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BUSINESS IN BRIEF 30/6
Major
infrastructure investment priorities discussed
Addressing the
seminar, Deputy Planning and Investment Minister Nguyen Van Trung affirmed
The WB is one of
Cledan Mandri Perrott,
the WB’s Lead Financial Officer in
Vietnam’s
socio-economic development plan for the 2011–2015 period enumerates 11
priorities - restructuring the economy, developing the economic and
industrial sectors, ensuring culture and social equity, environmental
protection, addressing natural disasters and climate change, sustainable
urban zoning, and efficiently using resources in modern infrastructure
construction.
Delegates also
shared their experiences in assessing and evaluating infrastructure projects
as well as classifying investment.
Cell phone
export to UAE reaches US$1.36 billion
With this, UAE
became the largest import market of
Cell phones
accounted for nearly 87 percent of
Together with cell
phones, other commodities with large export turnover to UAE were computer and
components at US$53.5 million, pepper at US$29.4 million, and garments and
textiles at nearly US$22.9 million.
Vietnam-China
Border Trade Fair to open in November
The 13th
Vietnam-China Border Trade Fair, themed “Cooperation-Friendship and
Integration – Development,” will take place in the city of
As part of the
national trade promotion programme for 2013, the fair is expected to
accommodate 650-700 stands run by 500 enterprises from both countries.
The fair is
organised annually, alternating between Lao Cai province and
On display at this
year’s event will be a wide range of commodities such as agro-forestry,
seafood products, machinery, electronic and electrical devices, handicrafts,
fine art products, pottery and wooden furniture.
Several tours in
the economic corridor, which links
According to Le
Tien Dung, Director of Lao Cai province’s Trade, Investment and Tourism
Promotion Centre, his province and
Garments
and textiles to enjoy zero percent tariffs
Vietnamese garment
and textile businesses are expecting Trans-Pacific Partnership (TPP)
signatories to offer their products.
Preferential zero
percent tariffs when entering foreign markets. This stage of the
international integration process creates a huge opportunity for the
Vietnamese garment and textile industry.
In order to receive
these preferential import tariffs, garment and textile manufacturers must
make use of materials originating in TPP member nations. Businesses are
therefore striving to accelerate their rates of localization in the hopes of
avoiding squandering such a valuable advantage.
The Government has
approved a development strategy for the garment and textile sector until
2020, with a focus one establishing a supply chain that efficiently links
businesses.
Major
infrastructure investment priorities discussed
Addressing the
seminar, Deputy Planning and Investment Minister Nguyen Van Trung affirmed
The WB is one of
Cledan Mandri
Perrott, the WB’s Lead Financial Officer in
Vietnam’s
socio-economic development plan for the 2011–2015 period enumerates 11
priorities - restructuring the economy, developing the economic and
industrial sectors, ensuring culture and social equity, environmental
protection, addressing natural disasters and climate change, sustainable
urban zoning, and efficiently using resources in modern infrastructure
construction.
Delegates also
shared their experiences in assessing and evaluating infrastructure projects
as well as classifying investment.
Vietnam-Singapore
trade shows drastic upturn
Bilateral trade
turnover and investment cooperation between
With newly licensed
and added capital to US$3.41 billion in the first six months of the year,
As of the first
quarter of 2013,
Export
earnings from garments for kids increase
The value is
predicted to reach US$351.3 million in June, or a year-on-year increase of
20.2%.
Key export markets,
including the European Union, the
The
The market share of
Vietnamese garments for kids was also increased in
However, the price
of export garments saw a decline of 13.5% compared to a year earlier to
US$2.61/item.
Vietnam
boosts trade ties with Egypt, Israel, Sudan
A Vietnamese trade
delegation led by Deputy Minister of Industry and Trade Le Duong Quang is on
a fact-finding tour of three African countries.
At a working
session with the Egyptian Ministry of Foreign Trade and Industry (MFTI) on
June 26, the two sides discussed opportunities for cooperation in industry,
agriculture, fisheries, tourism and pharmacy business.
Quang said despite
Egyptian political disorder in 2012, two-way trade turnover hit around US$300
million, up 12% from a year earlier, with
He insisted that
the two sides actively prepare for the 5th meeting between the two
inter-governmental joint committees and the 50th anniversary of Vietnam-Egypt
diplomatic ties.
Quang affirmed that
the Vietnamese Embassy and Chamber of Commerce in
The host expressed
hope that
Earlier, from June
22-25 the Vietnamese delegation visited
After visiting
Godaco
Seafood targets $4.8m profit in 2013
Shareholders of the
Godaco (Go Dang) Seafood Co (AGD) have approved the company's business plan
for this year, targeting a revenue of VND1 trillion (US$47.6 million) and a
net profit of VND100 billion ($4.8 million), up 18 per cent and 3.4 per cent
respectively, over last year's targets.
In order to achieve
this, the company will install a second fish meal production line in Go Dang
Ben Tre, costing VND30 billion ($1.4 million) and purchase an extra 30ha of
land for the production of raw materials, reportedly for VND60 billion ($2.9
million).
Construction
company warned over auditing
The
This decision was
to protect proper investors interests, the exchange said.
According to
auditors, DIG did not make provision for the overdue receivables worth
VND130.55 billion (US$6.2 million) that were recorded by its real estate
business, pushing up the company's profit by the same amount.
SOE
cutbacks expected as State tightens belt
The Ministry of
Planning and Investment has released draft regulations reducing State funding
in State-owned enterprises (SOEs).
Under the proposal,
Government interest in State-backed pharmaceuticals, chemicals, finance,
credit, vaccines, street lighting, drainage and sanitation enterprises would
be cut from 65-75 per cent to 50-65 per cent.
Involvement in
tobacco production and airport management would be slashed from 100 per cent
to 75 per cent. The airport management reduction aims to attract more private
investment.
The State's stake
in petrol wholesalers would be reduced to 75 per cent while stakes in the
coffee and rubber processing industries would be cut to 50-65 per cent.
The draft
regulations are open for public comment.
Loan
interest supports sought for major export sectors
The HCMC Department
of Industry and Trade has asked the municipal government to provide 100% loan
interest support for all non-polluting projects in key industries with an
annual export turnover of over US$1 billion each.
The department made
such a proposal last Thursday when reporting to the municipal government on
planning, investment and development in the four key industries, namely
mechanical engineering, chemical, electronics - information technology (IT),
and food and foodstuff processing, along with supporting industries in the
city.
The department also
sought 50% loan interest support for the projects in the industries whose
exports reach US$500 million per year.
The entities to
enjoy loan interest supports under this proposal differ from those currently
receiving supports from the city’s budget in accordance with Decision
33/2011/QD-UBND issued by the HCMC government in May, 2011, regarding the
implementation of the projects under the city’s stimulus program.
Since 2009, as many
as 59 projects with total capital of VND4 trillion in major and supporting
industries have been granted 100% and 50% loan interest supports from the
municipal budget, said the trade department.
Among them, there
are 19 mechanical manufacturing projects, seven electronics and IT projects,
eight chemical projects, four food processing projects, 19 electrical
engineering projects and two environmental remediation projects.
However, the
policies for industrial profile shift and the incentives for investment and
business development are not attractive enough to encourage enterprises to
spend on technological innovation and production restructuring to improve
their performances, the department remarked.
HCMC had a poor
industrial start with approximately 85% of the city-based firms small and
medium, making them easily affected by inflation and rising input prices. In
addition, their production technology is average or low, and their innovation
is low.
As a result, the
growths in the key industries in the city are slowing down. The value-added
content of industrial production is increasing, but still low, while the
percentage of processing remains high although it is falling.
Meanwhile,
supporting industries are underdeveloped and not highly competitive. The city’s
industrial production still depends heavily on imported materials.
After meetings with
businesses and trade associations, the trade department suggested the
municipal government send a petition to the Government and relevant agencies,
seeking permission for enterprises to pay loan interest sums quarterly rather
than monthly. Besides, there should be regulations facilitating business
access to low-interest loans for their technological innovation and business
expansion.
Moreover,
businesses proposed the city should have more preferential policies, offering
supports in transport charges and customs clearance, to make it favorable for
local firms to bring their products to
The four key
industries account for 57.3% of the city’s industrial profile, with
mechanical manufacturing representing 17.1%, chemical 20%, electronics – IT
3.6% and food processing 16.5%.
Leaders of
Construction Development Company (CDC) under Qatar-based United Development
Company (UDC) visited HCMC over the weekend to sound out opportunities to
join urban development and traffic infrastructure projects in the city.
Khalil P. Sholy,
managing director of CDC and founder of UDC, met HCMC Chairman Le Hoang Quan
on Sunday along with key executives of the company.
UDC is active in
wide range of sectors in many nations worldwide, focusing on construction,
urban development, oil and gas, and telecommunications.
HCMC is developing
several new urban area and transport infrastructure projects, and CDC is
looking for opportunities to invest in these two areas, said Sholy.
“We have heard much
about HCMC and we think now is the right time for us to invest here,” he told
the city’s leader, adding that CDC had set up a representative office in
He said CDC had
experience in developing large buildings and large-scale urban projects. He
hoped the municipal authorities would give advice on which projects in the
two above areas CDC could invest in.
HCMC is carrying
out several large urban projects, like Thu Thiem New Urban Area in District 2
with a planned area of 790 hectares, Hiep Phuoc Port Urban Area with 500
hectares for logistics development, and Northwest Urban Area covering 4,000
hectares. The plans for such projects have been completed and CDC can invest
in them, Chairman Quan suggested.
Regarding urban
traffic infrastructure development, Quan informed HCMC would develop six
metro lines, with lines 1, 2 and 5 to be financed by ODA. The remaining lines
are still awaiting investors.
Infrastructure
development requires huge capital and high technology, he said. By 2025-2030,
HCMC will need some US$60 billion for traffic infrastructure development, but
the Government can only address 15% of this capital demand.
Therefore, the city
has to borrow ODA funds, issue bonds, and encourage investment under the PPP
format.
Sholy said his
company would study the projects that the HCMC leader recommended.
SOFRI
studies new dragon fruit varieties
The Southern Fruit
Research Institute (SOFRI) is joining hands with the New Zealand Institute
for Plant & Food Research (PFR) to carry out a project aimed at creating
new dragon fruit varieties.
The project will be
implemented from 2013 to 2018, with
“This collaborative
project is expected to produce a dragon fruit variety with red skin and light
pink flesh, one with yellow skin and flesh, one with red skin and pink flesh,
etc. to meet the diverse demand of the market, increase the value of products
and boost income for farmers,” he said.
In Tien Giang and
Long An, the two largest dragon fruit growing localities in the Mekong Delta,
there is currently some 3,100-3,300 hectares under dragon fruit cultivation.
The variety with red skin and white flesh is the most common one.
According to SOFRI,
Vietnamese fruit exports totaled US$360 million in 2012, with dragon fruit
contributing US$181 million. In the first quarter of 2013, dragon fruit
exports fetched US$46.5 million, up 18% year-on-year.
While joining hands
in creating new varieties, the
Outlet the
biggest problem for agriculture
Although
Nguyen Thi Hong,
head of the Planning Department under the Ministry of Agriculture and Rural
Development, said at the review meeting in
According to the
agriculture’s report on the year’s first half, most of major exporting
products like rice, coffee, rubber, tea and cassava see a decline in both
price and export volume.
Coffee is a product
which has the sharpest drops of 24.2% in volume and 22.4% in value.
Meanwhile, the respective drops of cassava are 19.4% and 15%, rubber 5% and
20%, rice 7% and 10%.
Therefore,
agriculture’s export turnover in the first six months is estimated at
US$13.53 billion, down 1.7% year-on-year.
Minister of
Agriculture and Rural Development Cao Duc Phat said that the low consumption
and prices were major obstacles to agricultural production and reduce incomes
of farmers.
“We have not
ensured a match between production and consumption,” Phat said, explaining
that while the volumes of products are equivalent to or higher than in
previous years, there is a strong decline in demand, especially the local
livestock demand and the global demands of seafood products and rice.
Moreover, although
Economic conditions
in the year’s second half are forecast to remain unfavorable with slow
recovery and instability. As a result, it is unlikely that the farm produce
consumption and purchasing power will be improved.
With such
conditions, the agriculture ministry will propose to adjust and reduce by
some 200,000 hectares of autumn-winter rice in Mekong Delta and
The replacement of
new crops also needs careful market researches to prepare production plans
which can deliver economic efficiency. Besides, the ministry will propose
policies to support farmers in dealing with drought and salinity intrusion,
building embankments and pumping stations to reduce damages and production
costs for farmers.
Bank safety
ratios improve slightly
Latest data
announced by the State Bank of
As of the end of
April, the banking system had total assets of nearly VND5,200,000 billion, a
1.93% increase. Its equity was nearly VND419 trillion, down 1.64% compared to
the previous month while its total charter capital inched up 0.39%.
The network’s
capital adequacy ratio (CAR) stood at 13.41%, a slight improvement compared
to 13.37% at the end of the previous month. State-owned commercial banks,
including VietinBank and Vietcombank, had a CAR of 10.15% while that of
commercial joint stock banks was 13.83%.
The loan-to-deposit
ratio (LDR) of the network was 87.87%, up from 86.22% at the end of March.
However, both
return on equity (ROE) and return on assets (ROA) ratios declined sharply to
2.52% and 0.23% from 3.97% and 0.48% a month earlier respectively.
For total assets
and equity capital, joint venture and foreign banks saw stronger improvements
with total assets growing 9.68% to VND609 trillion while State-run and joint
stock banks increased 0.84% and 1.04% respectively.
Joint venture and
foreign banks saw equity capital rising 2.73% to VND95 trillion while those
of State-run commercial banks and commercial joint stock banks declined 1.03%
and 4.33% respectively.
Budget home
buyers in Binh Duong offered soft loans
Customers buying
low-cost houses of Becamex IDC Corporation will be able to get access to
loans of the Government’s low-cost home loan program.
Bank for Investment
and Development of Vietnam (BIDV)’s Binh Duong Branch last Saturday signed a
cooperation agreement with Becamex IDC to assist civil servants and
low-income earners who buy budget homes of the latter.
BIDV will apply a
rate of 6% this year and a loan term of up to 15 years. In the following
years until June 1, 2023, the interest rate will be 50% of the average rate
of other banks but not exceed 6% per year.
Besides, BIDV has
pledged to handle loan applications in a maximum of four days upon the
receipt of full dossiers from home buyers.
Becamex IDC’s
budget housing scheme which is developed at 37 places consists of 64,700
apartments. Each apartment equipped with utilities has an area of 30 square
meters and is priced at VND100 million.
The firm has
developed projects of this kind in Thu Dau Mot City, Thuan An and Di An
towns, Ben Cat and Tan Uyen districts with total floor space amounting to
2.72 million square meters.
Becamex IDC earned
over VND18.09 trillion and over VND2.88 trillion in revenues and profits last
year.
Riverside
plastic embankment falls behind schedule
Construction of
some 34 sections of embankment along the Saigon River in HCMC has fallen
behind schedule as the quality of the uPVC plastic pickets used for the works
made by Saigon Industry Corporation (CNS) are not yet certified.
The city’s Department
of Construction in a report to the local government last week said the
progress is slow because CNS has yet to announce the quality criteria of uPVC
plastic pickets it makes at home.
CNS, meanwhile,
said it would only be able to release the information in September.
The municipal
authorities in September, 2012 allowed CNS to deploy 34 uPVC plastic
embankment projects with a total cost of more than VND600 billion. As per the
plan, CNS will advance capital to make the plastic pickets to carry out the
construction items to deal with landslides and flooding along the
Nguyen Van Tho,
general director of CNS, said his firm has sent the samples of uPVC plastic
pickets to the Quality Assurance and Testing Center 3, or Quatest 3, for
quality verification. CNS will make an announcement on the plastic picket
quality right after Quatest 3’s approval, he told the Daily last Friday.
Besides, the
construction department noted, although CNS is entrusted as the general
contractor of engineering, procurement and construction (EPC) for the 34
schemes, the company has not been licensed to provide designing and
construction services. This means that CNS isn’t qualified for the EPC
general contractor role for the schemes, so the enterprise needs to set up a
join venture with other companies to do the job.
CNS commissioned
the uPVCplastic picket plant in HCMC’s outlying district of Cu Chi in June,
2012 at a cost of some VND300 billion with a designed capacity of 550 kilos
of products an hour. The plant’s products have also been piloted at a number
of riverside embankments in districts 9 and 12.
There are around
1,600 kilometers of dykes and embankments citywide, with 400 kilometers of
dykes along the rivers and large canals. Many dyke sections not properly
reinforced are prone to landslides due to high tide, causing flooding for
several riverside residential areas.
Export of
agro-forestry and aquacultural products decreases
Export turnover of
agro-forestry and aquacultural products is expected to reach 13.5 billion USD
in the first half of this year, down 1.7 percent from the same period last
year, said the Ministry of Agriculture and Rural Development (MARD).
The decrease is
attributed to the year-long downward trend in global demands and prices of
agriculture products.
Major agricultural
products raked in an estimated 7.59 billion USD, down 10.5 percent, while
forestry products brought home 2.31 billion USD, up 12.4 percent; and
earnings from aquacultural products stayed at the same level as last year at
2.88 billion USD.
Most export staples
such as rice, coffee, rubber, tea and cassava saw decreases in both price and
volume. Coffee suffered the highest reductions, dropping 24.2 percent in
volume to 795,000 tonnes and earning only 1.71 billion USD, 22.4 percent less
than the figure of the same period last year.
Export of cassava
also witnessed a deep decrease during the first six months of the year,
bringing home 693 million USD, down 14.5 percent.
Only cashew and
pepper showed increases in both export amount and price. Cashew exporters
earned 723 million USD by exporting 115,000 tonnes of cashew, an increase of
5.7 percent in turnover and 15.9 percent in amount.
The US,
Pepper export went
up 22 percent in volume and 16.8 percent in turnover, in comparison with the
same period last year.
From now to the end
of the year, the MARD urged relevant agencies were urged to keep track of the
domestic and global demand and supply; give priority to expanding export
markets, enhancing trade promotion activities; while coordinating with
businesses and associations to propose policies to boost export and tap
potential markets.-
Vietnam-Customs
Union FTA negotiations progressing
Negotiations on a
free trade agreement (FTA) between
The two parties
reached consensus on points relating to goods, services, investment and
movement of natural persons, rules of origin and customs cooperation.
The outcome was
drawn after comprehensive discussions between the two sides, who were led
respectively by
The heads of the
negotiation teams discussing technical points were Dang Hoang Hai from MoIT and
Andrey Tochin from the Eurasian Economic Commission, and they coordinated 10
working groups discussing the content of the FTA.
The eventual
agreement will encompass goods trade, service trade, investment, customs
cooperation, sanitary and phytosanitary measures (SPS), technical barriers to
trade and legal and institutional issues.
At the plenary
session, Hoang and Slepnev reaffirmed their intention to conduct negotiations
in line with the regulations set out by the World Trade Organisation, while
taking into account sensitive areas and differences in the development level
of each side.
The two sides
agreed to increase their consultations at both internal and bilateral level,
paving the way for the third negotiation scheduled to take place from
September 9 to 13 in the
Domestic insiders
envision the FTA between Vietnam and the Customs Union will open up prospects
for a large free trade area and tighten the traditional and strategic
relations between the four countries.-
Banks look
to foreign funds
Many Vietnamese
banks are seeking support from foreign partners, including Japanese
investors, in a bid to boost their capital.
According to the
Dau Tu (Investment) newspaper, Sai Gon Thuong Tin Commercial Joint Stock bank
(Sacombank) planned to sell 20 percent of its stakes to a foreign partner
this year in order to increase charter capital.
According to its
Chairman Pham Huu Phu, Japanese investors were among those being highly
considered.
At a shareholders’
meeting of the Housing Development Bank (HD Bank) in April, the bank
announced its plan to call for capital from strategic foreign partners.
It later cooperated
with businesses from
Many Japanese
investors have already poured money in buying stakes in Vietnamese banks.
At the end of 2012,
Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank)
signed an agreement to sell a 20 percent stake, worth 822 million USD of its
business to Japanese Bank Tokyo-Mitsubishi UFJ.
This marked the
biggest M&A deal in the country’s financial industry. Recently Vietinbank
increased room for foreign investors to 30 percent.
Previously Vietnam
Export Import Bank (Eximbank) sold 20 percent of its stock to the Japanese
Sumitomo Mitsui Banking Corporation.-
Local steel
sector’s back to the wall
The local steel
sector has run into a brick wall with alarming inventory levels and foreign
investors’ clean pair of heels.
The supply of
construction steel in the first half of 2013 has outrun demand after two new
businesses, Thai Trung Steel based in northern Thai Nguyen province with
designed capacity of 500,000 tonnes per year and Danang’s Central Steel with
250,000 tonnes per year designed capacity, began launching products into the
market.
A Ministry of
Industry and Trade report in May showed that steel production growth had
surpassed industrial sector average growth (5.2 per cent). Accordingly,
rolled steel production hiked 14 per cent and that of steel bars rose 7.4 per
cent. The sector’s consumption, however, fell 1.2 per cent.
“Building material
production has grappled with hardships on the back of the property sector’s
high inventory,” said chairman Pham Chi Cuong at Vietnam Steel Association
(VSA).
Unsold construction
steel will be 300,000 tonnes against an acceptable level 230,000-250,000
tonnes.
The VSA also put
average consumption of its member units at 400,000 tonnes per month, down 10
per cent against peak level 450,000 tonnes per month.
Paradoxically, as
consumption falls, rolled steel production capacity was on the rise.
The VSA surveys
show that scores of steel businesses were ‘clinically’ dead.
To attract
customers, steel firms have launched constant price discounts, making selling
prices to fall below the production cost. However, price discounts keep
continuing, particularly in northern area.
Big firms are also
bleeding.
For instance,
Pomina Steel (POM) reported 2012’s after-tax profits of more than VND5
billion ($238,000) against VND405 billion ($19.3 million) in 2011.
Mounting
competition among businesses in the steel sector, however, does not mean
there is no more room for growth opportunities in the sector, according to
industry experts.
Accordingly,
current per capita steel consumption in
Industry experts
warned that foreign investment projects in the steel sector, particularly big
ones, would undermine performance of local businesses and exaggerate current
supply-demand imbalance unless there were suitable strategic plans to attract
foreign investors in the sector.
A big southern
steel firm representative said: “We [the Vietnamese company] were told to
totally export products if setting a manufacturing plant in
Siemens and
Vinamotor roll out first hybrid bus
Siemens and
Vinamotor yesterday launched the first prototype of the hybrid-drive bus with
Siemens ELFA drive technology.
The bus is the
result of nine months of close collaboration between Siemens and Vinamotor
and represents a milestone for green bus system development in
According to
Siemens Vietnam, the Siemens ELFA hybrid-drive technology helped city buses
to reduce fuel consumption by up to 50 per cent significantly saving costs.
The operation of these buses will also mitigate the impact on the environment
through lower exhaust emission and provide maximum comfort for passengers.
Furthermore, riders and drivers travelling behind the bus can enjoy clean air
when the diesel engine of the bus stops.
Do Nga Viet,
chairman of Vinamotor, said the state-owned firm would cooperate with Siemens
to manufacture buses to replace all old buses in
New Ford
Ford Motor Company
has announced the appointment of Jesus Metelo ‘Met’ Arias as managing
director of Ford
He will continue to
report directly to Matt Bradley, president of Ford ASEAN.
Arias, who is
currently serving as director, Customer Service Division, Ford ASEAN, based
in
In his new role,
Arias will be responsible for leading the successful and ongoing product-led
transformation of Ford’s business in
“We’re proud to
have Met take on this new leadership role and are confident in his ability to
lead a strong focus on serving our customers in
Arias joined Ford
Charpentier has
served as managing director of Ford
He has also been
active in
Businesses
closed down in Hoa Binh
The
The head of the
department's business registration, Pham Dinh Huong, said these enterprises
had breached the Law on Enterprises.
Most were involved
in construction, mining, trade and tourism, including 55 in
The enterprises
will have to complete dissolution procedures and return official stamps to
local authorities within six months.
PVS
estimates over $27m in profits in first six months
PetroVietnam
Technical Services Corp (PVS) estimates its profits for the first-half of
this year at VND570 billion (US$27.1 million) while its revenue could reach
VND10.2 trillion ($485.7 million) by the end of June.
According to the
company, it is becoming increasingly confident of completing its business
plan for this year, of which total revenues will reach VND26.5 trillion
($1.26 billion) and before-tax profits, VND1 trillion ($47.6 million).
This year, PVS will
focus its investment on core businesses such as shipping services, ports and
specialised equipment for the oil and gas industry.
Plastics
industry breaks export mould
Increasing global
demand for plastic products had provided opportunities for domestic
manufacturers to expand their markets, according to the Industry and Trade
Information Centre.
Statistics showed
that by June 15, the export turnover of the plastics industry had reached
US$771.7 million and was forecast to increase the in coming months.
This was a great
opportunity for domestic plastics producers to boost exports to difficult
markets as many were shifting from importing products from
It was important to
improve product quality and enhance competitiveness to grasp this chance,
experts said.
The plastics
industry plans to produce high-quality and environmentally-friendly products
with diverse range of types and models together with increasing the
proportion of technical plastics and plastic products for construction.
According to the
Viet Nam Plastics Association, the plastics industry was expected to grow at
a rate of 11-13.5 per cent this year to reach $2.2 billion in export
turnover.
Last year's export
turnover hit $1.98 billion, representing a 42 per cent increase over 2011.
Statistics
Office reveals 2013 business figures
A total of 6,192 Ha
Noi businesses have shut down so far this year, 20 per cent less than the
same period last year.
The municipal
Statistics Office said that of these, 222 closed operations completely (up 27
per cent), 1,266 filed documents for closure (up 27 per cent), 2,804 changed
their businesses address (down 2 per cent) and 1,900 temporarily shut down
(down 49 per cent).
However, about
7,000 new businesses worth VND52.3 trillion (US$2.5 billion) were set up,
down 9.5 per cent in quantity but up 13.2 per cent in capital against the
first half of last year.
Phones head
list of exports to Turkey
According to the
Viet Nam General Department of Customs, phones and components topped the list
of consumer items, earning a monthly record of $40.2 million, 4.5 times
higher than the previous month and 7.6 times higher than the same month last
year.
The total earnings
from phones and components exported to
The difference has
narrowed from $155 million in 2011 to $140 million in 2012 and $14.7 million
in the first five months of this year.
SBV asks
banks to extend rice reserve loans
The State Bank of
Viet Nam (SBV) has sent a document to commercial banks asking them to extend
loans to food companies to enable them to buy paddy/rice reserves.
The central bank
asked the banks to follow the production and performance of rice export
companies.
If exporters faced
difficulties, the banks should carefully consider restructuring loans.
The SBV also asked
the banks to supervise the companies' capital utilisation to prevent them
from taking advantage of the programme to delay payments.
Under a Government
programme, the banks have provided the companies interest-free credit to buy
1 million tonnes of rice from the winter-spring crop.
The Government is
fully subsidising the interest on the loans for three months.
Support from the
banks has kept rice prices stable in 2012-13, and the Government's policy to
buy rice reserves has also supported the price and helped farmers.
The Ministry of
Agriculture and Rural Development said it would establish a team to carry out
check-ups and supervision on the rice/paddy reserves.
The ministry will
co-operate with the Finance and Industry and Trade ministries, SBV, the Viet
Nam Food Association and provincial committees to check the quantity of rice
reserves.
The team will also
look at preferential loans and disbursement of commercial banks.
Rolls-Royce
teams up with Regal
Regal Motor Cars
Corporation yesterday reached a deal with the Rolls-Royce Motor Cars to be
its official dealer partner in Ha Noi.
The assessment was
stated by Herfried Hasenoehrl, Rolls-Royce Motor Cars General Manager for
Emerging Markets-Asia.
Following the Regal
Motor Cars deal, Rolls-Royce is now represented in 22 cities across the
Asia-Pacific region outside of
The province hoped
to save up to 638 hectares, to be sued for planting and residential areas,
through the initiative.
As many as 200 projects
operate across the province's seven industrial zones and nine industrial
complexes, which cover 5,000ha in total. The projects help create 100,000
local jobs.
Source: VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VIR
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Thứ Bảy, 29 tháng 6, 2013
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