BUSINESS IN BRIEF 22/7 Chinese farm produce floods Massive quantities of Chinese agricultural products are routinely smuggled into the Vietnamese market, despite repeated warnings of pesticide residues. The produce is often laced with a toxic cocktail of pesticide residues causing leading agricultural experts to raise the alarm that Vietnamese consumers may be unwittingly exposed to hazardous levels of pesticides. The Hanoi-based Long Bien wholesale market, the largest farm produce market in northern Vietnam, imports between 200-300 tonnes of grapes, apples, cabbages, tomatoes, carrots, potatoes and onions from China every day. These products are mixed with similar Vietnamese fruits and vegetables in retail markets, making it difficult for consumers to distinguish with the naked eye. Tran Thu Huong, a consumer in “My family refuses to buy these products because we are afraid of unsafe food and the plethora of chemicals they contain,” she shared. A recent survey conducted by the Ministry of Agricultural and Rural Development (MARD) reveals that most markets in Since 2013 the Plant Protection Department (PPD) has found 17 shipments of grapes, lemons, carrots, apples, and oranges, about 300 tonnes in weight imported into However, because of deceptive product labeling and other illicit business practices, consumers may not fully realize the produce is from Nguyen Thi Nui, a retailer at Trung Hoa market in “The prices of higher quality Made-in-Vietnam products are often two or three times higher than the inferior produce imported from the Chinese market,” she said. Huynh Tan Dat, a food hygiene and safety expert, stressed the need to step up measures to better detect imported farm produce and beef up inspection of it. “It is fundamentally essential to identify and certify product origin and quality before being shipped into the domestic market,” Dat said. “The PPD will strictly examine batches of Chinese goods in line with current regulations and international practice in order to ensure food hygiene and safety in Local oil prices cut following global drop The ministries of Industry and Trade and Finance released a joint statement yesterday asking fuel wholesalers to reduce retail prices of oil by VND136-174 (6-8 US cents) a litre starting from 5pm yesterday. Petrol prices were increased in The ministries told traders not to increase petrol prices because, by using the price stabilisation fund they could mitigate any losses. The retail price of petrol remains at VND25,640 ($1.22) per litre. Under Government's Decree 84/2009/ND-CP traders can adjust petrol prices up to 7 per cent in line with world prices. According to the two ministries, prices for diesel oil and kerosene have risen on world markets. Therefore, they were told to cut prices by VND136-174 per litre. The People's Committee of Ha Noi has approved a proposal to stop development of Parcel B of Gamuda City, following a request by the investor of the project. The investor, The committee requested the Ha Noi Planning and Architecture Department to adjust the plan of the project according to a directive to move existing residential areas and to find other investors to develop Parcel B under the building and transfer (BT) mode. Gamuda Land Viet Nam LLC General Director Cheong Ho Kuan said in order to implement the project, the land clearance and compensation had to be implemented by local authorities, specifically Hoang Mai People's Committee and Hoang Mai Land Fund Centre. The developer has to advance the fee for land clearance to ensure progress and he will be reimbursed for that amount. Regarding Parcel B of Yen So Park project, due to changes in regulations that dramatically increased land compensation costs from US$20 million for both Parcel A & B (allowed in the IC dated Dec 3rd 1997) to an estimated $150 million for only Parcel B, the developer was not able to advance the compensation amount for the authorities to clear the land, he said. "According to the Document 140/VP-UB on 8/7/2014 issued by HPC, Parcel B will work in the BT mode now. In case the local authority completes the land compensation for Parcel B, Gamuda will pursue the project. The change of investment mode for Parcel B is under the HPC's jurisdiction and the developer has to comply with the HPC's decision," Cheong Ho Kuan said. Regarding the local property market, Kuan said the first half of this year witnessed an increase in property transactions, particularly in high-quality homes at affordable prices, in both landed and apartment segments. Buyers invest in quality products of credible and committed developers who showcased their ongoing projects with basic facilities and amenities, he said. Tai Yuen Co Ltd, a subsidiary company of the Taiwan-based Yun Lon Group, was given an investment licence yesterday to build a textile mill worth US$150 million in the The project, covering around 24 ha in Dong Van II Industrial Park, Duy Tien district, is expected to employ 5,000 workers. Construction will begin in August and is expected to be completed within a year. Once operational, the mill will require around 1,500 cubic metres of water for its daily operation in the first phase and 2,500 cubic metres in the second phase. Ninh Thuan wine festival attracts thousands of visitors More than 50,000 visitors attended the international grape and wine festival which was wrapped up in Ninh Thuan province on July 19, according to statistics released by the organizing board. During the three-day event, visitors had an opportunity to savour the distinctive taste of great wines from 11 nations and localities nationwide and participate in fascinating folk games, boat races, photo exhibitions and a special art performance by local and foreign dancers and music bands. Seminars were held during the event to discuss orientations for developing grape wine and tourism activities in the central coastal province. The festival, co-organised by the provincial People’s Committee and King Star joint stock company, helped introduce Ninh Thuan province with the largest acreage of grape cultivation in In addition, the event offered a chance to introduce the region’s tourism potential and grape wine processing as well as increasing trade exchange between local and foreign businesses. Vietnamese products faked overseas More than 60% of “Made-in-Vietnam” products manufactured abroad and imported back into The information was revealed by by Nguyen Vu Hai, Director of the Anti-counterfeit goods centre, at a seminar in Hai said such a violation of intellectual property rights has not only negatively impacted the image of Vietnamese products both at home and abroad, but has significantly cut into business sales. Participants at the seminar pointed out a number of difficulties in dealing with counterfeit products, including ineffective coordination between relevant agencies and local producers. A recent survey showed that counterfeit and low-quality products are marketed everywhere in Ben Luc-Long Thanh highway construction starts in HCM City Prime Minister Nguyen Tan Dung on July 19 attended a ground-breaking ceremony of Ben Luc-Long Thanh highway (bidding package J2) in Can Gio district, The road project, the largest of its kind in the south, has total investment capital of over US$1.6 billion. The more than 57km long and four-lane highway is designed for vehicles to run at a maximum speed of approximately 100km per hour. The bidding package J2 costs workers nearly VND2,500 billion to build a 4.7 km section, including Cha and Can bridges crossing Can Gio district. The highway, which will go through It will also help fully tap the region’s advantages, attract investment, and develop tourism in the three localities. The highway is scheduled to be open to traffic in 2018. Addressing the ceremony, PM Dung asked localities and contractors to pay attention to site clearance and carry out the project on schedule, meeting technical specifications. KinderWorld Education Group will soon conduct three investment projects in He said that KinderWorld has so far invested US$40 million in 15 projects throughout In the next decade, the group will pour US$100 million into three projects in Vinh Phuc province, namely the Adventure and Eco-Tourism Education, the “We chose Vinh Phuc as our next destination because of its strategic location, infrastructure and policy relating to foreign investment, especially the policy on land clearance and assignment,” said the Chairman. Another Singapore-based company wishing to invest in Vinh Phuc province is ReEx Capital Asia, which specialises in clean energy. Its CEO YanisBoudjouher said that after this seminar, the company’s officers will go to the province “to talk waste energy opportunities there”. “It will be great interest for us to go and visit the province in order to see how it can help developers and investors of projects like waste treatment,” he added. According to YanisBoudjouher, his company plans to invest in a waste treatment facility in Vinh Phuc province besides the one in Delegates from Amata Corporation PLC also showed their interest in the investment climate in Vinh Phuc province. Lena Ng, Board advisor, inquired into the province’s policy on personnel training. She said since Amata Corporation PLC set up an establishment in Bien Hoa 20 years ago, the company has benefited from investment in “We are also looking for expanded projects in other parts of At the round table, Chairman of Vinh Phuc Provincial People’s Committee Phung Quang Hung assured that his province will creates the most favourable conditions for He revealed that the province is calling for foreign investment in tourism, healthcare and education. “This time, we are looking towards investors from As of June 2014, VinhPhuc had attracted 158 foreign direct investment projects with a combined registered capital of US$3 billion. Of which, only seven projects worth US$250 million were invested by Taiwanese textile firm receives investment certificate Tai Yuan Vietnam Co., Ltd, a Taiwanese firm specialising in yarn and textile products, on July 18 received an investment licence for the construction of its plant in northern Ha The firm will invest US$150 million to build the plant on a 24 ha plot in the Dong Van II Industrial Park in Duy Tien district. It is expected to become operational in August 2005, generating jobs for 700 labourers. Speaking at the licence handover ceremony, Chairman of the provincial People’s Committee Mai Tien Dung asked local authorities to create favourable conditions for the investor to complete its investment procedures quickly. Zheng Yuan Tai, director of the company pledged to abide by the locality’s regulations on investment and environment in implementing the project. In recent years, Ha Japanese firms seek investment opportunities in Ha Nam A delegation of Japanese entrepreneurs has made a fact-finding tour of the At a working session with the provincial leaders on July 18, representatives from 26 Japanese businesses spoke highly of the local investment climate, especially favourable policies and increasingly improved infrastructure. Hirokazu Yamaoka, former Chief Representative of the Japan External Trade Organisation (JETRO) in These entrepreneurs are willing to invest in Chairman of the provincial People’s Committee Mai Tien Dung valued Japanese firms’ operation in Ha Nam in the past years, affirming that his province welcomes and gives priority to businesses from Japan, particularly those of small and medium sizes and in support industries. Binh Dinh to get tough on foot-dragging investor The central This strong measure is not only meant to hasten the progress of this capital-intensive tourism project, but also serves as a warning to other slow projects in the province, said Mai Thanh Thang, vice chairman of the province. This project by Vietnamese American Hotel and Resort Co. Ltd. requires nearly VND4 trillion of investment to develop facilities over 300 hectares. It has been two years behind schedule, so Binh Dinh issued a “make or break” warning, saying the project could be awarded to another investor if the current project owner fails to put it on the run before the end of this year. “Apart from this project, other slow-moving ones are also being probed. Investors may have trouble with capital shortages as the economy is still mired in difficulties, yet they cannot prolong the execution time indefinitely,” he told the Daily on Tuesday on the sidelines of a press conference to introduce the upcoming International Festival of Traditional Martial Arts in Binh Dinh. Among many tourism investments in Binh Dinh, there are six major projects with investment capital of up to trillions of Along with pushing up the progress of current tourism projects, the province also invites new investors to resort, ecotourism and sea tourism projects in According to Thang, in the next two years, Binh Dinh tourism will make significant growth when the VND3.5-trillion Vinpearl project of hotel, amusement park and cable car goes into operation. To prepare for the influx of tourist arrivals, the province has upgraded Last year, Binh Dinh welcomed approximately 1.7 million tourists last year, rising 30% compared to 2012. The fifth International Festival of Traditional Martial Arts will take place on August 1-4. The event includes competitions, traditional martial arts shows, exchanges among martial art clubs, and art, cultural activities and cuisine in So far, there have been 55 international martial art groups and 30 domestic ones putting their names down for the event. The Vietnam National Animal Husbandry Association has adjusted up its projection that Earlier, the association estimated the number of cows imported from Data from The association attributed rising cow imports from More local companies have invested in technology and modern slaughterhouses to cash in on the increasing demand for Australian beef in this country. Vissan is a big consumer of Australian cows although it is not a direct importer but buy Aussie cows via a number of intermediary firms. “Every day, Vissan slaughters 50 Australian cows to supply beef to the supermarkets and food stores in HCMC,” said Van Duc Muoi, general director of the company. Rising demand has led to higher retail prices of Australian beef on the Vietnamese market and Vang from the Vietnam National Animal Husbandry Association confirmed this as an “unavoidable trend.” He said cow supply from Vang said the price of Australian beef was from only US$2.4 a kilo last year but surged to US$3.2 a kilo this year. Luu Son Thuy, director of Thuy Ha Company which is one of the major importers of Australian cows in southern Thuy said before the suspension, Thuy Ha ordered 12,000 cows on board every ship that ran from Australia’s Anti-Dumping Commission has decided to launch an anti-dumping investigation into the galvanized steel products imported from Vietnam and India, announced the Vietnam Competition Authority under the Ministry of Industry and Trade. The authority said the decision came after BlueScope Steel Limited filed for a dumping margin of 16.26% applied to the Vietnamese steel products exported to BlueScope Steel claimed the steel products imported from According to the plaintiff, Among This is the second anti-dumping case against In January last year, Those companies claimed that they had been threatened or suffered serious losses by increasing steel imports and urged The HCMC government has plans to issue VND3 trillion worth of municipal bonds in the third quarter of this year to raise funds for projects in the city, including infrastructure development. According to a municipal bond issuance scheme presented to the HCMC People’s Council last week, the city wants to issue VND1.5 trillion worth of bonds in each of August and September. The bonds will bear a face value of VND100,000 each and tenors of three and five years to facilitate the long investment durations of infrastructure projects and ease debt settlement pressure on the local budget. Currently, commercial banks are the main investors of municipal bonds, according to the scheme. As banks usually face liquidity challenges at the year-end, the city will focus on bond issuance in two rounds in the third quarter. In December 2013, the People’s Council issued a resolution approving the total investments of over VND14.4 trillion in basic construction this year, excluding official development assistance (ODA) capital. During this year, the city government is allowed to mobilize other sources to supplement the investment capital. All the proceeds from the bond issuance will go to the city’s coffers and the government will later use it to allocate to 60 projects in the city. VID Public Bank to turn 100% foreign-owned VID Public Bank (VPB), the biggest joint venture bank in BIDV on July 15 clinched a deal to transfer its 50% stake in VPB to Both sides also inked a stake transfer plan that will be presented to the central bank for official approval. The Malaysian bank will also apply to establish a new 100% foreign-owned bank in the country. BIDV did not mention specifics in the transfer contract at a press briefing after the signing ceremony on July 15. However, it is estimated that transfer value of the deal is rather high. BIDV chairman Tran Bac Ha said the bank sold its 50% stake at a price higher than the par value of VND10,000 each share. VPB was established in 1992 as a 50:50 joint-venture bank between BIDV and PBB. The lender, one of the two first joint venture banks in the country, now has total chartered capital of US$62.5 million. Ha said the joint venture bank has made gains over the past 22 years and BIDV has recovered all its capital contribution. Therefore, BIDV enjoys all the proceeds from the transfer deal and will use it to improve its financial capability. Prime Minister Nguyen Tan Dung and the central bank’s governor Nguyen Van Binh have given the nod to BIDV’s divestiture, Ha added. Headquartered in Hanwha Life raises chartered capital Hanwha Life Back Jong Kook, general director of Hanwha Life Higher chartered capital will help the insurer improve business activities and competitiveness, enhance its products and service quality and human resources, and reach out to more customers in this market. The capital increase has shown Hanwha Group’s strong belief in and high expectations for the potential of Hanwha Life Sugarcane growers learn the ropes Many agriculture experts and sugarcane growers gathered at a recent international seminar in HCMC to share experiences in and learn how to apply scientific and technological advances to improve sugarcane yields. Proper investments in technologies and irrigation systems can help increase yields by 1.5 times or even twice, successful sugarcane growers said at the seminar on the solutions for farmers to reduce input costs and improve earnings organized by Thanh Thanh Cong (TTC) Group in HCMC on Monday. Huynh Van Giao, a sugarcane grower in the central Le Ngoc Tinh from the southern At the seminar, experts from Experts from sugarcane research institutes of Demand for senior staff at apparel firms jumps For the first time, apparel became one of the top five sectors in terms of recruitment demand for senior employees in the second quarter of this year as indicated in a recent report by Navigos Search. The job service provider cited apparel enterprises’ efforts to recruit more senior staff in preparation for capitalizing on the opportunities from the trade pacts which Representatives of textile and garment companies confirmed to the Daily that they are investing in production expansion and human resource development to cash in on the opportunities from the TPP agreement whose negotiations are poised for completion this year. In its latest report, Navigos Search said the industries having the highest recruitment demand for senior personnel in the second quarter were manufacturing, accounting for 17% of the total demand, followed by retail and consumer products with 14%, finance-banking-insurance with 10%, information technology with 9% and apparel with 7%. Recruitment demand in HCMC was higher than in In the second quarter, the sales and marketing sectors in HCMC offered the highest salaries from US$1,000 per month while those working in financial services, technology, sales and marketing fields in Navigos Search predicted the three sectors having the highest demand for senior staff in the third quarter would be information technology, consumer products, and apparel, making up 19%, 13% and 11% of the total demand based on figures of the first 10 days of this month. Apparel sector lures most FDI in city’s IPs * More than 82% of foreign direct investments (FDI) registered in HCMC’s export processing zones (EPZs) and industrial parks (IPs) in the first six months flowed into the textile and garment sector. In the first half of this year, HCMC’s EPZs and IPs attracted nearly US$265 million of FDI, increasing 80% over the same period last year, the HCMC Export Processing and Industrial Zones Authority (Hepza) announced on July 15 at a press conference on operations of EPZs and IPs. Tran Viet Ha, investment director of Hepza, said 82.44% of the investment during the period was pledged for the apparel sector. Meanwhile, supporting and hi-tech industries attracted little FDI, with the plastic and rubber sector accounting for only 7.68% of the total investment, and mechanical engineering and electronics making up 4.51% and 0.36% respectively. As the global apparel market was predicted to grow 3.5% this year while In the meantime, many apparel investors are working with Hepza to set up shop in the city’s IPs, meaning the investment capital for the city’s textile and garment industry will continue rising, he said. According to Hepza, EPZs and IPs in the first six months attracted more than VND1.447 trillion (US$68.8 million) of domestic investments pledged in 37 fresh and operational projects, increasing 1.2% over last year. As of June, more than 1,300 investment projects with total registered capital of more than US$8 billion remained active in EPZs and IPs in HCMC, including 520 foreign-invested projects and more than 780 domestic-invested ones. Total import-export turnover of the city’s EPZs and IPs in the year’s first half was estimated at US$2.3 billion, rising 4.5% over last year. Investors upbeat about Q2 earnings The local stock market recovered on July 14 after two falling sessions as investors accumulated selective blue-chips with high expectations of promising earnings results in the second quarter. According to Viet Capital Securities Company (VCSC), GAS, VNM and PVD led the rally, contributing 61% of the VN-Index’s gain. The three heavyweights along with other blue-chips pushed the main index to close at its intraday high of 586.23, up 0.59% against last Friday. However, liquidity tapered off by 13% in volume and 4.5% in value on the Hochiminh Stock Exchange (HOSE) as investors remained indecisive. There were sizable put-through transactions on MBB shares totaling VND40 billion. On the Foreigners maintained its net selling position for the second consecutive day on the HOSE at VND46 billion while extending its net buying streak on the northern bourse with VND10 billion injected. VCSC said investors in general were still cautious as prices of over 300 out of around 700 stocks on both exchanges were unchanged. On the other hand, so far this month, foreigners have net bought VND107 billion worth of shares on the southern bourse and VND199 billion on the northern exchange. The firm also noted that Mobile World Investment Corporation (MWG) debuted on HOSE with 62.7 million shares traded at a reference price of VND68,000 each on July 14. The trading band was +/- 20%. The ticker rocketed to the ceiling price of VND81,500 right at the opening and by the close, bids for 1.4 million shares found no sellers. “We currently have a ‘buy’ recommendation on MWG with a target price of VND102,000 (not adjusted because of the post-listing bonus share issuance at the ratio of 1,000:557),” VCSC said. Quoting Petrotimes, Viet Dragon Securities Company said “We think that investor sentiment will remain stable this week but the stock indexes are expected to move in a narrow range as investors still wait for more supporting information,” the firm said. Firms bemoan difficulties posed by new Land Law No sooner than the new Land Law came into force in early July had infrastructure developers in HCMC pointed out its inadequacies and requested authorities to fix them. At a workshop on possible impacts of the 2013 Land Law on infrastructure developers held last week, companies said they encounter many difficulties caused by the law, which took effect on July 1. Under Article 149.2, for instance, companies building infrastructure for industrial parks and export processing zones and paying land rent to the State annually are only allowed to lease land with rent to be paid annually by tenants. Meanwhile, those paying a lump sum rent to the State are allowed to lease land with payments to be paid once or annually. According to Tran Hong Son, general director of Long Hau Joint Stock Company, most infrastructure developers normally pay land rent to the State annually and lease land to tenants with one-time payments, as provided for in the 2003 Land Law. Such provisions enabled developers to have capital for their investments while tenants can use land as mortgage for loans. “But with the new regulation, this practice is made impossible,” he said. Even worse, some provisions are retrospective, causing a huge problem for infrastructure developers. Article 210.2 of the new law requires them to pay land a lump sum rent to the State if they had collected lump sums from tenants prior to July 1. As calculated by Son, with articles 149.2 and 210.2, Long Hau Joint Stock Company has to pay around VND385 billion at once to the State as The problem Long Hau Joint Stock Company faces also concerns other infrastructure developers like Hiep Phuoc Industrial Park Joint Stock Company and Tan Thuan Industrial Promotion Company. Therefore, Nguyen Van Be, chairman of the Hepza Business Association, proposed the State allow infrastructure developers to pay land rent in different phases over a period of five years, starting from July 1. However, according to Tran Dinh Hanh, deputy director of the Economic and Land Development Department under the General Department of Land Administration, the new regulations are reasonable as “benefits of infrastructure developers go alongside their obligations,” which means when companies pay land rent to the State annually, they only can collect annual rent from customers. Meanwhile, Phan Chanh Duong, an expert in infrastructure development, said that the new regulations are only reasonable when they apply to business deals after July 1, not before July 1. The principle of non-retrospection should be respected, he explained. Tan Cang-Cat Lai takes fewer containers The Tan Cang-Cat Lai Terminal in HCMC’s District 2 will take the containers transported by road only and refuse to allow in those arriving by waterway from next month to ease cargo backlogs. However, the terminal will continue allowing in the goods from Cai Mep and other ports under Saigon New Port Corporation, said Tran Khanh Hoang, deputy general director of the corporation. Hoang told reporters last week that Tan Cang-Cat Lai Terminal has for years taken many more shipments from many ports in HCMC, Ba Ria-Vung Tau Province and elsewhere in Hoang said to reduce piling pressure on Tan Cang-Cat Lai Terminal, the corporation will cooperate with other ports in HCMC and put into service more ports, including Hiep Phuoc in Nha Be District and Representatives of many companies told the Daily that they had had to wait weeks to complete customs procedures and to have their import and export goods cleared. They attributed implementation of the Vietnam Automated Cargo Clearance and Port Consolidated System (VNACCS) and limited screening capacity at the Tan Cang-Cat Lai Terminal to slow clearance of their goods. Sources told the Daily that up to 500 good containers had been stuck at the terminal as of last Friday. An import-export firm in HCMC said it has waited days to have its only three containers cleared. The Ministry of Transport’s tightened controls on overloaded trucks have worsened cargo congestion at the Tan Cang-Cat Lai Terminal. As a result, transport companies now do not want to transport containers exceeding weight limits. Due to the ministry’s truck weight limits, many import-export companies have had their goods transported by waterway to inland container depots. After customs clearance, these goods are then loaded into containers for being carried by barge to seaport facilities, including Tan Cang-Cat Lai. In addition to Tan Cang-Cat Lai Terminal, the Tan Cang-Cai Mep Terminal in Ba Ria-Vung Tau Province also has to deal with serious cargo backlogs. In the first half of this year, these facilities posted throughput growth of 12.6% and 39% respectively compared to the year-earlier period. VAMA revises up auto sales forecast The Vietnam Auto Manufacturers Association (VAMA) has again adjusted up its auto sales projection to 130,000 units for this year from its previously predicted 125,000 given strong increases in recent months. In its report released last week, VAMA said last month saw auto sales growing 23% year-on-year to 11,884 units, making June the 15th rising month for the local auto market. The number included 7,407 cars and 4,477 trucks. In the first six months of this year, members of VAMA that dominate the auto market sold 65,400 cars, rising by 31% over the same period last year. Given increasing sales since early this year, at the end of the first quarter, VAMA revised up its auto sales prediction to 125,000 units for this year versus 120,000 units in its earlier forecast. Again, the association expected that 130,000 autos would be delivered to buyers in 2014. Market insiders said the expanding car market has been supported by a significant reduction by five percentage points to 10% in registration fees for new cars under 10 seats in HCMC since early this year. The Ministry of Transport’s strict controls on overloaded trucks to ensure traffic safety have forced transport companies to invest in new trucks to meet the demand of their customers and to avoid violating the regulation on weight limits. Major truck producers in Experts said VAMA made a modest forecast adjustment to 130,000 units this year based on the facts that the country is still facing the economic slowdown and many enterprises have scaled down production and suspended operations. But, if auto sales growth persists, the association will continue to revise its auto sales forecast in the coming months. Truong Hai Auto Corporation (Thaco) and other local automakers are pinning high hopes that 140,000 autos will be consumed this year, which is equivalent to the figures in 2010 and 2011. Thaco is looking to a sales volume of 23,444 units in the second half of this year, surging 31% over the first half. The National Agro-Foresty-Fisheries Quality Assurance Department (Nafiqad) said it got a document from the General Administration of Quality Supervision, Inspection and Quarantine of China (AQSIQ) informing some Vietnamese foods exported to The claimed substandard products include coconut-flavored bread, tapioca, biscuits, cakes, custards and lotus seeds. These items are administered by the Ministry of Industry and Trade. In a document sent to the Science and Technology Department under the ministry, Nafiqad’s deputy head Phung Huu Hao urged the ministry to check and report to Hao said the inspections of Chinese and Vietnamese competent agencies into import food products are normal and are not “an economic retaliatory action” as some people assumed. Figures of the General Administration of Customs showed Vietnamese exported nearly US$17.7 million worth of confectionaries and cereal-related items to In late May this year, Hanoi Police confiscated 11 tons of sweets, salted apricots and pistachios originated from China as the owner failed to show any papers proving the origin and food safety certificates for these products. Earlier, the Department of Food Safety under the Ministry of Health destroyed 23 tons of candies and salted apricots imported from HCMC targets 10% GDP growth this year HCMC will exert effort to achieve a gross domestic product (GDP) growth rate of 9.5-10% this year as approved by the HCMC People’s Council. To realize the target, the city will have to obtain GDP growth from 10.8-11.8% in the second half of this year after posting an economic expansion of 8.2% in the first six months of this year, according to resolutions passed by the HCMC People’s Council on the final day of its 14th session last Friday. The council also requested related agencies to prioritize and speed up implementation of key infrastructure projects, including The council also suggested reviewing all the projects under construction in the city and taking measures against the investors who fail to fully implement infrastructure works that connect to surrounding areas. As for environmental protection, the city government was told to move Biochemistry Fertilizer Company in Cu Chi District out of residential areas and properly treat polluted areas in districts 9 and Thu Duc. Regarding administrative reforms, the council demanded that relevant agencies should apply numerous measures, enhance inspections and tackle the government officials with inappropriate behaviors toward citizens. HCMC chairman Le Hoang Quan said economic and political situations in the world and the region, especially the This requires the government and citizens in HCMC to stay close together to deal with challenges and overcome difficulties, he said. Speaking to reporters on the sidelines of the session, Quan said total investments in the city economy often rose strongly in previous years. However, actualized capital made up a low ratio due to the struggling property market. Earlier, at the closing session of the 18th session of the HCMC Party Committee, Party chief Le Thanh Hai said the city’s total investment growth had slowed over the past three years. This is a worrying sign that the city’s economy is not in good shape and economic growth in the following years might be dampened. In 2011, the city’s total investments advanced 19.3% against the previous year, but the growth slowed to 6.9% in 2012, 3.7% in 2013 and 3.2% in the first six months of 2014. Hai blamed tightened public spending for the slowdown in recent years. LAF’s new products post good sales Long An Food Processing Export Joint Stock Company (LAF) have seen its Osca and Pika sell like hot cakes one month after the company launched these roasted cashew and peanut products on the domestic market and became an affiliate of Pan Pacific Corporation (PAN). After buying 23.03% of chartered capital of LAF in June, leaders of PAN and LAF mapped out a development strategy for the company. Accordingly, LAF added Osca roasted cashew nuts and Pika roasted peanuts to its product line with expectations to create a new consumption trend in The company said Osca and Pika will be available at 5,000 and 10,000 stores respectively in the country towards the year of this year. LAF has got orders from regular customers in Source: VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VIR |
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