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BUSINESS IN BRIEF 10/1
The
Vietnam Pepper Association reports the 2013 figures represented a
year-on-year increase of 15% in volume and over 13% in value.
Approximately
95% of
About
15 Vietnamese businesses are taking the lead in pepper exports in the world,
accounting for more than 50% of the total market share. Key export markets
include the
Economists
suggest local pepper exporters focus on ensuring product quality, studying
market trends and overcoming trade barriers in overseas markets to maintain
the country’s No1 position globally.
Vietnam
toasts trade surplus with Japan
Bilateral
trade reached nearly US$23 billion, of which
For
the past few years, the two countries have maintained a high growth rate for
bilateral trade, and
Two-way
trade achieved high growth rates of about 17% year on average during the
2005-12 period, the department reported. It nearly doubled from US$8.5
billion in 2005 to US$24.7 billion in 2012.
In
recent years, the trade balance has typically leaned towards
Alternatively,
Vietnamese imports from
Four
years after inking the Vietnam-Japan Economic Partnership Agreements (VJEPA),
many Vietnamese export businesses have effectively exploited the advantages
of preferential tariffs to boost exports to the Japanese market.
However,
in order to enhance the share of Vietnamese goods in this demanding market,
exporters must study the market for a better understanding of the commitments
of the free trade agreements. They must also be prepared to face the various
challenges of meeting high technical standards, especially in overcoming the
strict barriers against food products in the Japanese market.
Decree
lifts foreign ownership cap
A
single foreign strategic investor is now allowed to hold up to 20% in a
credit institution, an increase from the current 15%.
According
to a decree issued late last week and to come into force on February 20, it
is expected the decree will pave the way for foreign capital to flow into the
banking sector.
Previously,
the holding of a foreign investor was capped at 15%, or 20% for exceptions
that had to be approved by the Prime Minister.
Under
the decree, if not being a strategic partner, a foreign individual investor
is allowed to own up to 5% of a credit institution's charter capital, while a
foreign organisation's maximum holdings can be 15%.
However,
the decree regulates that the total stakes of foreign investors in a local
credit institution cannot exceed 30% of the charter's capital, lower than the
expectation of many banks at 49%.
In
case of poorly-performing credit institutions which need restructuring, the
Prime Minister will decide on allowing the holdings of a foreign organisation
or a foreign strategic investor which can exceed the limits, the decree says.
This
will create the legal basis for the M&A in the banking sector, for
example, the acquisition of a
The
State Bank of Vietnam's chief inspector, Nguyen Huu Nghia, told Dau Tu
(Investment) on-line newspaper that the holdings of 20% is preferential to
foreign investors, as the maximum holdings of local investors is only 15%.
Yet,
an analyst with Bao Viet Securities, Nguyen Xuan Binh, the increase of
maximum holding of a foreign strategic partner to 20% is still not very
appealing to foreign investors, as they often want to purchase holdings of
more than 30% – which will help them have a voice in management.
Binh
was quoted by The Sai Gon Times as saying that the impact of the increase in
foreign stakes in a credit institution won’t be too large.
The
decree also set standards for a foreign investor to be eligible to become a
strategic partner of a credit institution in
In
addition, if a foreign investor becomes a strategic partner of a credit
institution, it will not be allowed that the foreign investor also owns more
than 10% of charter capital in any other credit institution in
JBIC
opens representative office in Hanoi
The
Japan Bank for International Cooperation (JBIC) has officially opened its
first ever representative office in
The
office, located on the 3rd floor of
The
JBIC rep. office is authorised to conduct market surveys, monitor the
implementation of contracts signed between JBIC and Vietnamese credit
organizations, and promote investment cooperation projects with local
partners.
At
present, JBIC is coordinating closely with many Vietnamese banks, such as the
Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), the
Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank) and
the Bank for Investment and Development of Vietnam (BIDV), in its bid to
provide financial assistance to Japanese firms in
The
capital city is also aiming to ensure around US$1billion of the targeted FDI
is disbursed this year.
According
to the municipal People's Committee, the city hopes to license 250 new
projects requiring a total capital investment of US$700 million, while
permitting 130 ongoing projects to increase their investments by a total of
US$600 million.
Deputy
director of the Municipal Department of Planning and Investment Nguyen Manh
Quyen noted that the city's FDI target this year is achievable compared with
the targets of the past two years.
He
said the city has drawn up measures to foster a more transparent investment
climate and approved a list of priority projects, including
infrastructure-related projects. In addition, another programme currently
under development aims to attract higher investments from
Last
year, the city attracted registered FDI of over US$1.13 billion, or about
87.2% of the annual target. The FDI disbursement, meanwhile, was US$872
million, which was 97% of the target.
In a
report to the Ministry of Planning and Investment, committee vice chairman
Nguyen Van Suu attributed the poor performance to negative impact from the
global and domestic economies, complex procedures and an inadequate supply of
land for investors hoping to implement large-scale projects in the city.
The
city's scheme adjustments and frozen real estate market also prompted delays
by investors and increased the time spent on completing administrative
procedures, Suu added.
The
Foreign Investment Agency's statistics showed that, by the end of last year,
the city had 2,677 foreign-investor-led projects with total registered
capital of more than US$22.27 billion.
Foreign
currency account opening regulated
The
State Bank of Vietnam (SBV) has issued a circular, which will be effective on
February 14, to regulate the opening and usage of foreign currency accounts
to serve direct investment activities in other countries, the Vietnam
Government Portal reported on January 8.
Accordingly,
after getting a certificate for overseas investment, the investor must open
an account, which is used for all transactions related to the investment in
foreign currencies, at an authorised credit institution and conduct
registration with the SBV or its branches in provinces and cities.
An
investor who has many investment projects abroad must open an account for
each project. If a project is invested by multiple investors, each of the investors
must open an account for the investment at the same authorised credit
institutions within the registered capital in accordance with their
investment certificate issued by authorised agencies of
The
SBV’s Department of Foreign Currency Management is authorised to certify the
registration of overseas investment, account changes, and capital transferred
to investors who are credit institutions.
The
SBV branches in provinces and cities where the investor is headquartered or
the investor registers for permanent residence will certify the registration
of overseas investment, account changes and capital transferred to other
investors who are not credit institutions.
The
investor must repatriate profits and investment capital after the liquidation,
dissolution, capital downsizing or transferring the investment project in
accordance with the current regulations on investment.
If an
investor wants to reinvest his or her benefits from a project in that one or
another, he or she must conduct procedures to adjust the investment
certificate or apply for a new certificate for the new investment project, as
well as report the investment to the SBV as regulated.
Made-in-Vietnam
goods gain consumer trust
A
remarkable 71% of people surveyed are now satisfied with high-quality
made-in-Vietnam goods that make up almost 90% of the market share at
supermarkets, an official from the Ministry of Industry and Trade (MoIT) has
announced.
MoIT
Deputy Minister Ho Thi Kim Thoa revealed the information with some fanfare on
January 8 during a meeting between her ministry and the National Steering
Committee for the campaign “Vietnamese prioritise using Vietnamese goods”.
She
said after four years of the campaign, a number of positive outcomes have
been seen, creating a foundation to work on in the following years.
According
to a recent survey by the agency, the ratio of using domestic input materials
as well as machines in production has seen an increase of 25%. Rural people
are getting used and beginning to favour commodities produced at home.
However,
the ministry pointed out several limitations facing the work, including the
unsustainable distribution of goods in rural areas and some enterprises
making use of promotions to consume inventories and out-of-date goods as well
as lack of sanctions.
Addressing
the meeting, President of the Vietnam Fatherland Front Central Committee
Nguyen Thien Nhan, who led the Steering Committee to the event, asked the
ministry in collaboration with the Ministry of Science and Technology to
support businesses in building trademarks, provide regular supply to
disadvantaged areas and honour organisations and individuals who have shown
good performance in the campaign.
The
nationwide initiative has been benefiting domestic enterprises and
manufacturers, said a representative from the National Textile and Garment
Group.
Nevertheless,
the firms involved are burdened with the huge costs of transport, sale and
management. To address the issue, the formation of distribution centres at
major economic hubs and cities are required.
Garment
sector aims for 12% export growth in 2014
The
garment sector has worked out key solutions for achieving both revenue and
export growth of 12% in 2014.
Le
Tien Truong, Vice General Director of the Vietnam Textile and Garment Group
(Vinatex) said at a press briefing in
To
meet the target, the sector will focus on key solutions for investment,
finance, personnel management, market expansion and business renovation,
Truong said.
Truong
reported garment exports increased by 16.9% in 2013 to US$19.8 billion,
accounting for 15% of the country’s total export value, excluding export of
materials.
Of the
figure, the group’s exports reached nearly US$3 billion, up 12% compared to
the previous year, and its domestic turnover hit VND22.5 trillion, up 15%.
Its
employee’s average income was more than VND5.2 million per month,
representing an annual rise of 10%. Its subsidiaries like Dong Xuan, Dap Cau,
Viet Tien, Hoa Tho and Phong Phu, have all achieved impressive growth,
contributing to the group’s success.
In
2013, the Garment 10 Company earned a phenomenal VND1.8 trillion in turnover,
up 20% compared to the previous year.
As
planned, in 2014 the company will increase its investment in production lines
and aim to earn more than VND2 trillion in turnover. It will expand the
domestic market and develop its trademark to international markets.
At a
working session with Finance Minister Dinh Tien Dung in
Dung
said in 2014
To
meet these targets,
It
will also improve the quality, efficiency and competitiveness of the economy,
ensure social security and welfare, and raise the living conditions of
people.
For
his part,
He
expressed his belief that with the government’s effective solutions,
Japanese-funded
US$440 mln factory inaugurated in Dong Nai
Lixil
Vietnam Ltd Company, built on 55ha with investment capital of more than
US$440 million, manufactures resin and aluminum products, including sashes,
door and window frames, and roofs
The
project, the largest Japanese investment in Dong Nai, expects to generate
2,000 jobs for local people.
Dinh
Quoc Thai, Chairman of the Dong Nai provincial People’s Committee, said the
number of Japanese investors registered to operate in the province has
increased in recent years. In 2013, Japanese investment accounted for 30% of
the total of more than US$1.6 billion worth of foreign investment capital in
the province.
Thai
asserted Dong Nai creates the best possible conditions for businesses to
operate effectively in the locality.
PVN
exceeds yearly target
The
Vietnam Oil and Gas Group (PVN) earned VND762.86 trillion in revenue last
year, representing an annual increase of 18% and meeting the target 50 days
ahead of schedule.
PVN
exploited 310 millionth of crude oil on August 8 and 90 billionth cu.m. of
gas on October 24.
It
generated 70 billion Kwh of electricity as of December 22 and churned out 8
million tonnes of fertilizer as of September 20.
The
Dung Quat Oil Refinery produced 20 million tonnes of petroleum by May 20, 62
days earlier than expected.
In
addition, the group signed four new contracts, had five new oil discoveries
and put nine oil fields into operation.
In
2014 PVN plans to pump up 16.83 million tonnes of crude oil, bring ashore 9.8
billion cu.m. of gas, generate 15.7 billion Kwh of electricity. It aims to earn
VND673.3 trillion and contribute VND144.5 trillion to the State budget.
To
meet its target, the group has worked out 12 solutions, including tightening
control of the parent company and its subsidiaries and investment projects
and strategies for attracting further investment.
At a
press briefing in Hanoi on January 7, PVN Chairman of Board of Directors
Phung Dinh Thuc said PVN is accelerating its restructuring project in
2012-2015 with a focus on five main fields – oil and gas exploration and
exploitation, oil refinery, gas industry, electricity industry and high
quality oil and gas services.
The
group is divesting from non-core business, aiming to withdraw its capital
from Oceanbank and merge its Petrovietnam Finance Corporation (PVFC) with
Western Bank by 2015.
Dak
Lak, Mondulkiri increase cooperation
The
Central Highlands
Both
sides will increase exchanges and cooperation in economy, investment,
education, health care, agriculture, forestry, industrial crops (rubber and
coffee plantations), and farm product processing for domestic use and export.
They
will share experience in management, exploitation and proper use of forest
resources, and epidemic prevention for cattle and poultry.
They
will better work on border management, including border demarcation and
landmark planting, in line with border agreements between the two countries,
to address arising problems and ensure security and order along the border.
Both
sides will work closer together to search for and repatriate remains of
volunteer Vietnamese soldiers who lost their lives in
Dak
Lak and Mondulkiri have signed 11 MoUs over the years, focusing on border
gate investment and construction and economic cooperation and development.
Mondulkiri
also created favourable conditions for Dak Lak province’s enterprises to
conduct surveys and invest in agricultural production, hydropower
construction, and tour expansion.
Accordingly,
the Dak Lak Rubber Company implemented a project on rubber development and
other industrial crops in Mondulkiri with total a investment capitalisation
of US$10 million.
So
far, Mondulkiri has handed over 5,108 hectares of land to the company. The
company also planted 1,635 hectares of rubber, creating 163 jobs for
Cambodian laborers.
The
Dak Lak province’s health, industrial and education sectors have also
cooperated effectively with Mondulkiri
Vietnam-Algeria
Committee meets in Hanoi
These
areas of cooperation were discussed at the 10th meeting of the
Vietnam-Algeria Inter-government Committee in
Economic
ties between
Vietnam
Customs statistics show
Its
major exports include coffee, rice, pepper, seafood, footwear, machinery and
equipment.
A
joint venture enterprise between the PetroVietnam Exploration and Production
Corporation (PVEP) and its Algerian partners are progressing, with first
flows of commercial oil to be pumped up later this year.
Progress
was also made in agricultural, aquaculture, information technology, and
tourism cooperation.
According
to Amara Benyounes, the current bilateral cooperation mechanism has proved
effective, helping strengthen the comprehensive ties between the two
countries.
However,
he noted, two-way trade has yet to match both countries’ potential. He said
The
African nation is accelerating economic reform, industrial modernisation, and
infrastructure upgrade to attract foreign investment.
Taiwan
has become Vietnam’s fifth largest trading partner, according to the most
recent press release of the Ministry of Trade and Industry (MoIT)’s
Asia-Pacific Market Department.
However,
on the downside, the significantly lower import of Vietnamese goods into
theTaiwanese market, which is ranked 16th among
Over
the past two decades,
The
MoIT release states that with a total population of 23 million and a US$474
billion GDP,
Currently
there are more than 200,000 Vietnamese people living in
To
penetrate the Taiwanese market, the MoIT says, local exporters should pay due
attention to ensuring food hygiene and safety, increasing product quality,
and grasping up-to-date information on tariff and non-tariff policies.
Major
focus should be given to product diversification, export promotion, market
expansion and market studies by organizing and participating in domestic and
overseas trade fairs.
Vietnam
Customs reported that Vietnamese exports to Taiwan achieved a remarkable
growth in 2013, earning nearly US$2.08 billion in the first 11 months,
equivalent to the previous year‘s figure.
The
country’s export earnings from the Taiwanese market were estimated at US$1.84
billion in 2011 and US$2.081 billion in 2012.
MoIT
economists forecast
Vietnamese
exports to
The
Government has approved
By
2020 services will account for 58.2-60 per cent of the city's GDP and
industry and construction section for 39.2 - 41 per cent.
The
focus will be on nine main services, namely finance - credit - banking -
insurance, commerce, transport, warehouses, ports, post – telecommunications
- information technology and communications, property, tourism, health, and
education and training.
Modern
infrastructure to facilitate the services sector will be developed with
supermarkets, hotels, hi-tech health centres, and universities of
international standards being built.
In the
industrial sector, the city will focus on areas with high economic value and
involving research and technology — electronics and information technology;
pharmaceuticals; rubber; and food processing.
It
will also develop the bio-technology, clean industry, energy saving, garment,
footwear, and fashion and design sectors.
It
will shift gradually from assembling to producing, and will develop
supporting industries for the machinery, electronics, and information
technology sectors.
More
hi-tech industrial parks will be established and all production firms will be
located in industrial parks and clusters.
The
city will modernise agriculture and improve productivity, quality,
efficiency, and competitiveness.
By
2012 all 56 rural communes will meet the standards adopted for the new
national rural areas.
Areas
like the Can Gio submerged forest and other forests in Binh Chanh and Cu Chi
Districts will remain protected.
The
plan also targets reducing poverty to 7-8 per cent by year.
By
2015 the city's population will be 8.2 million, excluding migrants.
The plan
also targets basically mitigating the flooding caused by rains and high tides
in the city centre by 2015.
It
envisages economic growth of 10-10.5 per cent in 2011-15 and 9.5-10 per cent
in 2016-20.
PVN
defies the odds to pass annual targets
Viet
Nam National Oil and Gas Group (PetroVietnam) has completed all its targets
and set new records despite an economic downturn, PetroVietnam's deputy
general director, Le Minh Hong, announced on Tuesday.
Total
revenue for PetroVietnam and its affiliates in 2013 soared to a combined
VND762.86 trillion (US$36.33 billion), 18 per cent higher than the target set
for the year, Hong said at the group's annual business review meeting in Ha
Noi.
Of the
combined revenue, PetroVietnam accounted for VND384.4 trillion ($18.3 billion),
which represented a year-on-year increase of nine per cent.
PetroVietnam's
chairman, Phung Dinh Thuc, said the results were impressive given the
challenges in the domestic and global markets.
Last
year, the group contributed VND195.4 trillion ($9.3 billion) to the State
budget, which was 4.5 per cent higher than a year ago and 31.5 per cent
higher than the target.
Total
pre-tax profit climbed to VND62.8 trillion ($3 billion), which represented a
year-on-year increase of 27.5 per cent. The return on equity (ROE) was 17.1
per cent, while the total-debt-to-total-asset ratio was 0.4 times, indicating
a secure financial situation for PetroVietnam.
Last
year, the group's total output from oil and gas exploration was up five per
cent over the previous year, reaching 26.46 million tonnes of oil equivalent
(TOE). Oil output accounted for 16.71 million TOE, a 4.4 per cent increase
compared with the target set for the year. The gas output was six per cent
higher than the target, reaching 9.75 billion cubic metres.
The
group also signed four new contracts and seven agreements. It discovered five
new oil fields, while nine oil fields became operational.
Last
year, PetroVietnam generated and transmitted 16.17 billion kWh of power to
the national electricity grid, surpassing its target by 16.7 per cent.
"Last
year, electricity generation made profits for the first time," he added.
Petrol
output was 6.6 million tonnes, 22.5 per cent higher from the initial goal.
Revenue
from petrol services increased to VND236.3 trillion ($11.25 billion),
accounting for 31 per cent of the group's total revenue.
In
2013, PetroVietnam reported a total investment of VND76.5 trillion ($3.6
billion), from which VND7 trillion ($333 million) was disbursed.
The
group completed investments in 42 projects that started operating during the
year.
It has
also been implementing a restructuring plan approved by Prime Minister Nguyen
Tan Dung aimed at introducing drastic measures at the group and its
affiliates.
The
strong set of results is likely to enable the company to complete its targets
for 2014 ahead of schedule.
Thuc
said PetroVietnam estimates oil and gas reserves to increase to 55-61 million
TOE this year, 20 per cent higher than the target set by the Government.
Petrol
exploitation was expected to reach 26.63 million TOE; crude oil would account
for 16.21 million TOE, while gas would account for 9.8 million tonnes.
It
will strive to generate VND673.3 trillion ($32 billion) in revenue in 2014
and contribute VND144.5 trillion ($6.9 billion) to the State budget.
Its
pre-tax profit is estimated at VND55 trillion ($2.6 billion) this year.
The
chairman said PetroVietnam has implemented projects in foreign countries,
such as
Responding
to a question on the divestment (sell-off) of its non-core businesses, he
said PetroVietnam would continue to support its affiliates' efforts to raise
capital at the best prices.
Accordingly,
the PetroVietnam Finance Company (PVFC) joined hands with the Western Bank to
establish PVCombank. PetroVietnam's capital in the bank after the merger was
reduced from 78 per cent to 52 per cent. It will continue to reduce its
capital in the bank, according to an earlier plan.
"Our
target is to provide favourable conditions for the bank to operate
effectively, thus reducing our share in the bank's capital at the possible
best price. This will ensure the group's financial results are not
affected," he added.
Ocean
Bank could also undergo a divestment process by 2015, with the aim of raising
capital at the best possible price.
Seafood
firms eye supermarket sales
Local
seafood businesses will seek to expand their businesses by selling fish
products via supermarket channels, according to experts.
Nguyen
Thi Thu Sac, deputy chairwoman of the Viet Nam Seafood Association (VASEP)
and the head of the association for enterprises providing seafood for the
domestic market, said at present there are 13 local seafood firms that have
succeeded in selling their products through the Co.opMart supermarket system
into the domestic market.
This
year, four more seafood firms will join the supermarket system to sell
seafood, she said.
Co.opMart
officials said the businesses should offer new and special products to
customers to compete with their rivals, according to the Thoi bao Kinh te
The
VASEP set up the association for enterprises providing seafood for the
domestic market this year to create favourable conditions for local firms in
promoting domestic seafood consumption, Sac said.
The
club has attracted 30 local seafood firms to cooperate in improving the
quality and quantity of seafood available for the domestic market.
However,
experts of the fisheries industry say Vietnamese customers have well-worn
habits in how they consume fresh seafood products that are difficult to
change. The seafood firms, for instance, are finding it difficult in
promoting frozen and processed seafood products.
Those
frozen products have been mainly sold at supermarkets in large cities and
provinces, and they are finding it difficult to enter traditional markets,
they say. At traditional fish markets, traders find it difficult to invest in
refrigeration equipment and warn that such extra costs would result in
increases in the prices they sell fish at.
ASEAN
forecast upbeat for 2014
Business
optimism in the ASEAN economies heading into 2014 is rising, and is currently
up 45 per cent, according to new research from Grant Thornton's International
Business Report (IBR).
This
is thanks to improvements in confidence in
The
figure is in stark contrast to the optimism among ASEAN countries this time
last year, which stood at net 25 per cent. Meanwhile, global business
optimism has dropped back to 27 per cent.
Optimism
in Southeast Asia crept up for the third quarter straight, boosted by
"Things
seem to be improving quite markedly in ASEAN economies. The contrast from 12
months ago is stark – as business leaders plan for 2014, optimism in the
ASEAN look more robust, however uncertainty is growing in some
countries," Ken Atkinson, Managing Partner at Grant Thornton, said.
It
should however be noted that revenue prospects across the ASEAN have fallen
by 59 percentage points over the past 12 months, to 54 per cent.
In
Similarly,
peers' expectations for rising profits have dropped in Viet Nam (86 to 50 per
cent) Thailand (53 down to 16 per cent), Singapore (46 down to 28 per cent),
Malaysia (56 down to 52 per cent) and the Philippines (66 down to 60 per
cent) compared with 12 months previously (fourth quarter 2012).
By
contrast,
Expectations
for employment, investment and salaries have recovered (37 per cent) in the
ASEAN after a slowdown in the first three quarters of 2013.
However
Thai business leaders are more pessimistic than their peers in
"The
hope is that we are moving toward a more balanced regional economy with fewer
extremes. This should support business growth prospects; greater balance and
less volatility means businesses can plan for the future and make decisions
with greater certainty," added Ken Atkinson.
Ford
recalls faulty Transit minibus
Ford
Viet
The
Ford
attributed the failure of the wiper motors to suppliers who did not follow
the American car maker's strict quality requirements.
The
company, based in the
The
replacement procedure could take up to 30 minutes, the company added.
Transit
has been the best-selling commercial vehicle in
In
April 2013, Ford recalled more than 16,000 Transit vans in the
A
possibility that the faulty clip could detach and cause a disconnection of
the brake pedal and brake failure was the reason for the recall, according to
the
HSG
reports massive 58% increase in profits
Hoa
Sen Group (HSG), the nation's leading steel and corrugated iron producer,
yesterday reported an impressive growth in their profits of 58 per cent for
the fiscal year 2012-13, despite the many challenges facing the domestic
steel sector.
In its
annual shareholders' meeting in
During
the same period, the group said, it had reached total sales of more than
634,100 tonnes and gained revenues of over VND11.7 trillion ($577.1 million).
Year-on-year, these figures jumped by 32 per cent and 17 per cent
respectively.
About
280,000 tonnes of its products were exported to 40 nations and territories,
earning nearly $252 million.
Chairman
Le Phuoc Vu attributed the successful results to the group's strong decisions
to invest in big projects as well as to develop distribution systems in
Vu
said that in the coming months, his group would continue to expand their
market into regional countries by opening more plants and representative
offices in
For
the next fiscal year, which is predicted to be similarly difficult, the group
plans to further develop their core business of producing corrugated iron,
steel pipes and plastic pipes.
In the
2013-14 fiscal year, HSG aims to sell a total of 700,000 tonnes. It also
plans to reach revenues of VND14 trillion ($666.7 million) and gain after-tax
profits of VND600 billion ($28.6 million).
The
same day, Euromoney, the world's famous financial magazine, awarded Hoa Sen
Group the Best Managed Company in Asia 2014 in the metal and mining sector.
The
prize was chosen by 130 analysts from famous banks and research institutions
in the Asia Pacific region, following thorough research into 207 companies in
the region.
Economic
Zone greenlights 28 new projects in 2013
The
Nghi Son Economic Zone (NSEZ) in Thanh Hoa province last year licensed 28
investment projects worth VND10.3 trillion (US$490 million), according to the
zone's management board.
The
board said it would strive to expand the zone and encourage firms to invest
in projects in the services sector to meet the demands of the zone's large
projects.
The
turnover of the zone's firms increased to VND15.56 trillion ($742.9 million)
in 2013, up 46 per cent from the previous year.
VietinBank
goes from strength to strength with annual asset surge
The
total assets of the Joint Stock Commercial Bank for Industry and Trade
(VietinBank) grew 14.4 per cent in 2013 from the previous year.
Its
pre-tax profit inched up to VND7.75 trillion ($369 million), the bank
announced on Tuesday.
The
bank's total mobilised funds increased 11 per cent, while its total
investment and credit grew 14.7 per cent. Its bad debts fell sharply to 0.82
per cent. The bank is expected to announce a 10 per cent dividend.
With
over VND4 trillion ($190.5 million) as its contribution to the budget,
VietinBank, last year, topped the list of Viet Nam's top 10 income tax
contributors for the fourth consecutive year. It has also become the
country's largest bank in terms of charter capital and equity after an
increase of more than VND37 trillion ($1.76 billion) in its charter capital
and a more than VND55 trillion ($2.62 billion) increase in its equity.
Economic
Zone gets go-ahead in Ca Mau
Prime
Minister Nguyen Tan Dung has approved a development plan for Nam Can Economic
Zone (EZ) in the southernmost
Under
the scheme, the EZ will develop into a multi-sector economic zone by 2030,
divided into chains of urban and non-tariff areas.
The
zone is designed to be an international trade centre for the Cuu Long (
Covering
an area of nearly 11,000 hectares along
Its
population is expected to increase to 45,000 by 2020 and 90,000 by 2030.
Vinamit
honoured for growing niche in China
Dried
fruit producer, Vinamit JSC, has become the only Vietnamese representative to
receive the China-ASEAN Business Council's award for successfully penetrating
the Chinese market.
The
award, which honours firms and entrepreneurs from ASEAN member countries for
their outstanding performance in the Chinese market and contributions to
economic development, environmental protection and social activities in the
host country, was presented at a ceremony held in
Vinamit's
products, including dried jackfruit, banana, sweet potato, taro and mango,
are sold in major supermarket chains and online marketing networks across
Established
in 1991, Vinamit, which is headquartered in the southern
Sales
in
The
company has set up distribution networks in many countries and territories
worldwide such as
On
this occasion, the council also presented awards to Chinese companies and
businessmen who have successfully set foot in the ASEAN market.
Within
the framework of the event, a trade promotion conference between
ASEAN
is now
According
to Jiang Xiuqian, Fangcheng Gang's vice mayor,
To
this end, the Chinese Government has issued a range of preferential policies
to create more opportunities for connection between
Entering
the "diamond decade", ASEAN and
Source:
VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VIR
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