BUSINESS IN BRIEF 8/8 Premier security and fire safety exhibition opens The latest equipment and technologies used in the security and fire safety industries will be on display at Secutech Viet Nam 2013, which opens in The sixth edition of the country's largest security, safety and fire prevention and fighting exhibition has attracted 110 exhibitors from 13 countries and territories, including the US, UK, India, Germany, the Netherlands, South Korea, Italy, Japan and Singapore. There will be more than 200 booths showcasing the latest surveillance systems, alarms, access-control systems, intercoms, biometrics, fire safety and prevention products and rescue equipment, and industrial safety products. Also on display will be integrated solutions for buildings, factories, retail outlets, banks, hotels, transportation and other businesses. Secutech Viet Nam 2013, held at the Saigon Exhibition and Conventional Centre in District 7 until August 10, will also feature seminars on digital surveillance and fire and safety. The development of residential urban areas, malls, industrial parks, hotels, banks in Co-organised by the Viet Nam Advertisement and Fair Exhibition Joint Stock Company Vietfair and the Taiwan-based Messe Frankfurt New Era Business Media Ltd, the exhibition expects to welcome around 5,000 visitors. JoYou Group makes foray into Vietnamese capital JoYou products will be distributed exclusively by Thanh Trung Production Services Trading Company Limited in Founded in 1979, JoYou Group has been named among the top 500 most powerful businesses in Asia and sells its products in 20 countries around the world, including Germany, the UK, the US, Canada and Southeast Asia.- Vietnam calls for more aid from World Bank The Ministry of Finance (MoF) has asked the World Bank (WB) to assist to At the August 6 meeting, MoF leaders proposed a host of effective and practical measures to enhance cooperation with the WB in the future. They asked the bank to maintain official development assistance (ODA) loans for They wished to get more financial support from the WB to complete the framework for the implementation of business restructuring projects. Participants in the meeting focused on issues related to the shift of International Development Association (IDA) loans and WB funding for the Poorest to the International Bank for Reconstruction and Development (IBRD) loans, which aims to reduce poverty and promote sustainable growth in middle-income countries and creditworthy poorer countries. Seafood exports increase slightly in first 7 months The Exports to Meanwhile, there was a decline in seafood exports to the EU (down 7.8 percent), Experts forecast that seafood exports will pick up in the coming months when the Christmas and New Year season is drawing near. According to the Directorate of Fisheries, VDB to raise charter capital under new development strategy The Viet Nam Development Bank (VDB) will raise its charter capital to VND20 trillion (US$952 million) by 2015 and VND30 trillion ($1.42 billion) by 2020 under a new development strategy approved by the Prime Minister. The additional charter capital is intended to raise the equity of State's total investments and export credits to 10 per cent. The VDB has three capital sources to raise charter capital, including accumulated capital; business arrangement and development support funds; and the State's annual development expenditure. The finance ministry will determine the charter capital increase and will identify relevant sources of funds, using the VDB's annual financial statements. PVEP welcomes first oil stream from project in Malaysia PetroVietnam Exploration and Production Corporation (PVEP) has welcomed the first flow of crude oil from West Desaru 1 well it is exploring under a joint project in According to the Vietnam National Oil and Gas Group (PetroVietnam), the average output from West Desaru oil field, which belongs to Block PM304 offshore the When fully operational, the field, one of PVEP’s three overseas oil stream projects, is expected to produce 20,000 barrels/day. It holds a 15 percent stake in this project. The corporation has been investing in 17 overseas projects, and is expected to see the same happening in Business incubation at universities promoted The conference is a good opportunity for participants to exchange information and create future links between science and technology business incubation centres, Tung added. Participating lecturers from PetroVietnam revenue falls 4 percent Total revenue of the Vietnam Oil and Gas Group (PetroVietnam) in the first seven months of the year is estimated to fall 4 percent year-on-year due to an oil price decrease of around US$8.8 per barrel. This information was reported by PetroVietnam’s Deputy General Director Nguyen Vu Truong Son during an online meeting of the Ministry of Industry and Trade on August 5. However, PetroVietnam contributed US$4.58 billion to the State budget in the January-July period, up 1 percent year-on-year, Son said. The group reported that petroleum output in July is estimated at 520,700 tonnes, up 25.5 percent over the same period last year, bringing total production for the January-July period to over 3.8 million tonnes, up 28.1 percent year-on-year. PetroVietnam also extracted 9.7 million tonnes of crude oil in the first seven months of this year, a 1.3 percent year-on-year rise. Gas exploitation in the period totaled 60.1 billion cubic metres, up 9.7 percent against the same period in 2012. Footwear, handbag production jumps on strong Japanese orders The leather and footwear sector expects to surpass its target of US$9.7 billion in turnover this year, as many Japanese importers have shifted their orders from Turnover is expected to increase even more if the Trans-Pacific Partnership (TPP) and the Free Trade Agreement (FTA) between Many importers, including those from Luu Van Thanh, director of Hoang Kim Handbag Ltd Co in Thanh's company, which employs 100 people, exports all of its products, to Many importers viewed Vietnamese standards for handbag production as higher than those of other ASEAN countries such as Truong Thi Thuy Lien, director of Lien Phat Footwear Ltd Co in Binh Duong province, said that after two months of surveying the market and sending samples, her company has received its first orders from a Japanese partner. The company's export orders are full until the end of the year, according to Lien. The leather and footwear association said the TPP and FTA would cut tariffs to zero percent, which would make Vietnamese exports more competitive with In the first six months of the year, the footwear sector earned more than US$3.99 billion in turnover, an increase of nearly 14 percent compared to the same period last year. The Bag and suitcase products also saw an export growth rate of 22 percent in the first six months, with a turnover of US$ 911 million. Exports to the Quang Ngai grants licences for 13 new projects The central It has granted business licences for 285 projects, including 260 from domestic investors and 25 foreign-invested projects worth $5.2 billion in total, says director of the Provincial Investment Promotion Centre Tran Ba Among the projects, JK Paper manufacturing company from "Businesses have actually disbursed $3.6 billion in projects, 70 per cent of total registered capital, while 13 of 25 foreign-invested projects have put into operation," "Dung Quat is seen as one of the top five attractive coastal economic zones in The province has offered investors a 10 per cent income tax rate with tax exemptions in the first year, he added. Firms favour HCM City Stock Exchange Listed companies are showing a trend to favour the HCM City Stock Exchange over that of Ha Noi. The sizes of the two stock exchanges are significantly different. As of July 31, market capitalisation of the HCM City Stock Exchange reached VND817.3 trillion (US$38.5 billion) compared to the Ha Noi Stock Exchange's VND94.55 trillion ($4.4 billion). The more stringency in regulations on capital and business results of the southern exchange made listed companies on the bourse more attractive to investors than those on the Ha Noi bourse. Firms which wish to list shares in Both exchanges require a return on equity ratio of at least 5 per cent, but the In the first six months of this year, foreign investors were net buyers in The VN-Index has so far gained 11.76 per cent while the HNX-Index rose only 5.56 per cent. That is why companies favour the HCM City Stock Exchange to list their shares. Pha Lai Thermal Power (PPC) rose from VND36,000 ($1.60) to VND65,400 during eight months trading on the Ha Noi Stock Exchange in 2010 and 2011. When it moved to HCM City just two weeks later, the reference price was VND105,000 ($4.90). Although PPC price is currently only VND23,200, it has become one of the 30 largest stocks tracked by the VN30 and selected into the FTSE Vietnam ETF index. Retailer Pan Pacific Corporation (PAN) also had a higher reference price in Construction Investment Corporation 3-2 (C32) and Bien Hoa Packaging Company (SVI) were the same stories. Finance firm floats Financial firm FLC (FLC) will list shares on the HCM City Stock Exchange next Tuesday. Initially, the company announced the reference price for the listing would be VND10,000. However, it then immediately adjusted to VND5,500, its price previously on the Ha Noi Stock Exchange. FLC chief executive Doan Van Phong said Saigon Securities Inc had assessed its book value at VND15,000 per share. "However, due to unstable stock market conditions, the VND10,000 reference price is no longer appropriate," he said. Tax evasion on rental houses on the rise Tax evasion on rental houses has become more common and complicated in Ha Noi, especially in Tay Ho District where the business has developed rapidly. The Tax Department in Tay Ho District reported the area was booming with many houses available for rent and a predominantly foreign clientele. In Quang An precinct alone, nearly 800 families are renting out their houses. This type of business is mostly concentrated in two new urban areas - the Nam Thang Long-Ciputra and along the By the end of last year, the total number of families leasing their houses in this area rose to 2,300, accounting for nearly 50 per cent of the individual household businesses and 80 per cent of tax payments from individual household businesses in the district. An official from the Tay Ho District Tax Department who wanted to remain anonymous said over the past few years, the Department had taken several measures to strengthen tax administration on house rentals in the area. However, tax collection from this kind of business was often tricky as many families tried to avoid tax by not registering for payment. Some families had deliberately made two contracts on a rental house and showed the Tax Department the one with an artificially low rent in order to pay lower tax, he said. This practice has reportedly been carried out in collusion between house owners and tenants, he said. To avoid paying taxes, some families have collected rental fee though banks without reporting information about tenants in an attempt to avoid scrutiny from tax authorities. To deal with the problem, the Tay Ho District Tax Department has worked with local police to implement effective preventative measures and regularly exchanges information about tax policy with local police so they can disseminate details and encourage those who have their house up for lease to voluntarily pay tax. The Tax Department has also provided local police with information about families leasing their houses to help police review temporary residences in the local area Domestic petrol prices yet to fall A man buys petrol at a station in Ha Noi. Vietnamese authorities seem unsure if and when petrol rises will fall in line with world oil prices. — VNA/VNS Photo Hoang Hung HA NOI (VNS)— Vietnamese authorities seem unsure if and when petrol rises will fall in line with world prices for oil, but the chances are that nothing will happen until the end of September when a new decree governing the petrol industry is issued. At present, any. adjustments to petrol prices must comply with Decree 84, said Nguyen Xuan Chien, Deputy Director of the Domestic Market Department under the Ministry of Industry and Trade. Although world petrol prices have been falling since the end of July, any decrease in domestic petrol prices must be based on the calculations of the 30-day average world prices, Chien said. If the 30-average falls, wholesale enterprises must lower the domestic retail petrol price, Chien said. Chien added that there would be a completely new decree to replace Decree 84 which was revealed many limitations in regulating petrol business, instead of just amending it. Industrial stockpiles fall The manufacturing and processing industry's inventory index continues to fall thanks to higher domestic consumption, said Deputy Minister of Industry and Trade Ho Thi Kim Thoa. The ministry's figures indicated that July's index ended 8.8 per cent above last July's, but decreased by 0.9 per cent against June. Sales have increased in commodities such as urea fertiliser (up 41.3 per cent), motorcycles (19 per cent), cement (14.2 per cent), footwear (11.9 per cent) and garments (8.6 per cent). Sectors with highest drop in inventories included electronic components (down 75.2 per cent), communication devices (down 76.9 per cent), automobile manufacturing (down 38.1 per cent), cement production (down 33.7 per cent), woven production (down 32.3 per cent) and footwear (down 19.2 per cent). However, some production sectors posted inventory indexes with high growths, such as sugar (up 49.6 per cent), beer (up 33.3 per cent) and batteries (up 37.7 per cent). In July, the index of industrial production (IIP) surged by 5.2 per cent and the consumption index for the processing and manufacturing sector also jumped 8.3 per cent year-on-year. The manufacturing and processing industry's inventory index continues to fall thanks to higher domestic consumption, said Deputy Minister of Industry and Trade Ho Thi Kim Thoa. The ministry's figures indicated that July's index ended 8.8 per cent above last July's, but decreased by 0.9 per cent against June. Sales have increased in commodities such as urea fertiliser (up 41.3 per cent), motorcycles (19 per cent), cement (14.2 per cent), footwear (11.9 per cent) and garments (8.6 per cent). Sectors with highest drop in inventories included electronic components (down 75.2 per cent), communication devices (down 76.9 per cent), automobile manufacturing (down 38.1 per cent), cement production (down 33.7 per cent), woven production (down 32.3 per cent) and footwear (down 19.2 per cent). However, some production sectors posted inventory indexes with high growths, such as sugar (up 49.6 per cent), beer (up 33.3 per cent) and batteries (up 37.7 per cent). In July, the index of industrial production (IIP) surged by 5.2 per cent and the consumption index for the processing and manufacturing sector also jumped 8.3 per cent year-on-year. SBV expands money printing factory The management Board of Project NH09, under the State Bank of The project aims to enhance the production capacity of the factory and to contribute to national currency security. The project is expected to be completed by 2014 and begin operations in 2015. Fourteen exports exceed $1bn Statistics from the General Statistics Office show that 14 export items exceeded US$1 billion in revenue by the end of this July. Telephones led the exports with a revenue of more than $11.6 billion, an 87 per cent increase from a year ago. Next to telephones were textiles and garments ($9.64 billion), electronics and computers ($5.7 billion), footwear ($4.8 billion), crude oil ($3.1 billion), seafood ($3.4 billion), machinery and equipment ($3.1 billion), transport products ($2.97 billion), wood products ($2.9 billion), coffee ($1.9 billion), rice ($1.87 billion), rubber ($1.22 billion), bags and umbrellas ($1.08 billion) and iron and steel ($1.02 billion). While exports of plastic wares reached $989 million, a 9.7 per cent increase. Central bank moves on weak lenders From September 20, the Governor of the State Bank of The decision was issued late last week in the context that the nation was stepping up efforts to restructure the banking system, an important pillar for propping up the economy when bad debts remained one of the biggest hindrances to national economic recovery. Dung stipulated that lenders having to sell stakes would be those which suffered losses with values exceeding the values of their equities and reserve funds recorded in latest financial reports, adding any termination of their operations could endanger systematic security. The Governor woul decide how much stake credit institutions should purchase and the State Bank could itself acquire stakes in weak lenders if necessary. The central bank might support the designated institutions through refinancing loans, special loans or by loosening requirements for their operations for a certain period of time. Divestments would occur when the weak lenders returned to normal operations or when they were acquired or merged, with central bank permission. "I think the State Bank intervention in fragile banks is reasonable and necessary," independent financial expert Nguyen Tri Hieu told Thoi bao Ngan hang (Banking Times). Hieu said that choices to deal with weak commercial banks could be to let them seek ways to restructure or bring them under State control. However, in the current context, State interference seemed to be the only way. Currently few domestic investors dared to invest in weak commercial joint-stock banks, he noted. Indian businesses discuss VN ties A seminar was held in Chennai city, Tamil Nadu, During the event, Vietnamese Trade Counsellor Nguyen Son Ha provided the participants with information about the Vietnamese economy, and bilateral trade and investment ties between He introduced them to the ASEAN ( The trade official answered the Indian firms' inquiries about Ha provided the participants with contact details for related Vietnamese agencies and invited them to participate in several trade fairs to be held in Both countries are striving to achieve an annual bilateral trade turnover of $7 billion by 2015. Last of highway widening underway A 22-km stretch of National Highway 1 between Can Tho City and The section will be expanded to 21.6 meters, and have four lanes for motor vehicles (up from the current two) and two more for non-motorised vehicles. There are some newly built and upgraded bridges along the route. The build-operate-transfer (BOT) project, when completed in early 2016, is expected to ease the growing congestion and reduce accidents on the highway. It will link Can Tho's Cai Rang District with Hau Giang's Phung Hiep District. The work that began last Friday is the last of 17 projects nation-wide to widen the Speaking at the groundbreaking ceremony, Deputy Prime Minister Hoang Trung Hai said widening the highway would spearhead expansion of trade, investment, and socio-economic development in the Mekong Delta region. "It will also play an important role in the country's socio-economic development, defence, and security." He hailed the project's BOT mode saying since public funding is limited the Government is implementing a policy of "socialising investment." He also hailed the Ministry of Transport, contractors, and Can Tho and Hau Giang authorities for their meticulous preparation. He urged investors and the involved localities to acquire and clear lands in a manner that would not only safeguard the benefits of their owners, workers, and the environment, but also ensure construction quality and progress to meet deadlines. On the same day, construction of Co Chien Bridge on Highway 60 also began. Being built at a cost of VND2.31 trillion ($110 million) — including VND1 trillion($47million) in public funds — the cable-stayed bridge will have four lanes spanning 16 meters and allow vehicles to travel at up to 80 kilometres. When competed in 2016 it will connect the highway section between Tien Giang and It will reduce the distance between Remittances to City banks up to $2.2 billion Remittance to the country through HCM City-based banks in the first seven months of the year rose to US$2.2 billion, or 19 per cent over the same period last year, according to statistics from the State Bank of Nguyen Hoang Minh, deputy director of the branch, said that the amount of remittances converted into domestic currency have increased significantly from the past thanks to stable exchange rates. Most of the remittances were kept in foreign currency with only 11-12 per cent being converted into the dong, he said. Besides, Minh said, remittances mostly haven't flowed into the real estate industry over the past two years. In the first six months of the year, remittance to the real estate industry was only 22 per cent against more than 50 per cent in 2011. Up to 49 per cent of the remittance in the period was for production. Experts said that the remittance invested in production has been the most attractive to overseas Vietnamese, as the savings channel was less profitable due to low deposit rates, the gold investment channel risky and the security channel less popular. Minh forecast that remittances into the country would jump to $4.5-4.7 billion for the whole of 2013, up 10-15 per cent against last year. Minh said that remittances to the country often rise sharply in the fourth quarter, accounting for roughly 30-35 per cent of the total figure, as overseas Vietnamese seek to transfer money to their relatives for spending and shopping during year-end holidays. Sugar stockpile could sweeten exports The Ministry of Industry and Trade (MoIT) is considering giving permission to export unsold stockpiles of sugar, according to Tran Thanh Hai, deputy director of the Import-Export Department, at the ministry's press conference yesterday. Statistics showed that the sugar inventory in June reached 492,000 tonnes, 179,000 tonnes higher than the same period last year. Hai estimated that the amount of sugar to be consumed in the country from July to October would be around 270,000 tonnes, leaving the unsold inventory at 220,000 tonnes, not to mention the minimum imported sugar amount in accordance to the World Trade Organisation's regulations. At the end of last month, the Ministry of Agriculture and Rural Development sent the sugar export proposal to the MoIT. The 2013-14 sugar crop started this month. The agricultural ministry said that the output for this crop would meet and even exceed the demand from November. Nguyen Hai, general secretary of the Viet Nam Sugar and Sugarcane Association, said that high inventories burdened sugar enterprises while smuggled sugar was also a headache. According to the General Department of Customs, more than 100 cases violating regulations about temporary import for re-export of goods have occurred, totaling 13,805 tonnes and fines of VND2.432 billion (US$115,810). Status upgrade for PJICO corp An upgrade of status for the Petrolimex Joint-Stock Insurance Corporation (PJICO) was granted last week. The new corporation status is part of a restructuring programme of PJICO's parent company, Petrolimex, towards 2015. PJICO, which celebrated its 18th anniversary this week, was established by Petrolimex and other major shareholders, including Vietcombank, Vietnam Reinsurance Corp and Vietnam Steel Corp. PJICO is the fourth largest non-life insurer in Also last week, the company opened its new head office building on Regulations on tax-debt relief The newly-issued Decree on detailed implementation of the Law on Tax Management (amended) stipulates three types of tax debt relief. Accordingly, enterprises, which are declared bankruptcy, have conducted payments in line with the regulations of the Bankruptcy Law but have no asset to pay taxes shall be subjected to tax-debt relief. Tax-debt relief shall also be imposed for individuals who are considered dead, missing under the law or losing his/her civil act capacity or having no asset to cover tax payment. Except for the above two cases, tax debts which have not been paid for over ten years since the date of payment deadline or have not been collected by tax management agencies in spite of enforcing all means of coercion shall be cleared. The Decree also stipulates that tax-debt relief on land use and land lease fees shall be in accordance with the Law on Land and its guiding documents. The Decree will take effect since September 15, 2013. Tiger prawn prices up but tra fish all at sea Prices of tra fish and tiger prawn are moving in opposite directions in the Cuu Long ( In early July tra prices went down sharply, leaving farmers unhappy. Le Chi Binh, deputy chairman of An Giang Aqua-Culture Association, said the price of grade 1 tra stood at VND18,500-19,000 per kilogramme on July 24, leaving breeders to count losses of VND3,000 per kilogramme. Plentiful supply from farms in the region and lower export prices are major causes for the decline in the local market, Binh said. As a result, tra fish breeding ponds in An Giang, one of the provinces with the largest pond area in the delta, have shrunk by 18 per cent from last year to 779 ha. The area, once around 2,200ha, could drop further as many farmers have given up breeding tra after the last harvest and switched to other kinds of fish. Tong Minh Chanh, a tra farmer in Long Son commune in An Giang Province's Phu Tan District, said to avoid further losses from exports, he switched to farming the fish for domestic consumption, but the situation has not improved. "I've decided to farm fry and breed loach," he told Viet Nam News. Farmers also face problems when selling tra since buyers have many other sources of supply. Le Van Loc of Tan Nhuan Dong commune in Dong Thap Province's Chau Thanh District, said he had two hectares of mature tra (of 600-700 grammes each, market price VND20,500-21,000 per kilogramme), but buyers were late to come. But once the fish becomes oversized (over 700 grammes), prices fall to just VND18,000-19,000. Unlike tra farmers, however, prawn farmers are happy because prices have gone up relentlessly in the past few months. Prawns weighing 50 grammes are now selling for VND230,000-240,000 per kilogramme, and those weighing 25 grammes fetch VND155,000. Tran Thanh Tan, a farmer in He said if farmers harvest 250-300kg per hectare, they can get some profits since costs are not too high. Many businesses too have invested in shrimp farming. According to Nguyen Van Thanh, head of the Kien Giang Department of Agriculture and Rural Development's aquaculture division, farmers and businesses in the province have nearly 2,000 ha of shrimp farms, mainly in the Long Xuyen Quadrilateral. Industrial manufacturing see rise in July The Ministry of Industry and Trade announced that the index of industrial products (IIP) rose 7 percent in July, compared to the same period last year. In which, mining, processing and manufacturing industries increased 6.8 percent; power generation and distribution grew 9.2 percent; and water supply and wastewater treatment surged 11.6 percent. Industries which saw an increase in seven-month IIP compared to the same period last year include leather and leather products manufacturing with 17.3 percent; motor vehicles manufacturing with 14.3 percent; paper and paper products manufacturing with 11.6 percent; chemicals and chemical products with 10.8 percent; metal prefabricated building products manufacturing, excluding machinery, with 10.5 percent; and water exploitation, treatment, and supply with 10.5 percent. Seven-month IIP of Ho Chi Minh City rose 5.3 percent year-on-year; Inventory index of industrial processing and manufacturing by July 1 emerged 8.8 percent year-on-year. Some industries with higher inventory levels compared to the same period last year include beverages with 33.3 percent; cigarettes with 22.2 percent; medicines and pharmaceutical chemicals with 20.6 percent; chemicals and chemical products with 14.3 percent; electronic devices with 12.2 percent; and paper and paper products with 12.1 percent. According to the ministry, imports of input materials have improved in recent months, signaling recovery of some industries, especially processing and manufacturing. However, the industry still has to focus on dealing with high inventory levels as local and global demand remains low. Revenue from export of telephones touches US$11.2 billion According to the Ministry of Industry and Trade, revenue from export of telephones has reached US$11.2 billion, an increase of 1.7 percent against last month and 9.8 percent against the same period last year. Meanwhile, import revenue was at US$11 billion, a 2.6 percent month-on-month increase and 11.6 percent against the same period last year. Accordingly, July saw a trade surplus of US$200 million. Yet export and import of Foreign Direct Investment (FDI) saw higher growth than domestic sector. Total imports of the domestic sector reached US$7.65 billion while the FDI sector export totaled US$6.91 billion. The processing industry sector increased 25.8 percent over the same period last year, playing an important role in export revenue growth and accounting for 69.5 percent of the country’s total export revenue. Export of agriculture and fishery products in July saw rise of 8.9 percent month-on-month but a year-on-year decrease of 7.2 percent due to low prices and bad weather conditions. Trade surplus in July maintained the same as June at around US$200 million, showing an economic recovery despite difficulties. ADB helps build new transport link in Mekong Delta The Asian Development Bank (ADB) has agreed to lend This transport link will help open up Rustam Ishenaliev, a specialist from ADB’s Southeast Asia Department, said The ADB-funded project will build a section of the Second Southern Highway, comprising two cable-stayed bridges with a combined length of 5km and associated access and interconnecting roads totaling 26km. The road, which is scheduled to be open to traffic by the end of 2017, will run on the boundaries of An Giang, Can Tho, and Dong Thap provinces to the west of the Mekong Delta. In addition to transport convenience, the project is expected to support more inclusive development, improve access to basic social and health services, increase national food security and facilitate private sector investment in the region. The project is estimated to cost US$860 million, with US$410 million financed by ADB’s Ordinary Capital Resources and AUD$160 million by the Australian Agency for International Development (AusAID). The Export-Import Bank of Hanoi to host Thai Product Exhibition Nearly 150 Thai companies will participate in the 13th Thai Product Exhibition scheduled for August 15-18 in The information was unveiled at a press conference in They will put up 180 stalls to showcase household utensils, garments and textiles, jewelry, automobile and bicycle’s components, electronic equipment and spare parts. During the exhibition, there will be diverse activities to promote bilateral trade and cultural exchange between Hitachi secures infrastructure foothold in Vietnam Hitachi Asia Ltd announced the establishment of its subsidiary firm in Established with initial capital of approximately US$500,000, Hitachi Asia ( “ The Tokyo-based company entered into a 37 billion yen (US$376 million) contract with the Management Authority for Hitachi is to deliver sub-systems including 17 train sets with a total of 51 carriages, a signaling system, a telecommunications system including wireless train radio and a power supply system, as well as platform screen doors, an automatic fare collection system and depot facilities. It is also scheduled to undertake five years’ maintenance work after the start of commercial operations, with details due to be stipulated in a separate agreement. The new urban railway is scheduled to begin operations in early 2018. Over recent years, Of the total US$13 billion FDI in Electronic traceability for export goods Enterprises are expected to benefit from tracing export goods through electronic or digital tagging. Some companies are afraid of revealing trade secrets, while others use obfuscation to hide trade frauds. According to the Ministry of Agriculture and Rural Development (MARD), almost all domestic businesses use paper records. They invent a code for each batch that is printed on packaging according to the tacid agreement between trade partners. This means only businesses can understand the code and investigate product origins. Regulations require traces to be completed within 24 hours, but it is almost impossible in No wonder state management agencies, importers, and consumers find it all the more difficult to trace the roots of every product. State management agencies have urged businesses to adopt more modern methods of tracing product origin but have thus far enjoyed negligible success. The “TraceVerified” electronic traceability system for agricultural and seafood products will help reduce red tape, encourage agriculture’s sustainable development, and improve the competitiveness of Vietnamese exports on world markets. According to the Danish International Development Agency, the Global Competitive Assistance Program’s “TraceVerified” system will bring practical benefits to state management agencies and businesses involved in the import-export sector. Danish Ambassador to Vietnam Frederik Andre Henrik Christian cited the difference between EU and US laws which has affected Vietnamese farm produce exports. Tracing product origins by paper work is too slow to compare with electronic traceability – a common practice in Europe and Dr Dang Kim Son, Director of the With 14 million farmers working on a large scale, it is important to help them avoid the risk of market fluctuations as they are at the mercy of dishonest traders. Farmers need to collect data on scale, output, competition, input materials, production services, and investment policies. “TraceVerified” Project Manager Dr Nguyen Hong Minh said the Ministry of Agriculture and Rural Development should establish locality codes for every agricultural and seafood product in line with international standards. “TraceVerified” Deputy Director Ly Hoang Hai explained how scannable printed codes connected to the website network can meet the origin trace requirements of different importers. The “TraceVerified” system is currently in place for 12 local businesses. And the project managers plan to install free systems for seafood export businesses by the end of 2014. According to experts, the application of a universal electronic traceability system is certainly feasible, but it will require intervention from state management agencies, enterprise associations, and new businesses to ensure its success. |
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