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BUSINESS IN BRIEF 20/11
Foreign
investors refind confidence
Although
Israeli
billionaire Igal Ahouvi recently kicked off his first project in
Meanwhile
representatives from the Walton International Group recently visited
According
to Walton International Group marketing director Christopher Koh, real estate
in
Koh
especially expressed his interest in neighbourhoods lying just outside the
city centre.
According
to Mauro Gasparotti, executive director of real estate consultancy firm
Alternaty Vietnam, there is a growing interest specifically towards
“There
are tangibles signs of increased confidence among international investors
regarding the real estate market in
A
large number of investment funds and private companies were searching for
deals over the past few years with limited results due to discrepancies on
land value and achievable returns on investments. Investor interest dried up
in 2012 and the first half of 2013 when the financial situation was unstable
and the future outlook seemed bleak. Investors were increasingly focused on
alternative investment destinations such as
However,
Gasparotti noted that over the past few months, as the financial situation
seems to have stabilised with inflation brought under control, interest from
these groups has returned because
According
to Rudolf Hever, another executive director of Alternaty, there were
fundamental changes and game changing trends occurring right now in the
region.
“Those
who will prosper over the next decade will be the ones who recognise and
embrace the opportunities that are emerging,” Hever noted.
The
rapid rise of the middle class in Asia is only just beginning and is led by
“This
segment will have a strong appetite to travel abroad, and their target
destinations, one of which is clearly
A few
problems remain to be solved, such as bad debts, but
“The
local developers and land owners have been through tough times, but they are
now finding increasing reasons for optimism,” he added.
MARD
to source foreign partners for agriculture
According
to a draft agriculture sector development strategy till 2030 compiled by the
Ministry of Agriculture and Rural Development (MARD), international
co-operation is considered a key solution in developing the agriculture
sector, particularly co-operation on human resources training and science and
technology development.
The
MARD will also draw up a strategy to attract and use official development
assistance in prioritised areas, creating favourable conditions for foreign
direct investment (FDI) in the sector.
In
order to boost production, producers will be incentivised by a number of tax
cuts. The farm land use tax is one in line for reduction, while the
Vietnamese government also hopes to amend legal regulations to give
enterprises and farmers easy access to bank loans.
Under
the new strategy, during 2014-2020, the agricultural sector hopes to achieve
annual growth of 2.5 per cent in production, $22 billion in export turnover
by yielding $7,142 per hectare of cultivatable land.
By
2030, the country aims to have maintained the existing areas of rice, coffee,
cashew and pepper cultivation. Tea cultivation on the other hand is planned
to expand in the provinces of Son La, Dien Bien, Lai Chau, Lao Cai, Yen Bai, Ha
Giang, Thanh Hoa and Nghe An.
The
draft plan has expressed a desire for fruit tree cultivation to expand to
900,000ha providing produce for domestic and export markets. Vegetable
cultivation will be stabilised at 1.1 million hectares, with flowers growing
focused in climatically suitable highland areas such as Da Lat,
Over
200 firms from 18 cities and provinces nationwide will participate in the
2013 Red River Delta – Hai Duong industry and trade fair in the
The
fair’s organising board said at a press briefing in Hai Duong on November 18
that the firms will put on show industrial and handicraft products and
consumer goods at more than 400 booths.
There
will be business seminars to provide exhibitors with information about the
market and trade demand in the region, thus making it easier for them to
strike deals.
As
part of the 2013 national trade promotion programme, this year’s fair will
also come as a response to the campaign “Vietnamese use Vietnamese goods”.-
HDBank
plans sale to Japanese investors
HCM
City Development Bank (HDBank) will likely sell a 30 per cent stake to
Japanese investors and list shares on the HCM City Stock Exchange,
The
bank's chairwoman Le Thi Bang Tam told Bloomberg that her bank was
negotiating a 30 per cent share sale with three Japanese investors, which was
expected to be executed next year.
However,
Tam did not reveal her partners or the value of the deal.
HDBank
shares on the over-the-counter market are valued at VND7,000 (US$0.3) per
unit. Therefore, 30 per cent of its shares after acquiring DaiA Bank may be
equivalent to VND1.7 trillion ($80.18 million).
Tam
said she expected the deal would help HDBank expand its business with
Japanese clients, the biggest investors in
HDBank's
deal would follow Vietinbank's (CTG) VND15.5 trillion ($731.1 million)
partnership with Japanese Mitsubishi UFJ last December.
The
merger with Dai A Bank, expected to be finalised in a few weeks, would give
HDBank total assets of VND93 trillion ($4.3 billion) by the end of next
year's first quarter or
52.4
per cent more than the current value.
HDBank's
non-performing loans (NPLs) reached 3 per cent as of September. The bank
planned to offload some of the debt to the Viet Nam Asset Management Company.
Meanwhile,
in October, Prime Minister Nguyen Tan Dung hinted the Government could lift
the cap on foreign ownership in banks in the near future.
Currently,
foreign ownership in a Vietnamese bank cannot exceed 30 per cent, while a
single foreign investor is allowed to hold a maximum of 20 per cent.
VN-China
trade fair lifts business
Nineteen
contracts, worth a combined US$230 million, were signed between Vietnamese
and Chinese enterprises during the 13th Viet Nam-China International Trade
Fair.
The
week-long event, which finished yesterday in the northern mountainous
Up to
500 firms from the two countries showcased products, including agricultural
goods, seafood, machinery and equipment, as well as handicrafts.
The
fair, as part of the National Trade Promotion Programme, aimed to promote
investment, tourism and services co-operation between
Deputy
Minister of Industry and Trade Nguyen Cam Tu described the event as a good
opportunity for businesses from the two countries to meet and establish
trade partnerships.
Bilateral
trade had experienced an annual growth of 25 per cent in recent years, with
last year's import-export revenue reaching $41.1 billion, up 15.2 per cent
year-on-year.
The
trade was estimated at $36.2 billion over the past nine months, up 21.1 per
cent year-on-year.
Two-way
trade is expected to top $60 billion and $100 billion in 2015 and 2017,
respectively.
The
two governments have established measures to strengthen trade ties and
stabilise trade imbalances.
Bridgestone
Viet
Bridgestone
Tyre Manufacturing Viet Nam Ltd (BTMV) has increased its investment capital
by US$416.4 million in its under-construction passenger car radical (PSR)
tyres plant in Hai Phong's Dinh Vu Industrial Park.
According
to the Hai Phong IP Management Board, the plant was licensed early last year
with a production capacity of 24,700 tyres per day in the first phase. It is
expected to expand production capacity to reach 49,000 tyres per
day by the end of 2017.
The
plant will serve as an export base for PSR general-purpose tyres sold in
Europe, North America and
Stores
slash prices ahead of Teacher's Day
In the
run-up to the Vietnamese Teacher's Day tomorrow, the gift market is offering
diverse choices, discounts and promotions.
The
annual Teacher's Day is an opportunity for parents, students and society to
show appreciation and gratitude to those who impart knowledge and skills in
all disciplines.
Many
supermarkets, bookstores and souvenir shops beginning this month have
displayed a wide range of gifts such as cosmetics, notebooks, and greeting
cards in prime places.
According
to shop assistants at Thang Long Book store in District 1, most students
choose handbooks, pens and greeting cards for gifts to their teachers.
Greeting
cards printed on different kinds of papers this year are being offered.
Besides
stationery and cosmetics, clothes and fabrics at many stores are also
attracting many buyers.
Supermarkets,
bookstores and shops have launched promotions, with the supermarket chain Big
C offering attractive discounts on items sold in gift boxes.
In
addition, until December 2, customers with bills of VND300,000 and above can
take part in a lucky draw at Big C with total prize value of VND4 billion
(US$189,440).
At the
Co.opmart supermarket chain, discounts of 21-32 per cent are being offered on
120 gift boxes, including cosmetics and office utensils.
Textile
stores selling fabric to make ao dai (traditional Vietnamese outfit for
women), and men fashion stores are reducing prices.
The
ABC textile store in District 3 is cutting prices by 15 per cent on its
products until November 20.
Buyers
of ao dai fabric at showrooms of the Thai Tuan Group are being offered
thousands of prizes on the special day.
In
addition, flower shops are offering free delivery services to customers, and
shoe, fashion and gift shops as well as spas and travel companies are also
launching promotions.
Vice
Chairman of the HCM City People's Committee Le Manh Ha outlined this ambition
while speaking to visiting Aichi Governor Ohmura Hideaki and business
leaders yesterday.
Ha
said he hoped businesses from Aichi would conduct more market research and
increase their investment in the city.
According
to the
Two-way
trade between
On
this occasion, Ha expressed thanks to
He
cited the
For
his part, Ohmura Hideaki said Aichi hoped to further enhance ties with
Aichi
had paid attention to investment in
The
Aichi Governor committed to expanding co-operation between the two localities
across industrial production, tourism and education.
Economic
experts confident on growth
Experts
suggested the Government continue to stabilise the macro economy and control
inflation at a conference held yesterday by the State Bank of
Can
Van Luc, a senior official at the Bank for Investment and Development of Viet
Nam, forecast that GDP growth next year would be 5.5-5.7 per cent and credit
would surge 13-15 per cent while inflation remained stable at 7-7.5 per
cent.
Such a
forecast assumes that global economic growth will rebound significantly and
local businesses will be ready to capitalise on participation in the
Trans-Pacific
Partnership
and ASEAN Economic Community (AEC). Luc urged the Government to support firms
so that they could do so.
Financial
expert Le Xuan Nghia said that if measures were taken to deal with
non-performing loans (NPL), lending next year would increase 14-15 per cent
and economic growth would also be higher.
A
representative from HSBC anticipated that GDP in 2014-15 would rise 5.4-5.8
per cent, higher than the forecast of 5.2 per cent for this year.
However,
the bank expected inflation next year to increase 8.3-8.6 per cent, much
higher than this year's forecast of 6.7 per cent.
HSBC
anticipated that
The
forex rate would be stable at VND21,500 while the interest rate remained
unchanged at 7 per cent.
Besides
renovating the economic growth model, policy, infrastructure and human
resources improvements should be also sped up, Luc said.
He
added that the Government should do more to support businesses and deal with
non-performing loans and cross-ownership in the banking sector.
He
also suggested the Government raise the cap for foreign investors in the
financial and banking sector.
Economist
VuDinh Anh recommended that the Government not loosen monetary policies as
this would negatively impact inflation control and economic stability.
The
central bank should target roughly 10 per cent credit growth next year,
rather than 13-15 per cent, he said.
Instead
of further cutting the deposit interest rate, the economist said authorities
and banks could take measures to reduce the gap between deposit and lending
interest rates.
Echoing
Anh, Nguyen Dac Hung from Banking magazine said that the credit growth target
should be considered only as a reference, rather than a hard line that the
banking sector had to reach at any cost.
Hung
also recommended that the central bank continue its current stable forex
policy, allowing the forex to fluctuate by only 2-2.5 per cent in 2014-15.
In
order to support businesses, Nguyen Thi Ngoc Ha from the National Committee
on Financial Supervision recommended speeding up tax administrative renovation
and suggested a VAT reduction for a number of necessary industries.
Eximbank
shifts focus to retail
Eximbank
Viet
staff.
According
to the bank's acting general director, Nguyen Quoc Huong, his bank would put
more stress on retail banking, including cards, money transfer, gold
and foreign-exchange services, to serve millions of individual
customers.
"Eximbank,
like others, still depends on credit activities, which represent more than 70
per cent of total turnover, while the share should be 50 to 55 per
cent," said Huong.
He
explained that the time has gone when the gap between deposit and lending
interest rates was 5-6 per cent.
"We
have established our card centre and we're going to open a gold and foreign
exchange centre and an e-banking one," he said, adding that even though
the bank now offers these services, it would be significantly enhanced
when the new centre opens.
To
improve its performance, the bank has streamlined its administrative staff at
its headquarters in
and
increase turnover, and laying off another 48, according to chairman Le Hung
Dung.
He
denied previous rumours that up to 1,000 of the bank staff had lost their
jobs.
However,
Huong said there would be new recruitment of competent people in areas
including sales and IT to support the new centres.
This
year to date, the credit growth rate of the banking sector stands at more
than 7 per cent compared to the 12 per cent target set by the State Bank.
Nation's
fertiliser imports set to grow
The
figures were made known by the Ministry of Agriculture and Rural Development.
Demand
for urea fertiliser stood at 2.2 million tonnes, SA fertiliser at 900,000
tonnes, NPK at 4 million tonnes and potassium diammonium phosphate (DAP) at
1.8 million tonnes.
While
domestic producers can satisfy demand for some fertilisers, they are forced
to import others, the ministry said.
Last
month alone, the Ministry of Industry and Trade estimated the country's
fertiliser imports totaled 450,000 tonnes, a 2 per cent surge over the
previous month but a 6 per cent decrease year-on-year.
Urea
fertiliser imports saw the highest increase, rising 98 per cent against the
same period last year to reach 138,000 tonnes.
Dinh
Vu Fertiliser Plant in the northern city of
The
country has to spend hundreds of millions of US dollars to import over
800,000 tonnes of DAP every year.
The
plant's owners expect to increase its annual capacity to 660,000 tonnes.
The
Viet Nam National Chemicals Group (VINACHEM) will invest in building a plant
with a similar capacity in northern
The
company has also striven to implement rock salt exploitation projects in
In
2015, local enterprises will be able to meet 100 per cent of demand for urea,
phosphate and NPK fertiliser, 70-80 per cent of demand for DAP and 30 per
cent for SA.
DongA
Bank opens five new branches
DongA
Bank inaugurated yesterday its first branch in Cao Lanh, the provincial
capital of
This
is the fifth branch that the bank has set up since November 12. The other
four are in the provinces of Hau Giang, Kon Tum, Gia Lai and Dak Nong.
These
branches brought the bank's total network to 245 branches and transaction
offices nationwide.
BIDV
to fund road project in Quang Nam
The
Bank for Investment and Development of Viet Nam has entered a credit contract
to provide a loan of VND1.246 trillion (US$59 million) to CIENCO5's project
over a period of 16.5 years.
The
loan will enable CIENCO5 to upgrade a 40-km section of National Highway 1,
which runs through the central province of Quang
This
is part of the VND30 trillion (US$1.4 billion) credit package the bank signed
early this year with the Ministry of Transport to fund the
Build-Operate-Transfer project to enlarge the highway.
Export
turnover to
Vietnamese
export turnover to
Nguyen
Son Ha,
Ha
Noi prepares to issue 3-year bonds
The Ha
Noi People's Committee will issue three-year capital city construction bonds
for VND3 trillion (US$143 million) starting on November 26.
The
issuance aims to mobilise capital from the public in order to invest in major
construction projects approved by the Ha Noi People's Council and People's
Committee in
December
2011 and May 2012 respectively.
Swedish
firms keen on Vietnamese market
Many
Swedish businesses have expressed their keen interest in the Vietnamese
market, especially in the fields of banking, financing, recycle technology,
transport, and support industry.
At a
reception hosted by Deputy Prime Minister Hoang Trung Hai in
Deputy
PM Hai highlighted the fruitful results of bilateral relations, which have
been nurtured and developed for decades. The two countries have enjoyed
stable economic growth and actively engaged in the process of global
integration process by promoting cooperation among countries around the
world, he said.
He
praised the Swedish government for encouraging businesses to operate in
Hai
underscored that the government of
The
two-way trade turnover between
Red
flesh dragon fruit exported to US
The
Dai Duc Cooperative in the southern
The
fruit will be exported at the price of VND30,000-35,000 (US$1.4-1.6) per kg,
VND8,000 (US$0.35) more than the average domestic price.
To
maintain and expand export markets and raise the economic value of the fruit,
the Tra Vinh Gardening Association and the provincial Department of Science
and Technology (DST) are instructing the cooperative to apply VietGap
cultivation standards.
Tra
Vinh province has 63 ha designed for red flesh dragon fruit, grown mainly in
Duc My commune.
Vietnamese
shrimps penetrate Korean market
Vietnamese
shrimp exports to the
According
to the Vietnam Association of Seafood Exporters and Producers (VASEP),
September’s shrimp exports to the RoK experienced a rise of 86.2% compared to
the same period in 2012, bringing the total market value of shrimp
exports to over US$125 million in the first nine months, up 7.2%.
The
RoK imported 77% of
Domestic
waterfowl industry targets further growth
The
waterfowl sector, which breeds mostly ducks, also targets the volume of
waterfowl bred by industrial farming to reach 50% by 2015 and 65% by 2020.
The
country produces 280,000 tonnes of ducks and more than 2 billion duck eggs a
year.
Nguyen
Van Trong, deputy head of the department under the Ministry of Agriculture
and Rural Development (MARD), said the selection and development of breed
stocks would be improved.
Central
breeding centres will help local centres produce parental breed stocks. MARD
now manages waterfowl purebred stocks and grandparent breed stocks, he said.
Purebred
stocks and grandparent breed stocks are bred at the Hanoi-based Dai Xuyen
Duck Research Centre, the Binh Duong Province-based Ben Cat Duck Centre and
the
Hai
Duong Province-based
Parental
breed stocks sourced from grandparent stocks to produce commercial stock are
managed by provinces and cities.
However,
up to 95% of households and local breeding centres that raise parental breed
stocks do not register with local agencies, according to the municipal and
provincial departments of Agriculture and Rural Development.
This
has led to an imbalanced supply of commercial stocks among localities as
local agriculture departments cannot manage the number of parental breed
stocks and their quality.
The
Nguyen
Dang Vang, chairman of the Viet Nam Animal Husbandry Association, said to
improve the economic value of waterfowl production, localities should improve
their local waterfowl breed stocks by hybridising methods to create
good hybrid stocks.
To
ensure outlets for products, the waterfowl sector should complete the
production chain by selecting breed stocks and animal feed and reducing the
death rate of waterfowl, he said
"The
association is consulting MARD to set up technical standards for animal
husbandry farms," he said.
The
country has various waterfowl strains that have high yield and quality. The
Red and
Manufacturing
drives industrial production
The
Index of Industrial Production (IIP) edged up 5.9% in October and 5.4% in the
past ten months of this year, driven by an expansion in industrial
manufacturing and processing.
In the
January-October period, industrial processing and manufacturing contributed
4.9% to the increase, while electricity production and distribution
contributed 0.6% and water supply, waste and liquid treatment
contributed 0.1%.
The
employment index at industrial companies indicated that they were recovering
from their long slump, recording a 4.4% year-on-year rise as of October 1. A
rise in the
import
of materials and machinery for production also testified to the recovery of
domestic production.
Moreover,
the inventory index of the manufacturing and processing industry as a whole
jumped only 9.7% from the same period last year.
Some
sectors even saw remarkable declines: the inventory index of electronic
accessories fell 74.9%, while that of motor vehicle production went down 48%
and cement inventories declined nearly 44%.
According
to economist Vu Dinh Anh, the fact that the inventory index was below 10%
showed that the economy was far better than last year.
The
Ministry of Industry and Trade (MoIT) forecast that inventories would shrink
in the remaining months of the year because demand usually goes up in this
period, particularly in the apparel and footwear sectors.
At a
recent ministry video conference, MoIT Deputy Minister Ho Thi Kim Thoa said
to meet the 2013 target, departments and agencies should focus on satisfying
demand in the domestic market and strengthening distribution systems
nationwide.
Apart
from maintaining traditional export markets and developing new markets,
businesses needed to propose detailed solutions for production issues, she
added.
Boosting
industrial production is one of the key factors to develop the national
economy in the 2011-20 Socio-economic Development Strategy, 2011-15
Socio-economic Plan and Socio-economic Planning for 2013.
The
government aims to create economic momentum by investing in key industrial
centres as well as industrial products.
Vietnam-China
trade aims for US$60 bln in 2015
According
to the Trade Promotion Department under the Ministry of Industry and Trade
(MoIT),
The
two countries’ trade exchange has enjoyed an annual growth of 25% in recent
years, with last year’s import-export revenue reaching US$41.1 billion, up
15.2% compared to the previous year’s figure.
From
January to September 2013, it was estimated at US$36.2 billion, or 21.1%
higher than the same period of 2012.
Senior
leaders of both countries have worked out practical measures to strengthen
trade ties and achieve a trade balance.
Complaints
about difficulties in buying low-income houses
Despite
more people being allowed to buy low income kind of housing, they continue to
complain about various difficulties in purchasing these homes.
Currently,
about 150,000 people in HCM City are in need of low-income houses, while the
supply is just around 3,000 in total.
The
majority of people who qualify for this type of housing are unable to pay 20%
of the total value of their house first and have not yet been offered
long-term loans with more preferential interest rates.
Speaking
at a recent meeting on low-income homes held in HCM City, Nguyen Tran Phuong,
Vice Chairwoman of the HCM City Labour Federation, said, "Buyers are
offered preferential policies to pay the debts over ten years, but the price
is still quite high compared to the income of labourers in HCM City. If a
household has to spend VND5-6 million (USD238-285.7) per month to pay for
their homes per month out of an income of VND9 million, this will affect
their life."
Tien
Phong Newspaper cited Nguyen Huu Hung, Chairman of the HCM City Department of
Education and Training’s Trade Union, as saying that the city now has more
than 20,000 teachers who want to buy low-income houses with incomes of around
VND4 million per month.
Enterprises
are not showing much interest in low-income housing projects, particularly in
the current real estate market although they have been offered various
preferences to invest, such as tax exemptions, reductions on leasing
and buying land and low-interest loans to carry out these projects.
However,
according to Nguyen Van Danh, Deputy Director of the HCM City Department of
Construction, low-income housing projects are still unattractive to investors
because they find it difficult to gain access to the government’s
preferential loans. Also, the time frame for return on investments with such
projects remains long.
This
year, HCM City will put into operation 11 projects totaling 3,000 low-income
homes. By the end of 2015, some 17,500 houses will be completed.
October’s
import-export value hits US$25.12 billion
Vietnam’s
export figures for October were up by a healthy 12.8%, compared to the
previous month, reaching a total revenue of US$12.61 billion. Imports rose by
11% to US$12.51 billion.
According
to the General Department of Customs, total imports-exports in the latter
half of October hit nearly US$13.6 billion, up 16.8% compared to the first
half of the month.
Despite
the US$241.2 million trade surplus acquired in the second half of October,
the country still suffered a substantial trade deficit of nearly US$145.5
million, over the ten months.
In the
review period, the country’s total exports grew 20% to nearly US$6.9 billion.
The
increase is attributed to rising exports of particular commodities such as,
telephones and components (up nearly US$295 million), crude oil (US$216.6
million), footwear (US$174.12 million), seafood (US$145.2 million), computer,
electronics and components (US$116.1 million), and garments (US$US$104
million). In contrast, rubber and steel experienced a notable decline in
exports.
By the
end of October, the country’s total export turnover reached a staggering
US$15 billion, up nearly 16% against the same period last year.
Foreign
directed investment (FDI) companies accounted for nearly US$66.71 billion of
that figure (excluding crude oil), accounting for 61% of the country’s total
turnover.
Total
imports in the second half of October soared by US$13.6% increasing from
US$795.4 million to US$6.7 billion.
Products
experiencing a rise in import value include machinery, equipment and tools
(up nearly US$152 million), cotton (US$150 million), steel (US$92.4 million)
and crude oil (US$91 million).
In
addition, imports of certain products dropped significantly, compared to the
first half of the month, for example telephones and components (down US$144.1
million), animal food and materials (down US$45.7 million).
Thus,
the national total import value hit US$108.87 billion in ten months, up
US$15.92% (equal to nearly US$15 billion) against the same period last year.
The FDI sector made up US$61.94 billion, accounting for 56.9% of total
imports.
MOC
moots fresh projects
The
Ministry of Construction has for the third time proposed more property
projects to spread capital out of its VND30 trillion credit package.
These
include nine new social housing projects and four more being converted from
commercial housing projects.
The
ministry has also proposed that the State Bank of Viet Nam ask eligible banks
to speed up the process of assessing and disbursing capital from the credit
package for property projects.
The
State Bank said it would consider disbursement of capital for those projects
based on the ministry's proposal.
In the
past, the ministry proposed 59 projects in 26 provinces and cities to spread
capital from the credit package.
Gamuda
Land offers deal
To
celebrate the 6th anniversary of Gamuda Land Vietnam, a special promotion
package "Move in now with 30 per cent payment" was officially
launched this month by the developer.
The
package applies for buyers of semi-detached and small terraced houses in
Gamuda Gardens Township, Hoang Mai District, Ha Noi.
As
part of the promotion package worth up to US$25.000, buyers are able to move
in early after paying only 30 per cent of the total contract value.
The
remaining 70 per cent will be paid via a Deferred Payment Scheme in 24 months
with zero per cent interest.
Strategically
located in the southern gateway of Ha Noi, Gamuda Gardens spans over 73ha and
is one of four main components of the Gamuda City project.
JW
Marriott Hanoi open for service
Marriott
International marks a milestone in its expansion into Southeast Asia with the
unveiling of the first JW Marriott hotel in Ha Noi this month.
Marriott
International's second opening in Viet Nam after the Renaissance Riverside in
HCM City, the new property reaffirms the company's confidence in Viet Nam's
potential.
Designed
by acclaimed architecture practice Carlos Zapata Studio, the new hotel puts
an emphasis on design quality.
Traditional
dragon folklore and the magnificent coastline of Viet Nam inspired the
building.
Located
in Ha Noi's new central business district and adjacent to the National
Convention Center, the hotel is set to become a key player for business and
leisure in the city's hotel industry.
Ha
Noi-Moscow scheme set to start
The Ha
Noi-Moscow Cultural, Trading and Hotel Centre will start operation on
November 20 in Moscow, Russia, with total capital of $240 million.
The
centre, a cooperation project between Ha Noi and Moscow, is aimed at
promoting economic, cultural and tourism ties.
Local
enterprises can buy or lease apartments and pavilions in the centre, which will
support for them in establishing their business in the building and seeking
partners for business activities.
Green
Land sells residence project
Management
board of the Green Land Service and Property Construction Joint Stock Company
has agreed to sell the Tam Vu Minh – Binh Duong Riverside residence project
for VND70 billion.
The
company said the project had received total investment of VND28 billion.
In the
third quarter, the company gained a year-on-year increase of 53 per cent net
profit to reach VND51.6 billion, mainly raised from intermediary activities.
CBRE
Viet Nam wins top gong
CBRE
(Viet Nam) Co Ltd was awarded the title of "Best Property Consultant
Viet Nam" at the recent South East Asia Property Awards 2013.
Marc
Townsend, Managing Director of CBRE Viet Nam, said: "We are delighted
and honoured that CBRE Viet Nam is named the Best Property Consultancy. It is
recognition for the whole team for the considerable work they have put in
providing market leading services to our clients."
"The
market has remained challenging in 2013, yet CBRE has remained committed to
maintaining the very best professional standards and continuing to develop
our team so that we can always maximise opportunities for our business
partners."
Manufacturing
drives industrial production
The
Index of Industrial Production (IIP) edged up 5.9 per cent in October and 5.4
per cent in the first ten months of this year, driven by an expansion in
industrial manufacturing and processing.
In the
January-October period, industrial processing and manufacturing contributed
4.9 per cent to the increase, while electricity production and distribution
contributed 0.6 per cent and water supply, waste and liquid treatment
contributed 0.1 per cent.
The
employment index at industrial companies indicated that they were recovering
from their long slump, recording a 4.4 per cent year-on-year rise as of
October 1. A rise in the import of materials and machinery for production
also testified to the recovery of domestic production.
Moreover,
the inventory index of the manufacturing and processing industry as a whole
jumped only 9.7 per cent from the same period last year.
Some
sectors even saw remarkable declines: the inventory index of electronic
accessories fell 74.9 per cent, while that of motor vehicle production went
down 48 per cent and cement inventories declined nearly 44 per cent.
According
to economist Vu Dinh Anh, the fact that the inventory index was below 10 per
cent showed that the economy was far better than last year.
The
Ministry of Industry and Trade forecast that inventories would shrink in the
remaining months of the year because demand usually goes up in this period,
particularly in the apparel and footwear sectors.
At a
recent ministry video conference, Deputy Minister Ho Thi Kim Thoa said that
to meet the 2013 target, departments and agencies should focus on satisfying
demand in the domestic market and strengthening distribution systems
nationwide.
Apart
from maintaining traditional export markets and developing new markets,
businesses needed to propose detailed solutions for production issues, she
added.
Boosting
industrial production is one of the key factors to develop the national
economy in the 2011-20 Socio-economic Development Strategy, 2011-15
Socio-economic Plan and Socio-economic Planning for 2013.
The
government aims to create economic momentum by investing in key industrial
centres as well as industrial products.
Vinasoy
opens soy research facility
Viet
Nam's largest soya products company, Vinasoy, launched Viet Nam's first
soya-bean research centre in central Quang Ngai province.
A
source from the company said the centre will develop research on new seeds,
hi-tech production methods and ways to meet international standards.
The
centre also signed a Memorandum of Understanding (MoU) on co-operation with
the National Centre for Soybean Biotechnology (NSBC) at the University of
Missouri and the National Soybean Research Laboratory (NSRL) at University of
Illinois.
Vinasoy,
a member of the Quang Ngai Sugar joint-stock company, earned revenues of VND5
trillion (US$238 million) last year.
According
to a market survey from Nielsen, Vinasoy commands 78 per cent of the domestic
market for packaged soya bean milk products.
Source:
VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VIR
|
Thứ Ba, 19 tháng 11, 2013
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