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BUSINESS IN BRIEF 4/12
Manufacturing
sees sharp growth: HSBC
Manufacturing
growth regained momentum in November as output and new orders rose at faster
rates and stocks of purchases increased at the sharpest pace in the survey's
history, according to HSBC Viet Nam's Purchasing Managers' Index released on
Monday.
Falling
world commodity prices impacted the sector, with input costs decreasing for
the first time since late-2012 and output prices falling at the sharpest rate
since June 2013.
The
headline seasonally adjusted PMI – a composite indicator designed to provide
a single-figure snapshot of operating conditions in the manufacturing economy
– rose to 52.1 in November from 51 in October, signalling the most marked improvement
in business conditions in five months. Stronger operating conditions have
been recorded each month since September 2013.
Manufacturing
production increased for the 14th successive month in November, with the rate
of growth quickening to the fastest since April.
Panellists
linked higher output to improving client demand, and this was borne out by a
solid increase in new business. Competitive pricing and good quality products
had reportedly been key in securing new work from both domestic and export
markets. New export orders rose for a third month running, and at the fastest
pace since April.
Higher
new orders led backlogs of work to increase in November, ending a six-month
sequence of falling outstanding business. Employment also rose, as has been the
case in seven of the past eight months. Although easing slightly from
October, the rate of job creation remained solid as firms reported having
raised employment in response to increases in new orders and production
requirements.
Input
prices decreased for the first time since December 2012. Prior to November
the pace of cost inflation had slowed for three consecutive months.
Panellists mainly attributed lower input costs to falling prices in global
commodity markets.
Lower
input costs were partly behind a second successive monthly fall in output
prices as firms passed savings on to clients. Efforts to stimulate demand
were also mentioned by some of those companies that lowered prices. The rate
of decline was the fastest in nearly 18 months.
Reports
from panellists about attempts to build inventory led to a series-record rise
in stocks of purchases, following a decrease in the previous month. This was
helped by a 15th successive month of rising purchasing activity at
manufacturers. Despite higher demand for inputs, suppliers' delivery times
shortened again in November amid reports of good availability of materials
and spare capacity at suppliers.
Stocks
of finished goods also increased, albeit only marginally. Some panellists
reported that completed products were awaiting delivery to clients.
Post-production inventories have now risen in each of the past five months.
Commenting
on the Vietnam Manufacturing PMI survey, Trinh Nguyen, Asia Economist at
HSBC, said: "The sharp rise of the PMI index in November reflects our
view that the
"The
contraction of input prices mirrors the drop of headline CPI to 2.6 per cent
year-on-year in November. We expect output to continue to rise, in contrast
to the rest of the region."
The HSBC
Vietnam Manufacturing PMI is based on data compiled from monthly replies to
questionnaires sent to purchasing executives in around 400 manufacturing
companies.
Shareholders
approve 80% sale of KDC snack division
Shareholders
of confectionery giant Kinh Do Corporation (KDC) have approved the sale of 80
per cent stake in its snack business to US-based Mondelez, maker of Oreo
biscuits, for US$370 million.
At an
extraordinary shareholders meeting in
KDC
announced that $33 million would be used to buy more shares in the National
Company for Vegetable Oils, Aromas and Cosmetics of Viet Nam (Vocarimex).
Another
$15 million will be invested in building noodle brands and infrastructure,
$12 million in the coffee business and $14 million in expanding the cold
chain distribution.
The
company will keep a war chest of $176-210 million for possible acquisitions
and partnerships and $190-224 million for a share buyback programme.
An
overwhelming 93 per cent of shareholders said yes for buying back 30 per cent
of the company's shares.
Viet
said the first noodle products had been introduced in the market and the
early feedback had been good.
The
company has appointed distributors and sellers in 54 out of the country's 63
provinces and cities.
Premium
noodle products would hit the market next June, and Kinh Do hopes to grab a
10 per cent noodle market share by 2017.
An
Giang wants more farm produce shipped to Japan
Nguyen
Thanh Binh, vice chairman of An Giang province's People's Committee, said on
Monday that the province should export more farm produce to
Satoshi
said he would serve as a bridge connecting An Giang and
An Giang
and Japan have co-operated since 1997 through the Japan International
Cooperation Agency, creating more than 20 Japanese projects worth more than
VND31 billion (US$1.4 million) that focus on health care, education, energy,
clean water, agricultural training and rice production.
Dong
Nai trade surplus reaches $330m
The
southern
The
province's total external trade turnover for the period stood at $22.77
billion, including $11.55 billion in export earnings, a 16.8 percent increase
on the year.
Phan Van
Dan, head of the department's Planning Office, said the key earners -
footwear, garments and wooden products - enjoyed substantial growth. The
three industries accounted for 40 per cent of the province's total export
value. The US, EU and
Nguyen
Ngoc Tuan, vice chairman of the Dong Nai Import-Export Association, said the
province was aiming for $1 billion in export turnover by December.
Bac
Lieu seafood sells well in export markets
The
Mekong Delta
The
provincial Department of Agriculture and Rural Development attributed the
high sales to efforts to secure markets and stabilise production.
Businesses
have invested more in modernising shrimp production lines and using
processing technology, as shrimp accounts for 98 per cent of local export
value.
To win
trust from customers, enterprises have concentrated on improving the quality
of the products, ensuring food safety and hygiene. They are also working on
expanding sales to
Local
exporters are striving to earn $400 million by the year's end, with about
$357 million coming from the aquatic product sector.
Steel
firms steel themselves for challenges
Global
integration serves as a good opportunity for domestic steel makers to expand
their market.
However,
they still face an increasing number of trade defence instruments, such as
anti-dumping or anti-subsidy duties from importers.
The Viet
Nam Steel Association (VSA) reports that steel consumption this year is
expected to grow between 10 to 12 per cent because of the large volume of
steel sheet product exports and galvanised steel pipes. In spite of this,
cheap steel from
According
to Nguyen Van Sua, VSA vice chairman, anti-dumping and anti-subsidy suits
will lead to financial losses for domestic businesses and a decline in export
revenues, resulting in the loss of markets for domestic businesses.
From
1994 to 2013,
Sua
reveals that many businesses had not really paid much attention to trade
defence measures and fail to consider them as part of their business
strategy.
Pham
Chau Giang of the Vietnam Competitive Authority says a lack of skilled
employees in the investigating agency, the language barrier and lack of
finances have led to poor results in the handling of suits.
Giang
also notes that domestic businesses had failed to prepare well for the suits.
Sua
observes that domestic businesses are not fully aware of trade defence
measures and had failed to work and co-ordinate closely with the
investigating agency to provide information that will make the investigation
more accurate and favourable.
Sua
attributes this to the lack of knowledge on international law. He warns that
steel producers must be fully prepared with documents and information and
work with the investigating agency to make the ruling favourable to them.
In
addition, concerned agencies need to enhance their professional capacity to
help businesses deal with commercial litigation.
Nguyen
Ngoc Quan, general director of Kansai Steel, reveals that many countries use
trade defence measures to effectively counter anti-dumping and anti-subsidy
effects, but some countries have yet to fully exploit trade defence measures'
advantages.
If the
steel industry knows how to use trade defence measures to deal with the mass
importation of cheap steel from
To bring
into full play the efficiency of trade defence measures, the role of an ad
hoc agency and concerned agencies are crucial. In addition, businesses must
also deepen their understanding and strengthen their co-operation with
authorities to effectively deal with problems arising from suits.
State-owned
enterprises pay most corporate taxes
State-owned
enterprises (SOEs) continued to lead corporate taxpayers on the list of
This is
so even if the SOEs made up only 29 per cent of the total number of
businesses in
Specifically,
enterprises' total corporate tax reached VND80.4 trillion (US$3.8 billion) or
10.2 per cent of the country's total State budget collection. The top 100
businesses alone made up 57per cent of total corporate tax payments in the
list.
Ha Noi
had the highest number of companies in the list with 38 per cent of the
total, followed by
Notably,
businesses in the minerals and petroleum sector led in tax payments with 36
per cent of the total, followed by telecommunications and information with
15.3 per cent and finance with 10.5 per cent.
About 70
per cent of surveyed companies expressed the belief that corporate income
tax, still at a high level, had been their biggest hindrance, along with
unspecific decrees and guiding documents.
More
than 86 per cent of businesses expect a tax decrease in the future while
about 81 per cent expressed hopes that administrative procedures will be
further simplified, and 76 per cent are looking forward to training and
astuteness in the application of tax laws and regulations.
Nearly
81 per cent of surveyed companies said tax officials followed due process and
the required time for receiving tax documents while 76 per cent gave good
comments on tax official's attitudes. However, around one-third of
enterprises were not pleased with the Government's administrative reform.
Ho Manh
Tuan, deputy general director of Honda Viet Nam Company, one of the top five
corporate taxpayers, said tax payment was a measure of production and
business effectivity, and the recognition would be an honour and a boost to
the company's prestige.
The
corporate tax payment rankings were released for the fifth consecutive year
to encourage and honour businesses that contribute to the country's
development by paying the correct taxes.
VND30trillion
credit package remains inaccessible for many
After
two years of implementation, the disbursement of the VND30 trillion (US$1.4
billion) credit package for social housing project has merely reached 12
percent due to administrative procedures and loan requirements.
That is
opinions of delegates at a talk hosted in
HCMC
Real Estate Association Chairman Le Hoang Chau said that two most complicated
procedures are interfered in collateral and borrowers’ income.
A joint
circular by the Ministry of Justice, the Ministry of Construction, the
Ministry of Natural Resources and Environment, and the State Bank of
Buyers
have to pay 20 percent of an apartment value in advance to get loans for the
rest 80 percent value. However some banks still require borrowers to put up
other properties for mortgage, he said.
Mr. Le
Trong Khuong, deputy director general of Hung Thinh Company, said many
customers have been in need of loans but none of them have been accessible
because the company is a secondary investor.
Hung
Thinh Company purchased the project from other investors, who were
unaffordable for implementation, and completed it for sale. Banks have refused
to loan the company’s customers saying they are not eligible.
The
limited supply of social housing has also caused the slow disbursement of the
credit package. Meantime the progress of converting commercial into social
housing and large into smaller apartments has been very slow.
Therefore
banks have focused on loaning commercial housing projects, whose apartments
are smaller than 70 square meters each with a price of below VND15 million a
square meter or VND1.05 billion an apartment. However the number of
these apartments is very limited.
Mr. Phan
Truong Son, head of the Housing Development and Real Estate Market Division
under the HCMC Department of Construction, said that the city has approved to
convert eight out of 11 commercial housing projects into social housing and
split apartments of only nine out of 24 projects.
Explaining
for this slowness, Mr. Son said that many projects have failed to meet
requirements in population and technical infrastructures when their
apartments are changed smaller.
The
Ministry of Construction has recently extended the deadline to shift
commercial into social housing and large apartments into smaller ones until
the end of 2015 instead of this yearend, he said.
The move
is expected to increase the supply of social housing and create conditions to
speed up the credit package disbursement, adding more that the Government has
issued a resolution targeting at least 40 percent cut of time spent on
administrative procedures for construction projects. The HCMC Department of
Construction has studied to further simplify the procedures aiming at
reducing it by another 10 percent.
Minister
confident of 5.8% GDP growth for 2014
In a
keynote address at the Vietnam Business Forum (VBF) in
There is
consensus in the government that most targets approved by the National
Assembly have been fulfilled for the year Vinh said, adding that achieving
these goals is an important milestone.
Inflation
has been constrained and the nation’s consumer price index (CPI) in November
increased only slightly more than 2%, business failures are down and the
number of new business registrations is on the upswing.
All of
these statistics provide assurance the economy is solid with more robust
economic times in the offing and the country can move forward with plans for
further development, Vinh concluded.
The VBF
has served as a structured dialogue between the government and the business
community targeting an improved economic environment in
This
year’s business forum takes place against the backdrop of the economy showing
optimistic signs of growth on the back of successful implementation by the
government of several key resolutions and reforms.
Key
among them were the government’s Resolution 19 focused on key solutions and
tasks to improve business environment and national competitiveness,
Resolution 15 on State-owned enterprise reform and Circular 119 on tax
reform.
In
addition, the National Assembly adopted a revised Enterprise Law and
Investment Law, which aims to create an environment more conducive to
increased transparency.
This
presents a very encouraging signal to the business community that it can have
full confidence in the government’s commitment to take further action in
order to take full advantage of new free trade agreements (FTAs) that
It also
definitely has a very positive impact to restore business confidence in doing
business and to realize the achievable goal of more favourable investment
climate for
The
two-day forum has six main issues on the agenda – public debts and bad debts,
measures to boost the development of the private sector (including small-and
medium-sized enterprises and State-owned enterprises), labour, acceleration
of SOEs’ equitisation, administration reform, and arising issues when joining
free trade agreements.
At the
event, Virginia Foote, co-chair of the VBF, in turn said FTAs would bring
about huge opportunities for
Foote
said businesses at the forum should not hesitate to put forth their
suggestions on measures they believe would help the country grasp
opportunities brought about by FTAs.
Especially
those focusing on reforming investment environment, financial and banking
system, administration procedures, and SOEs, and raising productivity, Foote
said.
Earlier,
the General Statistics Office of Vietnam (GSO) reported that GDP rose by
5.62% in the first quarter, 5.09% in the second and 6.19% in the third
quarter.
Leading
economists have forecast that if the GDP for the fourth quarter is
higher than the previous three quarters,
That
would make it the third consecutive year in a row, the country has done so,
they said.
For her
part, Wendy Werner, International Finance Corporation (IFC) Regional Business
Line Manager, spoke about
This is
clearly evidenced by the nation’s rising credit rating and the government’s
recent successful issuance of US$1 billion international bonds in the
international bond market, Werner said.
Werner
further opined that although local businesses have shown their great effort
to overcome difficulties in recent times, many local enterprises are simply
too small to compete at international market.
Low
productivity and underdevelopment of the support industry are other obstacles
that must be overcome, Werner said noting Resolution 19 is an important step
in the right direction.
Echoing
Werner’s views, Chairman of the Vietnam Chamber of Commerce and Industry
(VCCI) Vu Tien Loc said the Resolution 19 is a refreshing breath of fresh air
for stimulating reform, ironing out snags and creating trust in the
government.
He hoped
that the government continues to remove obstacles in public reform.
The
latest report by the Department of Livestock Production showed that in the
eight-month period, Vietnam imported more than 1,600 piglets worth US$1.52
million in total, up 89% from a year earlier, mostly from Canada, Thailand,
Denmark, and the US.
Nearly 1
million fowl were shipped to the Vietnamese market at a total value of
US$3.29 million, mostly from
In
recent years,
Imported
animal breeds have generated high profits, therefore, there’s an increasing
demand in the domestic market that is forecast to see strong growth in the
future.
Overseas
Vietnamese's remittances via commercial banks and economic organisations in
HCM City in the first 11 months of the year was estimated at US$4.4 billion,
according to the HCM City branch of the State bank of Viet Nam (SBV).
Total
overseas Vietnamese's remittances in 2014 will exceed $5 billion, compared
with $4.8 billion last year.
An
official at SBV's
Vietinbank
said this year
Between
1993 and 2014,
Remittances
into
Ha
Noi economy picks up steam
The Ha
Noi economy is picking up steam in most areas. Gross domestic product this
year is estimated at 8.8 per cent, within the target for the year of 8.5-9
per cent.
Vice-chairman
of the municipal People's Committee, Vu Hong Khanh, told the 11th session of
the Ha Noi People's Council here yesterday that revenue to the State budget
was forecast to reach more than VND128.9 trillion (US$ 6.1 billion) this
year, or 102.1 per cent of the original goal.
Expenditure
is expected to cost more than VND51.1 trillion ($2.4 billion).
Participants
also reflected on the city's 2014 socio-economic performance, national
defence-security and development orientations for 2015.
Nguyen
Thi Kim Ngan, National Assembly Vice-chairwoman, said Ha Noi should step up
the pace of administrative reform and listen to thoughts and aspirations of
its local community.
Japanese
investment in Vietnam reaches 36.5 billion USD
Direct
investment from
Shimon
Tokuyama, a JBA representative, said at the Vietnam Business Forum 2014 in
According
to him, the JBA has 1,388 members in
Shimon
Tokuyama said the revision of the laws on Enterprises and Investment has
improved the business environment and businesses’ competitiveness, but some
issues still need more amendments.
He also
suggested
The
expert said the formation of ASEAN Economic Community (AEC) by the end of
2015 will create a regional large market with over 600 million consumers but
Therefore,
Official
government statistics show that between 2011 and 2013,
Cashew
industry aims to boost local consumption
The
cashew industry needs to boost consumption in the lucrative domestic market,
a forum on the nut's nutritional value heard in
Dinh Thi
My Loan, Chairwoman of the Vietnam Retailers Association, blamed the low
sales at home to high prices, poor marketing, and lack of diverse products.
Besides,
processors are not interested in the local market, she said, adding that
cashew products are mainly sold during the Lunar New Year, making it hard to
create a consumption habit among consumers.
Nguyen
Tan Thanh, Deputy Director of cashew processing firm Thao Nguyen Co, said
many people do not eat the nut in
As a
result, local consumption accounts for just around 5 percent of output while
in
To
promote consumption in the domestic market, Loan said the industry needs to
strengthen advertising and marketing and develop more cashew-based products.
Besides
trying to take their products to supermarkets and traditional retail channels
like markets and shops, businesses should also make more effort to sell
online, she said.
Educating
people about the nutritional benefits of cashew is also key, she said.
Do Thi
Ngoc Diep, Director of the HCM City Nutrition Centre, said cashew nuts are
high in calories, with 100g providing 550-600 kcal compared to 300-350 kcal
for cereals and 150-200kcal for meat.
They are
also an abundant source of essential minerals, especially manganese,
potassium, copper, iron, magnesium, zinc, and selenium, she said.
About 80
percent of the fatty acids contained in the nuts are monounsaturated fatty acids,
mainly oleic, which are good for people with heart diseases or diabetes who
also have high triglyceride levels, she said.
It is a
low blood sugar food, largely because it contains a high amount of fibre, she
said.
By
replacing animal-based foods, cashew can help prevent non-contagious diseases
and malnutrition, she added.
Bac
Lieu enjoys 12 percent growth in 2014
The
Mekong Delta
The
province’s economic structure has been transformed with higher proportions of
industry and service sector, said Chairman of the provincial Party Committee
Vo Van Dung during the committee’s meeting on December 2.
Currently,
industry-construction contributes 24.71 percent to the province’s total GDP,
while services make up 25.59 percent and agriculture, 49.70 percent, he
noted.
Meanwhile,
important economic indices of the locality also exceed the set targets, with
food production surpassing 1 million tonnes, 3 percent higher than expected,
seafood output hitting 208,000 tonnes, equivalent to 101 percent of the plan,
and export turnover reaching 430 million USD or 107 percent of the plan, said
Dung.
Per
capita GDP was raised to 39.33 million VND per year, while 97 percent of
local households have access to the electricity grid.
Besides,
four communes of Bac Lieu completed all 19 criteria of the new-style rural
area building programme, while other 6 communes fulfilling 15-18 criteria, he
added.
In
particular, the investment environment of the locality has been improved,
attracting many investors.
During
the meeting, participants agreed to make tourism a key economic sector of the
locality in the time to come.
Forum
connects Vietnamese entrepreneurs in Australia
A forum
was held in
During the
event, the participants shared experience in doing business and invest in
Addressing
the forum, Hoang Minh Son, Vietnamese Consul General to
The
diplomat expressed his wish that they will enhance solidarity and contribute
more to the homeland’s socio-economic development.
President
of the Vietnam Business Association in Australia (VBAA) Tran Ba Phuc said the
forum helped Vietnamese businesspeople aboard update information on the
country’s situation as well as new polices in the international economic
integration.
The
event, firstly held in 2009, serves as an important bridge between
entrepreneurs in
Set up
in 2010, VBAA has seen incessant growth with more than 200 members. This
year, it established a branch in
The
Vice
Chairman of the municipal People’s Committee Vu Hong Khanh told the 11th
session of the Hanoi People’s Council in the capital city on December 2 that
revenue to the State budget is forecast to reach over 128.9 trillion VND (6.1
billion USD) this year, or 102.1 percent of the original goal while
expenditure is expected to cost more than 51.1 trillion VND (2.4 billion
USD).
Addressing
the event, Secretary of the municipal Party Committee Pham Quang Nghi pointed
out shortcomings in personnel and environment management, and asked for
clearing obstacles facing enterprises and dealing with complaints at the
grass-root level.
Participants
also reflected on the city’s 2014 socio-economic performance, national
defence-security and development orientations for 2015.
Concluding
the session, Nguyen Thi Kim Ngan, National Assembly Vice Chairwoman, asked
Top
corporate tax payers honoured
The
Vietnam Report Joint Stock Company announced a list of the largest 1,000
corporate income tax payers in 2013 in
The
honoured businesses contributed nearly 81 trillion VND (3.8 billion USD) or
10.2 percent of the total State budget revenue.
Accounting
for just 29 percent of the total businesses in the V1,000 list, State-owned
enterprises contributed around 66 percent of all the tax amount paid by the
1,000 listed.
Hanoi-based
firms made up 38 percent of the V1,000’s total tax amount, followed by those
in
In terms
of sector, firms in the mining-oil and gas industry led the V1,000 with about
37 percent of the total tax amount, followed by those in the field of
telecoms-information technology with 15.3 percent, and finance, 10.5 percent.
Vietnam
Report’s annual survey revealed that 67 percent of the businesses took note
of improvements in taxation procedures, but nearly one third were not
satisfied with the progress.
At the
same time, 70 percent of surveyed firms thought the current corporate income
tax is still high, and 86 percent expressed hope that the tax rates will be
reduced in the coming time while the administrative formalities will be
further simplified.
This is
the fifth consecutive year the V1,000 has been compiled with the aim of
honouring and encouraging enterprises to make more contributions to the State
coffer.-
Foreign
retailers rush to open shops across Vietnam
Central
Group,
According
to Central Group, the company will continue to expand Robins department
stores in
According
to VIR, Central Group confirmed that the company is looking for local
partners in
In July
this year, under a franchise operated by the Central Group, Iconic British
retailer Marks & Spencer entered the Vietnamese market with a new
flagship store in
Tos
Chirativat, CEO of Central Group, was quoted as saying that with 90 million
residents and growing middle class,
In a
similar move, last week, the
Lotte
currently operates eight shopping centres – two in
By
entering the market early, the company believes that it will be able to
select the best strategic locations in
Garment
and textile export likely to hit 24.5 billion USD
Truong
said in recent years,
To date,
the sector has raised the localisation rate to more than 50 percent.
However,
it needs to improve its productivity, quality, and competitiveness with
investment in new technologies, machinery and innovation.
ADB
loan to aid push for economic reforms
The
Asian Development Bank (ADB) has approved loans totalling 230 million USD to
support
"
"Structural
obstacles are holding the country back and this loan assistance from ADB,
along with support from other donors, will allow the government to press
ahead with measures to resolve these issues."
After
the country's shift away from a centrally planned economy in 1986, growth
averaged over 7 percent a year from 1990 to 2007 while per capita income
almost quintupled.
Skills
gaps in the workforce, a relatively unsophisticated financial sector, a hefty
fiscal deficit, unequal conditions for state enterprises compared with the
private sector, and an opaque business regulatory environment have held back
competition, investment, and growth.
The
programme will help the Government push ahead with measures to boost banking
sector stability, improve public administration, strengthen State-owned
enterprise management and develop a clearer and more transparent regulatory
environment for business. Specific actions supported by the programme include
implementation of the Government's credit institution restructuring plan,
legislation to regulate and guide the rollout of an anti-corruption law,
steps for the restructuring of State-owned enterprises, and amending the Law
on Public Procurement.
The
programme's outcomes will include simplified value-added tax procedures and a
reduction in income tax for small- and medium-sized enterprises and
transaction costs for small businesses, all of which will help boost
productivity and support employment and poverty reduction.
The
programme targets boosting private investment as a percentage of GDP to 15
percent by 2020.
ADB's
assistance is complemented by 250 million USD from the World Bank and 150
million USD from the Japan International Cooperation Agency.
The
programme's estimated completion date is June next year.
Binh
Duong works to support Taiwanese firms
Leaders
of the southern
The two
sides agreed that the province has taken prompt actions to assist Taiwanese
firms in resuming their production after the incident on May 13 this year,
during which some extremists took advantage of local workers’ protest against
They
concurred that insurance companies should announce the losses of affected firms
as soon as possible in order to issue appropriate support policies.
Lien Yu
Ping proposed that Binh Duong provide details of compensations to Taiwanese
investors in two weeks to make it easier for them to make their production
plan, as the 2014 fiscal year is ending.
During
the session, provincial leaders and officials also gave specific explanations
on the Government’s policies to support affected firms in terms of tax,
travel costs, and wage for workers during the interruption of production
caused by the incident.
According
to Tran Van Nam, Standing Vice Chairman of the provincial People’s Committee,
so far, the province has rolled out measures to assist affected enterprises
in line with the direction of the Prime Minister.
The
locality has also given additional support to help the firms to resume their
operations, including a loan package of 1 trillion VND (47 million USD) with
50 percent of interest subsidy from the provincial budget, he noted.
He said
the delayed announcement of losses of affected firms and compensation amounts
was partly due to the fact that some firms do not want to make public the
damages out of concern that it would affect their business or insurance
payment. In addition, some companies were found to have violated regulations on
environmental protection, social insurance and taxation.
Italy
to increase ODA for Vietnam
The
assistance will target the private sector in the coming time, the official
was quoted by Thoi Bao Kinh Te
In
addition, an additional 10 million EUR (12.4 million USD) will be injected in
projects on water supply under an agreement reached by the two governments.
Deputy
Minister Benedetto Della Vedova led an Italian economic delegation to a forum
for Italian-Vietnamese Businesses held in November with a view to seeking
more cooperation opportunities in
At the
event, he remarked that
According
to the Vietnam Chamber for Commerce and Industry, trade between
Between
January and October this year, bilateral trade reached almost 3.4 billion
USD, with
The two
countries share a substantial potential in energy generation, construction
material, tourism, pharmaceuticals and advanced technology, which should be
utilised in order to meet the target of 5 billion USD in trade.
Taiwanese
group opens second factory in Dong Nai
Kim Bao
Son
The
facility, which covers 12 ha of land in Giang Dien Industrial Zone in Trang
Bom district, has a total investment of 14 million USD.
Once
fully operational in late 2015, it will be capable of manufacturing 7,500
tonnes of products per year for both the domestic and regional markets.
Entering
the country in 2004, the Taiwanese group set up its first factory worth 12
million USD also in Dong Nai province.
So far,
Source:
VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VIR
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Thứ Tư, 3 tháng 12, 2014
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