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BUSINESS IN BRIEF 22/1
The middle
class is expected to rise to 33 million by 2020, almost triple the 12 million
in 2012, and average per capita income is projected to increase by US$3,400
each year.
The
BCG survey also shows that Vietnamese customers are the most optimistic in
the world with more than 90% believing their living conditions are higher
than their parents and that the quality of life will continue to rise.
Additionally,
despite short term global economic problems, 70% said
Retail
giants, like McDonald’s, KFC, Starbucks, Pizza Hut or Burger King also
penetrated the Vietnamese market.
Companies
investing in
VietJet
Air receives new Airbus A320-200
Low-cost
airline VietJet Air has received a new Airbus A320-200 to meet the increasing
consumer demand during the upcoming Lunar New Year (Tet) holiday.
Desmond
Lin, business development director of VietJet Air, said purchasing the new
aircraft enables the budget carrier to add more than 10,000 seats a week to
its flight schedule.
This
is part of VietJet Air’s fleet expansion plan.
VietJet
Air is currently operating on 16 domestic and foreign routes, and it plans
new routes connecting popular Asian economic and tourist destinations in
Vietnam
agriculture to be spotlighted at WEF
Agriculture
Minister Cao Duc Phat is scheduled to deliver a keynote speech at the World
Economic Forum (WEF) 2014 in
A Food
and Agriculture Organisation (FAO) report shows agricultural production needs
to be boosted to feed the increasing global population estimated at nearly 10
billion by 2050.
Rural
workforce is downsizing as a consequence of rapid urbanisation, posing a
great threat to agriculture. In addition, the global food system is beset by
serious challenges and risks: more volatile production and prices, high
hunger and poverty levels, and unsustainable farming practices.
The
2010 World Economic Forum on East Asia in HCM City put forward the initiative
“A New Vision for Agriculture”, aiming to build a new farming model that
yields high output and improve farmer livelihoods.
Agriculture
restructuring is a must to ensure national food security, improve product
quality and increase farmer incomes
The
initiative has been undertaken in
However,
the sector is faced with challenges arising from climate change, excessive
use of water resources, and high levels of greenhouse emissions.
A
European Chamber of Commerce (EuroCham) white book reveals the agricultural
ratio to GDP dropped from 46.3% in 1988 to 22% in 2012, and the rural
workforce proportion also fell from 67% in 1997 to 47.5% in 2011.
In his
2014 New Year message, Prime Minister Nguyen Tan Dung raised concerns about
the agricultural sector’s weaknesses, including an annual decreasing growth
rate, uncoordinated links, and low productivity in the context of global
fierce competition.
He
stressed the need to accelerate agriculture restructuring and technological
application, with farmers forming the core.
The
government has approved a 10-year agriculture development strategy,
encouraging the engagement of private businesses.
The
agricultural sector has established six working groups on seafood, coffee,
fruit and vegetables, tea, soybean and maize, as well as support solutions,
to realise the WEF initiative.
In his
New Year address, the PM affirmed the government will introduce policies to
increase the application of scientific and technological advances, especially
biological and information technology, in agricultural production and
management, helping accelerate agricultural industrialisation and rural
modernisation.
New
cooperation models will be established between farmers and businesses to
create value chains, from production to consumption, and attract more
investment in to agricultural production, trading and services.
A
Government decree, effective as of February 10, 2014, will encourage
businesses to invest in agricultural production and rural development.
Investors will enjoy many incentives including land rent reductions or
exemptions.
Trade
activities aim for 10% growth
“This
is a big target, it means that the country has to earn US$147 billion while
keeping the trade deficit at 6%, around US$9 billion,” Deputy Minister of
Industry and Trade Tran Tuan Anh said in a recent exclusive interview with
the Vietnam News Agency.
To
realise the target, the ministry will increase trade promotion overseas with
a view to boosting key Vietnamese export items.
According
to the Deputy Minister,
This
is a big opportunity to increase the market share of the products and raise
added value and quality, creating sustainable development with partners, he
said.
2013
was a busy year for import and export activities. The country registered a
year-on-year export growth rate of 15.4% to US$132.2 billion, for 5.4% higher
than the plan set by the National Assembly.
In
addition, the trade deficit was kept under control, marking the second
consecutive year the country had maintained a positive trade balance.
Last
year,
To
fulfill the target—more than 10% higher than 2013 arrivals - the capital city
will expand tourism promotion in emerging markets including the Republic of
Korea, China, Japan, Poland, Germany, and France.
It
aims to welcome 3.2 million foreign arrivals and 20 million local tourists by
2020.
Tourism
revenue is expected to exceed VND43,000 billion by 2020.
Apparel
exports to US forecast to surge
If the
Trans-Pacific Partnership (TPP) agreement is realised soon,
During
the period, the sector’s export value (excluding US$600 million earned from
apparel material) reached nearly US$20 billion, up around 17% against 2012,
with yarn fibre and clothing shipments estimated at US$2.13 billion and
US$17.89 billion respectively.
Textile-garment
exports currently account for over one third of the country’s total export to
the
The
industry has increased its market share in the
The EU
and the RoK have been two other major export markets for the sector, with 17%
of Vietnamese textile and garment exports to the EU and about 7% to the RoK.
The
Vietnam Garment and Textile Corporation (Vinatex), a leading player, has been
pouring huge sum into developing the supply chain, aiming to utilise 70% of
domestic materials for apparel production and export this year, said its
Deputy General Director Le Tien Truong.
The
group needs around VND5 trillion (US$235 million) in loan to expand and
reform technology to develop the local textile-garment industry when joining
the TPP, he added.
Banks
urged to lower interest rates
The
State Bank of Vietnam (SBV) recently instructed credit institutions to
continue to ease access to loans for enterprises by lowering interest rates,
in a bid to assist struggling businesses and guarantee efficient bank
operations this year.
The
central bank said an overall lending growth rate of 12-14%, and total money
supply expansion of 16-18%, will foster production and business activities,
support economic growth and help curb inflation this year.
According
to Government portal chinhphu.vn, the SBV has urged the institutions to cut
costs and ensure financial safety, and it will intensify supervision of the
monetary market for banking system security.
It
will take measures to facilitate co-operatives and households to borrow money
more easily, while ensuring flexible policies to support prioritised sectors
(agriculture and rural areas, support industries, small- and medium-sized
enterprises, and exports).
It
will maintain "reasonable" policy interest rates, including the
refinancing rates, to assist home buyers and deal with bad debts in the
property market. Debt trading through the Vietnam Asset Management Company
will be sped up.
SBV
will also tightly control foreign currency and gold markets to maintain the
value of the Vietnamese dong and exchange rate stability, and improve
national foreign exchange reserves as well as the international payment
balance.
Japanese
bank supports Dong Nai’s investment promotion
Their
cooperation plans were re-established during a January 20 working session
between Mai Van Nhon, Deputy Head of the provincial Industrial Parks
Management Board, and Hideki Nakamura, Managing Director of the bank’s Global
Business Division.
The
two sides agreed to exchange information on policies and laws, as well as
investment proposals.
Together
they will promote activities reflecting the close relations between Dong Nai
and
Nhon
expressed his wish that in addition to industrial investment, the Japanese
side will pay attention to hi-tech agricultural projects licensed by the
Vietnamese Government.
The
two sides plan to jointly hold a seminar with Japanese investors this
November.
At
present, Dong Nai has over 1,360 licensed foreign investment projects with a
combined registered capital of US$23.6 billion. Of the total, 167 projects
worth US$3.1 billion are invested by Japanese businesses, ranking them fourth
among 40 countries and territories injecting money into the locality.
Positive
sign of FDI attraction in Binh Duong
The
southern
According
to Le Thanh Cung, Chairman of the Binh Duong People’s Committee, the province
is on track to fulfill its target of luring US$1 billion in FDI for the whole
year.
Notably,
the Kraft Vina paper company added US$150 million to its business expansion
plan in 2014. Its first US$180 million paper factory was put into operation
in 2010.
Cung
said the province has established a new 300 ha industrial park as an effort
to stand ready for the Trans-Pacific Partnership (TPP) which is expected to
be signed this year.
It has
also approved the planning of the construction of 15 others, raising the
total number of industrial parks to 33 by 2020 from 28 currently, he said.
Considering
FDI as a major source for industrial development, Binh Duong has focused on
bettering partnership with foreign investors by supporting them in solving
all obstacles and creating good conditions for them to implement their
projects, said Cung.
The
official added that the locality has also paid much attention to stepping up
administrative reforms, while developing infrastructure system and human
resources to attract more FDI.
Despite
economic difficulties in 2013, Binh Duong lured over US$1.3 billion in FDI,
including US$800 million poured in 125 newly-licenced projects.
To
date, the province has hosted 2,209 FDI projects capitalized at US$18.72
billion, mainly in industrial production, trade, services, urban development,
high-tech, electronics, accessories and auto spare parts.
Tra
fish farming to be standardized
Pham
Anh Tuan, deputy general director of the Vietnam Directorate of Fisheries,
told a January 20 seminar in Can Tho city that
SUPA
representatives said the project will help almost all enterprises in the Tra
fish production chain develop new products and modern technologies, establish
business links, operate an online forum to share information, and promote
transparency relating to the origin of products in a bid to achieve sustainable
targets.
SUPA
was launched in April 2013 in the Mekong River Delta which is
Spain-Vietnam
trade sharply increases
Two-way
trade between
Of the
total, Vietnamese exports rose 9.8% to EUR1.468 billion and its imports
soared 21% to EUR182.7 million, according to Spain Customs statistics.
It
imports seafood, chemicals, mechanical equipment, plastics, dying substances,
tanned hide, electrical equipment, animal feed, and pharmaceuticals.
Two-way
trade hit a record high of EUR2.3 billion in 2012 for the first time, up
19.4% over the previous year.
JICA
helps promote PPP model in Binh Duong
Japan
International Cooperation Agency (JICA) representatives on January 20 worked
with Binh Duong province on the Public-Private Partnership (PPP) model to
carry out JICA-funded projects in the locality.
Oyama
Tomohide, in charge of providing loans in the form of Private Sector
Investment Finance (PSIF), said JICA is negotiating with relevant ministries
and agencies to reach a common consensus on the PPP model to realize its
funded in
In
Binh Duong, he said JICA will continue to support water supply and drainage
projects under the PSIF sponsoring being carried out by the Binh Duong Water
Supply Sewerage Environment Limited Company (Biwase).
Tran
Thanh Liem, vice chairman of the provincial People’s Committee, voiced his
support for JICA’s PPP negotiation plan and expressed hope the Japanese
agency will provide technical assistance and human resource training before
these projects get off the ground.
VBL
sponsors water resource security research
Four
research projects on water resource security received total funding of VND530
million from Vietnam Brewery Limited (VBL) at a ceremony held at HCMC
University of Technical Education on Thursday.
The
four projects were selected from 24 entries based on their practicality and
feasibility. They involve Tinh Tam lake improvement (
VBL
also granted 22 young talent scholarships worth VND15 million each to
students of environment in southern provinces with outstanding academic
performance.
Smartphone
sales growth strong
Sales
of smartphones on the domestic market grew strongly last year, especially in
December, said industry players.
Ngo
Nguyen Kha, managing director of MobiiStar, cited figures from market
researcher GfK to put the amount of mobile phones sold in 2013 at 17 million
units, with smartphones accounting for 40% at seven million units.
Kha
said “smartphones accounted for 40% of the sales volume but 80% of the market
value last year.”
He did
not give the specific growth rate for the whole 2013, but said sales in June
2013 more than doubled the year-earlier figure, from over 192,000 units to
484,000 units. Last December, the sales figure jumped to 800,000 units,
almost doubling the figure six months earlier, he said.
“This
is stunning growth, and smartphones have become the most attractive segment,”
he said, attributing the steep rise to the trend of people preferring smart
phones to feature phones,” he said and predicted the growth trend would
continue this year.
Nguyen
Quang Minh, general director of Q-Mobile, said the rapid expansion of the
smartphone segment would offer good opportunities for manufacturers and
retailers despite the stiff competition in this segment.
Minh
said those manufacturers of phones with nice designs, good configurations,
and affordable prices would win in the race.
Manufacturers
and retailers say that smartphones priced between VND1.5 million and VND5
million a unit sell better on the domestic market.
Property
firms ask for removal of policy bottlenecks
Real
estate companies in HCMC at a roundtable meeting on Monday with the leaders
of
Land
usage fee is one of the nine matters discussed the most at the meeting on
financial and credit policies for the realty industry in 2014 organized by
the HCMC Real Estate Association (HoREA) and NFSC on Monday.
Actually,
this is not a new problem because after its launch in 2009, many seminars on
the issue have been organized but no agreeable outcomes have been found as
expected.
Nguyen
Viet Tao, director of NVT Real Estate Company, noted that Decree 69 had
driven property companies to the verge of bankruptcy as land usage fee they
have to pay was subject to market levels, meaning they have to buy land
twice, one from the land user and the second from the State.
“We do
not ask for money. What we need is a transparent mechanism,” Tao insisted.
Similarly,
Binh Dan Real Estate Company after three years of struggling with the land
usage fee payment has become inactive because of financial constraints. The
firm said it was willing to transfer the whole project to the State and that
it was seeking approval to convert the project into a budget housing scheme
but had received no response accordingly.
Nguyen
Xuan Quang, chairman of Nam Long Investment Corporation, complained that
Decree 69 was putting huge financial pressure on local companies. In
addition, when starting a property project, the investor cannot know for sure
the amount of land usage fee it has to pay.
According
to Quang, no businesses in the industry are strong enough to develop new
realty projects if they have to pay site-clearance compensation and land
usage fee.
Truong
Van Phuoc, vice chairman of NFSC, suggested that the problems of the policies
on the real estate and housing market must be reconsidered, especially the
way of setting land prices.
Speaking
with the participating companies, Vu Viet Ngoan, chairman of NFSC, promised
to record all the matters of the realty market to report to the Government to
seek solutions in the near future.
Zamil
Steel opens new office
Zamil
Steel Vietnam, a member under
The
office covering an area of 1,700 square meters is designed with the green
office model which is friendly to the environment.
Present
in
Zamil
Steel currently has two factories, one in
Low
interest rate not the key to unlock realty market
The
central State Bank of
However,
many involved in the low-cost housing program said the low interest rate,
despite goods news for homebuyers, is not the crucial factor to buoy up the
dreary property market as long as the supply side issue is not addressed.
As per
the new decision effective from last Thursday, the lending rate is cut by one
percentage point from the previous 6% a year to only 5%, far lower than the
deposit rate of over 7% now. The central bank with this move expects to speed
up disbursement of the budget-housing program worth VND30 trillion as the
package has until now been only 2% disbursed after as many months.
As of
end-November, according to the central bank, only VND1.56 trillion of soft
loans had been committed by banks joining the program, including 1,246
homebuyers and ten housing developers. However, only VND478 billion had been
disbursed, including VND176 billion for housing enterprises.
A
deputy director of a real estate company said the decision to lower the
lending rate to 5% is a positive signal for the realty market, as it helps
lessen the financial pressure on homebuyers as well as on developers of
housing products eligible for the program (condos measured less than 70
square meters and priced at below VND15 million per square meter).
However,
he said, the biggest hindrances now are complicated procedures for both
homebuyers and developers wanting to access loans. In addition, the scarcity
of condos meeting the criteria set out by authorities makes the interest cut
less significant.
“The
bottleneck now is not the interest rate at 6% or 5%, but the short supply.
Homebuyers do not have choices on the market,” the source said.
He
said it is very complicated and time-consuming to convert a commercial
housing project into a budget scheme. It takes seven or eight months for a
housing developer to get approval for splitting their large-size condos into
smaller ones to meet the criteria, which is very discouraging and slows the
disbursement rate, he said.
Pham
The Nguyen, an executive at the Bank for Investment and Development of
Vietnam (BIDV) designated as a key lender for the budget housing program, said
the interest rate cut could hardly help speed up the disbursement.
“The
key problem is the short supply. Authorities should support developers to
increase supplies of budget homes so as to accelerate the VND30-trillion
package,” Nguyen said.
The
HCMC Real Estate Association has repeatedly proposed authorities to allow
developers of half-done commercial condo building projects meeting criteria
on budget housing to take out soft loans from the VND30-trillion package. If
the proposal is approved, the supply will rise strongly while inventories in
the property industry will be addressed.
Until
now, only a few developers of apartment projects have gained approval to
convert their commercial condo buildings into budget housing ones. Most of
these projects will not have products for sales in the next one or two years.
Insurer
Bao Viet takes the lead for capital size
Bao
Viet Life Insurance Corporation has got approval from the Ministry of Finance
to spur its chartered capital from VND1.5 trillion to VND2 trillion, making
it the biggest life insurance company in the country in terms of capital
size.
The
capital injection aims to improve the enterprise’s financial capability and
competitiveness and meet its increasing business demands. The move will also
help the enterprise launch new products to meet various demands of customers.
Last
year, the insurer obtained a 22% growth rate in new business premiums
compared to 2012.
The
enterprise now has a network of 60 member enterprises, over 300 customer
service points, 1,500 staff and nearly 36,000 agents. Over the past 17 years,
the enterprise has reached over five million customers.
VDSC:
Banking stocks make least rally in 2013
Statistics
of Viet Dragon Securities Company (VDSC) show that banking stocks posted up
the least growth rate last year on the stock market with just 3%.
Meanwhile,
sectors such as home utilities, oil and gas, public facilities and healthcare
and food reported the strongest growth. Individual and home utilities led the
way on 86%, followed by oil and gas with 78% and tourism and entertainment
77%.
2013
saw a clear divergence among stocks, of which enterprises with good
fundamentals won the day. Last year also saw a record number of delisted
stocks with 37 firms leaving the playground while only 13 firms debuted on
both bourses, VDSC said.
The
total share and bond mobilization hit VND200 trillion, of which share
mobilization made up only 10%. The total capitalization of the stock market
was VND964 trillion, or 31% of gross domestic product (GDP).
Liquidity
was mixed on both bourses. The HCMC market reported average matching volume
of 59.3 million shares each day, up 28% against 2012, while the
Foreigners
turned active on the southern bourse, posting total net buying value of over
VND5.5 trillion, a 65.4% surge against 2012.
On
both exchanges, total indirect foreign investment capital reached over VND6.8
trillion, up 51% compared to the previous year. Exchange traded funds (ETFs)
accounted for 12% of total net buying value.
The
broker said that the stock market remains an attractive investment channel
this year thanks to foreign room increase draft and establishment of ETFs and
real estate investment trusts.
New
in-vitro seedling research center opens
The
HCMC Department of Agriculture and Rural Development last Saturday
inaugurated an in-vitro seedling facility capable of supplying two million
seedlings per year.
Duong
Hoa Xo, director of the
The
center is currently preserving 330 different strains of flowers and 90 types
of pharmaceutical plants for future crossbreeding to create new high-yield
hybrids resistant to pests, Xo said.
Apart
from the new facility, the
Expert
urges rethink of incentives for FDI firms
The
Government should adjust incentives for foreign direct investment (FDI)
enterprises by abolishing certain preferential policies to secure a fair
competition environment for private domestic firms, said economic expert Pham
Chi Lan.
Local
authorities have always given land priority to foreign investors, setting
aside land lots at prime sites for FDI enterprises. Some localities have
given FDI firms tax exemptions in the first 10 years and 50% tax reduction
for the following 10 years.
For
bank credit access, it is easier for FDI enterprises to reach loans than
domestic firms. Most local enterprises have found these incentives beyond
their reach, Lan added.
A
report of a research group under Fulbright program shows that among four
development pillars of the local economy, only the FDI sector is operating
well. Meanwhile,
State-owned
enterprises, private enterprises and family-run businesses are facing huge
challenges.
“I
think that any economy should rely on internal power to grow up, not that
from the outside. Relying on the FDI sector, we have sparkling figures in
gross domestic product (GDP), growth and exports. But it is not the core
value for the economy,” Lan said.
One
day, if
In
fact, FDI investors have mushroomed in
Despite
incentives, many FDI enterprises have been uncovered to undergo transfer
pricing to evade taxes. Many enterprises have reported losses over many years
while they still have kept expanding their business in the country.
Therefore,
the Government should rethink incentives for FDI firms and re-create a fair
playground for domestic enterprises, Lan said.
Last
year, the FDI sector reported export revenue (including crude oil) of US$88.4
billion out of the country’s total of US$132.2 billion, up 22.4% against
2012. FDI enterprises contributed around 20% of the nation’s GDP.
Coffee
business still looks dreary in 2014: Vicofa
Domestic
coffee traders and farmers will likely face another year of dreary business
with price volatility and falling output, said the general secretary of the
Vietnam Coffee and Cocoa Association (Vicofa).
Nguyen
Viet Vinh said last year was a tough time for the local coffee industry, as
the country shipped abroad just 1.3 million tons of coffee beans worth US$2.7
billion, or sharp falls of 26% and 27% respectively.
Vinh
told the Daily that global economic woes have hit the coffee trade, with the
higher-grade Arabica coffee price falling to six-year low and Robusta price
to four-year low.
The
hardship was even more striking for local farmers as the area of aging,
low-yield coffee plants has expanded to 30% of the total area under coffee
cultivation. This situation has prompted the coffee yield in the last crop to
fall 15% compared to the previous crop.
Commenting
on the coffee trade outlook in 2014, Vinh said prices would remain volatile
despite falling inventories in the world. In
To
support the coffee trade, Vicofa has forwarded several petitions to the
Government and related central agencies seeking incentives for both farmers
and traders.
Vinh
said Vicofa has asked the agriculture ministry to help with coffee replanting
to replace aging coffee areas by mapping out a national program with the
support from the Government and involvement of banks and provincial
authorities.
Vicofa
has also called for the establishment of the Vietnam Coffee Development Fund
with an aim to lend a helping hand in coffee production and export, he said.
In
addition, the association has also asked the Government to support a scheme
to retain coffee so as to buoy up sagging coffee prices. Subsidized interest
rates should be given for the scheme to store 200,000 to 300,000 tons of
coffee, he said.
Vietnam
Airlines looks to serving more than 16 million passengers this year, up 7.7%
over 2013 based on the fact that country’s aviation market gained a momentum
for high growth last year.
Pham
Ngoc Minh, chief executive officer of Vietnam Airlines Corp., told a meeting
with Minister of Transport Dinh La Thang last week that the corporation
enjoyed a number of favorable factors last year coupled with more passengers
traveled by air within
The
Civil Aviation Administration of Vietnam (CAAV) reported that
CAAV
stressed that of the total number of passengers, the domestic segment
registered a strong rise of 19.3% to 14.5 million passengers, which was much
higher than a single-digit growth in 2012.
“
At the
meeting with the transport minister, Minh said Vietnam Airlines expected to
post an average seating capacity of 79% for this year.
CAAV
projected a favorable year for airlines and the market in 2014 given the bold
expansion steps by domestic carriers, including Jetstar Pacific and
VietJetAir, and increasing demand for air travel.
The
aviation authority predicted demand for air travel during the upcoming Lunar
New Year holiday, which is better known as Tet in Vietnam and begins late
this month, would grow 12-15% compared to the same period last year.
Five
major power projects to get rolling this year
Vietnam
Electricity Group (EVN) will this year start work on five major power
projects having a total capacity of 2,555MW, including Thai Binh, Vinh Tan 4,
expanded Duyen Hai thermal power projects and expanded
In an
announcement about power production plan for this year, in addition to the
five new projects, EVN will put into operation five other power generators
with a combined capacity of 1,656MW. These generators belong to Vinh Tan 2,
The
operation of new generators and the construction of new power projects will
reduce the power supply pressure and avoid power cut in the dry season,
especially in the southern region.
The
total cost needed by EVN for power projects this year is around VND123.66
trillion, or nearly US$6 billion.
According
to EVN, this year it will produce and purchase 140.5 billion kWh, up 9.9%
compared to last year’s to meet the increasing power demand. The power volume
purchased from
Regarding
divestment at non-core businesses, EVN has built a road map towards 2015 to
sell stakes at seven joint stock companies, including ABBank, An Binh
Securities
Last
year EVN divested partial stakes at Global Insurance Co. and ABBank with a
withdrawn amount of VND278 billion.
Chinese
firms seek partnership in central Da Nang
Twelve
Chinese businesses operating in construction, mechanics, electronics,
finance, and trade visited central
At
their reception for the investors, the municipal leaders voiced their hope
that the two sides’ potential partnership would generate positive outcomes
and help further consolidate the friendship between the two countries.
By
October, 2013, two-way trade between
Both
sides pledged to work together to bring the figure to 60 billion USD by 2015.
Banks
try to ease ATM overload for Tet
Banks
have said they will try to keep a smooth ATM service during the upcoming
lunar New Year (Tet) when the demand for cash sharply increases, the Dtinews
reported on January 8.
Labourers
in industrial zones often line up in front of the ATM machines, hoping that
they will not run out of cash or have technical problems. The demand for cash
always skyrockets on the approach of the longest and most important annual
festival in
Huong,
an employee at
Many
ATM machines in
Dao
Minh Tuan, deputy head of VietcomBank, said they are planning to refill the
machines three times a day this year, while the machines at industrial zones
will be refilled six to seven times a day. However, he said, due to the
holiday traffic, these refills may be delayed at times.
Deputy
governor of the State Bank of Vietnam Dao Minh Tu said: "We have asked
the industrial zones to pay wages on different days so the ATM machines won't
be overloaded. We also asked them to try to pay in cash."
Meanwhile,
smaller banks such as Tienphong Bank and OceanBank are confident they can
meet customer demand. Tienphong Bank will not even collect service fees for
customers using other banks' machines. A representative from the Vietnam Bank
Card Association said the busiest time of the day for withdrawals, between
January 26 and 28 (December 26-28 on the lunar calendar), is from 5pm-7pm.-
Nearly
2,000 more resettlement condos in Thu Thiem New Urban Area in HCMC’s District
2 will be handed over to those residents affected by development projects
there before June 30, said the city’s government.
Until
now, the municipal government has transferred 1,132 apartments to the people,
while 1,993 more apartments will be handed over between now and June 30.
As per
the city’s resettlement program, up to 12,500 apartments and houses are to be
built and transferred to local residents who are affected by urban
development schemes in Thu Thiem. The city said that apart from the 3,125
apartments being transferred, authorities are urging developers to complete
the remaining 9,135 apartments in 2015.
The
21st Century Company has been told to complete construction of 500-plus
apartments in District 2’s Binh Khanh Ward before the end of 2014 and another
500 apartments before March 31, 2015.
The
consortium Vietracimex-POSA.C has been told to complete construction of 975
condos before June 30 this year and 595 more condos before September 30.
Fruit
tree made into bonsai for Tet
Bonsai
growers in
In
recent years, besides the development of popular kinds of bonsai and flowers,
bonsai growers have turned fruit trees such as papaya, guava and
mandarin orange trees into bonsai trees worth millions of VND each.
Luu
Van Rang, from from Lai Vung District, Dong Thap Province is one of the first
households in the Southwestern region of Vietnam to be successful with
mandarin orange trees small enough to grow in a pot. Rang can earn hundreds
of millions of VND each Tet.
Rang
said this year his family has around 200 such trees for sale, valued at
VND2.5-3 million each (USD119-142.8).
Many
households in Dong Thap Province’s Sa Dec Flower Village, Ben Tre Province’s
Cai Mon Flower Village and Can Tho City's Phu Tho Village have also used
fruit trees to create bonsai trees, making large profits this time of year.
Nguyen
Van Hieu, a bonsai grower from Long Hoa Ward, Can Tho City, said he hopes to
sell 20 ornamental papaya pots at between VND700,000 and VND1 million each.
Huynh
Van Ut in Ben Tre Province’s Cho Lach Flower Village said he has used thistle
and dragon fruit trees for bonsai. It is important for growers to have skills
in taking care of the trees, and to have aesthetic sense to shape the
tree well.
Taiwan
a promising market for Vietnamese products
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.
Taiwan--the
fourth largest exporter to Vietnam--plays a pivotal role in shipping
Vietnamese products to other markets in the US, Asia and Europe, the MoIT
says.
However,
on the downside, the significantly lower import of Vietnamese goods into
theTaiwanese market, which is ranked 16th among Vietnam’s biggest importers,
results in an imbalance in trade turnover.
Over
the past two decades, Vietnam’s Taiwanese exports included telephones and
spare parts, garments and textiles, agro-forestry-fishery products, machines,
footwear, ceramics, computers, and electronics.
The
MoIT release states that with a total population of 23 million and a US$474
billion GDP, Taiwan enjoyed an annual economic growth rate of 4.8%.
Currently
there are more than 200,000 Vietnamese people living in Taiwan and that will
help promote made-in-Vietnam products in the Taiwanese market.
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 Taiwan will continue to be Vietnam’s promising export
market in the coming years, especially for three key items – telephones and
spare parts, garments and textiles, and seafood.
Vietnamese
exports to Taiwan particularly timber products, footwear, porcelains, and
ceramics will reap higher revenue, the MoIT concludes.
Source:
VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VIR
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Thứ Ba, 21 tháng 1, 2014
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