VIETNAM NEWS HEADLINES MARCH 12

15:54

Two consecutive earthquakes happen in Quang Nam

The central province of Quang Nam faced two consecutive earthquakes within 20 minutes early this morning, March 11.

According to the Earthquake and Tsunami Warning Centre, the earthquakes occurred in the mountainous district of Bac Tra My.

The first one measuring 2.9 on the Richter Scale happened at around 1:48 am at a depth of 8.3 kilometres, while the other at around 2:07 am had a depth of 8.2 kilometres.

Local residents could feel the shakes for a few seconds.

These have been the first earthquakes in Bac Tra My so far this year.

The locality has previously witnessed many earthquakes of differing severity.

Former deputy health minister detained

The Ministry of Public Security has detained former Deputy Minister of Health Cao Minh Quang for his alleged involvement in irregularities in the purchase of materials to produce Tamiflu and Oseltamivir phosphate, antivirals of the H5N1 avian influenza virus, from Cuu Long Pharmaceutical JSC in 2006.

Lieutenant General To An Xo, chief of the ministry’s office, said today, March 11, that the ministry had filed charges against Quang since he showed no sense of responsibility, which caused serious consequences.

The ministry’s investigators also launched criminal proceedings against Duong Huy Lieu and Nguyen Nam Lien, former heads of the Department of Planning and Finance under the Ministry of Health, for the same charges.

Preliminary investigation results showed that the accused had failed to check and discover that Cuu Long Pharmaceutical JSC had yet to pay US$3.8 million to the supplier of the materials. The money was a result of the reduction in prices of materials, originating from the State budget. The firm kept the money for its own use rather than returning it to the Ministry of Health, causing losses to the State.

Relating to the case, investigators had earlier arrested Luong Van Hoa, former general director of Cuu Long Pharmaceutical JSC, and Nguyen Van Thanh Hai, former chief accountant of the firm.

Ministries earmark 70 percent of budget for climate change adaptation

Vietnamese ministries allocate more than 70 percent of their budgets to climate change adaptation, heard a launch workshop regarding climate public expenditure and investment review (CPEIR) of Vietnam on March 11.

The CPEIR report, jointly conducted by six ministries, together with 28 provinces and Can Tho city, indicated that the figure exceeds 90 percent in the localities, meeting the Government’s priorities in public expenditure in the 2016-2020 period.

The Ministry of Agriculture and Rural Development and the Ministry of Transport held a lion’s share of 80 percent of the total budget, with spending on major infrastructure projects of irrigation and transport.

The report aimed to give recommendations on budget planning for climate change adaptation and propose keeping watch on the use of the State and localities’ budgets to ensure consistency between priorities and policies.

Outcomes of the report will be helpful in bolstering climate change adaptation of the public financial management system and facilitating ministries and localities’ climate interventions, Deputy Minister of Planning and Investment Nguyen Thi Bich Ngoc underlined.

HCM City bolsters efficiency of work on overseas Vietnamese in new context

Ho Chi Minh City’s Committee for Overseas Vietnamese Affairs is to step up dissemination to raise awareness of policies and regulations of the Party and State, contributing to upholding great national solidarity and patriotism of Vietnamese people at home and abroad.

During a conference to launch its orientations and tasks this year held on March 11, head of the committee Phung Cong Dung affirmed that the Vietnamese community abroad is an inseparable part of the nation, adding that HCM City has hosted various events for the OVs and took note of their recommendations for the southern hub’s development.

The committee plays an important role in external affairs work and foreign investment attraction, he underlined.

In 2022, it is set to hold some 15 events on activities of the OVs in combination with socio-economic recovery and development, as well as measures to raise efficiency of the work in the new context.

Vietnam logs 169,114 COVID-19 infections on March 11

An additional 169,114 COVID-19 infections were confirmed in Vietnam on March 11, the Ministry of Health said.

A further 71 COVID-19 related deaths were also announced.

The country’s COVID-19 caseload since the start of the pandemic now stands at 5,448,935. In the last week, the country has reported an average of 153,998 new infections daily.

Among the new cases, 24 were imported and the rest is domestic infections. A total of 112,937 of the transmissions were detected in the community.

The total number of COVID-related fatalities in Vietnam is now 41,228, about 0.8 percent of all infections.

According to the Ministry of Health, 3,990 patients nationwide are in serious condition, with 317 requiring invasive ventilation and three on life support.

Preparations made for flight from Romania bringing Vietnamese home

Vietnam's representative agencies and associations of Vietnamese in Romania are making efforts to prepare for a March 12 flight bringing citizens who had to flee from Ukraine home, the Embassy of Vietnam in the country has announced.

This will be the second repatriation flight bringing Vietnamese people home from Bucharest.

The VN68 flight is to depart from Bucharest’s Henri Coandă international airport at 5:20pm on March 12 and land at Hanoi’s Noi Bai airport at 4:40am on March 13 (local time). It is projected to carry 276 passengers.

Vietnamese Ambassador to Romania Dang Tran Phong said passengers include under-12 children accompanied by adults, elderly people, pregnant women, persons with illness, students, and people in disadvantaged circumstances.

In addition, the embassy and the Vietnamese community in Bucharest are assisting more than 600 compatriots with procedures and accommodations while waiting for upcoming flights to Vietnam.

Repatriation flights must be conducted in line with regulations: Deputy PM

Permanent Deputy Prime Minister Pham Binh Minh has assigned the Ministry of Transport to coordinate the Ministry of Foreign Affairs (MoFA) and relevant agencies to quickly arrange flights funded by businesses to bring home Vietnamese citizens from Ukraine.

The Ministry of Finance was also asked to join hands with the MoFA, the Ministry of Public Security and agencies in the implementation of the Deputy PM’s document on the conduct of such repatriation flights, issued on March 9.

Any matter that comes beyond their power should be reported to the Prime Minister, according to the March 11 document.

Those who want to go home can continue to register for flights at https://docs.google.com/forms/d/e/1FAIpQLSdQqfqeq3QTxl8CKLqbAwkQnOpHiRu8wj8hiN2lqhnqp4j-OA/viewform

To receive assistance in case of need, Vietnamese people in Ukraine and its neighbouring countries can contact the following phone numbers and emails:

Ministry of Foreign Affairs: 84-965411118, 84-981848484; Email: baohocongdan@gmail.com

Vietnamese Embassy in Ukraine: 380 (63) 8638999

Vietnamese Embassy in Russia: 79916821617

Vietnamese Embassy in Poland: 0048782257359

Vietnamese Embassy in Romania: 0040744645037

Vietnamese Embassy in Slovakia; 421 2 5245 1263, 421 915 044 329, 421 915 419 568

Vietnamese Embassy in Hungary: 36 308 385 699.

Vietnam supports reforms to make UN stronger, more effective

Vietnam strongly supports upgrading the United Nations into a stronger and more effective organisation that can fulfill its vital role of meeting the interests and concerns of member states and the international community, said Nguyen Phuong Tra, Deputy Permanent Representative of Vietnam to the UN, on March 10.

The official made the statement during the UN General Assembly’s fifth consultation on “Our Common Agenda” themed “Enhancing International Cooperation”.

This process should be open, based on wide consultations, and led by member states. Therefore, there should be a better mechanism for improving inputs of the UN, including its bodies and agencies, Tra suggested.

The diplomat added success of the UN also depends on the improvement of the institutions and working methods, stressing that meaningful reform should ensure widest possible participation from a variety of actors while maintain the inter-governmental nature of the organization.

Soldiers’ remains repatriation team in An Giang honoured

K93 team of the Military High Command of An Giang received the third-class Feat of Arms Order by the President during a ceremony held in the Mekong Delta province on March 11.

The award is to honour the team’s contributions to the search and repatriation of remains of Vietnamese volunteer soldiers and experts who laid down their lives in Cambodia.

Since its establishment in November 2000, officers and soldiers of the team have searched for and repatriated more than 3,200 martyr remains.

Quang Tri launches peace symbol design contest

Authorities and the youth union in the central province of Quang Tri on March 11 launched a sculpture design contest for a peace symbol to be erected at the local Hien Luong – Ben Hai national special relic site.

The nationwide contest will last until May 31, requiring its entries to be generalisable, artistic, and highly professional, and have positive cultural and humanistic meanings. The entries must be unique and sustainable. The selected work is expected to recreate the image of the national struggle to liberate the South and unify the country.

The province was one of the most heavily bombed areas during the anti-US resistance war. It was also renowned for the fierce 81-day-and-night battle at the ancient Quang Tri Citadel.

13th National Women’s Congress wraps up

The 13th National Women’s Congress for the 2022 - 2027 tenure wrapped up in Hanoi on March 11 morning after three working days.

The congress elected 155 people to the 13th VWU Central Committee, which later convened its first meeting and re-elected Nga as the President and chose four others as vice presidents.

The event approved the basic targets for 2022 - 2027, including helping 33,500 women’s households escape from the poor or near-poor status; helping improve the capacity of 17,000 women who are business owners, cooperative managers, or heads of business households; assisting the establishment of 350 cooperatives with women among their managers; and helping 80 percent of the women and girls who are victims of domestic violence or human trafficking to access at least one social support service.

President of Sierra Leone to visit Vietnam from March 14-20

The President of Sierra Leone, Julius Maada Bio, and his spouse will pay an official visit to Vietnam from March 14 – 20.

The visit will be made at the invitation of President Nguyen Xuan Phuc and his spouse.

Vietnam-Oman football match to welcome 20,000 spectators

Up to 20,000 spectators will be allowed to directly watch the upcoming World Cup qualifier match between Vietnam and Oman at the My Dinh National Stadium in Hanoi, according to a document issued by Hanoi People’s Committee relating to the organisation of the event.

Spectators are required to be fully vaccinated and strictly follow the Ministry of Health’s 5K messages and complete health declaration.

They are recommended to undergo a COVID-19 test before entering the stadium and shouldn't go there if they have any symptoms of coronavirus.

The football match between Vietnam and China is scheduled to kick off at 7pm on March 24.

Vietnam Airlines’ flights to repatriate another 500 Vietnamese from Ukraine

Vietnam Airlines has announced it will conduct two more flights to bring more than 500 Vietnamese people from Ukraine back home on March 13.

As planned, Flight VN58 will pick up evacuees from Warsaw and come back to Hanoi at 4:40 pm on March 13. Meanwhile, Flight VN68 from Bucharest will arrive in the capital at 11 am the same day.

These flights will be conducted under a cooperation agreement signed on March 10 between the national flag carrier and to support the repatriation of Vietnamese people and their family members from war areas in Ukraine. Sun Group will cover the entire cost of the flights and the Vietnam Airlines will offer the most preferential prices.

As scheduled, flights will be operated until the demand is over.

Karate fighters to warm-up for SEA Games at regional tournament

The national karate team will take part in the Southeast Asian championship, a key warm-up tournament to prepare for the Southeast Asian Games in Vietnam in May.

A team of 19 athletes will compete in the event from March 21 to 27 at the Royal University of Phnom Penh, Cambodia.

Seven other countries, Thailand, Laos, Myanmar, Singapore, the Philippines, Malaysia, Brunei and Indonesia, will be represented in the tournament, along with the hosts.

Vath Chamroeun, secretary-general of the National Olympic Committee of Cambodia (NOCC), said it will be one of the major pre-SEA Games events.

The championship will be the biggest and the first international karate-related event in the Kingdom for a number of years.

VN must scale-up budget for climate change adaptation

Việt Nam increased its public expenditure for climate change in 2016-2020, however, more investment is needed to address climate risks and to mobilise more support from international and private sources, according to experts at a workshop held on Friday.

The Ministry of Planning and Investment and the United Nations Development Programme (UNDP) in Việt Nam launched a report on Climate Public Expenditure and Investment Review of Việt Nam at the workshop.

The report reviews the climate change budgets of six ministries and 28 provinces, as well as Cần Thơ City, between 2016-2020.

The majority of climate budgets from ministries and provinces in Việt Nam between 2016 and 2020 was for climate change adaptation, however, it was not sufficient enough to address the climate risks that the country face, according to the report.

The total budget and expenditure of the six ministries, 28 provinces and Cần Thơ City was almost US$6.5 billion, or an average of $1.3 billion per year during 2016-2020, according to the report.

The report shows that adaptation is the dominant expenditure of the climate change budget, representing over 70 per cent of the ministries' climate change budget and over 90 per cent of the provinces.

Minh and My win first prizes in Golf Lexus Challenge 2022

Nguyễn Anh Minh, 15, and Nguyễn Thảo My won the first prizes at the Golf Lexus Challenge 2022 after a four-day tournament, hosted by the Vietnam Golf Association at Tràng An Golf & Country Club.

Trương Chí Quân, who was the runner-up of the Lexus Challenge 2019, won the same title again, while Lê Khánh Hưng, the tournament’s youngest golfer, also received the runner-up prize in the male division.

For the female division, golfer Đoàn Xuân Khuê Minh bagged the runner-up title while amateur golfers Lê Chúc An and Nguyễn Thị Vân Anh took third prizes.

The tournament, which attracted 134 golfers including pro and amateurs, wrapped up late on March 11.

HCM City artist to perform, explain traditional art forms

A new programme in which artists perform and talk about the cải lương (reformed opera) and tuồng (classical drama) has been launched by the HCM City Theatre Association.

The programme Truyền Nghề 2022 (Career Inheritance 2022) will feature veterans like People’s Artist Kim Cương, People’s Artist Ngọc Giàu and Meritorious Artist Thanh Sơn, who have all worked hard to develop Vietnamese theatre.

Young talents from the Sen Việt Theatre, one of the city’s leading private traditional art troupes, will also participate.

The artists will perform famous extracts from cải lương and tuồng plays themed on patriotism and courage.

Vietnamese folk instrumentalists will accompany all performances on the tranh (zither), bầu (monochord) and nguyệt (two-stringed long neck moon flute).

The performances will be supplemented with talks by the artists, and video clips on the history of cải lương will also be screened.

HCM City wharf hosts music and dance street shows

A special programme of Vietnamese music and dance street performances will be held at the Bạch Đằng Wharf Park in HCM City’s District 1.

Called Có Hẹn Với Sài Gòn (Meet in Saigon), the programme will feature young singers, dancers and musicians from art troupes and schools, including the HCM City Music Conservatory.

Each show will be differently themed to “give new experiences to audiences”, organisers said.

The programme’s first 60-minute show featured Vietnamese rock music by artists from the bands UNLOCK and SAIGON WAVE. Singers Tyna Nguyệt Thu and Bella Vu are among the performers.

The total cost of the programme, estimated at VNĐ68 billion (US$2.9 million), will be sourced from the private sector.

The free street shows will be held at 5.30pm every Saturday at the Bạch Đằng Wharf Park on Tôn Đức Thắng Street.

Healthcare support set for central Viet Nam

ExxonMobil has pledged a total of US$60,000 in 2020-21 through VinaCapital Foundation (VCF) to advance its long-term healthcare capability enhancement programmes in the central province.

In a statement on Friday, ExxonMobil said that it contributed $35,000 in response to VCF’s call in its ‘Our Hearts to Central Việt Nam’ campaign to support the relief efforts during the Molave typhoon 2020.

The fund was used to rebuild the completely damaged roof of Trà Cang Commune Health Centre, provide medical emergency packages and fix the water system, rebuild the landslides of the basement in Trà Leng communal health centre, build a new water storage tank, fix the water system and make ditches to solve the drainage problems.

In 2021, ExxonMobil funded $25,000 to VCF’s Survive To Thrive to reduce the infant mortality in Quảng Nam through the provision of 13 pieces of essential neonatal life-saving equipment to two mountainous district hospitals, Nam Giang and Phước Sơn.

Omicron variant dominant in Hanoi: officials

The Department of Health of Hà Nội has announced that Omicron is now the dominant COVID variant in the capital.

Speaking at a meeting of the National Steering Committee for COVID-19 Prevention and Control on Friday, Vũ Cao Cường, deputy director of Hà Nội’s Department of Health, said that gene sequencing results of 109 samples taken from December 4 last year to March 1 showed that 80 per cent were Omicron.

Also, among these Omicron samples, 86 per cent were the BA.2 sub-variant, or the stealth variant.

The BA.2 sublineage is capable of spreading 1.5 times faster than the original Omicron variant BA.1, and can avoid the immune effects of current vaccines by about 30 per cent higher than the original variant. In HCM City, Omicron accounted for 76 per cent of samples sequenced for viral genes.

Hanoi removes fourth subject from high school entrance exam

The Hanoi government has agreed to a plan to administer the high school entrance examination with three tests: maths, literature and a foreign language.

In previous years, another test in a randomly selected subject was also needed but has been scrapped this year as COVID-19 has forced most classes to go online.

The exam is scheduled to take place sometime between June 10-20.

The maths and literature tests will have a duration of 120 minutes while the foreign language test will last 60 minutes in a multiple-choice format.

The test questions mainly cover the knowledge included in the 9th grade curriculum.

According to Hanoi’s education authorities, the exam with only three subjects is designed to reduce the burden on students in line with the guidelines of the Ministry of Education and Training.

A survey of 422 high schools, secondary schools and local education bureaus shows that more than 94% agree to the plan to administer the exam with only three tests.

Reading Culture Ambassador Contest 2022 to promote reading movement

The Reading Culture Ambassador Contest 2022, is expected to be launched in the capital city of Hanoi, both in-person and in livestream forms, from March-April.

Themed “Aspirations for national development”, this year’s contest aims to promote the reading habits and skills among students, thereby inspiring passion and boosting the reading movement among younger generations.

In addition, the contest contributes to affirming the position and great role of Vietnamese culture, especially reading culture, in spreading the knowledge, improving people's intelligence, creativity, fostering personality, arousing patriotism and aspirations for national development.

Park Hang-seo calls up 28 players for clashes against Oman and Japan

On March 10, coach Park Hang-seo named the 28 players to be called up to the Vietnamese national team in preparations for their upcoming Group B clashes against Oman and Japan in the third round of the FIFA World Cup 2022 Asian Qualifiers.

In addition to those who regularly featured and shined in recent matches, Park’s initial list will see the return of several notable players, including goalkeeper Nguyen Tuan Manh and midfielders Nguyen Tuan Anh and Nguyen Hai Huy.

However, some versatile players are still absent due to injuries, such as midfielder Nguyen Trong Hoang and defenders Do Duy Manh and Doan Van Hau.

Continuing the strategy of renewing the team, the Korean coach has given the opportunity to three rookies – goalkeeper Vu Tuyen (Topenland Binh Dinh FC), defender Nguyen Van Vi (Hanoi FC), and defender Schmidt Adriano (Topenland Binh Dinh FC).

Nguyen Van Vi, 24, is known as a fairly versatile player as he can play in many positions such as left-back, left-midfielder and central midfielder. Meanwhile, with good physique and years of experience playing in V.League - Vietnam’s top-tier league, Schmidt Adriano, 28, promises to be a quality addition to the national team’s defensive line.

As planned, Park Hang-seo’s troops will reconvene for training at the Vietnam Youth Football Training Centre on March 14.

More than 4,500 Vietnamese leave Ukraine, more evacuation flights to be arranged

As of 4:00 pm on Friday, more than 4,500 Vietnamese nationals left Ukraine for nearby countries, according to the Ministry of Foreign Affairs.

Among them, 950 people arrived in Romania, 2,800 in Poland, 660 in Hungary, more than 100 in Slovakia, and about 20 in Russia.

Viet Nam sent first two flights to Romania and Poland to bring home more than 550 nationals over the past few days.

The third and the fourth flights are scheduled to depart from Ha Noi on Saturday for Poland's Warsaw and Romania's Bucharest to pick up 559 citizens who made the crossing into the two European countries.

More repatriation flights will be arranged in the coming days to evacuate those who wish to return to Viet Nam.

Source: VNA/SGT/VNS/VOV/VGP/SGGP/Dtinews

Vietnam fully opens the sky, int’l visitors book tours

10:36  

The sky is "open" and the tourism industry will have to be ready with new requirements from visitors. It is a strategy that requires the cooperation of many stakeholders in the industry.

Since other countries in the region have resumed international tourism, Vietnam will face severe competition.

According to experts, re-opening tourism in Vietnam can be divided into two phases. Phase 1: resuming domestic tourism from late 2021 and phase 2: after March 15, fully opening tourism to welcome international guests.

According to the General Statistics Office, in the first two months of 2022, 49,200 international visitors came to Vietnam, up 71.7% over the same period in 2021.

In the central province of Quang Binh – the "kingdom of caves" - Oxalis Adventure, the only organization licensed to conduct an expedition tour to Son Doong cave (the largest cave on the planet) said that Son Doong tours in 2022 are already fully booked.

In mid-January 2022, Oxalis opened a reservation system for Son Doong tours in 2023. Currently, the Son Doong 2023 tour is booked for nearly 15%, mostly by foreign tourists. In addition, other Oxalis tours such as Tu Lan, Hang Va, Hang En, Hang Tien have reached 80% of the booking rate until May 2022.

The sky is "open" and the tourism industry will have to be ready with new requirements from visitors. It is a strategy that requires the cooperation of many stakeholders in the industry.

Vietnam has decided to reopen the country’s borders to international travel on March 15, 2022. Foreign travelers have to present a certificate of full vaccination or recovery from Covid019, and negative test results before boarding. In Vietnam, they must have a negative test result before participating in tourism activities. They don’t have to register for a tour.

VNN

VIETNAM BUSINESS NEWS MARCH 14

15:03

Gov’t approves draft resolution on environmental protection tax on petrol

Under the draft, the Ministry of Finance proposes to cut the tax rates for gasoline by 2,000 VND (0.088 USD) per litre; diesel, fuel oil, and lubricant by 1,000 VND per litre; grease by 1,000 VND per kg; and kerosene by 700 VND per litre.

The ministry recommended that the resolution should take effect from April 1 to December 31, 2022.

With the adjustments, the estimated amount of environmental tax on the products will reduce by over 29 trillion VND (1.26 million USD) per year, leading to a fall in the State budget collection.

Shares to continue downward trend amid Ukraine conflict

Vietnamese shares are forecast to follow a falling price trend amid weak market sentiment this week pressured by uncertainty about the conflict in Ukraine.

The market benchmark VN-Index on the Ho Chi Minh Stock Exchange (HoSE) declined 0.85 per cent to close Friday at 1,466.54 points. The index had declined 2.58 per cent last week.

An average of 896 million shares were traded on the southern exchange during each session last week, worth VND29 trillion (US$1.3 billion).

According to Vietcombank Securities Limited Company (VCBS), the sharp drop in Viet Nam’s stock market last week was also in line with the general trend of stock markets in the world, as it was mainly affected by the Russia-Ukraine conflict.

The liquidity of each session last week and the whole week’s liquidity decreased, showing that the cash flow is still choosing to stay out of sight. In general, the market still witnesses divergence, with stocks benefiting from the escalation of commodity prices on the international market, going against the movement of the general index and large-cap group.

VCBS recommends that investors can take advantage of the downward correction to disburse with a small proportion, in order to gradually accumulate target stocks that are being traded at discounted price ranges for the medium and long-term portfolio.

According to SSI Securities Joint Stock Company (SSI), at the end of last week, the VN-Index broke through the support level of 1,470 points. With the above developments, the VN-Index is likely to continue correcting to the first support zone at 1,445 - 1,450 points and the next strong support zone at 1,425 - 1,400 points.

However, SHS is still optimistic about the market's prospects in the long term as Viet Nam's macroeconomy is still stable compared to other countries in the world.

Prime Minister requests PPP facilitation for Van Phong EZ development

Prime Minister Pham Minh Chinh on March 12 demanded favourable mechanisms be issued to facilitate public - private partnership (PPP) in infrastructure building, so as to boost the development of the Van Phong Economic Zone (EZ).

Established in 2006, the Van Phong EZ is located in Van Ninh district and Ninh Hoa town of central Khanh Hoa province.

It is a multi-sectoral EZ with an international container port, an oil refinery industry, and a point of transit for petroleum and petroleum products playing the key role. It also includes tourism, services, industry, aquaculture, and other economic sectors. Van Phong serves as the economic centre of Khanh Hoa, an investment magnet, and a driving force for economic development in neighbouring areas.

As of 2021, it attracted more than 150 investment projects with registered capital totaling over 4 billion USD, including over 120 domestic projects and 30 foreign ones. Most of the nearly 100 projects already operational are small ones.

Improving business environment, the key to economic growth

Continuing to improve the country’s business environment and viewing it as the "key" to economic recovery and growth in the new normal are strong messages given by organizations and the business community at the recent Vietnam Business Forum (VBF).

Acknowledging the nation’s efforts in improving the local business environment in recent times, Amy Luinstra, acting country director of the International Finance Corporation (IFC), said that despite facing complicated developments relating to the COVID-19 pandemic, Vietnam still recorded remarkable achievements. These can be seen through its improvements of the business environment and the overall competitiveness of enterprises.

Alain Cany, chairman of the European Chamber of Commerce in Vietnam (EuroCham), emphasised that more than 1,200 EuroCham members all gave optimistic signals for the nation’s "new normal", as shown through the business climate index of EuroCham (BCI) which increased from 42 points to 61 points in January.

John Rockhold, chairman of the American Chamber of Commerce in Vietnam (AmCham Vietnam), said the most important factor in creating a favourable business environment, as well as maintaining the supply chain is that the legal environment that must be fair, transparent, and requires innovation.

According to Pham Tan Cong, chairman of the Vietnam Chamber of Commerce and Industry (VCCI), as a means of contributing to realising the goals and effectively implementing the tasks and solutions set out by the Government, the VCCI has proposed that the Government facilitate enterprises’ access to information, policies, and regulations. This can serve as a way of helping them to access capital in order to restore production and business activities.

This is forecast to be an important premise for the Vietnamese economy to recover and make further breakthroughs moving forward.

Vietnam seeks US investment in renewable energy

Energy is among potential fields for investment cooperation between Vietnamese and US firms, with Prime Minister Pham Minh Chinh announcing that Vietnam gives high priority to sustainable energy development to maintain national energy security and reduce greenhouse gas emissions.

At a recent Vietnam-US Business Summit in Hanoi, the VCCI leader said following the orientation, the Vietnam Chamber of Commerce and Industry (VCCI) has introduced its Green Index initiative with support from the United States Agency for International Development (USAID), aiming to promote environmental institutional reform and sustainable investment activities.

Director of the Ministry of Industry and Trade’s Department of Electricity and Renewable Energy Hoang Tien Dung noted Vietnam has set a target that by 2030, renewable electricity will account for 45 percent of the national power generation capacity, reflecting its orientation towards renewable energy.

The implementation of the power source and grid development programme will cost an estimated 14 billion USD, so Vietnam needs the participation of businesses, especially those from the US, in resources and technology sharing.

Ken Haig, Head of Energy and Environment Policy for Asia-Pacific & Japan at Amazon Web Services (AWS), suggested to boost investment attraction in the sector, Vietnam needs a long-term strategy.

Kris Karafa, Chief Operating Officer at Gen X Energy, said the firm is willing and ready to pour capital into wind power projects, particularly offshore ones. Gen X Energy has partnered with Binh Thuan province in many renewable energy projects.

Up to 83.3 percent of FAST500 firms optimistic about 2022 outlook

Some 83.3 percent of the 500 fastest-growing companies in Vietnam (FAST500) are optimistic about the outlook and growth opportunities of the domestic market this year, given that the economy is on course to recover to the pre-pandemic level, according a recent survey conducted by Vietnam Report.

Some 89.2 percent of them are planning to expand business while 86.5 percent said they have contingents of highly-qualified, experienced and disciplined personnel, the survey shows.

About 67.6 percent of the survey companies are confident about their competitive edge as they boast good relations with partners and customers, and high-quality and competitive-priced products.

Around 62.2 percent show changes in their awareness of the strong wave of digital transformation in all areas, and that they must have clear visions and business strategies to catch up with the market trends.

The survey also reveals that FAST500 expects this year, the government will continue stabilising the macro-economy, keeping inflation under control, expanding trade promotion, launching more support packages and accelerating public administrative reforms, so as to facilitate their business activities.

They also hope that government will build a better business environment and help unleash more potential resources to provide momentum for sustainable growth.

Hanoi supports human resources development serving tourism

The Hanoi Department of Tourism will support human resources development to meet tourism recovery requirements in the capital city, according to director of the department Dang Huong Giang.

The issue is considered one of the key tasks of the municipal tourism sector now that local travel agencies are seeking to resume their activities.

Due to the COVID-19 pandemic, many firms had to stop operating. Most of the workers in the industry, especially at travel and transportation businesses, have temporarily quit and changed jobs, causing a sharp decrease in the number of labourers. Over 95 percent of travel businesses and agents have closed or suspended their operations.

For accommodation establishments, about 1,550 establishments temporarily halted their operation or changed occupations, causing nearly 21,500 labourers to lose their job temporarily

FPT Group gains permission to build education complex in Ha Nam

The People’s Committee of Ha Nam province on March 13 handed over an investment registration certificate to FPT Education of the technology service company FPT Group to invest in Nam Cao University Area in Phu Ly city.

Chairman of the provincial People’s Committee Truong Quoc Huy said that an area of 400ha was earmarked at the 1,000-ha Nam Cao University Area to attract investment from universities.

He pledged that local authorities will create the best conditions for the prompt implementation of the project, asking relevant agencies to work with the FPT Group to soon complete administrative procedures.

Construction of the 10-ha FPT UniSchool Ha Nam education complex is set to begin this year and finish one year later.

Upon its completion, the complex is projected to create about 1,000 jobs in Ha Nam and surrounding localities, and welcome up to 10,000 students per year.

Banks cooperate with securities firms for expansion

The strong development of the stock market, with rising retail investors and financial investment demand, has prompted many banks to cooperate with securities firms and fund management companies to add more cross-selling products.

Saigon Commercial Joint Stock Bank (SCB) has just signed a cooperation agreement with Tan Viet Fund Management JSC (TVFM) in the field of providing product services, based on the principle of priority commitment to using each other's products and services, ensuring effective competition in terms of quality and cost.

Meanwhile, TVFM also signed a cooperation agreement with Tan Viet Securities JSC (TVSI) to cross-sell traditional products. In the next stage, the parties will proceed to develop specialised products in line with the business orientations of TVSI, SCB, and TVFM.

Previously, HSBC Viet Nam also confirmed the strategic cooperation relationship with VinaCapital Fund Management SJC in connecting retail investors with VinaCapital's fund certificates. Initially, the cooperation is aimed at supporting HSBC Premier customers, opening up many opportunities for HSBC's customers to access investment products.

In February, SSI Securities Corporation (SSI) also announced that it had successfully signed a loan contract with a limit of VND10 trillion (US$437.1 million) with the Ha Noi branch of Vietinbank.

This is the largest credit line contract of SSI to date with a joint-stock commercial bank in Viet Nam, promising to open up a more comprehensive cooperation direction in the future between the two financial institutions.

Another deal attracting attention recently is the return to the securities sector of VPBank through the acquisition of more than 97 per cent of stakes in ASC Securities Corporation and changed its name to VPBank Securities Company.

MUFG, Mizuho, SMFG, and Grab vying to acquire Home Credit

Japanese financial behemoths and Grab have allegedly shown their appetite to acquire Home Credit in Southeast Asian countries, including Vietnam and India.

The three Japanese megabanks Mitsubishi UFJ Financial Group, Mizuho Financial Group, and Sumitomo Mitsui Financial Group are reportedly among the eligible candidates for Home Credit's assets in Southeast Asia and India, cited Bloomberg.

Furthermore, according to industry insiders, the Southeast Asian ride-hailing and delivery giant Grab has proceeded to the next step of a potential acquisition deal.

Home Credit expects its subsidiaries in Indonesia, Vietnam, the Philippines, and India to be worth between $2 billion and $2.5 billion when they are fully operational.

Freight rates to go up 10-30 percent due to surge in price of petroleum

The Saigon Newport Corporation yesterday said that the continuous rise in petroleum price has led to a surge in the input costs on fuel, freight, loading and unloading at the ports and Inland Container Depot (ICD). Therefore, the unit would be forced to increase the container freight rates from ten to 30 percent over the current price from April 1.

Accordingly, the Saigon Newport Corporation will increase container freight rate by ten percent to the shipping route from Dong Nai Port to Cat Lai Port, and 30 percent to the shipping route from IDC to Saigon Newport.

In the Mien Dong (Eastern) coach station, dozens of transport businesses announced to adjust the fee up by 20 percent from the end of March. The enterprises recorded that the number of passengers recently reduced 50 percent along with the continuous rise in fuel would spell trouble for the business.

Besides, transport businesses at the Mien Tay (Western) coach station will also perform the price adjustment.

A representative of the Ho Chi Minh City Cargo Transport Association said that its transport units will have to increase freight rates in the next few days amid the rise in petroleum prices.

Credit growth in HCMC nearly double national average

The State Bank of Vietnam (SBV) Ho Chi Minh City Branch informed that by the end of February 2022, the total credit balance of city-based credit institutions was estimated at over VND2.93 quadrillion, up 1 percent compared to the end of January and 3.54 percent compared to the end of 2021. This growth shows that HCMC's economy has a quite strong recovery because it is nearly twice as high as the national average.

According to the SBV- HCMC Branch, the above growth rate is reasonable when production and business activities have returned to normalcy after the pandemic is under control. At the same time, policies to support businesses have come into play, bringing positive signals about socio-economic recovery and growth. Priority credit flows have been poured into production and business sectors to support business recovery.

In addition, commercial banks in HCMC also focused on supporting businesses with two main groups, including reducing interest rates and restructuring debts, keeping the debt group unchanged. By early February 2022, outstanding loans that HCMC-based banks supported businesses exceeded VND3.2 quadrillion.

According to the SBV, the credit of the whole industry by the end of February 2022 increased by 1.82 percent compared to the end of 2021, lower than the level of 2.74 percent recorded at the end of January 2022. Thus, the credit balance in February decreased by about VND96 trillion compared to January.

Online tourism fair to advertise attractions of Da Nang, Central region

An online tourism fair, Da Nang FantastiCity 2022 promoting destinations and tourist attractions of Da Nang City and Central region will be held on March 17-23.

Travelers can visit the website at danangfantasticity.com or travelbook.vn/danang to learn about tourist products that will be offered by domestic travel companies and more than 60 others from countries of Japan, South Korea, China, India and Southeast Asian nations at over 150 stalls.

The event will include many activities, such as exhibition of online display booths, connection among businesses, Fantastic Hour promotional program, virtual sightseeing tours and more.

HCMC ready for int’l tourists post-Covid-19

From March 15, 2022, Vietnam allows the tourism industry to reopen for international visitors after two years of lockdown due to Covid-19.

The reopening is carried out in accordance with the direction of the Government and the Prime Minister on “flexibly and safely adapting, effectively keeping Covid-19 under control."

Up to this point, tourist companies in HCMC including travel agencies, hotels, or tourist attractions are prepared to welcome visitors from abroad.

HCMC has inspected and allowed 13 hotels from 3 to 5 stars to open for international guests again. The accommodation sectors have prepared their welcoming scripts and ensured Covid safety for their guests.

HCMC is one of the seven localities across the country allowed to pilot the welcoming of international visitors to Vietnam. Currently, another six hotels, 45 attractions and 10 international tourism businesses have registered for this pilot program.

Vietnam’s power output up 6% in Jan-Feb

Up to 40% of the electricity generation in the two-month period was sourced from EVN.

Vietnam’s electricity output in the first two months of this year rose 6.1% to 39.59 billion kWh.

In February, the volume increased by 14.9% to 18.6 billion kWh, according to the country’s sole power distributor Vietnam Electricity (EVN).

Of the Jan-Feb volume, 43.6% was from coal, the highest portion, followed by hydropower with 27.4%, renewables (16.8%), gas-fired power (11.1%), and 0.8% imported.

As many as 40% of the electricity generation in the two-month period came from EVN.

As estimated by EVN, the power consumed in March will increase largely due to warm weather. Accordingly, the average electricity consumption volume will be 752.8 million kWh/day while the load capacity reached 39,729 megawatts (MW).

Source: VNA/SGT/VNS/VOV/VGP/SGGP/Dtinews

Foreign capital flows into VN logistics sector

17:05

 Foreign investors are pouring capital into Vietnam's logistics market to seize development opportunities after the pandemic.

Foreign-invested businesses generate more revenue in the Vietnamese market because they have more competitive advantages compared to domestic companies. With Vietnam's increasingly important role in the global supply chain, the logistics sector will continue to develop at a faster pace, with many opportunities for foreign investors.

According to the Ministry of Industry and Trade, more than 4,000 logistics companies operate in the country. Statistics of the Vietnam Logistics Association show that in the period from January to September 2021, more than 2,500 logistics companies had to suspend operations due to social distancing, while more than 570 others had to stop operation completely.

Also, customer habits are changing and shifting to e-commerce logistics. The sharp increase in the number of e-commerce businesses is expected to continue in the coming years, leading to an increase in demand for warehousing and delivery services.

Positive outlook

Many foreign investors are pouring capital into the Vietnamese market. Recently, GLP officially announced the establishment of GLP Vietnam Development Partners I with a total investment of 1.1 billion USD. The fund receives commitment from a diverse group of investors from pension funds, national investment funds and insurance companies from Asia, Europe, North America and the Middle East.

An expert said the cash flow from professional corporations into the logistics segment in Asia-Pacific is very strong and especially in South Asia. In particular, Vietnam is considered one of the most attractive markets thanks to its dynamic population, growing economy, and increasing domestic consumption of the middle class.

Similarly, WHA Corporation PCL (Thailand) has announced a plan for a new revenue stream by investing 50 billion baht ($1.51 billion) over the next five years. Of this investment, part of it will be used to expand in Vietnam. Specifically, WHA plans to expand 352 hectares of an industrial park in Nghe An province in the first quarter of 2022. The group expects sales in Thailand and Vietnam to increase by 46 percent this year.

In a recent report, the Organization for Economic Co-operation and Development (OECD) advised Vietnam to liberalize the logistics sector because barriers to entry for foreign investment are the main cause affecting the growth of the domestic logistics companies, leading to higher logistics costs. The OECD has called on Vietnam to gradually relax regulations on foreign ownership ratio (FOL) towards allowing foreign ownership of up to 100% in the medium and long term.

According to experts, the main opportunity for foreign companies to penetrate Vietnam's logistics market comes from the structure of the industry. With mainly small companies and high logistic costs, foreign companies can penetrate the market quickly by taking advantage of superior technologies and efficient processes.

However, foreign investors will also face some challenges. Specifically, an FDI enterprise cannot hold more than 51% of the shares in a local logistics business, and there are also requirements for the infrastructure used such as warehouses and vehicles.

Development prospects

The prospects for Vietnam's economic development will create a strong momentum for the logistics service industry to develop based on the world and Vietnamese economy having a strong recovery supported by economic stimulus policies.

Vietnam is integrating deeply with the world economy, taking advantage of 15 ongoing FTAs, especially CPTTP, EVFTA and RCEP, promoting high import-export growth along with the recovery of foreign investment capital flows. This is an opportunity for logistics service providers to expand their markets and cooperate internationally.

Digital transformation is progressing strongly. Vietnam is one of the countries with the highest e-commerce growth in Southeast Asia, thereby creating conditions for e-logistic development.

"Green" logistics will lead the transformation of supply chains. The priorities in the logistics sector will be concretized by the use of electric vehicles and solar energy, biodegradable packaging, environmentally-friendly warehouses and reduced carbon emissions. Eco-friendly smart supply chain planning will play an important role.

VNN

VIETNAM BUSINESS NEWS MARCH 17

16:04                                    

Ministries given specific tasks to implement socio-economic recovery program

The dispatch, the second issued by the PM to direct the implementation of the programme, clarified the specific responsibilities of ministries, sectors and localities in realising tasks and solutions set in Resolution No.11 of the Government, the National Assembly's Resolution 43/2022/QH15 on fiscal and monetary policies supporting the programme and the PM’s Dispatch No. 126/CD-TTg.

Accordingly, within March, the Ministry of Planning and Investment must submit to the Government and the PM the list of investment projects and capital allocation plans for them in 2022-2023 period and each year until 2023, while promptly building a plan to flexibly adjust the middle-term public investment plan for the 2022-2025 period and the public investment capital for the programme in the 2022-2023 period. It is requested to give guidance to ministries and agencies on bidding activities for major projects.

The Ministry of Transport is requested to coordinate with relevant agencies to effectively conduct measures to speed up the eastern part of the North-South Expressway in the 2021-2025 period.

Meanwhile, the Ministry of Health will work with ministries, agencies and localities to propose the estimated capital for health care activities and projects within the programme for the 2022-2023 period and each year. The proposal must be submitted to the Ministry of Planning and Investment before March 20.

At the same time, the State Bank of Vietnam is asked to submit to the Government a draft decree guiding the implementation of policies on interest support for businesses, cooperatives and business households, along with a decree on preferential credit policies for the national target programme for socio-economic development in ethnic minority-inhabited and mountainous areas.

The Ministry of Finance is assigned to propose a decree on the rescheduling of deadlines for payment of corporate income, personal income, added value, special consumption, and land-use taxes in 2022.

The Ministry of Construction must give advice to the Government and the PM on solutions to remove obstacles related to the management of cost and quality of the eastern section of the North-South Expressway project in the 2021-2025 period.

The Ministry of Natural Resources and Environment is requested to issue guidelines on the special mechanism for mining activities to exploit construction materials for major transport projects under the programme.

The Ministry of Labour, Invalids and Social Affairs will submit a draft decision on support to labourers in housing, while the Ministry of Education and Training is asked to propose a decision on necessary procedures for private education facilities to access soft loans.

NA Chairman orders clear scenarios on fuel price management

National Assembly Chairman Vuong Dinh Hue on March 16 suggested the Government set out clear scenarios to ensure energy safety and security, as well as fuel supply and demand in any circumstances.

He stressed at a hearing session of the NA Standing Committee’s 9th sitting that such scenarios are crucial given ongoing tensions in the world, and the domestic supply crunch.

Hue ordered comprehensive solutions to quickly address obstacles to the operation of Nghi Son Oil Refinery, one of the two major local refineries.

The management of domestic fuel prices should keep up with developments of global prices to ensure harmony of interests of the State, people and businesses, he said.

The NA Chairman suggested the Government review and adjust taxes and fees to contribute to curbing oil and petroleum prices once they continue to surge, saying the petrol price stabilisation fund should be used suitably to support enterprises and people.

He urged the Government to assess and submit the draft resolution on the environmental protection tax rates on petroleum, oil and lubricants to the NA Standing Committee for approval during the second phase of the 9th sitting this month so that the document would come into force in April.

Stringent sanctions needed to prevent cancellation of land lot purchase

Minister of Natural Resources and Environment Tran Hong Ha on March 16 stressed that stringent sanctions are needed to prevent real estate developers from cancelling the purchase after winning the auction by offering record prices.

The minister said land auctions have pushed up land prices, which would lead to negative consequences for the real estate market and affect the entire economy.

He also noted a review on policies to prescribe deposits and assess the financial capacity of participating firms more carefully, saying competent forces, including police, should play a part in land auctions.

Apart from improving auction organisation capacity, it is crucial to consolidate auction methods, he said, emphasising that land matters should be stipulated in only one law, instead of several laws at present.

According to the official, tax tools would help to prevent speculation. Therefore, housing projects for workers and public servants would be built with affordable prices.

Vietnam Airlines flight carries first foreign tourists after Vietnam fully reopens border

A flight of national flag carrier Vietnam Airlines carrying first foreign visitors to Vietnam landed at Tan Son Nhat airport on March 16, a day after the country officially reopened international tourism.

The flight from Singapore carried more than 100 passengers, including 20 foreigners.

Also on the day, a flight of the carrier from Ho Chi Minh City to Singapore was the first one flying Vietnamese passengers abroad in line with the Vaccinated Travel Lane programme of Singapore.

At present, Vietnam Airlines operates 10 flights per week from HCM City and Hanoi to Singapore. It will increase flight frequency to the market from March 27.

The carrier will raise its total flights to 97 per week from late March.

Vietnam calls for unified approach of ASEAN in upgrading ATIGA

Vietnam has proposed that ASEAN countries agree on a pragmatic approach in negotiations to upgrade the ASEAN Trade in Goods Agreement (ATIGA) in order to generate real added value to ASEAN businesses, during the 28th ASEAN Economic Ministers' Retreat that virtually opened on March 16.

Head of the Vietnamese delegation to the event, Deputy Minister of Industry and Trade Tran Quoc Khanh affirmed that Vietnam will continue to work closely with other ASEAN member countries to realise common goals of the ASEAN Economic Community.

The Vietnamese representative also expressed support for initiatives of Cambodia during the ASEAN Chair Year 2022, and emphasised the goal of strengthening and diversifying the supply chain for ASEAN to respond to unforeseen challenges in the future and maintain sustainable economic development.

Participants agreed on annual priorities for 2022 in the economic channel, comprising 151 different contents in terms of trade in goods and in services; investment; facilitating the mobility of skilled labourers and entrepreneurs; competition; consumer protection; intellectual property; e-commerce; micro, small and medium-sized enterprises.

Besides intra-bloc cooperation, participants also focused their discussion on external economic cooperation such as the development of ASEAN's external cooperation strategy with its dialogue partners and partners of potential free trade agreements (FTAs).

Forum explores trade, investment chances between Vietnam, Sierra Leone

A Vietnam - Sierra Leone business forum was organised in Hanoi on March 16 to explore opportunities for boosting bilateral trade and investment ties.

The event was held as part of an official visit to Vietnam by President of Sierra Leone Julius Maada Bio, the first-ever trip by a head of state between the two countries.

Bilateral trade stood at 49.26 million USD in 2020, surging by over 200 percent from 17 million USD in 2018. Vietnam mainly exports cigarettes, computers, textile - garment products, and materials to Sierra Leone while importing timber and wood products from the latter. The African nation is investing in a marketing and human resources management project worth over 33,000 USD in Vietnam.

Sierra Leonean Minister of Trade and Industry Edward Hinga Sandy said his country has been making great strides in boosting investment. It is exporting mainly palm oil at present and plans to switch to timber, wood products, and ore mining in the time ahead.

Chief Minister Jacob Jusu Saffa said Sierra Leone boasts huge untapped potential as well as a healthy and promising investment climate for foreign enterprises. Its government supports and encourages investment, continually make adjustments to have appropriate policies, and issues attractive financial and tax support for businesses, he added.

At the event, participants discussed investment opportunities in agriculture and fisheries of Sierra Leone, cooperation in technology, and measures for bolstering bilateral trade.

HCM City launches innovation, startup contest

Ho Chi Minh City’s innovation and startup competition I-Star 2022 was officially opened for submissions on March 16, lasting through August 31.

According to the municipal Department of Science and Technology, the annual contest aims at building a sustainable startup and innovation ecosystem for breakthroughs to be made serving the southern economic hub’s development.

From its four editions so far, the competition received more than 1,000 entries for its categories of outstanding innovative enterprises; outstanding innovative solutions; outstanding communications works; and contributors of the startup and innovation ecosystem.

Tour operators offer deals as Vietnam eases COVID-19 control measures

Following the Government lifting medical isolation requirements and restoring pre-pandemic visa procedures on March 15, local tour operators have promptly contacted foreign partners, offering them lucrative deals.

Vietnam reopened its border on March 15 to international tourism after months of combating the prolonged COVID-a9 pandemic that has dealt a heavy blow to the tourism sector.

The Government on the same day agreed to restore pre-pandemic visa procedures for both foreign citizens and Vietnamese expatriates wishing to visit the country. As part of the initial easing of restrictions it announced visa exemptions for citizens from Germany, France, Italy, Spain, the UK, Russia, Japan, the Republic of Korea, Denmark, Sweden, Norway, Finland, and Belarus.

The Government also announced the lifting of medical isolation requirements at the place of residence for foreign arrivals. Indeed, only a negative test result is now required before vaccinated visitors board their flight to Vietnam,

Tour operators have breathed a sigh of relief and moved to send bookings to foreign partners, kick-starting the inbound market.

Overtime adjustment to support operations

The National Assembly Standing Committee is set to adopt a draft resolution on the overtime limit at enterprises after carefully considering proposals from the Ministry of Labour, Invalids and Social Affairs last week.

The resolution is considered a part of Vietnam’s effort in supporting the business community to recover operations after the pandemic, along with the government-proposed socioeconomic recovery programme worth nearly $12.5 billion over the next two years, which was approved in late January.

According to the draft resolution waiting for approval, the overtime cap will be adjusted 72 hours instead of the current 40 hours per month while simultaneously applying an overtime framework to 300 hours per year for all sectors, compared to the existing 200 hours. The new policy is planned to be valid by the end of December.

A large volume of enterprises, especially in manufacturing, are expected to be satisfied after waiting for months for a ruling.

According to statistics from the MoLISA, millions of people laid off last year. Notably, the labour force in manufacturing and construction dropped by 254,000 people on-year, while the figure in the service sector dipped by 800,000 people. Many employers have been under strain because of the enormous increase in COVID-19 cases and subsequent isolation periods.

Qualcomm Vietnam Innovation Challenge 2022 offers big prize for startups

Ten startups in promising new technology areas will receive financial benefits of 10,000 USD each from Qualcomm, and be invited for months of technical and business incubation, the semiconductor producer announced on March 16.

They are participants of the Qualcomm Vietnam Innovation Challenge (QVIC) 2022 and have qualified for the next round.

The final is slated for this August and three winning teams will walk home with a total cash prize of 225,000 USD.

In addition to the 10,000 USD of aid, teams will receive consultation from experts of Qualcomm Technologies and support from its R&D lab in Hanoi.

Vietnamese users eligible to open virtual credit cards

The Vietnam International Bank (VIB) has announced the expansion of the card opening ecosystem in the Bizverse World virtual environment, bringing new experience of opening virtual credit cards to Vietnamese users.

Over the past years, VIB has been implementing the strategy on developing an unlimited card opening ecosystem, especially on the digital platform, through cooperation with partners which have sufficient capacities in technology, customers development, creativity and sensitivity to trends. Thereby, the bank has accelerated its comprehensive digital transformation of business operations, towards increasing outstanding efficiency with the maximum support of technology.

With the expansion of the card opening ecosystem in the virtual environment, VIB is the first bank in Viet Nam to participate in the Metaverse. That is a platform in which businesses can easily bring their business models to the virtual environment and maximise their business efficiency.

VN Airlines to increase flights to Singapore next week

National flag carrier Vietnam Airlines is set to increase the flight frequency on the route linking Vietnam and Singapore by 15 per week on March 27, raising its total weekly flights to the latter to 25.

Of the total, 21 flights will operate on the HCMC-Singapore air route, while the remaining four will connect Hanoi City with Singapore.

The carrier is launching 10 weekly flights to Singapore, with seven departing from HCMC. Hanoi City is seeing three flights take off on Mondays, Wednesdays and Fridays.

On March 16, one day after Vietnam fully reopened tourism for local and international services, Vietnam Airlines launched a flight carrying the first foreign tourists to the country from Singapore.

The airline is planning to increase its frequency of weekly international flights to 97 in late March.

In July, the carrier will also restart all air services to China, Indonesia, Japan and South Korea to raise the number of weekly international flights to over 160.

FPT Retail looks to open 300 more Long Chau pharmacies

FPT Digital Retail JSC (FPT Retail, FRT) targeted to earn VND720 billion in before-tax profit and launch 300 more Long Chau-branded pharmacies this year, according to the firm’s latest announcement about its upcoming annual general meeting of shareholders. The meeting is scheduled to take place in HCMC on April 15.

FPT Retail said in the announcement that it is set to obtain VND27 trillion in revenues and VND720 billion in pre-tax profit in 2022, up 20% and 30% year-on-year, respectively.

Besides, the retailer will expand its business scale. By the end of 2022, it will raise the total number of FPT Shops to 717 units and Long Chau pharmacies to 700 units, in addition to launching more services and products.

IPPG seeks nod to upgrade Phu Quoc airport

The Imex Pan Pacific Group (IPPG) has proposed the Transport Ministry allow it to participate in the Phu Quoc International Airport expansion project off the coast of Kien Giang Province.

IPPG wants to invest in the airport’s international terminal, cargo terminal, warehouse, and runway, which need private sector investment, said Johnathan Hanh Nguyen, board chairman of IPPG, reported the local media.

The proposal was made following the Government’s plan to call for private sector investment in some components at the airport on the tourist island of Phu Quoc. The Transport Ministry and the Kien Giang government are adjusting a zoning plan to expand the Phu Quoc airport in the 2021-2030 period, with a vision toward 2050.

Earlier, IPPG was involved in the development of the international terminal of the Cam Ranh airport in the south-central province of Khanh Hoa, with a total investment of nearly VND3.74 trillion. It also proposed the establishment of the IPP Air Cargo Company.

China’s import curb sends cargo backlogs soaring in northern Vietnam

The Chinese government has suspended customs clearance at the border gate pair of Ai Dian in China and Chi Ma in Vietnam, leading to a surge in cargo backlogs in the northern border province of Lang Son.

On March 14, the Chinese side announced a suspension in customs clearance for Vietnam’s imports at the border gate pair after detecting several Covid infections, the management board of the Dong Dang-Lang Son border gate economic zone said today, March 16.

China is set to reopen the border gate on March 17 or 18, the local media reported.

Though the Huu Nghi international border gate in the province has been reopened, the temporary shutdown of the Ai Dian-Chi Ma border gate pair is slowing down the customs clearance of cargo for export.

A mere 25 cargo container trucks were cleared at the province’s border gates on March 14, while 69 others went through the gates to enter Vietnam.

As of March 15, as many as 1,325 container trucks, with 942 of them carrying fruits, had been stuck in the province. Lang Son Province has maintained operations at the Huu Nghi and Tan Thanh border gates. 

SMEs receive support in digital transformation

The Vietnam Association for Software and IT Services (VINASA) has just announced frameworks for digital transformation for Small and Medium Enterprises (SMEs) in 26 fields in commerce, service, and manufacturing.

The digital transformation guideline framework for each field will include five basic parts such as current status and development trends, guidance for digital conversion frame, digital transformation solutions, recommendations of digital skills that need to be trained for personnel.

The set of evaluation criteria and all documents will be publicly and freely released on the website www.dx4sme.vn that SMEs need to know.

In the digital transformation program, Ho Chi Minh City has built the city Support and Consultation Center for Digital Transformation (DXCenter) which was step by step put into operation.

Vietnamese food, drinks introduced in Foodex Japan 2022

The Vietnam Trade Office in Japan organized display booths to introduce Vietnamese food and drinks to international friends and Japanese consumers at the 47th International Food and Beverage Exhibition Foodex Japan 2022.

Ten stalls of five popular importers in the Vietnamese community in Japan brought to the fair a variety of local products, including noodle, frozen and dried fruits, dried salted cashew, sauces and spices, coffee, coconut milk, beer, wine and other drinks.ontribute to strengthening the images of Vietnamese cuisine to international friends.

The 47th International Food and Beverage Exhibition Foodex Japan 2022 was held at Chiba Prefecture (Japan) from March 8-11, with the participation of businesses from dozens of countries and territories.

Delivery of 100 containers of cashew nuts in cashew scam suspended

Regarding the case of about 100 containers of cashew nuts exporting to Italy showing signs of being scammed, on March 16, the Ministry of Industry and Trade informed that it had directed the Commercial Counselor in Italy to go directly to the ports of Genoa and Naples to work with port management units, shipping lines, banks, and local authorities, proposing to suspend delivery to have time to clarify the case.

The Vietnam Trade Office in Italy has supported enterprises to approach lawyers in Italy for advice and carry out necessary legal procedures, helping Vietnamese exporters take control of their shipments. The Vietnam Trade Office in the US has contacted the brokerage company, requesting it to provide information and actively cooperate with Vietnamese enterprises to handle and ensure the legitimate interests of Vietnamese exporters.

The Ministry of Industry and Trade also sent a diplomatic note to the Italian Embassy in Vietnam, requesting coordination with the Vietnamese agencies to handle the case. At the same time, the ministry sent a letter to the Minister of Foreign Affairs and International Cooperation and the Minister of Economy and Finance of Italy, asking them to direct relevant units to coordinate with Vietnamese agencies and the Vietnamese Embassy in Italy to quickly resolve the case, protect the legal rights of Vietnamese businesses, as well as the image and reputation of Italian ones.

Vietnam’s macadamia export to hit $2.5 billion by 2050 

Vietnam strives to reach US$400 million worth of macadamia export in 2030 and $2.5 billion in 2050, with the proportion of macadamia in shell not exceeding 40%.

This is the goal of a project to sustainably develop macadamia cultivation and processing in the 2021-2030 period, with a vision to 2050, approved by Deputy Prime Minister Le Van Thanh on March 15.

Under the project, the output of processed macadamia nuts is expected to reach about 130,000 tons in 2030 and roughly 500,000 tons in 2050.

The size of the growing area is about 130,000-150,000 ha by 2030, mostly in the northwestern region of Vietnam including Dien Bien and Lai Chau provinces and the Central Highlands provinces of Lam Dong, Dak Nong, and Kon Tum.

Based on the evaluation of macadamia farming efficiency in the 2021- 2030 period, the growing area is expected to expand to about 250,000 ha in 2050.

Hanoi to build 2 ICDs in 2022

The construction is part of Hanoi’s efforts to become a major logistics hub of the country and Southeast Asia.

Hanoi plans to build two inland container depots (ICD) in Gia Lam and Hoai Duc districts in 2022.

The move was revealed in the city’s plan No.81/KH-UBND on logistics development in Hanoi, for facilitating trade.

According to the plan, investment in trade and transport infrastructure would hold a key role for Hanoi to soon become a major logistics hub of the country and Southeast Asia.

To achieve this goal, the municipal Department of Industry and Trade is tasked with coordinating with other agencies in drafting the legal framework for logistics activities, including the application of IT in processing administrative procedures for trade, customs, tax, and transportation fields.

In 2020, Hanoi was set to build logistics centers in the form of two ICDs in Co Bi Commune, Gia Lam District, and Duc Thuong Commune, Hoai Duc District, along with the plan for another two in Phu Xuyen District and Soc Son District.

Banks ensure fuel firms have access to more credit

The State Bank of Vietnam (SBV) has issued Document No 1509, asking commercial banks to raise credit limits for a number of fuel firms, particularly those who import extra fuel at the request of the Ministry of Industry and Trade (MoIT).

The list of the firms and the importers can be found on the ministry’s website and in Decision No 242.

SBV said that commercial banks evaluate and grant credit extensions to the above-mentioned firms in accordance with current banking regulations.

In case issues arise during the evaluation and approval process, they have to report on the issues to the Governor of the SBV.

They are also requested to report each month to the Department of Credit for Economic Sectors on any credit granted to the firms.

Additionally, they are urged to step up reforms, simplify internal processes and diversify their banking products to facilitate credit.

Amid a volatile world fuel market, the Prime Minister has called on relevant authorities to look at ways to stabilise domestic fuel supply.

Source: VNA/SGT/VNS/VOV/SGGP/Hanoitimes/VIR

VIETNAM NEWS HEADLINES MARCH 22

15:53               

VN jumps two notches in global happiness ranking

Vietnam has climbed up two spots to 77th in the 2022 World Happiness Report sponsored by the United Nations.

This year, Viet Nam scored 5.411 points, up from the 5.353 it got last year, according to the report - a publication of the United Nations Sustainable Development Solutions Network first launched in 2012.

In Southeast Asia, Viet Nam was ranked fourth after Singapore (32), Thailand (53th) and the Philippines (60) but it was followed by Malaysia (79), Indonesia (80), Cambodia (98), Laos (100), and Myanmar (123). 

Finland continues to be the happiest country in the world this year for the fourth year in a row with an overall score of 7.842, followed by Denmark, Iceland and Switzerland.

Malaysian PM leaves Hanoi, concludes Vietnam visit

Malaysian Prime Minister Dato' Sri Ismail Sabri bin Yaakob and his entourage left Hanoi on March 22, ending their March 20-22 official visit to Vietnam at the invitation of the Vietnamese Prime Minister Pham Minh Chinh.

During his stay, the Malaysian Prime Minister held talks with the Vietnamese Prime Minister and witnessed the exchange of cooperation documents between the two countries.

He paid a courtesy visit to Party General Secretary Nguyen Phu Trong and met with State President Nguyen Xuan Phuc and National Assembly Chairman Vuong Dinh Hue.

Both sides highly appreciated the strong and substantive development of the strategic partnership between Vietnam and Malaysia in recent times.

They affirmed their commitment to deepening political and economic cooperation by promoting and maintaining regular high-level contacts, consolidating existing bilateral cooperation mechanisms, especially Joint Commission on Economic, Scientific and Technological Cooperation (JCM) and Joint Committee on Trade (JTC).

They agreed to continue working closely for the effective implementation of their signed agreements, including the Vietnam – Malaysia Plan of Action for implementation of the Strategic Partnership for 2021 – 2025.

The leaders emphasised the importance of steadily promoting a strong, balanced and sustainable two-way trade striving towards the target of US$18 billion by 2025 with a view to having balanced trade between both countries.

Notably, the two sides agreed to speed up the negotiation of a new bilateral aviation agreement and welcomed the early completion of an agreement on mutual recognition of vaccine certificates.

While staying in Hanoi, the Malaysian Prime Minister also had meetings with some typical Vietnamese businesses, and the Malaysian community in Vietnam.

Both countries issued a joint press statement on Malaysian Prime Minister Dato' Sri Ismail Sabri bin Yaakob’s visit to Vietnam. 

Exhibition honours Vietnamese women, nation and love

Portraits of outstanding Vietnamese women, together with paintings praising the beauty of the country and love, are being displayed at an exhibition in Hanoi.

The exhibition, entitled Phu Nu, Dat Nuoc va Tinh Yeu (Women, Country and Love), aims to honour Vietnamese women with significant contributions to the development of the nation while reinforcing Vietnam’s diplomatic activities and promoting the image of the people and country both domestically and internationally.

The event is jointly held by Fine Arts Advocacy and Cultural Diplomacy, Department of Cultural Affairs and UNESCO under the Ministry of Foreign Affairs and Hoan Kiem district People's Committee, featuring over 60 artworks by 20 female and nine male artists.

The Women, Country and Love exhibition will run until April 20 at the Hoan Kiem Lake Cultural Information Centre, No 2 Le Thai To street, Hoan Kiem district.

Website launched to augment child online protection efforts

The Vietnam Network for Child Online Protection (VN-COP) recently debuted its website, aiming to popularise child online protection skills and knowledge and receive child abuse reports.

The website, vn-cop.vn, was launched by the Authority of Information Security under the Ministry of Information and Communications (MIC).

VN-COP gathers 24 units, including representatives of the MIC, the Ministry of Labour, Invalids and Social Affairs, the Ministry of Public Security, the Ministry of Education and Training, the Ministry of Culture, Sports and Tourism, along with associations, businesses, and domestic and foreign organisations specialised in child online protection.

The website launch is a step to carry out the Prime Minister’s Decision issued on June 1 last year on protecting and assisting children to have healthy and creative interactions on the internet during 2021 - 2025.

Vietnam wins four medals at Asian Kurash Championship

Vietnam won four medals, including one silver and three bronze, at the Asian Kurash Championship, which closed on March 21 in Tajikistan.

Tran Thi Thanh Thuy took the silver in the women's over-87kg class. Her teammates To Thi Trang (women's U48kg), Vu Ngoc Son (men's U73kg) and Bui Minh Quan (men's U81kg) bagged the bronze medals.

The athletes received 10 million VND (438 USD) and 5 million VND each for their silver and bronze, respectively, sponsored by Dinh Le Group.

The Kurash team will fly to Uzbekistan to continue their training until March 30 before returning home to prepare for the 31 Southeast Asian (SEA) Games in May in Hanoi and the 19th Asian Games (ASIAD) in September in Hangzhou, China.

Strengthened medical measures on travelers from Vietnam to affect bilateral partnership

The Republic of Korea (RoK)’s decision to impose stronger COVID-19 control measures on travelers from Vietnam is likely to affect many areas in partnership between the two countries, including labour cooperation, said Ta Thi Thanh Thuy, head of the Labour Management Board under the Vietnamese Embassy in the RoK.

On March 18, the RoK decided to list Vietnam among countries subjected for strengthened medical supervision as part of its measures to prevent the pandemic.

Accordingly, from April 1, travelers from Vietnam, vaccinated against COVID-19 or not, will have to take mandatory seven-day quarantine. Flights from Vietnam to the RoK will be allowed to carry passenger number equivalent to only 60 percent of their capacity.

Hai Phong finalising preparations as SEA Games host of rowing, canoeing

The northern port city of Hai Phong has been promptly finalising preparations as the host city of rowing and canoeing events during the 31st Southeast Asian Games which will kick start in Vietnam in mid-May.

According to the director of the municipal Department of Culture and Sports Tran Thi Hoang Mai, rowing competitions will take place from May 9-14 and canoeing, from May 17-21.

Accommodation facilities are under repair and all sub-projects almost ready to welcome competitors and visitors.

Some 100 volunteers, who are from local universities, have been recruited. They will receive training at the city’s cultural centre in the end of this month.

Disciplinary action proposed for Standing Board of Military Medical University’s Party Committee

The Central Military Commission’s Inspection Committee has decided to propose disciplinary actions be taken against the Standing Board of the Party Committee of the Vietnam Military Medical University in the 2015 - 2020 and 2020 - 2025 tenures, along with 12 officers involved in wrongdoings relevant to the Viet A Technologies JSC.

At its seventh meeting held in Hanoi on March 21, the committee pointed out that the Standing Board of the university’s Party Committee in those tenures had violated the principle of democratic centralism and working regulations, loosened leadership, and lacked sense of responsibility as well as examination and supervision, thus enabling many cadres and Party members, including key leaders of the university, to violate the Party’s rules, the State’s laws, along with regulations of the Central Military Commission and the Ministry of National Defence during the proposal and implementation of a national-level scientific and technological task of developing a COVID-19 test kit and during the procurement of medical supplies and test kits from the Viet A Technologies JSC.

The wrongdoings and shortcomings by the Standing Board of the university’s Party Committee have caused so serious consequences that disciplinary actions must be considered, the Inspection Committee said, agreeing to propose disciplinary measures be taken against this Standing Board and the 12 involved officers.

Vietnam active at 144th IPU Assembly, related meetings

A delegation of the National Assembly (NA) headed by Chairman of its Committee for External Relations Vu Hai Ha has joined the forums of young and women parliamentarians as part of the 144th General Assembly of the Inter-Parliamentary Union (IPU-144) and related meetings in Bali, Indonesia.

On March 20, the delegation attended the Forum of Women Parliamentarians, sharing the experience of IT application in online education during the period of COVID-19. In two years of the pandemic, Vietnam's online learning rate has reached about 80 percent.

Concerning increasing pressures facing teachers, children, and women, Vietnam proposed countries have policies to protect women's mental and physical health, raise awareness of the risks for girls participating in online activities, narrow the gender digital gap, and reduce negative gender stereotypes.

Other participants lauded Vietnam’s opinions, which they said have contributed to completing the overall picture of the impact of COVID-19 on the physical and mental lives of women and girls.

World Bank a highly important development partner of Vietnam: PM

Prime Minister Pham Minh Chinh received World Bank (WB) Regional Vice President for East Asia and Pacific Manuela V. Ferro in Hanoi on March 21, affirming that the Vietnamese Government always views the WB as a good friend and a highly important development partner.

In the face of numerous changes with new trends in the world and the region, especially in the post-pandemic period, PM Chinh called on the WB to help the country continue accessing non-refundable aid packages, “soften” loans, and increase giving advice and sharing international experience, thus helping Vietnam align policies with the situation in a timely manner and make use of new and sustainable growth drivers.

He also asked the bank to work closely with the country to build the Vietnam 2045 Report that matches the country’s goals and orientations for 2030 and vision to 2045.

The Government leader suggested that in the coming time, bilateral cooperation be prioritised for major, inter-regional, and development-facilitating projects such as those on transport and healthcare infrastructure, education, climate change adaptation, greenhouse gas emission reduction, digital economy and digital transformation, innovation, macro-economic stabilisation, and competitiveness improvement.

Vietnam reaches mutual recognition of ‘vaccine passports’ with 17 countries

Vietnam had reached agreement on the mutual recognition of “vaccine passports” with 17 countries as of March 17, said Spokeswoman of the Ministry of Foreign Affairs (MoFA) Le Thi Thu Hang.

Replying to reporters’ question about the issue on March 21, Hang said under the Prime Minister’s direction, the MoFA and Vietnam’s overseas representative agencies have actively held negotiations and accelerated the mutual recognition of “vaccine passports” with other countries and territories.

As of March 17, Vietnam had reached agreement on the mutual recognition of “vaccine passports” with 17 countries, including the US, the UK, Japan, Australia, Belarus, India, Cambodia, the Philippines, the Maldives, Palestine, Turkey, Egypt, Sri Lanka, New Zealand, Singapore, Saint Lucia, and the Republic of Korea.

Holders of “vaccine passports” of these countries and Vietnam are entitled to the same medical requirements as those for local vaccinated people, she noted, adding that the recognition includes the exemption of procedures for consular authentication/legalisation when using these papers in the countries of destination.

Special Envoy of ASEAN Chair visits Myanmar

In his capacity as the Special Envoy of the ASEAN Chair on Myanmar, Cambodian Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation Prak Sokhonn is paying a working visit to Myanmar from March 21-23.

“The first visit of the Special Envoy to Myanmar will be aimed at creating a favourable condition leading to the end of violence as well as the utmost restraint by all parties; distributing humanitarian assistance with the support and coordination from the ASEAN Secretariat and AHA Centre; and encouraging the political consultations/dialogues among all parties concerned,” according to a press release from the Cambodian Ministry of Foreign Affairs and International Cooperation.

The visit will take into consideration as basic documents the ASEAN 5 Point-Consensus, the outcomes of the working visit of Samdech Techo Prime Minister Hun Sen to Myanmar from January 7-8, 2022, the outcomes of the discussions between Samdech Techo Prime Minister Hun Sen and Senior General Min Aung Hlaing, and the outcomes of the recent ASEAN Foreign Ministers’ Retreat.

Hanoi Int’l Film Festival to take place in Q4

The sixth Hanoi International Film Festival (HANIFF) is scheduled to take place in the fourth quarter of the year, the Ministry of Culture, Sports and Tourism (MOCST) has said.

The Ministry has authorised the Vietnam Cinematography Department and relevant agencies to organise the event.

First held in 2010, the festival aims to honour outstanding films of high artistic value and encourage new talents in Vietnamese cinema. It also provides a platform for Vietnamese and foreign movie artists to share their professional expertise.

The festival presents a chance for Vietnam to showcase its films to the global film market and promote the nation and its culture to international friends.

Oman players arrive for World Cup qualifier against hosts Vietnam

The Oman national team arrived in Hanoi on March 21 evening after a long flight from Qatar for a World Cup qualifying clash with hosts Vietnam at My Dinh National Stadium.

After completing immigration formalities, all members of the team, including players, coaches and doctors, were transferred to a hotel in the capital.

In the first leg match, Oman trounced Vietnam 3-1. To prepare for away match, chief coach Branko Ivankovic changed half of the lineup, with most of them playing for the U23 side. Ivankovic said he wanted to give young players a chance ahead of the 2023 Asian Cup.

The chief coach and his students are very confident that they would continue to have another victory against Vietnamese opponents coached by Park Hang-seo.

Oman players have two training sessions in Hanoi before the March 24 match against hosts Vietnam at My Dinh Stadium.

Quang Liem beats reigning world champion at Charity Cup

Vietnamese leading chess player Le Quang Liem sprung a surprise at the ongoing Charity Cup as he successfully beat reigning world champion Jan Krzysztof Duda of Poland in the third day of the competition.

Liem claimed victory after defeating the strong Polish rival in 79 moves.

The Vietnamese grandmaster continued recording a draw against Harikrishna of India and defeating Eric Hansen of Canada in his 10th and 11th matches, respectively. However, Liem lost out to Ding Liren of China in the 12th game.

After 12 matches, Liem earned 27 points to top the tournament’s ranking and earn a ticket to enter the quarterfinals.

In the three final matches, Liem is set to face off against Magnus Carlsen of Norway, David Navara of the Czech Republic, and Richard Rapport of Hungary.

Human Milk Bank opens in Hanoi

The National Pediatrics Hospital officially opened its Human Milk Bank on March 22 with the support of the Ministry of Health and the Government of Ireland, Alive & Thrive and Newborns Vietnam.

This is the first Human Milk Bank in Hà Nội, which will provide donated breast milk for more than a thousand at-risk babies treated at the National Pediatrics Hospital, who are temporarily unable to access their own mothers’ milk.

The bank plans to expand its scope of operations in the near future, providing sufficient human donor milk for neighbouring hospitals in the Red River Delta.

National Golf Championship set to be part of VGA tour

The National Golf Championship (VinFast Cup 2022), which is part of the Vietnam Golf Association (VGA) from 2022, will officially take place on April 19-24 at Vinpearl Golf Hải Phòng, the organiser announced on Monday.

This marks the first time this tournament has been included in the professional golf tournament system (VGA Tour).

With a total prize value of up to VNĐ1.2 billion, including VNĐ1 billion for the men’s group and VNĐ200 million for the women’s group, the National Golf Championship – VinFast Cup 2022 holds the record for the highest purse for women among professional golf tournaments in the country.

The tournament is expected to have a maximum of 120 male and 40 female Vietnamese golfers. Athletes will compete in four rounds on the Marshland course. Most of Việt Nam’s best golfers will compete at the tournament.

People smuggler jailed over deaths of 39 Vietnamese

A man has been jailed for three years and 10 months in the UK for his role in the deaths of 39 Vietnamese citizens in October 2019.

Stefan Dragos Damian, 28, of no fixed address, appeared at the Old Bailey in London on November 16, 2021 and pleaded guilty to conspiracy to assist unlawful immigration.

On Monday, he was sentenced for his crimes.

The court heard how Dragos arrived in the UK shortly before the bodies were discovered and met with other key players in the people-smuggling gang.

But after police recovered the lorry with the dead Vietnamese inside, Dragos fled the country. He was eventually tracked down in Milan, Italy and was brought back to England to face the courts.

Hanoi to renovate 45 current parks, flower gardens

Authorities in the capital have issued plans to renovate and upgrade 34 parks and flowers gardens in inner districts of the city by 2025, to better serve local people. Under the plan, 13 parks and flower gardens will receive major repairs.

These parks are Bách Thảo, Thủ Lệ and Thống Nhất. The flower gardens consist of Bà Kiệu, Lý Thái Tổ, Diên Hồng, Cổ Tân, Bác Cổ, Tao Đàn, Ngô Quyền, 19-8, Cửa Nam and Phùng Hưng.

Main and degraded areas will be prioritised for renovation, creating a highlight of landscape architecture by planting more flowers and ornamental plants, and repairing or adding lighting systems, toilets, park seats, trash cans, drainage systems and sprinklers.

Ten other parks, Linh Đàm, Bắc Linh Đàm, Linh Đàm Peninsula, Ba Mẫu, Nghĩa Đô, Cầu Giấy, Đền Lừ, Indira Gandhi, Nguyễn Trãi, Hòa Bình and 22 other flower gardens will have walkways fixed, flowers and plants additionally grown, and lighting systems repaired.

UNESCO launches free online film-making training course in Vietnam

The United Nations Educational Scientific and Cultural Organisation (UNESCO) is hosting a free online film-making training course for Vietnamese filmmakers, entitled ‘On The Reel Film Lab 2022’, from March 21 to 23.

The course is part of the E-MOTIONS project to promote connectivity and creativity among film-makers. It was launched in 2020 by the UNESCO in coordination with the Centre for Assistance and Development of Movie Talents (TPD), the Wallonie-Bruxelles delegation in Vietnam, HK Film, WallSound, Hanoi Grapevine, and Colab Vietnam.

The course includes three sessions conducted via Zoom webinars, featuring the participation of internationally acclaimed guest speakers Sarah Schlüssel from Berlinale’s Short Form Station, Delphine Jeanneret from Locarno International Film Festival and Internationale Kurzfilmtage Winterthur, and filmmaker-author Clarissa Jacobson.

Ten outstanding young Vietnamese doctors honoured

Ten exemplary young doctors in 2021 were honoured at a ceremony held in Hanoi on March 21 in recognition of their outstanding achievements and contributions to public health and the fight against the COVID-19 pandemic.

The event was jointly held by the Ho Chi Minh Communist Youth Union Central Committee, the Vietnam Youth Federation, the Association of Young Doctors, and the Ministry of Health.

This is the tenth time the awards have been held in order to praise young doctors in caring for people’s health, participating in volunteer activities and applying science and technology to healthcare activities.

German language and culture space in Hue put into use

The Hue University and the Goethe-Institut held a ceremony to inaugurate and put into use the German language and culture space in the Hue - German room at address No1. Dien Bien Phu, Hue City, on March 21.

This is one of the meaningful works, results and important cooperation activities during the visit and working session between the International Faculty - Hue University and the Goethe-Institut, highlighting the cooperation relationship between two sides.

The German language and culture space in Hue is the first model for the development and promotion of the German language at universities in Vietnam. This initiative is being implemented on the basis of the good cooperation relationship between Hue University and the Goethe-Institut.

Publication introduces Hue architectural heritages

The Hue Monuments Conservation Centre in coordination with the Relics Preservation Institute under the Ministry of Culture, Sports and Tourism held a ceremony on March 21 to introduce a book entitled ‘Hue architectural heritages through strokes’.

According to the Hue Monuments Conservation Centre, Hue architectural heritage features a unique collection of typical architectural buildings and structures, including ramparts, palaces, temples, mausoleums, pagodas, and houses, which represent typical features of the architectural types and styles of Vietnamese feudal dynasties.

Since the early 80s of last century, the Institute of Monuments Preservation has carried out projects to restore relic sites in Hue. However, there has not yet historical documents on the detailed construction drawings and plans of the relics. Therefore, the projects’ members must meticulously measure and develop the drawings completely manually, without any technical support.

The ‘Hue architectural heritages through strokes’ publication features seven sets of drawing documents of seven constructions: Ngo Mon (Noon Gate), the Trieu Mieu relic site, Hien Lam Pavilion, Ta Vu-Can Chanh Palace, Thai Binh Lau (Royal Library), Du Khiem Pier, and the Xung Khiem floating pavilion.

Various events organised to raise awareness of copyright

The Ministry of Culture, Sports and Tourism has issued plan No. 585/QD-BVHTTDL on the organising of a series of events to mark the occasion of World Intellectual Property Day (IP Day – April 26) and World Book and Copyright Day (April 23).

Accordingly, the plan, themed "Young generation and copyright in cyberspace", features three main activities, including a seminar themed "Young generation of the Ministry of Culture, Sports and Tourism and copyright in cyberspace" which is scheduled to be held at 2pm on April 25 (Monday) at Hall C6 of the Ministry of Culture, Sports and Tourism.

Another seminar, themed "Students with copyright in cyberspace", is scheduled to be held at 2pm on April 26 at Nguyen Van Dao Hall, Vietnam National University, Hanoi.

In addition, activities to respond to World Intellectual Property Day in Ho Chi Minh City will be co-organised by the National Office of Intellectual Property of Vietnam and Vietnam National University, Ho Chi Minh City, in April 2022.

The plan also sets out communication requirements about the series of events on the occasion of World Intellectual Property Day (IP Day – April 26) and World Book and Copyright Day (April 23).

US$19.05 million to be spent on upgrading National Highway No.9

The Directorate for Roads of Vietnam in collaboration with the People’s Committee of Quang Tri Province held a ground-breaking ceremony of bidding package RAI/CP26 under the National Highway No.9 upgrade and expansion project, a section from Cua Viet Port to National Highway No.1 this morning.

The project capital will be extracted from the residual capital of the Vietnam Road Asset Management Project financed by the World Bank with a total investment capital of US$19.05 million. The project is expected to be completed in advance of December 31, 2022.

The 13.8- kilometer-long project is spanning from Cua Viet Port in Cua Viet Town, Gio Linh District to the intersection with the National Highway No.1 in Song crossroads, Quang Tri Province’s Cam Lo District with four lanes of vehicle.

Over 24,200 e-ID accounts issued to needy citizens

The Police Department for Administrative Management of Social Order (C06 - under the Ministry of Public Security) yesterday reported that so far, via chip-based citizen ID card registration, it has also issued an e-ID account for more than 24,200 people.

Head of C06 To Van Hue informed that project No.06 is now implemented nationwide. Among 25 essential public services, six out of eleven level-four public services offered by the Public Security Ministry and two by Vietnam Electricity have been launched online.

For instance, via useful apps, over 173,000 citizens can register for electricity use, 265,000 individuals and accommodation businesses, clinics can report temporary stays, 5,000 people can sign up for temporary residence without directly visiting the localities’ office.

As to the task of digital citizenship development, all provinces and cities now accept registration for an e-ID account along with the chip-based citizen ID card issuance, and 24,211 cases have been processes (Hanoi being the leader with 5,270 registration forms).

HBSO to re-present “Cafe Saigon” contemporary dance

The HCMC Ballet and Symphony Orchestra (HBSO) will present to music lovers a a revival of its contemporary dance performance titled Cafe Saigon at the municipal Opera House on March 26.

Cafe Saigon was created in 2018 when Netherlands choreographer Joost Vrouenraets came to the city to look for a possibility of organizing a contemporary dance show with the participation of HBSO’s dancers. Cafe Saigon, co- choreographed by Netherlands choreographer Joost Vrouenraets and Maïté Guerin was introduced to audiences and received a lot of compliments.

The dance show will be performed by artists of the HBSO, including Meritorious Artist Tran Hoang Yen, dancers Nguyen Thu Trang, Do Hoang Khang Ninh, Thach Hieu Lang, La Man Nhi, Bui Thanh Ngan, Sung A Lung, Nguyen Minh Tam, Dang Minh Hien and Phan Thai Binh who are divided into five couples. One of the dancers will act as a narrator of the performance.

5th National Applied Arts Exhibition and Contest launched

The Department of Arts, Photography and Exhibition under the Ministry of Culture, Sports and Tourism announced that the 5th National Applied Arts Exhibition and Contest will be held in October in Hanoi.

Every Individual and organization can submit a maximum number of five entries that are created during 2019-2022 in the fields of creative design, applied products and decorative products to the organization board from now until July 25. Participants are not allowed to make a copy or restore an existing item.

Selected works will be displayed in an exhibition slated to take place in October. 

Hanoi approves underground space master plan in metropolitan districts 

The Hanoi People's Committee has approved the general planning of urban underground space until 2030, with a vision to 2050.

Underground works will be built according to the functional zoning. Particularly, construction of underground works will not be carried out in Hanoi’s Old Quarter, even banned in areas classified as national monuments, including ​​Thang Long Imperial Citadel, President Ho Chi Minh's relic site at the Presidential Palace, Temple of Literature, Co Loa ancient citadel, Temple of Hai Ba Trung, Hoan Kiem Lake and Ngoc Son Temple.

The city's major public transport hubs (urban railway station, national railway station) will be the nucleus of developing underground public space beside high-rise buildings, commercial centers, sports facilities, squares, stadiums, among others.

The underground space will include a public car park, technical infrastructure system, public works system, and tunnels connecting underground spaces.

Source: VNA/VNS/SGGP/VOV/Dtinews, SGT/Hanoitimes/Dtinews

VIETNAM BUSINESS NEWS MARCH 24

14:36  

Vietnam aims to rank among world’s top 15 exporters by 2030

Vietnam has set a target of becoming an industrialised country with highly competitive industries, and among the world's top 15 exporters by the end of 2030.

According to a report by the Ministry of Industry and Trade (MoIT), the country's immediate target is to develop 20 products with strong international brands, to strengthen its position in the global supply chain, to bring its supporting industry's capacity to meet 70 percent of domestic demand and localisation of production to 45 percent.

The country's supporting industry, which remained underdeveloped and overly reliant on imports, has been identified as a major weakness for Vietnam, especially in key industries such as electronics, textile, leather and footwear, manufacturing and automobile.

The effect has been made painfully clear since the pandemic as Vietnam's top suppliers of parts, including Chia, the Republic of Korea and Japan, were hit hard by COVID-19, causing severe disruptions to production in Vietnam.

In order to address the issue, the MoIT has proposed a restructuring plan for Vietnam's industries with a focus on the development of supporting industries. According to the ministry, significant progress had been made in the 2011-20 period with industrial production accounting for around 27.45 percent of the country's total GDP annually.

Foreign investors interested in Vietnam's future workforce

Vietnam's assessment of future employment trends and how Vietnam is preparing for its workforce to respond to such trends are issues attracting attention from foreign businesses at the ongoing Singapore Apex Business Summit (SABS) 2022.

Vietnamese Ambassador to Singapore Mai Phuoc Dung said Vietnam has become an attractive destination for foreign investors, and multi-sectoral corporations in the country are also growing stronger, so the demand for highly skilled and trained workers in Vietnam is increasing day by day.

Regarding future employment trends, Vietnam has a great demand for skilled technicians or middle- and high-level managers in industries, namely electronics and semiconductors, information technology, banking, finance, energy and marine economy, Dung said.

For Vietnam’s preparations, the diplomat said foreign companies highly valued Vietnamese workforce for their working ability and quickness in learning new skills.

However, the ambassador noted that Vietnam also faces challenges to have a large enough skilled workforce to meet the high demand for its economic development in the future. The ratio of skilled workers in Vietnam only accounts for 26.1 percent of the labor force, he added.

Therefore, Vietnam's socio-economic development plan in the next five years has emphasised the importance of building high-quality human resources, considering it one of Vietnam's top priorities for development in the coming time.

RoK calls for Vietnam’s support in joining CPTPP

Minister for Trade of the Republic of Korea (RoK)’s Ministry of Trade, Industry and Energy Yeo Han-koo has suggested Vietnam support the RoK in joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

During his online meeting with Vietnamese Deputy Minister of Industry and Trade Tran Quoc Khanh on March 23, Yeo said since late 2021, the RoK has conducted internal discussions and prepared procedures to join the CPTPP.

He also highly valued the close economic ties between Vietnam and the RoK, saying their trade link reached its peak last year.

Welcoming the RoK’s application for the CPTPP membership, Khanh expressed his hope that Vietnam and the RoK will continue their cooperation in relevant areas.

The two sides also compared notes on the Indo-Pacific Economic Framework (IPEF) which the US is stepping up in an effort to enhance comprehensive economic cooperation in the Indo-Pacific region.

HCM City needs to improve business climate: experts

The southern metropolis Ho Chi Minh City needs to develop policy mechanisms and legal frameworks and improve its business climate, infrastructure and human resources to recover the economy, experts say.

Speaking at a conference on March 22, Johnathan Hanh Nguyen, chairman of Imex Pan Pacific Co. Ltd., said: “To attract strategic investors, the city needs to have breakthrough incentives and internationally competitive policies.”

Johnathan Hanh Nguyen, an overseas Vietnamese businessman, said the city needed to improve its competitiveness to ensure a favourable business environment for enterprises, encouraging start-ups and innovation.

It needs to invest in significant projects such as building an international financial centre, high-end duty-free shops and shopping malls in the city centre. He recommended the city develop AI education programmes and build a logistics warehouse in Thu Duc city.

Nguyen Thi Phuong Thao, CEO of Vietjet Air and general director of Sovico Holdings, said the city should become an international tourist destination to receive 15 million visitors this year, including 3.5-4 million international tourists.

In addition, it should develop the stock market to compete with major markets globally, she added. “It also needs to accelerate digital transformation to build a digital economy,” she said.

Nguyen Thanh Binh, general director of Gemadept Group, said it was paramount for the city to invest in infrastructure, especially at seaports. It should also develop a distribution centre of high-quality consumer goods worldwide based on a modern retail system.

Park Hyun Bae, general director of KCTC Vietnam, recommended the city expand cargo ports, including Cat Lai port (in Thu Duc) and Hiep Phuoc port in Nha Be district, and improve warehouse, port and logistics services.

Boris Cohen, general director of MSC, a global container shipping company, said it was vital to improve the seaport infrastructure to develop an international cargo service hub in Vietnam. “The city should plan to build a new transhipment port in Can Gio district by 2030,” he said.

Other conference participants said the city was lagging behind other major cities in the region regarding living quality, competitiveness and urban planning. Its infrastructure is ageing while its human resources have failed to meet development needs, and many of its major infrastructure works are progressing too slowly. Other city issues include traffic congestion, air pollution, flooding and robberies and burglaries.

Sun Air becomes Gulfstream’s international sales representative in Vietnam

Luxury airline Sun Air has become Gulfstream Aerospace’s international sales representative in the Vietnamese market following the signing of an agreement between the Vietnamese carrier and the US aircraft manufacturer in Hanoi on March 23.

Under the deal, Sun Air will support Gulfstream in developing the market in Vietnam and introduce the American aircraft company's jets to potential customers.

The first luxury airline in Vietnam will also provide airplane management and private jet charter services using Gulfstream's business jets with transcontinental range, cutting-edge technology and world-class cabin space.

Travel operators expect a bonanza in coming four-day holiday

Along with airfares, room prices in tourist destinations are forecast to surge considerably as holidaymakers are hurriedly booking tours for the coming national holiday on April 30 & May 1.

A survey conducted by VTC News revealed that several hotels and resorts in Hanoi, Ho Chi Minh City, Da Nang, Ha Long, Tam Dao, Sa Pa, Nha Trang City, and Quy Nhon have been fully booked during the coming four-day break, starting April 30.

Currently hotels and lodging houses are keeping room rates unchanged and offering promotions to attract guests. Pham Viet Cuong, manager of Dana City Hotel in Da Nang, said he is now offering room rates at VND200,000 to VND500,000 less than the pre-pandemic rates.

However, Dana City and other hotels anticipate that after April 20 room prices will rise by between 30% and 50%, or even climb as high as 70% in some places in the event of a booking boom.

At present, the majority of people across the country have been fully vaccinated against the SARS-CoV-2 virus. Localities have gradually opened their doors to welcome the return of both domestic and international tourists.

Fruit and vegetable exports to the US, Europe surge

Vietnam is boosting fruit and vegetable export to the US and Europe after facing difficulties with the Chinese market.

Nguyen Thanh Binh, chairman of the Vietnam Fruit and Vegetable Association, said that China had been the biggest importer of Vietnamese fruits and vegetables for many years.

However, Vietnam’s fruit and vegetable export value to China dropped by 19 percent on-year to USD260 million in the first two months of this year. In contrast, the export value of fruit and vegetables to the US grew by 70 percent to USD25 million. While Japan imported fruit and vegetables valued at USD23 million, up 12 percent on-year.

Minister of Agriculture and Rural Development Le Minh Hoan said the EU was the biggest importer of fruit and vegetables in the world. However, Vietnamese products accounted for just around 1 percent of the EU's total import value of fruits and vegetables.

The US has licensed the import of Vietnamese grapefruit. The US plans to import more Vietnamese coconuts and star apples in the coming time.

Material prices strike domestic feed groups

Supply shortages, with global uncertainties including the Russia-Ukraine clash escalating, are driving Vietnam’s animal feed production sector into bigger difficulties as a large part of raw materials are sourced from these two markets.

Almost all the animal feed producers in Vietnam, including CJ Vina Agri, Cargill, and Japfa Comfeed Vietnam, have had to adjust the selling prices of feed products to offset the increasing momentum of imported materials.

Statistics published by the Department of Livestock Production (LPD) under the Ministry of Agriculture and Rural Development (MARD) showed that in the first two months of this year, imported soybean prices increased by 21 per cent, raw corn 9 per cent, soybean oil 22 per cent, and fish paste 11 per cent. Feed producers have adjusted the selling price 10 times since the end of 2020.

Duong Tat Thang, director of the LPD, said that one of the reasons impacting the materials for feed production is the big hikes in prices of animal feed materials in the global markets currently affected by the conflict between Russia and Ukraine, which lead the world in the export of wheat and corn. These two countries currently make up 29 per cent of exported wheat and 19 per cent of exported corn worldwide.

The General Statistics Office (GSO) said that the total of Vietnam’s wheat and corn turnover imported from Russia and Ukraine are 20 and 3 per cent, respectively.

Cashew container confusion points to payment issues

In the midst of supply chain headwinds, a suspected scam related to 100 containers of cashew nuts exported from Vietnam to Italy is prompting more businesses to buy via the freight on board model and sell via cost, insurance, and freight agreements.

Bach Khanh Nhut, vice chairman of the Vietnam Cashew Association (Vinacas), said that businesses have lost control of 36 containers worth about $7 million due to a loss of original documents. Up to now, the investigation into the suspected cashew nut export scam has not been concluded.

Several Vietnamese cashew processing and exporting enterprises have signed contracts with some customers to import Italian cashews through the brokerage company Kim Hanh Viet. The consignments had been packed into 100 containers which were being shipped to the ports of Genoa and La Spezia by international shipping lines Cosco, Yangming, Hmm, and One.

Vietnamese banks said they had shipped all original documents of the shipment of 36 containers via international courier services. However, banks in Italy responded that they only received copies of the documents.

Vinacas has sent an express document to the Vietnamese Embassy and the Vietnam Trade Office in Italy to request support. Vinacas has also worked with five Vietnamese banks, related businesses, and shipping lines. However, most of them said that it was impossible to find the original documents of the shipment.

It is thought that it is an urgent situation because all original documents are in the hands of the buyers. Shipping lines will be forced to deliver the goods to the holders of the original document according to international practice.

Meanwhile, Italian police released a written response about the blockade of three containers on March 8 and another two on March 11 to wait for the case to be resolved. However, the number of blocked containers is very small compared to the 36 containers being at risk of loss.

Vietnamese cashew exporters have negotiated disadvantageous payment terms with first-time purchasers who do not fully comprehend customer needs. The nature of payment methods like Documents against Payment, Cash against Documents, and Letter of Credit (L/C) are settled with banks. All these methods require payment for a set of documents prior to obtaining the goods.

Therefore, they are considered quite secure in terms of paperwork. However, if the buyer has a fraudulent intention to appropriate documents, there are some risks.

Concerned about a payment scam in the African market, the Vietnam trade offices in Algeria, Gambia, Mali, Niger, and Senegal issued a warning for Vietnamese businesses to not use the L/C payment method with African importers in April 2020.

In addition, they were advised never to use Document Acceptance as a payment method. Due to financial restrictions at that time, African importers frequently offered to buy products on a deferred payment basis under cost, insurance, and freight agreements. They did not open L/C accounts due to expensive fees.

L/C is the least risky payment method but it is not the most popular one in the agricultural trade. L/C agreements only account for about 5 per cent of transactions.

Although L/C is the most secure payment method for the sellers, it is the most disadvantageous for the buyers. To guarantee payments, banks often require buyers to deposit a certain amount, even all of the value of the contract.

In commercial transactions, both parties want to close the deal quickly. The question is which side is in the bargaining position. When buyers have a bargaining advantage over sellers, they will offer a payment method that is convenient for them, or vice versa.

The European economy is still recovering from a series of supply chain headwinds over the past two years. The commodity demand gradually recovers, opening up the opportunity for Vietnam to increase cashew exports to Europe by 15 per cent to over 155,000 tonnes in 2022. Cashew exports reached a record of $3.64 billion in 2021.

Ta Quang Huyen, chairman of Hoang Son 1 JSC in the southern province of Binh Phuoc, one of Vietnam’s leading cashew nut exporters, said that exporters can reacquire their exported containers which have yet to leave the ports if they use a different approach.

“After receiving the buyers’ deposits, sellers will make a contract. The deposit amount ranges from 20-30 per cent of the order value. This will ensure that the buyers pay the rest when receiving the goods. If the importers do not make the deposit, the transaction is cancelled,” Huyen said.

He added that exporters should actively win the right to charter ships. Paying the charter will enable businesses to be more proactive in understanding schedules and deal more easily with shipping lines in the event of a mishap.

This strategy is akin to selling via carriage and insurance paid to contracts rather than freight on board, which is the current bottleneck in Vietnam’s exports.

“For many years, Vietnamese exporters have been accustomed to transferring all charter rights to their partners. They only receive products at the port for import or delivering goods to the port for export. It is time for a change,” Huyen emphasised.

Last week, the Government Office issued Official Dispatch No.1583/CD-VPCP conveying the direction of Prime Minister Pham Minh Chinh on exporting cashews to the European market. The PM assigned the ministers of industry and trade; agriculture and rural development; public security; and transport, as well as the governor of the State Bank of Vietnam, to urgently coordinate with the Vietnam Cashew Association and relevant agencies to inspect and clarify the cause.

The regulatory bodies have to take measures to handle and support businesses to ensure the legitimate interests of people and businesses in accordance with the provisions of domestic and international laws. The regulatory bodies are required to report to the prime minister any difficulties beyond authority.

Vietnam’s online B2B marketplace relaunched as Halana

EI Industrial, the first industry-focused business-to-business (B2B) e-commerce marketplace in Vietnam relaunched as Halana. Launched in 2019, Halana empowers suppliers and businesses to streamline manual processes with its SaaS solutions, end-to-end e-procurement, and warehouse management system.

Vietnamese businesses suffer from manual and inefficient procurement processes resulting in wasted time and higher costs for purchasers. Additionally, purchases are made more difficult with the lack of price transparency. As a result, an order can take over two weeks to complete.

With Halana, purchasers can quickly source from multiple suppliers and identify the best deals available. The platform is free to use for all suppliers, empowering them to digitalise and maximise their reach to customers across Vietnam.

Focused on its core mission of accelerating digital procurement across the supply chain industry, Halana’s vision aligns with the National Digital Transformation Programme which aims to incentivise businesses to prioritise digitalisation in Vietnam.

Indorama Netherlands to acquire Ngoc Nghia Plastics

Indorama Netherlands B.V. (IVL) announced plans to buy Ngoc Nghia Plastics JSC, a leading enterprise in the plastic packaging industry.

Expanding its packaging business into Vietnam will strengthen the market position of Indorama Netherlands in Asia-Pacific, further extending the list of deals between Thai producers and Vietnamese partners.

Indorama Netherlands has offered to buy all 81 million shares at Ngoc Nghia at VND26,219 ($1.14) apiece, totalling $91 million for the deal.

As a leading PET manufacturer, Ngoc Nghia has four sites in the country. It has a total production capacity of approximately 5.5 billion units of PET preforms, bottles, and closures, equivalent to a conversion of 76,000 tonnes per annum.

Once the deal is completed, it will extend the list of acquisitions of Vietnamese plastics producers by Thai companies.

In July, SCG Packaging Plc. completed the purchase of a 70 per cent stake in Duy Tan Plastics, the country's largest manufacturer of rigid plastic packaging products.

SCG also owns stakes in many other plastics companies including Binh Minh Plastics JSC, Prime Group, Viet Thai Plastchem JSC Ltd., TPC Vina Plastic and Chemical Corporation Ltd., and Minh Thai Plastic Material Co., Ltd.

Expansion of Tri An hydropower plant requires VND3.9 trillion

Work on the Tri An hydropower plant expansion project in Dong Nai Province is set to start in the second quarter of 2023, with a total investment of VND3.9 trillion.

The project, which will have two generators with a combined capacity of 200 megawatts (MW), will be completed in 2026, a representative of the Vietnam Electricity Group, which is the investor of the project, said at a recent working session with the Dong Nai government. The working session was aimed at discussing the construction of the second phase of the hydropower plant.

The Tri An hydropower plant expansion project is expected to generate 131 million kWh of electricity annually.

Built on the Dong Nai river in Vinh Cuu District in 1984, the Tri An hydropower plant has four generators and turns out some 1.7 billion kWh of electricity each year.

After the expansion project is completed, with a capacity of 400 MW, the Tri An hydropower plant will become the second-largest-of-its-kind in Vietnam, after the Hoa Binh hydropower plant. The Dong Nai-based plant is currently ranked sixth in the country.

BW announces landmark transaction, marking its first entry into Long An province

BW Industrial Development JSC on March 24 announced its acquisition of nearly 21 hectares of land in Vinh Loc 2 Industrial Park and more than 22ha in Xuyen A Industrial Park.

The transaction marks BW’s first entry into Long An province, strengthening its presence in the greater Ho Chi Minh City area.

Xuyen A Industrial Park is located less than 10km from Tan Phu Trung, where BW has operates an e-commerce hub

Ideally situated 30 minutes from the Tan Son Nhat airport and 90 minutes from the Cat Lai Port, the site will create synergies and value across BW’s platform, amid the increasingly limited land supply in Tan Phu Trung.

The project, which will include a 220,000sq.m logistics facility, is scheduled for completion in the fourth quarter of 2023.

Given the high purchasing power in Ho Chi Minh City, Long An is an attractive location, especially for agricultural, seafood, retail, and e-commerce companies looking to serve the local market.

S.Korean firm invests in footwear factory project in Daklak

The Central Highlands province of Daklak has approved a project to develop a footwear factory in the province by South Korea’s Taekwang Group with an investment of some US$22 million.

A representative of the Daklak Branch of Taekwang Vina JSC, under the Taekwang Group, said the factory would recruit around 7,000 laborers in the first phase and 15,000 in the second phase, making it the most labor-intensive project in Daklak Province, Thanh Nien Online newspaper reported.

Procedures for the project, which will be developed in the Hoa Phu Industrial Park in Buon Ma Thuot City, have been completed. Taekwang is building the factory and installing the equipment.

Louis Holdings fined for buying more TGG shares than registered

Louis Holdings has been fined over VND161.2 million as it acquired nearly 4.7 million TGG shares of Louis Capital JSC while it had earlier registered to buy only 3.6 million shares. Besides the fine, the company was suspended from making stock transactions for two months.

On November 11 last year, Louis Holdings registered to acquire 3.6 million TGG shares. The transaction was planned to be conducted from November 17 to December 15 last year.

However, it bought nearly 4.7 million shares from November 17 to 30, 2021, exceeding the registered volume by nearly 1.1 million shares, valued at some VND10.7 billion.

In January this year, Louis Capital was also fined VND232.5 million for violating the regulations on information disclosure; and failing to ensure the numbers of non-executive and independent members in the company’s board in line with the law and appoint a person to govern the company.

Vietnam Gov’t kicks off interest subsidy policy for 2022-2023

The Vietnamese Government would start providing an interest subsidy of 2% per annum on commercial loans for businesses, cooperatives, and households for the 2022-2023 period.

The support, estimated at a maximum of VND40 trillion (US$1.76 billion), was revealed in the recently issued decision No.422 of the State Bank of Vietnam (SBV) and remains part of the Government’s socio-economic recovery program worth VND350 trillion ($15.4 billion) to aid the economy.

One of the key objectives of the decision is for the SBV to manage the monetary and credit policies flexibly, stabilize macro-economic conditions and contain inflation.

In addition, the SBV also informed that it will allow commercial banks in which the state is holding over 50% stake to raise registered capital while stepping up efforts to ensure the financial security of credit institutions and resolve bad debts.

The SBV calls for banks to further streamline operational expenses and cut lending rates by 0.5-1 percentage points, as well as rescheduling debt payment and waiving/freezing lending rates for those affected by the pandemic.

In early 2022, the National Assembly issued Resolution No.43/2022/QH15 on monetary and fiscal support programs worth a combined total of VND350 trillion (US$15.4 billion) to aid economic recovery and adaptation to a new normal.

These include a fiscal support package of VND291 trillion ($12.8 billion) and a monetary one of VND46 trillion ($2 billion).

Russian petrochemical firm SIBUR strengthens presence in Vietnam market

SIBUR, the largest integrated petrochemicals company in Russia and one of the fastest-growing companies in the global petrochemicals industry, announces its decision to strengthen its presence in the Vietnamese market.

The move is part of the company’s long-term strategy to expand in the dynamic Southeast Asian market.

SIBUR plans to build a warehouse network in Vietnam in the second half of 2022 to support rising volumes of polyolefin supplies to the country. The company sold more than 50,000 metric tons of polyolefin products in Vietnam in 2021 and aims to increase sales in the country by 30% in 2022.

Polyolefins, such as polyethylene and polypropylene, serve as feedstock for the production of versatile plastics.

How Vietnam F&B cope with geopolitical tensions?

Vietnam’s seafood and rice are expected to be in hot demand to replace the disrupted supplies of key commodities as a result of the ongoing Russia-Ukraine conflict, according to Mirae Asset Vietnam (MASVN).

The securities company’s report suggested Vietnam’s revenue from retail services and goods last year was heavily affected by the third and fourth wave of the Covid-19 pandemic, which resulted in an expansion rate of only 0.2% – the lowest for the past 12 years.

In addition, the value from hospitality and catering services also suffered a sharp decline of 19.3% year-on-year, due to mobility restrictions to curb Covid-19 infections.

“It is safe to say 2021 was the most difficult year for Vietnam’s food and beverage (F&B) sector since the 1986 reform,” MASVN suggested.

According to the report, economic recovery in the post-pandemic period, the Russia-Ukraine conflict, and inflation would remain three major factors to impact Vietnam’s F&B in 2022.

In this regard, while the recovery would have positive impacts on the majority of businesses, inflation and rising prices of input materials, however, are putting huge pressure on their operations.

Source: VNA/SGT/VOV/VNS/SGGP/VIR/Hanoitimes

VIETNAM NEWS HEADLINES MARCH 24

14:46               

COVID-19 F1 cases allowed to go to work, school in HCM City

Ho Chi Minh City has allowed COVID-19 F1 cases (i.e. those in close contact with virus infection) to go to work or attend school again under certain conditions.

The decision, which comes into effect on March 24, applies to fully vaccinated F1 cases or those who have contracted the virus within three months.

These cases are required to self-monitor their health for at least 10 days from the date of last close contact with F0. They will undergo a COVID-19 test on day 5 and whenever they show flulike symptoms.

Among other conditions, they are required to use personal vehicles when travelling from home to destinations, and strictly abide by COVID-19 measures at the workplace or school.

Over the past days Ho Chi Minh City has made progress in keeping the ongoing COVID-19 outbreak in check. Most people over 12 years old have been vaccinated, while most infections in the risk group are asymptomatic or mild, and they have then recovered from the disease.

The decision is to facilitate local economic recovery efforts after the city recently resumed socio-economic and cultural activities.

Secretary of the Party Committee of Hanoi Dinh Tien Dung on March 23 hosted a reception for Japanese Ambassador to Vietnam Yamada Takio and representatives of the Sumitomo Corporation and BRG Group of Japan to review the implementation of a smart city project in the northern area of Hanoi.

The Japanese diplomat said the development of green and smart cities will be one of the cooperation priorities between Japan and Hanoi. The project is a highlight in the cooperation between Japan and Vietnam in general and Hanoi in particular, to practically celebrate the 50th founding anniversary of diplomatic relations between the two countries in 2023, he stressed.

The smart city project aims to build a city, regarded as the most modern and smartest city in Southeast Asia in the northern area of Hanoi (covering both sides of Vo Nguyen Giap road) as part of the Nhat Tan – Noi Bai Route Planning Project.

It is expected to create a focal point for the space and architecture of the capital’s gateway area, provide impetus for urban development in the northern Red River area, and contribute to the city's socio-economic development.

Robotics competition held for secondary students of Vietnam, Finland

The first edition of the Master Robot Builders Robot Competition will be held for secondary students of Vietnam and Finland.

The contest is organised by the Satakunta University of Applied Sciences of Finland, within the framework of the Vietnam-Finland bilateral cooperation agreement. It will be held online in English and free of change.

Contestants can register at https://elonake.samk.fi/lomakkeet/11876/lomake.html before April 10. They will be enabled to participate in three robotics training sessions and a guiding session in the robotics industry from April 5-8.

Groups comprising 3-5 members will work together to build their robots and submit to the jury by May 8.

The most 20 outstanding works will qualify for the final slated for May 20. The top three winners will walk home with prizes of 150 EUR (165 USD), 100 EUR and 50 EUR, respectively.

Vietnam willing to join humanitarian efforts for Ukraine

Ambassador Dang Hoang Giang, Permanent Representative of Vietnam to the United Nations (UN), has affirmed that Vietnam supports and is always willing to contribute to the UN's humanitarian relief for Ukraine within its capacity and conditions.

Addressing the UN General Assembly’s 11th emergency special session on the humanitarian situation in Ukraine, Giang reasserted Vietnam’s consistent stance on solving international disputes by peaceful measures on the basis of respecting international law, the UN Charter, and the principle of respecting independence, sovereignty and territorial integrity of other countries, not interfering into their internal affairs and not using force in international relations.

Sharing the international community's deep concern about the humanitarian situation caused by the war in Ukraine, the Vietnamese diplomat emphasised that the current urgent priority should be given to stopping fighting, protecting civilians and essential civilian infrastructure, deploying humanitarian operations, and evacuating citizens.

Committee for foreign NGO affairs reviews performance of 2021 tasks

The Committee for Foreign Non-Governmental Organisation Affairs (COMINGO) on March 23 held an online conference to review the implementation of its tasks in 2021 and discuss its orientations this year.

During the meeting, participants shared information about the international, regional and domestic situation that directly affect foreign NGO affairs in Vietnam, and results achieved in 2021.

Due to impacts caused by the COVID-19 pandemic, foreign NGOs in Vietnam faced many difficulties, especially in mobilising budget and arranging visits and field-trip activities, the meeting heard.

The disbursement of foreign non-governmental aid to Vietnam in 2021 hit nearly 233 million USD, an increase of over 5 percent year-on-year. Of the total, the value of goods, cash and technical assistance for Vietnam’s fight against COVID-19 totaled more than 10.6 million USD.

The disbursement ratio of foreign non-governmental aid reached more than 73 percent of the total value committed in the year, over 2 percent higher than that of 2020.

Hanoi to host hot air balloon festival "Colourful Hanoi”

The Hanoi Department of Tourism will coordinate with relevant agencies to kick off a tourism programme themed “Get on Hanoi 2022” on March 25 with a series of attractive activities, including a hot air balloon festival "Colourful Hanoi".

The programme is part of activities to respond to the resumption of tourism activities, welcoming international tourists in the new normal in the capital city.

This is the first event in a series of activities to be organised in Hanoi during 2022, such as the Hanoi tourism gift festival, Hanoi tourism festival, food and handicraft village tourism festival, and Ao dai Hanoi festival.

This is a combination of music, lights and images of Hanoi's destinations; along with the screening of the short film "Colourful Hanoi", music and visual art "Charming Hanoi", visual art Love Hanoi, musical and art performance "Get on Hanoi 2022".

In particular, the event also introduces low-hanging hot air balloons on Dinh Tien Hoang Street, with ten one-level hot air balloons (10m high) and one seven-level hot air balloon (22m high).

The programme will broadcast online through digital platforms: YouTube, the municipal Department of Tourism’s fanpage and the “Get On Hanoi” fanpage.

During the hot air balloon festival on March 25- 27 , the municipal Department of Tourism will coordinate with VMG Media JSC to organise a programme to introduce three new tourism products with hot air balloons, and perform at the same time 22 hot air balloons. Visitors will experience flying up in hot air balloons to see Hanoi from above.

HCM City, World Bank work to intensify partnership

Chairman of the Ho Chi Minh City People’s Committee Phan Van Mai had a meeting with visiting World Bank (WB) Regional Vice President for East Asia and Pacific Manuela V. Ferro on March 23 to discuss ways for enhancing cooperation.

Highly valuing HCM City’s role in the Vietnamese economy, Ferro affirmed that the WB is proud to help with designing a new growth driver for HCM City to become a modern and worth-living city.

As many other cities around the world are facing challenges similar to those of HCM City, the WB is ready to connect the southern largest economic hub of Vietnam with typical foreign cities to exchange experience in dealing with those challenges, she suggested.

The WB Regional Vice President recommended HCM City pay more attention to promoting investment, create an investment climate attractive to foreign businesses which are planning to shift to Vietnam, and step up attracting private resources to priority areas.

The WB will continue working closely with HCM City and boost the joint working group’s coordination to identify priority areas, effective measures, and feasible action plans, Ferro added.

At the meeting, HCM City and the WB debuted their joint working group, led by Vice Chairman of the municipal People’s Committee Vo Van Hoan.

World Press Photo Exhibition 2021 opens in Ho Chi Minh City

Winning works of the World Press Photo Contest 2021 are being on display at Le Van Tam Park of Ho Chi Minh City.

The exhibition was launched by the Consulate General of the Netherlands in the city on March 23 evening, introducing visitors to 159 outstanding photos of last year’s contest.

This is an practical activity towards the celebration of the 50th anniversary of diplomatic ties in 2023, Dutch Consul General Daniel Stork said.

According to him, the World Press Photo Contest is the world’s leading contest for professional press photographers and reporters. Last year’s contest received over 74,000 photos of 4,315 photographers from 130 countries and territories. Its winning photos have been exhibited in nearly 90 countries over the globe.

The exhibition in Ho Chi Minh City will remain open to the public till the end of April 10.

Vietnam’s U23 tie goalless with Iraq at Dubai Cup 2022

Vietnam’s U23 squad tied goalless with Iraq in the team’s first match at the Dubai Cup 2022 friendly tournament.

Tran Bao Toan and Nghiem Xuan Tu had chances to score but they lacked accuracy to put the ball into the back of the net.

Ten football teams from Asia and Europe will compete at the event, including Uzbekistan, China, Saudi Arabia, Japan and hosts the UAE. Each team will play three matches throughout the tourney, which will be held from March 23-29.

Vietnam will play Croatia in the second round on March 26 and the team's third match is slated for three days later.

Vietnam provided with 7 million USD worth of innovative drug for haemophilia

The World Federation of Haemophilia (WFH) has provided Vietnam with an additional 5,670 vials of Emicizumab, worth over 161 billion VND (7.04 million USD), for the treatment of haemophilia, according to the National Institute of Haematology and Blood Transfusion (NIHBT).

Haemophilia is an inherited genetic disorder that impairs the body’s ability to make blood clots, caused by decreased or abnormal function of coagulation factors VIII and IX. It can cause a person to bleed even without being injured for a long duration and repeat many times.

Approved by the US Food and Drug Administration (FDA) and the European Medicines Agency (EMA), Emicizumab is deemed as an innovative prophylaxis for haemophilia A in Vietnam as the drug helps prevent and reduce the frequency of bleeding episodes in patients. However, the drug is very expensive since it is estimated that a 50-kg patient needs to spend around 4 billion VND worth of the drug a year.

Last year, Vietnam received 4,410 vials of Emicizumab, worth 125 billion VND, from the WFH. The drug has been given free of charge to patients with haemophilia A.

Quang Ninh's preparations in full swing to meet deadline for SEA Games 31

Quang Ninh will host seven out of 40 sports in the Games, including volleyball and women’s football. The province’s organising board for SEA Games 31 also gives priorities to communications and logistics tasks.

To date, Quang Ninh has fundamentally arranged accommodation facilities with more than 3,000 rooms for organisers and sport delegations. A 5,000-seat gymnasium which will host indoor volleyball matches has been upgraded.

Some 163 billion VND (7.13 million USD) was allocated to double the capacity of Cam Pha Stadium, which is the venue for women’s football, to 16,000 seats. An additional 83 billion VND was disbursed to improve function facilities at the stadium.

In addition, about 300 volunteers have been recruited to support delegations during the region's biggest sport event. About 1,725 members of delegations are projected to travel to Quang Ninh, including 978 athletes.

Nationwide ceremony kicks start environmental protection events

A hybrid nationwide ceremony has been held by the Ministry of Environment and Natural Resources to kick start a series of events to mark World Water Day, World Meteorological Day, and Earth Hour 2022, all to be celebrated this month.

The March 23 ceremony brought together 63 cities and provinces and 400 international organisations, non-governmental organisations, diplomatic corps in Vietnam, Vietnamese ministries and agencies.

The event also honoured winners of a competition entitled “Hydro-meteorology in me” designed for secondary and high school students.

In response to the Earth Hour 2022, the Ministry of Environment and Natural Resources is calling all people and organisations to switch off lights and non-essential electronic devices for an hour, from 8:30pm to 9:30pm, on March 26.

A host of activities will be held to educate people on a green and healthy lifestyle and the harmful effects of illegal hunting and consumption of wildlife animals while schools are asked to organise environmental awareness classes and relevant extracurricular activities.

Da Lat among leading must-see flower destinations globally

Travel website Booking.com has unveiled a list of the top flower destinations from across the world, including Da Lat in the Central Highland region of Vietnam.

Often dubbed the city of thousands of flowers, Da Lat is home to various flower parks, farms, and festivals, each one serving to decorate the city with colourful blooms and rich green landscapes, the article states.

The travel website also suggests visitors spend their days exploring the Da Lat Flower Gardens and wandering around the grounds, taking in some of the fragrant lilies, chrysanthemums, and diverse orchids which the city is famous for.

GM Quang Liem progresses to semi-finals of Charity Cup

Vietnamese grandmaster Le Quang Liem won a place in the semi-finals of the online rapid chess tournament - the Charity Cup - after recording a solid win over David Navara of the Czech Republic on March 24.

Liem held the advantage of playing with the white pieces as the game began, allowing him to easily win the first set, before Navara quickly equalised the score in the second set.

The GM then made a spectacular comeback in the third set, helping him to secure a victory after 27 moves. The fourth set ended in a draw. The final score means Liem has progressed through to the Charity Cup’s semi-finals.

Liem is set to face Jan-Krzysztof Duda of Poland in the semi-final round which is due to be held on March 25.

Night performance to kick off national tourism year in Quang Nam

More than 200 dancers and artists will stage an art performance: ‘The Mỹ Sơn Sanctuary Legendary Night’ in the central province’s Duy Xuyên District today marking a significant event of the National Tourism Year – Quảng Nam 2022.

The province said the performance would begin at 4pm at the UNESCO-recognised world heritage site in Duy Phú Commune, 40km from Hội An, featuring a series of cultural performances, arts and handcrafts demonstrations throughout the day.

Visitors will explore the old culture of Chăm people and the Vietnamese community by joining exhibitions and demonstrations of wood sculpture, weaving, terra-cotta, cuisine and the beauty of the Chăm tower complex.

Meanwhile, a Balloon Day will be hosted by Đà Nẵng City, marking the restart of international flight when Singapore Airlines and Thai Vietjet carry the first international tourists to Đà Nẵng on March 27.

Regional minimum wage increase to be considered

The Vietnam General Confederation of Labour (VGCL) has proposed the National Wages Council adjust the regional minimum wage to meet workers’ and the labour market’s demand.

Due to the COVID-19 pandemic over the past two years, the regional minimum wage has not been adjusted. It is still based on the Decree 90/2019/NĐ-CP of the Government, starting January 1, 2020.

On April 15, the Ministry of Labour, Invalids and Social Affairs will conduct a survey of enterprises on labour issues, wages and minimum living standards. The results will be used as a basis for developing content on regional minimum wages next year and related policies.

After the survey, the concerned agency will clarify more about the regional minimum wage adjustment, he said.

On August 5, 2020, at a meeting in Hà Nội, Deputy Minister of Labour, Invalids and Social Affairs and Chairman of the National Wages Council Lê Văn Thanh declared that the region-based minimum wage would not be adjusted in 2021.

The minimum wage for workers in Region 1, which covers Hà Nội and HCM City’s urban areas, is set to maintain at VNĐ4.42 million (US$191.39). Region 2, covering Hà Nội and HCM City’s rural areas, along with major urban areas in the country like Cần Thơ, Đà Nẵng and Hải Phòng, will be VNĐ3.92 million. Those in Region 3, or provincial cities and the districts of Bắc Ninh, Bắc Giang and Hải Dương provinces, will earn at least VNĐ3.43 million a month, while Region 4, or the rest of the country, will receive a minimum of VNĐ3.07 million.

Thai Nguyen to host final round of Miss World Vietnam 2022

The final round of Miss World Vietnam 2022 is set to take place from April 4 to April 24 in Danko City in the northern province of Thai Nguyen.

The organising board will also present minor title of Miss Fashion to the round’s outstanding beauty.

The event will be broadcast live on VTV2, VTV6, and other 13 channels across the country.

Miss World Vietnam was launched for the first time in 2019, with the competition aiming to find a Vietnamese representative at the Miss World beauty pageant. Women aged 18 to 27 who are at least 1.65 metres tall and have had no cosmetic surgery are eligible to enter the contest. Participation is limited to unmarried women who have never given birth or parented a child.

Chibooks attends book fairs in Thailand

Vietnam’s Chi Culture Joint Stock Company (Chibooks) will attend the 50th National Book Fair and the 20th Bangkok International Book Fair 2022, which are set to be held in Bangkok, Thailand, from March 26 to 31.

Within the events, Chibooks will introduce 50 Vietnamese book titles released by Chibooks and Saigon Books that have won great interest from readers.

The book titles covered various topics ranging from culture, customs, and natural landscapes of Vietnam as well as education, economies, and children’s books.

In addition, representatives from the company will also participate in seminar entitled ‘Enhancing book copyright transactions on in post COVID-19 pandemic area’, a meeting of the Publishers and Booksellers Association of Thailand (PUBAT), and discussions on promoting cooperation among publishers in the Southeast Asia.

Food poisoning cases linked to Lien Hoa Bakery in Dalat rise to 84

Some 36 more people were hospitalized over food poisoning after eating bread from the Lien Hoa Bakery in Dalat City, Lam Dong Province, raising the total number of food poisoning hospitalizations linked to the bakery to 84 between March 18 and 23.

The provincial health authority said today, March 23, that these 36 cases were admitted to the Lam Dong Province General Hospital and the Hoan My Hospital in Dalat for emergency treatment from March 22 to 23.

The Hoan My hospital, since yesterday morning, received 23 more cases of foodborne illness. They said they developed symptoms of digestive disorder, nausea, fever and diarrhea after eating the Lien Hoa bread. Similarly, the Lam Dong general hospital admitted 13 more cases yesterday, reported Tuoi Tre newspaper.

The authorities are working on the case.

Two killed after truck overturns

Two people were killed and six others injured after a truck lost control on a slope on Provincial Road 757 in Binh Phuoc Province, and flipped over today, March 23.
The accident occurred in Bu Nho Commune, Phu Rieng District at 6.30 a.m. while the cashew carrying truck was heading to Dak Nong Province, the local media reported.

After the vehicle overturned, the walls of an eatery which the truck hit collapsed, killing Bui Thi Lan, aged 11, and La Van Dai, aged 39, who lived in the district. The victims were eating inside at the time.

An electricity pole nearby also broke, resulting in Bu Nho Commune losing electricity.

On the same day, Dong Nai Province witnessed a collision between a passenger coach, a motorcycle and a tractor-trailer on National Highway 51. Many passengers in the passenger coach were injured, while the front of the coach was crushed.

The accident caused a severe traffic jam on the national highway.

Coca-Cola Foundation supports WWF to address water challenges in Vietnam

The Coca-Cola Foundation is supporting WWF-Vietnam to help improve the capacity of wetlands, a nature-based solution to sustainable livelihood and biodiversity enhancement in the face of the unpredictable drought and flood patterns in Upper part of the Mekong Delta. Long-term and continued support from The Coca-Cola Foundation to WWF-Vietnam to address water challenges to become more resilient to climate changes.

The Coca-Cola Foundation on March 23 announces its continuing support of US$150.000 (equivalently to VND3,5 billion) for WWF-Vietnam to enhance the natural ability of ecosystems to control water flow and absorption capacity of Tram Chim National Park and surrounding floodplains.

The support will contribute to the restoration of its health and natural function of the 2000th world Ramsar site, a designation given in recognition of the previous success of rehabilitation work in the national park.

Smartphone users warned of fake troubleshooting calls

Functional agencies lately have warned citizens of criminals impersonating operators of major network carriers to take control of subscribers’ SIM via fake troubleshooting calls, and then illegally sign in bank accounts to steal money.

VinaPhone warns its customers against sending the code ‘**21*Số điện thoại#’ when being instructed by a strange call. Also, if customers discover that their phone cannot receive any calls, they have to immediate send the SMS ‘##21#’ to cancel the Call Forward function, followed by contacting VinaPhone’s free hotline 18001091 to check the security status.

Similarly, MobiFone subscribers need to dial its hotline 9090 to verify whether the person contacting them are truly MobiFone employees or not. They are warned against sharing their OTP codes, passwords, sensitive information, bank accounts, PIN code to unreliable sources.

Viettel asks that its customers strictly observe all laws of the country as well as its regulations regarding sign-up information provision. Users are advised to beware of calls from strangers for SIM upgrade or prize winning purposes.

HCMC issues regulations on management coordination of foreign workers

The People’s Committee of Ho Chi Minh City has just issued regulations on coordination in state management of foreign workers working in enterprises in the city, taking effect on March 28.

The regulations set out the duties of the Municipal Department of Labor, Invalids and Social Affairs, the Municipal Department of Public Security, the People's Committees of districts, Thu Duc City and many organizations, individuals without arising from procedures related to the work permit to create conditions for enterprises to strictly comply with regulations on recruitment and usage of foreign workers.

According to the regulations, the information, documents and data provided by the agencies must be used for the right purposes for state management. It is strictly prohibited to take advantage of this information for unauthorized purposes.

Currently, 27,000 foreign workers are working in the city, including many experts and managers of key projects.

HCMUT introduces robotic gloves for stroke patients

A group of students from Ho Chi Minh City University of Technology (HCMUT) has successfully invented robotic gloves to help patients recovering from strokes to hold objects and restore hand movements. This meaningful product aims at supporting arm movements of stroke patients who are rehabilitating at home.

The fingers of robotic gloves are made from flexible and soft materials (liquid rubber solutions) in order to grasp objects easily without deforming them. Their movement mechanism is according to the pneumatic principle.

The elbow of these gloves are attached with sensors that can read signals from the hand muscles and then transmit them to the soft fingers via wires. Receiving these signals, the gloves have their fingers automatically inflated with air to bend and help users’ fingers move as well so that they can hold objects.

The product has been recognized and published on IEEE Xplore journal of the International Electrical Engineers Association.

HCMC sets new evaluation criteria of advanced, integrated schools

Accordingly, for advanced-credited kindergarten teaching children aged 3 to 6, the number of pupils not being more than 30 students per class as criteria to be advanced and integrated schools. All children in advanced-credited schools have their nutritious lunch at schools without cases of illnesses and food poisoning.

In addition, they also receive medical check-ups including their height and weight measures, which are important when tracking a child's growth.

For advanced-credited primary schools, the criteria for personnel and facilities are similar to that of preschools. The total number of students is no more than 35 students per class, all students can study two shifts a day.

Additionally, all primary teachers can communicate in English and have computer skills. Half of the students have to achieve certificates of English and computer output standards according to international standards after graduating from primary school. Swimming safety and preventing drowning must be made compulsory for all students.

As for advanced-credited secondary schools and senior high schools, 80 percent of teachers must win the title of excellent teachers at school level and 30 percent of teachers win the title of excellent teaching at the district level. The ability to use English communication is required for all teachers while the foreign language teachers must have teaching language competence two levels higher than the general level.

Can Tho to inaugurate temple of Hung Kings on April 6

A temple commemorating Hung Kings will be inaugurated in the Mekong Delta City of Can Tho on April 6, announced the municipal People’s Committee at a press conference on March 22.

The construction of the Hung Kings’ Temple covering an area of more than 39,000 square meters in Binh Thuy Districts has been completed in 30 months.

The project includes main works, including a temple, a management and administration area, a stele house, a courtyard, park and among. The temple was built at a total capital of VND129 billion (US$5.7 million) and aims to commemorate and worship the Hung Kings who are the founders and first emperors of the nation.

At the press conference, the city's authorities also provided information on the organization of the 3rd National Southern Amateur Music Festival and the 9th Southern Folk Cake Festival.

The two festivals will take place at at Binh Thuy District’s square On April 6-11 with the participation of 21 provinces and cities in the Southeast and Mekong Delta regions, aiming at promoting traditional cuisines and culture, tourism potentials of the Vietnam’s South.

Source: VNA/SGT/VOV/VNS/SGGP/VIR/Hanoitimes

Dai Nam JSC’s CEO prosecuted, detained

15:00               

The Ho Chi Minh City Police Department, on March 24, prosecuted and detained Nguyen Phuong Hang, 51, CEO of Dai Nam Joint Stock Company.

The Ho Chi Minh City Police Department, on March 24, prosecuted and detained Nguyen Phuong Hang, 51, CEO of Dai Nam Joint Stock Company, for the act of abusing democratic rights and freedoms to infringe upon the interests of the State, the legitimate rights and interests of organizations and individuals following Article 331 of the 2015 Penal Code, as amended and supplemented in 2017.

Previously, the Investigation Police Agency of the HCMC Police Department had suspended the exit of Nguyen Phuong Hang from February 16 to April 29 to serve the verification and investigation.

At a recent press conference, the Police Department of Binh Duong Province confirmed that it was launching investigations and verifying the applications of six individuals who denounced and accused Nguyen Phuong Hang of spreading false information, slandering, humiliating others, taking advantage of democratic rights and freedoms to infringe upon the legitimate rights and interests of organizations and citizens.

In contrast, Nguyen Phuong Hang also reported and denounced many individuals in provinces and cities.

SGGP

VIETNAM NEWS HEADLINES MARCH 25

15:01  

First batch of AstraZeneca antibody drug Evusheld arrives in Vietnam

Facilities of Tam Anh General Hospital in both Hanoi and Ho Chi Minh City on March 24 received the first batch of Evusheld, a drug developed by AstraZeneca to fight COVID-19 infection by combining two long-acting monoclonal antibodies.

The shipment has been made on the basis of a contract for 20,000 doses signed with AstraZeneca by the Vietnam Vaccine Joint Stock Company (VNVC) on November 2, 2021.

Evusheld, a long-acting monoclonal antibody, serves as a prevention therapy for people in high-risk groups. It is capable of helping to protect them from COVID-19 infection before they are actually exposed to the virus. It represents the first pre-exposure prophylaxis product created to tackle COVID-19, with the exception of vaccines.

In contrast to typical vaccines which are available, Evusheld helps inoculated individuals by producing a necessary amount of antibodies in order to protect them against COVID-19, with an efficiency rate of up to 83%.

Those who are unable to be given any of the existing COVID-19 vaccines due to potentially serious side-effects to any of its components such as severe allergy and anaphylaxis can instead choose to get the Evusheld injection.

Vietnam wants to contribute more to UN’s common agenda

Ambassador Dang Hoang Giang, Permanent Representative of Vietnam to the United Nations (UN), has affirmed that Vietnam supports and wants to participate more deeply in implementing proposals in the “Common Agenda” report of the UN.

During a working session with Volker Turk, UN Under-Secretary-General for Policy, Giang said that Vietnam wants to contribute further to common efforts of the international community.

Giang spoke highly of the efforts and leadership of the UN Secretary-General and Turk personally in building the report, as well as in discussing the process with countries.

He stressed that to jointly solve global issues in the current context, countries need to promote multilateralism, adding that proposals of the UN Secretary-General in the report can help realise important common plans of the international community.

Hot air balloon rides promise tourists a memorable trip to Hoi An

The first-ever hot air balloon festival in Hoi An city kicked off on March 25 morning, part of activities marking the Visit Vietnam Year 2022 hosted by the central province of Quang Nam.

At this festival, 17 hot air balloons will fly above fixed locations along the Hoai River to enable tourists enjoy and take photos of the beautiful surrounding landscapes. This is the largest number of hot air balloons in a festival in the central region so far.

During the two-day event, balloon rides are available at 6 - 9am and 5:30 - 6:30pm on March 25 and 6 - 9am on March 26, when weather and wind conditions are the most ideal for ballooning.

In particular, a lantern programme will take place from 7 - 8pm on March 25, during which the balloons will be inflated and become giant lanterns.

Hanoi kick-starts tourism promotion activities

The "Get on Hanoi 2022" tourism programme will take place on March 25-27, with an array of activities to foster tourism recovery in the ‘new normal’ situation.

The programme, to be held at the Ly Thai To Square by Hoan Kiem Lake in downtown Hanoi and other locations, is the first in a series of activities during 2022 to respond to a policy to bolster tourism recovery in the capital city in a safe and flexible manner while keeping COVID-19 at bay, now that Vietnam has officially reopened international tourism.

A highlight of the programme will be a hot-air balloon festival titled ‘"Colourful Hanoi" held in Long Bien district, with 18 one-level hot air balloons (10m high) and four seven-level hot air balloon (22m high). Visitors can experience flying up in hot air balloons to see Hanoi from above.

Floating lanterns with the shape of hot-air balloons will be lit up on the Red River during the "Get on Hanoi - Night of Dreams" event.

The programme will broadcast online through digital platforms: YouTube, the municipal Department of Tourism’s fanpage and the “Get on Hanoi” fanpage.

Vietnam Days in UK 2022 to begin next week

The Vietnam Days in the United Kingdom 2022 will take place from March 28 to April 10, featuring a series of cultural, art, sport and trade-investment promotion events, mostly in London.

The events will focus on enhancing the bilateral cooperation in various areas, ranging from education and training, green transformation, renewable energy, fintech, startup and innovation; and promoting Vietnam as an attractive destination for tourists in the context that the country has reopened its door to international visitors.

Highlights among these are a music show entitled “Beautiful Vietnam”, painting exhibitions, investment promotion and travel forums and a friendly golf tournament in London. There will also be an education forum and a workshop for startup cooperation between Vietnam and the UK in Cambridge.

Fisherman saved after accident at sea

Vietnam Maritime Search and Rescue Coordination Centre brought a fisherman injured during an accident at sea to shore in time for medical treatment on March 24.

At about 7am on March 23, Ngo Tan Loc, 39, suffered multiple injuries after falling from a high place on a boat operating in the waters of Hoang Sa (Paracels) archipelago.

As the man’s condition was serious, the captain sent a request for emergency rescue to the centre.

After receiving the request, the centre dispatched ship SAR 412 with doctors on board to the boat's location. It took one day and a half for the SAR 412 to reach the boat and bring the injured fisherman to the mainland.

NA Standing Committee’s ninth session concludes

The ninth session of the National Assembly (NA) Standing Committee wrapped up on March 24 after six working days divided into two periods.

Members of the committee debated three bills – the Law on Insurance Business (revised), the Law on Cinematography (revised) and the law on the implementation of grassroots democracy, and adopted one ordinance and two resolutions, one on the 50 percent cut of environmental protection tax rates on petrol, oil and lubricants, aiming to stabilise the fuel market, and the other on raising the cap on monthly and yearly overtime hours of labourers.

Regarding supervision work, the committee considered the results of supervision over the implementation of laws and policies related to thrift practice and wastefulness prevention in 2016-2021; the realisation of NA Standing Committee’s resolutions on re-organisation of district and communal-level administrative units in 2019-2021; and the implementation of laws on citizen reception and the settlement of denunciations and complaints from July 2016 to July 2021.

The NA Standing Committee asked the heads of the supervision teams to coordinate with the NA General Secretary and the NA Standing Committee in designing plans for supervision activities in localities, ministries, sectors and localities in an effective manner.

Reports on ombudsman activities in the first two months of this year were also tabled for discussion, along with the supplementation of the State budget estimate and foreign non-refundable aid in 2020 and 2021.

Border gates between Son La, Lao province to reopen from April

Relevant agencies of the northern border province of Son La stand ready to work with their counterparts of Houaphanh province of Laos to resume operations of the main border gate pairs and an auxiliary one starting April 1.

In a dispatch, the Department of External Relations of Son La stated that the agencies will work to promptly resume operations of the Long Sap-Pa Hang and Chieng Khuong-Ban Dan border gate pairs, together with the Nam Lanh-Muong Po auxiliary pair.

The department requested the Houaphanh side to inform relevant agencies and ask them to collaborate with Son La counterparts, as well as adhere to COVID-19 prevention and control measures.

Son La and Houaphanh have a shared border line of 242 kilometres, with 113 border markers, two main border gates, and two auxiliary border gates.

Work starts on temple dedicated to Vietnamese, Lao martyrs in Xiengkhuang

Construction of a temple dedicated to heroes and martyrs of Vietnam and Laos began in the Lao province of Xiengkhuang on March 24.

This is the first temple built by the Vietnamese community in Laos to commemorate the two countries’ heroes and martyrs who laid down their lives during the nations’ struggle for independence.

The temple, located in Nhuom village of Pek district, is expected to have its first phase completed tin July, when the two countries will hold many activities marking the Vietnam - Laos and Laos - Vietnam Year of Solidarity and Friendship.

Former Singaporean Ambassador honoured with friendship order, insignia

The Vietnamese Embassy in Singapore on March 24 held a ceremony to hand over the Friendship Order and the insignia “For peace and friendship among nations” to Catherine Wong Siow Ping, former Singaporean Ambassador to Vietnam (2016-2021 term).

Vietnamese Ambassador to Singapore Mai Phuoc Dung, on behalf of the State President and the President of the Vietnam Union of Friendship Organisations (VUFO), presented the noble awards to the former ambassador in recognition of her contributions to consolidating and promoting the Vietnam-Singapore strategic partnership as well as solidarity, friendship and cooperation between their people.

Besides foreign affairs, Catherine organised various activities helping to raise mutual understanding between the people of the two countries such as coordinating with the Vietnam-Singapore Friendship Association and the National Fund for Vietnamese Children to hold a charity run in 2018 that collected some 80,000 USD for the fund, among others, Dung said.

The diplomat noted his hope that Catherine, in her new position as Director General of the Southeast Asia Directorate I under the Singaporean Ministry of Foreign Affairs, will further contribute to the bilateral relationship, especially at the time when the two countries are working towards the celebration of the 50th founding anniversary of diplomatic ties, and 10 years of the strategic partnership.

VNA, Yonhap to hold photo exhibition celebrating Vietnam-RoK diplomatic ties

The Yonhap News Agency of the Republic of Korea (RoK) said on March 24 that it will coordinate with the National Museum of Korean Contemporary History and the Vietnam News Agency (VNA) to hold a photo exhibition in Seoul next week to celebrate the 30th founding anniversary of diplomatic ties between the two countries.

The press photo exhibition will take place at the museum in central Seoul from March 31 to May 5.

The exhibition will feature 86 photos by journalists of the two news agencies, graphic materials showing the 30-year history of the diplomatic ties and videos containing information on the two countries.

Admission is free, and the museum is open to the public from 10 a.m. to 6 p.m. every day.

The press exhibition will also be available online for those who cannot visit the museum amid the COVID-19 pandemic.

The exhibition will also be held in Hanoi in December.

Thua Thien-Hue to launch bicycle-sharing services in April

Hue city in the central province of Thua Thien-Hue will launch a public bicycle hire scheme in downtown areas from April 29, the municipal People’s Committee has announced.

The pilot project will be carried out by the municipal People’s Committee, the German Development Cooperation Organisation (GIZ) and Vietsoftpro software solution company, until December 2023.

This is the first public bicycle-sharing project in Hue city, which will arrange 10-20 bicycles at seven bike rental spots.

People can hire the bikes using a smartphone and pay via QR code to unlock the vehicles.

The municipal People’s Committee said the project together with other modes of public transport will create a better transport network, encouraging people to use public transport so as to reduce urban congestion, especially during rush hours, and improve air quality.

The bicycle hire scheme was previously rolled out in HCM City, and to be launched in Hanoi this year.

Da Nang to host Routes Asia 2022 in June

The People’s Committee of Da Nang city has recently issued a plan on the organisation of the Routes Asia 2022 in June with a capital of 15 billion VND (656,000 USD).

As the only route development event dedicated to Asia Pacific, Routes Asia, held annually by Informa Routes, provides a platform for the region's airlines, airports, tourism authorities and aviation stakeholders to meet, share best practice and come together to develop network strategies and ensure future air service development across Asia Pacific.

This year’s event will be hosted by Da Nang from June 6-8, introducing the central city’s image and potential to around 500 international participants.

It is also expected to help the city resume international routes after impacts of the COVID-19 pandemic, and attract more investment in the aviation sector.

Routes Asia 2022 will comprise of 19 activities and events, with three held by Informa Routes and the remaining by the Vietnamese city.

Hanoi moves to speed up smart city project

Secretary of the Party Committee of Hanoi Dinh Tien Dung on March 23 hosted a reception for Japanese Ambassador to Vietnam Yamada Takio and representatives of the Sumitomo Corporation of Japan and Vietnam's BRG Group to review the implementation of a smart city project in the northern area of Hanoi.

The Japanese diplomat said the development of green and smart cities will be one of the cooperation priorities between Japan and Hanoi.

The project is a highlight in the cooperation between Japan and Vietnam in general and Hanoi in particular, to practically celebrate the 50th founding anniversary of diplomatic relations between the two countries in 2023, he stressed.

The smart city project aims to build a city, regarded as the most modern and smartest city in Southeast Asia in the northern area of Hanoi (covering both sides of Vo Nguyen Giap road) as part of the Nhat Tan – Noi Bai Route Planning Project.

It is expected to create a focal point for the space and architecture of the capital’s gateway area, provide impetus for urban development in the northern Red River area, and contribute to the city's socio-economic development.

Robotics competition held for secondary students of Vietnam, Finland

The first edition of the Master Robot Builders Robot Competition will be held for secondary students of Vietnam and Finland.

The contest is organised by the Satakunta University of Applied Sciences of Finland, within the framework of the Vietnam-Finland bilateral cooperation agreement. It will be held online in English and free of change.

Contestants can register at https://elonake.samk.fi/lomakkeet/11876/lomake.html before April 10. They will be enabled to participate in three robotics training sessions and a guiding session in the robotics industry from April 5-8.

Groups comprising 3-5 members will work together to build their robots and submit to the jury by May 8.

The most 20 outstanding works will qualify for the final slated for May 20. The top three winners will walk home with prizes of 150 EUR (165 USD), 100 EUR and 50 EUR, respectively.

National trade repository to ensure ASEAN information transparency compliance

The Vietnam National Trade Repository (VNTR) is expected to go live on March 30, with the event being jointly organized by the Ministry of Industry and Trade (MoIT) and the British Embassy in Vietnam.

The VNTR will be a free-to-access online portal that will provide all of the latest trade information in both English and Vietnamese.

The UK's Global Trade Programme (GTP) supports the (MoIT) in developing the VNTR which will be linked to the ASEAN Trade Repository (ATR) https://atr.asean.org/.

This will ensure that the country fully complies with ASEAN information transparency obligations as outlined in Article 13 of the ASEAN Trade in Goods Agreement (ATIGA).

Opening for Vietnamese pomelo and lemon to enter NZ market

In order to export two types of fruit, pomelo and lemon, to the New Zealand market, the Plant Protection Department has finalised a technical dossier and consulted all relevant units.

The Vietnam Fruit and Vegetable Association, along with organizations and individuals producing and exporting fresh fruit, requested opinions on the draft export programme on phytosanitary requirements for two fresh fruits being exported to New Zealand.

Accordingly, the Plant Protection Department has proposed two steps in which to manage pests both in fields and after harvest.

Hoang Trung, head of the Plant Protection Department, said that before exporting fresh fruit to New Zealand or any other country, it remains necessary to meet all regulations set by importing countries. This includes things such as product information, varieties, cultivation procedures, plant protection measures, and phytosanitary work.

Vietnamese historical book published in Spanish

Biên Bản Chiến Tranh 1-2-3-4.75 (A War Account 1-2-3-4.75), a historical book by Vietnamese writer-journalist Trần Mai Hạnh, has been released in Spanish.

The book reveals historical truths about the fall of the Republic of Việt Nam (led by President Nguyễn Văn Thiệu) in 1975, based on original top-secret documents of both the Sài Gòn regime and the US government.

The Spanish version of the book has been published by the National Political Publishing House and presented to the Cuban Embassy in Việt Nam. Earlier, it was translated into English in 2017 and Lao in 2018.

The translation and publication of the Spanish version was undertaken by the National Political Publishing House and completed by the end of 2021. Both of its translators, Trần Thị Oanh và Nguyễn Mai Anh, are lecturers of the Spanish Department, the National Hà Nội University.

Hanoi will strengthen development of underground spaces in 20 districts by 2030

Hà Nội will strengthen the development of underground spaces within the administrative boundaries of 20 districts by 2030.

Those districts are Hoàn Kiếm, Ba Đình, Đống Đa, Hai Bà Trưng, Cầu Giấy, Tây Hồ, Thanh Xuân, Hoàng Mai, Hà Đông, Nam Từ Liêm, Bắc Từ Liêm, Long Biên, Mê Linh, Đông Anh, Gia Lâm, Đan Phượng, Hoài Đức, Thanh Oai, Thanh Trì and Thường Tín.

The move comes after the People’s Committee of Hà Nội recently approved the planning of urban underground construction space in the city by 2030, a vision towards 2050.

The plan is expected to contribute to accelerating the development of urban underground spaces in the capital.

Hanoi decides C9 metro station location

The Hà Nội People’s Committee on Wednesday decided on the location of C9 station that is part of the planned Nam Thăng Long – Trần Hưng Đạo urban rail line (Line 2).

The station will be built outside of the protection area of Hoàn Kiếm Lake area as stated under the heritage law.

In the original plan, the main body of the station and one of its entrances was proposed to be entirely within the protection area of Hoàn Kiếm Lake and Ngọc Sơn Temple.

In the newly approved plan, the design and location of the station will be modified to comply with the heritage law while still ensuring technical feasibility.

The underground station is now planned to be located under Đinh Tiên Hoàng Street, in front of the headquarters of the Hanoi Electricity Corporation and the city’s People’s Council and People’s Committee.

The C9 Station has two gates, 202.4 m long, 15 m wide, and 31 m deep. The station structure is about 3 m from the nearest building.

The station is designed with four floors, in which the waiting hall and ticketing system are on the first floor, while its second and fourth floors will be for picking up and dropping off guests, and the third floor contains equipment.

The station location is 97m away from the Bút Tháp Tower. The station’s entrance and exit are not in the historical site’s protection area.

Vietnam sees fall in workplace accidents

Vietnam witnessed a sharp decline in the number of workplace accidents last year, down 1,800 cases or 22.4 percent on-year.

According to the Ministry of Labour, Invalids and Social Affairs 780 people were killed in 740 workplace accidents, down 18 percent on-year.

Around 1,500 people were seriously injured at their workplaces in 2021, down 400 people from 2020. HCM City, Hanoi, Hai Duong, Thanh Hoa, Binh Duong, Dong Nai, Quang Ninh and Thai Nguyen all ranked highly in terms of the number of deaths related to workplace accidents.

The most serious workplace accidents were involved in construction and mining activities. Ten incidents are facing prosecution.

Flight carries first Mongolian visitors to Vietnam since COVID-19 outbreak

A flight carrying more than 130 Mongolian visitors landed at Noi Bai International Airport in Hanoi on the morning of March 24, marking the first Mongolian tourists to visit Vietnam since the outbreak of the COVID-19 pandemic.

This is the initial achievement of the Vietnamese Embassy in Mongolia’s in the promotion of Vietnamese tourism to Mongolia’s State agencies and tourism businesses.

Hanoi creates over 50,000 jobs in first quarter of 2022

Hanoi provided jobs for 50,019 workers in the first three months of 2022, up 29.2% compared to the same period last year, according to the municipal labour department.

This figure is equivalent to 31.3% of the target for the whole year.

Hanoi’s job market saw positive improvements thanks to the strong economic recovery in March when the capital city took steps to gradually adapt to the pandemic flexibly and safely.

In March alone, nearly 27,000 jobs were created, accounting for more than half of all jobs created in the first quarter.

In 2022, Hanoi aims to create jobs for at least 160,000 people, raise the proportion of skilled workers to 72.2%, and maintain an urban jobless rate of under 4%.

6th Italian Design Day in Vietnam to feature creative activities

Italian Design Day (IDD), launched in 2017 by the Italian Ministry of Foreign Affairs and International Cooperation, is held in more than 100 cities around the world. 

This year’s theme of “Re-Generation: Design and new technologies for a sustainable future” is of great importance for our times as design can help reinvent the habitat and mobility of our cities by combining innovation and culture, technology, and sustainability.

In Vietnam, IDD 2022 is set to include seminars, exhibitions, and film screenings. On March 25, Hanoi University of Civil Engineering will hold an online seminar with the theme of IDD 2022 and its applicability in Vietnam with the participation of Architect Marco Lambri - Italian Design Ambassador in Vietnam in 2022 and Design Director of Piaggio Group. He will give an important speech on industrial design and transformation.

The conference will be livestreamed on the Facebook page of the Italian Embassy (www.facebook.com/ItalyinVietnam) as well as the Zoom platform.

In addition, other events will be organised in Hanoi, including a Vespa and Piaggio Design Exhibition (March 25-26, at Hanoi University of Civil Engineering) and a screening of the film "Enrico Piaggio - An Italian dream" (March 25 at Casa Italia, 18 Le Phung Hieu).

In Ho Chi Minh City, an exhibition of iconic objects of Italian industrial design will take place in the lobby of Caravelle Hotel from March 25-27, with the contributions of Piaggio, Eurasia Concept and Ly Gia Vien. In addition, a seminar on this year's Italian Design Day and the importance of the design industry to bilateral trade relations between Vietnam and Italy will also take place at the Caravelle Hotel on March 25, with the participation of many speakers.

Fine art exhibition honours Vietnamese lacquer

An exhibition honouring the development of Vietnamese lacquer officially opened at the Vietnam Fine Arts Museum in Hanoi on March 23.

The exhibition featured 43 lacquer paintings by ten painters, including Ly Truc Son, Nguyen Van Bang, Tran Tuan Long, Nguyen Manh Cuong, Nguyen Tuan Cuong, Can Manh Tuong, Nguyen Duc Dan, Tran Ngoc Hung, Nguyen Dinh Van and Nguyen Xuan Luc.

The exhibition will run until March 29.

Sri Lanka tour for Vietnamese tourists to be built

Sri Lanka tour packages are expected to be exploited as a new tourism product for Vietnamese tourists in the near future.

According to the Sri Lankan Embassy in Hanoi, although there is a lot of potential to attract European and Asian tourists, Vietnamese tourists still know little about Sri Lanka.

In order to attract more Vietnamese tourists, on March 13, the Embassy of Sri Lanka in collaboration with the Sri Lanka Tourism Promotion Agency and the Hanoi Travel Association organised the first famtrip for 13 travel agencies of Vietnam, helping them learn more about the destination of Sri Lanka and thereby build attractive tourism programmes for Vietnamese tourists in the coming time.

HCMC signs collaborative agreement with telecom giant

Chairman of Ho Chi Minh City People’s Committee Phan Van Mai yesterday signed a collaborative agreement between HCMC and Viettel Military Industry and Telecoms Group (Viettel) in the period from 2022-2025 for digital transformation promotion.

Chairman Phan Van Mai first thanked Viettel for its practical IT solutions to help HCMC in Covid-19 prevention and control tasks. He hoped that both partners will continue this cooperation during the digital transformation process of the city, as well as the establishment of smart urban areas and electronic government here, which closely connected to the fulfillment of the city’s strategic breakthroughs.

Dong Nai completes site clearance for Ben Luc – Long Thanh expressway project

The People’s Committee of Dong Nai Province yesterday said that the Southeastern province had completed the compensation and site clearance process serving for the Ben Luc – Long Thanh expressway project.

The last six households whose lands were affected by the construction of an intersection crossing the National Highway No.51 under the Ben Luc – Long Thanh expressway project through Long Thanh District received the compensation.

Currently, the Provincial People’s Committee of Dong Nai is directing the People’s Committee of Long Thanh District to closely collaborate with the Management Board of Southern Expressway Projects which is the investor of Ben Luc – Long Thanh Expressway project to accelerate the work items to finish the project in December 2023 in accordance with the Prime Minister’s direction.

Students eligible for monthly loans of VND4 million

From May 19, 2022, students are eligible for asking for the monthly maximum loan of VND4 million (US$176) under Decision No. 5/2022/QD-TTg signed by Deputy Prime Minister Le Minh Khai.
Students eligible for monthly loans of VND4 million

The amending decision has supplemented several articles of the Prime Minister's Decision No. 157/2007/QD-TTg on credit for students; accordingly, the loan amount will increase from VND2.5 million a month to VND4 million a month.

The decision also amends regulations on loan principal and interest repayment. Specifically, from the date a student finishes the 12-month course as prescribed, student loan borrowers must pay the original amount of their loans and interest for the first time. Borrowers can repay their loans early without paying interest on early repayment.

Publishing industry in 2022: Finding opportunities from digital transformation

Digital transformation was identified to be the focus of the publishing industry in the coming time, in order to make electronic publishing a spearhead of development.

The Authority of Publication, Printing and Distribution held a conference on the publication and publication of publications in 2022 on March 23 in Ho Chi Minh City to review the publication work in 2021 and set a set many tasks for the development of the industry in the current context.

Like other sectors, the publishing industry had to face the negative impacts of the Covid-19 pandemic in 2021. However, publishers have made great efforts from grasping the market and readers' needs to adapting quickly to transform business forms, propagandize and promote books. As a result, the total revenue and profit of the publishers both increased compared to 2020.

Data from the Authority of Publication, Printing and Distribution (hereinafter referred to as the Department of Publication for short) shows that by the end of December 31, 2021, the total number of publications deposited in the deposit is 32,948 publications with more than 400 million copies. In which, publications in print form are 29,274 books with 350 million copies, electronic publications are 2,300 publications with an estimated 25 million copies, an increase of 16 times compared to 2020. Total industry revenue reached nearly VND2,997 billion, up by 12.4 percent.

Source: VNA/SGGP/VOV/VNS/SGT/Dtinews

VIETNAM BUSINESS NEWS MARCH 27

15:40 

Railway sector expects over 200 mln USD to upgrade weak bridges, tunnels

According to VNR, the national railway network currently has 28 degrading and leaky tunnels which have greatly affected train operation, of which 22 are on the Hanoi-Ho Chi Minh City route, and all built during the French colonial period (1927-1935).

As another 7-trillion-VND project has a plan to repair nine tunnels, VNR proposes allocating funds to repair and upgrade the remaining 13 tunnels with a total estimated capital of 1.9 trillion VND.

On the other hand, it asked for the allocation of 1.16 trillion VND to improve small-radius curves and handle the risk of rolling and falling rocks.

In addition, the agency also asked the ministry to provide about 1.7 trillion VND for the reparation and upgrade of weak railway bridges, and separate rail and road traffic on all road-rail bridges.

Previously, VNR proposed allocate around 2.38 trillion VND to repair and upgrade more than 40 passenger and cargo terminals in the period 2022-2023 in order to improve capacity and efficiency for road transport, thus facilitating transport recovery to after severe impact of the COVID-19 pandemic.

Vietnam sets goal of 18.5 billion USD for wood exports in 2025

Vietnam’s exports of wood and wooden products are expected to rake in 18.5 billion USD in 2025 and 20.4 billion USD in 2030, per a project freshly approved by Deputy Prime Minister Le Van Thanh on March 10.

The 2021-2030 project on the wood processing industry’s sustainable development aims to turn the sector inro a key economic one and promote the trademark of Vietnamese wood products domestically and internationally.

Accordingly, the value of wood and wooden products for export is set at 20 billion USD in 2025 and 25 billion USD in 2030 while that for domestic consumption 5 billion USD and 6 billion USD, respectively. All wood and wooden products for export and domestic consumption are expected to source from legal wood materials with sustainable forest management certification.

Toward these targets, a key task of the project is to develop infrastructure and expand production scale. As such, it will work to form five high-tech forestry areas, attracting investment from wood processors and auxiliary materials producers. It also eyes the building of a national furniture exhibition center and encourages the establishment of centers for research and design of wood products catering to consumers’ demand.

Another task is to develop groups of products with competitive advantages, value added, and high and stable demand in the market. Those prioritised for production include furniture, outdoor furniture, and artificial wood plank products, among others.

The US, Japan, the Republic of Korea, the EU, and China are identified as main markets for Vietnamese wood products, while wood processing firms are encouraged to use the “Go Viet” (Vietnamese wood) trademark and capitalise on e-commerce and other technological applications.

WB pleges to support Vietnam to become high-income economy by 2045

World Bank (WB) Regional Vice President for East Asia and Pacific Manuela V. Ferro on March 25 concluded her five-day visit to Vietnam.

During her first visit to Vietnam, Ferro had a meeting with Prime Minister Pham Minh Chinh, National Assembly Chairman Vuong Dinh Hue, and other senior officials of Vietnam.

During the meetings, both sides discussed development priorities and challenges of Vietnam, as well as how the country can use support of the World Bank to achieve transformational and tangible improvements in the lives of the Vietnamese people.

A highlight of the visit is the agreement between Ferro and PM Chinh to jointly produce a report - Vietnam 2045 that will outline a roadmap and solutions for Vietnam to realise its aspiration of becoming a high-income economy by 2045.

The report will take stock of the pace of reforms laid out in 2016’s Vietnam 2035 roadmap, analyse how Vietnam’s economic trajectory has been affected by the COVID-19 pandemic and other global mega-trends, and provide recommendations to inform policy reform discussions leading up to the 14th Party Congress, scheduled for 2026.

Ferro underlined the progress in the partnership between Vietnam and the WB, adding that the WB will propose innovative solutions that address new development challenges and fit the unique profile of Vietnam’s development opportunities.

At her working session with the Vietnamese Government leader, Ferro pledged that the WB will assist Vietnam to realise its goals of becoming a high-income economy by 2045 and reaching net zero emissions by 2050.

The WB Vice President also visited Ho Chi Minh City to expand cooperation between the bank and the city, the largest economic hub of Vietnam.

During her working session with Chairman of the municipal People’s Committee Pham Van Mai, the two sides discussed major challenges facing the city during the post-pandemic economic recovery and measures to mobilise brainpower and financial resources from the WB to improve its competitiveness. A joint working group between the WB and the city was also set up to sketch out cooperation plans for following years.

The World Bank’s current portfolio in Vietnam consists of 33 projects, worth a total of 5.72 billion USD focused on transforming livelihoods and increasing infrastructure’s resilience to climate risks, education, health care, transport, energy, water resource management, and urban resilience.

Since its comback to Vietnam in 1994, the WB has committed a total of more than 25.3 billion USD toward financing Vietnam’s development.

Vietnam, RoK seek to boost strategic partnership

The Meet Korea 2022 was held in Sam Son city in the central province of Thanh Hoa on March 25 with the participation of more than 500 delegates representing ministries, central agencies and 10 northern localities as well as businesses from Vietnam and the Republic of Korea (RoK).

Addressing the event, Deputy Foreign Minister Nguyen Minh Vu said that this is the first event to open a series of activities to mark the 30th anniversary of the Vietnam-RoK diplomatic relations, aiming to bolster bilateral investment partnership.

He highlighted that the Vietnam-RoK relationship is in a thriving period, with the RoK being an important partner of Vietnam in many areas, and Vietnam being an important pillar of the RoK’s New Southern Policy Plus.

Currently, the RoK is the biggest investor in Vietnam with 9,223 underway projects worth 74.7 billion USD. It is Vietnam’s second largest labour export market and the third largest trade partner, with two-way trade reaching 78 billion USD in 2021, he noted.

According to Vu, localities of the two countries have signed about 80 memoranda of understanding across various areas including trade, investment, people-to-people exchange, agriculture, education-training, and labour.

The RoK has provided Vietnam with nearly 1.4 million doses of COVID-19 vaccines, reflecting the close friendship between the two nations, he said.

He expressed belief that the bilateral partnership will further thrive towards the target of 100 billion USD in 2023 and 150 billion USD in 2030.

Speaking at the event, RoK Ambassador to Vietnam Park Noh-wan said that he hopes the event will be the opening for a new development period of the strategic partnership between the two countries as well as between the RoK and Thanh Hoa, northern and northern central localities of Vietnam.

He diplomat said that 2022 is a meaningful year for both sides when they will celebrate their 30th anniversary of diplomatic relations.

He said he hopes through the event, businesses of both sides will strengthen their investment partnerships in all fields, including high technology, human resources development, support industries and logistics, thus contributing to promoting the growth of Vietnam.

Within the event’s framework, participants discussed measures to boost bilateral trade and investment partnership for the economic recovery and development in both sides, as well as priorities of Korean firms and their interest in the energy sector in Vietnam.

Thanh Hoa province wants to enhance cooperation with Korean partners

The central province of Thanh Hoa hopes to step up its cooperation with partners from the Republic of Korea (RoK) in the building smart cities and e-governance, education and health care, and receive more ODA projects from the country, said a provincial leader.

Do Trong Hung, Secretary of the provincial Party Committee, said cooperation between Thanh Hoa and the RoK’s localities, agencies, organisations and enterprises have developed continuously, adding the RoK has become an important partner of Thanh Hoa in various fields.

Thanh Hoa will create the best possible conditions for Korean businesses and partners, Hung pledged.

The RoK is running 37 FDI projects and joint ventures with Japan in the central province of Thanh Hoa, with total registered capital of over 3 billion USD, accounting for 26.5 percent of FDI projects in the locality.

The RoK government has also launched five ODA projects in Thanh Hoa, worth some 135 million USD, focusing on health care, education, transport and urban development.

Many of the projects are operating successfully, notably the 1,200 MW Nghi Son 2 BOT Thermal Power Plant with investment of nearly 2.8 billion USD, half of which comes from the Korea Electricity Corporation.

The first turbine of the plant has been put into operation, churning out around 3.9 billion kWh each year. The second turbine is scheduled to be operational in July.

According to Jubok Lee, Deputy General Director of Nghi Son 2 Power Limited Liability Company, Thanh Hoa has taken solutions to help the company deal with difficulties during the construction, thus ensuring the project progress.

Apart from the RoK-invested projects, 88 enterprises in Thanh Hoa have also exported their products to the RoK, with a combined value of more than 408 million USD last year.

Thanh Hoa and Seongnam city of the RoK’s Gyeonggi province have also maintained their friendship through cooperation documents since 2013, covering such spheres as economy, technology, infrastructure development, people-to-people diplomacy, development assistance and humanitarian aid.

Between 2013 and 2017, Seongnam’s authorities provided Thanh Hoa with 290,000 USD through non-governmental organisations to help the province upgrade infrastructure in local schools. In 2021 alone, the RoK city financed 13 projects valued at 1.84 million USD in Thanh Hoa.

Air transportation of int’l passengers, cargo rebounds strongly in Q1

Vietnamese airlines have seen a surge of 441 percent in international passengers but a decline in domestic passengers in the first quarter of 2022, according to the Civil Aviation Authority of Vietnam (CAAV).

In a report sent to the Ministry of Transport, CAAV said Vietnamese airlines have transported an estimated 141,600 international passengers and 38,000 tonnes of international cargo in Q1, respectively soaring 441 percent and 113.9 percent year on year.

Airports nationwide handled 321,000 international passengers and 292,000 tonnes of international cargo during the period, up 176.2 percent and 21.1 percent.

Meanwhile, the carriers served about 6.5 million domestic passengers and 48,400 tonnes of domestic cargo, down 12.5 percent and 8.8 percent from a year earlier.

About 13 million domestic passengers and 98,000 tonnes of domestic cargo passed through Vietnamese airports during the three months, dropping 13.3 percent and 5 percent, respectively.

CAAV said as of March, there are 23 foreign and Vietnamese airlines operating air routes between Vietnam and 20 countries/territories.

Compared to 2019 - before the COVID-19 pandemic broke out, regular air routes with eight foreign destinations have yet to be resumed, namely Brunei, India, Indonesia, Myanmar, Macau, Finland, Italy, and Switzerland.

Airlines are operating 67 routes to/from Vietnam, mostly to/from Noi Bai and Tan Son Nhat international airports.

Sixth Int’l Conference and Exhibition on Control and Automation to be held in April

The sixth Vietnam International Conference and Exhibition on Control and Automation (VCCA) will take place in Ho Chi Minh City from April 8-9, heard an online press conference on March 25.

The event, themed “Automation in the Vietnam National Digital Transformation Program: Intelligent and Innovative”, is expected to help develop the control and automation fields during the industrialisation and modernisation process.

It will comprise of three main activities: a scientific conference, an international exhibition and a business forum.

The conference will gather prestigious Vietnamese and foreign scientists who will introduce their research results and exchange experience in relevant fields.

The VCCA has been held biennially since 2011. Last year, it was cancelled due to the COVID-19 pandemic.

HCM City to bolster digital transformation for economic recovery

Ho Chi Minh City has identified promoting all-round digital transformation as one of the important tasks to recover and develop the local economy this year.

The city’s digital transformation programme, issued in July 2020, sets a target that the digital economy will make up 25 percent of its gross regional domestic product (GRDP) by 2025 and 40 percent by 2030. It gives priority to 10 sectors, namely health care, education, transport, finance - banking, tourism, agriculture, logistics, environment, energy, and human resources training.

HCM City also looks to raise the digital economy’s proportion in GRDP to 15 percent in 2022.

Speaking at a seminar on March 25, Director of the municipal Department of Information and Communications Lam Dinh Thang said while the COVID-19 pandemic hasn’t been over, HCM City’s economy is still facing an array of considerable difficulties and challenges.

The city views implementing all-round digital transformation and developing a digital economy as one of the important tasks to recover and develop its economy. Besides, it will also step up digital society, digital administration, and smart city building, he noted.

Some experts suggested that in terms of digital infrastructure, HCM City should complete general and specialised databases in its smart city project, boost the building of information security mechanisms to encourage enterprises to do business on digital platforms, and pay due attention to cybersecurity.

Regarding digital business, they recommended the city survey companies’ demand and devise different programmes supporting firms to innovate, apply technology, and shift to digital business models.

Italy-Vietnam Chamber of Commerce to launch representative office in Vietnam

The Italy-Vietnam Chamber of Commerce (CCIV) will open a representative office in Ho Chi Minh City in June to support Vietnamese and Italian firms to seek partnership, according to its President Fulvio Albano.

This year, the Turin-bases CCIV will work closely with the Vietnamese Embassy in Italy and the Honorary Consul of Vietnam in Turin to promote bilateral cooperation in economy, trade and service, with tourism being a prioritised sector, Albano told the Vietnam News Agency on March 24.

In the time to come, the CCIV plans to organise a series of bilateral events in Turin, including the arrangement of a visit by officials from the Vietnamese Embassy to Turin and Piedmont region and the introduction of Vietnam's business and investment potential to Italian firms, he said.

Founded in 1996, the CCIV is one of the first bilateral chambers of commerce set up in Italy and recognised by the Italy’s Ministry of International Trade, which is the Ministry of Economic Development now. It is a member of the union of chambers of commerce (Unioncamere) of Italy.

VietinBank wins two major IFC prizes on trade finance

The Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) received two great prizes granted by the International Finance Corporation (IFC) for three consecutive years.

The IFC is a member of the World Bank Group and chose to award VietinBank two prizes on March 23, including “Best Issuing Bank Partner in East Asia and the Pacific” and “Best Bank Partner for Climate Trade in East Asia and the Pacific”.

The award is a recognition of the IFC for VietinBank’s contribution to the IFC’s Global Trade Finance Programme (GTFP) which aims to support the extension of trade finance to clients globally who are typically underserved by the banking system.

The scheme began 17 years ago and has so far seen programme include more than 500 bank partners across nearly 100 emerging-market countries.

SOEs to spearhead recovery and national development

State-owned enterprises (SOEs) are to spearhead the country's economic recovery post-pandemic, to modernise and play a key role in national development efforts, Prime Minister Pham Minh Chinh told government officials and SOEs' executives during an online conference yesterday.

"SOEs hold key resources and are important economic drivers in Viet Nam's socio-economic development strategy," said the PM.

The government leader said Viet Nam's SOEs have grown by leaps and bounds in the last three decades of economic reform to form key pillars of the economy, especially during the pandemic.

He said priorities for SOEs in the near future are to identify limitations and shortcomings of current policies that hinder business performance. He said each and every SOE must find their way to initiate reform, address ongoing issues and find solutions.

Chinh said many SOEs have not been able to fully realise their potential as well as make the most out of the resources at their disposal. He urged SOEs' executives to find ways to improve business performance, to assist the local economy and to stay focused on their key industries.

He said SOEs must pay more attention to the quality of human resources and the role played by central government agencies in charge of managing the State's shares.

Regarding the process of equitisation and reducing State capital in SOEs, he asked for a comprehensive study of ongoing problems including land-use evaluation, brand recognition and the public's reaction to said problems.

He said there have been mixed results in implementing reforms and managing SOEs' assets over the years. It's perhaps time for the government to hold executives personally responsible for weak performance, delays and failure to cooperate with governmental agencies to find solutions in a timely manner.

Chinh said they should be made top priorities, especially in the face of rising geopolitical risk levels, trade tension and the unpredictable COVID-19 pandemic. More than ever, SOEs must focus on building feasible action plans to improve productivity, competitive ability, sustainability and resilience to climate change.

Speaking at the conference, minister of planning and investment Nguyen Chi Dung said the adoption and development of technology and innovation should be made the highest priority for Viet Nam's SOEs as well as the implementation of breakthrough policies for key sectors of the economy.

"We must introduce strong policies to unleash the economic potential of SOEs, allowing for greater contribution to national development," said Dung.

According to a report by the Ministry of Investment and Planning, there were nearly 500 SOEs in Viet Nam with the State being either sole stakeholder or major stakeholder, of which 94 were large-sized enterprises.

While accounting for just 0.08 per cent of the economy, SOEs with the State being the sole stakeholder controlled a significant amount of available resources with up to 7 per cent of total assets and 10 per cent of the total capital of the entire economy. On average, said SOEs held more than VND6 trillion in assets, roughly 18 times the size of an average foreign-invested enterprise and nearly 140 times the size of an average enterprise.

The upside is many of such SOEs have been able to take advantage of the enormous resources available to them and managed to build strong products under internationally recognised brands in key industries such as telecommunications, transport, seaport and logistics.

Many of which have been consistently producing strong business performance with average pre-tax profit growth at 4.87 per cent annually in the 2016-20 period, significantly higher than that of the private sector at 1.26 per cent. They also accounted for 28 per cent of all contributions, taxes and fees, to the State's coffer and employed nearly 700,000 workers or 7.3 per cent of all employment.

The ministry reported SOEs accounted for up to 29 per cent of the entire country's GDP in 2020. SOEs were holding onto a dominant share in major up-and-coming markets such as energy, telecommunications and banking.

Bac Giang looks to boost 'Thieu' lychee sales in high-standard markets

The northern province of Bac Giang has been promoting the sales of thieu lychee in domestic and foreign markets, including high-standard ones, according to Vice Chairman of the provincial People’s Committee Phan The Tuan.

Bac Giang is set to produce 160,000 tonnes of thieu lychee in 2022, including 112,000 tonnes meeting VietGAP standard and 1,000 tonnes meeting GlobalGAP standard.

The locality will plant 218ha of the fruit in 18 coded-cultivation areas, aiming to produce 1,600 tonnes for export to high-standard markets such as the European Union and the US.

It also plans to produce 1,800 tonnes to export to Japan in 30 planting zones granted with codes; and about 95,000 tonnes in 149 other coded-cultivation areas to ship to China.

According to the provincial Department of Agriculture and Rural Development, the thieu lychee output in 2022 is forecast to exceed the set plan.

The locality’s agriculture sector will focus on monitoring and forecasting the risk of pests and diseases, supervising and managing the cultivation in thieu lychee producing areas, especially those for export.

Bac Giang will export the first batch of thieu lychee in 2022 to the US and Japan on May 18, and organise a series of events and conferences to promote sales of the specialty fruit and other key products of the locality in May and June.

The province will continue to encourage the application of advanced cultivation techniques for better fruit quality and higher value.

Instant noodle prices rise

Manufacturers have raised the prices of a series of food items due to pressure from the skyrocketing cost of gasoline and input materials.

Rice, sugar, fish sauce, cooking oil, and instant noodle manufacturers have all announced increased prices.

The price of instant noodles has increased by 25 per cent over the same period last year while other items such as cooking oil rose by 23 per cent, sugar 67 per cent, fish sauce 28 per cent, and gasoline 48 per cent.

Kajiwara Junichi, general director of Acecook Viet Nam JSC, said that the company had to increase the price of all products from March 1 due to the high price of input materials and transport costs, adding that no matter how hard businesses tried, they could not keep prices down.

A survey of the World Instant Noodles Association (WINA) showed that Vietnamese people consumed more than 7 billion packages of instant noodles in 2020, just behind China and Indonesia.

The COVID-19 pandemic spurred the need to hoard and consume instant noodles. WINA estimated that the world’s demand for instant noodles grew by 14.79 per cent in 2020.

In Viet Nam, their price rose by 29 per cent, nine times higher than average growth in 2015-2019.

The Vietnamese instant noodle market currently has 50 domestic and foreign enterprises, but is dominated by three main players: Acecook, Masan Consumer and Asia Food.

Quang Binh pledges to create favourable environment for investors

Quang Binh is calling for investment in agriculture, tourism, industry, and infrastructure to create a driving force for the central province’s socio-economic growth, promising to create the best possible conditions for investors.

This was the highlight of the Quang Binh Investment Promotion Conference held by the provincial People’s Committee in HCM City on Friday.

In an interview with Dau Tu (Investment) online newspaper, Provincial Party Secretary Vu Dai Thang said that Quang Binh Province welcomed all investors and would not have any discrimination. He stressed that enterprises and investors coming to Quang Binh would all receive companionship from administrative management agencies of all levels.

Ho An Phong, Deputy Chairman of the provincial People’s Committee said that Quang Binh wished to attract investments in sectors of the province’s strengths, including tourism, industrial production, hi-tech agriculture, wood processing, and infrastructure development.

Phong added that priorities would be given to projects which would contribute to promoting socio-economic development and at the same time ensuring environmental protection for sustainable development.

At the conference, Quang Binh was calling for investment in 23 projects in the 2022-24 period, including six in agriculture, seven in tourism and services, six in industry and industrial zone infrastructure development, and four in socio-economic infrastructure development.

Le Hoang Chau, President of HCM City Real Estate Association, said that Quang Binh had large potential for investment in tourism property.

Jean Jacques Bouflet, Vice Chairman at EuroCham Vietnam, said that Quang Binh’s effort to create favourable investment environment together with the province’s tourism potential would be opportunities for European investors.

Quang Binh is a coastal province in the central region of Viet Nam, 500km from Ha Noi and a one and a half hour flight from HCM City.

Source: VNA/VOV/VNS/SGT/Dtinews

VIETNAM BUSINESS NEWS MARCH 29

15:51               

Fitch rates Vietnam at “BB”, with positive outlook

A report released on March 28 by the rating agency said the affirmation reflects Vietnam’s continued strong medium-term growth prospects, despite the COVID-19 pandemic and the global economic spillovers from the war in Ukraine, and strong external finance metrics relative to peers.

Fitch Ratings noted the rapid recovery of economic activities thanks to the Government's flexible approach in response to the pandemic and high vaccination rates.

Vietnam continues to benefit from the export sector thanks to the implementation of important trade agreements, foreign direct investment (FDI) inflows still maintain high growth and tourism flows gradually resume from 2022, it said.

Fitch forecasts that the country’s GDP growth to accelerate to 6.1 percent in 2022 and 6.3 percent in 2023 from 2.6 percent in 2021, led by a recovery in domestic demand, strong exports and high FDI inflows.

According to Fitch Ratings, Vietnam's success in stabilising public debt, its growth potential in the medium term and the rise of foreign exchange reserves which are reaching a record high are offering a cushion for the country to cope with external shocks.

It forecasts that efforts to maintain macroeconomic stability, strive for a high economic growth rate, reduce the disparity in GDP per capita compared to its peers and further improve public finances through sustained fiscal consolidation, expansion of the collection base, and medium-term debt stabilisation, overcoming weaknesses in the banking sector in terms of capitalisation, transparency regarding asset quality and regulatory frameworks, will be positive factors to help further enhance the country's credit rating in the coming time.

Bac Giang to kick off many infrastructure projects in Q2

The northern province of Bac Giang has planned to begin a host of basic infrastructure projects within the second quarter, focusing on speeding up the progress of and tackling hurdles facing major ones.

The province is striving to start the construction of the Nhu Nguyet bridge on April 30, and of the Dong Viet bridge on May 19.

Local authorities are set to pay a special attention to investment preparations and compensation for site clearance at the Viet Han, Quang Chau, Hoa Phu, Tan Hung and Yen Lu industrial parks.

Tourism development, particularly at existing destinations like the eco-spiritual site Tay Yen Tu and the Truc Lam – Phuong Hoang Zen monastery, is also another focus.

Vietnam’s nickel demand expected to increase

Vietnam has the opportunity to be at the forefront of the global movement towards the electrification of transport, so demand for nickel in Vietnam will continue to rise, experts have said.

It is forecast that the demand for metals used to produce electric batteries, including nickel, will increase due to the rise in electric vehicles. Worldwide nickel reserves are currently estimated at around 89 million tonnes.

Nickel is one of many sought-after global resources, as is widely used in technologies such as batteries for vehicles.

The proportion of nickel-metal used in producing batteries currently accounts for about 4 percent of the world's nickel production.

As the amount of nickel used in batteries for electric vehicles is higher, the demand for nickel will increase significantly.

Moreover, in the context of the growing stainless steel manufacturing industry, nickel consumption is expected to continue to increase (from 2.4 million tonnes in 2019 to 2.8 million tonnes by 2025), with a growth rate of about 2.2 percent a year.

Vietnamese exports regain strong growth momentum

The first half of March saw Vietnam's overall export turnover reach US$15.32 billion, marking a sharp increase of nearly 76% over the same period from last month, while import turnover hit roughly US$15.23 billion, a rise of 20.3%, according to the General Department of Vietnam Customs.

Most notably, the country’s trade surplus hit approximately US$100 million throughout the reviewed period.

During the first half of March, import and export turnover enjoyed strong growth compared to the first half of February, with key export groups such as phones, computers, equipment, garments and textiles enjoying signs of recovery with high growth in turnover compared to the same period from last year.

Between the beginning of the year and March 15, the total export turnover reached nearly US$69.78 billion, with the nation enduring a trade deficit of roughly US$500 million.

Ho Chi Minh City Economic Forum scheduled for mid-April

Ho Chi Minh City will host its economic forum 2022 themed "Digital economy: Growth engine and future development of HCM City" from April 14 to 16, the municipal People's Committee announced on March 28 at a press conference.

The forum is expected to provide an ideal venue for local and international experts, along with business representatives, to seek solutions to accelerate digital transformation and strengthen human resources in the city.

The forum is expected to attract the participation of more than 900 delegates from relevant Vietnamese ministries, diplomatic missions, and international financial institutions such as the World Bank, International Monetary Fund (IMF), International Finance Corporation (IFC), and Asian Development Bank (ADB), as well as international organisations including the World Economic Forum (WEF) and the Organisation for Economic Co-operation and Development (OECD).

Farm produce exports set sights on US$50 billion target this year

By utilising various free trade agreement (FTAs) and focusing on advantageous products, the agricultural sector is likely to exceed its export target of US$50 billion set for this year, said Deputy Minister of Agriculture and Rural Development Phung Duc Tien.

According to the Ministry of Agriculture and Rural Development, agro-forestry and fishery exports during the initial months of the year surged by 15.8% to reach nearly US$14.2 billion against the same period from last year.

Despite recording positive signs in exports, the sector continued to face numerous difficulties caused by the complicated nature of COVID-19 and other external factors.

Deputy Minister Tien pointed out that the pandemic has served to ramp up costs of input materials, including animal feed for the domestic livestock and aquaculture industries.

Visa expands funding programme for women entrepreneurs in Vietnam

Visa, the world’s leader in digital payments, on March 28 announced the expansion of the She’s Next Grant Programme in Vietnam to support women entrepreneurs in capital mobilisation, business governance and development.

Accordingly, the programme will continue to receive applications from March 28 to the end of April 29, 2022. Eligible entrants must be Vietnamese citizens who acquire at least 51% women-owned enterprises that have operated for at least one year.

The programme will be built based on Visa's commitments to improve the digitalisation capacity for more than 50 million small-sized businesses across the globe.

Alongside, Visa will also implement a number of other useful programmes that encourage consumers to support local firms and accompany small and medium-sized enterprises in the digital transformation process.

Corporate bond yields expected to rise this year

In 2021, corporate bond yields were at their lowest level in history at just 7.86 percent a year. The interest rate may have created a bottom and will support corporate bond yields inching up in 2022.

In a recent report, SSI Research said that last year, enterprises issued a total of 722.7 trillion VND (31.6 billion USD) worth of bonds, up 56 percent year-on-year. The net number of corporate bonds issued in 2021, excluding the amount of matured and called away bonds, was estimated at 438 trillion VND, up 63 percent.

The total amount of corporate bonds in circulation at the end of 2021 was estimated at about 1,390 trillion VND, equivalent to an average growth rate of 46 percent per year in the period from 2017 to 2021. The size of the corporate bond market increased sharply, from 4.93 percent of GDP in 2017 to 16.6 percent of GDP in 2021.

SSI said that this growth was in line with the capital market development orientation, reducing the dependence of enterprises on bank credit.

The average maturity of corporate bonds issued in 2021 decreased to 3.86 years from the average of 4.32 years in 2020. It was mainly because banking and real estate bonds have shorter maturity dates, down by 0.5 years and 0.3 years, respectively, to 4.2 years and 3.6 years.

Construction of bridge spanning Hau River begins

Construction of Chau Doc bridge which connects Kien Giang province’s Chau Doc city and Dong Thap province’s Tan Chau town started on March 28.

The bridge, which crosses the Hau River, is 667m in length and 14m in wide. It has a designed capacity of 60 kilometres per hour and is estimated to cost 534 billion VND (23.4 million USD).

The bridge, which is expected to be put into operation in 2024, is part of a regional linkage project with a total investment of more than 2.1 trillion VND (93 million USD).

Once completed, the project will help shorten the travel time from Chau Doc to Tan Chau as well as from the western region to Ho Chi Minh City, promoting economic development and tourism in southwestern border areas. 

Vietnam National Trade Repository to make debut

The Vietnam National Trade Repository (VNTR) has been completed and is set to make its debut on March 30, according to the Ministry of Industry and Trade (MoIT).

According to the ASEAN Trade in Goods Agreement (ATIGA), each member country will build its own national trade repository which will be connected with the ASEAN Trade Repository so as to ensure policy transparency, facilitate regional trade, and support businesses.

The MoIT said the portal, developed by the ministry with support from the British Government through the British Embassy in Vietnam, provides updated trade information in both English and Vietnamese.

It is connected with the ASEAN Trade Repository at https://atr.asean.org/ to guarantee the country’s compliance with the rule on information transparency in ATIGA.

Foreign arrivals to Vietnam in March surge

The number of international arrivals to Vietnam in March increased by 41.4 percent over the previous month and 2.2 times against the same period last year as Vietnam has fully reopened and many international flights have been restored, according to General Statistics Office (GSO).

In the first quarter of this year, the number of foreign tourists to the country reached nearly 91,000, a year-on-year rise of 89.1 percent. Among them, visitors arriving by air accounted for nearly 90.5 percent of the total international arrivals to Vietnam, an increase of 165.2 percent.

Revenue from accommodation and food services in the January-March period increased by 1.2 percent year on year, while tourism revenue rose by 1.9 percent year on year.

CPI inches up 1.92 percent in Q1

The Consumer Price Index (CPI) in the first quarter of 2022 posted a year-on-year rise of 1.92 percent, the General Statistics Office (GSO) reported on March 29.

The office said CPI in March increased by 0.7 percent month-on-month, the highest monthly increase since 2012. Among the 11 groups of key commodities and services, 10 experienced price hikes from the previous month.

According to GSO General Director Nguyen Thi Huong, hikes of petrol and gas prices in tandem with global fuel prices, and prices of construction materials, contributed to the increase in the overall CPI in the last quarter.

The price of rice in January-March increased by 1.1 percent year-on-year, contributing 0.03 percentage points to the CPI.

Notably, house rent strongly fell by 15.14 percent year-on-year due to a cut in support of the people facing difficulties caused by the COVID-19 pandemic. Core inflation in the quarter was up 0.81 percent compared to a year ago, the GSO said.

Consultations to promote Vietnam’s export-import activities

The Trade Promotion Agency under the Ministry of Industry and Trade announced that it will host 30 consultation events for enterprises in 2022.

These will be part of a chain of programmes to support businesses in accessing foreign markets, and applying regulations and standards, and international commitments on export-import goods.

Accordingly, representatives of Vietnamese trade offices abroad, domestic and foreign market experts and those specialising in various fields, will give consultations to localities, business associations and enterprises on issues of their concern.

How to help agricultural businesses promote exports to Turkish market

Turkey currently represents the nation’s second largest export market in West Asia, just behind the United Arab Emirates (UAE), with the surplus in bilateral trade balance between both sides in recent years frequently belonging to Vietnam.

However, the proportion of Vietnamese exports in terms of Turkey's total imports remains low at about 0.5%.

Many Vietnamese products exported to Turkey account for a small proportion, lower than those of their direct competitors, except pepper, cashew nut, fiber, and rubber.

In order to provide updated information on the market situation, regulations, standards, as well as the import and export conditions of the Turkish market for local products such as pepper, cashew nut, rubber, fruit, handicrafts, the Vietnam Trade Promotion Office in Turkey will hold a consultation on exports. This will look at the Turkish market in both in-person and offline formats, with the event taking place on March 30 in the northern province of Hung Yen.

Vietnamese exports regain strong growth momentum

The first half of March saw Vietnam's overall export turnover reach US$15.32 billion, marking a sharp increase of nearly 76% over the same period from last month, while import turnover hit roughly US$15.23 billion, a rise of 20.3%, according to the General Department of Vietnam Customs.

Most notably, the country’s trade surplus hit approximately US$100 million throughout the reviewed period.

During the first half of March, import and export turnover enjoyed strong growth compared to the first half of February, with key export groups such as phones, computers, equipment, garments and textiles enjoying signs of recovery with high growth in turnover compared to the same period from last year.

Between the beginning of the year and March 15, the total export turnover reached nearly US$69.78 billion, with the nation enduring a trade deficit of roughly US$500 million.

Escalating food and petrol prices push up CPI to 1.92% in Q1

The recent surges in the price of food and petrol has led to the consumer price index (CPI) to rise by 1.92% in the first quarter of the year while core inflation also soared by 0.81%, the General Statistics Office (GSO) announced on March 29.

The GSO pointed out that gasoline prices soared in line with global fuel prices, while rental housing prices also edged up again after the COVID-19 pandemic was finally brought under control in the nation.

Furthermore, the price of essential consumer goods and services also inched up due to the escalating prices of input materials and petrol.

These factors resulted in the CPI in March expanding by 0.7% compared to the previous month, marking a climb of 1.91% compared to December last year and up 2.41% against the same period last year.

The GSO’s latest report highlights that core inflation in March also rose by 0.29% over the previous month, marking a rise of 1.09% on year.

The first quarter of the year saw average core inflation increase by 0.81% compared to the same period last year, lower than the general average CPI.

Domestic air fares rise ahead of national holiday travel rush

Despite Reunification Day on April 30 and International Labor Day on May being a month away, local airlines are already hiking up prices for flights during the holidays amid soaring demand for travel.

In line with the increased interest for travel, a one-way ticket from Hanoi and Ho Chi Minh City to the southern island of Phu Quoc costs between VND1 million to VND3.2 million, equivalent to between US$44 and US$140, excluding tax.

Furthermore, a one-way ticket price for flights from Hanoi and Ho Chi Minh City to Da Nang hovers between VND1.4 million and VND2.4 million, equal to between US$61 and US$105, including tax. After the holiday, airfares are expected to see a decline of roughly VND700,000 to VN 1.1 million, equivalent to between US$31 and US$48.

Several agencies reported that package tours to Da Nang and Phu Quoc continue to be in high demand during the holidays, with ticket prices two to three times higher compared to normal days.

VND2 trillion supports households, businesses in Ha Noi

Ha Noi has set aside more than VND2 trillion (US$87 million) in funds to support poor households, vulnerable groups, and small-to-medium sized businesses in a bid to speed up the capital's economic recovery.

The funds will be distributed through the Social Policy Bank of Vietnam's network in collaboration with district and commune-level government to ensure the intended beneficiaries will promptly receive much-needed financial aid.

In a recent announcement, city officials said it had prepared different plans for different scenarios of pandemic development and economic recovery. The idea is to remain vigilant and flexible to ensure production stays uninterrupted.

Do Anh Tuan, head of the city's planning and investment department, said the city had formed several task forces to closely work with businesses, cooperatives and households affected by the pandemic.

Consumer goods and services survey to start

The Vietnam Consumer Protection Association (VCPA) will start a survey programme for consumer-trusted goods and services in 2022.

To effectively implement the Party Central Committee’s Secretariat on strengthening the campaign “Vietnamese people give priority to using Vietnamese goods,” goods and services will be surveyed according to quality, information, consumer choice, models and reasonable and competitive prices.

The survey will be posted on the VCPA’s website.

From April 1 to November 20, customers will take the survey through a questionnaire, which will then be appraised through the council. After the survey, the top 100 goods and services will be chosen.

Yen Bai approves $64 million of investments

The People's Committee of the northern province of Yen Bai handed over a decision approving investment to nine investors with a total capital of more than VND1.475 trillion (US$64 million) at a meeting of businesses and investors on Sunday.

To accompany businesses, the provincial chairman of the people's committee Tran Huy Tuan affirmed that the province would promote comprehensive and synchronous administrative reform, focusing on simplification and shortening processing time for administrative procedures in the field of land, investment, construction, tax and customs.

In addition, the province seriously implements tasks and solutions to improve the business environment and enhance competitiveness in order to improve the efficiency of investment attraction in the province in the direction of selecting real investors having financial potential, prestige, and using modern eco-friendly technology.

Low level of car production holds back Vietnamese auto part suppliers

50,000 vehicles per year is the minimum production level needed for the growth of the Vietnamese auto part industry. Unfortunately, few car producers in Viet Nam have reached such a level.

Only Toyota and Hyundai crossed the threshold in 2021, with 64,172 and 56,028 vehicles, respectively.

Meanwhile, Kia fell short of the threshold with just 35,181 vehicles. VinFast followed with 34,746 and Mitsubishi with 26,346.

Truong Thi Chi Binh, an expert at Vietnam Institute of Strategy and Policy for Industry and Trade, underlined the low level of car production as a setback for the Vietnamese auto part industry.

She said low production meant low demand for domestic auto parts, discouraging suppliers from investing in new production lines.

Without new production lines, the suppliers become less competitive in price as they cannot achieve economies of scale.

Consequently, car producers have to find their auto parts elsewhere.

Nascent model of open banking entices institutions

Financial institutions are placing premiums on open banking services following global trends – but the cutting-edge implementation is fraught with obstacles owing to a flimsy legal framework.

Nguyen Quoc Hung, general secretary of the Vietnam Banks Association (VBA), assessed that open banking is a potential business model that helps banks access a wide range of customers at low cost through partners’ applications, build optimal solutions, and provide the most comprehensive and convenient services for customers.

Can Van Luc, BIDV’s chief economist, believed that open banking is a fairly novel concept as Asian banks only began experimenting with this approach in the last few years.

Likewise, deputy general director of VietinBank, Tran Cong Quynh Lan, said that the bank has been working on an open banking implementation strategy since 2017.

As Lan underscored, the lack of a complete regulatory framework for open banking in Vietnam would be a substantial impediment to banks’ efforts to implement these collaborative services.

However, there are currently no official norms for open application programming interfaces or what type of services can use what data partners, among other open questions. Simultaneously, there is no standard for IT systems, data storage, security, or connection.

A representative from Viet Capital Bank told VIR that, as a customer-centric bank, it aims to provide convenient and seamless services to its customers.

Pham Tien Dung, Deputy Governor of the State Bank of Vietnam, said that the existing legislative framework for open banking in Vietnam is in place, but it is not sufficient to meet the evolving needs of the current state.

The provisions are scattered throughout some major laws, such as on electronic transactions, credit institutions, cybersecurity, and several more. Some documents on handling violations related to personal information also have content on the issue.

Direction steady for low interest rates

The local central bank is anticipated to maintain its accommodative stance while keeping a close eye on inflationary concerns and, as a result, economists expect that a likely larger interest rate rise would further boost credit growth.

Fresh data from the State Bank of Vietnam (SBV) showed that the credit growth rate for the whole system reached 3.11 per cent as of March 10, up 2 per cent on-year. Increasing capital requirements by businesses are reflected in the rapid recovery of lending in the early months of 2022.

According to the SBV, credit might grow by 5.3 per cent in Q1/2022 and by 14.1 per cent for the whole year. The rate of credit growth has increased significantly since the beginning of the year as compared to the same time last year as businesses began relaunching manufacturing and other commercial activities.

Fund management group Vietnam Holdings believed that, unlike in several developed countries where expectation of potentially sustained inflation is putting pressure on central banks to raise interest rates, Vietnamese interest rates have remained low, and more easing is expected.

According to SSI Securities Corporation, deposit rates jumped 0.2 per cent at some major banks for a tenure of more than six months.

Deposits grew at a positive pace of 15.7 per cent during the same time, and capital mobilisation grew at a low rate of just 3.1 per cent.

Deposit interest rates are likely to rise somewhat in the second half of the year by roughly 0.2-0.25 per cent, which is expected to boost household capital mobilisation.

Bao Viet Securities Company also forecasted that the interest rate in 2022 would be difficult to reduce further. On the contrary, it could rise by 0.25-0.5 per cent.

Consultations to promote Vietnam’s export-import activities

The Trade Promotion Agency under the Ministry of Industry and Trade announced that it will host 30 consultation events for enterprises in 2022.

These will be part of a chain of programmes to support businesses in accessing foreign markets, and applying regulations and standards, and international commitments on export-import goods.

Accordingly, representatives of Vietnamese trade offices abroad, domestic and foreign market experts and those specialising in various fields, will give consultations to localities, business associations and enterprises on issues of their concern.

Cost of Ring Road No. 3 section up by over VND1.6 trillion

The estimated cost of the Tan Van-Nhon Trach section of the Ring Road No. 3 project, which will connect HCMC, Binh Duong, Dong Nai and Long An, has risen by over VND1.6 trillion after six years of delays.

The My Thuan project management board has sent a report on the progress of the first phase of the section to the Ministry of Transport. The section was designed to have a length of 8.75 kilometers and connect provincial road 25B in Dong Nai with the HCMC-Long Thanh-Dau Giay Expressway in HCMC.

The Tan Van-Nhon Trach section will have 6.3 kilometers in Dong Nai and 2.45 kilometers in HCMC.

The Ministry of Transport approved the investment for the section at VND5.33 trillion in 2016. At the time, site clearance for the sections in HCMC and Dong Nai would need nearly VND149 billion and VND476 billion, respectively.

The figures have increased by VND1.45 trillion and VND175 billion to nearly VND1.6 trillion and VND651 billion.

VND18.6-trillion road project approved

The prime minister has approved the National Highway 50B project linking HCMC and the Mekong Delta provinces of Long An and Tien Giang at an estimated investment of VND18.6 trillion.

Director of the Long an Department of Transport Dang Hoang Tuan said the project was included in the road traffic system planning for the 2021-2030 period with a vision to 2050, the local media reported.

The road, which will be 55 kilometers long and 78 meters wide, will start at an intersection with Pham Hung Street in HCMC and end at the Trung Luong T-junction in Tien Giang Province. The section in Long An, Tien Giang and HCMC will be over 35, 14 and 5.8 kilometers long, respectively.

Of the total investment, more than VND13.8 trillion will be used for site clearance.

The section in Long An will pass through the Can Giuoc, Can Duoc, Chau Thanh and Tan Tru districts and include three bridges—Can Giuoc, Vam Co Dong and Vam Co Tay.

Production of pangasius fingerlings should be cautious

In the face of the price fever of commercial pangasius fish, causing the price of fingerlings to climb to over VND50,000 per kg for 30-35 pieces per kg, on March 28, the Vietnam Pangasius Association advised farmers not to raise pangasius fingerlings too much to avoid the recurrence of oversupply, leading to heavy losses.

The Department of Agriculture and Rural Development of Long An Province also recommended that people should not massively expand the scale and area of pangasius fish hatcheries. They should update information on the commercial pangasius market, the demand for fingerlings of the provinces raising commercial fish to make a suitable production plan.

According to the Department of Agriculture and Rural Development of Long An Province, over the past time, pangasius fingerlings have been raised on an area of about 1,300ha, mainly in the districts of the Plain of Reeds (photo).

However, the rearing of pangasius fingerlings in the province remains spontaneous, with many potential risks. For instance, the quality of fingerlings is not guaranteed, and farmers discharge water directly into the environment, causing pollution and spreading pathogens.

Source: VNA/VIR/SGT/VNS/VOV/Dtinews/SGGP

VIETNAM BUSINESS NEWS MARCH 30

16:34                                    

Gov’t approves extension on bad debt settlement scheme

The Government has agreed to a proposal by the State Bank of Vietnam (SBV) to extend the pilot bad debt settlement of credit institutions based on Resolution 42/2017/QH14.

Under a decision issued late last week, the Government has assigned the SBV to coordinate with relevant agencies in urgently mapping out the draft resolution on extending the application of Resolution 42 to submit to the National Assembly (NA).

The NA approved Resolution 42/2017/QH14 on piloting the bad debt settlement of credit institutions in 2017, however, the policy will expire on August 15 this year.

The SBV has so far also completed the draft resolution and made it public for comments. Under the draft, the SBV has proposed extending the application of Resolution 42 until August 15, 2025. During the extension, the Government will be responsible for studying and proposing to develop a new law on bad debt settlement of credit institutions.

To meet the current legal regulations related to procedures and deadlines, the Government will propose the NA allow the application of the shortened procedures to pass the extended resolution at the NA’s meeting in May 2022, according to the draft.

Hanoi's CPI expands 2.66 percent in Q1

In March, the city’s CPI increased 0.91 percent from the previous month, and 3.21 percent year-on-year.

Ten out of eleven commodity groups posted increasing prices in the month.

According to the General Statistics Office (GSO), the nation's CPI recorded a year-on-year rise of 1.92 percent in the first three months of 2022.

CPI in March rose by 0.7 percent month-on-month, the highest monthly increase since 2012.

Hikes of petrol and gas prices in tandem with global fuel prices, and prices of essential goods and services, contributed to the increase in the overall CPI in the last quarter.

Core inflation in the quarter was up 0.81 percent compared to a year ago, the GSO said.

Construction of Long Thanh int’l airport accelerated

Construction work at the Long Thanh International Airport project in the southern province of Dong Nai is accelerated to ensure the project's scheduled pace.

The ground leveling and water drainage bidding package of the project is ahead of schedule, according to Nguyen Khac Phong, vice director of the project management board under the Airports Corporation of Vietnam (ACV), the investor of phase one of the airport project.

The ACV said it has completed bomb and mine clearance on more than 1,500 ha out of the total area of phase one of 1,800ha, and built boundary walls in cleared areas. Meanwhile, the contractor for the foundation work expects to finish the work in October.

The ACV is urgently preparing necessary conditions to complete the appraisal and selection of contractors for the building of the passenger terminal in June, while construction of two routes connecting the airport is scheduled to commence in December this year.

Work on the airfield infrastructure such as take-off and landing runways, taxiways, and aprons will start simultaneously at the end of this year and be completed in the fourth quarter of 2024. Meanwhile, work on auxiliary facilities is expected to begin in March 2023 and completed in January 2025.

Taiwanese textile firm wants help to start expansion project in Binh Duong

Authorities of the southern province of Binh Duong on March 29 met with Yeh Ming Yuh, Director-General of Polytex Far Eastern Vietnam, to discuss how to help the textile firm to resolve issues facing its expansion project at Bau Bang Industrial Park.

Yeh proposed the authorities of Binh Duong to help his company remedy difficulties in completing legal steps to lease land for the building of a workers’ dormitory. He also asked for assistance in fulfilling paperwork for the investment of a 10MW solar power plant as the company wants to secure sufficient supply of electricity for the expansion project.

Binh Duong is committed to always being investors’ companion, he said, adding that he expects the textile firm will continue strictly observing Vietnam’s current rules in production, environment protection and protection of workers’ rights, and taking part in social responsibility activities in the province.

In 2015, Far Eastern Group, a multi-industry corporation from Taiwan, invested 274 million USD to develop a fiber manufacturing and spinning facility at Bau Bang Industrial Park, which was put into operation at the end of 2016. The company has been busy preparing for the start of the third phase of the facility’s expansion.

Vietnamese furniture firms strive to further join global supply chain

The Vietnam Furniture Matching Week 2022, a major event of the domestic wood and furniture sector this year, will take place from April 13-20 in Ho Chi Minh City, heard a press conference on March 29.

With diverse activities, to be held in both online and offline forms, the event is intended to seek solutions to help local firms expand their business network and further integrate into the global supply chain.

Within the framework of the programme, there will be Furniture Sourcing Day on April 13-14, which will enable businesses to approach international buyers and suppliers of support services, along with exchanges and workshops, according to organisers.

The programme will bring together some 500 businesses, more than 100 representative offices and international buyers.

Online activities will take place on HOPE (hopefairs.com) platform, which has been upgraded to make it easier for participating businesses and international buyers to hold meetings anytime and anywhere.

HCM City’s CPI up 1.51 percent in Q1

Ho Chi Minh City’s consumer price index (CPI) in March increased 0.6 percent month-on-month and 2.03 percent year-on-year, pushing up the index in the first quarter of this year by 1.51 percent.

According to the municipal Statistics Office, last month, five out of 11 groups of commodities and services saw price decreases, namely restaurant and catering services; garment-textile, headwear and footwear; household utensils, medicine and health services; and telecommunications.

Meanwhile, prices of the remaining six groups rose from the previous month, with the highest jump recorded in transport services, at 4.94 percent.

The office explained that the price hike in restaurant and catering services was due to price adjustments by suppliers because of surging oil and gas prices.

It also noted that the COVID-19 pandemic has affected the export of agricultural products to China, leading to the abundant supply at home and the price drop of vegetables and fruits.

The prices of gas and other fuels jumped 10.01 percent, and kerosene, up 18.31 percent in the month.

Local gold prices also soared 8.48 percent in March and 13.64 percent in the first quarter. The rate of US dollar increased 0.25 percent this month, but dropped 0.11 percent in the three-month period.

Bac Giang province moves to boost lychee export to US

The People’s Committee of northern Bac Giang province and the Ministry of Foreign Affairs held a teleconference on March 29 to promote the export of lychee, a local specialty, to the US.

Vice Ambassador of Vietnam to the US and Minister Counsellor Hoang Thi Thanh Nga affirmed that the embassy will provide maximum support to introduce the province’s potential and advantages to US partners.

Meanwhile, the Vietnamese Entrepreneurs Association in the US said joint efforts among the administration, businesses, and transport firms, including airlines, are necessary for lychee export to the US.

In the time ahead, the province will continue to develop high-quality and organic agriculture so as to foster export, he went on, pointing out that 40 - 50 percent of the local lychee output has been shipped abroad, but the majority is fresh fruit while processed products remain modest.

Given this, it will attract investment to lychee processing and upgrade production technology in order to step up the overseas shipment of processed products, Duong noted.

On this occasion, lychee trading businesses and relevant agencies signed memoranda on cooperation in lychee export to the US.

Over 800 million USD of trade surplus recorded in Q1

Vietnam enjoyed trade surplus of 809 million USD in the first quarter of 2021, according to the General Statistics Office (GSO).

In the first quarter of this year, total trade value reached 176.35 billion USD, up 14.4 percent year on year, including exports of 88.58 billion USD. In the period, the domestic economic sector earned 23.27 billion USD, a rise of 22 percent year on year, while the foreign-invested sector (including crude oil) enjoyed 65.31 billion USD, up 10 percent.

Export revenue of over 1 billion USD was seen in 15 export commodities, accounting for 80 percent of the country’s total. Processing-manufacturing products contributed 89 percent to the total exports, while contributions by agro-forestry products, fisheries, fuel and mining products were 6.9 percent, 2.7 percent, and 1.4 percent, respectively.

In the January-March period, the country imported 87.77 billion USD, a rise of 15.9 percent over the same period last year, with 29.43 billion USD by the domestic sector and 58.34 billion USD by foreign-invested sector. As many as 93.8 percent of the imported goods were materials serving production.

In the first three months of this year, the US was the largest export market of Vietnam, consuming 25.2 billion USD worth of goods. It was followed by China with 27.6 billion USD.

Vietnam Airlines Group to offer some 750,000 seats for upcoming holidays

Member carriers of the Vietnam Airlines Group, comprising Vietnam Airlines, Pacific Airlines, and VASCO, will supply the market with nearly 750,000 seats on close to 4,000 flights serving travel demand on upcoming national holidays.

On the holiday in commemoration of the Hung Kings, the legendary founder of Vietnam, which lasts from April 9 through 11, Vietnam Airlines and VASCO will operate close to 1,400 flights accommodating 266,000 seats between April 8 and 12. The number of seats is 10 percent higher than that of the same holiday in 2019 – the year before COVID-19. Meanwhile, Pacific Airlines will offer nearly 200 flights with some 37,000 seats.

During the occasion of National Reunification Day (April 30) and May Day (May 1), the Vietnam Airlines Group will run about 450,000 seats within seven days from April 28 to May 4. Of the sum, more than 395,000 seats, up 10 percent from 2019, on 2,000 flights will be offered by Vietnam Airlines and VASCO.

Work starts on bridge project in Mekong Delta

Construction on Rach Mieu 2 bridge in the Mekong Delta province of Ben Tre began on March 29, in the presence of Deputy Prime Minister Le Minh Khai.

Rach Mieu 2 bridge crosses the Tien River, connecting Tien Giang and Ben Tre provinces.

Invested by the Ministry of Transport, the bridge measures 17.6 km in length with six lanes and a designed speed of 80km/h.

The project has a total investment of over 5.17 trillion VND (over 226 million USD) sourced from the central budget. It is expected to be completed and put into operation in 2025.

According to Chairman of the Ben Tre provincial People’s Committee Tran Ngoc Tam, the project is one of the 11 key infrastructure ones in the locality.

Report on Business Law Flow 2021 released

The Vietnam Chamber of Commerce and Industry (VCCI) on March 29 publicised its Report on Business Law Flow in 2021, the fourth edition since 2018, which reviews laws related to business in the year and reflects the view of enterprises to drafted or issued policies.

The report analyses various important legal issues affecting the business environment. This edition focuses on the quality of circulars, dispartches and the Sandbox legal space.

The report pointed out a number of problems in circulars and official dispatches which are closely related to businesses’ operations. It also clarified that amid the Government’s efforts to promote administrative reform activities and cut down compliance costs, a number of proposed policies in 2021 tended to increase business conditions.

Consumer goods and services survey to start

The Vietnam Consumer Protection Association (VCPA) will start a survey programme for consumer-trusted goods and services in 2022.

To effectively implement the Party Central Committee’s Secretariat on strengthening the campaign “Vietnamese people give priority to using Vietnamese goods,” goods and services will be surveyed according to quality, information, consumer choice, models and reasonable and competitive prices.

The survey will be posted on the VCPA’s website.

From April 1 to November 20, customers will take the survey through a questionnaire, which will then be appraised through the council. After the survey, the top 100 goods and services will be chosen.

The ceremony to announce survey results and award Certificates to 100 trusted consumer goods and services in 2022 will be held on November 26 in Hanoi.

President Biden welcomes VinFast facility project in North Carolina

US President Joe Biden has welcomed a VinFast invested project to build its first factory in North Carolina as part of the Vietnamese firm’s investment strategy to expand operations in the United States.

“Today, Vinfast announced it will build an electric vehicle and battery manufacturing facility in North Carolina – US$4 billion to create more than 7,000 jobs. It’s the latest example of my economic strategy at work,” President tweeted on March 29.

In a statement released by the White House on the same day, Biden said since taking office, he has promoted an industrial strategy to revitalize domestic manufacturing and create jobs, strengthen American supply chains, and supercharge the industries of the future like electric vehicles (EV).

“We see that strategy paying off day after day,” noted Biden. “Last year, I signed the Bipartisan Infrastructure Law to build out EV charging infrastructure and brought together the United Autoworkers and automakers at the White House to sign an executive order to get 50% electric vehicle sales share in 2030.”

VinFast, the carmaker under Vietnam’s largest private conglomerate VinGroup, announced its facility project in North Carolina, the first of its kind in the US.

It plans to pour US$2 billion in the first phase and will continue to pump more capital in future phases. The factory that will sit on 1,976 acres has been designed to produce 150,000 vehicles annually in the first phase.

Socio-economic performance brisk in Q1 with COVID-19 under control

Thanks to the safe, flexible adaptation, and effective control of COVID-19, the labour market in the first quarter of the year has shown signs of improvement, with the number of employed people and their average monthly income seeing an increase compared to the same period from last year.

This information was provided by the General Statistics Office (GSO) during a press briefing to discuss socio-economic performance in the first quarter of the year held on March 29 in Hanoi.

During the press conference, Nguyen Thi Huong, general director of the GSO, said that both the unemployment and underemployment rates in the working age declined compared to the previous quarter despite still being higher than the same period last year, showing a gradual fall.

Specifically, the country's labour force aged 15 and over the first quarter of the year stood at an estimated 51.2 million people, an increase of more than 441,000 people compared to the previous quarter and a rise of roughly 159,000 compared to the same period from last year.

The labour force participation rate was at 68.1%, up 0.4 percentage points from the previous quarter and a drop of 0.6 percentage points from last year's corresponding period.

Employed labourers aged 15 were estimated to be at 50 million people, an increase of 132.2 thousand people over the same period last year.

17,100 businesses withdraw from market each month of Q1

The first quarter of the year saw 35,700 enterprises forced to temporarily suspend operations, a rise of 49.7% on-year, with 17,100 businesses withdrawing from the market every month on average, according to the National Business Registration Information System.

During the three-month period, there were approximately 34,600 newly-registered enterprises with a total registered capital of VND471.2 trillion, while the number of registered employees reached roughly 243,500, an increase of 18.1% in the number of firms. This represents an increase of 5.2% in terms of registered capital and a fall of 0.9% in relation to the number of employees over the same period last year.

The average registered capital of a newly-established enterprise in the first three months of the year stood at VND13.6 billion, a year-on-year fall of 10.9%.

Furthermore, a total of 25,600 enterprises resumed operations, up 73.6% on-year. This therefore brought the total number of newly-established enterprises and enterprises returning to operation throughout the reviewed period up to 60,200, an increase of 36.7% on year.

On average, 20,000 new businesses are established and resume operations each month, while an average of 17,100 businesses withdraw from the market every month.

Local furniture firms seek ways to engage in global supply chain

Vietnam Furniture Matching Week 2022 will take place from April 13 to April 20 in Ho Chi Minh City as a means of helping businesses seek solutions to deeply become involved in the global supply chain.

The purpose of the function is to help Vietnamese furniture and handicraft manufacturers to expand both their domestic and export markets, connect with international buyers while simultaneously strengthening trade exchange through business-to-business (B2B) platforms.

Moreover, the event is expected to update businesses on the latest information relating to materials, logistics, and digital transformation through a series of seminars that will attract the participation of a total of 500 enterprises.

The occasion will also see a series of online activities held on the 360-degree virtual exhibition technology platform named HOPE (hopefairs.com), which will serve as a modern trade channel for Vietnamese manufacturers to gain greater access to international buyers based worldwide.

HCM City all set to collect port infrastructure fees

HCM City is set to launch an automatic fee collecting system for the use of infrastructure and public services at ports on April 1 to raise funds to develop roads around ports.

Nguyen Ngoc Tuan, director of the HCM City Inland Waterway Port Authority, said a trial run of the fee collection system had been made since February 16, and it had worked smoothly.

The online system would not interfere with custom clearance, he assured.

For goods imported for re-export or deposited in bonded warehouses and for transit and transhipment goods the fee is VND50,000 (US$2.19) per tonne for liquid and bulk cargo, VND2.2 million ($96.5) for a 20-foot container and VND4.4 million ($193) for a 40ft container.

For goods declared outside the city, the rates are VND30,000, VND500,000 and VND1 million.

For imports and exports declared in the city, the rates are VND15,000, around VND250,000 and VND500,000.

Goods meant for national defence, disaster relief and some others are exempt from the fees.

The city expects to collect over VND3 trillion a year.

Vietnam's garment industry goes green

Greening the garment industry is essential for the sector to fully exploit opportunities arising from free trade agreements and participate deeply in the global value chain, according to Viet Nam Garment and Apparel Association (VITAS).

The association’s president Vu Duc Giang said that most fashion brands in the US, Japan and the European Union (EU) were now more demanding on the quality of products, adding that many importers required the production to be friendly to the environment, such as through water-saving and not using coal.

Giang said that the requirement to green the garment industry’s production chain was not new but became a pressing issue since the COVID-19 pandemic. Especially the Vietnamese Government’s commitment at the COP26 to achieve net-zero emission by 2050, which would push the garment industry to go green.

Although greening the garment supply chain is a trend, the investment was mostly in upgrading the production to save water or use solar energy, while little attention was paid to developing new environmentally–friendly materials, according to VITAS.

Singapore's SP Group partners with CJ OliveNetworks Vina set up rooftop solar power

SP Group and CJ OliveNetworks Vina Co. (CJ ONS) on March 28 announced a partnership to boost Vietnam’s clean energy transformation through the development of rooftop solar projects.

Sustainable energy solutions provider SP from Singapore and CJ ONS, a subsidiary of South Korea's CJ OliveNetworks in Vietnam, signed an MoU to develop up to 50MWp of rooftop solar projects across Vietnam over the next two years.

The partnership includes its first project to operate a 2.5MWp rooftop solar unit at CJ Vina Agri Co., Ltd.'s plant by June. CJ ONS will take on the engineering, procurement, and construction for all joint solar projects with SP.

CJ Vina Agri, which will host the first solar unit under the MoU, specialises in the production of high-quality livestock, poultry, and aquaculture feed. The deployment of the 2.5MWp rooftop solar solution for CJ Vina Agri marks the company’s first large-scale injection of solar power into its energy mix.

Vietnam tries to boost exports to South Korea

Yesterday, the Trade Promotion Department under the Ministry of Industry and Trade and the Vietnam Trade Office in Korea jointly organized a consultation about export to the Korean market in the Northern Province of Hung Yen.

According to Mr. Pham Khac Tuyen, First Secretary in charge of the Vietnam Trade Office in South Korea, Korea is a very attractive market for Vietnamese businesses. Vietnam has made efforts to export goods such as agricultural and aquatic products, processed food, textiles, footwear, furniture to Korea. Businesses had a chance to learn more from the consultation for promoting exports to this country.

The Ministry of Industry and Trade reported that in 2021, the bilateral trade turnover between Vietnam and South Korea reached US$78.1 billion, an increase of 18.33 percent compared to 2020.

Last year, Vietnam's export turnover to South Korea reached $21 3.9 billion, up 14.9 percent and import turnover reached $56.2 billion, up 19.7 percent over the same period in 2020.

In the first two months of 2022, bilateral trade turnover continued to grow strongly when the total import-export turnover of Vietnam and South Korea reached US$13.8 billion, up 19.03 percent over the same period in 2021.

S.Korean firm joins hands with Shire Oak International to accelerate renewable energy

HWASEUNG Enterprise, a South Korean footwear, headwear and apparel producer, has signed a series of Solar Rooftop Power Purchase Agreements (PPAs) with Shire Oak International in Vietnam to reduce carbon emissions and accelerate renewable energy in Southeast Asia.

HWASEUNG has partnered with Shire Oak International, a unit of Shire Oak Energy, a UK developer of tidal power and solar power, to install and operate the first four photovoltaic (PV) plants with annual output of 18 GWh.

The four PPAs are just the beginning of an extensive plan to install solar rooftop PV systems across all existing and new facilities operated by HWASEUNG Enterprise worldwide in the near future.

VEC to start non-stop expressway toll collection in Q3

Vietnam Expressway Corporation (VEC) will choose electronic toll collection (ETC) service providers for its expressway projects next quarter, according to the Ministry of Transport.

VEC is managing and operating five expressways, comprising Cau Gie-Ninh Binh, Noi Bai-Lao Cai, Danang-Quang Ngai, Ben Luc-Long Thanh and HCMC-Long Thanh-Dau Giay.

Of them, only the non-stop ETC system on the Cau Gie-Ninh Binh Expressway has been put into operation since June 10, 2020. The service has yet to be launched on the rest.

Based on the number of lanes on expressways and the volume of vehicles passing through tollgates, VEC will develop 140 ETC lanes.

As for capital for the ETC systems, the Ministry of Transport has received the prime minister’s approval to use the costs for the current toll management.

VEC affirmed that it had drawn up a plan to hire ETC service providers and completed bidding procedures to choose eligible ones.

Source: VNA/VIR/SGT/VNS/VOV/Dtinews/SGGP

The 5,000-nautical mile journey of a young senior lieutenant on a modern battleship

15:01  

Though it was his first time to attend Army Games, he brought glorious victories to Vietnam People’s Navy.

In the childhood he watched TV and saw navy soldiers performing their duties.

He was born in Hai Hau, Nam Dinh, where the sea is just several kilometers from his house. He studied at Thinh Long High School, which is even nearer to the sea. This helped create his strong will and determination to work on ships and reach the sea and islands of the fatherland.

In September 2013, Duy joined the army and was trained at the Army Officer School No 2. Later, he studied at Naval Academy majoring in navigation. In August 2018, he graduated from the school and was awarded the rank of lieutenant, and became head of the maritime department of Ship 374, Squadron 414, Brigade 162, Naval Region 4.

In July 2019, he was appointed head of the maritime department of Ship 016 - Quang Trung, Brigade 162, Naval Region 4.

Working on a modern battleship when still young, Duy feels pressure, which is unavoidable. He needs to apply the knowledge he received from school, and command, manage and assign tasks to subordinates, including ones older than him, so that subordinates have confidence in his instructions. The initial pressure was tempered during the time working at Brigade162, or ‘Iron Brigade’.

The battleship is equipped with a lot of modern equipment, which requires him to master and proficiently to meet the requirements. “That gives me pressure but also motivates me to try my best to study well to master the equipment, along with further improving my political skill and spirit to fulfill my tasks," Duy said.

Regarding the construction of the revolutionary, regular, elite and modern Navy, Duy said this is no longer a pressure, but an opportunity for him in particular and young people in general to access modern equipment, and contribute to protection of the maritime sovereignty and the sacred continental shelf of the fatherland.

For Duy, every trip is memorable, from the trips when he studied at school to the ones to implement missions. He performed many important missions, including defence foreign affairs in Cambodia, Thailand and Russia, reconnaissance in Truong Sa (Spratly) Archipelago area, DK-I platforms, and joint drilling with Australian Royal Army.

In August 2021, Duy and his team of Quang Trung 016 Ship attended the Army Games in Russia.

When they were assigned the task, they had to think carefully and discuss to prepare and build a training plan to prepare for the games. Since March 2021, the team has had five concentrated training periods.

Duy and his team controlled the ship and together with it went through 5,000 nautical miles and territorial waters of many countries before reaching the waters of Vladivostok in Russia.

On August 26, 2021, the team took the navigation skill exam, the final exam subject of Vietnam’s Navy. Though the team members well prepared before the exam, they still felt tension. And finally, they successfully completed the mission with an implementation time of 25 minutes and 43 seconds.

This was the first time Vietnam’s Navy had attended the Army Games and competed in subjects which are the strength of military powerhouses. However, with the strong determination of Vietnamese officers, they won the silver medal. Meanwhile, Duy, Head of the Maritime Department, Ship 016 - Quang Trung (Brigade 162, Naval Region 4), was awarded the “Best Individual Maritime Leader Award” by the organizing committee.

Facing difficulties, Duy and his team made every effort to compete for Vietnam’s colors. The team and its ship vowed to compete well at the games to deserve the expectations put on them by the country and people. 

VNN

COVID-hit rental property market starts to warm up

15:16  

The COVID-19-hit rental real estate market is bouncing back from hibernation as the successful vaccination campaign nationwide has allowed the reopening of economic activities, pushing up demand.

The market saw increases in the number of listings and searches for rental properties in recent months.

For more than two years, the rental market fell into hibernation due to the impacts of the COVID-19 pandemic with social distancing measures in place to fight the spread of the virus.

However, from the beginning of this year, the successful vaccination campaign allowed the reopening of economic activities with people returning to work, stores and restaurants reopened and the roads crowded again.

Ngô Mạnh, a broker in Hanoi, said there was a significant increase in the number of searches for spaces to open restaurants, cafes, drugstores, supermarkets, stores and bank branches, especially in downtown areas.

A recent report of real estate portal batdongsan.com.vn showed that searches for offices for lease in HCM City rose by 32 per cent in February against the previous month, apartments by 53 per cent, private houses by more than 80 per cent and town houses by around 32 per cent.

Rents remained at low level but were starting to inch up, the report found.

Notably, searches for cheap rooms for lease in the southern city jumped by 142 per cent

In Hanoi, searches for rental rooms increased by 237 per cent, private houses by 77 per cent, apartments by 73 per cent and offices by 17 per cent.

Trần Khánh Quang, a property expert, said that when the economy recovered, the rental property market would also bounce back. He projected that the rental market would be robust from the second quarter of this year.

According to David Jackson, CEO of Colliers International in Vietnam, along with the economic recovery, the rental demand was increasing. Many landlords were still offering discounts averaging 10-15 per cent compared to pre-pandemic times, he said, stressing that it was good time to look for rental properties as rents were still relatively cheap and there were a number of choices now.

If the pandemic continued to be under control and did not cause any considerable negative impacts, the rental market would bounce back to the pre-pandemic level in a few months, he said.

Regarding the segment of rental departments, Mattew Powell, Director of Savills Hanoi, predicted an improvement in the rental housing market as the country reopened international flights, pushing up demand for rental homes from foreigners.

This segment was also on a positive trend as the foreign direct investment (FDI) flow into Vietnam increased significantly in the first quarter of this year which means more foreigners would come to Vietnam to work, he said.

The latest updates of the General Statistics Office showed that disbursed FDI totalled US$4.42 billion in the first three months of this year, up by 7.8 per cent against the same period last year.

The segment of offices for lease was also robust.

According to Knight Frank Vietnam, commercial property in HCM City was recoverying strongly to pre-pandemic levels, with the occupancy rate of more than 90 per cent.

The property asset management company expected rents would increase by 15-20 per cent by the end of 2023.

The Vietnamese economy expanded at 5.03 per cent in the first quarter of this year against the same period last year. The Government set the target of reaching a GDP growth rate of 6.5 per cent for the full year.

Dtinews

VIETNAM BUSINESS NEWS APRIL 4

 16:40                                  

Budget revenue from foreign trade rises over 22 percent in Q1

 The State budget revenue from export and import reached 107.3 trillion VND (nearly 4.7 billion USD) in the first quarter of 2022, up 22.44 percent year on year.

This is equivalent to 30.5 percent of the year’s target, according to the General Department of Vietnam Customs.

Also in Q1, the customs sector coordinated with relevant agencies to uncover 3,706 violation cases involving over 1.28 trillion VND worth of goods, collecting over 69.9 billion VND for the budget.

Vietnam earns nearly 1 billion USD from exporting animals, animal products

Vietnam earns nearly 1 billion USD from exporting animals and animal products each year, according to the Ministry of Agriculture and Rural Development.

At present, animal products, milk and dairy products are being shipped to over 50 nations and territories, while processed chicken meat is available in seven countries and is expected to be sold in many others as negotiations are underway, and honey and bee products are being exported to 18 nations.

Vietnam Int’l Travel Mart 2022 attracts 40,000 visitors

The Vietnam International Travel Mart (VITM) 2022 wrapped up in Hanoi on April 3, drawing over 2,000 businesses and 40,000 visitors.

Themed “New normal – new opportunities for Vietnamese tourism, the event attracted the participation of more than 500 firms from 52 provinces and cities nationwide and six countries and territories, in a special context as the tourism industry has experienced a two-year hiatus caused by the COVID-19 pandemic and is recovering after the country's full reopening of tourism activities from March 15.

As many as 25 events were held in the framework of the four-day fair, including a forum on Vietnam’s tourism recovery and a workshop on tourism human resources development.

Great progress reported in settlement of suspected cashew nut scam in Italy

As of April 3, Vietnamese companies had recovered 12 out of 35 containers of cashew nuts exported to Italy whose original documents was lost, a positive progress thanks to great efforts and active support of relevant parties.

The office of Lawyer Davide Gallasso and colleagues said that Vietnamese companies have regained the ownership of 9 containers of cashew nuts via negotiations and confirmation with the buyer named in the documents that they are in fact not related to the shipment.

The lawyers tried their best to work with an Italian company named on the document, which then confirmed that it was not related to the above-mentioned 9 containers and had never purchased goods from Vietnam.

Based on that confirmation, Vietnamese businesses can change the bills of lading of those 9 containers to sell to new buyers in a very short time, minimizing losses.

In addition, Vietnamese businesses have also paid a guarantee for a shipping company to bring three other containers back to Vietnam.

Another good news in the case is that so far, Vietnamese businesses have managed to re-export 18 containers to the Netherlands and Turkey.

The lawyers has cooperated with the Vietnam Trade Office in Italy to connect with reputable overseas Vietnamese businesses in Italy, Germany, the Czech Republic, Austria, Belgium, and Hungary to help find new buyers in Europe. Currently, a number of partners have shown interest and are considering buying these goods.

Layer Gallasso recommended that when exporting goods, Vietnamese businesses should choose safe payment methods, learn carefully about import partners, and should be proactive in chartering means of transport to better control the original documents and goods.

According to the Vietnam Cashew Association (Vinacas), through a Vietnamese broker, several cashew nut exporters had signed contracts to export 100 containers of the product to Italy, to be transported by international shipping lines Cosco, YANGMING, HMM, and ONE to the ports of Genoa and La Spezia.

The sellers reported that there were changes made to the SWIFT code in the documents of collection sent from Vietnamese banks to those allegedly representing the importer in Turkey. The Turkish banks declared the buyer is not their client and said they had sent back the documents. It is noteworthy that those banks neither specified how they had sent back the documents nor provided Vietnamese banks with bills of lading.

Meanwhile, after some documents of collection were sent to the buyer’s bank in Italy, the Italian bank replied that it had received only copies of the bills of lading, not the original versions, causing rising concerns among the exporters as the whereabouts of the original documents remain unknown. Anyone with the original documents can present them to the transporters for the release of the goods.

Property market to thrive in 2022 and coming years: Vietnam Report

Vietnam’s real estate industry has developed along with the recovery of the economy after the COVID-19 pandemic, and is forecast to see brighter and more positive colours compared to 2021 and gradually return to the pre-pandemic trajectory (in 2019), according to the Vietnam Report Joint Stock Company.

The growth of this industry in the near future is mainly thanks to companies’ restructuring of their operations and their recovery from the negative impact of the pandemic, along with the support of stimulus packages.

Under the Government's economic incentives, interest rates remain low, the disbursement of public investment is accelerated, foreign investment continue to flow strongly into Vietnam, and remittances stay stable (except for those from Russia and Ukraine).

In the short term, the Government's economic stimulus package, no matter which area would benefit, will bring positive effects to the real estate market, thanks to the improvement of people's purchasing power in general as well as their future income expectations, according to the Vietnam Report.

Vietnam Report quoted Knight Frank's latest Prosperity report as saying that in the next 5 years, the growth of the super-rich in Vietnam is forecast to reach 26 percent, on par with China’s Hong Kong and Taiwan. This is the basis for many investors to continue pursuing the high-end and luxury segment in the coming time.

Reference exchange rate up 3 VND at week’s beginning

The State Bank of Vietnam set the daily reference exchange rate for the US dollar at 23,098 VND/USD on April 4, up 3 VND from the last working day of previous week (April 1).

With the current trading band of +/-3 percent, the ceiling rate applicable to commercial banks during the day is 23,790 VND/USD and the floor rate 22,405 VND/USD.

During the week from March 28 to April 1, the daily reference exchange rate fluctuated variably but ended the week down 51 VND from the beginning of the week.

Hong Kong remains potential market for Vietnamese exports

With export turnover to Hong Kong (China) soaring by 14.9% last year to reach US$12 billion, the region continues to represent a potential export market for Vietnamese goods, according to industry insiders.

Last year saw the country climb to be Hong Kong's seventh largest trading partner, whilst being ranked second among ASEAN partners, with two-way trade turnover between both sides reaching US$13.62 billion.

Key Vietnamese export items to Hong Kong include processed goods, commodities in the manufacturing sector, garments and textiles, agriculture, forestry, fisheries, and foodstuff.

Hong Kong has been Vietnam's fifth largest investor among 141 territories and countries investing in the Vietnamese market, with a total registered capital of US$27.83 billion as of December 20, 2021.

The majority of capital flows from Hong Kong primarily focuses on diverse fields, including processing and manufacturing industry, real estate, garments and textiles, hotel and restaurant services, transportation, and warehousing.

Hawee M&E, Toenec Japan ink investment co-operation deal

Representatives from Vietnam’s Hawee Electromechanical Joint Stock Company (Hawee M&E) and Toenec Corporation of Japan recently signed a strategic partnership and investment agreement via online platforms.

Under the agreement, both sides have committed to fully supporting and sharing resources in the mechanical & Engineering (M&E) field as part of efforts to improve construction and management capacity through the exchange of personnel and training programmes.

Furthermore, Toenec will hold 40% of shares of Hawee M&E, and will send a number of high-quality experts with international experience to Vietnam in the near future.

Bamboo Airways continues to operate normally despite chairman's arrest

The Civil Aviation Authority of Viet Nam (CAAV) has recently sent a report to the Ministry of Transport saying that the Bamboo Airways is still operating normally after the arrest of its chairman Trinh Van Quyet earlier this week on charge of stock market manipulation.

The arrest has not caused any turbulence within the airline so far. Its performance indicators, including on-time performance and airport slots, still remain high, as do its safety indicators.

The airline maintains its postholders for flight operations, the maintenance system, crew training and ground operations.

Its total equity is still sufficient to meet the minimum requirement for an air transport license even if Quyet’s assets are frozen.

Additionally, to date, no jet owners have requested the company to stop operations of their leased jets or demanded any lease payment.

However, the authority claimed that it had to keep a close watch on the company to ensure its stable operation, safeguarding the interests of passengers and service providers.

Ministry sets up 5 zones for agriculture, forestry, fisheries

HCM City is joining hands with the Ministry of Agriculture and Rural Development to establish five areas exclusively for agriculture, forestry or fisheries in 13 provinces at a cost of VND2.46 trillion (US$107 million) by 2025.

They will include areas for growing passion fruit, pineapple and mango in Hoa Binh and Son La provinces, timber in Quang Tri and Thua Thien-Hue, coffee in Gia Lai, Dak Lak, Dak Nong, and Kon Tum, rice in Kien Giang and An Giang, and mango, jackfruit and durian in Dong Thap, Tien Giang and Long An.

Their targets include reducing input costs by 5-10 per cent, post-harvest losses by 5-10 per cent and increasing product value by 10-20 per cent, thus increasing incomes by 5-10 per cent for 186,280 co-operative members and other farmers participating in the project.

Viet Nam among top destinations for Indian companies

Indian companies with an ASEAN focus are highly optimistic about business growth in the region, according to “Borderless Business: India-ASEAN Corridor,” a strategic report that explores high-potential opportunities for cross-border growth commissioned by Standard Chartered.

Indian companies expect their business to increase production in ASEAN, with a more than 90 per cent projected growth in revenue over the next 12 months.

In terms of target countries within ASEAN, survey respondents consider Indonesia (61 per cent) the top market that offers the best expansion opportunities for their company, followed by Viet Nam (49 per cent), Malaysia and Singapore (46 per cent each).

The survey also showed Indian companies recognise a wide range of risks despite the opportunities. The top three identified risks were the COVID-19 pandemic or other health crises (85 per cent), a slow revival of the economy and a drop in consumer spending (73 per cent), as well as geopolitical uncertainty and trade conflicts (54 per cent).

Prices of livestock, poultry, eggs in HCM City to increase

The prices of livestock, poultry and eggs in HCM City will increase by 2-12 per cent due to rising domestic gasoline prices, from April 1.

According to the city’s Department of Finance, local businesses have asked that the proposed increase in cattle meat, poultry meat, and eggs be 2-3 per cent, 6-12 per cent, and 6-8 per cent, respectively.

The businesses said transportation costs account for the highest, about 70 per cent of the total costs.

After participating in the city’s price stabilisation programme to keep prices stable and avoid price fluctuations for two months, starting a month before Tet (Lunar New Year), businesses have registered their products and price adjustments.

The city plans to launch this year’s price stabilisation programme in April.

Sacombank 2021 profits exceed target by 10%

Despite facing difficulties caused by the COVID-19 pandemic, Sacombank’s pre-tax profits were worth VND12.66 trillion (US$554.16 million) last year, though after risk provisioning for loans and restructuring expenses, the actual number was VND4.4 trillion ($193.1 million).

Total consolidated assets increased by 6 per cent to VND521.12 trillion ($22.85 billion), with profitable assets increasing by 8.9 per cent.

It had total deposits of over VND464.52 trillion and loans outstanding of over VND388.22 trillion, a year-on-year increase of 14 per cent that is in line with the credit quota assigned by the State Bank of Vietnam.

The bank collected nearly VND14.1 trillion ($616.52 million) worth of bad and outstanding debts last year, of which nearly VND11.8 trillion was under the restructuring project.

By selling mortgaged assets and receiving loan repayments on schedule, the bank got back more than VND22.1 trillion worth of debts, far higher than the VND10 trillion target set at the beginning of the year.

Market expected to inch higher this week

Many securities companies are optimistic about the stock market this week, as companies will soon release their first-quarter business statements and a support package worth VND340 trillion (US$15 billion) will also be disbursed.

Last week, news about the arrest of Trinh Van Quyet, former CEO of FLC Group and Bamboo Airways, hit the market’s sentiment. However, the stock market still ended the choppy week on a positive note as risk appetite improved.

On the Ho Chi Minh Stock Exchange (HoSE), the VN-Index surged 24.29 points, or 1.63 per cent, in the last trading session to break above the psychological level of 1,500 points. Meanwhile, the HNX-Index on the Ha Noi Stock Exchange (HNX) closed last week at 454.1 points, up 4.48 points, or 1 per cent.

For the week, the VN-Index increased by 1.2 per cent, marking its third straight weekly gain, while the HNX-Index declined 1.66 per cent.

The market liquidity was improved, but still below the 20-week average.

On the other hand, foreign investors continued to be net buyers on the market last week after net bought a value of over VND1.01 trillion.

Saigon-Hanoi Securities JSC (SHS) said that the VN-Index gained for the third consecutive week with improved liquidity, showing that cash still flew strongly into the market.

Market violation cases on the rise despite fines

Although the current Securities Law includes severe penalties, the number of stock price manipulation cases is increasing, causing great damage to the market and frustration for investors.

According to Nguyen Hoang Hai, Vice Chairman of the Viet Nam Association of Financial Investors (VAFI), the recent case of FLC Group’s Chairman Trinh Van Quyet arrested for alleged stock manipulation is just one among numerous other violations in the stock market.

According to the new Securities Law, the supervision over the stock market has covered three levels, from securities companies, the Stock Exchange to the State Securities Commission.

Blockchain crucial for digital identifiers

Blockchain can play a big part in facilitating digital identifiers, improving online public services and business employment practices, a conference heard in HCM City.

Viet Nam has been focusing on researching and applying blockchain, a form of data storage and transmission technology using encryption.

Due to its transparency in data sharing, high confidentiality and trustworthiness, blockchain is being used in many industries such as finance, logistics and retail.

Do Van Long, board chairman and general director of Viet Nam Blockchain JSC, said that in recent years the Government has been focusing on promoting the usage of 4.0 technologies for digital identification.

Filip Graovac, Viet Nam Deputy Country Representative from The Asia Foundation, said that a personal identifier was crucial for societies and economies.

According to other experts at the conference, infrastructure security is crucial for this system. Users must be allowed to have control of their digital identifiers and know when who and why they are being shared.

Ad revenues at broadcasting stations fall by more than 40 per cent

Broadcast advertising revenue was estimated to decline by 40 - 50 per cent last year.

The Authority of Broadcasting and Electronic Information report shows that Viet Nam had 78 radio channels and 198 domestic television channels last year.

Television increased by one, while radio broadcasting decreased by eight channels compared to 2020.

The revenue of broadcasting units last year was estimated at VND9.2 trillion (US$400 million).

Specifically, the broadcasting stations in provinces and municipalities achieved revenue of about VND3.9 trillion.

The stations' advertising revenue reached VND2.83 trillion; funding provided by State agencies was VND1.28 trillion.

MWG seeks to find strategic partner for Bach Hoa Xanh

A proposal to issue private equity shares of Bach Hoa Xanh (BHX) Trading JSC will be presented to Mobile World Group's (MWG) shareholders soon, according to the firm’s announcement.

The maximum offering rate is 20 per cent of BHX's total share capital, and the transaction is slated to be completed in 2022-2023.

Proceeds would be used to expand BHX’s distribution network, upgrade technology, and aid the development of online sales channels. Investors across the globe (with the exception of direct rivals in Vietnam) who make the highest offer to purchase BHX shares would be suitable partners.

Foreign investment in Vietnam continues bouncing back

Despite the COVID-19 pandemic’s adverse impacts, foreign investors still put their trust in the economy and investment climate of Vietnam in the new normal context, said Director of the Foreign Investment Agency (FIA) Do Nhat Hoang.

A total of 4.42 billion USD of foreign investment was disbursed in the first three months of 2022, up 7.8 percent year on year, the FIA's statistics showed.

Though the registered capital in Q1, 8.9 billion USD, is equivalent to just 87.9 percent of the figure in the same period last year, only investment in new projects declined (by 55.5 percent) while the number of new projects still increased (37.6 percent), and the capital poured into existing projects surged 93.3 percent to top 4.06 billion USD.

Foreign investment through capital contribution and share purchase exceeded 1.63 billion USD, more than doubling the figure in Q1 last year.

Foreign investment into industrial parks is likely to increase in 2022, with investors mainly coming from Japan, the Republic of Korea, Taiwan, and the EU, the FIA Director noted.

Higher recruitment demand felt for senior personnel

Along with the recovery of the economy, the labour market has also recorded positive signals since the beginning of this year.

According to the Recruitment Market Report 2022 published by TopCV Vietnam in February, up to 65 per cent of businesses expect to increase recruitment demand this year to make up for the shortage of workers. 71.3 per cent of enterprises have a need to recruit experienced personnel.

Businesses that do not conduct massive recruitment still need more quality employees to accelerate recovery and growth after a year of continuing to be heavily affected by the pandemic.

Businesses often partner with “headhunting” channels, which are recruitment websites and job exchanges, when looking for talented employees or senior and high-level positions. The average salary offered by businesses for a business manager is VND50-120 million ($2,200-5,200).

Finance is the field with the highest recruitment demand, with more than 80 per cent of businesses increasing recruitment demand, followed by real estate, education/training, retail, fast-moving consumer goods, and e-commerce.

Statistics from the Centre of Forecasting Manpower Needs and Labour Market Information Ho Chi Minh City also show that the demand for trained human resources accounts for 86.39 per cent, of which a university degree or higher accounts for 21.58 per cent. Human resources who are fluent in foreign languages such as English or Chinese and have many years of experience will have an advantage over other candidates.

MB reaches top spot in Vietnam's bancassurance market

With impressive annual premium equivalent (APE) sales in February and March, MB has taken the top spot in the bancassurance market.

The life insurance industry in Vietnam currently has 19 businesses, serving about 11 per cent of the population out of 96 million people.

Among the different players in this category, MB Bank recently recorded a breakthrough in sales. According to a representative, the bank's APE sales in February reached $4.7 million, and then $8.3 million in March. With these results, MB cements its triumph in the local bancassurance market.

CAKE by VPBank signs partnership with Dragon Capital for micro-investment product

Cake by VPBank (CAKE) ties up with Dragon Capital VietFund Management JSC (DCVFM) to launch a micro-investment option to customers under CAKE’s ecosystem.

With the newly-launched micro-investment product, CAKE’s customers can join the DC Income Plus Bond Fund under the management of DCVFM with an initial investment of at least VND10,000 ($0.44).

CAAV proposes developing third runway at Cam Ranh airport

A third runway will be needed at the Cam Ranh International Airport in Khanh Hoa Province to increase its capacity to serve 28 million passengers by 2030, said the national aviation authority.

The provincial government said the Civil Aviation Authority of Vietnam (CAAV) put forward this proposal at a meeting with the south-central province yesterday, April 1.

According to the proposal, the third runway should be built at one of three sites being 400 meters, 760 meters, and 2,050 meters away from the existing second runway. A consulting unit said the last site is the most feasible for the third runway.

Under the first plan, which requires low investment, the scale of the airport’s runways will be kept unchanged. Only the first runway needs to be upgraded and two more taxiways should be built some 2.36 kilometers away from the second runway.

As per the second plan, the first runway will be rebuilt and be 360 meters away from the second one and eight more taxiways will be developed. The upside of this plan is that the airport will be able to handle 300,000 take-offs and landings per year. However, this plan will need higher investment and more land.

Accordingly, the consulting unit suggested selecting the first plan.

HCMC to expand national highway connecting with Long An

The HCMC Department of Transport has approved a plan to expand National Highway 50 linking the city and the Mekong Delta province of Long An in the 2022-2024 period, with a total investment of nearly VND1.5 trillion.

The road expansion will start at the intersection with Nguyen Van Linh Street and end in Long An Province, with a total length of over 6.9 kilometers.

The project is aimed at boosting the connectivity between HCMC and Long An and other Mekong Delta provinces, reducing traffic congestion and accidents facing the national highway and fostering the socio-economic growth of HCMC and Long An.

ACV applies new airport entrance fees for vehicles

At major airports such as Tan Son Nhat, Noi Bai and Danang, the fee is VND10,000 for the first 10 minutes for cars with no more than nine seats and trucks below 1.5 tons. The fee is VND15,000 for vehicles with 10-29 seats each and trucks weighing 1.5-seven tons, and VND25,000 for cars with 30 seats and more and trucks weighing over seven tons each.

Vehicles parked at the airports for more than 10 minutes will be subject to the previous fee levels.

The fee is VND720,000 per month for each bus, VND100,000 for each vehicle of airport staff and VND180,000 for each vehicle with fewer than nine seats of enterprises and organizations conducting business activities at the airports.

As for the 18 other airports, the lowest fee is VND5,000 for autos with no more than nine seats each and trucks below 1.5 tons each in the first 10 minutes. The fee will increase VND5,000 per vehicle in the next 50 minutes and VND5,000 in the following two hours.

The highest fee level is VND25,000, applicable to autos with 30 seats and over each and trucks weighing over seven tons each in the first 10 minutes, VND10,000 in the next 50 minutes and VND10,000 in the next two hours.

Local airlines allowed to decide domestic flight frequency

The Ministry of Transport no longer decides the frequency of domestic flights of local air carriers, meaning the frequency can be flexibly adjusted by carriers based on market demand.

According to the Ministry of Transport, carriers can operate domestic flights in line with their capacity and the availability of aviation infrastructure.

Earlier, their scheduled domestic flights had to be approved by the aviation authority.

Airlines and other enterprises in the aviation sector must apply the anti-pandemic measures of Decision 218/QD-BYT dated January 27 of the Ministry of Health and other requirements of the national anti-pandemic steering committee, the Ministry of Health and localities.

Air carriers have been selling tickets for flights during the upcoming holidays and the summer season.

Vietnam Airlines, Pacific Airlines and VASCO will make nearly 750,000 seats available, equivalent to some 4,000 domestic and international flights.

MBG breaks ground on VND300-billion electrical equipment plant

MBG Group, which lists its shares on the Hanoi Stock Exchange under the code MBG, has held a groundbreaking ceremony for an electrical equipment assembly and production plant in the An Phu Industrial Park in Phu Yen Province’s Tuy Hoa City.

The VND300 billion plant, which is set to turn out eco-friendly products, energy-efficient lighting devices, LED streetlights and solar LED lights, is among the hi-tech projects in the park.

Mien Trung Industrial JSC, a unit of MBG, acts as the investor of the project, whose first phase will be completed in the third quarter of 2022.

When in place, the plant will supply electrical lighting devices in Central Vietnam, the southern and Central Highlands regions and for export.

German firm to develop lubricating oil plant in BR-VT

Germany’s Fuchs Lubricants Co. has rented 20,000 square meters of land in the Phu My 3 Specialized Industrial Park in Ba Ria-Vung Tau Province to build a new lubricating oil plant.

The projected plant will cost over US$6 million and turn out more than 6,000 cubic meters of lubricating oil per year, according to the park.

The German firm selected the site in the province due to the competitive price and its close proximity to the Cai Mep port terminal, which is handling 30% of Vietnam’s total containers for export. The land lease agreement lasts for 55 years.

EVN strengthens electricity transmission from Laos to Vietnam

The Vietnam Electricity (EVN) informed that the Project 2 Management Board (EVNPMB 2) signed two contracts providing devices, construction and installation for the project of Bo Y 220kV switching substation including 220kV power lines connecting from Nam Kong 1, 2, 3 Hydropower Plant Cluster in Laos to Vietnam's power system and the project of 220kV Dak Ooc switching substation including 220kV power lines connecting from Nam Emoun Hydropower Plant in Laos to Vietnam’s power system.

Particularly, the project of Bo Y 220kV switching substation was started its investment and construction in Ngoc Hoi District, Kon Tum Province and it is expected to be finished and operated in the fourth quarter of 2022.

Meanwhile, the project of 220kV Dak Ooc switching substation will be invested and built in Nam Giang District of Quang Nam Province which is expected to be completed and operated in the first quarter of 2023.

Recently, the EVN has completed Nam Mo 220kV transmission line from Laos to Vietnam through Tuong Duong District of Nghe An Province.

Source: VNA/VIR/SGT/VNS/VOV/Dtinews/SGGP

Experts warn of high risk as VND266 trillion of bonds reach maturity this year

14:37 

As many as VND266 trillion worth of corporate bonds will reach maturity in 2022, accounting for 19 percent of total bonds in circulation.

Meanwhile, many businesses are facing serious financial problems due to Covid-19.

SSI’s latest report shows that businesses issued VND722.7 trillion worth of corporate bonds in 2021, an increase of 56 percent over 2020. Private offering was the major issuance mode, which accounted for 91 percent of total bonds issued.

The corporate bond market has been witnessing hot growth, from 4.93 percent of GDP in 2017 to 16.6 percent in 2021.

Real estate firms were the biggest issuers, with VND318.2 trillion worth of bonds issued, which accounted for 44 percent of total, an increase of 66.3 percent over 2020. The number of real estate firms issuing bonds sent up from 141 in 2020 to 193 in 2021.

The gap between non-bank corporate bond interest rates and bank deposit interest rates is 4-5 percent per annum, which explains why has been attract investors.

Realty bonds have an interest rate of 10.3-10.6 percent on average, while some bond issuers promise sky-high interest rates of 12-13 percent per annum. In order to lure investors when the quality of secured assets is not high, bond issuers have to offer attractive interest rates.

Of the VND468 trillion worth of bonds issued by non-bank institutions, VND83 trillion were unsecured bonds, VND33 trillion were secured by shares and VND131.3 trillion were secured partially by real estate and partially by shares.

As such, the amount of unsecured bonds or bonds secured by shares still accounted for 53 percent of total bonds issued.

The realty bonds with no secured assets or secured by shares were worth VND172.5 trillion, which accounted for 54.2 percent of the bonds issued in 2021. Analysts said the real figure could be higher as there was no information about collateral for VND33 trillion worth of realty bonds issued.

Can Van Luc, a respected economist, said that Vietnam’s bond market has been growing well but unsustainably. Realty bonds always account for a large proportion of total bonds issued, while the risks for realty bonds are high since the bonds were either unsecured or secured by shares.

The Ministry of Finance (MOF) has pointed out that many businesses issue bonds in large quantities despite their small stockholder equity and unprofitable operation.

As of June 30, 2021, the debt-to-equity ratio of unlisted real estate firms was 8.1x. The firms with unprofitability, bad debts, small capital and no secured assets also issued bonds, which poses risks for investors and the economy.

Risks

SSI estimated that VND266 trillion worth of corporate bonds will reachmaturity in 2022. Meanwhile, because of Covid-19, many enterprises are having financial problems and the business environment is unfavorable, which affects their plans to pay principal and interest.

It will be difficult to issue corporate bonds to raise funds for debt payment in 2022. Circular 16/2021 of the State Bank of Vietnam (SBV) which took effect on January 15, 2022 prevents commercial banks from buying corporate bonds to help businesses achieve rollover.

Under legal documents, credit institutions are not allowed to buy corporate bonds issued to restructure debts; to contribute capital or buy into other enterprises; or to increase working capital. Credit institutions are not allowed to sell corporate bonds to their subsidiaries. They are only allowed to buy corporate bonds if their bad debt ratio is below 3 percent.

Meanwhile, the Ministry of Finance (MOF) is drafting a new decree that amends and supplements Decree 93 on bond private offerings, which says businesses must not issue bonds to contribute capital under any form; or buy shares and bonds of other enterprises or lend capital to other businesses. The credit rating of issuers is required.

The regulations, if applied, would restrict the opportunities for businesses to mobilize capital through bond issuance in 2022. Many businesses are struggling to seek cash flow to pay debts to bond holders in order to avoid default. However, credit sources are shrinking.

Pham Nam Kim, a respected economist, warning of the risks in realty bonds, said many enterprises mobilize trillions of dong worth of capital by issuing bondsbut only spend hundreds of billions to develop real estate projects, while the remaining money is used for debt payments and other purposes. Many realty firms have abnormally high debt ratios.

Analysts have repeatedly warned that thehot growth of the bond market may cause serious consequences, saying that Vietnam needs to learn a lesson from China where many realty firms cannot pay debts.

Risks may arise in 2022when a large amount of corporate bonds reach maturity . If some businesses fall into insolvency, fears willspread which could lead to a credit crisis. 

VNN

Businesses continue to struggle with petrol prices

16:09                                  

HÀ NỘI - While the reduced environmental protection tax lowered petrol prices from April 1, most transport enterprises are struggling.

Retail petrol prices fell by more than VNĐ1,000 per litre following the latest adjustment by the Ministry of Industry and Trade and the Ministry of Finance. Accordingly, the retail price of RON95 bio-fuel dropped by VNĐ1,039 to a maximum of VNĐ28,153 (US$1.23) per litre, while E5RON92 was adjusted down by VNĐ1,021 to no more than VNĐ27,309 per litre.

Meanwhile, diesel 0.05S went up from VNĐ1,447 per litre to VNĐ25,080, and kerosene increased by VNĐ1,519 per litre.

According to the ministry, this was the second decline following seven consecutive hikes in petrol prices in 2022 that caused price increases of over VNĐ6,500 per litre.

“If the environmental protection tax stayed the same, the domestic gasoline price in this operating period would have increase,” a ministry representative said.

Vũ Tuyết Hạnh, a representative of Cường Thắng Transport Company, specialising in transporting goods on the North-South route, said: “Transport enterprises expect gasoline prices to drop more as the adjustment in petrol and oil prices does not help reduce the burden on enterprises. The transport business continues to face difficulties. Many vehicles have had to stop working.”

Nguyễn Ngọc Thành, director of Kim Phát Transport Company, said: “Fuel for container trucks usually accounts for about 40 per cent of the cost of transportation. But from mid-2021, the oil price has increased by about 50 per cent, and businesses cannot increase freight rates by that level.”

Other transport enterprises said if freight rates increased sharply, they would undoubtedly lose customers, but if they didn’t they would continue to lose money.

Nguyễn Hồng Đông, a driver on the Hà Nội - Nội Bài route, told Việt Nam News: “Currently, the price of gasoline is high, and my income is less. I will lose customers if I raise the price. Some of my colleagues have had to give up driving their cars and stay at home because their income is not enough to cover expenses.”

Bùi Danh Liên, an expert at the Hà Nội Transport Association, said the association’s businesses were worried gasoline prices were still too high.

“More cars are in the parking lot, and companies are forced to reduce routes and trips. If gasoline prices continue to stay high, transport enterprises will not be able to hold out,” he said.

 “The impact from the COVID-19 pandemic has brought businesses to a standstill, with no revenue, while the cost of driving tests and petrol increased sharply recently, leaving them struggling to survive.”

Liên said many businesses would be forced to sell cars or even go bankrupt.

The aviation industry is also in a bind because of soaring fuel prices. Vietnam Airlines calculates that if the price of jet fuel remains at US$130 per barrel for the whole of 2022, the airline’s cost could increase by VNĐ5.7 trillion. If a barrel goes up to $160 as forecast, costs will rise to VNĐ9.12 trillion, exacerbating the expected loss in 2022.

Experts said sea freight rates to the US and European routes, which increased again from the beginning of the year, were expected to go up again, causing Vietnamese import-export businesses to struggle.

Dương Ngọc Trung, deputy general director of SDS - MP Logistics, said the price of petrol had increased by 30 per cent from last year, raising transportation charges another 5-10 per cent.

Economists said petroleum products were currently subject to many taxes simultaneously. While petrol is not a luxury good, it still has to bear excise tax.

Economist Ngô Trí Long said it was advisable to reduce the special consumption tax on petrol again to ease inflationary pressure and avoid impacting people and businesses further.

Expert Đinh Trọng Thịnh said the special consumption tax should be levied on harmful goods and services and luxury goods, not on petrol, an essential commodity. Moreover, petrol was already subject to an environmental protection tax.

Director of the MoIT’s Domestic Market Department Trần Duy Đông said that if petrol prices continued to rise, it would consider reducing the special consumption tax.

“We still need to calculate longer and have more scenarios,” Đông said. “The ministry will propose a scenario to continue to reduce taxes on petrol, such as the environmental tax, special consumption, VAT and diversification of supply.

 VNS   

ADB maintains Vietnam's economic growth forecast in 2022 at 6.5%

16:13

 Vietnam’s economy is expected to rebound to 6.5% this year and further expand to 6.7% in 2023, due to the high vaccination rate, trade expansion, and continued accommodative monetary and fiscal policies, according to a new report released on April 6 by the Asian Development Bank (ADB).

The Vietnamese economy is set for strong rebound amid global economic uncertainty, according to the Asian Development Bank (ADB) (Photo: congthuong.vn)

“The renewed COVID-19 outbreak hindered Vietnam’s economic recovery, tightened the labor market, and disrupted manufacturing and supply chains in 2021. The high vaccination rate enabled the government to abandon harsh containment measures. This timely shift of the pandemic containment strategy helped restore economic activity and reduce bottlenecks in the business environment,” said ADB Country Director for Vietnam Andrew Jeffries.

Last year saw the Vietnamese economy grow by 2.6%. A recovering labor market, along with monetary and fiscal stimulus measures of the Government’s Economic Recovery and Development Program, will spur industrial growth by a projected 9.5% in 2022. Agriculture output is expected to increase 3.5% this year, on revived domestic demand and rising global commodity prices.

The re-opening of tourism in mid-March and easing of pandemic controls are expected to boost services, with the sector forecast to soar by 5.5% this year. Accelerated public funding disbursements will drive construction and related economic activities. In tandem with the economic revival and the uncertainty of global oil prices, inflation is expected to expand to 3.8% in 2022 and 4.0% in 2023.

Improved coordination between the central and local governments and restored labor mobility will continue to build domestic and foreign investor confidence.

The Regional Comprehensive Economic Partnership, which came into effect on 1 January 2022, is set to accelerate trade recovery once the COVID-19 pandemic subsides, forming stable and reliable export markets for Vietnam.

The Asian Development Outlook 2022 also highlighted near-term downside risks that could cloud the nation’s recovery. The high COVID-19 infections since mid-March, if not abated, could obstruct the economy’s return to normalcy this year.

A slowing global recovery and a surge in global oil prices from the Russian invasion of Ukraine would affect Vietnam’s external trade and inflation. Recovery also depends on the government’s speedy and effective rollout of the economic recovery and development program.

ADB pledges to achieve a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty.

VOV

VIETNAM NEWS HEADLINES APRIL 6

16:34                                   

Ho Chi Minh City’s economy showed positive signs of recovery in the first quarter of this year with an estimated 1.88 percent growth of gross domestic product (GRDP) compared to the same period last year, Director of HCM City Department of Planning and Investment Le Thi Huynh Mai said on April 5.

The President’s order on the ordinance on the procedures for the People's Courts to consider and decide to send drug addicts from 12 to under 18 years old to drug detoxification establishments approved by the 15th National Assembly (NA) Standing Committee in March was announced at a press conference on April 6.

According to the provisions of Clause 4, Article 33 of the Law on Drug Prevention and Control, district-level People’s Courts have the authority to consider and decide the work. However, the relevant procedures have not been specified.

For this reason, the ordinance on this was adopted by the NA Standing Committee at the 9th session on March 24, and took effect from the date of adoption.

The ordinance consists of five chapters and 48 articles.

It applies to specific cases, and one of the principles is to ensure the best interests for them.

Hoa Binh to complete cycling venues for SEA Games 31 by March's end

Work on cycling venues in the northern province of Hoa Binh serving the upcoming 31st Southeast Asian Games (SEA Games 31) has basically been completed, according to the organising board.

The province will host competitions in mountain biking on May 14-17 and road cycling on May 19-22, with the participation of about 400 athletes. The province is accelerating decoration relating to SEA Games 31 on its main roads.

It has devised a plan to ensure traffic order and safety, strictly handle violations of traffic law, especially on roads related to activities within the framework of the tournament, she said, adding that a COVID-19 prevention and control solution has also been set forth in line with the pandemic situation in the locality.

The Games will run in Hanoi and 11 neighbouring localities from May 12 to 23. It will feature 40 sports with 526 events and expects to attract around 10,000 participants. The biennial event was initially slated for late 2021 but delayed due to the COVID-19 pandemic’s impact.

Phu Tho ceremony commemorates legendary ancestors

A ceremony was held in the northern mid-land province of Phu Tho on April 6 to commemorate the legendary ancestors of Vietnam, Father Lac Long Quan and Mother Au Co.

Traditional rituals were carried out at the temples dedicated to Lac Long Quan and Au Co in the Hung Kings Temple relic site to express gratitude to the pair who laid the foundation for the country.

Every year, activities worshipping Lac Long Quan and Au Co take place ahead of the commemoration of the Hung Kings, believed to be the very first founders of Vietnam, on the 10th day of the third lunar month (which falls on April 10 this year).

Since April 1, Phu Tho has organised a range of cultural and sport activities on this occasion.

The worship of the Hung Kings, closely related to the ancestral worship traditions of most Vietnamese families, was recognised as part of the Intangible Cultural Heritage of Humanity by UNESCO in 2012.

Vietnam, UK eye stronger education cooperation

A workshop to promote education cooperation between Vietnam and the United Kingdom's Cambridge University Press and Assessment (CUPA) was held on April 5 within the framework of the Vietnam Days in the UK 2022.

Addressing the event, Vietnamese Ambassador to the UK Nguyen Hoang Long emphasised that education is an important cooperation field between the two countries, and the UK is Vietnam's leading partner in this sphere, especially in higher education.

He said there remains a great potential for the two countries to expand education cooperation, especially in teaching and learning English language, skills training, high school and university education, considering the great demand for education in Vietnam.

Francesca Woodward, Chief Executive of Cambridge Assessment English at the CUPA briefed the participants on progress of the cooperation between the CUPA and the Vietnamese Ministry of Education and Training over the last 15 years, including English language training, the teaching of math and science in English, and training programmes to acquire international degrees and certificates for both teachers and students. 

Woodward said that the CUPA is developing the International General Certificate of Secondary Education (IGCSE) training curricula in Vietnamese language, with textbooks expected to be completed in 2023 and the first IGCSE exam could be held in 2026.

She said the CUPA, with its expertise in teaching, assessment and research, can assist Vietnam in raising the education quality and standard.

Vietnam attends UNESCO Executive Board’s 214th session

Deputy Minister of Foreign Affairs Pham Quang Hieu attended the plenary meeting of the UNESCO Executive Board's  214th session on April 4-5 in Paris, France.

Speaking at the event, Hieu stressed that Vietnam always attaches great importance to multilateral cooperation in general and the role of UNESCO in particular, and commits to contribute more actively to the organisation's activities as a member of its Executive Board for the 2021-2025 term.

He suggested that UNESCO, during this session, take specific steps in the fields of education, culture, science, and information and communication to implement the medium-term Vision and Strategy for the 2022-2029 period and the programme and budget for 2022-2025; promote several new issues such as open science, ethics in artificial intelligence, and the future of education; and contribute to the organisation of the United Nations Transforming Education Summit in September 2022 in New York and the upcoming preparatory meeting in Paris.

The UNESCO Executive Board’s session will last until April 13, discussing more than 50 topics on the organisation's activities. It is expected to approve a list of new and expanded global geoparks, including Vietnam’s Non Nuoc Cao Bang.

Vietnam re-affirms support for disarmament, non-proliferation of nuclear weapons

Ambassador Nguyen Phuong Tra, Deputy Permanent Representative of Vietnam to the United Nations (UN), re-affirmed Vietnam's consistent stance on supporting all efforts toward nuclear disarmament and non-proliferation at the annual meeting of the UN Disarmament Commission (UNDC) opened in New York on April 5.

The Vietnamese diplomat further said that Vietnam had fulfilled its notification obligation under Article 2 of the Treaty on the Prohibition of Nuclear Weapons (TPNW) after the treaty officially came into force. She also affirmed the right of the countries to research, develop and use nuclear energy for peaceful purposes.

Regarding the use of the outer space, the ambassador welcomed the adoption of a resolution by the UN General Assembly to establish an open-ended working group on outer space security, thereby providing recommendations on the norms, rules and principles of responsible behaviours of countries in the use of the outer space.

SEA Games 31: Vietnam in Group A of men’s football

Vietnam are pooled in Group A of the men’s football at the 31st Southeast Asian Games (SEA Games 31) together with Indonesia, Myanmar, the Philippines and Timor Leste, as the result of a draw held in April 6.

Group B comprises of Thailand, Singapore, Cambodia, Malaysia and Laos.

The seed groups were based on teams’ performance at the two most recent SEA Games in 2017 and 2019. Vietnam and Thailand were in the top seed group.

Teams are to play each other in a round-robin format in the group stage and the top two of groups A and B will qualify for the semi-finals. Fixtures will be held at Viet Tri Stadium in Phu Tho and Thien Truong Stadium in Nam Dinh from May 6.

Meanwhile, Vietnam are in Group A in women’s football along with the Philippines, Indonesia and Cambodia.

Vietnam hopes for technology transfer in coal mining, processing from Australia

Vietnam hopes to establish long-term stable trade and investment ties with Australia and receive technology in sustainable coal mining and processing from Australia, said Minister of Industry and Trade Nguyen Hong Dien.

The minister made the suggestion during an online working session on April 5 with Tania Constable, Chief Executive Officer at Minerals Council of Australia, and leading coal and mineral exporters of Australia.

Regarding coal, Minister Dien said Vietnam wants to import from 18-25 million tonnes of coal for electricity and fertilizer production in 2022. He asked Australian coal exporters, especially members of the Minerals Council of Australia to increase supply for Vietnam right in April.

According to Dien, Vietnam’s coal import needs account for less than 5 percent of Australia’s total coal export. Therefore, he believed that Australian exporters are capable of supplying coal of suitable quality for Vietnam’s electricity generation.

The minister also asked the Minerals Council of Australia, the Australian Embassy in Vietnam and ministries of Australia to continue coordinating with his ministry to more effectively support efforts to connect and building long-term partnership of leading enterprises in coal and minerals of the two countries.

Measures sought to promote innovation, human resources development in Mekong Delta

The US Agency for International Development (USAID) held a conference on innovation and human resources development in the Mekong Delta in Can Tho on April 5 with the participation of leaders of 13 regional localities.

During the event, USAID and the Ministry of Planning and Investment (MPI) launched the Mekong Innovation Initiative to help Vietnam advance the digital economy and Fourth Industrial Revolution through developing a more robust, digitally-ready workforce and mobilise resources to support innovation in the Mekong Region.

The Mekong Innovation Initiative will help address a growing demand for digital skills across Vietnam’s economy by training 500 individuals in the Mekong Region in digital transformation and e-commerce skills, unlocking new employment opportunities. This programme builds on Vietnam’s own investments in reforming its workforce and supports Vietnam in advancing its Fourth Industrial Revolution Strategy.

RMIT expected to expand training in HCM City

Ho Chi Minh City expects that Royal Melbourne Institute of Technology (RMIT) will expand training in eight professions in line with Association of Southeast Asian Nations (ASEAN) standards,  including mechanics, automation, artificial intelligence, urban management and information technology, Vice Chairman of Ho Chi Minh City People’s Committee Vo Van Hoan said on April 5. He made the statement at a meeting with Professor Alec Cameron, President of RMIT University, who is on a working visit to the city.

President of RMIT University Cameron affirmed that the university has a plan for expansion and increase investment in Vietnam, especially in Ho Chi Minh City, for long-term development.

In addition to teaching and providing high-quality human resources for Vietnam, including human resources for smart city building, innovation and digital transformation, RMIT University will offer training in areas that meet the demand of government and businesses, including professions that HCM City is carrying out in accordance with ASEAN standards, he said. 

Cameron also said the university will work with the city to adjust training programmes to satisfy the short, medium and long-term development needs of the city and its businesses.

Vietnam beat Timor Leste to top AFF Futsal Championship group

Vietnam cruised to 7-1 win over Timor Leste and climbed to the top of Group B in the 2022 AFF Futsal Championship on April 5.

The Vietnamese team opened their account in the first minute thanks to Thuan Phat, but Timor Leste equalised in the 18th minute with an excellent counterattack. However, Vietnam walked in at halftime two goals up thanks to Thai Hoa and Thinh Phat.

Vietnam will face Australia on April 6.

The AFF Futsal  Championship is being hosted at the Huamark Indoor Stadium in Bangkok from April 3-11. It features nine teams divided into two groups. Group A consists of hosts Thailand, Brunei, Malaysia, Indonesia, and Cambodia. Group B comprises Vietnam, Myanmar, Australia, and Timor Leste.

The teams are competing in a round-robin format that will see the top two teams from each group advance to the semi-finals.

Hoi An welcomes first foreign tourists in 2022

The popular tourist town of Hoi An in the central province of Quang Nam welcomed 126 foreign tourists on April 5 following the hiatus caused by COVID-19.

The tourists, from the US, visited famous destinations in the ancient town then took a boat trip to Thanh Ha pottery village.

On April 7, Hoi An expects another group of 50 foreign visitors. Local authorities are hoping more foreign arrivals will revive the tourism industry, and promote the image of Hoi An as a safe, friendly destination.

Since the last foreign tourists visited last November, Hoi An has focused on preparing for its reopening.

Former reporter jailed for abusing right to democracy, freedom

The People’s Court of Ho Chi Minh City sentenced former reporter Nguyen Hoai Nam to three years and six months in prison on April 5 for “abusing the rights to democracy and freedom to infringe upon the interests of the State, and the lawful rights and interests of organisations and/or individuals" under Article 331 of the Criminal Code.

According to the indictment, Nam, while working at “Phap luat Thanh Pho Ho Chi Minh” (Ho Chi Minh City Law) Newspaper in 2018, wrote a series of articles regarding wrongdoings at the Vietnam Inland Waterways Administration.

In October 2018, Nam provided documents and data related to the case to the Investigation Police Agency under the Ministry of Public Security, which helped the police prosecute several officials.

However, Nam did not agree with the conclusions reached in the case and continued to post articles on his Facebook account accusing the investigators of letting the criminals off the hook.

Although relevant agencies responded to his complaints in line with regulations, Nam refused to stop.

Through investigations, the police concluded that the articles contained fabricated content, insulting the reputation of organisations and individuals, and violating the Law on Cybersecurity and Decree 72/2013. The jury concluded that Nam's activities had negatively impacted social order.

Back-to-school fills up loopholes in online learning

Teachers expect that the back-to-school would help to fill up knowledge loopholes of their students after months-long online learning.

Students from the first to sixth graders in all districts across Hanoi have resumed in-person classes from April 6, and with only two months left in the 2021-2022 academic year, schools are working hard to ensure the curricula of the year. 

For many first graders in Hanoi, it was the first time for them to go to school in this school year, so they were excited and eager to get to know their schools. Teachers will spend time to help them get used to school life and class rules. 

Schools are requested to ensure safety against COVID-19 in line with the guidance given by the Department of Education and Training and the Department of Health, while making preparations and plans to respond to the situation where COVID-19 infections are detected in schools.

 The Steering Committees for COVID-19 Prevention and Control of the districts are authorised to consider the suspension of direct learning to ensure utmost safety for students in case infections are found in classes and schools.

Military Medical University’s Party unit disciplined

The Party Central Committee’s Secretariat on April 5 decided to issue a warning as a disciplinary measure against the Standing Board of the Party Committee of the Vietnam Military Medical University in the 2015 - 2020 and 2020 - 2025 tenures for their wrongdoings related to the development of a COVID-19 test kit and the procurement of medical supplies and other test kits.

In addition, Lieut. Gen. Do Quyet, Deputy Secretary of the Party Committee and Director of the university, and Maj. Gen. Hoang Van Luong, member of the board and Deputy Director of the university, were removed from all Party positions in the 2015-2020 and 2020-2025 terms.

After considering the proposal on the discipline by the Party Central Committee’s Inspection Commission, the Secretariat agreed that the Standing Board of the university’s Party Committee in those tenures had violated the principle of democratic centralism and working regulations, loosened leadership, and lacked sense of responsibility as well as examination and supervision, thus letting many Party cadres and members, including key leaders of the university, violate the Party’s rules, the State’s laws, along with regulations of the Ministry of National Defence during the proposal and implementation of a national-level scientific and technological task of developing a COVID-19 test kit and during the procurement of medical supplies and test kits.

Meanwhile, Quyet and Luong have to take the responsibility for the Standing Board’s wrongdoings, with the former bearing the main one.

Coach Park Hang-seo calls up 27 players to prepare for SEA Games 31

Head coach Park Hang-seo on April 5 announced a list of 27 players for Vietnam’s U23 team to prepare for the upcoming 31st Southeast Asian Games (SEA Games 31).

This will be the final training course of the team for the two major tournaments, including SEA Games 31 in May and the 2022 AFC U-23 Asian Cup slated for a month later.

Players receiving the call-ups include goalkeepers Nguyen Van Toan, Quan Van Chuan and Trinh Xuan Hoang; defenders Le Van Xuan and Bui Hoang Viet Anh; midfielders Dung Quang Nho and Huynh Cong Den, and forwards Tran Van Dat and Le Xuan Quyet.

Following the men’s football rules at the SEA Games, the participating teams can register up to three players over 23 years old. Coach Park will reveal the names of these players in the coming time.

The Vietnamese players will gather for training in Hanoi from April 7 and play two friendly matches before the start of the SEA Games 31.

Vietnam more attractive to Korean tourists: Ambassador

Vietnam boasts great advantage to attract tourists and it has become one of the most favourite countries for visitors from the Republic of Korea (RoK), according to Vietnamese Tourism Ambassador to the RoK Lee Chang-kun.

As for what Vietnam should do to resume post-COVID-19 activities to attracting Korean tourists, Lee said the Government and relevant agencies of Vietnam need to pay attention to improving procedures related to tourism in order to bring convenience, reasonable spending and safety to visitors, Lee stressed.

With diverse natural conditions, Vietnam has the advantage to develop diverse types of tourism, meeting different groups of visitors, he said.

Safety will be the top criterion for Korean tourists, followed by convenience and reasonable cost, he noted.

In 2019, Vietnam served 4.3 million visitors from the RoK, up 23.1 percent year-on-year, and a

ccounting for 23.8 percent of the total number of travelers to Vietnam.

Vietnam pledges greater contributions to UNESCO

The nation always places great importance on its comprehensive co-operation with, as well as the global role of, UNESCO and pledges to make more positive contributions to UNESCO as a member of the Executive Council during the 2022-2025 term.

Deputy Minister of Foreign Affairs Pham Quang Hieu made the statement at the plenary meeting of the UNESCO Executive Board's 214th session which was held between April 4 and April 5 in Paris, France.

As part of his address at the event as the head of the Vietnamese delegation, Deputy Minister Hieu emphasised that the meeting took place at an important time. The impact of global problems such as the COVID-19 pandemic and armed conflicts not only impacts economic development, increases inequality, and erases human development achievements, but also directly threatens the lives of people, peace, security, and development around the world.

Source: VNA/SGT/VNS/VOV/Dtinews/SGGP/VGP