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BUSINESS
IN BRIEF 3/10
National
Australia Bank opens first representative office in
National Australia
Bank today announced the opening of its new representative office in
The opening of the
new representative office in
Flows of trade,
people and capital between Asia,
“As
Mr Johnson also said
that the
National Australia
Bank Group is a financial services organisation with over 12,400,000
customers and 42,000 people, operating more than 1,800 stores and Service
Centres globally. Its major financial services franchises in
The New Zealand
Government has provided US$4 million in aid to help the southern
New Zealand
Ambassador to Vietnam Haike Manning emphasized the New Zealand Aid Programme
has supported the
The project is
expected to make new breakthroughs in which both nations will cooperate in
using
It will also apply
modernised technologies to create a new variety of dragon fruits, build
modern production, and post-harvest models and improve sales and marketing
skills to increase income for farmers and small and medium-sized enterprises.
Direct air
route promised to boost Vietnam-Singapore relations
The inauguration of
a direct Singapore-Phu Quoc air route provides the opportunity for further
development of the economic possibilities between
At a seminar in
Nguyen Tien
That is why, the
airline decided to open the air route on November 2 with direct flights on
every Thursday and Sunday,
Nam stressed the
event is expected to help Vietnam Airlines operate 37 flights per week
between Singapore and Vietnam, thus affirming the airlines’ strong commitment
to the development of the aviation sector and socio-economic development of
the two nations.
Hau emphasized in
2013, leaders of both nations decided to elevate bilateral ties to a
strategic partnership while economic and trade ties reaped impressive
results.
In the first seven
months of the year, an estimated 120,000
Laos,
The Danang Branch
of the Vietnam Bank for Social Policies (VBSP) and the Savannakhet Branch of
the Policy Bank of Laos (NBB) signed a Memorandum of Understanding (MoU) in
central Danang city on September 30.
They agreed to
share experience and support each other in exchanging professional skills,
and building cooperation documents.
In 2014-2015
period, the two sides boosted cooperation in realizing the Core Banking
programme and share expertise in human resource training and debt management.
VBSP Branch
Director Tran Thi Phuong Lan confirmed the bank is committed to strengthening
cooperation with its counterpart in
SSI cited
“Best Local Brokerage”
Saigon Securities
Inc (SSI) was named the "Best Local Brokerage in
The 25th annual
award ceremony was hosted by Asiamoney Magazine-a prestigious Asia-Pacific
economic and financial magazine and part of the Euromoney Institutional
Investor PLC Group.
This is the second
consecutive time, SSI has been been the recipient of the award.
Previously SSI had
been selected the Best Investment Bank 2014 and the Best Raising Capital Investors
2014 by Finance Asia, the most prestigious banking and finance magazine in
Asia.
Binh Dinh approves refinery plan
The feasibility
study of the Victory petrochemical and oil refinery project has been
approved, a top official of the coastal
According to Ho
Quoc Dung, Standing Vice-Chairman of the province's People's Committee, the
study was approved after 16 members of the Ministry of Industry and Trade's
Assessment Council voted on the issue on September 30 in Ha Noi.
"This is an
important basis for the concerned ministries and sectors for submitting the
project proposal to the Prime Minister for approval," Dung said.
The US$22-billion
Victory project, to be located in Binh Dinh's Nhon Hoi Economic Zone, is a
joint proposal by the Petroleum Authority of Thailand (PTT) and its strategic
partner, the Saudi Arabian oil company Saudi Aramco.
Dung said that the
participation of a large company such as Saudi Aramco improved the
feasibility of the project because it can help ensure crude oil resources for
the refinery complex.
"The project
will help socio-economic development and increase the gross domestic product
(GDP) of Binh Dinh and of the nation as well," Dung said.
The construction of
the project and its production is scheduled to start in 2016 and 2021
respectively.
North to
benefit from urban development
The Ministry of
Construction and the World Bank (WB) on Wednesday launched a results-based
national urban development programme in the northern mountainous region.
The seven-year
(2015-21) programme will be funded by a US$250 million loan from the WB's
International Development Association.
The project seeks
to upgrade urban infrastructure, protect the environment, and improve local
residents' livelihoods so as to ensure sustainable socio-economic development
in the cities and townships of the northern mountainous provinces of
The programme will
strengthen local authorities' capacity for urban planning and management
while helping ministries develop policy frameworks on key issues.
Construction
Minister Trinh Dinh Dung said investment was needed not only in big cities,
but also smaller ones, particularly in disadvantaged areas like the northern
mountainous region.
He said the
development of infrastructure in mountainous urban areas would release
traffic, healthcare and education pressures on central cities, thus creating
a more harmonious urban network in the country.
At the meeting,
Vietnamese representatives said their country was encouraging Israeli
companies to invest in industries where
The two sides also
agreed to map out suitable policies early to create favourable conditions for
their respective business communities to improve co-operation in the
production and use of recycled power.
Israeli
representatives also said their country would continue co-operating with
At the meeting,
Trade between
Mobile phones and
components were
The value of
Vietnamese seafood, coffee, cashew nuts, footwear and textiles and garments
exports to
Economy
struggles to cope with bad debt, slow growth
The Vietnamese
economy is facing three major challenges: low credit growth, slow pace of
settlement of non-performing loans and sluggish business and production.
The Government news
portal quoted Cao Viet Sinh, former planning and investment deputy minister,
as saying that credit growth rose steadily from 3.15 per cent in July to 4.08
percent in August and 6.62 per cent in September 2014, but capital had not
been effectively pumped into the economy. "As a result, it is hard to
expect strong growth," Sinh added.
Meanwhile, banks'
non-performing loans have increased mainly because of low credit growth and
slow settlement of bad debts.
For instance, the
ratio rose from 3.61 per cent at the end of 2013 to 4.07 percent last May and
4.17 percent in June.
So far this year, the
Vietnam Asset Management Company (VAMC) purchased around VND19.6 trillion
(US$933 million) in bad debts but has a purchase target of VND70 trillion to
VND100 trillion for 2014 alone.
Commenting on the
business community, the former deputy minister expressed concern over the
number of dissolved and suspended enterprises, which went up by 13.8 per cent
year-on-year to 48,330.
Little improvement
was likewise seen in the number of newly-established businesses and
registered capital volume, Sinh said.
To overcome these
challenges, the Government has ordered lower units to seek solutions to
facilitate production and business while stepping up implementation of the
master plan for economic restructuring.
The General
Statistics Office (GSO) has reported that the economy expanded by 5.62 per
cent in the first nine months of 2014. The figure, Sinh noted, went beyond
expectations.
Specifically, the
GDP climbed from 5.09 per cent in the first quarter to 5.42 per cent in the
second quarter and 6.19 per cent in the third quarter, said the statistics
agency.
The index of
industrial production also increased from 5.3 per cent in the first quarter
to 6.9 per cent in the second quarter and 7.7 per cent in the third quarter.
Other positive
signals include a 3.2-per cent year-on-year increase in foreign direct
investment inflow to $8.9 billion and a 10-per cent year-on-year increase in
official development assistance to $4.1 billion.
SCPE
invests in agro-firm
Standard Chartered
Private Equity (SCPE) yesterday announced the acquisition of a minority stake
in An Giang Plant Protection Joint Stock Company (AGPPS), a market leader in
SCPE, Standard
Chartered Bank's investment arm, is infusing US$90 million in AGPPS, the
largest distributor of plant protection chemicals and rice seeds in Viet Nam,
as well as an emerging aggregator and processor of rice.
SCPE will provide
strategic inputs into the agribusiness company's business planning and
support the management in its development plans. SCPE reportedly invests in
companies in Asia, Africa and the
This is the second
investment in
The latest
investment underscores Standard Chartered Bank's long-term commitment to
"We are deeply
committed to supporting our clients in
Tien
Giang's export turnover surges
The Mekong Delta
Rice, the
province's major commodity, maintained its steady growth with more than
155,000 tonnes sold overseas during the period. Aquatic products, clothing
and shoe exports also soared.
Measures taken to
expand export markets and manage export activities are said to be responsible
for the rising figures, according to the provincial Industry and Trade
Department.
Hi-tech
farm fair to open in HCM City
The Investment and
Trade Promotion Centre of HCM City will hold its third hi-tech agriculture
and food industry fair, Hi-Tech Agro 2014, in
The fair is
expected to attract more than 200 local and foreign exhibitors. It will
feature 350 booths displaying farm produce, processed food, seedlings,
agricultural appliances and machines, plant protection products, fertilisers,
post-harvest technologies, ornamental creatures and hi-tech agricultural
models.
A meeting to link
farmers with distributors such as Aeon, Metro, Big C and Co.opmart
supermarkets, Satrafood and wholesale markets in the city will be held on the
sidelines of the fair, said Nguyen Tuan, the centre's deputy director.
Conference
seeks to establish monitoring system for public investment
The Ministry of
Planning and Investment (MPI) held a conference on October 1 with a focus on
the development of a strategy to supervise and evaluate public investment in the
2015-2020 period.
Participants
discussed the status quo of public investment and future trends, and shared
experience and best practices in this field.
According to MPI
Deputy Minister Nguyen Chi Dung, learning from other countries will help
He expressed his
belief that
Meanwhile, Nadia
Krivetz from the Australian Embassy in
She also noted that
the Australian Government supported
Nguyen Xuan Tu,
head of the MPI’s Department of Investment and Appraisal, affirmed that
public investment is significant for
However, he pointed
out that public investment in
He proposed a
strategic roadmap and action plan be developed for the 2015-2020 period,
focussing on applying supervision and evaluation tools and assessing the
progress of the implementation of the Law on Public Investment.
Participants agreed
on targets for the implementation of a framework strategy for the 2015-2020
period, with supervision and evaluation tools divided into the three groups
of investors, governing bodies and State management agencies.
They also
highlighted the importance of appropriate frame conditions for monitoring and
appraising public investment.
Jetstar
Pacific launches Hanoi-Vinh route
The low-cost
carrier Jetstar Pacific on October 1 announced its new round-trip service
between
The daily flight
using A320 Airbus departs from Vinh at 9:25 while the return one leaves
Ticket for the new
route is on sale from October 2 at its website and ticket offices across the
country.
To promote the new
route, the carrier also offers a special discount programme for tickets
purchased between 12:00 to 23:59 on October 2. A two-way ticket is sold at
450,000 VND (21.4 USD) per person for flights scheduled from October 27 to
December 11.
Additionally, the
carrier also launches its five-day hot ticket campaign starting from 12:00 of
October 2 to the end of October 6, offering a number of tickets priced
between 290,000-399,000 VND (13.8-19 USD) on routes between Hanoi and Vinh,
and between Ho Chi Minh City and Nha Trang, Buon Ma Thuot, Phu Quoc, Bangkok
and Singapore.
Dong Nai: FDI firm receives Labour Medal
Taekwang Vina
Industrial Joint Stock Company, a business from the
The ceremony on
September 30 saw the participation of Oh Jae Hack, the Korean General Consul
in
Addressing the
event, Chairman of the provincial People’s Committee, Dinh Quoc Thai, said
Taekwang Vina JSC had made substantial contributions to the province’s
economic growth and created thousands of jobs for local residents.
Thai expressed his
hope that the business would be inspired by the State’s honourable medal to
increase its contributions to
Taekwang Vina Industrial
JSC, which produces sport shoes for export, employs more than 24,000 workers.
In 2013, revenue
totalled 400 million USD, a significant increase compared to the previous
five years.
The company
fulfilled its obligations to
Southern
market shows green shoots of recovery
After a long
hibernation, the real estate market seems to be on the recovery with a group
of southern real estate firms returning to business with numerous projects
and product launches.
Danh Khoi A Chau
Real Estate JSC, the exclusive sale agent of Ho Chi Minh City-based Huynh
Thong Production Trading Service Limited, recently announced property sales
in their
The 12.3 ha
project including 662 residential land plots varying from 90 to 110 square
metres has nearly completed its infrastructure. Prices ranges from VND8.5
million ($400) per square metre, with payment extended over a 12-month
period.
Likewise, HTReal
recently offered sales of land plots in the Sun City Phu Loi project in
The project belongs
to the grand 10.5ha Phu Loi complex consisted of three terraced house blocks
and two blocks of two-floor villas. Price start from VND11.9 million ($560)
per square metre (VAT included), and customers are allowed to pay via a
flexible instalment scheme.
A source from Hung
Thinh Real Estate Company said that within a week of going on sale 200 units
at the 12-View apartment project in District 12 had found owners.
At
Property developer
Novaland also proclaimed that since the beginning of the year, it has
achieved striking sales of over 2,100 housing units in its various projects.
The neighbouring
According to Kim
Oanh Real Estate Company all 400 housing plots of its
Hoang Anh Tuan,
general director of Tac Dat Tac Vang Corporation revealed that three weeks
after sales began for the IJC@VSIP luxury commercial urban project in Binh
Duong New City, 200 clients had put down deposits.
By end of this
month, the company plans to host a meeting to present investment
opportunities in Binh Duong and begin sales at the project.
According to Nguyen
Hoang Minh, deputy director of State Bank of Vietnam’s Ho Chi Minh City
branch, mortgages and lending for property in the city’s banks had surpassed
VND123 trillion ($5.8 billion) against VND105 trillion ($5 billion) earlier
in the year. Banks have applied lower interest rates on mortgages and worked
together with project developers to implement a variety of support
programmes. These combined factors are expected to help invigorate the
property market in the remaining months of the year.
Kien Giang
province, VNA, Vinpearl combine to promote Phu Quoc
Kien Giang
province, home of
On September 24 the
three help a press briefing to announce VNA’s launch of two new international
routes between
Trinh Ngoc Thanh,
deputy general director of VNA told reporters that the first flight to
He said VNA is also
considering additional routes between the island and other destinations in
On November 1 a
high-end tourism complex, the Vinpearl Resort Phu Quoc, located along Bai Dai
(
Le Van Thi,
Chairman of Kien Giang People’s Committee said the resort, the biggest so far
on Phu Quoc, will help overcome the shortage of hotel rooms on weekends and
holidays.
Last year
Toyota, GM
launch new car models in Vietnam
The company said
the new cars target private customers.
Corolla Altis made
its debut in
As for the 2014
Chevrolet Cruze, GM Vietnam said this new model has been equipped with an
array of safety features and technologies, with the Cruze LS priced at VND560
million and the Cruze LTZ at VND672 million (VAT included).
The 1.8L DOHC
Ecotec engine in the Cruze LTZ and the 1.6L DOHC engine in the Cruze LS have
four cylinders and are installed with the Variable Intake Manifold system
that helps increase fuel efficiency and reduce engine noise in the cabin.
Business
associations want cap on advertising costs removed
Representatives of
business associations have thrown their support behind a Ministry of Finance
proposal to remove the 15% advertising cost cap.
Dinh Thi My Loan,
chairwoman of the Association of Vietnam Retailers, told a conference on the
issue in
The revised
Corporate Income Tax Law 2013 curbed expenditures for advertising, marketing
and promotions at 15% of total legitimate costs compared to the previous rate
of 10%, which many enterprises have complained about.
Recently, the
ministry has suggested the Government lift the cap and the petition has been
endorsed by the Government.
“Business
associations are of the opinion that the advertising and marketing cost cap
should be abolished,” Loan stressed. She referred to a survey conducted in 50
countries in the world revealed that only Vietnam and China still maintain
the advertising cost limit.
However,
Pham Thi Thu Hang,
general secretary of the Vietnam Chamber of Commerce and Industry, said the
Prime Minister has okayed solutions to help enterprises overcome difficulties
and sharpen their competitiveness, one of which is to spend more on
advertising.
Hang however said
some National Assembly (NA) deputies still disagree with the finance
ministry’s suggestion.
“Those deputies
said if the advertising cost cap is no longer in place, foreign direct
investment (FDI) firms will advertise more and domestic firms will not be
able to compete,” she said.
Such worry is not
justified, as how enterprises compete in the market should be decided by
enterprises themselves, not to mention that FDI firms have already built
their own brandnames before entering
“The regulation on
advertising cost upper limit is not necessary and in my opinion, it should be
removed,” she said.
Pham Thanh Minh,
vice chairman and general secretary of Hanoi Advertisement Association, said:
“If businesses are restricted from advertising expenses, then advertising
enterprises cannot develop and cannot invest in technologies and manpower and
therefore, cannot build big brandnames.”
Domestic
apparel sales predicted to rise 10-15%
The Vietnam
National Textile and Garment Group (Vinatex) forecast that domestic revenue
of the apparel sector this year would grow by 10-15% over last year although consumers
are tightening spending.
Vinatex made the
projection based on revenues of its affiliates and other garment companies in
the industry.
Vinatex deputy
general director Hoang Ve Dung told the Daily on the sidelines of the Vietnam
International Fashion Fair (VIFF) 2014 kicking off in HCMC last week that the
domestic revenue growth is mainly supported by large apparel firms which have
invested heavily in new factories and new products to meet demand of local
customers.
The companies
include Duc Giang Corporation which has just launched its HeraDG brand, Viet
Tien Garment Joint Stock Corporation with its new Viettien Kid products for
children under 11 years old, and Phong Phu Fabric Joint Stock Company with
its Style brand.
Dung said domestic
sales of Vinatex’s subsidiaries were put at VND22 trillion this year,
accounting for 30% of total turnover of the industry.
Local apparel
enterprises sell at least 20% of its products to the local market and the
reserve the rest for export, according to Dung.
The General
Statistics Office estimated domestic retail revenue of the apparel sector at
VND9.5 trillion last month, rising by 2.1% over the previous month, and the
price index of apparel-footwear-hat items inched up 0.32% month-on-month.
Around 200
enterprises are showcasing their products at more than 300 booths at VIFF
2014. Major exhibitors include Viet Tien, Phong Phu, Duc Giang, Dong Nai
Garment Co., Hanoi Garment and Textile Co., Garment Co. 10, Hoa Tho, Viet
Thang and Dong Xuan.
Importers of
garments and textiles as well as branches of Thai garment firms also
participate in the fashion fair, which lasts until September 29.
Auto market
growth seen unsustainable
Auto manufacturers
and traders see the strong growth rate of this market as short-lived due to
seasonal factors, while the long-term outlook is still full of uncertainties.
August is the 17th
month in a row that auto sales saw higher year-on-year growth. In the last
eight months, total sales of
Traders said the
strong growth was due to lower registration tax policy and softer-interest
bank loans.
However, some
manufacturers seemed cautious when discussing the future of the industry.
They said the business growth can only be solid on basis of economic
development, but the domestic economy is still in distress.
Explaining the
staggering auto sales growth, businesses said buyers now have easier access
to bank loans with low interest, making the market warmer than in same
periods in the last two years.
Some transport
service firms took advantage of low-interest loans to upgrade vehicles and
expand their fleets.
The registration
fee cut clearly affected the number of car buyers.
The HCMC government
reduced the registration tax for vehicles under ten seats from 15% to 10%, a
sharp fall that helps improve the auto market’s growth rate. Earlier, some
major consumption markets like
The growth of auto
sales can also be attributed to the tighter control of overloaded vehicles in
recent months. Transport service companies had to purchase more vehicles to
meet transportation needs and ensure business efficiency.
In addition, auto
firms have taken many measures to stimulate consumption to help increase the
market such as offering discounts, promotions, good after-sales services or
launching new products.
Although there were
some bright spots in the overall picture of the automobile industry, many
businesses assessed the market is only in the early stages of recovery.
The HCM City
Development Research Institute made the assessment at the municipal People’s
Committee’s meeting reviewing the nine-month socio-economic situation and key
tasks for the rest of the year on September 27.
Chairman of the
municipal People’s Committee Le Hoang Quan said most economic targets were
reached with growth rates higher than in 2013.
In the period,
retail sales of goods and services were estimated at over 476 trillion VND
(22 billion USD), up 12.5 percent over the same period last year, the
Committee reported.
Meanwhile, exports
were 23.8 billion USD, an increase of 3.5 percent, while imports were 24.8
billion USD, down 8.78 percent (the same period last year increased by 12.92
percent).
The city granted
investment certificates to 292 new foreign-in projects and allowed 88 others
to increase their capital, with a total sum of 1.45 billion USD, an increase
of 6.9 percent over the same period.
State budget
collection reached 189.3 trillion VND (8.89 billion USD), accounting for
83.66 percent of the estimate for the whole year, an increase of 15.66
percent.
At the meeting,
Quan asked branches and sectors to continue solving problems and increasing
support for businesses when it comes to the issue of capital, investment
environment and market exploitation, competitiveness and product quality
improvement.
He also asked for
increasing public investment efficiency, accelerating administrative reform,
and focusing investment on developing the sectors that serves the promotion
of economic growth and economic structure transformation.
Strategic
HR development – key to business success
Without a long-term
human resource (HR) development strategy, businesses are unable to stand firm
and operate efficiently in a highly competitive environment, experts warned
at a workshop in
Business
representatives admitted that HR, especially quality HR, is the decisive
factor behind their companies’ success in international integration.
The matter is more
urgent when
Taking advantage of
these FTAs requires businesses to attract and develop qualified human
resources capable of raising the company’s competitiveness.
The fact is that
It was reported at
the workshop that on average, 300,000 students graduate from secondary
schools each year and over 70% of them are unable to find suitable full-time
employment between 12 to 24 months.
Today’s
multinational employers are looking for job applicants with core business
competencies and exceptional interpersonal skills but unfortunately too many
secondary students are not bothering to accrue such skills.
In addition, many
graduates lack adequate training in soft skills such as critical thinking and
are not sufficiently inquisitive, which are vitally important in the era of
regional and international integration, speakers said.
The employment
situation is certain to tighten up and become more exacerbated with the
realization of the ASEAN Economic Community (ASEAN) by 2015 and other key
FTAs most likely to come into effect next year.
Employers today can
choose from candidates from all over the globe and landing a good paying job
is highly dependent on possession of these core competency skills.
Representatives of
large multinational companies shared the view that global competitiveness
starts with human resource advantages.
Finding a job at
graduation has always been challenging, but in today’s competitive
environment, entrepreneurial drive among even entry level job applicants is
the order of the day, they said.
It is incumbent
upon secondary schools and the business community to work collectively to
approach and deal with the HR dilemma in a comprehensive and long-term
manner, said Pham Phu Ngoc Trai, President of the HCM City Business Club.
Seminar
looks at future of local cocoa industry
Agricultural
officials, experts, farmers, and business executives yesterday discussed the
state of the cocoa industry and the opportunities to develop it in Binh Phuoc
and the south-eastern region at a seminar held in the province.
Organised by the
"Cooperation for enhancing sustainable cocoa development" project
(also known as PPP Cocoa) in collaboration with the Binh Phuoc Department of
Agriculture and Rural Development, it sought to help agriculture managers and
policy makers come up with a more efficient production paradigm to deliver
benefits to farmers and the agricultural sector in the region.
Le Thi Phi Van, a
researcher at the
"The climatic
conditions and soil and the very large area under cashew (around 140,000 ha)
are ideal for developing an intensive cocoa-cashew farming model there,"
she said.
Nguyen Van Hoa,
deputy director of the Department of Crop Production, said the cocoa-cashew
model was, if enough water was available, a suitable intercropping solution
for cashew growing areas, helping increase the productivity and quality of
both crops.
There were many
successful instances of this model in the province which have delivered more
efficiency for farmers and increased the value of each unit of land, he said.
Le Xuan Phien, a farmer
in Thong Nhat Commune in the province's Bu Dang District, said that he
planted 600 cocoa trees on one hectare of cashew and coffee, annually
harvesting around one tonne of dry cocoa beans, two tonnes of cashew, and 1.2
tonnes of coffee to earn more than VND100 million (US$4,760). "Since we
intensively farm cocoa-cashew, my family's income has increased by VND40-60
million ($1,900-2,850) a year."
Nguyen Vinh Thanh,
director of the cocoa sector at Cargill Viet Nam, said, "When planting
500 additional cocoa trees on one hectare of cashew and intensively farm
both, farmers can double their income to around VND80 million ($3,800) per
hectare at current prices."
In the domestic
market, fermented cocoa bean prices have been stable since the beginning of
the year at VND55,000-59,000 ($2.6-2.8) per kilogram (excluding the premium),
a significant increase from the VND45,000 ($2.1) prevailing at the end of
last year.
When farmers apply
proper farming practices and suitable fertilisers, cocoa trees offer high
yields and profits.
Binh Phuoc has been
implementing policies to enable farmers to grow cocoa in a sustainable
manner, and targets increasing the area under intensive cocoa-cashew farming
to 20-30 thousand hectares by 2020.
Phan Van Don,
deputy director of the Binh Phuoc Department of Agriculture and Rural
Development, said, "The model of intensive cocoa-cashew farming in the
province has brought about greater efficiencies and saving of lands compared
to monoculture crops, contributing to a shift towards crop diversification
and the province's poverty reduction programme."
With its potential
and advantages, the province was expected to become one of the major
cocoa-growing regions in
The cocoa sector in
the province also receives great support from the private sector. The PPP
Cocoa project, for instance, aligns the public efforts with those by Mars,
Cargill, Grand Place Puratos, the Ministry of Agriculture and Rural
Development, the Dutch Government, Rabobank Foundation, and IDH The
Sustainable Trade Initiative.
PPP Cocoa aims to
achieve sustainable development in
The cocoa industry
sees new opportunities thanks to the growing global demand, which is expected
to cause a shortage of one million tonnes in 2020, according to experts. The
demand is rising significantly in populous emerging countries like
Government
enforces price cap on milk products for young children
Concerned
government agencies have applied a price ceiling on 538 milk products for
children under six years old, according to the Ministry of Finance.
The move came three
months after the agencies applied Government measures to stabilise the
products' prices, said ministry officials.
Last June, the
Government approved the ministry's proposal for a price ceiling on the
products and viewed it as one of the measures needed to control prices.
The ministry
reported that with the regulation, the prices of the milk products had so far
fallen by 0.3 to 34 per cent.
Most cities and
provinces have organised delegations to inspect the price cap implementation
and found that most traders and producers have obeyed. Also, the businesses
have registered the prices of these products with State offices in line with
existing regulations.
In cases of
violations, the inspection delegations imposed nearly VND62 million
(US$2,910) in fines on offenders.
To better implement
the regulation, the ministry required concerned agencies in cities and
provinces to continuously supervise the price cap implementation and make a
monthly report on it to the ministry.
Besides instructing
customs, tax and price management agencies to determine price caps, the
ministry will also continuously co-ordinate with the Ministry of Health to
scrutinise and add more milk products to the list.
According to Nguyen
Anh Tuan, director of the ministry's Pricing Management Department, the cap
will be maintained till June 2015, and the ministry will submit a summary
report on it to the Prime Minister.
The cap could be
removed after June if the milk market stabilises. However, if the market
remains bad, the ministry will ask the Prime Minister to extend the cap's
implementation.
Petrolimex
cuts fuel prices for sixth time since August
The Viet Nam
National Petroleum Group (Petrolimex) reduced the selling price of RON 92
gasoline by VND150 (0.7 US cent) per litre to VND23,560 ($1.11) at 3pm
yesterday.
The prices of 0.05S
diesel and kerosene also declined by VND380 (1.7 cents) and VND320 (1.5
cents) per litre to VND21,120 ($0.99) and VND21,350 ($1) respectively.
The price of Mazut
will also be reduced by VND320 (1.5 cents) per kilo.
The selling price
of RON 92 gasoline was VND141 (0.6 cents) per litre higher than the base
price, according to officials of the Ministries of Finance and Industry and
Trade.
This is the sixth
time that retail prices have been cut since August. The last price cut was on
September 19.
Hai Duong
stabilises prices of five staple commodities
The northern
The prices of five
commodities will be stabilised, namely 200,000 kilograms of rice, 50,000
kilograms of sugar, 100,000 litres of cooking oil, 70,000 kilograms of pork
and beef products and 80,000 kilograms of processed and frozen seafood.
The programme will
begin today and last until March 31.
Tien Giang
holds rural industry and trade fair
An annual rural
industry and trade fair opened in the Mekong Delta
Nearly 600 stalls
of 154 enterprises will display agro-aqua-forestry products, farm equipment,
garments, fine art, electronics and IT products.
The fair aims to
support provincial firms and co-operatives and expand consumption of their
products as part of a programme encouraging Vietnamese to prioritise domestically
produced items.
The fair will close
on October 4.
Source: VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VIR
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Thứ Năm, 2 tháng 10, 2014
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