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BUSINESS
IN BRIEF 6/10
No housing
loan for civil servants
The State Bank of
Viet Nam (SBV) last Wednesday denied offering a VND2-billion (US$95,200)
credit package to high-income civil servants and soldiers who want to buy a
house or apartment.
At a National
Assembly meeting, SBV Governor Nguyen Van Binh said there was as yet no
official plan to offer such a package.
According to the
rumoured proposal, civil servants and soldiers with an average monthly income
of more than VND25 million ($1,190) can borrow the money to purchase medium-
and high-end terrace houses and apartments worth VND4 billion to VND5 billion
($190,500 to $238,000) each. A qualified household can borrow a maximum
amount of $95,200, with an annual lending rate of six to 7.5 per cent, for a
maximum 10-year period.
The loan could
cover up to 75 per cent of the total value of the house or apartment to be
purchased, and borrowers could use their own houses or apartments as
mortgage.
The proposal has
stirred a public debate. The infonet online newspaper quoted Nguyen Van Duc,
vice chairman of
He added that the
proposal would not help low-income earners and suggested that the Government
and real estate market instead provide VND500 loans to the people to enable
them to buy medium-end apartments.
The SBV governor
also revealed that as of September 20, the SBV has disbursed loans in its
VND30-trillion ($1.42-billion) credit package to 7,823 borrowers. Of these
borrowers, businesses numbered 26 while households and individuals made up
the remainder.
According to Binh,
banks committed VND5.9 trillion ($280 million) and disbursed VND3.2 trillion
($152 million) in loans. The disbursement was 3.5 times higher than that of
the same period last year.
Beer
consumption declines following tax hike: study
The consumption of
beer in
The decline was
noted in a report by the Industrial Policy and Strategy Institute (IPSI) on
the importance of the beer industry to
Specifically, the
production output fell by 8.2 per cent, consumption fell by 7.5 per cent and
labour force fell by 10 per cent.
According to
Director of the Ministry of Finance's Department of Tax Policies Pham Dinh
Thi, tax policies, especially special consumption tax, has a significant
impact on the beer industry.
Under the draft
amended law on special consumption, the tax rate on beer was proposed to be
raised from the current 50 per cent to 55 per cent on July 1, 2015; 60 per
cent on January 1, 2017; and 65 per cent in 2018. This move was aimed at
limiting beer consumption while increasing tax revenues.
The tax hikes were
forecast to have an impact on the beer industry from the beginning of this
year, including declines in production output, consumption, revenues and
profits.
As the beer
industry has played an important role in socio-economic development in the
country, adding nearly VND21 trillion (US$990.6 million) to the State revenue
last year, the report proposed that the tax increases should be rolled out
gradually over three to five years to ensure enterprises and consumers adapt
to the policy changes.
The announcement
was made at a conference on local authority bonds held last Wednesday by the
Ha Noi Stock Exchange and Da Nang People's Committee.
According to the
committee's standing vice-chairman Vo Duy Khuong, the purpose of bond
issuance is to mobilize capital for socio-economic development in the city.
The projects in
need of funding from bonds include Rong (Dragon) Bridge, Nguyen Van Troi –
Tran Thi Ly Bridge, the High-tech zone, and Hoa Xuan Stadium.
One bond is
scheduled to hold a value of VND100,000 ($4.76) and will mature in five
years. Interest rates on bonds will be regulated according to Circular
81/2012/TT-BTC, issued by the Ministry of Finance.
The Ha Noi Stock
Exchange is expected to hold a bond auction for
ANZ at risk
of losing out from SSI divestment
The investment of
ANZ in Sai Gon Securities Inc. (SSI), if calculated in dollars, might prove
to be unprofitable even after the bank divests from the Vietnamese brokerage.
In September 2007,
ANZ spent US$88 million to buy 10 per cent of the company. Three months
later, the SSI price reached about VND180,000 ($8.4) per share, which more
than doubled the bank's average investment cost. However, the price of the
stock plunged and hit a record low of just VND27,000 in 2008.
In order to cover
the loss, ANZ bought more than 10 million SSI shares, thereby increasing its
ownership to 17.5 per cent, and waited for the stock to rise again.
On Monday, ANZ
announced it would divest completely from the securities company and sell its
shares to domestic investors, including Nguyen Duy Hung, SSI chairman and
chief executive officer.
ANZ's total
investment in SSI is valued at $120 million. In the past seven years that it
held the shares, ANZ received nearly $20 million in dividends. Therefore, for
the bank to cover its loss, the upcoming sale must be at least $100 million,
and the share price must be VND34,500, which is higher than SSI's closing
value of VND31,000 yesterday.
According to SSI,
ANZ decided to withdraw its capital because it wanted to concentrate on
commercial banking operations in the Vietnamese market. Hung said the
divestment would not affect his company's business strategy and would give
SSI a huge opportunity.
He said a good
number of foreign investors were interested in SSI as the company topped the
market with increasing profits. It will also be a favourable opportunity for
Hung to increase his holdings. He has an 8.2-per cent stake in SSI.
"Since the
shares will not be sold in the public market, it will not directly affect SSI
share value," he added. Hung and his brothers have registered to buy
29.3 million shares, or an 8.3-per cent stake. The transactions will be
conducted in November.
Apart from ANZ,
other foreign shareholders of SSI include
Panama
firms interested in co-operation with Viet Nam
Firms from
About 30 Panamanian
entrepreneurs enquired about
Ambassador Nguyen
An Duy reviewed the development of relations between the two nations since
2013, saying there was large potential for boosting bilateral ties.
Documentaries
featuring the Vietnamese land, people, culture, and economics were also
screened at the function.
Hanoi's
property market sees slight recovery in Q3
The capital city's
property market, including the condominium market, recovered slightly in the
third quarter of 2014 because of positive economic factors.
According to its
report on the capital city's property market for the third quarter which it
released in Hanoi on October 2, CBRE Vietnam Company Ltd., a foreign property
service provider, said the country's gross domestic product (GDP) grew by
5.62 percent in the first nine months of 2014.
GDP growth, coupled
with accelerating foreign investment, helped to boost manufacturing and
exports and helped the country to counter low credit growth, the report
added.
It quoted the State
Bank of
It also cited the
ANZ-Roy Morgan consumer survey, which showed that domestic consumer
confidence closely followed domestic stock market trends, with both
increasing since January.
According to the
survey, nearly 60 percent of respondents expect economic conditions in
Apart from the recovery
in domestic consumer confidence, manufacturing supported the country's
overall positive economic performance and remained the most significant
sector for foreign direct investments (FDI), accounting for nearly 70 percent
of total FDI. The country's real estate sector ranked second with 1.2 billion
USD, or 11 percent of total FDI.
"The positive
economic factors in the third quarter of this year have promoted recovery of
the capital city's property market, including the market of condominiums for
sale," said Nguyen Hoai An, senior manager of CBRE Vietnam's
In the third
quarter, the condominium market continued to witness active property launches
and re-launches even during the so-called "ghost" month which, in
the traditional Eastern mindset, is a time for refraining from business
activities, the company said.
A total of 2,202
condominium units from six projects were added to the supply, and most of
them were from the low-end segment. This pushed the total new supply of
condominiums for the first nine months of this year to 6,829 units,
surpassing the 6,745 units launched in the entire 2013.
Meanwhile,
medium-end projects were actively re-launched, with massive promotion
programmes that included interior design packages, car plans and deferred
payment schemes, as most of these projects were already completed and buyers
could move in immediately.
Sales momentum
still remained strong despite the ghost month tradition. An estimated 2,550
units were sold in the quarter, a slight increase of approximately two
percent compared with that of the last quarter.
Sales for
medium-end projects improved by 30 percent while those for low-end projects
declined as buyers moved up the price brackets and favoured completed
projects. The total number of units sold for the first nine months reached
6,550, a 66-percent year-on-year increase.
"Transactions
for medium-end projects increased because of the high demand in this segment,
and the supply of the medium-end projects has always accounted for a large
volume of the market," An said.
In terms of primary
pricing, a slight two- to five-percent year-on-year increase in indicated tag
prices were seen in the new launches of some medium- and low-end projects,
especially the completed ones, An noted.
"Although
promotions of higher value are on offer, the increase in tag prices shows
that developers were more confident in the market and in the positioning of
their projects," she added.
The prices of
apartments for re-sale likewise witnessed a slight one-percent quarter-on-quarter
increase. Re-sale prices improved in most segments, with the strongest seen
in medium-end apartments with a 1.8-percent quarter-on-quarter surge. In the
first and second quarters, an increase in re-sale price was stronger in the
luxury and high-end segments.
Fiona Woolf, Lord
Mayor of the City of
Woolf expressed her
delight to have opportunity to visit the Southeast Asian nation during her
mayoral year.
“As Lord Mayor, my
role is to act as an ambassador for the
According to the
Lord Mayor, this is a crucial moment for the
Vietnamese import
demand is expected to grow by around 250 percent this decade – faster than
any other emerging power, and which is one of the reasons why it has been
listed as one of UK Trade and Investment’s 20 high-growth markets, which have
been prioritised given their particularly strong potential for UK businesses
to work with local companies.
Meanwhile, the
Financial and
professional services are important to the development of the wider economy,
and although many
However, she said,
the development of financial services access across the population is not the
only way in which the
The
The region’s
thriving oil and gas sector is another area in which cooperation between
“
Crucial to this
partnership is an investment in skills, Woolf stressed, saying “I know how
important investing in education is to Vietnamese businesses as they look to
develop in the future.”
According to the
Lord Mayor, there is huge potential for partnerships, as the
During her upcoming
As only the second
female Lord Mayor in 800 years, Woolf has spent a good part of her mayoral
year supporting equality and diversity.
“To get the best
ideas, the most dynamic organisations and the greatest application of
intellectual capital, we must have diversity in every possible way,” she
said, adding “we must ensure that we do not discriminate against gender or
background if we are all to meet our full economic potential.”
She expressed her
hope that her visit would bring many opportunities for Vietnamese businesses
to deepen their ties with the
VN
consumers increasingly favour locally made products
The “Vietnamese
people prioritize using Vietnamese goods” campaign has been very successful
in building customer trust in the quality of Vietnamese products.
The radio Voice of
Vietnam (VOV) quoted a recent survey by the Steering Committee for the
campaign in
According to Deputy
Director of Hanoi Department of Industry and Trade, Tran Thi Phuong Lan, the
“Vietnamese people prioritise using Vietnamese goods” campaign has increased
public awareness and confidence in the Made-in-Vietnam brand.
Roughly 62.8
percent of respondents said they have recommended their friends and relatives
to purchase Vietnamese goods. While 28.15 percent of respondents said they
have opted more often to purchase Vietnamese goods over foreign products and
services.
According to the
survey, over the past five years, the Vietnamese purchasing power for
domestic products has increased from 50 percent to 85.8 percent. Around 52.5
percent of respondents said at least 80 percent of their consumption goods
were locally made products.
The localization
rate of material inputs have also surged by 25 percent, which bodes well for
the long-term prosperity of the national economy, according to the survey.
However, Industry
and Trade Deputy Minister Ho Thi Kim Thoa also said fake goods are still sold
on the Vietnamese market. These fake goods are costing Vietnamese firms huge
of money, workers’ jobs and damaging the country’s economy. The Deputy
Minister called for drastic measures to tackle that thorny issue.-
Binh Duong
province established as processing hub
The processing
industry in the southern
The processing
industry represented 98 percent of the province’s production value, which
totalled more than 131 trillion VND (over 6.23 billion USD), a 14 percent
increase since 2013. The remaining 2 percent of production value - 1 trillion
VND - was generated by the mining sector, Vo Van Cu, Director of the
provincial Department of Industry and Trade, said.
Growth was recorded
primarily in the sectors that process export products, such as footwear and
handbags (27 percent increase), wooden products (27 percent increase), rubber
and plastic goods (24 percent increase), and animal fodder (5-18 percent
increase).
Recently, Binh
Duong adjusted its socio-economic development plan for 2020 with a focus on
processing and high-tech industries to accelerate sustainable
industrialisation.
Binh Duong is
located in
Cashew nut
price expected to rise in 2015
The Vietnam Cashew
Association (Vinacas) predicted an increase in the price of raw cashews in
2015 due to a growing demand for the nut for export and processing purposes.
Vinacas urged
domestic cashew businesses to establish a brand reputation by ensuring
quality control and keeping to delivery dates, while producers should apply
sound cultivation techniques to improve the quality of nuts.
During the first
eight months of 2014, export volume for processed cashews reached 198,743
tonnes, worth 1.29 billion USD. This represents increases of 20.2 percent in
volume and 21.5 percent in value compared to the same period last year.
The
In 2013, cashew
exports brought home 1.8 billion USD.
Spanish
businesses look towards Vietnamese market
Leaders of nine
businesses in the Spanish Region of Basque Country are visiting
With a population
of 91 million,
After recording a
trade deficit for two years in a row, the Basque Country enjoyed a trade
surplus with
However, during the
first seven months of this year, the region generated 8.3 million EUR in
revenue from selling Spanish products to
Southern
province’s monthly exports top 1 bln USD
Dong Nai province’s
exports increased by 16 percent during the first nine months of this year to
a total of 9.2 billion USD, which means the southern locality shipped more
than 1 billion USD worth of goods each month.
In September,
export turnover was estimated at more than 1.15 billion USD, according to
data from the provincial Statistics Department.
Dong Nai’s export
is forecast to continue on its upward trend since a number of businesses
received orders until the end of 2015’s first quarter already.
At the end of this
year’s third quarter, the province enjoyed a trade surplus of around 300
million USD with increases in the export of industrial products, such as
footwear, textile and garments, wood products, vehicles and spare parts.
Le Van Danh,
Director of the provincial Department of Industry and Trade, attributed this
to the increased demand from the
Dong Nai province,
Ho Chi Minh City, Tay Ninh province, Ba Ria-Vung Tau province, Binh Duong
province, Binh Phuoc province, Long An province, and Tien Giang province form
Vietnam’s southern key economic region.
Rice
production aims for higher value added industry
Together with
cashew nuts and coffee, the rice production has been selected by the Ministry
of Agriculture and Rural Development as
To implement this
project, in 2013 alone, 13 provinces in the Mekong Delta built 369
large-scale rice fields on total area of 120,500ha while the Red River Delta
provinces built 1,265 large-scale rice fields on total area of 35,518ha,
focusing mainly in Nam Dinh and Thai Binh provinces.
This year, the
large-scale rice field model has been expanded throughout the country on
hundreds of thousands of hectares. In the summer-autumn season 2014 in the
Mekong Delta alone, enterprises coordinated with farmers to grow and consume
rice products on 100,000ha.
The restructuring
project also showed that in the coming time, the rice growers will use more
rice varieties of high quality, high yield that could meet the market demand
and sell at high prices. Accordingly, the Mekong Delta’s rice will target for
exports while the Red River Delta’s rice will mainly serve the domestic
market.
To improve the
competitiveness of
The restructuring
project also mentioned the support for enterprises to develop their
trademarks in a bid to maintain traditional export markets and explore new
markets like Northern Africa or
Can Tho
achieves US$616 trade surplus in 9 months
The Mekong Delta
For the nine month
period, exports were estimated at US$914 million and imports hit US$298
million.
Rice and
seafood-the two key exports reached 532,000 tonnes and 70,000 tonnes, respectively.
Other products such
as garments and textiles, pharmaceuticals, art and handicrafts, footwear,
iron and steel, fruits and canned mushrooms achieved total export earnings of
US$181 million, up 29% on-year.
Agro Viet
2014 to promote farm produce bands
More than 200 local
and foreign businesses are expected to showcase their products in 450 stalls
of the 14th International Agriculture Trade Fair in Vietnam (Agroviet 2014)
scheduled for November 14-17 in Hanoi.
The information was
unveiled at a press conference regarding the fair in
Agricultural Trade
Promotion Centre director Dao Van Ho said several foreign businesses like
The event is
designed to help businesses and individuals develop product brands, share
experiences in science and technological advances and honour Vietnamese high
quality agro-forestry-fishery products which ensure food hygiene and safety
and are environmentally friendly. A series of events are planned during the
fair, including a seminar, to strengthen links from production to consumption
of farm produce and connect sustainable value chains and a trade exchange
program between Vietnamese and Japanese businesses.
AgroViet 2014- the
biggest annual event of
Deputy Minister of
Planning and Investment Nguyen Van Trung on October 2 worked with Malaysian
Investment and Development Agency (MIDA) CEO Ahmad Khairuddin Abdul Rahim,
head of the MIDA delegation.
Trung is on a
two-day working visit to
Both sides
introduced their respective models for planning and developing industrial and
economic zones.
They also studied
each other’s policies and coordination mechanisms between state agencies that
support industrial zones, especially in the areas of land management, natural
resources, the environment, investment, trade, export, tax and customs.
MIDA shared their
FDI attraction experience in Malaysian industrial zones, particularly in
high-tech zones, green production industries and a skilled workforce.
While staying in
Siemens AG
establishes the first project execution hub for power plants in Vietnam
Vietnam has just
been selected by Siemens AG, a leading contractor in supply and installation
of combined cycle power plants (CCPP) worldwide, to establish a project
execution hub with qualified staff to work in site management, construction,
erection, commissioning, environment health and safety and quality control
for supporting power plant projects of Siemens in Asia and the Middle East.
The move was to
help the German-based technology powerhouse to enlarge the global expert pool
for site execution as well as to increase competitiveness and strengthen
presence in
Employed Vietnamese
engineers will run through a training programme in order to gain theoretical
know-how at Siemens headquarters in
After the
completion of the training programme, they will be delegated abroad to
implement Siemens projects in the Asian and Middle East regions where they
will work in a healthy and employee-friendly environment with a lot of
opportunities for professional and personal development.
They are also
entitled to enjoy a remuneration and benefit package according to
international standards.
“I am very proud to
witness a very strong combination: high tech made in
Siemens AG is
active in more than 200 countries, focusing on the areas of electrification,
automation and digitalisation. In fiscal 2013, which ended on September 30,
2013, its revenue from continuing operations totaled €75.9 billion ($95.6
billion) and income from continuing operations €4.2 billion ($5.3 billion).
At the end of September 2013, Siemens had around 362,000 employees worldwide.
PwC, CIO
and CSO Global State of Information Security® Survey 2015 released
The number of
reported information security incidents around the world rose 48 per cent to
42.8 million, the equivalent of 117,339 attacks per day in 2013, according to
The Global State of Information Security® Survey 2015, released recently by
PwC, in conjunction with CIO and CSO magazines.
Detected security
incidents have increased 66 per cent year-over-year since 2009, the survey
data indicates.
“It’s not
surprising that reported security breach incidents and the associated
financial impact continue to rise year-over-year,” said David Burg, PwC’s
Global and US Advisory Cybersecurity leader.
“However, the
actual magnitude of these breaches is much higher when considering the nature
of detection and reporting of these incidents,” he added.
As security
incidents become more frequent, the associated costs of managing and
mitigating breaches are also increasing. Globally, the estimated reported
average financial loss from cybersecurity incidents was $2.7 million – a 34
per cent increase over 2013.
Big losses have been
more common this year as organisations reporting financial hits in excess of
$20 million nearly doubled.
But despite
elevated concerns, the survey found that global information security budgets
actually decreased four per cent compared with 2013. Security spending as a
percentage of IT budget has remained stalled at 4 per cent or less for the
past five years.
“Strategic security
spending demands that businesses identify and invest in cybersecurity
practices that are most relevant to today’s advanced attacks,” explained Mark
Lobel, PwC Advisory principal focused on information security. “It’s critical
to fund processes that fully integrate predictive, preventive, detective and
incident-response capabilities to minimise the impact of these incidents.”
Organisations of
all sizes and industries are aware of the serious risks involved with
cybersecurity; however, larger companies detect more incidents.
Large organisations
– with gross annual revenues of $1 billion or more – detected 44 per cent
more incidents this year. Medium-sized organisations – with revenues of $100
million to $1 billion – witnessed a 64 per cent increase in the number of
incidents detected. And while risk has become universal, the survey found
that financial losses also vary widely by organisational size.
“Large companies
have been more likely targets for threat actors since they offer more
valuable information, and thus detect more incidents,” said Bob Bragdon,
publisher of CSO.
“However, as large
companies implement more effective security measures, threat actors are
increasing their assaults on middle-tier companies. Unfortunately, these
organisations may not yet have security practices in place to match the
efficiency of large companies,” he noted.
Other finding is
that insiders have become the most-cited culprits of cybercrime – but in many
cases, they unwittingly compromise data through loss of mobile devices or
targeted phishing schemes.
Respondents said
incidents caused by current employees increased 10 per cent, while those
attributed to current and former service providers, consultants and
contractors rose 15 per cent and 17 per cent, respectively.
“Many organisations
often handle the consequences of insider cybercrime internally instead of
involving law enforcement or legal charges. In doing so, they may leave other
organisations vulnerable if they hire these employees in the future,” added
Bragdon.
Meanwhile, high
profile attacks by nation-states, organised crime and competitors are among
the least frequent incidents, yet the fastest-growing cyber threats. This
year, respondents who reported a cyber-attack by nation-states increased 86
per cent – and those incidents are also most likely under-reported.
The survey also
found a striking 64 per cent increase in security incidents attributed to
competitors, some of whom may be backed by nation-states.
Effective security
awareness requires top-down commitment and communication, a tactic that the
survey finds is often lacking across organisations. Only 49 per cent of
respondents say their organisation has a cross-organisational team that
regularly convenes to discuss, coordinate, and communicate information
security issues.
PwC notes that it
is critical for companies to focus on rapid detection of security intrusions
and to have an effective, timely response. Given today’s interconnected
business ecosystem, it is just as important to establish policies and
processes regarding third parties that interact with the business.
“Cyber risks will
never be completely eliminated, and with the rising tide of cybercrime,
organisations must remain vigilant and agile in the face of a constantly
evolving landscape,” said PwC’s Burg.
“Organisations must
shift from security that focuses on prevention and controls, to a risk-based
approach that prioritises an organisation’s most valuable assets and its most
relevant threats. Investing in robust internal security awareness policies
and processes will be critical to the ongoing success of any organisation,”
he underscored.
The Global State of
Information Security® Survey 2015 is a worldwide study by PwC, CIO and CSO.
It was conducted online from March 27, 2014 to May 25, 2014.
Readers of CIO and
CSO and clients of PwC from around the globe were invited via e-mail to take
the survey. The results discussed in this report are based on responses of
more than 9,700 CEOs, CFOs, CIOs, CISOs, CSOs, VPs, and directors of IT and
security practices from more than 154 countries.
Banking
sector to see two M&A deals
The State Bank of
Vietnam (SBV) has approved a policy to merge Southern Bank into Sacombank and
Mekong Bank into Maritime Bank, said Governor Nguyen Van Binh at Q&A
session of the National Assembly’s Standing Committee.
Tycoon Tram Be and
his family are holding a large ratio in both Sacombank and Southern Bank,
exceeding ownership ceiling levels in the 2010 Law on Credit Institutions.
The two banks’
merger as a result will be a chance to deal with the beyond ceiling ownership
ratios and cross-ownership also.
However, Sacombank
will have to bear Southern Bank’s bad debts that were about 4 percent by the
end of 2013.
It is not clear
whether Singaporean United Overseas Bank Limited (UOB), a strategic
shareholder of Southern Bank, will withdraw capital from the bank after the
merger.
In the second case,
Maritime Bank is holding 10.16 percent shares of Mekong Bank and the two
banks’ shareholders have soon agreed with the merger plan.
The new bank will
have chartered capital of VND11,8 trillion including VND8 trillion of
Maritime Bank and total asset worth VND113 trillion.
Bad debts in Mekong
Bank have been controlled below 3 percent in recent years.
Singaporean
Fullerton Financial Holdings-FFH holding 20 percent of the Mekong Bank’s
shares has completed capital withdrawal, according to a news source
from the State Bank.
The State Bank has
permitted FFH to transfer its shares to Maritime Bank.
FFH leader said
they would find another Vietnamese partner to boost its development strategy.
According to
reports by the State Bank to the NA Standing Committee, nine weak commercial
banks have been determined since 2012. SBV has approved eight restructuring
projects and will soon submit the Prime Minister another for the rest bank.
MoIT
optimistic about 2014 goal realisation
The Minister of
Industry and Trade (MoIT) is likely to fulfil all the set targets for 2014,
with industrial production index rising 7-7.2 percent, exports growing 12
percent to 148 billion USD and retail revenue expanding by 12 percent, said
Minister Vu Huy Hoang.
Reporting to Prime
Minister Nguyen Tan Dung on the ministry’s performance over the past nine
months, Hoang said all indicators were higher than the same period a year
just gone.
Industrial
production index rose 6.7 percent, while exports inched up 14.2 percent to
hit 109 billion USD, generating a trade surplus of nearly 2.5 billion USD, he
noted.
Total earnings of
the retail and service sectors were estimated at 2.1 billion USD, a rise of
11.12 percent year on year, said the minister.
Meanwhile, the
ministry has stepping up the equitisasion and non-core capital withdrawal of
its State-owned enterprises, with good results seen in the Vietnam National
Textile and Garment Group and the Vietnam National Coal- Mining Industries
Group, he said.
Concluding the
working session, PM Nguyen Tan Dung asked the ministry to pay special
attention to completing the market economy institution, thus making the
environment more competitive, transparent and equal.
He urged the
ministry to ensure the stable supply of power, fuel and coal, which are major
counterbalances of the economy.
Regarding the
restructuring of enterprises, especially State-owned firms, he underscored
the necessity to follow a specific roadmap with high determination.
The Government
leader also requested the ministry to continue efforts to expand both
domestic and foreign markets, while speeding up the campaign to encourage
Vietnamese people to prioritise Vietnamese products.
At the same time,
it is crucial to make full use of all opportunities created by existing free
trade agreements, while staying active in the process of negotiations for new
deals, he added.
Quang
The tourism
industry in the central coastal province Quang
At the same time,
the provincial authorities will create all possible conditions for tourism
agencies to improve the diversity and quality of services while increasing
destination linkages within the region.
Local
infrastructure will continue to be upgraded in order to meet the increasing
demands of tourists.
Statistics show
that the coastal province welcomed approximately 3 million visitors during
the first nine months of this year, up by 7 percent year-on-year, with 1.4
million being domestic holiday makers. Tourism revenue so far totals 3.5
trillion VND (165 million USD).
The recognition of
world heritage sites has boosted the province’s potential for tourism
development. It is home to three famous attractions - the World Cultural
Heritage Sites of Hoi An Ancient Town and My Son Sanctuary, and the World
Biosphere Reserve surrounding the
Hoi An Ancient
Town, recognised by UNESCO in 1999, is an old trading port that dates back to
the 15th century. Its architecture and layout reflect the indigenous and
foreign influences that melted together to produce the unique character of
the town.
My Son Sanctuary is
a cluster of abandoned and partially ruined Cham temples. Constructed between
the 4th and the 13th century AD, it used to be the religious and political
capital of the
The
Tourism
sector aims to tap new markets
Local travel
agencies are cannoning attention to new markets including
Phan Dinh Hue,
Director of Viet Circle Travel, said the company has turned to
Similarly, some
other travel firms said they can open short-term tours for Indonesian
tourists thanks to affordable air fares and high frequency of flights between
the two countries.
More and more local
companies are now also seeking to tap
For the new
markets,
Hoang Thi Phong
Thu, Chairwoman of Anh Duong Co., said the company is working with
“By the end of this
year, we should have catered to 250,000 Russian visitors,” she was quoted as
saying.
On the contrary,
the number of Chinese people booking tours to
Arrivals from other
traditional markets have been in decline as well.
Bui Viet Thuy Tien,
Managing Director of Asian Trails Co., Ltd, said the number of year-end tours
booked in advance at her company dropped in August and September due to fewer
tour buyers from
According to the
General Statistics Office, foreign arrivals in
The Global
Innovation Index (GII) report, co-published by WIPO, the European Institute
for Business Administration and
Globally, the first
place belongs to
The GII uses 81
indicators to gauge innovation capacity, competitiveness, and the strength of
national innovation ecosystems.
Sacombank,
MPOS launch card payment service
Saigon Thuong Tin
Commercial Bank (Sacombank) and MPOS Vietnam Technology Joint Stock Company
have introduced a card payment service via mobile devices for small
enterprises, stores and family-run businesses.
The companies said
mPOS.vn can match various devices such as smartphones and tablets connected
to the Internet and 3G service with fees much lower than normal points of
sale (POS).
In addition, the
service does not require a minimum revenue level for users. For a traditional
POS, users usually have to secure a minimum transaction revenue a month and
so this is only suitable to medium and high-revenue businesses.
On the occasion,
MasterCard has also announced a cooperation program with mPOS.vn and
Sacombank to develop a strong mPOS.vn card payment network in the first year.
They will also provide payment training to customers.
Source:
VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VIR
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Chủ Nhật, 5 tháng 10, 2014
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