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BUSINESS
IN BRIEF 13/10
Draft tax
incentives get NA clearance
The National
Assembly (NA) Standing Committee on October 8 allowed the Finance Ministry to
present draft tax incentives and draft amendments to tax laws at the upcoming
NA session slated to start later this month.
At a session of the
standing committee in
The draft will lead
to a budget collection reduction by at least VND5.6-5.7 trillion in exchange
of tax support for enterprises and individuals next year while increasing
spending on tax rebate by VND1.3 trillion, Dung said.
Chairman of the NA
Committee on Finance and Budget Phung Quoc Hien was concerned that the drafts
may go against a resolution of the legislative body.
Resolution
57/2013/QH13 is in disfavor of policies that lead to State budget collections
falling and expenditures rising this year because of fears of a bigger budget
deficit.
Therefore, the
drafts are not in line with the resolution, Hien said.
But NA vice chairwoman
Nguyen Thi Kim Ngan said the drafts would help enterprises ride out
difficulties and avert bankruptcy.
Before the
suggestion, Minister Dung said budget reductions would just occur in several
years before collections rise again in medium and long terms. Besides, the
budget reductions could be offset by higher special consumption tax on
tobacco, alcohol, casino business and online games.
Despite the tax
incentives, the central budget is expected to have an additional VND896
billion next year, nearly VND3.6 trillion in 2016, VND5.34 trillion in 2017,
over VND7.5 trillion in 2018 and less than VND10.6 trillion in 2019.
Some details of the
drafts would be further discussed at the upcoming NA session.
Earlier, the
Government proposed lifting the 15% advertising spend cap with an aim to make
life easier for businesses to promote their goods and services, and thus
increase sales.
Honda
Vietnam recalls Civic and CR-V vehicles
Honda Vietnam, a
subsidiary of
According to the
automaker, the partition of the driver-side air bags of those units has been
wrongly installed, which may cause those bags to malfunction upon collisions.
So far, Honda has
not received any complaints from customers around the world regarding this
defect, and the company after a test has concluded that the error does not
affect the operation of the vehicles.
However, Honda
Vietnam decided to proceed with the check and replacement of air bags for
Honda Civic manufactured from 2012 to 2014 and Honda CR-V manufactured in
2013 and 2014.
Free checks and
replacements of the air bags will take place at all Honda dealers nationwide.
Authorized dealers
will send emails or make calls to inform the owners of those cars.
Open-ended
SSI-SCA fund starts operation
SSI Sustainable
Competitive Advantage Fund, or SSI-SCA, will start operation on October 9
after having raised nearly VND112 billion from its initial public offering a
month ago.
SSI Asset
Management Limited Company (SSIAM), the manager of SSI-SCA, said on Tuesday
the fund has obtained the business registration certificate allowing it to
start operation.
On October 8,
investors were able to place a minimum purchase order worth VND2 million for
fund certificates.
SSI-SCA is an
open-ended fund, which is the first of its type managed by SSIAM. The new
fund must pay 1.5% of its net asset value (NAV) a year on management fee,
0.03% of NAV a year on custodian service and other smaller
fees.
According to a
statement from SSI Company, SSI-SCA will have a balance portfolio, pouring
capital into shares after carefully studying macroeconomic issues and the
domestic market.
SSI-SCA will invest
in enterprises having sustainable competitive advantages and fixed earnings.
If the market is in
good condition, SSI-SCA will spend 80% of its capital on stocks, including
20% on small companies with high potential and strong competitiveness. The
remaining 20% will go to shares of firms having fixed earnings.
SSIAM, established
in August 2007, is a subsidiary of Saigon Securities Inc. and now manages
assets totaling VND4 trillion.
A conference in
Speaking at the
conference, Le Manh Ha, Vice Chairman of the HCM City People’s Committee said
the city is bent on developing the microchip industry and it can benefit
tremendously from the experiences of the RoK business community “The RoK is a
well established leader in the industry and its experiences over the past 30
years are invaluable to Vietnam,” Ha said.
During the
conference, a number of prominent experts from the RoK shared their
experiences and talked about highly technical matters in addition to
discussing recent developmental trends in the industry.
Park Sang Hyup, the
Korea Consulate General’s trade office head in
The strong development
of the RoK over the past few years is directly attributable to the benefits
provided by the microchip and semiconductor industry, Hyup said.
At the conference
Norway-Vietnam programme promotes business capacity
A programme to
improve business capacity towards creating harmonious workplaces was launched
in
The programme is
jointly implemented by the Confederation of Norwegian Enterprises, the
Norwegian Confederation of Trade Unions, the
The project will be
implemented in between 25 and 30 companies operating in different sectors in
Under the project,
seminar and training courses will be held to enhance managers and trade union
workers’ skills and apply new labour regulations in business administration.
Additionally,
senior experts will assist businesses in improving their human resources
management and workplace relations.
Pepper
exports expected to reach 1.3 billion USD
While many
Vietnamese agricultural export items have faced difficulties in terms of
market and price, pepper exports have showed rapid growth and affirmed its
leading position in the global market, the Vietnam Economic News reported.
Vietnamese pepper
export earnings exceeded 1 billion USD by the middle of September and will
likely reach 1.3 billion USD by the end of the year. Regarding export
markets, the
The International
Pepper Community (IPC) said that global pepper supply would not meet demand
from now to the end of this year since major pepper exporting countries like
India and Indonesia have reduced their production by 15-20 percent thus
providing opportunities for Vietnamese pepper export businesses to increase
their exports.
The Vietnam Pepper
Association (VPA) said that Vietnamese pepper took first place in the world
in terms of pepper export volume. The sector has maintained pepper growing
areas and productivity, while increased the quality of pepper by investing
more in post-harvest processing.
In addition,
Vietnamese businesses have also reduced exports via middle traders and
increased direct sales to material suppliers of seasoning processing
factories in foreign countries.
VPA Chairman Do Ha
It is also
important to coordinate pepper exporters for mutual benefits based on
reliable market information and forecast. Businesses need to connect with the
banking system to obtain sufficient capital for purchasing and reserving
pepper materials from the beginning of the harvest.-
Foreign
businesses race to invest in oil refinery plants in Vietnam
Although Vietnam
initially decided to build only three oil refineries, two are about to be
built and others are under construction, while several more are awaiting
licenses, according to an article published on the English language news
portal VietNamNet Bridge on September 9.
Just one day after
the Thai PTT Group submitted plans to build the 22 billion USD Binh Dinh oil
refinery to the Ministry of Industry and Trade (MOIT), a groundbreaking
ceremony for the Vung Ro Oil Refinery was held.
In addition, the
construction of the Nghi Son Oil Refinery in Nghi Son Economic Zone kicked
off a year ago. Meanwhile, the Canadian Malartic Group has expressed its
willingness to develop the Nam Van Phong petrochemistry refinery project.
After 10 years of
preparation, the investors of the Vung Ro oil refinery project have finally
kicked off a project. The 3.18-billion USD oil refinery is expected to churn
out commercial products by 2017, creating 1,300 stable jobs.
And the Thai PTT
Group’s 22 billion USD Nhon Hoi oil refinery project to be built in Binh Dinh
province holds the record in investment capital.
According to Man
Ngoc Ly, Head of the Nhon Hoi Economic Zone Management, the Nhon Hoi oil
refinery is expected to have a capacity of 20 million tonnes of crude oil a
year, four times bigger than Dung Quat Oil Refinery.
Binh Dinh provincial
authorities have prepared 2,000 hectares of land for the petrochemistry and
refinery complex and have decided to build a deep water port to serve the
pumping of crude oil into the oil refinery. Ly said the project was the top
priority of the province.
Several other
provinces are also expecting oil refinery projects with huge investment
capital of tens of billions of dollars.
Currently, only two
refineries exist in
Dung Quat, with a
capacity of 6 million tonnes per annum, can satisfy 30 percent of domestic
demand. The investor plans to raise capacity to 10 million tonnes prior to
2015.
Thanh Hoa province
also has an oil refinery, Nghi Son, the construction of which began one year
ago. The 9 billion USD refinery would have a capacity of 10 million tonnes of
crude oil in the first phase and 20 million in the second phase.
Under the oil and
gas industry’s development plan, Nghi Son and Dung Quat will satisfy
two-thirds of total domestic demand for petrochemical products.
Only three projects
were mentioned in the oil and gas industry development plan, namely Dung
Quat, Nghi Son and Long Son.
However, more and
more projects have been added to the development plan, and the number of
added projects has become so high that economists fear Vietnam will have
“more than enough” oil refineries in the future, while other countries are
seeking alternative energy resources.
Start-up
capital goes up 13.9 percent in 9 months
As many as 53,192
new businesses have been set up in the first nine months of 2014 with a total
registered capital of over 320 trillion VND (15.2 billion USD), up 13.9
percent in terms of capital compared to the same period in 2013.
These new registered
businesses are expected to hire 795,000 workers, according to the Ministry of
Planning and Investment.
During the same
period, operating businesses also added nearly 421.5 trillion VND to their
capital.
During the same
period, 11,872 enterprises resumed operation after suspending for some time.
However, another
48,330 enterprises suspended or terminated operation, an increase of 13.8
percent from the same period last year.
Director of the
ministry’s General National Economy Department Bui Ha said the statistics of
starts up and dissolution reflected the three major trends among sectors.
Some sectors are
seeing good growth, reflected by the increasing number of new starts up and
decreasing number of dissolutions. This is most clearly seen in the distribution,
power, water and gas supply sector, with an increase of 14 percent in new
businesses and a 26 percent drop in dissolutions.
Meanwhile, strong
fluctuations in the numbers of enterprises in some sectors showed major
restructuring is underway. These sectors included entertainment and
recreation with a 55.3 percent rise in start-up and 24.2 percent increase in
dissolution, agriculture-forestry-aquaculture with increases of 26.2 percent
and 6.8 percent, and real estate with rises of 23.4 percent and 9.3 percent,
respectively.
Fewer starts up and
more business dissolutions were seen in sectors such as construction, retail,
wholesale, auto-motor maintenance and other small services, reflecting gloomy
business conditions.
Experts: company seals outdated
The issue was
discussed at a meeting in Ha Noi yesterday. In accordance with the Prime
Minister's guidance, head of the Central Institute for Economic Management
Nguyen Dinh Cung proposed that the use of company seals should be made
optional. "It is an important change in mindset," he commented.
According to a
survey by the institute, 52 per cent of the people agreed that corporate
seals should be abolished, while 30 per cent alleged that companies should
have the freedom to make their own seals .
"Company seals
have been a popular area of reform in the past seven years," said Jean
Michel Lobet, senior World Bank expert. Many countries have even eliminated
the use of seals. "However, it is still in common practice," he
added.
The World Bank
Group's data shows that the lower a nation's income, the more company seals
it uses.
Seals can be forged
and take a relatively long time to make, taking up about 20 per cent of the
total procedures, according to Lobet.
Former Vietinbank's
official Huynh Thi Huyen Nhu reportedly forged eight company seals and
appropriated VND4 trillion (US$188.6 million) from 2007 to 2011.
Lawyer Vu Xuan Tien
of VFAM Vietnam said in HCM City that firms spend between VND6.4 billion to
VND8.4 billion ($301,800-396,200) annually to make and keep seals.
"As business
activities become fluid with technology entering the digital age, corporate
seals have become obsolete and are, to some extent, a hindrance," Lobet
added.
He suggested the
use of electronic signatures or recognising the director's signature as
legally binding authorisation.
Lawyer Cao Ba Khoat
noted, "The company seal is simply an identification. For long, we have
mistaken it to be legal signature."
Meanwhile, seals
have not helped solve internal conflicts.
In addition to
electronic signatures, enterprises can switch to fingerprint or iris
identification of their directors, Khoat suggested.
In general, the
lawyers who attended yesterday's meeting thought that the State gives
particularly high validity to corporate seals, causing incalculable damage if
the seal gets lost or stolen.
They also agreed
that enterprises are accustomed to using seals, and that it will be a
challenge to eliminate the practice.
Cung said
Authorities
told to clear land for refinery
Prime Minister
Nguyen Tan Dung directed concerned authorities in central Quang Ngai province
last Wednesday to clear land for the upcoming expansion of the Dung Quat Oil
Refinery.
The expansion is
expected to raise the refinery's current annual output from 6.5 million
tonnes to 10 million tonnes, thereby meeting 50 per cent of the country's
demand for refined petroleum products.
At a meeting with
provincial authorities, the Prime Minister also instructed the authorities to
help
Asked about funding
for the implementation of land clearance and resettlement for large projects
in the Dung Quat Economic Zone, the Prime Minister said the State would
prioritise budget allocation for the Dung Quat Thermal Power Plant, and
provincial authorities must map out and appraise the plan before submitting
it to him for review and approval.
The Prime Minister
also instructed the Ministry of Industry and Trade to map out effective plans
for supplying electricity to some areas in Ly Son Island.
Since its launching
in 2009, the Dung Quat Oil Refinery, the first of its kind in Viet Nam, has
produced roughly 30 million tonnes of products, raking in VND580 trillion
(US$27.23 billion) in revenues and contributing VND93 trillion ($4.37
billion) to the State budget.
Last year alone, it
produced 6.6 million tonnes, or 17 per cent more than its target, and earned
more than VND154 trillion ($7.3 billion) in revenues and VND2.9 trillion
($138 million) in profits.
Support
industry expos open in HCM City
Four
mega-exhibitions related to the support industry opened yesterday at the Sai
Gon Exhibition and Convention Centre in District 7.
The four expos are
Metalex Viet
They will all
feature new innovations from over 700 global technology providers from 30
countries and territories, including Germany, Japan, Korea, Malaysia,
Singapore, Thailand and Taiwan, said Duangdej Yuaikwamdee, deputy managing
director of Reed Tradex Company.
The Metalex and
Nepcom events will offer the latest machine tools and metalworking
technologies, and testing technologies for electronic manufacturing.
Soichi Yoshimura,
executive vice president of the Japan External Trade Organisation (JETRO),
said the percentage of parts procured by Japanese firms locally was just 32
per cent in
As a result,
Japanese companies in
Speaking at the
opening ceremony, Nguyen Tuan, deputy director of the the HCM City Investment
and Trade Promotion Centre (ITPC), said the city was implementing policies to
encourage enterprises to invest in the support industry in an effort to raise
the percentage of local content.
Tat Thanh Cang,
deputy chairman of the city People's Committee, said the city would provide
favourable conditions to facilitate the operation of businesses.
Co-organised by
JETRO, ITPC and Reed Tradex Company, the expos, which will run until October
11, are expected to attract more than 10,000 manufacturers from
Tata Power
hopes to speed
The US$1.8 billion
Long Phu No 2 plant was originally scheduled for completion in 2022-23, but
Tata now hopes to start power generation in 2018/19,
A MoU to this
effect was signed between Tata Power and the Ministry of Industry and Trade
during a visit to
The Mumbai-based
Tata Power submitted a feasibility study to the ministry's General Director
of Energy on July 31 for review and approval, Sengupta said.
"This is a
very quick time of just six months. We expect to start the construction at
the earliest after completing the relevant agreements.
"We intend to
further speed up the project if we are allowed to advance the commissioning
date to bridge the gap for the envisaged power shortage in southern
"
"Tata Power.
with its 100 years of experience in power, decided it would be meaningful to
be partners in progress with
SBV survey
predicts 14.5% credit growth
Deposit and credit
growth will likely accelerate in the last quarter of 2014, pushing the growth
rate for deposits to 14.4 per cent and that for credit to 14.5 per cent this
year.
This forecast is
based on the survey on the latest business trends among credit institutions
in the fourth quarter of 2014 by the State Bank of
According to the
survey, about 90 per cent of credit institutions anticipated deposits to rise
by 4.96 per cent and credit to rise by 5.13 per cent in the fourth quarter.
The institutions
said six-to-12 month deposits would post a higher increase than that of other
terms, meaning the restructuring of the capital sources of institutions would
be more rational and sustainable.
As much as 43 to 51
per cent of institutions expected deposit interest rate levels to remain
stable in the last three months of the year while 35 per cent predicted the
rate to further decline by 0.12 per cent from the third quarter. An estimated
44 per cent of the institutions also anticipated lending interest rates to
decline by 0.22 per cent in the fourth quarter.
For the entire
2014, about 90 per cent of the institutions expected deposit and lending
interest rate levels to either be stable or decline year-on-year, by 0.93 per
cent for deposits and 1.14 per cent for lending.
Credit growth for
Vietnamese dong loans in the last quarter is also expected to be higher than
that of US dollar loans.
The survey also
showed that credit growth rates of large commercial banks would be higher
than that of small and medium banks.
According to the
survey, all credit institutions are optimistic about liquidity, saying it
would either remain stable or increase in the fourth quarter and the entire
2014.
Vietcombank early
this week slashed its annual dong deposit interest rates by 20 to 50 basic
points, and with this third adjustment this year, the highest rate for these
deposits now stands at 6.3 per cent.
The rates were
reduced from 4.8 per cent to 4.5 per cent for one-month deposits,from 5 per
cent to 4.5 per cent for the two-month term, and from 5.5 per cent to five per
cent for the three-month term.
They were lowered
from 5.7 per cent to 5.5 per cent for deposits with terms of six to nine
months, from 6.5 per cent to 6.2 per cent for 12 months, and from 6.8 per
cent to 6.3 per cent for 24 to 60 months. Non-term deposits also had a new
rate of 0.8 per cent instead of 1 per cent.
Several banks have
also adjusted the annual interest rates for short-term deposits in recent
weeks. BIDV reduced the rates by 0.2 percentage point for terms of three to
six months while MB, ABBank and Eximbank slashed the rates by 0.1 to 0.3
percentage point for terms of less than 12 months.
According to the
latest SBV report, dong interest rates have fallen by 0.5 to 1.5 percentage
points this year compared with the end of last year. Deposit rates are now 5
to 6 per cent for short-term loans, 6 to 7.2 per cent for loans of less than
12 months and 7.3 to 7.8 per cent for longer-term loans.
Dong Nai coffee exports surge
The southern
The province's
coffee export turnover is expected to reach over $80 million in the last
quarter of 2014, bringing the total yearly figure to more than $500 million,
according to the provincial Department of Industry and Trade.
Director of the
department Le Van Danh said coffee was among several exports from the
province that saw sharp rises in both volume and value this year.
To boost
sustainable coffee development, the provincial People's Committee assigned a
local firm to set up a specialised cultivation region with a view to
increasing the locality's coffee growing area to 22,000 ha.
Supply
chain training camp held
Viet Nam Supply
Chain (VSC) will organise a free training camp for young talent in the
supply-chain industry on October 11 at the Samsung Experience Enterprise
Centre (SEEC).
The camp will bring
together more than 1,000 students from leading universities including the
Sessions will focus
on supply chain vocational careers, industry insights and human resources
issues.
Businesses should
speed up implementation of projects in the support industry, which have been
approved by the city, to soon introduce domestically made products with
aiming to limit import products said Tat Thanh Cang, Deputy Chairman of HCMC
People's Committee on October 8.
Mr. Cang proposed
the enterprises to make proposals for their difficulties to get assistance
from the city People’s Committee.
They should choose
main products and boost investment to improve competitiveness, meet domestic
demand and attend in exports.
On the other hand,
local businesses should strengthen cooperation and consumption of each
other’s products if they are locally made with quality being equivalent to
import items.
In related news,
four exhibitions on the support industry will take place at the Saigon
Exhibition and Convention Center, District 7,
They include
‘Alliance of Support Industries 2014’, ‘Metalex
The first one has
attracted attention of 104 Japanese and Vietnamese enterprises while the rest
three have seen 700 businesses.
Opportunities
for Vietnamese goods to enter Russia
Bilateral trade
between
In the first nine
months, the total bilateral trade between the two countries exceeded US$1.8
billion. Of these,
The
under-negotiation Free Trade Agreement between
However, Mr. Thanh
advised Vietnamese businesses to improve their product quality in order to
compete with commodities from other nations in the Russian market.
Stating at the
forum, Deputy Chairwoman of HCMC People’s Committee Nguyen Thi Hong, said
that HCMC always considers
By the end of
September, Russian businesses invested in 20 projects in HCMC at a total
capital of US$44.37 million. The bilateral trade between HCMC and
In tourism,
Outstanding
agricultural initiatives honoured
As many as 16
outstanding innovative solutions from the fifth national contest on farmers’
technical creativity were honoured at a ceremony in
The awarded
initiatives, which are all feasible and realistic, were selected from 62
entries in farming, aquaculture, environmental protection, agricultural
mechanics and farm product processing. First prize went to an initiative by
Ngo Thai Nguyen from Thanh Hoa province to treat waste by classifying it into
three recycling categories.
The second prize
was presented to Do Duc Quang and Do Duc Sang from Gia Lai province with
their innovation for coffee bean collectors while third and fourth place
prizes, along with 10 consolation prizes, were awarded to other outstanding
solutions.
The 18 winners of
prizes received certificates of merit from the Vietnam Farmers Association
Central Committee.
According to Nguyen
Duy Luong, the Committee’s Vice Chairman, the contest was launched in June
2013 as campaign on technical initiatives for farmers’ production and living
standards nationwide. The contest encourages the application of scientific
and technical advancements for developing agricultural production and rural
areas in order to speed up industrialisation and modernisation.
During the
nine-month period,
The primary goods
exported to
In the meantime,
Most notably,
export revenues to
Though export
revenues to new markets make up a relatively small percentage of
Fuel price
stabilization fund surges to record high
As of quarter
three, the balance of the fuel price stabilization fund had risen to nearly
VND2.3 trillion, the highest since the use of the fund was made known to the
public.
The Ministry of
Finance in a report released on October 8 said petrol traders in the third
quarter alone collected over VND1.1 trillion from consumers for the fund,
which is used to compensate oil traders for losses they incur when the input
cost is higher than the retail price.
In the quarter, the
Ministry of Finance and the Ministry of Industry and Trade let fuel trading
firms extract an estimated VND403.46 billion from the fund.
The fund’s balance
was recorded at nearly VND1.6 trillion at the end of quarter two, but the
amount surged to around VND2.3 trillion at the end of the third quarter. The
fund is kept at oil traders who have to periodically report their balances to
the Finance Ministry.
In 2013, the
balance frequently stayed at only tens of billions of dong, with many oil
traders reporting a deficit, meaning the sum collected from consumers was not
sufficient to compensate traders.
However, the
balance has started picking up this year, from VND840 billion in quarter one
to VND1.5 trillion in the following quarter, as the global oil price has
steadily fallen while the local price has remained high.
The Ministry of
Finance’s report also indicated 15 out of 17 fuel trading firms had the
positive balance, with Vietnam National Petroleum Group (Petrolimex)
reporting VND1.352 trillion and PetroVietnam Oil Corporation over VND265
billion.
Speaking to the
Daily on October 8, the leader of a fuel trading firm said the prices of
finished petrol products in
Therefore, there is
a likelihood that the domestic retail price may decline by up to VND500 per
liter of petrol soon. RON 92 petrol is currently priced at VND23,560 per
liter.
PVN to
divest VND5 trillion from OceanBank, PVcomBank
Vietnam National
Oil and Gas Group (PVN) will have to withdraw its non-core investments from
11 enterprises, including more than VND5 trillion from OceanBank and
PVcomBank, a deputy general director of PVN said.
Le Minh Hong told a
news briefing on PVN’s January-September business operations on October 8
that the amount PVN would be taking back is not huge and that the group will
finish its capital withdrawals from non-core operations by the end of next
year.
PVN currently holds
a 52% stake in PVcomBank, equivalent to over VND4.5 trillion, and a 20% stake
in OceanBank, or VND800 billion.
PVN is also handing
over Lai Vu Industrial Park One Member Company, which it previously took over
from Vinashin, to the government of
PVN has so far finished
equitizing almost all units under its umbrella. The five units yet to be
equitized are PetroVietnam Ca Mau Fertilizer One Member Company Limited, Binh
Son Refining and Petrochemical Company Limited, Dung Quat Shipbuilding
Industry Company Limited and PetroVietnam Power Corporation, with the first
planned for equitization this December.
PVN is now in talks
with Russian oil firm Gazprom Neft to convert Binh Son into a two-member
company with PVN holding a 51% stake and Gazprom Neft the remainder.
Negotiations are underway and the Russian firm may sell crude oil to Dung
Quat Oil Refinery when the refinery increases its processing capacity in the
coming time.
Regarding offshore
investments, PVN has poured around US$2.6 billion into 17 oil and gas
exploration and exploitation projects, and eight of them have turned out
products.
Reserves at PVN’s
overseas projects amount to 170 million tons of oil equivalent and 5.4
million tons has been extracted so far. The group has sent home US$470 million
in profit and the profit margin from its overseas projects is over 17%.
In
January-September, PVN posted revenues of VND560 trillion, 84% of the year’s
target, and paid VND125 trillion in taxes.
Australian
firm wants to breed cows in Quang Ninh
Australian firm
Austrex has plans to build a dairy farm worth nearly US$200 million in the
Quang Ninh Chairman
Nguyen Van Doc on Monday met with an Australian delegation led by Jake Morse,
head of Austrex, who came to sound out business opportunities in the
province.
The Australian firm
wants to develop a farm breeding Aussie cows to supply beef for the local
market and other regional nations.
The project is
expected to cover an area of 200-250 hectares to raise 15,000 to 20,000 head.
It is estimated to cost about US$200 million and create 200-300 jobs.
Austrex is a major
supplier of cattle and poultry for many markets like the
Chairman Doc at the
meeting said agriculture is one of the priority sectors in the province, so
local authorities welcome investments in this sector. Doc proposed Austrex
study natural conditions in the province and quickly proceed with its
project.
Domestic beef has
faced stiff competition from Aussie products in terms of prices since last
year due to the increasing number of Aussie cows being imported into
In line with the
ASEAN-Australia-New Zealand Free Trade Agreement that took effect in 2010,
the tax for processed beef shipped from
As a result, many
enterprises have imported live cows for local slaughtering with an aim to
enjoy the low tax.
Vietnam’s
seafood, agricultural products make way to Singapore
The Ministry of
Industry and Trade (MoIT) expects trade turnover between
Vietnam’s agro-forestry-fishery
exports only account for below four percent of Singapore’s total imports, Le
An Hai, deputy head of the MoIT’s Asian-Pacific Market Department, told
Vietnam News Agency correspondents on the sidelines of an October 9 meeting
on seafood and agricultural products between representatives from some 40
Singaporean associations and businesses and 16 Vietnamese companies.
Almost all the
Vietnamese firms in the delegation to
From October 7-9,
the delegation had working sessions with the International Enterprise
The two sides
discussed the increase of Vietnamese exports, the attraction of Singaporean
importers and producers’ investment in
Nguyen Viet Chi,
Vietnamese Commercial Counsellor to
Chi stressed that
Lee Boon Cheow,
President of Singapore Fish Merchants General Association, said: “
“Our association
will try to increase chilled fish (import) from
Vietnam’s
agricultural products showcased in Russia
The Vietnamese
pavilion is one of the few foreign ones at the event, showing great business
opportunities for Vietnamese companies, especially when Russia is seeking new
sources of goods following the economic sanctions imposed by the US and
Western countries.
Taking advantage of
this chance, the Vietnamese Embassy in
Speaking at the
forum, Deputy Minister Vu Van Tam said the export turnover of such products
to
He expressed his
hope that through this fair,
The Deputy Minister
affirmed that the ministry will act as a bridge for Vietnamese and Russian’s
businesses to seek cooperation opportunities in the field.
State
budget collection likely to exceed estimates
State budget
collection for 2014 is likely to exceed estimates by 9 percent, Deputy
Minister of Finance Vu Thi Mai said at a regular meeting in
In the
January-September period, 636 trillion VND (30.2 million USD) was collected
for the State budget, equal to 81.3 percent of the estimates and representing
a year-on-year rise of 17.2 percent.
Meanwhile, the
budget spending edged up 11.9 percent to 768 trillion VND (36.5 million USD),
she reported.
The Government
bonds have also received more attention from investors, especially five-and
10-year-term bonds which made up 25.9 percent and 12.1 percent of the total
money mobilised by the State Treasury, in the reviewed period.
To ensure the
balance, the ministry is stepping up measures to reform administrative
formalities in taxation and customs sectors such as enabling enterprises to
use e-tax declarations and facilitating business operation.
Finance officials
will also tighten management in the field so that the State budget collection
can meet or exceed the estimates.
At the same time,
the ministry continues directing taxation and customs agencies and insurance
business associations to come up with solutions to back firms overcome
difficulties and develop operation.
In addition to
thrift practices, the ministry strives to manage and utilise effectively the
standby State budget with priorities to preventing natural disasters and
diseases.
Source:
VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VIR
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Chủ Nhật, 12 tháng 10, 2014
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