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BUSINESS IN BRIEF 22/11
CFO
conference sheds light on business growth
Senior
financial executives are playing increasingly influential roles in strategy
and operation, working closely with CEOs and management boards to creatively
assess and design growth opportunities.
Nguyen
Thi Thanh Truc, chief financial officer in HSBC Viet Nam, made the statement
at the 5th
Titled
"Resilience Strategies in Hard Times", the forum was organised by
the
It
attracted more than 250 delegates including representatives from
International Association of Financial Executives Institutes, Viet Nam
Association of Corporate Directors
(VACD),
members of Viet Nam CFO Club, Japan Association for CFOs, the Association of
Chartered Certified Accountants, CEOs and CFOs of big corporations.
Truc
pointed out that the new core competencies for CFOs are collaboration,
business partnering and talent management.
She
said that to cope with changes driven by the global economic situation, a
paradigm shift in corporate management was needed, especially in financial
issues.
For
instance, working in silos should be changed to partnering with other
corporate functions, she said.
Apart
form traditional roles such as measuring and monitoring business performance,
meeting local regulatory requirement, improving business, driving cost
reduction, CFOs need to be more strategic in thinking, understand competitive
advantage, customers and products, she added.
More
compelling and meaningful analysis, better ways of communicating to
non-finance colleagues should be also included. Moreover, CFOs need to
forward looking risk management.
Agreeing
with Truc, Han Manh Tien, chairman of VACD, said Vietnamese businesses are
currently not equipped to assess or predict evolving situations in business
and investment environment.
Hence
the role of CFOs in a difficult period becomes more important. They should
work with business owners and partners to solve all obstacles and drive the
company ahead towards sustainable development, he said.
Le Anh
Tuan, head of the research department at Dragon Capital Co said the world and
domestic economy has overcome the most unstable and vulnerable period and
will be stronger in the coming year.
The
recovery of some leading economies such as Europe, the
While
cautious and defensive policies were called for during the past few years, it
may be time for businesses to think about growth and expansion strategies
now, he said.
Tuan
said next year will see a better growth than this year. Total investment is
expected to reach 31-32 per cent of GDP in 2014-15. To reach 31-32 per cent,
capital for investment has to increase US$9-11 billion higher than that
in this year.
For
next year, currency is certainly one of the causes of inflation, however,
other specific factors also have strong impact on inflation such as oil
price, and food prices.
Development
advocates talk green growth
More
than 400 people who have been involved in economic development initiatives
spoke about the importance of their experiences at an one-day workshop
organised on Wednesday in the southern
The
participants included members of
The
event was organised by the Association of Cities of Viet Nam (ACVN),
Federation of Canadian Municipalities (FCM), UN's Human Settlements Programme
(UN-Habitat) and UNDP (UN Development Programme).
During
the workshop, representatives from Thai Nguyen, Ha Tinh and Soc Trang
provinces and members of ACVN discussed what they had learned while
implementing the Municipal Partners for Economic Development
demonstration projects.
The
projects were co-managed by ACVN and FCM with financial support from the
Canadian Government.
The
workshop also focused on the important role of green-growth paradigms and
public administration reform in local economic development.
Discussions
focused on the impact of Hoi An's best practices and initiatives on eco-city
development and public administration reform initiatives, as well as
economic development in Da Nang City.
"In
order to have a strong and enduring local economic growth, we need to define
suitable models of development for each city and town," said Nguyen
Quang, UN Habitat programme manager.
"In
order to make a green growth model achieve the desired effects, each locality
must have suitable development strategy with a realistic vision and practical
tools to draft their multi-sector investment plan," he said.
The
workshop was held to encourage people to participate and contribute to the
urban development process.
"Learning,
doing and sharing experiences will make the circle of prosperity grow for the
benefit for everyone in society," said Vu Thi Vinh, general secretary of
ACBN.
Firms
urged to host technology transfers
Vietnamese
businesses could benefit from governmental policies to promote exports and
expand the scale and scope of the domestic market, noted speakers at a
conference on competition and technology.
The
conference, held in Ha Noi yesterday, referenced a survey from 2012, which
pointed out that a small number of enterprises enjoyed technology transfers
funded by foreign direct investments (FDIs) and had demonstrated higher
productivity.
For
the survey, technology was specifically analysed in gauging the
competitiveness of more than 8,000 Vietnamese businesses.
The
research was conducted by the Central Institute for Economic Management
(CIEM) in collaboration with the General Statistics Office (GSO) and the
Department of Economics (DoE) at the
The
survey report pointed out that numerous large businesses have invested in
technology upgrades and renovation, while small businesses focused on
developing new products.
Survey
results from these businesses showed that most of them have implemented
mandatory measures that fall under the banner of social responsibility,
including
protecting
labourers' rights, providing social insurance, and ensuring the protection of
the environment.
The
report noted that enterprises faced challenges while investing in new
technologies because of limited capital and restricted access to government
support.
Authorities
suggest policy makers continue to support FDI activities and encourage
technology transfers among domestic businesses.
It
also urged domestic firms to acquire existing technologies instead of
developing new expensive technologies through research and development
activities.
Technologies
transferred in
However,
these technologies were considered average when compared with other countries
in the region.
Statistics
revealed that 80 per cent of FDI-funded firms in
The
report stated that FDIs and suitable policies to upgrade technologies will be
necessary for
A
long-term solution that creates favourable conditions for businesses to adjust
and improve their technologies was also suggested as being necessary to
further boost economic growth.
Vietnamese
tea exports slump to $186m this year
The
country's tea exports saw a 5.5 per cent decline in terms of volume and a 0.2
per cent decrease in value over the same period last year.
Of
note,
However,
the import turnover dropped 11 per cent in volume and 18 per cent in value
compared with the corresponding period last year and accounted for 18.5 per
cent of the total export value.
Tea
exports to
According
to the Viet Nam Tea Association, some 90 per cent of Vietnamese tea was
exported in the form of raw materials and only 10 per cent left the country
as a finished product.
State
Bank of
The
central bank was considering a plan to buy gold from local sources after
selling over 1.7 million taels of gold to the market, said an official.
Head
of the State Bank's Forex Management Department Nguyen Quang Huy announced
the plan to the participants at a workshop in the capital city, adding that
it would increase forex reserves in
Huy
said that global gold prices were unlikely to increase following the positive
global recovery. The domestic economic outlook had also recovered well, so
investors were looking at other forms of investment.
Huy
did not mention when the bank would start to buy back gold, but said they
were well prepared for any situation.
SBV
said that its intervention in the gold market had helped curb inflation and
stabilise the economy.
According
to Huy, the central bank's gold auctions had helped reduce speculative
activity in the market. The measure had helped minimise gold imports and
increase foreign reserves.
Since
March 28 this year, the central bank has held 70 auctions and sold 1.7
million taels to local credit institutions.
Under
Government Decree No 24/2012/ND-CP dated April, 2012 on gold business
activities, SBV is responsible for purchasing and selling gold in the
domestic market, and mobilising gold as regulated by the Prime Minister.
Seminar
on investment into Vietnam held in Italy
Intensifying
trade information exchange between
The
event was part of the “
Addressing
the seminar, Vietnamese Ambassador Nguyen Hoang Long spoke highly of
bilateral trade ties in recent times. However, trade has yet to match
potential, he said.
In
recent years, many business delegations from
On the
day, potential of the Vietnamese market, its main products and investment and
cooperation opportunities in the country were introduced at an international
workshop on trade in
A
number of economic seminars were held in
A
Consumers
opt for local goods
A
campaign launched three years ago to encourage Vietnamese consumers to
purchase locally made products is showing signs of success, according to the
Ministry of Industry and Trade.
Up to
59 per cent of consumers have prioritised using Vietnamese goods, while 38
per cent have advised their families and friends to choose home made products
and 36 per cent have stopped buying or have bought fewer imported goods,
having replaced them with local goods, said Le Viet Nga, deputy director of
the ministry's Department of the Domestic Market.
According
to the ministry's statistics, the number of consumers who believe the quality
of local products has improved has increased to 77 per cent compared with
just 23 per cent before the campaign was launched.
After
running the campaign for three years, locally made products accounted for
80-90 per cent of goods on shelves in supermarkets such as Big C (90 per
cent), Saigon Co-op and Vinatex Mart (nearly 95 per cent).
In
order to further boost Vietnamese product sales, Nga emphasised the
importance of continuing to improve awareness among local consumers about
locally made goods, improving the competitiveness of domestic enterprises and
developing effective distribution channels.
Vu Thi
Kim Hanh, president of the Business Association of High-Quality Vietnamese
Goods, noted that assistance should be provided to enterprises, especially
small and medium-sized firms (SMEs), to ensure their products appear on
supermarket shelves.
SMEs
faced many difficulties when negotiating with supermarkets to stock their
products and often lost out to competition from multinational companies, she
added.
Under
the draft project created by the ministry to develop the domestic market in
line with the awareness campaign for locally made products, a database of
distribution systems will be set up along with store chains to ensure the
availability of products with stable prices across all 63 cities and
provinces.
The
draft project targetted seeing 90 per cent of Vietnamese consumers using
made-in-Viet
Tea
industry urged to target added value
Tea
production, processing and consumption have seen high growth in the past few
years in
Every
year,
The
Ministry of Agriculture and Rural Development said that in the first 10
months of this year,
However,
in terms of export revenue,
According
to Deputy Director of the Domestic Market Department under the Ministry of
Industry and Trade Le Viet Nga, the reason
Bui
Minh Hien, head of the Industrial Promotion Department, Industry Promotion
and Consultancy Centre No.1, the Agency for Regional Industry Development
(ARID) also pointed out that, the low Vietnamese tea export prices were
attributed to problems in the chain of production and consumption of the tea
industry today: small scale, lack of links in production, standards and
policies on quality, food safety and hygiene management. In particular, the
products slowly adapt to changes of the market tendencies and therefore were
still considered as mixed products in order to reduce costs.
There
is a big contradiction between the export volumes and value in
Doan
Xuan Hoa, Deputy Director of the Department of Processing and Trade for
Agro-Forestry-Fisheries Products and Salt Production under the Ministry of
Agriculture and
Rural
Development said to improve tea export turnover,
Based
on experience and success of the tea processing and trading model of small
households in
Moreover,
with tea growing and processing experience of Vietnamese tea growers, they
can entirely produce high quality tea in large quantity and offer these
products at high prices.
He
also said the tea processing scale should be at least 500kg per day which
means each production unit can produce 30-40 tonnes a year.
The
development of
The
luxury property developer and fund management firm
The
VND1.467 trillion (about $70 million) project will consist of 14 apartment
blocks with more than 2,000 flats, with first-phase sales already launched
last year. Nam Long’s chief operating officer Nguyen Vinh Tran said
Explaining
this new investment, Indochina Land CEO Peter Ryder said, “Affordable housing
has huge potential in every market in the world. In
He
added
“Nam
Long has plans to provide 14,000 EHome apartments over the next five years.
If they agree more deals with us, we’ll invest in their other projects” said
Ryder.
“However,
we’re just an investor in this segment and will not be a property developer.”
Nam
Long’s property development includes finding investment opportunities,
securing land, planning and design, construction and project management,
marketing and sales. However, it focuses mainly on affordable housing with
EHome as an established brand.
Nam
Long chairman Nguyen Xuan Quang said
The
10th ASEAN Council on Petroleum (ASCOPE) Conference & Exhibition is
scheduled to be held at the Saigon Exhibition and Convention Centre in
The
information was released at a press briefing given by the Vietnam National
Oil and Gas Group (PVN) in
The
Organising Board reported that the event, under the theme ‘Innovation and
Co-operation - The way forward’, is expected to welcome 300 delegates from
120 domestic and international oil and gas companies as it is hosted by PVN
for the first time.
Participants
will have a chance to share the latest information about the ASEAN oil and
gas industry and state-of-the-art technologies and equipment in the field.
The
event offers ASEAN oil and gas companies a chance to tighten co-operation
with regional partners, as well as with partners from
ASCOPE
was established in October 1975. The conference takes place every four years.
The
council groups ten petroleum companies from the ASEAN countries: Brunei
National Petroleum Company, Cambodian National Petroleum Authority, Pertamina
from
Indonesia,
the Department of Electricity under the Lao Ministry of Energy and Mines,
Malaysia’s Petronas Oil and Gas Company, Myanmar Oil and Gas Enterprise,
Philippines
National Oil Company (PNOC), Keppel Corporation from Singapore, Thailand’s
PTT Oil and Gas Company and Vietnam National Oil and Gas Group.'Designs for
highway, ring road completed.
The
design plans of urban areas along Tan Son Nhat-Binh Loi-outer ring road and
Huynh
Xuan Thu, director of the
According
to Thu, the suspended issuance of construction permits has affected the
legitimate rights of local people, as no new homes have been allowed to be
built.
LienVietPostBank,
EVN SPC in fee collection deal
LienVietPostBank
and EVN Southern Power Corporation (EVN SPC) inked a cooperation agreement on
electricity bill payments on Monday.
The
cooperation will make it possible for corporate and individual customers to
pay their electricity bills through the bank’s transaction offices, post
offices, e-banking services and home fee collectors.
LienVietPostBank
will extend the service to 21 provinces and cities. The lender also has plans
to launch the service across the country.
The
bank also struck a similar deal with Binh Duong Power Company, a member of
EVN SPC, at the signing ceremony.
IT
crucial to retail banking
As
retail banking is expected to become the most important segment after 2015,
local banks have seen the need to invest in information technology (IT)
infrastructure to better exploit retail banking services.
Speaking
at the ASEAN Banker Forum in HCMC on Tuesday, Ha Huy Tuan, vice chairman of
the National Financial Supervisory Commission, said local banks have
concentrated too much on large customers while ignoring the retail banking
segment. However, those same big clients have failed to fetch banks high
profits given the current economic challenges.
There
have been shortcomings in provision of banking services and the individual
client segment is still ignored. Just 20% of adult consumers are expected to
use banking services, Tuan said.
Retail
banking has strong development potential in the country thanks to a large
population and rising income per capita. Meanwhile, small and medium-sized
enterprises always have strong demand for capital.
To
develop retail banking, lenders must be creative enough to diversify credit
products. Banks also have to invest in IT infrastructure and risk management,
Tuan added.
Le
Cong, general director of Military Bank, said that Vietnamese banks have
advantages in selecting and applying latest technologies in retail banking,
approaching individual customers and small and medium-sized enterprises.
Customers
nowadays do not have to transact directly at banks. They usually make banking
transactions at home, in their cars or anywhere else. Banks should consider
this mobile tendency as a strategy to develop their retail banking channel,
Cong said.
In
addition, the strong growth of non-cash payments is also a factor to develop
retail banking in
Nguyen
Tu Anh, general director of Smartlink Card Service Joint Stock Company,
quoted statistics of the central bank as saying that the cash payment ratio
dropped from 20.3% in 2004 to 14% in 2010. The ratio is around 12% at
present.
E-payment
and e-transaction means are expected to develop strongly. Within the next
three years, non-cash payment channels will replace traditional transactions.
Therefore, banks should modernize IT infrastructure to develop retail banking
and keep up with the tendency, Anh said.
At the
seminar, banks such as ANZ, HSBC, VIB and Visa card center and specialists
from Oracle, Diasoft and Geneys also shared their experiences in IT system
application.
The
annual event is organized by International Data Group and Vietnam Banks
Association.
2030
Businessmen Club connects companies for Tet sales
The
joint promotional sales program for the forthcoming Lunar New Year holiday or
Tet initiated by the 2030 Businessmen Club under the Saigon Times Club will
kick off today.
The
2030 Businessmen Club is in charge of connecting member enterprises to sell
products, expand trade exchange opportunities during the Tet holiday and
takes responsibility for the quality of commodities.
Trinh
Van Thanh, chairman of the club, informed that the program attracts eight
member companies who will sell goods at the best prices. The items are
confectionery, tea, wine and beer products among others with prices 20-30%
lower than those on the market.
All
products of the program are goods made in this year’s fourth quarter. The
program offers packages of six sizes priced between VND487,000 and nearly
VND3.7 million each.
With
the program, participating firms are looking to form a group of enterprises
cooperating to bring commodities to members and other businesses as well as
their staff members and partners.
The
special program will last until January 20 next year, with 10% of the total
sales donated to the club’s charity fund, which will be handed to needy
students with good academic performances or school libraries in remote areas
next year.
Since
August, the Biz Group of the 2030 Businessmen Club has launched numerous
promotional sales targeting workers of member firms active in
export-processing zones and industrial parks in HCMC and the neighboring
After
the Tet holiday, the club will continue working with the management
authorities of export-processing zones and industrial parks in the
southeastern region to deploy periodical and long-term special sales programs
there.
The
2030 Businessmen Club has over 350 members. Nearly 100 members have
registered to purchase goods of the promotional sales program for Tet, with
each ordering 20-100 packages.
To
order commodities of the Tet sales program, contact Mr. Nguyen Bac on 0908
747266, Mr. Xuan Bach on 0983 858453 or the hot line 0913 254449.
ODA
disbursement hits nearly US$37.6bil
International
donors have pledged US$78.195 billion in official development assistance
(ODA) for
Of
this figure, agreements worth US$58.463 billion have been signed, and
US$37.597 billion have been disbursed.
Many
ODA-funded projects have already been implemented, providing fresh impetus
for socio-economic development and contributing greatly to poverty reduction.
In recent
years, ODA has become a crucial tool for developing infrastructure,
stimulating economic growth and improving living standards for local
Vietnamese people.
At
recent policy talks, regarding Japanese ODA loan for
However,
despite the substantial funding received over the years, ODA
disbursement has failed to achieve the necessary breakthrough required for
socio-economic development.
Garment
exports to RoK surge nearly 50%
Textile
and garment exports to the RoK are forecasted to pick up in the coming time.
The
The
country’s total export turnover reached nearly US$14.8 billion in the past
ten months of this year, a-year-on-year increase of 18.5%.
Ha
Ha
At a
November 20 meeting with a delegation from the economic association of
Association
Chairman Nagano Masao stated that his organization has become interested in
Ha Nam since its delegation’s recent visit to Hiroshima prefecture, noting
that Hiroshima businesses are keen to seek investment opportunities in the
locality.
He
said he hopes that both sides will further strengthen their ties in various
fields in addition to economics and investment.
The 40
visiting Japanese businesses operate in many areas-- medical equipment
production, mechanics, electric devices, tourism and communications services.
HCMC
hosts
The
event was co-organised by Vietnam Chief Financial Officers (VCFO), Japan
Association for Chief Financial Officers (JACFO) and the Association of
Chartered Certified Accountants (ACCA).
Attendees
included 300 delegates from the International Association of Financial
Executive Institute (IAFEI), VCFO, JACFO, and ACCA members, as well as
representatives from international and domestic financial associations, chief
financial officers, and financial leaders.
IAFEI
is a prestigious institution with 16 chief financial officers (CFO)
association members and more than 18,000 individual members.
The
event focuses on strategies to overcome currentdifficulties, a priority
concern of many leaders in the face of heavy debts, huge losses and the ever
threatening loss of liquidity.
The
forum aims to give participants an overview of
Experts
will share their practical experiences on creation and implementation of
resilience strategies, effective treasury management, and methods to
develop a professional financial management team for future growth of
enterprises.
The
10th ASEAN Council on Petroleum Conference & Exhibition (ASCOPE) is due
to take place in
The
event, “Fuelling the future of ASEAN towards Sustainable Development”, is
expected to attract around 500 delegates from the energy industry.
Their
main objective will be to share and discuss topical issues surrounding the
oil and gas business.
More
than 300 exhibits will showcase the latest technologies in oil and gas
exploration and exploitation, as well as transport and control systems in the
field.
ASCOPE
is an excellent opportunity for oil and gas companies in
The
event, which is organised every four years by ASEAN members in rotation,
outlines up-to-date information on opportunities, challenges and solutions in
the regional oil and gas industry.
It
also aims to attract interest from leading oil and gas firms and introduce
the huge potential for investment and cooperation in the region.
According
to figures from the Ministry of Industry and Trade (MoIT), by October of this
year the country had already exported 115,832 tonnes of tea, reaping a total
revenue of over US$186.682 million, down 5.5% in volume and 0.2% in value,
from the previous year.
Pakistan
has taken the lead in becoming the country’s largest tea importer accounting
for 18.5% of Vietnam’s total tea export turnover, closely followed by Taiwan
(China) with 19,509 tonnes worth more than US$26.518 million, and Russia,
9,804 tonnes valued at US$15.941 million.
Other
markets experiencing significant growth in tea trade with
Debts
restructured to support ailing firms
Credit
institutions have restructured nearly VND300 trillion (US$13.63 billion) in
debts, accounting for 10 percent of total outstanding loans.
According
to Governor of the State Bank of Vietnam Nguyen Van Binh, measures used to
restructure the repayment period meant large amounts of outstanding loans
would remain as such, instead of becoming non-performing loans (NPLs).
As
many as 60 percent of the restructured debts would have become bad loans
without the restructuring, he said.
The
restructuring has also eased borrowing conditions for businesses with no
penalty interest payments being applied.
Binh
said the measures for self-handling NPLs of banks, including debt restructuring,
have yielded positive and meaningful results for both businesses and banks.
In
late May, the central bank had to delay the application of Circular 2 on bad
debt classification and risk management until June 2014.
The
move aimed to help enterprises access credit, boost lending and reduce
lending interest rates to fight looming economic downturn and rising
bankruptcy rates.
As a
result of the delay, credit institutions have been permitted to restructure
repayment periods for loans.
Circular
2, which reflected international norms and was compatible with economic
conditions, will prevent banks and financial institutions from intentional
misconduct.
However,
the implementation of the circular would see tighter conditions for
enterprises seeking bank loans and force banks to contribute to risk funds.
Vice
Chairman of the Vietnam Asset Management Company Nguyen Quoc Hung told Thoi
bao Ngan hang (Banking Times) that as of November 15, the company had bought
VND17.3 trillion (US$786.36 million) in debts from 20 credit institutions.
As
many as 24 banks have registered with the company to sell debts valued at
VND40 trillion (US$1.818 billion). The company is currently reviewing debts
for future deals.
Making
loan package more accessible to homebuyers
Low-cost
homebuyers will be able to gain access to the VND30-trillion dong loan
package as the package’s strict conditions are being removed gradually by
relevant authorities, creating more business opportunities for housing
developers.
In
recent times, many homebuyers have failed when applying for the loan package
given the slowness of local authorities in certifying the housing status of
the applicants as one of the requirements they need to satisfy to get home
loans.
To
remedy the lamentable situation, the HCMC government has directed authorities
in wards, communes and towns to certify home registration and housing status
for applicants seeking soft home loans in line with the regulations of the
Ministry of Construction.
After
over five months of launching the circular instructing the hefty loan
package’s implementation, the construction ministry has also realized the
shortcomings causing the slow disbursement of the home credit package. The
ministry therefore issued Circular 18 on October 31 with amendments to
Circular 07 issued earlier, under which homebuyers are subject to loosened
conditions to take out home loans.
In
particular, with the previous circular, every household was only allowed to
get a home loan once. Meanwhile, the new law stipulates that children and
nephews or nieces of the head of a family having the same permanent or
temporary residence address who are married are also considered as independents
and able to ask for a home loan.
Notably,
under the new circular, those having legal land areas smaller than the
regulated level for housing construction based on the rule of provincial
governments are also allowed to get special home loans.
Besides
the removal of the current strict conditions, residents on low incomes who
are in dire need of housing will have their financial burden relieved with
the special tax policy, with VAT cut by 50% for commercial apartments subject
to the home loan package. This means low-cost homebuyers not only get
low-interest loans but also enjoy lower housing prices thanks to a helpful
tax policy.
According
to Nguyen Van Duc, deputy director of Dat Lanh Real Estate Company, the VAT
reduction really benefits homebuyers, especially those with low incomes.
As
such, this is the first time low-cost homebuyers have enjoyed so many
incentives, prompting property companies with housing projects subject to the
credit supporting package to race to launch products to seek customers.
For instance,
Nam Long Investment Corporation has launched the second sale phase of some
172 condos of the Ehome 4 Bac Saigon housing project in Thuan An District in
the southern
In the
meantime, the State Bank of
TPP
to set harsh conditions, trigger disputes: experts
Strict
standards of intellectual property rights the
Speaking
at the TPP training course organized by the HCMC Department of Industry and
Trade, the
The
gap of development levels has caused many problems that remain to be
addressed, such as State-owned enterprises, certificates of origin and
intellectual property rights that have yet to be solved, they said.
Dinh
Quang Thang from Fulbright Economics Teaching Program said that the
Vietnam
now has around 933 products and services attached to 721 geographic names,
including around 800 renowned trademarks. However, only 136 products have
been granted with appellation certificates so far.
Many
countries have reportedly opposed to strict requirements from the U.S. and
intellectual property rights remain a big challenge during the negotiations.
Experts
at the training day said that Vietnam’s negotiation team must be determined
in objecting to the regulations and should try to maintain current
regulations in the Trade-related Aspects of Intellectual Property Rights
(TRIPs). Otherwise, the nation has to revise the intellectual property law
and enterprises will have to face many lawsuits related to the issue.
Concerning
the “yarn forward” ROO (Rule of Origin), which requires the TPP nation to use
a TPP member-produced yarn in textiles in order to receive duty-free access,
Vu Xuan Hung, deputy director of the legal department of the Vietnam Chamber
of Commerce and Industry (VCCI) of HCMC, said the rule will help boost
investment in the fiber industry.
However,
for the negative side, the nation will meet challenges as investment in the
sector is very costly. Therefore, foreign investors may reign over the yarn
industry in Vietnam.
As
negotiation documents and suggestions of member nations remain confidential,
the experts made predictions basing on private agreements or information
leaked in the Internet.
In a
related development, the U.S. Ambassador to Vietnam David Shear will deliver
a speech on TPP at Can Tho University on November 21.
Source:
VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VIR
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Thứ Năm, 21 tháng 11, 2013
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