VIETNAM BUSINESS NEWS APRIL 11

15:01                

Two more wind power plants put into operation in Soc Trang

Two wind power plants were put into operation in the Mekong Delta province of Soc Trang’s Vinh Chau township on April 8.

One of them is located in ward 2 and run by the Vinh Chau Renewable Energy JSC – TDC. Costing more than 2.4 trillion VND, the plant’s first phase began in December 2019 to install six turbines with a total capacity of 30MW, one 22/110 kV - 40 MVA transformer station, and a 9km 110 kV transmission line.

The second, operated by Quoc Vinh Soc Trang Wind Power Company Limited, is situated in Vinh Hai town. The 1,420 trillion VND plant consists of six turbines with a capacity of 30MW.

Speaking at a ceremony to open the two facilities, Vice Chairman of the Soc Trang People’s Committee Vuong Quoc Nam asked the investors to effectively manage and operate the plants.

He said the province is currently implementing 20 wind power projects with a total capacity of 1,435 MW. To date, four projects, together capable of generating 110.8 MW, have been put into commercial operation.

Vietnam, Russia seek ways to enhance agricultural cooperation

Vietnamese Ambassador to Russia Dang Minh Khoi and Russian Deputy Minister of Agriculture Sergey Levin discussed measures to beef up agricultural cooperation between the two countries during a meeting in Moscow on April 7.

According to Ambassador Khoi, as of late 2021, Russia had allowed 50 Vietnamese firms to ship aquatic products to Russia. Meanwhile, 55 Russian enterprises were permitted to export meat and 77 others aquatic products to the Southeast Asian nation.

For his part, Levin held that Vietnam and Russia hold substantial potential to boost their partnership in agricultural trade, noting that many of their products could be exported to the respective markets.

Reviewing a range of events and measures taken last year to boost the collaboration, the official emphasised that such measures have significantly contributed to bilateral agricultural trade.

Vietnam’s agricultural exports to Russia reached 612.7 million USD last year, up 25 percent from 2020. Meanwhile, Russia shipped 523.1 million USD worth of farm produce to Vietnam, a year-on-year rise of 21 percent.

Vietnam is Russia’s leading supplier of coffee, aquatic products, cashew nuts, pepper and tea, among others.

Russia is a major meat supplier for Vietnam, with revenue of 137 million USD in 2021, accounting for 43 percent of Russia’s total pork export value. Russia’s fertilizer exports to Vietnam also surged 162 percent last year to reach 153.3 million USD.

Vietnam – Hong Kong trade expands 64.6 percent in six years

Hong Kong (China) is viewed as a promising market for Vietnamese exporters as bilateral trade experienced growth of 64.6 percent, from over 8.28 billion USD in 2015 to nearly 13.63 billion USD in 2021.

Last year, Vietnam’s export of agricultural and aquatic products alone advanced 3.08 percent to near 310 million USD. Vegetables and fruits recorded the highest growth of 32.94 percent, followed by aquatic products (7.71 percent), cashew nut (7.32 percent), and rice (0.53 percent), according to the Vietnamese trade office in Hong Kong and Macau.

The office suggested that Vietnamese enterprises can enjoy various benefits when exporting to Hong Kong since it is an open market which is close to Vietnam and has no tariffs on imports. Plus, the market is a major importer of food and foodstuff and Hong Kong consumers have similar taste and behaviour as Vietnamese, providing a good chance for the Vietnamese firms, it added.

US Ambassador visits Vinamilk’s factory in Can Tho

US Ambassador to Vietnam Marc Evans Knapper visited a factory of Vietnam’s largest dairy producer Vinamilk in Can Tho on April 8 during his trip to the Mekong Delta city.

Vinamilk boasts a large-scale network comprising 16 factories and 14 farms of international standards at home and abroad, including one in California of the US.

The 2ha-factory in Can Tho city was put into operation in 2001 and capable of producing more than 202,000 tonnes of products per year.

Vinamilk is among 40 largest dairy producer of the world in terms of revenues. Its products have been shipped to 57 countries and territories, including major markets of the US, Japan and China, with an export turnover in excess of 2.6 billion USD.

The company purchased milk powder, cows and equipment from the US worth nearly 306 million USD from 2019 to 2021.

Punctuality of Vietnamese airlines reaches 95.5 percent in Q1

The overall punctuality of the local aviation industry was 95.5 percent in the first quarter of this year, according to statistics from the Civil Aviation Authority of Vietnam (CAAV).

In the period, Vietnam's six airlines operated 58,302 flights, a reduction of nearly 25 percent compared to last year’s figure.

Bamboo Airways took the lead with 96.6 percent of its flights on time; Vietnam Airlines and Pacific Airlines ranked second and third with on-time performance (OTP) of 96 percent and 95.7 percent, respectively; and the OTP rate of Vietjet Air was 94.4 percent.

According to CAAV, Bamboo Airways is also the carrier that has the lowest rate of flight delays among Vietnam’s three big airlines with 3.4 percent, a year-on-year decrease of 1.2 percent, while that of Vietnam Airlines and Vietjet Air was 4 percent and 5.6 percent, respectively.

The overall rate of flight delays in the sector was 4.5 percent in the first three months of 2021, a decline of 7.3 percent compared with the same period. Meanwhile, the cancellation rate of the domestic aviation industry in the period was 1.3 percent, a year-on-year increase of 1.1 percent. Vietnam Airlines led the industry with 2.7 percent of the flights canceled.

Wet market 4.0 model launched in Da Nang

Traders at wet markets in the central city of Da Nang are now able to go cashless as they can use e-wallet mobile app Viettel Money under a 4.0 wet market model introduced on April 8.

The new model was launched by the municipal Department of Industry and Trade and the Da Nang branch of military-run telecom group Viettel, aiming to accelerate digital transformation and use of the non-cash payment method at the city’s wet markets and provide more opportunities for local residents to experience modern payment services.

Owners of over 1,000 stalls at Da Nang’s three major wet markets – Con, Han and Dong Da – have been provided with a QR code enabling users to make online payments through access with 37 banks and Viettel Money.

As payments now only require scanning of the QR code, with no cash nor changes involved, they become very fast and convenient, said Khuc Thi Hien Khuyen, who runs a stall selling “gio” and “cha” (Vietnamese pork sausages) at Con Market. For every 10 buyers, 7 – 8 will scan to pay, she added.

Deputy Director of the Department of Industry and Trade Nguyen Huu Hanh said the model will be scaled up at other wet markets citywide as a way to promote cashless payments and prevent the spread of COVID-19.

The vendors will also receive help to promote their products on e-commerce sites while Viettel will open a post office at wet markets to support goods’ shipments and delivery, he revealed.

Jetstar Airways resumes flights to Vietnam

Australia’s Jetstar Airways has resumed regular flights to Vietnam from April 8 after two years of suspension due to COVID-19 impacts.

The airline will operate five direct flights each week, with three on the Melbourne-Ho Chi Minh City route from April 8 and two on the Sydney-Ho Chi Minh route from April 9.

Jetstar Group CEO Gareth Evans said that Vietnam is one of the favourite destinations for Australian people only after Bali of Indonesia.

Before COVID-19 broke out, Vietnam was said to be one of the fastest growing tourist destinations in Southeast Asia, and the airline has seen strong bookings since Vietnam reopened its border, he said.

Ho Chi Minh City has become the sixth international destination that Jetstar Airways has restarted flights to since it resumed international operations earlier this year.

Winners of Golden Dragon Awards 2022 announced

VSIP, Gamuda Land Vietnam, La Vie, DHL-VNPT and Best Express Vietnam are among the winners of the 21st Golden Dragon Awards.

The Golden Dragon Awards 2022 winners include the top 10 foreign-invested enterprises (FIEs) in green growth and top 50 outstanding FIEs in Vietnam in 2021.

Standard Chartered Bank, Deloitte, Citi Vietnam, KPMG, Honda, Zamil Steel, Prudential, Amway, Grab, Oppo Vietnam and GreenFeed Vietnam also won the awards.

An award ceremony was jointly held by the Ministry of Foreign Affairs (MoFA) and Tap Chi Kinh Te Vietnam (VnEconomy) - Vietnam Economic Times – in Ho Chi Minh City on April 8.

The enterprises are the pioneers in innovation, green transition and the application of digital technology in production, businesses and corporation administration.

Forum talks resource convergence for green growth

The awareness of localities, businesses and people about green, sustainable recovery and growth has been improved significantly over the past time, Deputy Minister of Foreign Affairs Ha Kim Ngoc told a forum in Ho Chi Minh City on April 8.

The Connections for Development Forum 2022 (Vietnam Connect Forum 2022) was co-hosted by the Ministry of Foreign Affairs (MoFA) and Vietnam Economic Times (VnEconomy), with the theme “Resource Convergence for Promoting Green Growth and Sustainable Development.”

The Deputy Minister said many localities have issued strategies and action plans on green growth, while enterprises have sought ways to diversify and reform their production models in a sustainable fashion.

He also highlighted the resolve of the Party, State and Government to accelerate the economic transition towards green, sustainable development.

Vo Van Hoan, Vice Chairman of the Ho Chi Minh City People’s Committee, briefed the participants on the southern economic hub’s efforts in sustainable development, covering economy, society and people, noting that the city is preparing an ecosystem to welcome green investment flows.

The Ministry of Planning and Investment and the World Bank estimated that Vietnam needs some 30 billion USD to implement its green growth strategy by 2030. However, the state budget can meet only 30 percent of the amount.

Experts at the forum stressed the need to consolidate policies and institutions on green growth, further improve the investment environment, create optimal conditions for businesses and people to access loans, and promote scientific research and technological transfer.

PM orders acceleration of ODA, preferential loan disbursement

Deputy Prime Minister Pham Binh Minh on April 8 signed the Prime Minister’s dispatch requesting the acceleration of disbursement of foreign official development assistance (ODA) and preferential loans.

In the document, the PM noted that as the COVID-19 pandemic is basically put under control, the task of promoting the disbursement of public investment, including foreign ODA and preferential loans, is considered one of key solutions to economic recovery and socio-economic development in 2022.

However, the ODA disbursement in 2022 remains slow, thus reducing the efficiency of public investment use as well as the attraction of other social resources, wasting resources, and affecting post-pandemic economic recovery momentum, said the dispatch, citing a report of the Ministry of Finance that as of March 31, the disbursement of ODA from the central budget reached only 0.99 percent of the yearly plan assigned by the PM.

Therefore, to meet the plan, the Prime Minister asked ministries, sectors and localities to consider ODA disbursement one of the core political missions of 2022 and the following years, strengthen discipline, and uphold the responsibility of the leaders.

It is necessary to intensify coordination between foreign donors and ministries and localities in drawing up detailed disbursement plans for each ODA project, especially key ones with large capital, and at the same time step up land clearance and focus on solving difficulties related to land and resources.

The Finance Ministry was required to continue review regulations to simplify procedures and shorten the time to control spending and withdraw capital from sponsors.

New circular on independent audits for foreign bank branches kicks in on April 15

A circular stipulating independent audits of credit institutions and foreign bank branches issued by the State Bank of Vietnam will take effect from April 15.

Circular 24 amends and supplements several articles of the central bank’s Circular 39 dated December 15, 2011.

Under the new circular, internal control systems, including mechanisms, policies and regulations, of credit institutions and foreign bank branches in Vietnam, will be subject to independent auditing.

The performance of the internal control system during the preparation and presentation of financial reports, as well as the assessment of foreign bank branches’ capital capacity, will also be audited.

The move aims to ensure efficient and safe operations of credit institutions and foreign bank branches, and protect, manage and effectively use assets and resources.

Two new railways to connect to Long Thanh Int’l Airport

Construction work on two light railway projects in the south is set to start, according to local authorities.

Deputy Prime Minister Le Van Thanh requested the Ministry of Transport to work with the People’s Committees of Dong Nai and Ba Ria-Vung Tau provinces, along with Ho Chi Minh City and relevant ministries, on the investment plan for the two projects.

The 38km Thu Thiem-Long Thanh International Airport light railway route, starting from Thu Thiem Station in Thu Duc city and going to Long Thanh International Airport, has been included in the plans.

Total investment is expected to reach about 40.5 trillion VND (1.7 billion USD).

Meanwhile, the Bien Hoa-Vung Tau railway line is 84km long, starting at Trang Bom Railway Station in Dong Nai province and ending at Cai Mep-Thi Vai International Port in Ba Ria-Vung Tau province. Total investment is expected to be more than 50 trillion VND.

The two projects are expected to reduce pressure on road traffic and support economic development in the area.

Tariff quotas for rice, dried tobacco imported from Cambodia announced

The Ministry of Industry and Trade (MoIT) has issued a circular stipulating the import of rice and dried tobacco leaves originating from Cambodia under tariff quotas for 2021 and 2022.

Circular No. 06/2022/TT-BCT specifies import quotas for rice and dried tobacco leaves originating from Cambodia that are entitled to special preferential import tax rates in Vietnam for the two years.

The total import tariff quotas in 2021 and 2022 from Cambodia for rice of all kinds is 300,000 tonnes per year (for paddy, the conversion rate is 2kg, equal to 1kg of rice), while the import tariff quotas for dried tobacco leaves is 3,000 tonnes per year.

The document says in order to enjoy the special preferential import tax rate, the products must have a Certificate of Origin form S issued by the Cambodian Ministry of Trade or an authorised agency, and their customs clearance procedures must be conducted at the border gate pairs specified in Appendix No. 2 attached with this circular.

For dried tobacco leaves, importers must show a licence to import raw tobacco under tariff quotas issued by the MoIT in accordance with Decree No. 69/2018/ND-CP dated May 15, 2018.

Circular No. 06/2022/TT-BCT will take effect from April 15 to the end of December 2022.

Agro-forestry-fisheries exports triple in Q1

Vietnam’s agro-forestry-aquatic product export and import turnover was estimated at 22.6 billion USD in the first quarter of this year, up 6.3 percent compared to the same period last year, according to the Ministry of Agriculture and Rural Development (MARD).

Of the figure, around 12.8 billion USD was worth of exports, an increase of 15.3 percent while about 9.8 billion USD was from imports, a decline of 3.5 percent against last year.

In January-March period, exports of major farm produce hit nearly 5.5 billion USD, a rise of 12.8 percent, while that of major forestry products reached about 4.3 billion USD, up 4.4 percent; aquatic products nearly 2.4 billion USD, up 38.7 percent; and animal husbandry roughly 75.6 billion USD, down 22.4 percent.

In the period, Asia remained the largest market for Vietnam's agro-forestry-fisheries products with 40.3 percent of the market share, followed by America and Europe with 29.5 percent and 13.1 percent, respectively.

The US was the biggest consumer of the products with over 3.5 billion USD. China came second with nearly 2.1 billion USD, and Japan third with nearly 872 billion USD.

Central region expanding organic farming

Since the organic farming model introduced by the Que Lam Group in the central province of Thua Thien-Hue has proven efficient, farmers in the central region have been taking up organic agriculture for more sustainable development.

With no chemical fertilisers, pesticides, or herbicides, Bảo’s orange orchard, which spans 4 hectares in Nam Dong district in the central province of Thua Thien-Hue, produces good quality fruit at high productivity, earning him up to 8,700 USD per hectare.

Thua Thien-Hue was the first locality in the central region where the organic farming model has been developed for paddy fields and pig husbandry with support from the Que Lam Group. The model was then applied at orchards after proving its efficiency.

Da Nang city - the largest market in the central region - is also shifting to organic farming.

With organic products selling at more than twice the price of those cultivated using traditional methods, more farmers in the central region have taken up the organic model. Many localities in the region are developing products and models to extend organic production.

Ministry supports businesses in economic recovery and development programme

The Ministry of Finance (MoF) will support businesses when implementing the socio-economic recovery and development programme, Finance Minister Ho Duc Phoc said.Specific areas will include accessing markets, capital, labour and infrastructure as well as open administrative procedures.

MoF will accompany firms with supportive solutions so that the domestic business community can overcome difficulties to restore and develop production. Thereby they can contribute to the economic recovery and development.

Dang Ngoc Minh, deputy director of the General Department of Taxation, said the general department had built drafts of two decrees on extending the deadline for tax and land rent payments. They included the decree on extending payment of value added tax, corporate income tax, personal income tax, and land and water surface rent in 2022 and the decree extending the deadline for excise tax payment for domestically manufactured or assembled cars.

Meanwhile, the customs sector has also continuously implemented reforms to create more favourable conditions for businesses. Hoang Viet Cuong, deputy director of the General Department of Customs, said that the General Department of Customs had proactively implemented solutions to create favourable conditions for trade activities, helping businesses and people in recovery and development of production, imports and exports.

Overseas Vietnam returning home to contribute to the motherland

In recent years, there has been a “wave” of overseas Vietnamese entrepreneurs and intellectuals returning to Vietnam in groups and organising trade and investment promotion activities, which connect overseas Vietnamese from all around the world.

Sean Lam is an overseas Vietnamese who has lived in Maryland, the US, for more than 30 years. He previously returned to Vietnam almost every month to manage investments. Since the pandemic, he has not been able to return, but he has maintained his business, investment capital, and remittances. 

Vietnam has attracted 376 FDI projects from OVs with total registered capital of 1.72 billion USD, focusing on energy, processing and manufacturing, and services.

It is always in the top 10 countries in the world receiving the largest remittances. According to the State Bank of Vietnam, remittances in 2021 totalled 12.5 billion USD. 

Compared to the total FDI Vietnam has attracted, the volume of investment from OVs remains modest. However, the opportunity to attract more FDI inflows from the community is still significant as it is growing and has the funds to access science and technology platforms in developed countries.

Ministry moves to enhance economic, trade ties with European, American partners

The Ministry of Industry and Trade will focus on solutions to tighten Vietnam’s economic and trade relations with European and American partners, Minister Nguyen Hong Dien has affirmed.

Speaking at a recent meeting with partners from Europe and the Americas, Dien told participants that his ministry will maintain the flexible and effective implementation of the dual goal of COVID-19 prevention and control and economic recovery and development in the new normal.

Attention will be paid to helping enterprises overcome difficulties and develop production and business, facilitating goods circulation and import and export, and developing the smart manufacturing industry.

The sector will encourage the development of clean and renewable energies and form major energy centres, and focus on measures to diversify market and imported and exported commodities, bring into full play the signed free trade agreements, and develop e-commerce.

To successfully implement theses solutions, in addition to its own efforts, the ministry wants to receive close and effective cooperation and support from both domestic and foreign partners, including those from Europe and America, Dien added.

VPS Securities remains market leader

VPS Securities remained the top brokerage in the first quarter with a 17.9 percent market share, according to data released by the HCM Stock Exchange.

SSI Securities Corporation and VNDirect Securities Corporation were in second and third places with market shares of 9.66 percent and 8.01 percent. 

Ho Chi Minh City Securities Company’s  market share fell to 5.24 percent, and it thus lost fourth place to Techcombank Securities JSC (5.56 percent).

Mirae Asset’s market share continued to rise, reaching 5.01 percent and sixth place.

The rest of the top 10 brokerage securities companies on HOSE were made up by MB Securities, Viet Capital Securities Company, KIS VietnamSecurities, and FPT Securities.

Online searches for 'cryptocurrency' rise sharply during pandemic

Google searches for “cryptocurrency” increased sharply in recent years as Vietnamese sought investment channels, especially during the pandemic with social distancing measures in place, which forced people to stay home.

A recent report of Google showed that the total number of searches via Google in Vietnam rose by 37 percent from 2021 against 2019. Searches for financial investment-related keywords in general and “cryptocurrency” in particular were among the keywords that saw the highest increases over the same period.

The trend of searching for “cryptocurrency” emerged at the end of 2020 and reached its peak in May 2021, with the number of searches for “tien dien tu” (cryptocurrency) jumping by 115 percent in 2021 compared to the pre-pandemic period.

The southern province of Tien Giang had the highest number of Google searches for “cryptocurrency,” nearly doubling Quang Ninh, the northern province which came second.

Other provinces in the top five were Ninh Binh, Dak Nong and Dak Lak while major cities including Hanoi, HCM City, Da Nang and Hai Phong were all in the top 20.

Hanoi, HCM City, Da Nang, Dak Nong and Gia Lai were localities with the highest number of searches for the keyword “bitcoin.”

Searches for “bitcoin” saw an increase by 38 percent and peaked in May 2021.

The report showed that Vietnamese had more search interest in “bitcoin” than “cryptocurrency.”

During the pandemic, Vietnamese were more interested in investing, especially the rural population, according to the report.

Search interest in “chung khoan” (stocks) also grew by over 106 percent.

A report of Chainalysis in 2021 showed that Vietnam ranked first in the Global Crypto Adoption Index.

First ‘Vietnam Logistics Service’ pavilion to be erected at Vietnam Expo

The Trade Promotion Agency and the Vietnam Logistics Business Association will first put up ‘Vietnam Logistics Service’ pavilion at the Vietnam Expo 2022 that is scheduled to take place from April 13 – 16.

Six businesses specializing in logistics services have registered to take part in the pavilion, namely VINAFCO, Khai Minh Global, Knight Logistics, Logistics Co. of Vietnam Post, U&I Logistics, and Avina Logistics. They will introduce a variety of logistics services such as packaging, import and export, customs, multimodal transport, warehousing among others.

According to the Vietnam Logistics Business Association (VLA), the domestic logistics industry will have ample room to prosper this year. Difficulties and challenges such as the congestion of road transport, the shortage of containers, the lack of space and the escalating prices of marine transport will shortly be addressed as soon as the COVID-19 outbreak is completely brought under control.

Positive economic recovery following two years of COVID-19 impact

Vietnam's ongoing economic recovery after being negatively affected by the COVID-19 pandemic for two years can be put down to the Government's efforts to create optimal conditions for local businesses to resume normal operations in line with safe pandemic control conditions.

According to experts, Vietnamese GDP in the first quarter of this year reaching over 5% can be viewed as a very positive signal for the local economy, showing that the national economy is on the right track for recovery moving forward after two consecutive years suffering the adverse impacts of the COVID-19 pandemic.

Statistics detailed by the General Statistics Office (GSO) in the first quarter of this year indicate that the country’s GDP was estimated to have expanded by 5.03% over the same period last year, higher than the growth rates of 4.72% and 3.66% recorded in the same quarters of 2021 and 2020.

Furthermore, industrial production in the first quarter continued to prosper, with added value of the entire sector growing by 7.07% on year. This is in addition to the agriculture, forestry and fishery sector increasing by 2.45%, the industry and construction sector soaring by 6.38%, and the service sector rising by 4.58%.

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

Da Nang experts to welcome new wave of Korean tourists

15:17

Vietnam is the leading country in Southeast Asia in terms of the number of Korean visitors, with 4.3 million arrivals in 2019. Half of them visited the central city of Da Nang.

Vietnam has officially announced visa exemption and isolation exemption for international visitors to the country, including Korean. South Korea has also eased quarantine rules for people entering the country and exempted people who have been fully vaccinated and have recovered from the disease from isolation. There are scheduled flights from Incheon, Busan, Daegu to Da Nang in April, including charter flights and regular flights.

These are good conditions for Korean tourists to return to Vietnam in general and Da Nang in particular and Korean travel firms are busy preparing for this.

"We have sold tours on Children's Day (Korea), including tours to Da Nang. There is also a plan to organize the Da Nang - Hoi An golf tournament, with the participation of 150 golfers in early May," said Mr. Ryu Jae Sang.

Preparing for a new wave of tourism, Mr. Lee Woo Yeon - Southeast Asia Manager of Modetour Company – asked: if a tourist with mild symptoms of Covid-19 is isolated at a hotel, will he or she be supported by the Da Nang authorities? Do visitors to Vietnam have to have both a quick test and a PCR test to get a negative certificate, or just need one of those two test certificates?

"When a visitor’s entry time expires in Vietnam, will the authorities give them a quick test so that the visitor can be confirmed negative when he returns to Korea? If the visitor has critical symptoms of Covid and is hospitalized, how will he be assisted?" asked Mr. Lee Woo Yeon.

For the convenience of tourists, Mr. Lee suggested that, after entering Vietnam, the request for rapid testing within the first 24 hours should be abolished.

Director of the Da Nang Department of Tourism Ms. Truong Thi Hong Hanh said there are detailed instructions for international tourists in the plan to reopen tourism activities of the Ministry of Culture, Sports and Tourism.

"International visitors need to ensure conditions on entry and exit according to Vietnam's regulations and other relevant regulations when traveling in Vietnam," said Ms. Hanh.

The Da Nang Department of Tourism said that the system of services in the city has been reactivated and is ready to serve tourists, with the reopening and re-operation of 70% of the service establishments in the fields of hotels, transportation, and travel.

The Department also requires all facilities in the city to have a plan to deal with mild cases of Covid at the hotel and severe cases at the hospital, and to develop basic information related to tourism and medical services, and prices for testing and treatment related to Covid-19 with 21 Covid treatment facilities.

VNN

More foreign investors land in Vietnam's industrial parks

 15:09               

The reopening of the borders, the government's active support for investors, and the resilience of domestic firms would open up a promising future for the industrial property market in 2022.

Vietnam's industrial property market has seen a new wave of investment from major companies from Germany, Denmark, or Asian countries.

In late March, Fuchs Group, a global lubricant supplier from Germany, announced its intention to expand its presence in Vietnam by renting a land plot of over 20,000 square meters at the Phu My 3 Specialized Industrial Park (PM3 SIP) at Ba Ria – Vung Tau, to build a new manufacturing plant.

With a leasing contract of up to 55 years, Fuchs has shown its strong commitments in the country.

A representative of the PM3 SIP said Fuchs Group is the second European company at the industrial park, which opens up opportunities to further attract investors from the region.

In February, Framas Group, another German company that specializes in the manufacturing of injection molding machines, signed a contract to lease a ready-built factory area of 20,000 square meters from KTG Industrial Nhon Trach 2, Dong Nai Province, in a 10-year contract.

Australia-based LOGOS, a logistics real estate operator, on February 17 inked a deal with Manulife Investment Management on setting up a joint venture to acquire a built-to-suit in an area of 116,000 meters and investment capital of $80 million.

In another move, CapitalLand Development signed a memorandum of understanding (MoU) of $1 billion with Bac Giang Province to invest in one of the first urban-industrial-logistics projects in Vietnam and BW Industrial Development acquired the DEEP C Industrial Park with the size of 74,000 square meters at Bac Tien Phong Industrial Park, Quang Ninh Province.

During the first two months of 2022, Thai Nguyen Province attracted around $924 million in FDI, or 18.5% of the nationwide total investment capital so far. This included an injection of $920 million from Samsung Electro-Mechanics Vietnam, taking the total investment capital of the multinational manufacturer at the Yen Binh Industrial Park to $2.27 billion.

Overall in the January-March period, Denmark-based LEGO was the largest investor in the southern Binh Duong Province with an investment capital of $1.3 billion, accounting for 78.9% of the total FDI commitment. This is LEGO's sixth plant in the world, and second in Asia.

The attraction of Vietnam's industrial property market continues its strong momentum in the second quarter, with HuaLi Group (Taiwan) signing an agreement with investors at the WHA Industrial Zone 1 (WHA1) and Hoang Mai Industrial Park, Nghe An Province. The Taiwanese company plans to build a footwear factory for export, whose construction is scheduled to start in June and its completion in March 2023.

Once becoming operational, the plant would produce 25 million pairs of shoes per year and create jobs for 16,000 locals.

In WHA1 - Nghe An, Huali Group expects to build a factory of 7.3 hectares with an investment capital of $38 million The construction would kick off in August and be completed in June 2023. It is expected to produce 13 million pairs of shoes per year and employs 8,000 workers.

Promising future

The growing demand for industrial properties in Vietnam has lifted rental fees.

A real estate market report from the JLL in the first quarter noted the fee continued to expand by 8.5% year-on-year during the period, thanks to positive FDI inflows after the resumption of international flights.

The average renting fee for industrial parks currently stood at $120 per square meter.

JLL expected the market for ready-built factories would further grow due to the strong demand, especially from foreign investors that are looking to extend their businesses in Vietnam quickly.

Sharing the same view, Savills Vietnam said the country is attracting international industrial property developers and predicted an influx of a large number of projects in 2022.

In addition to infrastructure development, there has also been a growing trend of investment capital into logistics activities.

John Campbell, Head of Industrial Services at Savills Vietnam, said the recovery of domestic demand and inflows of FDI would contribute significantly to Vietnam's economic prospects in 2022.

Meanwhile, there have been notable improvements in business conditions over the past five months after the fourth Covid-19 outbreak in the country, he said.

Campbell expected the reopening of the borders, active support from the Government for investors, and the resilience of domestic firms would open up a promising future for the local industrial property market in 2022 and the subsequent years.

Hanoitimes

Rising interest rates threaten economic recovery 

15:41

The most important task for Vietnam in 2022 is supporting economic recovery. Policies need to be designed in a way to implement the task, and lending interest rates must not increase.

According to the General Statistics Office (GSO), as of March 21, the credit growth rate had reached 4.03 percent (it was 1.47 percent the same period last year). The high demand for capital and pressure from other investment channels such as gold, securities and real estate have forced banks to raise interest rates to attract deposits.

Deposit interest rates

About 10 commercial banks have raised deposit interest rates by up to 0.6 percentage point per annum since late March.

OCB, for example, has raised the interest rate by 0.6 percentage point for 6-month deposits, 0.5 percentage point for 9-month and 0.2 percentage point for 12-month deposits.

Meanwhile, NamABank has raised the interest rate by 0.2 percentage point for six months deposits. MB Bank has raised the interest rate by 0.4 percent for 12-month deposits and BacABank 0.3 percentage point for 6-month deposits and 0.1 percent for 12-month deposits.

Other commercial banks, including VietCapitalBank, SeABank, VIB, DongABank and Techcombank, have raised the interest rate by 0.01-0.2 percentage point. The highest interest rate at this moment, 7.6 percent per annum, is being offered by SCB to 13-month deposits. However, it is applied only to deposits of a minimum of VND500 billion.

The inter-bank interest rates have also increased sharply since the beginning of the year. The interest rates of overnight loans, one- and two-week loans are all higher than 2 percent per annum, increasing sharply compared with the 1 percent per annum in 2020-2021.

Analysts believe that interbank interest rates will continue increasing and it’s not likely to return to the low level.

They said a new ground for interest rates is being set up. In addition to increased demand for capital and competition with other investment channels, the interest rates have to increase because a large amount of idle money deposited at banks by businesses is being withdrawn from banks to pour into production and business.

Meanwhile, the US FED has raised interest rates, leading to an interest rate upward trend in the world’s economies, including Vietnam. Moreover, pressure on inflation in the remaining months of the year will be high with the CPI increasing by 1.91 percent in the first three months of the year in comparison with the same period last year.

Economists said that interest rate increases will depend on economic recovery and inflation.

An interest rate race may be triggered by small banks with weak liquidity. The banks have to offer higher interest rates than other banks to lure depositors, causing the market average interest rates to increase. If this happens, the deposit interest rates in 2022 will be much higher than in 2021.

Lending interest rates

Analysts have warned about interest rate increases.

The Governor of the State Bank of Vietnam (SBV) has issued an action plan to implement Resolution 11 released on January 30, 2022. The resolution said that interest rates need to be regulated in accordance with macroeconomic balance, inflation, and monetary policy targets. The central bank instructed commercial banks to cut lending interest rates by 0.5-1 percent in 2022 and 2023.

However, the current factors don’t facilitate interest rate reductions. Cutting the lending interest rates by 0.5-1 percent is a great challenge. Many banks have set up higher business targets in 2022 than in 2021 and may raise lending interest rates if they have to pay higher interest rates for deposits.

According to Can Van Luc, a respected economist, Vietnam’s key task in 2022 is supporting economic recovery. All the policies need to be designed in a way to implement the task and interest rates must not increase, or they will hinder recovery.

An analyst said that it’s necessary to require commercial banks to slash lending interest rates after they made high profits in 2020 and 2021, when deposit interest rates fell sharply and lending interest rates decreased only slightly.

He said that the NIMs of many banks are still at high levels, so deposit interest rate increases will not have a big impact on banks’ profits.

In addition, credit in 2022 is predicted to increase sharply, which will allow banks to make bigger profits.

Curbing lending interest rates is a must. If interest rates escalate, this will lead to serious consequences.

Higher lending interest rates will push input production costs up. This will force enterprises to increase selling prices of their products, creating adverse effects on total demand.

VNN

Canadian expert highlights Vietnam as attractive strategic partner  

 15:49                

Luis Silva, a Canadian expert on government relations, has highlighted Vietnam as an attractive strategic partner for Canada amid stronger economic co-operation bringing about benefits to both countries.

The ongoing visit to Indonesia and Vietnam from April 9 to April 14 by Canadian Foreign Minister Melanie Joly has captured the attention of Canadian experts, as well as of Canadian firms amid Ottawa building a multi-billion CAD Indo-Pacific strategy. This plan aims to diversify trade and investment activities, not only within Asia but also beyond the Pacific Rim, while simultaneously increasing its contributions to ensuring security and international support for the region as a whole.

He described the visit to Vietnam by Foreign Minister Melanie Joly as a sign which demonstrates Canada’s recognition of the great importance of the need to reinforce bilateral relations with Vietnam.

Earlier this year, both nations established the Joint Economic Commission (JEC) which aims to promote greater economic and trade co-operation between the two countries.

Statistics indicate that the Canadian economy is heavily dependent on international trade, although trade's share as part of Canada's GDP fell from 65% in 2016 to 60% in 2021.

Furthermore, Vietnam represents a growing market for trade and investment in Southeast Asia.

The main purpose of the Canadian FM's visit to the country at this time is to highlight the longstanding bilateral relationship as both sides move towards the 50th anniversary of diplomatic ties ahead in 2023.

Trade relations between the two has enjoyed continuous development despite the pandemic, with trade turnover in 2021 exceeding US$6 billion, up 19% compared to 2020.

Canada is among the top five destinations for overseas study for Vietnamese students, while Vietnam currently ranks first in Southeast Asia and is in the top five globally for international students in the North American country.

Silva went on to express his belief that bilateral co-operation will continue to develop in the future.

Sharing this viewpoint, David Johnson, director of the Canada-Vietnam Trade Council, said that amid the Vietnamese pursuit of a safe, flexible adaptation strategy, and effective control of the COVID-19 pandemic, the Vietnamese economy will begin to recover and start to trade again. Indeed, investment activities will serve as a mean of strengthening the supply chain between Vietnam and Canada.

Canadian businesses therefore anticipate the visit to Vietnam by Foreign Minister Mélanie Joly will contribute to deepening the relationship between the two countries across a variety of fields, especially economics, investment, and people-to-people exchanges.

As Canada's largest trading partner in ASEAN since 2015, the country will be hugely important to Canada's Indo-Pacific strategy, the Canadian expert affirmed.

According to Johnson, there are several reasons for Canadian firms to strengthen their relations with Vietnamese partners. This includes Vietnamese strengths in manufacturing, electronics, garments, and textiles, along with other consumer goods which have allowed Canadian companies to diversify their supply sources.

Canadian businesses can look to Vietnam as a member of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Partnership (RCEP) to gain access to the wider Asia-Pacific region, he noted.

Observers believe that the trip to Southeast Asia by Foreign Minister Joly shows that Ottawa desires a new integrated approach to the Indo-Pacific region in a bid to diversify Canadian participation and deepen diplomatic, economic, security, and sustainable development partnerships.

VOV

VIETNAM BUSINESS NEWS APRIL 14

 15:45  

Vietnam Expo 2022 kicks off in Hanoi

Assessing the trends and prospects of the corporate bond market in the second half of 2022 and 2023, FiinRatings experts said that businesses with a good foundation and better transparency, especially listed companies, would still promote bond issuance activities.

The bond channel is still an effective capital mobilsation channel in the context of very low interest rates for banking deposits.

Vietnamese employees' average monthly income in Q1 increases sharply

Salaries of Vietnamese employees in the first quarter of this year surged as compared to those of the previous quarter, according to Nguyen Trung Tien, Deputy General Director of the General Statistics Office (GSO).

In the period, labourers in Ho Chi Minh City, and the southern provinces of Binh Duong and Dong Nai received the highest incomes.

Specifically, the average monthly income of Binh Duong employees hit 8.6 million VND (375 USD) per capita, up 54 percent quarter-on-quarter, or 3 million VND per month.

Employees in Ho Chi Minh City and Dong Nai had the average monthly wage of 8.9 million VND and 8.5 million VND, up 36.5 percent and 32.9 percent, or 2.4 million VND and 2.1 million VND, respectively.

A GSO report on the COVID-19 pandemic’s impact on employment in Q1 shows that the average income in the country reached 6.4 million VND a month, 1 million VND higher than the previous quarter and up 110,000 VND year-on-year.

The average income of male workers was 7.3 million VND per month, 1.36 times higher than that of female workers (5.4 million VND per month).

In addition, the first quarter also recorded a strong recovery in the average income of employees in the Mekong Delta, with 5.6 million VND per month, up 27.8 percent quarter-on-quarter.

Largest auto show to resume after two years of COVID-19 disruption

The Vietnam Motor Show (VMS), the largest of its kind in Vietnam, is set to return this October following two years of cancellation due to the COVID-19 impact.

The show will get underway at the Saigon Exhibition and Convention Center (SECC) in Ho Chi Minh City between October 26 - 30.

At least 11 automakers, including Audi, Honda, Jeep, Mercedes-Benz, Lexus, Mitsubishi, MG, Subaru, Toyota, Volkswagen, and Volvo have registered to participate in the show.

The national motor show had previously been delayed in 2020 and 2021. This year all participants are required to follow COVID-19 prevention and control measures to ensure safety for those in attendance.

CAAV proposes Ministry of Transport to adjust floor airfares

The Civil Aviation Authority of Vietnam (CAAV) has proposed the Ministry of Transport to allow an adjustment of the price ceiling for air tickets on domestic routes.

The national flag carrier, Vietnam Airlines (VNA) has proposed the Ministry of Transport to consider the adjustment of the price ceiling for air tickets that is expected to be applied starting April 1.

Under the proposal, prices of air tickets will be raised from VND2.2 million to VND2.25 million for flight distances of 500-850 kilometers; VND2.79 million to VND2.89 million for flight distances of 850-1,000 kilometers; VND3.2 million to VND3.4 million for flight distances of 1,000-1,280 kilometers; VND3.75 million to VND4 million for flight distances of 1,280 kilometers and above.

Singapore launches campaign to attract Vietnamese tourists

The Singapore Tourism Board (STB) launched a new campaign in HCMC on April 13 to encourage tourists from Vietnam to return to the island country.

The SingapoReimagine Reopening campaign showcases a different side of what the city has to offer, from exciting new attractions and novel dining concepts to wellness retreats and sustainable experiences. Visitors also enjoy enhanced hygiene and safety measures and peace of mind as they navigate the new state of travel in a Covid-19 world.

HCMC to accelerate smart city projects

The projects of digital transformation and smart city development in HCMC has reaped certain rewards.

Thanks to successful digital transformation, the Covid-19 prevention and control tasks in the city have been carried out more quickly and effectively. The Covid-19 Safety Information System of HCMC is able to issue QR codes for people citywide, and the digital Covid-19 map timely updates necessary information for public access. The hotline 1022 has been expanded to offer 7 functions of public healthcare consultations to fight against Covid-19 and feedback receipt as to pandemic prevention tasks (with over 80,000 calls being made each day).

HCMC excellently exploits its common database, containing big data for AI implementation in digital transformation in city operation and governance. At present, the HCMC Department of Information and Communications is cooperating with the HCMC Health Department to finish the medical record of each resident for the healthcare database, another important database besides the national population one.

Over 900 units of the municipal authorities have had their formal e-documents shared via a stable integration platform. The fields of traffic, healthcare, education and training, urban planning, environment, public security have owned useful applications to serve citizens as well as professional tasks.

HCMC is one of the localities with the highest number of residents using a smart phone, along with a 100 percent coverage of fiber optic network, broadband Internet, and 3G/4G mobile network. Last year, it stood at the fifth position in the Province-level Digital Transformation Index.

Over 500 enterprises join in Vietnam Furniture Matching Week 2022

The Ho Chi Minh City Handicraft and Wood Industry Association (HAWA) in collaboration with the Trade Promotion Agency under the Municipal Department of Industry and Trade this morning opened the Vietnam Furniture Matching Week (VFMW) 2022 with the participation of over 500 enterprises in the fields of wood processing industry and handicraft.

The VFMW is not only a chance for enterprises to showcase their products, it is also an occasion to connect businesses in the ecosystem from production, design, distribution to logistics and accreditation.

In the framework of VFMW, massive online meetings among businesses via the website hopefairs.com with the participation of over 100 enterprises serving local and international guests will be also organized.

The Vietnam Furniture Matching Week 2022 will last until April 20.

Corporate bond market expected to reach 20% of GDP by 2025

The Government has set a target to raise the scale of the corporate bond market to 20% of the country’s gross domestic product (GDP) by 2025.

Under the Government’s Resolution 54 on economic restructuring in the 2021-2025 period, the stock market’s capitalization was targeted to be equal to at least 85% of GDP and the total bond-to-GDP ratio a minimum of 47%.

The Government has assigned the Ministry of Finance to coordinate with the relevant ministries, agencies and localities to come up with solutions to diversify financial institutions, venture funds, credit guarantee funds, financial consulting units and accounting and auditing services.

In addition, they should draft policies and regulations encouraging venture investment and develop a financial strategy by 2030 and submit it to the prime minister for issuance this year.

The Government also asked the Ministry of Planning and Investment to work with other relevant ministries, agencies and localities to study and determine the possibility of building a law on venture investment and report the results to the prime minister in 2022-2023.

In Resolution 54, the Government also set a target to maintain the bad debt ratio of all credit institutions at below 3%.

Moreover, a professional debt trading market will be developed with the Vietnam Asset Management Company playing the central role in the market.

The Government also expected all commercial banks to apply the Basel II standards.

March auto sales soar by 60%

Members of the Vietnam Automobile Manufacturers’ Association (VAMA) sold over 36,960 autos in March, up 60% month-on-month and 17% year-on-year.

Sales of locally assembled and imported completely built-up (CBU) vehicles saw a month-on-month surge of 50% and 82% in March, respectively.

Passenger car sales jumped 62% month-on-month at nearly 28,500, while some 8,000 commercial vehicles found buyers, up 63%, and 677 special-use vehicles were sold, up 41%, according to a recent VAMA report.

Apart from VAMA members, non-member automakers TC Motor and VinFast sold over 7,000 and some 3,500 units last month.

In the first quarter of the year, the VAMA members sold over 90,500 units, up 27% year-on-year. Sales of passenger cars picked up by 39% year-on-year, while sales of commercial cars and special-use vehicles grew 7% and 32% year-on-year, respectively.

Many commercial housing projects in Danang face inspection

The Ministry of Construction will launch a 45-day inspection into commercial housing projects in Danang City.
Chief inspector of the ministry Nguyen Ngoc Tuan has signed a decision to inspect 18 units and organizations involved in commercial housing projects in the city, the local media reported.

The inspectors will look into investors, developers, agencies, organizations and individuals involved in commercial housing projects for compliance with regulations requiring them to set aside part of their commercial housing projects for social housing.

They will also review the management and use of maintenance funds for residential buildings in the city.

Commercial housing projects built from January 1, 2016 to December 31, 2021, will be subject to the inspection. These projects include An Trung 2, Dai Dia Bao, F-Home and Monarchy.

The inspectors will inspect Hai Hanh Trade and Service JSC, Olympia Company, Danang-Mien Trung Investment JSC, Phu Gia Thinh Investment Business House Corporation, Da Viet Trade Investment Management and Real Estate Business JSC and An Hoa JSC, among others.

FECON wins tenders worth over VND500 billion

FECON Corporation (FCN) has announced that it won many tenders worth over VND500 billion early this month.
They include a VND418-billion package to construct the foundation and infrastructure at Nhon Trach 3 and 4 thermal power projects in Nhon Trach District, Dong Nai Province.

These two power projects, invested by PV Power, are part of the national power development plan VII. They have a capacity of 1,500 megawatts and require an estimated investment of US$1.4 billion.

The projects will be able to supply some nine billion kilowatt hours of electricity to the national grid once they are put into operation in 2024-2025.

FECON has also won tenders worth over VND100 billion to drive piles and build fences of the Nam Hung hotel project and an office, commercial and residential complex in the An Hung New Urban Area.

BR-VT to spend VND670 billion on site clearance for expy project

Ba Ria-Vung Tau Province will spend VND670 billion of the total VND1.3 trillion needed for site clearance to build a 19.5-kilometer expressway section passing through this southern province.

The expressway, which links Dong Nai Province and Ba Ria-Vung Tau Province, will measure 53.7 kilometers in length, with four to six lanes and a total investment of over VND17.8 trillion. It is expected to get off the ground next year and be ready in 2025.

The Ministry of Transport proposed dividing the road project into three sub-projects. The first and second sub-projects, which are 34.2 kilometers long in total, will be built in Dong Nai Province, with a total cost of VND12.6 trillion. The remaining sub-project will be executed in Ba Ria-Vung Tau, requiring VND5.1 trillion in investment.

Around VND1.3 trillion is needed for compensation and resettlement linked to the section running through Ba Ria-Vung Tau. This province will tap its backup budget for the 2021-2025 public midterm investment plan to pledge 50% of the required capital, even though it is in budget distress.

As for the Bien Hoa-Vung Tau Expressway, it is one of the three expressways that the government added to a portfolio under a program to restore and develop socio-economic growth in the southern key economic region.

Investors pledge US$17 billion in Cu Chi, Hoc Mon

Investors have clinched agreements and memoranda of understanding to pour nearly US$17 billion into HCMC’s outlying districts of Cu Chi and Hoc Mon.

At a conference on investment promotion in the two districts on April 12, the city handed over investment certificates to projects with a total investment of nearly US$500 million, the local media reported.

Many investors said they would get involved in hi-tech agriculture, social housing, solid waste treatment and logistics projects in the two districts this year.

HCMC had earlier called for investment totaling US$12.4 billion in 55 projects in the two districts, mainly in the traffic sector, according to the municipal Investment and Trade Promotion Center.

Of the total investment, US$12.3 billion or nearly 99% would be mobilized for 18 traffic and technical infrastructure projects, including the HCMC-Moc Bai Expressway, Ring Roads Nos. 3 and 4, elevated road No. 5, the third phase of the third metro line linking the Tay Ninh Coach Station and the Tay Bac Cu Chi Urban Area and the expansion of provincial road No. 15.

The remaining investment will be for 12 urban revitalization projects, two trade-service projects, three industrial projects, 16 agriculture projects and four education-culture-sports projects.

HCMC urges Binh Duong, Dong Nai to complete procedures for Ring Road 3

HCMC Chairman Phan Van Mai, on April 12, signed an urgent dispatch proposing the governments of Binh Duong and Dong Nai submit their plans for developing the ring road project to their provincial People’s Councils so that the councils can issue a resolution to approve the project prior to April 20.

The proposal is aimed at ensuring the legality of the project’s prefeasibility study report before the National Assembly gives nod to the project at a sitting in May.

The Long An People’s Council and the HCMC People’s Council had earlier issued resolutions to pass the Ring Road 3 development project and commit to allocating sufficient funding for the project.

The first phase of the Ring Road 3 project will be over 76.3 kilometers long, have four lanes and allow a maximum speed of 80 kilometers per hour, while its parallel road will have two or three lanes.

The Ring Road 3 project will be executed under the public investment mode using the budgets of the State and the localities, with a total investment of more than VND75.3 trillion.

After the National Assembly passes the project, work on the Ring Road 3 will begin in 2023. The ring road will be opened to traffic in 2025, the local media reported.

Work restarts on riverside fruit park in Mekong Delta

The construction of the fruit park project along the Tien River in Tien Giang Province has resumed after being suspended for around four years for an environmental impact assessment, said a local official.

The park was named after Cai Be, the district of this Mekong Delta province in which the park is located. The park project covers nearly 10 hectares of land, reported Phap Luat newspaper.

The provincial government serves as the project’s investor. The Cai Be District Management Board of Projects and Land Fund Development is the investor representative. It requires a total investment of almost VND300 billion, said Nguyen Hoang Bao, director of the management board, on April 12.

The project will comprise the main components, such as an embankment along the river, an operation facility, an incubator garden, roads, fruit-shaped items depicting fruit species in the south, among others.

The project is slated for completion by end-2023.

Truong Thanh Furniture plans to issue 41.1 million shares

Truong Thanh Furniture Corporation (TTF) will seek approval from its shareholders to issue 41.1 million shares.
TTF is making preparations for its shareholders’ meeting this year, slated for April 26 in the southern province of Binh Duong.

The share price will be decided by the board of directors and the share sale could only go ahead after TTF gets the State Securities Commission’s approval. The money to be raised will be added to the firm’s working capital.

The shares will not be transferable for a year.

Hoa Phat seeks to invest US$4.3 billion in projects in Dak Nong

Steelmaker Hoa Phat Group plans to develop aluminum, ore processing and aluminum electrolysis factories and a wind power plant worth US$4.3 billion in the Central Highlands province of Dak Nong.
On April 11, the Dak Nong government worked with the group on these projects, the local media reported.

Accordingly, the aluminum and ore processing factories will have a capacity of two million tons and five million tons, respectively, per year. They will be developed in Dak Song District.

Meanwhile, the aluminum electrolysis factory will have an annual capacity of 0.5 million tons and the Hoa Phat wind power plant, 1,500 megawatts. They will be developed in Dak Song and Tuy Duc districts.

VNN

VIETNAM NEWS HEADLINES APRIL 15

16:55                                 

Vietnam begins to issue vaccine passports on April 15

The Health Ministry begins to issue vaccine passports on April 15 in line with schedule. Vietnam’s vaccine passport follows standards issued by WHO and the EU which are being applied by 62 nations.  

The passport will be available on PC Covid-19 or Digital Health (So suc khoe dien tu) apps.  If people don’t have the apps, they can get their passports by accessing the health ministry's portal and filling in necessary information. They will then receive the passports by email.

The passport template was revealed by the Health Ministry in December last year, which has 11 fields of information: name, date of birth, nationality, targeted disease, doses of vaccines received, date of vaccination, lot number of the vaccine batch, type of vaccine, vaccine product received, the vaccine manufacturer, and a code for the certification.

The information is encoded into a QR code, which will expire after 12 months. Following their expiry, people will be notified and a new QR code will be created instead.

So far Vietnam has reached mutual recognition of vaccine passport with 19 countries, namely Japan, the US, the UK, Australia, India, Belarus, Cambodia, the Philippines, Palestine, Maldives, New Zealand, Sri Lanka, Egypt, Turkey, Singapore, Saint Lucia, the Republic of Korea, Iran and Malaysia.

The transport authority of Long An Province has proposed rebuilding 173 deteriorating small bridges across the Mekong Delta province, with a total investment of over VND3.2 trillion.

The plan is aimed at meeting the rising demand for transporting goods and commuting among businesses and local residents, as well as contributing to the local socio-economic growth, reported 1thegioi news site.

Hanoi and Ha Giang to host Cultural Tourism Week 2022 

Viet Bac (Northeast) region’s Cultural Tourism Week 2022 will run in Hanoi from April 15 to 17. Hanoi and Ha Giang will host the 13th edition of the event this year, with the aim to promote domestic tourism activities.

The three-day event, as part of the program entitled "Crossing the heritage lands of the Viet Bac region”, is held annually with the participation of six northern provinces of Ha Giang, Tuyen Quang, Thai Nguyen, Bac Kan, Cao Bang and Lang Son and Hanoi.

It is expected to introduce the cultural space of the six provinces to visitors through many special activities, including exhibitions on the northern region’s cultural heritages, typical products, and unique landscapes.

Participating in the program, Hanoi will host a number of exhibitions displaying pictures and models of the capital city's history and culture.

The opening ceremony of Viet Bac Culture and Tourism Week 2022 will take place at 8pm on April 16 at the Hoan Kiem Lake.

Hanoi to open another pedestrian street

Hanoi authorities have planned another pedestrian street around Ngoc Khanh Lake in Ba Dinh District.

According to the Ba Dinh District People’s Committee, the pedestrian street covers roughly 12 hectares, including 36,000 square metres of Ngoc Khanh Lake and 3,800 square metres of a flower garden on Nguyen Chi Thanh Street.

The pedestrian street includes Pham Huy Thong Street and eight branches linking Ngoc Khanh Lake with Kim Ma, Nguyen Chi Thanh and La Thanh streets.

Initially, the street will be open between 9 am and 10 pm on Friday, Saturday and Sunday. Local authorities would then consider opening the street for the whole week.

Ba Dinh District has planned to spend VND9 billion (USD383,212) on upgrading the area running through Nguyen Chi Thanh Street with the focus on the flower garden. The construction of a water fountain would also be considered.

The pedestrian street is expected to be put into operation in the fourth quarter of 2023. 

Quang Ninh strengthens security, traffic order control for SEA Games 31

Authorities of the northern province of Quang Ninh have taken a wide range of measures to ensure security, order and traffic safety in a bid to successfully host sport events of the 31st Southeast Asian Games (SEA Games 31) in May.

The local police will mobilise maximum resources and vehicles to patrol, control and strictly handle violations of traffic order and safety; and effectively use monitoring systems in handling violations, especially in the localities where sport events will be organised such as Ha Long, Uong Bi and Cam Pha cities.

Quang Ninh police are coordinating with relevant units to inspect accommodation facilities for athletes, and competition venues in the locality.

Qualcomm presents 2,400 internet-connected laptops to rural schools

Qualcomm Incorporated has presented 2,400 laptops with 4G/LTE connections to schools in far-flung areas across Vietnam in response to the Government’s 'Internet Connection and Computers for Students' programme.

The information was released at an event held by Qualcomm and the Dariu Foundation in Hanoi on April 14 to review their collaboration on the Vietnam Forward program, which aims to advance digital literacy and competencies in science, technology, engineering and mathematics (STEM) among youth.

Vietnam Forward is a programme that provides students with access to Always On, Always Connected computers powered by Qualcomm’s Snapdragon® compute platforms and equipped with mobile LTE capabilities to ensure a continuous connection to the Internet with 4G/LTE.

Approximately 100,000 primary-level and secondary-level students at 80 rural schools have been equipped with the technical building blocks to develop workplace skills needed for economic self-sufficiency. Students are learning to code in class and with a code club membership, they take devices home to work on collaborative computer programming-based assignments.

HCM City to increase funding for embattled grassroots medical centres

Ho Chi Minh City has decided to earmark around 138.5 billion VND (6.06 million USD) a year until 2025 to pay stipends to trainee doctors, nurses and others working at grassroots medical stations as an incentive to attract personnel. 

Around 300 newly graduated doctors will each get paid 60 million VND over 18 months. 100 new nurses and midwives will get 30 million VND over nine months.

The programme began in February to help new medical personnel get hands-on experience.

It will also hire retired medical staff on 12-months contracts on salaries of up to 9 million VND a month.

Besides, all 310 ward- and commune-level medical stations will be provided with funds to hire janitors and security guards to help improve their service.

HCM City to vaccinate children aged 5-12 against COVID-19 from April 16

Ho Chi Minh City will begin vaccinations against COVID-19 for 6th graders in all 23 districts and Thu Duc city and 5th graders in four primary schools on April 16.

The information was unveiled by Ho Tan Minh, Chief of the Office of the municipal Department of Education and Training at a press conference on the city’s COVID-19 prevention and control, and economic recovery on April 14.

After drawing lessons and experience from the first round of inoculation, the city will vaccinate children aged 5-12 as scheduled, Minh said, adding that parents must approve the vaccination for their children by a written document and be present throughout the process of injection.

Vietnamese, Chinese FMs hold telephone talks

Foreign Minister Bui Thanh Son had telephone talks with his Chinese counterpart Wang Yi on April 14.

Both sides shared delight at the sound progress in the relations between the two Parties and countries, and concurred to continue increasing high-level exchanges and meeting, promoting practical cooperation across all fields, strengthening coordination in facilitating bilateral trade and removing barriers in border trade, and soon recognising each other’s vaccine passport to make travelling and exchange activities easier.

They had an open and straightforward discussion on the sea issues and agreed to work hard together to control and deal with disputes in the spirit of respecting each other’s legitimate rights and interest, strictly implementing agreements on the basic principles guiding the settlement of Vietnam-China sea-related issues and international law, including the UN Convention on the Law of the Sea 1982, and together with ASEAN reaching positive progress for the Code of Conduct in the East Sea (COC).

The two FMs also exchanged viewpoints on regional and international matters of shared concern, including the Ukraine issue. FM Son underlined Vietnam’s consistent policy of supporting the settlement of disputes and differences by peaceful measures in line with the UN Charter and fundamental principles of international law, ensuring security and safety for civilians, and protecting basic civil infrastructure system. Vietnam supports and is willing to make positive contributions to humanitarian relief activities, diplomatic processes, dialogues and negotiations as well as the reconstruction and recovery process in Ukraine, Son stated.

RoK firm grants scholarships to Vietnamese students

Five Vietnamese are among 89 students from 34 countries in the Republic of Korea (RoK) receiving scholarships from the Woojung Education and Culture Foundation (WECF) of Booyoung Group in the first semester in 2022.

The total funding for the 89 excellent students is valued at some 350 million KRW (318,000 USD).

Since its establishment in 2010, the WECF has so far granted scholarships worth some 8.3 billion KRW for 2,115 foreign students from 41 nations. There have been 306 Vietnamese students among the scholarship recipients.

In Vietnam, the Booyoung Group has donated 10,000 digital pianos and 205,744 blackboards and supported the construction of the Phan Chu Trinh junior high school in the central Quang Nam province and the Ha Dong primary school in Hanoi.

Traffic accidents drop over 19 percent in Q1

A total 2,762 traffic accidents were reported in the first quarter of 2022 (from December 15, 2021 to March 14, 2022), down 662 (19.33 percent) from the same period last year, heard a virtual conference on traffic safety in Q1 held on April 14.

The accidents killed 1,676 people, down 67 (3.84 percent), and injured 1,742, down 739 (29.8 percent).

According to Vice Chairman of the National Traffic Safety Committee Khuat Viet Hung, the majority of the accidents happened on the road (2,731 cases, down 665 cases or 19.34 percent year on year). The fatalities in road accidents came to 1,630, a reduction of 80 deaths or 4.68 percent.

There were 18 railway accidents, claiming the lives of 11 and causing injury to 6, down 2 cases, 5 deaths and 1 injured person.

On the nation’s waterways, 12 accidents happened, killing 25 and injured 1, down 2 cases but up 15 in fatalities.  

Meanwhile, 10 people died and went missing in one maritime accident in the period.

In the field of civil aviation, one A-level accident was recorded in flying training and 14 incidents that posed a threat to safety at levels C (1 incident) and D (13 incidents), a reduction of 21.1 percent year on year.

Tay Ninh announces establishment of border guard station at Tan Nam international border gate

The Border Guard Command of southern Tay Ninh province on April 14 held a ceremony to announce and hand over the decision of the Ministry of National Defence on the establishment of a border guard station at the Tan Nam international border gate based on the reorganisation of the station at Tan Binh border guard.

The Tan Nam international border gate, located in Tan Bien district’s Tan Binh commune, is opposite to MeanChey border gate in Cambodia’s Pray Veng province. In 2017, the Prime Minister approved a proposal to upgrade it from an auxiliary border gate into an international one. After nearly five years of preparation, on May 31, 2021, the Tan Nam - MeanChey international border gate pair officially came into operation.

Vietnam kicks off training course for UN staff officers

The Vietnam Department of Peacekeeping Operations on April 14 held an opening ceremony for its second training course for UN staff officers with the support of the US’s Global Peace Operations Initiative (GPOI).

The course is taking place in both online and face-to-face forms from April 12 to 28. It is designed to prepare Vietnamese trainees who are about to join UN peacekeeping missions.

Participants also include officers involving in management, advisory work, research, and teaching at units related to peacekeeping missions inside and outside of the Defence Ministry.   

Due to the COVID-19 pandemic, foreign lecturers are set to join the course virtually.

Australia extends support for Vietnam's vocational education, training

The Australian Embassy in Vietnam and Vietnam’s Ministry of Labour, Invalids and Social Affairs (MOLISA) on April 14 launched Australia’s next phase of support for Vietnam’s vocational education and training (VET).

Over the past four years, Aus4Skills strengthened the engagement of Vietnam’s logistics industry in VET to help ensure that students graduate with the skills required by logistics employers.

Since 2017, more than 5,300 Vietnamese vocational students have benefitted from improved teaching quality in colleges supported by Aus4Skills. Enrolments in logistics courses in these colleges have increased eight-fold. Graduates from these colleges are in higher demand due to their job readiness.

This next phase of support, valued up to 13.8 million AUD (10.26 million USD) commenced in 2021 and will see this successful model extended over four years (2021-2025). The programme is designed to help Vietnam upskill its workforce – a crucial ingredient for Vietnam to meet its ambitious 2045 target of being a high-income country. This work will focus on the logistics sector. Logistics is a priority for Vietnam as it is expected to contribute 8-10 percent of GDP by 2025. It is also a sector Australia has considerable experience in.

Government agrees to receive COVID-19 vaccines donated from foreign governments

The Government has agreed with the Ministry of Health (MoH) on the receipt of COVID-19 vaccines donated by foreign governments and supplied by international organisations for children aged from 5 to under 12 years old.

Under Resolution No. 55/NQ-CP signed by Deputy Prime Minister Vu Duc Dam on April 14, the Government has authorised the MoH to, based on the pandemic situation, vaccination progress and vaccine sources, to decide the quantity of vaccines to be received from donors or to be bought, thus ensuring the progress, safety and efficiency of vaccinations while preventing an abundance or shortage of vaccines in all circumstances.

In case the commercial purchase of vaccines for children is necessary, the MoH should proactively decide and bear the responsibility on the volume, time and vaccine types to be bought in accordance with vaccination progress, and report to the Prime Minister, the resolution said.

The resolution takes effect from April 14.

Ex-officials of Khanh Hoa jailed for land management violations

The People's Court of the south-central province of Khanh Hoa on April 13 sentenced seven former provincial officials to between 30 and 66 months in prison for violating land management regulations after a six-day trial.

They are Nguyen Chien Thang and Le Duc Vinh, former Chairmen of the provincial People’s Committee; Dao Cong Thien, former Vice Chairman of the provincial People’s Committee; Le Mong Diep and Vo Tan Thai, former Directors of the Department of Natural Resources and Environment; Le Van De, former Director of the Department of Construction; and Tran Van Hung, former head of the land management division at the Department of Natural Resources and Environment.

Former Chairman of the provincial People's Committee Nguyen Chien Thang got the highest punishment with a sentence of five years and six months in prison.

From 2012 to 2015, the defendants, who were then leaders of the provincial People’s Committee and the departments, illegally handed over land, changed land use purposes, and granted land use right certificates in connection with Cuu Long Son Tu ecological and spiritual tourism project and Vinh Trung villa project in the province's Nha Trang city, according to the indictment issued by the provincial People’s Procuracy.

Khanh Hoa police started an investigation into the projects on June 8, 2021 and later started legal proceedings and detained the former officials.

Trans-Vietnam Book Fair comes to Hue for first time

The Trans-Vietnam Book Fair is being held for the first time from April 12-17 in the central province of Thua Thien-Hue, in response to the Vietnam Book and Reading Culture Day 2022 (April 21).

It is organised by Hue city’s Information and Culture Division and six prestigious publishers, namely the Youth Publishing House, Thai Ha Books, Nha Nam, Minh Long, Dinh Ti, and Saigon Books.

Within the framework of the event, there will also be seminars on the reading culture, with the participation of representatives of publishers, municipal authorities, students, and local book lovers.

The Trans-Vietnamese Book Fair is expected to continue its activities in the city of Da Nang and the southcentral province of Phu Yen from April 20 to 24.

Hawksbill turtle released to sea in Binh Dinh

A 3kg hawksbill turtle, a rare species listed in the Red Book of Vietnam, was released into the sea in the south central province of Binh Dinh on April 13.

A local fisherman found the hawksbill turtle (scientifically named Eretmochelys imbricata) in Thi Nai lagoon and voluntarily handed it over to local authorities on April 12.

In 2021, three sea turtles that became trapped in fishing nets in Binh Dinh were voluntarily handed over to relevant authorities to be released back into the sea.

Schedule of SEA Games 31 football matches released

The organising committee of the 31st Southeast Asian Games (SEA Games 31) on April 14 announced the schedule of football matches of the Games.

Regarding the men’s football, the Vietnamese national team will face Indonesia on May 6. Vietnam will play the Philippines, then Myanmar and Timor Leste on May 8, 13, and 15, respectively. All the matches will take place at Viet Tri Stadium in the northern midland province of Phu Tho.

The women’s team will face Indonesia, the Philippines and Cambodia on May 9, 11, and 14 at Cam Pha Stadium in the northern coastal province of Quang Ninh.

The award ceremonies for for the women’s and men's football will be held on May 21 and May 22, respectively.

Regarding futsal events, Vietnam will play Thailand, Malaysia, Indonesia, and Myanmar in both men’s and women’s tournaments in Ha Nam province’s Gymnasium. The women will play from May 10-19 while the men from May 11-20.

Winning teams will be honoured at award ceremonies held on May 20 for men's and May 19 for women's

VNN

VIETNAM NEWS HEADLINES APRIL 18

 16:46               

Localities nationwide need to prevent downpour-triggered flash floods, landslide

The National Center for Hydrology Meteorology Forecasting warned that cold air having intensifies and connecting with upper-air wind convergence at 1,500 meters above the surface would trigger heavy rainfalls between 40 mm and 100 mm over the Northeast, Red River Delta, North- Central and Mid-Central regions from last night through today.

Furtherly, mountainous and low-lying areas need to prevent risks of lightning, hails, whirlwinds, landslides, flash floods and flooding from the tropical downpours.

The Northeast region and the capital city of Hanoi are experiencing thundery showers and chilly temperatures of 13 degrees Celsius to 20 degrees Celsius.

The same weather situation is also forecast for the provinces and cities from Da Nang to Binh Thuan, the Central Highlands and the Southern regions with temperatures of 24 degrees Celsius to over 34 degrees Celsius.

From tonight, the territorial waters from Binh Thuan to Ca Mau are expected to see blustery winds of levels 6-8 and big waves of 2 to 3 meters.

MV of 31st SEA Games’ official song to make debut

The music video of the official song for the 31st Southeast Asian Games (SEA Games 31), “Let’s Shine”, will officially make debut at 8pm on April 18, according to the regional sports event’s organising committee.

The song by composer Huy Tuan is about the people born with a mission to strive for new summits and leave behind difficulties on their journeys by passion and extraordinary efforts, and with support from friends. They together shine in the welcoming and hospitable atmosphere of host Vietnam.

Since the official song was launched, its audio record, sung in Vietnamese and English by well-known artists like Tung Duong, Van Mai Huong, Ho Ngoc Ha, Isaac, and Den Vau, has attracted a large number of listeners on digital platforms, the organising committee said.

Inspired by memorial moments of the 22nd SEA Games in 2003 - the first of its kind to be held in Vietnam, the MV recounts the feeling of pride at that time and then gradually rolls out a picture of Vietnam on the thresholds of the 31st SEA Games.

It arouses the national pride, the lofty spirit of sport, and the youth’s endeavour to move forwards so as to shine together “for a stronger Southeast Asia” - the theme of the 31st SEA Games.

The Games is scheduled to take place in Hanoi and 11 nearby localities from May 12 to 23. It features 40 sports and 526 sets of medals and is expected to welcome 10,000 participants from 11 Southeast Asian countries.

Kon Tum jolted by 10 consecutive earthquakes in three days

A total of 10 consecutive earthquakes were recorded in Kon Plong district in the Central Highland province of Kon Tum between April 15 and April 17.

Most notably, the latest minor earthquake hit Kon Plong district on the night of April 17.

The magnitude 2.8 quake occurred at 0:43.50 a.m. (local time) at a focal depth of approximately 10 km, according to the Centre for Earthquake Information and Tsunami Warning under the Institute of Geophysics.

Nine quakes measuring between 2.5 and 4.1 on the Richter scale earlier jolted the district between April 15 and 16.

The quakes shook the area at a depth of around eight to 8.1km at night and fortunately caused no injuries.

As a result, none of these minor earthquakes posed a risk of natural disaster to the locality.

Kon Plong district typically records dozens of earthquakes with a magnitude of no more than 4.2 each year, causing no risk of natural disaster.

The Institute of Geophysics has set up an additional monitoring station in order to better understand and promptly warned of the threat of the dangerous geological phenomena, if any.

Tyre sandals from wartime keep marching on

Rubber sandals (also known as tyre sandals) are associated with images of late President Ho Chi Minh and soldiers during wartime. After more than 70 years since they were first made, these historical sandals continue to be known among domestic and foreign tourists.

Made from old car and aeroplane tyres, the sandals were worn by many Vietnamese soldiers during the war against the French and the Americans. Many people call them “Uncle Ho sandals”, because they were the distinctive footwear of the late President during both war and peace.

Nguyen Tien Cuong’s rubber sandal workshop on Ngoc Ha Street in Hanoi’s Ba Dinh district is a popular spot for people looking for footwear as hard-wearing and as practical as back in those days.

Vua Dep Lop has exported its rubber sandals to 60 countries and territories for the last eight years. In Vietnam, many people, including young ones, are also interested in the sandals.

Vua Dep Lop has been focusing on innovating materials, designs, and colours to create fashionable footwear for customers from all walks of life, from the elderly to youngsters and even children.

A Delegation Registration Meeting (DRM) will take place in Hanoi next month for Vietnam, as the host, to confirm the registration of all athletes to participate in the upcoming SEA Games.

The event will be held among chiefs of delegations and National Olympic Committees of Southeast Asian nations from May 1 - 6 in both in-person and virtual forms. 

The meeting will discuss and confirm all information regarding the organisation of the 31st Southeast Asian Games (SEA Games 31), from the number of athletes, entry and exit procedures, venues, accommodations, match schedules, doping testing to transport, logistics, reception, healthcare and security services, and more.

The event is expected to be attended by about 80 delegates, including 35-45 from Vietnam and 30-40 from other regional countries.

The Vietnamese team will compete at the region’s biggest sports event, which runs from May 12 - 23, with 1,359 members.

Indian parliamentary leader to visit Vietnam

Speaker of the Indian Lok Sabha Om Birla will pay an official visit to Vietnam from April 19-21, according to the National Assembly’s Foreign Relations Committee.

The visit will be made at an invitation by NA Chairman Vuong Dinh Hue, it said.

Deputy PM inspects four component projects of North-South Expressway

Deputy Prime Minister Le Van Thanh reiterated the Government’s determination to complete 361km of the North - South Expressway this year as he was chairing a meeting to review the progress of four component projects on April 16.

The four component projects include those from Mai Son - Expressway 45 (63.37km), Cam Lo - La Son (98.3km), Vinh Hao - Phan Thiet (100.8km), and Phan Thiet - Dau Giay (99km), measuring 361.47km in total. 

Thanh also inspected the construction of the Mai Son - Expressway 45 section from Ninh Binh to Thanh Hoa in the north on the same day.

It was reported that the first two sections had been 57.5 percent and 81.8 percent completed respectively, while the others’ progress were relatively slow, at 32.2 percent and 38.5 percent, respectively as a result of shortage and surging prices of construction materials, unfavourable weather and the COVID-19 pandemic. 

Thanh said he hopes the first two will be finished this year while urging contractors of the two others to work harder to keep up with the schedule.

Nearly 1,000 Hanoi sixth graders vaccinated against COVID-19

Nearly 1,000 sixth grade students aged 11 years old to 11 years and 10 months old in Hanoi’s districts of Ha Dong, Phu Xuyen and Soc Son were vaccinated against the COVID-19 on April 16. 

They were the first in the capital to receive the inoculation as the city has kicked off the vaccine rollout for children aged 5 to under 12. The campaign began in other districts the following day.

The second dose will be provided 28 days after the first dose.

Priority is being given to those with congenital and underlying diseases, malnutrition, obesity and others, according to Director of the municipal Department of Health Tran Thi Nhi Ha.

It is estimated that Hanoi has more than 1 million children in the targeted age group.

Foreigners in HCM City celebrate Thanksgiving 2022

Churches in Ho Chi Minh City hold Thanksgiving mass on April 17 with the participation of a large number of foreigners living and working in the locality.

Nearly 1,000 British expats attended the mass at Notre Dame Cathedral Saigon, while about 300 people from the Republic of Korean community celebrated the festival at Huyen Si Church in District 1.

Hundreds of British and Korean expats also attended the mass at the two churches on April 16 evening.

Priest Joseph Dao Nguyen Vu said that foreigners did not have the chance to go to church when the COVID-19 pandemic previously broke out, forcing churches to close. They are now happy when the pandemic has been brought under control and churches have reopened their doors again.

Going back to mass is considered a connection with resurrection, the new life of God…. this is resurrection, said Priest Joseph Dao Nguyen Vu, who is in charge of foreigners at Ho Chi Minh City Archdiocese.

Hung Dung officially named as Vietnam U23 captain

Head coach Park Hang-seo has selected midfielder Do Hung Dung as the captain of the national men’s U23 side for the upcoming Southeast Asian (SEA) Games 31, as opposed to his initial decision of Hoang Anh.

With Quang Hai no longer captain of U23 team. The final decision sees the role instead go to Do Hung Dung.

The team will feature also two vice-captains, including midfielder Ly Cong Hoang Anh and striker Tien Linh.

Do Hung Dung, 29, had previously held the role of captain of the Vietnamese U22 squad, with the team winning a gold medal at the 30th SEA Games back in the Philippines in 2019. In addition, 2019 also witnessed the Hanoi FC footballer claim the Vietnam Golden Ball award.

This comes after Dung was also promoted by coach Park to the role of captain of the Vietnamese men’s national football team.

National Online Book Fair to "light the fire of knowledge"

The 2022 National Online Book Fair will be held from April 19 to May 20 to celebrate the first Vietnam Book and Reading Culture Day with the message "Lighting the fire of knowledge".

With this message, this year's book fair focuses on connecting and taking advantage of all social resources to join hands to "light the fire of knowledge" in the whole society, through organising a series of programmes, events and contests, which have humanistic meanings and are expected to spread widely.

This year, the National Online Book Fair sets specific goals of attracting at least 5 million visitors. With the participation of nearly 100 publishing units nationwide, the fair featured more than 40,000 books; offering minimum book price subsidy from 15%-25% directly from all participating units and subsidies from 30-50% from the reading promotion fund in book price subsidies from sponsors.

The event also provided nearly 30,000 books to readers, providing opportunities to buy books at highly subsidized prices and participate in great knowledge events for readers across the country. At the same time, it also organised at least seven to 12 major talk shows, with the participation of prestigious, famous and influential figures for readers; successfully organised the contest "Wise Men" in an online form to find 100 wise men across the country; applying technology in interaction and creating a national intellectual playground.

Top 71 Miss Universe Vietnam 2022 to be broadcast reality TV show

The organizing committee of Miss Universe Vietnam 2022 yesterday held a press conference to announce the Top 71 best contestants of the pageant competition and broadcast the reality TV show ‘I am Miss Universe Vietnam 2022’ at Ho Chi Minh City-based GEM Center.

The highlight of this year’s competition is the organizer decided to give an honorary golden ticket to Miss Transgender Vietnam 2018 Do Nhat Ha from Ho Chi Minh City. She officially put her name on the list of the Top 71 contestants of the Miss Universe.

Also in the program, the Organizing Committee announced to broadcast the first episode of the reality TV show ‘I am Miss Universe Vietnam 2022’ at 8:15 p.m. on the same day on channel VTV9, Uni Network, and local stations.

The program with nine episodes aired with topics such as Catch your chance (Casting), Wear your sash (enter), Walk your way (Runway), Raise your voice (in English), Share your hands (community), Lead your generation (Social media), Own your stage (Interview), Shine your light (Fashion show), Be a Vinawoman ( the final).

Ho Chi Minh’s career to be brought to musical stage

Người Cầm Lái (The Helmsman), a musical which tells the story about the life and revolutionary career of President Hồ Chí Minh, is scheduled to be performed on stage on April 24 and May 17.

Produced by the Public Security Theatre, the musical aims to celebrate the 40th anniversary of the establishment of the theatre (April 24, 1982-2022) and 132 years of President Hồ's birth (May 19, 1890-2022).

Centring on the life and career of Hồ Chí Minh, from the moment he left Việt Nam to find a way for the nation's freedom, independence and unification, the musical focuses on the time after he travelled abroad, returned to the country to start the war of resistance against the French, and displays the image of President Hồ with the People's Security force.

The musical is expected to take place over two nights, April 24 and May 17 at the Hà Nội Opera House.

HCM City keeps close watch over COVID drugs, cracks down on dubious products

The HCM City People's Committee has instructed relevant agencies to keep a close watch over the sales of COVID-19 treatment drugs.

It has tasked the Departments of Health and Information and Communications and others to disseminate relevant laws and the Ministry of Health’s latest guidelines on the use and sales of the drugs.

It said authorised units should keep watch over prices and crack down on speculation and hoarding of the drugs and price hikes to take advantage of possible shortages.

The Drug, Cosmetics and Food Quality Control Centre has been instructed to routinely collect and test samples to quickly detect poor-quality drugs and those with unknown origins.

HCM City book fair looks to inculcate reading habit

The event will celebrate the first Việt Nam Book and Reading Cultural Day to honour authors, people working in book publishing and distribution, and those contributing to developing reading culture among the community.

The event will display around 10,000 Vietnamese and foreign titles on various topics from the city’s major publishers and book distributors including the HCM City Book Distribution Corporation (FAHASA), the Trẻ (Youth) Publishing House, Phương Nam Books, and the HCM City General Publishing House.

Hundreds of audio books and e-books will be displayed and sold at the event, which will also include several talks between authors and cultural experts and visitors.

The two-day (April 19-20) event will be held at the Nguyễn Huệ Pedestrian Street in District 1.

A series of programmes to celebrate the Việt Nam Book and Reading Cultural Day will also be held at the HCM City Book Pedestrian Street in District 1’s Nguyễn Văn Bình Street at the same time, organizers said.

An important activity to mark the event will be the launch of book clubs and installation of book shelves at schools and agencies in 21 districts and Thủ Đức City from April 19 to May 20 to encourage the reading habit, especially among students.

A national online book fair themed Thắp Lửa Tri Thức (Lighting the Flame of Knowledge) will be held at website book365.vn from April 19 to May 20.

In HCM City, increasing number of workers withdraw social insurance premiums

Around 37,000 workers in HCM City decided to fully withdraw their social insurance premiums and close their accounts in the first quarter of the year, 19 per cent more than last year, according to the HCM City Social Security Agency.

For their compulsory social insurance policy, employees pay 25 per cent of their salary every month, with the employer contributing 17 per cent.

By paying a premium of VNĐ400,000 ($17.5) a month, for instance, they can get a monthly pension of VNĐ3.75 million ($163) after retirement. They can also get a monthly allowance equal to 60 per cent of their average wage of the last six months if they become unemployed before retirement for a maximum of 12 months.

Thus, the unemployment insurance only provides minor relief.

Send-off ceremony for Vietnamese delegation to SEA Games 31 slated for April 28

A ceremony will be held on April 28 in Hanoi to see off the sports delegation of Vietnam to the upcoming 31st Southeast Asian Games (SEA Games 31) slated for May 12 – 23 in Hanoi.

The event aims to encourage the competitive spirit of the Vietnamese players, towards making the best performance and topping the medal tally at the event.

Deputy General Director of the Vietnam Sports Administration Tran Duc Phan, who is also head of the Vietnamese sports delegation, said the preparation for the send-off ceremony is being actively implemented and carefully reviewed.

According to the registered preliminary list, 965 athletes of Vietnam will compete in SEA Games 31  (534 men, 431 women).

Over 12,000 children vaccinated, no serious adverse reactions recorded

As many as 12,414 children aged from 5 to under 12 years have been given their first vaccine shot against COVID-19 since the campaign was launched in Vietnam last week.

Quang Ninh, Hanoi, Ho Chi Minh City and Ha Nam are the first four localities that are carrying out the campaign.  

The vaccination has been conducted in an orderly manner and no serious adverse reactions have been recorded, reported the Ministry of Health.

Other localities are set to vaccine their children this week, using the Moderna COVID-19 vaccine donated by the Australian government.

Outdoor concert a tribute to Viet Nam’s Bob Dylan

Compositions by  Trịnh Công Sơn, a leading light in Vietnamese contemporary music, will be performed at an outdoor concert on HCM City’s Nguyễn Huệ Pedestrian Street this weekend.

Titled Nối Vòng Tay Lớn (Grand Circle of Unity) the concert will be part of the city’s Book and Reading Culture Festival 2022 organised by the city's Department of Culture, Sports and Tourism in co-operation with The Show Vietnam. 

Many famous artistes including Cẩm Vân, Hồ Trung Dũng, Lê Hiếu, CeCe Trương and rapper Wowy will perform at the concert as will popular saxophonists Trần Mạnh Tuấn and An Trần.

The concert’s repertoire will include some of Sơn’s most hits like Biển Nhớ (The Sea Remembers), Ru Tình (Lullaby for Love), Huế Sài Gòn Hà Nội, and Nối Vòng Tay Lớn.

The concert will also feature young artists Nhật Linh, Lan Thy, Hoàng Hà and Avin Lu - who’ve performed lead roles in a new yet to be released biopic on the late musician.

The film Em và Trịnh (You and Trịnh), focuses on Sơn and his music in the 1960s and 1970s as well as his love life. The film will be released in June. 

300-kilo bomb detonated in Son La

A 300-kilo bomb which was found at a construction site in the northern province of Son La has been safely detonated.

According to authorities in Yen Chau District, the bomb was discovered at the construction site of the Ta Vai Bridge upgrade project on National Road 6 in Chieng Hac Commune on April 5.

The bomb, which was identified as being left from the French War, has been safely denotated by local army forces.

Vietnam is one of the most heavily bomb-and-mine-contaminated countries in the world.

At present, bombs and mines are still covering up to 6.1 million hectares or 18.7 percent of the country’s land area.

Daily COVID-19 count falls to lowest in two months

The Ministry of Health confirmed 14,660 COVID-19 cases on Sunday, the lowest daily count over the past two months, raising Viet Nam's patient tally to 10,432,617.

Viet Nam reports the lowest daily count of COVID-19 cases on Sunday, April 17, 2022

The ministry said there were additional 5,472 recoveries, taking the total number of recovered cases to 8,936,846.

The ministry also announced further 10 fatalities, bringing the nation's COVID-19 death toll to 42,944 or 0.4 percent of the national caseload.

Vietnam tops test shooting event - road to SEA Games 31

Vietnam ranked first at the test shooting event - road to the 31st Southeast Asian Games (SEA Games), with 11 gold medals, 10 silvers and 13 bronzes.

Indonesia was the runners-up with two gold medals, four silvers and one bronze. Singapore came third with one gold medal.

The test shooting event took place from April 12-16 at the Hanoi National Centre for Sport Training, gathering 143 shooters from the three country, who completed at 16 categories in the official competition programme of the upcoming SEA Games. 

Vietnam’s shooting team has set a target of winning between five and seven gold medals at the regional sports event.

Nearly 3,000 runners compete in Tay Ho Half Marathon 2021

Nearly 3,000 athletes took part in Tay Ho Half Marathon 2021 organised by the People’s Committee of Hanoi’s Tay Ho district on April 17. Of these, more than 1,000 people competed in half marathon.

They competed in four different categories of 21km, 15km, 6km and 3km.

In the men's half-marathon category, Bui Van Dung won the championship with 1 hour 13 minutes 54 seconds while Le Thi Bich finished first in the women's half marathon in 1 hour 22 minutes 22 seconds.

The competition, first organised in 2020, has been canceled twice in 2021 due to the COVID-19 pandemic.

HCM City career fair attracts 5,000 students

A career fair was held by the University of Economics Ho Chi Minh City (UEH) on April 17, attracting more than 5,000 students.

The UEH Career Fair was organised not only in-person but also virtually on event.ueh.edu.vn and vieclam.ueh.edu.vn. It brought together recruiters from over 40 companies in various fields, from banking-finance-insurance, securities, accounting, to audit, e-commerce, construction-real estate and others.

The UEH also took the occasion to launch a new website page for student career counselling and job advice at hieuveban.ueh.edu.vn in order to help students make better career choices.

Thua Thien-Hue receives two Nguyen dynasty artifacts

The Centre for Conservation of Hue Monuments in the central province of Thua Thien-Hue on April 17 received two artifacts of the Nguyen Dynasty - a mandarin hat and a dress.

The two artifacts were bought by the Sunshine Group Joint Stock Company at an auction in Spain and donated to the province, home to the complex of royal palaces of the Nguyen Dynasty.

The mandarin hat was made by around the end of the 19th century or early 20th century, while the silk dress dates back to the 19th century.

They will be preserved at the Hue Museum of Royal Fine Arts and displayed for free-of-charge public view until the end of this year.

Reformed opera play on national heroines celebrates National Reunification Day

A cải lương (reformed opera) play on national heroines, Trưng sisters, is being restaged to celebrate the National Reunification Day (April 30) and May Day (May 1). 

The play, called Tiếng Trống Mê Linh (The Sounds of Mê Linh Drum) will feature young artists of the Trần Hữu Trang Cải Lương Theatre, a leading traditional art troupe in HCM City. 

It will narrate the stories of Trưng Trắc and her younger sister Trưng Nhị, who led the first resistance movement against the Southern Han Chinese occupation in the first century, around 2,000 years ago.

The sisters led their troops on elephants to repel Chinese invasions. Their victory delivered liberation for Đại Việt (an old name for Việt Nam) after 247 years of Chinese domination

Tiếng Trống Mê Linh will be staged every night from April 24 to May 1 at the Trần Hữu Trang Theatre, 136Đ Trần Hưng Đạo Street, District 1. Tickets are available at the box office.

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

VIETNAM BUSINESS NEWS APRIL 18  

17:21

Fertiliser companies expect higher earnings ahead

Fertiliser companies reported profit up by 5-10 times in the first quarter of this year compared to the same period in 2021, mainly thanks to the strong increase in average selling prices.

Duc Giang Chemicals Group (DGC) achieved profit of VND1.5 trillion (US$65.5 million) in Q1 this year, 7.1 per cent higher than the figure of VND1.4 trillion recorded in the fourth quarter of 2021 and more than 5 times higher than the same period last year, at VND292 billion.

According to estimates by SSI Research, this year, DGC's revenue will increase by 22 per cent and profit by 25 per cent. Last year, DGC's profit spiked by 352 per cent. On the market, DGC shares have increased 53 per cent since early this year.

Petro Viet Nam Ca Mau Fertiliser JSC (DCM) and Phu My Fertiliser (DPM) have not announced business results for the first quarter of 2022, but according to SSI Research's estimates, in the first quarter of this year, DCM's pre-tax profit will reach VND1 trillion, up 6.6 per cent and Phu My Fertiliser's profit will reach VND1.8 trillion, up 10 times over the same period last year, mainly thanks to the strong increase in average fertiliser selling prices.

Industrial equipment shipped to Malaysia

The shipment of nine modules for the oil and gas pipeline system at the methanol plant of the Sarawak Petrochemical Refinery has left Republic of Korea’s heavy industries Doosan Vietnam (Doosan Vina)’s port for installation at the Sarawak Refinery located in the coastal Bintulu City, Malaysia.

Doosan Vina said it’s the first cargo of the Sarawak project under the contract signed with Samsung Engineering Company last June for the fabrication and supplying of nearly 10,000 tonnes of equipment, including steel structures, pipes and racks of the power system that are formed into 34 modules for the methanol plant of the Sarawak Petrochemical Refinery complex.

The Quang Ngai-based heavy industries producer said the Sarawak methanol project was the third order from Samsung Engineering company since both sides signed a cooperation agreement in 2018.

Bac Ninh to develop 270-ha IT park

An IT park covering an area of about 274 hectares will be built in the northern province of Bac Ninh, according to a decision by the provincial People’s Committee.

The decision was recently made to approve the development of the park’s planning.

The IT park is to have about 20,000 labourers and experts.

According to the Bac Ninh People’s Committee, the planning will set the scene for the establishment of an IT hub in the province and the development of infrastructure for IT application and R&D activities, and accelerate the growth of the IT industry.

A centre for R&D activities in the field is also expected to be set up to provide professional training, facilitate technology transfer, and offer support for IT startups.

Ninh Thuan developing modern marine economy

The central southern province of Ninh Thuan has been focusing on developing its marine economy in a comprehensive, sustainable, and modern manner.

To improve the efficiency of offshore fishing, Ninh Thuan has been actively supporting fishermen to build or convert large-capacity boats to head offshore.

In coastal Thanh Hai commune in Ninh Hai district, Dao Nhat Dinh is among fishermen to have accessed loans to build fishing boats under a decree from the Government. Thanks to the preferential loan, his vessel is equipped with modern equipment to conduct offshore fishing at higher economic efficiency.

Ninh Thuan has targeted catching 119,500 tons of seafood this year, of which offshore fishing is to account for about 70 percent. Along with fishing, the province has also focused on activities to protect marine resources in a sustainable manner.

Ninh Thuan province currently has 2,236 fishing vessels, of which 778 with a hull length of 15 meters or more can conduct offshore fishing. The province has targeted catching 119,500 tons of seafood this year, of which offshore fishing is to account for about 70 percent.

Import-export turnover through HCM City ports rises 15%

Statistics from the Ho Chi Minh City Customs Department show that the export turnover alone hit US$19.4, up 8.4% year on year.

Notably, seafood products raked in US$0.99 billion, up 90.4%, rice fetched US$0.56 billion, up 16.7%, and textiles and garments brought back US$1.33 billion, up 54.7%.

Computers, equipment and accessories topped export items in value, registering US$4.73 billion, up 15.1%.

Meanwhile, businesses spent US$1.28 billion on importing petroleum products in the first quarter, a year-on-year rise of 64.1%, US$2.06 billion on machinery and equipment, up 30.4%, US$0.78 billion on iron and steel, up 36.8%, US$5.18 billion on computers and accessories, up 35.7%.

Overall, businesses imported US$19.43 billion worth of goods through Ho Chi Minh City’s ports in the past three months.

Taiwan increases tea imports from Vietnamese market

The first two months of this year, Taiwan (China) imported the highest volume of tea from Vietnam, with 2,000 tonnes, worth US$3 million, up 3.5% in volume and 0.9% in value over the same period from last year, according to the Ministry of Industry and Trade (MoIT).

The Import-Export Department under the MoIT cited data from the Taiwan Customs Administration as saying that tea imports into the Taiwanese market throughout the reviewed period reached 419,000 tons, worth US$12.56 million.

The average price of imported tea from Vietnam stood at roughly US$1,519 per ton. Tea imports from Vietnam accounted for 47.7% of total tea imports of the Taiwanese market, a rise of 5 percentage points on-year.

Black tea and green tea are the two main types imported into the Taiwanese market.

Vietnam, Sri Lanka and India are currently the three largest black tea suppliers to Taiwan.

The opening two months of 2022 saw the Taiwanese market increase black tea imports from Vietnam, and reduce imports from Sri Lanka and India.

The Taiwanese market imports green tea primarily from Vietnam and Japan. In which, the average import price of green tea from Vietnam is low priced at around US$1,639 per tonne, while that from Japan is high at US$11,719.4 per tonne.

Cooperation with African markets could boost fashion industry

Although there had been significant growth in recent years, the trade relationship between Viet Nam and Africa had not been commensurate with its prospects, especially in the fashion industry, said Le Hoang Tai, deputy director of the Viet Nam Trade Promotion Agency (Vietrade).

He noted that not many African businesses and consumers knew about Vietnamese fashion products.

The agency co-operated with Vietnamese trade offices in African countries to organise the 2022 Viet Nam - Africa business matching webinar on fashion products last week.

This was an activity to implement the National Programme on Trade Promotion this year to support Vietnamese enterprises in the production and trading of fashion products to promote advertising, seek partners, connect business opportunities and export to African markets.

The event attracted 50 Vietnamese and African businesses manufacturing and trading in fashion to attend.

Hai Phong seeks more investment from RoK

An investment promotion conference with businesses of the Republic of Korea (RoK) was held in the northern port city of Hai Phong. The hybrid event, held by the Management Board of Hai Phong Economic Zone and Foreign Investment Agency under the Ministry of Planning and Investment, drew 150 South Korean investors and enterprises.

Le Trung Kien, head of the Hai Phong Economic Zone Authority (HEZA), said Hai Phong would welcome Korean investors to invest in the fields of electronics, high technology, supporting industry, and renewable energy in which South Korean businesses boast strengths.

The city has 12 industrial parks, of which eight are located in the Dinh Vu – Cat Hai economic zone. In the 2021-25 period, it plans to build 15 new industrial zones with a total area of over 6,200 hectares.

As of March 31, Hai Phong economic and industrial parks have attracted 102 projects invested by businesses from the RoK with a total investment of US$8.5 billion, accounting for 36.6 per cent of the total foreign investment capital of the city.

Park Jae Hong, Deputy General Director of LG Display Vietnam Hai Phong Co Ltd said Hai Phong was a locality with many advantages in investment attraction, especially administrative reform, adding that the HEZA always stood side by side with investors and supported them during the implementation of their projects.

On the occasion, the HEZA granted an investment certificate to Halla Electronics Vina Co Ltd which will pour $30 million in additional investment capital into a project at Trang Due Industrial Park in An Duong District.

HCM City should allow public access to detailed land data

HCM City should consider offering the public greater access to detailed land information such as long-term urban plans, which are not easily available now, experts have said.

At a conference between the administration and information and communication businesses, Lam Nguyen Hai Long, chairman of the HCM City Computer Association, said the city should allow non-state entities to utilise data just like State authorities. They could be asked to pay for the data, he said.

Urban construction works should submit their "digital profile” to relevant authorities well before they are completed so that the city could update its database quickly without having to digitise it themselves, he said. This would allow the data to be utilised promptly.

Ngo Dien Hy, deputy general director of the Viet Nam Posts and Telecommunication Group, said, “Land information systems are being kept separately, but they should be incorporated into a shared database with detailed data on land planning and prices. Neighbouring countries such as Singapore allow the public to pay and access land data online as a public service, he said.

Lam Dinh Thang, director of the Department of Information and Communication, said the city planned to develop an easily accessible open data source.

People’s Committee chairman Phan Van Mai said the city’s digital transformation needed to ensure drastic development for the city as well as the country.

Market likely to recover this week on bottom-fishing

The Vietnamese stock market recorded a turbulent week with the VN-Index on the Ho Chi Minh Stock Exchange (HoSE) finishing the last trading session at 1,458.56 points, down 0.92 per cent. For the week, it lost 1.58 per cent, marking its second straight weekly loss.

On the Ha Noi Stock Exchange (HNX), the HNX-Index closed last week at 416.71 points with a decline of 1.65 per cent. It posted the third straight weekly loss, down 3.54 per cent for the week.

The market was closed on Monday.

Trading value on HOSE decreased by 35.4 per cent compared to the previous week to VND83.5 trillion (US$3.65 billion), equal to a trading volume of nearly 2.54 billion shares, down 36.3 per cent.

Similarly, the trading value on the northern bourse also posted a fall of 41 per cent to nearly VND9.2 trillion, equivalent to a trading volume of 314 million shares.

According to Saigon - Hanoi Securities JSC (SHS), the trading volume of the whole market in the last 12 weeks was below the average of the last 20 weeks.

Analysts of Viet Dragon Securities Corporation (VDSC) said that the market failed to recover and continued in a cautious mode. However, the cash flow rose after some bargain hunting at the end of the last trading session, reflected in increased liquidity compared to the previous session and quite high liquidity near the end of the session.

Although the market ended near the session low, it also retreated to near the support zone of 1,450 points for the VN-Index and of 1,480 points for the VN30-Index, tracking the 30 biggest stocks in market capitalisation on HoSE.

Meanwhile, SSI Securities Corporation (SSI) said that the extended loss of 0.92 per cent of the VN-Index in the last session, along with a strong increase in trading volume of 28 per cent, showed that selling pressure had increased significantly.

However, the market benchmark is currently near the psychological support of 1,450 points and the strong support zone of 1,435 - 1,425 points. Therefore, the index is likely to recover after retreating to near support zones, according to SSI.

On the other hand, SHS said that the trading week was quite negative as the VN-Index fell for the second week in a row. Although it only traded for four sessions, the average liquidity of each session went down, showing the hesitance of the cash flow at the moment.

If bottom-fishing demand is good enough, reflected in improved liquidity, the VN-Index is likely to recover, according to SHS.

Last week, bank stocks posted the largest loss, down 3.8 per cent in market capitalisation, followed by gas and oil stocks with a drop of 3.5 per cent.

ACV and Fukuoka sign sister airport agreement

Airports Corporation of Vietnam (ACV), and Japan’s Fukuoka International Airport Co., Ltd (FIAC) on April 13 signed a sister airport agreement.

The agreement is a premise for the resumption of Vietnam-Japan flights while expanding the flight network and promoting tourism activities between the two countries.

Under the agreement, ACV and FIAC will intensify the exchange of experience and cooperation and promote an international flight network from and to airports under ACV and FIAC, thus contributing to the development of trade, tourism, and investment between cities and provinces.

Over the past years, ACV has expanded cooperation with many airport operators in the world to expand its international flight network, as well as share management and operation experience to increase their service quality.

At present, ACV has a relationship with Airports of Laos, Airports of Thailand, Narita International Airport Corporation, Incheon International Airport Corporation, and the Mitteldeutsche Flughafen AG of Germany.

Quickening site clearance for Long Thanh International Airport in April

A working group led by Deputy Minister of Transport Le Anh Tuan on April 13 visited Long Thanh International Airport located in the southern province of Dong Nai to examine the site clearance and its construction schedule.

Currently, the total cleared land for the project stands at 83.36 per cent. The site clearance process remains slow compared to the target of completion set for April 20 earlier.

Tuan said that the rainy season will come in one month and affect the construction. Thus, contractors should quicken the construction.

"We expect Dong Nai People’s Committee and local authorities to quicken the site clearance for the first phase of the project within this month," he said.

Long Thanh International Airport, which is expected to cost about $14.5 billion, will be built in three phases over three decades. In the first phase, one runway with a length of 4,000m, taxiways, an apron, and a passenger terminal with other auxiliary works sprawling 373,000 square metres will be built to serve 25 million passengers and 1.2 million tonnes of cargo each year.

Deputy minister stops PPP model for Hoa Binh-Moc Chau Expressway

Deputy Prime Minister Le Van Thanh on April 14 signed Decision No.465/QD-TTg on ceasing the public-private partnership (PPP) model for the development of Hoa Binh-Moc Chau Expressway.

The DPM assigned the provincial people’s committees of Son La and Hoa Binh to work with the Ministry of Planning and Investment, the Ministry of Transport, and relevant agencies on studying an appropriate investment model, with public investment being included to continue the construction.

The expressway project had its investment plan approved by the prime minister in May 2019, in a PPP model, aiming to meet the travel demand of the region and serve economic development.

The project of 85 km length was met with a number of challenges during the construction, related to total investment, contracts, local project management capacity, and lack of attraction of investors and credit institutions, among others.

Facing these challenges, Son La People’s Committee submitted to the prime minister the proposal to stop the PPP model for the project and use state funding for its construction instead.

First-quarter investment disbursement in transport sector misses expectations

The transport sector’s disbursement of public investment in the first quarter of 2022 was yet to meet the expectations, according to Minister of Transport Nguyen Van The.

The minister stated at the meeting on April 13 to review the first quarter performance and set tasks for the second quarter. He asked leaders of project management boards to adjust their management and operation to fast-track their constructions, thus increasing public investment disbursement.

According to the Ministry of Transport (MoT), one of the key tasks in April and the second quarter is to coordinate with central and local agencies to complete documents and submit them to the National Assembly for consideration in the investment plans of three national key projects, namely Khanh Hoa-Buon Ma Thuot, Bien Hoa-Vung Tau, and Chau Doc-Can Tho-Soc Trang expressways.

Meanwhile, the MoT’s Department of Planning and Investment needs to perfect the master plan on aviation infrastructure and airport development in the 2021-2030 period for submission to the prime minister for approval.

The other main task is to quicken the construction of the North-South Expressway while boosting public investment disbursement of underway projects.

Besides this, the MoT will report to the prime minister on the deployment of the electronic toll collection system and deal with problems relating to build-operate-transfer projects.

Under the public investment allocation plan from 2021 to 2025, the MoT will develop 64 new projects. In the first quarter, the ministry kicked off three projects and finished the construction of two.

Dong Nai, BR-VT want to build ring road simultaneously

Dong Nai Province and neighboring Ba Ria-Vung Tau Province have committed to building a ring road simultaneously to improve connectivity, Tuoi Tre newspaper reports.

Chairman Cao Tien Dung of Dong Nai and Chairman Nguyen Van Tho of Ba Ria-Vung Tau yesterday, April 17, met to thrash out measures for implementing the 200-km Ring Road 4 project that links these two provinces with three other neighboring provinces: HCMC, Binh Duong and Long An.

Ring Road 4 will have a total length of nearly 200 km, with 45 km in Dong Nai and 18 km in Ba Ria-Vung Tau. The road will start at the planned Bien Hoa-Vung Tau Expressway in Phu My Commune of Ba Ria-Vung Tau and end at Hiep Phuoc Port in HCMC.

The project, which was approved by the Government in September 2011, would facilitate transportation and fuel growth in the localities it passes through, especially Dong Nai, Ba Ria-Vung Tau and HCMC where there are a lot of ports and industrial parks.

An estimated VND7 trillion would be need to fund the project.

New products launched in Da Nang to recover tourism post-pandemic

The central coast city of Da Nang plans a variety of new tourism activities and events to boost travel demand and revive the smoke-free industry which has been hit hard by the COVID-19 pandemic.

The district of Ngu Hanh Son will launch the An Thuong Tourist Streets connecting night-time beach activities at My An Beach at 6:30pm on April 28, said Ta Tu Binh, Vice Chairman of the district’s People’s Committee.

The district will also host a street carnival to welcome the Visit Vietnam Year 2022 and plentiful promotional deals and discounts will be offered to tourists during the “Happy Hours” programme, he noted.

Ngu Hanh Son will develop new products at the An Thuong Tourist Streets toward creating a highlight to attract both domestic and foreign visitors, he added.

Van Phong set to be transformed into dynamic economic hub

Deputy Prime Minister Le Van Thanh has approved a master plan to develop the Van Phong economic zone in the southcentral province of Khanh Hoa into a dynamic economic hub moving forward to 2040, with a vision towards 2050.

Under the master plan, the Van Phong dynamic economic hub will feature a range of new and high-level industries, a smart and sustainable urban area, as well as an international maritime tourism and service centre in the future.

It will serve as the driving force for economic development for both the southcentral and the central highlands regions in the fields of marine economy, high-tech industry, science and technology, human resource training, and high-quality health care.

The plan will also focus on developing the Van Phong economic zone through an environmentally-friendly model, effectively fully tapping into the region’s potential, thereby attracting greater foreign investment, and adopting advanced management methods as a means of giving fresh impetus for development in the southcentral and the central highlands localities.

Vietnam’s economic growth driven by good recovery of sectors: WB

Vietnam’s economic growth in the first quarter of 2022 was consolidated thanks to the solid performance of export-oriented manufacturing and recovering service sector, according to the Vietnam Macro Monitoring report recently released by World Bank.

The country’s GDP grew by 5.0 percent year-on-year in Q1-2022, comparable to the growth rate in Q4-2021, yet still two percentage points below pre-pandemic rates.

Industry and construction and services sectors grew 6.4 percent year-on-year and 4.6 percent year-on-year, respectively, contributing 4.3 percentage points to quarterly GDP growth. Growth of industry and construction was driven by strong external demand for manufactured products, while services sector performance varied across sub-sector. Finance, banking and insurance, and information and telecommunications have been exceptionally resilient over the past two years and maintained solid growth. On the other hand, accommodation and catering services were 1.8 percent lower than a year ago, and well below their pre-pandemic level, the report pointed out.

Industrial production index grew by 8.5 percent year-on-year in March, comparable to pre-pandemic rates, while retail sales growth accelerated from 4.1 percent in February to 9.4 percent, the second-highest growth rate since the onset of the COVID-19 pandemic. This rebound is partly due to the post-pandemic resumption of economic activities and was driven by a 10.7 percent growth in the sales of goods.

The merchandise trade balance posted a surplus of 1.4 billion USD in March, while registered and disbursed foreign direct investment (FDI) remained stable amid global uncertainties related to the Russia-Ukraine conflict.

The Consumer Price Index (CPI) increased by 2.4 percent in March, compared to 1.4 percent in February. This is the highest inflation rate in seven months but remains well below the 4.0 percent target.

According to the World Bank, rising consumer and producer prices warrant close monitoring of domestic price developments as rising inflation would affect the recovery of domestic consumption and economic growth. While CPI increases have been subdued in 2021 due partly to slack in aggregate demand, accumulated increases in intermediate and producer price index in the last three quarters could impact production decisions and translate into higher consumer prices, especially food prices.

Vietnam pushes for cashless payment in post-pandemic period

In the wake of the COVID-19 pandemic, the shopping habits of Vietnamese consumers have changed remarkably, with more and more adopting cashless payment, a significant step toward a cashless society.

Today instead of cash, consumers are turning to more practical methods such as chip-mounted bank cards, QR code payment, electronic wallets and mobile banking apps.

According to Le Van Tuyen, deputy head of payment at the State Bank of Vietnam (SBV), payment activities of people and organisations, especially young people have reached the global technological standards. Electronic payment methods combined with advanced encryption and authentication solutions are making them increasingly safe and secure.

Notably, recent years have seen a strong push for electronic payment in the government’s delivery of public services, in which one of the important solutions was the launch of the National Public Service Portal in 2019. Many public services are now available on the portal, providing convenience and swiftness for people.

According to the Deputy Director of Napas, which links payment systems in Vietnam, the company has completed connecting the payment infrastructure with 48 localities and 15 government agencies to provide online payment services for five groups of public services on the portal.

To promote cashless payment in Vietnam, the SBV has taken various measures, one of which is finetuning the legal framework, mechanism and policy. Under the central bank’s digital transformation plan, Vietnam aims to develop the model of digital banks to increase service offerings, enhance customer experience and realise the goals of financial inclusion.

To encourage customers to engage in more cashless payment activities, it is also necessary to focus on risk management. The standards of Vietnamese banks are now similar to international standards, so the task of risk prevention and security must come first to ensure the rapid and sustainable development of the payment market.

Banks must meet global security standards and strictly comply with international regulations, especially in preventing card forgery when international travel rebounds following Vietnam’s full opening.

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

Axie Infinity CEO faced ‘mixed emotions’ when deciding to maintain the hacked game

15:25                 

At the moment when Ronin Network, the sidechain of Axie Infinity, was hacked, Nguyen Thanh Trung felt mixed emotions.

For Vietnam’s technology circle, Trung is an inspiring character. He is the founder and CEO of Sky Mavis, the studio that developed Axie Infinity, worth billions of dollars.

Trung’s talents and success are  recognized by all people. However, not everyone can understand the difficulties the man has experienced, especially when he discovered that his system was hacked and more than $600 million was withdrawn.

At a seminar held by Endeavor Vietnam several days ago, Trung for the first time told his story about what he did at the difficult moment.

Trung awoke to the attack when he was in a special situation – boarding a plane about to take off.

“Mixed thoughts arose in my mind at that moment. I wanted to keep watch, update information, and handle the problems, but I couldn’t do anything,” he recalled. 

Trung said he felt both sad and angry about the greed of the attackers. The theft of $600 million affects many people, including investors and gamers. This may lead to serious consequences if they take negative actions.

After minutes of emotional confusion, Trung quickly regained his composure. However, when the airplane landed and Trung returned home and saw his happy family members, he could not control his temper and burst into tears.

The days after the attack were the time when Trung and his co-workers wrapped up troubleshooting. The biggest problem was not the amount of money lost, but the feelings of the members of the company. 

If just one person was shocked or depressed, his negative energy would affect other people. The first thing that needed to be done was to control the feelings to make people feel secure and keep the operation stable.

After discussions, all the members of Sky Mavis decided to maintain Axie Infinity. According to Trung, in order to do that, there is only once choice - maintaining its reputation through remedial action by returning the money appropriated.

“What makes me feel happy is that after just a short time, in difficult conditions, the staff has done many things. They had to fix the problem, check the security system, provide information to the investigation agency and update the situation with investors to calm people down,” Trung said.

Just eight days later, Axie Infinity announced the successful fundraising of $150 million from Binance and many famous investment funds such as Animoca Brands, Dialectic, Paradigm and A16Z.

The money, plus the company’s funds, have been used to reimburse to users. This is the first time a project refunded 100 percent of money to users after attacks. No other blockchain project did this in the past. 

VNN

Four businessexecs arrested on charges of stock market manipulation  

16:19

Ministry of Public Security investigators have arrested four more business executives on alleged charges of stock market manipulation.

A statement issued today on the ministry’s website said Do Thanh Nhan, chairman of Louis Holdings Group, Do Duc Nam, CEO and board member of Tri Viet Securities Corp, Le Thi Thuy Lien, financial services executive of Tri Viet Securities, and Trinh Thi Thuy Linh, managing director of Louis Holdings Group, are in police custody.

The four are accused of manipulating the stock market for illegal gains.

Lieutenant General To An Xo, spokesperson of the Ministry of Public Security (MPS), told the local media that Do Duc Nam had colluded with Do Thanh Nhan and others over a period of nine months (from January 4 to October 6, 2021) to use multiple stock trading accounts to buy and sell shares of Louis Capital, Louis Land and some other firms to manipulate their prices.

Do Thanh Nhan is also a board member of Louis Capital (stock code: TGG) and Louis Land (stock code: BII).

This illegal trading practice earned them hundreds of billions of Vietnam dong.

In mid-March, Louis Holdings was fined and suspended from stock trading for two months because of its undisclosed purchases of shares of its subsidiaries.

Saigon Times

Vietnam’s drastic measures to develop green and clean energy  

16:51

 Deputy Minister of Industry and Trade Dang Hoang An says that Vietnam has many opportunities to develop clean and green energy with its advantages of natural conditions and long-term orientation of the Vietnamese Government.

On January 24, at the 4th summit of the Vietnam Energy Partnership Group (VEPG), Mr. Dang Hoang An emphasized that the Government has stepped up and is determined to carry out structural transformation of the energy industry in the spirit of mobilizing internal resources and cooperation and support from development partners.

According to the official, in recent years, thanks to the Vietnamese Government's encouraging policies, renewable energy sources have developed strongly.

By the end of last year, the total installed capacity of renewable energy sources reached 20,670 MW, accounting for 27% of the total installed capacity of the whole system (76,620 MW); electricity output from renewable energy sources reached 31,508 billion kWh, accounting for 12.27% of the total electricity production of the whole system.

Vietnam has 70 wind power projects (with a total capacity of 3,987 MW) in commercial operation, with electricity output in 2021 reaching 3.34 billion kWh, accounting for 1.3% of the total electricity output of the whole system.

Regarding solar power, the electricity output in 2021 accounted for about 10.8% of the total electricity output of the whole system. The total installed capacity of biomass and garbage electricity was 321 MW by October 2021. In a difficult year due to the epidemic, these are encouraging numbers.

The restructuring of the electricity and energy sectors has been directed drastically along with the promotion of restructuring and improving the efficiency of state-owned enterprises, equitizing and divesting state capital in SOEs, building and gradually forming a competitive electricity market at all levels according to the approved roadmap.

At the same time, Vietnam is promoting the National Program on economical and efficient use of energy, phase 3.

Sustainable energy transition

In addition to the favorable factors, Vietnam must implement solutions to ensure energy security while minimizing the environmental impact of power generation activities.

The demand for energy use has constantly increased at a double-digit rate, with 13% in the period 2000-2010 and 10.5% in 2011-2019. Particularly, in 2020 and 2021, the growth rate was lower due to the impact of the Covid-19 pandemic.

The country faces the risk of a shortage of electricity for economic development due to limited primary energy supplies, leading to an increasing dependence on imported fuels, especially fuels for electricity generation.

Therefore, the long-term, sustainable and suitable energy industry development strategy plays a key role in the development orientation of the energy industry.

Resolution 55-NQ/TW of the Politburo, issued on February 11, 2020, shows the Party's line on the strategic orientation of national energy development to 2030, with a vision to 2045.

The Ministry of Industry and Trade is concretizing the development strategy for the energy industry by formulating and completing the Power Development Plan 8, the National Energy Development Master Plan, and the Vietnam Coal Industry Development Strategy. These are fundamental projects that create a premise to promote the development of the energy industry in general and the electricity industry in particular.

In the next phase, the goal set for Vietnam is moving towards a sustainable energy transition.

Dr. Ngo Duc Lam, independent energy expert for Vietnam Alliance for Sustainable Energy, former Deputy Director of the Institute of Energy, said: “Vietnam has made strong commitments to respond to climate change, towards the net zero emission by 2050. When the Prime Minister made such a commitment, it must be grounded. That base is renewable energy, mainly wind and solar.”

Wind power does not take up much land, which is opposite to solar power. The wind turbines and equipment do not use much land space. This means that the land used to house the turbines can also be used for other purposes, such as agriculture.

Also, unlike coal, natural gas or oil, wind turbines do not require burning any fossil fuels to operate. The source of wind energy never runs out, because wind occurs naturally in the atmosphere.

Now, wind power is also produced on the sea surface, using offshore wind to generate electricity. Many countries are concentrating on offshore wind power. Offshore winds have great potential and are more stable than onshore wind. But making offshore wind power requires a solid foundation, so it depends on many factors. Along with the development of new technology, the price of wind power will be much cheaper.

According to the latest Power Plan 8 submitted by the Ministry of Industry and Trade to the Government, the maximum capacity forecast (Pmax) in 2025 is about 59,300-61,400 MW; around 86,500-93,300 MW by 2030; about 155,000-189,900 MW in 2045.

On that basis, the Ministry proposes to select the option for total power capacity of about 146,000 MW by 2030 and about 343,000 MW by 2045 (excluding the existing rooftop solar power source of about 7,755 MW and other sources of electricity).

Compared with the revised Power Plan 7, coal-fired power capacity is reduced by about 14,800 MW.
VNN

VIETNAM BUSINESS NEWS APRIL 27

 16:27                                  

 US extends deadline for issuing conclusion on anti-dumping probe into plywood imported from Vietnam

Accordingly, the DOC plans to issue the conclusion on October 17 instead of April 20. This is the third extension that the DOC has made on the case, which was launched on June 17, 2020 following a request by the US Customs and Border Protection (CBP).

The MoIT said that the purpose of the investigation is to ensure the efficiency of trade remedies imposed on hardwood plywood of China.

Therefore, in case Vietnam's plywood manufacturers and exporters can prove that they are not evading the trade remedy measures the US is applying to China, they will not be subject to the anti-subsidy tax rates.

Korean financiers eye greater investment in Hai Phong

Investors from the Republic of Korea (RoK) have developed a greater presence in multiple fields in the northern port city of Hai Phong, including garments and textiles, electronics, automobiles, finance and banking.

Most notably, the majority of investment projects in industrial parks and zones come from the world's leading technology corporations such as LG, Heesung, Ohsung, and Woosung.

Le Trung Kien, head of the Hai Phong Economic Zone Authority (HEZA), said that among the RoK investors pouring capital into Hai Phong, the most prominent one is LG Group which has seven projects capitalised at US$7.24 billion, mainly operating in the fields of high-tech products such as audio-visual equipment, as well as mobile and home appliances.

The total number of projects by LG group and supporting industry businesses have therefore contributed roughly 97% of the total FDI capital put in by RoK investors in industrial and economic zones in Hai Phong.

Last year witnessed revenue from RoK-invested firms reach US$13.1 billion, while export turnover also hit US$13.59 billion.

Skoda Auto of Czech Republic eyes Vietnam, ASEAN markets

Skoda Auto, the leading automobile manufacturing of the Czech Republic, wants to invest in Vietnam to tap into a market of nearly 100 million consumers and to expand to Southeast Asia, said an executive of Skoda Auto.

Petr Janeba, head of Sales China, Asia and Overseas of Skoda Auto, was speaking while receiving Vietnamese Ambassador to the Czech Republic Thai Xuan Dung and other officials of the Embassy at the manufacturer’s headquarters recently.

Janeba said the Vietnamese market holds great potential, high growth prospects, friendly business and investment environment in line with Czech requirements for export markets.

By investing in Vietnam, Skoda Auto wants to penetrate ASEAN - a lucrative, large market in Southeast Asia that boasts approximately 600 million consumers, he added.

Skoda Auto has planned to seek a location in Vietnam to set up a production line. The group has since late 2021 sent a number of delegations to work with relevant Vietnamese ministries and agencies, as well as the administration of Quang Ninh province to explore the market and find partners.

Early this year Skoda Auto unveiled a plan to develop a car factory in Quang Ninh, and if everything goes according to schedule, the first Skoda cars are expected to come out next year.

VN's logistics must keep up with international standards

There has been great pressure on Viet Nam's logistics industry to train, retrain and upgrade workers' knowledge as well as to keep up-to-date with international standards and measures, according to the Vietnam Logistics Business Association (VLA).

In a recent survey by VLA, 59 per cent of businesses asked said they need to train their workers on modern quality management systems such as ISO 9001, ISO 14001, ISO 17025, HACCP, and ISO 22000.

Meanwhile, industry experts have said it's high time Viet Nam established its own quality management system that is tailor-made to include small-and-medium-sized businesses, the country's infrastructure characteristics, means of transportation, and energy consumption.

According to a report by World Bank, Viet Nam's logistics industry has made much progress in the last three decades. The country's criteria including customs, infrastructure, and logistical capacity have improved significantly. The Southeast Asian economy's Logistics Performance Index (LPI) ranked 3/10 among the bloc's member countries in 2018, after Singapore and Thailand.

Binh Dinh extends coastal road

Authorities in the southern province of Binh Dinh have started construction of a seven-kilometre coastal road that connects Hoai Nhon Town and Tam Quan Ward.

The VND700 billion (USD30.43 million) road includes VND400 billion in funding from the state budget. The four-lane road is expected to be completed in two years.

Thach Khe iron ore mining project awaits restart date

The long-delayed Thach Khe iron ore mining and refining project is seeking the government's permission for resumption following a recent report sent by Vietnam Coal and Mineral Industries Group.

The project that is financed by Thach Khe Iron JSC (TIC) has undergone a long period of careful research, appraisal, and approval by national and international councils as well as the government. Despite meeting the legal requirements, the Thach Khe iron ore mining and refining project has been stagnant for years.

Commenting on the feasibility of the project, Pham Le Hung, chairman of the Board of Directors at Thang Long Mining and Trading Investment JSC, said that following the evaluation of local and foreign scientists, the project has adopted appropriate environmental protection measures to ensure safe and effective implementation.

After shutting down, the project will leave a large freshwater lake with surrounding trees. The landscape is suitable for developing a park, a resort, and tourism. Once put into operation, the project will not only form a densely populated area but also promote services in the neighbourhood. This will create favourable conditions to develop other projects in the future.

Hung noted the concerns of Ha Tinh People's Committee and the Ministry of Science and Technology about transporting iron ore from the Thach Khe iron ore mine to Vung Ang Port. They are afraid that this will place more pressure on the load capacity of the road, affecting the safety of people and other means of transportation.

In the first phase, the project is planned to transport five million tonnes of iron ore per year. A 40-tonne truck will set off to make the journey every five minutes. A survey of the National Highway No.1A route through the Ben Thuy toll stations, Ha Tinh Bypass, and the Ngang Pass tunnel shows that there are currently less than 10 vehicles every five minutes.

Regarding the consumption market, Hoa Phat Group has committed to buying all of the ore at market prices. This not only ensures efficient operation but also limits iron ore imports and foreign currency bleeding.

Vietnam approves tax system reform strategy until 2030

Deputy Prime Minister Le Minh Khai has signed a decision on approving the tax system reform strategy until 2030 with the goal of streamlining tax management and expanding the tax base.

Under the programme, Vietnam’s tax policy system will be perfected in line with international practices while meeting the resource requirements to implement the 2021-2030 socio-economic development strategy.

The tax system will include the following: value added tax, special consumption tax, export-import tax, corporate income tax, personal income tax, natural resource tax, agricultural land use tax, non-agricultural land use tax, and environmental protection tax, along with other taxes and fees.

With regards to tax management, Vietnam aims to raise the rate of taxpayers’ satisfaction with the service of tax agencies to at least 90% by 2025 and 95% by 2030.

The rate of supporting taxpayers through electronic means is expected to reach 70% by 2025 and 90% by 2030.

By 2030, the rate of tax filing and payment conducted electronically will reach at least 98% for enterprises and organisations and upwards of 90% for individuals.

Vietnam will also create an integrated and centralised information system to meet all the demand of collecting, processing, storing and using data for tax management and providing online services for taxpayers.

FLC Faros gets new board chairperson

Nguyen Binh Phuong has been picked as new board chairwoman of FLC Faros Construction Joint Stock Company (ROS), replacing Huong Tran Kieu Dung who was arrested for alleged stock market manipulation.

The 49-year-old took up the post of general director of FLC Faros on November 30, 2020.

The company on April 21 announced its leadership shakeup. Le Tuan Hung, permanent deputy general director of the firm, was assigned to the post of deputy general director, while Tran The Anh replaced Hung as permanent deputy general director.

Anh, aged 44, used to hold some senior positions in the FLC ecosystem, such as deputy general director of FLC Group, chairman of CFS Investment And Import Export Trading Joint Stock Company, and chairman of FLC Mining Investment & Asset Management Joint Stock Company.

On April 8, Huong Tran Kieu Dung was prosecuted and detained for allegedly assisting the then FLC chairman Trinh Van Quyet with manipulating the stock market. Aside from serving as FLC Faros chairwoman, Dung was serving as permanent vice chairwoman of FLC Group and chairwoman of BOS Securities Corporation.

Workers in HCMC find it hard to buy social homes

Housing is increasingly unaffordable for low-income earners, while they find it hard to access social homes due to the complicated procedures for purchase and an undersupply.

The demand for affordable homes is huge, but the number of such homes available remains small, Tran Thi Dieu Thuy, chairwoman of the HCMC Labor Federation, said at a meeting between the HCMC People’s Council and 500 female workers in the city on April 24.

Huynh Thanh Khiet, deputy director of the HCMC Department of Construction, said that 10 groups of workers are entitled to social housing in line with the 2014 Housing Law.

As State capital is limited, a majority of housing projects are funded by enterprises. As for non-State budget projects, the investors of these projects will be in charge of selecting the documents of house-buyers and transfer them to the municipal Department of Construction for consideration.

Speaking at the meeting, Nguyen Thi Le, chairwoman of the HCMC People’s Council, said that the city should focus on developing social homes for laborers and add some 35,000 homes in the 2021-2025 period.

Binh Duong to pour capital into construction project of Ring Belt No.3

The People’s Council of the Southeastern province of Binh Duong pledged to provide a state budget of 50 percent of the total investment capital to implement the construction project of a section running through the province of the Ring Belt No.3.

The road is 76.34 kilometers long, including the 10.76-kilometer section running through Binh Duong Province, and passes HCMC and the provinces of Dong Nai and Long An.

The project requires a total investment of nearly VND75.4 trillion VND (US$3.3 billion) which will be sourced from central and local budgets, including over US$24 trillion (US$1 billion) from HCMC’s budget.

The Ring Road No. 3 project is expected to be kicked off in 2022 and completed in 2027, aiming at helping ease traffic jams in HCMC and connect with the southern key economic zone.

Advertising activities in HCMC to be more strictly monitored

The Standing Committee of Ho Chi Minh City People’s Council has just sent a formal document to the Standing Committee of HCMC People’s Committee regarding firmer management on advertising activities in the city.

A recent survey in HCMC reveals inadequacies in the advertising field in the city. For instance, proper advertising planning has not been done yet. The management mechanisms between agencies, departments, and localities are not consistent, leading to ineffective monitoring, especially on post-checking work. The result is the content of certain advertisements does not observe the law (using foreign languages, content not in accordance with regulations, being unlicensed).

Particularly, individuals and businesses find it challenging to register for an advertising permit due to loose cooperation among state agencies to fulfill the request. Advertising posters, panels sometimes violate regulations on size and encroach sidewalks or pedestrian-only ways, which negatively affects urban traffic.

The address the above issues, the Standing Committee of HCMC People’s Committee is asked to direct related agencies and the local authorities of all districts, Thu Duc City to quickly complete their own advertising planning; develop a simple, detailed procedure for advertisement permit registration, with each agencies being responsible for a specific step; issue cooperative regulations among related agencies and departments in the city as to regularly checking advertising activities and strictly punishing any violations.

The post-checking task must be done frequently, especially in the rainy season, to ensure safety. Finally, advertising activities on the Internet, on LED boards, and via SMS must be closely monitored.

Six central provinces team up to promote tourism

The central provinces of Phu Yen, Binh Dinh, Quang Ngai, Dak Lak, Gia Lai and Kon Tum have signed a joint cooperative program on tourism development.

The signing ceremony took place on the sidelines of a recent tourism forum jointly hosted by the Kon Tum provincial People’s Committee and the Ministry of Culture, Sports and Tourism.

The program aims to exploit potential tourism advantages of each locality; promote tourism development in a sustainable manner, contribute to job generation and improve people’s living standards.

In addition, the Plan for Tourism Development in the Cambodia – Laos – Viet Nam Development Triangle Area for 2021-2025 with a vision towards 2030 was announced on this occasion.

Under the three countries will cooperate to develop a common border area including five provinces of Viet Nam namely Dak Lak, Dak Nong, Gia Lai, Kon Tum, Binh Phuoc along with the provinces of Laos and Cambodia.

The plan focuses on developing infrastructure, common tourism products, and trade.

Ca Mau Airport upgrade may need over VND100 billion

The Civil Aviation Authority of Vietnam (CAAV) has just proposed a plan to upgrade the Ca Mau Airport which may need VND100 billion (USD4.56 million) in funding.

In a report recently sent to the Ministry of Transport, CAAV said that Ca Mau Airport now has a 1,500-metre-long runway, a taxiway and plane parking area with two slots.

The airport can now only serve the ATR 72-500, AN-2, MIA-17, King Air B200 and similar planes. Only VASCO currently operates these models. The ATR 72-500 is already being used for the direct Ca Mau-HCM City flights.

According to CAAV, Bamboo Airways has proposed to operate the Embraer 190 plane from Ca Mau Airport to Hanoi and HCM City.

To serve that plane, it is necessary to upgrade the runway, taxiway, and parking area at the airport, which is estimated to take two and a half months and cost VND105 billion.

Revitalizing tourism activities in post-pandemic era

Minister of Culture, Sports and Tourism Nguyen Van Hung said that the ministry and localities have deployed various measures to activate tourism activities in post-pandemic perid.

The minister praised the forum themed “Kon Tum Tourism – Potentials and Prospects for 2022”, serving to create favorable chances for travel companies to sign contracts on this field.

Within the framework of the forum, Kon Tum introduced its tourism logo and slogan, and sign cooperation documents with other localities, associations, enterprises and investors.

A hot air balloon festival is being held for the first time in the Central Highlands province of Kon Tum from April 23-24 to celebrate the 47th anniversary of the Liberation of the South and National Reunification (April 30).

Over 412,000 square meters of floor area in Hanoi completed in Q1

During the first quarter of 2022, over 412,000 square meters of floor area, equivalent to 3,877 new apartments, have been built in Hanoi, according to a report from the municipal Department of Construction.

These included 282,448 square meters of commercial housing projects, or 2,707 apartments, and 130,220 square meters of social housing ones, or 1,170 apartments.

The city expects by late 2022 to complete one social housing project of 110,704 square meters, or 1,496 apartments, and 26 commercial projects with a combined floor area of 2.33 million square meters, equivalent to 13,724 apartments.

In the coming time, the city would carry out a survey on the current housing status and map out a plan for housing development until 2030, with a vision for 2040, he added.

For the 2021-2025 period, Hanoi plans to build 44 million square meters of housing to meet the growing demands of the public.

Upon breaking down, social housing projects would make up 1.25 million square meters, other 560,000 square meters correspond to resettlement houses, while commercial housing totals 19.69 million square meters, and detached houses 22.5 million square meters.

Vietnamese banks gain impressive business results in Q1

Many banks have reported large profits of up to trillions of Vietnamese dong in the first quarter of 2022 thanks to high earnings from services and bancassurance as well as good control of provision costs.

Vietnam Prosperity Commercial Joint Stock Bank (VPBank) topped the list with profit nearly tripling over the same period last year to more than 11.1 trillion VND. The record high profit contributed to bringing the bank's equity to more than 95 trillion VND and capital adequacy ratio (CAR) to more than 15 percent.

VPBank’s impressive profit was thanks to high income from service fees (26.5 percent) and notably from a bancassurance contract with AIA - which helped the bank increase its revenue from other activities nine times.

Besides VPBank, three banks - Saigonbank, LienVietPostBank and PG Bank - also announced Q1 2022 financial statements with strong profit growth in the first quarter of the year.

At Saigonbank, pre-tax profit reached more than 98 billion VND, up nearly 68 percent over the same period last year and fulfilled 52 percent of the annual plan thanks to all its business segments gaining positive results.

Accordingly, Saigonbank’s net interest income surged by nearly 48 percent over the same period last year while service activities also increased by 11.6 percent. Notably, the bank's foreign exchange and other business activities grew strongly by 137 percent and 189.6 percent, respectively.

LienVietPostBank’s pre-tax profit increased by 62 percent over the same period last year, reaching more than 1.79 trillion VND, in which net interest income grew by 40 percent due to the rising scale of retail lending and the interest recovery of loans restructured due to COVID-19.

LienVietPostBank’s net profit from service activities increased by 34.4 percent to 217.4 billion VND thanks to services such as insurance, card and digital banking. Other business activities also brought the bank more than 191 billion VND in net profit, increasing many times over the same period.

At other banks, though they have not yet announced their financial statements, Saigon Securities Incorporation (SSI) estimated more than ten banks gaining double-digit profit growth rates in Q1 2022.

According to SSI, Saigon-Hanoi Commercial Joint Stock Bank (SHB) ranked second behind VPBank with an estimated profit growth of 92 percent to 3.2 trillion VND, thanks to the credit growth of 5 percent and deposit growth of 2.5 percent compared to the beginning of the year. The bank’s net interest margin (NIM) was estimated to remain stable.

Saigon Thương Tín Commercial Joint Stock Bank (Sacombank) followed with an estimated rise of 40-50 percent, equivalent to a profit value of 1.4-1.5 trillion VND in Q1 2022, mainly from increases in operating income and good control of provisioning costs.

The remaining banks with positive profit growth according to SSI’s report are Asia Commercial Joint Stock Bank (ACB), Commercial Joint Stock Bank for Investment and Development of Vietnam (BIDV), HCM City Development Commercial Joint Stock Bank (HDBank), Military Commercial Joint Stock Bank (MB), Maritime Commercial Joint Stock Bank (MSB), Vietnam Technological and Commercial Joint Stock Bank (Techcombank), Tien Phong Commercial Joint Stock Bank (TPBank), Vietnam International Commercial Joint Stock Bank (VIB) and Commercial Joint Stock Bank for Foreign Trade of Vietnam (Vietcombank).

The only bank that experienced a profit decline in SSI’s report is Commercial Joint Stock Bank for Industry and Trade of Vietnam (VietinBank). Accordingly, SSI believed although the credit and deposit growth rates of VietinBank by the end of Q1 2022 were estimated at high levels of 7 percent and 5 percent, respectively, compared to the beginning of the year, its pre-tax profit could be lower than the same period of 2021 due to the high comparison base. In addition, VietinBank’s fee revenue from the bancassurance deal with Manulife may not be recorded in Q1 2022.

US among top consumers of Vietnamese agricultural products

Vietnam remains the United States’ eighth largest export market for agricultural products and foodstuffs, said Benjamin Petlock, senior agricultural attaché of the US Consulate General in Ho Chi Minh City.

The US trade official made the statement during a ceremony held on April 25 to mark the 17th anniversary of co-operation between the Saigon Professional Chefs Association under the HCM City Tourism Association (HTA) and the American Farm Bureau Federation.

During the event, representatives from HTA highlighted the effective co-operation between the Saigon Professional Chefs Association and the American Farm Bureau Federation in helping local chefs seize upon the opportunities to experience and gain greater access to safe and abundant food sources from the US.

The American Farm Bureau Federation has made an array of significant contribution to the development of the Vietnamese food and beverage industry (F&B), particularly as it has become one of the main sponsors for many events and culinary contests, according to HTA representatives.

Currently, there is a huge diversity of American agricultural products on offer in the Vietnamese market, including beans, pork, beef, chicken, milk, dairy products, and seafood.

US, Europe investors seek investment opportunities in Hue, Da Nang

Businesses from the US and Europe have been seeking investment opportunities and cooperation in tourism, agriculture, energy, environment for green growth in Thua Thien Hue Province and Da Nang City, two key economic destinations and tourism hubs in central Viet Nam.

While the Foreign Agricultural Service (FAS) of the US Department of Agriculture (USDA), in partnership with the American Chamber of Commerce (AMCHAM) Da Nang, organised the ‘US Food and Beverage Showcase’ to promote US products to the Da Nang business community, Thua Thien Hue also hosted the Meet Green event with the participation of 70 businesses from the US last weekend.

The F&B exhibition in Da Nang, which featured 21 exhibitors who are USDA Cooperators, state representatives, distributors, and manufacturers, was seen as an opportunity to expand the reach of US food products in a key hospitality market as international tourism resumes.

The diverse exhibitors introduced a wide range of US products, including beef, pork, chicken, seafood, potatoes, cheese, raisins, pulses, soy products, apples and more to potential customers in the region.

AMCHAM and Thua Thien Hue also agreed to boost ties between business from the US and the province to promote Hue as a key economic power in central Viet Nam.

The cooperation deal will help businesses from the province approach technology, investment fund and advanced industries from the US and fund the trend of future green economic growth.

Seafood processors urged to focus on sustainability

According to Vietrade Deputy Director Le Hoang Tai, the EU has remained one of Viet Nam’s largest seafood importers for years. Taking effect from 2020, the EU-Viet Nam Free Trade Agreement (EVFTA) has provided Viet Nam with even broader access to the EU market, with all the tariffs on aquatic products eliminated in seven years.

Viet Nam’s aquatic exports reached US$2.4 billion in the first quarter of 2022, up 40 per cent from last year.

Shipments of tra fish to the EU totalled $28 million in the first two months of this year, up 76 per cent year-on-year, while those of shrimp hit $159 million, up 66 per cent, on the back of rebounding demand post-pandemic.

Last year, Viet Nam exported over $1 billion worth of aquatic products to the EU, up 12 per cent against the previous year. The five biggest EU importers included the Netherlands, Germany, Belgium, Italy, and France, together accounting for 72 per cent of the total exports.

At the two-day Viet Nam – EU Business Matching Webinar on Seafood Products 2022 co-hosted by the Viet Nam Trade Promotion Agency (Vietrade) and Trade Offices and Embassies of Viet Nam in EU member states ending on Tuesday, Tai expected through the webinar, the Vietnamese producers would have better understanding of the EU market and the partnership between the two sides to further accelerate the development of the fishery industry in Viet Nam.

National Power Development Plan VIII paves way for renewable energy

The National Power Development Plan for the 2021 - 2030 period, with a vision towards 2045 (PDP VIII) has taken into account the replacement of coal-fired power projects and those that are still pending, heard a meeting of the State Appraisal Council.

Speaking at the meeting, held in Hanoi on April 26 under the chair of Deputy Prime Minister Le Van Thanh, Minister of Industry and Trade Nguyen Hong Dien said the plan also targets a balance in electricity generation between regions and encourages the development of other fuels like hydrogen and ammonia.

Dr. Ngo Tuan Kiet, Director of the Vietnam Academy of Science and Technology, said data on wind power, both offshore and onshore, have been updated in the plan. However, the updated figures from international organisations are not enough and it still requires exclusive studies and assessments.

With the inclusion of Prime Minister Pham Minh Chinh’s commitments at the 26th United Nations Climate Change Conference of the Parties (COP26), the plan has opened up opportunities for the development of wind power, especially offshore wind power, according to Associate Prof. Dr. Pham Hoang Luong.

Deputy PM Thanh expressed his approval for assessments of the State Appraisal Council that PDP VIII has been prepared thoroughly and scientifically.

The plan has also been sketched out in line with Resolution No. 55 of the Politburo on the national energy development strategy by 2030 with a vision towards 2045, he said.

Under the plan, the national power capacity from now until 2030 would be 146,000 megawatts (MW), 35,000 MW less than the amount in the previous version, he said, noting that it aims to cut coal-fired power and increase renewable energy.

Binh Duong calls for France’s investment to hi-tech projects

Vice Chairman of the People’s Committee of Binh Duong southern province Nguyen Van Danh on April 26 presided over a virtual webinar which aims to promote investment from France.

At the webinar, French firms were briefed on investment climate in Vietnam and Binh Duong, and viewpoints of French investors in the Vietnamese province. Relevant agencies fielded queries from those who are seeking investment chances in the province.

Local authorities pledged to create favourable conditions for foreign investors, including those from France, and maintain regular dialogues with the business community at home and abroad to regulate policies conducive for the province’s development and legitimate benefits of the firms in a timely manner.

PetroVietnam Camau Fertiliser JSC's after-tax profit sees 10-fold rise in Q1

The after-tax profit of the PetroVietnam Camau Fertiliser Joint Stock Company (PVCFC) in the first quarter of 2022 hit 1.51 trillion VND (65.73 million USD), representing a 10-fold rise from the same period last year, according to the company’s business report.

The company produced 236,650 tonnes of urea and 26,400 tonnes of NPK fertiliser in the reviewed period, respectively.

The surge was attributable to the rising global fertiliser prices, together with PVCFC's efforts in maintaining stable operations, reducing material consumption and seeking high-value export opportunities.

Mong Cai international border gate reopens

Bac Luan 2 border gate of Mong Cai international border gate in the northeastern province of Quang Ninh reopened on April 26 after a two-month halt due to the COVID-19 pandemic.

Vietnamese and Chinese agencies helped handle procedures for hundreds of vehicles stranded in China’s Dongxing and Vietnam’s Mong Cai to return home.

Import-export and migration activities at the border gate have resumed in tandem with COVID-19 prevention and control measures.

On April 24, authorities of Mong Cai and Dongxing held talks discussing solutions to build safe COVID-19-free zones and resume operations at border gates and crossings, during which they reached an agreement to reopen the Bac Luan 2 border gate.

Priority will be given to handling stranded commodities in supervised areas, returning vehicles without shipments, and resuming non-cold chain product trade.

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

VIETNAM BUSINESS NEWS APRIL 28

Cập nhậtlúc 14:38

Animal feed exports to the US rise sharply

Vietnamese exports of animal feed and related materials to the United States reached US$12.29 million in March, a rise of 37% on-month and an annual increase of 30%.

According to details given by the Ministry of Industry and Trade, the US is currently Vietnam’s third largest consumption market.

In the first quarter of the year, animal feed export turnover to the US hit US$31.22 million, marking a climb of 31.9% compared to the same period from last year and accounting for 11.5% of Vietnam’s total export value of the products.

Statistics compiled by the General Department of Vietnam Customs indicate that Vietnamese animal feed export turnover in Q1 rose 35.5% year on year to US$272.55 million.

China was Vietnam’s largest consumption market in the reviewed period, spending US$125.16 million on importing its animal feed, up 140.8% year on year. It was followed by Cambodia that imported US$31.88 million worth of animal feed from Vietnam, a drop of 5.3%.

Over 1.28 billion USD in FDI channeled into HCM City in 4 months

Ho Chi Minh City lured 1.28 billion USD worth of foreign investment in the first fourth months of 2022, an annual rise of 12.18 percent, reported the municipal Department of Planning and Investment.

Of the total, 186.25 million USD was injected into 181 new projects, up 81 percent in quantity but down 48.28 percent in value compared to the same period last year.

Meanwhile, 640.42 million USD was added to 44 existing projects, annual increases of 58.91 percent and 46.67 percent, respectively.

The lion’s share of the capital went to the fields of information-communications (51.48 percent), wholesale-retail and auto/motorbike repair (23.25 percent), and finance, banking and insurance (11.84 percent).

Singapore was the biggest investor in HCM City during the period with its investment accounting for 51.95 percent of the total, followed by Japan and the Republic of Korea.

Additionally, municipal authorities also recorded capital contributions and share purchases in 722 transactions totaling 453.04 million USD, up 31.99 and 19.97 percent annually, respectively.

European businesses more positive about investing in Vietnam

European business confidence in Vietnam’s investment environment continued to rise at the start of 2022, according to the website Fibre2Fashion.com.

The website cited the business climate index (BCI) from the European Chamber of Commerce in Vietnam (EuroCham) conducted by YouGov as showing that for the first quarter of 2022, the index climbed to 73 points, once again reaching its highest point after the fourth wave of the pandemic.

This is a 12-point increase compared to the fourth quarter of 2021, in addition to nearly 58 points of growth compared to the third quarter, with business leaders now more upbeat after the relaxation of Vietnam’s pandemic-related restrictions and the continued acceleration of its economic development, EuroCham Vietnam said in a press release.

European business leaders are generally showing increasingly improving attitudes towards the prospective growth of Vietnam’s economy as well. More than two-thirds of respondents now believe that the Vietnamese economy is more likely to stabilise and improve in the second quarter of 2022, compared to 58 percent who held this view in the fourth quarter of 2021.

European business stakeholders also indicated ambitious second quarter projections for their companies, especially when compared to projections made for the first quarter. Nearly 66 per cent of respondents are expecting increased revenue for the second quarter of the year, compared to 52 percent three months earlier.

Likewise, more than 46 percent of respondents are forecasting headcount increases for next quarter.

The BCI is a regular barometer of European business leaders and investors. This research was first conducted in 2013 and has been carried out by YouGov since 2020.

US extends deadline for issuing conclusion on anti-dumping probe into plywood imported from Vietnam

The US Department of Commerce (DOC) has announced the extension of deadline for issuing the final conclusion on the anti-dumping and anti-subsidy tax evasion investigation into hardwood plywood imported from Vietnam, according to the Ministry of Industry and Trade (MoIT).

Accordingly, the DOC plans to issue the conclusion on October 17 instead of April 20. This is the third extension that the DOC has made on the case, which was launched on June 17, 2020 following a request by the US Customs and Border Protection (CBP).

The MoIT said that the purpose of the investigation is to ensure the efficiency of trade remedies imposed on hardwood plywood of China.  

Therefore, in case Vietnam's plywood manufacturers and exporters can prove that they are not evading the trade remedy measures the US is applying to China, they will not be subject to the anti-subsidy tax rates.

Vietnam attends Seafood Expo Global 2022 in Spain

Up to 28 Vietnamese firms, including nine pangasuis exporters, are currently attending the ongoing Seafood Expo Global 2022 in Spain.

As the world's leading seafood trade event, the April 26-28 expo has attracted the participation of distributors, retailers, reporters, and buyers from hundreds of countries around the globe.

The expo is expected to create a golden opportunity for Vietnamese pangasuis firms to break into both the Spanish and EU markets, particularly as demand for seafood products grows exponentially.

Tra export value to Spain reached US$4.9 million in the first quarter of the year, recording annual growth of 67.5%, according to figures given to the Vietnam Association of Seafood Exporters and Producers (VASEP).

Spain is the fourth largest Vietnamese pangasius export market in the EU. In the first quarter of the year, there were roughly 20 Vietnamese enterprises exporting this type of fish to the market.

Vietnam poised to host first international property festival in Sept.

An international property festival, the first of its kind in Vietnam, is set to get underway at the Saigon Exhibition and Convention Centre in Ho Chi Minh City from September 28 to October 2.

Speaking at a press conference in Ho Chi Minh City on April 26, Pham Minh Toan, head of the organising board, noted the festival provides a forum for managers to share their experience in planning, investment, construction, service management, and human resource training in the field of real estate.

Furthermore, businesses will have the opportunity to introduce real estate projects, provide investment consulting, and attract financiers, with a specific focus on such areas as social housing and industrial real estate.

Most notably, the festival will help investors to expand their co-operation relationship, effectively mobilise foreign investment capital into Vietnamese real estate and vice versa, Toan said.

This festival will also seek to contribute to the implementation of the 10-year socio-economic development strategy towards 2030 and the national housing development strategy for 2021 - 2030 with a vision towards 2045, especially the post-pandemic economic recovery period.

Positive outlook ahead for squid and octopus exports in Q2

Following positive results recorded in the first quarter of the year, Vietnamese squid and octopus exports are anticipated to maintain their strong growth momentum moving forward, according to forecasts made by the General Department of Vietnam Customs.

Throughout the reviewed period, local exports of squid and octopus surged by 35% to reach over US$156 million against the same period from last year.

As a result, the export value of squid and octopus increased by 40% and 29% compared to last year’s corresponding year, respectively, with the export value of processed squid soaring by up to 99%.

The largest importers of local squid and octopus include the Republic of Korea (RoK), Japan, China, Hong Kong (China), Thailand, the EU, the United States, Malaysia, Taiwan (China), and Israel, accounting for 98.4% of the total export value.

Furthermore, exports of the products to China and Hong Kong (China) in the reviewed period enjoyed robust growth of 143%, while exports to Japan, the Republic of Korea, and the EU increased by 50%, 16%, and 47% respectively. Elsewhere, exports to Thailand endured a slight decrease of 0.4%.

At present, the RoK remains the largest consumer of Vietnamese squid and octopus, making up 35% of the total export value with exports to the market expanding by 16% to reach over US$55 million in the first quarter of the year.

Japan ranks second for importing squid and octopus from the nation, accounting for 23% of total export value. Exports of squid and octopus to the demanding market rose by 50% to US$36 million against the same period from last year, with the export value of processed octopus skyrocketing by 151%.

Hanoi tourism gift expo 2022 to feature 100 stalls

A 100-booth tourism gift trade fair of Hanoi is scheduled to run from April 29 to May 1 at the pedestrian street around Hoan Kiem Lake, as part of the efforts to revive the local tourism and activities to welcome the 31st Southeast Asian Games (SEA Games 31).

According to the municipal Tourism Department, the event features different spaces for visitors to discover craft village culture, art, travel photos, and local products.

Attendees will be treated to performances of graffiti art, flashmob, acoustic music, and skateboarding, as well as a cycle rickshaw ride around the lake.

Other highlights of the fair include talk shows involving ca tru (ceremonial singing) performers and artisans of water puppet and paper fan; a coffee tasting event; hands-on experience activities of making children toys; and a photo exhibition on Hanoi.

HCM City’s economy stages vigorous recovery

Speaking at the meeting on April 26, Director of the municipal Department of Planning and Investment Le Thi Huynh Mai said the city’s Index of Industrial Production (IIP) in April expanded some 2 percent from the previous month and 9.7 percent year-on-year.

Its total retail sales of goods and services also jumped 3.2 percent month-on-month and 6.2 percent year-on-year. Lodging and catering services increased more than 12 percent and travel services grew over 18 percent as compared with March.

In the first four months of this year, the southern economic hub’s budget collection was over 168.77 trillion VND (7.34 billion USD), fulfilling 43.51 percent of the estimate for the whole year and up 13.87 percent year-on-year.

Its IPP increased 2.6 percent during the four-month period, of which the four main sectors of food processing, pharmaceutical chemicals-rubber-plastic, mechanical engineering, and electronics rose some 6 percent against the corresponding time last year.

Despite difficulties caused by the COVID-19 pandemic, a number of FDI firms are seeking local suppliers, which will be a good opportunity for enterprises operating in support industries to further integrate into the global supply chain and improve their competitiveness, a representative from the municipal Department of Planning and Investment said.

Notably, outcomes in pandemic containment and economic recovery have helped warm up the tourism market, with foreign tourists in April increasing 100 percent year-on-year to 114,728. The city earned around 8.76 trillion VND from tourism, a year-on-year rise of 26.7 percent.

Binh Thuan selected to host Visit Vietnam Year 2023

The southcentral province of Binh Thuan will host the Visit Vietnam Year 2023.

Minister of Culture, Sports and Tourism Nguyen Van Hung announced this on April 26 during his working session with provincial leaders in Hanoi.

Chairman of the provincial People's Committee Le Tuan Phong said that Binh Thuan has brought into full play its advantages to develop attractive tourism products and strived to build Binh Thuan tourism brand associated with international events with its own characteristics. Over the recent years, Binh Thuan has successfully organised international events and is forming a national marine sport tourism centre.

In October 2021, the provincial Party Committee issued Resolution 06 on tourism development to 2025, with a vision to 2030, aiming at promoting potential and advantages to develop tourism into a spearhead economic sector, and identify it as one of the three economic development pillars of the province.

Binh Thuan is prioritising the development of professional, sustainable and safe tourism, in association with the protection of the environment, preservation and promotion of the cultural identities and traditions of the nation.

The locality currently counts nearly 600 operating accommodation facilities with 17,587 rooms.

Moody's upgrades SeABank's basic credit assessment

Moody's announced it would raise the baseline credit assessment (BCA) from B2 to B1 for Southeast Asia Commercial JS Bank (SeABank) in the 2022 rating review period.

At the same time, Moody's continues to keep SeABank's issuer and long-term deposit rating at B1 for the fourth consecutive year with a positive development outlook.

Moody's upgrade of BCA to B1 reflects the marked improvement of the bank's intrinsic strength in asset quality, profitability and capital.

The assignment is proof of the efforts of the bank in maintaining stable business operations, improving asset quality, profitability and capital last year with outstanding business results.

Its pre-tax profit reached more than 3.27 trillion VND (142.2 million USD), a year-on-year growth of 89 percent, and completed 135 percent of its plan. Total assets reached more than 211.66 trillion VND, up 18 percent.

Ca Mau Airport upgrade may need over VND100 billion

The Civil Aviation Authority of Vietnam (CAAV) has just proposed a plan to upgrade the Ca Mau Airport which may need VND100 billion (USD4.56 million) in funding.

In a report recently sent to the Ministry of Transport, CAAV said that Ca Mau Airport now has a 1,500-metre-long runway, a taxiway and plane parking area with two slots. The airport can now only serve the ATR 72-500, AN-2, MIA-17, King Air B200 and similar planes. Only VASCO currently operates these models. The ATR 72-500 is already being used for the direct Ca Mau-HCM City flights.

According to CAAV, Bamboo Airways has proposed to operate the Embraer 190 plane from Ca Mau Airport to Hanoi and HCM City. To serve that plane, it is necessary to upgrade the runway, taxiway, and parking area at the airport, which is estimated to take two and a half months and cost VND105 billion.

Ca Mau Airport functions as both a commercial and military facility.

Ca Mau Provincial People's Committee previously proposed to the PM to approve the decision to upgrade Ca Mau Airport in the 2021 to 2025 period and create favourable conditions for airlines to invest, open new air routes and encourage healthy competition.

VIB posts pre-tax profit of nearly $100 million in Q1

Vietnam International Bank (VIB) has announced its pre-tax profit of nearly $100 billion in the first quarter, up 26 per cent on-year.

VIB attributed its impressive increase in profit to its focus on a high-quality retail credit portfolio with retail loans accounting for nearly 90 per cent and 95 per cent of them being covered by collateral.

The bank’s return on equity ratio was 30 per cent, among the highest in the banking industry during the period.

Over the three months, VIB saw its total operating income surpass $178 million. Net interest income reached $152 million, marking an annual jump of 27 per cent, while non-interest income hit just over $28 million, contributing 16 per cent to the bank’s total operating income.

More depositors save idle cash thanks to increases in savings interest rates

Thanks to increases in savings interest rates, people have deposited more into their savings accounts, said the State Bank of Vietnam branch in Ho Chi Minh City.

According to the state bank, deposits at banks increased in the first four months of 2022. The total capital mobilization of banks in the city is estimated to increase by 2.74 percent compared to the end of 2021 including deposits of individual customers surging by 3.26 percent. 

This capital mobilization rate is higher than that during the same period in the last two years. Specifically, it increased by 1.25 percent in 2020 and by 0.13 percent in 2021 respectively.

According to the State Bank’s information, people's idle cash is returning to the banking system. Specifically, deposit growth in the first two months of 2022 increased to reach more than VND159,600 billion, higher than the number in the whole year of 2021 with more than VND158,600 billion.

Experts attributed this year’s growth to banks’ application of deposit interest rate hike programs to attract depositors; plus, banks offered many preferential programs to attract idle cash.

HCMC opens two key road projects, seeks to ease traffic congestion

HCMC held inauguration ceremonies this morning, 26 April, for its two key traffic projects: a road parallel to Vo Van Kiet Boulevard in District 1 and Dang Thuc Vinh Street in the outlying district of Hoc Mon.

The upgrade of Dang Thuc Vinh Street, also known as Provincial Road No.9, cost around VND700 billion. The 5.3-kilometer road was widened from seven to 30 meters.

The road links HCMC’s outlying districts of Cu Chi and Hoc Mon with the neighboring provinces of Binh Duong and Long An. The road upgrade took four years to complete due to obstacles linked to site clearance and the Covid-19 pandemic.

Regarding the road project parallel to Vo Van Kiet Boulevard, it required over VND70 billion in investment. It is a small-scale project but has a significant meaning, said Tran Quang Lam, director of the HCMC Transport Department.

The route will help ease traffic congestion around the intersection of Ky Con and Vo Van Kiet streets. Further, it will help pave the way for the launch of a bus rapid transit route and a waterbus route in the area, the official added.

The parallel route measures 615 meters long and is seven meters wide. It starts at Nguyen Thai Hoc Street and ends at Pasteur Street.

Border trade set to resume as Quang Ninh reopens two border gates with China

Bac Luan 2 and Hoanh Mo border gates in Quang Ninh Province resumed customs clearance today, April 26, after over two months of suspension.

The government of Mong Cai City where Bac Luan 2 border gate is located said that customs clearance at Bac Luan 2 will undergo four phases, including handling backlogs stranded at monitoring areas, returning empty container trucks, clearing non-frozen goods and resuming normal operations.

The plan was made by the Mong Cai City government and the authorities of Dongxing in China two days ago, the local media reported.

The number of empty container trucks at parking lots in Mong Cai City is over 200, while Dongxing City has seen more than 200 trucks lying idle. It will take each of these empty trucks some 30 minutes for customs clearance. So, each day will see 20 trucks cleared, the Mong Cai customs sub-department said.

As the pontoon bridge in the city has yet to reopen, some 300 trucks of frozen goods have been stranded.

Similarly, the reopening of the Hoanh Mo border gate in Binh Lieu District is aimed at clearing empty trucks in parking lots on both sides – Vietnam and China.

Binh Duong starts expansion of highway connecting with HCMC

Binh Duong Province on April 26 broke ground on a project to add two more lanes to a section of National Highway 13 from HCMC to Binh Duong Province.

Once in place, the 12.7-kilometer section will have eight lanes, helping ease traffic congestion and enhance connectivity between the two localities, the local media reported.

The project, invested by Becamex IDC, also comprises some overpasses and tunnels at the Huu Nghi Boulevard and Binh Hoa, Hoa Lan, Phuoc Kien and Dinh Market intersections.

The project will be executed under the build-operate-transfer format, with a total cost of nearly VND1.4 trillion.

Corporate bond issuance in Vietnam declines sharply in Q1

Vietnam's total value of corporate bond issuance in the first quarter was estimated at VND45.3 trillion (US$1.97 billion), down 85% against the previous quarter but up 48.3% year-on-year, according to securities company VnDirect.

Upon breaking down, private placement made up the majority of the issuance at 87%, with the remaining being proceeded via the public listing.

VnDirect’s report noted a total of 40 companies issued corporate bonds of VND39.4 trillion ($1.7 billion) via private placement, up 67.2% year-on-year, but down 86% quarter-on-quarter.

The biggest issuers among the lot were Tuong Khai Construction and Investment Company (VND6 trillion), Minh Truong Phu Construction (VND5.9 trillion), and Vietnam International Commercial Bank (VND4 trillion), and Eagle Side Development and Investment (VND3.4 trillion).

Nearly VND6 trillion ($261 million) worth of corporate bonds was issued via public listing during the first quarter, down 15.7% year-on-year and 68.8% quarter-on-quarter, with names such as BIDV (VND2.2 trillion) and LienVietPostBank (VND1.7 trillion).

VnDirect noted there has been a declining trend in corporate bond issuance via private placement, with the figures decreasing from VND27 trillion in January to VND8.2 trillion in February and VND4.1 trillion in March.

Real estate companies continue to make up the largest portion of bond issuance with 40.2% of the total value in the first quarter, or VND15.8 trillion, up 25.2% year-on-year but down 86.5% quarter on quarter.

The construction and finance-banking sectors claimed the second and third spots with 34.8% and 18.8% respectively.

Vietnam’s target of becoming cybersecurity powerhouse is feasible: Experts

It is feasible for Vietnam to master core products under a completed cybersecurity system to ensure the country’s safety in cyberspace.

The view was shared among experts attending a conference held on April 25, discussing solutions to protect Vietnam’s cybersecurity amid growing risks of digital conflicts in the world.

Trinh Ngoc Minh, vice chairman of the Vietnam Information Security Association - Southern Branch, noted for the country to become a cybersecurity powerhouse, it would need to address issues relating to investment capital, the number of technological products, domestically developed solutions, and qualified cyber security experts.

In addition to the growing IT sector in Vietnam, the Government has been focusing on cybersecurity by offering incentives for “Make in Vietnam” cybersecurity products.

The Ministry of Information and Communications (MIC) has proposed that 10% of the budget of any IT project should be allocated to cybersecurity.

Southeast Asia’s 1st NFT trading platform launched in VN

A non-fungible token trading platform, OpenLive NFT Marketplace, was inaugurated in HCM City on Monday.

Developed under the OpenLive project, it is the first digital technology platform in Southeast Asia to exchange, buy and sell NFT assets.

OpenLive is not just an NFT digital asset trading platform, but will also help conserve Việt Nam’s cultural heritage as blockchain digital technology helps to convert works of art into digital assets that are unique and belong to only one owner on the internet.

There, the digital works will be kept and preserved forever.

Trung Luong-My Thuan Expressway inaugurated

The VND12 trillion Trung Luong-My Thuan Expressway was inaugurated today, April 27, after 13 long years of construction, and will be officially opened to traffic three days later to coincide with the celebration of Vietnam’s Reunification Day (April 30).

The 51.5-kilometer expressway, which starts at the HCMC-Trung Luong Expressway and ends at the An Thai Trung Intersection in Tien Giang Province’s Cai Be District, is 98% complete, a senior authority of Trung Luong-My Thuan BOT JSC said.

The surface of the road, 53 bridges along the route, bypasses, interchanges, overpasses, and lighting and traffic systems have been completed.

Two main tollgates and three sub-tollgates are under construction. After the expressway is completed, road users will pay no toll fee for two months.

The relevant agencies will later assess the quality and the operation of the road.

The Trung Luong-My Thuan Expressway is 16 meters wide with four lanes. In the future, the expressway will be expanded to six lanes, including two emergency lanes.

Flight fares up by 30 percent for domestic travel, bus tickets sold out

Flight fares are up by 30 percent for domestic travel compared to prior while transport operators announced bus tickets have been sold out for the upcoming national holidays.

Airlines announced airfare for the routes from Ho Chi Minh City to Buon Ma Thuot City in the Central Highlands Province of Dak Lak, Hanoi increased by 30 percent for upcoming national holidays. Moreover, ticket prices will increase 1.5-2 times compared to weekdays if customers buy on April 30.

Vietjet and Vietnam Airlines sold the one-way tickets on Ho Chi Minh City - Buon Ma Thuot route on the morning of April 27 at more than VND1.1 million- VND1.9 million per passenger.

Similarly, flight prices for some routes from Ho Chi Minh City to Hanoi range from VND2 million to VND3, 1 million per person, departing at noon or night of April 27 and departing at dawn on April 28.

Those who book tickets on the Ho Chi Minh City - Buon Ma Thuot route on April 30 will pay almost double the sum compared to weekdays, ranging from VND1.5 million to nearly VND1.7 million a person.

National carrier Vietnam Airlines announced from now until May 4, the airline will focus on increasing flights on eight key tourist routes, including those from the capital city of Hanoi to the Central Province of Thua Thien - Hue, the Central City of Da Nang, Cam Ranh District in the South-Central Province of Khanh Hoa, the Central Highlands city of Da Lat, the Mekong Delta Province of Kien Giang’s Phu Quoc island and from  Ho Chi Minh City to Da Nang, Cam Ranh, Phu Quoc.

In the latest increase, the airline added more than 255 flights, equivalent to an increase of over 50,000 seats, bringing the total supply of the entire domestic and international network to nearly 2,700 flights and more than 524,000 seats from April 24 to May 4.

Vietravel Airlines also said that 85 percent -100 percent of its flight seats from Ho Chi Minh City and Hanoi to tourist destinations such as Quy Nhon, Da Nang, and Phu Quoc have been filled during the peak season from April 27 to May 3.

Budget overspending must not exceed VND240 trillion in 2022-2023: Govt

The Government has set the budget overspending cap in 2022-2023 at 1%-1.2% of the country’s gross domestic product (GDP), not exceeding VND240 trillion.

The Government Office has issued a statement on Deputy Prime Minister Le Minh Khai’s conclusions at a meeting to review funding sources for the socioeconomic recovery and development program, said local news reports.

For fiscal policy, a maximum of VND176 trillion will go to the healthcare sector, the pandemic response, social welfare, support for enterprises and household businesses, infrastructure development and support for workers in paying home rentals.

Monetary policy should be geared toward cutting interest rates by at least 0.5-1 percentage point to make more loans available in the economy. For businesses affected by COVID-19, their loans should be extended and interest rate cuts should be offered to them.

More capital will be provided to the Vietnam Bank for Social Policies so that employers can borrow from the bank to pay salaries to their employees.

The Government allowed the use of some VND5 trillion from the Vietnam Public-Utility Telecommunication Service Fund for the development of telecom infrastructure and the Internet and VND5 trillion for renewing technologies and incubating scientific and technological firms.

US extends deadline for issuing conclusion on anti-dumping probe into plywood imported from Viet Nam
     
The US Department of Commerce (DOC) has announced the extension of the deadline for issuing a final conclusion on the anti-dumping and anti-subsidy tax evasion investigation into hardwood plywood imported from Viet Nam, according to the Ministry of Industry and Trade (MoIT).

Accordingly, the DOC plans to issue the conclusion on October 17 instead of April 20. This is the third extension that the DOC has made on the case, which was launched on June 17, 2020 following a request by the US Customs and Border Protection (CBP).

The MoIT said that the purpose of the investigation is to ensure the efficiency of trade remedies imposed on hardwood plywood of China.

Therefore, in case Viet Nam's plywood manufacturers and exporters can prove that they are not evading the trade remedy measures the US is applying to China, they will not be subject to the anti-subsidy tax rates.

Hana Financial acquires 35 per cent stake in BIDV Securities
     
The South Korean financial group Hana Financial Investment (HFI) has acquired a 35 per cent stake in BIDV Securities (BSC) in the form of private placement with a total transaction value of nearly US$117 million.

After completing the transaction, HFI and BSC will launch strategic cooperation projects to increase the value of BSC.

Hana Financial Investment will support BIDV Securities Joint Stock Company to accelerate the digital transformation process and become a digital securities company in Viet Nam.

HFI plans to help BSC improve the quality of brokerage services, expand the customer base through optimising the digital trading platform as well as expand its business into the field of fund management.

This is expected to help BSC build a comprehensive ecosystem of financial products and services for sustainable development as well as maximising corporate value.

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

Under-the-table fees still plague businesses, more transparency needed

 Cập nhậtlúc 14:46

  The 2021 report on provincial competitiveness index (PCI) released by the Vietnam Chamber of Commerce and Industry (VCCI) on April 27 showed that unofficial fees are on the decrease, but remain common in some spheres of state management.

The number of enterprises paying unofficial fees to inspectors accounted for 20.9 percent, which meant a significant decrease from the 27.7 percent in 2020. The number of enterprises agreeing with the statement that paying ‘commission’ is necessary to have opportunities to win bids decreased from 40 percent to 36.8 percent in 2021. The number of enterprises paying unofficial fees to speed up land procedures fell from 32 percent in 2020 to 29.4 percent in 2021. 

It is noteworthy that foreign invested enterprises (FIEs) said 41.9 percent of enterprises did not have to pay unofficial fees, a very encouraging figure, since 2010. 

Nevertheless, enterprises still had to pay very high fees in some fields. Harassment by state agencies when enterprises follow administrative procedures accounted for 57.4 percent in 2021, higher than the 54.1 percent in 2019-2020.

The average proportion of enterprises paying unofficial fees in construction inspection activities was 67.22 percent. The figure was 61.36 percent in granting licenses to enterprises in conditional business fields. 

Paying unofficial fees on a small scale, or ‘petty corruption’, was still common and could be seen in two types. First, the ‘lubricating fee’ in essential public services such as business registration and land access. Second, the unofficial fees in market management, environment inspection, taxation, fire prevention and fighting inspection, land inspection and business registration inspection.

As for FIEs, 5 percent of enterprises said they had to use 5-10 percent of revenue to pay unofficial fees, while the figure was just 2.1 percent in 2020. The figures are very high in some fields, such as import-export procedures (38.9 percent), examination and inspection (25.4 percent) and land procedures (21.1 percent).

The unofficial cost for land procedures of FIEs in 2021 increased sharply compared with the 10.3 percent in 2020. The figure is consistent with the increase in percentage of enterprises complaining about troubles when following procedures related to land in the PCI report. 

Up to 60.4 percent of enterprises said their work is solved after paying unofficial fees. This means that the predictability of work results when paying under-the-table money has increased significantly. 

The benefit of this is that enterprises can predict the amount of under-the-table money they have to pay, while the serious consequence is that paying that kind of money has become common. 

Vietnam enterprises’ competitiveness 

Economists all said that unofficial fees are a heavy burden on businesses, affecting competitiveness of Vietnam’s enterprises. As the fees are taken into account when defining production costs, the selling prices of products are high and less competitive. 

In order to legalize unofficial fees, enterprises have to pay more money, which results in fraud in business, such as trading invoices and dishonest finance and tax reports. 

According to Dau Anh Tuan, Head of the Legal Department of VCCI, the production costs of Vietnam’s products are competitive if compared with other countries. However, because of unofficial fees for administrative procedures, Vietnam’s products are less competitive. So, the impact of unofficial fees is clear. 

Unofficial fees not only lead to high compliance costs, but also make the business environment less healthy and less competitive, deterring enterprises that want fair competition.

The major reason behind this, according to Tuan, is the low quality of the institutional system and legal documents. Unclear, unreasonable, complicated and unpredictable administrative procedures give opportunities to agencies and officers to harass enterprises and demand unofficial fees. 

The survey on unofficial fees shows that space for reform remains and Vietnam still has a long path to go to minimize unofficial fees. 

In order to eliminate unofficial costs, it is necessary to make all procedures public and transparent, and to put e-government into operation soon.  

VNN

VIETNAM NEWS HEADLINES MAY 3

14:09 

SEA Games 31: Fans line up overnight for tickets of Vietnam-Indonesia football match

Thousands of people gathered at the sports complex of Phu Tho province from May 2 night to buy tickets for Vietnam's football match against Indonesia at the 31st Southeast Asian Games (SEA Games 31).

The match, assessed as the fiercest in Group A’s qualifying round, will take place on May 6.

The tickets are priced at 200,000 VND (8.7 USD), 300,000 VND and 500,000 VND. Those for the semi-finals will be sold at 300,000 VND, 400,000 VND and 600,000 VND. Each person can buy two tickets.

The province has coordinated with relevant authorities to implement measures to ensure traffic safety, security and order during the men's football matches of Group A at Viet Tri Stadium.

The provincial Department of Public Security have built detailed plans, and another on preventing terrorism and riots, and arranged forces to strengthen patrol on such roads as Hung Vuong, Nguyen Tat Thanh and Lac Long Quan.

Sóc Trăng declares riverbank erosion emergency

The Sóc Trăng Province People’s Committee has declared an erosion emergency on the Hậu River, a tributary of the Mekong, in Cù Lao Dung District.

There are more than 30 eroded areas with a total length of 2,450m along both banks in An Thạnh Đông and Đại Ân 1 communes.

There are 300 households, 30ha of aquaculture and 400ha of vegetable and fruit farms close to the eroded areas.

If the problem is not fixed promptly, they will have a large impact on the lives of locals, according to the district People’s Committee.

Allow graduates to teach, get teaching qualifications later: HCM City

Graduates in certain disciplines should be allowed to start teaching and get their pedagogy qualifications later, within a specified time frame, HCM City officials suggest.

The suggestion recently made to the Ministry of Education and Training seeks to address the serious need for teachers under for the new education programme through special recruitment mechanisms.

Accordingly, public educational institutions will be allowed to link, transfer and use copyrights of international educational programmes with foreign educational institutions. Students completing these programmes and passing the final exams will be awarded both Vietnamese and international degrees.

The city administration also sought permission to draft a document on mechanisms to mobilise resources for developing various types of educational linkages and other tasks. It asked that the committee be assigned to appraise content and issue a framework for local educational materials.

Ninh Binh exhibition recalls ‘war memories’

An exhibition themed “War memories” is taking place at Ba Ngan Art Exhibition House in Ninh Binh city, in the northern province of the same name, attracting a large number of veterans and students.

On display are 150 historical photos and artefacts including personal belongings of the soldiers, bicycles, artillery bodies and ammo boxes.

They contain memories and stories with high historical values of the two resistance wars against French colonialism and US imperialism.

The exhibition contributes to educating and inspiring the national pride among people, thereby mobilising them, especially young people to contribute to national construction and defence.

The event will run until May 20.

Localities must accelerate Covid-19 vaccination for children aged 5-11 years old

Minister of Health Nguyen Thanh Long assessed that the vaccination progress against Covid-19 for children aged five to 11 years old is slow so localities nationwide must accelerate further the vaccination. 

The Ministry of Health yesterday said that Vietnam run out of around 215 million doses of Covid-19 vaccine. Of which, all adults aged over 18 years old completed the second shot and 52 percent of people get the third dose of vaccine. 

As for the Covid-19 vaccination campaign in five- to–11-year-old children, over 1.36 million children have been vaccinated safely; however, according to the assessment of the Minister of Health, the vaccination progress against coronavirus for this group is slow. 

Regarding the vaccination plan for the fourth dose of coronavirus vaccine, the Advisory Committee on Immunization, the Ministry of Health had a meeting to conclude the fourth booster Covid-19 vaccine dose priority for four groups including people aged 50 years and over, immunocompromised adults, those people at higher risk from coronavirus, frontline workers in the Covid-19 fight, employees in industrial zones. Besides, those people who were received all three doses of the vaccine, and if they were infected with Covid-19, they will be injected the booster dose after recovering from the Covid-19.

HCMC starts work on upgrade, renovation of Turtle Lake

The People’s Committee of District 3 this morning started work on paving the sidewalk around Turtle Lake (International Square).

At the groundbreaking ceremony, Chairman of the People’s Committee of District 3 Vo Van Duc said that the sidewalk upgrade project around Turtle Lake would be implemented at Pham Ngoc Thach Street, section from Nguyen Dinh Chieu Street to Nguyen Thi Minh Khai Street; Tran Cao Van Street, section from Turtle Lake to Hai Ba Trung Street; Vo Van Tan Street, section from Turtle Lake to Pasteur Street.

The total length of the above-mentioned roads is 1,280 meters while the whole areas of the sidewalk will cover 6,700 square meters which shall be paved with curb stone and equipped with sidewalk seats. In addition, the green areas and lightning system in the sidewalk will be supplemented and so on. The upgrade project will cost around VND15 billion (US$653,000) from social sources.

Aside from that, the Municipal Department of Construction also suggested the HCMC People’s Committee upgrade and renovate Turtle Lake Park project. The Turtle Lake will be waterproofed, added sprinkler system, artistic lighting, stone paving along the sidewalk with a total cost of about VND50 billion (US$2.2 million).

The 3,843-square-meter Turtle Lake Park will cover a 2,289-square-meter lake, 937-square-meter pathway and 617-square-meter green area. It is expected that the lake will be waterproofed, added with sprinkler system inside the lake and pathway, garbage filter and anti-moss system.

Health Ministry responds to shortage of anti-rejection drug in Cho Ray Hospital

It was undesirable that the shortage of anti-rejection medication in the Cho Ray Hospital in HCMC led dialysis patients to purchase drugs from private pharmacies at higher prices. The hospital has taken measures to solve this problem, said the Ministry of Health on April 29.

The Cho Ray Hospital has implemented a selection for seeking manufacturers and suppliers of drugs to ensure enough medicines for treatment after the national holidays of Reunification Day (April 30) and May Day (May 1); transfered patients to medical facilities with the drugs and instruments available for treatment in the city. People can use public health insurance at these healthcare units during the period in treatment.

Drug procurement bidding and negotiation have not yet released results due to a number of reasons, including the coordination between ministries and departments in collecting, analyzing and solving a large amount of information related to medicines; checking list of drugs procured through centralized bidding and ensuring a fair competition and economic efficiency of the bidding, said the Health Ministry.

National Reunification anniversary celebrated in Germany, Czech Republic

The 47th anniversary of the Liberation of the South and National Reunification (April 30) have been marked with different activities by Vietnamese people in Germany and the Czech Republic.

The Consulate General of Vietnam in Frankfurt am Main, Germany, held a seminar with the Vietnam - Germany Innovation Network (VGInetwork).

Stressing the important role of Vietnamese intellectuals in Germany, Consul General Le Quang Long asked VGInetwork to practically contribute to the homeland’s priority areas such as green growth, renewable energy, and sustainable development.

VGInetwork Chairman Nguyen Xuan Thinh reported on the network’s achievements and development vision, along with the encouraging outcomes of and potential for scientific - technological cooperation between Vietnam and Germany.

On April 30, the Vietnamese Literature and Arts Association in the Czech Republic held a special music show to celebrate the anniversary.

Emphasising the significance of the great victory in the 1975 spring, Ambassador Thai Xuan Dung said over the last 47 years, Vietnam has obtained enormous socio-economic attainments and its stature and prestige continually been consolidated, which is partly attributable to contributions by overseas Vietnamese, including those in the Czech Republic.

COVID-19: Vietnam confirms 2,709 new cases on May 3

Vietnam reported 2,709 new cases of COVID-19 and no death in the past 24 hours from 4pm May 2 to 4pm May 3, according to the Ministry of Health.

Hanoi continued to report the highest number of infections on the day with 711 cases, followed by Phu Tho with 242 and Yen Bai with 147. 

The country has to date recorded 10,659,358 COVID-19 infections, including 43,044 deaths.

A total of 1,825 COVID-19 patients were given the all clear on May 3, bringing the number of recoveries so far to 9,267,281. 

By May 2, the country had injected 215,005,042 doses of COVID-19 vaccines.

Friendship football tournament connects Vietnamese, Japanese people

More than 100 amateur footballers of Vietnam and Japan took part in the Enshu Fukuroi friendship tournament in Shizuoka prefecture on May 1.

The annual tourney, held by the Vietnamese People Association in Shizuoka, coincided with Japanese Prime Minister Kishida Fumio’s official visit to Vietnam.

Doan Xuan Tung, Chairman of the Vietnamese People Association in Shizuoka and head of the organising board, said the event was organised with a view to creating a playground for football lovers in Shizuoka, enhance the Vietnamese community’s solidarity, and promote cultural exchange between Vietnamese and Japanese in the prefecture.

Resumed after a two-year hiatus caused by the COVID-19 pandemic, the tournament was attended by 16 teams.

Oran Fukuroi FC of Shizuoka prefecture won the first prize while the runners-up are Vietnamese teams - Numazu FC and VN Fukuroi FC.

Hoang Anh Gia Lai end Champions League campaign with home win

Hoang Anh Gia Lai Football Club ended their AFC Champions League journey with a 1-0 win against Sydney FC, with Brazilian striker Washington Brandao scoring the only goal of the match.

This is the first win for a Vietnamese club in 18 years at Asia’s top club competition, and helped Vietnam overtaking China in the AFC rankings.

After an underwhelming loss at the hands of Yokohama F. Marinos on Thursday, Coach Kiatisuk Senamuang switched to a 4-4-2 formation, benching Luong Xuan Truong and starting creative midfielder Nguyen Tuan Anh instead.

Already out of the competition, both teams went for all-out attack from the first minutes.

Solo exhibition shows artist's freedom

Artist Tô Hiến Chiến is showcasing his latest solo paintings at an exhibition at Art Space in Hà Nội. 

The exhibition, entitled Tìm Về (I Find Myself), displays 30 paintings made over the past five years by Chiến. It is his third solo exhibition, following previous exhibitions in 1998 and 2000.

The acrylic paintings of different sizes feature his inner feelings, which he has sought for a long time. 

The paintings are abstract, drawn with free and scribble strokes. The largest painting is sized 120cm by 130cm. It shows his feelings about space and light. The painting is his worldly illusion. 

The exhibition visitors will be impressed by another painting from 2020. The painting is only a white background with a few black strokes expressing a white space, according to Chiến. 

Chiến graduated from Hà Nội University of Industrial Fine Arts and Hà Nội Academy of Theatre and Cinema. He is a member of G39, a group of Hanoian artists who gather to honour traditional values, as well as to bring art closer to the public. 

He has group exhibitions in Việt Nam and abroad including Laos, Italy and Singapore. 

I Find Myself exhibition opens on May 3rd at 18:00 at Art Space, 42 Yết Kiêu Street, Hà Nội until May 8. 

Four 11th graders drown in Đồng Nai River

Four children in southern Bình Phước Province were found dead on Sunday after going swimming in the Đồng Nai River.

They were all 11th graders at Bù Đăng High School in Bù Đăng District.

According to initial information from the local authority on Sunday afternoon, a group of 10 children organised a camping trip to Bãi Cạn of Đồng Nai River in Đồng Nai Commune of Bù Đăng District.

When the others were camping, five children separated from the group to go upstream to Hà Đăng Commune for a swim.

While swimming, the five students were dragged into a whirlpool about 5m deep.

Hearing cries for help, several people on the shore immediately jumped in the water to aid the children.

Despite their efforts, only one child could be saved and the remaining four were swept away and lost in deep water.

Upon receiving the news, the authority of Đồng Nai Commune mobilised militia forces and police to coordinate with locals to search for the victims.

At 3pm on the same day, after more than two hours searching, the functional forces found the bodies of the four victims. The incident is being investigated by the authorities. 

Tragic drowning cases on the rise nationwide

More than 20 students have drowned across the country during the past week though the summer vacation is yet to arrive.

Seven cases were reported in Nghe An, three each in Binh Dinh and Dak Lak, two each in Lasi Chau and Dong Nai, and at least 10 cases in other localities.

Most of the drownings were reported when students went swimming in rivers and streams in their localities to avoid early summer heat.

Experts warn the number of drowning deaths may rise in the coming months as students finish their school year and the summer vacation is coming near.

Hotter weather would lead more people in the water, and unfortunately more people in the water means more people are at risk of drowning, said experts.

To prevent such drownings, they suggested that localities, schools and parents provide students with knowledge about swimming and what to do when drowning occurs.

Vietnamese intellectuals in Germany contribute to Vietnam’s development

The Consulate General of Vietnam in Frankfurt am Main, Germany, recently held a get-together with representatives of the Vietnam-Germany Innovation Network (VGInetwork) marking the 47th anniversary of Vietnam’s Southern Liberation and National Reunification Day (April 30).

The meeting attracted the participation of VGInetwork members who are currently working at technical universities such as TU Dortmund and TU Hamburg, and large corporations such as Siemens, Volkswagen, German railway, as well as overseas businessmen in West Germany.

Professor, Academician Nguyen Xuan Thinh, president of VGInetwork, presented a report on the establishment, achievements and development visions of the agency, as well as the potential for science and technology cooperation between Vietnam and Germany in the fields of sustainable development research, management of resources, land, water and environmental protection, and climate change response.

Prof. Dr. Do Thanh Trung, founder of VGInetwork, presented a report on renewable energy development, Germany’s national energy transition strategy and gave some opinions related to green growth in Vietnam.

He put forward an initiative on the establishment of the Vietnam - Germany Energy Hub under VGInetwork to connect Vietnamese and German managers, businesses and institutions toward a sustainable green economy.

Other scientists shared Germany’s experience in renewable energy development, environmental protection and climate change response, and affirmed their institutions are ready to boost cooperation with Vietnam in these fields.  

Three die in Binh Dinh traffic accident

Three people died after their motorbike collided with a passenger bus early Monday morning in Binh Dinh Province.

According to a report from local police, the tragic accident occurred at 1.25 am on May 2 when a motorbike carrying three people collided with a passenger bus on National Road 1A.

"Three men on the motorbike died on the spot," the report said. "They were identified as Pham Cong Nhut, 35, Doan Anh Tuan, 28, and Nguyen Xuan Hanh, 27. No one on the passenger bus was injured. Both the motorbike and the bus were heavily damaged.

Cameras at the site showed that the motorbike driver Pham Cong Nhut was speeding while going through the intersection and crashed into the bus. Nhut also tested positive for alcohol at 29.9 mg/dL.

Police are further investigating the cause of the accident.

Thanh Hoa largest dumping site removed

Authorities in the northern central province of Thanh Hoa have decided to remove the biggest dumping site in Sam Son City which is causing serious pollution.

Sam Son Dumping site was put into operation in 1997 in Trung Son Ward. With a total area of 27,000 square metres, the dump has become overloaded after many years, causing serious pollution.

According to a report from Sam Son City, the amount of waste at the dump is now over 330,000 tonnes. Every day, it receives over 150 cubic metres of waste. The rubbish was buried, but the overloading has caused alarming environmental concerns to local residents and some surrounding ecological tourism and commercial projects.

Following a proposal from Thanh Hoa Provincial People's Council, Sam Son City is preparing to remove the dump to a waste treatment plant in Quang Minh Commune. The removal project, which is estimated to cost VND 280 billion, is expected to completely address the pollution problem which has lasted for 25 years, and help boost economic and tourism development in the area.

Vietnamese students in Russia compete in sports

The 2022 Vietnamese Students' Sports Festival kicked off in Moscow on May 1.

After more than 2 years of hiatus, the Moscow summer sports festival is officially back. The opening ceremony features the participation of a large number of representatives of the Vietnamese Embassy in Russia, Vietnamese associations in Russia, sponsors, and students from universities in Moscow and neighbouring cities.

Nguyen Viet Linh, Secretary of the Civil Affairs Committee of the Ho Chi Minh Communist Youth Union in Russia, affirmed that the Vietnamese Students' Sports Festival is one of the largest annual activities of the Vietnam Youth Union in Russia.

Taking place in early May, the festival aims to celebrate major national holidays, such as National Reunification Day (April 30), Dien Bien Phu Victory (May 7), and the birthday of President Ho Chi Minh (May 19).

The 2022 Vietnamese Students' Sports Festival in Moscow recorded a record number of 26 teams of athletes competing in men's football, women's football, athletics and tug of war, taking place on May 1, 2 and 8 at Meteor Stadium. Immediately after the opening ceremony, the football teams gave the audience many thrilling and beautiful matches.

Holidaymakers returning to Ho Chi Minh City after vacation

Senior Lieutenant Colonel Nguyen Van Dung, Head of the Traffic Police Department of Tien Giang Province, said that it is forecasted that this evening the number of vehicles will spike again because people started to leave their hometowns for Ho Chi Minh City and the Southeastern provinces.

After April 30 and May 1, many people in the Mekong Delta provinces began to leave their hometowns for Ho Chi Minh City, Binh Duong, and Dong Nai to prepare for return to work.

From more than 5 pm on May 2, the National Highway through Vinh Long City in Vinh Long Province was filled with cars and motorbikes. Thousands of motorbikes, cars, and passenger cars were queuing in a long line moving quite slowly heading for Ho Chi Minh City whereas the opposite direction is clear.

Particularly, a large number of cars, trucks, passenger cars and container trucks flocked to the intersection of National Highway 30 through An Thai Trung junction in Cai Be District in Tien Giang Province for entry into the Trung Luong - My Thuan highway making traffic gridlock. On-duty traffic police officers in Tien Giang Province struggled to channel, and regulate traffic, to ensure safety in this area.

Senior Lieutenant Colonel Nguyen Van Dung, Head of the Traffic Police Department of Tien Giang Province, said that it is forecasted that this evening the number of vehicles will spike again because people have started to leave their hometowns for Ho Chi Minh City and the Southeastern provinces.

Athlete Quach Thi Lan to light 31st SEA Games torch

The Organizing Committee of the 31st Southeast Asian Games (SEA Games 31) selected track and field athlete Quach Thi Lan as a representative of the host country to light the 31st SEA Games torch at the opening ceremony of the largest sporting event in the Southeast Asian region at My Dinh National Stadium in the capital city of Hanoi at night of May 12.
 
At the opening ceremony, swimmer Nguyen Huy Hoang will read the athletes’ oath and volleyball referee Nguyen Thi Ngoc Hoa will read the referees’ oath.

Vietnamese fencer Vu Thanh An is assigned to hold the national flag for the Vietnam sports delegation during the parade of the opening ceremony of the 31st SEA Games.

At the SEA Games 31, track and field athlete Quach Thi Lan registered to compete in the 400-meter race. She won the gold medal at Asian Games 2018 and participated in SEA Games 2013, 2015, 2017 and 2019. 

Last year, Quach Thi Lan and Nguyen Huy Hoang were two athletes to hold the national flag of the Vietnam sports delegation at the parade of Olympic Tokyo 2020.

Vietnamese experts successfully restore VNREDSat-1 operation

The Vietnam Academy of Science and Technology (VAST) has informed of the success of Vietnamese experts in recovering the normal operation of VNREDSat-1, the domestic remote sensing satellite system.

VNREDSat-1 is the first remote sensing satellite system of Vietnam to serve the tasks of monitoring and managing natural resources, conducting research for sustainable socio-economic development, and protecting the national sovereignty.

It was successfully launched into the orbit on May 7, 2013 and has fulfilled its missions of capturing valuable images and delivering them to the operation center in the past 9 years.

Working for nearly 4 years longer than expected, it has shown signs of serious technical faults related to the hardware that stores operation and control data at the end of 2021, it was ordered to temporarily stop current activities from November 9, 2021 to March 25, 2022.

After this successful repair, the satellite can now resume its regular work, signaling the capacity of Vietnamese scientists in the field. This maintenance has also provided precious experience to engineers operating the VNREDSat-1 system, while a large amount of money and time has been saved as the satellite can go back to normal soon.

Until now, VNREDSat-1 has captured 280 images, including 80 high-resolution ones, to timely answer the needs of remote sensing data.

Field trips help raise student awareness of nature protection in world biosphere reserve

Nearly 500 primary and secondary schoolchildren and teachers have participated in a program that is aimed at improving awareness of nature and wildlife conservation in Pu Mat National Park, one of the world’s biosphere reserves.

The program titled “One-day nature experience field trips at Pu Mat National Park” includes 19 field trips held in April 2022 by Save Vietnam’s Wildlife (SVW), in collaboration with Pu Mat National Park and Con Cuong Department of Education and Training in Vietnam’s central province of Nghe An.

Participants, who are from 20 primary and secondary schools in four buffer zone communes, joined the trips, which included 15 trips held in the administrative area of the National Park and four others organized in the core area of the National Park, where the students live and study.

The program helps encourage children in nature and wildlife protection activities as well as educate them to become a core force who will have practical actions to contribute to the conservation of Pu Mat’s nature in the future.

The next trips will be held in May 2022 for four schools located in the core zone of the National Park.

UNFPA promotes comprehensive development of Vietnam youth in US$3M project

The United Nations Population Fund (UNFPA) has approved a new project worth US$3.1 million to promote the comprehensive development of Vietnamese young people, especially vulnerable youth.

The project, which is within the framework of UNFPA’s 10th Country Program 2022-2026 (VNM10P01), aims to support Vietnam in implementing and monitoring laws and policies for comprehensive youth development and youth participation, including in natural disasters and pandemics.

The UN body will provide technical and financial support to the Ministry of Home Affairs (MoHA) and other relevant agencies to effectively implement and monitor the implementation of the Youth Law and related policies, and carry out programs for comprehensive youth development.

The project will be in line with Vietnam's socio-economic development plan, as well as plans and strategies of MoHA and other youth-related organizations.

"This project reaffirms UNFPA’s commitment to assisting the Ministry of Home Affairs and implementing partners in ensuring that young people's rights to comprehensive development, particularly in the areas of access to Life Skills and Comprehensive Sexuality Education, are satisfied,” said UNFPA Representative in Vietnam Naomi Kitahara.

Through the project, UNFPA, in collaboration with MOHA and other key partners, aims to empower and support young people, particularly those from vulnerable populations, to meaningfully participate in policy development and implementation, thereby contributing to Vietnam's efforts to achieve SDGs by 2030, she noted.

Localities urged to raise health insurance coverage to over 95% by 2025

The Government has urged cities and provinces nationwide to raise the health insurance coverage rate to 95.15 percent by 2025.

Specifically, the health insurance coverage rate is expected to increase to 92.6 percent in 2022 to 93.2 percent  in 2023, 94.1 percent  in 2024, and 95.15 percent  in 2025.

The Government asked provincial/municipal People's Committees to envisage solutions to achieve the aforesaid goals.

Particularly, the Government ordered localities to take measures to raise the health insurance rate to cover all members of poor and near-poor households over the next three years.

The Government also tasked the Ministry of Education and Training to ensure 100 percent of students join health insurance by 2023.

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

VIETNAM BUSINESS NEWS MAY 4

 16:32                                 

Vietnam enjoys high trade surplus in agricultural, forestry, aquatic exports

Total foreign trade in agricultural, forestry and aquatic products hit some 31.8 billion USD in the first four months of 2022, an increase of 7 percent against the same period last year, according to the Ministry of Agriculture and Rural Development.

Exports were worth 17.9 billion USD, up 15.6 percent year-on-year, while imports totalled 13.9 billion USD, down 2.3 percent.

Vietnam enjoyed a trade surplus of nearly 4 billion USD, 3.2 times higher than a year earlier, the ministry reported.

Aquatic exports saw the highest growth during the period, surging 43.7 percent to reach 3.6 billion USD. Shipments of key agricultural and forestry products exceeded 7.4 billion USD and 5.9 billion USD, up 10.5 percent and 4.9 percent, respectively. Meanwhile, those of husbandry products plummeted 19 percent year-on-year to 105.4 million USD.

Five export items with revenue exceeding 1 billion USD included coffee, rice, fruits and vegetables, shrimp and timber products. 

Notably, exports of coffee and shrimp stood at 1.7 billion USD and 1.3 billion USD, a year-on-year surge of 59.4 percent and 38.6 percent, respectively. Export value of tra fish went up 89.6 percent to 894 million USD.

The US remained Vietnam’s largest importer with nearly 4.9 billion USD, accounting for 27.3 percent of the market share. Some 68.2 percent of Vietnam’s exports to the US were wood and timber products. China came second with over 3.2 billion USD, representing 18.1 percent of total shipments.

Vietnam yields 2.6 million tonnes of aquatic products in four months

Vietnam produced over 2.6 million tonnes of aquatic products in the first four months of this year, a year-on-year rise of 2.2 percent, according to the Ministry of Agriculture and Rural Development (MARD).

Of the total, its aquaculture output was over 1.36 million tonnes, an increase of 5.3 percent compared to the same period last year while catching nearly 1.2 million tonnes, down 1 percent.

In April alone, the country harvested 736,400 tonnes of aquatic products, up 2.6 percent year-on-year.

The MARD asked provinces and cities to encourage farmers to raise various aquatic species and change the farming methods to minimise diseases.

Localities were requested to focus on marine economic development and push up the implementation of solutions to lift the European Commission’s “yellow card” for illegal, unreported and unregulated (IUU) fishing.

Domestic timber key to a sustainable industry

Tight timber supply, coupled with transport delays, has been holding back furniture manufacturers, exposing the need for domestic substitution for imported timber.

Le Quoc Doanh, Deputy Minister of Agriculture and Rural Development, estimated timber demand between 2017 and 2021 rose from 34.2 to 41 million cubic metres. Domestic timber accounts for 77.4 percent of timber supply and imported timber takes up the rest.

As the latter has become more volatile in recent years, he believes Vietnam should step up afforestation to become less dependent on foreign logs, ensuring the stability of the furniture industry.

The minister said his ministry had been financially supporting forest owners to boost the coverage of certified forests, notably those certified by the Forest Stewardship Council and the Programme for the Endorsement of Forest Certification, to meet the technical requirements of large furniture importers.

The ministry also urged the Vietnam Timber and Forest Product Association (VTFPA) to develop a data system of timber supply and demand to better monitor the market, reducing price uncertainty.

Chairman of the VTFPA Do Xuan Lap underlined domestic timber as the key to the sustainable furniture industry.

He said that the recent Russian military operations in Ukraine, coupled with a prolonged pandemic, had been pushing up logistic costs and timber prices, putting a strain on furniture manufacturers.

Data from the General Department of Customs shows that imported timber prices increased by up to 52 percent in the first three months of this year.

He thus called for larger forest coverage and higher timber productivity to promote a self-sufficient timber industry, reducing the dependence on imported timber.

The chairman also suggested an official market for forestland transfers and called for favourable policies to encourage more firms to invest in forest plantations to push up timber output.

Nguyen Van Dien, director of the ministry's Forestry Production Development Department, noted that Vietnam had 14.68 million hectares of forests by March 2022, of which 2.17 million hectares are special-use forests, 4.68 million hectares are protection forests, and 7.82 million hectares are production forests.

Notably, production forests are comprised of 3.69 million hectares of planted forests and 4.13 million hectares of natural forests.

Textile - garment sector sees strong growth

The Vietnam National Textile and Garment Group (Vinatex) enjoyed a year-in-year surge of 144.2 percent in revenue to over 5.15 trillion VND (224.26 million USD) in the first quarter of 2022, completing 28.5 percent of its target for the whole year.

In the first quarter, Vinatex earned a pre-tax profit of 376.7 billion VND (16.4 million USD), equivalent to 173.9 percent of the amount recorded in the same period last year.

Growth was seen in both textile and garment industries. Specifically, the textile industry increased 139 percent, while the garment industry rose 167 percent over the same period last year.

Vinatex General Director Cao Huu Hieu attributed the growth to the good control of COVID-19, enabling businesses to deliver the orders they received from 2021 and accept more orders, along with stable prices of cottons and labour cost.

This year, Vinatex plans to speed up digital transformation to improve its operating efficiency, he said.

Vietnam Manufacturing Expo, NEPCON to attract 200 brands

The 2022 Vietnam Manufacturing Expo and  Vietnam’s Only Exhibition on SMT, Testing Technologies, Equipment and Supporting Industries for Electronics Manufacturing (NEPCON Vietnam 2022) will be held in Hanoi on August 10-12 and September 14-16 respectively.

They are expected to attract the participation of nearly 200 brands in the manufacturing and electronics industries from more than 10 countries and territories, including Japan, the US, the Republic of Korea, mainland China, Taiwan, Singapore, Thailand, Germany, and India and others, who will set up international pavilions and remote booths.

There will also be a series of customised seminars, technology updates from leading brands around the world and free business consulting sessions under the Business Innovation Zone Project.

Offshore wind power sees high development potential

The draft National Power Development Plan for the 2021 - 2030 period with a vision to 2045 (PDP VIII) clarifies the roadmap to cut down coal-fueled power and increase renewable energy sources, especially wind and gas power, offering a good chance for offshore wind power to thrive, according to experts.

During a recent online conference with localities on finalising the PDP VIII, Deputy Prime Minister Le Van Thanh said that calculations in the plan are optimal.

By 2030, total power capacity is forecast to reach 146,000 MW.

By 2045, coal-fueled power is expected to contribute only 9.6 percent of the country’s energy sector, while the contribution of solar power is set to reach 50.7 percent.

International organisations and experts said Vietnam has great advantages thanks to its long coastline and high potential for wind power, especially offshore wind power, which could reach a similar capacity to Vietnam’s hydropower projects.

Mark Hutchinson, Chair of the Southeast Asia Task Force at the Global Wind Energy Council, said that the target of 10GW from offshore wind power is reachable. This will help Vietnam become “safer” against risks of global fuel price fluctuations.

Tran Viet Ngai, Chairman of the Vietnam Energy Association, said that in the future, offshore wind power will develop strongly thanks to its advantages over onshore and solar power.

According to Mai Duy Thien, Chairman of the Vietnam Clean Energy Association, compared to onshore wind power, offshore wind power is more prominent in quality and stability.

Meanwhile, Stuart Livesey Country Director of Copenhagen Offshore Partners (COP) in Vietnam and General Director of the La Gan offshore wind power project said that large-scale offshore wind power projects can generate a significant amount of electricity at a higher availability rate than other forms of onshore renewable energy. He underlined the necessity of upgrading transmission lines, along with specific plans as well as suitable funding for the development of the renewable energy sector.

Many banks and financial institutions have already prioritised funding of renewable energy projects, including offshore wind power plans, he noted.

Experts held that Vietnam’s commitment to net-zero emissions given at the United Nations Climate Change Conference (COP26) is ambitious but reachable if the country designs suitable legal frameworks and support policies.

Consultation session seeks ways to export rice to ASEAN market

A consultation session is set to get underway in the Mekong Delta province of An Giang on May 5 in order to seek ways to boost rice exports to the ASEAN market, according to the Vietnam Trade Promotion Agency (Vietrade).

During the event, Pham The Cuong, trade counselor of Vietnam in Indonesia, is expected to provide local businesses with information and export opportunities in the Indonesian rice market.

Meanwhile, Nguyen Thanh Huy, a representative from the Vietnamese Trade Office in Thailand will share Thailand's rice cultivation and harvesting experience with Vietnamese enterprises.

Other Vietnamese trade officials in Laos and Malaysia will put forth several recommendations for businesses when exporting rice to these markets.

Among ASEAN countries, the Philippines is a leading consumer of Vietnamese rice, spending over US$1.25 billion last year and US$311.08 million in the first quarter of the year on the products, according to the Ministry of Industry and Trade (MoIT).

Apart from the Philippines, Vietnam also ships rice to other regional markets such as Malaysia, Singapore, Indonesia, and Brunei. The MoIT reported that Vietnamese rice exports to Malaysia in January alone rose 163.4% in volume and 156% in value compared to December 2021.

Big trade surplus for agro-forestry-fisheries over four months

Vietnam enjoyed a trade surplus of approximately US$4billion from agriculture, forestry and fisheries during the opening four months of the year, representing a 3.2 fold-increase over the same period last year, according to the Ministry of Agriculture and Rural Development (MARD).

Most notably, the agro-forestry-fisheries sector’s import and export revenue during the reviewed period reached roughly US$31.8 billion, an increase of 7% year on year.

Of the figure, exports surged by 15.6% to US$17.9 billion, while imports decreased by 2.3% to some US$13.9 billion.

Major agricultural export items soared 10.5% to over US$7.4 billion, while forestry exports increased by 4.9% to approximately US$5.9 billion.

Aquatic exports saw a significance rise of 43.7% to roughly US$3.6 billion in value, while livestock products raked in US$105.4 million, representing a decline of 19%.

Moreover, the export of production inputs skyrocketed 70.7% to US$883 million, of which the export value of fertilizers reached about US$439 million, representing a 2.9 fold increase compared to last year’s corresponding period.

The commodities posting an export value of over US$1 billion each include coffee, rice, vegetables, shrimp, and wood products.

Agro-forestry-fishery exports to markets throughout Asia, America, and Europe accounted for 41%, 29.7%, and 12.8% of the market share, respectively, while exports to the African and Oceanian markets made up 1.8% and 1.7% of the market share, respectively.

The United States remains the country’s biggest consumer of the products, with export turnover reaching approximately US$4.9 billion, accounting for 27.3% of the market share, followed by China with over US$3.2 billion.

Vietnam remains attractive destination for Japanese investors: JETRO chief

Vietnam in the eye of Japanese investors is a potential market that boasts factors for steady growth, says Nobuhiko Sasaki, chairman and CEO of the Japan External Trade Organisation – an agency that promotes Japanese trade and investment.

The two countries’ ministries, agencies, localities and businesses had signed and exchanged documents of cooperation, especially in new fields such as energy, digital transformation and the environment that shows the investment trend in both countries, he said.

The recent development of the Japanese supermarket chain Aeon Mall also shows that Vietnam’s retail market is developing rapidly, even in rural areas, he noted.

According to the JETRO executive, trade and investment cooperation between Japan and Vietnam has made progress in recent years. Japan has poured US$64.5 billion into 4,935 investment projects in Vietnam. Both Vietnam and Japan are important trading partners of each other when Vietnam is Japan’s third largest export market and the latter is the former’s fourth largest export market.

The number of Japanese companies entering Vietnam is increasing, and the Japan Business Association in Vietnam (JBAV) is now represented by approximately 2,000 Japanese enterprises.

Sasaki cited the results of a JETRO-run survey saying 55% of Japanese companies operating in Vietnam have business expansion plans in the next one or two years, the highest rate among Southeast Asian countries.

EU represents largest export market for Vietnamese clams

The EU is currently the nation’s largest clam export market with Vietnamese clam exports to the bloc increasing sharply amid growing demand and stable production of this product group locally.

Most notably, the past year has seen the export of shelled molluscs to the EU market skyrocket by 37% to US$87 million due to clam exports surging by 42% to reach US$78 million.

Clams have risen to have the fourth largest seafood export value to the EU market. Of this, clam exports to the three largest markets in the bloc, including Spain, Italy, and Portugal, have all soared by between 38% and 44%.

According to a representative of Oxfam Organization in Vietnam, valid Marine Stewardship Council (MSC) certificate is viewed as a passport to ensure the development of safe seafood and is a protective trademark for local seafood products.

Therefore, in order to exploit the potential of the export market, along with supporting businesses to effectively approach buyers, Oxfam in Vietnam and the Vietnam Chamber of Commerce and Industry (VCCI) have conveyed messages related to the goal of sustainable clam market development, in line with MSC standards.

Cargo through seaports rises 3 per cent in four months
     
Seaports in the country handled more than 236 million tonnes of cargo during the first four months of 2022, up 3 per cent from the same period last year, according to the Vietnam Maritime Administration (VMA).

The volume of container cargo reached about eight million TEUs during the period, up 2 per cent year-on-year. The figure includes 2.8 million TEUs of imports which saw a significant increase of 8 per cent compared to a year earlier.

The VMA noted that in April alone, the volume of cargo through seaports totalled 59 million tonnes, up 3 per cent. Container cargo hit some two million TEUs, a hike of 2 per cent from 2020.

Several coastal provinces experiencing major growth in cargo volumes comprise northern Quang Ninh (11 per cent), central Quang Nam (19 per cent), southern Dong Nai (8 per cent), and north-central Thanh Hoa (6 per cent). 

Organic vegetables becoming popular in HCM City
     
HCM City consumers’ willingness to again spend on organic foods to improve their health after two years of the COVID-19 pandemic is fuelling their development, experts said.

Organic foods are ubiquitous at modern retail outlets such as Co.opMart, Tops Market, MM Mega Market, Bach Hoa Xanh, Kingfoodmart, and Satra supermarket systems, and consumers could buy them at reasonable prices, they said.

According to market research company Nielsen, more and more consumers want products that are good for their health and do not harm the environment. But companies in the field face many challenges.

Thai Nhu Hiep, director of Vinh Hiep Co., Ltd, said: “Organic agricultural products are favoured by global consumers and will be an inevitable requirement for making agriculture sustainable, but organic production in our country faces many difficulties.

His company has faced difficulties in expanding the scale of organic farming because productivity and yields are not high, farmers do not have the habit of taking notes about their daily farming activities and their knowledge about organic production remains low, he said further.

Inputs such as fertilisers for use in organic production are still not widely available and are expensive.

HCM City plans to make urban agriculture modern and sustainable, focusing on restructuring and development of new-style rural areas, Nguyen Ho Hai, deputy secretary of the Party Committee, has said.

The city would develop hi-tech and clean agriculture and foster research and use of bio-technology to create high-yield and -quality varieties, he promised.

Nguyen Thanh Xuan, chairwoman of the city Farmers Association, said agricultural output last year was worth nearly VND18.6 trillion (US$823 million), an increase of 13.7 per cent from 2020. The city has 113,664 hectare of agricultural lands and around 50,000 people working in the sector.

Most of its produce is consumed in the city, while items like ornamental fishes and flowers and spices are also exported.

Transport firms up charges amid mounting fuel prices
     
About 80-90 per cent of fixed-route transport firms have adjusted their fares up by 10-15 per cent to offset mounting fuel costs, according to a Ministry of Transport (MoT) report submitted to the Prime Minister, assessing the impact of higher fuel prices.

According to the ministry, fuel prices have increased by VND4,625-7,030 per litre (US$0.2-0.3), or 24.91-39.56 per cent, after six price adjustment periods since early 2022.

Due to the price hikes, fuel costs have grown to an enormous proportion of the total costs of roadway transport firms, accounting for 40-45 per cent of their bills. The firms had no choice but to seek fare rises.

The situation is not better for airlines, whose fuel costs account for 39.5 per cent of their total costs. The MoT estimated that airline fuel costs in April climbed by 84 per cent compared to September 2015, effectively eroding their profitability.

The Civil Aviation Authority of Vietnam has sent an appeal to the MoT, requesting adjustments upward on ceiling airfares to help airlines to recover.

Meanwhile, railway firms have decided to keep their fares unchanged to attract more passengers and stick to socio-economic targets set by railway authorities. Rail freight rates rose slightly by 3-5 per cent.

A few shipping lines have begun to collect fuel surcharges since March to cover higher costs, whereas others have not hiked their fares.

Export drive catering to turnover targets

The Ministry of Agriculture and Rural Development (MARD) is eager to work with New Zealand to foster agro-product exports and learn experience to build brands for agro-products. Deputy Minister of Agriculture and Rural Development Le Quoc Doanh said, “Vietnam expects to receive technology transfer from New Zealand – a country having developed agriculture to modernise domestic agriculture. Besides that, we want to learn experience to build the brand for the dragon fruit product like the way New Zealand succeeded in creating a brand for kiwi fruit.”

At the second New Zealand-Vietnam Agricultural Dialogue organised in early April, chief executive of the New Zealand Ministry for Primary Industries Ray Smith, and Deputy Minister Doanh affirmed that more solutions are needed to realise the goal of achieving a bilateral trade turnover of $2 billion by 2024.

Vietnamese relevant ministries have also coordinated in organising many seminars to connect Vietnamese agricultural exporters with overseas markets. They discussed supply and demand issues, legal factors in export activities, consumer psychology, and local culture so that Vietnamese producers and exporters can have a comprehensive view of the international markets in order to effectively conquer this market with all its potential and value.

The MARD, in collaboration with the State Committee on Overseas Vietnamese under the Ministry of Foreign Affairs, connects with the overseas Vietnamese community to create a bridge to bring Vietnamese agricultural products higher and further in the global value chain.

Minister of Agriculture and Rural Development Le Minh Hoan said, “At present, 20-30 per cent of domestic agricultural products go through processing for export. Meanwhile, in Taiwan, nearly 80 per cent of processed agro-products are sold on the market. We need to step up processing, which creates very high added value and benefits for producers.”

Currently, there are 7,500 industrial-scale agricultural, forestry, and fishery processing enterprises in the whole country associated with exports, and tens of thousands of small-scale processing establishments and households on top of that. It is estimated that each year the sector has the ability to process and preserve about 120 million tonnes of related raw materials.

Shinhan Financial Group acquires 10 per cent stake in Vietnam’s ecommerce platform Tiki

With Tiki as its first strategic partner in Vietnam, Shinhan Financial Group from South Korea is looking to develop its digital capabilities beyond financial services.

Shinhan Financial Group – South Korea's second-largest banking behemoth – said on May 2 that it has agreed to acquire a 10 per cent interest in Vietnam’s e-commerce player Tiki, making it the company’s third-largest stakeholder. The deal fee remains unknown, according to Kedglobal.

Shinhan Bank, which is the largest foreign lender in Vietnam in terms of assets, will acquire a 7 per cent share in Tiki. Its affiliate Shinhan Card will be in charge of the remaining 3 per cent.

Sovico Group ties up with JERA Co., Inc. to explore opportunities to supply LNG

Sovico Corporation has signed a cooperation agreement with JERA to evaluate the potential of supplying liquefied natural gas (LNG) for power projects in Vietnam.

The signing of the agreement was witnessed by Vietnamese Prime Minister Pham Minh Chinh and Japanese Prime Minister Kishida Fumio during his official visit.

Sunny World signs strategic cooperation agreement with Daiwha House, Haichang Ocean Park Holdings and Medi Hub

Sunny World Infrastructure and Real Estate Investment and Development Group Corporation – a member of the Van Thinh Phat ecosystem – organised a strategic cooperation signing ceremony on May 2 with the aim to strengthen cooperation in investment promotion between Vietnam and Japan towards the 50th anniversary of the establishment of diplomatic relations between the two nations.

Sunny World also signed a cooperation agreement with Haichang Ocean Park Holdings from Hong Kong to jointly develop theme parks in Vietnam.

Vietnamese economy rebounds but challenges remain

The Vietnamese economy is rebounding strongly with impressive growth in newly established enterprises, industrial production and export-import, but is still faced with quite a few challenges and difficulties.

According to a report by the Ministry of Planning and Investment, the Vietnamese economy continued to recover in April on top of the momentum recorded in the first quarter of 2022. Specifically, industrial production rose 2% from the previous month and 9.4% over the same month last year. Overall industrial production grew 7.5% in the first four months of 2022 while manufacturing expanded by 11.3%. The number of workers in factories also rose 1.3% month on month and 3.9% from a year earlier.

Total retail sales and consumer services in April climbed 12.1%, which translated into a 6.5% rise for the four months. Exports during January-April went up 16.4% while imports rose 15.7%, with a trade surplus of 2.5 billion USD.

Tourism saw a strong recovery as international arrivals in April rose more than twofold compared to March and over fivefold compared to the same month last year. Disbursement of foreign direct investment was estimated at 5.92 billion USD, the highest figure since 2018.

Macroeconomic stability continued to be maintained and inflation was kept in check although Vietnam was facing considerable pressure. The consumer price index during the January-April period rose by 2.64% year on year.

Industrial land rents increase in Q1

Land rents at industrial parks in southern Vietnam were US$120 per square meter on average in the first quarter of the year, up 9% year-on-year, according to property consulting firm Jones Lang LaSalle (JLL). 

In a report on the industrial real estate market, JLL attributed the land rent hike to a new wave of foreign direct investment into Vietnam after the country reopened its economy and enterprises showed a higher demand for expansion, news site VnExpress reported. 

Meanwhile, real estate service provider Colliers Vietnam said the average industrial land rent in HCMC alone reached US$190 per square meter and the occupancy rate hit 90% in the January-March period. 

Land rents in the industrial parks in the southern part of the country has grown 8%-9% per year over the past few years.  

Many industrial parks in HCMC have run out of land for lease, paving the way for neighboring provinces such as Binh Duong, Long An and Dong Nai to attract more investors. 

SEA Games 31, a golden chance to boost Vietnamese tourism

The 31st Southeast Asian Games (SEA Games 31) to be hosted in Vietnam shall be a great chance for the country to promote the images of the nation, people and tourism to international friends.

Deputy Director General of Vietnam National Administration of Tourism Ha Van Sieu said that the activities of destination and tourist product introduction along with the activity of welcoming SEA Games 31, festivals, promotion programs at the venues will be well elaborated to bring a positive impression and sentiment to delegates and athletes.

Especially, 12 localities hosting the SEA Games 31 have built tours for athletes and sports managers. It will be free of charge for those holding SEA Games entry cards. 

The delegates and athletes competing at the SEA Games 31 will have chances to enjoy the beautiful sceneries, the hospitality and the tourist attraction of Vietnam. 

According to Mr. Ha Van Sieu, there will be free-of-charge tours, on-demand tours for fans, sports managers, athletes, sports delegates and so on. For example, sports delegations in the capital city of Hanoi can travel to Lao Cai, Ninh Binh, Ha Long or Hai Phong while sports delegations in Ha Long can perform their trip to Hanoi.

Top travel agencies including Saigontourist, Vietravel and other enterprises have well prepared appropriate tours for different customers and regularly updated the information for delegates and visitors.

There will be also booths, information counters, cultural spaces and information related to tours and destinations at the coming press conference. The travel agencies will dedicate the city tour in Hanoi or a special tour of the Son Doong Cave expedition for sports delegates.

HCMC accelerates social housing projects

In recent days, elsewhere in the southern largest city, local administration and investors started several housing projects for workers, employees, and resettlement houses for residents whose old houses were destroyed. Typically, construction of worker accommodation projects in Linh Trung 2 Export Processing Zone, Thu Duc City started on April 25 with pressing test piles.

Chairman of Thu Duc City People's Committee Hoang Tung said that through the analysis of social housing needs of employees working in companies in the city, so far, nearly 5,600 people registered to rent and buy social housing.

Prior, the People's Committee of Thu Duc City has issued a written request for a policy to plan three locations for the construction of workers' accommodation in Ho Chi Minh City's Hi-Tech Park with an area of about 90ha which can provide accommodation for more than 80,000 workers and employees. Moreover, at the same time, the city will continue to review the public land fund for the construction of social housing and accommodation for workers.

Similarly, District 7 proposed that Ho Chi Minh City approve nine land plots to build social housing and housing for workers, such as the 15,400 square meter land plot at No. 4 Pham Huu Lau, the 6,400 square meter land area at 261A Lam Van Ben and the land area on Nguyen Van Quy street with 29,700 square meters.

In particular, Ho Chi Minh City strives for the area of social housing to lease at least 500,000 square meters of floor space, accounting for 20 percent of the social housing area. Particularly in 2022, the floor area for the construction of social housing will increase by 46,300 square meters with an investment demand of VND698 billion.

According to Deputy Director of Ho Chi Minh City Department of Construction Huynh Thanh Khiet, projects in Ho Chi Minh City will provide over 35,000 social housing apartments from 2021 to 2025. Ho Chi Minh City also asked investors of 33 housing projects with a land area of over 10 hectares in a total area of over 105 hectares for building about 70,000 apartments to reserve 20 percent of the land fund for the construction of social housing. 

The Department of Construction of Ho Chi Minh City has submitted to the People's Committee of Ho Chi Minh City shortened processes, speeding up the implementation time of social housing projects to less than 6 months to facilitate investors.

Banks cut lending rates to support businesses
 
The banking sector will continue providing support for its customers affected by the pandemic, including ongoing efforts to restructure debt payments and waive and cut interest rates.

Credit institutions in Hanoi have so far waived and lowered lending interest rates for 316,000 customers with a total outstanding loan of VND521 trillion (US$22.7 billion), according to the State Bank of Vietnam – Hanoi Branch.

In addition, the banking sector also restructured debt payment schedules for 58,400 companies and individuals for VND60 trillion ($2.6 billion) and provided new loans with preferential rates for 210,000 others.

The move came following the instruction from the State Bank of Vietnam (SBV) to keep a low-interest-rate environment for businesses and individuals to access loans at affordable rates.

At present, the average lending rates at banks are estimated at 5.5-7.5% per annum for short-term loans; and 7.5-8.5% for mid-and long-term loans.

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

VIETNAM BUSINESS NEWS MAY 5

 15:45               

89 percent of imports raw materials for domestic production: Ministry

Up to 89 percent of the imports in the first four months of this year are raw materials and accessories for domestic production with a combined value of 106.6 billion USD, up 16.8 percent year-on-year, according to the Ministry of Industry and Trade.

It reported on May 4 that Vietnam’s total imports expanded 15.7 percent year-on-year to an estimated 119.8 billion USD in the period.

In April alone, the figure was estimated to reach 32.2 billion USD, down 1.5 percent month-on-month and up 15.5 percent compared to the same period last year.

The import of energy products strongly surged, partly due to scarce supply.

Notably, the import turnovers of gasoline and oil, coal, crude oil and liquefied natural gas surged by 146.9 percent, 123 percent, 63.7 percent and 62.7 percent, respectively.

In addition, the import of other items also increased sharply such as petroleum products (up 30.3 percent), chemicals (up 29.3 percent), chemical product (26.71 percent), fertiliser (73.3 percent), rubber (34 percent), mobile phones and accessories (20.8 percent).

China was the largest market of Vietnam in the first four months, with an estimated turnover of 36.78 percent, up 8.3 percent compared to the same period last year.

Vietnam also imported goods from the Republic of Korea, ASEAN, Japan, EU, and the US with respective values of 23.3 billion USD, 16.4 billion USD, 8.2 billion USD, 5.3 billion USD and 4.7 billion USD.

German newspaper highlights Vietnam’s post-pandemic economic recovery

Germany’s newspaper Finanzmarktwelt has run an article on Vietnam’s full reopening post the COVID-19 pandemic, with rosy signs seen in all sectors.

According to the article, Vietnam faced a range of difficulties in the fight against the pandemic last year due to the spread of the Delta variant. However, the Southeast Asian nation has fully opened and shifted to living safely with the pandemic despite Omicron waves this year.

The country’s export-import value hit a record 67.37 billion USD in March, of which 34.71 billion USD came from exports, surpassing the previous record in July 2021.

The article cited a forecast by the Asian Development Bank (ADB) as saying that Vietnam’s economy will expand about 6.5 percent this year.

It also highlighted Vietnam’s export of electronic products, especially mobile phones, garments-textiles and timber products.

Tim Lee Lahaphan, an economist from Standard Chartered Bank, said more and more foreign firms have planned to move their supply chains to Vietnam that is dubbed as a centre of electronics, garments-textile and footwear in the region, the article noted.

Apart from production and trade, the domestic tourism is also bouncing back, the article said, adding that since mid-March, Vietnam announced its complete resumption of tourism activities.

Tourism has significantly contributed to Vietnam’s economy, making up 9.2 percent of the national gross domestic product (GDP) last year, the article said.

HCM City looks to bolster waste treatment cooperation with Indian firm

Vice Chairman of the Ho Chi Minh City People’s Committee Vo Van Hoan on May 4 met with Alla Ayodhya Rami Reddy, a member of the upper house of India, who was leading a business delegation, including representatives of the Ramky Group, to the city to explore cooperation chances in waste treatment.

The host official said HCM City welcomes Indian enterprises coming to explore opportunities and make long-term investment and business. It is always ready to create the best possible conditions for Indian firms to invest in industrial park infrastructure and convert old industrial parks into the ones that apply modern and advanced technologies.

The Ramky Group’s intention to build a hi-tech waste treatment plant highly matches the demand and development orientations in the city and Vietnam as a whole, Hoan said, adding that HCM City highly values Indian businesses’ experience and technological capabilities in waste treatment.

HCM City hopes that Ramky will consider, give advice, and implement waste treatment projects at existing landfill sites while constructing a large-scale wastewater treatment system for the city, according to the Vice Chairman.

For his part, Reddy, who is also the founder of Ramky, affirmed his wish to enhance cooperation with HCM City and other southern localities of Vietnam in the treatment of urban, medical, and industrial waste, along with wastewater, by using advanced technology.

The group looks to raise its investment in Vietnam to 1 billion USD from the initial 150 million USD committed in a memorandum of understanding on cooperation signed in December 2021, he noted.

Airports welcome over 1.1 million passengers during 4-day holiday

Total passengers passing through airports across Vietnam exceeded 1.1 million during the four-day National Reunification Day (April 30) and May Day (May 1) holiday, reported the Civil Aviation Authority of Vietnam (CAAV).

The figure represented an annual decrease of 3.3 percent, however goods throughput hit 15,900 tonnes, up 7.5 percent on year.

Tan Son Nhat in Ho Chi Minh city, Noi Bai in Hanoi, and Da Nang in the central city of the same name received 375,000, 240,000 and 94,800 passengers, as well as 4,900, 9,600 and 316 tonnes of goods, respectively.

Vietnamese airlines operated 3,600 flights, down 13.5 percent over the same period last year. Of the flights, 3,300 took off on time, and 25 were cancelled.

FDI channeled into Binh Duong quadruples

Foreign direct investment (FDI) flowing into the southern province of Binh Duong neared 1.8 billion USD in the first four months of this year, four times higher than in 2021.

Local industrial parks attracted more than 9.2 trillion VND (400.55 million USD) in domestic investment, an annual increase of more than five times.

To date, Binh Duong's industrial parks are home to 3,014 valid projects. Of the total, there are 2,340 FDI projects worth nearly 28 billion USD, channeled mainly in the production sector.

Among the investors, Nitto Denko Vietnam Co., Ltd., which specialises in manufacturing electronic components, has increased its capital by 99 million USD to produce and process integrated circuit products this year.

Meanwhile, Accasette Garment Company Limited in Song Than 3 industrial park raised its capital by 14 million USD to promote production and export of fashion and sports clothing.

According to Nguyen Thanh Nhan, Deputy Head of the Binh Duong Industrial Zones Authority, the results showed that after the COVID-19 pandemic, business and production activities have returned to normal, creating favorable conditions for domestic and foreign enterprises to confidently pour capital into goods production and exports.

Vietnamese firms partner to upgrade telecoms network in Cambodia

MB Cambodia and the Viettel (Cambodia) Pte., Ltd (Metfone), two Vietnamese-invested firms, on May 4 signed a special credit package contract for 2022 to upgrade the telecoms network in Cambodia.

Under this contract, MB Cambodia, a branch of Vietnam’s Military Commercial Joint Stock Bank, will provide a credit package with a limit of up to 100 million USD for Metfone, an affiliate of the Viettel Military Industry and Telecoms Group, to upgrade the telecom services network and expand operations in Cambodia.

Metfone and MB Cambodia are assessed as leading Vietnamese businesses in Cambodia over the past decade.

Vietnamese Ambassador to Cambodia Nguyen Huy Tang described the signing of the contract as an important event since both have gained a foothold in the telecommunications, e-payment, e-wallet, and financial - banking sectors in Cambodia.

He held that this partnership will help promote Vietnamese firms’ stature in Cambodia, thereby contributing to the two countries’ cooperation, especially in economy.

Bilateral trade has recorded impressive growth in recent years, hitting 5 billion USD in 2020 and 9.3 billion USD in 2021, statistics showed.

Petrol prices inch up in latest adjustment

Retail prices of oil and petrol were raised from 3pm on May 4 following the latest adjustment by the Ministry of Industry and Trade (MoIT), and the Ministry of Finance.

Accordingly, the ceiling retail price of RON95 bio-fuel was raised by 440 VND to 28,430 VND (1.24 USD) per litre, while that of E5 RON92 increased by 330 VND to no more than 27,460 VND per litre.

At the same time, the price of diesel was capped at 25,530 VND per litre, an increase of 180 VND. Kerosene prices remained unchanged at 23,820 VND per litre. 

According to the MoIT, gasoline demand in the second quarter will reach about 5.2 million sq.m, with supply expected to hit some 6.7 million sq.m.

The total demand for petroleum in the domestic market this year is forecast at 20.6 million sq.m.

Vietnam Australia Innovation Network to hold Int’l Conference on High Quality Agriculture

The Vietnam Australia Innovation Network (NIC AU) will organise an International Conference on High Quality Agriculture on May 8 and May 22.

The conference, sponsored by the State Committee for Overseas Vietnamese and the National Innovation Centre (NIC) of Vietnam, will be held in an online format, with the participation of many prestigious speakers and guests around the world.

This is the second time a global conference on high-tech agricultural innovation has been held, following the success of the one in 2021 also co-organised by NIC AU and the Vietnamese innovation network in some other countries.

Hoang Ngoc Bao Huy, NIC AU Vice President, said that the event aims to promote the exchange and transfer of science and technology in the agricultural field from developed countries to Vietnam. It will offer an opportunity for scientists, managers and experts in the fields of agriculture and technology to share experience and provide information related to new technologies for Vietnamese businesses, and support local authorities in looking for solutions to improve crop productivity for export.

The NIC AU is working with the NIC, the Ministry of Planning and Investment and Vietnamese innovation networks globally in making plans to implement more programmes, conferences, group meetings and discussions on various scales in the field throughout the years, starting in 2021 and lasting at least until the end of 2022.

Remittances to HCM City reach nearly 1.8 billion USD in Q1

Remittances to Ho Chi Minh City in the first quarter of this year reached nearly 1.8 billion USD, according to the State Bank of Vietnam’s branch in the city.

The volume showed a 14.2 percent increase compared to the same period last year.

Those are impressive figures in the context of complex changes in the world situation and the negative impact of the COVID-19 pandemic on global trade and economic activities.

Foreign remittances account for around 12 percent of HCM City’s GRDP, becoming an important resource for socio-economic development in not only the city but also the country as a whole.

Last year, remittances to the city came to a record high of 7.1 billion USD, accounting for more than half of the national volume.

Transport firms up charges amid mounting fuel prices

About 80-90 percent of fixed-route transport firms have adjusted their fares up by 10-15 percent to offset mounting fuel costs, according to a Ministry of Transport (MoT) report submitted to the Prime Minister, assessing the impact of higher fuel prices.

According to the ministry, fuel prices have increased by 4,625-7,030 VND per litre (0.2-0.3 USD), or 24.91-39.56 percent, after six price adjustment periods since early 2022.

Due to the price hikes, fuel costs have grown to an enormous proportion of the total costs of roadway transport firms, accounting for 40-45 percent of their bills. The firms had no choice but to seek fare rises.

The situation is not better for airlines, whose fuel costs account for 39.5 percent of their total costs. The MoT estimated that airline fuel costs in April climbed by 84 percent compared to September 2015, effectively eroding their profitability.

The Civil Aviation Authority of Vietnam has sent an appeal to the MoT, requesting adjustments upward on ceiling airfares to help airlines to recover.

Meanwhile, railway firms have decided to keep their fares unchanged to attract more passengers and stick to socio-economic targets set by railway authorities. Rail freight rates rose slightly by 3-5 percent.

A few shipping lines have begun to collect fuel surcharges since March to cover higher costs, whereas others have not hiked their fares.

Vietjet resumes flights from Vietnam to some Asian countries

The Vietjet flight number VJ971 officially took off from Hanoi to New Delhi (India) after a hiatus of more than two years.

Welcoming the first passengers back on the route to India, the leaders of the Civil Aviation Administration and Vietjet were early present at the airport on April 30 to give flowers and extended the best wishes before the flight.

Dinh Viet Phuong, Vietjet Managing Director shared: "A series of direct routes to India - a country of 1.4 billion people shortly after the pandemic and other international routes to Thailand, Singapore, Malaysia, the Republic of Korea, Japan, Indonesia, etc are Vietjet's efforts and commitments to bring flying opportunities for everyone, becoming a bridge for cultural, economic and social exchange activities between countries, leading the wave of strong recovery after the pandemic".

Immediately after the pandemic, Vietjet pioneered in operating flights to the Indian capital as well as those to Bodh Gaya holy place.

Local tuna exports to Portugal soar by 135%

Vietnamese tuna exports to Portugal continued to record a three-digit growth rate in the first quarter of the year, according to statistics given by the Vietnam Association of Seafood Exporters and Producers (VASEP).

Most notably, the export value of tuna to the Portuguese market throughout the reviewed period skyrocketed by 135% to US$1.1 million against the same period from last year.

Vietnamese enterprises mainly exported frozen tuna coded HS 0304 to the demanding market, with the average export price reaching US$6,537 per tonne.

According to figures compiled by the World Trade Center, Portugal is currently the sixth largest tuna import market in the EU bloc, with the Southern European nation purchasing tuna from 35 countries globally.

In line with this, Vietnam makes up the eighth largest provider of tuna to Portugal, behind Ecuador, China, Papua New Guinea, Mauritius, Indonesia, Ghana and the Philippines.

The average price of Vietnamese tuna exports to this market last year increased with frozen tuna loin coded HS0304 witnessing its highest price, according to the VASEP. 

Moreover, tariff incentives under the terms of the EU-Vietnam Free Trade Agreement (EVFTA) have given fresh impetus to  the high growth of Vietnamese tuna products to the Portuguese market.

Cua Lo Port receives first international container ship

Cua Lo Port in the central province of Nghe An, a member of Vietnam Maritime Corporation (VIMC), welcomed the international container ship The Mariner to unload and transport goods to India on the morning of May 5.

This represents the first time that Cua Lo Port has received an international container ship with a loading capacity of about 23,000 tonnes.

The move is expected to help Cua Lo Port serve as a crucial bridge in the VIMC's container transport route, linking the nation to Malaysia and India, as well as opening up development orientations for Vietnamese maritime transport and establishing additional transport routes from central Vietnamese localities to international ports globally.

Vietnamese gold consumption demand increases by 6%

Vietnam’s consumption demand for gold during the first quarter of the year edged up by 6% against the same period from last year, according to figures given by the World Gold Council (WGC).

The global gold market enjoyed a rebound in the first quarter of the year, representing an annual rise of 34%, thanks to strong inflows of exchange-traded funds (ETFs).

Coupled with the recovery of global gold demand, consumer gold demand in the country also rose from 18.6 tonnes in the fourth quarter of last year to reach 19.6 tonnes in the first quarter of the year, representing an increase of 6% year on year.

This growth was primarily driven by total demand for gold bars and coins increasing by 4% from 13.5 tonnes in the first quarter of 2021 to 14 tonnes in the first quarter of this year.

HDBank elects Korean banker as new chairman
     
HDBank has announced a resolution by its Board of Directors to elect Kim Byoungho, an independent member, as chairman with effect from April 29 with a plan to help take the bank into a new stage of development and stronger integration.

The appointment of Kim, who used to be chairman and CEO, the highest managerial positions at Hana Bank and Hana Financial Group, as chairman of HDBank’s BOD shows its desire to bring international vision and best standards into its governance, transforming it in its new development stage and enabling international integration.

The veteran Korean banker is expected to direct the acceleration of HDBank's strategic programmes, expansion of international cooperation and realisation of its targets of high and sustainable growth both in scale and quality.

Kim, 61, has over 30 years of experience in the financial and banking industry.

He used to be CFO and CEO of Hana Bank (the second largest lender in Korea) and vice chairman of Hana Financial Group.

Coal miners expect good year on higher demand, rising prices
     
Coal mining enterprises are bullish about their business operations on high coal demand, after positive results in the first quarter of 2022 with many exceeding targets.

Data compiled by Vinacomin - Minerals Holding Corporation (UPCoM: KSV) showed that in the last quarter, raw coal output was 10.58 million tonnes, reaching 27.1 per cent of the year plan and equaling 106 per cent of last year's production. Meanwhile, its coal consumption reached 11.07 million tonnes, equal to 25.7 per cent of the annual plan and up 12.4 per cent year-on-year.

During the economic recovery post-COVID-19 pandemic, domestic demand for coal is at a high level, especially coal for power generation. Coal-fired power is accounting for more than 30 per cent of the country's total power capacity and plays an important role in ensuring national energy security. It is also one of the main sources of power supply to meet the needs of economic development and maintain the stable operation of the system.

Moreover, domestic coal prices are expected to soon be adjusted, increasing profit margins for businesses. According to Viet Capital Securities Company (VCSC), the domestic coal price is currently at a modest level compared to the international coal price. At present, international prices were 2.5-3 times higher than domestic prices and may continue to increase.

Experts of VCSC forecast that TKV may ask to raise coal prices in 2022, as domestic coal prices have remained stable over the past two years despite rising production costs.

With the domestic coal production capacity of 100 per cent, coal production is expected to reach 41 million tonnes this year, up 2 per cent on-year. Therefore TKV has to import coal from other markets. And as international coal prices have continuously inched higher, it is not economical for TKV to maintain the coal prices since 2021.

Sacombank Securities Joint Stock Company (SBS) said that listed coal mining companies can also benefit from negotiating new selling prices for TKV this year.

To produce coal for power generation and benefit from the cost, businesses are concentrating their resources, preventing production disruptions. They also have to mobilise the workforce and equipment to organise coal mining, increase coal production, process and mix coal, ensuring coal output for consumption demand.

Thai Binh 2 thermal power plant to start operations by May 10

All employees and managers are making an effort to put the first turbine of the Thai Binh 2 thermal power plant into operation by May 10. According to information from the project’s managing board, the construction is currently 92 per cent complete and the fire prevention system is almost completed.

About 1,200 staff are working at the building to accelerate the construction of the thermal power plant. The contractor – QingDao-Sotec – commits to mobilise human resources to ensure that the pilot operation goes smoothly.

In order to serve the operation, the managing board has selected 64 engineers and 104 workers to join the on-job training course starting on May 16.

Invested in by PetroVietnam, the Thai Binh 2 thermal power plant is an important component of the Thai Binh power centre. It was designed with two units with a total capacity of 1,200MW and is located about 20km to the east of Thai Binh city.

Toyota Viet Nam recalls 191 Raize cars
     
Toyota Motor Viet Nam will start recalling 191 Raize cars to repair the front shock absorber mounting joint starting from Wednesday (May 4).

According to the Viet Nam Register, these are vehicles manufactured from March 29 to October 8 in Indonesia last year, imported by Toyota Viet Nam for distribution.

The time to start implementing the recall programme is from May 4, 2022 to May 4, 2025. The estimated inspection and repair time ranges from 7.6 hours to 24.1 hours per car and is completely free of charge.

In case customers want to check if their car is on the list of this programme, they can contact Toyota Viet Nam and Toyota dealers nationwide for support.

For more information, customers can directly contact the nearest Toyota dealers or Toyota Viet Nam's hotline number 18001524 or 0916001524 or on the website www.toyota.com.vn.

Ho Chi Minh City earns over 1.6 trillion VND in tourism revenue during four-day holiday

Ho Chi Minh City earned over 1.6 trillion VND in tourism revenue during the four-day holiday from April 30 to May 3 in celebration of the Liberation of the South, National Reunification Day, and May Day.

According to the municipal tourism department, the city welcomed around 420,000 visitors, including 13,200 foreigners, on the occasion.

Visitors to the city during the holidays were offered new tourism products including helicopter tours, which allow holidaymakers to view the metropolis from above, and Saigon River tours.

The newly launched tours are among the highlights of the “Welcome to Ho Chi Minh City” programme, which is being held from March 15 to September 15 to promote the city’s tourism.

Riverway tourism routes have been put in operation in Ho Chi Minh City with the aim to promote local waterway transportation and provide visitors with a new option to explore the city.

Banks begin to hike deposit rates

Commercial banks are rushing to increase deposit rates to speed up their capital mobilization.
Twelve of over 30 banks have raised their deposit rates by up to 0.7 of a percentage point per year. The majority of banks have hiked rates for short-term savings, the local media reported.

ABBank has raised its annual rates by 0.4-0.5 percentage point for tenors of six months or longer, making it the bank with the highest upward adjustment. Customers depositing money online at ABBank for a nine-month term will enjoy a 70-basis-point spike in rates.

SHB has revised up deposit rates by 40 basis points for tenors of 12 months, while Techcombank had the same hike for online transactions.

The current highest deposit rate at SHB is 6.7% per year, up 35 basis points, and only applies to the 36-month term and online transactions.

At Military Commercial Joint Stock Bank, the deposit rates have been adjusted up 15-24 basis points per year for several tenors, while at Eximbank, the rate for online savings of 15 months is now 6.5%, up 20 basis points from early April.

Meanwhile, Vietinbank has lowered deposit rates by 30 basis points for all tenors. Three other banks, Agribank, BIDV and Vietcombank, have kept their deposit rates unchanged.

Two Thu Thiem land auction winners yet to pay VND100 billion as committed

By the end of May 4, the two winners of the Thu Thiem land auction had not yet paid VND100 billion (US$4.34million) as committed earlier.

These two enterprises had promised to pay VND100 billion before April 30 to "show goodwill" with the desire to deploy projects on the land lots that they won in the auction.

After making written requests to extend the payment time for the winning land lots and related fees, including fines for late payment, to September 2022 but were not accepted, the Dream Republic Joint Stock Company and Sheen Mega Joint Stock Company made written commitments to pay an amount of VND100 billion into the State budget before April 30 to show goodwill to continue carrying out their projects.

At present, the tax authority still calculates the late payment interest at 0.03 percent per day. The late payment calculation for the first installment had been applied from February 6. And from April 7, these enterprises will be charged an additional fee for late payment for the second one. Currently, the late payment amount that these two enterprises have to pay is more than VND2.3 billion ($100,010.59) per day.

Central provinces review, revoke unfinished projects of FLC Group

After Sai Gon Giai Phong Newspaper reported on sluggish projects occupying thousands of hectares of land along the Central region of FLC Group, provincial authorities have been reviewing and considering revoking and reducing the area of projects with slow progress and infeasibility of this corporation.

Mr. Dang Van Minh, Chairman of the People's Committee of Quang Ngai Province, said that the province withdrew all projects that had previously granted investment policies to FLC Group in Dung Quat Economic Zone and canceled two projects in Binh Son and Ly Son Island districts with an area of nearly 5,900ha.

Similarly, the Department of Planning and Investment of Binh Dinh Province informed that it was directing relevant functional units to review the feasibility and investment ability of the FLC Cu Lao Xanh resort and villa complex in Quy Nhon City to make a proposal to the provincial People's Committee to revoke the project.

Mr. Nguyen Trong Trang, Chief of Office of the People's Committee of Thanh Hoa Province, said that the provincial People's Committee had sent a document to assign the Management Board of Nghi Son Economic Zone and industrial zones in Thanh Hoa Province to coordinate with relevant units to implement procedures to terminate the FLC Hoang Long Industrial Park project.

In Ha Tinh Province, Mr. Nguyen Van Sau, Vice Chairman of the People's Committee of Thach Ha District, said that the FLC - Ha Tinh high-tech agriculture project occupies an area of 240.44 hectares in this district. Currently, this project has no positive investment signal. Recently, the enterprise has continued asking to switch to a pig-farming project with a scale of about 60,000 heads. However, the People's Committee of Thach Ha District does not agree because it is unsuitable for the planning and greatly affects the environment.

Suspect group deceiving thousands of investors proposed to be prosecuted

The Office of Investigation Police Agency (under the Public Security Ministry) has just finished its additional investigation of the case ‘Nguyen Huu Tien and Accomplices Appropriated Property via Computer and Telecoms Networks, Electronic Devices’, happening in Ho Chi Minh City and other provinces, cities.

Accordingly, the Supreme People’s Procuracy has received the proposal from the Office of Investigation Police Agency to prosecute Nguyen Huu Tien and his accomplices, namely Nguyen Hong Quan, Pham Viet Son, Pham Thi Phuong Thu on the act of using computer networks, telecoms networks, and electronic devices to steal property.

From December 2015 to July 2018, Tien and his accomplices established two companies called Thien Rong Viet Investment JSC. and OTCMAX JSC. to attract capital from investors, even though these enterprises do not operate at all.

The suspects created the websites at the addresses of thienrongviet.com and otcmax.vn to promote images, print many publications, and host various customer meetings to deliver fake information about investment projects, with a promise to pay high interest rates and lucrative commissions. They then apply the multi-level marketing model to attract money from these potential investors.

The suspects were able to collect hundreds of billions of VND with the above trick.

Vietnamese businesses continue strong revival
 
The rapid decline in Covid-19 cases in Vietnam helped lead to renewed growth of output and employment in April amid a return to more normal business conditions.

The fast resumption of business and production activities during a new normal is evidence of the Government’s efforts to accelerate economic recovery.

In April, a record number of  15,001 new enterprises were registered in Vietnam, surpassing the previous all-time high of 13,043 during the 2017-2021 period.

The number of workforce in new businesses in April also rose by 10.7% year-on-year to 104,757, while over 7,000 companies returned to operation during the month, up 22.4%.

The latest Business Climate Index (BCI) from the European Chamber of Commerce in Vietnam (EuroCham) revealed the index, which reflects the sentiment of European businesses in Vietnam, has once again reached its highest point of 73 after the fourth wave of the pandemic.

Hanoi’s supporting industries welcome new investment wave
 
Seen as a magnet attracting foreign and domestic investment into the field of supporting industries in the capital city, the Hanoi Southern Supporting Industrial Park (HANSSIP) has been the destination of new projects recently.

HANSSIP, designed under the Japanese standard by design consultant firm Nikken Seikkei Civil for on-site production chains, covers an area of 640 hectares and is located in Hanoi's Phu Xuyen district, adjacent to National Highway 1A and National Highway 1B - Phap Van Cau Gie.

At full capacity, HANSSIP could accommodate up to 2,000 enterprises and create 150,000 – 200,000 direct jobs.

In late March, Japan-based Onaga, producers of aircraft components for Boeing and Airbus, held a groundbreaking ceremony for the construction of a manufacturing facility at HANSSIP.

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

VIETNAM NEWS HEADLINES MAY 5

 15:51               

SEA Games 31: Hanoi announces traffic management plan serving sport events

Traffic police on a downtown street in Hanoi (Source: VNA)

Police in Hanoi, a venue of myriad events within the upcoming 31st Southeast Asian Games, have issued a related plan to manage traffic for all types of vehicles.

From May 6 to 23, the opening, closing ceremonies and events of 25 sports are expected to take place at 19 locations across the capital’s 14 districts.

The traffic plan covers routes for foreign sports delegations to reach their hotels in Hanoi’s districts of Nam Tu Liem, Cau Giay, Dong Da, Ba Dinh, Tay Ho, Hoan Kiem, and Hai Ba Trung.

There are also planned routes for them to go to competition venues in other northern localities – Hai Duong, Hai Phong, Quang Ninh, Ha Nam, and Nam Dinh – during the biennial tournament.

Serving the opening ceremony at the My Dinh National Stadium on May 12 and closing ceremony at the Indoor Games Gymnasium on May 23 in Hanoi, the police will conduct traffic management and restrict the movement of trucks from 500 kg as well as passenger cars with 16 seats or more on a series of routes around the venues. Spectators are encouraged to use public transport to reach the 19 locations for games.

Doping analysis contract at SEA Games 31 signed

The Vietnam Sports Administration (VSA) on May 4 held a ceremony to ink a doping analysis contract at the upcoming 31st Southeast Asian Games (SEA Games 31), according to the Organising Committee.

The ceremony was attended by Nguyen Van Phu, deputy head of a subcommittee on health and doping test and Director of the Doping Centre and Medical Health at the VSA; Buranaratt Songpanthu from the National Doping Control Centre of Thailand; and representatives of Vietcontent, which is among the sponsors of the regional event.

Doping tests at SEA Games 31 must ensure fairness and discipline. The organising committee will collect about 1,100 blood and urine samples for testing and the number could rise depending on competition schedule.

Large area of sample collection, difficulties in storage and transport of the samples, especially aboard, are major challenges in the work.

Samples will be sent to laboratories meeting requirements of the World Anti-Doping Agency (WADA) to guarantee accuracy and fairness. All the tests will be under the supervision of the SEA Games Federation, the Organising Committee and representatives of regional sporting delegations.

Phu Tho, Nam Dinh ready for SEA Games 31

The northern provinces of Phu Tho and Nam Dinh, which house the venues for male’s football qualifying matches at the 31st Southeast Asian Games (SEA Games 31), have completed their related preparations, ready for the regional biennial tournament, according to the national SEA Games 31 organising committee.

Phu Tho, about 80km north of Hanoi, has spent 44 billion VND (1.9 billion USD) on upgrading playing fields and training areas serving participating regional teams. The local Viet Tri Stadium, where Group A matches and a semifinal one will take place, boasts good standards and can accommodate 18,000 seats.

Host Vietnam, Indonesia, Myanmar, the Philippines, and Timor Leste are placed in Group A.

Meanwhile, Nam Dinh, about 100km south of Hanoi, has finished preparing its Thien Truong Stadium, ready for competitions of Group B squads – Thailand, Malaysia, Singapore, and Cambodia – from May 7 to 22.

Other preparation workloads regarding logistics, security, transport, and health, among others, have also been completed in the two provinces.

SEA Games 31 male’s football fixtures are scheduled to be between May 6 and 22.

SEA Games 31: 300 volunteers to support sports delegations in Quang Ninh

The northern province of Quang Ninh, one of the 12 localities hosting the upcoming 31st Southeast Asian Games (SEA Games 31), has mobilised more than 300 volunteers to support sport delegations attending the biggest regional sports event.

The volunteers are students of Ha Long University who can communicate fluently in English and Chinese. Some can also speak other languages used in Southeast Asia. They are all fully vaccinated against COVID-19.

The students have received trainings on SEA Games 31 as well as regional nations and hospitality activities and support to delegations and athletes in medical facilities, airports, hotels and tourist sites.

Quang Ninh will host competitions in seven sports from May 6 – 22. It expects to welcome more than 1,200 athletes, referees and coaches during the games.

SEA Games 31: Ministry issues badges for vehicles

The Ministry of Transport has issued a set of badges for identifying the vehicles serving the upcoming 31st Southeast Asian Games (SEA Games 31).

It said on May 4 that it has asked the Traffic Police Department under the Ministry of Public Security to inform its relevant units about the badges so as to guarantee smooth traffic during the regional sports event.

Meanwhile, its Directorate for Roads was ordered to notify the Vietnam Expressway Corporation, investors of the build-operate-transfer transport projects, and relevant businesses in the localities hosting competitions in order to open toll booths and control traffic for the priority vehicles.

National conference seeks to improve efficiency of support for UXO victims

A national conference was held by the Vietnam National Mine Action Centre (VNMAC) in coordination with the Ministry of National Defence and the ASEAN Regional Mine Action Centre (ARMAC) to look at ways to support victims of explosive remnants of wars in ASEAN countries.

The project to enhance the efficiency of the programme to assist victims is among the solutions initiated by ARMAC in coordination from regional countries and funding from the Republic of Korea (RoK)’s Government and the ASEAN-RoK Cooperation Fund. The conference was one of the project’s first activities aimed at forming a system of regional-level facilities to provide support to victims.

Executive Director of ARMAC Prum Suonpraseth said that the development and implementation of projects to support the victims in ASEAN member countries is crucial, helping create more conditions for them to overcome countless barriers in the process of accessing necessary services such as education and employment. He added that the project is one of four ongoing projects in the mine action programme conducted by the centre to address humanitarian issues.

Tran Huu Thanh, head of the division for external relations at VNMAC, said that it is necessary to design a coherent legal system in the support of the victims with specific decentralisation and delegation of power.

Vietnam News Agency launches special website on SEA Games 31

The Vietnam News Agency (VNA) on May 4 launched a special website on the 31st Southeast Asian Games (SEA Games 31) at http://seagames.vnanet.vn.

The SEA Games 31 website of VNA provides latest information in numerous forms, from text, photo, video clip to infographic and other new media forms, in two languages – Vietnamese and English.

As a communication partner of the Information-Communication Sub-Committee of the SEA Games 31 Organising Committee, the website is also linked to the official website of SEA Games 31.  

The VNA’s website is designed using a convergent model. It is linked with the multi-media system and the content management network of the VNA, and the website of the Organising Board of SEA Games 31 for the timely update on official information about the event.

With a modern and highly-interactive interface, the website offers not only latest news on the regional sport event, but also information about the 30 previous SEA Games.

Vietnamese petanque team aims for at least one gold medal at 31st SEA Games

Vietnamese national petanque team is striving to fulfill the task of winning at least one gold medal at the 31st Southeast Games, according to the national SEA Games 31 organising committee.

According to coach Dang Xuan Vui, the 19-member team convened in March in preparation for the Games. They will compete in eight categories.

Prior to the Games, athletes only participated in two domestic tournaments, which were the national and the club championships.

To deal with the issue, the coaching staff tried to create many competitions among them to help them have competitive feelings.

Vui said that as far as he knows, during the 31st SEA Games, Thailand will also send a squad to attend the world championship in Denmark, which means their force in the sport will be stretched thin. This is also an advantage for other teams, including the Vietnamese team but this is not a prerequisite, he went on, adding that the most important thing is how the players promote their efforts and strength.

SEA Games 31: Vietnam names 20 players of men’s U23 football squad

Head coach Park Hang-seo on May 4 named a final squad of 20 players for the upcoming 31st Southeast Asian Games (SEA Games 31).

Following his decision, four players – defender Dang Van Lam, midfielder Nguyen Duc Viet, and strikers Le Xuan Tu and Tran Van Dat will return to the Vietnam Youth Football Training Centre to continue training with the Olympic team. Goalkeeper Trinh Xuan Hoang will further train with the final squad as a standby player.

The four excluded in the list and others joining the training with the Olympic team must stand ready to be substitutes at SEA Games 31.

The final list comprises goalkeepers Van Toan and Van Chuan; defenders Luong Duy Cuong, Tuan Tai, Van Xuan, Tien Long, Viet Anh, Le Van Do and Thanh Binh, midfielders Quang Nho, Hai Long, Huynh Cong Den, Hoang Anh and Trong Long, and strikers Van Tung, Thanh Minh and Manh Dung.

SEA Games 31: Vietnamese wushu warrior wants nothing more than gold medal at home

Duong Thuy Vi, one of the best Vietnamese wushu warriors to compete in the upcoming 31st Southeast Asian Games (SEA Games 31), has affirmed that she would do her utmost to bring home a gold medal, according to the Organising Committee.

Vi said she and her team are in the final stage of an intensive training for the regional sport event, which requires high concentration.

Coaches have regularly conducted tests to assess their preparations, she said, expressing her determination to play in the Games.

Once the athlete avoids making mistakes and well performs in Taolu, which refers to the set routine (form) practice component of wushu, he or she would win the championship, Vi said.

Festival promotes Hanoi cuisine and craft village tourism

The Hanoi Cuisine and Craft Village Tourism Festival is scheduled to welcome visitors from May 12 to May 23 on Le Quang Dao street in Nam Tu Liem district.

This year’s festival is set to be divided into six areas featuring different topics in order to introduce Hanoi’s wide range of traditional cuisine and craft villages.

The culinary section will showcase some outstanding delicacies from the capital, including Hanoi Pho, Thanh Tri steamed roll rice pancakes, Hanoi rice vermicelli noodles with chicken, eggs, and pork, Vong and Me Tri green rice flakes, Phu Thuong sticky rice, egg coffee, and Uoc Le pork pies.

The area for craft village tourism has been set aside to introduce famous local crafts, such as pottery, rattan bamboo handicraft, embroidery, silk brocade, folk pictures, sculpture, and bronze casting.

Vietnamese nurse practitioners in Germany likely to enjoy EUR1,300 salary

Vietnamese citizens who head to Germany to study on a training course in general nursing can receive a salary of EUR1,300 and seize upon the opportunity to settle permanently after working in the Central European country for three years.

The move comes following the Department of Overseas Labor announcing the recruitment of 160 eligible candidates who will go to work in the nursing sector in Germany to take care of the elderly, sick people, and children.

Eligibility requirements of the course are candidates must be Vietnamese citizens aged between 19 and 30 who are graduates in nursing or have completed at least one year of a college or university programme in Vietnam in fields such as nursing, or training to be a practitioner, rehabilitation physiotherapist, midwife, or pharmacist.

Selected candidates will then learn German for 12 months, from July to August, 2023. During this period, they will be exempted from living expenses and receive EUR36 per month to cover the cost of meals.

They will also receive financial support for the first exam in order to get a German B1 certificate, as well as help with fees for their general health examination, visa, and air tickets before arriving in Germany.

Battle of Điện Biên Phủ artwork to go on display in Hà Nội to celebrate 68th anniversary

To celebrate the 68th anniversary of the nation's greatest victory, the battle of Điện Biên Phủ (May 7, 1954), a large-scale oil on canvas painting by Mai Duy Minh will go on display at an exhibition in Hà Nội from Saturday.

The painting “Điện Biên Phủ” is 190x490cm and is the result of ten years of tireless work by Minh, which began with a brainstorming process and finished with the completion of the project at the end of 2021.

This is one of the exhibition’s two feature paintings. The second, named “General Võ Nguyên Giáp”, has a scale of 89x89cm and was completed over four years from 2017 to 2021.

As a person who was born and raised in peace, Minh's trips to Điện Biên to meet with veterans and read documents relating to the nine-year-long resistance war were his way of searching for ideas and inspirations to complete the artwork.

The exhibition also displays 86 of Minh’s sketches made in pencil, ballpoint pens, iron pens and oil in different sizes, showing the artist's long journey.

Vietnamese idols to perform in musical series

Singers Trần Nguyễn Uyên Linh and Bùi Nguyễn Trung Quân, who have become stars after competing in the Vietnam Idol singing contest, will open Amo La Musica, a music series that kicks off in Hà Nội on May 20.

Amo La Musica, which means “love music” in Italian, is expected to take place twice every month at The One Building, located at No 2 Chương Dương Độ Street, Hoàn Kiếm District.

The first programme in this music series, with the theme Tháng Năm Mình Có Nhau (When We Have Each Other) will feature love songs performed by two Vietnamese Idols, Uyên Linh and Trung Quân.

The second programme of the series will feature singer Thanh Hà and the Chilies band and the third will include songs by musician Đức Trí, performed by singers Lân Nhã, Thuỳ Chi and Hoàng Quyên.

Songwriter and music producer Dương Cầm will act as music director of the series.

Inter-regional traffic connections key to unlocking growth

HCM City's Ring Road No 3 and Capital Region Ring Road No 4 are crucial to regional linkages and spurring economic growth.

Participants discussed the crucial role played by the roads during an online seminar titled "Connecting inter-regional traffic - key to breakthrough developments" organised by the Vietnamese Government Portal on Wednesday.

Experts and officials answered questions and debated important traffic and transportation projects.

Infrastructure development is one of three strategic breakthroughs identified by the Party and the Government, and the Resolution of the 13th Party Congress made it clear that Việt Nam will build a synchronous and modern infrastructure system to benefit both the economy and society. One of the targets set in the 2021-25 period is to complete 2,000km of highways, on top of the 1,000km already completed.

The Ring Road No 3 project in HCM City and the Ring Road No 4 project in Hà Nội are two of the key traffic projects that are actively being invested in. The two projects will be submitted for consideration and decision on investment policies at the 3rd session of the 15th National Assembly.

The Ring Road No 4 project for the Capital region is invested heavily with a mix of public investment and public-private partnership investment. According to Tuấn, the total investment of the project is VNĐ85.8 trillion (US$3.7 billion), divided into three segments. Of which, segment 1 is for site clearance, segment 2 is for the lower urban road project and group 3 is for one project under the public-private partnership (PPP) model, of which investors are responsible through a BOT contract. Investment funding of segments 1 and 2 shall be covered by the central and local budgets, while segment 3 is undertaken by BOT investors with a total investment of VNĐ29.4 trillion.

The central and local budgets have been relatively balanced in the medium-term public investment plan for the 2021-25 period. Accordingly, for the Government, the balance is expected to be VNĐ28 trillion. The balance for Hà Nội, Bắc Ninh and Hưng Yên will be over the VNĐ28 trillion mark, of which the priority of the budget goes to Hà Nội, Bắc Ninh and Hưng Yên respectively.

The three localities that are implementing lower urban road projects should likely have capital until 2026, and the investment progress must be consistent with the process of constructing the whole Ring Road route. The PPP-BOT project with a scale of VNĐ29.4 trillion must be completed by 2025.

But the difficulties of Capital Region's Ring Road No 4 project lie mostly in the site clearance part, with the area of clearance remarkably large: 1,341ha of land that costs VNĐ19 trillion to clear for the three aforementioned localities.

Huế needs to speed up relocation around Imperial Citadel

The Imperial Citadel area in Huế City of Thừa Thiên-Huế Province has been seriously affected by the slow progress of relocation and site clearance for many years.

The situation has badly affected the beauty of the relic area. Huế Imperial Citadel is a massive and unique military architecture that harmoniously combines oriental cultural elements with the style and layout of 19th-century European fortresses.

Experiencing the ups and downs of history, when the Nguyễn Dynasty ended in 1945, people migrated from many areas of Thừa Thiên-Huế and other provinces to live and build makeshift houses around the Citadel. This seriously infringed upon the city’s relics.

In 2019, a project on relocation and site clearance in the Imperial Citadel area was launched with two phases. The first phase implemented in the 2019-21 period focused on relocating people.

After more than three years of implementing the Phase 1, the People's Committee of Huế City has completed the relocation of 3,187 people living in Thượng Thánh, Eo Bầu and Hộ Thành Hào (protection of the canal surrounding the citadel) relics.

However, in reality, the handover of land was very slow, far below the set plan.

Many households have moved to new resettlement areas, leaving behind unfinished dismantled houses, while many others have not yet handed over their premises to the authorities for various reasons.

This created a sprawling landscape, causing the urban beauty of the tourist city to decay.

Ho Chi Minh City earns over 1.6 trillion VND in tourism revenue during four-day holiday

Ho Chi Minh City earned over 1.6 trillion VND in tourism revenue during the four-day holiday from April 30 to May 3 in celebration of the Liberation of the South, National Reunification Day, and May Day.

According to the municipal tourism department, the city welcomed around 420,000 visitors, including 13,200 foreigners, on the occasion.

Visitors to the city during the holidays were offered new tourism products including helicopter tours, which allow holidaymakers to view the metropolis from above, and Saigon River tours.

The newly launched tours are among the highlights of the “Welcome to Ho Chi Minh City” programme, which is being held from March 15 to September 15 to promote the city’s tourism.

Riverway tourism routes have been put in operation in Ho Chi Minh City with the aim to promote local waterway transportation and provide visitors with a new option to explore the city.

HCMC People's Procuracy issues indictment of case of fatal abuse of girl

The HCMC People's Procuracy has issued an indictment stating that Vo Nguyen Quynh Trang, 27 has been accused of manslaughter and the abuse of people, and Nguyen Kim Trung Thai, 37 who is convicted of an accessory charge in the death of his eight-year-old girl.

Trang came from Gia Lai Province and is living in Binh Thanh District. The woman is being accused of beating and torturing her lover’s daughter, N.T.V.A, an eight-year-old girl to the point of death. It is said that she was angry at Thai’s parents who have not allowed them to get married while the man does not want to have children with her.

The Investigation Agency said that V.A and father are living in the apartment building, Topaz 2 Saigon Pearl in Binh Thanh District’s Ward 22 after her parents divorced. V.A was harshly treated and became a victim of Trang who used physical punishment and inflicted pain on the child after she came to live with them.

On the afternoon of December 22, V.A. was brutally and repeatedly abused for four hours before her death. Thai did not report it to the police and deleted all the data in the family’s camera.

HCMC plans to recruit top universities graduates

The HCMC Party Committee's Commission for Organization on May 4 sent a document on receiving students with excellence in graduate education from now to 2025 to departments, units, Thu Duc City, and districts in the city.

Accordingly, the localities and State agencies have been asked to create a list of recruiting job titles and send it to the HCMC Party Committee's Commission for Organization before May 30.

The decision aims to adopt decree No. 140/2017/NĐ-CP on policies of attracting and creating the resource of officials from excellent graduated students, young scientists; and the decision No.5784 issued by the HCMC People’s Committee to implement the decree No.140.

The localities and State agencies need to coordinate with universities in the city to select those who meet all the criteria.

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

VIETNAM BUSINESS NEWS MAY 7

 15:22  

Vietnam has huge biomass power potential, but more incentives needed

Vietnam expects to add 9,600 MW of power from biomass by 2030, but that will need added incentives.

Pham Huong Giang, an official of the Electricity and Renewable Energy Authority under the Ministry of Industry and Trade, pointed out the low rate of biomass power contributions to the national power grid.

Under Vietnam’s renewable energy development strategy by 2030 with a vision towards 2050, biomass power is set to make up 1 percent of the combined electricity output in 2020, 2.1 percent in 2030, and 8.1 percent in 2050.

However, the number stood at only 0.13 percent last year, a far cry from the target, despite incentives issued by the Government to spur the sector’s development, Giang added.

Nguyen Anh Tuan, former Director of the Centre for Renewable Energy under the Institute of Energy, said the modest contribution of biomass power is due to difficulties in material control and fluctuating material prices.

Huge investment capital and unattractive price mechanisms have also remained major obstacles, he said.

Luong Quang Huy, from the Department of Climate Change at the Ministry of Natural Resources and Environment, held that finance and technology are among the roadblocks. 

Other problems lie with unattractive policies and high operational costs, along with difficulties in material area development, he added.

According to the National Power Development Plan for the 2021 - 2030 period, with a vision towards 2045 (PDP VIII), the installed capacity of biomass power in Vietnam will reach 1,730MW by 2030.

To that end, the country needs more mechanisms to encourage and attract investment in this form of energy.

Giang suggested reviewing mechanisms and policies to lure more investment in both technology and finance, and assessing the efficiency of the feed-in tariff (FiT) mechanism.

Mathias Eichelbronner, an international expert in biomass power, said Vietnam’s FiT mechanism is not enough to encourage the development of biomass electricity as the price of 8.47 cent/kWH is much lower than that in Thailand, Malaysia and the Philippines.

Other experts also suggested the Vietnamese Government review the FiT price, amend legal documents and fine-tune administrative procedures to facilitate the development of the sector.

Shrimp, pangasius exports enjoy April surge

Pangasius and shrimp represent two key Vietnamese export items that maintained high growth in April, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

The export turnover of pangasius in April reached US$297 million, a twofold increase compared to the same period from last year.

The April figure raised the four-month export value of pangasius to more than US$950 million, representing a year-on-year rise of 94% and meeting 60% of this year’s export target.

Meanwhile, the country’s shrimp export value in April reached US$406 million, up 35% compared to the same period last year. In total, the four-month export value of shrimp rose 41.5% year on year to US$1.36 billion.

According to the VASEP, Vietnam’s seafood exports in the first four months of the year reached approximately US$3.6 billion, up 44.5% year on year.

China and the United States continue to be the two largest importers of Vietnamese seafood. The past four months saw the US and China consumed US$842 million and US$578 million worth of Vietnamese seafood, up 74% and 94% respectively.

Shipments to China have also bounced back after months of decline due to its “Zero-COVID” policy, while the positive growth in exports to the US comes following a zero anti-dumping duty imposed in the 17th review (POR17) of the US Department of Commerce.

Pangasius exports to US enjoy record prices

The average price of Vietnam’s tra fish (pangasius) exported to the US increased sharply in the first quarter of this year to the highest ever level of US$4.5 per kilogramme, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

Exports to the market grew by 123% year-on-year to US$160 million since demand was high and supply was modest. Increased transportation costs due to the impact of COVID-19 was a contributing factor to the increase in prices, not only to the US but to all markets.

Exports to the EU market fetched US$2.9-3.45 per kilogramme.

Total exports topped US$646 million, year-on-year growth of 88%, according to VASEP.

The high global demand drove up the average export price of frozen pangasius fillet to US$3.4, US$0.25 higher than in January this year.

After falling for many exports to the EU jumped by 86.2% in the first quarter of 2022 to US$46.7 million, with huge increases seen in shipments to all the major markets in the bloc like the Netherlands (86%), Germany (97%), Belgium (120%), and Spain (67%).

It is forecast that the demand for essential goods, including food and seafood, will increase sharply in the EU providing a good opportunity for Vietnamese companies to export frozen pangasius, VASEP said.

In the second quarter too exports to these major markets are likely to rise sharply due to a shortage of cod and pollock supply from Russia.

Norwegian energy firm eyes offshore wind power project in Vietnam

Norwegian energy company Equinor have outlined their desire to invest and develop offshore wind power in Vietnam, with the international company viewing the nation as a promising market.

This point of view was shared during a recent meeting held between Deputy Minister of Industry and Trade Dang Hoang An, Norwegian Ambassador to Vietnam Grete Lochen, and Equinor representatives to discuss a host of issues related to offshore wind power in the country.

Ambassador Lochen hailed the strong developments in the friendship and multifaceted co-operation between both sides over the years, especially in terms of the marine economy, renewable energy, climate change response, and sustainable development.

With longstanding expertise in marine and offshore operations, Norway can be viewed as being in a unique position to contribute to the growing offshore wind market.

Norwegian companies and industrial clusters are in the process of utilizing their offshore expertise, especially their experience, skills, and knowledge of offshore construction in order to assert their position in the global offshore wind market.

Jens Økland, senior vice president for business development in renewables, said that Equinor had officially opened a representative office in Hanoi. This demonstrates the Norwegian Government's long-term support for the nation in fulfilling its commitments on climate change response at the 26th session of the UN Conference of the Parties (COP26).

The opening of a representative office in Hanoi by Equinor is a good signal aimed at supporting the Vietnamese Government in policy making to realise its commitments to climate change adaptation and green transformation. This also represents an important milestone in the agenda of business co-operation between both sides, the Norwegian Ambassador emphasized.

Economist Intelligence Unit: Vietnam ranks mid-table for tourism recovery

Vietnam along with Thailand, India, the Philippines, Papua New Guinea, Indonesia, Mongolia, and the Republic of Korea, ranked mid-table for tourism recovery, according to the travel-ready index 2022 released by the Economist Intelligence Unit (EIU).

This comes after Aljazeera.com revealed the report by the EIU listed Fiji, Sri Lanka, Malaysia, and the Maldives among the countries with the strongest position to revive their pandemic-battered tourism industries among Asia-Pacific destinations.

The EIU also ranked Singapore, Australia, Bangladesh, New Zealand, Nepal, and Cambodia among the top 10 destinations which are best placed for tourism recovery.

Elsewhere, the index outlines that Hong Kong (China) has the worst prospects due to its restrictive border policies.

After Hong Kong (China), other destinations such as Brunei, Bhutan, Taiwan (China), Samoa, Vanuatu, Japan, China, and Laos also ranked as the destinations with the least favourable conditions for tourism moving forward.

The EIU said the top performers in the index have all moved to ease visa and entry restrictions since 2021 or earlier.

The index measures the positive conditions for tourism based on the importance of the sector to the economy, local vaccination coverage, ease of travel, and the convenience of returning home.

Laos to develop expressway linking Houaphanh with Viet Nam

The Government of Laos has agreed with contractors to conduct a feasibility study on the construction of an expressway from Houaphanh Province to the border with Việt Nam under a recent agreement, Vientiane Times reported.

Under the Memorandum of Understanding (MOU) inked between the Government, Daochaleun Construction and THB Group, the 80-km expressway will run from Huanmuang District in Houaphanh to the Nam Soi - Na Mèo International Checkpoint at the border between Laos and Việt Nam.

It will be constructed under a Build-Operate-Transfer (BOT) model as part of the fourth phase of a larger expressway construction project linking Vientiane with Houaphanh, for which a feasibility study is already underway.

It is expected that construction of the section linking Houaphanh to Việt Nam will take up to four years to complete. 

Vietnamese firms partner to upgrade telecoms network in Cambodia
     
MB Cambodia and the Viettel (Cambodia) Pte., Ltd (Metfone), two Vietnamese-invested firms recently signed a special credit package contract for 2022 to upgrade the telecoms network in Cambodia.

Under this contract, MB Cambodia, a branch of Viet Nam’s Military Commercial Joint Stock Bank, will provide a credit package with a limit of up to US$100 million for Metfone, an affiliate of the Viettel Military Industry and Telecoms Group, to upgrade the telecom services network and expand operations in Cambodia.

Govt asked to raise export taxes to reduce domestic fertiliser prices
     
The Ministry of Finance (MoF) has proposed a five per cent increase in the export tax rate, in an effort to cool down domestic fertiliser prices.

The move is part of MoF’s ongoing proposal to amend the export tariffs levied on fertiliser as prices in global and domestic markets have escalated recently, due to rising input prices.

The sharply-increased price of fertiliser is also attributed to the shortage of empty containers and apatite supplies, the main resource used in fertilisers production.

The proposal was compiled after the finance ministry received recommendations from agencies. The ministry reports that it has finished compiling a draft decree on export tariff, preferential import tariff, list of goods and absolute tax rates.

It is said that the total fertiliser production capacity of Viet Nam’s fertiliser makers reached 29.25 million tonnes per year, including organic fertiliser. If the production of local fertiliser producers runs smoothly, they can meet domestic demand for nitrogenous and phosphate fertilisers, particularly in potash and NPK.

Currently, domestic fertiliser producers still have relied on the import of raw materials due to a lack of potassium salt mines.

The demand for fertiliser for agricultural production in the country is about 10.5 million tonnes per year. Of this, domestic factories can provide about 7.5 million tonnes per year.

Fertiliser producers have now produced most of the major fertilisers such as phosphates, urea and NPK fertilisers, while still importing SA and Potassium fertilisers. Viet Nam has so far exported fertilisers to more than 20 countries around the world.

To lower the domestic fertiliser price and stabilise the supply, the Finance Ministry has submitted to the Government to lower export taxes on fertilisers by 5 per cent, without classifying the ratio of natural resources, or minerals. Accordingly, fertiliser with a value less than 51 per cent will be subject to 5 per cent instead of zero per cent currently. Export tax for other kinds of fertilisers remain unchanged.

Opportunities growing to export farm produce to US
     
The potential for exporting Vietnamese agricultural products to the US market is very large due to the high demand in the market, according to the Ministry of Agriculture and Rural Development (MARD).

The US needs to import vegetables, fruit, coffee, tea, pepper, rubber, cashew nuts and seafood. Viet Nam has gained significant revenues from exports of furniture and seafood to the US, but export values of rice, coffee and vegetables have been modest.

With a total export turnover of US$3.5 billion, the US became the largest export market of Viet Nam's agricultural, forestry and fishery products in the first three months of 2022. Of which, the export value of timber and wood products accounted for 68.2 per cent.

According to local businesses, agricultural products exported to the US still face many difficulties, especially fresh products. The US has licensed the import of six kinds of fresh fruit from Viet Nam, including mango, longan, lychees, dragon fruit, and rambutan. Other fruits such as coconut and durian are still exported to the US but as frozen products.

According to MARD, in the first quarter of 2022, the total trade value of agricultural, forestry and fishery products is estimated at $22.6 billion, up 6.3 per cent on the year, including an export value of $12.8 billion and import value of $9.8 billion. Agriculture gained a trade surplus of $3 billion, up 3.1 times over the same period last year.

Vietravel loses $4.7 ml in Q1
     
In its latest financial statement, Vietnam Travel and Marketing Transports JSC (Vietravel) posted net revenue of VND215 billion (US$9.4 million) in the first quarter of 2022, down 22 per cent year-on-year.

But its revenue structure saw a significant change as revenues from selling airline tickets fell sharply from VND70.6 billion in the same period of last year to VND2.6 billion, while revenues from tourism services increased strongly to VND196 billion from VND72 billion.

During the period, the company's financial income also declined by more than 98.6 per cent on-year to VND225 million from VND16.6 billion.

Meanwhile, other expenses all dropped dramatically, with financial expenses down 27 per cent, and selling and general administration expenses fell by 81.5 per cent and 51.6 per cent, respectively.

The loss of VND60 billion in affiliated activities was the main cause of the loss of VND108 billion in the first quarter of 2022. After losing for four consecutive quarters, the company posted a profit of VND228 billion in the last quarter of 2021.

This year, Vietravel set a revenue target of more than VND3.5 trillion and a profit before tax of VND5.8 billion.

As of March 31, Vietravel's undistributed profit after tax was negative VND293 billion. Its equity was negative VND100 billion, while at the beginning of the period it was still positive VND8 billion.

The loss in affiliated activities during the period came from Vietravel Airlines. Before December 15, 2021, Vietravel sold 55.58 per cent of Vietravel Airlines' charter capital for VND867 billion. However, by the time of issuing financial statements, Vietravel had not yet collected the fee from this transfer. 

New draft on bond issuances to suffocate market: experts
     
The Ministry of Finance has made numerous amendments to Decree 153 on corporate bond offerings but experts say the latest draft is so stringent that it would suffocate the market.

Notably, Article 5 of the amended draft stipulates that firms are not allowed to issue bonds to raise capital which will be used to purchase shares, bonds and contributed capital of other firms, to make capital contributions to those firms, or to lend them money.

Experts said the article would work against big corporations as it prevents them from issuing bonds to finance their projects and subsidiaries.

Some financial authorities, including the National Financial Supervisory Commission, propose that Article 5 be inapplicable to parent companies issuing bonds to finance their subsidiaries, thereby maintaining a common practice in corporate finance.

Experts also mention Article 8 as a legal setback for the market.

Article 8 stipulates that professional securities investors are allowed to purchase privately-placed bonds issued by only public companies with collateral or payment guarantee.

Experts say the article sets the bar too high for bond issuers as only public companies with collateral or payment guarantee are eligible to offer privately-placed bonds.

According to the State Securities Commission of Vietnam, Viet Nam had around 2,809 public companies by late March 2022. Meanwhile, the number of firms in the country is about 683,590. That means less than 0.5 per cent of firms are eligible for public placement of bonds under Article 8.

The economic expert attributes the chaos in the bond market to inexperienced F0 investors who have little understanding of financial systems.

He said the investors have insufficient information about bond issuers and do not know how to evaluate issuer-related risks. As a result, those investors normally come up with bad investment decisions.

He suggests the establishment of credit-rating agencies that would help reduce the risk of asymmetric information, thereby better safeguarding investors.

The Asian Development Bank (ADB) shares the view, saying that credit-rating has become the norm in other Asian markets, notably Thailand, India and China. Viet Nam should follow their model to incorporate credit-rating into the draft.

Thinh proposes that the agencies are in charge of supervising bond issuers and publishing the credit-ratings assigned to them with or without their consent.

Some experts, however, disagree with Thinh's proposal as they are concerned about the quality of the ratings. 

Vietnamese gold demand increases in Q1
     
Gold demand in Viet Nam increased significantly in the first quarter over inflation fears.

The World Gold Council’s report on demand trends showed that consumer demand for gold in Viet Nam was estimated to total 19.6 tonnes from January to March, representing a year-on-year rise of about 6 per cent.

Demand for gold bars and coins totalled 14 tonnes, a year-on-year increase of 4 per cent, while demand for jewellery was 5.6 tonnes, up by 10 per cent.

According to Andrew Naylor, head of ASEAN and Public Policy of the World Gold Council, Viet Nam’s gold demand increased on rising inflation and the weakening Vietnamese dong, making gold more attractive.

The gold demand was also supported by several festivals in the first quarter, including the Lunar New Year holidays, Valentine's Day and God of Wealth Day, coupled with the recovery of business activities to pre-pandemic levels.

The global gold market saw a solid start to 2022, with first-quarter demand up 34 per cent year-on-year, thanks to strong ETF flows, reflecting gold’s status as a safe haven during geopolitical and economic uncertainty.

According to the World Gold Council, geopolitical crises weighed heavily on the global economy and reinvigorated investor interest, pushing the gold price briefly to US$2,070 per ounce in March, just shy of its all-time high.

The report revealed that gold ETFs had their strongest quarterly inflows of 269 tonnes since the third quarter of 2020, more than reversing the 173 tonnes annual net outflow from 2021 and driven in part by the rising gold price.

Vietnam’s easing monetary policy unlikely to reverse amid Fed’s rate hike

The Federal Reserve (Fed)’s biggest rate hike in 22 years by a half-percentage point and the current high inflationary pressure may not be enough to reverse Vietnam’s current easing monetary policy, at least in the upcoming three to six months, according to the VnDirect.

For the past two years, the State Bank of Vietnam (SBV), has cut the policy rates three times and kept a low-interest-rate environment to support the economy against pandemic impacts.

Skyrocketing strategic commodities in the global market as a result of the Ukraine-Russia conflict, however, have raised concerns that the inflation in Vietnam may exceed the 4% target in 2022.

In the first quarter of 2022, the average price of Brent crude oil stood at US$100 per barrel, an increase of 59.7% year-on-year, while experts suggested prices of gas and crude oil may not return to the pre-crisis level any time soon.

The high crude oil prices would no doubt pile pressure on Vietnam’s efforts to control inflation, especially with rising high transportation costs.

The consumer price index (CPI), a gauge of inflation, expanded by 1.47% in April, taking the four-month rate to  0.97%.

Commercial banks have also raised interest rates for 3-month deposits and capital mobilization rates of 12 months by seven and eight percentage points, respectively, in the first quarter against late 2021.

VnDirect’s report, however, anticipated the SBV to maintain its easing monetary policy by at least the end of the second quarter, as the CPI in the first half of 2022 is estimated to expand by 2.5% year-on-year, significantly lower than the 4%-threshold.

Another factor pointed out by the report is the demand that has not fully recovered after the pandemic.

While the SBV may not further cut its policy rates, VnDirect expects support could come in the form of injecting more liquidity into the market, purchasing foreign currency, or raising credit quota for commercial banks.

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