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BUSINESS
IN BRIEF 27/4
Stakeholders in a
joint venture to construct a bonded warehouse and oil pipeline running from
Quang Binh central province’s Hon La island to
The four
stakeholders in the venture include Laos Petro Joint Stock Company, Slovakian
Energy Commodities, the Association of Vietnamese Investors in Laos (AVIL),
and Truong Thinh group.
Speaking at the
signing ceremony, Lao Finance Minister Liane Thykeo highlighted the
significance of the project, saying it will help
He pledged to
create the best possible conditions to effectively implement the project and
said he anticipates it will make a remarkable contribution to poverty
reduction and economic growth in the nation.
“This is a
practical activity nurturing and strengthening the time-honoured friendship,
comprehensive cooperation and special solidarity between
The Vietnamese
Ministry of Finance will work hard to improve the investment environment to
raise the efficiency of projects and bring long-term benefits to Japanese
investors in
Finance Minister
Dinh Tien Dung made the commitment at a conference on promoting Japanese
investment in
Dung said the
conference created a chance for Vietnamese agencies and businesses to learn
from Japanese recommendations to finalise policies and create a sound,
healthy and transparent investment environment.
Organising the
conference shows
With many
Vietnamese businesses attending the event, the Vietnamese Ministry of Finance
wants to help them to meet potential Japanese investors to support business
restructuring, increase capital, and seek strategic investors, he said.
Through the
conference, he said,
Tetsuya Inoue, Head
of the Technology and Market Research Department at the Nomura Research
Institute, said the recent burgeoning of
However, he said
Japanese investors are keeping a close watch on these positive signs, as well
as the government’s efforts in speeding up the restructuring of State-owned
enterprises (SOEs) and making its monetary market healthier.
To attract Japanese
investors, he suggested
To date
The national
economy has bottomed out since the third quarter of 2013 and is now on track
to recovery, according to the National Financial Supervisory Commission
(NFSC).
A NFSC report shows
the economy has kept inflation at a low rate, stabilised the currency market,
lowered deposit rates, and brought the dolarisation of the economy under
control, thus consolidating investor trust.
Industrial
production has begun to gain steam as material imports for production rose
and inventory decreased.
The committee is
optimistic about the country’s economic growth in 2014 thanks to improvements
in aggregate demand, private investment, and exports.
It forecasts the
economy will grow by 5.8% and inflation will stay at 5%, without calculating
fluctuations in the prices of food, essential products and public services.
However, it says
the economy still faces a number of challenges, including slow improvements
in aggregate demand, difficulties in agricultural production, and heavy
reliance on the foreign direct investment (FDI) sector.
The NFSC affirms
that the restructuring of credit organisations has obtained initial results,
helping the banking system perform more stably. In addition, favourable
economic policies have helped fuel aggregate demand and credit growth.
Vietnam
finishes in top four of CFA Research Challenge
The CFA Institute
of Singapore, an academic leader in financial and investment management, has
cited
This is the third
time the Vietnamese team has participated in the event, but only the first
time the team has finished in the top four. The University of the
Rounding out the
top four were the University of Foreign Trade (
Nguyen Ngoc Trang,
a member of Vietnamese team was very pleased that the team clinched such a
high finish at the contest thanks to tireless efforts.
The contest
launched by the CFA Institute has provided students with factual knowledge on
financial analysis and experiences from predecessors as well as improving
their presentation skills, Trang said.
Ly Lam Duy, an
expert from the
Duy expressed hope
that a CFA Vietnam will be established in the future in order to support
students nationwide with the opportunity to pursue post –graduate studies.
This year, 3,700
students from 825 universities around the world attended the regional
competition which was ongoing from March 2013 to April 2014.
Ha Long
trade and tourism fair opens
A trade fair kicked
off in Ha Long city in the northern border
The week-long
event, part of the annual Ha Long Carnival aims to promote the regions
tourism appeal, aiming to create opportunities for local businesses to
advertise their products, study market trends, seek trade partners and entice
investment in the region.
This year’s event
features a wide array of high-quality Made-in-Vietnam products and services
such as garment and textiles, machinery, electronics, farm produce, processed
food products, home appliances, interior furniture, handicrafts, and
high-tech products.
Many tour and
travel agencies take advantage of the occasion to introduce a variety of the
more popular tourism packages, with a focus on touting the region’s fine
resorts, entertainment, shopping, and cuisine.
A project
converting Hoa Tien commune in the central city of
The project has
been carried out by the municipal People’s Committee and the Food and
Agriculture Organisation of the United Nations (FAO) since November 2011.
It is funded with
some US$500,000 by the India-Brazil-South Africa Dialogue Forum Fund.
In three crops, it
has tested 10 new rice varieties over nearly nine hectares, before selecting
four which will be cultivated on a larger scale.
After each crop,
the Agricultural Science Institute for the Southern Central Coast of Vietnam
and the project managing unit instructed farmers how to grow new varieties,
the conference heard.
FAO representative
Jong Ha Bea said the project aims to raise rice producing and processing
capacity in order to increase value.
In the next six
months, FAO will help Hoa Tien extend the cultivation area so as to soon
build a brand name for the rice hailing from the commune, he noted.
Meanwhile, in the
short term, the project will work with the Department of Crop Cultivation,
FAO and other relevant sides to complete a rice laboratory in Hoa Tien.
US – major
importer of Vietnamese Tra fish
The
Vietnamese Tra fish
exports to the
In late March, the
US Department of Commerce announced its final determination on the imposition
of anti-dumping tariffs on Vietnamese Tra fish imported into the
In accordance with
the decision, some Vietnamese businesses enjoyed relatively low import
duties, meaning Vietnamese Tra fish exports will most likely resume back to
normal in the near future.
Also in March, the
Vietnam Association of Seafood Exporters and Producers (VASEP) along with a
representative delegation of seafood processors attended a North America
Seafood Fair 2014 in
Delegates learned
that the
The average price
of Tra fish exported to the
Meanwhile,
according to Progressive Grocer Magazine, the
Leading US experts
and market analysts are optimistic that turnover from the retail seafood
sector will keep rising this year.
FDI reaches
nearly US$5 bln in four months
About 530 FDI
projects have been licensed in the reviewed period, including 390 new ones
capitalized at US$3.22 billion, according to the Foreign Investment Agency
under the Ministry of Planning and Investment.
The manufacturing
and processing sector led in attracting foreign investment with 204 new
projects at US$3.6 billion, accounting for 74.3% of the total.
Real estate ranked
second with 7 projects at US$392.3 million, making up 8.1%, followed by
construction with US$237 million (making up 4.9%) and health care and social
support (US$225.93 million).
The
At present, Binh
Duong topped the localities in FDI attraction, followed by
About US$4 billion
in FDI has been disbursed in the four month period, a year-on-year increase
of 6.7%, said the Foreign Investment Agency.
Businesses
tipped to penetrate EU market
Vietnamese
businesses are advised to carefully study the EU’s demand and distribution
network to adopt an appropriate access approach, a seminar in
The EU has always
been an important trade partner of
Total two-way
turnover reached over US$33.7 billion in 2013, a year-on-year increase of
16%. Of the total,
However, Vietnamese
goods exported to the EU are overly dependent on foreign businesses operating
in
The capacity of
The business
community needs to study and learn the distribution process utilised by the
EU in order to effectively compete on an equal footing, delivering higher
quality and higher added value products as an alternative strategy to
strictly price competition.
This will
dramatically increase the number of domestic companies actively participating
in the export marketplace, bolstering
This is
particularly important in the context of ongoing negotiations for a bilateral
Free Trade Agreement (FTA) which are expected to conclude later this year,
Thuong concluded.
At the seminar,
delegates delved into effective distribution systems, procedures, EU import
regulations, and EU market demand and lively discussions regarding the
advantages and disadvantages to Vietnamese business.
The event was
co-organized by the Department of Europe Market under the Ministry of
Industry and Trade and European Trade Policy and Investment Support Project
(EU-MUTRAP).
EPZs, IPs
face labour shortage
Labour shortage is
one of the headaches faced by companies in industrial parks (IPs) and
export-processing zones (EPZs) in
Labour demand in
the city’s IPs and EPZs rose slightly in the first quarter of this year,
especially for unskilled labourers, which is attributable to a number of
workers having quit jobs in the year to date and operational enterprises’
strong need for production expansion, said the Saigon Times Daily.
The demand at local
enterprises in EPZs and IPs was estimated at about 17,130 workers in the
first quarter, particularly in textile-garment and footwear-leather
industries.
Meanwhile, the job
placement and corporate assistance centre of Hepza could only introduce 1,480
candidates to these employers but only 450 of them met employers’ recruitment
requirements.
Despite the rising
employment demand, the city has seen a labour undersupply in EPZs and IPs. To
deal with the situation, the Hepza centre has worked with the Voice of HCM
City (VOH) to air information about recruitments by enterprises at IPs and
EPZs in the city in the latter’s radio programmes.
Besides, to ensure
a sustainable labour supply, the centre has also joined forces with
vocational schools and other localities to organise training courses for
workers.
For instance, the
centre and the Military Region 9 Vocational School in the Mekong Delta
Also, the centre
has counselled job seeking skills or organised job fairs for students from
Currently, there
are around 1,290 investment projects in local EPZs and IPs with total
registered capital of over 8 billion USD. The current number of employees at
these IPs and EPZs are roughly 269,800, dropping by more than 4,200 compared
to the same period in 2013.
Local
shipping firms effectively tap domestic routes
Local shipping
firms have effectively tapped domestic market, the Vietnam Investment Review
(VIR) reported on April 16. In an effort to address the redundancy of
Vietnamese container ships, in late March 2013 the Ministry of Transport
(MoT) released Document 128/TB-BGTVT to stop 20 foreign flag-carrying ships
capable of carrying 500,000 dead weight tonnage (DWT) from operating on
domestic routes.
The policy was very
helpful to local shipping firms.
They had a good
chance to regain market share of shipping lines that have an estimated value
of 1 trillion VND (47 million USD) per year.
“It’s difficult for
foreign ship owners to go against the decision, as it is defended by both the
Maritime Law and WTO commitments on safeguarding the transportation rights of
member states,” said Bui Thien Thu, Deputy Chairman of the Vietnam Maritime
Administration (VMA).
Thu said most ship
owners were satisfied with the competence and quality of transport services
provided by local shipping firms in domestic shipping lanes.
The policy came at
a critical time as 2,200 labourers from Vinalines – a national shipping
leader – sat unemployed for the first six months of last year.
“Most of Vinalines’
container ships are now working stably in domestic shipping lanes,” said Bui
Viet Hoai, the company’s deputy general director.
The VMA was
required by the MoT to work with Vinalines, the Vietnam Shipowners’
Association and local ship owners to ensure goods were shipped quickly.
The shipping cost
for a 20-foot container on
According to Le
Viet Tien, director of Vinalines’ subsidiary Vietnam Ocean Shipping Joint
Stock Company (VOSCO), though the firm was only achieving break-even on its
expenses, they accepted this given that their ships and sailors were back to
work.
Not only Vinalines,
but also other shipping firms are running local routes such as
This has been a
good chance for shipping firms to prove to ship owners that they can
effectively operate the domestic [container shipping] market without foreign
players,” said Vinalines’ deputy general director Bui Viet Hoai.
Thai Nguyen
sees strong foreign investment growth
The
foreign-invested sector has highlighted the northern Thai Nguyen province's
upbeat economic picture in the first quarter of 2014, according to the
municipal Department of Planning and Investment.
As per statistics
revealed by the department, the province had attracted US$205.6 million in
foreign direct investment (FDI) from 15 newly licensed projects and 4
operating ones, thereby raising their levels of capital investment in the
January-March period. This had resulted in the province ranking fifth in the
country's leading localities in terms of FDI investment.
During the reviewed
period, disbursement of FDI had reached over US$174 million, 81 times higher
than the figure noted in the same period last year, it claimed.
The strong growth
in the period's FDI disbursement was attributable to greater efforts by the
local authorities in speeding up land clearance and simplifying
administrative procedures as a move to create favourable conditions for
foreign investors, Dang Xuan Truong, the department director informed Viet
Nam Economic News.
Truong also
forecast that the FDI disbursement will continue to increase and is estimated
to top between US$800 million and US$1 billion by the year-end.
Last year, Thai
Nguyen led localities in FDI investment, raking in about US$3.3 billion and
constituting 16.1 per cent of the country's total figure of US$21.6 billion.
Apart from
successfully attracting the largest FDI investment last year, the province
was also an ideal destination for Samsung Group's three investment projects.
To succeed in
attracting FDI, Thai Nguyen took various steps to improve its investment
environment with eight major solutions related to laws and policies,
planning, infrastructure, human resources, site clearance, administrative
reform, and investment promotion, elaborated the provincial People's
Committee Chairman Duong Ngoc Long.
Thanks to the
implementation of a series of Provincial Competitiveness Index (PCI)
improvement measures, Thai Nguyen has enhanced the investment environment
remarkably, climbing up from 57th position among the 63 provinces and cities
across the country in PCI terms in 2011 to 44th in 2012 and 17th in 2013.
VAMA
proposes using int’l fuel consumption results
The Vietnam Auto
Manufacturers Association (VAMA) has proposed Vietnamese authorities accept
the fuel consumption test results that are internationally recognized when
vehicles are required to display a fuel consumption label next year.
Metelo Jesus Arias,
general director of Ford
He, however, said
there should be a workable road map and guidelines from authorities on how to
implement the new requirement, test standards, label templates and a label
display location. Besides, procedures for certifying a car’s fuel consumption
should be kept simple.
According to VAMA,
the authorities should recognize internationally approved test results of
fuel consumption conducted by automakers and importers.
Some countries have
fuel consumption labeling rules in place, which are designed to classify
vehicles and display information about fuel consumption, emissions, or amounts
of money saved in five years.
Under the Ministry
of Transport’s new circular, with effect from next year, passenger vehicles
of less than seven seats, which are domestically manufactured/assembled and
imported, will have to display fuel consumption labels.
As planned by
Vietnam Register, the fuel consumption label would be put on the front
windscreen, containing information about automaker, assembler, importer, and
fuel consumption.
Domestically manufactured/assembled
cars certified to meet technical safety and environment requirements by next
year will have to display the label as from 2016.
Leading
European retailer likely to open store at I-Home building
C.T Group has said
it has worked with a major European retail firm over a plan to open a
commercial center on the ground floor of I-Home apartment project under
construction in HCMC’s Go Vap District.
The foreign
retailer has come to the site of the apartment project for inspection and the
forthcoming opening of the store would add value to the apartments, according
to C.T Group.
I-Home is located
on Pham Van Chieu Street and consists of three blocks with around 500 units
of 47-76 square meters whose prices range from VND630 million to VND1.1
billion.
The first block has
the first 11 floors complete at the moment while the third floors of the
other two blocks have just been finished. Apartment buyers can take delivery
by the end of this year.
FPT
Software seeks 900 more engineers
FPT Software HCMC
Co. Ltd said it has plans to recruit 900 software engineers this year as part
of a strategy for expanding its business operations and boosting its work
force to 5,000 people by 2018.
FPT Software HCMC
posted last year’s revenue of more than US$21 million compared to US$1.4
million 10 years ago when the company was established. In the past decade, it
has registered annual revenue growth of around 30%.
Nguyen Thanh Lam,
general director of FPT Software HCMC, told the Daily that the firm now has
more than 100 customers, including Japanese clients who always have high
requirements for products.
According to the
Ministry of Information and Communications,
On the local front,
FPT Software HCMC has signed cooperation agreements with big enterprises
operating in
FPT Software HCMC
is the biggest Vietnamese investor in the
Retailers
seek to attract buyers via installment plans
Struggling with sluggish
sales, retailers are joining hands with producers of home appliances to roll
out attractive installment plans with low interest rates to woo customers.
FPT Shop, The Gioi
Di Dong (Mobile World) and Vien Thong A are among the retailers that are offering
installment plans as a measure to improve their sales.
FPT Retail said
three consumer credit providers ACS, Home Credit and FE Credit of Vietnam
Prosperity Bank (VPBank) had joined forces to help customers pay by
installment for the products they buy at FPT Shop store chain. The monthly
interest rates this month are 1.49%-2.2% at ACS, 0.93%-4.13% at PPF and
1.51%-4.31% at FE Credit.
This month, the
firm supports part of the interest rates for buyers of tablets, cellphones
and laptops so they can enjoy a rate of 1.49% per month. FPT Retail said
credit card holders of ANZ and Saigon Thuong Tin Commercial Bank (Sacombank)
could benefit from an installment payment program with a zero interest rate
at all FPT Shop outlets.
The Gioi Di Dong
(Mobile World) and other retailers in
However, customers
are advised to thoroughly examine terms and conditions of those installment
plans on offer at retail shops as well as consumer loans as annual interest
rates could amount to 51-60% in certain cases.
15
satellite cities to go up in SKEZ
Fifteen satellite
cities will be developed between now and 2030 in the Southern Key Economic
Zone (SKEZ) to create closer links between localities in this region, including
HCMC, Binh Phuoc, Tay Ninh, Binh Duong, Dong Nai, Ba Ria-Vung Tau, Long An
and Tien Giang.
The planned
satellite cities will be Nhon Trach, Long Thanh, Tam Phuoc, Hiep Phuoc, Cu
Chi, Duc Hoa, Trang Bom, An Lac, Nha Be, Can Gio, Di An-Thuan An, Tan An, Go
Cong, Ben Luc and Can Giuoc, according to a master zoning plan on HCMC’s
socio-economic development until 2020 with a vision towards 2025.
Approved by the
Prime Minister last December, the plan is associated with another master
zoning plan on socio-economic development for the SKEZ by 2020 with an
orientation towards 2030 given the Prime Minister’s approval in February this
year.
Under the master
zoning plans, the SKEZ will be developed with different central districts in
order to drive development of surrounding areas to ease pressure for the
existing business center in HCMC.
Besides the 15
future satellite cities, the southern focal economic zone will have around
580 expressway kilometers and 80% of the roads in rural areas will be
improved by 2020. At the same time, the north-south railway running to HCMC
will be upgraded and connected to major seaports and economic zones.
The expressway
sections in the southern focal economic zone will be HCMC-Long Thanh-Dau
Giay, HCMC-Thu Dau 1-Chon Thanh, HCMC-Trung Luong, Bien Hoa-Vung Tau and Ben
Luc-Nhon Trach-Long Thanh.
The zone is
expected to be home to 21-22 million people with an urbanization rate of 65%
by 2020. Its annual GDP growth is projected at 8-8.5% from 2011 to 2015 and
some 8.5-9% in 2016-2020.
Domestic
ships transport more cargo
The cargo volume
transported by domestic ships has increased by 10-12% versus the period
before April 1, 2013, when the Ministry of Transport stopped renewing container
transport licenses and awarding new certificates to the ships which are not
Vietnamese-flagged.
According to the
Vietnam Maritime Administration, the domestic fleet operating on local routes
had increased from 19 to 26 vessels as of April 1. Furthermore, some new
routes had been in place, helping a number of enterprises reduce losses or
make gains.
Experts, however,
said that the performance of ships on domestic routes is still mired in
hardship due to cargo imbalances between the north and the south.
Last year, the
Haiphong-HCMC route saw scarce shipments with demand meeting just 50-60% of
ships’ capacity while the ratio of the opposite route exceeded 90%.
Therefore, local
vessels had to transport empty containers of foreign ships as a way to improve
earnings.
Relevant agencies
said there had not been goods backlogs at seaports since the prohibition took
effect.
The domestic market
had been dominated by foreign shipping firms before April 1, 2013, when the
Ministry of Transport prohibited foreign ships from plying on domestic routes
to help the Vietnamese fleet cope with difficulties.
Cars in
Vietnamese
consumers have to buy an automobile at a price nearly VND300 million higher
than in regional markets, said the Industrial Policy and Strategy Institute
under the Ministry of Industry and Trade.
In a report
announced at a conference on mechanical engineering industry development in
The institute
blamed higher production costs and special consumption tax on cars under nine
seats as the basic cause of the wide price difference.
At present, the
auto industry is still protected by import tariffs from 15% to 60%. However,
domestically assembled cars meet only 60-70% of the market demand with around
100,000 units available for sale a year.
The size of the
local auto market is still small, only half of the
In 2018,
If the Government
fails to act,
Speaking at the
conference, a representative of Truong Hai Auto Group said that automotive
engineering should be considered a key industry. The Government should
complete a master plan on auto sector development from now to 2020 with a
vision until 2030.
Controversy has
arisen over special consumption tax between authorized car importers and
producers, with the former agreeing at the tariff calculation method while
the latter have bemoaned disadvantages.
At least six
importers have objected to a suggestion of the Vietnam Automobile
Manufacturers’ Association (VAMA) for a change to calculation of the special
consumption tax for CBU car imports to protect the local industry.
The enterprises in
a petition sent to the Ministry of Industry and Trade recently said that the
current tax calculation method is fair as it takes into account all relevant
costs as a basis for the tariff.
Meanwhile, VAMA
members, though completely-knocked-down (CKD) assemblers, have imported
finished cars for domestic sale. So, they have found that the current tax
calculation is unfair to domestic producers.
Given the current
rule, CKD vehicles are subject to a tax calculation based on a wholesale
price with sale cost included. Meanwhile, imported CBUs are subject to the
Cost, Insurance and Freight (CIF) rule without sale cost.
Therefore, prices
of vehicles are always higher than imported cars, the members said.
Fee
collections for State budget still meager
Only a small part
of fee collections has gone to State coffers although revenues from these
sources remain huge after more than half of the fees have been abolished, the
Ministry of Finance reports.
In a recent report
submitted to the Government, the ministry informed that it and other
ministries and localities had already removed over 340 types of fee as they
went against the nation’s existing relevant regulations.
However, there are
still around 301 fees effective, the ministry said.
The contribution of
fees to the State budget has declined steadily over the years, from around
VND42 trillion or 5.8% of the total State budget revenues in 2011 to some
VND29.1 trillion, or 3.9%, in 2012 and roughly VND31.3 trillion, or 3.8%,
last year.
In fact, the
contribution of fee collections to the State budget has been much lower than
the amount collected in reality.
According to the
finance ministry, administration agencies are allowed to retain 60% of total
fee collections and the remainder goes to State coffers, while other agencies
can keep up to 90% and transfer the rest to the State.
A number of experts
and deputies of the National Assembly (NA) have complained fee collections in
A recent report by
the International Monetary Fund indicates that the ratio of fees and taxes to
GDP in
The NA’s Economic
Committee confirmed the high fee collection ratio, citing the results of a
recent survey that
Meanwhile, the
respective figures in
US
purchases 22% of
According to the
Import and Export Department of the Ministry of Trade and Industry, the
Seafood exports to
the
The
Though most of the
country’s exports have fallen in the initial months of this year, positive
signals have still been seen in the
The sharp increase
in shrimp exports to the
Projects
behind schedule do not receive capital
Capital will be
transferred from projects behind schedule to projects on-schedule, according
to the Ministry of Construction on April 15.
This is part of
Minister of Construction Trinh Dinh Dung’s Decision 232 to decrease
construction waste.
Relevant agencies
will closely control budget on construction projects financed by the State
Budget. Establishment, appraisals, and approval projects will be conducted in
accordance to socioeconomic development and construction.
Agencies must have
a prepared list of projects in order to receive state funding. Projects
finishing before 2015 will receive priority.
Projects without
approval will not receive permission to commence.
Marketing
steps up game to encourage use of E5 gasoline
Sales manager of
Saigon Petro Company Tran Minh Ha believes that marketing needs to be boosted
about the E5 gasoline with ethanol to encourage consumption.
Price for a liter
of the E5 is the same as A92 gasoline, said Ha.
Vietnam National
Oil and Gas Group (PVN) fears that customers will hesitate to fill gasoline
E5 because they do not understand the benefits of it.
Relevant agencies
should market to consumers about gasoline E5 before it becomes available in
Quang Ngai, Ha Noi, Hai Phong,
The blend will be
used nationwide starting Dec. 1, 2015.
The country has
seven ethanol production plants generating 535 million liters per year,
according to the Ministry of Industry and Trade. This is enough to create
blends of E5 and E10 gasoline in 2014.
The plants are able
to produce 8.35 million tons of gasoline E5 or 4.17 million tons of gasoline
E10 at full operation. This is sufficient for nationwide consumption.
Additional plants
are under construction to produce more ethanol.
Petrol
Three out of 10
petrol wholesale companies have so far sold the blend at 170 out 12,000
stations in the country. Stations with the blend include PV Oil, Petec, and
Saigon Petro.
Consumption of the
blend is not as popular as expected in 2007 when it was released into the
market.
State-owned
businesses called for forging bond
Chairman of the Ho
Chi Minh City People’s Committee Le Hoang Quan has urged enterprises,
especially those wholly owned by the State, to strengthen links for mutual
development.
At an April 17
meeting with representatives from departments, agencies and State-owned
businesses in the locality, the mayor suggested enterprises focus on human
resources development, particularly high-qualified staff.
As banks are
reducing lending rates, business players should have specific plans to access
loans for investment in equipment and technology, he noted.
Local firms were
also asked to work together for both extensive and intensive restructuring
and stay proactive to cope with more severe competition.
According to the
municipal Finance Department,
In the first
quarter of this year, these enterprises raked in 15.6 trillion VND (733
million USD) in total revenue, down 18.73 percent against the same period
last year.
MASkargo
expands cargo network to Hanoi
MASkargo, the air
cargo division of Malaysia Airlines, marked another historic milestone by
launching its first Airbus A330-200 freight flight to
MASkargo already
operates its successful
The A330-200
freighter is scheduled to fly into
The twice-weekly
flight will operate along a
"We want to
develop in the Vietnamese market by facilitating cargo links between
He said
The presence of
international manufacturers and the country's air freight potential has spurred
demands for fast and reliable air cargo movement.
MASkargo's General
Sales Agents - Aviation Solutions Services Co. Ltd expects a positive initial
response to the dedicated freight carrier, with
In addition,
MASkargo also operates weekly freight services into
The Airbus A330-200
allows the fledging MASkargo freight service to build capacity and expand its
network in the
Standard
Chartered Bank appoints CEO for ASEAN markets
Standard Chartered
Bank today announced the appointment of Lim Cheng Teck as the chief executive
officer (CEO) for its ASEAN markets. The appointment is effective from May 1,
2014.
To maximise
opportunities in key growth regions, the bank has recently implemented a new
structure of eight specific regions: ASEAN, Greater China, North East Asia,
MENAP, South Asia, Africa, Europe and the
As CEO ASEAN, Cheng
Teck will be responsible for delivering the refreshed and sharpened strategy
to realise the growth and return aspirations for the bank’s franchise and
operations in ASEAN, comprising
Cheng Teck is a
veteran banker with 26 years of experience in Standard Chartered.
Prior to this new
role, Cheng Teck was CEO and executive vice chairman of Standard Chartered
Bank (
He led the
Before
Jaspal Bindra,
group executive director and CEO Asia, Standard Chartered PLC said: “We are
pleased to announce the appointment of Cheng Teck as CEO of ASEAN where we
are the only international bank to be present in all ten markets. It is an
important region, contributing close to a quarter of the group’s total income
in 2013. We are confident of ASEAN’s growth potential and with Cheng Teck’s
appointment, our aim is to more effectively contribute to and grow with the
region.”
“Cheng Teck’s
excellent track record as CEO in high growth, high potential markets such as
“ASEAN has immense
opportunities, with its 600 million strong population and steady economic
growth; it has significant potential for the financial services industry. I
look forward to leading this exciting franchise and drawing on the expertise
of our 30,000 staff to provide innovative client-centric solutions,"
said Lim Cheng Teck, CEO for Standard Chartered Bank, ASEAN.
Cheng Teck was chairman
of Standard Chartered (
A master of
Business Administration graduate from
An arts enthusiast,
Cheng Teck also enjoys travelling, music and playing the occasional round of
golf.
Source: VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VIR
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Chủ Nhật, 27 tháng 4, 2014
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