent. The serious long-term consequences which many rural communes and households, especially the poverty-stricken ones, will suffer could not be ignored. It is a must to investigate and publish full reports on the debt owed by rural communes, and the number of farmers falling victim to heavy mobilization, said Anh. One may wonder if it is appropriate for rural development in many areas to put too much emphasis on achievements or to simply go with the flow as it is right now. U&I and FPT to invest in Danang Hi-tech Park Two domestic enterprises inked investment commitment agreements within the framework of a seminar organized in HCMC last Friday to promote investment into Danang Hi-tech Park. In particular, U&I Investment Corporation is committed to investing in the logistics sector while FPT University is to conduct research and training projects in the information technology field at this high-tech park. The 1,500 hectare Danang Hi-tech Park is considered an investment hotspot in the central and Central Highlands regions, and a convergent point for industrial and economic zones in the central region, according to the Danang Hi-tech Park Management Authority. Completed with more 300 hectares of site clearance, the park offers technical infrastructure ready for investment projects. High-tech investment projects in the priority list are exempt from infrastructure fees for the entire rental period. In addition to investment incentives, tenants enjoy a preferential corporate income tax of 10% for 15 years, and a corporate income tax exemption in the first four years plus a reduction of 50% in the following nine years. There are currently four investment projects licensed into the park, including two wholly Japanese-invested projects and two domestic-invested ones with combined registered capital of US$140 million. The park, 15 kilometers from the city center, is one of the three national hi-tech zones of Vietnam established under a decision of the Government. The park management has listed many priority areas to call for investment, such as precision engineering, information technology, software, new energy and new materials. PVcomBank cuts deposit interest rates PVcomBank last week announced it was lowering deposit interest rates in an effort to be able to cut lending rates early to support production and business. Accordingly, the bank's rate for three to five month deposits has been cut from 5.5 per cent to 5.3 per cent per year. The rate for 13 month deposits has also been reduced from 7.5 per cent to 7.2 per cent per year. The bank's highest rate of 7.6 per cent per year, applicable for 18, 24 and 36 month deposits, has also been cut to 7.5 per cent. Besides aiming to restructure capital sources, PVcomBank expected that the cut would help it cut lending rates soon to support production and business according to guidance from the Government and the State Bank of Viet Nam. Work starts on $45m pig farm in Nghe An Work on a high-tech pig-breeding farm worth VND1 trillion (US$45 million) began in central Nghe An province's Quy Hop District on Saturday. Financed by Masan Group, the Masan Nutri-Farm will occupy 223hecatres, making it the largest pig farm in the province. Once operational, it is expected to create 350 local jobs and contribute about VND1 trillion to the local GDP. The farm is slated to start operations in the first quarter of 2017 and start supplying pork one year later, Massan Group chairman Nguyen Dang Quang said. It is designed to raise 240,000 pigs a year, in line with the Vietnamese Good Agriculture Practices (VietGap), he said. In his speech at the ground-breaking ceremony, Nguyen Xuan Duong, chairman of the provincial People's Committee, expressed hope that the farm would contribute to accelerating the province's socio-economic development. He also promised that local authorities would create favourable conditions for the Massan Group to implement its projects. On the occasion, Masan Group presented VND150 million to Ha Son preschool and gifts to 10 farming households in Quy Hop Commune. Seafood exports benefit most from Vietnam-EAEU FTA Nearly 90 percent of tariff lines have been cut and reduced, with 59 percent abolished immediately as the Free Trade Agreement (FTA) between Vietnam and the Eurasian Economic Union (EAEU) has taken effect since October 2016. It is an advantage for Vietnam when exporting goods to EAEU countries compared to other countries in the world. The aquatic sector will get the most from the agreement since the EAEU will reduce its import tax, from 10 percent to zero, for aquatic products from Vietnam, including processed ones. Some of processed and canned products, such as tunas and shrimps, will enjoy preferential tax, but they are groups that Vietnam lacks of materials. Another five percent of tax lines will be applied on other seafood products that are not strength of Vietnam. Agro-forestry products will get the least benefit. For rice, the EAEU has a set an initial quota of importing 10,000 tonnes of rice per year from Vietnam with zero tax. The above-quota amount will be levied the most-favoured nations (MFN) tax. In addition, Vietnam’s annual rice export volume is dependent on demand of EAEU countries. The agreement will not reduce taxes for green tea packages weighed under 3 kg. Zero taxes are applied only for raw Vietnamese coffees and peppers while there will be no tax exemption or reduction for the processed products. Leather, footwear firms move to seize opportunities from FTAs Many Vietnamese leather and footwear firms have been implementing new production and business strategies to seize opportunities offered by free trade agreements (FTAs), especially a deal between the country and the Eurasia Economic Union (EAEU) which took effect last month. A representative of Ladoda JSC said the company has imported leather, equipment and machinery from India with a zero percent duty, and is seeking foreign partners, including those from Mexico. Ladoda has exported its handbags and backpacks to EAEU member countries, the representative said, adding that the company has also designed about 20 new models for other markets in 2017. Phan Thi Thanh Xuan, General Secretary of the Vietnam Leather, Footwear and Handbag Association (LEFASO), said the locally-made rate of the leather and footwear sector is about 40-45 percent while materials account for 68-75 percent of footwear prices. Once the Vietnam-EAEU Free Trade Agreement and other free trade pacts come into force, foreign investors will focus on material production in order to enjoy tax preferences offered on the basis of product origins. Meanwhile, Vietnamese firms are expected to raise their locally-made rate and reduce their dependence on imports. Domestic leather and footwear companies have revamped their production, gearing towards higher productivity and quality, while expanding markets. At the same time, investors from such countries and territories like China, Japan and Taiwan (China) have also built plants in Vietnam in a bid to make the best use of opportunities afforded by the FTAs. Foreign direct investment (FDI) businesses, which now make up more than 70 percent of the sector’s export turnover, are said to benefit the most from the deals. Like garments-textiles, Vietnamese footwear will enjoy zero percent tax in the EU or EAEU markets within seven years since the Vietnam-EAEU FTA took effect. However, Xuan said, the trend will no longer exist following the market’s opening, any business which satisfies market requirements can benefit from the pacts. Apart from opportunities, the deals will also generate a range of challenges for the Vietnamese leather and handbag sector. The high manual rate of leather products and handbags at 70 percent has lowered profits and weakened the dynamism of the enterprises. Besides, technical barriers imposed by the EU or EAEU, together with requirements regarding social responsibility, environmental protection and procedures to enjoy tax preferences, have forced the businesses to cover more costs. Against the backdrop, LEFASO suggested local enterprises roll out their own strategies and solutions in order to churn out high-quality products that can gain a firm foothold in the home market and compete with their rivals in foreign markets. The association also called for more tax and land incentives to encourage more investors in the sector. VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VET/VIR |
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Social News 8/11 JICA helps Binh Duong improve public transport  A Kaze Shuttle bus (Photo: becamex-tokyu.com) Authorities in the southern province of Binh Duong had a working session with officials from the Japan International Cooperation Agency (JICA) on November 7 to review a joint project on developing local public transport. At the function, Takagi Michimasa, who led the JICA delegation, said the project aims to build urban bus systems in Thu Dau Mot city, and Thuan An and Di An towns, improve bus services, and carry out communication campaigns to encourage residents to use public transport. Most tasks of the project have been running smoothly, he said. As heard at the event, the provincial Transport Department and JICA will expand their joint work, including the operation of more routes using Kaze Shuttle buses between Thu Dau Mot city and New Binh Duong city. They agreed to open three more bike parking areas at intersections and bus stops in Phu Hoa, Phu Loi and Hiep Thanh wards. Bus services, such as customer services and monthly electronic tickets will be also improved. Tran Thanh Liem, Vice Chairman of the provincial People’s Committee, called on relevant agencies to promote the use of buses at schools and in residential areas.- Foreign ministry congratulates embassy on Cambodia’s national day A delegation of Vietnam’s Ministry of Foreign Affairs came to the Cambodian Embassy in Hanoi on November 7 to extend congratulations on the 63rd National Day of Cambodia. Deputy Foreign Minister Dang Dinh Quy congratulated the State and people of Cambodia on their massive development achievements over the past 63 years. Vietnam and Cambodia boast a time-honoured and fine friendship - a pride and also a priceless asset that they should treasure, he noted, highlighting his country’s consistent policy of prioritising the amity and all-faceted cooperation with Cambodia. He wished the Cambodian people would obtain even greater accomplishments in the near future. Quy also spoke highly of the close cooperation between the Cambodian Embassy and the Vietnamese Foreign Ministry, which has actively helped to solidify the two countries’ solidarity, friendship and partnership. Meanwhile, Cambodian Ambassador Prak Nguon Hong thanked the ministry for working closely with his embassy, stressing that the entire embassy staff will continue exerting efforts to foster bilateral relations in all spheres, thereby meeting expectations of the two countries’ people. They are working to prepare for the 50th founding anniversary of the diplomatic ties in 2017 and consider it an important occasion to educate the countries’ younger generations about the durable values of bilateral relations, he added. The diplomat said with the goodwill and efforts from both sides, the Vietnam-Cambodia amity and comprehensive cooperation will be thriving. He also asked for further assistance from and coordination with the Vietnamese ministry. Electricity resumed in disaster-stricken provinces Electricity has been resumed in disaster-stricken central provinces of Ha Tinh, Quang Binh, Quang Tri and Quang Nam, said the Electricity of Vietnam (EVN) on November 7. However, some localities have yet to access electricity due to inundation. In Phu Yen, several parts of Phu Hoa, Dong Xuan, Song Cau, Dong Hoa, Tuy An districts and Tuy Hoa city remain under water. In Khanh Hoa, one transformer has been isolated due to flooding from November 5. Meanwhile in the Central Highlands province of Dak Lak, the provincial power company resumed power supply in all Krong Nang and Krong Ana districts. As of 8am on November 7, eight hydropower reservoirs were draining away water. The EVN’s hydropower plants and local authorities have worked closely together to follow reservoir operation regulations and flush water away as directed by local steering committees for disaster prevention and control.- Quang Ninh province moves to prevent Zika virus The northern province of Quang Ninh is ramping up anti-Zika efforts given that it is a popular destination among tourists. Asides from increased examination of tourists from Zika-infected areas, the province has combined anti-Zika activities with dengue fever prevention efforts and stepped up communications to raise public awareness of preventive measures. The local health sector said it has geared up necessary medicine and chemicals, gave intensive training to healthcare staff, and carried out testing immediately after any suspect Zika case was reported. All suspect cases have been tested negative for the mosquito-borne virus so far, according to the provincial preventive medicine centre. Ninh Van Chu, Director of the centre, said most of Zika patients have light fever and rash, some can have conjunctivitis, muscle pain, and arthralgia . These symptoms can be over within two or seven days. As clinical signs can be mistaken for those of dengue fever, testing is the only way to confirm Zika infection. The preventive medicine centre is now capable of testing for Zika, he said, telling people not to worry and follow medical workers’ advice. Thirty-six Zika cases have been recorded across Vietnam with 29 patients in Ho Chi Minh City and others in Dak Lak, Binh Duong, Khanh Hoa, Phu Yen, and Long An provinces. Natural resources minister pledges more transparency Enhancing transparency in the natural resources and environment sector was a message that Minister Tran Hong Ha has sent to people, enterprises and his employees in an online exchange on November 7. The exchange focused on perfecting policies and laws on natural resources and environment to remove difficulties for people and businesses. The Ministry of Natural Resources and Environment always pays attention to improving institutions, policies and laws on the field as well as simplifying procedures to create favourable conditions for people and enterprises and cut costs. For example, Ha said, the sector reduced 30 procedures in land management in areas with the land registration office and nine in areas without the office, and 40 percent of procedures in the mining field. The time to complete procedures was also cut down on all types of procedures. However, he admitted shortcomings in some current policies and mechanisms, especially those in land and water resources management and the environment. By 9am on November 7, the ministry and its 63 provincial and municipal departments received 462 questions with half of them related to land. Firstly organised in 2005, the online exchange has become one of the important information channels to receive and answer questions from people and businesses, thus promptly removing their difficulties and fixing shortcomings in natural resources management and environmental protection. Vietnam communist youth union treasures ties with Chinese counterpart The Ho Chi Minh Communist Youth Union (HCMCYU) always treasures the friendship and cooperation with the Communist Youth League of China (CYLC), Secretary of the HCMCYU Central Committee Le Quoc Phong has said. He met with First Secretary of the CYLC Central Committee Qin Yizhi in Hanoi on November 7, in the framework of the third Vietnam-China Youth Festival from November 7-10. The festival takes place in coincidence with the 66th founding anniversary of the countries’ diplomatic relations, Phong said, stressing that Vietnamese young people are well aware of their responsibility to maintain and develop the bilateral friendship which has been nurtured by both countries’ leaders and people throughout history. He asked both sides to do a good job of implementing the agreements and joint statements reached between their countries’ Party and State leaders, along with existing cooperation programmes and activities. They should continue increasing exchanges and personnel training, and encourage young entrepreneurs to share experience and seek investment opportunities in each other’s countries. It is also necessary to create favourable conditions for Vietnamese and Chinese border localities to conduct more exchanges between their youngsters, he said. Phong also suggested further joint activities between young reporters and press officials of the two youth organisations. At the meeting, First Secretary Qin said this year’s festival is an opportunity to augment the two neighbours’ time-honoured amity, with youth exchanges serving as a booster of the bilateral ties. He affirmed the CYLC always works to promote the countries’ sound cooperation. He expressed support of the Vietnamese side’s suggestion on ways to bolster cooperation, laying emphasis on exchanges between border provinces, personnel training and partnership between young business people. Forum promotes VN-China youths’ role in preserving culture A forum highlighting the role of Vietnamese and Chinese youths in preserving cultural identities and developing tourism was held in the northern province of Phu Tho on November 7 as part of the ongoing 3rd Vietnam-China Youth Festival. At the event, 200 delegates had a chance to understand more about the Vietnam-China traditional friendship as well as promote their pioneering role in conserving cultural values and fostering tourism development in the integration period. Secretary of the Ho Chi Minh Communist Youth Union’s Phu Tho chapter Pham Thanh Tung, stressed the forum provides participants with a good opportunity to learn about history and cultural values of both Vietnam and China, contributing to nurturing the friendship and time-honoured relations between the two Parties, States and their people. Deputy Director of China’s International Youth Exchange Centre Hong Guimei, said the event helped foster links between Vietnamese and Chinese youths, thus strengthening the comprehensive cooperation between the two countries. Attendees were introduced to cultural and natural heritages of the world in Vietnam like Thang Long Imperial Citadel, Phong Nha-Ke Bang National Park, Hoi An ancient town, My Son Sanctuary, the Complex of Hue Monuments and Ha Long Bay among others. Chinese delegates also introduced their country’s cultural identities to Vietnamese peers. After the forum, the Chinese youth delegation paid a courtesy visit to the provincial leaders. The two countries’ youths also joined together in an art exchange programme in Hung Vuong University later the same day.- Dong Nai marks 20th anniversary of ties with RoK province The southern province of Dong Nai marked the 20th anniversary of its partnership with Gyeongnam province of the Republic of Korea at a ceremony on November 7. Speaking at the event, Tran Van Vinh, Vice Chairman of the Dong Nai People’s Committee, appreciated the cooperation and results the two sides have achieved. Investment of RoK businesses in Dong Nai has become the solid foundation for the bilateral cooperation for the interest of people and the development of each country, contributing to peace, stability, cooperation and development in the region and the world, said Vinh. On his part, Ryu Soon Hyun, Vice Governor of Gyeongnam province, said the relationship between Dong Nai and Gyeongnam has developed comprehensively. He expressed thanks to Dong Nai authorities for facilitating the operation of RoK businesses in general and Gyeongnam’s in particular in the province, and pledged to boost bilateral ties in culture and other fields. Dong Nai and Gyeongnam signed the Memorandum of Understanding on establishing friendly and cooperative relationship in 1996, under which the two sides frequently organise activities and exchange visits. According to the RoK General Consulate in Ho Chi Minh City, Dong Nai attracted 5.95 billion USD of investment from the RoK as of the end of 2015. At present, 260 RoK enterprises are operating in this southern province. Women need support to tackle domestic violence Vietnam has made progress on its gender equality targets. The revised Constitution adopted in 2013 and the 2006 Gender Equality Law explicitly prohibit gender-based discrimination, and the policy and legal framework to promote gender equality and empower women and girls is now stronger. However, discriminatory laws, policies and practices are still prevalent. In a statement sent to Vietnam News, the English language daily of the Vietnam News Agency last week, UN Women said 58 percent of women experienced at least one type of violence at some point in their lives. Further, the frequency, mostly of domestic violence, was estimated to cost 3.2 percent of Vietnam’s GDP by calculating the total productivity losses and potential opportunity costs. At the same time, women who experience domestic violence earn 35 percent less, on average, than women who experience no violence. Conviction rates of violent offenders against women are extremely low. While 43 percent of violent crimes come to the attention of police, only 12 percent of reported cases result in criminal charges, and only 1 percent of reported cases lead to convictions. The overuse of reconciliation measures limit women’s capacities to seek formal protection, redress or justice, leaving survivors exposed to repeated violence during their lifetimes. Beyond violence that includes domestic violence, there are gaps in evidence, policies, laws and awareness about other forms of violence against women, such as dating violence, cyber violence and violence in public spaces. Women continue to face discrimination in both public and private spheres, ranging from women’s low political representation, unequal access to educational and economic opportunities, violence and lack of access to justice. The root cause of gender-based discrimination is the prevailing patriarchal attitudes and gender stereotypes that privilege men over women. These negative social norms held by law and policy makers, media, and the general public continue to accept discrimination against women and girls. It remains common for violence survivors to be blamed for causing their partners to be violent. Vietnamese, Chinese youths exchange experience More than 200 Vietnamese and Chinese youths convened a forum on their involvement in socio-economic development in Lao Cai city, the northern province of same name, on November 7. Opening the forum, Giang Quoc Hung, Deputy Secretary of the Lao Cai chapter of the Ho Chi Minh Communist Youth Union, said the event is a platform for young people to discuss start-up achievements in their respective countries. Participants presented reports on their involvement in voluntary and economic activities as well as environment protection. They also exchanged experiences in boosting their performance in economic development. Zhao Guoliang, deputy secretary of the youth union of China’s Yunnan province, stressed the importance and practical impact of the event, hoping the youth to closely work together in making socio-economic progress in both countries. Li Haiming, secretary of the youth union in China’s Dong Wen Quan town in Banan district, Chongqing city, highlighted tourism cooperation potential between Lao Cai and Yunnan and other Chinese localities. The Vietnamese city should also increase its imports to the Chinese market, he said. The forum was part of the third Vietnam-China Youth Festival, slated for November 7-9, with the participation of over 100 Chinese representatives. Vietnam Buddhist Sangha marks 35th anniversary The Vietnam Buddhist Sangha (VBS) marked the 35th anniversary of its establishment (November 7, 1981 – November 7, 2016) at a grand ceremony in Hanoi on November 7. President Tran Dai Quang sent a bouquet of flowers and his greetings to the VBS on the occasion. Most Venerable Thich Tri Quang , Deputy Patriarch of VBS, read a message of the Supreme Patriarch sent to monks, nuns and followers inside and outside the country. The message stressed that upholding the spirit of living real life and inheriting the essence of 2,000 years of Vietnamese Buddhism’s standing shoulder to shoulder with the nation, all activities and work of the VBS follow the motto: Buddhist principles – Nation – Socialism. In the 35-year history of growth and development, the VBS has achieved many big achievements in promoting Buddhism, with monks and nuns assigned to all pagodas across the country. The VBS has built a complete education system from elementary to university levels, with four institutes offering graduate and post-graduate training in Buddhism, supplying high quality human resource for the Sangha The VBS has affirmed its position in the world’s Buddhist community through proactive integration efforts. The message reminded the VBS on further promoting the tradition of supporting the nation and boosting national unity, while increasing external activities and taking care of the spiritual life of overseas Vietnamese. Reviewing the VBS’s achievements over the past 35 years, Most Venerable Thich Duc Thien, General Secretary of the VBS’ Executive Council said the Sangha is currently managing 49,500 monks and nuns, 17,376 pagodas and monasteries. The VBS sent 476 monks and nuns to other countries for study, 115 of them have earned Master’s and Doctor degrees and returned to the country to work for the Sangha. The VBS is now also training postgraduates at its academy in HCM City. Charity and social security has been one of the priority tasks of the VBS, which is running 50 facilities for orphans, lonely old people and the disabled. The Sangha also funds the operation of 150 schools and 656 clinics which treat tens of thousands of poor patients. The VBS always provides timely help to people suffering from natural disasters and flooding and actively participates in poverty alleviation through giving gifts to the poor, building bridges and roads for remote areas, promoting blood donation and raising fund to support soldiers at outpost islands. Addressing the ceremony, Deputy Prime Minister Vu Duc Dam affirmed that throughout the course of 2,000 years, Buddhism has integrated into the life of most Vietnamese and become an indispensable spiritual need of the Vietnamese as well as an important component in Vietnam’s rich and unique culture. Since the establishment of the SBV, Dam said, Buddhism in Vietnam has made clear progresses in all aspects, not only contributing to socio-economic development and the preservation and promotion of the cultural heritage but also helping enhance Vietnam’s position on the international stage via the successful organisation of the United Nations Vesak and the ASEAN Buddhist Conference. The Deputy PM expressed his belief that the VBS will continue using its important position and sacred mission to spread the teachings of the Buddha to everyone and very where, so that all people will join hand in doing good deeds. On behalf of the State, Deputy PM Dam presented the Labour Order, first class, to the VBS in recognition of its contributions to the nation and the cause of socialism construction and national protection. Quang Ninh hastens administrative reform up to public expectations Chairman of northern Quang Ninh province Nguyen Duc Long has directed building and operating the local e-government up to public expectations, which has saved 40 percent of time and tens of billions of dong. In March 2014, the province put into operation a provincial public administration centre specialised in receiving and handling administrative procedures, which has so far dealt with more than 90 percent of procedures from 24 departments and agencies. A year later, it inaugurated 14 similar ones at the district, communal and city level in localities, which allow for downloading and filing documents to send to concerned parties via post – known as second-grade service. Upward 80 percent of procedures were filed and submitted online – or third-grade service, with the results being released at the provincial administrative centre. This kind of service was launched in 15 departments, agencies, Ha Long and Cam Pha cities, and Quang Yen township on July 1. As many as 228 files have so far been submitted online. Ngo Quang Hung, Deputy Director of the provincial public administration centre, said in the first 10 months of this year, the centre at all levels received 20,000 files, more than 97 percent of which were handled ahead of schedule. In 200 questionnaires sent to businesses, over 99 percent of respondents praised the open and fast handling of procedures by friendly and professional staff. Up to 96 percent of surveyed individuals and businesses were satisfied with the service quality at the provincial centre. The district-level centres endeavor to satisfy 95 percent of local citizens. In the second stage of the provincial e-government scheme for 2017-2020, Quang Ninh targets supplying online public services from the third grade above, ensuring openness and transparency. In order to achieve such goal, the province will adopt more technological advances in internal activities, improve the operating efficiency of State agencies and training of IT staff, as well as raise public awareness of e-government administration. Pyramid schemers fined $25,000 The Vietnam Competition Authority (VCA) has decided to fine a multi-level marketing company a quarter of a million dollars for multiple operational infractions. The HCM City-based Thiên Lộc Franchise JSC, Co, founded in 2015 by Nguyễn Đức Lộc who acted as the company’s president, was alledged to have provided “spinned or confusing information” on the benefits of working for the company in order to lure people into a pyramid scheme, according to the VCA. In addition to its HCM City headquarters, Thiên Lộc has two Hà Nội branches. The VCA also charged Thiên Lộc with misleading customers with “false information” about the use of their products. An August investigation by the VCA and the police found that the company’s three most popular products – shiitake cereal, black bean yam gruel, and Baby Vườn Việt shower herbs – featured labels documenting ingredients different from those the company initially registered with authorities. Thiên Lộc committed several administrative oversights, such as failing to change or supplement its registration certificate of multi-level marketing activities or to report to the Departments of Industry and Trade of the localities where it held PR conferences and training workshops as regulated by law. The company was also said to have operated multi-level marketing schemes in cities under central control - such as Hà Nội - without the required approval of the municipal Department of Industry and Trade. Some 2,000 members of Thiên Lộc’s multi-level network were not properly trained and were never granted certification in multi-level marketing, either, which was against the country’s regulations. The VCA said Thiên Lộc would have up to 30 days to appeal the VNĐ570 million (US$25,300) fine. Thiên Lộc was just the latest pyramid scheme. So far, 24 companies were inspected and have had their business licences withdrawn by the VCA this year, due to operational violations. The associated fines levied totalled about VNĐ3.7 billion. Russia’s October Revolution commemorated in Hanoi A delegation of Hanoi authority on November 7 laid a basket of flower at the statue of Vladimir Ilych Lenin in Ba Dinh district’s Chi Lang Park to mark the 99th anniversary of the Russian October Revolution (November 7, 1917). The delegation was led by Vice Secretary of the Hanoi Party Committee and Chairman of the municipal People’s Committee Nguyen Duc Chung. The city’s leaders also expressed their respect for Lenin for his great contributions to the world’s revolutionary cause. The same day, other institutes and agencies in the city also commemorated the event. It is an annual activity of Hanoi to express gratitude to Lenin, who is one of the leading political figures and revolutionary thinkers of the 20th century. He masterminded the Bolshevik take-over of power in Russia in 1917 and also was the architect and first leader of the former Union of Soviet Socialist Republics (USSR).- Third Vietnam-China Youth Festival kicks off in Lang Son The third Vietnam-China Youth Festival kicked off at the Huu Nghi (Friendship) International Border Gate in Vietnam’s northern province of Lang Son on November 7, bringing together thousands of young people from the two countries. Addressing the ceremony, Standing Secretary of the Ho Chi Minh Communist Youth Union Central Committee (HCYUCC) Nguyen Manh Dung hailed the Vietnam-China friendship, which was nurtured by Presidents Ho Chi Minh and Mao Zedong together with generations of revolutionaries, leaders and people of the two countries, as a shared valuable asset. The bilateral comprehensive strategic cooperative partnership has overcome multiple challenges to gain achievements across fields, including youth collaboration, he said. The cooperation and friendship between Vietnamese and Chinese young people have been deepened pragmatically, contributing to fostering the relationship between the two countries, Dung noted. He added that the youth festival has contributed to enhancing mutual understanding and trust, becoming a friendship bridge in the two countries’ people-to-people diplomacy. Secretary of the Secretariat of the Central Committee of the Communist Youth League of China Wang Hongyan stressed that the Chinese Party and Government attach importance to the friendship and cooperation between the two countries’ young people. According to the official, Chinese delegates to the festival are outstanding representatives of different sectors like politics, economy, education, communications, science-technology and culture. The festival will give the Chinese young people a chance to learn about Vietnam’s rich history and culture and witness the achievements of Vietnam’s 30-year renewal cause, he said. The two sides will also learn about the history of the long-standing friendship between the two countries, thus contributing to developing the comprehensive strategic cooperative partnership in the time ahead. The festival’s major activities will take place in the Vietnamese provinces of Lang Son, Quang Ninh, Bac Ninh, Ninh Binh, Phu Tho and Lao Cai with the focus on youths’ role in environmental protection, sustainable development, cultural protection, tourism development and socio-economic development. After participating in activities in other localities, the 1,000 Chinese delegates will join their peers in Hanoi capital city for a closing ceremony. The first Vietnam-China Youth Festival was organised in Guangxi province, China, in August 2010, and the second took place in the Zhuang Autonomous Region in Guangxi province, in November 2013.- Royal Thai Airforce win men’s title at Việt Nam hockey festival Royal Thai Airforce hockey club beat Việt Nam Tornados 1-0 in the men’s finals to claim the ninth Việt Nam Hockey Festival 2016 title on November 6. The match, held in the southern province of Long An, saw national players from both teams competing with each other. In the women’s finals, Eagles HC from Singapore forced Indonesia’s ISCI hockey club into a penalty shootout after a 1-1 draw and won 3-2. In the mixed category, Mucha Caliente of Singapore retained their title after a 1-0 win over the plucky Vietnamese team. Mucha Caliente are now gunning for a hat-trick in 2017. The two-day festival, an international six-a-side hockey tournament, was held at the Việt Nam Hockey Centre in Bến Lực town. The event featured 31 teams from Asia and Australia. In all, 20 men’s teams, six women’s teams and five mixed teams took part. Đồng Tháp hit by dengue fever More than 3,300 dengue fever cases have been reported since the beginning of the year in southern Đồng Tháp Province, a year-on-year increase of over 33 per cent, health authority said. Two people have died, according to the provincial Preventive Medicine Centre. From the last week of October till early November, 62 cases were recorded in the province, mostly in the districts of Thanh Bình, Cao Lãnh and Cao Lãnh City. "This year is the incipient of the outbreak of dengue fever following the cycle of the disease over the previous 4-6 years. It is estimated that the situation will get more complicated in 2017,” said Dương Ân Hận, the centre’s deputy director. Abundant rainfall in the region has increased the mosquito population, resulting in a rising number of dengue cases and the risk of an outbreak, he said. The health centre has told local health officials to step up epidemiology efforts in wards and communes and spray anti-mosquito chemicals at hot spots which are at high risk of an outbreak, Hận said. The centre has also advised the public to get rid of mosquitoes and larvae to prevent infection, he added. Health authorities have advised people with suspected cases of dengue fever to get hospitalised at the earliest. Victims often display symptoms of high fever for over 3-4 days, fatigue, dizziness, stomach aches, vomiting and rashes. There is no vaccine for dengue fever, which is transmitted through mosquito bites. Can Tho city given Asian Townscape Award Can Tho has received 2016 Asian Townscape Award from the Asia-Pacific regional office of the UN Human Settlements (UN-HABITAT) program at a recent ceremony in China’s Yinchuan city. The award will motivate Can Tho’s development while ensuring a good living environment for the people. The annual Asian Townscape Award was first given in 2010 through under the collaboration of the UN-HABITAT Regional Office for Asia and the Pacific, the Asian Settlement Commission, the Asian Landscape Design Organisation, and the Fukuoka Asian Urban Research Centre. Aiming to ensure a sufficient and happy living environment for people in Asia, the contest honors cities, regions, and projects for improvement, revitalization, or creation of a beautiful and harmonious townscape that is safe and sustainable and respects history and local culture. The contest awards an Asian Townscape Prize and a Jury Voting Prize. This year the organizing board received 41 dossiers of which 12 dossiers won Townscape Prizes and 3 won Jury Voting Prizes. The award is based on 5 key criteria: harmonious coexistence with the regional environment; safety, convenience, and sustainability; respect for regional culture and history; high aesthetic quality; contribution to local development, and the potential of becoming a model for other cities. The dossier “Can Tho – a river city in the Mekong Delta”, which won a Jury Voting Prize, introduced pedestrian bridge at Ninh Kieu wharf, the Can Tho river dyke, and the Cai Rang floating market. To further the goal of creating a better living environment for Asian people, winning cities and projects must be closely aligned with the UN Millennium Development Goals. This award will help Can Tho attract international cooperation and promote its image to the world. The award will generate momentum for Can Tho city to improve its townscape in keeping with its role as the premier river city in the Mekong Delta. Can Tho plans to expand and upgrade its river dykes and parks as a public space for local residents and tourists. A World Bank-funded project to improve Can Tho’s adaptability has targeted resilient development in the face of climate change. Saigon to close iconic Chinatown market for US$4.6 million renovation Ho Chi Minh City will close its 88-year-old Binh Tay Market in Vietnam’s biggest Chinatown for a year for renovation. Le Tan An, vice mayor of District 6 (where the market is based), said at a meeting on November 3 that it would close the wholesale market, the busiest in the city, from November 15 as it has been deteriorating after nearly a century in use. An said the project will overhaul most parts of the market and add new toilets. The repair work is expected to cost more than VND104 billion (US$4.66 million). The city will fund the project with advance payments from tenants for the next 10 years. More than 1,000 shops will be relocated to a temporary market right in front of the old one on Thap Muoi Street. The temporary booths will open from 6 a.m. until 7 p.m. every day. An said the facelift project will preserve the original architecture. Binh Tay Market was built in 1928 by a rice trader from China. The 25,000-square-meter market is appreciated for its bagua-shaped design. Bagua is a Chinese religious motif that incorporates eight trigrams such as the sky, fire and wind and the trigrams are arranged around a circle symbolizing yin and yang. Binh Tay, also popular for its clock tower and a central courtyard, receives more than 120,000 foreign visitors every year. Ok Om Bok 2016 festival promises exciting boat race The ethic Khmer people in the southern province of Soc Trang are looking forward to their traditional Ok Om Bok festival from November 13-14, particularly the Ghe Ngo (Khmer boat) race. According to Ly Binh Cang, Head of the provincial’s Ethnic Affairs Board, many boat rowing teams have been practicing for the race for over two months. The participation of many new and young rowers promises an exciting event, which is considered the key even of the festival. The province will construct an extra stand of 300 seats, opposite to the main stand of 2,000 seats beside Maspero River, to better serve locals and visitors, thus promoting the largest festival of Khmer people. It is noteworthy that a competition of repairing Ca Hau boats, which are used by pagodas to carry pagodas’ dignitaries, monks, organisation board members and food for rowers during Ghe Ngo races, will be held for the first time in 20 years. Cang said the competition aims to teach young ethnics about Ca Hau boats, many of which have been damaged or discarded. In addition, the organisation board has doubled prize value with the highest one worth 100 million VND (4,494 USD). This year’s festival will see the competition of 50 boats of Soc Trang, which has the largest number of Ghe Ngo among Mekong Delta provinces, and other provinces such as Bac Lieu, Ca Mau, Hau Giang and Vinh Long. Ok Om Bok (worshipping the moon) is one of the three main festivals of Khmer people – along with Sene Dolta and Chol Chnam Thmay – which takes place under the full moon in the 10th lunar month annually. The Khmer believe the moon is a God who controls the weather and crops throughout the year. On this occasion, Khmer people provide offerings to thank the God’s blessing for favourable weather and their bountiful harvest. The festival has been recognised as part of the National Intangible Cultural Heritage. FPT launches technology contest for students PT corporation, the country’s software giant has launched a technology contest with the theme “unmanned vehicles,” aimed at offering students opportunities to experience the challenges of high technology. The contest, which will take place from November 2016 to April 2017, is open to all students nationwide. This is also a programming contest for unmanned vehicles and the vehicles will race in a Vietnamese street simulation facility. Bùi Quang Ngọc, general director of FPT, said the largest goal of this contest is to help students build a solid foundation to embrace opportunities and successes in the digital revolution taking place all over the world. The total value of contest prize money will be up to VNĐ700 million. The first prize worth VNĐ450 million will include a visit to Silicon Valley in the United States. Students can register at the website http://cuocduaso.fpt.com.vn or http://digitalrace.fpt.com.vn. Vietnam’s sustainable poverty reduction is to implement MDGs From 2011 to 2015, the number of poor households in Vietnam declined 2% a year. This contributed to Vietnam’s goal of achieving sustainable economic growth while ensuring social security and improving people’s lives in remote, disadvantaged areas. The Vietnamese government has approved a national target program on sustainable poverty reduction from now until 2020, which will cost more than US$2 billion. The program has set a target of reducing the national poverty rate 1 to 1.5% each year based on multi-dimensional poverty criteria. It will also try to increase the per capita income of people living under the poverty line to 50% above what it was at the end of 2015. One of new program’s initiatives is to merge the existing national poverty reduction program supporting rapid and sustainable reduction of poverty in 61 poor districts (known as program 30a) and the program on socio-economic development in extremely poor communes in ethnic minority and mountain areas (program 135). The poverty line is based on a number of criteria, with income as the main criterion. Under the program, support will change from free allocation or supply to provisional support in order to increase the sense of responsibility the poor have for working to escape poverty. Deputy Prime Minister Vuong Dinh Hue said, “Sustainable poverty reduction is one of Vietnam’s primary policies. The State encourages poor people to be determined to escape poverty, narrowing the wealth gap between regions and social strata. The effort will be successful only when all people and the political system are mobilized with the help of the international community.” Since 2011 the Vietnamese government has promulgated many guidelines, policies, and national poverty reduction programs which ensure social security and boost economic growth. The poverty rate nationwide decreased from 14.2% in 2010 to 4.25% last year. On average, it declined 2% per year. Per capita income of poor households throughout Vietnam increased 6 folds compared to late 2011. Trieu Thi Huong, a farmer engaged in a program to grow safe vegetables to reduce poverty in Bac Kan province, said, “The program aims to reduce poverty for participating families first, then for the community. When participating farmers are supported by the project, it’s not necessary to grow any special types of vegetables, just locally available vegetables. Selling prices are high and product outputs are guaranteed, so we feel more secure and our income has improved. Poverty reduction becomes really sustainable if we can stand on our two feet." Financial resources are the key to realizing poverty reduction policies and programs. Ngo Truong Thi, Chief of the National Office for Poverty Reduction of the Ministry of Labour, Invalids, and Social Affairs, said, “We have maps to illustrate the poverty level of each region and each province based on which agencies involved in policy- making can work out appropriate measures. The allocation of resources should recognize areas that still have a weak approach and give them more help in infrastructure investment and health insurance.” The successful implementation of the socio-economic development and poverty reduction strategy has helped the poor access basic social services and has strengthened the infrastructure of poor districts and communes. Vietnam’s achievements in poverty reduction have been recognized internationally and its sustainable poverty reduction demonstrates Vietnam’s determination to achieve its UN Millennium Development Goals. Doctors successfully perform endoscopic microsurgery for herniated cervical discs Head of the Spinal Surgery Association Nguyen Van Thach said that for the first time, surgeons of Viet-Duc Hospital have performed a successful endoscopic microsurgery in herniated cervical discs. Patient Duong Thi Mien, 52 years old, living in the northern province of Nam Dinh has pain neck, nape and right arm for years. Nearly one recent year, she was treated in the province’s hospital yet her pain did not abate. The patient came to Viet-Duc Hospital where she was diagnosed with herniated cervical discs. Doctors advised her to undertake an endoscopic surgery. The successful operation took 45 minutes. Mien felt better after the operation and she was discharged one day after the surgery. Dr. Thach said that endoscopic microsurgery in herniated cervical discs is a complex technique because neck has giant blood vessels, nerves and windpipe. Before, patients with herniated cervical discs had to undertake open operation which left complications after. VNA/VNS/VOV/SGT/SGGP/TT/TN/Dantri/VNE |
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Article 9
BUSINESS IN BRIEF 9/11 Hanoi forum promotes creativeness for sustainable development  The importance of creativeness for realising sustainable development goals was the focus of the Vietnam Corporate Sustainability Forum (VCSF 2016), which opened in Hanoi on November 8. Addressing the event, Deputy Prime Minister Vu Duc Dam highlighted the significance of the event, saying that it helps foster connectivity among public and private sectors, social organisations and the community. Through the forum, many initiatives to improve business climate in Vietnam and step up Vietnamese business community sustainable development have been submitted to the Government, he said. Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Vu Tien Loc stressed the need to devise sustainable development orientations, adding that they play a decisive role in the success of the business community. Sustainable development is the only way for all enterprises to follow, he noted. Minister of Natural Resources and Environment Tran Hong Ha appreciated the agenda and initiatives proposed at the event, which called the involvement of the business community in economically using energy, in order to reduce emission and effectively adapt to climate change. In his presentation, the minister presented the country’s plan to implement the Paris Agreement on Climate Change, describing it as strategic orientations to thoroughly address issues concerning climate change in the next decades. It also shows Vietnam’s responsibility in dealing with major challenges that threaten the humankind, he added. The VCSF 2016, the third event of this kind, was organised by the Vietnam Business Council for Sustainable Development under the VCCI in conjunction with the British Council in Vietnam. Binh Dinh licenses three new pharma, cosmetics projects The People's Committee of central Binh Dinh province has granted licences to three new projects with combined investment capital of 570 billion VND (25.5 million USD). The three projects, to be developed in the province's Nhon Hoi A Industrial Zone, specialise in the pharmaceutical, cosmetics and biology sectors. In order to attract more investment, the province has announced many measures with a focus on sending delegations to Japan, Singapore, and Thailand to solicit investment. It has also provided support to investors and offered incentives to attract investment and talented people. Over the past six months, it has attracted 18 projects, including three foreign-invested, with capital totalling 240 million USD. The projects were involved in trade and service, real estate, agriculture, textile and garments, as well as animal feed production. High growth potential for VN steel The country's steel industry has great development potential, according to the Viet Nam Steel Association. Speaking at a seminar titled "Viet Nam's steel industry – rise and fall and development potential" in HCM City on Monday, Dr Nguyen Van Sua, the association's vice chairman, said per capita consumption in Viet Nam is 200kg, below the world average of 216kg. "In an industrialised economy, the per capita consumption ranges from 500kg to 600kg." After more than 50 years of development, the steel industry has become important in Viet Nam, he said. This year production is expected to be 2.6 million tonnes of iron, 7 million tonnes of steel billet and 17 million tonnes of finished steel products, he said. Viet Nam must increase its output since it is investing heavily in infrastructure to drive economic growth and cope with the rapid urbanisation, he said. The output is expected to rise to 10 million tonnes of iron, 18 million tonnes of steel billet and 22 million tonnes of finished steel products by 2020, he said. Currently the steel industry does not operate at full capacity, he said, adding that the country still imports a lot of steel scrap, steel billet and finished steel, with volumes increasing year after year. Dang Tran Hai Dang, deputy director of research at Vietinbank Securities, said last year the country imported 14 million tonnes of finished steel, mostly hot-rolled steel, the sixth highest by any country. He urged the domestic industry to invest in producing hot-rolled steel and hi-tech steel products. Many global producers incurred severe losses due to a price drop in 2014-15, he said. But in the second quarter of this year, a strong recovery coupled with the Ministry of Industry and Trade's safeguard measures against Chinese billet and long steel products have pushed up domestic producers' profits. Overall, the industry achieved a clear recovery in the first nine months of this year, he said. "It is forecast to enjoy 15 per cent growth annually over the next five years, and thus the growth opportunities are huge if companies have a suitable development orientation," he said. Nguyen Huu Kinh Luan of SMC Trading -Investment JSC, speaking about his company's development strategy, said it would build one or two steel plants with modern technologies to ensure it can compete with local and foreign rivals. Nguyen Ngoc Anh, the company's chairman, said the steel industry would continue to develop for another 20-30 years at least because it is hard to find other materials to replace steel. His company would therefore continue to operate mainly in the steel sector, he said. Organised by VietinBank Securities, the HCM Stock Exchange and SMC Trading -Investment JSC, the seminar was held to enable investors to understand more about the industry so that they can make the right investment decisions. Tran Anh Dao, executive vice president of the HCM Stock Exchange, said the raw materials sector, of which the steel industry is a part, increased by 45 per cent in the first nine months of this year, showing how much importance investors attach to it. New VCCI ranking rewards corporate ethics Firms that do not put profits above communities and promote sustainable development are now recognised by a new ranking announced by the Viet Nam Chamber of Commerce and Industry (VCCI) on November 8. The Top 100 Sustainable Businesses 2016 listing will honour Vietnamese firms for demonstrating corporate ethics mooted recently by Prime Minister Nguyen Xuan Phuc, the VCCI said. VCCI Chairman Vu Tien Loc said sustainable development had become an indispensable path to success for businesses around the world at a time when abundant natural resources and cheap labour were no longer advantages. Firms that focus exclusively on profit and ignore communities' interests were not good businesses, Loc said, adding that recognition by the society that a business was engaged in sustainable development would be an important type of capital that firms needed in the future. Nguyen Quang Vinh, Secretary General of the Viet Nam Business Council for Sustainable Development (VBCSD), told vccinews.com that in order to rank the 100 most sustainable companies in 2016, VBCSD had developed the Corporate Sustainability Index (CSI) based on 151 quantitative criteria. Vinh, who is also Deputy Secretary General of VCCI, said companies could highlight their sustainability via three inter-related pillars: economy, society and environment. This is the first time VCCI is coordinating with relevant ministries and agencies such as the Ministry of Labour, Invalids and Social Affairs, the Ministry of Natural Resources and Environment, and the Viet Nam General Confederation of Labour to set up a benchmarking committee. Some 400 companies, most of which are listed firms, have been assessed, Vinh said, adding that "After nearly a year of preparation and careful selection, we have short-listed the 100 most sustainable companies in Viet Nam". These 100 winners were expected to exert a positive influence on more than 500,000 Vietnamese enterprises, most of whom were small and medium-sized enterprises, he said. Major businesses that received the sustainable business certification yesterday include: Vietcombank, Bao Viet Group, Sai Gon Securities Inc. (SSI), Tan Son NhatAirport Aviation Service JSC, Unilever Viet Nam, Heineken Viet Nam, Deloit Viet Nam, Amway Viet Nam Co Ltd and CP Viet Nam Corporation. "In the coming time, we will coordinate with international organisations such as the UN, the World Economic Forum (WEF) and the World Business Council for Sustainable Development (WBCSD) to nominate these companies for the rating so that they can compete with other brands in the world. "We will use the index to encourage corporate compliance and capacity building, foster sustainable development strategies, and introduce good sustainable development practices to enterprises, especially SMEs," Vinh said. Dao Dinh Thi, Chairman of the Bao Viet Group, said that through the new ranking, customers, investors and employees can identify ethical businesses, increasing their brand visibility and making them more competitive. Earlier yesterday, the Viet Nam Corporate Sustainability Forum 2016 opened in the city, focusing on the importance of creativity in realising sustainable development goals. Addressing the forum, Deputy Prime Minister Vu Duc Dam highlighted the event's significance, saying that it would foster connectivity among public and private sectors, social organisations and the community. Through the forum, many initiatives to improve the business climate in Viet Nam and step up sustainable development of Vietnamese business community had been submitted to the Government, he said. Tran Hong Ha, Minister of Natural Resources and Environment, asked the business community to get involved in economic use of energy so as to reduce emissions and effectively adapt to climate change. The minister presented the country's plan to implement the Paris Agreement on Climate Change, describing it as a strategic orientation to thoroughly address issues concerning climate change in the next decades. It also shows Viet Nam's responsibility in dealing with major challenges that threaten humankind, he said. The third edition of VCSF 2016 was organised by the Viet Nam Business Council for Sustainable Development under the VCCI in collaboration with the British Council in Viet Nam and Unilever. On Monday, Prime Minister Nguyen Xuan Phuc launched a campaign to build corporate culture in Viet Nam. The campaign aims to raise public awareness, shake up trade and production and boost the role of state agencies. At the event, Phuc said building a business culture would improve Viet Nam's image and make it more competitive as it integrates into the global economy. "This is one of the tasks for Viet Nam's Government and its business community. It is part of the effort to turn the country into a start-up nation," the PM said. The Government will pay special attention to business ethics with the core values of transparency, creativity, competency and sustainability, he stressed. The campaign's organising board also announced the PM's decision to observe November 10 as Viet Nam Corporate Culture Day. The purpose of the day will be to promote the building of a favourable business climate in the country, where the law, business ethics, social responsibilities and healthy competition are respected. Peruvian aquatic firms seek opportunities in Vietnam A delegation of six Peruvian aquatic businesses arrived in Ho Chi Minh City on November 7, beginning their tour of Vietnam to seek opportunities in the country. While in HCM City, the Peruvian firms are scheduled to meet with their Vietnamese counterparts to learn about seafood consumption and aquaculture in Vietnam. The meeting will allow Vietnamese aquatic firms to learn about the Peruvian market and seek new cooperation opportunities, according to Sai Gon Giai phong (Liberated Saigon) newspaper. About 75 percent of export-import companies in Peru are small and medium sized, making the market suitable for Vietnamese businesses. Through Peru, Vietnamese products can access other markets like Ecuador, Colombia, Bolivia and western Brazil. Vietnam earned 5.7 billion USD from exports in the first 10 months of this year and shipments are expected to increase significantly in the remaining months of the year because demand in the main import markets usually goes up during the year-end festive season, said Truong Dinh Hoe, General Secretary of the Vietnam Association of Seafood Producers and Exporters (Vasep). The country’s seafood exports are expected to reach 7 billion USD this year, a year-on-year increase of 5.5 percent, he said. Hanoi set for six-year high economic growth Hanoi estimates its gross domestic product (GDP) growth rate this year will reach 8.03 percent – the highest in six years. The municipal People’s Committee met on November 7 to review the socio-economic situation in 2016 and set tasks for next year. While the services sector’s expansion was estimated at 8.1 percent, industry and construction have risen by 8.8 percent, and agriculture growth has hit 2.21 percent. The local consumer price index is between 3.01 and 3.07 percent in 2016, according to municipal departments. Chairman of the Hanoi People’s Committee Nguyen Duc Chung said the capital has developed well despite the slow global economic recovery and impacts of natural disasters in Vietnam. Other officials attributed the economic attainments to new leadership of the authorities. At the meeting, Chung also asked agencies to consider suspending all karaoke services across the city until December 31 to check karaoke bars’ fire safety, following a blaze at a karaoke bar at 68 Tran Thai Tong Street on November 1 that claimed 13 lives. More social housing urged Deputy Prime Minister Trinh Dinh Dung has asked ministries and authorities to speed up the building of social housing in industrial and economic zones nationwide. In the Government Office’s document released on Monday, Dung asked the Ministry of Construction to review the master development planning of industrial and economic zones to ensure that it was in line with urban and housing development. The development of industrial and economic zones has not paid adequate attention to developing housing for workers, as well as social facilities. Several industrial and economic zones were poorly built, an have serious shortages of public services, as well as poor environmental standards, which eroded competitiveness in attracting investments. Dung also asked provincial and municipal People’s Committees to allocate land and raise policies to attract investments in developing social housing projects and social facilities to improve living standards of workers in industrial and economic zones and industrial clusters. Further, it was recommended that supervision of the development of waste treatment and fire prevention systems at industrial zones be tightened. Of note, Dung asked the Ministry of Planning and Investment to consider policies for the development of new models for industrial zones, such as ecological zones, supporting zones and industrial service-urban complexes. According to statistics from the Economic Zones Management Department, as of July there were 316 industrial zones, within a total area of 88,600 hectares in Viet Nam, 218 of which were in operation, with an occupancy rate of nearly 70 per cent. Viet Nam had 16 economic zones, within a total area of 15,600 hectares. As of July, there were more than 3 million labourers working in industrial and economic zones nation-wide. Also, firms at industrial and economic zones contributed nearly 51 per cent of the country’s total export revenue. Central province licenses three new pharma, cosmetics projects The People's Committee of central Binh Dinh Province late last week granted licences to three new projects with combined investment capital of VND570 billion (US$25.5 million). The three projects, to be developed in the province's Nhon Hoi A Industrial Zone, specialise in the pharmaceutical, cosmetics and biology sectors. In order to attract more investment, the province has announced many measures with a focus on sending delegations to Japan, Singapore, and Thailand to solicit investment. It has also provided support to investors and offered incentives to attract investment and talented people. Over the past six months, it has attracted 18 projects, including three foreign-invested, with capital totalling $240 million. The projects were involved in trade and service, real estate, agriculture, textile and garments, as well as animal feed production. Ben Tre Province strives for $190m exports in Q4 The Cuu Long (Mekong) Delta Province of Ben Tre has set a goal of earning US$190 million from exports in the fourth quarter of this year, according to the provincial Department of Industry and Trade. The figure would lift the locality's export turnover in the whole year to an estimated $725 million, surging 11 per cent from the previous year and fulfilling 92 per cent of the target set for the year. Over past nine months, the province's export recorded stable growth, achieving about $535 million, a year-on-year increase of 13 per cent, the department noted. However, the locality witnessed drops in export volume and prices of several key exports such as rice, coconut fiber, and aquatic products due to a shortage of materials for processing and strict import requirements in food safety. That would make it difficult for the province to hit its export turnover target. Ben Tre ships products to 115 countries and territories worldwide, with the Asian market accounting for the largest proportion of its total export turnover at 68 per cent. American and European markets make up 16 per cent and 13 per cent, respectively. 60% of VN residents use Vietnamese goods More than 60 per cent of people in the country use Vietnamese goods, information released at the Proud of Vietnamese Products 2016 programme, held in Ha Noi on Sunday, revealed. In the two big cities, Ha Noi and HCM City, Vietnamese products account for 90 per cent of the market share in distribution channels. The programme, which was launched by the Ministry of Industry and Trade in cities and provinces nationwide, concluded in the capital on Sunday. It was aimed at promoting locally produced goods and involved various business associations, supermarkets and shopping centres. Speaking at the ceremony, Hoang Quoc Vuong, deputy minister of industry and trade, said the programme had helped Vietnamese businesses promote their brand names and products, thus improving their competitiveness and helping them expand their market. "The programme has contributed to improve people's awareness on the importance of the local market and Vietnamese goods," he said. The movement, "Vietnamese people prioritise Vietnamese products", started in 2006 and has since built people's trust in the quality of Vietnamese goods. The event got a great response, especially in major cities such as Ha Noi, HCM City, Da Nang, Hai Phong and Can Tho. VIB: 5.5% interest rate for online term deposits Vietnam International Bank (VIB) will provide an annual interest rate of 5.5 per cent to enterprises opening online term deposits from July 1 to July 30. The high interest rate will be applied for deposits in dong with terms from one to five months, VIB said in its latest press release. "Digital banking is a trend seen in the global banking system. In Viet Nam, digital and e-banking have been developing significantly with many new products and services being introduced to customers," said Vuong Thi Huyen, VIB's head of Wholesale Banking. "With the vision of becoming the most innovative and customer-centric bank in Viet Nam, VIB continues to invest in digital (banking), making ongoing efforts to introduce new and innovative products and services to our customers," she said. VIB's online term deposit accounts will allow corporate customers to use its services without having to visit an office or branch of the bank. Customers will only need to access "MyVIB," VIB's popular and user-friendly mobile and Internet banking applications, or they can simply visit VIB's brand new Internet Banking website to register and use the service. The MyVIB mobile banking app was honoured with "Viet Nam's Outstanding Innovative Banking Product/Service Award" in 2015 from the International Data Group, in recognition of VIB's innovative approach through the introduction of the mobile banking app, new website and new VIB Apple Watch app. VN bank profits surge on services, not lending Some commercial banks have reported high profits in the first nine months of the year thanks to a restructuring effort which focuses on services instead of lending as previously done. According to financial reports released recently, the Commercial Joint Stock Bank for Foreign Trade of Viet Nam (Vietcombank) posted profit of nearly VND4.5 trillion (US$200.36 million) in the first nine months, up 13.6 per cent year-on-year. Of the total, services made up $521 billion, up more than 18 per cent. Securities business also represented VND203 billion. Vietcombank's profit was nearly equal to that of the Commercial Joint Stock Bank for Industry and Trade of Viet Nam (Vietinbank) and the Commercial Joint Stock Bank for Investment and Development of Viet Nam (BIDV), although its total outstanding loans in the period were less than VND440 trillion, equal to only two-thirds of Vietinbank and BIDV's. Last year, services also accounted for 30 per cent of Vietcombank's profit. The same trend was seen in Techcombank, which reported profit of VND279 billion from services in Q3 and VND911 billion in nine months. With the contribution from services, Techcombank posted net profit of more than VND2 trillion in Q3 and more than VND6.2 trillion in nine months, up 29 per cent and 21 per cent year-on-year, respectively. The financial report from the Asia Commercial Bank (ACB) also showed that the bank posted profit of VND236 billion from services in Q3, helping the bank make total profit of VND415 billion in the period, up 15.5 per cent year-on-year. ACB general director Do Minh Toan said his bank is boosting services with a focus on financial services and individual customers. According to independent expert Dinh The Hien, while lending has shown signs of risk due to a rise in non-performing loans, increasing revenue from boosting services would help banks achieve healthy and sustained development in the future. PVcomBank cuts deposit interest rates PVcomBank last week announced it was lowering deposit interest rates in an effort to be able to cut lending rates early to support production and business. Accordingly, the bank's rate for three to five month deposits has been cut from 5.5 per cent to 5.3 per cent per year. The rate for 13 month deposits has also been reduced from 7.5 per cent to 7.2 per cent per year. The bank's highest rate of 7.6 per cent per year, applicable for 18, 24 and 36 month deposits, has also been cut to 7.5 per cent. Besides aiming to restructure capital sources, PVcomBank expected that the cut would help it cut lending rates soon to support production and business according to guidance from the Government and the State Bank of Viet Nam. Phu My Hung offers zero interest mortgage at new development Phu My Hung Development Corporation has said that people taking out a mortgage to buy apartments at its new Saigon South Residences will not have to pay interest for up to 28 months. The developer said it has tied up with VietinBank to offer this deal. Vietnamese buyers can borrow 75 per cent of the apartment value for up to 20 years. Initially, the 0 per cent loan will be worth 30 per cent of the condo’s price. Saigon South Residences is Phu My Hung’s first project outside of its Phu My Hung City Centre in District 7. The company said the aim of moving out was to offer its normal quality to more customers at more affordable prices. The second phase of sales for the project will be this month. VN should sell rice to Africa: experts Việt Nam and the International Rice Research Institute (IRRI) hope to boost cooperation in developing genetic resources and choosing technology to improve rice quality, experts have said. The IRRI genebanks, wild rice introgression population, structured genetic population and breeding lines represent a critical resource for generating the critical traits and climate-smart varieties that Việt Nam needs to fulfill its vision, said Matthew Morell, IRRI director general. He was speaking at a meeting with officials of the Ministry of Agriculture and Rural Development on rice production development held in Hà Nội on Friday. “IRRI can assist partners in Viet Nam to minimise yield gap and decrease over-use of pesticide, fertiliser, water, labour and seeds,” Morell said, adding that IRRI studies could help the country reduce loss during rice harvesting, drying and processing and optimise the supply and quality of the product. IRRI would work with farmers to facilitate their market access and higher returns through farmers’ cooperatives, branding strategies and providing market and trade information, Morell said. Lê Đăng Doanh, deputy minister of Agriculture and Rural Development, thanked the IRRI for its assistance to Việt Nam since 1963, saying it had provided thousand of varieties to the country every year. In addition, thousands of researchers and scientists from Việt Nam have been trained or received support by the institute. At the meeting, experts from domestic research institutes expressed hope of continued cooperation with IRRI in using genetic resources, personnel training and studies on post-harvest and intensive processing technologies as well as studies on rice markets, including China. According to Lê Huy Hàm, Director of the Việt Nam Agriculture Genetic Institute, as one of five countries likely to be most affected by climate change, Việt Nam has a great demand for drought and salinity-resistant rice varieties. Samarendu Mohanty, an economist from IRRI, said Việt Nam was facing stiff competition from Thailand and Cambodia in the world rice market. Thus, he said, the country should focus on establishing a base in the African market and increase market share in the American and European markets to deal with the competition. Nguyễn Xuân Định, deputy head of Crop Production Department under the MARD, said the ministry had set forth a plan to restructure rice production by 2020, with a vision to 2030, in order to improve production effectiveness and raise the stake of Vietnamese rice on the global market. Specifically, the ministry would focus on setting up rice research programmes, renewing policies and enhancing capacity for rice trading enterprises and associations. Low cassava price drops further Cassava farmers in Gia Lai Province are in dire straits, unable to sell their produce even after prices have plunged below production costs. They have also suffered a steep decline in productivity. Cassava prices in the Tay Nguyen (Central Highlands) province have dropped to VND30,000-35,000 (US$1.3-1.5) per 100kg, much less than last year, a Nong Thon Ngay Nay (Countryside Today) report says. Last year, cassava prices reached VND1,800 per kg or VND180,000 per 100kg, prompting farmers in the region to cultivate them. "After months of planting and care, we are getting just VND35,000-40,000 for 100kg, what you pay for a bowl of pho (beef rice noodles)," lamented Le Van Thanh, a cassava grower in Chu Drang Commune. Thanh said cassava had been a key crop helping farmers in Krong Pa District escape poverty over several years now, but prolonged drought has affected its yield and quality. Other crops were similarly affected, he noted. Cassava productivity this crop dropped by half over previous years, Thanh said. "Last crop, I harvested about 30 tonnes of cassava per hectare, but this year, I've got just 17-18 tonnes. The drop in productivity and prices is a heavy loss and we don't know what to do for the next crop," he added. The report says farmers had to invest over VND15-20 million per hectare for planting cassava, but were able to recover just VND5-6 milllion after harvest. Farmers are harvesting the crop now, but the low prices have prevented many traders from buying it, push farmers even deeper into hopelessness. Dinh Van Duyen, head of the Agriculture and Rural Development bureau in Krong Pa, said the area for cassava cultivation reached 15,000ha for the 2015-16 crop. But the area planned for cultivating this crop was just around 8,500ha. "Every year, farmers have rushed to grow this plant, despite warnings," Duyen said. The low prices at present badly affected farmers' incomes and lives, he added. The local authorities are trying to guide and advise farmers cultivate others plants in order to improve their land and earn more money. Nguyen Van Vu, a local farmer planted 1ha of grass for breeding cows instead of cassava. He said that he earned more from planting grass. A representative of the FOCOCEV Joint Stock Company, which purchases cassava from local farmers, said the decrease in prices was due to fluctuations in cassava starch prices in domestic and world markets. Last year, the average selling price was US$350-360 per tonne of cassava starch, but now it is just $270-280 per tonne, the company said. Prices of Viet Nam's black pepper drop The Ministry of Agriculture and Rural Development (MARD) announced recent drops in pepper prices, both domestic and exported, in October. The cause for the fall in prices is said to be a sharp increase in quantity. According to the MARD, the October domestic buying price for black peppers continued to decline, compared to September. On average, buying prices for dried raw black pepper in the main producing regions of Gia Lai, Ba Ria- Vung Tau, Dak Lak and Dong Nai were VND142,900 (US$6.39), VND146,800, VND143,900 and VND143,900 per kg respectively, all having decreased by VND4,000 per kg compared to last month's average price. Hoang Phuoc Binh, General Secretary of the Chu Se Pepper Association in Gia Lai, said that the current pepper price in the province had dropped to a mere VND125,000 per kg, as compared to the peak prices in the middle of the year of VND170,000 to VND180,000. At this level of the decline in the buying price, farmers can still turn a profit, though less than before. The export price for pepper had been on the decline this year, in addition to the drop in domestic prices. According to the Viet Nam Pepper Association's (VPA), in the first nine months of 2016 the average export price was $7,726 per tonne for black pepper and $11,329 per tonne for white pepper. Compared to the same period last year, these export prices dropped by $1,232 and $1,533 per tonne, respectively. The reason for such a decline is considered to have been the fall in world demand, while supply rose steeply. Do Ha Nam, VPA's president, said that the rise in the pepper supply was due to the fast expansion of growing areas in recent years, from 50,000 hectare to 101,000 hectare, being more than twice the planned number from 2020 to 2030, as decided by the MARD. "With the production cost similar to coffee, and a price three times higher, farmers would undoubtedly mass produce pepper, leading to the current unplanned situation. If this continues, there is bound to be an excess surplus crisis in the pepper industry, as have been with other plants," said Nam. With its constant development in recent years, the Vietnamese pepper industry is facing many challenged regarding quality and quantity controls. If these problems are not resolved, the country's export status could be overtaken by other producers, and the benefits from signed trade agreements would not be utilised. Nam also warned that should farmers and businesses continue to produce at the current rate and on the current scale, in lieu of the excessive quantity, the price of peppers would drop even further. He suggested that producers switch to a different crops that offer greater economic value. An excess in imports could also be the reason of the recent fall in pepper price. According to the VPA, several markets, such as Australia, Germany, Singapore and others, have gradually reduced the quantity imported, while potential European markets have come to a halt. This could be due to both the lack of dealers and the lack of quality in Vietnamese exports. VPA suggested that the key solution to the quality problem would be to improve the raw ingredients used on the field. If the quality of pepper exports is not improved in the near future, the amount exported will surely decline, as more countries are tightening their supervision on imported peppers, such as in the US market where the Food and Drug Administration is about to implement several new regulations regarding imported agricultural products, including Vietnamese peppers. Viet Nam is currently the largest global supplier for peppers, with more than 50 per cent of total world products. With such an overwhelming supply, the inelastic demand, once halted, would cause Vietnamese farmers and businesses to lose money. Innovation day discusses building ecosystem Innovation at this moment in Australia's history is driving 60 per cent of the country's national productivity, and is the fundamental factor behind national productivity, which is the driver of jobs, growth, and opportunities, said Greg Hunt, Australia's Minister for Industry, Innovation and Science. Hunt told those attending the Huawei Innovation Day Asia-Pacific held in Sydney last week that exploration and innovation were vital for the progress of society. "ICT is the backbone, along with science, of the whole innovation space. For us as a government, we are involved in innovation and driving this forward as a means of helping the economy, helping individuals, and improving quality of life. Under the Innovation and Science Agenda, we bring young people into innovation and science through a programme worth more than US$100 million," he added. Li Jinge, President of Huawei Asia Pacific, said in his speech that future explorations in ICT would require inputs from all parties, because there are many unknowns in creating an intelligent society. Li said that Huawei's growth and success were a result of its spirit of dedication and focus on customers. Ecosystem innovation is the only way for companies to create an intelligent world. Huawei aims to nourish the 'soil and energy' of the ICT ecosystem to enable the intelligent world of the future. It will push the entire industry forward, and support ongoing social progress through strong, strategic alliances. Huawei has launched six OpenLabs, which are part of Huawei's strategy for creating an ICT ecosystem for enterprise business, located in Munich, Mexico City, Dubai, Singapore, Moscow and China, and has worked extensively with over 400 solution partners worldwide. In addition, Huawei plans to establish an OpenLab in Bangkok, the second of such OpenLabs in the Asia Pacific region, in early 2017. It has also developed the Huawei Innovation Research Programme (HIRP), designed to drive partnerships with leading universities worldwide. To date, this programme has supported over 1,200 innovation research projects at over 300 universities in more than 20 countries around the world. The event, themed Brilliance of Exploration, attracted over 150 experts and researchers from many different industries, institutions, government agencies and representatives to discuss how to face up to the unknowns of the intelligent world and create an open ecosystem. Huawei is a leading global information and communications technology (ICT) solutions provider. Its innovative ICT solutions, products and services are used in more than 170 countries and regions, serving over one-third of the world's population. Vietnamese, RoK businesses seek to boost agri-product trading Vietnam is a potential market for firms specialised on processed agricultural products from the Republic of Korean (RoK). This statement was made by Im Chang Ho, Chief of Hamyang County in the RoK’s southeast Gyeongnam province at the Vietnam-RoK trade exchange held on November 8 in Ho Chi Minh City. RoK agricultural goods, which are produced by hi-technology, are internationally recognised for their safety and high quality, said Im Chang Ho. He also said Hamyang County is famous for mountain ginseng, fruit juice and nature-based beauty care products which have been favoured by many Vietnamese customers, especially those in Ho Chi Minh City, adding the exchange is a good opportunity for RoK firms to seek partners and boost exports. Speaking highly of the quality of RoK processed agri-products, Tran Ngoc Liem, Deputy Director of the Vietnam Chamber of Commerce and Industry (VCCI)-HCM City Branch, said Vietnamese enterprises should learn experience in organising trade fairs and products launching events of their counterparts. He also added that by welcoming RoK products, Vietnamese agri-businesses approach hi-technologies to improve planting techniques, thus enhancing the quality and added value of their farm products. According to VCCI, agricultural trade value between the two countries has increased since the Vietnam-RoK free trade agreement took effect in late 2015. In the past 10 months of 2016, import value of RoK agricultural products to Vietnam rose 10 percent while export value of Vietnamese farm goods to the RoK surged over 30 percent from the same period last year. Tra Vinh helps SMEs enhance peanut value A workshop was held in the Mekong Delta province of Tra Vinh on November 8 to help local small- and medium-sized enterprises (SMEs) to promote the value chain of peanut. The event was jointly organised by the management board of the Tra Vinh SME Development Project and the Centre for Service and Technology Transfer under Can Tho University. Tra Vinh has around 4,700 hectares of peanut, mostly in the districts of Cau Ngang and Duyen Hai. Peanut, together with coconut, is a key product of the province. Participants agreed on measures to enhance the value chain of peanut by improving product quality, creating more jobs, enhancing the competitiveness of peanut processing companies to expand their markets, and reducing production costs. They suggested Tra Vinh focus on restructuring peanut harvests by expanding peanut growing areas in the autumn – winter and summer – autumn crops, enhance production capability for farmers, develop local peanut brand names, and improve the quality of peanut varieties. Deputy Director of the SME Development Project Tran Thi Oanh highlighted the potential of peanut and coconut, such as stable supply sources and markets, and competitive edge. Basing on studies by experts from Can Tho University, the project will provide assistance for local SMEs to enhance the value chain of peanut products, Oanh said. The province’s SME Development Project was launched on January 30, 2015 at a total cost of 12.1 million CAD (9.67 million USD), including 11 million CAD funded by the Canadian Agency for Foreign Affairs, Trade and Development. Vietnam, RoK funds join hands for SME development Vietnam’s Small- and Medium-sized Enterprise Development Fund (SMEDF) will join hands with the Korea Small and Medium Business Corporation (SBC) to promote the development of SMEs and help them to seek partners in both countries. Under the terms of a Memorandum of Understanding signed in Hanoi on November 8, SMEDF and SBC will also exchange information about business supporting policies and assist each other in conducting surveys in their respective nations. SMEDF Director Hoang Thi Hong said the Republic of Korea (RoK) is now the biggest foreign investor in Vietnam, with a large sum of investment poured into the electronics, energy and manufacturing sectors. The flow of Korean investment into Vietnam has given a boost to the development of local SMEs and enabled them to join the global supply chain and get access to advanced technologies, she added. Meanwhile, SBC Vice President for Global Marketing Yong Seung Lee said SBC has accompanied Korean SMEs by assisting them in export marketing and setting up a centre for SME development in Hanoi in 2014. Established in 1979, SBC is a non-profit, government-funded organization. It is tasked with implementing government policies and programmes for the sound growth and development of Korean SMEs. EU - potential market for Vietnamese farm produce Vietnam’s exports to the EU grew significantly in recent years, with Vietnam’s trade surplus in the market reaching nearly 20 billion EUR in 2015, mostly from exports of agricultural products and foodstuff. The Vietnam-EU free trade agreement (EVFTA), scheduled to take effect from 2018, is expected to bring about opportunities for enterprises of both sides in seeking new markets for high quality farm produce. According to Phil Hogan, EU Commissioner for Agriculture and Rural Development, Vietnam is a promising market for EU businesses in agriculture and food. During his recent visit to Vietnam, Hogan and 42 EU firms met with Vietnamese businesses to forge stronger EU-Vietnam partnerships and realise the EVFTA. The EU has been the world’s top exporter of farm produce and foodstuff, with 2015 revenue of 129 billion EUR, including 8.4 billion EUR in the Vietnamese market, noted Hogan. The EU market has highest food safety requirements in the world, he said, adding that EU products with advantages in Vietnam include milk, pork, poultry products, wine and fresh fruit. Vietnamese products enjoying advantages in the EU are cashew, peppercorn and aquaculture products, he said. Hogan also expressed his belief that two-way trade will continue to thrive once tariff barriers are removed in 2018. According to Hogan, the EU will not lower standards for imported farm produce and foodstuff. The EU will send back all products failing to meet its requirements. Therefore, Vietnamese firms who wish to enter the market should enhance the quality of their products, advised Hogan, adding that many Vietnamese enterprises have succeeded in exporting their products to the European market. Meanwhile, Miriam Garcia Ferrer, First Counsellor and head of the Economic and Trade Section of the EU Delegation to Vietnam, asserted that Vietnamese exporters should study the EU market more. European consumers are keen on Vietnamese specialties, she said, adding that the impressive growth of Vietnam’s exports in the EU in recent years, mostly contributed by agricultural products and foodstuff, reflected the high potential. The potential will be optimised through the implementation of the bilateral FTA as well as tax removal beginning from 2018. We believe that the FTA will benefit both sides, said Ferrer. Being aware of challenges that Vietnamese firms face in meeting its technical and transparency requirements, the EU side has worked to assist them, she said. She held that many Vietnamese firms are worried when accessing the EU market due to high requirements in quality, origin, package and label. However, it’s time to change their mindset, she said, affirming that once the products are accepted in the EU, they will be accepted elsewhere. The requirements may cause difficulties for Vietnamese products in the short term, but they also allow Vietnam to affirm the prestige and competitiveness of its products, she stated. She also suggested Vietnamese firms better understand the preferences they will enjoy in the EU market. In 2015, Vietnam-EU trade reached 38.4 billion EUR, with Vietnam ’s export reaching 29.9 billion EUR. In the year, Vietnam ranked 21 st among the EU’s trade partners, while the EU was the second largest partner of Vietnam after China. Japanese enterprises study investment environment in Ha Nam A delegation of the Kansai Association of Corporate Executives led by Akihiro Kuroda, Chairman of the Kokuyo Corporation, visited the northern Ha Nam province on November 8 to learn about investment environment in the province. Nguyen Xuan Dong, Chairman of the provincial People’s Committee, introduced the delegation to the location, potential and advantages of the province and stressed that the Dong Van III support industry park is reserved for Japanese enterprises. Dong said the province gives top priority to Japanese enterprises, especially small and medium-sized enterprises. He said the province has prepared infrastructure, land fund, policy and human resources in line with its 10 commitments to foreign investors. A hot line and a support centre for Japanese enterprises have been launched to address any emerging problem facing Japanese enterprises. On his part, Akihiro Kuroda said Vietnam is an attractive investment destination for Japanese enterprises given its stable political situation and strong and balanced economic development. Appreciating Ha Nam province’s investment policies and 10 commitments to foreign investors, Kuroda pledged to introduce the province to Japanese investors in general and investors in Kansai in particular. According to him, the Kansai Association of Corporate Executives has a history of 70 years with around 800 members. VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VET/VIR |
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Article 8
NA sets three targets for 2016-2020 With 85.02 per cent of delegates voting in favor, the National Assembly (NA) on November 8 has adopted a resolution that sets three reform targets for the 2016-2020 period: public investment, State-owned enterprises (SOEs), and financial institutions.  Total mobilized capital of VND10.57 quadrillion ($480 billion) is needed for annual GDP growth to average 6.5 to 7 per cent over the next five years, Minister of Planning and Investment Nguyen Chi Dung said at the ongoing NA session. Mobilized capital to reform the economy is the total resources required for socioeconomic development during the 2016-2020 period, with an incremental capital output ratio (ICOR) estimated at 5 to 5.5 per cent. With a focus on corporations and enterprises, emphasis is placed on the SOE reform process being “faster and stronger” and the equitization process being transparent in line with the market mechanism. SOEs that go through equitization must list on the stock exchange one year before conducting an initial public offering (IPO) and attracting strategic investors. Loss-making and ineffective investment projects of State-owned enterprises (SOEs) will be set for bankruptcy under the law. In public investment, the government will drastically reform budget expenditure and collections, ensuring the safety of public investment and the national fiscal situation. “Practice savings on spending within the ability of the economy. Strengthen the management and effective use of borrowings, and only borrow within the capacity to repay and tightly control borrowings by local governments and SOEs”, the resolution states. Within the next five years the government is set to reform financial institutions, speed up bad debt settlement, and have at least 12 to 15 commercial banks applying Basel II standards. The resolution sets a target for the budget deficit being less than 3.5 per cent of GDP in 2020, government debt to be under 54 per cent of GDP, public debt to be under 65 per cent of GDP, foreign debt to be lower than 50 per cent of GDP, and State investment to be 31-34 per cent of total social investment. .png) Source: HSBC “Setting the target of VND10.57 quadrillion ($480 billion) in mobilized capital is to try to reform the economy in a stronger and more robust manner,” Minister Dung went on. “To conduct economic reform based solely on the amount of resources is not enough. It is important to utilize the resources effectively, starting from the use of State resources.” Within the 10.57 quadrillion ($480 billion), it is estimated that the contribution from the State budget at ministries, authorities and provinces will account for the largest share, at an estimated VND3.57 quadrillion ($180 billion). During the 2016-2020 period, the FDI sector is expected to contribute more than VND1.4 quadrillion ($68 billion). The government has also included capital from ODA and preferential loans of $39.5 billion. Other sources include SOE equitization funds of $15-20 billion during the 2016-2020 period. Other resources must be mobilized but the target of the plan is to not focus entirely on mobilizing numerous resources. “We need to focus on adopting reform solutions and increasing economic competitiveness, starting with investment effectiveness,” Minister Dung said. “This will create a chain reaction so that the private sector and the FDI sector will voluntarily come on board, which in turn will increase total investment capital.” Vietnam has set a GDP growth target of 6.7 per cent in 2017, equal to the target set for this year, while inflation is targeted at 4 per cent against the 5 per cent targeted for this year. HSBC’s latest report, released in early November, put GDP growth for 2016 at 6.2 per cent and 6.5 per cent for 2017; lower than the government’s plan of 6.7 per cent. Inflation is expected to exceed 4.5 per cent in 2017, 0.5 per cent higher than the government’s plan. VN Economic Times |
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Article 7
VFF Chair explains why Samsung has invested in Vietnam Large multinational manufacturing conglomerates have capital and technologies, but lack sufficient number of good workers in their home countries. For that reason, as well as lower labor costs, they have invested in the country, Vietnam Fatherland Front (VFF) Chair Nguyen Thien Nhan told the National Assembly on November 3.  During the 10-minute presentation about economic restructuring, he emphasized that the quality of the human resources is one of the most important factors of the restructure. “In 1996, we had 35 million workers. In 2016, we have 54 million. This means that the number of workers has increased by 19 million after 20 years,” Nhan said. “It is expected that we will have 68 million workers by 2035. This is a very valuable asset and a big advantage for Vietnam,” he said. According to Nhan, many developed countries now suffer from a lack of workers due to low birth rates. In developed countries such as South Korea, Singapore and Japan, the number of births per family is 1.25, 1.26 and 1.4, respectively.
“As such, we will still have an advantage in the labor force for 30 more years,” Nhan said, adding that Vietnamese workers are industrious, creative and have rapidly improving skills. Moreover, the labor cost in Vietnam is lower than many other regional countries. Citing statistics, Nhan said that a manufacturing worker in Japan is paid 29 times more than a Vietnamese for one working hour, while a Singaporean in the field is paid 20 times higher, a South Korean 17 times and a worker in Taiwan eight times. “Samsung has high technology and abundant capital. It only lacks workers. And that is why it invests in Vietnam,” Nhan said. In the last 20 years of investment in Vietnam, Samsung Electronics, together with satellite companies, have invested nearly $10 billion to build large-scale production complexes in Bac Ninh, Thai Nguyen and HCM City. According to the Ministry of Planning and Investment, Samsung’s total investment capital in Vietnam may reach $20 billion by 2017. Making big investments, the electronics conglomerate can make big profits. Samsung Electronics Vietnam (SEV) and Samsung Electronics Vietnam Thai Nguyen (SEVT) alone had turnover of $33.4 billion in 2015 and $3.1 billion in post tax profit in 2015. The profit was equal to the total profit earned by Vietnam’s two largest conglomerates – Viettel and PVN. Samsung could gain success partially because it could save big money on labor costs. “Therefore, using the labor force effectively and developing human resources is always the top priority task for economic restructuring,” Nhan said. Mai Thanh, VNN |
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Article 6
Trump triumphs over Clinton in White House upset U.S. Republican presidential nominee Donald Trump supporters rally near the intersection of West 54th Street and Fifth Avenue in New York, U.S. November 8, 2016. Nov 9 - Republican Donald Trump stunned the world on Tuesday by defeating heavily favored Hillary Clinton in the race for the White House, ending eight years of Democratic rule and sending the United States on a new, uncertain path. A wealthy real-estate developer and former reality TV host, Trump rode a wave of anger toward Washington insiders to defeat Clinton, whose gold-plated establishment resume includes stints as a first lady, U.S. senator and secretary of state. Worried a Trump victory could cause economic and global uncertainty, investors were in full flight from risky assets such as stocks. In overnight trading, S&P 500 index futures fell 5 percent to hit their so-called limit down levels, indicating they would not be permitted to trade any lower until regular U.S. stock market hours on Wednesday. The Associated Press and Fox News projected that Trump had collected just enough of the 270 state-by-state electoral votes needed to win a four-year term that starts on Jan. 20, taking battleground states where presidential elections are traditionally decided. CNN reported Clinton had called Trump to concede concede the election. A short time earlier, Clinton campaign chairman John Podesta told supporters at her election rally in New York to go home. "Several states are too close to call so we're not going to have anything more to say tonight," he said. Victorious in a cliffhanger race that opinion polls had forecast was Clinton's to win, Trump won avid support among a core base of white non-college educated workers with his promise to be the "greatest jobs president that God ever created." His win raises a host of questions for the United States at home and abroad. He campaigned on a pledge to take the country on a more isolationist, protectionist "America First" path. He has vowed to impose a 35 percent tariff on goods exported to the United States by U.S. companies that went abroad. Both candidates, albeit Trump more than Clinton, had historically low popularity ratings in an election that many voters characterized as a choice between two unpleasant alternatives. Trump, who at 70 will be the oldest first-term U.S. president, came out on top after a bitter and divisive campaign that focused largely on the character of the candidates and whether they could be trusted to serve as the country's 45th president. The presidency will be his first elected office, and it remains to be seen how he will work with Congress. During the campaign Trump was the target of sharp disapproval, not just from Democrats but from many in his own party. Television networks projected Republicans would retain control of the U.S. House of Representatives, where all 435 seats were up for grabs. In the U.S. Senate, the party also put up an unexpectedly tough fight to protect its majority in the U.S. Senate. Trump entered the race 17 months ago and survived a series of seemingly crippling blows, many of them self-inflicted, including the emergence in October of a 2005 video in which he boasted about making unwanted sexual advances on women. He apologized but within days, several women emerged to say he had groped them, allegations he denied. He was judged the loser of all three presidential debates with Clinton. Touts his business acumen During the campaign, Trump said he would make America great again through the force of his personality, negotiating skill and business acumen. He proposed refusing entry to the United States of people from war-torn Middle Eastern countries, a modified version of an earlier proposed ban on Muslims. His volatile nature and unorthodox proposals led to campaign feuds with a long list of people, including Muslims, the disabled, Republican U.S. Senator John McCain, Fox News anchor Megyn Kelly, the family of a slain Muslim-American soldier, a Miss Universe winner and a federal judge of Mexican heritage. Throughout his campaign - and especially in his acceptance speech at the Republican National Convention in July - Trump described a dark America that had been knocked to its knees by China, Mexico, Russia and Islamic State. The American dream was dead, he said, smothered by malevolent business interests and corrupt politicians, and he alone could revive it. He offered vague plans to win economic concessions from China, to build a wall on the southern U.S. border with Mexico to keep out undocumented immigrants and to pay for it with tax money sent home by migrants. The Mexican peso plunged to its lowest-ever levels. The peso had become a touchstone for sentiment on the election as Trump threatened to rip up a free trade agreement with Mexico. His triumph was a rebuke to President Barack Obama, a Democrat who spent weeks flying around the country to campaign against him. Obama will hand over the office to Trump after serving the maximum eight years allowed by law. Trump promises to push Congress to repeal Obama's troubled healthcare plan and to reverse his Clean Power Plan. He plans to create jobs by relying on U.S. fossil fuels such as oil and gas. Clinton's failed second bid Trump's victory marked a frustrating end to the presidential aspirations of Clinton, 69, who for the second time failed in her drive to be elected the first woman U.S. president. In a posting on Twitter, Clinton acknowledged a battle that was unexpectedly tight given her edge in opinion polls going into Election Day. "This team has so much to be proud of. Whatever happens tonight, thank you for everything," she tweeted. The wife of former President Bill Clinton and herself a former U.S. senator, she held a steady lead in many opinion polls for months. Voters perceived in her a cautious and calculating candidate and an inability to personally connect with them. Even though the FBI found no grounds for criminal charges after a probe into her use of a private email server rather than a government system while she was secretary of state, the issue allowed critics to raise doubts about her integrity. Hacked emails also showed a cozy relationship between her State Department and donors to her family's Clinton Foundation charity. Trump seized on the emails to charge that Clinton represented a corrupt political system in Washington that had to be swept clean. Trump's national security ideas, opposed by most of the elite voices across the political spectrum, have simultaneously included promises to build up the U.S. military while at the same time avoiding foreign military entanglements. He wants to rewrite international trade deals to reduce trade deficits. He has taken positions that raise the possibility of damaging relations with America's most trusted allies in Europe, Asia and the Middle East. He has promised to warm relations with Russia that have chilled under Obama over Russian President Vladimir Putin's intervention in the Syrian civil war and his seizure of Ukraine's Crimea region. "Wouldn't it be nice if we could get along with Russia?" he said at many rallies. REUTERS |
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