BUSINESS IN BRIEF 12/11 Assembly okays 54% govt debt cap Public debt may not exceed 65% of GDP, with government debt less than 54% and foreign debt below 50% of this indicator, according to a resolution on the national financial plan for 2016-2020 passed on November 8 by the National Assembly (NA). Besides, the country’s external debt obligations must stay below 25% of total exports of goods and services. The direct debt obligations of the Government (excluding on-lending) may not be higher than 25% of total annual budget revenue. The resolution specifies the State budget deficit for 2016-2020 may not exceed 3.9% of GDP. Efforts should be made to lower the deficit to 3.5% of GDP by the end of this period, for a positive budget balance, with debt secured within the prescribed limit. Also, State budget spending should be gradually restructured in a positive direction. Total budget expenditures in 2016-2020 are estimated at slightly more than VND8,000 trillion, with investment and development making up an average of 25-26%. The proportion of routine expenditures should be brought down below 64%. Spending for debt payments and national reserves should be prioritized. The total budget for investment and development in 2016-2020 is no more than VND2,000 trillion, or roughly US$90 billion. The State budget revenue target for this period is some VND6,860 trillion, an increase of 1.65 times from 2011-2015. Contributions to the central budget should be restrained at 23.5% of GDP, with the proceeds from taxes, fees and charges equal to 21% of GDP. Domestic revenues should account for 84-85% of total budget collections. The resolution calls for strict financial discipline in budget collection and spending. Inspection and auditing should be strengthened to prevent revenue losses, trade fraud, transfer pricing, tax evasion and profligacy. Public debt must be tightly controlled within permissible limits, while Government guarantees for new loans should be minimized. Overspending and local government debt should be closely monitored. Resources may be distributed to ensure full and timely repayments, says the resolution. Loans should not be used for on-lending. Government guarantees should not be turned into State budget allocations. Vietnam’s fruit import from China falls sharply  Vietnam imported 120,000 tons of fruit from China in January-October, a sharp fall of nearly 60% year on year, said a source from the Plant Protection Department under Vietnam’s Ministry of Agriculture and Rural Development. Hoang Trung, deputy director of the Plant Protection Department, said at a regular press conference in Hanoi on November 9 that fruit imports from China this year to date accounted for some 30% of the total volume of more than 400,000 tons of fruit in the period. He said local demand for fruit and vegetable imports from China has tumbled over the past few years, as supplies from the U.S and Australia surged. Addressing concerns that fruit and vegetable imports from China may not meet food safety criteria, Trung said the ministry’s agencies has strengthened checks of food safety and plant quarantine. Accordingly, fruits and vegetables from other countries will only be allowed for import into Vietnam if they are safe for consumers, Trung said. As China is listed among the countries with high risk of food quality, relevant agencies have taken samples with higher frequency. However, after inspections, the agencies found that China’s fruits still meet food safety standards. Tan Nam Chinh, Vinalines cut deal for shipping fee reduction Tan Nam Chinh Logistics Co. and the Haiphong branch of Vietnam National Shipping Lines (Vinalines) have signed a cooperation agreement to give a 20% shipping charge reduction on transportation of frozen agricultural products and fruits from the south to the north. The two sides inked the deal early this month to help each other make use of their own advantages and reduce logistics fees, Vu Trong Tue, general director of Tan Nam Chinh, told the Daily on Tuesday. Before reaching the agreement, the two enterprises had spent months surveying transport routes and comparing with transport charges by road, he said. Thanks to Vinalines’ fleet operating between Saigon Port in HCMC and Haiphong Port in Haiphong City, Tan Nam Chinh can reach cold storage systems in the agricultural export zone, including Binh Thuan, Long An and Tien Giang provinces. The company will be able to provide the door-to-door service and help customers in the south save up to 20% of shipping charge to send their frozen products to the north. In the deal, the logistics company pledged to deliver frozen products to the buyers’ doors and keep the shipping fee the same during bumper crops of agricultural products. Tan Nam Chinh currently owns the biggest market share of frozen fruit logistics in Vietnam. It also works as a traditional partner of local and foreign shipping lines such as Wan Hai, APL, Maersk Line, and Vinalines to help producers save costs to transport frozen fruits from farms in Binh Thuan, Binh Duong, Dong Nai, Long An, Tien Giang, Ben Tre, Can Tho to China, South Korea, Japan, the Middle East, Europe and North America. Dong Van IV Industrial Park starts construction The Viet Nam Glass and Ceramics for Construction Corporation (Viglacera) today begins construction at the Dong Van IV Industrial Park (IP) in northern Ha Nam Province. The IP, which has been considered one of the key projects in the province for the 2016-17 period, seeks to attract several large investors in the electronics and hi-tech areas. At the groundbreaking ceremony, three South Korean investors were granted investment certificates for their official operation in 2017. Covering an area of 600 hectares, the IP includes two phases. The first phase of 300 hectares is to be carried out in the province’s Kim Bang District. The IP has a favourable location on National Highway 38 to easily connect to National Highway 1 to Ha Noi and Ha Noi – Hai Phong Expressway to Hai Phong Port. Businesses will find it convenient to export goods by both air and road. In addition, the IP is expected to create jobs for 500 workers in the province, as well as four million people from neighbouring localities. Viglacera is to build housing for workers and specialists close to the IP to attract human resources. In recent years, Ha Nam has been one of the country’s leading localities in attracting FDI, with several preferential policies for businesses, such as 24 hour electricity, clean water supplies and waste water treatment systems, favourable customs procedures and simplified administrative procedures. Viglacera also has completed land clearance, infrastructure and handing over land to businesses for construction. Plants in the IP are expected to become operational next year. Food industry exhibition contributes to building brands for the industry The Viet Nam International Food Industry Exhibition (Vietnam Foodexpo 2016), the most outstanding national trade promotion event specialising in agricultural products, seafood, and the food industry, will be held in HCM City from November 16-19. The Vietnam Foodexpo 2016 will have 550 booths of over 400 exhibitors from Viet Nam’s 30 cities and provinces and 15 other countries and territories, including Egypt, Poland, Cuba, Italy, the Netherlands, the Republic of Korea, Hungary, Malaysia, New Zealand, Japan, Singapore, Thailand and China. A wide range of farm produce, seafood products, processed food products, beverages, tea and coffee, food ingredients, food processing technologies and machinery will be displayed at the expo. Ta Hoang Linh, deputy general director of the Trade Promotion Agency (Vietrade) under the Ministry of Industry and Trade, said the expo, with the theme “Better Food, Better Life”, will contribute to the dynamic development of Việt Nam’s food industry, promoting the brands of enterprises, products and services in the industry and creating favourable conditions to expand the market share of Vietnamese food in both domestic and export markets. The exhibition will also serve as a catalyst for technological innovation, thereby increasing productivity, quality and safety in production, processing and business associated with agricultural products, food and drinks, he said. As the “National Honoured Exhibitor” at the Vietnam Foodexpo 2016, 30 Italian companies will introduce Viet Nam to some of their finest products and brands at the expo. In addition, Italian import delegations will come to the expo to find Vietnamese export partners. Carlotta Colli, Italian Consul General in HCM City, said the expo would create good opportunities for Vietnamese and Italian firms to enhance co-operation and penetrate each other’s market. Held at the Saigon Exhibition and Convention Centre, the event will also include the Vietnam Foodtech 2016 featuring modern technologies and machines for the food industry, the international conference on Viet Nam food industry and a seminar on investment promotion in the food processing industry, Saigon international cooking contest and other activities. Organised by Vietrade, the expo is as part of the Government’s activities to build a brand strategy for Viet Nam's food industry, Linh said. The expo is expected to welcome more than 20,000 visitors, he said, adding that many local and international trade delegations and potential buyers have registered to visit the expo to seek supply sources. KIDO eyes northern market, opens yoghurt, ice-cream plant Food manufacturer KIDO Group on Wednesday opened a frozen food manufacturing unit at the Viet Nam – Singapore Industrial Park in the northern province of Bac Ninh. Thought to be the biggest plant of its kind in the northern region, it has an annual capacity of 9,000 tonnes of yoghurt and 6,000 tonnes of ice-cream. Built at a cost of VND400 billion (US$18 million), the plant has advanced technologies imported from Europe and Japan. It is part of KIDO’s strategy to expand its frozen food business in the north and become the leading food producer in Viet Nam and Southeast Asia. Frozen foods now contribute around VND1.5 trillion to the group’s annual revenues, and the segment has been growing at an average of 25 per cent in the last 10 years. Revenues from ice-creams and yoghurt are expected to increase by 35 per cent this year. According to Euromonitor International, KIDO was the leader in ice-cream market last year with a market share of nearly 37 per cent. National carrier Vietnam Airlines and its subsidiary Jetstar Pacific will operate 34 one-way flights per day on the route between Ha Noi and HCM City. The first flight will begin at 5.45am and the last one of the day will be at 9.30pm. The carrier will focus on exploiting flights at even hours, such as 6am, 7am, 8pm and 9pm, and interposing them with additional flights, each 15-30 minutes apart. The increase in flights during rush hours is expected to shorten waiting time for passengers, who can depart at the earliest. Some 65 per cent of flights on the route will be served by wide-body aircraft, such as Boeing 787, Boeing 777, Airbus A350 and Airbus A330. The remainder will be A321. Viet Nam Property Awards returns for 3rd year PropertyGuru, Asia’s leading online property group, and sponsor Kohler have announced that the third annual Vietnam Property Awards will be held in June next year. Speaking at a press conference in HCM City, Terry Blackburn, Asia Property Awards founder and managing director, said the awards would celebrate best property developers, projects and designs in the country’s top-tier markets of HCM City and Ha Noi, as well as exciting resort destinations of Phu Quuc, Da Nang and Nha Trang. The awards are given in three categories -- developer, development and design -- covering the residential, commercial and resort segments, with the eligibility period covering current developments with expected completion by December 2019 or earlier. There will also be awards for Best Green Development, Special Recognition in CSR and Special Recognition in Sustainable Development. Nominations are currently being accepted, and submissions can be made by developers, consumers and the general public before the deadline of March 24 next year. Organisers expect to get more than 100 nominations next year, up from 60 in 2016. The official shortlist, comprising one winner and up to four highly commended companies or projects in each category, will be revealed by an independent jury in late April. A black-tie gala dinner and awards ceremony will take place on June 2. The ‘Best of the Best’ round winners from Viet Nam will compete in the regional grand finals at the South East Asia Property Awards held annually in Singapore, opening up their businesses to new audiences around the region. BDO, one of the world’s largest accounting and auditing firms, continues to be the award’s official judging supervisor to ensure that the entire nomination and judging process is fair and transparent, Blackburn said. The Vietnam Property Awards has become one of the most-awaited industry events in the country’s real estate calendar. This year more than 450 guests and VIPs attended the gala dinner that saw Nam Long Investment Corporation crowned as the year’s Best Developer. CJ inaugurates animal feed plant in Ba Ria-Vung Tau The Republic of Korea’s CJ group launched a new CJ Feed Ingredient Vietnam factory in the southern province of Ba Ria-Vung Tau on November 10. CJ Feed Ingredient Vietnam was built on an area of 45,466sq.m at a cost of US$18.3 million. It specializes in producing feed ingredients, like fermented soybean, with an estimated capacity of 22,000 tons per year for domestic use and exports. CEO of CJ Vietnam Chang Bok Sang said the factory is equipped with high-tech production technologies and equipment imported from Korea to ensure product quality. It will assist farmers in feeding their livestock and raising profit. The construction of the plant demonstrates CJ group’s commitment to long-term investment in Vietnam and contributing to domestic industry development, Mr Sang said. Established in 1953, CJ is a global conglomerate with four business segments, including food and food services, biotechnology and pharmacy, entertainment and communications, and homeshopping and logistics. CJ has operated in Vietnam since 1998 with popular brands like Tous les Jours, CGV and SCJ TV Homeshopping. It has also launched many community development programs including the chilly planting project in Ninh Thuan province, bakery courses in Nghe An province, ToTo film making courses and others with a hope of bringing a better life for the Vietnamese people. Ca Mau looks at ways to support local fishery The Department of Agriculture and Rural Development of the southernmost province of Ca Mau has implemented measures to address challenges to local fishermen and ensure targeted output this year. The Department announced the output of aquatic products of Ca Mau province may only reach 85% of year’s target (285,000 tonnes) while the shrimp productivity will be 82% (142,000 tonnes). It is difficult for the province’s fishery output to meet with the goals as unusual weather has affected output with looming typhoons and tropical pressures. Epidemics may also occur as temperatures drop in winter. Meanwhile, capital to support the local fishery industry has yet to reach local farmers. The Department suggested the provincial People’s Committee provide guidance for local farmers and urged relevant agencies to inform them of unusual weather to minimise the impact of natural disasters. According to statistics, due to drought in early months of 2016 and downpour afterward, over 158,000ha of local fishery area was lost and more than 125,000 households were heavily affected. In the first four months of 2016, the province earned nearly US$275 million from aquatic exports, mostly shrimp, up three percent from last year. Fruit-vegetable export surpasses rice export Vietnam’s fruit-vegetable export value in 2016 is predicted to reach US$2.6 billion, according to the Ministry of Agriculture and Rural Development (MARD). From the beginning of this year, fruit-vegetable exports recorded a year-on-year increase of 30.8% to nearly US$2 billion, becoming the third largest export commodity after coffee and cashew. The MARD predicts that fruit-vegetable exports are likely to hit US$5 billion in 2017. Cheap Chinese imports threaten local produce industry Cheap imports of fruit and vegetables from China are a disquieting concern for the produce industry in Vietnam, as local actors find themselves unable to effectively compete with their Chinese rivals. Locally produced fruit, vegetables and dairy products are agricultural products typical of the country’s wide array of fine cuisine that can be found on supermarket shelves nationwide. However, a new governmental decree taking effect later this year, has prompted concerns that an increasing assortment of imported goods from China will find their way into the country’s supermarket and other retail outlets. Under the decree, import tariffs on 90% of all goods imported from China will be abolished over a three-year phase-out period running through 2018, with the remaining 10% eliminated by the end of 2020. The lower cost of importing foodstuffs brought about by the new decree such as the reduced import tariffs is an economic boost for local retailers – as they can offer cheap, imported products from China, even in some cases when the produce is not in season locally. Underselling local producers with cheap imports puts the local industry at risk, says Nguyen Thai Dung a store manager at Big C Thang Long. For locals involved in the produce supply chain, from truck drivers to farmers, an anticipated explosive growth of imports from China will ruin years of hard work and established businesses. Foods that come from local sources are a tremendous boon to the local economy, says Mr Dung, noting that more money stays in the local regions, creating significant value and more good paying jobs. However, money is not the only driving force for Vietnamese producers competing with cheap imports, says Dinh Tuan Anh, a store manager for CP Ladoda. The quality of the end-product which makes its way to the consumer's table is also of great importance, The value of buying local food is not only about the economy. For one thing, he says shorter distances from the farm to the table means produce can be harvested closer to peak ripeness, when it is most nutritious, because it does not have to withstand extended transport and storage. Vietnam is not alone when it comes to importing food which can just as easily be produced on home soil. Increasingly more westernized countries are choosing to import frozen or processed foodstuffs from countries like China because of the markedly cheaper costs. Mr Anh says this trend is being driven by Vietnamese consumers who are much too often preoccupied with buying at the lowest price irrespective of quality concerns. Food to these consumers must be cheap or they won’t buy it. A good example is fruit such as strawberries shipped from China, the world's second-largest producer of the bright red juicy sweet fruit. Local farmers will not be able to complete with the cheap operating and labour costs after the new decree comes into effect. By freezing the strawberries, with the lower import tariffs Chinese producers will be able to make them more compact and less fragile, and easier to transport to Vietnam thus driving local growers out of business, says Mr Anh. Then there is always the question of food safety with strawberries as there is with all food imports from China— as the government has a long track record of lax enforcement of food safety standards. This has led to food illnesses outbreaks around the globe from exports such as the EUs largest food-caused incidence of gastroenteritis caused by the import of tainted strawberries from China a couple of years ago. Nguyen Cong Thua of the Anh Dao Agricultural Service Co-operative in the central highlands province of Lan Dong says it simply comes down to the fact that smallholder farmers in the region cannot compete with producers in China who benefit from economies of scale. The Chinese producers have a larger production scale that results in lower production costs, he says, noting they therefore they can cut their prices and sell produce at a lower cost than the local farmers in Vietnam. Vietnam to attend leading international fair on consumer goods Vietnamese enterprises will attend a leading international fair on consumer goods, handicrafts and interior decorations, the 2017 Ambiente Fair scheduled for February 10-14, 2017 in Frankfurt, Germany. This information was released by Stephan Kurzawski, Senior Vice President of Messe Frankfurt Exhibition GmbH, which is the organiser of the annual fair, at a press conference in Hanoi on November 9. The event is expected to attract around 4,700 exhibitors from six continents around the world, including from about 65 Vietnamese companies. To date, numerous Vietnamese enterprises have registered for the fair, such as Artex Duy Thanh Limited Company, Bac Ninh Manufacture Limited Company and Handicraft Wooden Products Joint Stock Company (Hawpro Company). Covering an area of 331,000 square metres, the exhibits will be divided into three groups: dining (presenting an unrivalled range of products for the table, kitchen and household); giving (with modern and emotion-provoking gifts, stationery and decorations and authentic and fashionable jewellery and accessories) and living (displaying home accessories and decorations for indoors and outdoors). Speaking at the press briefing, Stephan Kurzawski emphasised that, “Ambiente is an international market place for the entire sector. Exhibitors from more than 90 countries will introduce their latest products in Frankfurt, creating consumer trends for the year 2017.” “Ambiente will offer opportunities for exhibitors in the consumer industry around the world, including Vietnam, to meet and update themselves on the latest trends and solutions as well as learn more about the world market, seeking more partners and trading contracts,” he added. A wide variety of other activities will also be held on the sidelines of the fair, including promotional programmes to assist young designers, companies and design studios to enter the international consumer goods market; an awards ceremony for the Design Plus Award, which honours products with an exquisite combination of formal elegance, design quality, functionality and sustainability; and programmes introducing Ambiente trends. Notably, visitors will be provided with information on commodities with sustainable innovation and eco-friendly materials through an Ethical Style Guide Handbook. The partner country for Ambiente 2017 will be the United Kingdom, so numerous special events will take place to introduce products from British businesses and to reflect the multi-faceted culture of the country. The Ambiente 2016 featured the participation of 4,387 exhibitors from 96 countries, including 57 from Vietnam. It welcomed 137,000 visitors, including 303 Vietnamese people, from 143 countries. It is expected to attract 145,000 this year. The “living” group has more Vietnamese enterprises participating than does either of the other two categories. Messe Frankfurt Group is known as a global player in the trade fair sector. It has organised 132 trade fairs worldwide so far. It has 29 subsidiaries worldwide and 57 international Sales Partners covering more than 160 countries. MIC becomes subsidiary of MBBank The Military Insurance Company (MIC) has become a subsidiary of MBBank after the latter secured a majority holding. The bank increased its ownership in MIC from 49.77 per cent to 60.08 per cent, according to an announcement from MBBank on November 10. MIC has total charter capital of VND800 billion ($35.82 million), with MBBank holding VND480.69 billion ($21.52 million) and other shareholders VND319.3 billion ($14.29 million). MBB also has a majority stake in two companies in construction-related sectors: 45 per cent in the Vietasset Investment Joint Stock Company and 44.39 per cent in the Thuan Loc Joint Stock Company. The State Bank of Vietnam (SBV) is drafting a new circular to tighten regulations on non-banking investment activities by banks in an attempt to improve the financial sector’s transparency and risk management. Under the Law on Financial Institutions 2010, banks must invest in non-core business activities via a separate entity. Banks can own more than 50 per cent of a non-banking financial institution in the subsidiary form, while the joint venture form allows banks to own from 11 to 50 per cent and less than 11 per cent in a commercial investment. On November 9, MIC and Delloite came together in an end to end process reengineering in the insurance business project, which aims to bolster products to international benchmarks in automation and assets insurance product packages. As at September 30, MBBank’s total assets stood at VND239.81 trillion ($10.73 billion), an increase of 8.5 per cent since December 31, 2015. Capital mobilization was VND189.1 trillion ($8.46 billion), up 3 per cent, and outstanding credit VND145.5 trillion ($6.51 billion), up 20 per cent, while its bad debt ratio fell to 1.34 per cent from 1.6 per cent. Revenue from interest reached VND5.69 trillion ($254.79 million), an increase of 4 per cent against December 31. Profit from long-term investments and securities rose 15 per cent to stand at VND103 billion ($4.61 million). After nine years of operations, MIC saw average revenue increase 30 per cent. Total assets stood at VND2.2 trillion ($98.51 million), with 55 member insurance companies, 400 business points, and over 2,000 agents with 1,400 staff. For 2016 the company set a target of total premium revenue being VND2 trillion ($89.56 million), with VND74 billion ($3.31 million) in net premium income and a dividend payout ratio of 9-10 per cent. 65 consumer goods businesses to attend German trade fair Sixty-five Vietnamese enterprises will head to Frankfurt in Germany from February 10 to 14, 2017 to attend Ambiente Frankfurt 2017 - the leading international trade fair in the consumer goods sector. Exhibitors are mostly companies who export goods such as dining tables, kitchen ware, household goods, home décor items and furnishings and are seeking potential customers. Notable names include the Duc Thanh Wood Processing JSC, the Minh Long Ceramic Company, and the Haka International Co., according to the organizer, Messe Frankfurt Exhibition GmbH. The number of Vietnamese exhibitors attending Ambiente Frankfurt is higher than at any other consumer goods trade fair in the world, according to Mr. Stephan Kurzawski, Senior Vice President of Messe Frankfurt. Many people question the benefit for Vietnamese enterprises of exhibiting in Germany, given the distance and cost involved. “The most important thing is how much businesses can earn from this investment,” Mr. Kurzawski said. “Meeting potential partners from more than 90 countries and thousands of visitors will involve some travel.” Ambiente Frankfurt 2017 is expected to attract 4,700 companies from all over the world on an exhibition space of 331,000 sq m, with visitors to total 145,000. This year’s trade fair last February welcomed 4,367 enterprises from 96 countries, including 57 from Vietnam, and 137,000 visitors from 150 countries. The Ministry of Industry and Trade has forecast that total revenue in the consumer goods-related sectors in Vietnam will hit $140 billion this year and nearly $173 billion by 2020, presenting major opportunities for local businesses to boost production and expand markets. Vietnamese consumer goods, including wooden furniture and ceramic goods, are exported to a host of markets, including the US, Japan and the EU. Germany is a leading trade partner of Vietnam in the EU, accounting for 19 per cent of exports to the bloc. Two-way trade reached nearly $9 billion last year, an increase of 14 per cent against 2014. In the first five months of this year the figure reached over $4 billion. VIB increases charter capital, readies for UPCoM listing Vietnam International Bank (VIB) has recently completed all procedures to increase its charter capital and join the Unlisted Public Company (UPCoM) exchange. Its charter was increased to VND5.64 trillion ($252.55 million) from VND4.85 trillion ($217.18 million) under a plan approved by the State Securities Commission (SSC) and the State Bank of Vietnam (SBV). Shareholders passed a resolution at its annual general meeting in April to increase its charter capital and also passed a 16.5 per cent bonus share plan. In recent years VIB has found favor among shareholders and investors for its high dividend payments: a 9 per cent cash dividend and 14 per cent bonus shares in 2014 and an 8.5 per cent cash dividend and 16.5 per cent bonus shares in 2015. As required by the banking sector, both the cash dividend and bonus shares were approved by the SBV based on criteria such as non-performing loans being less than 3 per cent, proven transparency in operations, and solid business performance. VIB’s shares are expected to attract special attention from a range of investors once on UPCoM. VIB has been consistent in its prudent business development strategies. It has constantly retained a healthy growth rate in assets against increasing charter capital. The bank''s total assets of VND93.07 trillion ($4.16 billion) and a capital adequacy ratio (CAR) of 14.46 per cent, with non-performing loans falling sharply to 1.49 per cent, according to its business report for the first ten months of this year. VIB now has more than 4,000 employees serving 1.6 million personal customers and 34,000 corporate customers. The Commonwealth Bank of Australia, VIB’s strategic shareholder, is one of the world’s ten largest banks by market capitalization and has more than 100 years of history. It holds 20 per cent of VIB. Survey finds Vietnamese SMEs paying higher bribes Nearly half of Vietnamese small and medium-sized enterprises (SMEs) had to pay bribes to officials when operating their business in 2015, according to a survey. The report released on November 9 by the Central Institute for Economic Management (CIEM) found that as many as 42.7% surveyed SMEs were forced to pay bribes in order to facilitate their business, with most predicting that the amount of ‘unofficial fees’ they have to pay would continue to rise in the future. The survey interviewed over 2,600 non-state SMEs in ten cities and provinces, including Hanoi, Hai Phong, and Ho Chi Minh City. 18.75% interviewed enterprises said they paid bribes in order to even access public services; 24.1% paid to deal with tax issues; while 35-38% others to obtain permits and licensing, and handle customs. 58% enterprises who admitted paying bribes in 2013 survey continued to do that in 2015, and 30% who didn't do in 2013 survey did it in 2015, the report said. As many as 41.2% of respondents said that the amount of unofficial fees would rise in the future due to difficulties in access to credit from formal channels and increasing competition. Vice chairman of CIEM, Phan Duc Hieu, said that the findings were really worrying. "Although the business environment in the country has been much improved in recent years, but the survey showed that local enterprises are still facing lots of challenges following the government's regulations and competing with others in their industry," Hieu said. Developing automobile industry into key economic sector The government will stand by businesses in working towards the goal of developing the automobile industry into a key economic sector, contributing to boosting economic growth, meeting the need of the people and businesses and moving towards exports. Deputy Prime Minister Trinh Dinh Dung made the statement at a November 10 meeting in Hanoi discussing the situation of Vietnam’s automobile industry as well as its development directions in the years to come. As young as it is, Vietnam’s automobile industry has made significant contributions to the economy, including creating jobs, raising the state budget and promoting growth, the deputy PM said. The implementation of integration commitments will not only bring about new challenges for Vietnam’s automobile industry but also new opportunities as the domestic market is increasingly growing, in addition to the regional market, he noted. Deputy PM Dung highlighted the goal of developing the automobile industry into Vietnam’s key economic sector in the future, which he said requires high determination, drastic action and consensus between the government and enterprises. He called on automobile manufacturing and assembling companies to participate in realising that goal in a more active and proactive fashion, through strengthening connection and collaboration among domestic firms and between domestic firms and international ones. Enterprises also need to restructure their products with a focus on key products, towards reducing production costs, increasing quality and lowering prices, he added. The deputy PM asked ministries and sectors to promptly review relevant mechanisms and policies, supplement necessary policies as well as adjust inappropriate ones, aiming to create synchronism and consistency. The Ministry of Industry and Trade (MOIT) was assigned to chair regular meetings to remove difficulties for the automobile industry in a timely fashion. According to a MOIT report, Vietnam’s automobile industry currently features over 400 businesses, mostly small and medium sized, with a total design assembly capacity of about 460,000 cars per year. The industry has provided jobs for about 100,000 direct workers and contributes more than US$1 billion to the state budget annually regarding taxes alone. Vietnam sets to export US$6 billion of coffee by 2030 The Vietnam Coffee and Cocoa Association (VICOFA) has set a target to have a total coffee plantation area of approximately 600,000km across the nation, with exports expected at a maximum of US$6 billion by 2030, according to the Ministry of Industry and Trade. In the past ten years, the coffee industry has accomplished the mission of bringing Vietnam to second position in the world on production and export of coffee beans. In the next stage, the industry aims to double the value of coffee manufacturing and exports, contributing to improving the efficiency of the national economy. In particular, by 2020, VICOFA sets to have the proportion of processed coffee estimated at 30% compared to 10% as today, while instant and filter coffee will account for 25% of the total yield. Export turnover is set to reach US$3.8-4.2 billion. In addition, the entire industry will diversify its products in the direction of deep processing with the proportion of processed products reaching 30-40% of total yield and strong brands. By 2030, it is expected to have a total output value of coffee at 200% compared to the present, with export value reaching US$5-6 billion. According to the International Coffee Organisation (ICO), in recent years, the world’s coffee production has seen few changes. The total global coffee output is at around 170 million bags, each weighing about 60kg. Of these, top ten exporters account for more than 90% of total output. In the 2014-2015 crop, Vietnam’s coffee production reached 27.5 million bags, at about 1.65 million tonnes, ranking second after Brazil, and becoming the largest country in robusta output around world. In 2015, although Vietnam maintained its 2nd position in export volume, it only ranked third in value, after Brazil and Colombia. According to the Trade Promotion Department under the Ministry of Industry and Trade, in the 2015-2016 season, due to favourable weather, Vietnam's coffee production increased by 7% over the previous year, at 29.3 million bags. It is estimated that total coffee exports is at 28.07 million bags, up 31% against last year. Ministry urges thorough Tet preparation The Ministry of Industry and Trade (MoIT) has promulgated a directive on implementing solutions to ensure supply and demand balance and to stabilise the local market. The directive is targeted at the year-end months and the upcoming Tet (Lunar New Year). Accordingly, Minister Tran Tuan Anh required the provincial departments of industry and trade to evaluate goods demand and supply, especially essential products, to have active solutions to ensure market stabilisation. This could prevent goods shortage or inventories after the festival. The departments were also asked to support and connect producers and distributors with credit institutions for loans with preferential interest rates so that they could produce and reserve more goods during the upcoming Tet. The departments would cooperate with the departments of agriculture and rural development and relevant agencies to organise agro-forestry and seafood fairs to provide safe and healthy food. In addition, they should promote the "Vietnamese people prioritise Vietnamese products" campaign to support domestically produced goods and stabilise markets, especially in remote and mountainous areas. The ministry has urged businesses to implement trade promotion activities while encouraging them to participate in stabilisation programmes to distribute goods to residential areas, industrial parks, outskirt districts, remote areas and islands. These activities could help low-income earners buy goods at reasonable prices. The ministry also requested groups, corporations and companies to review supply and demand to provide goods in the market in a timely manner during the Lunar New Year. Electricity of Vietnam was required to strictly implement power supply for production and consumption, while having specific plans to ensure enough electricity for the holiday. The Vietnam National Oil and Gas Group (PetroVietnam), Vietnam National Petroleum Group (Petrolimex) and petrol wholesalers were asked to ensure supply. The groups should have petroleum import plans with suitable prices to avoid price surge while implementing regulations on fire and explosion prevention. Producers should closely supervise sales in their distribution and agent system to prevent goods shortage and artificial price surge. They were asked to improve quality, diversify products and control input to reduce production costs and increasing competitiveness with import goods. MoIT asked associations to closely cooperate with the ministry to review supply and demand of essential goods to have timely solutions for market stabilisation. Fruit-vegetable export surpasses rice export Vietnam’s fruit-vegetable export value in 2016 is predicted to reach 2.6 billion USD, according to the Ministry of Agriculture and Rural Development (MARD). From the beginning of this year, fruit-vegetable exports recorded a year-on-year increase of 30.8 percent to nearly 2 billion USD, becoming the third largest export commodity after coffee and cashew. The MARD predicts that fruit-vegetable exports are likely to hit five billion USD in 2017. Ca Mau looks at ways to support local fishery The Department of Agriculture and Rural Development of the southernmost province of Ca Mau has implemented measures to address challenges to local fishermen and ensure targeted output this year. The Department announced the output of aquatic products of Ca Mau province may only reach 85 percent of year’s target (285,000 tonnes) while the shrimp productivity will be 82 percent (142,000 tonnes). It is difficult for the province’s fishery output to meet with the goals as unusual weather has affected output with looming typhoons and tropical pressures. Epidemics may also occur as temperatures drop in winter. Meanwhile, capital to support the local fishery industry has yet to reach local farmers. The Department suggested the provincial People’s Committee provide guidance for local farmers and urged relevant agencies to inform them of unusual weather to minimise the impact of natural disasters. According to statistics, due to drought in early months of 2016 and downpour afterward, over 158,000ha of local fishery area was lost and more than 125,000 households were heavily affected. In the first four months of 2016, the province earned nearly 275 million USD from aquatic exports, mostly shrimp, up three percent from last year. High-tech agriculture fair opens in HCM City The fifth hi-tech agriculture and food industry fair (Hi-Tech Agro 2016) opened on November 10 in HCM City’s Le Van Tam Park, providing opportunities for local farm producers and distributors to enhance cooperation. The fair features 300 booths of enterprises from HCM City and 20 from other cities and provinces. On display are hi-tech farming models, bio-technology products, seedlings, orchids, ornamental trees, fresh and processed farm produce and food, post-harvest technologies, and agricultural machines and equipment. A special zone designed like an aquarium displaying ornamental fish is expected to be an attractive feature of the fair. Seminars will be held to discuss the development plan for the ornamental fish industry in the 2016-20 period, while an investment promotion conference will solicit investment for the city’s hi-tech agricultural park. Pham Thiet Hoa, director of the Investment and Trade Promotion Centre of HCM City (ITPC), said the fair would offer stakeholders opportunities to learn about the latest scientific and technological advancements and sharpen the competitiveness of local agricultural products. The fair, organised by the centre in collaboration with the HCM City Department of Agriculture and Rural Development and HCM City Hi-Tech Agricultural Park, will close on November 14. Alumin Nhan Co plant produces first tonne of hydrate The Alumin Nhan Co plant of the Dak Nong Aluminum Company, an affiliate of the Vietnam Coal and Mineral Industries Group, held a ceremony on November 10 to mark its first tonne of hydrate. The company is analysing key elements of hydrate and will sell the product to the market if it meets all standards. The price of hydrate is 200 USD per tonne. The Alumin Nhan Co plant is expected to produce alumina by the end of this year. Located in Nhan Co commune, Dak R’lap district, the 12 trillion VND (522 million USD) plant has a designed capacity of 650,000 tonnes per year and its main products are hydrate and alumina. Construction on the plant commenced in October 2010. Vietnam seeks to lure Malaysian finance, industry businesses Vietnam is an attractive destination for Malaysian finance and industry businesses, CK Lim, Director of the ASEAN Business Community said at a function to connect Vietnamese and Malaysian businesses in Ho Chi Minh City on November 10. He noted that the Vietnamese Government’s investment attraction policies and tax incentives offered to foreign businesses have created the attraction of the Vietnamese market. With over 90 million people, Vietnam is a potential consumption market that is being eyed by regional countries, CK Lim commented. Several Malaysian banks have made their presence in Vietnam’s finance–banking sector with efficient operations and possibilities to growing robustly, he said. Malaysian businesspeople saw Vietnam a top choice in the ASEAN region when they plan to build plants to manufacture industrial goods in the coming time, he told participants. Assessing Vietnam-Malaysia cooperative ties, Ho Xuan Lam, Deputy Director of the HCM City Investment and Trade Promotion Centre, said Malaysia is always a crucial, promising partner of Vietnam. Being members of the ASEAN Economic Community, which forms a single market and production centre with free movement of goods, services, skilled labourers, investment and capital flows, will allow the countries to boost bilateral trade and investment, he said. Ho Chi Minh City has been offering flexible and competitive investment attraction policies and mechanisms, he noted, saying this enables foreign businesses, including Malaysian ones to expand their investment and business scope. Malaysia is one of Vietnam’s strategic partners in ASEAN. In the past ten months of this year, trade between the two countries hit 6 billion USD and it was targeted to reach 12-15 billion USD by 2020. Seminar discusses risks in derivative market A seminar discussing how to manage risks in the derivative market took place in Ho Chi Minh City on November 10. Over the past decade, the Vietnamese securities market has listed stocks of public companies and government bonds, including general stocks and several fund certificates. Nguyen Thi Hoang Lan, Vice Chairwoman of the board of directors and Vice General Director of the Hanoi Stock Exchange (HNX), suggested launching financial derivative products first instead of commodities. Commenting on the prospect of the market, Dang Tai An Trang from the Finance Ministry’s State Securities Commission (SSC) said the market aims to provide a new tool to prevent risks and attract new capital flows, but also poses risks involving liquidity, partners, among others. He urged for State management and involvement of units concerned to ensure fair and transparent operations in the market As scheduled, units concerned will report the outcomes of their study to the government in late December. The derivative market is expected to open in the first or second quarter of 2017. The seminar was co-hosted by the HNX, the SSC and the Vietnam Securities Depository. VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VET/VIR |
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Gov’t to work with businesses to boost automobile industryThe Government will work with automakers to turn the national automobile industry into a key economic sector, contributing to the country’s economic growth and meeting the public’s demand for autos, said Deputy Prime Minister Trinh Dinh Dung.
Speaking at a meeting with domestic automakers and representatives from ministries in Ha Noi on Thursday, Dung said the implementation of free trade agreements would be challenging for the industry, however, the opportunities would expand as the domestic market develops, along with the regional market. To reach the targets, the deputy PM emphasised the importance of remaining determined, taking bold actions and assuring unanimity between the Government and business community. It also needed to focus on development targets to take action and solve difficulties for businesses, including auto assemblers and parts suppliers. Dung asked automakers to develop more initiatives in the industry by strengthening co-ordination among domestic businesses and international enterprises. According to the report from the Ministry of Industry and Trade, the automobile industry consists of more than 400 businesses, with most being small and medium enterprises. They have a total production capacity of about 460,000 units per year. Of which, 47 per cent are foreign-invested businesses, the remainder being domestic businesses. In the 2001-2014 period, the industry reached an average growth rate of 17 per cent annually and contributes more than US$1 billion to the State budget per year, while creating jobs for about 100,000 workers. The ministry said that locally-produced trucks and passenger vehicles with ten seats and above, and special-purpose vehicles, had reached the high rate of using locally supplied parts from 45 per cent to 55 per cent, while meeting 70 to 90 per cent of the market’s demand. However, the industry failed to gain the target of supplying 60 per cent of local parts for vehicles with nine seats and below by 2010. In fact, it has currently gained an average rate of 7-10 per cent, of which the Inova car from Toyota Motor Vietnam (TMV) reached the highest rate, at 37 per cent. The ministry said the industry was able to produce some simple parts, such as mirrors, glass, seats, electric wires, batteries, tubes and some plastic products. Of the total 400 auto businesses, few had invested in those production technologies used in manufacturing auto bodies. Also, the industry has failed to obtain the targets of selling cars at reasonable prices. Car prices in Viet Nam remain high, compared with nearby countries, said the ministry. Representative from TMV said the industry has been placed on the list of prioritised sectors, but the country’s current policies were similar to other countries, so it had not yet been able to make breakthroughs in the industry’s development. Meanwhile, representatives of other automakers, including Hyundai Thanh Cong, Ford Vietnam and Vietnam Engine and Agricultural Machinery Corporation, agreed that the Government’s policies on supporting businesses and the auto market were quite responsive to the current situation, though they had been implemented ineffectively. The implementation of policies needs to be concrete, explicit and easy to understand. As for policies which directly affect businesses, it is necessary to set up itineraries with detailed and suitable steps, said the representative from Ford Vietnam. Discussing import taxes on automobiles, which will be greatly reduced in the next few years due to free trade agreements, the representative of carmaker Truong Hai Automobile JSC (Thaco) said there would be two scenarios. In the first, businesses which have auto production and assembling factories in Viet Nam and other ASEAN countries will try to maintain production of several models, while shifting to imports. In a second scenario, there will appear a new investment wave from giant automakers which have never built factories in ASEAN. With the Government’s policies on encouraging and luring investment, the investors may want to set up business in Viet Nam with an eye on the regional market. Therefore, if Viet Nam has the correct policies, there will be many opportunities to develop its automobile industry, said the Thaco representative. To head up new opportunities, Deputy PM Dung said businesses needed to restructure its operation, select key products, reduce production costs, improve quality and cut product prices. As for State management bodies, Dung assigned relevant ministries and sectors to take prompt actions on checking mechanisms and policies to fill up or revise, if needed. Further, the Government will prioritise to develop the part supply industry by pushing co-operation, expanding markets and implementing policies to attract investors. VNS |
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A Vietnamese perspective from inside North Korea: Education The Democratic People's Republic of Korea, or North Korea, has adopted educational reform and reaped encouraging results since the late 1950s.  Children are seen learning to play the zither at the Pyongyang Children’s Palace in North Korea. Tuoi Tre Since 1959, the North Korean government has applied free education at all levels. University students are also eligible for scholarships. The country switched from the 11-grade curriculum to the 12-grade system in 2012. The previous 11-year high school system comprised one kindergarten year, four elementary school years and six high school years. By contrast, the current curriculum includes one kindergarten year, five elementary school years, three junior high school years and three senior high school years. As the new school year commences on April 1 every year, classes of the previous year conclude before March. The time marks the end of hibernation on the Korean Peninsula, ushering in warmth, thriving vegetation and vibrancy. Emphasis on children Schools in North Korea run youth unions the same way their Vietnamese counterparts do. Elementary schools across the country operate chapters of the young pioneer organization like Vietnam and China, while its students move on to the Kimilsungist-Kimjongilist Youth League once they start taking higher grades. North Korea is believed to put special emphasis on children, at least those in Pyongyang, the country’s capital and largest city. Kim Il-sung, the highly revered North Korean supreme leader, and other dignitaries have made it a point to provide children with the best conditions, according to former Vietnamese Ambassador to North Korea Le Quang Ba. This explains why costly facilities designed for children including cultural centers and beautifully designed kindergartens have popped up. While showing Tuoi Tre (Youth) newspaper reporters around the Pyongyang Children's Palace during their recent trip to North Korea, tour guide Choe Un Mi, confirmed the government’s particular attention to children, adding that the edifice welcomes up to 5,000 student arrivals each day. The children take academic classes in the morning, and go to the palace to practice a particular art or sport in the afternoon. The journalists, who pondered over whether the special attention is given to other groups of children within the capital city or other areas, were taken to extracurricular classes in the keyboard, flute, drums, ballet, embroidery, calligraphy and sports. The classes were originally thought to be ‘staged’ as a warm welcome to the institution. However, the journalists dropped the assumption shortly after watching the minors’ performances, which displayed outstanding skill and great finesse. University education in North Korea has also experienced reform. An officer of the Vietnamese Embassy in North Korea graduated from Kim Il-sung University, located in Pyongyang, two years ago.  The hospital meant for foreigners in Pyongyang, the capital of North Korea. Photo: Tuoi Tre He said he had followed a reformed four-year university curriculum intended for foreigners. The officer took literature, Korean and English language classes during his first and second years, and geography, history, computer and math as a junior, and subjects of his major as a senior. There are five or six subjects each semester, he added. Upon their graduation, international students can choose to take a three-year master’s in economics course or a two-year linguistics master’s program. It takes them another three years to complete their PhD program. The current university curriculum does not include several politics-related subjects as it did in the past. The North Korean Juche and Constitution are studied in one semester only to give students a glimpse, instead of an in-depth look, into the East Asian nation’s political situation, the Vietnamese diplomatic officer noted. The reform may come as a surprise to those who studied in Pyongyang previously, when international students took the same university programs as their native counterparts. According to former Vietnamese Ambassador to North Korea Duong Chinh Thuc, the East Asian country’s current curriculum bears similarities to those adopted in Vietnam in the past, which were modeled on the former Soviet Union’s curriculum. There are programs offered in Russian, and students are encouraged to pick up a Russian accent. Pham Ngoc Canh, a Vietnamese man who spent several years studying at the Hamhung University of Chemical Industry, said his four-year university program “was laden with politics-related subjects.” “The subjects dealt with the history of the Workers' Party of North Korea, venerated leader Kim Il-sung’s revolutionary involvement and feats, his familial background as well as his anthologies. Philosophy was all about the highly respected Kim,” he recalled. Until now state agency staff all work in the office on Saturday mornings and go to political classes on Saturday afternoons. Such classes focus on boosting the Party’s combat power and integrity, extolling exemplary Party members and criticizing vices, according to another diplomatic officer. He added that even shop assistants at supermarkets are often seen learning political content by heart on leaflets during their free time at work. Free medical care Since 1953 North Korea has implemented a free-of-charge medical care policy on officials and staff at state agencies. Medical care has been offered for free to all citizens since around 1960. A diplomatic officer of a Southeast Asian country who is working in Pyongyang observed that the policy works well in theory, but undesirable stories remain in practice. He listed at least three weaknesses of the North Korean medical system, namely a shortage of medication, as hospitals are seriously lacking in Western medicine, while being abundant in alternative Oriental medicinal herbs. Medical equipment is obsolete and inefficient, while doctors do not do a good job and lack access to the world’s state-of-the-art health care technology. Intriguingly, a considerable number of women in the capital of Pyongyang have undergone cosmetic surgeries on their eyelids and the bridges of their noses to improve their looks. A source revealed that the service is also provided free-of-charge, though the recipients’ social status and background remains unknown. The government also sets aside a hospital for foreigners in the Munsu-dong Diplomatic Compound in Taedonggang District, Pyongyang, where most embassies are located. The hospital is not large and has a timeworn look, but is quite clean and well equipped. The facility has a two-floor block for outpatients and a three-story block for inpatients nearby. All foreigners are required to seek medical attention from this hospital and are denied access to any other clinic throughout the capital. The hospital would previously provide free treatment for expats, who are now exempt from checkup fees, but have been paying for their own medicine over the past few years. TUOI TRE NEWS |
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Vietnam-Japan cultural, trade exchange opens in Can ThoA Vietnam-Japan Culture and Trade Exchange (November 11-13) has opened at the Luu Huu Phuoc Park in the Mekong Delta city of Can Tho showcasing the two countries’ culture and trade items in roughly 70 exhibition booths.  Vietnamese exhibitors are primarily showcasing farm and industrial products, tourism services, food, pharmaceutical products, education and employment consultation services, consumer goods and souvenirs. While the Japanese booths feature agricultural products, seeds, lubricants, automobiles, education, pharmacy, employment opportunities, consumer goods, souvenirs, gifts, hotels and tourism products. Two important economic events have been planned for the event. A Mekong Delta investment conference transpired on November 11 with the participation of around 80 foreign and 300 Vietnamese organizations. The foreign organizations represented at the event include those from Japan, Hong Kong, Israel, Australia, the Republic of Korea, China, Taiwan, Singapore, the UK and the Netherlands. A trade exchange forum takes place on November 12 involving 40 Japanese organizations involved in the agriculture, information technology, hotel, restaurant, production, trade, services, education and health segments. Visitors to the exchange will also have ample opportunities to gain better insights into the cultural identities of the two countries. An estimated 26 Japanese artists will join 103 Vietnamese artists in 33 planned performances. The program is expected to solidify the foundation for trade and investment between the business communities of Japan and the Mekong Delta region, according to Truong Quang Hoai Nam, vice chair of the Municipal People’s Committee. VOV |
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Vietnam works with Philippines to rescue kidnapped sailors Foreign Ministry Spokesperson Le Hai Binh (Photo: VNA) Hanoi -The Vietnamese Embassy in the Philippines on November 11 made urgent contact with authorised agencies in the host country to verify the information of six Vietnamese sailors’ kidnap and seek measures to rescue the victims as soon as possible, stated Foreign Ministry Spokesperson Le Hai Binh. Earlier the same day, the Vietnam Maritime Administration reported that pirates attacked a Vietnamese cargo ship, kidnapped six out of its 19 crewmembers and injured one off the Philippines' Basilan island. The ship, named Royal 16, was on its way from Vietnam 's northeastern province of Quang Ninh to the Philippines with 19 crewmembers and a cargo of cement when it was attacked. It is owned by the Quy Sang Maritime Transport Joint Stock Company and operated by the Hoang Gia Maritime Joint Stock Company. The ship sent an alert at 3:31am from a location about 10 nautical miles (18 kilometres) southwest of Basilan island. After the attack, the ship anchored safely at Zamboanga port in the southern Philippines with the remaining 13 crewmembers, including one who suffered gunshot wounds in the arm. According to the Vietnamese Embassy, the injured sailor is receiving treatment at Brent Hospital in the Philippines, said Binh, adding that the Foreign Ministry’s Consular Department has also informed authorised agencies at home of the case, urging them to coordinate with their Philippine counterparts in investigation.-VNA |
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BUSINESS IN BRIEF 13/11 Big tax arrears collected from auto importers in HCMC The General Department of Customs has decided to collect up to VND888 billion (US$39.78 million) in tax debts from auto importers in HCMC following a proposal by the city’s customs department. As suggested by the department, Tan Thanh Do Group had to pay VND719 billion in tax arrears while the remaining VND169 billion was collected from 110 other auto importers who had made incorrect reports on their business operations. Tax debts at Tan Thanh Do included VND273 billion in import tariff, VND344 billion in special consumption tax and over VND100 billion in value added tax. The company had filed complaints about arrears collection several times, the city’s department said in its Document 3010/HQHCM-STQ signed on November 3. The suggestion was made after the department reviewed bills at those companies and finding out that they had quoted lower prices for their auto imports when making customs declarations, it said in the document sent to the General Department of Customs. The department launched its inspections into imports of all old and new passenger autos and trucks at more than 100 enterprises in the city between January 2011 and September this year. The move was made at the request of Deputy Prime Minister Vuong Dinh Hue and the Ministry of Finance to strengthen inspections over auto import tax obligations. In its report sent to the Government earlier, the ministry said it had collected nearly VND1 trillion in tax debts in January-September from auto importers that declared artificially lower prices of imported autos. HCMC expects more foreign earnings from ornamental fish HCMC is implementing a plan to boost ornamental fish exports as the sector holds high growth potential in the years to come, according to a report presented at a conference in the city on November 10. Between now and 2020, the city is expected to supply 150 to 180 million ornamental fish a year in which its exports will account for 30% and generate an estimated US$40-50 million per year, four times higher than the current value, according to the conference, which was held as part of the Hi-Tech Agro 2016 exhibition at Le Van Tam Park from November 10 to 14. According to the municipal Department of Agriculture and Rural Development, the ornamental fish breeding industry is playing a significant role in the city’s development as it has brought economic benefits to raisers, manufacturing facilities, and export activity. Tong Chau, a renowned ornamental fish raiser, said in a report it is necessary to open a center providing information on fish breeding techniques, ecological conditions, and preventive solutions to raisers and facilities, which will greatly contribute to the successful development of the sector. Vinamilk opens representative office in Thailand Vinamilk, the largest dairy company in Vietnam, has strengthened its position in the neighboring Thai dairy market by establishing a representative office in Bangkok, Thailand. Vinamilk had last month signed a contract with Top Most Enterprise Co, a Thai local company, to distribute its dairy products in the lucrative market estimated to be worth US$1.7 billion annually. The company launched Vinamilk yoghurt in the Thai market at selected modern retail chains such as Lawson convenience stores and The Mall and Foodland supermarkets four months ago. Market analysts have said Vinamilk has huge potential in the local market because consumption per capita of yoghurt is low in Thailand compared with other countries. After yoghurt, Top Most Enterprise Co had previously announced plans to launch Vinamilk UHT milk. Japanese cosmetic manufacturers seek distributors It has been unveiled that 10 Japanese cosmetics manufacturers will attend an all-day workshop in Ho Chi Minh City on November 18 in search of small and mid-size cosmetic entrepreneurial companies to distribute their products in Vietnam. japanese cosmetic manufacturers seek distributors hinh 0 The event is set to transpire at the GEM Centre located at No. 8 Nguyen Binh Khiem Street in District 1 of Ho Chi Minh City and will feature speakers providing attendees expert advice on matters concerning cosmetic regulations. It is specifically designed to cover the latest issues in the cosmetic and personal-care products industries in Vietnam including information on how to set up a company, legal issues in the distribution, product safety, among many other areas. Representatives from Japanese cosmetics companies like Kanebo, Kose, Menard, and Kracie will attend the event providing attendees specific information about their products and opportunities to become distributors in Vietnam. Those interested in attending the workshop can obtain more information by contacting Mrs Van Trang (0973 390 317) or Ms Luu Da ( 0977 953 942) or by email at tranph@tuoitre.com.vn. Agricultural mechanisation in Mekong Delta discussed The fourth annual Mekong Delta investment forum (MekongInvest 2016) took place in Can Tho city on November 11 to introduce new technologies for the agricultural sector. According to Vo Hung Dung, Director of the Vietnam Chamber of Commerce and Industry’s branch in Can Tho, the Mekong Delta is dubbed as the biggest agricultural region in the country that contributes over 50 percent of food output, nearly 70 percent of seafood exports, 90 percent of rice exports, 41 percent of agricultural production value, and 20 percent of the nation’s gross domestic product (GDP). However, the per capita local income has not yet matched with the regional contributions since a majority of farmers still apply traditional cultivation methods and dependence on the weather conditions, he said, noting that the rate of mechanisation in rice harvesting only reached 65 percent while other breeding techniques remain poor. Each year, rice growers suffer from post-harvest losses of between 3.2 – 3.6 trillion VND (143 million USD – 161 million USD), or 12 percent of the total output, equivalent to 2.16 million tonnes of rice. The limited application of advanced equipment in the processing stage also makes it difficult for locally-made products to make inroads into choosy markets. Vice Chairman of the Can Tho People’s Committee Truong Quang Hoai Nam said farmers in the delta could not afford to buy modern machineries and it is difficult for them to operate such machines due to complicated maintenance. Therefore, local authorities will prioritise machines and production lines which are suitable with locals’ cultivation habits and budget, he added. In addition to existing advantages such as strong economic growth, improved infrastructure and transport system, and young workforce, the Mekong Delta city will reform administrative procedures and devise more incentives, he said. Chief Representative of the Japan External Trade Organisation (JETRO) Takimoto Koji said Japanese firms will expand investment in local factories instead of importing machinery from Japan, which aims to reduce production cost and create jobs for locals. Japan is also keen to cooperate with Vietnam in producing machinery parts, he said. Second-hand machines with high capacity and cost will be imported from Japan after quality examination, while smart and small-designed ones will be developed and applied in the delta to help farmers take on dangerous jobs, he noted. The MekongInvest is held annually by the Vietnam Chamber of Commerce and Industry and the Investment and Trade Promotion Centre in the Mekong Delta. This is the second time the event has been organised in Can Tho, following the forums in Ho Chi Minh City and Hanoi. This year’s event drew 350 delegates from embassies, consulate generals, and business associations from Japan, the UK, the US, the Netherlands, Singapore, Australia, Canada, and the Republic of Korea with 50 agricultural projects worth over 1.38 billion USD calling for investment. Int’l Agriculture Trade Fair 2016 kicks off in Hanoi The 16th International Agriculture Trade Fair – AgroViet 2016 opened in Hanoi on November 11, introducing safe agricultural products to consumers. Themed “Agricultural products with high quality and food safety”, the fair features 400 booths of 300 local and international businesses. On display are thousands of local specialties and safe agricultural products, produced with advanced agricultural machines and technology. AgroViet 2016 offers opportunities for businesses to promote trade, expand cooperation and strengthen their ties with customers, as well as explore the domestic market. Speaking at the opening ceremony, Deputy Minister of Agriculture and Rural Development Le Quoc Doanh said the fair would promote Vietnam’s safe agricultural products in local and international markets. It would also help businesses seek new markets for their products. AgroViet 2016 runs until November 15 and is expected to draw thousands of visitors. Fruit-vegetable export surpasses rice export Vietnam’s fruit-vegetable export value in 2016 is predicted to reach 2.6 billion USD, according to the Ministry of Agriculture and Rural Development (MARD). From the beginning of this year, fruit-vegetable exports recorded a year-on-year increase of 30.8 percent to nearly 2 billion USD, becoming the third largest export commodity after coffee and cashew. The MARD predicts that fruit-vegetable exports are likely to hit five billion USD in 2017. Honda Motor to hear customers for innovation  Norihiro Imada, deputy director of the business plan division of Honda Motor Co. Ltd., said that the company will try to better understand customer’s taste to develop its products. To develop the motorbike market in Vietnam and provide better products, Honda Motor will use feedback from customers in designing future products. He said Vietnam’s motorbike market has recovered slightly after two bigger markets, Indonesia and India, have declined or become saturate. However, Vietnam’s motorbike market has nearly reached a saturation point with one vehicle for every three people. In recent years, Honda Vietnam Company (HVN) has boosted export of its products to developed countries, including to Japan and Europe. In 2015, HVN exported 91,000 motorcycles for 245 million USD, a 179 percent increase from 2014. HVN General Director Minoru Kato said by the end of October, Vietnam’s motorbike market has enjoyd higher growth as compared the same period last year thanks to the stable economy. Vietnamese customers are shifting towards using more expensive products, especially high-class automatic bikes in big cities. Over 420 firms to attend Vietbuild Hanoi International Expo More than 420 enterprises operating in the construction, real estate and interior-exterior decoration industries will showcase products at the third Vietbuild Hanoi International Expo 2016 from November 16-20. Apart from 270 domestic enterprises and 93 joint ventures, the expo will also see the participation of 60 foreign companies from 22 nations and territories, including the UK, France, the US, Switzerland, Australia, Japan, the Republic of Korea, Malaysia, Thailand, and China. They will exhibit a wide range of new products at 1,350 pavilions such as construction materials, electric equipment and doors, exterior-interior decor products, paint and solar energy systems. Conferences on advanced green technology and products used in the building material industry, and interior and exterior decorations will also be held on the sidelines of the expo. Forum promotes AEC, intra-bloc trade agreements A forum giving an overview of the ASEAN Economic Community and relevant agreements was held in the central city of Da Nang on November 11. Hosted by the Ministry of Planning and Investment's Foreign Investment Agency (FIA), the event attracted representatives of the Departments of Planning and Investment and enterprises from 13 provinces and cities in the Central and Central Highlands regions. Speaking at the event, FIA Deputy Director Dang Xuan Quang stressed the formation of the AEC in late 2015 and signed relevant agreements have brought both opportunities and challenges to Vietnamese enterprises. The forum helped raise public awareness and provided basic information of the AEC, the ASEAN Comprehensive Investment Agreement (ACIA) and other agreements, he said. Participants were introduced to the AEC, opportunities and challenges for Vietnam when joining the community and new-generation free trade agreements (FTAs), the ACIA, as well as the country’s commitment to opening the door for goods from other ASEAN member states. Nguyen Nguyen Dung, also from the FIA, noted that the ACIA aims to promote investment liberalisation within ASEAN and foster the intra-bloc investment. It will also boost foreign direct investment (FDI) in ASEAN and protect foreign investors operating in ASEAN member nations, he added. According to Hoang Thi Dieu Linh from the International Cooperation Department under the Ministry of Finance, Vietnam’s participation in the AEC and new trade agreements would open up great opportunities for the country to boost exports, and Vietnamese firm to expand their markets and attract foreign investment. Participants stressed the need for Vietnamese enterprises, especially small-and medium sized ones, to improve their competitiveness in the context of the new global business environment. VN cashew conference cheers booming demand As global demand increases for cashew, Viet Nam, the world’s largest exporter of the nut, could grab an even bigger market share by improving quality, a conference heard in Da Nang yesterday. Ranjeet Wallia, president and CEO of Chi Commodities Handlers Inc, said global demand is up 53 per cent since 2010 and cashew is now the second most consumed tree nut. "The US buys more than 30 per cent of Viet Nam’s exports, mainly for snacking and making cereal, energy bars, milk and healthy foods." Joseph Lang, managing director of Kenkko House, one of Europe’s largest dealers of nuts and dried fruits, said: “The growth of the cashew market in Europe over the last three years has been tremendous with Europe now representing around 25 per cent of cashew exports from Viet Nam and having growth by well over a third over the period.” Demand is expected to continue increasing because consumers are more aware of the nut’s nutritional value, according to Lang. Cashew currently has a tighter supply scenario and has consequently seen price rise. The recent increase in price is likely to worry buyers, including retailers and food processors. Lang said: “Of course, a higher price will encourage us to aim to grow and supply more to our markets, but this too represents a threat. If we supply more, we run the risk of over supply, particularly as buyers seek cheaper alternatives and this could impact our profits badly.” It was about getting the balance right between supply and demand and ensuring the product can command a high price not simply because it is in short supply but because it is of consistent, reliable and high quality, he said. “Consumers are becoming more and more demanding about transparency. They want to know where their foods come from, what’s in it and how it has been produced. “That means we need to be more transparent, provide greater information and show evidence that our product is not infested, is of high quality, comes from a reliable and sustainable source of supply and generally satisfies the expectations of today’s well informed customer.” Doan Thi Thu Thuy, deputy head of the Viet Nam Trade Promotion Agency (Vietrade), said while exports of many other agricultural products faced difficulties, it had been smooth sailing for cashew. Viet Nam currently accounts for half of the world’s cashew exports, and has been the leading exporter for the last 10 years. Its cashew products are exported to 80 countries and territories, with the US, Europe, and China being the main markets. According to the Ministry of Industry and Trade, Viet Nam exported 290,000 tonnes worth US$ 2.32 billion in the first 10 month of this year, a year-on-year increase of 5.5 per cent in volume and 16.4 per cent in value. The full year’s exports are expected to reach a record $3 billion, with kernel accounting for $2.8 billion. "But the Vietnamese cashew industry faces high risk due to its massive reliance on imported raw materials, which also makes it hard for processors and exporters to control quality or food safety and hygiene," Nguyen Duc Thanh, chairman of the Viet Nam Cashew Association (Vinacas), said. Demand for raw nut imports doubled in 2013-16, he said. He quoted quality checking company Vinacontrol as saying the quality of raw cashew imported from Africa had been lower this year compared to last, affecting Vietnamese exporters. Trade disputes also increased significantly this year, he said. This was due to raw cashew prices fluctuating sharply at the beginning of the harvest season ($1,350 per tonne in March) and the end of the season ($1,750 in September), which meant those who signed contracts to sell at the start of the season were unable to fulfil them. "Some Vietnamese importers have been guilty of failing to study the market or their partners, and not being diligent while negotiating and signing contracts," he said. Companies need to have a strategy to develop raw material sources, and be more careful about importing raw nuts, he said. The association would work with African countries to persuade them to refuse export quotas to firms not fulfilling their contracts with Vietnamese firms, he said. The association listed specifications for raw cashew nuts and displayed samples of purchase contracts. Viet Nam and African countries like Ivory Coast and Nigeria discussed ways to boost co-operation in cashew trade. The two-day Viet Nam Golden Cashew Rendezvous is being organised by Vinacas and Vietrade. VN banking sector committed to constant renewal Viet Nam’s banking sector is committed to continuous improvements in customer service, applying advanced technology and enhancing its operational, financial and managerial competencies, Le Minh Hung, Governor of the State Bank of Viet Nam, said yesterday. Addressing an Asian Bankers Association (ABA) Meeting and Conference in Quang Ninh Province, Hung said that in context of intensifying international integration, globalisation and trade liberalisation, Viet Nam had constantly tried to renew its banking sector. The conference was themed “Asian Banks: Towards Global Integration.” “Banking renewal has been an internal and vital demand of the system, as it faces difficulties in fostering sustainable development and deepening global integration,” he said. The process has brought positive changes to the country’s banking system. The legal framework has been improved and encouraging results seen in the handling of bad debts, contributing to the economic stability and curbing inflation. Over the past 30 years, Viet Nam has recorded important achievements in its renewal process. Its economy has grown at 6.6 per cent a year. Viet Nam has also become a middle-income country, with its economy operating under market mechanisms, reaching towards international standards. Viet Nam signed 14 FTAs that have become the foundation for the country to enter a new development phase for sustainable growth of 6.5 to 7 per cent. “I expect that foreign investors will more actively participate in the restructuring of local banks. I believe that this period will bring bigger opportunities to all partners,” the central bank governor said. Although there are lots of challenges and difficulties ahead, especially with unexpected fluctuations seen in both regional and global economies, “with our cooperation and initiative, ABA continues to be a significant factor in the growth and prosperity of Asia,” Hung said. ABA Chairman Daniel Wu noted that Asia’s economies had boomed in recent decades. The region today accounts for about 40 per cent of the world’s GDP, up from 25 per cent in 1990, and contributes about two-third’s of global economic growth. Wu said that Asia was expected to continue to grow at an average annual rate of 5 per cent, leading global economic expansion. The rapid economic growth in the Asia-Pacific region in the past decades led to increased openness and greater integration of the region into the global economy, and elevating the region into a central position in global economic and financial affairs. He said Viet Nam was an economic development success story. The political and economic reforms launched in 1986 had transformed the country into lower middle income status within a quarter of century. Moreover, Viet Nam had boosted its international economic integration, as it entered into more free trade agreements with other countries, Wu said. He expressed confidence that holding this year’s ABA annual gathering in Vietnam would help ABA members know the country better. It would also help them identify business opportunities in the country. Vietcombank Chairman and ABA Vice Chairman Nghiem Xuan Thanh said “Economies across the globe are connected and having a big impact on each other in many aspects, and this offers a lot of opportunities as well as challenges at the same time for banks in Asia, the region with the fastest growth rate in the world.” “I believe all the plenary sessions have provided useful and updated information about the banking industry both inside and outside Asia. They have also identified factors shaping the global economy in the future, impacts from changes in the regulatory environment, transformational changes in digital banking and growth drivers for global financial integration,” he added. This year’s conference examined issues that revolve around Asia’s growing influence in and integration with the global economy and its implications for Asian banks. It attracted over 200 bankers from the Asia-Pacific, the Middle East and other regions - composed mainly of members of ABA, which has gathered more than 100 banks from 25 countries in the Asia-Pacific region. VN needs more cheap housing: VNREA The local real estate market has recovered but the State should provide policies to develop small and cheap apartments due to increasing demand, according to the Viet Nam Real Estate Association (VNREA). The association submitted proposals to the National Assembly on the local real estate market after its congress in October. The local real estate market has recovered strongly and contributed to socio-economic development, the association said. The market has good liquidity, a stable increase in volume and value of transactions as well as quality of products. Credit for real estate has stood at a reasonable level at 8.5 per cent of total outstanding loans of credit organisations and bad debts have reduced. In addition, the number of real estate enterprises has increased and property projects have been developed in all segments with financial support from the State’s package of VND30 trillion. That has aided the property market and supplied homes for thousands of families. However, VNREA says the market still has risks such as an unbalanced goods structure. Demand from the majority of people was mid- and low-end houses while most projects on the market are high-end. The market lacks products with prices suitable to many people’s finances, it says. Ha Noi and HCM City have had a small number of new apartments priced under VND20 million per sq.m, reports BizLIVE online newspaper. The development of property projects, especially in large cities, has not been based on demand in each locality, it says. The development of social housing has been slow because funds and policies related to social housing have not been fully resolved or not met demand. Information and data about the real estate market has not improved, the association says. Market forecasts are lacking, affecting the Government’s management and investors decisions. VNREA proposed methods to promote funds for social housing development and to implement policies of the Law of Housing for the need for housing of low-income people and industrial zone workers. Ministries, related sectors and the State Bank of Viet Nam should have reasonable credit regulations to avoid huge credit concentrating on one segment or some investors, it says. The association proposed the National Assembly Standing Committee permit the continued implementation of policies on encouraging the development of commercial houses with small area, under-75-sq.m apartments, and low selling price at under VND15 million per sq.m. The policies included reduction of value added tax and corporate income and priority in approaching to investment capital. The association has proposed differences in tax rates as well as land and credit policies between high-end commercial housing projects and low-price commercial housing projects. HN to house "Smart City" real estate exhibition An exhibition themed “Smart City 2016 – Week of Houses and Technologies” featuring solutions and advanced technology for house building will be held next month in Ha Noi, the Viet Nam Real Estate Association (VNREA) announced. The announcement was made at a press conference co-orgnised by the Viet Nam National Real Estate Association (VICOREAL) and VNREA on Thursday in Ha Noi. Taking place in the National Exhibition Construction Centre, the week-long event starting on December 17 aims to promoting the values of real estate products and brands, said Tran Ngoc Quang, General Secretary of VNREA. The event will house 1,000 booths of major domestic and foreign businesses and investors as well as leading brands in the property industry. It will showcase smart building materials technology, clean and green technology and optimal financial plans for house construction or interior purchasing. Visitors will have a chance to experience “Home Tour” where they travel from a virtual space to a real project at the expo to have an authentic sense of houses and flats. A conferece assessing the real estate market, a golf competition held for local and foreign investors and a music show will also be organised as parts of the exhibition. Organisers expect that the Smart City 2016, the first of its kind, will attract 30,000 visitors. Comments sought on new Ninh Thuan port The Ninh Thuan People’s Committee has sought comments from the Ministry of Transport (MoT) on the Hoa Sen Ca Na - Ninh Thuan International Port project, invested by the Hoa Sen Group. The project has investment of VND10.6 trillion ($477 million), covers an area of 429.8 ha in Thuan Nam district, south-central Ninh Thuan province, and will support business and production activities at the Ca Na Industrial Park. A representative from the Hoa Sen Group confirmed with VET it was planning to invest in the port. “The project is waiting for opinions from MoT before preparing a specific plan,” the representative added. The port will be capable of berthing vessels from 300,000 DWT and have a general wharf for vessels from 30,000 DWT to 50,000 DWT. It has been estimated to handle 53.6 million tons of cargo per year, mainly coal and iron ore. The project will be divided into three phases. The first (2017-2020) will build two docks to berth vessels from 70,000 DWT to 100,000 DWT and a dock for vessels of 20,000 DWT. This phase has total investment capital of VND1.3 trillion ($58.5 million). The implementation period is 70 years and the investor has committed to Phase 1 serving the needs of investors and demand for goods transport in all of Ninh Thuan province. Under Decision No. 3516/QD-BCT from the Ministry of Industry and Trade, the complex will include the Hoa Sen Ca Na - Ninh Thuan Steel Mill (with investment of $10.6 billion), an infrastructure project for the Hoa Sen Ca Na - Ninh Thuan IP ($400 million), the Hoa Sen Ca Na - Ninh Thuan International Port ($477 million), and a number of sub-projects building cement and thermal power plants. After the complex is put into operation it is expected to generate 40,000-50,000 direct jobs and 70,000 indirect jobs. It will also help develop support industries and an industrial urban area in Ninh Thuan, contribute substantially to the local budget, accelerate economic restructuring, and drive socioeconomic development. Established on August 8, 2001, the Hoa Sen Group began as the Hoa Sen Joint Stock Company. In 2007 it changed its name to the Hoa Sen Group Joint Stock Company and in 2008 was officially listed on the Ho Chi Minh City Stock Exchange (HoSE). 2016 saw important milestones for Hoa Sen, said Mr. Le Phuoc Vu, Chairman of the Group, growing from a small steel manufacturer into a leader in Vietnam’s steel market, accounting for nearly 40 per cent of the domestic steel sheet market and over 20 per cent of the steel pipe market. Hoa Sen now has nearly 6,600 employees with eight large plants and over 200 distributors and retailers throughout Vietnam. Its products are also found in 65 countries and territories around the world, with consumption exceeding 1 million tons per year. Steel prices poised to grow slightly The Vietnam Steel Association (VSA) has projected that steel prices would increase slightly, especially in the final months of 2016, as demand for construction is rising. Speaking to the Daily on November 10, Nguyen Van Sua, vice chairman of VSA, predicted that consumption of steel, especially construction one, would rise in the rest of this year due to high demand at the peak of the construction season, leading to a slight increase in steel prices. Prices of construction steel are currently ranging from VND9.2 million (US$412) to VND9.7 million (US$434) per ton in the north while those in the south are lower by VND100,000 to VND200,000 per ton, exclusive of discounts and value-added tax (VAT). Sua said prices of domestic steel would continue to increase in line with raw material prices on the world market. However, the price rise will be modest as material supplies are currently ample. Sua predicted the total steel consumption this year would reach 17 million tons, including construction steel, cold rolled steel, welded steel pipes and galvanized sheets, a year-on-year increase of two million tons. In particular, the consumption of construction steel would be around 8.2 million tons, up by one million tons compared to last year. The steel industry produced 15 million tons of finished products, including cold rolled steel, cold-rolled coil (CRC) steel, steel pipes and galvanized sheets that met domestic demand and yielded relatively positive export results in 2015. However, Vietnam still imported nine million tons of hot-rolled coil (HRC) steel as raw material for production of other steel products. Sun Life Financial acquires remaining stake in PVI Sun Life Sun Life Financial Inc. (Sun Life) said on November 10 that it had completed the acquisition of the remaining 25% stake in PVI Sun Life Insurance Co Ltd. from PVI Holdings following regulatory approval. Sun Life Financial announced the completion of the deal less than three months after it announced the transaction. The international financial services organization has renamed PVI Sun Life as Sun Life Vietnam Insurance Company Limited (Sun Life Vietnam) as a wholly owned subsidiary of Sun Life. Larry Madge, general director of Sun Life Vietnam, mentioned the new corporate name and the sole ownership of Sun Life’s business in Vietnam in a statement obtained by the Daily on November 10. “Moving forward as Sun Life Vietnam and with PVI Holdings as our distribution partner, we will continue our commitment to help our Vietnamese clients achieve lifetime financial security by offering a strong suite of life insurance, health riders and savings products.” The company said the deal would add to Sun Life’s momentum in the Vietnamese market. Since it was founded in January 2013, Sun Life Vietnam has now become the country’s sixth largest life insurance firm and a market leader with a focus in pensions. Kevin Strain, president of Sun Life Financial Asia, said the transaction will help the company strengthen its platform in Vietnam, which is one of the fastest growing economies for life insurance and pensions in Asia. “It also forms part of a series of recent investments we have made across the region as Sun Life continues to increase its presence in Asia,” Strain said. He also highlighted the partnership of PVI Holdings in establishing the business. Sun Life Vietnam confirmed that the terms and conditions of all current insurance policies with clients will not be changed after the stake transfer and the rebranding. Sun Life Financial offers a wide range of protection and wealth products and services to individuals and corporate customers. It has operations in multiple markets worldwide, including Canada, the U.S., the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of June 30 this year, the Sun Life Financial group of companies managed total assets of 865 billion Canadian dollars (around US$644 billion). Local textile, garment businesses face difficulties in 2017 The textile and garment sector will continue facing challenges in 2017 due to fierce competition by other major exporters such as China, India, Bangladesh and Pakistan while global demand is forecasted to slow down. Le Tien Truong, General Director of the National Garment and Textile Group (Vinatex) said textile and garment exports to the US and the EU will also be under negative impacts as consequences of Brexit and the US President-elect Donald Trump not supporting TPP. Therefore, the sector anticipates its export growth rate at just 5-7 percent if there are no appropriate policies, Truong said. The Vietnam Textile and Apparel Association (Vitas) has made several proposals to the Ministry of Industry and Trade on support for the local industry, including strengthening management of both domestic and foreign investment projects in the industry, reviewing policies on minimum wage raises and working hours. The association also asked for adjustments to the sector’s development and assistance in human resources training assistance. Vietnam’s textile and garment export revenues increased 4.8 percent year-on-year in the first 10 months of the year to reach 23.3 billion USD, according to Vinatex. The garment-textile export turnover needs to hit an average of 2.5 billion USD a month in the last two months of the year in order to reach this year’s target of 28-29 billion USD. The US is the top market of Vietnam’s textile and garment products with 10 billion USD, up 4.37 percent against last year, followed by Europe with nearly 3 billion USD, a year-on-year increase of 2.46 percent. Japan and Republic of Korea (RoK) are also among key markets for Vietnamese garment and textile. Forum seeks to boost technological cooperation, transfer Representatives from domestic and foreign financial investment funds, business development organisations and projects gathered at an international forum in the northern province of Thai Nguyen on November 10 to discuss ways to promote cooperation, investment and technological transfer. Vietnamese Deputy Minister of Science and Technology Tran Van Tung said the forum indicated the ministry’s effort to enable local enterprises and organisations to get access to advanced technologies and equipment. The move is expected to help domestic enterprises renovate their production and business processes, and produce high-quality and high-value products, thereby contributing to socio-economic development of regions and the whole country, he said. During the course of the forum, delegates discussed solutions to develop input materials, market demands, agricultural production and green technologies, and financial and technical assistance. Many of them stressed the need to complete a legal framework for the scientific and technological market, promote the enforcement of the Law on Intellectual Property and encourage innovation and renovated management in the fields of agriculture and green and clean technologies. Domestic organisations and firms networked with foreign partners to explore the possibility of cooperation and investment in technology. Many Vietnamese enterprises showed their desires to cooperate with partners both at home and abroad in developing new technologies and equipment, especially energy efficiency as well as waste, dust and noise treatment equipment. Sacomreal, Nguyễn Kim establish Kim Thành Real Estate Sai Gon Thuong Tin Real Estate JSC (SCR), called Sacomreal, and Nguyen Kim Investment and Development JSC (NKID) have joined hands and set up the Kim Thanh Real Estate JSC. Kim Thanh total chartered capital amounts to VND20 billion, with 59 per cent from Sacomreal, 40 per cent from Nguyen Kim and 1 per cent from individuals. The company will be a subsidiary of Sacomreal, as per the decision of Sacomreal’s management board, online newspaper Infonet reported. The board has also agreed to appoint Ho Huu Nhan as legal representative of Kim Thanh and authorise Pham Dien Trung, Sacomreal’s general director, to sign and implement contracts and related annexes. All 217 million SCR shares of Sacomreal will stop being listed on Ha Noi Stock Exchange’s HNX Index from Friday and will be registered to be listed on the HCM Stock Exchange. On Thursday, the last day on the HNX trading floor, 2.2 million SCR shares were traded at a reference price of VND9,100 per unit. Argentina potential market for Vietnam export products With more than 40 million people, Argentina is a potential market for Vietnam exporters and investors. According to preliminary statistics released by the General Department of Vietnam Customs, Vietnam’s exports to Argentina reached US$284.3 million in the first nine months of this year, a year-on-year increase of 3.39%. Major export products included footwear, rubber and rubber products, electronics, garment, and clothes. Footwear topped among exported items with US$46.4 million (up 49.42%), trailed by garment and footwear materials with US$45.4 million (up 33.25%) and garment (US$15.6 million, down 15.83%). Meanwhile, Vietnam imported animal feed, processing materials, plant and animal oil, milk and dairy products and garment materials and accessories from the Latin America country. In 2014, the Vietnam Chamber of Commerce and Industry signed a cooperation agreement with Mercosur-ASEAN Chamber of Commerce and set up the Vietnam-Latin America Business Council to connect Vietnam businesspeople who were interested in the Latin American market. The Chamber and Council are responsible for organizing trade and promotion activities to connect businesses from both sides. They also work as consultants for the two governments in order to further improve the business and investment environment for investors. However, exports to Argentina still face several difficulties. Vietnam Ambassador to Argentina Nguyen DinhThao said technical barriers to trade (TBTs) remained the biggest obstacle. He also pointed out some other barricades like geographic distance, the lack of market information and different trading strategies. In order to boost exports to Argentina, Vietnam businesses should develop long-term market strategies to supply high quality products and take full use of cooperation mechanisms and agreements already signed between the two governments, Mr Thao advised. HCM City looks to further capitalise on overseas remittances Ho Chi Minh City attracts the largest amount of overseas remittances among all cities and provinces in Vietnam, and it is working on how to optimise this source of capital. Remittances to the southern economic hub increased by 10 – 15% per year from 1993 to 2015, totalling more than US$50 billion so far. They account for nearly 50% of the total remittances to Vietnam every year and make the city the top remittance destination in the country, said Nguyen Hoang Minh, Deputy Director of the HCM City branch of the State Bank of Vietnam. In the first nine months of 2016, remittances through official channels to HCM City approximated US$3.25 billion, rising by 4% from a year earlier. The amount for the fourth quarter is expected at US$2.4 – 2.5 billion, adding up to the whole year’s figure of US$5.7 – 5.8 billion. Most of the money was channelled into production, business and investment activities. More than 80% of the remittance-sourced credit was provided for production and business activities, while another 13% was given to the real estate sector. The US, Europe, Australia and Canada remain the biggest remittance sources aside from the key markets for Vietnamese guest workers such as Taiwan (China), Japan, Malaysia and the Republic of Korea. Experts said HCM City’s strong economic recovery compared to other localities is the reason that helps the city draws remittances. Banks based in HCM City predict overseas remittances to this locality, as well as Vietnam, will grow at an even faster pace in the near future thanks to positive signals in the economy, especially in production, real estate, finance and the stock market. Most of overseas remittances to Vietnam are sent by 4.5 million expatriates living and working in more than 100 countries and territories around the globe. Experts said overseas remittances are an important source of foreign currency that can help the city reduce dependence on foreign capital. They also add to capital supplies for financial institutions. Assoc. Prof. and Dr Nguyen Thi Nhung at the Banking University of HCM City perceived that overseas Vietnamese enterprises are looking for business opportunities in the homeland with a view to simultaneously earning profit and fostering the country’s economic growth. Nguyen Huu Tai, an expatriate businessman, said in the past, those companies usually invested in finance, stock market and real estate in Vietnam. Now they have switched their attention to other spheres such as producing specialties and agricultural products so as to take advantage of free trade agreements Vietnam has inked. To improve remittance attraction and use effectiveness, state management agencies should encourage overseas Vietnamese firms to invest in the prioritised sectors such as high technology and support industries, he suggested. Echoing this view, Pham Ngoc Hung, Vice Chairman of the HCM City Business Association, said the city should direct the remittance flow to projects with high technology and knowledge, which are in need in HCM City. The municipal administration should also create favourable policies on entry and exit, house ownership and investment registration in order to facilitate overseas Vietnamese’ business activities, he added. Overseas remittances can be a solution to the capital shortage faced by small and medium-sized enterprises (SMEs), according to Do Thu Hang from the Banking University of HCM City. She called on state management agencies to design policies promoting remittance-based microfinance products and SMEs’ access to these products. Meanwhile, commercial banks and money transfer companies should proactively solicit remittances and expand relevant services, said Assoc. Prof. and Dr Nguyen Van Lich at the Diplomatic Academy of Vietnam. He suggested the Ministry of Planning and Investment have a division specialising in remittance promotion and provide incentives for remittance-funded investment projects. Ca Mau looks at ways to support local fishery The Department of Agriculture and Rural Development of the southernmost province of Ca Mau has implemented measures to address challenges to local fishermen and ensure targeted output this year. The Department announced the output of aquatic products of Ca Mau province may only reach 85% of year’s target (285,000 tonnes) while the shrimp productivity will be 82% (142,000 tonnes). It is difficult for the province’s fishery output to meet with the goals as unusual weather has affected output with looming typhoons and tropical pressures. Epidemics may also occur as temperatures drop in winter. Meanwhile, capital to support the local fishery industry has yet to reach local farmers. The Department suggested the provincial People’s Committee provide guidance for local farmers and urged relevant agencies to inform them of unusual weather to minimise the impact of natural disasters. According to statistics, due to drought in early months of 2016 and downpour afterward, over 158,000ha of local fishery area was lost and more than 125,000 households were heavily affected. In the first four months of 2016, the province earned nearly US$275 million from aquatic exports, mostly shrimp, up three percent from last year. VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VET/VIR |
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Specific activities need to support startups: Deputy PM Deputy Prime Minister Vu Duc Dam has urged ministries and sectors to conduct specific activities to realise Government’s policies of encouraging startups whose development is considered a chance for Vietnam to speed up growth and narrow down development gap with other countries.  Deputy Prime Minister Vu Duc Dam Opening the Vietnam technology startup festival (TechFest Vietnam 2016) in Hanoi on November 12, the Deputy PM held that the startup community is a hub to introduce new products, new market segments and customers as well as unheard-of ideas, with close relations to technology, especially IT. Along with high risk, startups also have high potential of producing highly valuable products with strong competitiveness, he said, adding that the Government has designed various support policies for the community. Meanwhile Minister of Science and Technology Chu Ngoc Anh noted that in the wake of the trend and potential of technology and innovation enterprises, the Party and State have focused on the expansion of science-technology market and encourage creativeness startups. Vietnam ’s stable creativity index in the recent two years has made the country among top ASEAN countries in the field, said the minister, but pointing that the development of science-technology market has yet to match full potential of domestic supply and demand sources. He also held that the young startup ecosystem is promising, attracting the regional startup community with an increase number of investors and business incubators, along with more completed legal corridor for startup activities. In the future, the ministry will work more closely with other ministries, sectors and startup organisations to assist startups at home and abroad to connect components of the ecosystem and learn experience from the international startup community, he said. The 2012-2016 period is a flourishing stage of startup with considerable rise in both quantity and quality of incubators. Currently, the country has 1,800 startup enterprises, along with 21 incubators and seven business accelerators. The TechFest Vietnam 2016 attracted about 2,000 participants, including 100 Vietnamese and foreign investors and 100 startup enterprises. A number of activities will also be held to connect domestic and international investors with startups, honour outstanding startup firms and linking Vietnam ’s startup ecosystem with international ecosystem. Meanwhile, startup firms will also have chance to recruit human resources from 200 applicants attending the event.-VNA |
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Vietnamese businesses not eager to export to ASEAN markets ASEAN, together with China, should be the most important partner for Vietnam. However, Vietnamese enterprises are not keen on exporting their products to the market.  ASEAN, together with China, should be the most important partner for Vietnam. However, Vietnamese enterprises are not keen on exporting their products to the market. Do Quoc Hung, deputy director of the Asia-Pacific Market Department under the Ministry of Industry and Trade, on November 2 said the foundation for Vietnamese enterprises to export to ASEAN was ‘not stable’. “The ASEAN Economic Community (AEC) was formed in late 2015. However, there are still challenges for Vietnam’s export products,” Hung said. Non-tariff barriers still exist among ASEAN countries, and they don’t apply the same tariff in trade with non-ASEAN countries. The tariff abolition proportion of ASEAN 6 countries is 98 percent, while the figure is 91 percent for Vietnam, Laos and Myanmar, and expected to rise to 98 percent by 2018.
As soon as ASEAN countries removed the tariff barriers, they have installed technical barriers to protect local production and restrict imports from Vietnam. Vietnam exports many products to ASEAN, including textile & garment, footwear, fertilizer, farm produce, food and building materials. However, most enterprises sell products to importers. Despite high demand, Vietnamese enterprises still don’t have opportunities to access the market and their goods cannot go for good prices as importers always try to force prices down. Hung said this was the reason why Vietnamese products, though having high quality, still cannot build their brands in ASEAN markets. In many cases, importers sell products under the name of domestic companies instead of Vietnamese. “In regional economic integration, the government and management agencies open the market, remove tariff barriers and build infrastructure. However, without the involvement of businesses, the integration frameworks won’t have much significance,” he said. An analyst said Vietnam can make products which are in high demand in ASEAN. Fertilizer is an example. Cambodia, Laos, Thailand and Myanmar have high demand for fertilizer. Cambodia and Myanmar have to import 90 percent of the fertilizer needed to serve domestic production. Vietnam exports 300,000 tons of fertilizer to Cambodia every year. The import tariff on Vietnam’s fertilizer has been cut to zero percent. However, it has to compete fiercely with Indonesian and Chinese products, while low-quality and counterfeit goods exist everywhere. The two-way trade turnover between Vietnam and ASEAN in the last 10 years increased from $3.3 billion in 1995 to $42.1 billion in 2015. Vietnam’s export turnover to ASEAN grew by 17.1 percent, with the export turnover rose from $1 billion to $18.3 billion in 2015, according to the General Department of Customs (GDC). Nam Mai, VNN |
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Social News 14/11 Da Nang attracts foreign professionals  There are currently 1,142 foreigners working in the central city of Da Nang, of which 330 hold top corporate positions. The figures were released by the municipal Department of Labour, Invalids and Social Affairs. The agency said 80 percent of the group are experts, engineers, managers and teachers, while the rest are technicians. Da Nang is home to 474 businesses employing foreigners from 49 countries and territories. According to a survey conducted by HSBC in late December 2015, Vietnam is regarded as the most attractive country in Asia for expats. 68 percent of the 22,000 survey participants working in Vietnam – foreign employees from all over the world - said they could save more money in Vietnam than in other Asian nations. World’s largest jade Buddha statue on display in Binh Duong One of the world’s largest Buddha statues carved from precious jade will be displayed at Hội An Pagoda in Bình Dương Province from November 18-23. The Venerable Thích Minh Lực, secretary general of the provincial Buddhist Shangha, said the jade statue, with a weight of four tonnes and height of 4.2 metres, will be on display for a week. It will then be brought to Gò Kén Pagoda in Tây Ninh Province’s Hòa Thành District on November 25. The organisation board and local authorities have set up free parking lots near the pagoda to make it more convenient for people to visit. The statue will then be brought to Australia, its final destination, after its journey across 20 countries and 90 cities. Vietnamese expats vow to develop HCM City Expatriates showed their high determination to work with Ho Chi Minh City's authorities and people in turning the city into a major centre of economics, trade, science and technology in Southeast Asia during the Conference of Overseas Vietnamese 2016. Speaking at the closing ceremony in the city on November 13, Secretary of the municipal Party Committee Dinh La Thang said HCM City is honoured to host the event to seek new ideas for planning – sustainable development; human resources; science – technology; and investment – market. He added that local authorities recognised the participants’ constructive opinions, and pledged to work with relevant departments and agencies to improve the quality of life of local residents. More than 50 reports were presented at the conference, concentrating on the application of digital technology in healthcare, public management, environment, and agriculture as well as developing tertiary education models and promoting innovations, in order to build the southern metropolis into a smart city, and a safe and civilised urban area. The panels also put forth measures to boost investment and improve the business climate in the city. More than 400,000 Vietnamese from HCM City residing abroad work in hi-tech fields, making up close to 10 percent of the number of Vietnamese expatriates. Remittances poured into the city through official channels were estimated at 3.25 billion USD from January to September, up 4 percent year on year, mostly sourced from the US and Europe. Vietnam’s development resources lay around the globe: PM says Vietnam’s development potential and resources lay not only in the S-shaped country but also in many other places around the globe, Prime Minister Nguyen Xuan Phuc has said, implying Vietnamese expatriates who attended a conference in Ho Chi Minh City on November 12. The meeting for overseas Vietnamese (OVs), the first of its kind held specifically for the southern city, drew 500 OVs from 35 countries and territories. It aimed to mobilise OVs’ resources for HCM City’s transformation to a growth engine of Vietnam and a major economic and sci-tech hub in Southeast Asia. The Government leader appreciated OVs’ efforts and contributions to the national development and protection. Vietnam always opens its arms to OVs to return and contribute their ideas and resources to the national development, he said, adding that the country is proud of the expatriate intellectuals in developed countries who have enjoyed the best conditions to access the world’s advanced technology and knowledge and then assisted the homeland in speeding up development He also described OVs as cultural ambassadors of Vietnam who help enhance its friendship with other nations. In his speech, PM Phuc applauded efforts calling for OVs’ contribution to national development. As a result, many overseas Vietnamese companies have partnered with domestic firms to export Vietnam’s products and services, or set up businesses in the homeland. A number of expatriates have been involved in research activities, scientific-technological application, education-training, and social projects. Notably, overseas remittances to Vietnam have been continually rising, reaching 12.5 billion USD in 2015, ranking 11th in the world and increasing by over 1.5 times from 8 billion USD in 2010, according to the World Bank. He underlined the need to optimise the strength of the great national unity bloc, including more than 4.5 million OVs, when talking about the country’s efforts to proactively integrate into the globalisation and HCM City’s importance in Vietnam’s economic growth. The PM called on all expatriates to join hands in developing a HCM City of civilisation, modernity and attentiveness. The Government is push forward with an action programme on OV-related works for 2016-2020. Accordingly, ministries, sectors and localities are going to strengthen cooperation and take concrete actions to effectively bring into play OVs’ resources, helping to realise socio-economic development targets, he added. Also on November 12, PM Phuc and Deputy PM and Foreign Minister Pham Binh Minh met with outstanding OVs who are experts, intellectuals and entrepreneurs. The expatriates shared their viewpoints and ideas about various issues relating to the national development which were appreciated by the Government leader, who promised to take in all the opinions and task ministries and localities with creating more favourable conditions for OVs to devote themselves to the homeland. Great national unity celebrated in Bac Ninh province A celebration of the great national unity bloc and the 86th founding anniversary of the Vietnam Fatherland Front (VFF) was held in Phat Tich commune of Tien Du district, northern Bac Ninh province, on November 13. At the event, which was also attended by Party General Secretary Nguyen Phu Trong and President of the VFF Central Committee Nguyen Thien Nhan, local residents were reminded of the development of the Vietnam National United Front – the VFF’s predecessor founded by the Communist Party of Vietnam and then President Ho Chi Minh on November 18, 1930. Over the past 86 years, the Front, under different names, has brought into play Vietnam’s traditional unity and patriotism and gathered people from all strata to defeat invaders and retake national independence. Speaking to residents in Phat Tich, Party General Secretary Trong praised the solidarity, efforts and achievements that the local Party committees, administration, VFF chapter and people have obtained. He highlighted local improved infrastructure, more industrial parks, good economic growth, stable social situation, and higher per capita income. Various activities have also been organised in response to VFF-launched movements. He underscored the VFF’s significance to the national unity as seen through various initiatives today such as the great national unity festival, or movements calling for people’s joint efforts to practise civilised lifestyles, and build new-style rural areas and civilised cities. The Party chief also sent congratulations to VFF staff nationwide on the occasion the great national unity festival. During his stay in Phat Tich commune, he offered incense and planted trees at Phat Tich Pagoda, a national historical and cultural relict site of special importance. VFF President congratulates Cao Dai sect on 91st anniversary President of the Vietnam Fatherland Front (VFF) Central Committee Nguyen Thien Nhan has extended his best wishes to Cao Dai dignitaries and followers on the occasion of their 91st founding anniversary. In his congratulatory message, Nhan wrote the Cao Dai followers have raised the patriotism and solidarity to work with people from all social strata to defend the country over the past 91 years. Besides implementing the Party’s guidelines and the State’s laws, the Cao Dai churches have actively engaged in patriotic emulation campaigns, charitable activities, poverty reduction efforts, and rural development programmes, he said. He called on the Cao Dai dignitaries and followers to strengthen solidarity and get involved in the campaign of building new-style rural areas and civilised urban areas launched by the VFF Central Committee. The sect is also expected to make remarkable contributions to the country’s socio-economic development, environmental protection, and climate change response as well as social welfare activities and protection of national sovereignty and territorial integrity, he added. Founded in 1926 in Tay Ninh province, Cao Dai is one of the major religions in Vietnam with over 2.5 million followers, 10,000 dignitaries and 1,000 places of worship. The religion worships the Divine Eye, known as the eye of heaven and a symbol of its supreme being. President impressed with farmers’ inventions President Tran Dai Quang has said he is impressed with the farmers who have turned their on-field experience into valuable ideas and useful equipment to improve their farming activities. He made the compliment while meeting with 68 people who are representatives of outstanding cooperatives and cooperative groups, along with farmers with inventions in agricultural production in Hanoi on November 13. They are set to be honoured at a ceremony later the same day, which coincides with the 71st founding anniversary of Vietnam’s agriculture and rural development sector. President Quang highly valued effective activities of cooperatives and cooperative groups as they have connected farmers’ production outcomes with businesses and the market, thereby ensuring sustainable agricultural production and improving the competitiveness of Vietnamese farm produce. The industrialisation and modernisation of agriculture and rural areas are an important task during the industrialisation, modernisation and international integration of the country, he said, assuring the Party and States’ attention to this issue. He expressed his hope that the delegates will continue promoting their attainments and become the most active factor in the common efforts to successfully realise the Party and State’s policies on agriculture, farmers and rural areas. Vietnam’s agricultural products have been exported to more than 160 countries around the world. Exports of these commodities have approximated 30 billion USD in recent years, and reached 26.4 billion USD between January and October of 2016. There are about 11,000 cooperatives, 56,000 cooperative groups and 18.3 million farming households nationwide at present. Campaign held to deal with blood shortage at year’s end A blood donation festival officially kicked off in Hanoi on November 13 in an effort to address a shortage of blood for medical uses at year's end. The festival is an annual activity held by the Vietnam Red Cross Society and Prudential Vietnam company within the framework of the humanitarian voluntary blood donation programme, according to Vice Chairman of the Vietnam Red Cross Society Doan Van Thai. This year’s event lasting from November 6 to December 20 in Hanoi and 16 other provinces and cities nationwide hopes to collect 7,000 blood units. Nearly 2,100 blood units have been donated so far. Organisers hoped to receive at least 400 blood units at the event in Hanoi. In 2015, more than 1.3 million blood units were donated in Vietnam, helping with the treatment for hundreds of thousands of patients. Although the volume of donated blood has continually increased in recent years, it has met about 70 percent of treatment needs. Meanwhile, the World Health Organisation estimates the country needs some 1.8 million blood units every year. The shortage of blood usually surges in the Lunar New Year festival and the summer. Action month promotes gender equality Joining hands to eliminate violence against women and girls lies at the heart of an action month for gender equality launched in Hanoi on November 13. Jointly organised by the Ministry of Labour, Invalids and Social Affairs, the National Committee for the Advancement of Women in Vietnam, the United Nations in Vietnam , and the municipal People’s Committee, the campaign will run from November 15 to December 15, 2016. This first-time programme seeks to call on people in the community, especially men and boys, to participate in preventing violence against women and girls. Deputy Minister of Labour, Invalids and Social Affairs Nguyen Trong Dam said that the policy of men and women enjoying equal rights has been pursued by the Vietnamese Party since its foundation in 1930 by late President Ho Chi Minh. The completion of State laws and policies has brought certain outcomes in the field, he said, adding that more efforts are still needed to change the prejudice on the role and value of women as well as drive back any acts of gender-based violence. “Women should increase their autonomy and determinedly and proactively get involved in all spheres of social life,” he said. He called on people to join efforts to build a healthy and equal society with no one left behind. Chief Representative of UN Population Fund Astrid Bant welcomed the Vietnamese Government for approving the national action programme on gender equality between 2016 and 2020, and adopting the annual action month for gender equality and gender-based violence prevention, saying these reconfirmed the country’s strong commitments to addressing the pressing issue. She encouraged Vietnamese men and boys to stand up to deal with gender inequality, injustice and violence against women and girls. During the launching ceremony, more than 300 youngsters danced in response to the campaign. The Ministry of Labour, Invalids and Social Affairs will coordinate with relevant ministries and localities to hold policy dialogues and conduct inspections in the field while spreading the campaign’s message at schools, and sport, culture and art activities.- Grand requiem commemorates road traffic victims A grand requiem for traffic accident victims was held at Trinh Pagoda in the Yen Tu national relic site, northern Quang Ninh province, on November 13 with a view to easing the bereaved families’ pains of losing their relatives. With the participation of nearly 10,000 Buddhists and people, the function was held by the Vietnam Buddhist Sangha and the National Committee for Traffic Safety as part of activities in response to the World Day in Remembrance for Road Traffic Victims (the third Sunday of November). At the requiem, Minister of Transport Truong Quang Nghia urged all central and local relevant agencies, organisations and people to improve their road sense and adherence to traffic safety regulations. He also asked them to share the losses suffered by the victims and their families, thereby treasuring the happiness when traffic safety is ensured. The Traffic Safety Year 2016 is the fifth year Vietnam has responded to the UN General Assembly’s call for activities to be organised towards the World Day in Remembrance for Road Traffic Victims. From January to August this year, 13,612 traffic accidents occurred nationwide, claiming 5,728 lives and wounding 11,781 others. Focus on agricultural machinery Automation and mechanisation in rice and vegetable production in the Mekong Delta is expected to sharply reduce losses and increase value, the Agriculture and Rural Development Ministry has said. The losses in rice production stand at 5-6 per cent (3 million tonnes a year or US$760 million), according to the ministry’s Department of Processing and Trade for Agro-Forestry-Fisheries Products and Salt Production. “If the proportion falls to around 3 per cent, farmers’ incomes could rise to VNĐ1 million ($45) per hectare,” a representative of the department said. Automation and mechanisation in rice planting and harvesting remains low. The Mekong Delta has more than 5,500 harvesters being used on 40 per cent of farmland, while rice-planting machines cover only 30 per cent. Automation and mechanisation in vegetable production is much lower than in rice production. In general, the Mekong Delta has 1.6-horse power per hectare, while the figure in Thailand is four, China eight and South Korea 10. “Automation and mechanisation in agricultural production will increase labour productivity, reduce costs and increase competitiveness for farmers,” Dr. Võ Hùng Dũng, director of the Việt Nam Chamber of Commerce and Industry’s Cần Thơ branch, told the Thời báo Kinh tế Việt Nam (Việt Nam Economic Times) newspaper. “The potential for development of automation and mechanisation in Việt Nam’s agricultural production is huge,” he added. Most agricultural machines are based on production of small workshops with outdated technologies, design and post-sale services. From 2004 to 2008, the Government allowed provincial authorities to subsidies the interest rate for farmers who bought machines for agricultural production. After five years of the programme, tens of thousands of agri-motors and tractors are now in use. Since 2009, the Prime Minister has released a series of decisions to subsidise interest rates for farmers to buy machines equipment, and material for agricultural and fisheries production as well as house construction in rural areas. The Government and the Ministry of Agriculture and Rural Development have developed strategies to promote investment for machine automation in agricultural production with preferential policies on tax, credit and land. Boxer Linh beats Duyên to win 60kg category The stands of Trịnh Hoài Đức Gymnasium nearly exploded when Hà Thị Linh of Hà Nội beat Lừu Thị Duyên of HCM City to triumph in the women’s 60kg category in Let’s Viet boxing tournament in Hà Nội. Duyên was the first Vietnamese female boxer to win a gold medal at the 27th Southeast Asian (SEA) Games in 2013. She pocketed bronze at the 17th Asian Games in 2014 in South Korea. Meanwhile Linh also bagged a gold medal at the SEA Games in 2013. Before the final took place, Duyên was expected to win the gold medal. However, with the support of fans at the gym, Linh had an unforgettable match with her excellent moves, attacks and defence to take the gold. “I am very happy. My rival today is very strong and experienced. However thanks to Hanoian fans, I played very decisively and used my coach’s tactics,” said Linh. In another match, Nguyễn Quang Huy of Bắc Ninh defeated Vương Văn Hùng of Hà Nội to triumph in the men’s 57kg. Several thousands hectares of water reservoir land disappear in HCMC Construction investment has occurred strongly and spontaneously alongside Saigon River in the low-lying and soft ground southern part of HCMC, resulting in the loss of thousands of hectares of land areas playing the role as water reservoirs for HCMC. The statement was made by a representative from the Urban Board of the city People’s Council at a forum on November 12. Most rice fields in the outskirts of the city has become urban areas contributing to the flooding, said the representative. In addition, 47 canals over 16.4 hectares and 7.4 hectare Binh Tien reservoir have been filled up worsening the issue after heavy rains and high tide. Drainage system has failed to catch up with urbanization and tree area at parks inner the city has dropped by nearly 50 percent. Irrational urbanization, urban management limitations and residents’ low awareness of climate change have been major reasons. At the forum, authorized agencies in the city reported their already implemented activities to cope with flooding. Basing on these reports, experts and scientists will further make clear the issue. 42 exemplary teachers working in islands honored The Ho Chi Minh Communist Youth Union and the Ministry of Education and Training yesterday held a ceremony to honor exemplary teachers who are working in islands as per the program “Sharing with teacher” 2016. Among honoring teachers at the meeting is Ms. Nguyen Thi Hoi, born in 1966, who is teaching in junior high school in Sen village in island district Van Don of the northern province of Quang Ninh. She has worked there for in 29 years seven months. A representative from the Communist Youth Union highly appreciated teachers’ devotion in islands, appraising teachers who have overcome their difficulties to contribute to the education sector. Teachers were awarded certificates of merit, medals and bank account of VND10 million from the Youth Union. Additionally, Thien Long group promised to give studying items to students in islands nationwide. Cao Phong orange festival underway in Hoa Binh The second Cao Phong orange festival and the 2016 northwestern farming, tourism and trade fair are underway at the Cao Phong cultural centre, in the northern province of Hoa Binh. More than 200 firms are operating 350 stalls at the two events. Starting from November 13, the festival and the trade fair will run until November 20. They aim to promote the Cao Phong oranges and business connectivity across the northwestern region. In 2014, Hoa Binh’s Cao Phong district received Geographical Indication for its oranges. In 2016, the intellectual property institute in Vietnam recognised the fruit as one of the ten most popular Vietnamese trademarks. Cao Phong district is home to more than 2,000 hectares of citrus fruit, accounting for nearly one third of the entire citrus plantation in Hoa Binh. Hanoi Festive to celebrate New Year The Hanoi Department of Culture and Sports is planning to organise ‘Hanoi Festive,’ a fireworks, light and colours festival, to celebrate the 2017 New Year. Themed ‘Hanoi in the Past - Hanoi at Present,’ the festival will be held from December 31, 2016 to January 2, 2017 on pedestrian streets in Hanoi’s Old Quarter and T-Ocean Park in the suburban district of Quoc Oai. The festival aims to recreate the traditional beauty of Hanoi in combination with contemporary music and laser light shows and colourful fireworks performances. Major activities during the festival will include an international fireworks performance, arts performances, folk games and street art performances with the participation of over 1,000 volunteers. The highlight of the festival will be an electronic music show that is expected to attract an audience of over 10,000, as well as 150 actors and several famous singers such as Noo Phuoc Thinh, Thu Phuong and My Linh. ‘Hanoi Festive’ will also introduce a 2km road of lanterns and flowers and an expo with over 100 booths. Towards 90-90-90 target to end AIDS epidemic in Vietnam A national action month for the prevention and control of HIV/AIDS will take place from November 10 to December 10 with the theme “Towards the 90-90-90 Target to End the AIDS Epidemic in Vietnam,” according to the National Committee for the Prevention and Control of AIDS, Drug Addiction and Prostitution. The 90-90-90 target was set by the United Nations at a global AIDS conference in 2014. Accordingly, it aims by 2020 to have 90% of people living with HIV know their HIV status, 90% of people diagnosed with HIV receive sustained antiretroviral therapy and 90% of people receiving antiretroviral therapy virally suppressed, thereby ending the AIDS epidemic by 2030. During the month of action, a range of activities will be held at the central level, including a rally and a march in Da Nang in response to the national event and the World AIDS Day, announcing the winners of a journalism contest on HIV/AIDS and of the Red Ribbon Award in Ho Chi Minh City, and an annual workshop on strengthening cooperation among civil society and partners in the prevention and control of HIV/AIDS. Notably, PEPFAR Vietnam and the Vietnam National Drama Theatre will jointly organise a tour in several locales for the play “Three in One,” targeting discrimination against people living with HIV, drug users and sex workers and encouraging people with HIV to get health insurance. At the ministerial and local levels, the National Steering Committee for the Prevention and Control of AIDS, Drug Addiction and Prostitution is also organising various activities on the theme accordance with the conditions and characteristics of each local unit. In past years, Vietnam has made positive achievements in the prevention and control of HIV/AIDS, as continuing to control the HIV infection rate in the community at less than 0.3%. For eight consecutive years, the annual number of new HIV infections has been experiencing a trend of reduction, and the number of people with AIDS and the number of deaths due to HIV/AIDS have also decreased. However, only approximately 80% of people living with HIV are aware of their status and nearly 50% of people diagnosed with HIV are receiving antiretroviral treatment. Vietnam is expanding viral load testing as recommended by the World Health Organisation with the aim of making viral load testing routine. In Vietnam, the cumulative number of people living with HIV continues to rise, while the number of people living with HIV in need of care and lifelong treatment has exceeded 200,000. Each year, there are also 12,000 new HIV infections and 2,000-3,000 deaths due to HIV/AIDS. The lack of resources for the prevention and control of HIV/AIDS is also another challenge. According to experts, with an average investment level of US$92 million a year, Vietnam could save 150,000 people from HIV and end the epidemic by 2030. Writing contest digs into value of Shakespeare’s quotes The ‘Shakespeare Lives in Me’ writing contest has been launched by the British Embassy and the British Council as part of the 2016 ‘Shakespeare Lives’ programme to mark the 400th death anniversary of the great writer. To be eligible, contestants are required to write an essay, ranging from 200-300 words, about the meaning of a quote from their favourite work by Shakespeare. The entries should highlight the humanity in Shakespeare’s works, which were written hundreds of years ago but their value is still alive in today’s age. The entries can be presented in English or Vietnamese and include drawings or illustrated images. Contestants can submit their essays from November 5 to December 5 via https://goo.gl/forms/6Xe78r2acpjF1E9u2 or send them to British Council Vietnam (20 Thuy Khue Street, Tay Ho District, Hanoi). Winners of the contest will be named and honoured at a ceremony scheduled in Hanoi on December 15, 2016. The ‘Shakespeare Lives’ programme has been held throughout this year with various activities including a display of quotes from Shakespeare’s classics, a translation competition, and a photo contest. The events have received much appreciation and participation from the public, particularly fans of Shakespeare’s works. Environment probe findings at Lee&Man pulp mill still undisclosed Findings in an environmental probe into Lee&Man Vietnam Paper Co Ltd in Hau Giang Province have not been officially announced although the inspection was launched months ago. Tran Phong, director general of the Southern Environment Department under Vietnam’s General Department of Environment and the chief inspector, told the Daily on Tuesday the exact time of publicizing the results is unknown as the inspection team is still waiting for guidance from the Government. Asked if any irregularities with Lee&Man Vietnam Paper Co Ltd. were found during the inspection, Phong declined comment. “Wait until the announcement,” he said. Ho Van Phu, director of Hau Giang Province’s Department of Natural Resources and Environment, said the inspection team has not provided any relevant information on the case for provincial authorities. On June 30, as ordered by the Ministry of Natural Resources and Environment, the General Department of Environment announced a decision to conduct an inspection into the compliance with environment regulations at Lee&Man Vietnam and 29 other enterprises in the province. The inspections would be conducted in 45 days from the date of announcement. As for the Lee&Man project, it was inspected in three days, starting July 1. Local techies gather at BarCamp BarCamp Saigon 2016, an event for the local technology community in Saigon, will take place on RMIT University campus in District 7 on November 13. The 10th edition of the event themed “Cross domain creativity, unfold new opportunity” will be attended by software engineers, product developers, entrepreneurs, founders and marketers to share with the community about genuine concepts or ideas, current trends and latest technologies. BarCamp Saigon will also feature professionals from successful startups and tech outfits in Vietnam such as Grab, Getlinks, TMA, Coderschool and ITviec. BarCamp Saigon 2016 is aimed at bringing a “knowledge party” to people passionate about ideas and knowledge, and to bridge the gap between young enthusiasts and experts. Since its debut in 2008, there has been at least one BarCamp event in HCMC every year. Especially, it was held twice in 2011. The event invites all participants who are students or industry veterans, Vietnamese or expatriates, or even tourists with interest in technology, the Internet, social media, entrepreneurship, or none of the above. Attendees can either give a presentation or just listen and they will have a good chance to make friends. Speakers to BarCamp will register their topics and attendees will decide which one to participate, the more favored topics will be given bigger room and prime time on the event day. From a meetup of over 200 local techies, BarCamp Saigon has continued growing to meet the need of the community. Last year’s event attracted more than a thousand participants and 65 talks covering not only technology topics but also stories of Vietnamese coffee in the world market, of a long-time BarCamp volunteer on his way across Vietnam, and how mediation touches many aspects of life unconsciously. For further information, visit http://www.barcampsaigon.org/ or https://www.facebook.com/BarCampSaigon. RMIT University is located at 702 Nguyen Van Linh Boulevard, District 7, HCMC. Free T-shirts, water, and gifts from organizers will be available for participants. New Zealand recognises outstanding Vietnamese alumni The New Zealand Embassy in Việt Nam hosted its second annual Ambassador’s Alumni Awards to celebrate educational links between the two countries and recognise individuals who excel in their field. Speaking at the event held in Hà Nội on Tuesday, New Zealand Ambassador Haike Manning said the links between people from the two countries is the bedrock of bilateral relations, serving as a basis for growing connections in education, business, and between the two governments. “Over 2000 Vietnamese students study in New Zealand every year and we now have thousands of alumni back in Việt Nam using the knowledge and skills they have learnt in New Zealand to contribute to the growth and development of Việt Nam and the relationship between our two countries,” he said. The evening culminated with Dr Trần Văn, former Vice-Chairman of Việt Nam’s National Assembly’s Committee of Financial and Budgetary Affairs, winning the alumni award in recognition of his work in strengthening connections between the two countries. Dr Văn has a long history with New Zealand, beginning with his English language training at Victoria University of Wellington following his appointment to the National Assembly. He has been a strong advocate of Việt Nam-New Zealand relations and has served as president of New Zealand-Việt Nam Parliamentary Friendship from 2011 – 2016, leading various delegations to visit New Zealand’s Parliament and publishing articles on its effective governance structure and scenery. VNA/VNS/VOV/SGT/SGGP/TT/TN/Dantri/VNE |
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Vietnam's traditional lottery to raise jackpot as computerized rival announces third winner  Pre-printed Mega 6/45 lottery tickets sold in Tien Giang Province. Administrators of the traditional lottery in southern Vietnam will next year raise its prize money amidst stiff competition from a new computerized lottery, which on Sunday announced its third jackpot winner in four months. Twenty-one lottery companies operating in southern Vietnam have announced a joint plan to raise their top prize to VND2 billion (US$89,300), starting on January 1, 2017. The new top prize is a 33-percent increase from the current VND1.5 billion ($67,000), which has been in place since 2011. However, the second and special bonus prizes of the traditional lottery will be reduced by 25 and 50 percent respectively to make up for the increase. Their current values are VND20 million ($900) and VND100 million ($4,500) respectively. The remaining runner-up prizes of the traditional lottery will remain the same. The move by the southern lottery companies is seen as an answer to combat the rising popularity of computerized lottery ‘Mega 6/45’, which was introduced in July by state-run company Vietnam Computerized Lottery Co. Ltd. (Vietlott). The ‘Mega 6/45’ jackpot starts at VND12 billion ($536,000), and is rolled over if no winner is found. The introduction of the computerized lottery has hit traditional lottery companies hard, as one operator in the Mekong Delta region reported a VND4 billion ($179,080) drop in revenue over the course of a single issuance at the beginning of November. While traditional lottery companies are struggling to maintain their share of the lucrative lottery market, Vietlott found its third ‘Mega 6/45’ jackpot winner on Sunday, their second this month. The lottery’s 51st draw on Sunday evening produced a jackpot combination of 11-23-25-34-36-45 and found a winner, according to an announcement by Vietlott. But the identity of the winner has yet to be determined. Sunday’s jackpot of over VND71 billion ($3.17 million) had accumulated after five draws without a winner since November 2, when a ticket holder from Dong Nai Province claimed nearly VND65 billion (US$2.9 million) pre-tax in the lottery’s 46th draw. The jackpot for the next ‘Mega 6/45’ draw this Wednesday will be reset to VND12 billion, Vietlott confirmed. Last month, a farmer from the Mekong Delta province of Tra Vinh became ‘Mega 6/45’s’ first jackpot winner, capturing a record VND92 billion ($4.11 million) pre-tax from the 39th draw on October 16. The Vietnamese law requires that a jackpot winner pay a 10-percent tax. In the face of stiff competition from the computerized lottery, the Southern Lottery Council, whose 21 members have announced plans to increase their jackpot, have filed a formal request to the Ministry of Finance asking for the rectification of violations by Vietlott. According to the request, Vietlott has violated multiple laws and regulations in advertising and issuing its ‘Mega 6/45’ lottery, including the pre-printing of lottery tickets to be sold in a similar manner to traditional lottery tickets, which are printed out in advance. Vietlott is only licensed to sell tickets directly to buyers through machines after the buyers have chosen a combination of six numbers by themselves. Vietlott CEO Tong Quoc Truong responded to the complaint by issuing a letter instructing lottery agents to adhere to state regulations. The computerized lottery ‘Mega 6/45’ was introduced as a result of cooperation between Vietnam’s state-run lottery company Vietlott and an indirect subsidiary of Malaysia-based firm Berjaya Corp Bhd (BCorp), which was granted an 18-year investment license to operate the computerized lottery in the country in January. As the name suggests, buyers of the lottery select any combination of six-numbers between 1 and 45 for VND10,000 ($0.45). The jackpot combination is randomly selected every Wednesday, Friday, and Sunday at 6:00 pm, and rolled over into the next lottery period should no winner emerge. Apart from the jackpot, bonus prizes of up to VND10 million ($446) are awarded to those with three, four, or five numbers matching the jackpot combination. TUOI TRE NEWS |
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Vietnam takes larger slice of EU, ASEAN market shareVietnam took market share of EU trade away from other ASEAN nations in 2015, a trend that appears likely to continue in light of a free trade agreement it concluded with the regional bloc earlier in 2016. The Southeast Asian country’s share of the total trade between the EU and ASEAN members in 2015 jumped 3.3% compared against the figures for 2014 to 19.1% of the US$227 billion in total trade, according to official statistics. In the last few years, Vietnam has risen above many of its neighbours in ASEAN by posting impressive trade volume growth with a variety of countries. For instance, Vietnam is now leading the pack in ASEAN as the biggest exporter to the US.
This impressive growth has been a crucial precursor to the trade pact between the EU and Vietnam. With the agreement now securely in place, and considering recent events within Europe, Vietnam has the potential of not only continuing this trend, but also improving its own production and expanding its key industries exponentially. Vietnam has been able to take advantage of shifting production patterns across Asia such as rising labour costs in China to successfully attract investment from manufacturing giants the likes of Samsung Electronics and LG Electronics. While Singapore remains the largest trade partner of ASEAN with the EU, Vietnam managed in 2015 to dig into its market share, reducing it by a full 1% from 25.1 to 24.1% of total trade with EU bloc members. In addition, official statistics showed that Malaysia, Thailand and Indonesia also lost market share to Vietnam. Growing Population After the conclusion of negotiations with Singapore in 2014, Vietnam is the second country in the ASEAN that the EU has concluded free trade negotiations with. Negotiations on a similarly long-planned free trade deal with Thailand were suspended after the country suffered a military coup in May 2014. Exports from Vietnam to the EU are dominated by mobile phones, electronic products, footwear, textiles and clothing, coffee, rice, seafood and furniture, according to statistics of the General Department of Vietnam Customs. Sluggish economic prospects in advanced countries have pushed investors to search for opportunities in markets that are benefiting from faster growth and younger populations, such as Vietnam and the Philippines. Vietnam has higher levels of income and is generally more developed, economic experts have said, which has attracted the interests of manufacturing investors around the globe. It is also maturing into a market demanding more advanced technologies, which should benefit manufacturing in the future in terms of increased labour productivity and higher quality and more innovative products. Total EU trade with ASEAN rose 12% last year and that trend is expected to continue an upward trajectory, economic experts have said. They add that taking into consideration the Vietnam, EU free trade agreement— this should result in Vietnam commanding an even larger slice of EU, ASEAN market share. The free trade pact between the two economies at its core, aims to liberalize both tariffs and non-tariff barriers for key imports on both sides over a period extending the next 10 years. For Vietnam, the tariff elimination will certainly benefit its key export industries, which are very labour-intensive in nature, and as such facilitate the expansion of these industries, both in terms of capital and increased employment. VOV |
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MobiFone announces value of AVG investment MobiFone’s latest financial report reveals that the official value of its investment in the Audio Visual Global JSC (AVG) was VND8.9 trillion ($400 million) and was the only investment it made in the first half of this year.  Questions posed over investment, whose value was unknown until recent release of financial report. As at June 30, long-term financial investments, including investments in subsidiaries, associated companies, and other long-term financial investments, soared from VND642 billion ($28.9 million) at the beginning of the year to VND9.45 trillion ($425.2 million). The AVG investment is equal to 55 per cent of the group’s equity capital of $729 million and nearly 40 per cent of total assets of $1.04 billion as at June 30. In addition to AVG, MobiFone also has investments in subsidiaries such as MobiFone Service, MobiFone Plus, and MobiFone Global. MobiFone made the headlines in August when Deputy Prime Minister Truong Hoa Binh officially decided to conduct a comprehensive inspection into its purchase of 95 per cent of AVG. He assigned the Government Inspectorate to work with relevant agencies to conduct the inspection, with sanctions available under law to be applied if any legal violations were uncovered. No reason for the inspection was given but three questions were posed relating to the deal: its value, the transaction method (cash payment or share swap), and why MobiFone chose AVG, given its subscriber numbers are the lowest among the three satellite TV providers in Vietnam - VTC, VSTV and AVG. Although the timeframe for the inspection has now lapsed the official results are still to be released. Vietnam’s second-largest mobile network operator officially announced the purchase on January 1. Deputy CEO Nguyen Manh Hung said it would complete the deal with AVG, the owner of the An Vien Pay TV network, within three to six months and added that the two sides would cooperate for a year on the basis of maximizing resources to create a new product for the TV market and mobile telecommunications. AVG owns a network with good transmission that MobiFone could take advantage of to deploy its 4G network in the future, while MobiFone, with its experienced customer care services, could combine TV and mobile telecommunications and earn substantial revenues in the future, Mr. Hung said. In the first six months of 2016, MobiFone’s revenue reached VND16.2 trillion ($736.3 million), up 16.6 per cent year-on-year, while after-tax profit was VND2.51 trillion ($112.1 million), down 21 per cent. It plans to earn VND33.1 trillion ($1.48 billion) in revenue and VND4.16 trillion ($186.5 million) in after-tax profit for the year as a whole and to contribute VND4.6 trillion ($206.2 million) to the State budget. Revenue last year totaled VND31.4 trillion ($1.4 billion), or 105.4 per cent of its annual target, while after-tax profit was VND5.5 trillion ($246.6 million), or 101.5 per cent of the target. It also contributed VND7.3 trillion ($327.3 million) to the State budget. Total capital stood at VND23.2 trillion ($1 billion) in the first six months, with debts at VND7 trillion ($313.9 million), including short-term debts of VND6.5 trillion ($291.5 million). Its long-term finance was VND9.4 trillion ($421.5 million) as at June 30, against VND641.9 million ($287.8 million) in 2015. Development investment for this year is estimated at VND8.5 trillion ($381.1 million), nearly four-fold higher than the VND2.4 trillion ($107.6 million) last year. Singaporean telecommunications giant Singtel recently expressed an intention of securing a stake in MobiFone during its equitization process. Mr. Oliver Foo, Vice President of Business Development and the Center of Excellence Program Office at Singtel, spoke of its intentions at a meeting with Deputy Minister of Information and Communication Pham Hong Hai on August 19, according to the Ministry of Information and Communications, and said it hopes to become MobiFone’s strategic partner. VET |
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Vietlott faces backlash from struggling rivals The Ministry of Finance has just asked the Vietnam Lottery Company to tighten their lottery sale activities after complaints from many traditional lottery companies in the southern region.  A Vietlott ticket selling point Nguyen Hoang Duong, deputy head of the Department of Banking and Financial Institutions under the Finance Ministry, told the Vietnamnet Newspaper on November 14 that he had received complaints from the Southern Construction Lottery Council attacking Vietlott. "After receiving the complaints, we've asked Vietlott to work with the council to find a solution to their problems and tighten their sales activities," Duong said. Speaking with the media, Vietlott's deputy director, Nguyen Thanh Dam, said that they've contacted with authorities in several southern provinces to arrange a meeting with local lottery companies but hadn’t received feedback. "We've committed with authorities in 21 southern provinces to strictly follow the laws on our business," Dam confirmed. "Regrading some of our agents selling tickets at higher prices, we've worked with them to curb the situation and this will not happen again. We've also informed people to only buy tickets at our registered agents in six cities and provinces to avoid being cheated." Vietlott has attracting rising number of buyers to try their luck after three big winners were announced, leaving other lottery companies worried about their market share. During a meeting on October 22 about the lottery in the southern region, it was reported that they had seen positive growth in the first nine months. However, representatives of many lottery companies claimed that Vietlott had violated regulations and it could affect the stability of the southern market. Le Van Khanh, director of Soc Trang Province Lottery Company told the meeting that some agents in HCM City brought Vietlott tickets to sell at various provinces and cities that Vietlott hadn't opened any branches at yet. Vietlott announced a new winner of the jackpot worth VND71 billion (USD3.17 million) on November 13. The winner, who has 60 days to claim the prize, has not showed up yet but the company confirmed on November 14 that the winning ticket was sold on the morning of November 10 in HCM City's District 5. On October 16, a lucky person from Mekong Delta Tra Vinh Province won a jackpot of VND92 billion (USD4.14 million) from the company. On November 2, another player from Dong Nai Province won VND65 billion (USD2.86 million). Traditional lottery companies across southern Vietnam have decided to increase their top prizes by a third to compete with the new jackpot that has quickly gained popularity in the region. dtinews.vn |
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Tough sell - marketing Vietnam to international travellersAs a tourist destination, Vietnam is loaded with the attractions most international travellers dream of- lots of sun, gorgeous beaches, world-class scenery, friendly locals and fascinating history.  Yet for all its advantages, the Southeast Asian nation possessing more than 3,000 kilometres of coastline with 125 major beaches has a major problem attracting travellers to its shores. Speaking at a recent travel forum in Ho Chi Minh City, an advisor to the City, Kieu Anh Vu, noted official statistics showed that the tourism segment contributed 4.6% (around US$7.9 billion) to the nation’s GDP in 2015. Yet, last year, only a paltry 7.9 million international travellers came to Vietnam, a very small percentage of total arrivals in the booming Asia Pacific region and an even tinier fraction of the worldwide figures. The problem – awareness, say officials Vu mostly sees a relatively benign problem at the root of the nation’s sluggish tourism performance, one demanding a seemingly simple solution. The biggest reason for the low numbers of tourist arrivals is not lack of infrastructure, crime, pollution, negative reports in the international media or even the cost of flying into and staying in the country. The problem is the lack of awareness of Vietnam as a tourist destination. To Vu, the failure of travellers to view Vietnam as a travel spot is the fundamental reason they have not visited the country and the solution rests in marketing to raise its tourism image. Doan Manh Cuong from the Ministry of Culture, Sports and Tourism agreed. Awareness as a tourist destination is surprisingly low for Vietnam, Cuong noted, adding there are many reasons for this, but Vietnam largely remains a country to be discovered by most travellers. In many markets, the failure to recognize Vietnam as a tourist destination is the biggest obstacle in attracting larger volumes of visitors to the country, echoed Noemie Robin from the French Consulate General in HCM City. Just as importantly, noted Robin, Vietnam needs to develop and implement a comprehensive and strategic plan to reasonably develop tourism and simultaneously combat pollution. If this isn’t done, the tourism industry will remain underdeveloped and less attractive, Robin emphasized, cautioning the country should not underestimate the interrelationship between pollution and tourism. On the one hand, tourism gives rise to pollution – but on the other hand – too much pollution such as that found on far too many beaches in Vietnam will result in travellers never coming back for a return visit. Most traveller from Western countries will not tolerate excessive amounts of pollution as that found throughout most of Vietnam and the international reputation of Vietnam consequently suffers tremendously. Turning the stream into a river So, is raising the country's international profile all it will take to make Vietnam more internationally renowned as a glamorous destination? Those attending the tourism forum in HCM City thought so. Vietnam beaches, mountains and jungles are spectacular. Vietnamese are warm, generous hosts. The food can, in many cases, be delicious. The country’s turbulent history and multi-layered culture are fascinating. But none of these are new messages, and none of them have yet propelled Vietnam beyond second-tier status as an international tourist target. A new direction, a new way of promoting Vietnam is required, they said with near unanimity. It may be that the first step toward hitting the ambitious 10-million-visitors goal is for tourism officials to start facing up to the reality that in the travel game, reputation and perception are the backbone of marketing. In addition, they need to acknowledge up front that Vietnam has a multitude of negative stereotypes – particularly as it relates to environmental pollution – that they need to change before it can successfully build upon its positive attributes. The Vietnam Department of Tourism promotes the country’s attractions, and there are many to brag about. But simply glossing over serious deficiencies such as the horrific pollution on many of the country’s beaches with opulent adjectives and optimistic slogans isn’t a viable solution. VOV |
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Dieu Ngoc to compete in Miss World 2016 The Department of Performing Arts has gave permission to Miss Ao dai Vietnam 2016 Truong Thi Dieu Ngoc to represent Vietnam at the 2016 Miss World Pageant, announced the Elite Model Company.  Dieu Ngoc from the central coastal city of Da Nang won the Miss Ao dai Vietnam contest – The Way to Miss World Crown beauty contest which ended in Ho Chi Minh City on June. The 66th edition of Miss World attracts contestants from over 130 countries. Miss World 2016 will be kicked off on November 26 in Washington, DC in the United States. The Grand Final will take place on December 18. Participants will join a range of activities and events which take place from the moment they arrive at the competition. FIVE challenge events take place in the run up to the final; Beauty with a Purpose, Multimedia, Sports, Talent, and Top Model. Tran Ngoc Lan Khue, Miss Ao Dai Vietnam 2015 represented the country at Miss World 2015, held in Sanya, a coastal resort city in southern China's Hainan Province. Khue won the World Designer Award and also advanced to the top 11 of Miss World 2015. SGGP |
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Social News 15/11 ASEAN law forum opens in Hanoi  In his opening remarks, Deputy Minister of Justice Nguyen Khanh Ngoc said four ASEAN countries are currently members of The Hague Conference and participated in a total of 12 conventions. Vietnam joined The Hague 1993 Convention on Protection of Children and Cooperation in Respect of Inter-country Adoption in 2011 and became a member of The Hague Conference in 2013. The country participated in The Hague Convention on the Service Abroad of Judicial and Extrajudicial Documents in Civil or Commercial Matters in 2016. Ngoc said Vietnam is considering the possibility of joining other conventions of The Hague Conference regarding legal and judicial cooperation, including those on the abolishment of requirement of legalisation for foreign public documents, the taking of evidence, and the civil aspects of international child abduction. He added that the forum affords a chance for participating countries to intensify judicial collaboration, especially in civil and commercial matters. Participants discussed benefits and challenges in joining and implementing conventions of The Hague Conference on Private International Law, and ASEAN cooperation in the effort. Workshop focuses on migrant labour in ASEAN An international workshop on migrant labour in ASEAN was held in the central province of Thua Thien – Hue on November 14. The event was co-organised by the Hue University of Sciences and the German Rosa Luxemburg Foundation with the participation of more than 200 scientists and managers from Germany, Thailand, Laos, Cambodia, Myanmar, the Philippines and Vietnam . Participants talked about the movement of low-skilled workers in ASEAN, social welfares for migrant workers, healthcare for migrant women and young migrant labour, and reproduction of labour power. Amidst the global integration, such issues as the labour competition, the rights of workers, the risks and diseases for migrant workers, and the impacts of industrialisation and the life of vulnerable groups like women, the elderly, children and people with disabilities, are posing a number of challenges to ASEAN countries, including Vietnam . Participants suggested increasing the protection of migrant workers via labour contracts with specific terms, including labour hygiene and safety. They held that it is necessary to provide migrant workers with information about their rights in the host society and its regulations and customs. Countries receiving migrant workers should build a hotline to protect them, they said. Vietnam, in particular, should build an information support centre and a roadmap to reduce labour cost for Vietnamese guest workers and address their complaints. According to the Ministry of Labour, Invalids and Social Affairs, around 250 million people in the world earn living by working abroad. In Vietnam alone, close to 500,000 labourers are working in over 40 countries and territories, the ministry said, adding that Vietnam is one of the three nations to have the biggest number of migrant workers in ASEAN besides the Philippines and Indonesia. JICA inspects ODA-funded rural development project in Dien Bien Officials from the Japan International Cooperation Agency (JICA) and the Ministry of Agriculture and Rural Development (MARD) inspected the implementation of an ODA-funded project in the northern mountainous province of Dien Bien on November 14. The Dien Bien Department of Agriculture and Rural Development reported that with assistance from JICA, the department prepared pilot models on growing rice, corn and soybeans and signed contracts with agricultural promotion centres in 10 districts on implementing the pilot models. Under the contracts, the centres will train local farmers in applying the pilot cultivation models to their fields. The department also built a safe vegetable-growing model in Noong Luong commune in Dien Bien district and opened five training classes in five communes on irrigation. Yuichi Fukasama, head of the JICA working group, appreciated the quick implementation of the agricultural development project in Dien Bien. He urged closer cooperation and coordination between the two sides to ensure the progress and effectiveness of the project. The working team also discussed with provincial authorities several projects that Dien Bien had proposed for JICA funding. The sides selected projects eligible for Official Development Assistance (ODA) loans and agreed on capital allocation plans for the projects, which focus on agricultural encouragement, infrastructure development, health care for women and children and prevention of human trafficking.- Can Tho moves to preserve Khmer culture Authorities of the Mekong Delta city of Can Tho have requested the municipal Board for Religious Affairs and relevant agencies to roll out measures to preserve Khmer culture, which is on the verge of oblivion. Le Hung Yen, Deputy Director of the municipal Department of Home Affairs and Head of the Board for Religious Affairs, the work has been focused on upgrading pagodas and schools, and raising local people’s awareness of conserving culture and rites of the Khmer ethnic minority people. In the coming time, apart from investing in infrastructure facilities in schools, the local authorities will work with pagodas to arrange courses of Khmer language for primary pupils during three-month summer holidays. Attention will also be paid to compiling textbooks serving the teaching and studying of the language. Teachers and monks and nuns at Khmer pagodas will be assisted to improve their skills to be able to join Khmer-language classes. Can Tho is home to nearly 23,000 Khmer people, accounting for 1.9 percent of its population. They are living around 12 Khmer Nam Tong (Theravada) pagodas across the locality. Public urged for early detection of diabetes Vietnam has responded to World Diabetes Day (November 14) with a ceremony focusing on the importance of the early detection and timely treatment to prevent dangerous complications. The event was held by the Ministry of Health and the National Hospital of Endocrinology in Hanoi on the same day. Data from the World Health Organisation (WHO) show that the diabetes incidence is rising rapidly around the world, especially in developing countries. It is predicted to increase by 54 percent in two decades (from 2010 to 2030). About 138 million adults got diabetes around the world in 2014, and this figure is estimated at 422 million at present and 642 million by 2040. The WHO warns that diabetes could lead to serious complications such as blindness, amputation, kidney failure, and cerebrovascular accident . Around 5 million people died of diabetes in 2015, much higher than the mortality from HIV/AIDS (1.5 million) and tuberculosis (1.5 million). In Vietnam, the diabetes incidence rate doubled from 2.7 percent to 5.4 percent between 2002 and 2012, which means the number of diabetes cases in the country is growing at a faster pace than the global average. Up to 63.6 percent of people with diabetes have not been diagnosed, and they tend to get the disease at younger ages. Aside from genetics and aging, major disease causes include unbalanced diet, lack of physical activities, smoking or alcohol abuse, according to a report delivered at the ceremony. At the event, Deputy Minister of Health Nguyen Thanh Long called on all-level authorities, sectors and the society to pay attention to diabetes prevention by raising the public awareness and encouraging people to have regular medical examinations for early detection and timely treatment of the disease.- Health insurance discussed in Da Nang Public health insurance was discussed at a recent conference held by the Party Central Committee's Economic Commission and the Vietnam Social Insurance Agency (VSIA) in the central city of Da Nang. The function heard that there were 69.97 million people with health insurance in 2015, representing 76.52 percent of the population. As of June 2016, the figure increased to 72.81 million and 79 percent. Last year, four localities had less than 65 percent of their population covered by health insurance, but by June 2016, only one of these, the Mekong Delta province of Bac Lieu, remained on the list. Currently, treatment expenses of health insurance holders account for between 70 and 90 percent of hospitals’ revenue. The Government is targeting 90 percent of Vietnamese population obtaining health insurance. To realise that goal, improving health insurance policies, medical services and public awareness campaigns are top priorities. A representative from the VSIA said tougher punishment for those who violate the health insurance law is needed. Island schools look for mainland financial resources The Party and the State should pay more attention and direct more investment to teachers and students on islands, teachers from remote islands have said. At the conference with the Ministry of Education and Training on Sunday, teachers from remote islands argued for policies that improve the quality of teaching and studying. Nguyễn Thị Bích Thủy, teacher at Lại Sơn Primary School in southern Kiên Giang Province’s Lại Sơn Island Commune, said that she hoped to narrow the gap between island students and mainland ones. Students on islands should have access to information technology such as desktops and foreign language rooms, she added. Nguyễn Thị Hợi, teacher at Ngọc Vừng Secondary School in northern Quảng Ninh Province’s Vân Đồn Island District, agreed, saying that IT access on islands is still quite restricted. Her school was an example. The school has two sories and eight classrooms, but the number of students is equivalent to nine classrooms, forcing the school to use a boarding room as a classroom. “We hope to build more classrooms, a functional room and a lab as places of practice for students,” she said. Phan Hồng An, teacher at Phước Thể Secondary School in central Bình Thuận Province’s Tuy Phong Island District, said that island students had not yet had their school fees reduced or supported. Thus, it is difficult to persuade parents to let their children go to school instead of going fishing. Đoàn Văn Kiều, teacher at Sơn Hải Secondary School in southern Kiên Giang Province’s Kiên Lương Island District, agreed. Kiều said most of students at his school dropped school when they finished the ninth grade, as there was no high school on the island. Any students who want to continue their education must leave the island to go to the mainland, a move only the rich can afford, he said. Kiều suggested the ministry supportes finance for students who wish to continue their education. In terms of policies for teachers, most said that their wages are still low compared to travelling and living costs. Most goods on the island are more expensive than that in mainland. For instance, a kilogramme of vegetables is VNĐ 10,000 (US$0.4), while its price is VNĐ 4,000 ($0.16) on the mainland. Lê Xuân Quyết, teacher at Song Tử Tây Primary School in central Khánh Hòa Province’s Trường Sa Island District, suggested that the ministry take measures to help teachers access more information to improve their knowledge. At the conference, Minister of Education and Training Phùng Xuân Nhạ said that the ministry will focus on projects to invest in facilities for island schools and hold training courses for teachers. It will also raise funds for students who had good performance at schools but could not continue their studies. The ministry would ask school principals to free school fees for such students. For the more complicated issues, the ministry will propose measures to the Government, he said. Crack down on smuggling rings coming as Tết holiday approaches The war against smuggling, trade fraud and counterfeit goods will be enhanced in the final months of this year, ahead of Tết (Lunar New Year) holiday. This was revealed at a dialogue held yesterday to seek measures to combat smuggling. Participants stressed that smuggling has become more complicated and expanded to all routes, including road, sea and air, posing great challenges in fighting the crime, particularly in hot spots such as border areas and remote mountainous areas. Smuggled products included essential goods and products with high-tax and big differences between domestic and international prices, such as tobacco, alcohol, medicine, electronics, drugs, petrol, minerals and food products. In the first ten months of the year, agencies uncovered 72,000 cases of smuggling, a year-on-year increase of two per cent. Nguyễn Xuân Bắc, Deputy Head of the Department of Drug and Crime Prevention and Control, said the department would assign more officials to smuggling hot sports, increase co-ordination with relevant agencies such as police, customs and market watch forces and improve the skills of officials to detect rings. Deputy Director of the General Department of Police Đồng Đại Lộc agreed that smuggling has become more complicated, particularly tobacco smuggling. Each year, police discovered about 4,000 cases of tobacco smuggling, with a total of 9 million packs of cigarettes. He stressed that smuggling was often perpetrated by criminal rings outside the country. Smugglers often brought products to Việt Nam’s border and used tough terrain to smuggle products into Việt Nam such as rivers and tracks through forests and around mountains. Many smugglers were equipped with weapons and willing to attack officials if they were caught, he said. For the rest of the year, the department will focus on key areas such as border areas and key products such as petrol and tobacco in the fight against smuggling. The department will also co-ordinate with authorised agencies to increase patrols and direct localities to urge locals not to work with smugglers. Localities should also boost socio-economic development, creating jobs for locals so they have stable incomes and don’t work with smugglers, he said. Bac from the Department of Drug and Crime Prevention and Control said it was essential to strictly punish smugglers as a warning for others and increase co-operation with authorised agencies of neighbouring countries such as China and Laos. Leaders of localities and relevant agencies should bear legal responsibility if smuggling was found in their areas, he said. Sea grapes bring huge economic benefits Sea grape cultivation model has brought economic sizeale benefits to the central province of Ninh Thuận. Thanks to sea grapes’ easy cultivation and maintenance on otherwise abandoned shrimp ponds, low initial investment and especially high value exports, many households have overcome poverty. Six households in Ninh Hải District are piloting cultivation of sea grapes on a total area of 15ha, with encouraging initial results. The most successful model among these households is of Trần Hùng, a resident of Khánh Hải Town. With just 4ha of area to cultivate sea grapes, on average, he collects some 60kg, which he can sell at markets for VNĐ50,000 (US$2.2) per kg. Annually, he can make a profit upwards of VNĐ1 billion ($44,770). According to Nguyễn Văn Thạch, from the economic and planning department of Khánh Hải Town, sea grapes can be planted right on the seabed, the pond’s bottom or in "net bags" floating in the ocean, which is economically efficient, especially in areas that do not witness frequent storms or strong winds. Some households even cultivate this seaweed in cement pools filled with seawater. Depending on the pond’s area, lining materials, water source, lighting directions, etc., initial investment for an average pond (3000 square metres) stands at some VNĐ50-70 million ($2,200-3130). Ninh Thuận Province possesses ideal conditions to grow sea grapes, Phạm Ngọc Thượng, chairman of Khánh Hải Town People’s Committee, asserted. With its economic benefits and easy care, sea grapes can be a good direction to expand, he said. In addition, sea grapes can improve aquaculture environment quality since they develop quickly, have strong anabolism and high nutrition uptake. They can be grown simultaneously while cultivating shrimps and fish – this intercropping allows two to three times higher income compared with shrimp or fish cultivation alone. Sea grapes are a highly nutritious plant that can be used as a substitute for green vegetables. Sea grapes contain high quantities of protein and minerals, such as calcium, magnesium, potassium and sodium, as well as iodine, iron and vitamin A, which help prevent malnutrition and anemia. Sea grapes are especially in high demand in markets such as Japan, South Korea, China and Malaysia, making it a promising export. With these advantages, Khánh Hải Town authorities are planning to provide farmers with guidance, consulting and training sessions on cultivation techniques and food safety regulations. Another priority is to find purchase partners to ensure farmers’ output and to develop sea grapes sustainable for people’s livelihoods. Thousand dance for kindness Nearly one thousand youngsters participated in the Dance for Kindness flash mob on Hà Nội’s pedestrian streets on Sunday to celebrate and promote World Kindness Day. The event also calls on people to overcome every circumstance and territorial, cultural and religious border to create a world of trust, belief and love. “Dance for Kindness is held more widely this year. Creating an opportunity for young people to join a flash mob like this is a good way to connect the young and spread the message of kindness,” Đỗ Đức Duẩn, head of the organising team, said. Thousand volunteers joined the flash mob in their orange uniform. The event also drew MC Phan Anh and Miss Việt Nam 2010 Ngọc Hân. “By participating at this event, I want to convey the message that this is what the world needs. It must be a world of kind people and kind acts,” MC Phan Anh said. Besides dancing, an exhibition named "Kindness" was also held, featuring paintings of kids. The proceeds from the sale of the paintings will be donated to the “Warm winter in mountainous areas” fund. Besides Hà Nội, the 2016 Dance for Kindness was also held in central Vinh City, Đà Nẵng and HCM City with the participation of about two thousand volunteers. Dance for Kindness Việt Nam was established in 2014 and run by the youth with the aim of contributing to the community. The flash mob dance is the third of its kind to be held in Việt Nam. Seminar highlights impact of nutrition on early brain development Vinamilk in collaboration with the Vietnam Paediatric Association organized a seminar in Ho Chi Minh City on November 14 to discuss aprogram aimed at improving the brain function and memory of young children. seminar highlights impact of nutrition on early brain development hinh 0 At the seminar, Professor Nguyen Gia Khanh, chair of the Vietnam Paediatric Association underscored the importance of nutrition in children’s brain growth, especially during their first 1,000 days. Dr Thai Thanh Thuy, head of Paediatric Hospital No. 2 Psychiatric Ward, in turn emphasized the importance of paediatric doctors in providing consultancy to mothers with methods to stimulate children’s memory, especially during first 1,000 days. Dr Femke Hannes, a representative from Royal DSM of Switzerland highlighted the role of nutrition, especially DHA, ARA and choline in developing child’s brain. The seminar attracted the participation of more than 300 doctors and nutrition experts both domestic and foreign. Pullman Hotel Hanoi to host France’s Beaujolais Nouveau festival The French Chamber of Commerce and Industry in Vietnam will host the second “Beaujolais Nouveau” red wine festival at the Pullman Hotel in Hanoi on November 17, which is expected to attract more than 400 visitors, reports the Vietnam News Agency. The annual event takes place in France on the third Thursday of November to mark the end of annual grape harvest and the start of red wine production. French Ambassador to Vietnam Bertrand Lortholary said the festival is aimed at introducing French culture and lifestyle, and promoting the friendship between the two countries. Visitors will have a chance to taste special dishes prepared by seven renowned French restaurants in Hanoi, and the unique Beaujolais Nouveau red wine imported from France. Canada introduces culinary specialties to Vietnamese consumers The Canada Embassy in Vietnam last week held a “Savor Canadian Delights” event at the Sheraton Hanoi Hotel as part of a Canadian food branding series to Vietnamese consumers. Canadian products featured at the event included Canadian fresh fish and seafood from both Atlantic and Pacific coasts (lobster, oyster, black cod, snow crab, salmon); beef, pork and canola oil from Alberta; fresh and dried fruits from British Columbia; and wine and beverage from Ontario. For the first time in Vietnam, wild-caught salmon from Canada’s Pacific coast and craft beer were introduced among other fine Canadian products. “From seafood and meat to fruits and beverage, Canada is well positioned to supply quality and healthy food ingredients to Vietnamese consumers,” said Canadian Ambassador to Vietnam Ping Kitnikone in a statement. Agri-food and seafood is an increasingly important component of bilateral trade relations. Canadian export of agri-food and seafood to Vietnam alone totaled C$357 million last year, up by nearly 50%. On the occasion a number of high-end restaurants are highlighting Canadian ingredients in their menu. Sheraton Hanoi Hotel is carrying Canadian lobster and a range of other Canadian seafood in its a la carte menu from November 7 to 18. Le Meridien Saigon Hotel is offering Canadian lobster and craft beer in a buffet dinner menu every Friday and Saturday from November 4 to December 17. Canadian beef can also be found in Yakiniku Buffet package at Golden Gate’s SumoBBQ restaurants in Hanoi and HCMC from December to end-January. Seafood farming needs technological reform Vietnam’s seafood farming sector needs technological reform to achieve faster and more sustainable development, heard a workshop on seafood farming with the participation of representatives from ministries and 28 coastal provinces and cities. Dr. Nguyen Quang Huy, from the Research Institute for Aquaculture I, said seafood farming needs to apply biotechnology and high technology to improve productivity, quality and use technology to improve cages, varieties and farming. Truong Dinh Hoe, Secretary General of the Vietnam Association of Seafood Exporters and Producers (VASEP), said aquaculture, which accounts for about 70 percent of Vietnam’s seafood exports, must ensure quality, especially in hygiene. According to the General Fisheries Department, Vietnam has 244,000 hectares suitable for aquaculture. Since 2010, seafood farming has developed both in terms of area and output. The farming area currently stands at 40,000 hectares with output of 308,000 tonnes, double the output in 2010. Sea fish with an output of over 30,000 tonnes, molluscs at 269,000 tonnes and crustaceans with 8,900 tonnes, are key species in seafood farms in Vietnam. Health insurance discussed in Da Nang Public health insurance was discussed at a recent conference held by the Party Central Committee's Economic Commission and the Vietnam Social Insurance Agency (VSIA) in the central city of Da Nang. The function heard that there were 69.97 million people with health insurance in 2015, representing 76.52 percent of the population. As of June 2016, the figure increased to 72.81 million and 79 percent. Last year, four localities had less than 65 percent of their population covered by health insurance, but by June 2016, only one of these, the Mekong Delta province of Bac Lieu, remained on the list. Currently, treatment expenses of health insurance holders account for between 70 and 90 percent of hospitals’ revenue. The Government is targeting 90 percent of Vietnamese population obtaining health insurance. To realise that goal, improving health insurance policies, medical services and public awareness campaigns are top priorities. A representative from the VSIA said tougher punishment for those who violate the health insurance law is needed. Downtown Hanoi goes blue in response to World Diabetes Day The Sword Lake (Ho Guom) and Ly Thai To Park in the centre of Hanoi capital city were lit up blue on November 13 night in response to the World Diabetes Day, sharing global efforts to enhance public awareness about the disease. The event was jointly held by the Health Ministry, the Hanoi People’s Committee and the Danish Embassy in Vietnam. Statistics show around 3.5 million Vietnamese had diabetes in 2015 and the number is forecast to grow to 6.1 million in 2040, putting a heavy strain on the public health care system and patients’ life quality. A survey of the Health Ministry in 2015 revealed that only 28.9 percent of diabetic patients received treatment at hospitals while 68.9 percent of diabetes sufferers did not know about their conditions. Vo Truong Toan Award honors 20 outstanding teachers in Danang Sai Gon Giai Phong Newspaper, Danang’s Education and Training Department and Prudential Life Insurance Company co-organized a solemn award ceremony of the first Vo Truong Toan Award in Danang city this morning. In this morning award ceremony, the organizers honored 20 outstanding teachers from Danang city’s kindergartens, primary schools, secondary schools, high schools, vocational schools and colleges who have had innovative teaching methods and great contributions for the education sector. Speaking at the ceremony, Deputy Chairman of the Danang People’s Committee Tran Van Mien expressed his pleasure as the Vo Truong Toan Award was launched for the first time in Danang city. Deputy Editor-in-Chief of SGGP Newspaper Pham Van Truong congratulated the award-winning teachers; He sent good health wishes to all teachers on Vietnamese Teachers Day (November 20). Mr. Sanjay Chakrabarty, General Director of Prudential Vietnam Life Insurance Company shared that the company has actively contributed in social activities focusing on sustainable development in the education, health and community donation. On behalf of the city's leaders and the organizers, Chairman of the People’s Committee of Danang city Huynh Duc Tho certificated for the outstanding individuals. The award ceremony took place at the Danang Radio and Television (DRT) and was broadcasted live on the local channel. The annual Vo Truong Toan Award is co-organized by Sai Gon Giai Phong Newspaper and Prudential Vietnam Company to honor outstanding contributions of teachers for Vietnam's education sector. Culture, Sports and Tourism Festival 2016 opens in Kien Giang The 10th Culture, Sports and Tourism Festival of the Khmer ethnic people was opened in Kien Giang province on November 14. The 10th Khmer Culture, Sports and Tourism Festival is one of main events of the 2016 Phu Quoc- Mekong Delta National Tourism Year. The festival comprises many excited activities such as trade fair, exhibitions for Vietnamese best quality products, folk games, football and basketball competitions, photo and exhibits display related to the Khmer ethnic people’s life and others. The Ngo boat race is one of the most attractive activities with the participation of 47 boat race teams. The annual event has been held on October 14th- 15th of the Lunar Calendar, contributing to conserve and prove the national cultural value, meet belief demand of the Khmer ethnic people, and tighten further solidarity between ethnic groups. Ok-Om-Bok was recognized as the National Intangible Heritage by Ministry of Culture, Sports and Tourism that is a pride of the Khmer ethnic people in the southern region in general and in Kien Giang in particular. Festival encourages avant-garde experiments on theatre stage The third International Experimental Theatre Festival opened in Hanoi on November 13, featuring 23 plays put on by Vietnamese and international artists. The plays, selected from some 60 submissions by performers from over 20 countries, will be staged by eight Vietnamese troupes and eight foreign troupes from China, Japan, Singapore, Hungary, Germany, France, Greece and the Philippines. There will be two to three performances a day at the Hanoi Opera House, the Cong Nhan (Workers) and Tuoi Tre (Youth) Theatres, and Dai Nam and Hong Ha Cinemas. Gold and silver medals will be presented to the best plays while the best performers will be honoured at the closing ceremony scheduled for November 19. According to People’s Artist Le Tien Tho, Chairman of the Vietnam Stage Artists Association, the festival offers an opportunity for Vietnamese artists to make exchanges and learn from the experiences of their international colleagues, thus enhancing their knowledge and qualifications. It also aims to encourage avant-garde experiments on the theatre stage while providing theatre goers with high-quality shows, contributing to boosting the development of stage arts among the public. The opening ceremony featured a 90-minute play entitled ‘Duoi Nuoc La Cat’ (Under Sand is Water) by the Army Drama Theatre. Scripted by Nguyen Quang Vinh and directed by People’s Artist Le Hung, the piece tells the story of Nay – a boatwoman - and her daughter Gio, who silently nurture revenge against Lui, who fired her from the storehouse and caused the death of her husband. Co-organised by the Vietnam Stage Artists Association and the Department of Performing Arts under Ministry of Culture, Sport and Tourism, the first and second editions of the festival were successfully held in Vietnam in 2002 and 2006. After a long time of being put on hiatus, the event will be held every three years starting from 2016 under a project approved by the Government. Tale of Kieu stage adaptation makes public debut Vietnamese poet Nguyen Du’s most famous work, The Tale of Kieu, has been adapted into a stage play and performed by actors of the National Drama Theatre. The play was adapted by Nguyen Hieu and directed by the theatre’s deputy director Pham Anh Tu. Although not covering Kieu’s entire life, as the original work is 3,254 verses, the play still retains the legend’s value in portraying a cruel, chaotic and unjust society under dynastic rule some 200 years ago. It was a society where money was in command and the common people, especially women, were brutally suppressed. Nguyen Du’s work is also a beautiful song of love, filial piety, altruism, fidelity and heroism. The adapted play lasts for about two hours with the ending scene depicting Kieu taking her own life by jumping into a river after fifteen years of pain and suffering since selling herself into prostitution in order to get money to bail out her father. The play is a bold experiment of the National Dram Theatre incorporating a combination of songs and dances. Instead of using platforms and stands as used in conventional theatre, director Anh Tu only used lotus flowers as scenery to represent the life of a human from budding to flourishing and withering, and a set of drums to express Kieu’s resentment. In addition, more than 20 songs written by Giang Son bearing consonance with folk music made the play even more captivating. Actress Diem Huong, who plays the role of Kieu, was successful in depicting a Kieu who not only refused to give in to her fate but took up a fierce struggle for her right to live. Da Nang hosts “Dance for Kindness” event An event titled “Dance for Kindness” was held by the Young Connection Club under the Ho Chi Minh Communist Youth Union Central Committee in the central city of Da Nang on November 13 in response to the World Kindness Week 2016. The event, featuring freezmob and flasmob dances and other activities such as signing “kindness to environment” commitments, aimed to encourage people to build a world of kindness, trust, hope and love. Dance for Kindness was part of the global Kind for Kindness events founded in 2012 by Life Vest Inside (LVI), a non-profit organisation based in New York, the US. LVI’s programmes focus on inspiring people to lead lives of kindness. During the annual “Dance for Kindness”, groups from across the globe join together to perform freezemob and flashmob dances. Last year’s event took place in 50 countries around the world with over 12,000 participants. Vietnamese library opens in Vientiane The General Association of Vietnamese in Laos (GAVL) inaugurated a library with nearly 1,000 books in Vientiane on November 12. Speaking at the inauguration ceremony, GAVL Chairman Nguyen Duy Trung said the association has urged individuals and organisations to present books to the library, which will help young generations improve their Vietnamese language skills. Most of books in the library feature Vietnam-Laos ties, and the culture and history of the two nations. The library is open from Monday to Saturday. Currently, nearly 40,000 Vietnamese are living and working in Laos. Belgium funds local governance project The Kingdom of Belgium has committed EUR3 million in non-refundable aid to support local governance in the provinces of Nghe An, Ha Tinh and Kon Tum. According to the Belgian Embassy in Vietnam, the governments of Vietnam and Belgium have recently signed three agreements on projects to provide support for Responsive, Accountable Local Governance (RALG) in Nghe An, Kon Tum and Ha Tinh provinces. Signatories to the agreements were Deputy Minister of Planning and Investment Nguyen The Phuong and Belgian Ambassador to Vietnam Jehanne Roccas. These projects aim to enhance citizen-government engagement as a means of promoting more transparent, accountable and responsive local governance. Exemplary farmers, cooperatives honored The Ministry of Agriculture and Rural Development yesterday in Hanoi held a ceremony to honor outstanding cooperatives and exemplary farmers who have initiatives. 51 outstanding cooperatives selected by departments of agriculture and rural development in provinces were given credit for playing roles as bridges between farmers and enterprises. Moreover, these cooperatives applied advanced technologies in business to get effectiveness, greatly contributed to the government’s rural plan and activities to benefit the community. At the same time, the Ministry also praised 17 farmers who have initiatives to improve equipment and employee technologies in production for high efficiency. Vietnamese Prime Minister Nguyen Xuan Phuc and chairman of the Vietnam Fatherland Front Nguyen Thien Nhan awarded certificates of merit and logo to representatives from cooperatives and farmers . On the same day, in the Presidency Palace, President Tran Dai Quang lauded 68 exemplary farmers and cooperatives that contributed in improving agricultural produce competitiveness. The President stressed that farmers play important role in the country’s sustainable growth and industrialization. Ooc- Om- Bok Festival 2016 opens in Soc Trang The 2016 Ooc- Om- Bok Festival- Ngo boat race with the participant of 49 teams from Mekong Delta provinces was opened in Soc Trang on November 13. The activity is considered as one of annual traditional cultural activities of the Khmer ethnic people and celebrated on October 14th- 15th on the lunar calendar aiming to raise the cultural and spiritual life of the Vietnamese people in general and the Khmer ethnic people in particular. Besides, it is as a favorable opportunity to advertise the Mekong's image, habits and customs, colorful culture, economic and social achievements to domestic and foreign travelers. Earlier, the 2016 Culture and Sport Week was also opened in the province with attractive activities such as floating multi- colorful paper lantern, Khmer clothes performance, trade and economy fair and other. The festival lasts until November 14. Ministry boosts central tourism development The General Department of Tourism under the Ministry of Culture, Sports, and Tourism (MoCST) has issued a plan to restore tourism activities in the four central provinces. The General Department will convene a tourism promotion conference on November 17 in Ha Noi and another on November 18 in HCMC with a view to introducing and connecting travel agents of the two biggest cities and central ones. A program on North Central and Vietnamese tourism will be held from November 22-26 in Bangkok and Udon Thani (Thailand) to lure more visitors to the region. In addition, the General Department will send a team to develop tourism products in the North Central Coast and organize a seminar on tourism development in Thua Thien-Hue from November 28 to December 4. Statistics showed that the four provinces suffered heavily from the environmental maritime incident with thousand of billion of VND loss. Its recovery process is expected to take a long long time. Earlier, the MoCST on June 28 issued Decision 2301/QD-BVHTTDL to support North Central provinces to recover from the environmental maritime incident. SCG grants scholarship to 44 outstanding students SCG has continued to support the educational journey of “SCG Sharing the dream” alumni students, with the second scholarship worth 7 million and gifts each for 44 students who have successfully passed the university entrance exam 2016. The awarding ceremony takes place on November 8 and 10 in Hanoi and Ho Chi Minh City respectively. This year also marks the 10th anniversary of Sharing The Dream Scholarship, with the milestone of almost 4000 scholarships presented to excellent and grateful students in 7 South Eastern provinces and Ha Noi. Mr. PraweenWirotpan, General Director of SCG Vietnam said: “As a conglomerate business in ASEAN focusing on sustainable development, SCG’s principle is to contribute to better environment and community where we operate. We also believe in the value of individual and the education opportunity that can contribute to country development. Therefore, we choose to support Vietnamese young individuals with good potentials by giving them better education opportunities”. Follow this principle, SCG has coordinated with Tuoi Tre newspaper to organize “SCG Sharing The Dream” program, aiming to fly educational dreams of grateful and excellent high school students nationwide. During the past decade, SCG has awarded almost 4,000 scholarships, in addition to organizing the annual summer camp for students who receive scholarships with many useful lessons to help students broaden their knowledge, skills and motivation to pursue their education. Moreover, in order to motivate the spirit and support talented students, SCG offers the second scholarship for “SCG Sharing the dream” alumni who pass the University exam with major in Engineering, Economics, Accounting and Marketing. The scholarship package includes 7 million dong and meaningful gifts such as a set of essential stationary and a book series with valuable lessons for the students to identify their strengths and weaknesses, as well as to boost leadership potentials to fly their dreams further. In 2016, many students from SCG Sharing The Dream program have been enrolled in the prestigious local as well as international universities including University of Staffordshire – United Kingdom, University of Economic HCMC, Foreign Trade University, HCMC National University, National Economics University Hanoi, just to name a few. Pham Dinh Hai (Dinh Quan Commune, Dong Nai Province), student of Petroleum Geology Engineering Faculty, HCMC University of Technology said: “Under difficult circumstances, I had to work long hours after school to help my mother cover the cost of living. Even so, I still did not give up my dream, still tried hard and won many academic achievements as a high school student. “SCG Sharing the dream” scholarship has given me motivation and belief to pursue my dream and my education.” Another outstanding student is Tran Ngoc Phuong Linh (Ho Chi Minh City) – an alumnus that has received support for years from the program, has just won the scholarship at University Staffordshire (United Kingdom) majored in Marketing. Linh shares: “SCG Sharing the dream really helped me a lot to gain the success as today. Although this is not the final destination, I’ve been always trying to pursue the dreams of mine and my family’s.” From the success of Sharing The Dream in Vietnam, this meaningful program has flown thousands of dreams in ASEAN countries such as Indonesia, Myanmar, Philippines, Laos and Thailand. Annually, the program awards more than 5000 scholarships for high school and university students in the region. Besides “SCG Sharing the dream”, SCG also initiates many other meaningful CSR activities such as “SCG Sharing The Dream” playground at Hoang Van Thu Park, “SCG International Internship”, “SCG Young Leaders” and many more to come. VNA/VNS/VOV/SGT/SGGP/TT/TN/Dantri/VNE |
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Article 11
Japanese prefecture keen to boost industry with Vietnam Part of a Japanese company in Vietnam (Photo: VNA) HCM City -Industrial firms from Japan’s Oita prefecture expressed their wish to cooperate with Vietnamese businesses at a seminar to promote Vietnam-Japan trade in HCM City on November 14. Chairman of the Oita Chamber of Commerce and Industry Kiyotaka Himeno said Vietnam is a developing country with many potential free trade deals. Especially, it is a member of the dynamic ASEAN region, which is expected to develop strongly in a foreseeable future. He added that Vietnam boasts an abundant and young workforce but it needs high quality workers. Therefore, Japanese businesses hope to strengthen human resources cooperation. Le Nguyen Duy Oanh, Deputy Director of the Ho Chi Minh City Centre of Supporting Industries Development (CSID) shared that Japanese firms want to seek suppliers and partners to build factories and transfer technology in the fields of metal production and mechanical engineering. At the seminar, the two countries’ businesses exchanged information and studied each other’s demands and supply ability. Japanese firms will pay field trips to some factories in HCM City and study the premises of Hiep Phuoc industrial park. Since the start of the year, the CSID has hosted a number of events to connect Vietnamese business with their partners from Shiga and Tokyo, with the aim of boosting domestic supporting industry.-VNA |
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Article 10
Da Nang reassures public over rumored Son Tra cable car plan  A corner of Son Tra Peninsula is seen from Ban Co Peak in Da Nang City, located in central Vietnam.Tuoi Tre The Da Nang administration has had to reassure angry residents and experts that any plan to build a cable car system on top of a mountain in Son Tra Peninsula, dubbed the Vietnamese city’s lungs, is only “an idea,” rather than an official project. Rumors circulated last week that Da Nang officials had allowed local realty developer Sun Group to build a cable car system on Son Tra Peninsula. The cable car system is rumored to be able to bring tourists from Dai Duong (Ocean) Park to the Ban Co (Chess Table) Peak of Son Tra Mountain, a must-see attraction of the peninsula, facing the East Vietnam Sea. Seven kilometers from the heart of Da Nang, the forest-covered Son Tra Peninsula has become increasingly attractive as a tourist retreat. The forests and mountains of the peninsula offer tourists a pristine seascape away from the hustle and bustle of the city. As building a cable car to the mountain is likely to severely impact the ecosystem of the peninsula, members of the public and experts in Da Nang have expressed their anger at the rumored plan. However, Da Nang chairman Huynh Duc Tho said on Monday that there has yet to be any official ruling regarding a potential Son Tra Mountain cable car. “I can confirm that Da Nang leaders have never discussed building a cable car system,” he said at a meeting with multiple municipal departments and agencies. “The city’s administration has also tasked no developer or investor with studying the feasibility of such a project.”  An aerial view of Son Tra Peninsula. Photo: Tuoi Tre The rumor appears to be based on a recent exchange of documents between the city’s tourism department and its construction counterpart. The construction department said it had received a proposal from one company to build the cable car system in Son Tra, and asked its tourism department for its opinion. In response, the tourism department said it backed the idea, as a cable car system would offer more services to tourists at Ban Co Peak. The two departments shared the idea that the cable car, if built, would run from the foot of Son Tra Mountain, where Dai Duong Park is located, to the Ban Co Peak. Vu Quang Hung, director of the construction department, confirmed at Monday’s meeting that the two departments had exchanged documents on the cable car idea. However, he said this type of exchange is “common practice” between departments before an official report or proposal is made and submitted to the city’s administration. “There is nothing specific about the project yet,” he said. Unnecessary project Tho, the city’s chairman, also said it was normal for departments to discuss an issue with each other. “Only when the city’s leaders start discussing the issue and make specific directives and orders will the issue be considered under official consideration,” he added. The Son Tra Peninsula is surrounded by an arc of beaches popular with tourists such as Tien Sa, Da Den, Bai But and Bai Rang. Visitors to Son Tra Peninsula also have the chance to admire the gorgeous red-shanked douc, which boasts a distinctive coat of five different colors and is considered the ‘queen’ of the primate world. According to experts, the proud primate is native to the Indochina region, but these days can only be observed in their natural habitat in Son Tra.  A group of red-shanked douc on Son Tra Mountain. Photo: Nguyen Truong Sinh The Ban Co Peak, which is 696 meters above sea level, is accessible via several trails from the ground, or a concrete road where visitors can easily scale the mountain via motorbikes or cars. Given that it is not really difficult to reach the Ban Co Peak, the cable car has been deemed unnecessary by many. “The city’s view is that Son Tra is a precious treasure that nature has given to Da Nang, so these green lungs need to be protected,” city chairman Tho said. “The city will be particularly careful and prudent when considering anything relevant to Son Tra Peninsula, with the ultimate goal to ensure the mutual interests of residents.” Later on Monday, a Sun Group representative told Tuoi Tre that the cable car system will “give tourists a new experience and one more way to enjoy the entire peninsula from above.” The representative added that Sun Group acknowledged that every proposal needs to consider feedback from construction and environmental experts before a final conclusion is made.  Tourists take a group photo next to the "God playing chess" statue on Ban Co Peak. Photo: Tuoi Tre TUOI TRE NEWS |
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Article 9
HCM City announces three more Zika cases Ho Chi Minh City detected three new Zika virus infections, raising the total number of infections in the city to 38, announced the municipal Department of Health on November 14.  Two of the latest infections were reported in District 2 and one in Binh Thanh District, said Nguyen Huu Hung, Deputy Director of the department, adding that Zika cases had been recorded in 13 out of 24 districts in the city. Binh Thanh saw the largest number with eight cases, followed by District 2 with six. Hung also said one of five pregnant women with Zika virus in District 12 had recently given birth and the newly-born baby did not suffer from microcephaly. The municipal health sector was monitoring the baby and other Zika-infected pregnant women, he added. According to Nguyen Thi Thu, Vice Chairperson of the municipal People’s Committee, disease prevention work had been substandard in some localities. Localities were urged to continue fighting the disease, implement educational campaigns on disease prevention and call on locals to help prevent the disease. Earlier the same day, Ba Ria-Vung Tau province announced the first Zika case in the province. The male patient had fallen ill after returning from a visit to Ho Chi Minh City two weeks ago. To date, Vietnam has recorded 46 Zika-linked cases, of which 38 cases were in Ho Chi Minh City, two cases in Binh Duong and one each in the provinces of Dak Lak, Phu Yen, Khanh Hoa, Long An, Tra Vinh, Ba Ria-Vung Tau. VNA |
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Article 8
BUSINESS IN BRIEF 15/11 ACFTA brings opportunities, challenges to farms  The zero per cent tax on Chinese agricultural products exported to Viet Nam and ASEAN has increased domestic concerns about market domination, though others are optimistic, seeing competition as an opportunity for Vietnamese agriculture to change and rebound. According to agreements under the ASEAN–China Free Trade Agreement (ACFTA) for the 2016 to 2018 period, thousands of commodities from the ACFTA member countries will enjoy an import tax of zero per cent in Viet Nam if they have certificates of origin that coincide with the industry and trade ministry’s regulations. The ACFTA member countries include China, the Philippines, Thailand, Singapore, Myanmar, Malaysia, Laos, Indonesia, Cambodia, Brunei and Viet Nam. The Vietnamese Government issued Decree 128/2016ND-CP on September 1, 2016 to clarify the implementation of the special preferential import tariff schedule for the ASEAN-China Agreement 2016-18. Accordingly, many products, including vegetables, fruit and food, will be taxed at zero per cent during this period. Statistics from the General Statistic Office showed that China was Viet Nam’s largest importer during the first nine months of this year, with a turnover of US$36 billion. Also, China’s excess of imports over exports was reported to reach $21.3 billion. Meanwhile, Viet Nam imported seafood and vegetables from China valued at US$45.3 million and $146.9 million, respectively, according to Viet Nam’s General Department of Customs. With the import tariff of zero per cent, goods from China and ASEAN members will put pressure on domestic goods, especially agricultural products, as many products from such countries have already flooded the Vietnamese market. A number of Chinese products, which are on the list of enjoying zero per cent tax, have prices that are cheaper than those of local products. Meanwhile, a number of Thailand’s fruits, have high quality, though their prices are more competitive than the Vietnamese fruits. Many economic experts have expressed their concerns that Vietnamese agricultural products may suffer in the domestic market if businesses do not change. Deputy Chairman of Viet Nam Gardening Association Vo Mai told enternews.vn that Chinese products, such as potato, onion, cauliflower, orange, mandarin and grapes, would be in fierce competition with similar Vietnamese products. The same could apply to other Chinese products, such as mangos, jack-fruit, plums, grapes and peaches, which have more opportunities to compete with domestic fruits, said Mai. A representative of a breeding farm in the southern province of Dong Nai said a very large volume of chicken legs and wings from China, were temporarily imported to Viet Nam for re-export, but many batches had not been re-exported but consumed in the domestic market – causing many difficulties for Vietnamese chicken farmers, while affecting local consumers because of their low quality. “With the door-open for free-duty products, Chinese low-price products, such as meat and chicken by-products, will have more of a chance to enter Viet Nam – causing difficulties for local animal breeding,” said the representative. Chairman of Viet Nam Farmers’ Association Lai Xuan Mon said the importing of Chinese fruit to Viet Nam with free duty would bring about both opportunities and challenges to Vietnamese businesses. “The important thing is how to turn such challenges into opportunities,” said Mon. To maintain its market share, it will be necessary to increase the quality of products. Yet the challenge for Vietnamese agricultural products is not small, said Mon. Mon noted that the country’s capacity for quarantine and food safety examinations was still limited, so it must pay attention to tightening the management of imported products from China, noting that they should be checked by the inspection bodies of both countries. Economic expert Pham Chi Lan said that competitive pressures included not only competition on prices, but also quality. It was necessary to provide information to farmers and consumers, because they needed sufficient information about the market and the product quality, including those who take responsibility for ‘dirty’ products appearing in the market. Ha Noi Promotion Days: low price, high quality The Ha Noi Golden Promotion Days, held last weekend, attracted hundreds of thousands of people to Ha Noi seeking to purchase products discounted from 10 to 50 per cent. The Ha Noi Department of Industry and Trade organises the Promotion Month every year, with the aim of boosting consumption and helping businesses draw customers. The highlight of the month is Golden Promotion Days, with the aim of providing Vietnamese consumers with high-quality goods at reasonable prices, as well as helping enterprises promote their products and stimulate consumption during the final months of the year. To protect consumers, as well as the reputation of enterprises, the department sets up groups to check sale points. Many large-scale enterprises and supermarkets, such as Pico, HC, Hapro, Big C, Vinmart, Lan Chi Mart and MediaMart, took part in this event. Dao Duc Quy, head of the marketing department at Lan Chi Mart, told the Vietnam News Agency that the mart deducted a portion of its profits in order to create a deeper promotion for some product groups. The household product group saw the deepest discounts, he added. Also, production companies, trade centers and supermarkets conducted many types of promotions, attracting a large number of consumers coming to shop. Nguyen Van Manh, a customer of MediaMart electronics store, said he bought a washing machine with installment payments with interest rates of zero per cent for six months. “Buying the washing machine on that day meant I saved more than VND1 million (US$45),” he said. Through checking at Golden Sale Locations, businesses participating in the event generally complied with four criteria set by the Ha Noi Department of Industry and Trade, according to Tran Thi Phuong Lan, deputy director of the department. These include spreading information about the Golden Promotion Days; the preparation of products with high quality and clear origins; assurances of no counterfeit and substandard products, and having staff to serve the interests of consumers before and after purchases. Nearly 500 enterprises participated in Ha Noi Promotion Month, offering wide-scale discounts at 1,000 sale locations. Promotional sale locations discounted their products from at least 10 per cent starting November 11 and ending on November 30 in Ha Noi. Promoted product groups include food and beverages; electric products, electronics and computers; household appliances; home furniture; handicrafts; cars and motorbikes; and other consumer products. Vietnam exports to Belgium surge Overseas consignments to Belgium jumped 10.68% to US$1.4 billion for the nine months leading up to October, according to the latest statistics from the General Department of Vietnam Customs. Major exports included industrial, agricultural and manufacturing and processing products. Footwear topped the list at US$588.6 million (up 18.44%), trailed by clothing (US$150.4 million, up 11.8%) and coffee (US$95.4 million, down 0.98%). Around 60% of export products to Belgium obtained growth while 40% saw declines in value. At the high end – computers, electronics and components – enjoyed robust growth of 102.97%, while at the low end rice plummeted 50%. Masan Horizon set to acquire Masan Resources Masan Horizon Corp. (MH), a subsidiary of the Masan Group, is ready to outlay VND2.8 trillion ($126 million) to acquire the remaining shares of Masan Resources (MSR), the owner of the Nui Phao Mining Company. A representative from Masan told VET that the deal will take place between November 11 and December 12. As VET reported previously, the Masan Group announced a plan to acquire all remaining shares in MSR via MH. MH will acquire more than 180 million shares with voting rights, equal to 25.05 per cent of MSR’s charter capital. After the transaction, MH will hold a total of 703.54 million, representing 97.79 per cent of charter capital and 100 per cent of shares. The starting price is VND15,500 ($0.68) per share. Masan plans to borrow $35 million and issue 12 million shares at a price of VND95,000 ($4.2), which if successful will bring in VND1.14 trillion ($51.3 million). It will also issue 12 million individual shares at a price of VND95,000 ($4.2) each to support MH’s move. The Nui Phao project was licensed in 2005 and has significant deposits of tungsten, fluorspar, bismuth and copper, and is the world’s largest tungsten mine outside of China. It covers an area of 9.21 sq km in Dai Tu district, northern Thai Nguyen province. In 2010 MSR acquired the project from Dragon Capital, a Vietnam-focused financial institution, and other stakeholders. The mine began commercial operations in the first quarter of 2014. Prior to Dragon Capital the project was owned by Canada’s Tiberon Minerals Ltd, with a 70 per cent holding. Due to the economic crisis at the time, Tiberon sold the project to Dragon Capital in 2007. Dragon also lacked the capital for the project and was forced to suspend it in 2008. The Ministry of Natural Resources and Environment (MoNRE) is to conduct an inspection of the large Nui Phao mine within 45 days of September 28 after claims of environmental pollution were made. Following complaints from local people about the project's environmental impact, MoNRE has worked with the Thai Nguyen Provincial People’s Committee to prepare a comprehensive inspection plan that covers environmental protection and mineral, water and land resources. The ministry also asked the Nui Phao Mining Company, the project owner, to evaluate the impact of the project on the environment and the lives of local people. Based on the company’s report, the ministry and local authorities will decide whether it is necessary to relocate nearby villages. MSR currently holds 63.4 per cent of the project’s charter capital. In the first quarter of this year MSR reported revenue of VND806 billion ($36.2 million) and a pre-tax loss of more than VND400 million ($18 million). Tungsten accounts for the highest proportion of its revenue, reaching VND450 billion ($20.2 million). In the first nine months of this year MSR’s revenue reached VND2.8 trillion ($126 million) and after-tax profit VND110 billion ($4.95 million), up 53 per cent year-on-year. MSR previously reported mixed business performance for the second quarter, with revenue rising but profit falling. Total revenue of the mining arm of the Masan Group grew 2.5-fold year-on-year to VND939.3 billion ($42.2 million) in the quarter, while net profit was VND58.7 billion ($2.6 million), down 70 per cent. Falling commodity prices are behind the decline in profit, according to MSR. In the first six months it produced 2,756 tons of pure tungsten and mined and processed 3,397 tons of ore. MSR has recently held its first shareholders meeting since being listed on the Unlisted Public Company Market (UPCoM), where leadership positions were changed. NSFC warns of low credit flow to property The National Financial Supervisory Commission (NSFC) has issued a warning about the low levels of credit flowing into the real estate sector, which fell short of targets in 2016 compared to last year and eroded into growth of consumer loans. Real estate credit recorded 12 per cent growth in the third quarter of 2016, much lower than the 28 per cent growth recorded in 2015, while consumer credit increased 40 per cent, with more than half related to the purchase of housing, Mr. Truong Van Phuoc, Deputy Chairman of the NFSC, told the Financial Markets Overview 2016 seminar on November 10. Profits in the entire banking system are estimated at VND120 trillion ($5.45 billion) this year, he added. Banks, however, must set aside VND70 trillion ($3.1 billion) in bad debt provisions, bringing down profit to VND40 trillion ($1.8 billion). “With other expenses taking two-thirds of profits, bad debts remain a heavy burden on banks,” he added. Vietnam’s banking system is expected to handle about VND100 trillion ($4.54 billion) in bad debts this year, with fewer debts moving to the Vietnam Asset Management Company (VAMC) than last year, at about 20 per cent. Banks must handle the remainder through reclaiming debts or selling collateral. The NFSC will also release a Financial Market Overview 2016 report this month. Economic growth was positively supported by funding provided to the economy in 2016, representing 170 per cent of GDP. The stock market rose nearly 20 per cent and market capitalization reached 38 per cent of GDP compared with 32.4 per cent last year. Former Minister of Industry and Trade Truong Dinh Tuyen told the seminar that the saying “bad debts are treated positively” is not accurate because they remain a major problem that limits the ability to cut interest rates. Meanwhile, Mr. Le Duc Thuy, former Governor of the State Bank of Vietnam (SBV), said the manner in which bad debts are handled needs to be reconsidered. “The State budget should not be used to deal with the bad debts of State-owned enterprises or State-owned commercial banks,” he said. The bad debt ratio in Vietnam’s banking system as at June 30 had fallen to 2.58 per cent from 2.78 per cent at the end of May, according to an SBV report released on August 11. Total bad debts handled stood at VND59.71 trillion ($2.7 billion) in the first half, 14.55 per cent lower year-on-year, the SBV reported, based on final figures from the VAMC and financial institutions. VND8.88 trillion ($394.68 million) in bad debts were moved to the VAMC in the first half. Financial institutions used VND7.24 trillion ($324.71 million) in risk provision to handle bad debts. Vietnam currency firmer against hard currencies The Vietnam dong currency has strengthened against strong currencies since the surprise outcome of the U.S. presidential election last week while the local gold price has edged down 4%. In the four days after Republican Donald Trump’s election win, the dong rose 4% against the Japanese yen and nearly 3.5% versus the euro. Meanwhile, banks quoted gold at around VND35.7 million (US$1,594.8) per tael on November 13, a sharp decline from VND37.2 million before Election Day (November 8). A tael equals to 1.2 troy ounces. The foreign exchange market became volatile in tune with global financial market movements, with the yen losing 6.7% against the U.S. dollar in less than 100 hours after the U.S. election and the euro falling 4.5%. The yellow metal also retreated, tumbling from over US$1,300 to US$1,227 an ounce. Before the election, Wall Street experts and investors forecast gold would hit U$1,500 an ounce on the backdrop of the dollar fall if Donald Trump won the White House race. On the contrary, the dollar would be firmer against the currencies of G7 industrialized economies if Hillary Clinton was the winner. The dollar soared while the Dow Jones hit a record high of 18,847 and gold tumbled, breaking the usual pattern that risky assets would dip when a currency gets firmer. In Vietnam, the dong remained stable against the greenback, hovering at VND22,360 to VND22,370 per U.S. dollar. Since early September, the domestic currency has lost a slight 0.13%. The State Bank of Vietnam’s central rate has increased 0.62%, meaning the dollar has appreciated 0.62% versus the dong since early September and 0.76% since early this year. Banks and traders on the informal market have barely revised exchange rates, an indication that dollar supply is ample. Notably, the dong has stabilized against the Chinese yuan. Since early this year, the yuan has dropped 4.6% against the dollar, the biggest fall in nearly 30 years. TWG Tea enters Vietnam market TWG Tea, one of the most luxurious tea brands in the world, last week made its first public appearance in Vietnam by opening a flagship tea salon and boutique on level 2 of the Takashimaya Department Store in the heart of HCMC. Since its inception in 2008, the tea brand has appeared in 55 locations in 16 countries. After its recent entry into major tea producing countries and territories like Japan, China and Taiwan, TWG Tea is now in Vietnam, one of the fastest growing markets for premium quality tea in the region. According to TWG Tea, Vietnam offers an avid existing market of tea drinkers. The new tea salon and boutique offer more than 800 fine harvests and exclusive tea blends, sourced from over 200 tea plantations in 46 tea producing areas from around the world. All of the teas may be enjoyed at TWG Tea Salon or purchased by weight from 50 grams in sachets or in one of the brand’s bespoke tea tins. The tea house is open daily from 9 a.m. to 10 p.m. Corporate governance institute in the making An institute for corporate governance will be established to train managers, set up a manager network and evaluate corporate governance on the stock market. Pham Hong Son, deputy chairman of the State Securities Commission (SSC), spoke about the plan at a corporate governance seminar themed “Mission and evaluation of the board performance” held by the Hanoi Stock Exchange (HNX) in Nha Trang, Khanh Hoa Province last Friday. The roles and responsibilities of board members are increasingly important and heavy in regional countries including Vietnam due to the development of financial markets, said Bordin Unakul, vice president of the Stock Exchange of Thailand. From a legal perspective, lawyer Vu Dung from YKVN Company said board members were first obliged to be honest and diligent, be loyal to the interests of shareholders, disclose any potential conflicts of interest and abide by law. He mentioned the possibility of board members committing criminal offenses if they deliver falsified reports on economic management, deliberately release misleading information, conceal the truth in securities trading or manipulate stock prices. Vu Huu Dien at fund management company Dragon Capital raised a question about wages and bonuses for board members. The establishment of a remuneration committee at public companies is required to make public wage and bonus payments and improve the efficiency of the board. However, such committees are now found at a number of big listed companies. A report on corporate governance of the Asian Development Bank (ADB) says the remuneration mechanisms of Vietnamese firms are still weak. Reportedly, the awareness and adoption of international practices on corporate governance in Vietnam remain limited. Foreign investors have little interest in agriculture Agriculture in the Mekong Delta has attracted little foreign direct investment (FDI) capital despite its growth potential, according to a conference in Can Tho City last Friday. A report of the Vietnam Chamber of Commerce and Industry (VCCI) in Can Tho presented at the conference said the delta is responsible for more than half of Vietnam’s food output, 70% of seafood exports and 90% of outbound rice sales. The delta’s economy has grown steadily and its gross domestic product (GDP) growth has been higher than the country’s average. The delta makes up 41% of agricultural production value and 20% of GDP in Vietnam. However, FDI commitments to the delta are limited. According to the report, FDI approvals in the region reached US$1.67 billion in the first nine months of this year, 10.2% of the country’s total. Of which, agriculture attracted 50 FDI projects worth a combined US$209 million. Speaking to the Daily on the sidelines of the conference on mechanization and modern technology use in agriculture, Vo Hung Dung, director of VCCI in Can Tho, said that in the past agricultural development was based on only land and manual labor, so it was difficult to attract investment in the sector. Dung told the conference that Vietnam’s agriculture holds huge growth potential as consumer demand is rising at home and abroad. The growing middle class and non-farm sector have led demand for processed farm produce to edge up. Such demand by importing countries, especially China, has also increased. Dung said middle-income people require high-quality products, which will put huge pressure on the agriculture sector. Therefore, the application of advanced technology to cultivation, livestock and seafood sectors is a must. This will boost the development of supporting industries such as mechanical engineering, renewable energy and information technology, Dung said, adding the country should grasp opportunities to attract as much FDI capital as possible to fuel agricultural growth in the coming time. Govt says no to policies that affect budget revenues The National Assembly (NA) said in a resolution on the 2017 State budget estimate that the Government should refrain from issuing any policies that would cause State budget revenues to fall. The resolution was passed at a NA session last Friday. Next year, budget revenues are estimated to reach some VND1,212 trillion and budget expenditures VND1,390 trillion while budget deficit is capped at VND178.3 trillion, 3.5% of gross domestic product (GDP). The central State budget deficit will be restricted at 3.38% of GDP and deficits of provincial budgets at 0.12% of GDP. They fall in line with the amended Law on State budget that will go into force in 2017. The NA also allows the Government to borrow to fund budget deficit and pay debt, which would amount to VND340.16 trillion. The Government must strictly observe fiscal policy and the 2017 State budget estimate, tighten inspections, and make budget spending transparent to prevent corruption and wastefulness. Tax collections should be done well while certain fees will be converted into service prices. From next year, revenues from road use fee on autos and maritime security fee will be used to carry our road maintenance and ensure safety at sea. Revenues from the environmental protection fee on fuels will be distributed to the central and provincial budgets in accordance with the law. Notably, all special consumption tax on Nghi Son oil refinery’s fuels will go to the central State budget from 2017 but this will be reviewed in 2018 when the plant comes into stable operation. Some 72% of profit from Vietnamese oil and gas sales and profit from Vietnamese-Russian oil joint venture Vietsovpetro should go to the State budget and the remainder will go to Vietnam National Oil and Gas Group. Revenues from lottery sales in provinces and cities will go to their budgets and all of the sums will be used to fund priority investment projects in areas such as education, training, healthcare, rural development and climate change adaptation. The Government must make ensure bonds with a tenor of over five years will account for at least 70% of total bond sales to meet demand for capital mobilization, debt restructuring, risk management and bond market growth. In 2017, bond sales are set at VND50 trillion which will be used to fund major projects in the medium-term public investment plan. The NA will enhance inspections on the use and payment of debt, especially new and Government-guaranteed loans, to keep outstanding foreign and Government loans at permissible levels. BAOOV wants to join effort to develop nation The Business Association of Overseas Vietnamese (BAOOV) had a meeting last Friday to discuss ways to contribute to developing Vietnam. Phung Kim Vy, chairman of The Cliff Resort, said at the meeting that most overseas Vietnamese who want to explore business opportunities in the country often turn to EuroCham, AmCham, and CanCham for help, instead of BAOOV. Therefore, BAOOV should have specific and practical action plans to serve as a bridge between overseas Vietnamese and the country. Vietnamese-American David Ho said the organization should create chances for Vietnamese business people from around the world to work together, especially through a cooperation project. Regarding upcoming activities of BAOOV, Vietnamese-Canadian Nguyen Thanh My, general director of Rynan AgroFoods Co. and chairman of BAOOV, said the association will call for overseas Vietnamese, especially young people, to attach more to their homeland and make the association more proactive. BAOOV will also urge the domestic business associations to help local enterprises export goods to foreign markets and bring advanced technologies to Vietnam, according to My. BAOOV can establish a group of overseas Vietnamese experts to give advice and services regarding new technologies like big data and smart agriculture to help Vietnam become a smart nation. My proposed the Ministry of Foreign Affairs rename the association as the association of Vietnamese businesspeople and experts in the world. VND95 trillion in bad debt settled Bad debts totaling VND95 trillion (US$4.26 billion) have been settled this year, according to a National Financial Supervisory Commission (NFSC) report. Debts sold to the Vietnam Asset Management Company (VAMC) account for 21% of the total while those handled through risk provisions make up 26.6% and collections from debtors and sales of mortgaged assets 52.4%. According to the report on Vietnam’s financial market released last week, bad debts in the economy remain huge. The average bad debt ratio in the banking system is 2.8% and debt purchases by VAMC account for 4.4% of total outstanding loans. Total assets of financial organizations amount to VND8,400 trillion, up 13% against the end of last year, with banks making up 96%. Money supply is equivalent to 175% of gross domestic product (GDP), a 20% pickup from end-2015, with total outstanding loans accounting for 62.5% and capital from the equity market the remainder. The average annual lending rate is 8.5%, unchanged from December last year, and the deposit rate around 5%, up slightly from 4.5% last December. Foreign currency supply is ample. NFSC chairman Vu Viet Ngoan said the financial system’s capital supply for the economy this year has grown 15.1% compared to last year, and made up 170% of GDP. Local and foreign investors’ confidence has strongly improved. Vietnam’s stock market capitalization has climbed 20% and now is equivalent to 38% of GDP, well above 32.4% in 2015. Indirect investment has edged up 20%. The report said 37.5% of capital supplied for the economy has come from the equity market, lower than over 50% in ASEAN nations. The report said rising public debt and limited resources would be challenges for Vietnam’s economy next year. Besides, the agricultural sector has grown slowly and the economy has depended on the foreign direct investment sector. The restructuring of many sectors has been slow and the financial system has remained reliant on banks. Meanwhile, bad debt hinders the possibility of interest rate cuts. The report emphasized that policy for 2017 will be biased towards the stabilization of the financial system. Turkey imposes AD duty of 72.56% on Vietnam polyester textured yarn The Turkey Ministry of Economy’s General Directorate of Imports has issued the final decision on anti-dumping investigation into polyester textured yarn imported from some countries, including Vietnam. Accordingly, it will impose anti-dumping duties of 34.81% - 72.56% on Vietnam products and 6.88% - 37.69% on Thai products, said the Vietnam Competition Authority (VCA) under the Ministry of Industry and Trade. Earlier in May, Turkey initiated anti-dumping investigations into polyester textured yarn imported from Thailand and Vietnam after Korteks Mensucat Sanayive Tic. A.S lodged a lawsuit. This is not the first time Turkey conducted anti-dumping investigations into Vietnam fibres. It has levied anti-dumping duties on yarn of man-made or synthetic or artificial staple fibres imported from Vietnam, Malaysia, Greece, Pakistan and Thailand. The VCA said the imposition of AD duties will significantly affect Vietnam exports of polyester textured yarn to the market. Vietnam's exports to ASEAN fall in Jan-Oct in worrying sign The formation of the $2.2 trillion ASEAN Economic Community seemed to be no help at all. Vietnam saw a 7% decline in exports to other members of the Association of Southeast Asian Nations, also known as ASEAN, in the first 10 months, Thanh Niennewspaper has reported, citing customs statistics. This trend was different from strong performances seen in other markets: shipments to the U.S. soared by 15%, the E.U. 4%, China 23.9%, and the Republic of Korea 29.1%. Exports from Vietnam to its neighboring countries in the Southeast Asian region, a market of 600 million people, are mostly crude oil, rice and steel, but even these key products are struggling. Vietnam, despite being recognized as one of the world’s largest rice exporters, has become less competitive in Southeast Asia because it has failed to improve the quality of the grain and to build a national brand name, said Pham Thai Binh, a rice exporter in the Mekong Delta city of Can Tho. The country is traditionally more focused on quantity rather than quality, a strategy that has backfired, especially for rice exports, said Bui Huy Son, director of the Trade Promotion Department under the Ministry of Trade and Industry. Vietnamese rice exporters are facing intense competition from Thailand and Myanmar, he added. Local steel makers have also taken a hit as Chinese products have flooded regional markets. In response to anti-dumping measures by the U.S. and the E.U., Chinese steel exporters are shifting to ASEAN countries. Steel exports from China to ASEAN have rivaled those from Vietnam, said Do Duy Thai, chief executive officer of a local steel company. Besides, while ASEAN nations have removed or cut tariffs, major non-tariff barriers remain, said Le Thu Huong, an executive of rubber company Casumina. She suggested that such technical trade barriers have contributed to the drop in Vietnam’s exports to ASEAN neighbors. The ASEAN Economic Community was formally opened at the end of last year after a decade of preparation. But it may take at least several more years before the ambitious project can fulfill the goal of creating a unified regional market with free flows of goods, capital and labor. Vietnam traditional lottery to raise jackpot as computerized rival announces third winner Administrators of the traditional lottery in southern Vietnam will next year raise its prize money amidst stiff competition from a new computerized lottery, which on November 13 announced its third jackpot winner in four months. Twenty-one lottery companies operating in southern Vietnam have announced a joint plan to raise their top prize to VND2 billion (US$89,300), starting on January 1, 2017. The new top prize is a 33-percent increase from the current VND1.5 billion ($67,000), which has been in place since 2011. However, the second and special bonus prizes of the traditional lottery will be reduced by 25 and 50 percent respectively to make up for the increase. Their current values are VND20 million (US$900) and VND100 million (US$4,500) respectively. The remaining runner-up prizes of the traditional lottery will remain the same. The move by the southern lottery companies is seen as an answer to combat the rising popularity of computerized lottery ‘Mega 6/45’, which was introduced in July by state-run company Vietnam Computerized Lottery Co. Ltd. (Vietlott). The ‘Mega 6/45’ jackpot starts at VND12 billion (US$536,000), and is rolled over if no winner is found. The introduction of the computerized lottery has hit traditional lottery companies hard, as one operator in the Mekong Delta region reported a VND4 billion (US$179,080) drop in revenue over the course of a single issuance at the beginning of November. While traditional lottery companies are struggling to maintain their share of the lucrative lottery market, Vietlott found its third ‘Mega 6/45’ jackpot winner on Sunday, their second this month. The lottery’s 51st draw on Sunday evening produced a jackpot combination of 11-23-25-34-36-45 and found a winner, according to an announcement by Vietlott. But the identity of the winner has yet to be determined. Sunday’s jackpot of over VND71 billion (US$3.17 million) had accumulated after five draws without a winner since November 2, when a ticket holder from Dong Nai Province claimed nearly VND65 billion (US$2.9 million) pre-tax in the lottery’s 46th draw. The jackpot for the next ‘Mega 6/45’ draw this Wednesday will be reset to VND12 billion, Vietlott confirmed. Last month, a farmer from the Mekong Delta province of Tra Vinh became ‘Mega 6/45’s’ first jackpot winner, capturing a record VND92 billion ($4.11 million) pre-tax from the 39th draw on October 16. The Vietnamese law requires that a jackpot winner pay a 10% tax. In the face of stiff competition from the computerized lottery, the Southern Lottery Council, whose 21 members have announced plans to increase their jackpot, have filed a formal request to the Ministry of Finance asking for the rectification of violations by Vietlott. According to the request, Vietlott has violated multiple laws and regulations in advertising and issuing its ‘Mega 6/45’ lottery, including the pre-printing of lottery tickets to be sold in a similar manner to traditional lottery tickets, which are printed out in advance. Vietlott is only licensed to sell tickets directly to buyers through machines after the buyers have chosen a combination of six numbers by themselves. Vietlott CEO Tong Quoc Truong responded to the complaint by issuing a letter instructing lottery agents to adhere to state regulations. The computerized lottery ‘Mega 6/45’ was introduced as a result of cooperation between Vietnam’s state-run lottery company Vietlott and an indirect subsidiary of Malaysia-based firm Berjaya Corp Bhd (BCorp), which was granted an 18-year investment license to operate the computerized lottery in the country in January. As the name suggests, buyers of the lottery select any combination of six-numbers between 1 and 45 for VND10,000 (US$0.45). The jackpot combination is randomly selected every Wednesday, Friday, and Sunday at 6:00 pm, and rolled over into the next lottery period should no winner emerge. Apart from the jackpot, bonus prizes of up to VND10 million (US$446) are awarded to those with three, four, or five numbers matching the jackpot combination. Vicem still on the fence about LafargeHolcim State-owned Vietnam Cement Industry Corporation (Vicem), holder of 35% LafargeHolcim Vietnam, is still mum about the possibility of buying out Lafarge Holcim from the joint venture. At the end of 2016, SCCC will finalise the deal with lafargeHolcim to buy its 65 per cent stake in LafargeHolcim Vietnam. As agreed with LafargeHolcim earlier, Vicem has the right to purchase these shares before SCCC. However, Vicem’s next move remains unclear. Talking to VIR, Luong Quang Khai, chairman of the board of members at Vicem, offered no final answer to the question of buying any of the 65%. “We did think about it,” he said. “We are concerned whether the new owner will manage the business well and benefit shareholders if we do not buy the stake.” Established in 1994, Holcim Vietnam currently has a total capital of US$441 million. It currently owns a system of plants with the total capacity of 6 million tonnes (of what?) per year. The company is valued at $890 million and SCCC has offered $580 million for the 65 per cent stake. Vicem currently has a chartered capital of VND13 trillion ($583 million). As it is in the process of equitization, arranging VND12 trillion ($538 million) to buy the stake in LafargeHolcim Vietnam is not easy. Moreover, as Vicem is a state-owned company, it needs to secure approval from related ministries and government agencies. At the moment, the Vietnamese cement market is in a surplus. Vicem has a 36 per cent market share. In 2015 it earned pretax profit of VND2.3 trillion ($103 million). Hanoi to add 5 trade centers to master plan Five trade centers will be added to the plan for wholesale and retail networks in Hanoi by 2020 and vision to 2030 under Decision No. 6239 from the Hanoi People’s Committee. The additions are primarily located in suburban districts. Four are Grade 1 trade centers, with the first being in Kim No commune in Dong Anh district on an area of 3 to 5ha. The second is located in Da Ton commune, Gia Lam district on an area of 3 to 5 ha, the third in Dai Mo ward, Nam Tu Liem district on an area of 6ha, and the fourth in Ngoc Hoi commune, Thanh Tri district on an area of 8 to 10 ha. One new addition is a Grade 2 trade center in Yen Nghia ward, Ha Dong district on an area of 2.6ha. There will be 64 trade centers and 32 shopping malls in the city, according to Decision No. 5058 from the Hanoi People’s Committee regarding plans for wholesale and retail by 2020 and vision to 2030. By 2020 Vietnam targets having 1,200-1,500 supermarkets, 180 business centers, and 157 shopping centers, with retail revenue totaling $179 billion. According to the latest figures from the Ministry of Industry and Trade, the country’s retail market in 2015 was estimated at $102 billion. There are now over 700 supermarkets and 132 trade centers, of which 22 are 100 per cent foreign owned. Retail growth is expected to reach 11.9 per cent by 2020 with a retail market size of $179 billion, of which modern retail will account for 45 per cent. Vietnam has continually been among the world’s Top 30 most attractive emerging retail markets since 2008 in the Global Retail Development Index (GRDI) published annually by AT Kearney from the US. Assessing the prosperity of Vietnam’s retail market, market researchers and experts believe it has great prospects and will record high growth in the years to come. A range of factors prove that Vietnam’s retail market will continue to reap high profits, with its 92 million people being a major driver of continued high consumption. Among the 12 common retail models, businesses have the highest expectations in the modern retail model, while the traditional model, including markets and street vendors, are regarded as less promising. General supermarkets and shopping centers are considered to have the most promising outlook and are a strength of foreign retailers. Local market to face integration pressure from ACFTA Chinese goods which have already flooded Vietnamese market for the last many years via cross-border trading and smuggling will continue overflowing local market with lower prices when ASEAN-China Free Trade Agreement (ACFTA) takes effect in 2018. According to the Ministry of Industry and Trade, the Government has issued Decree 128 on preferential import tariff for goods from ASEAN and China to implement the ACFTA in the phase of 2016-2018. Thousands of commodities comprising vegetables, seafood, frozen food and meat originated from China and ASEAN countries including the Philippines, Thailand, Singapore, Myanmar, Malaysia, Laos, Indonesia, Cambodia and Brunei will enjoy 0 percent tax rate. In return, Vietnamese farm produce such as coffee, tea and seafood will see tax exemption when being exported to these markets. The Industry and Trade Ministry said that Vietnam will abolish 90 percent tax lines by the end of 2018 to implement commitments under the ACFTA. The remaining tax lines will reduce to 5-50 percent by 2020. Experts forecast the FTA will put a heavy pressure on Vietnamese businesses who will cope with a huge volume of low cost goods flowing into the country. The most effected field will be farm produce. Chinese fruits have already overflowed Vietnam via cross-border trading, says head of the Lang Son province Customs Department Hoang Khanh Hoa. The FTA will remove the current tariff rate of 15 percent on hundreds of Chinese goods granted with certificate of origin by the Ministry of Industry and Trade. Deputy Minister of Agriculture and Rural Development Vu Van Tam said that tariff abolishment was an obligatory requirement for international integration. Mr. Hoang Trung, head of the Plant Protection Department under the Ministry of Agriculture and Rural Development, reported that Vietnam spent close to US$500 million on importing pesticides a year on average for the last five years, 50 percent of the import volume came from China. According to the General Statistics Office of Vietnam, China was still the largest import market of Vietnam during the first nine months this year with the total turnover of US$36 billion and trade deficit of $21.3 billion. The most imported items include cloth with $3.93 billion; garment, textile, footwear and leather materials $1.38 billion; computers, electronic items and components $4.1 billion; machines-equipment-devices $6.5 billion and steel $3.2 billion. In addition, seafood import turnover hit $45.3 million and vegetables and fruits touched $146.9 million. 400 enterprises to join Vietnam Foodexpo 2016 Vietnam Foodexpo 2016 is scheduled to take place at Saigon Exhibition and Convention Center (SECC) in Ho Chi Minh City on November 16- 19. Around 400 domestic and foreign enterprises from 30 provinces and cities in the country and 15 countries and territories such as Italia, Poland, South of Korea, Hungary, Egypt, Netherlands, Cuba, Malaysia, New Zealand, Japan, Palestine, Singapore, Thailand, China and the United Arab Emirates have (UAE) registered to participate in the exhibition. Nearly 550 booths will be on display comprising fresh vegetable, desiccated, processed and frozen food and beverage food such as seafood, beer, wine, fruit juice, tea, coffee and other products. The third conference on Food Vietnam and seminar on Vietnam Food-Processing-Industry Trade and Investment Promotion will also take place within the exhibition framework. This is Vietnam’s large- scale trade promotion event. VN plans to cut down eight percent of exhausted gas The 22nd Conference of Parties (COP22) is taking place in Morocco from November 7- 18 with the participation of 195 countries and territories across over the world. At the event, Vietnam and the parties have focused on implementation negotiations on the Paris agreement, and called on all parties to raise awareness of climate change. The 11 days event has planned to focus on technological issues, preparation for the Paris agreement, and strengthening technology transfer and ability for the developing countries. Vietnam is one of the countries prepared a detailed action plan to successfully adopt the climate change agreement by 2030. As if plan, the country must cut down eight percent of exhausted gas if it receives donation from international community. Japanese prefecture keen to boost industry with Vietnam Industrial firms from Japan’s Oita prefecture expressed their wish to cooperate with Vietnamese businesses at a seminar to promote Vietnam-Japan trade in HCM City on November 14. Chairman of the Oita Chamber of Commerce and Industry Kiyotaka Himeno said Vietnam is a developing country with many potential free trade deals. Especially, it is a member of the dynamic ASEAN region, which is expected to develop strongly in a foreseeable future. He added that Vietnam boasts an abundant and young workforce but it needs high quality workers. Therefore, Japanese businesses hope to strengthen human resources cooperation. Le Nguyen Duy Oanh, Deputy Director of the Ho Chi Minh City Centre of Supporting Industries Development (CSID) shared that Japanese firms want to seek suppliers and partners to build factories and transfer technology in the fields of metal production and mechanical engineering. At the seminar, the two countries’ businesses exchanged information and studied each other’s demands and supply ability. Japanese firms will pay field trips to some factories in HCM City and study the premises of Hiep Phuoc industrial park. Since the start of the year, the CSID has hosted a number of events to connect Vietnamese business with their partners from Shiga and Tokyo, with the aim of boosting domestic supporting industry. HCM City bolsters cooperation with Canada’s Toronto Authorities of Ho Chi Minh City and the Canadian city of Toronto are determined to intensify substantial and effective cooperation. The statement was made during a meeting between Vice Chairman of the HCM City People’s Committee Tran Vinh Tuyen and Vice Mayor of Toronto Denzil Minnan Wong in HCM City on November 14. Vice Chairman Tuyen affirmed that HCM City wants to cooperate with Toronto’s authorities and businesses in the fields of its concern such as environmental pollution, flooding and traffic congestion. He also stressed that the cooperation between the two cities’ authorities will offer opportunities for businesses of both sides. HCM City is willing to create favourable conditions for Toronto firms’ operation and investment in the city, especially those applied advanced technology. For his part, Vice Mayor Denzil Minnan Wong expressed his impression with HCM City’s strong development, saying that similarities on challenges in urban development will be a chance for cooperation between two cities, especially in addressing environmental pollution, preventing flooding and managing water resources. Sharing its strength in the financial service, he affirmed Toronto’s authorities and businesses are willing to cooperate and share experience about the building of a financial centre with HCM City. The two officials also agreed to direct relevant agencies to discuss further for the signing and implementation of agreements on cooperation in various fields like education, start-up support, technology innovation and cultural exchange activities. Italian region to promote investment in Binh Duong province The southern province of Binh Duong on November 14 signed a cooperation MoU with the trade association of Italy’s Emilia-Romagna region and the Italy-Vietnam trade association. Under the MoU, the sides will work together to promote trade and investment ties between Vietnamese and Italian enterprises. Italian enterprises will receive help to invest in the Vietnamese province and Binh Duong’s enterprises will be assisted to promote its products in the Italian market. The MoU will also facilitate Italian enterprises’ trips to Binh Duong to explore business opportunities as well as joint research and experience sharing between Italian localities and Binh Duong. Mai Hung Dung, Vice Chairman of the Binh Duong People’s Committee, said the province has attracted 2,800 foreign-invested enterprises with a combined capital of 25.3 billion USD but investment from Italy only makes up a small portion of the amount. On behalf of the Italian business delegation, Chairman of the Italy-Vietnam Chamber of Commerce Fulvio Albano expressed his hope that thanks to the MoU, the Emilia-Romagna region will serve as a window for Italian investors and enterprises to understand more about Binh Duong. He hopes that the MoU will boost economic exchanges between Italy in general and the Emilia-Romagna region in particular and Binh Duong. On the occasion, delegates of the Emilia-Romagna Trade Association, the Italy-Vietnam Trade Association and enterprises from Torino city participated in a conference on smart city in the southern province. Vietnam attends international trade fair in India Vietnam is participating in the 36th India International Trade Fair (IITF), which opened in New Delhi on November 14. The annual event, themed “Digital India”, is held by the India Trade Promotion Organisation (ITPO). More than 150 companies from 27 countries are selling products in the fields of apparel, fine arts and handicrafts, health, banking, food processing, telecommunication, home decoration, toys and consumer goods at nearly 7,000 pavilions. Vietnam has three booths, mainly displaying traditional fine arts and handicrafts. Especially, two Vietnamese artisans have been invited by the Indian Ministry of Commerce and Industry and Ministry of Textiles to show off their skills and share experience at the fair. Bui Trung Thuong, First Secretary and Chief Representative of the Vietnam Trade Office in India, said the fair creates a good chance for Vietnamese businesses to popularise their brand names to international friends. The event, which runs until November 27, is expected to draw 2 million visitors. Vietnam, Russia deepen economic partnership Deputy Prime Minister Trinh Dinh Dung and First Deputy Prime Minister of Russia Igor Shuvalov have discussed measures to boost economic-trade cooperation between Vietnam and Russia during their recent talks in Moscow. Dung said Vietnam always considers Russia a strategic priority in its foreign policy, adding that the Southeast Asian country vows to spare no efforts to nurture the traditional friendship and develop the comprehensive strategic partnership with Russia. Regarding cooperation in energy, businesses of the two countries are actively cooperating in expanding oil and gas exploration and exploitation on the continental shelf of Vietnam and in Russia. The two sides agreed to help enterprises improve their joint ventures’ operational efficiency, and explore investment collaboration in new projects. They hailed the positive development in bilateral trade, which increased by 23 percent in the first nine months of 2016. Both government officials propose Vietnam and Russia optimise opportunities from the free trade agreement between Vietnam and the Eurasian Economic Union (EAEU), which came into force in October 2016, as well as facilitate the entry of goods to the respective countries in order to realise the two-way trade target of 10 billion USD by 2020. They were unanimous to implement effectively high-level agreements and outcomes reached at the 19th session of the Vietnam-Russia Intergovernmental Committee for Economic-Commercial and Scientific-Technological Cooperation. The pair also put forth measures to carry out priority projects in the fields of industry, automobile production, science-technology, and education-training. After wrapping up the November 13-14 working visit to Russia, Deputy PM Trinh Dinh Dung is scheduled to tour Japan from November 15-16. Oita firms seek opportunities in HCM City A series of co-operation opportunities have been offered to dozens of enterprises from HCM City and Japan’s Oita City. Over two days starting yesterday, a delegation of some 20 companies from Oita has been meeting with many Vietnamese companies to introduce their strengths and potential as well as to seek investment opportunities in the country. This is the first time that Oita’s companies have visited HCM City, opening many co-operation opportunities between the two countries as well the two cities of HCM City and Oita, according to Le Nguyen Duy Oanh, Vice Director of the HCM City Department of Industry and Trade’s Centre of Supporting Industries Development. Oanh added that companies from Oita City are strong in mechanic, steel, and manufacturing industries. Tourism and human resource training are also strong, so that Vietnamese companies in general, and those from HCM City in particular, would do well to widen co-operation with them. According to Oanh, during two days working in HCM City, the delegation will visit industrial zones in the city as well as meet Japanese companies who are operating in the city to study the situation on the ground. Kiyotaka Himeno, Chairman of Oita Prefectural Organisation for Industry Creation said they see huge potential in HCM City, and Viet Nam as a whole, that matches Oita’s businesses. After the visit, his organization will commit to a plan of co-operation with Viet Nam. Oita is a coastal prefecture on Japan’s Kyushu Island. It has a population of 1.16 million on a total area of over 6,300sq.km. Oita prefecture has a well balanced combination of companies with state-of-the-art technology in steel, chemicals, shipbuilding, automobile, semiconductor, and precision equipment. Big companies operating in Oita include Nippo steel and Sumitomo Metal Corporation; Mitsui Engineering and Shipbuilding Company Ldt, Toshiba, Oita Canon Inc, JX Nippon Oil and Energy Corporation, and Daihatsu Motor Kyushu Company Ltd. VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VET/VIR |
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