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BUSINESS IN BRIEF 9/10
Gasoline
price drops VND390 per liter
Vietnamese
fuel traders lowered gasoline price by VND390 per liter on October 7 after
the Ministries of Finance, and Industry and Trade ordered them to cut rate by
at least VND387 per liter and continue to use VND300 per liter from the
gasoline price stabilization fund.
Thus,
after adjustment, retail price of RON92 gasoline will be VND23,880 per liter
and retail price of RON95 gasoline will be VND24,380 per liter.
As for
diesel, according to calculations by the ministries, price must be raised by
VND517 per liter, at the most. However, in order to stabilize diesel price
and share benefits harmoniously among the government, consumers, and
businesses, the ministries ordered fuel companies to maintain same rate.
The
ministries also ordered fuel companies to keep their target profits at VND100
per liter and use VND300 per liter from the gasoline price stabilization fund
instead of VND400 per liter like before.
The
price of kerosene and engine oil will also remain unchanged.
Economic
and investment potential in
Addressing
the forum, Vietnamese ambassador to
For
his part,
Entrepreneurs
introduced potential and advantages of cooperation in such areas as
agricultural production, food processing, fine arts & handcrafts, mineral
exploration, and machinery manufacturing, medicine and pharmacy.
Trade
turnover between
Ten
cooperation agreements on food, farm produce processing, medicine and tourism
were signed.
As many
as 300 delegates and 200 senior tax experts are expected to gather in
This
is the first time
The
conference will focus on six major topics regarding preferential tax policies
for investment encouragement, an advance pricing agreement (APA), legal
regulations on tax evasion and impacts on tax consultants, tax payers’ rights
and obligations, taxable income and profit shifting – the cause and effects
of developing countries and principles of Organization for Economic
Cooperation and Development (OECD).
Vietnam
Tax Consultants’ Association (VTCA) President Nguyen ThiCuc, said that AOTCA
21 would touch upon issues related to
The
Vietnam Tax Consultants’ Association joined the AOTCA in 2008 as an observer
and became the association’s full member in 2009.
Businesses
in
Since
early August, City leaders had instructed the Department of Industry and
Trade and other relevant departments to make plans and prepare goods in order
to ensure plentiful supply and stable prices during Tet for nine product
groups in the price subsidized program, including cattle meat, poultry meat,
poultry eggs, vegetables and fruits, processed foods, rice, sugar, cooking
oil, and seafood.
Until
now, businesses have purchased and stockpiled material and prepared
seedlings, breeding stocks, to carry out production plans to provide goods
for the markets during the festive season.
Businesses
have pledged to supply enough goods and products, such as pork, poultry meat,
poultry eggs, vegetables and fruits, in sufficient quantities during Tet
holiday season.
Besides
products under the price subsidized program, the Department of Industry and
Trade is also encouraging businesses to stockpile other essential products,
such as wine, beer, soft drinks, cookies, and sweetmeats, so as to meet a
diverse demand of consumers.
Le
Ngoc Dao, Deputy Director of the Department of Industry and Trade, said they
have instructed businesses under the program to stock goods to help
distributors maintain a stable supply, and prevent shortage which could cause
prices to boom.
Accordingly,
supermarkets need to coordinate better with businesses under the price
subsidized program to make sure that their products are widely available to
consumers.
In
order to ensure better distribution and circulation of goods, the department
will collaborate with other relevant departments and districts to increase
inspections on price fixing, quality, packing, food safety, dubious and
counterfeit products at supermarkets and shopping malls. In case of
violations, inspectors will immediately slap strict penalties instead of
issuing a warning.
Crude
cashew imports up sharply
Vinacas
estimates this year’s crude cashew import volume at around 600,000 tons, a
rise of 50% against the planned figure from earlier this year. As such, the
import volume of the local cashew industry is projected to make up roughly
70% of local processing demand compared to previous years.
“Importing
such a large crude cashew volume indicates huge demand from the local
market,” Dang Hoang Giang, general secretary of Vinacas, remarked.
Most
cashew batches are imported from East and West Africa and smaller volumes
from
January-September
cashew nut exports totaled 192,000 tons worth US$1.22 billion while the
figure from the same period last year was 160,000 tons worth about US$1
billion.
This
year’s cashew export prices are lower than those in 2012 but the demand from
foreign markets now is bigger, with the eight-month export price averaging
out at over US$6,355 a ton, dropping nearly US$454 a ton from the average
level in the same period in 2012, Giang stated. He predicted the local cashew
industry to generate export value of roughly US$1.8 billion this year, 20%
higher than the target and the highest up until now.
The
three biggest importers of Vietnamese cashew are still the
WB
forecasts
World
Bank (WB) forecast that
The
report also said that the country’s inflation will possibly reach 8.8 percent
in 2013 then decline to 7.4 percent and 7.7 percent in 2014 and 2015,
respectively.
According
to the WB, the country’s macro-economy will continue to post stable
improvement as policies and measures implemented during the past two years
have helped to reduce inflation, strengthen fiscal and external deficit and
stabilize the exchange rate.
FPT
Company among top 500 global IT companies
The
FPT Software Group has just announced that their Information Technology
Company has been listed among the top 500 Software Companies in the world in
Software 500, with revenue of US$81.5 million.
Software
500 is based on revenue of outstanding software companies and service
providers. Accordingly, FPT Software is ranked 296th on the list. With this,
FPT Software becomes the first Vietnamese Information Technology Company on a
global list.
Vingroup seeks
to lure property buyers
Vingroup
has announced further stimulus packages to attract customers to the group's
real estate properties.
The
company is also eliminating management fees for the next 10 years, said a
representative of Vingroup.
Biscafun
exports first biscuits to Russia
Quang
Ngai-based candy and biscuit manufacturer Biscafun, under the Quang Ngai
Sugar JS Company, has exported its first shipment to
The
VND5 billion (US$238,000) shipment weighs 75 tonnes.
Under
an agreement signed this year between Biscafun and
Next
year, they will increase the shipments to 600 tonnes per month.
Vietbuild
2013 sees over 2,300 contracts signed
Domestic
and foreign businesses signed 2,340 contracts worth more than VND200 billion
(US$9.4 million) during the five-day Vietbuild 2013 International Exhibition in
the Mekong Delta City of Can Tho.
The
inked deals focused on the trading of industrial and civil construction
equipment and products. In addition, many foreign firms decided to establish
representative offices and sign up distributors in Can Tho and other major
cities nationwide.
An
estimated 40,000 visitors came to the event, which took place from October
2-6 and featured 450 pavilions run by more than 200 exhibitors from nine
countries.
Refinery
investment to double
Vung
Ro Petroleum Ltd has received a modified investment licence from the People's
Committee of central
The
committee allowed project investment capital to be increased from US$1.7
billion to $3.18 billion, which will double the plant's annual output to
eight million tonnes, following Government approval.
The
refinery would be built in Hoa Tam Industrial Zone in Nam Phu Yen Economic
Zone using a land area of about 680ha and water surface of 500-1,300ha,
instead of on more than 185ha in Hoa Tam and Hoa Xuan
The
investing company petitioned for the adjustments based on market demand,
since the project was first licensed in 2007.
Addressing
the licensing ceremony on Sunday, Deputy PM Hoang Trung Hai said the new move
marked an advance for the large-scale project, which would play an important
role in the nation's energy industry development and the socio-economic
progress of the south-central region.
He
urged relevant parties to promptly implement the next steps of the project.
On
Sunday, Vung Ro Petroleum signed an overall design contract with
The
province was concentrating on clearing ground and building traffic, water and
electricity infrastructure for the project, according to the local Department
of Planning and Investment.
Construction
of the refinery could possibly begin in November, an unnamed People's
Committee official told VnEconomy.
As
planned, the plant would be completed within four years and would annually
produce 90,000 tonnes of liquefied petroleum gas, 487,000 tonnes of RON 92
gasoline, 1.6 million tonnes of ROM 95 gasoline, 325,000 tonnes of jet fuel,
2.3 million tonnes of diesel and 1.4 million tonnes of fuel oil.
Vung
Ro Petroleum is a joint venture between British Virgin Islands' Technostar
Management Ltd and
Banks
in a rush to clear bad loans
Around
10 credit institutions are queuing up to sell their non-performing loans to
the Viet Nam Asset Management Company (VAMC), in an attempt to shore up their
balance sheets
VAMC's
Vice Chairman, Nguyen Quoc Hung, told local press that banks below the
required 3 per cent level were also keen to rid themselves of bad loans.
A full
applicant list is yet to be released, meanwhile VAMC will prioritise buying
back loans from banks running a bad debt ratio of above 3 per cent.
Nguyen
Van Le, general director of SHB, which plans to sell about VND1 trillion
(US$47.3 million) of bad debt to the VAMC, told Tuoi Tre that selling the
loans would help lower the bank's bad debt ratio, consolidate balance sheets
and allow special bonds to trade on the Open Market Operation (OMO).
OCB's
Chairman, Trinh Van Tuan, told Tuoi Tre that VAMC's buying programme was the
best way to resolve non-real estate secured loans, which accounted for a big
share in the bank's bad debt structure.
The
sale would help the bank to put capital in circulation for business
operations, Tuan said.
Late
last week, VAMC purchased VND170 billion ($8.04 million) of bad debts from
PGBank, with the deal helping to lower the bank's bad debt ratio from 8 per
cent, to around 3 per cent by the year's end.
The
long list of applications to sell loans fast accumulated after VAMC's
purchase of 11 bad debts for VND1.7 trillion ($80.6 million) from Agribank
using its bonds-scheme early last week. The deal wiped 7.56 per cent of the
bank's bad debt, leaving Agribank's bad debts worth around VND33.52 trillion
($1.58 billion).
The
central bank is currently deciding how much the Ha Noi-based bank will get,
but early predictions show the bank will not receive more than 70 per cent of
the bond's value.
VAMC
has also been verifying procedures necessary to buy debts from commercial
banks. As planned, the company will issue bonds as much as VND30 trillion
($1.4 billion) to buy debt from now until the end of this year.
The
State company, which is monitored by the State Bank of
Vinacomin
aims to shrink coal stockpile
The
Viet Nam Coal and Mineral Industries Group (Vinacomin) plans to sell 39-41
million tonnes of coal while reducing the volume of coal in stock in the
latter months of this year.
The
goal is in reach, as Vinacomin has inked a deal to export approximately 3
million tonnes of coal in the fourth quarter and the local demand was
expected to increase in the coming time, the group said in its report on nine
months' performance.
Vinacomin
general director Le Minh Chuan, however, said over the past nine months, the
group has encountered many difficulties, with slow power sales due to sinking
exports being the biggest.
The
period also saw a slump in the volume of coal sold to households, as
hydro-electric plants, owned by Electricity of Viet Nam, had operated at full
capacity while coal power plants did not.
Difficulties
brought by natural resources taxation, policies on environment and labour
shortages have also caused headaches, Chuan said, adding that the group had
no choice but to cut costs and reduce prices.
In the
January-September period, Vinacomin had shipped 8.4 million tonnes of coal
abroad, representing a year-on-year decrease of 13 per cent, or fulfilling
only 53 per cent of the target set for this year. This has resulted in 7.8
million tonnes of coal in stock.
During
the period, Vinacomin also reported a VND38 trillion (over US$1.8 billion)
revenue on coal.
Last
month, the Ministry of Finance decided to cut the coal export tax from 13 per
cent to 10 per cent in a move to help coal producers reduce their high
stockpiles.
The
move was made following a Vinacomin proposal. The group asked the Government
to revoke a July hike in export tariffs, saying it had made a disastrous
impact on its business.
According
to the group, since the Government raised the coal-export tax from 10 per
cent to 13 per cent in July, its coal export volume has dropped to only
120,000 tonnes a month, equal to a tenth of the previous amount.
The
group said the rise in tariffs meant that export prices had to increase
significantly.
Taxes
and fees now make up 30 per cent of the production cost of export coal, and
20 per cent of coal sold to domestic customers.
Ministry
lays out plans for new railroads
The
Ministry of Transport has unveiled plans to lay eight broad-gauge railway
tracks in the southern and south-central regions by 2020.
The
rails will measure 1.435 metres between the inner edges instead of the
current one metre.
To be
built mostly in and around
Nguyen
Van Doanh, deputy chief of the Department of Railways, said the railway
network and facilities would be improved in
The
Southern Transport Engineering Design Incorporation, which drafted the
comprehensive plan, said a total land area of 1,458 hectares would be needed
for the project, including 508ha in
The
department has urged localities to inform residents and relevant agencies
about the land areas that would be acquired so that they would be prepared.
Passenger
trains would travel above or below ground in the city centre, it said.
Dang
Minh Hai, deputy director of the Southern Transport Engineering Design
Incorporation, said the wider gauge would allow trains to run at a speed of
at least 120 kilometres an hour.
The
construction of the new rail would not affect the operation of the existing
one-metre-gauge railway, he said.
All
eight would have twin tracks for trains to run in both directions at the same
time. The trains will run on electricity instead of diesel as they do now,
causing less damage to the environment.
Hai
said technology would be used to reduce the noise of trains and improve level
crossing systems in residential areas.
The
existing 2,000km of tracks, which were built more than 100 years ago by the
French, have become decrepit and are in urgent need of upgrades and renovation.
It
takes trains around 30 hours to cover the 1,726km between Ha Noi and
Banking
sector saw total assets rise in August
Total
assets for the entire banking industry by the end of August reached
VND5,248.57 trillion (US$238.57 billion), up by VND35.2 trillion ($1.6
billion) against last month.
Compared
with December last year, assets rose 3.89 per cent, according to the State
Bank of Viet Nam (SBV)'s data.
The
rise in total assets for the banking industry was mostly due to an increase
in assets of 5.43 per cent by State-owned banks and 0.89 per cent in assets
for commercial joint stock banks.
Financial
and financial leasing companies reported a decline of 1 per cent in assets in
the period.
Equity
of the entire banking industry also rose VND1.399 trillion ($63.59 million)
to VND445.025 trillion ($20.228 billion) by the end of August, of which
State-owned banks made up VND158.267 trillion ($7.193 billion) and VND177.898
trillion ($8.086 billion) was from commercial joint stock banks.
Charter
capital for the entire sector also surged 3.97 per cent from the end of July
to VND407.714 trillion ($18.53 billion) by the end of August, but the capital
adequacy ratio (CAR) inched down to 13.66 per cent.
The
ratio of short-term capital for medium- and long-term loans surged from 16.84
per cent at the end of July to 17.24 per cent at the end of August.
However,
the loan-to-deposit ratio (LTD) dropped to 87.42 per cent from 87.75, proving
that credit growth is still facing difficulties.
The
central bank's latest data showed that overall credit growth fell from 6.45
per cent at the end of August to 5.83 per cent on September 18.
Industry
insiders are concerned that credit growth, despite improvements in the last
two quarters, is currently low compared to the 12 per cent annual target.
Petrol
traders commanded to decrease retail prices
The
Ministry of Finance and the Ministry of Industry and Trade yesterday ordered
traders to drop retail petrol prices by 1.6 per cent per litre from 8pm.
Prices
for RON 95 and RON 92 petrol were subsequently reduced to VND24,380 ($1.15)
and VND23,880 ($1.13) per litre respectively. The diesel and kerosene prices
were unchanged.
The
decision was made shortly after the Ministry of Finance publicised the
updated status of
The
fund stood at VND58.6 billion ($2.7 million) at the end of September after
rising over VND3 billion ($141,911), the Ministry of Finance has stated in
the quarterly report on its website.
According
to the latest statistics, of the 12 petrol dealers who contributed to the
fund, six of them had a positive fund balance. Petrolimex's balance until the
end of September stood at over VND205 billion ($9.7 million). It was followed
by the Military Petroleum Corporation with over VND180 billion.
However,
until September 30, PVOil reported a negative fund balance of more than
VND209 billion ($9.88 million) and Petec Trading&Investment Corporation
also saw a loss of over VND145 billion ($6.86 million).
Recently,
Minister of Finance Dinh Tien Dung stated that the ministry would publish
data every quarter rather than every month to save the time and expenses of
relevant agencies, adding that this was a perfectly appropriate policy.
Banks
see appeal of corporate bonds
With
large amounts of money lying idle due to the credit squeeze, banks are
increasingly investing in corporate bonds.
As the
economy declines, Government bonds and deposits are becoming less attractive,
while demand for corporate bonds rises.
In
August, coal and mineral group Vinacomin issued VND5 trillion (US$235.8
million) in bonds, 1.7 times more than the expected volume.
At the
beginning of this year, the market absorbed VND2.5 trillion ($117.9 million)
worth of Vinacomin bonds.
The
buyers, mainly commercial banks, doubled Vinacomin's issuance last year,
according to the group's general director Nguyen Van Bien.
The group
issued only VND3.5 trillion ($165 million) in bonds during the whole 2007-12
period.
Also
in August, the Bank for Investment and Development of Viet Nam (BIDV)
exceeded its VND3 trillion ($141 million) issuance target by 5 per cent – 60
per cent higher than the VND2 trillion ($94.61 million) decided on when the
bank surveyed market demand.
Given
these achievements, many enterprises plan further issuances this year.
"Demand
for bonds is there, and the market is getting on well," Bien said.
Unlike
last year, investors are jumping for corporate bonds with lower interest
rates. Vinacomin bonds yielded 14.5 per cent last year; the yield is now 11
per cent.
The
total amount of bonds traded in the first nine months reached VND28.1
trillion ($1.3 billion) compared to VND17 trillion ($801.8 million) last
year.
After
the next three issuances, it could hit VND34 trillion ($1.6 billion).
Farm
produce exporters want VAT removed
Some
associations of farm produce exporters have proposed that the value added tax
(VTA) be removed to help enterprises avoid problems and prevent frauds.
The
Vietnam Coffee and Cocoa Association (Vicofa) and Vietnam Sugar and Sugarcane
Association (VSSA) have sent documents to the General Department of Tax to
ask for VAT reduction from 5% to 0%.
Tax
evasion has occurred over the past time while enterprises have met
difficulties in VAT refunds, resulting in high risks in their business, the
associations explained.
As
Do Ha
Nam, vice chairman of Vicofa and general director of Intimex Group Joint
Stock Company, said that VAT should be abolished as coffee exporters will get
tax refund. Therefore, enterprises will save time for conducting tax refund
procedures,
Meanwhile,
member enterprises of VSSA also want VAT to be removed, saying that this will
help them compete with imported sugar.
Nguyen
Ba Chu, general director of Société De Bourbon Tay Ninh Company, in a recent
meeting said that 41 sugar factories in the country have generated revenue of
around VND22.5 trillion each year and contributed over VND2 trillion of VAT
and corporate income taxes to the State budget.
However,
administering agencies have yet to release specific policies to support the
industry. Smuggled sugar still dominates the market, reaching up to 400,000
tons a year, or 30% of total sugar output in the country,
Concerning
this suggestion, Bui Van Chuan, deputy head of
PVcombank
starts official operation
Vietnam
Public Bank, or PVcombank, the consolidated bank after the merger between
PetroVietnam Finance Corporation (PVFC) and Western Bank, started official
operation on Thursday.
The
bank has a chartered capital of VND9 trillion and total assets of over VND100
trillion. PetroVietnam is the biggest shareholder in the bank with a 52%
stake, followed by Morgan Stanley with 6.7%.
PVcombank
has a network of 102 banking units, including one head office, 30 branches
and 67 transaction offices. In the coming time, the bank will continue to
focus on credits for economic organizations in the fields of oil and gas,
mining and electricity.
PVcombank
will also increase the ratio of individual credits by taking advantage of
facilities of Western Bank.
PVcombank’s
subsidiaries such as PetroVietnam Insurance Company and PVFC Fund Management
Joint Stock Company will focus on the banking and investment sector.
PetroVietnam
has plans to reduce its stake in the bank to 47% but it has not yet set up a
specific road map for the divestment.
Maritime
Bank launches facility for Chinese clients
The
office, the first of its kind in the country, has Chinese-speaking staff to
better services for the Chinese community in the city. All forms and papers
at the facility are also available in Chinese - Photo: Courtesy of Maritime
Bank
Military
Bank (MB) has said it is offering an overdraft facility for local companies
active in neighboring
The
new service is designed to meet clients’ working capital needs as they can
draw on funds in excess of the amount in their deposit accounts. The
advantage of the product is when corporate customers have urgent needs for
working capital, they can resort to this service, instead of signing credit
contracts, a process that takes time.
This
type of funding allows MB clients to repay the funds at their convenience,
which means repayments automatically occur whenever money arrives at businesses’
accounts. The interest rate is decided by the actual time the funds are used.
The
service is applicable to the U.S. dollar and Lao kip and the maximum
overdraft amount for a single customer is VND5 billion.
With
the new service in place, MB expects to boost lending to enterprises,
particularly those operational in
MB’s
FMCG
consumption on the rise
The
Fast-Moving Consumer Goods (FMCG) market in cities has reached double-digit
growth for the first time at 10% in value after several months of stagnant
growth, while FMCG growth in rural areas has touched its highest level since
the end of 2012 at 14%, according to Kantar Worldpanel.
The
enterprise made its survey during a 12-week period ending on August 11. Most
key channels enjoy early signs of improvement, especially hyper and
supermarkets where growth is gaining speed, though not at fast a pace as last
year, it said.
Personal
care continues to lead the value growth in the urban FMCG market. Demand for
baby care and facial care products is leading the way, with value growth
recorded at 34% and 26% for each sector respectively.
Meanwhile,
the recent boom in in-home consumption of beverages is notable among rural
families.
Among
all beverage categories, carbonated soft drinks (CSD) have recorded the most
outstanding performance with doubled volume consumption against a year ago.
CSD
has recruited an additional one million rural households while managing to
achieve a 63% increase in average household consumption, partly thanks to
price-off campaigns of global giants.
Accounting
for 70% of the population, contributing 60% of gross domestic product (GDP)
and with an annual two-digit income growth rate, rural Vietnam is now a
potential yet indispensable target in manufacturer’s growth plans, Kantar
Worldpanel said.
According
to its Lifestyle Survey in late 2012, one out of every two families owns a
fridge at home. The expanding penetration of fridges may, in turn, encourage
the consumption of dairy products, beverages and other food items.
David
Anjoubault, general manager of Kantar Worldpanel
However,
with moderate FMCG brand availability, which equals only half of the urban
market, the rural market is providing a huge consumer business opportunity
and plenty of first entry advantages, he said.
Over
one million tonnes of rice for export next year
The
Ministry of Industry and Trade has assured that there will be sufficient rice
for export from now to the end of the year, with more than 1 million tonnes
expected to be ready for export next year.
The
ministry said the country expects to harvest about 3.7 million tonnes of rice
during the remaining months of this year, adding that rice stockpiles are
estimated at about 1.44 million tonnes.
Meanwhile,
rice domestic consumption would total around 2.18 million tonnes in the last
three months of the year and some 1.54 million tonnes of rice will be
delivered under signed export contracts, leaving more than 1 million tonnes
in stock.
The
country exported around 471,000 tonnes of rice in September, bringing home
214 million USD. This fell far short of the country’s 650,000-tonne target,
itself lowered from the 750,000-tonne goal previously set by the Vietnam Food
Association (VFA).
In the
first nine months of this year, rice export saw decreases of 14.3 percent in
volume and 16.7 percent in value with 5.35 million tonnes shipped abroad
worth 2.35 billion USD.
Experts
forecast that the fourth quarter will be gloomy for the country’s rice
exporters, saying Vietnamese businesses are finding it hard to seek new
contracts.
They
pointed to
The
VFA has lowered its rice export target for 2013 to between 7 - 7.2 million tonnes
from the initial 7.5 million tonnes due to low export volume and falling
prices.-
The
Tet holiday, a time of huge national celebration, will take place from the
end of January to early February 2014.
The
projected sales figure represents a rise of up to 18 percent compared with
other months of the year.
The
department has calculated that to prepare for the traditional holiday in the
capital, 65,000 tonnes of food is required. The demand for meat is about
12,000 tonnes; seafood, 5,000 tonnes; processed food, 4,000 tonnes;
vegetables, 90,000 tonnes; and confectionaries 1,500 tonnes.
The
Northern Food Corporation has planned to reserve 50,000 tonnes of rice to
serve through Tet while the Hanoi Beer, Alcohol and Beverage Joint Stock
Company (JSC) is expected to provide 100 million litres of beer and 7 million
litres of wine.
In the
run up to New Year, the demand for goods will surge, creating chances for
enterprises to boost goods production and trading.
To
serve the demand of city residents, trade centres like Metro, Big C, Co.op
Mart, Fivimart and Intimex have prepared to stock 2.5 trillion VND (117.5
million USD) worth of essential commodities.
The
Industry and Trade Department will keep a close watch on goods and service
supply and demand to ensure balance in the market.
Vietnamese
farm produce exhibited in Germany
High-quality
agricultural produce and beverages produced in Vietnam are being showcased at
an international fair that opened in Cologne city, Germany on October 5.
Eighteen
Vietnamese businesses are displaying their wares across several eye-catching
and well-stocked pavilions at the Anuga 2013 fair. Visitors have been
strongly drawn to the tables of Vietnamese fruit and vegetables, processed
cashew nuts and Phu Quoc fish sauce, among many other products.
The
fair is helping the Vietnamese exhibitors maintain their trade ties with
German and EU partners while also expanding into new markets with more varied
export categories.
It is
also serving as a prime opportunity for businesses to popularise Vietnamese
cuisine, quality food and farm produce to the German market and the EU at
large.
The
presence of Vietnamese enterprises at the event will make them more
accessible to customers and trade partners all over Europe due to the
increasingly positive outlook facing the continent’s economy, said Do Vu
Thanh, a member of the organising board of the Vietnamese delegation to the
event.
Anuga,
Germany’s largest and most important food and beverage fair, has attracted
around 6,700 exhibitors from 100 countries and territories across the world
this year and will run until October 9.
Tra
fish exports forecast at 1.8 billion USD
Exports
of tra fish are expected to reach around 1.8 billion USD due to high demand
from export market, according to the Ministry of Agriculture and Rural
Development.
Despite
a hike in the price of the fish, many local businesses succeeded in signing a
number of contracts to ship abroad until the end of this year.
The
tra fish export activities in the first eight month of this year were dull.
Vietnam ’s tra fish exports recorded a yearly increase of 3.23 percent in
volume but a year-on-year decrease of 7.93 percent in value during the first
eight months of this year.
According
to the Ministry of Agriculture and Rural Development, Vietnam’s seafood
export turnover in the first nine months of this year reached over 4.6
billion USD, a year-on-year increase of three percent.-
More
SE Asia companies issue bonds in Singapore
More
and more companies in Southeast Asia have come to Singapore to issue high-yield
bonds, acknowledging that the Singapore bond market is still substantial and
getting along healthily.
Data
from Thomson Reuters showed that nearly 5 billion SGD (4.02 billion USD) of
high-yield deals were done in the first nine months of this year, compared
with 4.4 billion SGD in 2012 and 3 billion SGD in 2011.
Many
of these deals were for amounts smaller than 100 million USD and many bonds
issued by such unrated firms as Rajawali Group and Indofood Agri Resources of
Indonesia, and others from Thailand and Malaysia.
The
issuers are being attracted by the ability to print bonds at lower coupons
than they would get in their home markets. Meanwhile, Singapore has become a
consistent source of funds for issuers in the region because Singaporean
investors became renowned for embracing perpetual securities and for chasing
yields.
Indofood
Agri Resources of Indonesia has announced its plans to diversify into the
Singapore market via a new 500 million SGD programme. A number of Indian and
lower-rated Thai companies are looking at coming to Singapore with bonds.
Gov’t
urged to equitize good SOEs to ease budget pressure
The
Vietnam Association of Financial Investors (VAFI) has proposed the Government
to equitize good State-owned enterprises (SOEs) as one of five measures
suggested to ease pressure on the State Budget that is facing falling
revenues.
The
proposal has been sent to the Prime Minister, relevant ministries and the
National Assembly. The association said if letting big and effective
State-owned companies like Mobifone and Viettel go public, or selling State
stakes in big firms like Sabeco, Habeco, and Vinamilk, the national budget
could have US$5 billion.
“If
State stakes (in these enterprises) are retained, huge assets will not be
used effectively while the Government has to borrow money for public
investment,” VAFI said. In addition, the Government would face the threats of
shrinking values of national assets given bad corporate governance at
State-owned companies.
This
idea has also been echoed by experts like Le Xuan Nghia, member of the
National Financial and Monetary Policies Advisory Council. He said the
Government should sell stakes in corporations that Government did not have to
maintain ownership like Vinamilk, as well as to fasten equitization of other
effective corporations.
VAFI
also suggested big cities like Hanoi and HCMC to sell State-owned valuable
real estates in the center to get money for investment in infrastructure and
solve current chaotic traffic situation in those cities. The State still
holds stakes in or own many of such real estate assets, including trade
centers, and luxury hotels like the Daewoo complex, the Rex, and the
Caravelle.
“Those
valuable assets haven’t generated any money to these cities’ budget as the
profits belong to State-owned enterprises, which can evaporate due to their
ineffective operation,” said the organization. It also suggested that the
cities should auction those golden real estate assets to gain money for the
cities’ budgets.
The
third suggestion of VAFI is to convert big effective State-owned groups and
corporations into new-model companies with three shareholders being the
Government, the Trade Union, and the Party entity in the company, aiming to
collect dividends. Under VAFI’s estimate, big firms like VNPT, PetroVietnam,
Viettel, EVN, and Vinaphone could bring the dividends of around US$2 billion.
The
next suggestion is to impose special consumption tax on gold to reduce the
usage of gold for payment as they are also luxury items whose trade and
consumption require the Government’s intervention.
The
last suggestion of VAFI is the Government should develop the securities
industry into a spearhead sector and a main funding channel for the economy
besides the banking sector.
Source:
VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VIR
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Thứ Ba, 8 tháng 10, 2013
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