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BUSINESS
IN BRIEF 11/10
Nestle
invests an additional US$37 mil in
Familiar food and
drink maker Nestle just announced it is pumping more than US$37 million into
expanding its MILO factory at the
Nestle Vietnam Co.
Ltd on October 9 said the planned expansion in
The company
currently has invested over US$450 million in three processing plants in
Tuna fish
hopes to secure firm foothold in
Chairman of the
Binh Dinh provincial People’s Committee Le Huu Loc said the Japan-Vietnam
Friendship Association and other relevant agencies are seeking every measure
in support of local fishermen. To secure a firm foothold on the Japanese
market, it is essential to promote the use of advanced technology and improve
the efficiency of tuna fishing, he suggested.
According to Cao
Thi Kim Lan, Director of Bidifisco, which purchases tuna fish to ship to
With the current
export price, Bidifisco can earn a little amount of profit, she said, but
still hopeful for bright prospects for tuna export to
“We are focusing on
educating local fishermen on standard fishing procedures and tuna
identification techniques and providing them with more assistance and
equipment for higher efficiency”, Lan added.
During a recent
working session with the Binh Dinh provincial People’s Committee,
representatives of the Japan-Vietnam Friendship Association in
Japanese
group seeks investment opportunity in Vietnam
Japanese investors
consider
They have so far
invested in 2,410 projects in
The information was
revealed at a seminar in
FIA Director Do
Nhat Hoang said
IHI CEO Tamotsu
Saito affirmed that the group is willing to support
Businesses to the
seminar shared experience in investment cooperation and agreed that
Hoang stated that
IHI group has taken
part in some important projects in
On the occasion,
IHI group presented scholarships to 10 outstanding students of the Hanoi
University of Science and Technology.
India tops
list of Vietnam’s pepper importers in South Asia
Other major
customers in South Asia are
Currently,
In 2014,
As the world’s
largest pepper producer,
HCMC asks
for loan agreement extension
The HCMC government
has proposed the State Bank of
According to the
city government, the second metro line will be funded more than VND26
trillion (some US$1.23 billion). Of this figure, US$540 million will come
from the regional lender, US$313 million from the German Reconstruction Bank
(KFW), US$195 million from the European Investment Bank (EIB) and US$326.5
million from the State budget.
In its proposal,
the city government also asked the central bank for permission to reallocate
funds for different components of the Metro Line No.2 project.
Up to date, the
Vietnamese Government and creditors have signed all the loan agreements.
The Loan Agreement
No.2731-VIE for the first stage worth US$40 million set the project’s completion
date at December 31, 2016 and the loan deadline is June 30, 2017.
However, the basic
design and selection of contractors for the project have been reconsidered,
causing delays in conducting site clearance and relocating infrastructure
facilities. Therefore, the project’s progress will be behind schedule.
Mobile
marketing forum to open at month-end
An in-depth
overview on advertising on mobile devices with updated statistics and
consumer behaviors as well as new trends will be provided at the Mobile
Marketing Association Forum Vietnam 2014 slated for October 30 in HCMC.
The forum is
expected to gather leading brands, mobile networks, marketing agencies and
technology companies. Besides, it is where participants can learn from
experience of leading brands in
Talking about
mobile marketing, Roopa Dhawan, managing partner at Mindshare
The increasing
number of smartphone users opens up more chances for creative products to
approach right people and targeted customers. The number of phone users has
exceeded the number of TV viewers and the trend should not be ignored,
according to Dhawan.
A survey conducted
in quarters one and two by TNS and Google pointed out that
The survey also
revealed that 85% users watch videos online via their smartphones. This rate
is quite high compared to the world’s average of 46%.
Although the screen
of smartphones is small compared to traditional marketing channels, users
still spend three to four hours using their phones and enterprises should
take advantage of this.
The 1,500-hectare
Its current
capacity is around 20 million passengers per year, meaning the transportation
system connecting the airport with the city is frequently overloaded,
according to the city people's committee.
If the airport's
annual capacity is to be raised to 50 million passengers, it will have to
expand to the north, where around 640 hectares need to be cleared and 140,000
households moved.
Expansion will cost
an estimated US$9.15 billion if the land is acquired at official prices, and
much higher if based on market rates, according to the city administration.
An expanded airport
will surely worsen the noise and air pollution in one of the country's most
densely populated cities.
Urban development
and airspace management by the Ministry of Defence will also be impacted, the
people's committee fears.
The city has urged
the Ministry of Transport to soon begin work on
With a maximum
capacity of 25 million passengers a year, Tan Son Nhat is expected to be
overloaded by 2017 when the demand will rise to around 29 million, while the
first phase of Long Thanh — with an annual capacity of 17 million — will not
be ready until 2023, according to the Airports Corporation of Viet Nam (ACV).
The ACV had drawn
up plans to expand Tan Son Nhat's capacity to 26 million passengers pending
opening of Long Thanh.
SBV seeks
to deter virtual gold traders
A representative of
the State Bank of Viet Nam (SBV) affirmed that virtual gold trading was
illegal and warned them of the extremely high risks involved.
Vietnamnet online
quoted Nguyen Ngoc Canh, director of the SBV Foreign Exchange Management
Department as saying organisations or individuals who establish a trading
floor for gold and buy or sell the precious metal using overseas accounts
without permission from Vietnamese authorities were violating Viet Nam Law.
According to Decree
No 24/2012 /ND-CP on gold business activities, the Prime Minister and the SBV
have yet to grant a licence to any organisation or individual for gold business
activities, including gold exchange and gold trading using overseas gold
accounts.
The SBV has warned
people to refrain from joining in gold trading through gold trading floors
using overseas gold accounts.Violators will be administratively charged and
fined from VND50 to VND100 million (US$2,350 to $4,690), and their gold and
other paraphernalia will be confiscated.
Canh said that in
the near future, the SBV would strengthen inspection procedures and work with
concerned agencies for the timely detection and handling of cases of virtual
gold trading.
The SBV also warned
that organisations or individuals found guilty of virtual gold trading would
be required to report regularly to the hi-tech crime police, SBV and
concerned agencies.
According to the
foreign exchange management department, virtual gold is viewed as speculation
and price manipulation that destabilises the country's economy.
Between 2008 and
2009, the operation of gold trading floors in the country created great risks
for investors and great losses to society.
As a result, in
December 2009, the Government asked the SBV to implement drastic measures to
stop all activities related to gold trading floors or gold trading accounts.
Earlier, the police
arrested six top officials of the Ha Noi–based Khai Thai Consultant Limited
Company (KTIC) for "illegal business practices" on October 2.
The arrested
officials include KTIC General Director Hsu Ming Jung (also called Saga) from
The Police
Department for Investigation of Social Order Crimes (C45), under the Ministry
of Public Security (MPS), has confiscated about VND70 billion (US$3.3
million) after examining KTIC's branches and Jung's residence in Ha Noi.
Investigators from
the MPS Hi-tech Criminal Prevention Department (C50) had initially found that
KTIC was operating an illegal online gold and foreign exchange (forex)
trading floor.
On September 26,
C50 arrested the director and chief accountant of VGX Investment Joint Stock
Company (VGX) for operating an illegal gold trading floor.
Business
rules must make sense
Ministries that
want to continue issuing business licences to the community may soon have to
demonstrate that the requirements they demand make sense.
And the many other
Government departments and bodies that issue certificates for a multitude of
reasons may also be forced to do the same thing.
Vice Minister of
the Ministry of Planning and Investment, Dang Huy Dong, explained the likely
developments at a Government task-force meeting on Monday.
The task force,
which included officials and experts from ministries, was charged with
evaluating current regulatory requirements for businesses.
Complaints have
been made that there are too many rules – and that most of them are too
complicated.
The total variety
of business licences issued by Vietnamese ministries is 398. There are also
rules for hundreds of certificates required from Government departments and
other official bodies.
Under the new proposals,
ministries will have to explain the reasoning behind all regulations for
business licences.
Dong said the task
force's mission was not to get rid of as many regulations as possible, but to
remove those that were unnecessary in administrative procedures. He said this
should produce a convenient and transparent business environment.
Le Duy Binh, an
independent consultant with the task force, said business regulations today
were too complicated and sometimes illogical. This was not serving the
nation's objective of boosting economic development, he said.
"One
poorly-thought out regulation may stop thousands of entrepreneurs from
entering the market," said Binh.
He referred to a
regulation that forced businesses to acquire fixed assets worth of US$50,000
to be eligible to declare value-added tax using the credit method. The
requirement was later dropped.
He suggested
ministries shift their focus from pre-control to post-control, saying that
pre-control often burdened start-ups with complex requirements.
Independent
consulting companies, such as Economica Viet
Phan Duc Hieu, from
the Central Institute for Economic Management, said there was a need to build
standards on categorising types of businesses before regulations could be
set.
Members of the task
force agreed that businesses and requirements deemed illegal, unnecessary and
inappropriate must be terminated while current regulatory requirements must
be revised and simplified.
Hieu cited a
regulation that dictated labour-hire agencies must have their head offices at
a permanent address for more than three years, noting that this was highly
restrictive and unnecessary.
Another example was
a requirement to have a certain number of vehicles to start a transport
company. The requirement effectively forced individual entrepreneurs, who are
often short of capital or simply want to remain cautious, to spend a large
amount of money unnecessarily.
Last month, Prime
Minister Nguyen Tan Dung called for the reform of administrative procedures
for individuals and businesses saying improvements to the business
environment contributed substantially to
Phu Quoc
port to be built under P3 model
The southern
coastal
The province's
leaders and representatives from Ministry of Transport decided in a recent
meeting that the VND1.2 trillion (US$56.4 million))port would be built in
Duong Dong town on the island, according to the Viet Nam Economic Times.
The province has
asked Vingroup to invest in the project. No State funds will be used.
Nguyen Thanh Son,
secretary of
Son said the
province had worked with the corporation, and had suggested a consulting
company to conduct research on how much the company and the local government
should spend.
It is expected that
the port would be able to accommodate the largest cruisers in the world.
The port would help
develop the tourism industry on the island.
The tourist and
container port would have an 800-metre L-shaped breakwater to make sure the
port can receive cruisers year-round and a 400-metre pier and 1,200-metre
approach bridge to the pier.
The project details
will be submitted to the Ministry of Transport on October 20 and later to the
Government for approval.
It is expected that
the number of tourists to Phu Quoc by sea will increase annually from 105,000
to 190,000 until 2020, and to 550,000 visitors by 2030.
VN rice
exports to rise by 6%: FAO
The United Nations
Food and Agriculture Organisation (FAO) has predicted that
The organisation
attributed the increase to the country's rising paddy yield and the rising
demand of Asian markets, including
FAO estimated
The country is in
the summer-spring and autumn-winter harvest seasons, and FAO estimated paddy
yields during these seasons would inch down against that of the same period
last year, following the Government decision to use some rice-producing areas
for the cultivation of other crops.
The Ministry of
Agriculture and Rural Development (MARD) reported that Vietnamese rice
exports in the past nine months reached 5.02 million tonnes worth US$2.3
billion.
In September alone,
the nation exported 524,000 tonnes of rice worth $249 million.
Wholesale rice
prices in the domestic market continuously increased for three consecutive
months, including last month because of rising import demand, especially from
A tonne of rice
with 25-per cent broken rice grain content was priced at $400, a 21-per cent
increase against that of September last year.
The United States
Department of Agriculture predicted that
Feed
producers exempted from registration tax
Prime Minister
Nguyen Tan Dung has approved the Finance Ministry's proposal to remove the
business registration tax to reduce difficulties of companies engaged in
livestock feed and aquatic food production.
The ministry's
proposal forms part of its draft of a revised Tax Law. Under the revised law,
enterprises in livestock feed and aquatic food production will be exempted
from the current 5 per cent tax rate.
Also, under the
revised law, citizens may choose payment methods for personal income tax on
stock transfers and real estate.
The Prime Minister
ordered concerned ministries and agencies to co-operate in completing the
revised law and submitting the draft to the National Assembly Standing
Committee for review and approval by the end of this month.
The ministry also
proposed increasing the special consumption tax for casinos from the current
30 per cent to 35 per cent.
The ministry said
current personal income tax laws stipulated that a 10 per cent tax be imposed
on winners of more than VND10 million in casinos and lotteries.
But it is difficult
to tax such earnings, ministry officials admitted. They pointed out that some
countries and territories such as the
The ministry
therefore proposed the removal of personal income tax on casino winners and
the increase of the special consumption tax on casinos, in line with
international norms.
Vietnam to
welcome wave of investment from Japan
Ho Chi Minh City’s
Development Joint Stock Bank (HDBank) and Japan’s Hyakugo Bank have launched
the Japan Desk service targeting Japanese firms operating in Vietnam as an
effort to welcome the wave of investment from the Northeast Asian nation.
At the advisory
“Japan Desk”, in the HDBank Trading Centre in HCM City’s District 1, Japanese
investors will be given necessary banking service priorities, such as account
services, liquidity management, loan arrangement, project investment,
import-export funding, e-banking, and financial and investment advice.
The launch of the
“Japan Desk” at HDBank will help intensify support for Japanese firms
investing and operating in
He said he believed
that the newly introduced service would help Japanese businesses access the
best financial and banking services from a reputable bank like HDBank, adding
more and more Japanese investors would come to
Hyakugo Bank is
specialised in providing financial services and has extensive experience in
and understanding of Japanese enterprises’ culture, while HDBank is a strong
and reputable bank with a national network. The cooperation between the two
banks is therefore ideally suited to meet the demand of Japanese clients, he
affirmed.
In the opening
ceremony of the “Japan Desk”, Deputy Consulate General of Japan in Ho Chi
Minh City Yakabe Yoshinori said in the Japanese government’s new growth
strategy, the country will continue policies to boost overseas Japanese
investment, affirming the cooperation between Hyakugo and HDBank is part of
the growth strategy.
With efforts to
improve the investment climate in recent years,
At present,
HDBank Chairwoman
Le Thi Bang Tam stated that the wave of Japanese investments in
In early 2014,
HDBank signed a bilateral cooperation agreement with Hyakugo to catch the
chance.
HDBank holds assets
of close to 90 trillion VND (4.3 billion USD) and a chartered capital of 8.1
trillion VND (380 million USD). It is amongst the top ten banks in
HDBank set up ties
with over 300 banks in more than 150 countries and territories, and is
preparing to open it first branch in
In recent years,
HDBank restructured its operations by merging with DaiABank, acquiring the
Societe General Viet France (SGVF), and rebranding the corporation as
HDFinance.
Hyakugo Bank enjoys
a sound reputation and long-standing tradition in
Binh
Duong’s electronic export tops 1.7 bln USD
The southern
province of Binh Duong earned more than 1.7 billion USD from exporting
electronic products in the first nine months of this year, representing an
average increase of 20 percent compared to the previous years.
According to
Director of the provincial Department of Industry and Trade Vo Van Cu, local
businesses produced 1.2 million electronic units during the period. Many of
the products posted high export growths such as phones and spare parts (41
percent), and computers and others (ranging from 4 to 10 percent).
Electronic products
have surpassed garments and woodwork to lead Binh Duong’s key export items,
he said, adding that the province has also encouraged investment in
technology projects, especially those producing computers, phones and spare
parts.
Binh Duong’s
three-quarter export turnover surpassed 11 billion USD, up 14.5 percent
year-on-year. The province also enjoyed a trade surplus of over 2 billion
USD, with 1.8 billion USD from foreign direct investment (FDI) enterprises.
The province
targets 17 billion USD from exports this year, up 16.5 percent against last
year. Its export turnover now accounts for 12 percent of the country’s total
figure.-
Domestic
coal demand to rise in 4th quarter
Domestic demand for
coal is expected to grow rapidly during the last quarter of 2014, the Vietnam
National Coal and Mineral Industries Group (Vinacomin) forecast during a
conference on October 7 in the
The conference
heard that in the first three quarters, Vinacomin’s members maintained
produced 25.6 million tonnes of coal end products, fulfilling 75 percent of
the yearly target.
During the same
period, the group sold a total of 26.2 million tonnes of coal, of which 4.8
million tonnes were exported.
Since the domestic
market is seeing signs of recovery, especially during the dry season when
there will be a higher demand for coal to power thermoelectricity plants, new
cement projects and other coal consuming facilities.
This year,
Vinacomin plans to sell 35.5 million tonnes of coal, including 6.5 million tonnes
for exports.
To achieve its
goal, the group has implemented numerous policies and addressed all arising
challenges promptly, while accelerating production to meet the market demand
during the dry season.-
National
grid helps boost development in Phu Quoc
The 110kV Ha Tien –
Phu Quoc submarine power cable system has been in operation for more than
half a year now, marking the strong development and change in the
socio-economic outlook of the island district, the Vietnam Economic News
reported.
Thanks to the
national grid, instead of buying power from diesel generators at high prices,
now daily activities of Phu Quoc islanders have been easier and investment
projects in the island have also progressed more quickly.
The owner of Khai
Hoan fish-sauce making facility Ho Kim Lien, who has lived on the island for
a long time, said although power prices only account seven percent of her
production structure, the trading activities have become more active since
the island was connected to the national grid and she is considering to
invest in hotel business there.
Power prices of Kim
Vang Hotel (30/4 Road,
The demand for
power in other places like the
The traffic
infrastructure on Phu Quoc has received comprehensive investment, including
the North-South axis, bypasses, an international airport and a passenger
port. Therefore, connection to the national grid is expected to make a push
to turn the island into a special economic and administrative zone and a
centre for trade exchanges of the country, the region and the world.
Statistics of the
Phu Quoc district People's Committee showed that, in 2013 it welcomed more
than 500,000 tourists, of those 35 percent were foreigners and the number
this year is expected at 600,000 as a direct airline route from Russia to Phu
Quoc was opened and another route from Incheon (the Republic of Korea) to Phu
Quoc is about to be launched.
Many other projects
are under prompt implementation on the island such as the Vingroup’s hotel
complex project in Bai Dai; the 120 room Sailing project in Cua Lap while
some local hotels will expand and diversify their services. So far, nearly
200 projects have been invested in Phu Quoc and mainly in tourism sector.
Deputy Chairman of
Phu Quoc district People's Committee Huynh Quang Hung said connection to the
national grid helped reduce 50-70 percent of electricity costs than previous
time, hotel charges and other services also decreased from 5-20 percent.
In the past eight
years, Phu Quoc’s economy has seen a strong development towards tourism and
services, with average growth of 26 percent a year and per capita income of
82 million VND a year.
Residential
sales increase in HCM City
As sales improve
and buyers’ confidence increases, developers have become more and more
confident launching their products, the newspaper cited CBRE’s latest report
as saying.
Launches continued
to enjoy high sales results in the third quarter.
CBRE noted that
with 3,104 units launched, supply in the third quarter went up 95.8 percent
compared to the same period last year.
Thanks to improving
market conditions, prices on both the primary and secondary markets in the
third quarter started to show tentative improvement against the second.
Primary prices
increased from 1 to 4 percent compared to the last quarter and 1.2 to 5.4
percent compared to the same period last year across all segments.
The most noticeable
improvement was in District 2, thanks to infrastructure improvements such as
Metroline No.1.
On another note,
the increase in tenants looking for buy-to-let options bolstered high-end
apartment prices.
However, in general
the high-end segment showed a more positive picture than the other segments
as resellers easily found tenants confident in capital gains.
According to Duong
Thuy Dung, head of CBRE’s Research and Consulting Department, sales volumes
continued to rise with deposits put down on 50-70 percent of units.
Preliminary figures showed that sales volume increased by 8.6 percent
on-quarter and 94.8 percent on-year to approximately 3,300 units sold.
While the
affordable segment continued to rise, the number of units sold in the
high-end segment as a whole was relatively modest.
Buyers at high-end
developments comprised a high proportion of either buy-to-let or capital gain
investors that are often superstitious about selling or buying houses during
“Ghost Month”. In contrast, end-users, and especially those on a limited
budget, buy a house at whatever point they are able to access financing.
“It has been a long
seven year slog with disappointments and broken promises on house delivery.
However, recent positive sales results and busy launch events suggest that we
have may arrived at a point where the worst of the market is behind us,” Dung
was quoted as saying.-
Stanley Boots, an
international lawyer specialised in infrastructure at the Ministry of
Planning and Investment (MPI), presented these figures in a dialogue on
public-private partnership (PPP) between MPI Minister Bui Quang Vinh and the
Lord Mayor of the City of
Woolf assured Vinh
that the City of
Since 2008, the
ministry has sought ways to address the growing financial needs of
infrastructure projects in
Last year, the
ministry updated Decision 71 to include the PPP programme, and developed PPP
provisions in a draft decree recently submitted to the Prime Minister, Vinh
told the Lord Mayor.
The document
introduces a more comprehensive legal framework to facilitate the joint
investment model, including a set of regulations to ensure international
standards are met.
In the near future,
up to 298 projects worth more than 982 trillion VND (46.7 billion USD) will
require support from the non-State sector, both domestic and foreign,
Director of the Bidding Management Department Le Van Tang said, adding that
55 projects were initiated by ministries and the rest by localities.
In the past,
Tax law
amendments to assist businesses approved
Prime Minister
Nguyen Tan Dung has approved the draft tax law amendments proposed by the
Ministry of Finance as part of the government’s efforts to help local
businesses overcome the current economic difficulties.
Accordingly, the
list of goods and services exempt from VAT is to be expanded to include feed
for animals, which is currently subject to the 5-percent tax rate, in order
to support local breeding and aquaculture businesses.
Business license
taxes are to be revoked. And, people’s right to choose between two tax
payment methods for personal income from stock trading and real estate deals
is to become part of the law.
The ministry was
requested to urgently submit a proposal for the building of the tax law
amendment bill to the Standing Committee of the National Assembly and present
it at the 8 th National Assembly Meeting in October 2014.
Capital
injection needed to cut loan interest rates
The State Bank of
The National
Financial Supervisory Commission (NFSC) made this proposal in its September
economic report, which infonet.vn cited.
SBV figures in
September showed that lending interest rates for general production and
business remained stable at nine to 10 percent for short-term loans and 10.5
to 12 percent for medium- to long-term loans. Meanwhile, deposit interest
rates fell by 0.1 to 0.3 percentage points to five to six percent for
short-term loans, six to 7.2 percent for loans of less than 12 months and 7.3
to 7.8 percent for longer-term loans.
The NFSC backed up
its comments with reports from 15 credit institutions and said the average
profit margin between deposit and lending interest rates in the first half of
this year decreased by 50 percent year-on-year.
"The growing
imbalance of interest erodes the financial capacity of credit institutions
and the risk provisioning toward bad debts as well," the report said.
The commission also
suggested the volume of low-interest capital that the central bank should
inject.
To date, the
banking system handled more than 249 trillion VND (11.6 billion USD) in
non-performing loans (NPLs), compared with 464 trillion VND (21.7 billion
USD) in bad debt in September 2011. After three years, an estimated 53.6
percent of NPLs were resolved.
The Vietnam Asset
Management Company (VAMC) is expected to purchase 70 trillion VND (3.2
billion USD) of NPLs by the end of this year, plus 78 trillion VND (3.7
billion USD) in provisional funds from commercial banks and credit
institutions.
SBV Governor Nguyen
Van Binh told the National Assembly Standing Committee meeting last week that
the central bank would take drastic measures to handle bad debts.
However, in its
latest report, the NFSC said the VMAC was in need of a State-sourced
financial stream to become more competent in purchasing bad debts. Otherwise,
the VMAC will need more time to lengthen tenures of special notes to help
credit institutions accumulate long-term capital sources.
As one of the most
important business partners of
In recent years,
The conference is
aimed to link Vietnamese enterprises with German business representatives,
exchange information and experience on the opportunities of the Asia-Pacific
region and create partnerships for the future.
The economic
relationship between
With more than 700
estimated participants, the Asia-Pacific Conference of German Business is a
platform for the exchange of ideas among companies and decision makers in
Asia and a great opportunity to strengthen the business relationship between
Co-organiser and
local host of the APK are the Delegation of German Industry and Commerce in
Vietnam (AHK).
Production
recovers, exports show good results
Industrial
production increased 6.7 percent in the first nine months this year, up from
4.8 percent and 5.3 percent in the same period in the last two years,
reported the Ministry of Industry and Trade.
In the nine months,
exports reached US$109.6 billion accounting for 75.4 percent of the year’s
plan. This year, it is expected to increase 12 percent against last year to
hit US$148 billion.
Imports are
forecast to hit US$146.5 billion, up 11 percent over last year, creating a
trade surplus of US$1.5 billion.
WB
forecasts VN’s growth of 5.4 percent in 2014
The country’s
economy expands at a much lower than the target of 5.8 percent set by the
Government. According to Sandeep Mahajan, WB lead economist for
According to WB’s
report,
WB experts also
pointed out a paradox in the country’s economy that while foreign direct
investment (FDI) sector is stable and a factor to push up the nation’s
economy growth, a slowdown in domestic demand restrains the development.
Retail markets
showed that purchasing power decreased by 5.7 percent in six months due to a
decline in consumers’ confidence.
The ratio of
private investments were only 10.7 percent of GDP in the first quarter of the
year, lower than 13.9 percent in the same period in 2010. In addition, more
and more local privately-invested enterprises shut down or stopped
operations.
In first seven
months of the year, around 37,600 local enterprises have gone out of
businesses, an increase of 10 percent compared to same period last year.
Accordingly, FDI
sector continues pushing up the country’s economy. In fact, FDI sector
contributed 20 percent of the nation’s GDP, 25 percent of investment and
offered millions of jobs for local laborers.
WB experts advised
that
Metrople to
spend VND 1billion for special ceremonies
Metropole Wedding
& Convention Center has just organized the 1st ceremony of thanks on 600
clients, who had ever held the wedding in Metropole from February to August,
2014.
The conference was
attended from representatives of Trade & Promotion Department under
Ministry of Industry & Trade and journalists in HCMC.
Three couples won
lucky awards. Of these, the 1st prize worth VND 200million went to couple
Nguyen Dong Nhat & Hoang Huynh Nhu Ngoc (District 3); the 2nd prize, VND
100million, belonged Pham Lam Phuc (District 10) and Vo Cong Thanh and Hoang
Thi Song Hieu are bagged the third one worth VND 50million each.
Mr. Huynh Van Van,
director of Metrople said the 2nd & 3rd ceremonies will continue taking
place from now to the year-end. Metrople will spend around VND 1billion for
the event.
Vung Ang
thermal plant BOT deal talks heat up
The Vung Ang 2
thermal power project is in the final stage of build-operate-transfer negotiations
with the intention of starting construction early next year.
Vung Ang 2 Thermal
Power Joint Stock Company (VAPCO), the investor in the 1,200 megawatt Vung
Ang 2 project recently reported to the Ha Tinh provincial authorities that
the investor had submitted build-operate-transfer (BOT) contracts to the
Ministry of Industry and Trade. It is expected to start construction in March
2015.
It will become the
sixth foreign-invested BOT power project in
The 1,200 megawatt
Vung Ang 2 project is a part of the Vung Ang thermal power centre in the
central
The project is
being built by VAPCO, a joint venture between the locally-owned Refrigeration
Electrical Engineering Corporation (REE) and OneEnergy Asia Limited, which is
a 50/50 partnership between Hong Kong’s CLP Holdings and
Under the prime
ministerial Document 1604/TTg-KTN, the Vietnamese government guarantees
conversion into US dollar for 30 per cent of the project revenue in VND.
However, investors in BOT power projects with ongoing negotiations such as
Vung Ang 2 and Van Phong requested up to 100 per cent foreign currency
exchange guarantee.
Since
Although
The Grand
Ho Tram Strip has new president
The Grand Ho Tram
Strip has announced the appointment of Shaun McCamley as its new president.
McCamley, an
Australian national, has extensive
Before moving to
Source: VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VIR
|
Thứ Sáu, 10 tháng 10, 2014
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