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BUSINESS IN BRIEF 5/11
Binh
Duong attracts nearly US$1.2 bil in FDI
Binh
Duong’s industrial zones attracted more than US$42.4 million in foreign
direct investment (FDI) in October, bringing the ten-month volume of FDI to
US$1.198 billion.
Of 116
newly-licensed projects worth US$713.7 million are the Binh Hoa – Binh Duong
VSIP Complex (US$199 million), Panasonic Eco Solutions Vietnam Co., Ltd
(US$38 million), a paper packaging plant of Japan’s TOMUKU Vietnam company
(US$47.62 million), and Amway Vietnam Co., Ltd (US$21.4 million).
Among
the 115 existing projects with large additional capital are URC Vietnam Co.
Ltd (US$50 million), Palm-Song Be Golf Co., Ltd (US$28 million), Zeng Hsing
Industrial Co., Ltd (US$16 million) and Anheuser Busch InBev Beer Co., Ltd
(US$15 million).
To
attract more FDI capital, Binh Duong is focusing on pushing through
administrative reform and ensuring timely land clearance technical
infrastructure upgrade in industrial parks. Provincial leaders have regular
contact with foreign diplomatic agencies and business associations in
Seafood
exports hit US$5.5 billion in 10 months
They
showed a 7.3 percent increase from a year earlier, with the October shipments
estimated at US$680 million (up 14 percent) and the third-quarter value at
more than US$1.9 billion (up 17.4%).
Since
the second quarter of this year, the volume of shrimp has increased sharply
due to a decline in world supplies while that of other seafood products
stayed almost at the same level.
According
to the Vietnam Seafood Exporters and Processors (VASEP), a steady rise in
shrimp exports has contributed to the sector’s positive growth of 6.4%.
Shrimp exports will continue to grow on key markets, such as the
In the
first nine months of this year shrimp exports hit more than US$2 billion and
are estimated to reach US$2.4 billion by October (up 30 %) to fetch US$2.8
billion, a year-on-year increase of 27%.
White-legged
shrimp shipments in October alone were estimated at nearly US$200 million (up
168%), raising the ten-month figure to US$1.18 billion (up 95%) from a year
earlier.
In
2013, global shrimp output dropped by 15% compared to two years ago due to
the spread of early mortality syndrome (EMS) disease in
Experts
say shrimp exports from now to the end of this year will further pick up as
prawns and while-legged shrimps are most favoured in the
Meanwhile,
tra fish exports were on decline due to low consumption demand, with the
9-month volume worth US$1.3 billion (down 1.4%) and estimated at US$1.43 billion
by October (down nearly 2%).
Tuna
and other seafood products also saw a decline in export value, such as
octopus (down 17.2%), crabs (12.3%), fish (5.7%), tuna (4.5%) and molluscous
(4%).
From
now to the end of this year, mollucuos exports will continue to go down – a
negative sign for the fifth consecutive year.
Tuna
exports have already dropped sharply by 20% in recent months and their total
value in 2013 is estimated at US$540 million, 5% less than last year’s
figure.
However,
with more than 600 businesses exporting different products to 165 markets,
the seafood sector’s yearly export volume will exceed the US$6.5 billion mark
to achieve a –year-on-year increase of 5%.
PM
encourages stronger Vietnam-Africa cooperation
Addressing
an international forum in
In
addition, he said the country is located in
PM
Nguyen Tan Dung said
Dung
highlighted the economic geographical position of the Middle East and North
Africa which connects Asia-Europe and
The
Vietnamese government hopes the Forum for Economic Cooperation between
He
asked policymakers and business executives of both sides to share information
and experience to create a highly competitive and attractive investment
environment for the two business circles to successfully operate in each
other’s markets.
He
called on them to make in-depth discussions and proposals to help their
governments to improve the efficiency of cooperation mechanism and ease
business difficulties, facilitating their operations.
Both
sides should expand cooperation in the areas of their strength, such as
trade, energy, mining and infrastructure development. To do this, Dung said,
they need to formulate and sign agreements to create a stable, long-term
legal corridor for cooperation in these areas.
In addition,
he said, they need to enhance the efficiency of cooperation in agriculture,
labour, education-training, health care, culture, and tourism.
With
its abundant and skilled labour force,
PM
Dung said
The
country is joining negotiations of key free trade agreements (FTAs) such as
Regional Comprehensive Economic Partnership, Trans-Pacific Partnership, and
FTAs with the European Union, and the Customs Union of Russia,
These
agreements will open up plenty of cooperation opportunity for not only
Vietnamese businesses but also foreigners doing business in the country.
“We
are committed to creating the best possible conditions for foreign investors
to do efficient, long-term business in
During
the two-day event, policymakers and business executives from Vietnam, and
Middle East and North African nations are scheduled to examine the investment
and business environment in both sides, and the possibility of greater
cooperation in energy, trade, infrastructure development, labour, agriculture
and tourism.
Two-way
trade has increased b y 878% in the past decade, from US$889 million in 2002
to US$7.4 billion in 2012.
African
businesses are investing in
Approximately
26,000 Vietnamese nationals are currently working under contracts in
European
consumers taste Vietnamese dried rice noodles
Duy
Anh Foods in
Tuoi
Tre newswire quoted Le Duy Toan, director of Duy Anh Foods, saying European
importers have reduced rice vermicelli shipments from
Vietnamese
rice vermicelli, mostly made of brown rice (whole grain rice), is a favourite
with European consumers for high quality.
The
Nam Con Son gas pipeline in the southern
The
information was announced by the Nam Con Son Gas Pipeline Company under the
Vietnam Gas Corporation- PV Gas during a ceremony held on November 1 in the
province to mark 10 years of the pipeline’s operation.
With a
total investment of US$1.3 billion, the pipeline was the largest foreign
investment project in the first years of the 21st century.
It
helped transport and process gas from the Nam Con Son basin to power plants
in the province.
As one
of the country’s major projects, it has been operating safely and effectively
to ensure regular gas supply for many industrial parks in Ba Ria-Vung Tau and
Dong Nai provinces, thus contributing significantly to the country’s
industrialisation and modernisation.
Since
2011, the pipeline’s capacity was increased to 21 million cu. m. per day and
the capacity was up to 22 million from May, 2013.
Along
with its production and business activities, the Nam Con Son Gas Pipeline
company is always active in social activities. It has donated over US$$7
million to welfare programmes in many localities nationwide.
Over
US$200 mln for second lift-off oil rig
The
PetroVietnam Marine Shipyard JSC (PV Shipyard) and the
The
Tam Dao 05 lift-off oil rig, the second of its kind in the country, will be
completed after 32 months of construction and is expected to help
Vietsovpetro be more proactive in oil and gas exploitation and reduce the
cost of hiring drilling rig.
Lang
Son needs ODA for 96 infrastructure projects
The
northern border
At a
conference to call for ODA on November 1, Nguyen Van Binh, Vice Chairman of
the provincial People’s Committee, said Lang Son is in need of VND29.6
trillion (US$1.3 trillion), accounting for 25-28% of its total investment.
As a
locality with low and unsustainable economic growth, slow economic change,
poor infrastructure and education as well as inadequate healthcare
development, Lang Son has given priority to the construction of modern
infrastructure, especially major projects in the Dong Dang-Lang Son border
gate economic zone, he said.
The
province will focus on developing a trans-provincial road system and roads
connecting its districts, and upgrading water drainage and waste treatment
systems.
Education
and healthcare infrastructure in poor districts will also be improved, while
human resources development and the modernisation of administrative agencies
in districts will also be supported, bettering the investment environment.
According
to the provincial People’s Committee, ODA has been allocated in the province
since 1995. To date, the locality has received VND3 trillion (US$1.42
trillion), with 80% of which being ODA. Notably, it has implemented a VND33
billion forestation project funded by the German Government.
So
far, 37 out of 44 ODA projects worth VND1.6 trillion in total have been
completed. The remaining seven capitalised at VND1.4 trillion, are underway,
focusing on transport, agricultural and rural development, health care and
education.
Major
ODA providers include the Asian Development Bank, the World Bank, the Finnish
Government, and the Korean International Cooperation Agency (KOICA), among
others.
During
the conference, the province signed a memorandum of understanding with KOICA
and Shinhan Bank of the
Vietnamese
policymakers and economists have stressed the need for
At a
seminar in
He
highlighted the active participation of different social sectors, especially
those experienced in international trade and import-export activities in the
southern region, in preparation for the country’s membership to the CISG.
Sharing
Tan’s views, Dr. Nguyen Minh Hang, an advisor to the Vietnam Chamber of Commerce
and Industry, said joining the convention is of paramount importance to
Vietnam, especially when the country is accelerating its international
economic integration.
The
CISG, together with free trade agreements and the Trans-Pacific Partnership
(TPP) agreement, is expected to make it easier for
Apart
from
According
to Nguyen Trung
Therefore,
he said, the convention surely affects the country regardless of its
membership.
Delegates
at the seminar pointed to common legal difficulties facing Vietnamese
businesses such as transactions based on relationship and belief, poor
knowledge of legal issues in contract negotiations and the lack of budget for
legal consultation.
Signed
in
As of
September 26, 2013, 80 states had adopted the convention.
Energy
cooperation is one of the key areas in the Vietnam Russia traditional
friendship and cooperative relations.
Energy
projects on hydro-power and thermal power plant construction and oil and gas
exploitation are regarded as key pillars in a long-term cooperation between
Russian
PM D.Medvedev affirmed priotizing energy cooperation with
In a
recent interview with the Vietnamese media before his trip to
The
first Deputy Prime Minister Igor Ivanovich Shuvalov shared the same view at
the first Vietnam-Russia Economic Forum in
At the
forum Vietnamese Deputy Prime Minister Hoang Trung Hai also affirmed
Both
nations have made great strides in oil and gas cooperation in recent years
with millions of tonnes of oil exploited, gaining profits worth dozens of
billions of US dollars.
Cooperation
between Vietnam National Oil and Gas Group (PetroVietnam) and Russian
petroleum companies and groups has delivered huge benefits, contributing to
the development of the two countries’ petroleum industries. Along with
Vietnam-Russia Oil and Gas Joint Venture (Vietsovpetro), many more other
joint ventures have been set up proving their effective operations.
Russian
petroleum companies, such as Zarubezhneft, Gazprom, Rosneft, Lukoil have
expanded oil exploration on the continental shelf of
Joint
ventures between PetroVietnam and Russian companies have contributed to
increasing total exploited oil volume in
During
Prime Minister Nguyen Tan Dung’s visit to
At the
ceremony to mark the 45th anniversary of Zarubezhneft, the Vietnamese
President presented Labour Order (first class) to the group and its General
Director plus certificates of merits to outstanding individuals and units.
Ambassador
Pham Xuan Son delivered a speech at a ceremony to mark the 45th anniversary
of Russian group Zarubezhneft.
Regarding
cooperation between Zarubezhnev and PetroVietnam, ambassador to Russia Pham
Xuan Son said
Russian
government has pledged to provide scholarships for Vietnamese students who
follow nuclear power field to meet the demand for human resources of Ninh
Thuan 1 Nuclear Power plant.
Agreements
and documents are scheduled to be signed during President V.Putin’s upcoming
visit to
HCMC
hosts
More
than 200 local businesses joined in the launch of the 2013 Vietnam Fashion
Fair (VIFF 2013) at the Tan Binh Exhibition and Convention Centre on November
1.
The
exhibition’s approximately 300 stalls are showcasing the garment and textile
industry’s latest product ranges as well as new collections for the latest
fashion season.
Famous
brand names such as Viet Tien, Binh Minh, and Len
The
garment industry has made significant contributions to
Its
export earnings amounted to US$16 billion after the first eight months of
this year. Its imports were valued at US$8 billion.
Minister
confident of 5.4% GDP growth in 2013
Minister
of Planning and Investment (MoPI) Bui Quang Vinh has reassured the National
Assembly session underway in Hanoi that 2013’s targeted 5.4% GDP growth is
well within reach, citing concrete evidence.
Speaking
on November 1, Vinh stressed the MoPI’s General Statistics Office (GSO) has
scorned excess optimism, considering ongoing economic difficulties.
The
GSO reported the national economy grew by 5.14% in 2013’s first three
quarters, slightly higher than last year’s 5.1%.
Vinh
said the reliable quarterly improvements in GDP growth suggest an economy on
track to recovery. From Q1’s 4.76%, GDP growth stepped up to 5% in Q2,
5.54% in Q3, and an expected 5.6–5.7% in Q4.
The
processing and manufacturing industry has weathered economic storms,
recording 6.8% growth during 2013’s first nine months. Its export value
increased 15.7% and is expected to hover around 15% by year’s end.
The
Index of Industrial Production (IIP) also improved on a quarterly basis,
backed up by more incoming foreign direct investment (FDI) capital and
official development assistance (ODA) disbursement.
Six
FDI projects, each worth more than US$1 billion, were licensed between
January–September 2013, pushing the reviewed period’s total registered FDI
capital beyond US$15 billion and far exceeding the US$13–14 billion target
set for the entire year.
Impressive
imports and exports have helped the economic recovery along. Defying recent
trends, the State economic sector’s exports grew by 4.4%.
Imports
rose 15.5%, mostly courtesy of input material, machinery and equipment for
production purchases.
Taken
together, the statistics indicate the economy has bottomed out and recovery’s
green shoots are poking through. More time will be needed to achieve
sustainable growth.
Minister
Vinh said meeting the 5.4% growth target will depend on the government’s
performance during the rest of 2013 as well as efforts from ministries,
agencies, and localities. He remains confident the 5.4% goal is realistically
achievable.
Vietnam
enjoys 26% surge in export to Canada
According
to the Centre for Industry and Trade Information under the Ministry of
Industry and
Since
the two countries signed their Bilateral Trade Agreement in 1995, two-way
trade surged by 20 times, hitting US$1.6 billion in 2012.
Promotion
month launched in Hanoi
More
than 1,000 stands of products will be set up in various venues across
The
programme, which will run for the whole of November, will offer at least 15%
discounts on many products.
It
will start with an online sale from November 1-15 at www.hangvietchinhhang.vn
, where customers can buy products at good prices from over 100 businesses.
Golden
Days will also be held from November 16-17 at supermarkets and trade centres
across the city, where discounts of up to 50% will be applied to major items
including electrical goods and machinery.
The
Golden Promotion Fair will take place from November 29 - December 3 at the
Vietnam Exhibition and Fair Centre (VEFAC), with over 150 stands providing
thousands of products of high quality and beautiful design at preferential
prices.
This
year’s programme, the sixth of its kinds, aims to stimulate consumption and
help businesses raise their turnovers.
The
organising board is working with the Vietnam National Administration of
Tourism (VNAT) and Asian Advertising Congress to lure more visitors.
Bank
restructuring scheme moves on
The
central bank will continue with the banking network restructuring project
after several credit institutions have been merged over the past two years,
according to a report the Government presented before the National Assembly
on Monday.
The
central bank will finish merger procedures for a commercial bank, acquire two
financial companies and close six foreign bank branches through asset
transfers in the near future.
Nine
commercial bank restructuring plans have been realized on a voluntary basis,
of which eight projects have been approved. Three banks Tin Nghia, Ficombank
and Saigon Bank have merged into one, Western Bank has merged with PVFC,
Habubank has merged with SHB while three other banks have had restructuring
plans approved, the report said.
Restructured
banks have seen more stable operations so far. Five credit institutions,
including three banks, one domestic financial company and one foreign
financial leasing firm, have been disbanded after the mergers. Meanwhile,
three foreign bank branches have seen licenses withdrawn.
From
now to the year-end, the central bank will complete procedures for the merger
between DaiABank and HDBank, the purchase of two financial companies and
closure of six foreign bank branches. Two joint venture banks will be
converted into 100% foreign-owned banks.
In
2012, the restructuring scheme focused on ailing commercial banks. But this
year, local credit institutions have undergone restructuring on a voluntary
basis. It is not just struggling banks; healthy local lenders also have
merged with others.
This
tendency suggests that credit institutions have a changed attitude toward
governance, admitted shortcomings to overcome difficulties and want to
improve competitiveness, the Government commented.
According
to reports of credit institutions, total bad debt of the entire network was
over VND142 trillion as of August 31, making up 4.6% of total outstanding
loans and rising 20% against late 2012. Bad debt growth rate declined
strongly in the first eight months compared to the same period of last year.
Banks
have rescheduled loans to curb bad debt growth rate, saving thousands of
customers from paying overdue interest rates while helping them access new
loans. As of August, over VND296 trillion worth of loans were rescheduled. In
2012 and the Jan-Aug period of 2013, banks handled VND95 trillion worth of
bad debts with risk reserve funds.
Palme
The
much-anticipated
The
event will be back to HCMC after being absent for one year. Following the
success of the same exhibitions in HCMC in 2010 and in
It is
expected to bring many interesting and attractive activities along with the
latest products and technologies in the entertainment, music and television
industries, the Singapore-based organizer Informa Exhibitions said in a press
release.
This
year’s expo gathers up to 130 companies and brands from 25 nations in Europe,
Besides,
there will be seminars and functions introducing products of the
participating producers at the seminar with the participation of popular
speakers providing updates on the latest television technologies in
Specially,
there will be a contest themed “Pioneer Dj&Me Competition” lasting for
three days at the expo under arrangement of Bao Duong Company.
Samsung
keen on shipbuilding, oilrig projects
Samsung
Heavy Industries and 16 South Korean enterprises operating in the supporting
industries on Monday had a meeting with Vietnamese partners who are
shipbuilder, manufacturers of rigs and oil-gas equipment.
According
to Cheolhwa Jung at Samsung Heavy Industries,
The
meeting between enterprises of the two countries is held via Sopas Co., an
agent of Samsung Heavy Industries in
Jung
said at the meeting that the delegation’s
They
came to introduce technologies for building ships and oilrigs and other
supporting equipments, and to look into related products in
The
Korean delegation will also have a meeting with PetroVietnam and Vinashin in
In
late September, the Ministry of Planning and Investment had signed a
memorandum of understanding with Samsung C&T to boost cooperation in
infrastructure. This shows Samsung Group wanted to expand its business in
According
to the MOU, focal areas for cooperation would include shipbuilding, power
generation, airport construction, petrochemical complexes, and information
technology among others.
According
to the Energy Department under the Ministry of Industry and Trade, Samsung
has conducted surveys of power plants in the central and southern regions to
look for a potential project to invest in.
Solutions
sought for budget housing projects
Problems
encountered while seeking approval to convert commercial housing projects to
budget ones as well as the disbursement of the VND30-trillion package may be
improved in the coming time as management agencies are looking for solutions
to these issues.
Representatives
of the Government Office, the Steering Committee on Housing and Real Estate
Market Policy, the Ministry of Construction, the Ministry of Natural
Resources and Environment, the State Bank and the HCMC Department of
Construction on Monday started to inspect budget housing projects converted
from commercial ones and the management of apartments in HCMC.
The
inspection aims to accelerate the disbursement of the VND30-trillion home
loan package. Besides, the delegation will work to remove problems concerning
interest rates and loan terms.
Deputy
Prime Minister Hoang Trung Hai, head of the Steering Committee on Housing and
Real Estate Market Policy, will have a question and answer session before the
National Assembly on this early next month.
According
to Truong Anh Tuan, chairman of Hoang Quan Real Estate Corp, although it has
a project allowed to be converted and a bank has agreed to offer loans, it
still takes the firm over one more month to complete all procedures before
starting work on the project.
As the
process of approving projects to be converted is taking place slowly, there
have been only three projects in
With
such implementation process, the number of converted projects will be modest
as the conversion of projects will be only valid until December, 2014 as
mentioned in Circular 02/2013/TT-BXD.
Vingroup
to finish condo project handover
Vingroup
Company is trying to launch
Vingroup
until now has handed over 4,000 condos to customers and will give out nearly
2,000 more before the year-end as part of an earlier commitment.
For
the remaining 2,000 apartments at the two projects, the investor will only
finish construction and decoration if buyers register to buy them. The
enterprise has plans to launch the sale and finish these condos within the
next two years.
Meanwhile,
the infrastructure network of
Vingroup
has also announced a preferential policy for residents of Vincom Center Ba
Trieu, which was launched into use and handed over to customers five years
ago. The enterprise will give management fee exemptions for the condo section
for one year starting from next month and apply the rate of VND10,000 per square
meter within the next five years.
In
addition, the enterprise will apply hot water usage fee of just VND30,000 per
cubic meter. Vingroup will also give similar support to residents of Vincom
Center Dong Khoi in HCMC’s District 1.
Late
site handover for metro project costs city dearly
Late
handover of the site for building the first metro line project in HCMC is
sending local authorities into the hot water, as the city is bound to pay the
contractor as much as VND2.5 billion for each day of delay.
The HCMC
Management Authority for Urban Railways (MAUR) now is persuading the
contractor to reduce fines for the late site handover to make room for
constructing the Metro Line No. 1 connecting Ben Thanh Market and
The
metro line which started construction on August 28, 2012 is set for
completion and operation in 2018.
Under
the agreement between the two sides, the city should have handed over the
cleared site to the contractor at the end of last year. However, given the
troubled site clearance, MAUR has extended the handover schedule on several
occasions, with the last one set for September 30, 2013.
In an
announcement on the project’s construction progress released last Friday, the
city’s government said that the belated site clearance was mainly in Thu Duc
District and Di An Town in
Owing
to the later-than-expected handover, the city will have to pay fines of up to
VND2.5 billion a day, causing huge losses for the State budget and sapping
the prestige of the city in its relationship with the foreign loan providers
and investors.
Speaking
with the Daily on Monday, Le Hong Ha, deputy head of MAUR, informed that his
authority now was negotiating with the consortium to lower the fines. Given
the current financial constraints, it is difficult for the city to pay the
VND2.5 billion to the contractor a day as stated in the contract, Ha said.
To
have the sites handed to the contractor so that they could continue working
on the project on schedule, the city’s authorities have asked the governments
of the related localities to focus on accelerating site clearance.
The
consortium of Sumitomo and Cienco 6 are in charge of designing and
constructing the elevated section of the Metro Line No.1 going through Ba Son
Shipyard, Van Thanh, Tan Cang,
The
first metro line has a total length of 19.7 kilometers with an underground
section stretching 2.6 kilometers. The route comprises of 14 depots with
three underground facilities and 11 elevated ones. It is expected to be
completed in 2017 and put into operation in 2018.
The
line No.1 was initially estimated to cost US$1.09 billion sourced from official
development assistance (ODA) loans and counter capital from the State budget,
but the cost has now swollen to US$2.07 billion.
As the
city will develop six metro lines to meet 30% of local public travel demand,
the local government is expected to clear the planned sites for the schemes’
construction more reasonably to avoid such punitive payments.
Entrepreneur
forum helps strengthen Vietnam-Canada trade
Around
200 representatives from the Canada-Vietnam Friendship Association, the
Canada-Vietnam Trade Council and overseas Vietnamese businesses attended a
forum held in
Addressing
the event, held by the Vietnamese Ministry of Industry and Trade (MoIT) and
the Vietnamese Embassy in
He
affirmed that despite their geographic distance, the two countries are
finding many opportunities to intensify cooperation.
Deputy
Director of MoIT’s Department for European Markets Nguyen Duc Thuong stressed
the State’s policy of creating favourable conditions for OV entrepreneurs to
do business in their homeland.
Delegates
expressed their hope that similar activities will be held to connect and
support the Vietnamese business community inside and outside
Cooperative
sector makes positive contribution to economy
Over
the last ten years, the cooperative sector has made a considerable annual
contribution of 6.43 percent to the national Gross Domestic Product despite
its meagre investment (0.63%) compared with the total investment capital in
all economic sectors.
Deputy
Prime Minister Hoang Trung Hai unveiled the figure at a ceremony marking the
20 th founding anniversary of the Vietnam Cooperative Alliances (VCA) on
October 29 in
According
to the Deputy PM, developing the cooperative economy should be part of the
national process of industrialisation and modernisation, turning the country
into an industrialised nation by 2020.
He emphasised
the key role of developing the cooperative economy in agriculture, adhering
to industrialisation and agricultural modernisation and new rural area
building.
To
reach this end, the VCA should improve its staff’s capacity, making proposals
matching the aspirations of cooperative units, thus contributing to the
efficient renewal and development of the cooperative economy.
The
country has about 19,800 cooperatives and 54 cooperative unions, home to
about 12.5 million workers.-
FDI
rises 25% in Ho Chi Minh City
Foreign
direct investment in
Statistics
made public on October 29 said in the 10-month period, city authorities
lisensed 363 FDI projects with a combined capital of 847.4 million USD, a
rise of 12.4 percent in the number of projects and 69.6 percent in capital.
Furthermore,
they also allowed 108 existing projects to increase their capital by 639.3
million USD.
The
committee said the city, the country’s biggest economic hub, contributed
186.6 trillion VND to the State budget in the past 10 months, representing
78.8 percent of its yearly plan and increasing 8.3 percent over the same period
last year.-
The
information was revealed by representatives from the municipal People’s
Committee at a meeting held on October 29, which was held to review the
city’s socio-economic development in the first ten months of this year.
According
to Thai Van Re, Director of the municipal Department of Planning and
Investment, the city’s total turnover from goods retail and services in
October reached over 52 trillion VND (about 2.4 billion USD), bringing total
turnover of the fields in the first ten months of this year to more than 493
trillion VND (over 23 billion USD), a year-on-year increase of 12.2 percent.
Meanwhile,
export turnover for the ten-month period in the city was estimated at 21.7
billion USD, down 6.8 percent against the same period last year.
Shrinking
value added of several export commodities such as farm products and seafood
were the major causes behind the fall in export turnover.
Dao
Thi Huong Lan, Director of Ho Chi Minh City Department of Finance, said in
the reviewed period, the city’s total budget collection was estimated at over
186 trillion VND (over 8.7 billion USD), reaching 78.8 percent of the budget
forecast and representing a growth of 8.3 percent compared to the same period
last year.
Speaking
at the meeting, Tran Anh Tuan from the Ho Chi Minh City Institute for
Development Studies said the city’s 10-month industrial development index saw
a 5.9 percent rise but the four key industrial sectors only registered an
increase of 5.5 percent, despite the city giving many priorities to the
sectors.
In past
months, transport and tourism sectors saw high growth, thus contributing to
pushing the city’s growth, Tuan noted.
He
stressed that it is necessary to expand price stability programmes of
essential goods in the final months of this year, while promoting the
disbursement of investment projects.
The
city’s authorities should also boost coordination between the restructuring
of the banking sector, enterprises and public investment, he added.-
The
figure was released by the Ministry of Foreign Affairs at a meeting in
Most
of the OVs are residing in developed countries and 80% of them are given
citizenship in the countries of their residence.
The
Party and State have introduced a number of preferential policies on visa
exemption, retaining Vietnamese citizenship, investment encouragement and
house ownership, creating the best possible conditions for OVs to
return to the homeland.
The
Association for Liaison with Overseas Vietnamese (ALOV) branches in some
From
2004 to June 2013, more than 5.3 million OVs returned home through
Over
the past 10 years, banks and credit orgnanisations have lured more than US$33
billion in OV remittances, contributing to stabilising the national economy.
OVs have donated more than VND70 billion to social and charitable programmes
in its 24 districts and towns.
Participants
at the meeting, however, agreed ALOV has yet to fully exploit OV
intellectualism, primarily in business production and technology development,
or to pay due attention to promoting people-to-people diplomacy and Vietnamese
cultural abroad
The
Vietnam Fatherland Front Central Committee’s
VN
creates better investment climate for local firms: WB
A new
World Bank Group report finds that Viet Nam's stronger investor protection
and improved access to credit made doing business easier for local firms
between July 2012 and June 2013.
The
report, Doing Business 2014: Understanding Regulations for Small- and
Medium-Sized Enterprises, finds that since 2005, 24 of 25 economies in East
Asia and the Pacific made their regulatory environment more
business-friendly.
Across
the globe, Singapore continues to provide the world's most business-friendly
regulatory environment for local entrepreneurs, followed by Hong Kong Special
Administration Region, China, the report found.
In the
past year, 15 of 25 economies in the region implemented at least one
regulatory reform aimed at making it easier to do business.
Among
the region's economies, China made the greatest progress during that time in
improving business regulations for local entrepreneurs.
Although
the report finds that Viet Nam has implemented 21 reforms – the highest
number in East Asia Pacific – since 2005, the country's ranking has not
improved much over the years.
This
year, Viet Nam is ranked 99th out of 189 economies, signalling that the
country needs to do even more in order to improve its position on the list.
"œViet
Nam has undertaken important reforms during the past nine years to strengthen
its business environment, but much work still needs to be done to sustain its
competitiveness, especially in adopting international best practices in
regulating businesses."
The
remark was made by Wendy Werner, investment climate advisory services manager
for East Asia and the Pacific at IFC, a member of the World Bank Group.
In the
past year, Viet Nam strengthened investor protection by introducing greater
disclosure requirements for listed companies in cases of related-party
transactions.
In
addition, the country granted the first private credit bureau license
following the issuance of a decree in 2010 that laid down the legal framework
for establishing such bureaus.
Viet Nam,
however, made paying taxes more costly for companies by increasing employers'
social security contribution rate.
Globally,
the Philippines is among the 10 economies that improved the most in making
regulation easier for businesses over the past year.
The
government implemented regulatory reforms in three areas.
The
introduction of a fully operational online filing and payment system made tax
compliance easier for companies.
Simplified
occupancy clearances eased construction permitting. And new regulations
guarantee borrowers' right to access their data in the country's largest
credit bureau.
"œFor
the first time, this year's Doing Business report measures regulations in
Myanmar, a country that has started to open up to the global economy after
years of isolation," said Augusto Lopez-Claros, director of Global
Indicators and Analysis for the World Bank Group.
"œThe
data show that there is considerable scope for reform, and efforts are under
way to improve the country's business regulations. By removing bottlenecks to
firm creation and growth, governments can signal the emergence of a more
business-friendly environment, as has already been done in a large number of
economies in the region."
Joining
Singapore and Hong Kong, China, on the list of the 10 economies with the most
business-friendly regulations this year are New Zealand, the US, Denmark,
Malaysia, the Republic of Korea, Georgia, Norway and the UK.
This
year's report features a case study on the Republic of Korea's electronic
court system for enforcing contracts, Malaysia's electronic system for paying
taxes, and Singapore's single-window system for trading across borders.
In
addition to the global rankings, every year the Doing Business reports the
economies that have improved the most on the indicators since the previous
year.
The 10
economies topping the list this year are, in order of improvement: Ukraine,
Rwanda, the Russian Federation, the Philippines, Kosovo, Djibouti, Cote
d'Ivoire, Burundi, the former Yugoslav Republic of Macedonia and Guatemala.
Yet
challenges persist: five of this year's top improvers – Burundi, Cote
d'Ivoire, Djibouti, the Philippines and Ukraine – are still in the bottom
half of the global ranking on the ease of doing business.
Source:
VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VIR
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Thứ Hai, 4 tháng 11, 2013
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