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BUSINESS IN BRIEF 26/2
Investment
deal agreed for petrochemical complex
The
JGCS Consortium and
The
US$91-million sub-contract is for the construction of the project's civil
works, zone-1 and zone-2.
Speaking
at the signing ceremony in Hanoi on February 22, Deputy Prime Minister Hoang
Trung Hai required the project's main contractor, JGCS, and domestic
sub-contractors, including Construction Corporation No1, to closely
coordinate with the project's investor, consultant and supervisor to assure
the project progresses on schedule and at a high quality, while maintaining a
safe environment for workers and environmental protection standards.
The
success of the project will help continuously build ties between domestic and
foreign contractors in future projects, Hai added.
He
also highly praised the JGCS's preparation for the project's construction and
congratulated Construction Corporation No1 as the Vietnamese firm that can
prove its competence and experience to be selected as a sub-contractor of the
project.
The
project is the largest-ever in Southeast Asia and also the largest FDI
project in
It is
a joint venture between PetroVietnam, with a 25.1% stake, Kuwait Petroleum
International with 35.1%,
Once
commissioned in 2017 as scheduled, the project is expected to refine 200,000
barrels of crude oil per day, which is the equivalent of 10 million tonnes of
oil per year. It is estimated it will create thousands of jobs during the
construction period and more than 1,000 jobs when operational.
This
will be the second oil complex in
The
JGCS Consortium includes
Finance
ministry moves to unpick business barriers
The
Ministry of Finance held a meeting in
According
to the council,
Participants
at the meeting proposed detailed suggestions to create an investment
environment in accordance with international practices.
Minister
of Finance Dinh Tien Dung recognised the active contributions of foreign
direct investment projects in
He
said in 2014 and the following years,
To
this end, the country will focus on quality and added value, as well as those
that are environmentally friendly and adopting advanced technologies.
Dung
said his ministry is committed to stepping up the perfection of its
management mechanisms to facilitate overseas businesses in
Russian
investor eyes US$1 bln coal-use petrol plant
On-site
low quality coal will be used to feed the plant to be built in Cam Pha
district which is rich in coal reserves.
The
plant will use globally advanced, environmentally friendly technology. It is
expected to generate 10,000 jobs for local people and those from neighbouring
areas.
During
a recent working session with provincial leaders, Rosnhepchegat chairman
Milogolov Valeri Pavlovich expressed his company’s desires to invest in the
project and sought Quang Ninh’s support for it.
Nguyen
Van Thanh, Vice Chairman of the provincial People’s Committee, assured his
guest the province will create the best possible condition for the investor
to carry out the project in the second quarter this year.
CPI
surges slightly on low purchasing power
The
General Statistics Office of Vietnam (GSO) reports the consumer price index
(CPI) for February rose 0.55% over the previous month and 4.65% over a year
ago – a 10-year record low.
Ten
out of 11 groups of products and services experienced CPI growth, ranging
from 0.05 to 1.15%. The highest growth rate was in food and catering and the
lowest was in pharmacy and healthcare. Housing and construction material
prices decreased 0.64%.
Normally
the traditional Lunar New Year (Tet) festival falls in February when consumer
demands for goods and services often rise suddenly, fuelling CPI. On the
contrary, February 2014’s CPI did not follow the trend.
Head
of the GSO’s Price Statistics Department Nguyen Duc Thang explains thanks to
favourable weather conditions this year farm produce supply exceeded demand,
and as a result food and foodstuff prices increased slightly during the Tet
holiday.
In
addition, when the economy has yet to recover completely, consumers have
still tightened their belt, focusing on daily necessities. Market prices went
up several days before Tet and quickly returned to normal.
Despite
a stable supply, food prices inched up slightly against the previous month
owing to a high demand for delicious rice and sticky rice.
An
increasing demand for travel during the Tet holiday caused prices of
restaurants, catering services and public transport to rise significantly.
Domestic
gold prices edged up 1.87% against the previous month to reach VND35.3
million/tael. The foreign currency exchange rate remained stable at
VND21,120/USD.
Thang
predicts that essential commodities will go up slightly in March and the CPI
is likely to surge around 0.55-0.6%.
The
agreement was reached at the fifth session of the Vietnamese Ministry of
Planning and Investment (MPI) and the Cambodian Ministry of Planning (MoP) in
Phnom Penh on February 24 co-chaired MPI Minister Bui Quang Vinh and MoP
Minister Chay Than.
The joint
programme will span a number of key areas, including transport,
telecommunications, finance, banking, agriculture, and tourism connecting
border provinces of both sides.
Vinh
and Than said in 2014 the two ministries will continue conducting regular visit
exchanges to share experience and increase cooperation, especially in
training.
The
two ministries convened the meeting during
MoP
Minister Than presented the Cambodian Prime Minister’s Order to 26 officials
and former experts of the Vietnamese MPI.
Minister
Vinh paid a courtesy visit to Prime Minister Hun Sen.
HCM
City banks cut deposit rates after New Year
Many
banks in
Sacombank
reduced them by 0.3-0.5% for short-term deposits on February 12, with the
rate for one-month deposits falling to 6% and 6.6% year for less than VND50
million (US$ 2,370) and over VND50 million.
On
February 20 the bank cut the rates by another 0.1% to 6.5% annually for the
latter.
On the
same day ACB slashed rates by 0.3% for short-term deposits to 6.5% for one-
and two month deposits and to 6.6% for three months.
Several
other banks followed suit. Nam A Bank trimmed six month deposit rates from
8.6% to 8%, and for 12 months, from 9% to 8.7%.
A
Sacombank official said with the State Bank of
They had
hiked lending rates due to high demand for credit before the Lunar New Year.
According
to the central bank’s HCM City branch, as of the end of January lending by
banks in the city had amounted to VND949 trillion (US$ 44.5 billion), down
0.41% from the end of December.
Exclusive
The
central
The
establishment of a Korean-style industrial and urban complex focusing on
industrial manufacturing and processing projects, support industries, and
infrastructure and tourism projects from the RoK would help the park fulfill
its development target and fit in with the global investment trend, chairman
of the Quang Nam provincial People's Committee Le Phuoc Thanh said in his
letter to Deputy PM Nguyen Xuan Phuc.
In
2012, the committee first drew up plans for the complex with RoK developer
C&N Vina. They intended to develop a 1,600-ha project comprising 700ha
for Tam Anh industrial zone, 350ha for a township and 550ha for tourism
services.
In
April 2013, the developer obtained an investment certificate to develop the
200-ha Tam Anh industrial zone, which is worth US$25 million, within the
complex. To date, 10 foreign investors have agreed to set up small-scale
projects in Tam Anh Industrial Zone, said Thanh.
The
complex, according to Thanh, would help the province improve its investment
climate in the fields of industrial manufacturing and processing, especially
for South Korean companies.
According
to the Management Board of Chu Lai Open Economic Zone, nine projects were
certified in 2013, with total registered capital of $239 million, including
one FDI project.
To
date, the Chu Lai Open Economic Zone has hosted 92 investment projects, with
total registered capital of $1.7 billion, of which 64 projects have been put
into operation.
VN
exporters urged to tap
Vietnamese
businesses need to boost exports to Hong Kong to not only exploit that market
but also neighbouring ones, a seminar heard in
"Hong
Kong – An International Hub for Legal and Arbitration Services" seminar
was held to provide information about
The
territory is emerging as a promising market for Vietnamese seafood products,
the Viet Nam Association of Seafood Exporters and Producers said, adding that
exports to
It is
also an important market for Vietnamese rice, especially fragrant rice.
According
to the General Department of Viet Nam Customs, trade between
Key
exports included seafood, rice, wood and wood products, textile and garment,
footwear, computers, and electronic products and equipment.
Hong
Kong is also considered a trade and investment gateway to mainland
Hong
Kong Secretary for Justice Rimsky Yuen was among those attending the seminar
organised by the Viet Nam Chamber of Commerce and Industry, the Hong Kong
Department of Justice, the Hong Kong Trade Development Council, and the Hong
Kong Economic and Trade Office in
CBAs
promote industrial relations
The
application of sectoral collective bargaining agreements (CBAs) has raised
awareness of both employers and employees of developing win-win industrial
relations.
The
function was organised by the Ministry of Labour, Invalids and Social Affairs
(MOLISA) at a workshop in
The
textile and apparel industry was the first to sign CBAs at a sectoral level
in 2010. To date, more than 100 businesses with over 136,000 labourers have
inked the agreements.
Under
the documents, a number of terms benefiting employees have been realised, for
example those related to salary, food expenses and allowance, reports read.
Truong
Van Cam, Vice Chairman of the Vietnam Textile and Apparel Trade Union, said
since CBAs were applied, there have not been any serious labour disputes that
led to strikes in this sector.
Following
the southern
Deputy
Head of the MOLISA’s Department of Labour and Wage Le Xuan Thanh said CBAs
are important to build harmonious and stable industrial relations. They will
better ensure employees’ rights, improve the sense of responsibility of all
sides to observe laws, and reduce labour disputes and strikes.
Transport
sector focuses on BOT, BT, PPP investment
The
transport sector has mobilised resources to invest in Build-Operate-Transfer
(BOT), Build-Transfer (BT) and Public Private Partnership (PPP) projects in
various fields.
According
to Le Anh Tuan, Head of the TPP Department under the Ministry of Transport
(MOT), the ministry has so far managed 56 projects of these kinds with a
total investment of VND165 trillion (nearly US$7.82 billion).
Of
those, 14 have been put into use, 34 others are underway and the remaining
will be soon implemented, he said.
PPP
invested highway projects such as Dau Giay-Phan Thiet, Ninh Binh-Thanh
Hoa-Bai Vot (Ha Tinh province) and Trung Luong-My Thuan highways are facing
difficulties in mobilising funds due to high costs and the need for
government contributions.
Meanwhile,
the air, rail and river transport sectors have yet to mobilise capital for
infrastructure construction and have payback policies and methods.
To
solve these problems, Tuan said the MOT has focused on promoting key BOT
projects on national highways 1 and 14 by accelerating the completion of
procedures related to investment licence and signing of project and credit
contracts.
The
PPP projects will be divided into phases with the first one prioritised while
BT infrastructure projects will be refunded by using land or operating other
projects in combination with the local economic development, he noted.
The
ministry has directed its agencies to further promote investment and provide
adequate and prompt information on BOT, BT and PPP projects. The State will
continue collecting road fees or selling this right to get money to refund
loans.
Vietnamese
Ambassador to Italy Nguyen Hoang Long has said he hopes the European country
will aid
He
voiced his expectation at a working session between Vietnamese fashion
designers and Stepano Dominella, President of Italian fashion house
Gattinoni, in
The
diplomat cited the fact that
Therefore,
to enhance exchanges of information and experience, the Vietnamese Embassy
and domestic designers have organised fashion shows in some Italian cities
and meetings between the two countries’ designers.
Dominella
said although
He
expressed his hope that the Italian industry and Gattinoni in particular will
gain a foothold in new markets in Asia, including
He
also affirmed Gattinoni’s support for young Vietnamese designers.
At the
session, both sides agreed to work with the Association of Textile, Garments
and Fashion of Rome to hold a Vietnamese fashion show in the Italian capital
in September and another for Roman fashion in Vietnam in December.-
Companies
outline IPO plans for Q1
Companies
plan to launch a number of initial public offerings (IPOs) at the end of
February and in March, and trillions of dong will likely be needed to absorb
them.
These
companies are primarily from the construction and transportation sectors,
such as the Ha Noi Construction Corporation (Hancorp), the Civil Engineering
Construction Corporation No 1 (Cienco 1), the Transport Engineering Design
Inc (Tedi), and the Viet Nam Water and Environment Investment Corporation
(Viwaseen).
The
Thang Long Construction Corporation and
Most
of these companies will offer shares at VND10,000 (US$0.47) each, while
Hancorp with charter capital of VND1.9 trillion ($90.4 million) and Viwaseen
with charter capital of VND800 billion ($38 million) will each offer shares
at the price of VND10,200.
As an
IPO pioneer this year, Viglacera Corporation, which had charter capital of
more than VND3 trillion ($142.8 million), raised more than VND200 billion
($9.5 million) from its IPO on Thursday. The IPO attracted more than 600
organisations and individual investors.
A
volume of 19.47 million shares were sold at VND10, 301 per share,
constituting 25.3 per cent of Viglacera's offered share volume. Notably,
foreign investors bought 52 per cent of the volume of shares sold.
The
Bach Dang Construction Corporation held its IPO on Friday, which attracted
192 individual investors who bought more than 890,000 shares. The company
offered more than 7 million shares at a price of VND10, 200 each.
The
Government Decree 108, which took effect from mid-November last year,
stipulated that within one year from the IPOs, the companies must be listed
on exchanges.
As a
result, the equity supply was forecast to increase this year, especially
taking into consideration that the government will provide a boost to the
privatisation of state-owned enterprises in the 2014-15 period.
Work
to begin on highway upgrade
The
project to upgrade 45km of the National Road 1A from Ha Noi to Bac Giang
Province will start in the first quarter of this year with an investment of
VND4.5 trillion (US$213.35 million), according to the Transport Ministry.
The
road, which will be constructed under the BOT (build-operate-transfer) model,
is expected to be complete in 2016, the ministry said.
The
expressway will be 45.8km and have a speed limit of 100km per hour, starts at
the crossroad of National Road 31 in
Under
the project, the part from the intersection of National Road 31 to
It
will take some 19 years and eight months for the project to recover its
investment capital, according to the Ministry of Transport.
The
project will help reduce traffic accidents and congestion, contributing to
the socio-economic development of Ha Noi as well as Bac Ninh and Bac Giang
provinces.
National
Highway (Ha Noi – Bac Giang) was put into operation in 2001. The road, which
had seriously deteriorated, was often heavily congested.
Prime
Minister Nguyen Tan Dung has given the official nod to a project to build a
bridge in the
The
Dong Quang bridge, which is 746 metres long and 10 metres wide, will link the
provincial road in Minh Quang Commune in Ha Noi's Ba Vi District with the
provincial road in Dong Luan Commune in Phu Tho's Thanh Thuy District.
The
project is expected to help boost the link between Ha Noi and Phu Tho as well
as other provinces in the north, contributing to socio-economic development
in the region in general and Phu Tho Province in particular.
The PM
asked Phu Tho Province to use the provincial budget to refund the project's
investor.
The
bridge is slated for completion in May 2015.
Lure
of gold still strong in Viet Nam
Among
regional markets,
The
report of 2013's Q4 took consumers' reaction to lower prices, particularly in
the second quarter, which stimulated opportunistic buying, as a reason for
the growth.
The
report also said that domestic premiums in
The
report said the demand for jewellery, bars and coins reached 92.2 tonnes last
year in
At the
same time, the report figured out that the unprecedented level of global
consumer demand for gold in 2013 was led by the demand in China and India,
with the former becoming the world's biggest gold market.
Meanwhile
in the Western markets, the consumer demand also remained strong, with the
The
report concluded that 2013 proved to be the year of the consumer, with the
gold jewellery demand close to pre-crisis levels and investment in small bars
and coins hitting a record high. The result was the annual worldwide gold
demand of 3,756.1 tonnes, valued at S$170bn.
However,
outweighing the impressive consumer demand were the effects of Exchange -
Trade Fund (ETF) outflows and lower central bank buying, resulting in the
2013 demand being 15 per cent below the strong volumes recorded in 2012.
KIS
sees VN-Index staying on upward path
The
stock market of
Hang
Jin Yun, head of KIS's Market Department, told a conference on the market's
outlook, held in Ha Noi yesterday, that
"The
VN-Index has been on an upward trend compared with other countries in the
region," Yun stated, adding that the market would have the potential to
increase by 25 per cent over last year.
He
noted that the domestic stock market had suffered losses in recent trading
sessions. However, the fall was not remarkable because the market has seen an
overall surge since the beginning of the year.
With
favourable factors including a stable macro-economy, improved business
profits and enhanced expectations from the restructuring process, the stock
market will be a more attractive investment channel compared to other
channels, such as gold, real estate and bank savings.
As of
February 14, 2014, the VN-Index rose 13.4 per cent, while the HNX-Index
posted 16.1 per cent growth over the same period last year.
Shares
in the energy, IT, industry, finance and banking sectors had a relatively high
growth rate.
KIS
expected GDP to rise 5.5-6 per cent this year, while exports, which were
forecast to have a growth rate of 10 per cent, and foreign direct investment
would continue to be the main drivers for the country's growth.
In
particular, he said, stocks in the garments and textiles, footwear, house
wares, and seafood sectors, as well as the coffee sector, would enjoy
benefits after
Fujifilm
launches latest compact system camera
Fujifilm
yesterday launched its latest compact system camera: an all-out DSLR with a
retro look.
The
X-T1 has built-in Wi-Fi connectivity, allowing the camera to be operated
remotely through a smartphone using the new Fujifilm Camera Remote app for
iOS and Android devices.
The
X-T1 uses an APS-C format, 16.3 million-pixel, X Trans CMOS II sensor and an
EXR processor.
The
camera is compatible with UHS-II SD format cards, so it can shoot
continuously at a maximum rate of 8 frames per second to create up to 47 fine
JPEG files or 23 simultaneous raw and JPEG files.
The
X-T1's viewfinder is larger than normal and has a magnification factor of
0.77x, which
The
X-T1 has the world's fastest phase detection autofocus speed for digital
cameras, at 0.08 second, with a 4/3-inch or larger sensor.
Another
major change in design is that the electronic viewfinder has shifted to the
centre of the camera from its rangefinder-like corner position.
Reform
efforts to prove decisive in economic recovery: workshop
The
Government’s endeavours in renovating institutions and bettering the legal
system have been seen by some as decisive factors likely to support economic
recovery in 2014 and beyond.
Economic
experts at a workshop held in
Sandeep
Mahajan, the World Bank’s Lead Economist for
To
spur growth and limit risks,
However,
according to Dr. Tran Du Lich, Vietnam will face short, mid and long-term
challenges this year and further ahead, as the country’s low cost-based industry
has lost its competitiveness during the process of regional and international
integration.
In the
2012-2013 period, the country’s export revenue mainly depended on foreign
direct investment (FDI) enterprises, he said, adding that the support
industry – a key factor to raise local production and cut costs - has failed
to fulfil its demands.
The
agriculture sector, which holds a lot of promise due to the huge rural
population , has not been fully tapped in the context of globalisation, he
noted.
Therefore,
the maintenance and restructure of the macro-economy is the main focuses of
the Government’s policies in 2014 and next year, the workshop heard.
Participants
at the event were unanimous that a cautious and flexible monetary policy
should set a credit growth target of around 15 percent annually.
They
highlighted the increase of the budget overspending cap to 5.3 percent of the
gross domestic product (GDP) and the issuance of additional Government bonds
worth 170 trillion VND (8.1 billion USD) in the 2014-16 period.
Such
moves are expected to help
Dr. Le
Xuan Nghia, Director of the Business Development Institute, said this year’s
export growth in 2014 is expected to be the maintained or even increased
compared to last year, with significant contributions made by local
businesses.
More
foreign investment will be poured into the country and the amount of
disbursed capital will increase, he said.-
The
Mekong Delta
The
department said the locality also targets 1.3 trillion VND (61.1 million USD)
from tourism.
In
order to reach the goal, many comprehensive measures will be deployed,
including increasing investment promotion and enhancing campaigns to
introduce and strengthen its tourism trademark, it said.
In
addition, the province will also focus on upgrading the infrastructure of the
tourism sector, while continuing its cooperation with neigbouring localities
such as Can Tho city, An Giang and Ca Mau provinces as well as those in the
Mekong Delta Economic Region to boost tourism development.
More
attractive events will be organised throughout the year, while typical tours,
tourism products and services will be developed to lure visitors, the
department said.
The
province will also pay more attention to the domestic market and design more
policies to attract foreign tourists, it added.
With
abundant natural beauty spots such as
Last
year, the province welcomed over 3.8 million arrivals, a rise of 8.2 percent
year on year, earning 1.12 trillion VND (52.64 million USD), up 27.6
percent.-
Social
policy bank raises 350bln in VND bonds
The
Vietnam Bank for Social Policies (VBSP) raised 350 billion VND (16.6 million
USD) worth of three-year Government bonds via a bid hosted by the Hanoi Stock
Exchange on February 21.
They
will yield an annual interest of 7.5 percent, 0.34 percent lower than that
reached at the February 14 session.
Meanwhile,
neither bidder won five-year bonds valued at 500 billion VND (23.8 million
USD).
Through
three tenders since early this year, the VBSP has mobilised over 1.4 trillion
VND (66.6 million USD).-
Ca
Mau targets 910,000 tourists in 2014
The
southernmost province of Ca Mau has set a target of greeting 910,000 foreign
and domestic visitors and earning 245 billion VND (11.5 million USD) from
tourism activities in 2014.
To
realise the goal, the local tourism sector has hastened the implementation of
its master tourism development plan, while focusing on promotion and
cooperation activities in the field.
It has
mobilise d resources to develop and upgrade the tourism infrastructure
system, accelerating projects so that many will come into use this year.
Ca Mau
has also paid more attention to improving its quality of service along with
creating connections with other nearby localities in order to lure more
arrivals to the province.
It
will also continue performing the National Action Plan on Tourism in the
2013-2020 period, aiming to achieving sustainable tourism development in
association with preserving and promoting the nation’s cultural values and
protecting the environment.
According
to preliminary statistics, as many as 27,000 holiday-makers have come to the
locality so far this year, representing a year-on-year increase of 19
percent.
The
local tourism sector raked in 22 billion VND (about 1 million USD) in
turnover in the period, 23 percent higher than the same period last year.-
EVN
to add 1,656MW to electricity output in 2014
The
Electricity of Vietnam says the group will put into use five new turbines at
both thermo- and hydro-electric power plants within this year, which have a
combined capacity of 1,656MW.
The
Vinh Tan 2 thermo-electric power plant alone has a capacity of 1,200MW, while
Turbine No.2 at the Hai Phong 2 thermo-electric power plant will add 300MW
and the Song Bung 4 hydro-electric power plant, 156MW.
At the
same time, the group will strive to complete work on a 500MW turbine at the
Mong Duong 1 thermo-electric power plant and a 600MW generator at the Duyen
Hai 1 thermo-electric power plant by the end of the year.
Meanwhile,
five projects will be launched to build three more thermo-electric power
plants and expand two hydro-electric power plants, which are expected to add
2,555MW to the group’s total output.
Besides
power generation projects, EVN is accelerating the pace of construction on
192 transmission systems, particularly six key systems to ensure power supply
for the southern region.
Another
priority for this year is projects to upgrade the electricity transmission
network in Hanoi.
The
group has also set the target to complete several projects to bring
electricity to poor and ethnic minority areas in Kien Giang, Tra Vinh, Soc
Trang, Dien Bien and Lai Chau provinces.
Early
this year, the Government requested Electricity of Vietnam (EVN) to ensure
the national power supply from 2014.
In
2013, the group generated and purchased over 127.8 billion kWh of
electricity, up 8.47 percent from 2012.-
Metecno
Vietnam opens new panel production line
Metecno
Vietnam, part of the Netherlands’ Metecno Group, has launched a production
line at its already running factory in Dong Nai province’s Bien Hoa II
Industrial Zone.
The
$1.3 million facility can produce insulated panels 25-200mm thick and up to
11.5 metres in length with PU and mineral wool as core materials for use in
roofs, walls, and ceilings in the building industry, said Metecno Vietnam
general director B.T. Sudarshan.
He
added that the company first established their Dong Nai factory in 1996 to
produce steel roofing, walling and accessories. However, the Metecno group’s
core business is to provide complete solutions, thus the Vietnam unit has
been supplying imported insulated panels since 2005.
Sudarshan
said that as Metecno Vietnam was already recognised as a supplier of reliable
panels, the group’s shareholders were confident in investing into hi-tech
European equipment and sharing unique Metecno know-how.
Metecno’s
major customers in the country include Perfetti, Wonderful Saigon Electric,
Glomed, Imex Pharma, Masan, Biomin, and P&G in Binh Duong province, Sanyo
Digital Camera, Fujitsu and Metro Cash & Carry in Dong Nai province, and
Hoya Lens, Stanley Electric, General Electric and Metro Cash & Carry in
Hanoi.
Sudarshan’s
announcement of the new production line was part of the Metecno Vietnam’s
18th anniversary ceremony held in Ho Chi Minh City on February 18.
Tax
exemption for rice, tobacco import from Laos
Laotian
rice and tobacco imports will experience tax exemptions to meet quotas,
according to the Circular 06 on tariff rate quotas in 2014 recently issued by
the Ministry of Industry and Trade.
To
qualify for the exemption, cargo must have a certificate of Origin Form S
granted by the Laos People’s Democratic Republic and pass through specific
border gates when entering Vietnam.
Currently
only Vietnamese businesses with a license to sell tobacco are permitted to
import the product.
Southern
key economic zone development plan issued
PM
Nguyen Tan Dung has issued a plan to respond to a Political Bureau conclusion
on the overall development in the southern region to 2020.
The
Political Bureau adopted Conclusion No. 27-KL/TW on August 2, 2012 to realize
its Resolution No. 53-NQ/TW dated August 29, 2005 on accelerating
socio-economic development and defense and security maintenance in the South
Eastern region and the Southern key economic zone towards 2020.
Accordingly,
ministries and agencies under the Government, the People’s Committees of
cities and provinces in the said above areas will work together to realize
measures on accelerating the socio-economic development and guaranteeing the
national defense and security.
Besides,
the plan aims to develop value-added and high-technology-contained
industries, increase the competitiveness of major industries such as
mechanics, electronics, promote services such as finance, banking, trade,
telecommunication, and enhance sustainable agriculture development.
Provinces
need to complete an infrastructure system connecting localities in the
region, give priority to developing green and ecological urban areas, upgrade
highways and build Long Thanh international airport by 2020.
The
plan also aims to strengthen cooperation on investment promotion, technology
transfer and labor supply between localities in the Southern key economic
zone with others in the Mekong Delta, the Central and the Central Highlands.
The
South Eastern region and the Southern key economic zone include Ho Chi Minh
City, Dong Nai, Binh Duong, Ba Ria-Vung Tau, Tay Ninh, Binh Phuoc, Long An
and Tien Giang.
Viettel
awarded Hero of the Armed Forces title
The
military-run telecom firm Viettel has been awarded the Hero of the Armed
Forces insignia for its significant contributions to the development of
mobile networks and internet services in Vietnam.
Speaking
at a ceremony on February 20, Vice President Nguyen Thi Doan praised the
corporation’s efforts to overcome economic difficulties and become the largest
mobile network operator in Vietnam.
She
added that the corporation should continue to invest in research in order to
master advanced technologies and maintain its important role in the economy.
With
its extensive network, Viettel has spread telecom services to every region of
the country, establishing high rates of mobile phone and internet
penetration.
According
to CEO Hoang Xuan Anh, Viettel, which was established in 1989, is now one of
the largest corporations in Vietnam with revenues estimated at US$7.7 billion
in 2013.
Viettel
currently has a network of over 50,000 base transceiver stations and nearly
180,000 kilometres of optical fibre cables.
It is
the only mobile carrier to have full network coverage over the country’s
remote areas and islands.
In
addition to providing telecom services, Viettel also designs and produces a
number of military devices to help enhance the combat capacity of the
Vietnamese army.
Tra
fish export recovers despite bad news
Though
recent unfavorable information about exporting markets is forecast to affect
Vietnam’s tra fish export this year, tra fish processors still report signals
of recovery in terms of both exports and domestic consumption.
Nguyen
Van Dao, general director of Go Dang Joint Stock Company (GODACO) in Tien
Giang Province, said exports o Europe are improving with a rise in both
export volume and selling price.
Statistics
of the General Department of Customs showed that the seafood export turnover,
mainly tra fish and shrimp, to the four major markets (the U.S., EU, Japan
and South Korea) increased strongly in January,
Vietnam
exported US$156 million worth of seafood products to the U.S., up nearly 97%
year-on-year, while the respective figures recorded in EU, Japan and South
Korea were US$96.5 million and rising 11.8%, US$87.3 million and up over 22%,
and US$48 million and increasing nearly 31%.
Dao
predicted that sales of Vietnam’s tra fish, especially frozen fish fillets,
would continue rising due to the higher global demand and the recovery in the
European market.
An
improvement in exports and a shortage of materials have pushed up the price
of live tra fish since the Lunar New Year holiday.
Nguyen
Ngoc Hai, chief of O Mon Tra Fish Cooperative in Can Tho City, said that a
kilo of live tra fish in the Mekong Delta region sold for VND23,700-24,000,
or VND1,000-1,500 higher than the price late last year.
According
to Hai, tra fish production has dwindled after several years of hardship for
both farming enterprises and farmers, with many incurring losses and facing
bankruptcy. Meanwhile, the demand and the price have increased.
“At O
Mon Tra Fish Cooperative, the supply volume is currently around 5,000 tons
per year, which is equivalent to only one-third of the volume in the heyday
of tra fish,” Hai said.
With the
current price of tra fish material, the profit for farmers and enterprises is
at least VND1,000 per kilogram, Hai added.
As
reported by the Vietnam Association of Seafood Exporters and Producers
(VASEP) earlier, Russia had decided to temporarily stop importing some
seafood products, including tra fish, from Vietnam from January 31.
In
addition to the impacts of Russia’s import suspension and restrictions in the
new legislation Farm Bill in the U.S., Vietnam’s tra fish also faced warnings
in the EU market.
According
to VASEP, the warning resulted from the Netherlands’ Seafood Connection B.V
on January 27 reporting some Vietnamese enterprises using the additive
E500/E501 when processing frozen tra fish fillets. The substance is banned in
seafood processing in both EU and Vietnam.
Investors
pledge over VND18.2 trillion in Nghe An
Nghe
An Province’s New Year meeting with investors held last Saturday helped the
province to attract an additional VND18.227 trillion of pledged capital from
domestic and foreign investors.
At the
meeting with nearly 500 businesses, the provincial government signed nine
investment agreements having total pledged capital of nearly VND17 trillion
and granted investment certificates to three projects worth VND1.3 trillion.
One of
the investment agreements signed belongs to Binh Duong Province-based Becamex
IDC Corporation, which has plans to develop a service-urban-industrial park
in an area of over 1,000 hectares in Nghe An Province. The project worth
around VND3 trillion is expected to create a breakthrough for the province’s
investment attraction and industrial infrastructure development.
Hoa
Sen Group also signed an agreement to build a steel sheet plant at Dong Nam
Nghe An Economic Zone with an estimated investment of VND1.5 trillion. The
plant can produce up to 300,000 tons of products per year.
Meanwhile,
The Vissai will spend VND7 trillion on Do Luong-Tan Ky cement plant and a
terminal for cement transport. Nguyen Kim Trading Company also plans to open
a commercial center in Nghe An at a cost of VND550 billion.
At the
meeting, Bank for Investment and Development of Vietnam (BIDV) signed six
credit contracts to provide VND4.852 trillion for investors making
investments in Nghe An.
The
north-central province of Nghe An is capturing much attention from domestic
and foreign investors. According to provincial chairman Nguyen Xuan Duong,
the province has been stepping up administrative reform and organizing many
investment promotion programs.
According
to Duong, infrastructure in Nghe An is improving such as the upgrade of
National Highway 1A’s section in the province to be finished late this year
and Vinh Airport to have a new terminal to handle 2.5-3 million passengers
per year.
Vinh
Airport is currently serving one international route and five domestic routes
with an average of 15 flights per day.
The
provincial government pledged to continue improving the investment
environment, offer incentive policies, and remove difficulties for investors
in registering and implementing projects.
Nghe
An Province licensed 89 projects last year, with 84 projects of domestic investors
worth VND13.31 trillion and the rest belonging to foreign investors worth
US$21 million. The province is now home to 588 domestic projects worth
VND109.59 trillion and 39 foreign-invested projects with combined pledged
capital of US$1.49 billion.
There
are many projects using high technology and operating effectively like TH
milk processing and farming, Saigon-Song Lam beer, Hanoi-Nghe An beer, Sabeco
packaging, BSE electronic component production, Muong Thanh Song Lam hotel,
Metro wholesale center, Big C supermarket and many garment plants of South
Korean and Japanese investors.
Source:
VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VIR
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Thứ Ba, 25 tháng 2, 2014
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