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BUSINESS IN BRIEF 23/1
MBKE raises chartered capital to over VND829 billion
Maybank Kim Eng Securities Company (MBKE) has gained State
Securities Commission of Vietnam approval to raise its chartered capital by
over VND214 billion to around VND829 billion (US$40 million).
Nguyen Hoang Thien Truc, general director of MBKE, said the
increase is part of its plan to become one of the biggest stock brokerages in
the country. With more capital, the company can better support clients to do
business this year as the domestic economy is projected to fare better than
last year.
The company adjusted up its chartered capital for the second
time to VND615 billion from VND300 billion in May last year.
This year, the company intends to launch the KE-Communication
utility on www.ketrade.com.vn to help brokerages share information with and
give advice to stock traders online. It also plans to introduce a new trading
application for mobile devices including cell phones and iPads to assist
clients in getting market updates and forecasts.
MBKE, a member of Maybank Kim Eng Group, started operation in
Drug imports from 6 foreign firms halted
The Drug Administration of Viet Nam announced yesterday that
it had decided to temporarily halt processing applications from six foreign
drug companies and one local company. This means that these companies will
not be able to register their products in
The companies were found to have violated the appropriate
procedures to register their medicines.
Four of the companies come from
The decision will be effective for at least 12 months.
Major urbanisation effort underway in northern mountainous
region
Construction of five urban infrastructure projects in Thai
Nguyen kicked off yesterday, officially putting in motion the US$301 million
National Urban Development Programme in the Northern Mountainous Region
(NUDNMR).
Thai Nguyen was the first city to carry out the programme.
Other cities and towns in
"These construction projects will improve urban
infrastructure and environmental sanitation and raise the living standard of
local residents," Deputy Prime Minister Hoang Trung Hai said at the
construction launching ceremony.
He added that the programme would also strengthen the capacity
of participating provinces to plan, implement and sustain urban
infrastructure.
"This will be a great motivation for sustainable
socio-economic development in the cities and towns in the region," said
Hai.
World Bank Country Director for Viet Nam Victoria Kwakwa said
that experiences gathered from implementing the programme would help form an
effective model to apply in other cities and towns across the country, in
which infrastructure investment would come hand-in-hand with enhancing
authorities' urban management capacity.
NUDNMR is the second programme in
The programme has $250 million in funding from the World Bank
and about $51.8 million from the Vietnamese Government.
VNPT
The Viet Nam Posts and Telecommunications Group (VNPT) and the
Viet Nam Data Communication Company (VDC) are jointly providing electronic
billing for customers using information technology and telecom services in
Customers will find it easy to track bills, complete tax
statistics and reports, and collate data. The new service will also reduce
costs for VNPT Da Nang.
Ho Van Cu, deputy director of VNPT's
To send or receive e-bills, customers need to go to
http://hoadon.vnptdanang.vn and log into the system with their usernames and
passwords.
Six companies are providing e-bills in
Businesses expect further interest rate cuts in 2015
Despite the interest rate reduction on bank loans during the
past year, domestic producers expect commercial banks to further cut rates
this year.
They added that such high rates have made Vietnamese products
less competitive in both the domestic and international markets.
The President of the Animal Production Processing Import and
Export Co., Doan Trong Ly told the Nguoi lao dong (The Labourer) newspaper
that only Vietinbank had cut its interest rate from 9 per cent to 8.7 per
cent so far this year. Other banks still kept their rates unchanged, Ly said,
adding that his company was borrowing from Agribank at the rate of 9 to 10
per cent annually.
He added that most Vietnamese businesses were forced to take
bank loans at an annual interest rate of 8.9 to 10 per cent, while their
rivals in other countries could access such loans at only 2 to 3 per cent.
Small and medium-sized enterprises get loans at even higher
rates of 12 per cent.
Ly said the reduction in lending interest rates was too slow
and not commensurate with deposit interest rate cuts. It was also not
reasonable as Viet Nam's inflation was currently near the same level as other
countries' but Viet Nam's lending interest rates were two to three times
higher than the inflation rate.
According to the central bank's Monetary Policy Department,
the lending interest rate this year declined by approximately 2 percentage
points, which brings the rate to the same level seen during the 2005 to 2006
period.
Commercial banks have also cut rates for previous loans.
Currently, loans with lending interest rates of more than 15 per cent and 13
per cent account for roughly 3.9 per cent and 10.65 per cent of the loans
offered, respectively. These values are lower, compared with the 6.3 per cent
and 19.72 per cent recorded in December last year.
The Director of the Bank for Investment and Development at
He said the administrative regulation currently has no effect
as commercial banks' liquidity is good, adding that it will help banks to
further cut lending rates by 0.5 to 1 percentage points.
Vinacafé cooperates with Vietnam Airlines
Vinacafé Bien Hoa ("Vinacafé"), one of the leading
non-alcoholic beverage companies in
Vinacafe has relentless efforts in product innovation,
capacity expansion as well as further investment in work-in-class technology
to introduce several new products in oder to meet diversified taste and
preference of consumers.
To present on Vietnam Airlines, Vinacafé has to beat up other
coffee brands, including local and international brands thanks for its
outstanding quality and subtantially heritage brand with more than 45 years,
representing the original flavor of Vietnamese coffee.
Nguyen Tan Ky, Chief Executive Officer of Vinacafé said:
“Vinacafé Bien Hoa is the only coffee company being rewarded as The National
Brand for four years in a row. In the meantime, Vietnam Airlines recorded an
impressive growth in recent years. Therefore, this is a great opportunity for
Vinacafé to continue expanding the domestic market as well as reaching our
arms to international markets at the fastest pace".
Last year sees strong luxury car sales
Sellers and distributors of luxury cars reported
stronger-than-expected sales on the domestic market last year, with some
brands recording the highest sales ever.
Among 19 new products that the only luxury auto manufacturer
having a factory in
BMW also reported the highest sales growth after eight years
in this market.
Horst Herdtle, general director of Euro Auto, the official
importer and distributor of BMW cars in the country, said Euro Auto was the
luxury auto brand that had posted steady sales growth in the past eight years
in
Euro Auto registered a robust sales rise of 32% last year when
the company sold nearly 1,300 cars, and 2014 was the first year it sold more
than 1,000 units.
Demand for expensive cars imported from
Most of the luxury cars sold on the domestic market are
imported from
According to the General Statistics Office, the country spent
US$1.57 billion importing 72,000 completely built-up (CBU) autos last year,
up a staggering 103.8% in volume and 117.3% in value against the previous
year.
Swiss firms invest US$1.94 billion in
As of December 15, 2014, Switzerland has 101 projects with a
total registered capital of about US$1.94 billion in Vietnam, ranking 18
among 101 countries and territories investing in the country, according to
the Ministry of Planning and Investment's Foreign Investment Agency (FIA).
Swiss projects have an average capital of US$19.2 compared
with US$14.3 million worth of average capital for FDI projects in
So far,
Swiss investors are now present in 16 out of the country’s 63
provinces and cities.
Two top destinations in terms of Swiss investment include Kien
Giang with four projects attracting US$1.11 billion and accounting for 57% of
total investment capital, followed by Dong Nai, including eight projects
worth US$470 billion and 24%.
Meanwhile,
Ripples from this price cut have also been felt in
transportation service, housing, electricity, water, and construction
material costs, decreasing by 1.18 percent from last month.
Meanwhile, the prices of restaurant services, beverages and
tobacco, and entertainment and tourism services rose modestly by 0.38
percent, 0.21 percent, and 0.05 percent respectively.
The garment and food industries saw relatively sharp price
increases due to changing weather conditions and recent price increases in
poultry and aquatic products.
Rang Dong Group seals deal for Phan Thiet airport project
Domestic Rang Dong Group is to construct
Last week, chairman of the Binh Thuan Provincial People’s
Committee Le Tien Phuong signed the approval of the tender result for the
construction of the $263.2 million airport.
Accordingly,
Situated in Phan Thiet city, the airport will cover 543
hectares, and will be developed to meet International Civil Aviation
Organisation 4C grade standards. It will be capable of receiving ATR72-600,
F70, BAE146-300, and Bombardier size planes.
Director of Rang Dong Group Nguyen Van Dong told VIR that the
company was keen to invest in the airport in order to bolster its projects in
the province including hotels and a golf course.
Phuong said the airport would spur the province’s
socio-economic development by enhancing its investment attractiveness, luring
more new projects, and accelerating the implementation of registered
projects.
The airport will also boost tourism by cutting the travel
times to the popular holiday destination. Furthermore, Binh Thuan has great
potential for mining and energy. With titanium reserves of 600 million
tonnes, Song Binh and Thang Hai industrial zones are calling for investment
in titanium processing.
The province also boasts thermal power, hydropower, and wind
power, promoting its importance as a national power production hub.
“Investment flows will contribute to Binh Thuan’s economic
restructuring in tourism, titanium processing and energy,” said Nguyen Duc
Hoa, director of the Binh Thuan Provincial Department of Planning and
Investment.
Rang Dong Group, which was founded in 1991, operates in
tourism, traffic infrastructure, golf courses, mining, forest plantation, and
real estate trading. The group currently operates Ocean Vista Apartments in
Mui Ne’s
Foreign textile firms reel out new investments in anticipation
of TPP
Foreign enterprises are ramping up their investments in
Two foreign-invested firms would add nearly $180 million
in the total investment capital to their projects in
Director of Worldon Vietnam Ma Jianrong said that his company
would expand its production capacity with an increase of $160 million in the
investment capital. In 2014, the company was granted an investment
certificate to make high-class products for well-known brands like Uniqlo,
Nike, Adidas and Puma. The company developed a garment facility covering 45
hectares in the second city’s Cu Chi Southeast Industrial Park, including a
centre for fashion design and garment manufacturing.
“In light of a favourable investment environment and positive
forecasts for production, the company decided to raise its investment capital
from $140 million to $300 million,” said Jianrong.
Meanwhile, the Korean-based Nobland announced that it would
invest an additional $18 million in its factory in the city’s Tan Thoi Hiep
Industrial Zone, an increase of $61 million in the company’s current
investment capital.
Nobland first entered
Director of the Ho Chi Minh City Industrial and Export
Processing Zones Management Authority’s (Hepza) Investment Management
Division Tran Viet Ha said that these moves indicated a growing tendency
among foreign-invested textile and garment firms to increase investments in
According to Hepza’s statistics, dozens of foreign investors,
mainly from
In this context, some big state-owned firms are accelerating
their business operations before the country’s garment exports reap the
benefit of zero per cent tariffs that are supposed to come into effect if the
TPP is signed.
State-run Vinatex, for example, announced it would
invest in more than 30 major projects to develop supply chain links among its
subsidiaries during 2015-2017. Last week, the group announced it would build
a fibre, weaving, dying and garment complex and upgrade its existing facility
worth more than $714 million in the central province of Quang Nam this year.
Last year, according to the Ministry of Industry and
VSIP looks to expand Quang Ngai investment
Industrial land and township developer VSIP will expand the
first phase of its VSIP Quang Ngai amid rising investments in the central
region.
The Quang Ngai Provincial People’s Committee recently approved
the adjustment of the industrial park’s (IP) development plan, allowing the
developer to expand the park by nearly 50 per cent to 660 hectares from the
initial 458ha.
According to the Management Authority of the Dung Quat
Economic Zone - where VSIP Quang Ngai is situated - this expansion
demonstrates the developer’s confidence in the growth potential of the
central region, following its successes both in the south and in the north.
Asides from the expansion of VSIP Quang Ngai, VSIP is looking into developing
two more projects in the central provinces, in Nghe An and Binh Dinh, in a
bid to respond the growth trends of this region.
Beginning operations as recently as 2013, VSIP - the joint
venture between
VSIP expected that this IP would be a competitive
manufacturing base vis-à-vis labour-intensive industries and those eyeing the
central region market and the external markets such as
At present, the IP is home to 10 tenants from six countries
with the total registered investment capital of nearly $200 million. King
Riches, a subsidiary of Kingmaker Footwear Group, is building a $20 million
factory in the park. URC Central Co. of the
The Dung Quat Economic Zone Management Authority announced
that it would attract around $2.1 billion of foreign direct investments to
Dung Quat this year.
The inspection and monitoring agency under the
A team of inspectors will be formed to carry out the task, an
agency representative told Tuoi Tre (Youth) newspaper.
Inspections will focus on ATMs installed at citywide
industrial parks and export processing zones, where millions of workers are
paid via cards, whereas the machines fall short of demand and regularly break
down, he said.
The agency is considering sanctioning banks that violate
Government Decree No. 96, the spokesperson added.
The decree, which took effect on December 12, set a maximum
fine of VND15 million (US$700) for banks that let their ATMs run out of cash
and fail to meet cash withdrawal demand.
Penalties ranging from VND10 million ($466) to VND15 million
($700) will be slapped on such breaches as failing to report when an ATM is
out of order for 24 straight hours; inappropriate relocation or suspension of
the operations of ATMs; having unstable electricity supply for the machines,
which causes them to ‘swallow’ customers’ cards when the power is out; and
failing to maintain customer care services.
“Whenever it receives a complaint about the ATMs, the agency
will send personnel to check and determine the issue,” the source from the
inspection and monitoring agency said.
“The agency officials will work directly with the bank that
runs the machine and will book the case or impose fines if clear evidence is
provided.”
The agency will tighten the procedures of licensing new ATMs
for banks that fail to meet demand from their customers.
The move is intended to improve the quality of ATM services,
which were repeatedly slammed by cardholders in 2014, he said.
Although Government Decree No. 96 has been in place for a
month, no banks have ever been fined over their out-of-cash ATMs.
On January 11, as observed by a Tuoi Tre correspondent, dozens
of workers at the Linh Trung Export Processing Zone in Thu Duc District
‘besieged’ 14 Vietcombank ATMs inside the park, but few were lucky enough to
come back with cash.
Although most of the machines did not run out of cash, they
repeatedly ran error messages and one of them was completely out of order.
Elsewhere, in the Dong An Industrial Park in the southern
Workers could only draw cash of low face values from two of
the three Vietcombank ATMs, while the remaining one occasionally broke down,
according to an observation the same day by Tuoi Tre. Techcombank and
Vietcombank each have two machines but none of them had any cash left.
A VietinBank machine nearby also failed workers as it was shut
down for maintenance.
Truong Thi Anh, a worker, said she spent a whole morning going
from machine to machine but was still unable to withdraw any money.
“There are dozens of thousands of workers here but only eight
ATMs, none of which have stable operations,” she lamented.
A Techcombank representative told Tuoi Tre that the bank has
60 ATMs across Binh Duong, home to many industrial parks and export
processing zones.
Although Techcombank pays close attention to replenishing its
machines on time, the ATMs usually become overloaded during weekends or the
days when workers receive salaries.
Meanwhile, a representative with the Vietcombank branch at the
Linh Trung Export Processing Zone, said it is normal for ATMs to break down
because “they are machines anyway.”
An official from the central bank’s
The Chu Lai Open Economic Zone in the central
According to the Chu Lai Open Economic Zone Authority,
The Quang Nam Provincial People’s Committee also reported that
In addition to these projects, the local authorities are
calling for investments into an electricity generation and gas treatment
complex in the zone and negotiating with a Japanese car maker on a plan to
develop the zone into the country’s automobile manufacturing hub.
“After 12 years of quiet development, foreign companies are
increasingly showing their confidence in Chu Lai,” said Do Xuan Dien, deputy
director of the Chu Lai Open Economic Zone Management Authority.
The lack of key projects was blamed on the lack of interest in
Chu Lai among foreign investors, but this is set to change as the local
authorities believed the zone would rapidly become a popular destination for
potential foreign investors.
Chu Lai is located about 100 kilometres south of the central
city of Danang. When establishing the zone in 2003, the government hailed it
as a major driver for Quang
Statistics from the Chu Lai Open Economic Zone Management
Authority show the zone attracted 94 investment projects with the total
registered investment capital of around $1.4 billion over the past six years.
Of which, 67 projects are operational, generating $345 million of export
value in 2014 and creating over 1,000 jobs.
Chu Lai’s attractiveness has been dwarfed by its
neighbouring Dung Quat Economic Zone in Quang Ngai province. Established in
2005, Dung Quat is now home to 122 projects with $8.7 billion of the total
registered investment capital.
The State Bank of Vietnam (SBV) is buying foreign currencies
from the local market to increase the national foreign exchange reserves, a
move it stopped for five months already, Nguyen Van Binh, Governor of the
central bank, said at a conference in
The exchange rate between the Vietnamese dong and the U.S.
dollar has been stabilized after the SBV devalued the dong by one percent
earlier this month to stop market expectation of further depreciation of the
local currency against the greenback, Binh said.
The rate adjustment, taking effect on January 7, has limited
the speculation of the greenback and bolstered the SBV’s foreign exchange
policy, Binh said at the conference.
Regarding the future exchange rate, Binh reiterated the SBV’s
orientation announced earlier this year that the dong will not be devalued by
over two percent against the greenback.
With national foreign exchange reserves at over US$35 billion,
this helps the central bank to make any necessary intervention at any time it
wants to stabilize the market, Binh asserted.
By the end of last week, the price of the U.S. dollar traded
on the interbank market had continued to fall – compared to the previous week
– to around VND21,340-21,344, down VND20 week-over-week and below the price
set by the transaction office of the SBV at VND21,350.
After the decision to adjust the exchange rate, the supply of
foreign currency was smooth and plentiful, and the SBV began to buy from the
beginning of last week when a number of commercial banks wanted to sell,
according to newswire VnEconomy.
The scale of the SBV’s purchase has yet to be revealed, the
newswire said.
Last month, the central bank sold more than $1 billion to
stabilize the local foreign exchange market.
In recent times, the Lunar New Year (or Tet in Vietnamese) has
been a time of abundant supply of foreign currency, due to rising inward
remittances from overseas Vietnamese and Vietnamese people working abroad and
increased demand for the Vietnamese dong for payment, according to the SBV.
Tet begins on February 19 this year but festive preparations
will start around a week before it, and the celebratory atmosphere lasting
four to five days after that date.
Remittances are estimated to top $12 billion last year, the
highest rate ever. The SBV has forecast that the figure will rise to $13-14
billion in 2015.
Ford
Ford
Strong sales helped Ford gain a market share of 8.9% in
The carmaker also ended the year with December sales rising by
64% year on year to an all-time monthly total of 1,650 units.
Ford
He added that the continued expansion of the company’s
nationwide dealer network would help the Ford brand to become more accessible
to customers across
Economic efficiency vital for Vietnam
The World Bank (WB) has said
The point was raised by Professor David Dapice at
Prof. Dapice, who is an expert in
The Government often pours a lot of money into infrastructure
projects in provinces without caring much about economic efficiency, he
noted, adding much capital could not go to the right place, making its use
inefficient.
Politically influenced decisions may make certain groups of
people pleased but negatively impact on economic growth.
In terms of ROI, Prof. Dapice cited the figures of the World
Economic Forum 2014 saying Vietnam’s State budget for infrastructure
development accounted for 12% of gross domestic product (GDP) but it scored a
mere 3.5 on a scale of 1 to 7 while Indonesia’s respective figures were 7%
and 4.5.
When
As for
State-owned and private businesses are not operating in a
level playing field and this is why a number of private firms have resorted
to connections with officials to do business, said Prof. Dapice. Such a
business practice should be eliminated to create fairness, he added.
Prof. Dapice warned
In 2008,
Regarding the ASEAN Economic Community (AEC),
Disbursements of home loans up in second half
The disbursement pace of the VND30-trillion preferential home
loan package in the second half last year doubled that between June 2013 and
April 2014 as the Government allowed more people to gain access to such
loans.
Minister of Construction Trinh Dinh Dung looked upbeat when he
gave the information at a web conference last Friday.
As of December 15, five banks involved in the home loan
package lent out nearly VND9.42 trillion, or 31.39% of the total. In June
last year only 7.63% of the VND30 trillion found borrowers.
Meanwhile, banks agreed to make VND5.04 trillion loans to
11,626 individual and household clients and disbursed VND3.35 trillion to
11,607 borrowers. Regarding corporate clients, banks pledged around VND4.38
trillion for 34 projects and disbursed VND1.53 trillion for 29 projects.
According to Dung, the disbursement rate has speeded up since
the Government issued Resolution 61/NQ-CP amending Resolution 02/NQ-CP to
make it possible for more people to access low-interest loans with longer
terms. The accelerated rate also results from the implementation of new budget
housing projects.
Tran Trong Tuan, director of the HCMC Department of
Construction, said HCMC began construction of a low-cost housing project in
District 2 and another for military personnel in Go Vap District, raising the
number of budget housing projects in the city to 15 with 2,442 apartment
units.
The city has so far sold 1,653 budget houses, according to
Tuan.
Regarding growth targets of the construction sector, Minister
Dung said the development targets of last year were maintained.
The sector’s production output went up 10.2% to VND849
trillion last year. Based on the 2010 base prices, the value was VND676
trillion, up 7.6% against 2013.
The average floor space was 20.6 square meters per person,
around one square meter higher than in 2013.
Regarding cement consumption, around 70.6 million tons of
cement was sold last year, 10.3% above the target and 15% higher than the
previous year.
The central bank has permitted 10 more banks to join the home
loan program following Resolution 02/NQ-CP. They are Baoviet Bank, Eximbank,
SCB, PVcom Bank, TPBank, OCB, VPBank, SeABank, Nam A Bank and SHB.
The participating banks now number 15. The other five banks
are BIDV, VietinBank, Vietcombank, Agribank and MHB.
The farmer’s paradox
Many dairy farmers countrywide are feeling the bitter taste
these days when part of their yields cannot be consumed. For years, if not
decades, local farmers have suffered from a vicious circle of high
productivity and low prices. Under such circumstances, it is farmers who
stand to bear the brunt of losses when prices plummet to below the production
cost owing to excessive supplies. But, for dairy farmers this time, it is not
totally the supply-demand balance that dictates their woes. It is the lack of
coordination – and the absence of the State intervention – that leads to the
paradox given the fact that local production of milk still falls far short of
demand.
As widely covered in local media, scores of farmers from Tu
Tra and Da Ron villages in Don Duong District in the Central Highlands
province of Lam Dong over the weekend took barrels of fresh milk to a
collection point of Dalat Milk and dumped the milk onto the ground there to
protest what they claimed as restrictive purchase policy of the firm.
The company, says Nong Nghiep Viet
The policy hits farmers dearly.
Pham Hai Thai, a farmer in Tu Tra Village, says in Dan Viet
that he is raising ten dairy cows that give 200 liters of milk a day, “but
the company is buying only 160 liters a day. The redundant volume is too much
to be stored at home and cannot be sold, so the only way is to discard it.
Given the current price, we are losing half a million
Nguyen Hong Nhat, manager of the dairy cow cooperative Cau Sat
in Tu Tra Village, complains in Thanh Nien that Dalat Milk has signed
contracts with farmers for three years, and has consumed all the fresh milk
ever since at a stable price. But “its sudden policy to restrict purchase to
16 liters of milk per cow now results in over three tons of fresh milk
unconsumed each day.”
The slow consumption of milk is seen not only in Lam Dong, but
also elsewhere in the country. An Ninh Thu Do reports that farmers in
In addition, the contract IDP signed with farmers has expired,
and has not been renewed. An IDP executive explains in Nong Nghiep Viet
The real reason behind the slowing purchase is revealed to be
a profit-driven one, since local yield now meets only 20% of demand. Ngo Minh
Hai, general director of TH True Milk, clarifies in Phu Nu newspaper that the
company lowers purchase since the milk price in the world is falling. “If
continuing to buy fresh milk in bulk from farmers, the company will suffer
losses.”
Commenting on the relation between farmers and enterprises, Ho
Cao Viet, an expert with the
The State should step in, giving guidelines to farmers to help
match their production with the market demand, Tuoi Tre cites Professor
Nguyen Quoc Vong at RMIT.
Market factors have not been taken into account, leading to
huge losses for farmers, and it has been widely reported how dragon fruit,
water melon, litchee and various other types of farm produce, including milk
this time, have been repeatedly wasted due to low prices. It is a big paradox
for farmers when their efforts to raise productivity normally do not pay off.
“It is also a big paradox for the economy when
Food production in the
Dak Lak led regional province in food production with nearly
1.24 million tonnes, followed by Gia Lai with 568,000 tonnes.
The results were attributed to a number of measures taken by
the provinces, such as the enlargement of cultivation areas to over 238,000
hectares and investment in 2,000 water resource constructions.
In addition, farmers brought hybrid and certified rice
varieties such as ML48, OM900, CT16 and HT1 into mass production, helping to
generate high yields.
A number of workshops were organised to introduce new hybrid
rice and corn varieties, cultivation techniques, and pilot large-scale field
models as well as to connect famers, businesses, scientists, and managers.
Thanks to these efforts, the region has not only ensured food
security but also produced enough food to export and sell in other provinces,
thus increasing the farmers’ income and improving their quality of life.
Local farmers are currently planting winter-spring crops and
upgrading water resource systems serving the cultivation of rice and farm
produce to further increase productivity.
These goals were unveiled at the second meeting of the
Vietnam-India joint subcommittee in
During the meeting both sides agreed to enhance strategic
partnership, remove trade barriers, and facilitate investments in key
industries such as oil and gas and garment and textiles towards the intended
growth.
They will continue to strengthen collaboration within the
ASEAN –
Addressing the function, Indian Commerce and Industry Deputy
Minister Rajeev Kher affirmed that
Cao Quoc Hung, Deputy Minister of Industry and Trade,
highlighted positive economic changes resulting from the two countries’
partnership in recent years, adding his wish to enhance the ties even
further.
According to official statistics from the Ministry of Industry
and Trade, total bilateral trade revenue worth 5.15 billion USD between
Currently, there are 84 projects across
Vietnam-Singapore trade hit 15.6 billion USD (20.4 billion
SGD) in 2014, a 20.3 percent surge from 2013, according to the Singapore
Department of Statistics.
Ha
The
Ha
He added that Japanese firms did not see any issues with
current investment conditions in the locality.
Meanwhile, a representative from the Hashima Company in Dong
Van II industrial park in Duy Tien district hailed provincial efforts in
calling for investment and supporting investors in dealing with
administrative procedures in a timely fashion.
The province offers attractive preferential policies for
investors and has a strong track record of realising its commitments, said
Choi Ky Young, who runs Finetek Vietnam, specialising in producing mobile
phone screens within the Hoa Mac industrial zone in Duy Tien.
At the same time, Antony Austin Jolly, Director-General of
Midway Metals in Chau Son industrial park in Phu Ly city, underscored that Ha
Nam did not disappoint. He expressed his confidence in investment attraction
policies of the locality and
Speaking before representatives from more than 120
foreign-investment enterprises in Ha
Looking forward, the province will focus on enhancing the
quality of its workforce, accelerating administrative reform, upgrading its
infrastructure, and improving services for local businesses to attract more
investors, he revealed.
Also in the meeting, Mai Tien Dung, Secretary of the
provincial Party Committee, pledged the province will continue to work
closely with businesses and fully implement its commitments. Leaders and
officials in Ha
Currently, Ha
In 2014, there were 35 FDI projects totalling over 300 million
USD in the province.-
Vietnam steel corp. continues divesting unprofitable units
The Vietnam Steel Corporation (VSC) will continue divesting
capital from unprofitable firms after slow progress was made last year.
It will also make necessary changes to the 2015 development
strategy to position itself for 2025 goals, including keeping close tabs on
its affiliates and joint-ventures while monitoring market developments to
purchase raw materials at competitive prices to ensure low-cost outputs.
From the outset of 2015, VSC has directed its units to
stockpile enough materials for production, Deputy General Director Vu Ba On
told a conference held to evaluate the corporation’s 2014 performance and
determine 2015 tasks in
Technological advances will also be utilised to improve
inventory and quality control.
Last year, VSC sold 2.97 million tonnes of steel, a 4.2
percent increase from 2013, with billet steel growing by nearly 40 percent
thanks to the inauguration of Lao Cai Iron and Steel Factory in September.
The growth generated total sales of 24.9 trillion VND (1.1
billion USD), an annual reduction of 7.1 percent due to falling market
prices, but resulted in over 70 billion VND (3.3 million USD) in profit,
doubling its target for the year. Its subsidiary and joint-venture companies
earned a pre-tax net income of 847 billion VND (40.3 million USD), marking a
65 percent increase.
Source :
VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VIR
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Thứ Năm, 22 tháng 1, 2015
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