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BUSINESS IN BRIEF 8/10
Prime
minister approves airport operator ACV’s equitisation
Prime
Minister Nguyen Tan Dung has approved plans to equitise the State-owned
airport operator, the Airports Corporation of Vietnam (ACV).
The
ACV equitisation will be carried out by selling part of the State stake in
the company and issuing shares to raise its charter capital.
Under
the equitisation plan, the State will retain a 75% stake in the ACV, while
1.4% will be sold to the corporation’s employees, 0.13% to the union
organisation and 20% to strategic investors.
The
remaining 3.47% will be put up for public auction at the Ho Chi Minh City
Stock Exchange.
The
Ministry of Transport will be responsible for managing the State’s stake in
the corporation.
The
ACV, which consists of nine subsidiaries and affiliates, currently operates
22 civil airports in
The
corporation was formed in 2012 by merging three airport operators in
northern, central and southern
The
ACV’s charter capital is over VND22.43 trillion (US$1 billion).
Many
Surveys
by the U.S. Cotton Association show that
It is
forecast that the industry’s export turnover will strongly increase once free
trade agreements take effect.
Still,
there have no many fibre plants in
American
fibre has good quality and competitive price and
Footwear
export turnover on the rise
The
Ministry of Industry and Trade has reported that total export turnover of
footwear types was estimated to hit US$8.8 billion during the first nine
months this year, a year on year increase of 18.4 percent.
Of
these, businesses exported 241.9 million pairs of leather footwear, up 24.1
percent over the same period last year.
According
to the Vietnam Leather, Footwear and Handbag Association (Lefaso), many
businesses in the industry have got stable export orders thanks to free trade
agreements. Some have obtained large orders worth millions of U.S. dollar
each to produce until the first quarter next year.
Therefore,
the target of U$14-15 billion footwear export turnover this year is likely
accessible. Of these, leather footwear will be 280.2 million pairs.
It is
expected to increase to US$16-17 billion next year with 314 million pairs of
leather types. Localization rate is targeted at 60-65 percent.
Agro-fishery-forestry
exports may fail to reach yearly target
Vietnam’s
agro-fishery-forestry exports in 2015 may attain 95 percent of the set
target, said an official at the Ministry of Agriculture and Rural Development’s
regular press conference on October 6 to review the sector’s nine-month
results and set forth tasks for this month.
According
to Pham Cong Dung, Head of the ministry’s Department of Salt and Agriculture,
Forestry and Fishery Products Processing and Trade, the agricultural sector
set a target of 32 billion USD in export turnover this year.
However,
an increase in the price of US dollars, changes in the foreign exchange rates
of several strong currencies – particularly Euros – which detrimentally
affected export businesses and high inventory of agricultural products of
Vietnam’s key importers all posed difficulties for the country’s
exports.
From
January-September, the total export turnover of agro-fishery-forestry
products was estimated at nearly 21.7 billion USD, down 5 percent from the
same period last year.
In the
period, exports of main agricultural products and aquaculture products were
valued at 10.3 billion USD and 4.7 billion USD, down 7.2 percent and 17.8
percent, respectively, while the export turnover of wood and forest products
reached 5.03 billion USD, a year-on-year rise of 6.6 percent.
Dung
hoped that the completion of negotiations on and the signing of free trade
agreements and the Trans-Pacific Partnership would help increase Vietnam’s
agro-fishery-forestry exports in the near future.
To
that end, the ministry will also organise more trade promotion activities and
continue negotiations towards market openings for several agricultural
products, such as dragon fruit to
Jetstar
Pacific to open new Hue-Dalat routes in October
Jetstar
Pacific Airlines will launch a Hue-Dalat route on October 25, 2015, as heard
at a press conference on the service in the central
It is
the first civil flight offered from
Accordingly,
the low-cost carrier will operate three return flights a week on Wednesday,
Friday and Sunday , using Airbus A320-180 aircraft on the new flights.
Nguyen
Dinh Tinh, Jetstar Pacific’s Head of the southern and central regions, said
price will start from 550,000 VND (25 USD) for a one-way ticket, excluding
taxes and fees and the price is not eligible to be combined with other
promotion programmes.
Addressing
the event, Vice Chairman of the provincial People’s Committee Nguyen Dung
highlighted the significance of the new flight service as stimulating tourism
development between the two hubs in the central and Central Highlands
regions.
The
province also pledged its utmost support to the new service including
communications, transport, administration and relic site admission discounts
for the company as well as its passengers on the new flights.
RoK
considers
Exports
from the
The
agency on October 6 also urged local exporters to more actively target these
markets on October 10.
RoK
exports to
This
has been a breakthrough in the field given the RoK’s overall outbound
shipments dropped 6.1 percent in the period.
RoK
exporters should make greater inroads into the above countries, all of which
have posted robust economic growth, a KOTRA spokesman said.
RoK
manufacturers, which have established plants in
This
has increased the volume of RoK exports to the countries, KOTRA noted.
Dong
Nai: 80 percent of new FDI projects in supporting industry
The
supporting industry makes up approximately 80 percent of newly-licensed
foreign direct investment (FDI) projects in southern Dong Nai province,
mainly producing materials, components and machineries for garment-textile,
footwear, electronics and automobile production.
According
to the provincial Department of Planning and Investment, big projects are a
660-million-USD fibre project of
Most
of the supporting industry projects were completed in a rapid manner; several
needed only 4-6 months of construction before becoming fully
operational.
The
expeditious growth was owed largely to recent free trade agreements which
offer reduced tariff barriers.
The
conclusion of the Trans-Pacific Partnership (TPP) deal is forecast to help
Dong Nai lure more foreign investors.
Dozens
of enterprises from
Indonesian
firms are interested in exploring business and investment opportunities in
Meanwhile,
Farah Ratnadewi Indriani, Deputy Head of the Indonesia Investment
Coordinating Board, said that
Foreign
investors in
She
also revealed that potential sectors awaiting investors include
infrastructure building, agriculture, seaport, tourism and mining.
At the
same time, Ho Xuan Lam, Deputy Head of the Ho Chi Minh City Trade and
Investment Promotion Centre, said that together with
In the
first nine months of this year, bilateral trade reached nearly 3.5 billion
USD, up 6 percent over the same period last year, he noted.
US
thread firms eye Vietnamese consumers
US
thread-producing companies revealed their intention to enhance their position
in
A
representative from the American Cotton Shippers Association said
The
move is part of strategies to tap opportunities ushered in by the Trans
Pacific Partnership (TPP) free trade agreement, of which both countries are
members.
As
heard during the meeting, garment-textiles is
As
such, boasting good quality fibre with competitive prices, US producers are
making moves to increase their presence in the Southeast Asian nation.
Garment-textiles
account for 13.6 percent of
Currently,
6,000 facilities are producing apparel across the nation, creating jobs for
about 2.5 million workers or 25 percent of the Vietnamese industrial
workforce.
Lending
picks up, HSBC says
Lending
by banks has been accelerating, growing at 18.2 percent in the year-to-date
compared to the same period last year, according to HSBC's monthly report
The
pick-up in lending is partly reflective of the central bank's efforts to free
up liquidity – in July it lifted the 2015 credit growth ceiling for several
major banks. The State Bank of
Growth
had been 14.2 per cent last year.
The stronger
than expected GDP growth in the third quarter, coupled with the nascent
pick-up in bank lending and domestic demand, has prompted HSBC to raise its
2015 GDP forecast to 6.6 percent from the earlier 6.3 per cent.
It
also raised its 2016 GDP forecast to 6.7 from 6.5 percent.
The
report said price pressures remain subdued for now despite the acceleration
in growth. In fact, headline inflation slowed to zero percent in September
from 0.6 percent in August.
A 13.1
percent year-on-year fall in the transportation component shaved 1.1
percentage point off headline CPI growth. But core inflation too remains
subdued, slowing to 1.6 percent y-o-y in September from 2.4 percent
previously. Food inflation has also continued to drift lower, falling 0.3
ppts to 0.7 percent y-o-y.
With
oil prices expected to stay subdued and the dong unlikely to be devalued
further, near-term price pressures remain weak, allowing the SBV to keep the
OMO (open market operations) rate steady at 5 percent.
However,
the central bank will want to remain vigilant: with strong growth likely to
continue in the quarters ahead, the report sees inflation bottoming out in
the fourth quarter and then rebounding to 3.3 percent y-o-y by the end of
2016's first half. The figure may rise to 5.2 percent y-o-y by next year end.
Another
reason that the next move from the central bank will likely be a hike, and
not a cut, is the trade deficit. The combination of slowing exports and
recovering domestic demand has meant that
Though
not yet alarming, what is worrying is that the deterioration has been driven
by a widening deficit in the domestic sector. As opposed to foreign-invested
firms, whose imports are used as inputs for Vietnamese shipments abroad,
domestic firms primarily import to serve domestic consumption.
In the
past the trade deficit of domestic firms, especially the State-owned
enterprises, has widened on the back of credit-fuelled consumption and investment,
putting pressure on the currency and posing challenges to the economy.
But
for now
Tuna
exports to
Tuna
export value to
However,
shipments to this market this year fluctuated greatly, with drops recorded in
previous months, resulting in a 27.6 percent year-on-year decrease for the
January-August period to 6.1 million USD.
At the
same time, VASEP noted that tuna exports to
Vietnamese
tuna products are exported to 100 countries and territories, including the
From
the first day to August 15, the tuna export value to the EU and Japan, two
key export markets of local tuna products, fell by 23 percent to 65.4 million
USD and by 23.8 percent to 12.8 million USD, respectively, against the same
period last year.
Meanwhile,
the nation gained year-on-year growth of 13.8 percent in tuna export value to
reach 120 million USD for exports to the
US
dollar rates steady following central bank’s Circular 15
The
exchange rates between
The
Circular No. 15/2015/TT-NHNN on foreign currency transactions by credit
institutions was issued on October 2 and took effect on October 5 to curb
speculation and hoarding of US dollars by enterprises.
The
Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) kept
the buying and selling rate of the US dollar on October 5 unchanged from the
previous week, listing at 22,445 VND and 22,505 VND per dollar,
respectively.
Meanwhile,
at the Vietnam Joint Stock Commercial Bank for Industry and Trade
(Vietinbank), the buying rate raised five VND to 22,445 VND per dollar and
the selling rate was cut by five VND to 22,505 VND per dollar.
The
Bank for Investment and Development of Vietnam (BIDV) quoted its buying rate
at 22,440 VND per dollar and the selling rate at 22,510 VND per dollar, both
up 5 VND.
On the
same day, the gold price at the Saigon Jewellery Company (SJC) was listed
below 34 milion VND (1.510 USD) for one tael, with buying and selling prices
pegged at 33.71- 33.93 million VND (1,497-1,507 USD).
Circular
15 states that foreign currency transactions with banks must be accompanied
by documents proving the purpose, amount and duration of payments.
If
customers need to settle with partners within two working days, banks can
sell foreign currencies immediately.
When
the payment term is more than three days, banks are only allowed to sell
forward exchange, with the maximum term of 365 days.
The
circular was the second step taken by the central bank in the past few weeks
to contain the dollarisation of the domestic economy.
Early
last week, the central bank issued a decision to cut the interest rate
ceiling on dollar deposits offered by commercial banks to organizations and
companies from 0.25 percent to zeo percent per year, while the rate for
individuals was reduced from 0.75 percent to 0.25 percent per year.
Vietnam
seeks to boost agricultural exports to Singapore
The
Prime Minister has instructed measures to foster exports of Vietnamese farm
produce, aquatic products and other food to the Singaporean market.
Accordingly,
the Ministry of Agriculture and Rural Development was requested to conduct
negotiations for the signing of agreements on mutually recognition in the
fields of agricultural and aquatic products while working with
The
Ministry of Industry and Trade was asked to build trade promotional
programmes for Vietnamese agricultural products in
During
the past three years, two-way trade between
Most
of Vietnamese agricultural exports to the Singaporean market, which has to
import 90 percent of its food, are pepper, sea food, rice, vegetable, coffee,
cashew nut and rubber. Vietnamese export revenues of those commodities
increased 1.3-fold from 274.6 million USD in 2012 to 355.8 million USD in
2014.
Dak
Lak: Investment falls in first nine months
The
Central Highlands
Chief
among the 26 newly-registered projects are dairy cattle farms worth 1.2
trillion VND (54 million USD) run by Duc Long Gia Lai Group in Ea Kar
district.
According
to the provincial People’s Committee, the contraction was due largely to
inadequate attention of authorities at communal and district levels to invite
investment.
Poor
planning work and a lack of information on local development plans, coupled
with slow land clearance have discouraged potential investors.
To
resolve the problem, the People’s Committee requested local authorities
publicise project portfolios waiting for investments more widely and speed up
site clearance efforts.
It
also urged more convenient investment certificate granting procedures in
accordance with regulations and transparency standards and asked relevant
provincial agencies to provide support to investors in need.
Cement
consumption up year-on-year
The
total consumption of cement till September 2015 rose 3 per cent against the
same period of last year to 52.11 million tonnes, according to the Ministry
of Construction.
The
ministry's Building Material Department said that of these, 40.26 million
tonnes of cement were sold on the domestic market, a year-on-year surge of 8
per cent while the export volume of cement reached 11.85 million tonnes, a 12
per cent lower than the same period of last year.
However,
total consumption of cement in September was down 9 per cent to 5.37 million
tonnes, including 4.27 million tonnes for the domestic market, 11 per cent
lower than last month, chinhphu.vn reported.
Experts
in building materials said the reduction in total consumption volume of
cement in September was due to the impact of the rains and the "ghost
month" when people often avoid starting construction projects.
They
expect cement consumption on the domestic market to be better by the year-end
when the construction season begins.
However,
the cement industry would find it difficult to export cement by the year-end
because some cement exporters in the region would increase their volumes to
between 5 and 6 million tonnes.
Le Van
Toi, head of the Building Material Department said the enterprises should
promote domestic consumption of cement and then improve competitive ability
of cement products for exports.
Nguyen
Quang Cung, chairman of the Viet Nam Cement Association, said cement
factories located near seaports with high capacity and high technology
accorded priority to exports, the Cong thuong newspaper reported.
Tran
Thanh Hai, deputy head of the Import Export Department under the Ministry of
Industry and Trade, said the department would co-operate closely with the
building material department to maintain a balance between supply and demand,
and assess the ability of cement enterprises when joining the world market to
ensure reasonable solutions in production and business for local cement
enterprises.
VN
seeks more open process for state contracts
This
was also aimed at boosting the participation of the public in supervising
contracts to improve the efficiency of State capital, said Deputy Minister of
Planning and Investment Dao Quang Thu at a ceremony held in Ha Noi on October
6.
Open
contracting refers to norms and practices for increased disclosure and
participation in public contracts at all stages of the contracting process
and all types of contracts, said World Bank specialist Lindsey Marchessault.
Open
contracting encompasses all public contracts, including contracts funded by
combinations of public, private and donor sources.
The
stages include planning (information about the planning of a contract),
formation (information about the tendering or negotiation process), award (information
about the awarded contract), implementation (information about implementation
process, including payments) and termination (implementation of ending a
contract), she said.
"Publication
of open contracting data could help achieve the following objectives:
achieving value for money in procurement, detecting fraud and corruption such
as patterns of overpricing and collusive bidding, and competing for public
contracts and monitoring service delivery," Lindsey added.
World
Bank Country Director for Viet Nam Victoria Kwakwa said contracts were the
bricks and mortar of public benefit, where taxpayers' money got converted
into tangible products that citizens care about such as schools, roads and
hospitals.
The
Government of Viet Nam has recognised that it was critical that public
contracts should be fairly awarded and offer good value-for-money, she said,
adding that when the government and businesses meet, rules need to be clear
and deals open to the public.
The
2013 Procurement Law embodied many of these values and the next step would be
to harness modern technology, electronic procurement and contract management
systems, to implement these values for economic transformation, she said.
Openness
pays huge returns on investment.
Open
contracting was about openness and engagement. Through increased access to
open data on public contracting and the use of this data by stakeholders,
governments could achieve greater value for money, the private sector could
gain access to more competitive opportunities, and civil society could ensure
that public money was being spent effectively and reaching its results, she
said.
The
Ministry of Planning and Investment, which co-hosted the workshop with the
WB, will pioneer in implementing the open contracting initiative in
The
ministry last month issued a decision to publicise bidding and purchasing
contracts within the ministry as first steps to implement this initiative.
Under
Viet Nam's action plan until 2017 with a vision towards 2025, the country
would review and upgrade the existing e-Government procurement system to be
compatible with the standard formats of open contracting data, develop
monitoring and evaluation policy (set of criteria, information collection and
processing and promulgate decisions or circulars on information and open
contracting, said the head of the ministry's Procurement Division, Tran Dang
Quang.
By
2025, the country is expected to professionalise procurement operations for
individuals and organizations directly involved in procurement works, while
stakeholders and citizens can access and use information available in the
system for monitoring and evaluation and reflect on the bidder selection and
contract implementation.
The
open contracting initiative is widely applied by many countries in the world,
including the
Wood
fair focuses on competitiveness
Discussions
during the four-day bi-annual Vietnam International Woodworking Industry Fair
in mid-October are expected to help producers improve competitiveness when
the Trans-Pacific Partnership (TPP) and other free trade agreements come into
effect.
Tran
Le Huy, secretary general of the Forest Products Association of Binh Dinh,
said at a press briefing yesterday that producers would find advanced machinery
and technologies at the expo that would help address the country's low
productivity.
"Cooperation
with the Vietnam Chamber of Commerce and Industry and ILO (International
Labour Organisation) for human resource training has been of help," Huy
said.
The
seminar during the fair, which will be held Oct. 14-17, will include
discussions on production management and productivity by experts and leading
companies.
The
TPP poses challenges in higher standards for labour (including wage, overtime
work) and environment, among others. This will push up production costs, Huy
said.
Nguyen
Chanh Phuong, secretary general of the Handicraft and Wood industry
Association of HCM City, said last year
Around
280 companies from 21 countries and territories including
The
event will be held by Vinexad in coordination with Taiwan' Chan Chao
International Company at the Saigon Exhibition and Convention Center, Nguyen
Van Linh Avenue in District 7.
S
Korean companies aid VN development
As
leaders of foreign investment in
The
conference, the first of its kind on Korean corporate social responsibility
(CSR), was organised by the South Korean Embassy, Korean Chamber of Commerce
and
The
commitment of Korean businesses to contribute to
The
CSR programmes covered healthcare, culture, education and the environment as
well as the reduction of poverty and the development of rural areas in the
country.
Besides
launching scholarships and opening schools and libraries, Korean companies
have also taken part in local blood donation drives and environmental
protection activities. Two Korean banks also supported Vietnamese brides, who
were returning to visit their families.
Deputy
Minister of Planning and Investment Nguyen Van Trung expressed appreciation
for the Korean CSR programmes, considering them meaningful for the
sustainable development of the country, especially in the context of
South
Korean ambassador Jun Dae Joo said, as of this August, the cumulative
investment of
HCMC
office market stable in Q3
In the
third quarter there was no new supply in either Grade A or Grade B office
space in
One
quarter has now passed since the implementation of the revised Law on Real
Estate Business and foreign companies are seeking large spaces for long-term
lease and sub-lease. A number of successful deals were recorded in the
quarter, according to Ms. Dung Duong, Director of CBRE Vietnam’s Research and
Consulting. “Foreign companies are also looking for buildings to acquire for
their own use,” she added.
The
There
was a slow improvement in both asking rents and the vacancy rate in Grade A
and Grade B. As there is limited supply in the market and continuous demand,
Grade A and Grade B buildings in the quarter still recorded stable rents
compared to the previous quarter.
Compared
to the previous quarter, the Grade A vacancy rate decreased by 2.9 percentage
points due to good leasing activities in the newly-opened
Grade
A recorded high net absorption, at 8,599 sq m NLA (net lettable area). This
was lower compared to the second quarter but much higher than in the same
period last year thanks to the high net absorption at
Grade
B recorded a fall in net absorption as tenants moved out to better quality buildings
with larger spaces. Net absorption in Grade B decreased by 112 per cent
quarter-on-quarter and 182 per cent year-on-year.
Based
on enquiries to CBRE, the top four most active sectors so far this year are
IT/Electronics, Trading, Finance/Banking, and Logistics. Most renewals and
expansion enquiries to CBRE came from tenants in the CBD area, while
relocation enquiries mainly came from companies in non-CBD areas.
Regarding
future supply, the next wave of office supply in
Slight
slip in Global Dynamism Index
The
Grant Thornton Global Dynamism Index (GDI) 2015 reported that the
Asia-Pacific region scores well in terms of business operating environment,
financing environment, labor market and technology, although it lags behind
in market growth. Dynamism refers to the changes in an economy that are
likely to lead to a fast future rate of growth. The GDI - which combines 22
indicators across five growth areas to identify the best business growth
environments in the world - identifies
Though
some Asia-Pacific peers rank in the Top 30, some have slipped in the
rankings, such as
“Advanced
Asia-Pacific economies offer a good blend of sound growth fundamentals,
alongside a productive labor force and a culture of investment in R&D,”
said Mr. Kenneth Atkinson, Executive Chairman of Grant Thornton
“Market
entry decisions are some of the toughest a business leader ever has to face.
There are so many factors - both known and unknown - to consider. Uncertainty
about what lies ahead can make it hard to make the case for action to
colleagues and funding partners and to manage risk effectively,” he said.
If
considering the financing environment - which includes the financial
regulatory system, access to capital, inward M&A deals, private sector
indebtedness, inward direct investment, and corporate tax burden - Vietnam
ranks 29th globally, a fall of three positions, according to the GDI.
The
overview improves significantly for
Lastly,
Asia-Pacific countries rank surprisingly high in economics and growth, which
includes real GDP growth, private consumption growth, and stock market
growth, holding Top 10 positions in the global rankings.
“The
GDI cannot replace engaging with an advisor with a deep understanding of
international expansion and the countries being considered,” said Mr. Nguyen
Chi Trung, Managing Partner of Grant Thornton
“But
it can be used as a tool to help identify countries of interest by drawing on
22 indicators that have each been assigned an importance through a survey of
business leaders, adding that vital human perspective,” he said.
RMIT
links up with leading ERP company
“RMIT
Vietnam is focused on grooming highly employable graduates who have practical
industry skills and the ability to think critically and creatively,” said the
Head of the Centre of Commerce and Management at RMIT Vietnam, Professor
Raymond Gordon.
“We
collaborate with the most progressive international companies today to groom
the brightest young talent in
This
first collaboration between RMIT Vietnam and Acumatica will see
knowledge-sharing between Acumatica’s technology experts and the University’s
students, lecturers and researchers. Students will also benefit from hands-on
use of Acumatica’s cloud ERP software, which is currently used by customers
in 30 countries worldwide to manage their operations and drive profitability.
“We
believe that this will create demand for the next generation of IT, finance,
and business management talent - a group of specialists who operate at the
intersection of business and technology,” said Mr. Laurent Dedenis, President
of International Operations at Acumatica. “At Acumatica we hope to nurture
these specialists through this unique collaboration with RMIT Vietnam.”
Both
RMIT Vietnam and Acumatica will also work jointly on developing collaborative
research and academic materials to increase students’ exposure to the
technology needs in real-life business environments.
Expected
to span five years, the collaboration will be managed jointly by RMIT
Vietnam’s Centre of Commerce and Management and Acumatica. The University
expects that close to 3,000 commerce, business, and IT undergraduates stand
to benefit from the collaboration.
Acumatica
is a leading provider of cloud business management software that empowers
small and medium-sized enterprises to unlock their potential and drive
growth. Built on the world’s best cloud and mobile technology and a unique
customer-centric licensing model, Acumatica delivers a suite of fully
integrated business management applications, such as Financials,
Distribution, CRM, and Project Accounting, on a robust and flexible platform.
In an interconnected world, Acumatica enables customers to take full control
of their businesses, play to their organizations’ unique strengths, and
support their clients by following them anywhere on any device.
German
enterprises seeking trade cooperation
Ten
German enterprises will visit
They
seek cooperation in architecture, building clean water plants, building and
exterior materials, pre-cast concrete, prefabricated housing, portable
instrument production, tool manufacturing, machinery, ophthalmology
equipment, chemicals used in the tanning industry, and potato growing.
Some
are among the largest enterprises in
Two
business conferences will be held to bolster trade cooperation between the
two countries, in
Control
relaxed at SBV-acquired banks
The
State Bank of Vietnam (SBV) has loosened its control over the three banks it
recently took over (VNCB, GPBank, and OceanBank) as they have seen positive
changes in their activities. In particular, none have had to borrow special
capital to cover deposits.
"They
all have excess liquidity - VND7 trillion ($311.78 million) at OceanBank,
VND3 trillion ($133.62 million) at GPBank, and VND1 trillion ($44.54 billion)
at VNCB," Mr. Nguyen Huu Nghia, Chief Inspector at the SBV, told local
media. This is also one of the main factors in the SBV loosening its control.
It has also allowed credit growth to return to secure lending areas.
He
said that bad debts and unprofitable assets have been initially addressed and
recovered. New deposits have increased, large cash withdrawals by customers
have ceased, and governance has been strengthened.
There
is still some direct involvement in their governance and management, with
support from Vietcombank and VietinBank, and the SBV is maintaining its
strict supervision.
The
SBV bought the three banks at a price of VND0 per share, as their equity was
in negative territory and they could not resolve their problems on their own.
Fiber
firms to benefit from more foreign yarn projects
More
foreign direct investment (FDI) companies are involved in textile-dyeing
projects in
Speaking
at a listing ceremony of Century Synthetic Fiber Corporation last week, Pham
Hong Giang, general secretary of the Vietnam Cotton and Spinning Association,
said new FDI inflows in textile and dyeing projects would benefit producers
of polyester filament in
According
to Giang, more polyester filament has been used as this kind of fiber is
suitable for new apparel production technology. Currently, there are five
producers of polyester filament in
Giang
said
The
Dang
Trieu Hoa, chairman and general director of Century Synthetic Fiber
Corporation, told the Daily that in the past weeks his company has met
representatives of around 20 companies with plans to invest in textile and
dyeing projects in
Only
apparel products made of fiber produced in the 12 TPP member states including
Under
the free trade agreement between
Temporary
duties on color-coated steel products from
The
duties are much lower than 52.1% imposed on the same products imported into
As the
duties are applied temporarily, the Vietnam Competition Authority cited MITI
as saying that the concerned parties could submit their complaints and
evidence to
Fourteen
provinces attract no fresh FDI in Jan-Sept
Fourteen
provinces got no new foreign direct investment (FDI) projects in the first
nine months of this year while ten others reported meager FDI approvals,
according to the Foreign Investment Agency (FIA).
Tuyen
Quang, Dien Bien and Lao Cai provinces in the north, and Bac Lieu and Dong
Thap provinces in the Mekong Delta were among the provinces without new FDI
approvals from January to September.
Figures
of the FIA under the Ministry of Planning and Investment showed that of 49
provinces with new FDI projects in the period, seven had only one project
each, four with two projects each and three with three projects each.
The
FIA noted a number of projects with pledged capital of less than US$1 million
or US$10,000-30,000 each were approved in Yen Bai, Son La, Binh Thuan and
Despite
small-scale FDI projects in many localities, FDI approvals reached US$17.15
billion in January-September, up a staggering 53.4% year-on-year.
Bac
Ninh took the lead with US$3.34 billion registered for both fresh and
operational FDI projects in the period, making up 20.1% of the country’s
total FDI approvals.
HCMC
came second with total FDI pledges of US$2.61 billion (15.2%), followed by
the Mekong Delta
In
terms of region, the southeast was the leader with US$6.4 billion pledged for
new and existing projects, or 37.3% of the total, followed by the Red River
Delta region with US$6.05 billion (35.3%).
The
Foreign
enterprises registered to invest in 17 sectors in the period. Of which, the
manufacturing-processing sector made up 66.3% of total pledged FDI capital,
equivalent to US$11.36 billion for 737 fresh projects and 346 operational
projects.
The
electricity generation and distribution sector came second with FDI approvals
totaling US$2.6 billion (15.3%) at five new and three operational projects.
The real estate sector was third as US$1.81 billion was pledged for 19 new
and seven existing projects.
VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VET/VIR
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Thứ Năm, 8 tháng 10, 2015
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