BUSINESS IN BRIEF 27/12
DLG,
API, SDE, HPG announce shareholder transactions
Duc
Long Gia Lai Group Joint Stock Company (DLG), Asia-Pacific Investment Joint
Stock Company (API), Song Da Electrical Engineering JSC (SDE) and Hoa Phat
Group Joint Stock Company (HPG) announced transactions of its shareholders as
follows:
DLG
announced that it will transfer more than 4.3 million shares of Duc Long Gia
Lai Hydropower JSC to two shareholders, namely Bui Phap, Chairman of DLG, and
Nguyen Van Quy, to reduce its ownership ratio from 94.8 percent to 7.1
percent, or 350,350 shares. After the transfer, Duc Long Gia Lai Hydropower
JSC will no longer be a subsidiary of DLG.
API
announced that Mrs. Nguyen Thi Bon, mother of Huynh Thi Mai Dung, a member of
Board of Directors, registered to buy 1 million shares until January 17, 2014
to increase her holdings to 1.01 million shares.
Earlier,
Nguyen Duy Khanh, a member of the Board of Directors, also registered to buy
500,000 shares until January 24, 2014 to raise his ownership to 1 million
shares, or 1.89 percent stake.
SDE
announced that Song Da No.11 JSC (SJE) registered to sell all 632,500 shares,
or 36.12 percent stake in SDE, until December 31, 2013 to divest. On March
28, 2014, the company will pay dividends for 2011 and 2012 at a total ratio
of 11 percent.
HPG
announced that VOF Investment Ltd registered to buy 1 million shares to
increase its ownership ratio to 4.89 percent stake, or 20.48 million shares;
Vietnam Infrastructure Holding Ltd registered to buy 500,000 shares to raise
its holdings to 2.31 million shares, or 0.55 percent stake. Both transactions
will be carried out within a month from December 25.
VN
economy sees positive prospects
German
Press Agency (DPA), Bloomberg, and The Wall Street Journal (WSJ) recently
published articles, announcing economic prospects in
DPA
reported that inflation rate fell to 6%, the lowest level in ten years.
“Viet
Nam’s economy is ending the year with some positive signs after it posted its
lowest growth rate last year in more than a decade”, said the Wall Street
Journal.
According
to the US-based newspaper, this year's growth is a sign of recovery for the
economy, showing that the government's efforts to tame inflation and regain
macroeconomic stability are sound and timely.
The
same day, Bloomberg said that the benchmark VN Index (VNINDEX) climbed 0.6%
as of 10:34 a.m. local time. It has gained more than 22% this year, the
biggest advance among major Southeast Asian indexes.
Fiachra
MacCana, managing director of Ho Chi Minh City Securities Corp was quoted as
saying that exports are still the main driver, especially for
Foreign
bank fined for slow disclosure
Deutsche
Bank AG, London Branch, was fined VND70 million (US$3,300) by the State Securities
Commission for being late in reporting that it is no longer a large
stakeholder in Tu Liem Urban Development (NTL) and Hoa Phat Group (HPG).
The
fine was based on the Government's Decree No 85/2010/ND-CP about
administrative punishments in the securities sector.
In
June, the bank sold shares of NTL and HPG, reducing its holdings to below 5
per cent.
Niferco
announces IPO plans
Ninh
Binh Nitrogenous Fertilizer (Niferco) has recently registered for listing on
the Ha Noi Exchange.
The
company had a charter capital of more than VND104.87 billion (US$4.99
million) and sought the listing of more than 10.48 million shares.
The
request to seek listing was approved at the company's extra-ordinary
shareholders' meeting in November.
SSC
approves dissolution of Sao Viet Securities
The
State Securities Commission (SSC) has approved Sao Viet Securities being
dissolved in accordance with the Law on Enterprises.
The
securities company must report to the SSC within seven days about its
procedures for dissolution so the SSC is able to issue a decision on
revocation of its licence.
Previously,
Sao Viet Securities announced the list of stakeholders to receive dividend
payments.
Record
37 stocks delisted in 2013
The
stock market of
Of
those, five stocks were delisted after merging and restructuring, 13 stocks
were delisted after reporting losses for three consecutive years or due to
their aggregate losses exceeding their equity.
Of
note, four companies were forced to be delisted due to violating regulations
when they did not publish financial information.
An
Giang firms eye growing markets
Businesses
in southern An Giang Province, who have managed to penetrate the
Mai
Thi Anh Tuyet, director of the Mekong Delta province's Department of Industry
and Trade, said more than 15 businesses have signed contracts to sell
products like rice, seafood, frozen vegetables, and sugar.
The
domestic market holds huge untapped potential for An Giang companies
following the promotional activities this year. They hope to expand to new
markets like the
The
Business Start-up Support Centre and the HCM City Overseas Vietnamese
Students Association organised a "study abroad and business
start-up" programme yesterday at the Riverside Palace Convention Centre
in District 4.
The
first edition of the event will see participation by nearly 400 businessmen
who used to live and work abroad, former and current overseas Vietnamese
students, and outstanding business start-up executives.
They
also discussed labour market trends and advantages and disadvantages of being
overseas Vietnamese students.
Southern
region to get new power-grid
The
Southern Power Corporation of Electricity of Viet Nam (EVN) has outlined a
new power-grid plan for 21 southern provinces with a total value of VND4
trillion ($189.68 million).
The
project includes installation of more than 1,500km of power lines as well as
a 220kV grid station with power of 750 MVA.
This
year, the corporation said it had saved 2.55 per cent of commercial
electricity output, equivalent to 1.2 billion kWh. This result exceeded EVN's
target, which was 800 million Kwh for the year (equivalent to 2 per cent of
commercial electricity output).
SBV
banks on steady dollar exchange ratio
The
exchange rate between the Vietnamese dong and US dollar will not increase
more than 2 per cent in 2014.
Governor
of the State Bank of Viet Nam (SBV) Nguyen Van Binh said on Tuesday that SBV
will consider adjusting the rate flexibly in order to support exports and
ensure the macro- economy balance, without greatly affecting the inflation
rate. He was speaking at an online conference between the government and localities
on Tuesday.
In
June, the SBV increased the inter-bank average VND/US$ exchange rate by 1 per
cent to VND21.036 per US dollar, while allowing the market to adjust 1 per
cent more. In fact, even during the most difficult times and despite false
rumours, the market had not adjusted the rate by 1 per cent.
At
present, the inter-bank exchange rate is lower than that of commercial banks.
So, the SBV has bought a large amount of foreign currency for reserves, said
Binh.
He
added that the country's credit growth has reached 9.5 per cent and is
expected to be more than 10 per cent by the end of this year.
Credit
institutions have restructured about VND330 trillion (US$15.7 billion) in
debts, equivalent to 10 per cent of outstanding debts, for businesses.
The
credit institutions have repaid VND70 trillion ($3.33 billion) of bad debts
from their risk provision fund. The Vietnam Asset Management Company has so
far bought bad debts worth VND32 trillion ($1.5 billion), which will be worth
VND35 trillion by the end of the year.
In the
first 11 months of this year the city has attracted US$101 million from
Le
Manh Ha, deputy chairman of the city People's Committee, said though the
value is not much compared with total Japanese investment in
Pho
Nam Phuong, director of the city's Investment and Trade Promotion Centre,
said in the last 12 years the city has organised many roundtables with
Japanese companies to listen to and resolve their problems while investing in
These
have played an important role in attracting more Japanese investors to
In
2011 the roundtables received 18 queries related to tax, customs, labour, and
infrastructure, and the number jumped to 26 last year, she said.
This
year there have been 64 related to the Vietnamese economy, culture, and
society and to many new areas like food safety and natural resources and
environment, she said.
Besides
providing answers, the roundtable this year also tabled many new documents,
helping the Japanese investors understand about the city's FDI norms.
The
Hirumitsu
Hida, the Japanese consul in the city, said the roundtables have played a big
role and hoped they would continue to help resolve difficulties faced by
Japanese companies. Japanese investment is flowing into many countries, and
Industrial
production surges
The
country's industrial production has shown signs of recovery this year, rising
5.9 per cent compared to last year, the General Statistics Office reported.
Industrial
production grew significantly in all four quarters, the office said, noting
that the country's IIP rose 5 per cent in the first quarter of 2013,
continuing to increase 5.5 per cent, 5.4 per cent and 8 per cent in the
second, third and fourth quarters.
In
December alone, the country's IIP surged 7 per cent, of which the processing
and manufacturing sector increased 8.8 per cent; production and distribution
of electricity sector jumped 8.7 per cent; water supply-sewage-waste
management soared 10.1 per cent, while the mining and quarrying sector inched
up 0.7 per cent.
This
year, the processing and manufacturing sector rebounded significantly, rising
7.4 per cent, much higher than 5.5 per cent growth of last year. The sector's
IPP made a leap in the last quarter, surging 10.1 per cent after increasing
5.3 per cent in Q1, 6.9 per cent in Q2 and 7.8 per cent in Q3.
Some
processing and manufacturing industries posting high IIP increases during the
year included the garment and textile industry (up 21.8 per cent); leather
and related products (up 15.3 per cent); prefabricated metal products (up
14.4 per cent); motor vehicles (up 13.5 per cent); medicinal and
pharmaceutical chemistry (up 11.6 per cent) and costumes (up 10.4 per cent).
Besides
the processing and manufacturing sector, production and distribution of
electricity sector, and the water supply-sewage-waste management sector, also
contributed to the country's IIP increase this year, as they rose 8.5 per
cent and 9.1 per cent, respectively.
According
to data released by the office,
Also,
Further,
the office reported that the inventory index in the industrial sector
improved, rising only 10.2 per cent by December 1, against a surge of 21.5
per cent early this year.
The
figure included more than 10.9 trillion VND (519.8 million USD) from import-export
and over 151.1 trillion VND (7.2 billion USD) from domestic trade activities.
The
department attributed the achievement to its tightened supervision over
businesses that are in tax arrears, populisation of tax regulations, and
dialogues with enterprises. It has also timely prevented and strictly dealt
with tax frauds.
For
2014, the city’s sector plans to intensify the dissemination of the Tax
Reform Strategy from 2011 to 2020 along with boosting the application of
information technology and organising more dialogues with tax payers so as to
reach tax collection targets.
New
road to shorten time from
A 26
kmsection of the
According
to Le Kim Thanh, director of the
The
road has four lanes allowing vehicles to travel at maximum 80 km per hour. It
is expected to ease pressure for Highways 2, 32 and 70, shortening the time
to travel from
The
Launched
in 2009 and scheduled to complete by the second quarter of 2014, the highway
has a total length of 245 km crossing
The
first phase of the project has a total investment of nearly 20 trillion VND
(about 1.25 billion USD), mostly from loans provided by the Asian Development
Bank.-
The
Hanoi Department of Natural Resources and Environment has proposed that the
municipal People's Committee revoke nearly 948ha of land from 12 institutions
for violating land-use regulations.
Department
director Nguyen Trong Dong said inspections found that the project investors
and organisations had failed to abide by relevant rules, particularly those
related to timely implementation.
They
key reasons cited for delayed projects include waiting for revised plans
after the capital city's administrative boundary was expanded and lack of
financial capital for implementing several projects as a result of the frozen
real estate market, he said.
In
order to use public land more effectively, the municipal People's Committee
has asked investors and relevant agencies to exercise greater care and be
more strict in inspecting and handling land law violations.
In
2012, the city confiscated more than 8 million sq.m of land, according to
official figures. The Committee said land that is revoked because of
violations should be used for construction of public projects like schools.
With a
view to improving the management of the real estate sector, the Ministry of
Construction on July 31 issued Circular N°11/2013/TT-BXD prescribing the
reporting regime on implementation of investment in construction and
commercial operation of real estate projects.
Accordingly,
from October 1, real estate projects' investors have to regularly report on
the progress of their projects to enable authorities to improve oversight of
the sector.
Four
main aspects which need to be reported by investors include basic information
about the projects; implementation progress of projects (ground clearance,
construction); commercial operation of projects (capital mobilization, sale
or lease of houses, land lease, land use right transfer); and project
completion procedures.
Besides,
the construction departments are required to update the Ministry of
Construction on a quarterly and annual basis on local real estate projects,
land acquisition and clearance and real estate transactions.-
The
November Market Review by global rice market news provider Oryza has shown
that the price of Vietnamese rice surpassed that of Thai rice.
According
to data released on December 20, Vietnamese 5 percent broken rice was sold
for 410-420 USD per tonne, down 20 USD per tonne from two weeks ago, but 10
USD higher than that one month ago.
The
price of Thai rice (of the same variety), in comparison, declined 15 USD per
tonne to 380 USD per tonne from two weeks ago. The price was also lower by 25
USD per tonne from one month ago.
Compared
with the same period last year, the Vietnamese rice price is higher by 5 USD
per tonne, while the price of Thai rice fell 170 USD per tonne during the
same period.
Do Van
Hao, an expert at the
"There
are some reasons that have pushed the price of
"Second,
"Third,
the exchange rate between the Thai baht and the US dollar has seen an
increasing trend, which has lowered the price of rice in the local
currency," he added.
Echoing
the same sentiment, agricultural expert Vo Tong Xuan noted that while
"Enterprises
exporting rice to
"I
think the current price is suitable because
Hao
shrugged off worries about importing rice from overseas while the price is
high, noting that price disparities are currently not too wide. He also
pointed out that the variety of rice exported is different from that consumed
in
Hao
added: "Thai rice could, however, be imported for domestic consumption
if its price is much lower than that of Vietnamese rice. Recently,
According
to the Vietnam Food Association (VFA), between January 2013 and December 19,
the quantity of rice exports reached 6.325 million tonnes, which had a
free-on-board (FOB) value of 2.735 billion USD and a Cost, Insurance and
Freight (CIF) value of 2.848 billion USD.
Between
December 1 and 19, the quantity of rice exported was 183,897 tonnes, which
had an FOB value of 86.569 million USD and a CIF value of 91.969 million USD.
Speaking
to the Vneconomy newspaper, general secretary Huynh Minh Hue said the total
quantity of rice exports for 2013 is estimated at around 6.6 million of
tonnes, lower than expected. The VFA had set a goal of exporting 7.5 million
tonnes of rice at the beginning of 2013.
Mobile
phone store chain eyes stock market listing
The
Mobile World Investment Company expects to be listed on the Ho Chi Minh Stock
Exchange by the end of the second quarter next year.
The
firm plans to submit its application for stock market listing to the
regulator early in 2014, CEO Nguyen Duc Tai said. The move follows prompting
from the firm’s major foreign investors.
International
corporate financial investor CDH, Mekong Capital Enterprise, and Best Buy
International’s former CEO Robert Willet are the three major foreign
investors prompting the move for the local company, which runs the The Gioi
Di Dong and Dien May. The former is
Mekong
Capital now holds a greater than 25.8 per cent stake in Mobile World
Investment. CDH and Willet, who developed Best Buy International’s best buy
mobile format, together own over a 20.41 per cent stake transferred by Mekong
Capital in April 2013. However, Willet and CDH invest independently. Willet
is also a new board member to the local firm and a strategic advisor.
More
than 51.26 per cent of the company’s stocks are still in the hands of the
five founders of the Vietnamese firm, including CEO Tai. Regarding the
current unfavourable stock prices, he said the Vietnamese economy could
continue to experience difficulties in 2014 but getting listed was expected
to attract more capital for further expansion.
The
company estimated its revenue this year at VND7.82 trillion ($372.4 million),
a 25 per cent increase against 2012, with profits expected to double to
VND250 billion ($11.9 million).
Established
in 2004 with just four mobile phone shops in
Seafood
exports to US to face more hurdles
Vietnamese
seafood exporters, especially pangasius processors and exporters, may face
new challenges in exporting their products to the
Accordingly,
if the catfish management program under the US Farm Bill 2012 is transfer
from the US Food and Drug Administration (FDA) to the US Department of
Agriculture (USDA), Vietnamese pangasius exports to the
The US
Senate and the US House of Representatives have held a joint meeting on the
transfer, he said.
If the
transfer is realized, the USDA will apply similar US standards to Vietnamese
pangasius products, which means that the local farmers and exporters must
meet the same standards from all the relating processes, from farming to
processing and packaging, to be licensed to export to the US.
As a
consequence, it will take local exporters and processors at least 5-7 years
to meet such standards, and before that, local exports cannot export even 1
kg of pangasius product to the
Currently,
Vietnamese state authorities is trying to petition for the transfer, Nhan
said.
In
addition, the
Previously,
the
But in
fact it is quite difficult since the data gathered from
According
to Truong Dinh Hoe, general secretary Vietnamese Association of Seafood
Exporters and Processors (VASEP), US is the biggest export market for
Vietnamese seafood products with export revenues hitting $1.24 billion in
January –October, up 22.26% compared to the same period last year.
Seafood
exports to the U.S are expected to reach $1.74 billion in 2013, up 6.7% year
on year, according to the VASEP chief.
In
general, in the first 11 months of 2013,
Accordingly,
Vietnam’s exports to the U.S. reached $23.2 billion, growing 22.5% compared
to the same period in 2012, while imports from the US was estimated at only
about $5 billion, up 5.7% year on year .
Estimated
total annual export turnover in 2013 may exceed $25 billion for the first
time, bringing the trade surplus with US to approximately $21-22 billion,
partially offsetting large trade deficit from
With
the projected export revenues, exports to the
Vietnam-South
Two-way
trade between Vietnam and South Africa is expected to hit US$875 million in
2013, a year-on-year increase of nearly 17%.
Of the
total figure, Vietnamese exports generated US$760 million.
Major
exports included mobile handsets and components, footwear, garments, rubber,
rice, coffee, pepper, cashew nuts, chemicals, and electronics.
Vietnam
imports metals, iron scraps, chemicals, and footwear and garment accessories
from South Africa.
Le
Kinh Thang, Vietnamese trade counsellor to South Africa, said the two
countries have big potential for stronger trade ties, but they yet to fully
tap their potential.
He
suggested both sides need to examine each other’s business environments and
needs more frequently, with a focus on commercial competitiveness, and
accelerate trade promotion to facilitate business operations.
Thang
called on Vietnamese businesses to penetrate deeper into the South African
market through trade fairs and exhibitions.
Rice
exports nosedive in December
Vietnam
shipped 183,897 tonnes of rice between December 1-19, a steep fall of 55%
compared to the same period last month and 60% over last December.
According
to global rice price website Oryza, Vietnam is likely to export 6.7 million
tonnes of rice in 2013, and its FOB price dropped 5% to US$432 per tonne on
average.
However,
December’s FOB price rose 6% over November to US$471 per tonne.
The
Vietnam Food Association (VFA) said Vietnam’s rice export volume totalled
6.325 million tonnes between January 1 and December 19, valued at US$2.735
billion (FOB) or US$2.848 billion (CIF).
The 5%
broken rice ranges from VND8,500 to VND8,600 per kilogram, the 15% broken
rice is sold for VND8.200-VND8.300per kilogram, and the 25% broken rice
for VND7,900–8,000 per kilogram.
Ba
Ria-Vung Tau boosts exports to Russia
The
southern province of Ba Ria-Vung Tau province is seeking to increase its
exports to Russia – one of its potential trade partners.
Nguyen
Hong Linh, Chairman of the provincial People’s Council, was speaking at a
December 25 reception for Ivan Melnikov, visiting Vice Chairman of the
Russian State Duma.
Linh
said investment cooperation between Ba Ria-Vung Tau and Russia has been
strengthened over the years, primarily in oil and gas services, tourism,
maritime, and construction.
The
Vung Tau-based Vietnam-Russia Oil and Gas Joint Venture Enterprise
(Vietsovpetro) has become an exemplary role model for efficient cooperation
between the two countries, he said.
The
province has signed memoranda of understanding on cooperation with three
Russian localities – Rostov Na Dony, Sverdlovsk and Nenetskiy autonomous
region.
It is
a major contributor to the increasing trade ties between Vietnam and Russia,
exporting its key items such as seafood, cashew nuts, and garments.
Linh
said Ba Ria-Vung Tau creates the best possible conditions for Russian
nationals to live and work in the province, recalling the voting for the
Russian Presidential Election in March 2012.
A wide
range of cultural exchange activities have been held, helping deepen the
relationship between the two peoples.
Mobile
phones top export item list
Vietnam
earned US$21.5 billion from exporting mobile phones and components in 2013, a
year-on-year increase of 69.2%, and making the product the biggest foreign
currency earner.
This
is the first time mobile phones and components have topped the list of
Vietnam’s key export items, according to the General Department of Customs.
The
sharp increase in its export turnover was attributed to Bac Ninh-based
Samsung Electronics Vietnam plant’s contributions. Last year the plant made
up 98% of Vietnam’s mobile handset and component exports.
This
year, mobile phones and components accounted for one fifth of the country’s
total export turnover, and 50% of the trade sector’s growth.
In the
export item list, garments ranked second, earning US$17.9 billion, and
computers and components placed third, bagging US$10.7 billion.
Other
key exports include footwear (US$8.4 billion), crude oil (US$7.2 billion),
wood and wooden products (US$5.5 billion), and handbags, suitcase, umbrella
and hat (US$1.9 billion).
Notably,
the rapid growth of the phones and electronics was mainly driven by
foreign-invested businesses such as Samsung, Intel, Canon, Nidec, Fujitsu,
Brother, Panasonic, Renesas, Foxconn, and Bosch.
A
bonanza year for the fisheries sector
Despite
capital shortages, high prices of input material, and adverse weather, the
fisheries sector has put in a good performance in 2013, maintaining high
growth and export markets.
Statistics
show the country’s total aquatic output reached 6.05 million tonnes, a
year-on-year increase of 2.2%, of which offshore fishing hit over 2.7 million
tonnes and aquaculture generated 3.34 million tonnes.
2013
also marked a bumper harvest of white-legged shrimp, raking in US$2.5 billion
from exports, increasing nearly 33% over 2012 and making up 44% of the
sector’s total export value.
At a
conference in Hanoi on December 25, the Vietnam Directorate of Fisheries
reported the sector has prevented epidemics, diversified varieties, and
expanded overseas outlets for Tra (pangasius) fish – a key seafood export
item.
It has
expanded farming areas and applied the latest farming technology, including
environmentally friendly VIETGAP, to ensure the quality of product for
domestic use and for export.
The
sector has also invested intensively in research and development to protect
fishery resources and fishing grounds.
Vu Van
Tam, Deputy Minister of Agriculture and Rural Development, said in 2014 the
sector aim to catch 6.2 million tonnes of fisheries, including 2.6 million
from offshore fishing.
Overseas
investment still spontaneous
Vietnam’s
overseas investment aims to boost its economic growth and raise its prestige
on the international market. However, it remains limited.
Despite
efforts to complete the legal framework for overseas investment, policy
making is too slow going to help iron out snags in the management of
investment capital and post-checking as the management role of the Ministry
of Planning and Investment (MoPI) and local management agencies is not
clarified.
In
addition, there are no sanctions against local businesses failing to make a
full report on the implementation of their overseas projects.
State
representative offices overseas are run to a certain extent, like embassies,
consulates and trade offices, but not all have actively taken part in
promoting overseas investment. Some are even ignorant of the operational
projects, and investors then need to keep their eye on.
For
this reason, not a few investors have run into difficulty when their projects
get off the ground in countries of residence, according to the Ministry of
Trade and Industry.
In
fact, overseas investment is diversified in both market share and scales of
operation.
According
to the MoPI, by March 20, 2013, Vietnam had 742 investment projects in 59
countries and territories, mostly in Laos, Cambodia, Russia, Africa, America,
Australia, the US, Singapore and Japan, with a combined capitalisation of
US$15.5 billion, mainly in mining, agriculture, forestry, seafood processing
and electricity.
The
MoIT says as a general strategy for overseas investment is still in the
making, no incentive measures have been put in place so far and no agencies
in charge of collecting are providing information about the investment trend,
legal mechanisms and business opportunities overseas.
In the
meantime, many countries have established their representative agencies
abroad to seek investment opportunities, like the Japan External Trade
Organisation (JETRO) and Korea Trade Investment Promotion Agency (KOTRA),
which often arrange fact-finding tours for their businesses.
Seemingly,
Vietnam is focused more on attracting foreign investors into the country than
promoting investment overseas.
At a
recent commercial consular conference, MoIT Minister Vu Huy Hoang urged trade
offices to get updated on the investment environment and market trend aboard
and propose practical solutions to help domestic investors operating in
countries of residence, Hoang emphasised.
Cooperatives’
operation capacity enhanced
The
cooperative alliance of provinces and cities in the Central and Central
Highlands regions has targeted to improve its cooperatives’ operation
capacity while strengthening management and developing production and
business plans.
The
plan was unveiled at a conference in Quang Nam province on December 25 to
review the alliance’s performance in 2013 and discuss orientations for 2014.
The
conference underscored next year’s task of developing cooperatives in
combination with the implementation of local programmes and projects,
contributing to economic restructuring and building new rural areas in the
regions.
The
alliance has over 5,000 cooperatives and 65,000 cooperative groups involving
various fields, such as agriculture-forestry-fishery, transportation,
services and construction.
Apart
from developing production and business to help increase income for
cooperative members, the alliance organised over 100 training courses for
more than 3,200 cooperative managers and members to improve their capacity on
management, inspection and internal auditing.
It
also organised activities to help cooperatives in trade promotion and
technology transfer.
Car
buyers wait for reduced fees
Auto
sales in HCM City are likely to dip this month because many customers are
waiting for a registration fee cut to come into effect from January 1, 2014.
The
new fee, calculated at 10% of the value of vehicles with less than 10 seats,
will be less than the current registration fee of 15%. For example, if a
customer orders a car worth VND1 billion (US$47,600), he/she will save VND50
million (US$2,380) – not a small sum in the context of the current economic
problems.
Nguyen
Tuan Anh, salesperson at the Honda Kim Thanh showroom in District 11, told
VnMedia online that sales at his showroom are estimated to dip by 20-30% this
month compared with November, because customers are waiting for the
registration fee cut.
Meanwhile,
some other showrooms in the city said that their sales decreased by half
compared with previous months.
To
boost sales, many automobile firms are carrying out promotion programmes,
especially during the Christmas and New Year holidays.
Hyundai
has cut prices by VND70 million (US$3,330) for the Isuzu model. Vina Mazda is
offering gifts on the occasion of Christmas and the New Year holidays, and
Thaco Kia is offering thousands of gifts worth between VND3 million and VND10
million (US$142-476) to customers.
Buying
a car at the end of 2013, but paying the registration fee early in the New
Year is being seen as a wise option. At a Kia showroom in the city, Ho Trung
Dung, a local resident, said he has decided to buy Carens S 2014 for his
family members to enjoy the spring during the coming lunar New Year (Tet). He
has paid a deposit on the car to avail of the promotional gifts which are
being offered by the showroom in December only. But he will receive the car
after January 1, 2014 to avail of the registration fee cut.
HCM
City was the city that was charging the highest registration fee of 15% in
Vietnam. After that fee is cut in the New Year, Hanoi will become the city
that charges the highest fee of 12%. The registration fee charged by other
cities and provinces is 10%.
Ministry
assures sufficient supply of goods, stable prices
The
Ministry of Industry and Trade yesterday said it was committed to ensure
adequate availability of goods across the country during the upcoming Tet
(Lunar New Year) holiday.
Further,
officials said they have taken action to assure prices remain at normal
levels during the holiday period, while intensifying checks to stem the
influx of counterfeit products.
Answering
people's questions during an online meeting held on the Viet Nam Government's
web portal, Deputy Minister of Industry and Trade Ho Thi Kim Thoa said that
price stabilising programmes, which are aimed at keeping the prices of all
commodities constant during peak season, kicked in much before Tet, and will
last even after the festival.
"There
have been many enterprises that joined the programme with different types of
goods, as well as selling places," Thoa said, adding that the number of
enterprises have been increasing year by year.
The
trade official said that in 2011, there were 6,400 locations that were
covered by price stabilising mechanisms, but last year their number rose to
about 8,000, apart from some mobile sale outlets, not only in big cities but
also in remote areas and industrial zones.
"Enterprises
joining the programme have pledged to keep open their businesses until the
last few days before Tet. For example, many in HCM City have pledged to stay
open until the last day of the lunar year and then re-open soon after the Tet
period," she added.
According
to Thoa, the price stabilising programmes have been expanded to include other
commodities also, besides the traditional essential commodities that are
already covered.
"Moreover,
many localities have focused on co-operating with each other in attaining a
balance or coordinate transportation of goods, as per requirements, a move
that has led to formation of new links among them," she said.
However,
the trade official admitted that counterfeit and illegal-imported products
were available in the market.
"We
have issued instructions to all the relevant sectors and localities to
intensify inspections, as well as exercise control on the issue," she
said, adding, "we will also work closely with the ministries of health,
agriculture and rural development to inspect food safety and goods'
quality."
The
Vietnamese Government's price stabilising programmes have been implemented
and promoted over the last five years, especially during holidays, to ensure
that prices do not skyrocket, thus saving customers from artificial inflation
when they need goods the most.
NA
Chairman urges agriculture revamp
Application
of science and technology is vital to boost agriculture, emphasised National
Assembly Chairman Nguyen Sinh Hung at a meeting held yesterday.
The
meeting was conducted to review the five-year implementation of the Party
Central Committee's Resolution 7 on agriculture, farmers, and rural
development.
Hung
is also the chairman of the committee to implement the resolution.
Presenting
a report at the meeting, Minister of Agriculture and Rural Development Cao
Duc Phat stated that the GDP between 2009 and 2013, in the field of
agriculture, forestry, and aquaculture, has annually averaged 2.9 per cent.
In
2012, agriculture contributed an estimated US$27.5 billion in export revenues
to the economy.
Regardless
of this achievement, the sector is at its turning point to improve its
competitive level, coupled with issues such as alarming food safety,
low-quality agricultural products, human resource shortage, stagnant
restructuring process, and a widening income gap between the rural and urban
areas.
"One
of the most notable results of implementing Resolution 7 is the rapid decline
in the number of poor households, and by the end of 2013, the percentage of
poor households in rural areas has reached 12.6 per cent. Farmers also
average an annual income of nearly VND20 million ($952)," Phat added.
However,
Minister Phat admitted that some localities are not proactive in mobilising
resources to build new rural areas and simply wait for state and provincial
funding. Farmers are also struggling to earn a sustainable livelihood through
rice cultivation.
Chairman
Hung also emphasized the need for localities to incorporate agriculture in
their developmental strategies and should encourage the application of
science and technology and the use of machinery in order to boost
agricultural production.
He
urged that the agricultural development needs to be integrated with
sustainable poverty reduction and farmers need to play a vital role in
building new rural areas.
Nguyen
Quoc Cuong, chairman of the Viet Nam Farmers' Association, also agreed that
farmers and rural residents lead difficult lives and are constantly coping
with inept management in key areas like fertilizers, pesticides, dwindling
land use, and access to funding resources.
Can
Tho out in front of Mekong progress
Ten
years after becoming a centrally governed city, Can Tho has been identified
as the spearhead of socio-economic development in the Mekong Delta.
Speaking
at a press meeting to celebrate ten years as a central city yesterday, Tran
Thanh Man, Secretary of Can Tho Party Committee, said the city's economy grew
at an average of 14.5 per cent a year in the 2004 - 2013 period, with its
size reaching VND62.6 trillion (nearly US$3 billion) this year, a 3.5-fold
increase from 2004.
The
city's agriculture and aquaculture sector rose by 2.86 per cent; the
industrial and construction sectors 17.22 per cent; and the service sector by
17.54 per cent.
This
year it also attracted 58 foreign direct investment projects with total
registered capital of $885 million, nearly six times the 2004 figure.
The
average income of its inhabitants has risen from VND10.3 million in 2004 to
VND62.9 million (nearly $3,000) now, according to figures released at the
press meeting yesterday.
Four
new universities have been established and 83 of the city's communes are
linked by proper roads.
Other
major infrastructure development include a terminal at Can Tho International
Airport, Cai Cui Seaport, Can Tho Bridge, and the first turbine of the O Mon
Thermal-power plant.
Can
Tho has introduced an "electronic one - stop" mechanism at all
administrative agencies from the commune to city levels.
The
level of sastisfaction with administrative processes has greatly improved,
according to authorities.
Source:
VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VIR
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Thứ Năm, 26 tháng 12, 2013
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