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BUSINESS IN BRIEF 11/8
Leisure
park planned for picturesque Phu Quoc
The
Foundation Engineering and Underground Construction JSC, also known as Fecon,
and the United Arab Emirates-based Vault Investments LLC last week signed a
strategic co-operation deal on investment research into the Ho Suoi Lon
entertainment and sports park on
The
park is expected to be built in the centre of the island on an area of 175
hectares and include areas for horse racing, car racing, and shooting, as
well as water sports. Crucially, the developers are looking into ways to use
clean energy in all aspects of the complex, with a solar energy producing
zone.
Fecon
is the local project developer of the complex, while Vault is the financial
investor. The consortium, with support from prestigious US and Italian
consultants, hoped to submit an investment proposal to the Phu Quoc Island
Investment Development Management Authority and the Kien Giang People’s
Committee for approval this November.
Vietnamese
Ambassador to the UAE Pham Dinh Dam said that as a developed nation in the
“In
the real estate field, UAE investors want to bring distinct designs from
Sultan
Ali Rashed Lootah, managing partner at Vault, said he and other colleagues
were deeply impressed with
Alstom
wins contract for eco-friendly boilers
French
multinational company Alstom has been awarded a contract by Wuhan Kaidi
Electric Power Engineering Co. Ltd to design and produce two 300 megawatt
circulating fluidised bed boilers for the northern province of Quang
Ninh-based Thang Long thermal power plant.
Once
installed, these will be the largest boilers of their kind in
“This
installation is a reflection of Alstom’s world-class technology, and we will
continue developing innovative and clean ways to produce more efficient
energy for our customers,” said Pascal Radue, vice president of Alstom’s
boilers product line.
The
4,000GWh Thang Long thermal power plant is being developed by Thang Long
Power Plant JSC. Wuhan Kaidi Electric Power Engineering Co. Ltd is a Chinese
power generation and construction company and the contractor of this project,
which is being implemented on a turnkey basis.
Alstom
operates in power generation, power transmission, and rail infrastructure.
The company builds the fastest trains and the highest capacity automated
metros in the world, provides turnkey integrated power plant solutions, and
associated services for a wide variety of energy sources, including hydro,
nuclear, gas, coal and wind, and offers a wide range of solutions for power
transmission, with a focus on smart grids. The group employs 88,000 people in
about 100 countries.
Credit
growth lifts bank profits
High
credit growth has helped many commercial banks to gain impressive profits
this year despite having to provide a larger amount for provisional fund.
By
July 20, credit growth of banks was estimated to rise by 7.32 percent against
late last year, with
The
credit growth has contributed significantly to the banks' profits, which
mainly come from lending.
Vietcombank
had, by the end of June, gained a pre-tax profit of more than 3 trillion VND
(138.24 million USD), up 7 percent against the same period last year. The
result helped the bank meet 51.5 percent of its yearly target.
Vietcombank's
provision during the period was 2.994 trillion VND (137.97 million USD) and
its non-performing loans stood at 2.4 percent.
Though
also having to raise fund for the provision, VietinBank's pre-tax profit
reached nearly 3.9 trillion VND (179.72 million USD).
BIDV
also gained a positive pre-tax profit of 3.016 trillion VND (138.98 million
USD), up 25 percent year-on-year.
According
to plans, the three big-sized banks were expected to gain impressive pre-tax
profits with 7.5 trillion VND (345.62 million USD) of BIDV, 7.3 trillion VND
(336.4 million USD) of VietinBank and 5.9 trillion VND (271.88 million USD)
of Vietcombank.
Besides
the large banks, smaller sized ones also reported high profits.
With
342 billion VND (15.76 million USD) in the first half, Tien Phong Bank met 55
percent of its annual profit target.
Eximbank
also met a half of its 1 trillion VND (46 million USD) profit target set for
this year.
Many
banks, which have been allowed to raise the credit growth ceiling this year
recently by the central bank, also expected to gain higher profits in the
second half of the year.
As the
country's credit growth has so far risen sharply against the same period last
year, central bank Governor, Nguyen Van Binh, said the central bank could
lift the credit growth target this year to 17 percent from 13-15 percent set
earlier this year to boost economic growth.
Telephone
export soars in first seven months
Telephones
and components, worth 17.1 billion USD, were exported in the first seven
months, a 28.2 percent increase compared to the same period last year.
The
production index of mobile phones and televisions increased sharply, compared
to 2014, up 56.9 percent and 40.4 percent respectively, the General
Statistics Office (GSO) said.
The
import turnover of electronics, computers and components reached 13.1 billion
USD, a 34.5 percent year-on-year increase.
Telephones
and components worth 6.1 billion USD were imported, up 35 percent. The
largest importers of telephones and components manufactured in
Young
entrepreneurs look to wealth of ASEAN-China opportunities
The
role of young entrepreneurs in economic development of ASEAN and
The
seventh ASEAN-China Young Entrepreneurs Forum attracted more than 400
delegates from the 10 ASEAN member countries and
Other
issues tabled for discussion were opportunities and challenges facing young
entrepreneurs in the fields of infrastructure development and financial
administration, and technology and innovation as a good start-up solution for
the young.
The
forum provides an opportunity for the young entrepreneurs to engage in
exchange and seek ways for trade promotion ahead of the formation of the
ASEAN Economic Community at the end of this year. It also plays an important
role in trade ties between ASEAN member countries and
On the
margin of the forum, the young businesspeople had a chance to promote the land,
people and specialties of their countries to international friends.
According
to Phong, the forum has introduced a lot of business models and opened up
opportunities through seminars.
Participating
in the event, young Vietnamese entrepreneurs can have a more accurate outlook
on regional and global economies while identifying their strength and
weakness in business, he said.
Input
prices on the decline
The
sharp decrease in prices of several kinds of raw materials has encouraged
domestic companies to expand production activities, according to a source
from Thoi Bao Kinh Te Sai Gon (Saigon Economics Times).
Since
late last year, the price of iron, copper and plastics in the world market
has declined significantly.
The
price decline has helped domestic enterprises to reap high profits,
particularly those involved in the plastics industry, such as Tien Phong
Plastics Joint Stock Company (NTP), Tan Tien Plastic Package Company, Binh
Minh Plastics Joint Stock Company (BMP), and Rang Dong Plastics Joint Stock Company.
BMP
vice chairman and general director Nguyen Hoang Ngan said the price of
plastic raw materials had decreased since late last year, with a sharp fall
in the early months of the year.
The
prices of plastic raw materials were slashed by between 16 and 17 per cent
compared with last year's average rates.
"The
sharp price decline was a good opportunity for plastics companies to increase
profits since costs for raw materials account for 60-70 per cent of product
manufacturing costs," Ngan said.
He
said last year the company's pre-tax profits had reached VND 481
billion($22.6 million), which was the company's target set for this year.
"However,
so far this year the company has made profits that represent over 72 per cent
of the yearly plan," Ngan said.
The BMP
general director said that thanks to high profits the company had decided to
invest more in upgrading production technology and equipment with total cost
of VND 200 billion (US$9.17 million), and building new factories.
In
April, the company put its fourth factory, with the value of VND175 billion
(US$8.27 million), into operation in the southern
In the
second quarter of the year, the Tan Tien Plastic Package Company (TTP)
reported that it would earn VND16 billion, six times higher than the figure
compared to the corresponding period.
The
company plans to inject 2 million euros and US $1.24 million to renew
equipment and machinery to meet market demand.
As for
the NTP, its after-tax profit was VND170 billion, a year-on-year increase of
13 per cent, for the six months of the year.
The
Rang Dong Plastics Joint-Stock Company also said that it generated VND13.5
billion in the first quarter of the year, up 192 per cent compared with the
figure recorded in the same period last year.
Company
leaders attributed the high profits to a decrease in the prices of raw
materials and effective control of manufacturing costs.
Plastics
companies were not the only businesses benefiting from the lower prices of
raw materials, as steel companies also enjoyed advantages.
According
to the Vietnam Steel Association, the price of iron ore 62 per cent Fe in the
world market dropped from $100 per tonne in April and May to only $66 in June
and July, the lowest level in the last 20 months.
Other
materials such as steel ingot, hot rolled steel plates and flat steel also
saw significant declines compared with the figures late last year.
Early
this year, the price of imported hot-rolled steel coils was US$500 per tonne.
It is now $350.
In
spite of benefiting from the decline in raw material prices, steel companies
involved in the plastic industry did not make as much profit as plastic
manufacturers.
A
representative of a steel company in Ba Ria-Vung Tau Province said that steel
companies' profits had been affected by other input costs, including higher
electricity and transport fees.
Domestic
steel companies' 10-20 per cent reduction in the prices of finished steel
products also limited their profits, he said.
EuroCham
index shows slight rise in confidence
Results
of the 19th quarterly EuroCham Business Climate Index (BCI) survey, conducted
in July, show that business confidence, outlook and expectations for the
future among European businesses in
During
the second quarter of 2015 the BCI rose to 77 points from the previous
quarters' score of 75. The score was in line with the results of the previous
two quarters.
This
indicated stabilisation at a higher rate than previously, expressing an
improved confidence in the business climate by participants of the survey.
In
response to the question of how businesses perceived their general business
situation. 57 per cent of respondents said it was "good", a notable
rise from the previous quarter's 45 per cent.
Twenty-seven
per cent perceived the business situation as "neutral".
"Excellent", "not good" and "very poor"
business situations were reported by 6 per cent, 8 per cent and 3 per cent,
respectively.
The
greater majority of respondents, like the previous quarter continued to
perceive their business outlook as "positive", but the number (as
during the previous quarter) saw a decline from 57 per cent last quarter to
55 per cent.
The
second largest group of respondents remained "neutral" in their
outlook at 27 per cent, a decline from 30 per cent last quarter. The
remaining participants were divided between 8 per cent expecting
"excellent" conditions and 8 per cent expecting "poor"
conditions, with 1 per cent of participants reporting "very poor"
conditions.
In the
participants' assessment of the macroeconomic outlook for
Two
out of three (66 per cent) of the participants in the BCI expected that
inflation would have a minor impact on their business over the months to
come, and 19 per cent had concerns about the significant impact to their
business due to inflation. The remaining 15 per cent believed no noticeable
impact would come from inflation. The participants expected that over the
next six months the market would see a reduction in inflation from 5.25 to
3.40 per cent.
For
headcount development the largest group constituting 48 per cent of
participants said that they were considering a slight increase in the number
of employees. The second largest group at 35 per cent said they expected to
maintain the number of employees at the current level. This was also true for
investment plans in the medium term, where the largest group remained
unchanged at 41 per cent. This was followed by the second largest group at 39
per cent expecting to maintain their level of investment.
In
terms of expected orders/revenue, the largest group with 55 per cent of
participants said they expected a slight increase. The second largest group
at 21 per cent said they expected to maintain the same level.
The
profile of the participants of the BCI survey varied and the number of
employees ranged from less than 50 to above 500. The largest group of
respondents during this quarter were engaged in the service sector and the
second largest group of respondents were in manufacturing.
When
asked how internet reliability had affected their business, 47 per cent
replied that their business has been "notably affected", with the
second largest group of participants at 31 per cent stating that it had
"somewhat affected" their business.
Only 2
per cent of users said they noticed "no interruption" at all and 13
per cent said the interruptions were "hardly noticeable". At least
8 per cent said their business was "severely affected".
As for
how households/non-businesses were affected by internet reliability,
similarly 42 per cent reported "noticeable slowdowns". The second
largest group at 33 per cent had more or less "loss of access",
with the group of "somewhat affected" coming in as the third
largest group at 17 per cent.
At
least 8 per cent said the reliability issues were "hardly
noticeable" and 1 per cent reported "no interruptions at all".
Businesses
in
Businesses
in
Firms
and organizations in
The
network is a key part of the New Colombo Plan, a signature initiative of the
Australian government which aims to increase the number of Australians
studying part of their degree in the region to “deepen their knowledge and
understanding of Asia and build people-to-people ties,” according to the
document.
The
network is also intended to “connect Australian universities and students
with businesses and organizations across the region.”
Companies
and organizations operating in
Businesses
can register their interest in offering work placements to New Colombo Plan
students studying in the region on the network website, from which
universities and New Colombo Plan students can also access opportunities
offered by registered organizations.
“The
internships will help young Australians better understand
Gaining
new insight into
A free
trade agreement with
In
2014 Vietnam’s total goods and services trade with Kazakhstan was a modest
US$230 million with exports at US$219 million and imports of US$11 million,
resulting in a favourable trade surplus of US$208 million, said Minh who is
deputy head of the European Market Department under the Ministry of Industry
and Trade.
However,
under the trade pact,
The
trade agreement opens the doors wide for the following areas of
Meanwhile
The
cost of transport is one of the greatest obstacles to trade and businesses
should take great care to consider the routes, means of transport and
warehouse costs to ensure the lowest competitive cost, Minh stressed.
In
addition, payment issues are problematic and the financial arrangements and
payment due dates should be clearly specified in contracts and appropriate
banking arrangements set up to deal with these complex matters.
The
Most
importantly, businesses must recruit staff members who are fluent in the
Russian language and can readily communicate with
Last
but not least, Minh stressed business and non-profit entities in
collaboration with government agencies from the two nations need to improve
their marketing and advertising strategies.
They
need to organize and participate in more trade fairs and expos as these
events provide high profile opportunities to get their products noticed by
consumers and develop brand recognition.
Pham
Van Tuan, a business owner and president of the Vietnamese Association in
Tuan
said because
Lastly,
Vice Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Doan Duy
Khuong said the trade deal provides good incentives for businesses from the
two nations to set up joint ventures and boost investment.
Vietnam
investors bullish on Laos
The
Ministry of Planning and Investment has unveiled that in the six months
leading up to July it has issued 47 outward investment certificates (OIC)
totaling US$155.4 million spanning 22 counties around the globe.
Vietnamese
businesses and other investing entities pledged US$42.5 million for mining
projects followed by automobile and motorbike repair (US$39.3 million) and
finance, banking and insurance (US$29.5 million).
Malaysian
tissue paper firm operating in HCM City
Tissue
paper manufacturer NTPM Holdings Bhd of Malaysia is negotiating for a couple
of orders worth about US$5.2 million per year for its new operations in Ho
Chi Minh City, StarBiz online newspaper of Malaysia reported.
Group
managing director Lee See Jin told the newspaper that the orders were among
the several business deals that the group was trying to seal for the new
manufacturing entity in
He
said around 450 tonnes of tissue paper products would be consumed in the
Vietnamese market each month.
The
new plant in
“Our
actual production per month is 800 tonnes, running on one production line.
There are plans to add another four production lines at the Vietnamese plant
in the future.”
“There
are also plans to introduce personal care products such as sanitary napkins,
diapers, wet wipes and facial cottons for the Vietnamese market,” he said.
Lee
said the group had invested US$10.2-13 million in the Vietnamese operations,
which would help it to grow about 3% a year in terms of revenue and bottom
line.
Local
firms advised to study Iranian market
Vietnamese
businesses should pioneer in joining the Iranian market as well as
proactively improve the quality of products and establish trade partnerships
with local partners.
Vietnamese
Trade Counsellor to Iran Nguyen Ngoc Hai told reporters that there will be a
number of opportunities from trade conditions for businesses to make inroads
into
Many
Vietnamese entrepreneurs are able to do business in the market despite
international sanctions, he noted.
He
revealed that in July this year, Iran and Group P5+1 involving the US, the
UK, France, Russia, China and Germany finally reached an agreement on Iran’s
nuclear programme in exchange for the removal of all international sanctions
imposed against the nation.
If the
sanctions are lifted, trade barriers between the countries and
The
same month, an official from the Central Bank of Iran said Iranian private
banks including Dei, Saman, Pasargad, Parsian, and the Middle East in
addition to two State-run banks – Maskan (Housing) and Agriculture – are
currently connected to the Society for the Worldwide Interbank Financial
Telecommunication (SWIFT) network.
If the
Iranian banks are able to make transactions and payments through the SWIFT
Code, it will present favourable conditions for
The
removal of sanctions against
He
warned that as businesses from other countries are also eyeing the Iranian
market, Vietnamese players should be proactive in studying the market
carefully and tapping opportunities.
The
Trade Office of the Vietnamese Embassy in
Directorate
General of Anti dumping and Allied Duties (DGAD) of
The
FMI Limited Company in Ludhiana, India, as plaintiff, has lodged a complaint
to the DGAD, asking it to conduct an anti-dumping investigation on measuring
tapes coded HS 9017; 9017.80 and 9017.90 imported into the country from April
1, 2014 to March 31, 2015 period and review the company’s losses from January
1, 2011 to March 31, 2015.
According
to initial statistics from the International Trade Centre (ITC), Vietnam
exported around 4.7 million units of measuring tapes coded 9017.80 and 3
tonnes of measuring tapes coded 9017.90 to India in 2014.
The
country earned around US$1 million, ranking second in quantity among
exporters of the product to
DGAD
preliminarily concluded that it has proof of anti-dumping which caused losses
to the Indian industry.
The
Vietnam Competition Authority (VCA) under the Industry and Trade Ministry
said that Vietnamese exporters will have 40 days as from July 27, 2015 - the
day DGAD launched anti-dumping investigations to give their answers and
comments.
Fuel
wholesalers increase imports from ASEAN
Local
fuel wholesalers have accelebrated fuel imports from ASEAN markets since
early this year to enjoy lower tariffs.
Statistics
of the Vietnam Petroleum Association (Vinpa) indicated that of over five
million tons of fuels imported in the first half this year, nearly 2.4
million tons (47%) came from Singapore, 732,000 tons from Thailand and
365,000 tons from Malaysia, rising by 54.7%, 236% and 47.9% respectively over
the same period last year.
Meanwhile,
fuel imports from other traditional markets like
A fuel
wholesaler in the south said that the volume of fuels imported from ASEAN
countries increased sharply in the first quarter as local traders took
advantage of preferential tax rates.
Before
April 13, fuels imported from ASEAN were taxed at 20% for gasoline and 5% for
diesel compared to 35% and 30% respectively from other markets.
The
Ministry of Finance now applies the same import duty of 20% for gasoline to
all markets. However, the tax on diesel is still 5% for imports from ASEAN
while diesel imports from other markets are subject to 10%.
Consumers
have not benefited from the import tax difference as relevant agencies only
use the common tax rates to calculate the base prices of fuels. Moreover,
local fuel enterprises are unable to sell fuel products imported from various
markets at different prices.
EU
trade agreement to cut tariffs
After
the Free Trade Agreement between EU and Viet Nam (EVFTA) comes into effect,
the EU will eliminate 86 per cent of tariff lines or 70.3 per cent of
Vietnamese export to the EU, according to the Ministry of Industry and Trade.
The
Ministry announced on Saturday that after almost three years and 14 official
rounds of talks and many mid-term negotiations between ministers, heads of
delegations and technical groups,
Seven
years after the agreement takes effect, the EU will eliminate 99.2 per cent
of tariff lines for
The EU
will also eliminate duties on garment, textile and footwear excluding canned
tuna over a seven-year period.
The EU
will set aside large quotas for Vietnamese unprocessed rice and fragrant
rice. Rice imported to the EU under this quota will enjoy duty free
classification. The products made from rice will gradually become fully
liberalised within seven years.
Vice-versa,
almost all EU exports of machinery and appliances will be fully liberalised
at entry once the pact comes into force and the rest after five years.
Motorcycles
with engines larger than 150 cc will be liberalised after seven years and
cars after 10 years, except those with large engines (>3000cc for petrol,
> 2500cc for diesel) which will be liberalised one year earlier.
Car
parts will be duty free after seven years. Roughly half of EU pharmaceutical
exports will be duty free at entry into force and the rest after seven years.
Entire
EU textile fabric exports will be liberalised at entry into force.
Close
to 70 per cent of EU chemicals' export will be duty free at entry into force
and the rest after three, five and seven years.
The EU
is currently the second biggest trade partner and one of the two largest
export markets of
Twenty-three
of 28 EU member nations had invested in
HCM
City workshop studies import, export duties
The
Law on Import-Export Duties, which took effect in 2006, has had a positive
impact but it needs to be revised to reflect the country's continuing
economic international integration, Vu Ngoc Anh, deputy general director of
the General Department of Viet Nam Customs, has said.
Anh
spoke at a workshop held in
The
draft aims to reform administrative procedures, improve the business
environment and enhance national competitiveness.
Anh
said the revised law would ensure compliance with international commitments
and align the country's regulations with Free Trade Agreements with its
partner countries, as well as create favourable conditions for enterprises.
New
provisions in the law deal with the fight against smuggling and trade fraud
while facilitating exports, especially goods with high added value, and
protecting domestic products.
Representatives
of business associations attending the workshop said they appreciated the
added regulations on anti-dumping, anti-subsidy and safeguard duties to
protect domestic production.
They
were also pleased with the new provision on tariff exemptions on materials
and components imported to process exports, saying that this would help local
firms save costs and time.
Truong
Dinh Hoe, general secretary of the Viet Nam Association of Seafood Exporters
and Producers, said under current law, enterprises enjoyed a 275-day grace
period on tax payments for imported raw materials for production, but to
receive this benefit, they must complete many procedures.
For
enterprises not subject to a preferential tariff, they must pay import tax on
imported materials to process for export. They then must apply to receive a
tax refund after they export the finished products. This adds time and costs.
Local seafood exporters have to import many materials from other countries
for production.
Although
exporters and the association were pleased with the new provision, Hoe said
the tax exemption should be used at time of custom clearance to ease the
burden on businesses and customs staff.
Similarly,
businesses involved in the cashew processing industry also appreciated the
new provision as they import a high volume of raw cashew nuts from other
countries to meet processing demand for export, according to Dang Hoang
Giang, deputy chairman of the Viet Nam Cashew Association.
The
exemption of tariffs on imported materials to process exports would help
local firms save a great deal of time and lower costs, he said.
The
draft law is scheduled to be submitted to the National Assembly for approval
in October, and take effect on July 1, 2016.
Timber
industry may flounder later in year
The
General Department of Customs reported the industry had gained a year-on-year
increase of 8.4 per cent in total export value to reach US$3.7 billion. The
US,
Nguyen
Ton Quyen, deputy chairman of the Viet Nam Wood and Forestry Product
Association, said the domestic wood industry had achieved strong growth since
2000, seeing a surge in total export value from $294 million in 2000 to $6.2
billion in 2014, with an average growth rate of 15 per cent each year.
This
year, the industry expected to gain a total export value of $7.2 billion,
Quyen said, and
The
good results for exports were attributable to the high quality of the wooden
products which were processed from legal timber, he said. Over the past year,
many wooden product importers have ordered Vietnamese wooden products instead
of importing from
Local
enterprises had made use of this advantage to expand their export markets,
increase production capacity and produce value-added products from local
materials, Quyen said.
In
addition, high demand on the world market and free trade deals were expected
to increase chances for local wood producers to further expand their export
market, he said.
Demand
for wooden products in traditional markets, such as
So
far, many local producers had signed contracts to produce more goods by the
end of this year, he said.
In the
near future, the top five export markets for Vietnamese wooden products would
be the
However,
enterprises continue to face many challenges in achieving further growth in
exports, such as the complications of exchange rates and the unstable supply
of raw materials.
Phi
Manh Cuong, deputy general director of Viet Nam Forestry Corporation
(Vinafor), said the European Union was one of the country's largest export
markets but the reduction in the value of the Euro price had made foreign
importers cut imports of Vietnamese wooden products and had even forced local
exporters to reduce their price.
Meanwhile,
the rising value of the US dollar had driven up the cost of imported raw
materials, he said, so enterprises had made little profit or had even
suffered losses if the company could not recover its production costs.
In
addition, local producers import 70 per cent of their raw materials while
input costs of coal, electricity and water continue to rise. As a result,
competition for
Quyen
said the agricultural ministry had developed forests to ensure an adequate
supply of raw material.
This
is the highest sales volume since the beginning of the year. Specifically,
the northern customers bought 2,123 units, making up 47 per cent, buyers in
the central region with 582 units, making up 12 per cent, and the southerners
1,846 units or 41 per cent.
During
the period, sales of passenger cars were 2,548 units, up 14 per cent on year.
The Vios new generation 2015 led the segment with 1,281 units sold in July,
up 16 per cent on year. The Altis new generation 2015 ranked second, with
sales of 504 vehicles, up 24 per cent. Camry 2015 recorded 496 sold units.
Three months after its launch, more than 1,700 Camry 2015 had been delivered
to customers.
For
the commercial vehicles segment, sales were 2,003 units, up 31 per cent on
year. Innova and Fortuner led with sales of 969 and 850 units, respectively,
up 62 per cent and 21 per cent on year.
For
CBU vehicles imported and distributed by TMV, the all-new Yaris continued its
leading position in this segment with sales of 267 units.
During
the period, TMV delivered 88 Lexus cars to customers. The company explained
that though demand was quite high, supply was limited. This figure brought
the total Lexus sales in the first seven months of the year to 675 vehicles.
Currently, Lexus Vietnam distributes seven models, including three sedans
namely the ES350, GS350 and LS460L and four SUVs namely the RX350, LX570,
GX460, NX200t through two official dealers, Lexus Centre Sai Gon in Ho Chi
Minh City and Lexus Thang Long in Hanoi.
Singaporean
firms set sights on local market
An
increased number of Singaporean investors are rushing into
Singaporean
investors are expanding their foothold in Vietnam
During
his recent working visit to
Sembcorp,
specialising in energy, water supply, logistics, sea port and industrial
infrastructure, is expected to construct a large service and industrial
complex in Binh Dinh.
CPG
Corporation, the Asia Pacific region’s leading infrastructure developer, is
also expected to co-operate with some partners to deploy a number of
infrastructure projects in the province, including the re-design of Phu Cat
airport under international standards.
In
June 2015, the committee granted an investment certificate to Yanmar
Singapore Company for a $4 million shipbuilding project.
At a
recent Singapore-based conference on Singaporean investment promotion into
“Singaporean
investors consider Vietnam a good investment spot, thanks to the country’s
improved investment climate and investment advantages, such as geographical
proximity, low costs, and safety,” Vinh said.
According
to the Ministry of Planning and Investment (MPI), since 1998, bilateral ties
between
According
to the Singapore Business Group (SBG) in
For
example, Brookline Medical Pte Ltd was recently reported to be the first
foreign investor to register to buy shares in the
In
terms of agriculture, Olam
Since
early this year, it has expanded its two agricultural product processing
plants in Gia Lai province. Last year, Olam Spices & Vegetable completed
an expansion in size and capability of its spices processing facility in
In the
consumer goods and foodstuff sectors, many Singaporean firms are performing
well, including F&N, Gold Roast and Super Coffeemix, New Toyo, Serrano
For
example, in 2015, the restaurant group Les Amis opened two outlets in
NTUC
Fairprice also opened its second outlet in the city in April 2015 as anchor
tenant of SC Vivocity, a retail development by
While
UOB wants to establish a bank with 100 per cent of foreign capital, Ascendas
and
In
June 2015,
During
May 2015 in the legal sector, the Vietnamese office of Singapore-based law
firm Rajah & Tann LTC Lawyers merged with the Ho Chi Minh City-based peer
VN Counsel. This has helped strengthen Rajah & Tann Asia’s regional
strength.
Also
in that month,
Ivan
Tan, group director, Southeast Asia Group, International Enterprise (IE)
“IE
Singapore sees opportunities for collaboration in three areas, namely urban
solutions, manufacturing and consumer services, thanks to
“Multinational
corporations such as Intel Corp. and Samsung Electronics have expanded their
manufacturing bases in
Calling
upon Singaporean investors, Minister Vinh said, “the Vietnamese government
will ensure safety for all foreign investors in
Bid
to select Long Thanh airport FS consultant proposed this October
The
Airports Corporation of
Accordingly,
the ACV has proposed that the ministry (MoT) does not select the
architectural plans of the airport terminal and air traffic control (ATC)
tower through holding tests. Instead, this will become one criterion to
select the consultant who will conduct the project’s feasibility study (FS).
The
ACV has also proposed that the MoT allow the FS drawing consultant to act as
the design consultant for the whole project after tests and appraisals show
the design consultant is up to par in capacity and experience.
As
with the ATC tower component, the ACV suggested that the MoT assign Vietnam
Air Management Corporation (VATM) to act as the developer. The ACV would pair
with the VATM in the ATC tower’s planning and exploitation at a later time.
Site
clearance and compensation related to the airport project was proposed to be
put underway from 2016 with the Dong Nai Province People’s Committee in
charge.
Regarding
the airport project’s progress, the ACV has proposed submission and approval
of draft FS by August 2015, holding the bid to select the FS drawing
consultant in October 2015, approving this selection by April 2016,
negotiating and signing contracts with the selected consultant in June 2016,
approving the FS in July 2017, selecting building contractors for project
implementation from 2019 and beginning the first phase of the airport
commercial operation by 2023.
At its
recent 9th session, the National Assembly has approved the investment policy
for the airport. It is expected to become an important international airport
for the country and an aviation hub of the region, with a capacity of 100
million passengers and 5 million tonnes of cargo per year.
The
first phase will have one runway and one passenger terminal, as well as other
essential facilities, with a capacity of 25 million passengers and 1.2
million tonnes of cargo per year. According to current plans, it is to be put
into operation by no later than 2025.
Earlier,
at a meeting between Japanese Ambassador to Vietnam Fukada Hiroshi and
Minister of Transport Dinh La Thang, the ambassador expressed
Source: VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VET/VIR
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Thứ Ba, 11 tháng 8, 2015
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