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BUSINESS IN BRIEF 24/1
Tet
shopping at supermarkets gets busier
The
Lunar New Year holiday is just ten days to go, so the shopping spree has got
hotter as people prepare for the biggest festive holiday, pushing up the
buying power at supermarkets.
In the
Daily’s observations, supermarkets in HCMC like Lotte Mart Saigon South and
Co.opmart Phu My Hung in District 7, and Co.opmart Cong Quynh in District 1
are busier with crowds of shoppers along aisles no matter what part of the
day, morning, afternoon or evening.
Supermarkets
also increase the number of cashier counters to avoid long queues of
customers waiting to make payments.
At Big
C supermarkets, the buying power increased strongly last weekend compared to
previous days.
According
to a representative of Big C, products bought much at this time of the year
are gift baskets, confectionery with nice covers, beverage and apparels.
Meanwhile, dried food products are not consumed much.
Nguyen
Phuong Thao, director of Maximark Cong Hoa supermarket, said that the number
of customers at the supermarket also increased strongly at the weekend and
gift baskets, confectionery and dried food are among the products favored the
most, she said.
Thao
added that “most of the products in gift baskets are domestically produced.”
While
supermarkets are full of customers, traditional markets and stores in HCMC
are not.
“Tet
is just days away but there are few customers,” a vendor told the Daily on
Monday.
Online
shopping spurs up express service
Domestic
express service providers have been busy these days as the online shopping
demand has turned strong given the approaching traditional Lunar New Year
holiday, or Tet.
Do
Ngoc Liem, business director of express delivery service company zShip, said
that the number of orders in the first half of this month increased by 20-30%
against last December, of which delivery orders of clothes and electric home
appliances accounted for 60-70%.
Delivery
charges have remained unchanged compared to normal days due to fierce
competition in the industry. Aside from existing 50 staff, zShip is
recruiting employees for the last week prior to Tet.
Nguyen
Tran Thy, business director of F1 Express and Trading Investment Joint Stock
Company, said that the firm has received 2,500 to 3,000 orders each day from
online trading websites since early this month, up by 40-50% against the
previous month. Most orders are made for fashion items, followed by cosmetics
and home appliances.
Meanwhile,
Tet gifts account for 70% of orders BigC supermarket chain has placed at the
company to deliver goods in HCMC and other provinces.
Goods
transport departments of coach service companies such as Phuong Trang and
Thanh Buoi have also received more guests in recent days.
An
executive in charge of goods transport and ticket sale of Phuong Trang
station in HCMC’s District 10 said that the office transports around 100
packages to Mekong Delta provinces such as An Giang, Can Tho and Kien Giang
each day.
The
products include food, clothes and motorbikes and are delivered within 24
hours.
Meanwhile,
international express and postal service providers have yet to see higher
demands.
Speaking
to the Daily via telephone, a manager of Thao Nguyen International Export
Import Service Trading Company said that the number of international Tet gift
delivery orders has fallen sharply compared to last year.
Air
transport charges have also increased by 5-10% against last December, so
customers have been hesitant at sending Tet gifts via this channel. In
addition, delivery of food products must meet safety standards of many
countries, he said.
This
month, the enterprise mainly delivers goods to the
Nguyen
Xuan Hop, deputy director of Hanoi City-based Dove Express, an agent of DHL
in
In
2013, the enterprise received over 200 orders in the first half of January
but the figure dropped to around 100 orders this year, Hop said.
Trade
turnover enjoys New Year jump
The
General Department of Customs said exports surged 10.1 per cent from the
previous year to $5.55 billion, while imports increased 15.6 per cent to
$5.51 billion.
Textile
and garment exports topped the list, rising $201 million. Footwear and
seafood exports followed, rising $91 million and $84 million, respectively.
Compared
with the same period last year, the country spent more on importing equipment
and components (up $237 million) and fabrics (up $48 million).
Foreign-invested
firms contributed $3.39 billion, accounting for more than 61 per cent of the
country's total exports by value. Moreover, companies spent $3.19 billion on
imports, which represented 58 per cent of the country's total imports by
value.
The
Ministry of Industry and Trade forecast that this year's exports will
increase 10 per cent to $145 billion thanks to an expansion into new markets
and greater opportunities from new trade deals, such as the Trans-Pacific
Partnership (TPP) and the Viet Nam-EU free trade agreement.
In a
recent report, HSBC Bank also anticipated a year of robust growth for
export-oriented firms because of improving global conditions and the possible
conclusion of trade negotiations.
The
report added that improved demand from the European Union (EU) and the United
States (US) would lift
With a
relatively high exposure to the
Tet
prices lead to slight increase in CPI
January's
consumer price index (CPI) for Ha Noi and
According
to the HCM City Statistics Office, the city's CPI rose 0.4 per cent this
month, against December 2013 but is still the lowest CPI for January in the
past five years.
The
low rise in rate has also been connected to a sharp decline in purchasing
power in January compared with the same month in previous years, said the
office.
According
to a representative of Big C Supermarket, quoted by VnEconomy newspaper,
there have been only modest increases in sales of garments and household
items, while sales of rice and other food commodities have remained stagnant.
The
approaching Tet holiday means more people are rushing to buy goods and food
items, thus driving up prices.
The
HCM City Statistics Office said 10 of the 11 items that were typically used
to calculate the CPI each month had seen price hikes. Food and catering
services, fuel, and housing and building materials, as well as garments and
footwear, among other things, saw a price hike between 0.5 and 1.24 per cent.
Beverage and tobacco products saw a price hike of 1.29 per cent, and
transport services, 1.19 per cent.
Food
prices rose only a modest of 0.16 per cent compared with the same period over
the last 10 years because of stabilisation measures controlling the supply of
rice for the domestic market and the price of food and catering services in
However,
the price of health care services dropped 0.12 per cent against the previous
month. The prices of gold and the US dollar also went down 1.37 per cent and
0.04 per cent respectively.
In Ha
Noi, the city's Statistics Office said yesterday that the CPI had increased
0.7 per cent this month, against December 2013, and 6.78 per cent over the
same period last year.
The
prices of postal and telecom services remained unchanged. Statistics Office
noted that prices have been surging, but the surge in prices has not been
sudden since there are adequate supply and stabilisation programmes in place.
The
price of gas had declined VND43,200 (US$2.2) per 12-kilo gas tank to reach
VND460,000-470,000 on January 1.
Earlier,
the Ministry of Finance had asked 19 provinces and cities with a higher CPI
in 2013 than the national CPI of 6.04 per cent to control the prices of goods
and services as the Tet holiday draws closer.
These
locations include Ha Noi, Hai Phong, Vinh Phuc, Tuyen Quang, as well as Nam
Dinh,
Vietnam
Paper Corporation targets increased production
The
Vietnam Paper Corporation (VPC) plans to produce 115,500 tonnes of paper of
all kinds this year, up 4.5 percent from 2013, and make a profit of 57.4
billion VND (2.69 million USD).
VPC
General Director Vu Thanh Binh revealed the goal at a conference reviewing
the corporation’s 2013 business activities in northern Phu Tho province on
January 22.
To
reach this year’s profit, the VPC must raise its revenue to over 3.4 trillion
VND (159.8 million USD), up 27.2 percent from last year’s figure, noted Binh.
Accordingly,
the corporation will take a large number of measures to push up investment,
productivity and quality of products, with a view to cutting cost price and
the amount of waste.
Efforts
will be made to promote after-sales services and retain and expand the firm’s
share in the domestic and international market. The paper producer will
continue to perfect its sales strategy in order to restrict the level of
price differences across regions nationwide.
In
addition to reducing unnecessary investment projects, the corporation is also
focused on tackling the difficulties of its subsidiary Phuong Nam Pulp Mill
and a paper material project in the Central Highlands
In
2013, despite difficulties sourced from an increase in price of paper
materials and decreased consumption demand, the VPC still reached a revenue
of 3.5 trillion VND (164.5 million USD), including 893 billion VND (41.9
million USD) from its export.-
These
groups were established during a visit by a working delegation from the
Ministry of Agriculture and Rural Development (MARD) to
The
visit, lasting from January 16-18, was intended to realise the signed
agreement between the ministry and
During
the visit, MARD and AQSIQ reached two important agreements, including a deal
on the supervision of food safety on aquatic products, and a memorandum of
understanding on technology cooperation and information exchange in fish
paste and fat for animal feed production.
They
also shared information on risk assessment to open the gate for
The
two sides also agreed to enhance information exchange on food safety
management and the supervision system of both countries, while working
closely in organising a conference in the field in 2014.-
Votive
paper market heating up, purchasing power low
Although
the votive paper market for the traditional Kitchen Gods Festival has been
bustling for the past few days, the purchasing power remains low.
According
to tradition, the 23rd day of the 12th lunar month is when Kitchen Gods bid
farewell and ride on carps to Heaven to report to the Jade Emperor what one’s
family has done during the year.
To
celebrate the event and honour the Kitchen Gods, families prepare a tray of
fruits, votive papers, carps (either real or unreal) as offerings for the
Gods’ journey.
They
burn votive papers and paper carps and release real carps into lakes or
rivers in the hope that the Kitchen Gods will make a successful trip to
Heaven.
Strolling
around the main streets in Hanoi, visitors can see vendors carry loads of
colourful votive papers such as Kitchen Gods clothes and footwear.
“Votive
paper” streets like Hang Ma and Luong Van Can even offer paper-made products
such as luxury and eye-catching cars, Iphones 5, motorbikes and Ipads.
Votive
paper and products are diverse this year in terms of colours and materials,
with prices ranging from tens of thousands to hundreds of thousands of
Vietnamese Dong.
A shop
owner on Hang Ma street said economic difficulties have forced families to
tighten their belt and as a consequence traders are not hiking prices in a
bid to attract consumers.
A
Kitchen Gods package, comprising three suits and hats, costs from
VND40,000-60,000 to VND250,000-350,000, depending on sizes. The small-size
packages are currently selling the best.
“Very
few people ask for paper cars, villas or TV sets,” said Ngan, a shop owner on
Hang Ma.
An
online service selling carps is booming these days, especially for those who
are busy at work. Social forums and networks including facebook are full of
information about such service.
An
individual facebooker sells three red carps for approximately VND30,000 to
VND50,000 depending on the size of the fish. The carps are packaged in a
nylon bag and delivered to buyers’ door.
“The
online carp market is selling well this year. Yesterday I purchased 1,500 red
carps, two thirds of them have been ordered by online customers,” said Tuan,
a facebooker.
Tuan
said white-collar workers do not want to waste their time shopping these
days, and they fear traders at traditional markets hike prices, so the
door-to-door service is a perfect solution.
Trang,
another white-collar worker in Hanoi, said she surfs the net and receives
around 200 orders at work every day. Her husband is tasked with delivering
the carp to customers.
Every
day Trang has received approximately 200 orders and the couple pocket several
hundreds of thousands of Vietnamese Dong in profit.
HCM
City expands trade with Asian neighbors
The Ho
Chi Minh City Investment and Trade Promotion Centre (ITPC) is positioning
itself to expand trade with its neighbors, Laos, Cambodia and Myanmar.
At a
meeting in the city on January 22, ITPC Director Pho Nam Phuong said it
efforts are strategically aimed at supporting local businesses to invest in
these countries in hopes of boosting cooperation and accelerating
import-export activities.
The
ITPC is also extending invitations to multinational groups and investors to
reciprocate and invest in HCM City, Phuong said.
Nguyen
Thi Hong, Vice Chairwoman of the municipal People’s Committee, spoke
glowingly of the ITPC’s effort in promoting Vietnamese trademarks abroad and
said the ITPC is an important bridge to economic development.
Hong
also urged the ITPC to improve upon its image and transform itself into an
internationally recognized driving force in promoting trade and investment.
The
ITPC should strive to raise research capacity and be creative in implementing
proper solutions in line with socio-economic development orientations and
actively support business production, Hong suggested.
As the
city’s primary trade promotion agency, the ITPC conducted a number of
programs in 2013, contributing to stimulating economic demand in agriculture,
high-tech and the food industry.
It was
also instrumental in the success of a Vietnamese products fair, increasing
productive dialogues between the city leaders and businesses, and promoting
investment and trade activities in Japan, Laos, and Hong Kong.
Promoting
Vietnam-India trade exchange
Vietnam
and India saw a 33% trade growth rate in 2013 and they will strive to raise
bilateral trade to US$15 billion by 2020.
The
figures were unveiled by Harish Taparia, Chairman of the Indian Business
Chamber in Vietnam (Incham) at a Vietnam-India Trade Exchange in Hanoi on
January 22.
He
noted the two countries’ business communities have increased investment and
trade exchanges, focusing on tea, pharmaceuticals, information technology,
energy, and mining.
To
achieve the 2020 target, relevant agencies of India and Vietnam are
encouraging their companies to meet and establish partnerships.
At the
event, Indian Ambassador to Vietnam Preeti Saran emphasized both India and
Vietnam have treasured a time-honoured relationship which was founded and
fostered by late Prime Minister Jawaharlan Nehru of India and late President
Ho Chi Minh of Vietnam.
She
recalled the establishment of the strategic partnership between the two
countries in 2007, and the successful organisation of activities in 2012
marking 40 years of bilateral diplomatic ties.
She
expressed hope the India-Vietnam partnership will be further developed into
the future in all areas including politics, economics, social affairs,
culture, education, security and national defence.
RoK investor to
pour US$10 million in Ha Nam park
The
Republic of Korea’s Seoul Electronics &Telecom Co., Ltd. has pledged
US$10 million to Phu Ly city’s Chau Son Industrial Park in the Red River
Delta province of Ha Nam.
An
agreement to this effect was signed between the company and the park’s
management board on January 22, becoming the first foreign invested project
in the province in 2014.
Under
the document, a plant to produce AC adapters for electronic and telecom
devices will be built on an area stretching 3 hectares.
The
company is expected to receive the investment license prior to the Tet (Lunar
New Year) festival so that it can start the plant’s construction after the
holiday.
Chairman
of the Ha Nam People’s Committee Mai Tien Dung said the Chau Son park will
welcome RoK investors and the province will create the best possible
conditions for them.
To
date, 42 RoK investors are operating in Ha Nam province.
HCM
City – Belgium cooperation falling short of potential
There
is massive potential for cooperation between Ho Chi Minh City and Belgium,
yet their trade ties remain modest, said Chairman of the municipal People’s
Committee Le Hoang Quan.
At a
reception for Belgian Deputy Prime Minister Johan Vande Lanotte on January,
Quan noted the southern economic hub exported US$154 million worth of
commodities to Belgium in 2013, while its imports from the country stood at
over US$243 million.
Belgium
now has 14 projects valued more than US$8.5 million in Ho Chi Minh City and
is aiding the city in several important developments, such as dredging the
Soai Rap River, he said.
The
official expressed his belief through Lanotte’s visit, both sides can boost
their collaboration in fields of mutual concern, and Ho Chi Minh City will
try its best to promote these relations, especially in economics.
Speaking
highly of the development potential with Ho Chi Minh City, Lanotte claimed
the Belgian Government attaches great importance to the two countries’
relations.
He
voiced his interest in the city’s infrastructure development projects,
including those to build a new seaport system.
He
also told city authorities to compile detailed proposals for projects seeking
financial assistance to make it easier for Belgium to consider them.
Trade
promotion scheme lacks funding
Since
state funds for the national trade promotion scheme are limited, the relevant
ministries, industry associations and enterprises have been urged to focus on
improving the scheme's efficiency.
The
government has approved a total outlay of VND70 billion (US$3.4 million) for
the national trade promotion scheme, which is about 32.5% of the estimated
requirement. The figure is also lower than last year's VND93.73 billion
(US$4.3 million).
The
Deputy Director of the Trade Promotion Agency under the Ministry of Industry
and Trade (MoIT), Ta Hoang Linh, said the target for export growth has been
set at 10%, or US$145 billion, for this year. That will be a challenging task
given the limited state funds.
In
order to achieve the export target, the ministry noted exports must be
calibrated to suit global consumption trends, while exploiting Vietnam's
advantages.
Director
of the Trade Promotion Agency Do Thang Hai said the ministry has ratified
nine promotional projects that can be implemented early this year.
The
first phase of the national trade promotion scheme will receive more than
VND30 billion (US$1.4 million).
"The
early approval of the national trade promotion scheme will help enterprises
plan their own promotional campaigns more effectively, and encourage more
enterprises to join the scheme and seek new business opportunities and expand
markets," Hai stressed.
In
2013, the trade promotion scheme was focused on traditional products, such as
fisheries, agricultural products, wood, garments, and footwear, that
contributed to overseas market expansion and local market development.
The
national trade promotion scheme supported the participation of more than
6,800 enterprises last year, with the total value of transactions, contracts
and memoranda signed increasing to US$1.4 billion.
In
addition, trade fairs held under the scheme attracted 1.8 million visitors
last year.
Exports
to Japan up 4.5% in 2013
Vietnamese
exports to Japan hit more than US$13.65 billion in 2013, an increase of 4.5%
over the previous year, according to the General Department of Customs.
Garments
topped the list of export items, earning US$2.38 billion, accounting for 20%
of the country’s total and up 20.7%.
Japan
currently consumes more than 13% of Vietnam’s garment exports.
Crude
oil came a close second with earnings of US$2.08 billion, down 17.3%,
followed by means of transport and tools valued at US$1.85 billion, up 9.9%.
Despite
an export value of US$248.2 million, Chemicals achieved the highest growth of
56.2% despite a modest export value of US$248.2 million.
Other
products with high growth included wood and timber products (US$819.9 million,
up 22.5%), footwear (US$389.3 million, up 18.6%), bags, wallets, suitcases,
hats and umbrellas (US$235.3 million, up 33.1%).
Export
surplus hits US$40 million in early 2014
Vietnam
produced an export surplus of US$40 million in the first two weeks of this
year, reported the General Department of Customs.
Accordingly,
total export-import turnover hit US$11.05 billion from January 1-15, an
annual increase of 12.7%. Of the combined value, export earnings reached
US$5.55 billion, up 10.1% compared to the same period last year.
Products
attaining high export value included garments (US$201 million), footwear
(US$91 million) and seafood (US$84 million).
Foreign
direct investment (FDI) enterprises raked in US$3.39 billion from exports,
representing an increase of 12.6% and accounting for nearly 61.2% of the
country’s total.
The
country’s import value hit US$5.51 billion in the reviewed period,, up 15.6%.
Key import commodities include machinery (US$237 million), oil and gas
(US$138 million), corn (US$60 million) and fabric (US$48 million).
The
import value of FDI businesses fetched US$3.19 billion, up 16.3% and making
up 58% of the country’s total.
Country’s
growth needs in stronger economic restructuring
Vietnam’s
economic outlook for 2014-2015 needs to be imbedded with the stronger
restructuring of the national economy in order to shape a new growth model,
said an official from the Central Institute of Economic Management (CIEM).
Dr. Vo
Tri Thanh, CIEM deputy head, made the remark at a January 21 conference
called “2014 global economic prospects - coping with policy normalisation in
high-income countries” held in Hanoi by the CIEM and World Bank.
He
said hastening economic restructuring helps Vietnam’s main components,
including State-owned enterprises and banks, operate more efficiently and
better adapt to environmental issues, especially climate change.
After
a couple of years of recession, the global economy is showing signs of a
bounce back this year, pulled along by a recovery in high-income economies,
international economists projected.
In
addition, developing country growth is firming up, thanks to the recovery in
high-income economies and growth in emerging markets, especially China.
However,
they said pressure from increasing interest rates and credit bubble in some
countries may impose risks.
The
growth in East Asia and the Pacific will stay at 7.2 percent in 2014 and see
a slight decrease to 7.1 percent in the next two years, said Andrew Burns,
Manager of the Global Macroeconomic Trends Team of the Development Prospects
Group at the World Bank.
If
realised, Burns anticipates the growth rate will mitigate the vulnerability
accumulated during the years of middle-income economies’ rapid development.
Economic
recovery in high-income nations will propel developing countries’ growth,
which, however, will be partly hampered by tightening finance and reducing
commodity prices, the WB official said.-
Remittances
to HCM City make up half of the total
Overseas
remittances sent to Ho Chi Minh City in 2013 hit 4.8 billion USD, accounting
for nearly half of the sum channeling to the country.
Between
50-60 percent of the 1.2 million overseas Vietnamese (OVs) visiting the
homeland in the year stayed in the City, which is dubbed the country’s
economic and business hub.
These
figures were reported to more than 700 OVs from 30 countries and territories
worldwide to the January 21 get-together with HCM City authorities to herald
the upcoming Lunar New Year.
Chairman
of the municipal People’s Committee Le Hoang Quan spoke of the significant
contributions made by OVs and their relatives across the world to the
development and integration of the country and the City.
The
official also commented on the fact that more expatriate scientists and
experts have returned to invest, research and lecture in the country.
He
pledged that the OVs will be proactively provided with information about the
country and the city in particular as well as help to live and run business
at home with their legitimate rights ensured.
He
took the occasion to call on OVs to join hands in spurring the city’s overall
growth.
At the
meeting, individuals, collectives and businesses in the city with outstanding
contributions to OV affairs in 2013 were honoured.-
Bad
debts reduced to 3.79 percent
Bad
debts in Vietnam’s entire banking system was 3.79 percent of the outstanding
loans at the end of 2013, the State Bank of Vietnam (SBV) said on January 21.
The
central bank reached its initial target on settling non-performance loans
(NPLs) last year, in which the Vietnam Asset Management Company (VAMC), a
wholly State owned company managed by the SBV, has bought nearly 40 trillion
VND (1.88 billion USD) of bad debts from banks, said Le Duc Tho, head of the
SBV’s Office.
The
SBV continues to set bad debt settlement as a key target of its monetary
policy in 2014, Tho said, adding that it will continue implementing solutions
to prevent new NPLs in the future.
In
Directive 01/CT-NHNN on implementing the monetary policy and ensuring banks
perform safely and more effectively in 2014, SBV Governor Nguyen Van Binh has
urged SBV units and credit institutions to improve their financial capacity
and governance while ensuring banking operations and handling NPLs.
Vietnam,
Germany bolster agricultural cooperation
The
Vietnamese delegation’s recent visit to Germany and the upcoming tour of
Vietnam by delegates from Bavarian state are expected to further boost
cooperation between the two sides in various fields, especially agriculture,
biology, and technology transfer.
Vietnamese
Ambassador to Germany Nguyen Thi Hoang Anh has made the statement at a recent
meeting in Berlin between the two sides.
At the
meeting, Martin Neumeyer Deputy Minister of Food, Agriculture and Forestry
from Bavarian said the German state takes much interest in agricultural
cooperation with Vietnam, adding that he hopes the Vietnam tour in September
by Minister Food, Agriculture and Forestry Helmut Brunner will further boost
the cooperation between the two sides in the field.
According
to Prof.Dr. Do Nang Vinh, Vice Director of the Agriculture Genetics
Institute, despite recent achievements in agriculture, it will be hard for
Vietnam’s agriculture science to develop without technical assistance in the
coming time.
He
voiced his hope to set up an effective cooperation mechanism with German
businesses and scientists in the sector.
During
its visit to Germany, the Vietnamese delegation led by Le Van Tam, Chairman
of the Lam Son Sugarcane Refinery Company also visited Saxony State’s
Mittelsachsen district and signed an agreement on agriculture and new energy
training.
Vietnam,
RoK to hasten FTA negotiations
Vietnam
and the Republic of Korea (RoK) will speed up their negotiations for the
signing of a free trade agreement (FTA) between the two countries in 2014.
The
consensus was reached by visiting Deputy Prime Minister Nguyen Xuan Phuc and
his RoK counterpart Hyun Oh-Seok, who is also the RoK Minister of Strategy
and Finance, during their talks in Seoul on January 21.
Both
officials voiced their pleasure at the burgeoning and effective growth of the
bilateral friendship and cooperation, particularly since the establishment of
their strategic cooperative partnership in 2009.
They
agreed on major directions and concrete measures to bring the partnership to
a new height for the two peoples’ interests and regional peace, stability,
collaboration and development.
They
were unanimous in increasing high-ranking visits to enhance mutual trust and
understanding, as well as strategic dialogues and result-orientated
cooperation in diplomacy, defence and security.
Both
sides agreed to intensify their economic and trade relations, working to push
two-way trade turnover to 70 billion USD by 2020, and devising practical
measures to reach a trade balance.
The
host said the RoK will consider optimal conditions for Vietnamese imports
into the country and reinforce affiliation in high technology and the support
industry.
Deputy
PM Phuc affirmed that the Vietnamese Government will spend the RoK’s 100
million USD low-interest loan on expanding its e-governance.
He
also asked the RoK Government to continue its support to key cooperation
projects between the two countries, including the Vietnam-Korea Institute of
Science and Technology, the Vietnam Happiness Programme, and a national
training centre for counter terrorism.
Hyun
Oh-Seok said the RoK deems Vietnam as an important partner in the region and
in its official development assistance (ODA) provision policy. He pledged it
will further ODA supply to the Southeast Asian country, especially in green
growth, infrastructure building and human resource training.
At the
talks, the two sides agreed to exert their efforts to boost people-to-people
exchanges, and protect the legitimate rights of their citizens residing in
the other country.
The
guest spoke highly of the signing of a memorandum of understanding on labour
cooperation between the RoK Ministry of Employment and Labour and the
Vietnamese Ministry of Labour, Invalids and Social Affairs.
He
also asked the host side to soon give quotas for Vietnamese workers to
facilitate their employment in the RoK.-
HCM
City bourse to get new indices
The
HCM City Stock Exchange is set to unveil several new indices next Monday,
including the VNMidcap, VNSmallcap and VNAllsharecap.
In
2012 it had announced its VN30 Index of 30 leading companies in terms of
market capitalisation and liquidity.
The
VNMidcap will have 70 companies with lower market capitalisation than those
in the VN30.
The
VN100 comprises of those in the VN30 and the VNMidcap.
The
VNSmallcap, as the name suggests, consists of companies with low market
capitalisation.
The
VNAllshare consists of those in the VN100 and the VNSmallcap. The free float
of all companies should be more than 10 per cent to remain in the indexes.
HOSE
CEO Phan Thi Tuong Tam said at a review meeting last week that the indices
are built to reflect the price fluctuations of shares with various levels of
market capitalisation.
The
HOSE-Index is a standard benchmark to serve investment and act as the basic
index for ETF (exchange-traded fund) and derivative products.
Last
year the average number of shares traded daily was 64.8 million worth VND1.06
trillion or more than US$50 million, up 15 and 21 per cent from 2012.
HOSE
organised 29 auctions, including 16 IPOs, to sell more than 70 million shares
for VND825 billion ($40 million), up 551 and 426 per cent. There are currently
303 shares and mutual funds listed on the bourse.
Last
October HOSE became a member of the World Federation of Exchanges.
Orient
Bank links up with container services firm
The
Orient Commercial Bank signed an agreement on Thursday with the Tan Cang-Long
Binh Inland Container Depot (ICD) to provide services to the latter's
customers.
It
will provide loans to companies at a higher rate than normal against their
goods warehoused at the ICD, import services like letters of credit (L/C) and
customs procedures, and loans to pay for imports.
Exporters
can get loans for buying goods for export.
The
bank will also offer online import-export tax payment services.
Promotions
forbidden for telecom providers with poor services
Telecom
companies and Internet providers will not be permitted to offer promotions if
they do not ensure the quality of their services before and during the Tet
(Lunar New Year) holiday.
The
directive was recently issued by the Ministry of Information and Communications.
The
ministry has asked telecom firms to increase their monitoring and prevent any
illegal third-party from exploiting telecom infrastructure and the Internet
to deliver emails or mobile phone messages with illegal content or viruses.
It also
urged the service providers to check and maintain their equipment and
communication lines, offer support for emergency cases arising out of
congested telecom services, as well as ensure uninterrupted services for
governmental agencies.
Decree
sets conditions for cash payments
The
Decree applies to the State Bank of Viet Nam ("SBV"), credit
institutions, foreign banks' branches and organisations and individuals
making payments in cash.— File Photo
The
Government has issued Decree No.222/2013/ND-CP (31 December 2013) regulating
payments in cash and the State management of payments in cash in some
specific types of transactions on Vietnamese territory.
The
Decree applies to the State Bank of Viet Nam ("SBV"), credit
institutions, foreign banks' branches and organisations and individuals
making payments in cash.
For
the purpose of this decree "payments in cash" refers to
organisations and individuals using cash to make direct payments or implement
other payment obligations. Payments in cash in certain transactions are
regulated as follows:
1.
Payments by State organisations: Organisations using the State budget or
capital must not make cash payments except for transactions that the Ministry
of Finance ("MoF") or SBV specifically allows cash payments to be
made.
Organisations
using State budget are those that make budget estimates, those supported by
the State budget, and investors or project management boards with projects
financed by the State budget.
Organisations
using State capital are those funded by credit that has been guaranteed by
the State, capital loaned by credit institutions for investment in national
development and other State investment capital.
2.
Securities transactions: Organisations and individuals must not make payments
in cash for securities transactions on the Stock Exchange. They should not
make payments in cash for securities transactions registered and deposited at
the Securities Depository and not conducted via the transaction system of the
Stock Exchange.
3.
Enterprises' financial transactions: Enterprises must not make payments in
cash in transactions of capital contribution and share sale, purchase and
transfer to other enterprises. Enterprises that are not credit institutions
must not use cash to borrow or lend to each other.
4.
Providing cash loans: Credit institutions and foreign banks' branches can
provide loan in cash to clients in accordance with SBV regulations.
5.
Agreement and registration of cash demands: Credit institutions and foreign
banks' branches can reach agreement with the clients about plans for
withdrawals of money in cash after prior notification from the clients in
case the withdrawal involves large amounts. Units transacting with the State
Treasury needing to withdraw money in cash must register them in accordance with
MoF regulations.
6.
Cash services fees: SBV fixes the cash services fees to be paid by its
clients. Credit institutions and foreign banks' branches fix the cash
services fee to be paid by their clients and list it publicly in accordance
with regulations. Cash services mean payments, withdrawals and other
cash-related services.
This
Decree takes effect on 1 March 2014 and replaces the Government Decree
No.161/2006/ND-CP (28 December 2006).
Binh
Duong off to great start in attracting foreign investment
The
southern province of Binh Duong has attracted US$300 million in foreign
direct investment (FDI) in the first 20 days of this year, triple the figure
seen in the same period last year.
The
province is on-track to meet its yearly target of $1 billion in FDI, the
provincial People's Committee chairman Le Thanh Cung said.
In
order to capture the opportunities that will be unleashed by the
Trans-Pacific Partnership (TPP), which is expected to be signed this year,
the province has established the 300-ha Bau Bang Industrial Zone, he noted,
adding that the new zone will focus on attracting foreign investment in the
textile and garment industry.
Meanwhile,
it has also approved the establishment of five additional industrial zones,
raising the number of zones in the province to 33 by 2020 from 28 currently,
he said.
Since
FDI is considered important for industrial development, the local authorities
have paid considerable attention to the requirements of foreign investors and
made efforts to provide a conducive environment for investing, Cung added.
Priority
has also been given to fostering administrative reforms, improving
infrastructure and enhancing the quality of local human resources to attract
higher levels of FDI.
Despite
several global and domestic economic difficulties, last year, Binh Duong
attracted over $1.3 billion in FDI. Of the total, $800 million came from 125
newly-licensed projects, while the remainder was accounted for by 124
operating projects that increased their level of investment.
The
latest addition has brought the total number of licensed foreign-invested
projects in the locality to 2,209, capitalized at $18.72 billion.
These
projects mainly focus on industrial production, trade, services, urban
development, high-technology products, electronics, accessories and auto
spare parts.
Cash
crops top $1b in exports
Seafood,
timber, rice, coffee, rubber, cashew nuts and cassava earned more than US$1
billion each in export turnover last year.
According
to statistics from the Ministry of Agriculture and Rural Development, thanks
to a rapid and stable growth of 30 per cent for the past three years, fruits
and vegetables joined the $1billion export club for the first time.
The
export of aquatic products ranked first with $6.7 billion, up 10.1 per cent
over the previous year. The US is the largest importer of Viet Nam's aquatic
products, with a value of $1.33 billion, up 21.9 per cent year on year and
accounting for 21.89 per cent of the total export value of the product.
The
export of timber and wood products, ranking second, brought home $5.37
billion, up 15.2 per cent against last year.
The
export of these items saw high growth in big markets such as the US (up 10.26
per cent), China (up 34.64 per cent), Japan (up 20.97 per cent) and the Republic
of Korea (up 45.23 per cent).
The
export turnover of rice reached 6.61 million tons, valued at $2.95 billion.
China ranked first among the importers of rice from Viet Nam, with 2 million
tons, worth $849.36 million, and accounting for 30.93 per cent.
Coffee
exports, standing at the fourth place, raked in $2.75 billion, followed by
rubber at $2.52 billion, cashew nuts at $1.63 billion and cassava at $1.11
billion.
The
volume of cashew exports reached 257,000 tons, worth $1.63 billion, and up
15.8 per cent and 9.7 per cent in volume and value respectively.
With a
shipment of 3.1 million tons, cassava exports also contributed $1.11 billion
to the country's agricultural product export value of $13.1 billion.
Source:
VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VIR
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Thứ Năm, 23 tháng 1, 2014
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