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BUSINESS
IN BRIEF 8/10
Standardized
seaport to take shape in Phu Quoc island
Around VND1,254
billion will be invested in building a seaport in Phu Quoc island which is
able to receive foreign tourist ships.
The decision was
made on October 3 by representatives of the Transport Ministry and leaders of
Kien Giang southern province.
The port will be
built in Duong Dong township to receive cruise ships each with between
5,000-6,000 passengers.
Vingroup was
invited by the province to invest in the project after the private-public
partnership (PPP) model.
Deputy Minister of
Transport Nguyen Van Cong has asked the Vietnam Maritime Administration to
cooperate with Portcoast Consultant Corporation and Vingroup to develop a
financial plan for the construction.
The four northern
provinces of Bac Giang, Thai Nguyen, Hai Duong, and Quang Ninh need to work
together closely to tap into their tourism potential, according to
participants in a workshop in Bac Giang on October 4.
The event concluded
that tourism in the four localities, which are rich in natural and cultural
resources, could generate substantial revenue from cooperating and developing
new tourism services.
Participants
pointed out the lax coordination between the provincial tourism sectors. In
particular, Thai Nguyen, Bac Giang and Hai Duong were yet to make full use of
their proximity to
Deputy General
Director of the Vietnam National Administration of Tourism Ha Van Sieu said
the localities needed to base their tourism cooperation on the specific
features of each province and the common regional identity to create
appropriate tourism services that reflected the characteristics of both the
region and the individual provinces.
Additionally, they
were also asked to run joint promotional campaigns, train human resources
together, draft joint tourism development plans, and improve regional traffic
and tourism infrastructure.
During the
workshop, officials from the four provinces agreed that coordination was an
effective tool for developing tourism and pledged to increase cooperation in
this field.
Leather-footwear
sector not well informed of EU market
Local
leather-footwear industry is facing barriers to entering the European market
as local players are not yet updated on requirements when exporting
commodities there, especially at a time when
Many experts at a
seminar held two days ago noted that local enterprises still lack information
and are not knowledgeable about legal standards and requirements in the EU
regarding product safety. The seminar was held to disseminate information
about a project to support local leather-footwear firms to comply with
product safety regulations.
Nguyen Van Thong,
head of the Textile Research Institute, mentioned certain shortcomings such
as lack of information and knowledge on legal and private standards of the
EU. Moreover, many of
In addition,
Bui Van Huan,
deputy chief of the School of Textile-Leather and Fashion, said ecological
safety of leather-footwear products is a new aspect which local producers and
exporters should heed. Most companies fail to pay attention to these
criteria.
Export revenues of
EU-bound leather-footwear products have declined significantly in recent
years because many safety standards for leather-footwear products have taken
effect with requirements beyond the capacity of local enterprises, especially
small and medium ones.
Local firms should
look into the related matters and take practical measures to meet the
importers’ demand, added Thong of Textile Research Institute.
The project to
support local leather-footwear firms to comply with product safety
regulations in the EU is expected to be conducted in 30 months with a total
cost of over 314,000 euros.
The project aims to
provide necessary information for enterprises to meet the EU’s safety
standards, and help them approach testing services at affordable prices and
get internationally-recognized certificates.
Phan Thi Thanh
Xuan, general secretary of Vietnam Leather, Footwear and Handbag Association,
said three operational laboratories in
No local
enterprise enjoys support industry incentives
The Government has
issued a lot of decisions of giving priorities to support industry
development, but none of domestic enterprises have been able to access
incentives.
Only one foreign
enterprise has been listed to enjoy the preferential policies, said head of
the Legislation Department under the Ministry of Industry and Trade Nguyen
Sinh Nhat Tan in
He was speaking at
a seminar discussing a Government’s draft decree on support industry
development.
According to the
department, domestic support industry has met only 10-15 percent of demand in
automobile, electronic and shipbuilding industries.
The number of
businesses in the support industry is too few compared to the total number of
enterprises in
Delegates at the
seminar said that relevant ministries and department should work together
while implementing the Government’s preferential policies to bring more local
enterprises incentives.
The draft decree
should detail the incentives especially in tax, customs, interest rate and
land policies, they said. Procedures in implementation of the policies should
be simple and clear.
Australian
shipbuilder wants to build cruiser yard in Da Nang
After conducting a
survey in the central city of
An announcement
from the city People’s Committee on October 2 said that the yard will build
70 cruisers from composite material and carbon fiber a year. It will also
supply repair and upgrade services to high class pleasure boats.
The US$20 million
work is expected to make the city for development of sea amusement industry,
and contribute in boosting shipbuilding and support industries in
The SeaWind Group
provides 60-100 cruisers to the
Vietnam’s
economic situation introduced at WTO Public Forum
A Vietnamese
delegate on October 3 presented to the World Trade Organisation (WTO) Public
Forum in
In his
presentation, Ambassador Nguyen Trung Thanh,
After 15 years
being a WTO member,
In the first eight
months of 2014, the country’s foreign trade turnover hit 191.4 billion USD, a
year-on-year rise of 12.5 percent. Of the total, imports were valued at 94.16
billion USD, whilst export revenue reached 97.23 billion USD.
The country is also
facing a middle income trap and still lack outstanding policy-makers and
economists and skilled workers, while economic growth in an open market
mechanism is putting a burden on natural resources and sustainable
environmental development, Thanh stated.
The official
affirmed
Regarding the
relations between
He attributed the
development to a number of agreements signed between the two sides, notably
the Partnership and Cooperation Agreement (PCA). They are also negotiating
for a free trade agreement (FTA), which is expected to be inked by year-end.
Last year, the
value of EU exports to
In the time ahead,
This year’s WTO
Public Forum took place on October 1-3 with 68 discussion sessions on “Why
trade matters to everyone”
Workshop
seeks ways to increase business competitiveness
A workshop was held
in the central city of
Nguyen Dinh Thien,
head of the Institute of Economics, said that to help enterprises find the
right way for development and accelerate economic restructuring, a high-level
institutionalised market economic zone should be set up in Ho Chi Minh City
while special economic zones should be established in the three strategic
areas which are northern Quang Ninh province’s Ha Long-Van Don, southern Kien
Giang province’s Phu Quoc Island and the southern coastal province of Ba
Ria-Vung Tau.
He also stressed
the need to swiftly revise the State Budget Law and relevant laws in order to
make funds allocated to localities reasonably.
Vo Duy Khuong, Vice
Chairman of
So far this year,
1,200 enterprises have had to dissolve or temporarily stop operation due to
the gloomy market’s impact and lack of production capital.
He reported that
the city has carried out practical measures to support local businesses,
adding that in the time to come,
According to a
pending project on enterprise development by 2020, the city sets targets of
raising the number of businesses by 10 percent per year, and creating jobs
for additional 31,000 people annually.
Government
bonds fetch 5 trillion VND
The Hanoi Stock
Exchange (HNX) organised an auction for government bonds issued by the State
Treasury, including bonds with five-, ten- and fifteen-year terms, mobilising
a total of 5 trillion VND (238 million USD).
Fifteen bidders
signed up for 5.12 trillion VND worth of 5-year bonds, seeking annual
interest rates of 5-6.3 percent. In the end, bonds worth one trillion VND
were sold at interest rates of 5.05 percent.
Ten bidders
registered for 3.979 trillion VND worth of 10-year bonds, seeking annual
interest rates of 6-8 percent. Bonds worth two trillion VND were sold with an
interest rate of 6.28 percent per year.
A total of 2.92
trillion VND worth of 15-year bonds was registered by 8 bidders looking for
interest rates of 6.7–7.8 percent per year. The State Treasury sold bonds
worth two trillion VND at an annual interest rate of 6.96 percent.
Since the beginning
of this year, the State Treasury has mobilised more than 176 trillion VND
through government bonds.
Vietravel
receives World Travel Award
This is the fourth
year in a row that Vietravel has been honoured by TTG Asia magazine’s Travel
Award.
Established in
1995, Vietravel has recorded significant growth and become a leading tourist
company in
During the first nine
months of 2014, Vietravel welcomed 457,000 customers and generated 3.5
trillion VND (164 million USD) in revenue, up by 25 percent compared to the
year before.
Vietravel faced the
challenge of a decline in the number of Chinese tourists and a failure to
develop
Additionally, the
company introduced its services on the EU and US markets, which have started
to attract 400-500 tourists a month.
The domestic market
has also been stimulated, with a focus on
Vietravel has an
extensive office network both domestically and abroad, with more than 40
offices nationwide and branches in
According to the
company’s five year plan for 2015-2020, Vietravel aims to become
Work starts
on VND2.3 trillion tole producing factory in Nghe An
National Assembly
Chairman, Nguyen Sinh Hung, on October 4, joined local authorities and
investors to kick start construction for the Hoa Sen Nghe An tole
manufacturing factory in
The VND2.3 trillion
(US$108 million) project, invested by the Hoa Sen Group, consists of 12 steel
pipe production lines with a total design capacity of 100,000 tonnes a year,
a colour-coated tole production line with a capacity of 100,000 tonnes per year,
and a chain of cold rolling mills of 400,000 tonnes per year, among others.
It is expected that
the three phases of the project will be completed by August 2018, creating
jobs for about 500 local workers and contributing significantly to the local
budget and socio-economic development of the North-Central provinces.
The facility will
also improve the group’s production capacity of steel products to meet the
local market demand and increase exports to Southeast Asian countries.
At present, Hoa Sen
Group makes up nearly 40% market share of tole and more than 20% market share
of steel pipes in
Also at the
ceremony, NA Chairman Hung presented the Labour Medal, second class to Le
Phuoc Vu, Chairman of the Board of Directors of Hoa Sen Lotus, for his
outstanding achievements in leadership and business activities, and
contribution to national development.
Hoa Sen Group also
awarded scholarships and gifts to needy students in Nghe An’s Anh Son
district.
Retail
sales nationwide grow slows
Vietnam’s total
retail sales of goods and services in the first nine months of this year
expanded by 11.1% year-on-year to more than VND2.15 trillion, and this growth
rate was seen lower than the same period in previous years.
According to the
General Statistics Office (GSO), September’s retail revenues from goods and
services reached VND244.5 trillion, up only 0.7% month-on-month and 9.1%
year-on-year.
Last month, retail
sales of goods accounted for just over VND186 trillion, rising by 0.9%
compared to August and 10.4% year-on-year. Revenues from accommodation,
catering and tourism services were VND31.3 trillion, down 0.9% month-on-month
but up 10.4% over a year ago.
Sales of
accommodation and catering services in
According to GSO,
last year’s total retail sales of goods and services increased by 12.6% over
2012 to around VND2.62 trillion. If the price factor was excluded, total
retail sales of last year inched up 5.6% compared to 6.5% in the previous
year.
Experts attributed
the slowed growth in retail sales this year to the impacts of economic
difficulties on the incomes and spending of consumers, particularly on
fashion and non-essential products. Consumers mainly buy necessary items for
their families.
Retailers of modern
channels reported increases in their revenues in the year to date over the
same period last year but this has resulted from the expansion of their sales
channels and higher goods prices.
Consumption has not
improved as much as expected despite a number of promotion programs and
discounts offered by large and small stores.
The State economic
sector posted a total of almost VND217 trillion in retail sales of goods and
services in January-September, up 8.4% and accounting for 10.1% of the
national number. The respective figures of the foreign-invested sector were
and VND72.6 trillion, 21.6% and 3.4%.
Goods sales made up
VND1.617 trillion, or 75.4%, of the national figure in January-September,
accommodation and catering services VND259.5 trillion (12.1%), tourism
VND22.3 trillion (1%) and other services VND246.5 trillion (11.5%).
HSBC: More
orders support manufacturing sector
A pickup of new
business orders contributed to improving operations of the manufacturing
sector in
The bank said in a
report on September’s Purchasing Managers’ Index (PMI) on Wednesday that the
rates of growth in output and employment were slight following the dip in new
orders in August while the input cost increase eased for the second month in
a row and was the slowest since June 2013.
The headline
seasonally adjusted PMI rose to 51.7 in September from 50.3 in the previous
month.
The reading
signaled a stronger improvement in operating conditions in the manufacturing
sector than in August, albeit one that remained only modest. Business
conditions have now strengthened in each of the past 13 months.
The bank said the
improvement in operating conditions was backed by a rebound in new orders,
which increased solidly following a decline in August.
Panelists reported
that customer demand had increased during the month and new export orders
also returned to growth.
Manufacturers
responded to the rise in new orders by increasing production, extending the
current sequence of growth to 12 months. The rate of expansion quickened to
the fastest in three months but remained slight.
The fall in new
orders in August had enabled firms to work through outstanding business,
leading backlogs of work to decrease solidly last month, the report said.
In addition, the
rate of input cost inflation eased further in September and was the weakest
since June 2013. Input prices went up as a result of higher transportation
costs.
Output prices were
broadly unchanged during the month. While some respondents increased charges
in response to higher input prices, competition and efforts to boost new
business had led a number of firms to lower their output prices.
According to the
report, stocks of both purchases and finished goods rose in September amid
reports of attempts to build inventory reserves. This was also a factor
behind a rise in input buying, which grew at the fastest pace in four months.
Suppliers’ delivery
times lengthened marginally with the latest deterioration in vendor
performance the weakest in six months. Where delivery times lengthened, this
was linked to the truck weight restrictions and shortages of some materials.
Commenting on the
Vietnam Manufacturing PMI survey, Trinh Nguyen,
“Given that new
orders are stronger than inventories, we expect output to continue to expand
next month. Easing inflationary pressures also help, as shown by the slower
pace of expansion of input prices,” she said in the report.
The bank projected
the manufacturing sector to perform well into the fourth quarter as the
country is competitive in terms of labor, electricity and water costs.
“Anticipation of good news in 2015 or 2016 regarding trade liberalization
will also help the sector,” the expert said.
Vietnam Airlines is
expected to take delivery of the first fuel-efficient wide-body Airbus A350
XWB in the middle of next year as part of its major fleet modernization and
network expansion plan.
European plane
manufacturer Airbus said in a statement that the first A350 XWB (Xtra
Wide-Body) for Vietnam Airlines has entered into the final assembly stages at
the Roger Béteille Final Assembly Line in
“The aircraft will
see Vietnam Airlines become the first Asian airline to fly the A350 XWB and
the second operator in the world of the all-new, fuel-efficient wide-body
aircraft,” Airbus said in the statement sent to the Daily on October 2.
According to
Airbus, Vietnam Airlines has a total of 10 A350 XWB on order and the national
carrier will operate the aircraft on its premium long-range services.
At present, Vietnam
Airlines operates more than 80 aircraft on its domestic and international
routes. The carrier plans to expand its fleet to more than 100 planes by 2015
and 150 in 2020, including modern jetliners like Boeing B787-9 and A350 XWB.
Vietnam Airlines is
one of the 39 customers worldwide who have already placed 750 firm orders for
the A350 XWB to date.
The A350 XWB uses
25% less fuel, an equivalent reduction in carbon dioxide emissions compared
to existing aircraft of this size category. Airbus said the five A350 test
aircraft currently flying have accumulated some 2,600 flight hours in more
than 600 flights, with entry into service planned for the fourth quarter of
this year.
State
budget reports need transparency
Reports on the
State budget in general should be transparent and publicized, suggested Phung
Quoc Hien, head of the National Assembly (NA) Committee for Finance and
Budget.
Hien made the
statement while reading a report appraising the revised Law on State Budget
at a session of the NA Standing Committee held on October 2.
Review, inspection
and audit activities by social organizations and individuals should be
provided for in the Law on State Budget.
He said that
estimates for budget revenue and spending should not be treated as
confidential when such reports are submitted to the Assembly and other
People’s Councils. Only information related to the nation’s security and
defense should be kept confidential, Hien added.
Hien also noted
that there must be estimates for State budget revenue collection and
spending. Therefore, he suggested that a sum cannot be withdrawn from the
State Treasury for expenditure if its estimate has yet to be approved by the
competent authorities.
The State budget
should also include Government bonds to secure transparency.
The growth of State
budget revenue collection has increased substantially in the recent past. The
budget revenue exceeded the target by more than 18% per year on average
between 2004 and 2013 with last year’s revenue collection up 5.4 times
against 2003.
Exports to
The Government said
in a report submitted to the National Assembly Standing Committee that
bilateral trade between
Exports to
The report also
showed that monthly imports from China reached US$3.38 billion in
January-July of this year, with May seeing the highest value of US$4 billion.
Overall,
import-export growth rate in this market was higher than the average of the
country.
Vietcombank quoted
the greenback at VND21,290 on October 2 morning before lowering it to
VND21,280 in the afternoon. Meanwhile, Techcombank sold a dollar at
VND21,295. Since mid-September, the dong-U.S. dollar exchange rate has
increased mildly and remained stable in general.
Earlier, the dollar
had stood at VND21,210-21,230 for around a month, much lower than the ceiling
level of VND21,458 and even lower than that before the central bank
devaluated the domestic currency by 1% to support exports in June.
After the central
bank’s move, the local currency, unlike earlier expectation, kept
appreciating due to strong dollar supplies backed by trade surplus, foreign
direct and indirect investment inflows, official development assistance (ODA)
capital and overseas remittances.
Regarding the
appreciation of the greenback over the past 10 days, an economic expert said
enterprises have had higher demand for foreign currencies at the end of the
third quarter to pay for imports. Besides, foreign-invested enterprises also
have to buy dollars for repatriation to their parent firms.
As mobilization
rates are low, banks also have demand to use dong funds to buy U.S. dollars,
thus piling pressure on the exchange rate.
BIDV Securities
Company in a report released on October 2 said the exchange rate is expected
to inch up towards the end of this year. It is almost unlikely that the rate
is adjusted further in the fourth quarter of this year.
In case the country
wants to speed up exports, the dong could be depreciated but at a modest rate
(even lower than 1-1.43% within this year as announced by the central bank’s
governor Nguyen Van Binh at a question-and-answer session before the National
Assembly early this week) as
Average rates on
the inter-bank market continued to decline last week, according to Vietnam
News Agency.
The overnight rate
stood at 1.50% per annum, down 0.14 percentage point against a week earlier.
Average rates for tenors of one month or less hovered from 1.87% to 2.75% per
annum.
SCPE
invests US$90 million in local agricultural firm
Standard Chartered
Private Equity (SCPE), an investment arm of Standard Chartered Bank, has
spent US$90 million acquiring shares at An Giang Plant Protection Joint Stock
Company (AGPPS).
According to a
statement released by Standard Chartered Vietnam Bank Wednesday, SCPE will
provide strategic input for AGPPS’s business planning and support the
management of its development plans. However, the fund did not disclose the
stake it holds at the local firm.
AGPPS chairman
Huynh Van Thon said with their experience and global operations, Standard
Chartered will play a vital role in contributing to the growth of AGPPS’s
operations in the rice, plant protection chemicals and seed segments and
other promising areas across the agricultural value chain in
“Standard Chartered
is a shareholder that fully understands and strongly supports AGPPS’s
strategy in developing the agricultural value chain. We believe that Standard
Chartered will become a strategic shareholder that supports AGPPS to successfully
develop an agricultural value chain, thereby contributing to the development
of agriculture in
As published on
VinaCapital’s website on September 26, VinaCapital’s Vietnam Opportunity Fund
(VOF) will sell its 23.6% stake in AGPPS for US$63.1 million in cash, or
VND85,000 per share.
Earlier, according
to the 2014 annual general meeting of AGPPS in April, Thon said the firm is
restructuring shareholders as some are not suitable for its development
goals.
SCPE is one of two
potential investors that AGPPS considers, he said.
Early this year,
Standard Chartered Bank lent US$70 million to AGPPS to aid developing a model
of large-scale paddy fields in the Mekong Delta.
The AGPPS stake
acquisition is the second investment deal in Vietnam SCPE has announced. On
September 16, the fund said it had invested US$35 million in Golden Gate
Trade & Services Joint Stock Company, the owner of restaurant and beer
club chains such as Kichi-Kichi, Sumo BBQ and Vuvuzela.
Nguyen Cao Tri,
director of
Funds
highlight conditions to invest in startup projects
Investment funds at
a seminar in HCMC on Tuesday highlighted criteria they often consider when
making decisions to invest in business startups, especially experiences of
founders, organizational structures, and market segments for products.
According to Than
Trong Phuc, managing director of DFJ VinaCapital, funds also look at the
workforce of such young enterprises and their sets of working processes.
Phuc said his firm
pays attention to startups or projects in the information technology sector,
especially technologies that are invented in
DFJ VinaCapital has
spent US$30 million on Vietnamese firms with a minimum investment of
US$300,000 and a maximum of US$5 million.
Many representatives
from private investment and venture capital funds expressed their concern
about business ethics.
Investment risks
are considered higher than before due to unclear explanations of rules and
regulations, as well as quality of human resources, they said. Issues related
to copyright are not properly respected, while many businesses compete by
undercutting one another.
Meanwhile, Dragon
Capital is looking for startups that have survived difficulties in the
start-up years and are capable of absorbing investments of US$10 million or
more, according to Le Hoang Anh, managing director of the investment fund.
The total amount of
investment this fund has spent on projects in
Phuc of DFJ
VinaCapital said it is quite simple for business startups to approach
investment funds for capital. Representatives of startups can apply directly
at the office or send their projects via email and wait for a response from
the investment fund.
Owners of viable
projects will be invited to the fund’s office for further discussion, he
said.
Pham Hong Quat,
director of the Market and Sci-Tech Enterprise Development Department, said
the Ministry of Science And Technology has raised funds for commercializing
products of scientific research.
The Government has
not yet established venture capital funds to invest in startups. Therefore,
the ministry highly appreciated investments from companies and private
venture funds, he said.
Local
retailers face tough competition
Local retailers do
not require preferential treatment, only a level playing field, they told a
seminar on retail market development organised by the Viet Nam Retailers
Association in Ha Noi on Friday.
The chairwoman of
the association, Dinh Thi My Loan, said
Local retailers
face difficulties in competing with these "wholesale giants," she
said.
Local retailers do
not require protection only equal and transparent policies, Tuoi Tre Online
quoted her as saying.
Nguyen Tien Vuong,
deputy general director of Ha Noi Trading Corp (Hapro), said many foreign
investors want to establish joint ventures with his company, but always on
the condition that they would hold a 51 per cent stake.
They were rejected
because "we do not like the Hapro brand name to be changed into a
foreign name," he said.
Many Vietnamese
retailers like Saigon Co.op, Phu Thai, HC, and Nguyen Kim have proved highly
successful.
But they face
intense competition from foreign giants like E-Mart, Big C, Lotte, and Lock
& Lock who have entered the local market over the past several years.
Tran Nguyen
Pham Dinh Doan,
chairman of Phu Thai Group, said a number of large foreign wholesalers in
An investment of
US$100,000 is required to open a 24-hour shop, but to be profitable 300
outlets need to be set up, he said.
To succeed, local
retailers should seek to set up joint ventures with foreign partners, he
added.
Fisheries
output up in 9 months
Both seafood and
aquaculture output are up in the first nine months of the year, according to
the Ministry of Agriculture and Rural Development.
Fishermen caught
2.1 million tonnes of fish and other species from the sea and 140,000 tonnes
from rivers, canals, and ponds for a total catch that was up 4.8 per cent
from the same period last year.
The ministry
attributed the increase to favourable weather, productive fishing grounds,
and greater investment in boats.
Fishermen also
focused on catching high-value fish.
Many provinces have
formed fishing fleets that work together at sea, and they have operating
effectively, the ministry said.
With Government
support, many fishermen have taken loans to buy fishing equipment, it said.
Provinces like Kien
Giang, Binh Thuan, Binh Dinh, and Ben Tre have seen their fish catch increase
greatly.
Kien Giang
fishermen for instance caught 345,600 tonnes of fish and other marine
products, a 14.2 per cent rise year-on-year.
The country's
aquaculture output also rose, expanding by 4.9 per cent to 2.49 million
tonnes.
But the output of
tra, farmed almost exclusively in the delta, was down, according to local
agriculture departments.
They blamed it on
the low prices of the fish.
Several provinces
in the Cuu Long (
The value of
fisheries in the period is estimated at VND134 trillion (US$6.3 billion), up
6.5 per cent from the same period last year, according to the General
Statistics Office.
VEC urged
to accelerate restructuring efforts
Minister of
Transport Dinh La Thang requested the Vietnam Expressway Corporation (VEC)
complete its restructuring plans so the process can be concluded in 2015.
Restructuring the
VEC’s organisational and operational model is urgent and a prerequisite for
sound development in the future, he stressed.
Founded 10 years
ago, the VEC was expected to fund seven expressway projects, five of which
are currently underway with a total capital of more than 125.5 trillion VND
(5.9 billion USD), according to General Director Mai Tuan Anh.
The corporation
drafted its restructuring plan in 2012 and one year later the Prime Minister
approved capital restructuring for five VEC-invested projects, namely the Cau
Gie-Ninh Binh, Noi Bai-Lao Cai, Ho Chi Minh City-Long Thanh-Dau Giay, Ben
Luc-Long Thanh and Da Nang-Quang Ngai expressways.
The restructuring
process aims to improve the VEC’s operational capacity, business efficiency
and competitiveness, Anh said. Together with the maximisation of funds for
expressway development, restructuring would help improve the company’s
financial capacity and ensure a stable financial structure in future.
According to Nguyen
Chien Thang, head of the Ministry of Transport’s Business Management
Department, the VEC’s restructuring process has seen initial results, with
equitisation being the only way for the highway developer to effectively
manage its huge capital.
Tran Van Lam, head
of the ministry’s Personnel Organisation Department, said the restructuring
plan needed to clarify the opportunities and challenges the corporation would
face in the times ahead as well as areas to be reorganised.
Minister Thang also
asked the VEC to draw lessons from each project in order to maintain its
position as a key investor in transport infrastructure development.
To ensure the
restructuring process stays on schedule, the corporation as a whole should be
equitised at the same time as its various projects, he said, calling upon the
VEC to clarify the proportions of State capital and private capital in its
financial plans.
The corporation
should focus entirely on the projects already underway, ensuring quality and
safety whilst avoiding waste and losses, he added.
Thua
Thien-Hue: IPs increase contributions to State budget
Enterprises
operating in industrial parks (IPs) in the central
During the same
period, those enterprises posted a combined production value of 6.84 trillion
VND (325.7 million USD), up 4.3 percent, and total export value of 283.7
million USD, a year on year increase of 6.9 percent.
Meanwhile, an
additional six projects were licensed in local IPs with a total registered
capital of 775 billion VND (36.9 million USD), bringing the number of
projects operating in the province’s six IPs to 91, worth a combined 18.37
trillion VND (874.8 million USD).
The six IP in Thua
Thien Hue have proven their important role in the province’s economy, with
two of them – Phu Bai and Phong Dien 2- reporting a 90 percent of occupancy
rate.
Earlier, the
province granted an investment licence to a 5 million USD foreign-invested
project to build infrastructure for Tu Ha industrial park.
Authorities plan to
pour over 22 billion VND (1.03 million USD) to build infrastructure at local
industrial parks and support construction firms in ground clearance, mine
removal, and building waste treatment plants.
Next year, the IPs
aim to attract 2.9 trillion VND of investment capital.
Can Tho
invites Japanese investment in key projects
Officials of the
Mekong Delta city of
The 12 key projects
Can Tho is seeking investment in cover a number of fields, from technology,
tourism and logistics to industrial parks and real estate.
Nakagaki Yoshihiko,
FEC Vice President and Chairman of the Japan-Vietnam Cultural and Economic
Exchange Committee, said the delegation’s visit aimed to explore investment
opportunities in the fields of energy, industrial food production, logistics,
housing and industrial park infrastructure.
He also expressed
his hope for Can Tho to provide the best conditions possible and assist
Japanese businesses in fulfilling administrative procedures during project
implementation.
At the event,
Chairman of the municipal People’s Committee Le Hung Dung committed to
implementing concrete preferential policy measures for Japanese firms,
including site clearance assistance, property rentals, land leasing and
attractive interest rates.
Can Tho’s main
exports to Japan include rice, aquacultural products, apparel, leather,
handicrafts, and chemicals, according to the city’s Investment, Trade, and
Tourism Promotion Centre.
In 2013, the
locality earned 155.2 million USD from exports to
Five Japanese
businesses are currently operating in Can Tho, including three joint
ventures.
Can Tho:
Aquacultural exports on the rise
The value of
aquacultural exports in the Mekong Delta city of
The city’s seafood
export turnover increased steadily over the last three months, totalling 49
million USD in September compared to 38 million USD in June, Vice Chairman of
the municipal People’s Committee Truong Quang Hoai
The trend is expected
to continue in the near future, with a seafood-export business in Can Tho
being permitted to export to the Russian market, in line with the city’s
strategic plan to expand into new markets.
Can Tho exports
goods worth more than 90 million USD every month, with 47 percent being
aquacultural products, according to Vice Director of the municipal Department
of Industry and Trade Duong Nghia Hiep.
In addition to the
traditional EU and US markets,
By September this
year, the value of Can Tho’s export turnover totalled 914 million USD, which
is expected to increase to 1.3 billion USD by the end of the year.
Source: VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VIR
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Thứ Ba, 7 tháng 10, 2014
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