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BUSINESS IN BRIEF 24/12
The
The
Nguyen Hong Loan, general director of Trang Tien Investment
and Commerce Company Ltd., was quoted by cafef.vn as saying that the architecture
of all the booths is more modern. She added that each booth has its own
special feature, which will contribute to the comfortable shopping
environment for the customers.
New retailers, including Banana Republic, Mango Man and
Adidas, are also present at the mall, she shared. The plaza has a new food
court as well.
Le Lan Phuong, deputy general manager of
The Plaza is offering discounts of up to 50 per cent on many
items to mark its reopening. In addition, customers will have the opportunity
to win valuable gifts through a raffle draw.
The
Nhon Hoi petrochemical complex given incentives
The Nhon Hoi petrochemical complex project, invested by
According to the Law on Corporate Tax, a corporate tax rate of
22 percent was applicable from January 1, 2014. The rate will be reduced to
20 percent from January 1, 2016.
In a decision issued recently, the Government leader agreed to
include the pro ject (known as Victory project), located in the central
The People’s Committee of the host Binh Dinh is asked to
request the project developer use the cutting-edge equipment and technology
that ensure environmental standards when it comes to considering the
licensing.
The project will enjoy tax exemption for its import of crude
oil as well as machines and equipment that are yet domestically produced,
among other things.
The 20 billion USD complex is designed to refine 20 million
tonnes of crude oil a year when it becomes operational, expecting in the
2021-2025 period.
The capacity is three times more than the Dung Quat refinery,
the first and only currently operating in
With its feasibility study approved in early October this
year, the complex is expected to have a groundbreaking ceremony in 2016.
Agro-forestry-fisheries
export up despite tepid demand
The agro-forestry-fisheries sector is forecast to bring home
30.8 billion USD from export this year, up 11.2 percent from 2013 despite
lacklustre demand in markets all over the world.
The sector also posts an estimated 9.5 billion USD in trade
surplus, a rise of 7.7 percent, according to the Ministry of Agriculture and
Rural Development.
Seafood is predicted to rake in 7.92 billion USD, marking a
yearly growth of 18.4 percent with the
Wood and wooden products enjoy an expansion of 11.1 percent in
earnings with 6.2 billion USD. The US,
During the year, an estimated 1.73 million tonnes of coffee
are sold for 3.62 billion USD, up 33.4 percent in volume and 33.2 percent in
value, mostly going to
Higher revenues are also reported by exporters of vegetables
(1.47 billion USD, up 34.9 percent), pepper (1.2 billion USD, 34.1 percent),
and cashew nuts (2 billion USD, up 21.1 percent).
Rice and rubber, on the contrary, earn less with 3 billion USD
and 1.8 billion USD, down 1.9 percent and 28.9 percent, respectively.
To raise gross agro-forestry-fisheries export value to 31
billion USD next year, the ministry will actively work to implement
multilateral and bilateral agreements in place, including the World Trade
Organisation and regional free trade commitments.
It will stand side by side with exporters by updating them on
foreign markets’ latest trade policies and jointly devising feasible market
strategies for added-value products.
To extend commercial reaches, the ministry will also promote
marketing activities and promptly deal with any technical and trade barrier.
Stock market capitalisation tops $55 billion
The stock market's capitalisation was worth about US$55
billion as of November 30.
The capitalisation value in the first 11 months increased 19
per cent over the same period last year, accounting for 33 per cent of the
gross domestic product (GDP).
According to the State Securities Commission, there are
currently 841 listed companies and those that have registered to list shares;
almost 800 unlisted companies; 43 fund management companies; and 83
securities firms.
Credit expected to rise in 2015 with help from agriculture
sector
Credit growth next year is targeted to reach 13–15 per cent,
State Bank of
Dong shared that the government will encourage enterprises in
the agricultural and rural development sector to increase their production
and expand their businesses to help reach the target.
The lending demand in the sector is expected to gain the
highest growth of 15 per cent next year, he disclosed.
The economic recovery next year is forecast to remain slow due
to the lack of significant change seen in lending demand. Experts advised
that apart from the support to be obtained from the agricultural and rural
development industry, the commercial banks will also have to boost medium-
and long-term lending for the supporting and engineering industries to meet
the annual growth target.
Many banks, such as Oceanbank, TP Bank, Techcombank and VP
Bank, have thus far introduced preferential lending packages, which target
supporting and engineering firms.
The central bank has also oriented commercial banks to boost
medium- and long-term lending. It highlighted the immense importance of
sustainable investment in the production and business of firms, especially
the small- and medium-sized ones.
Tran Hoang Ngan, a member of the National Assembly's Economic
Committee, also shared that it is necessary to meet the medium- and long-term
loan requirements of firms. This is said to be important for the recovery of
the business community.
Firms disclosed that they continue to face difficulties in
accessing medium- and long-term loans.
Vinavico Chairman Mai Hong Bang revealed that many banks
offered short-term loans to his company. However, his business needs medium-
and long-term loans to invest in mining equipment.
SBV's Dong said that the central bank had recently issued
Circular 36 to boost medium- and long-term lending. This circular states that
medium- and long-term loans must account for some 36–37 per cent of commercial
banks' total outstanding loans.
Dong Nai exports exceed target
The southern
Overall, foreign investments made up the lion's share of the
figure with almost $11.3 billion, while the private sector accounted for $1.5
billion.
The locality's biggest importers were the
Major products exported to these markets include garments and
textiles, which made up 14.7 per cent; computers and electronics were 6.9 per
cent; timber and wooden products were 8 per cent; plastics were 5.6 per cent,
chemicals were 4.3 per cent; and footwear and fisheries were both 3.7 per
cent.
Local exporters have successfully entered new markets in
Dong Nai also enjoyed a trade surplus of nearly half a billion
US dollars this year.
The province forecasts its export turnover in 2015 will rise
15 per cent to reach $14.4 billion, almost doubling the figure for 2010.
Dong Nai, together with Binh Duong, Tay Ninh, Ba Ria-Vung Tau,
Binh Phuoc, Long An and Tien Giang provinces and HCM City, form Viet Nam's
southern key economic region.
The province,
Scarcity drives up prices for Tet treats
The supply of speciality fruits in the Cuu Long (
In recent days, the price of speciality fruit like Nam Roi
grapefruit, green-peel and pink-flesh grapefruit and Hoa Loc mango has risen
because of low supply.
Nguyen Van Khanh, who grows Nam Roi grapefruit in
Nam Roi grapefruit is selling for VND13,000-16,000 a kilo.
Traders at Nam Roi grapefruit orchards have left deposits in
advance to buy fruit for Tet at VND20,000-30,000 a kilo, but orchard owners
do not have much to sell, Khanh said.
This year, only 20 per cent of the flowers of Nam Roi
grapefruit bore fruit, as bad weather affected output.
Dam Vinh Hung, owner of Huong Mien Tay, a fruit exporting firm
in
The price of green-peel and pink flesh grapefruits are
estimated to reach VND60,000-80,000 (US$2.8 –3.8) a kilo during Tet, he said.
Green-peel and pink-flesh grapefruit are now selling at
VND35,000 ($1.6) kilo at orchards.
Supermarkets and traders in
Nguyen Van Sang, who owns 20ha of Hoa Loc mango in Cai Be
District, said: "My orchard can supply about two tonnes for Tet compared
to 20 tonnes last Tet."
Villages that produce speciality goods like dried shrimp,
dried fish and rice paper in the delta have increased their production for
Tet.
Duong Tien Khanh, who makes dried fish in
For Tet, many people want to eat dried fish because they get
tired of eating meat, he said.
"The orders of dried fish have increased in Tet in recent
years," he said.
In Vinh Kim dried shrimp village in
Nguyen Thi Xuan Hong, owner of the Vinh Kim dried shrimp
establishment, said the demand for dried shrimp for Tet was very high.
"A trader in
The price of Vinh Kim dried shrimp is at VND700,000 – 1.4
million ($33 - 66) a kilo and will be likely higher during Tet, she said.
In the delta, the prices of many fried fish species such as
dried snake-head fish and dried snakeskin gourami have also begun increasing.
The price of dried snakeskin gourami has risen from VND300,000
($14) a kilo to VND 400,000 ($19) a kilo.
In An Giang and Dong Thap provinces, dried fish producers this
year have introduced new products made from walking catfish and broadhead catfish.
In An Giang Province, the price of fresh fish used to make
dried fish has risen by 10-12 per cent against the same period last year.
Tran Van Duc, who makes dried fish in An Giang's
In addition, more than 150 rice paper producers in My Long
rice paper village in
Many traders in
VN sees trade deficit in first half of December
According to the General Department of Customs, the nation's
total trade hit approximately $12.1 billion during the reviewed period. This
amount represents a month-on-month decrease of 9.7 per cent but a
year-on-year increase of 14 per cent. The recent trade deficit lowered the
country's surplus, which was acquired in the past 11 months, from $2.88
billion to $2.39 billion.
Of the total trade amount, exports experienced a monthly drop
of 17 per cent to reach $5.82 billion. The key items affected included telephones
and their components, textiles and garments, footwear and wood and wooden
goods. Meanwhile, imports also witnessed a modest decrease, reaching $6.29
billion.
The department blamed the country's import-export turnover
slump, which was experienced in the first half of December, for the drop in
export value of the foreign-invested sector.
The latest addition has been noted to bring the country's
trade value total to approximately $140.3 billion as of mid-December, in
which the foreign-invested sector contributed 43 per cent or roughly $80
billion.
The Ministry of Industry and Trade predicted that
The ministry anticipated the export revenues next year to
increase by roughly 10 per cent to $163 billion. However, the import payments
are expected to rise, which would result in a trade deficit of $6 billion to
$8 billion or 5 per cent of the export revenues.
Deputy Industry and Trade Minister Do Thang Hai attributed the
country's trade surplus in previous years to the increase in exports from
foreign-invested companies.
However, this would change next year as exports from these
companies have gradually declined and are not expected to increase as much as
before, he disclosed.
Figures from the ministry showed that the export growth rates
of foreign-invested companies have fallen from 31 per cent in 2012 and 22 per
cent in 2013 to 12 per cent this year. Rapid and consecutive decreasing rates
indicate that the production capacity of foreign-invested companies has
gradually declined.
Auto showroom opens in Lam Dong
Truong Hai Automobile Company (Thaco) held a groundbreaking
ceremony for a trade centre and auto showroom in the Central Highlands
The US$6.2 million project covers an area of 4,000sq. m.The
basement is for vehicle parking and supporting areas, the ground floor is for
a supermarket and showroom and the two top floors are for restaurants and
cafes.
The centre, which has a capacity of 1,000 people, is scheduled
to be complete in the first quarter of 2016. It aims to contribute to the
development of infrastructure for the tourism and commerce sectors, as well
as the economic development goals of the mountainous city and southern area
of the province.
Poultry processor built in Long An
A poultry factory opened in southern Long An province's Duc
Hoa District last Saturday.
The US$2.82 million factory, invested by Ba Huan Co. Ltd.,
covers seven ha. It includes a slaughterhouse with a capacity of 1,500 –
2,500 birds per hour and food processing zone with a capacity of five to 10
tonnes per day.
Generator firm expands VN presence
The US-based Cummins Power Generation (CPG) recently signed a
contract with
This was part of the company's plan to expand in
CPG is a leading world provider of power generators with a
network covering over 190 countries and territories. Its 2014 revenue from
power generators in the Vietnamese market is expected to hit $16 million, $2
million more than last year.
Techno park to boost support industry
The
The park, which opened in early December in
According to Vu Van Hoa, head of the HCM City Export Processing
and Industrial Zones Authority, Japanese small and medium-sized support
enterprises only needed 300-1000sq.m of working space, which the VPTP
provides.
Hoa said the park would help enterprises form a network where
they could exchange technology and business, thus boosting the industry's
development.
Tat Thanh Cang, Vice Chairman of the HCM City People's
Committee, said that this kind of park would help local companies establish
closer links with foreign companies in terms of technology transfer. Eight
enterprises so far had confirmed that they would invest in the park and two
were already licensed, Hoa said.
Sanko MDF, specialising in water and oil pipes, will be the
first company to go into production by the end of December.
Up to 50 percent of Vietnamese companies in the city's
industrial zones are engaged in the support industry but their products have
low added value and most are not part of any global supply chain.
Vice Chairman Cang said the city would revise mechanisms and
policies relating to finance, land and trade and investment promotion to
assist small and medium-sized enterprises operating in the industry.
The city's long-term goal was to multiply the VPTP model and
establish a strong support industry, contributing to industrialisation and modernisation,
Cang said.
Quang
Quang Nam Rubber (VHG) recently announced that it is giving
its land use right, worth VND99 billion (US$4.6 million), to a VND100-billion
($4.7 million) subsidiary called Develyn Investment.
Notably, the aim of establishing a new firm is to sell it to a
partner for no less than VND25,000 ($1.17) per Develyn Investment share. The
sale will be completed when Quang Nam Rubber's holding is reduced to 25 to 35
per cent.
Fertiliser company to list on HNX
PVFCCo Southeast Fertiliser, which has a charter capital of
VND125 billion (US$5.87 million), has filed to list 12.5 million shares on
the Ha Noi Stock Exchange, coded as PSE.
PVFCCo Southeast Fertiliser is an affiliate of the Phu My
Fertiliser (DPM), which is listed on the HCM City Stock Exchange.
Last year, the company earned nearly VND3.34 trillion ($156.8
million) in revenue and VND31.4 billion ($1.47 million) in net profits.
Indian group conducts investment survey in Ha Nam
A delegation from the Tata Indian group led by its managing
director Indronil Sengupta has made a fact-finding tour of Ha
At a working session on December 22, Vice Chairman of the
provincial People’s Committee Vu Dai Thang introduced its potential, strength
and investment policies. The province has abundant human resources, and six
industrial zones with good infrastructure where nearly 200 foreign businesses
are operating.
Businesses investing in the province will be provided with
good conditions, including electricity and water supply, labour recruitment
support and security.
Thang introduced two IZs – Chau Son in Phu Ly City and Dong Van
in Duy Tien district for Tata group to choose.
Indronil Sengupta appreciated the provincial investment
environment, especially 10 commitments for investors and affirmed that the
province meets Tata requirements for building a factory.
Tata - one of the biggest groups in
Dong Nai posts record export turnover in 2014
Southern Dong Nai province reported a record export value of
more than US$13 billion in 2014, surpassing the set target by US$500 million
and posting a 19% year-on-year increase.
Overall, the foreign-invested sector made up the lion share of
the figure with almost US$11.3 billion, while the private sector accounted
for US$1.5 billion.
So far, the locality’s biggest importers are the
Local exporters have successfully made entrance into several
new markets including
The province forecasts its export turnover in 2015 will rise
15% year on year to reach US$14.4 billion, almost doubling the figure of
2010.
Dong Nai, together with Binh Duong, Tay Ninh, Ba Ria-Vung Tau,
Binh Phuoc, Long An and Tien Giang provinces and Ho Chi Minh City, form
Vietnam’s southern key economic region.
The province,
BIDV, Japanese bank ink MoU
The Bank for Investment and Development of Vietnam (BIDV) has
signed a Memorandum of Understanding (MoU) with
Under the deal, the local bank will be Hiroshima Shinkin’s
first partner in
They include payment accounts, credit, wage payments, consultancy
on the trade and investment environment in
The foreign bank plans to organise a business mission to visit
Hiroshima Shinkin was established in 1945 to provide services
such as corporate finance, foreign exchange and individual savings accounts
for small and medium-sized enterprises and workers in
The bank was graded A/Stable long term issuer rating by Japan
Credit Rating Agency Limited (JCR) in June 2014.
Although the Russian market has huge potential for Vietnamese
small and medium sized enterprises (SMEs), it also poses challenges and
pitfalls that need to be addressed before diving into it.
Often international businesses fail in
That was the message from those in attendance at a workshop on
December 21 in
Speaking at the event,
The participants talked about the problems they have
encountered and offered practical solutions to overcome them. Many suggested
simplified administrative procedures were needed while other focused more on
technical matters aimed at making the business climate more conducive to
their needs.
As a result, there was general consensus that the seminar was
a success and came up with a number of effective recommendations that if
implemented would strengthen trade and investment between the two countries.
US power corporation expands investment in Vietnam
The US-based Cummins Power Generation (CPG) recently signed a
contract with
This was part of the corporation’s efforts to expand
operations in
It’s time for CPG to expand operations in
CPG is a leading world provider of power generators with its
network covering over 190 countries and territories.
In 2014, its revenue from power generators in the Vietnamese
market is expected to hit US$16 million, US$2 million more than last year.
Amiana Nha Trang receives World Luxury Hotel Award
Amiana Resort Nha Trang has received the global prestigious World
Luxury Hotel Award 2014 in the Luxury Honeymoon Hotel category.
Built on a legendary land and inspired by the romantic stories
of “Hon Chong & Bai Tien”, Amiana Resort is the perfect setting for
family, long-stay work, and honeymoon.
Vu Van Toan, General Director of Amiana Resort said that it is
a sincere honour to be presented the prestigious award.
“Amiana Resort continuously strives to be an ideal destination
whatever your business or purpose and this certifies us as a leading luxury
location. With this award we can proudly say that Amiana is genuinely a world
renowned resort destination”, he added.
The World Luxury Hotel Awards is a recognized global
organization providing luxury hotels with recognition for their world class
facilities and service excellence.
Awards are presented to luxury hotels in different categories
on a country, continent and global basis.
It aims to encourage and raise service standards within the
luxury hotel industry.
Vietnam to slap two taxes on Uber
The Vietnamese Ministry of Finance is considering asking Uber
to pay two types of taxes on the revenue it generates in
The move is to ensure the rights of interests of all parties
involved in the operations of the ridesharing app: the government, Uber and
passengers, the official, who wished not to be named, told Tuoi Tre(Youth)
newspaper.
Uber will be requested to pay a three percent value-added tax
and a two percent corporate income tax, the same rates levied on transport
businesses, according to the official.
San Francisco-based Uber obtained the license for its
Vietnamese business, Uber Vietnam Co. Ltd., on October 14 but the company is
merely in charge of support activities such as marketing, market expansion,
or training.
Other important tasks, including signing contracts with
drivers, charging passengers and repaying local transport firms, are done by
Uber International Holding B.V., located in the
The Amsterdam-based company is thus to be held responsible for
the tax liabilities in
Tien said local tax officials last week worked with Uber
International Holding B.V. to determine the earnings the ridesharing app
generates in
Uber currently has three sources of incomes, including the
Uber account registration fee (VND5,000) for passengers, ride cancelation
charges, and fares paid by passengers via Visa Card, MasterCard and AMEX,
Tien elaborated.
Under the contract it closes with drivers, Uber will grab 20
percent of the fares while the transport firms will take the remaining 80
percent.
“Uber has said the VND5,000 account registration fee is in
fact for verifying if the passengers’ credit card is valid, and will be
refunded once the verification is completed,” Tien told the news agency.
“Uber suggested the fee should not be counted as Uber
International Holding B.V.'s income in
As for the fares paid by passengers, the Vietnamese transport
companies are responsible for declaring and clearing them with the local
taxman, according to their contracts with Uber.
“This means although the Vietnamese firms will receive 80
percent of the fares, they are responsible to pay taxes on behalf of Uber,”
he said.
“Meanwhile, Uber will be able to retain the entire 20 percent
of their share.”
Tien asserted to the Vietnam News Agency that it is totally
possible to oversee Uber’s tax activities as their data is stored
simultaneously in overseas and Vietnam-based servers.
Uber, which connects passengers and drivers via a smartphone
app, has grabbed national headlines as it has won over many passengers for
its fast and cheap rides, all while facing legal challenges in Vietnam.
It started offering services in the Southeast Asian country on
July 31, with car rides now available in both
Uber customers use the app to request rides and track their
reserved vehicle's location, with information including the fare and
estimated arrival time made known before they get in the car.
The complete fare is automatically billed to the customer's
credit card at the end of a ride.
Uber is a controversial service in many of the 250 cities
worldwide the company has a presence in, mostly because it can offer lower
fees due to the absence of regulations.
Vingroup opens Almaz centre in Ha Noi
Vingroup officially opened a luxury cuisine and conference
centre at Vinhomes Riverside in Long Bien District, Ha Noi, on December 20.
The group representative said that the centre was named Almaz,
which means "diamond" in Russian. It offers local people luxury
restaurants and conference rooms, as well as entertainment and shopping
areas, added the company representative.
The Almaz Convention Centre, which spans over 4,400sq.m and
has a maximum capacity of 1,600 people, is equipped with modern facilities
and has been constructed in accordance with international standards. The
centre is a suitable choice for conferences, various cultural activities and
even weddings.
Meanwhile, the Almaz's restaurants offer not only outstanding
food but also an impressive location by the river near the centre.
For instance,
Vingroup also launched a promotional programme for its
Vinhomes Riverside urban area.
It offers urban customers a VND1 billion (US$46,948) package,
which includes services from Vinpearl, Vinmec, Vinmart and Almaz centre.
Meanwhile, the group offers customers who purchased unfurnished
apartments as well as potential urban customers a support package worth
VND1.5 to VND5 billion ($70,422–234,741) with three options: furniture
instalment, a Mercedes-Benz car, or a better loan interest rate.
Lam Dong to have VND132-billion trade centre
The Truong Hai Auto Company (THACO) on December 21 started
building a trade centre and an auto showroom in this Central Highland city.
The VND132-billion (US$6.2 million) trade centre covers an
area of 4,000sq.m and will have four storeys. The basement is for parking,
and the first storeys will have a supermarket and an auto showroom. The top
two storeys will have a food court, restaurants and coffee shops.
The Thaco Bao Loc trade centre is designed to accommodate
1,000 people at a time, and can meet the entertainment demands of the local
people and tourists visiting the city.
Located near National Highway 20, which connects
The construction is scheduled to be completed by the first
quarter of 2016.
Foreign direct investment (FDI) into
The figure includes registered capital of $2.84 billion for
414 new FDI projects, nearly triple last year's figure. Most of the
investment was in the manufacturing and real estate sectors.
In addition, 133 operational projects have received added
capital totalling $371.2 million, 53.5 per cent of the figure in 2013.
Northern central region keen to develop culture-history
tourism
The northern central region will focus on developing
culture-history tourism taking advantage of the rich cultural and historical
heritage, it was agreed at a December 22 conference on how to implement the
Master plan on the region’s tourism development to 2020 with a vision to
2030.
Sea-based tours will be another priority as the region
stretches along the coastline with many beautiful beaches, with the aim of
turning tourism into a spearhead economic sector by 2020, a driving force for
local socio-economic development and significantly contributing to poverty
reduction.
The plan has set the targets of attracting more than 2.1
million of international visitors and 11 million of domestic tourists in
2020; generating 32.8 trillion VND (1.56 billion USD) in tourism revenues.
On the occasion, the Vietnam National Tourism Administration
launched a domestic tourism promoting programme with the aim of raising the
number of tourists to 37.5 million in 2015.
The master plan for the northern central region was approved
by the Prime Minister in 2013, with total investment of more than 165
trillion VND (7.85 billion USD).
The region comprises six provinces, namely Thanh Hoa, Nghe An,
Ha Tinh, Quang Binh, Quang Tri and Thua Thien-Hue. It is home to three World
Heritage sites, which are the
Japanese city offers ideas to
Experts from the Japan International Co-operation Agency
(JICA) and
At a forum held on December 22, Da Nang Vice Chairman Nguyen
Ngoc Tuan said the city would focus on improving infrastructure to facilitate
the development of services, commerce and tourism.
Based on ideas and experience from
A JICA research team has conducted a survey to collect data
for the purpose, focusing on three key sectors: building a well-connected
city, self-reliant finance management and promoting the Public Private
Partnership (PPP) model.
According to Kozo Bando, a senior engineer from Kajima
Corporation, the city should use the PPP form in infrastructure development
to reduce the financial burden and to take advantage of technology and
financial and managerial capacity from the private sector.
He cited the Hoa Lien Water Plant as an example of the
effectiveness of the PPP form, saying that the project has helped reduce
financial risks for
Real estate inventory reduces $127 mil in one month
Real estate inventory was recorded at VND77.8 trillion from
November1 to 20, a reduction of VND2.7 trillion (US$127 million) over the
same period in the previous month, reported Vietnam National Real Estate
Association.
Compared to the first quarter last year, it dropped over
VND50.7 trillion, equivalent to 39.47 percent.
The inventory reduction mainly concentrated in the segments of
small and low cost apartments, completed projects, and areas with good
infrastructure.
It includes 15,774 apartments worth VND24.1 trillion, 13,000
houses worth VND21.3 trillion, 8.6 million square meters of housing land
worth VND27.8 trillion, and 1.6 million square meters of commercial land
worth VND4,545 billion.
December CPI down slightly on falling fuel prices
But it reported that the CPI rose 1.65 percent year-on-year.
Price declines for December were recorded for transportation
and postal, down 3.54 percent month-on-month, followed by housing,
electricity, water, fuel and construction materials, which fell 0.95
percent, culture and entertainment, down 0.22 percent, beverages and
cigarettes, down 0.18 percent and other goods and services, down 0.06
percent.
Prices rose 0.7 percent for telecommunications, apparel and
footwear rose 0.14 percent, pharmaceuticals and medical services were up 0.06
percent, household utensils, up 0.02 percent, while food and restaurant
services grew 0.17 percent, buoyed by higher demand head of the Christmas-New
Year holiday season.
In
In December, eight of 11 products and services in the CPI
basket saw rising prices.
Telecoms saw the sharpest price rise, up 0.68 percent, with
apparel, textiles and footwear up 0.54 percent, other services, up 0.51
percent, entertainment and tourism, up 0.42 percent, household utensils, up
0.26 percent, and beverages and cigarettes up 0.12 percent.
The gold price rose 0.13 percent, month-on-month, while the
USD price climbed 0.43 percent.
Banks cashing in on end-of-year remittances
Banks in
In the race to attract customers, Vietcombank has launched a
promotion using MoneyGram, UniTeller and TNMonex services. Recipients of
remittances are being offered mobile phones, computer tablets and microwave
ovens to open accounts.
The deputy general director of Vietcombank, Nguyen Thanh Ha,
said nearly USD1.3 billion was remitted last year, with remittances expected
to hit USD1.4 billion this year.
Agribank, Vietinbank and ABBank are also pushing for new
customers with promotional offers, while Sacombank is offering outbound tours
and several gifts to customers using their services.
A director of Sacombank, Nguyen Huy Khang, said last year the
bank took in USD1.7 billion in remittances and forecasts that will increase
to USD2 billion this year.
One director of Agribank, in
"Most of the money came from
The State Bank of
Overseas remittances are the second-biggest source of income
for
The deputy chief executive of Lien Viet Post Bank, Nguyen Anh
Van, said, "The amount of remittances has an annual increase of 10%,
making a positive impact on the economy and foreign currency loans. It has
helped banks build up foreign currency reserves."
According to the Central Institute for Economic Management
(CIEM) and Western Union, total remittances to
The World Bank says
Nearly 50,000 enterprises undertake e-customs declaration
As of mid-December, 49,492 enterprises joined the Viet Nam
Automated Cargo and Port Consolidated System and Viet Nam Customs Information
System (VNACCS/VCIS), according to the General Department of Viet Nam
Customs.
Total import- export turnover declaring through VNACCS/VCIS
valued US$ 182.45 billion, of which exports fetched US$ 91.24 billion and
import, US$ 91.21 billion.
So far, the VNACCS/VCIS has been deployed in all 34 local
customs departments and 170 branches across the country.
Source:
VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VIR
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Thứ Ba, 23 tháng 12, 2014
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