BUSINESS IN BRIEF 3/10 Top ten exports bring in billions of US dollars From the beginning of 2015 up to now, ten leading exports have added US$89.83 billion to the country’s total export turnover of US$126.74 billion. The ten leading exports consist of telephones and components (US$24.32 billion); textiles and garments (US$17.95 billion); computers, electronic products and components (US$11.99 billion); footwear (US$9.13 billion); machinery, equipment and spare parts (US$6.22 billion); wood and wood products (US$5.19 billion); seafood (US$5.07 billion); transport vehicles and spare parts (US$4.56 billion); crude oil (US$3.11 billion); cameras, camcorders and components (US$2.29 billion). According to statistics released by the General Department of Vietnam Customs, as of October 15, the total export and export value had reached US$257.46 billion, increasing by US$27.22 billion or 11.8% year on year. Of which, the total export value was US$126.74 billion, a 9% rise over the same period last year (equivalent to a US$10.5 billion year-on-year increase). Expert opposes privatisation of key hospitals Nguyen Huy Quang, head of Health Ministry's legal department has opposed moves to privatise key state-run hospitals. According to Quang, privatising general hospitals will help change the relationships between doctors and patients and possibly upgrade services, but the state should keep specialist hospitals as investors will only target buying fashionable or profitable hospitals. Quang also thought key hospitals that play a vital role in the nation’s health such as the Viet-Duc, Bach Mai and Cho Ray hospitals should be maintained in the public sector. According to Quang, those hospitals have been leading in new medical developments and act as examples to hospitals at district levels. "Investment into heart transplants, liver transplants, in vitro fertilization is expensive so I don't think investors will prioritise such vital treatments," he said. He went on to say that the state must invest more into medical facilities at local levels. "Privatisation will be expanded if it goes on smoothly. However, it's better if key hospitals and local medical facilities aren’t included," Quang said. The Central Transport Hospital's initial public offering on the Hanoi Stock Exchange began on October 21. 33 investors participated in the IPO bidding for 11.7 million shares, 2.4 times more than the shares on offer. 4.95 million shares, 29.5% of the hospitals chartered capital, was sold to one individual investor and one organisation for VND116.8 billion (USD5.2 million), with an average price of VND23,597. In near future, the state will reduce its ownership to 30. Central Transport Hospital's IPO is the first privatisation of a state-owned hospital. The Central Transport Hospital has been in operation for 60 years. It has 363 beds and provides healthcare services for 500,000 individuals and 11,000 inpatients each year. Japan to lift duties on most fish and seafood under TPP The Japanese government recently announced  that tariffs on all vegetable and most fish and seafood imports will vanish under the Trans-Pacific Partnership (TPP) trade deal recently secured by Vietnam, Japan and 10 other countries. “Duties on more than 100 vegetable items will be lifted several years after the free trade accord takes effect,” said Minister Hiroshi Moriyama of the Ministry of Agriculture, Forestry and Fisheries at a news conference. The Ministry reported separately that tariffs on 350 fish and seafood products and about 10 algae products will be eliminated under the agreement including those on sea urchins, octopi and seasoned salmon roes – all popular ingredients in sushi whose current tariffs range from 5-7%. Vietnam, Japan and 10 other Pacific Rim countries reached a broad agreement earlier in October on establishing a free trade bloc covering 40% of the global gross domestic product (GDP) and 30% of trade. Tokyo had fought to keep tariffs on sensitive agricultural products such as rice during a half decade years of negotiations with the 11 other nations including Vietnam, the US, Chile, Mexico, Peru, Canada, Australia, New Zealand, Singapore, Malaysia and Brunei. Moriyama dismissed concern over the potential negative impact on farmers from the new trade deal, saying vegetables such as carrots and onions are imported mainly from China, which is not a TPP member, and potatoes cannot be imported in reality due to quarantine restrictions. “We will take all possible measures” to support farmers who might face competition from cheaper imports, he said. In the wake of the new trade deal, Prime Minister Shinzo Abe earlier this month pledged to carry out steps to bolster the competitive edge of the country’s agricultural industry, which has been heavily protected until now. The farm ministry has previously said Japan will eliminate tariffs on about half of the 834 agricultural products subject to duties after the TPP takes effect. Tariffs on bonito and frozen sockeye salmon will be abolished immediately upon the TPP taking effect, while those on mackerel will be removed over a phase in period of 16 years, according to the Ministry. Meanwhile, Japan’s Ministry of Economy, Trade and Industry has set up a task force to promote measures to help small businesses take advantage of the TPP. At the first meeting of the team, headed by METI Minister Motoo Hayashi, members agreed to keep the companies well informed about the TPP deal, on which a broad consensus was reached, and start holding briefings for them as early as this month. The briefings will be held in all 47 prefectures as well as in the other 11 participating countries in the TPP, including Vietnam. The Japanese government has started briefing local government officials in charge of agriculture and fisheries products as well. The task force also plans to promote alliances between the farming, commerce and industrial industries to create new businesses in cooperation with the Ministry of Agriculture, Forestry and Fisheries. As a measure to encourage overseas expansion by small businesses unfamiliar with export procedures, the team will tell them how to draw up their own nontariff or tariff-reduction certificates for their goods required under the TPP pact. Three Eximbank board members likely to go Three members of Eximbank’s board of directors may have to go as a result of a restructuring plan. This is one of the points proposed by inspectors of the State Bank of Vietnam (SBV) after an inspection into the operations of the HCMC-based commercial joint stock bank. The central bank has approved the inspection results. The inspection department at the SBV’s HCMC branch on October 22 worked with Eximbank’s board and announced the results of the inspection. According to a senior central bank source, Eximbank shares owned by some individuals in name have been taken back as their real owners have authorized the SBV to hold those shares indefinitely.   Inspectors proposed giving the bank and borrowers one month from the date of announcing the results of the inspection to deal with loans illegally used for stock investment. Inspectors also looked into and clarified Eximbank’s loans for property investment. The bank was asked to deal with the transfer transactions done to falsify revenue and profit figures. Eximbank plans to organize an extraordinary meeting for shareholders to elect a new board next month.   The SBV also said Saigon Thuong Tin Commercial Bank (Sacombank), which earlier completed a merger deal with Southern Bank, will hold a general meeting to introduce a new board in November. According to the current regulations, a listed bank may organize a general meeting at least 30 days after the date of merger. Sacombank finalized the merger deal with Southern Bank on October 1, so the general meeting should take place in November. A leader of the SBV said a group of investors in connection with Sacombank vice chairman Tram Be authorized the central bank to hold all their stakes in Southern Bank, Sacombank and the merged bank. With those stakes, the central bank now holds a stake of over 51% in the merged bank, called Sacombank, and becomes the biggest shareholder at the bank. The representative of the central bank appointed to sit on Sacombank’s board is expected to show up at the upcoming meeting. Be will leave Sacombank’s board after the meeting. He and a group of related investors would have to use their own assets, if requested, to deal with debts in the Sacombank restructuring process as informed by the central bank a few months ago. SCIC invests VND17.9 tril. in economy By the end of September this year, State Capital Investment Corporation (SCIC) had invested more than VND17.9 trillion (US$804.3 million) in the economy.   SCIC said the sum was sourced from its chartered capital plus the capital which had been accumulated over the years. Of the more than VND17.9 trillion, VND9.2 trillion was used to buy shares issued for the existing shareholders of companies where it has invested, VND6.48 trillion for business startups and share purchases, VND800 billion for bond purchases and VND2.5 trillion for investments in firms at the request of the Government. SCIC has focused more on big-ticket projects with profit opportunities in the long term in important sectors. At present, SCIC is the strategic investor of Military Bank and injects money in a number of projects including Vung Ang Viet-Lao Port. The investment arm of the Government is also eyeing a major project to build the Vietnam Television tower in Hanoi, a new project of Central Children’s Hospital and vaccine production facility projects, to name just a few. The Prime Minister has assigned it to join a restructuring plan for Thai Nguyen Iron and Steel Joint Stock Corporation (TISCO). SCIC plans to expand finance investments, join merger and acquisition (M&A) deals and branch out to foreign markets in the coming time. The company looks to become a strategic investor at home and abroad and a finance corporation with total assets of some US$22.5 billion. It expects average growth of 40% in the 2015-2020 period.         Until 2030, SCIC wants to become a big regional finance firm and serves as a tool of the Government to hold strategic stakes in key business sectors. It aims total annual assets growth of 7% in the 2021-2030 period and raise its total assets to US$46 billion by 2030. Phu Quoc-South Korea air link in the offing Vietnam Airlines is in negotiations with its partners over a cooperation plan for opening an air route linking Phu Quoc Island off mainland Kien Giang and South Korea’s Seoul, according to the Department of Culture, Sports and Tourism of Kien Giang Province. The department expects the new route to be launched in December this year, bringing the total number of international air links to the biggest island of Vietnam to three. Nguyen Diep Mai, deputy director of the department, said the local tourism sector hoped the route to be up and running early to help woo more international visitors to Phu Quoc next year when the island hosts a national tourism year. Currently, there are two international routes connecting Phu Quoc to Singapore and Cambodia’s Siem Reap. Flights between the island and Russia were suspended earlier this year due to low occupancy. Mai said the number of international visitors to Phu Quoc has not been as high as expected due to a lack of air links between the island with airport hubs in the region and complicated immigration rules applicable to travelers arriving via other ways. Mai said the local tourism sector has surveyed the possibility of opening sea routes to Cambodia and Thailand for tourists. Seaports are under construction but the problem is that no cruise ships have been found to carry tourists on such international sea routes. Mai said a large number of international travelers visit Cambodia, which has a land border gate linking with Kien Giang Province. The Mekong Delta province will be able to attract more foreign tourists from the neighbor if immigration procedures are simplified. Kien Giang has almost completed preparations for the national tourism year and will hold press conferences in Hanoi, Danang and HCMC in November to introduce the program. Vingroup to build underground carpark The government of HCMC has picked Vingroup to develop an underground parking lot at Tao Dan Park in District 1. The build-operate-own (BOO) project will be carried out beneath the current football pitch at Tao Dan Park, and have four basements with the first upper two for commercial purposes and the other two for parking cars. The project will require a total investment of around VND964 billion (US$43.2 million) and be implemented in two years. The carpark is designed for around 1,200 autos and nearly 1,000 motorbikes when it is up and running in 2017. A source from Vingroup told the Daily that its project management department is completing procedures for the project to get off the ground as soon as possible. Earlier this year, the city government gave the nod to Vingroup to conduct a feasibility study for this underground parking lot project within six months after Urban and Industrial Zone Development Investment Corporation (IDICO) withdrew. Previously, IDICO planned to build a five-storey underground parking facility at the park at a cost of VND1.43 trillion. The project was expected to cover a total area of 70,211 square meters, including 55,710 square meters for the five basements for 1,050 cars, 10 buses and 2,500 motorcycles. The city has zoned four underground parking lots in the downtown area, including one at Le Van Tam Park invested by Investment and Development for Underground Space Corp. (IUS), one at Trong Dong Outdoor Theater invested by Indochina Co., one at Hoa Lu Stadium and the remainder at Tao Dan Park. Number of new property businesses increases sharply The number of newly-established real estate firms recorded an increase of 78.7% in the first ten months of 2015 compared to the same period last year, according to the Vietnam Real Estate Association. The numbers of dissolved and suspended enterprises in the field saw declines of 30% and 7.2%, respectively. These figures showed a positive signal of the property market. Domestic investors have pinned a high hope in the recovery of the market as Vietnam completed negotiations on the Trans-Pacific Partnership (TPP) agreement, which investors and distributors expected to help increase the liquidity of the estate goods. Since the beginning of this year, the property market has shown its magnet against other fields such as stocks, gold, foreign currency, or savings. By the end of the third quarter of 2015, Hanoi saw 5,300 successful transactions, up 70% while Ho Chi Minh City reached 5,100, doubling that of the same period last year. Quang Ninh’s breakthroughs in investment attraction Quang Ninh has implemented efficiently investment promotion activities, reformed administrative procedures, and improved investment environment over the past 5 years. One of Quang Ninh’s successes is foreign direct investment. For three years from 2012, it gained US$1.6 billion in FDI. Currently Quang Ninh sees over 100 FDI projects in effect with a registered capital of nearly US$5.1 billion, two thirds of which have been disbursed. In the reviewed period, Quang Ninh mobilized US$3.8 billion from 138 domestic investment projects. Khuc Tien Ha, director of the Big C Supermarket in Ha Long, said that “Quang Ninh’s policy on trade and investment attraction mainly focuses on infrastructure construction for trade development. Most notably its land clearance is efficient, a key to attracting FDI in trade.” Achievements so far are attributed to the solutions Quang Ninh has applied since 2011. They are renovation of the growth model, design and issuance of strategic master-planning, and a combination of investment promotion and administrative reforms. Provincial authorities have met periodically with enterprises to help them overcome obstacles. The inauguration ceremony of Times Garden project at Bach Dang ward, Ha Long city on February 7th, 2015. In addition to large-scale investment promotion conferences, the province has used cultural activities to lure investment from Japan, the UK, China, and the Republic of Korea. Investment in industrial zones and traffic corridors has been coordinated. Quang Ninh has used the public private partnership model in major projects, according to Nguyen Van Doc, the provincial Party Committee Secretary. Doc said that the province is “consistent that what enterprises and the public can do, the provincial administration will not do. The province will hand over projects to businesses or individuals who are good at management. Contributions by investors and enterprises are important to Quang Ninh’s socio-economic development.” The establishment of the Quang Ninh Investment Promotion Agency (IPA) has been an advance in investment attraction. Under the direct management of the provincial People’s Committee Chairman, administrative procedures are resolved rapidly and transparently in line with a ‘one door’ mechanism in order to provide the best possible support for investors. Registration time has been shortened by at least two-thirds. Quang Ninh has adopted a number of preferential policies for those who invest in industrial and economic zones, adjusted land lease prices, supported credit capital, drastically hastened land clearance, and taken back inefficient projects to create ‘clean land’ for other investors. Hanoi ensures smooth operation of e-customs system The Vietnam Automated Cargo and Port Consolidated System/ Vietnam Customs Information System (VNACCS/VCIS) is operating in a stable manner in all branches of the Hanoi Customs Department. As much as 99 percent of import-export declarations were completed via the system since its launch in April last year, according to the department, saying it takes only three seconds to receive and handle declaration information. The department added that businesses in the capital have got used to the system and most of them follow customs procedures and coordinate with relevant agencies in carrying out customs inspection. The Hanoi Customs Deparment is one of the first two customs agencies in the country to operate the VNACCS/VCIS, which created a foundation for the building of a national “one-stop-shop” mechanism that is expected to bring long-term benefit to enterprises. Number of new property businesses increases sharply The number of newly-established real estate firms recorded an increase of 78.7 percent in the first ten months of 2015 compared to the same period last year, according to the Vietnam Real Estate Association. The numbers of dissolved and suspended enterprises in the field saw declines of 30 percent and 7.2 percent, respectively. These figures showed a positive signal of the property market. Domestic investors have pinned a high hope in the recovery of the market as Vietnam completed negotiations on the Trans-Pacific Partnership (TPP) agreement, which investors and distributors expected to help increase the liquidity of the estate goods. Since the beginning of this year, the property market has shown its magnet against other fields such as stocks, gold, foreign currency, or savings. By the end of the third quarter of 2015, Hanoi saw 5,300 successful transactions, up 70 percent while Ho Chi Minh City reached 5,100, doubling that of the same period last year.- UK Debenhams retailer to enter VN next year Debenhams, the multichannel department retailer, is set to drive its international presence further by launching its brands in the Vietnamese market next year. The move comes on the back of agreements with local market partner VinDS, part of Vingroup, one of Viet Nam's largest private companies. According to a press release issued by Debenhams, Vingroup will distribute products in their Fashion Megastore department store chain from early 2016, offering select womenswear and menswear brands to be sold in 15 stores across the country by the end of the year. Debenhams Chief Executive Michael Sharp said, "Selling our own brands outside of Debenhams offers a new leg of growth for the business. Our distribution agreement with Vingroup in Viet Nam will introduce our brands to this exciting market for the first time." Sharp said the opportunity for Debenhams to expand internationally would include distributing the firm's products to new customers and working with Vingroup in Viet Nam, enabling it to complement the existing Fashion Megastore's offerings with more diverse items. "Working with Vingroup, we will equally benefit from their market-leading knowledge and expertise in the Vietnamese market. Plans to grow the Fashion Megastore concept over the coming years will see Vingroup take a dominant position in the department store sector, which Debenhams will now be a part of," Sharp said. Munish Rishi, CEO of VINDS (Consumer lifestyle arm of Vingroup), said he believed the partnership would bring significant value to the company's Fashion Megastore proposition and would prove an attractive offer for Vietnamese consumers seeking fashionable, high-quality and affordable products. "We plan to bring the best of Debenhams' brands to market as a key differentiator for our Fashion Megastore's brands, with eight additional stores opening in the next two months and plans to launch 30 stores over the next three years," Rishi said. Debenhams currently manages 248 stores across 28 countries, opening its first international store in Bahrain in 1997, followed by further stores across the Middle East, including Egypt, Kuwait, Iran and Jordan, as well as Libya, Qatar, Saudi Arabia, Turkey and two emirates in the United Arab Emirates (Dubai and Abu Dhabi). Stores are also located in Europe and Southeast and Southwestern Asia. PSL America to invest in key Hue projects The PSL America Group will implement several key investment projects in the central Thua Thien - Hue Province, following the signing of a memorandum of understanding yesterday. Following the agreement, the group will conduct feasibility studies for the construction and operation of a harbour at Chan May Port in the locality's southern margins. It will also invest in the development of an urban port, and hi-tech, duty-free and industrial facilities in the local Chan May - Lang Co Economic Zone, 30km north of the vibrant Da Nang City. The group's investment will enter the northern section of Phong Dien Industrial Park with the construction and operation of a factory for processing of white sand that is available in 17,500ha in Phong Dien District. A 500MW wind, solar or biomass power plant will also be established elsewhere in the province. The group wants to invest in green technology in the plant. PSL America wants six months to complete the feasibility study of the projects. The total intended investment has not been revealed, but observers said these were large projects for the less-developed central province. Speaking at a working session with PSL America, the provincial People's Committee Chairman Nguyen Van Cao said the local authorities would actively work to get site clearance and administrative procedures completed for the projects. PSL America has its headquarters in New York. It has invested in projects in South Korea, Thailand and other localities in Viet Nam. Hoa Phat looks at steel plant in Quang Ngai The Quang Ngai Provincial People’s Committee met recently with related departments on an integrated steel plant investment proposed by the Hoa Phat Group in the central province’s Dung Quat Economic Zone. According to Dung Quat’s Management Board the steel plant would have a capacity of 4 million tons per year and total investment estimated at $2 billion to $2.5 billion if it was to go ahead. It will produce high-quality long steel, form steel, and sheet steel on an area of 300 to 350 ha on the site of the Quang Lien Steel Plant, which has been delayed and may have its investment license revoked. The People’s Committee and related departments will create the necessary conditions for the Hoa Phat Group to conduct further research on the project. However, the province should quickly revoke the investment license for the Quang Lien Steel Plant, given it has been delayed due to the investor lacking capital. At the meeting the Chairman of the Provincial People’s Committee, Mr. Tran Ngoc Cang, said that Hoa Phat Group’s intentions are a positive sign for the province. He therefore asked the Management Board at Dung Quat to quickly coordinate with related departments to complete procedures to revoke the investment license for the Quang Lien Steel Plant and submit them to the Provincial Standing Committee and the Prime Minister for consideration. He also directed the Management Board to introduce investment procedures and investment incentives and land use, for submission to the People’s Committee for consideration. In the first quarter of 2015 the Group’s revenue reached VND6.9 trillion ($309.4 million) with a profit of VND1 trillion ($46.5 million). Steel manufacturing has seen high growth in construction steel and steel tube. In steel construction, Hoa Phat holds a market share of 22 per cent and 23 per cent in steel tube, the largest in both. According to Group Chairman Mr. Tran Dinh Long, Hoa Phat is developing breeding feed factories in northern Hung Yen and southern Dong Nai provinces with a total capacity of 500,000 tons per year and capital of VND500 billion ($22.5 million). The plants are expected to be completed in the first quarter of 2016. AIA Exchange opens in Hanoi AIA Vietnam has officially opened a unique office model called “AIA Exchange” on the 11th Floor at the Lotte Building, 54 Lieu Giai in Hanoi’s Ba Dinh district. This is the second “AIA Exchange” in Vietnam, following the first in the Lottery Building at 77 Tran Nhan Ton Street in Ho Chi Minh City’s District 5. “Our customers have a high demand for quality consultation, after sales service, and even space for insurance transactions,” said CEO of AIA Vietnam, Mr. Wayne Besant. “The development of AIA Exchange is aimed at responding to and enhancing the customer experience.” “AIA Exchange” is equipped with many modern facilities and its design is inspired by a New York financial center with an open, friendly and multi-functional space. It also provides a modern and ideal space for meetings and sharing information, knowledge, and expertise as well as creative thinking, which is attractive to young people. The office is not only a working space for professional Life Planners from AIA but also a customer service center and a venue for organizing seminars and events on various topics of concern to customers. AIA Vietnam hopes to build a new generation of professional Life Planners to meet the different standards in consultation and financial planning required by customers in large cities. “The Life Planners at AIA Exchange are focused and disciplined and love their job,” Mr. Besant said. “They have been equipped with business knowledge and skills through comprehensive training programs to become professional full-time planners who will assist in taking our industry to a new level.” To meet the increasing demands of customers, AIA Exchange focuses on recruiting young and dynamic staff and develops them into professional Life Planners. Life Planners at AIA Exchange earn a stable income and are comprehensively trained at the AIA’s “Premier Academy”. All Life Planners are provided with modern technologies (iPoS in iPad) for consulting customers and helping them take out policies. HCMC banking figures released The Ho Chi Minh City General Statistics Office has released year-to-date banking figures for the southern city. Total capital mobilized as at early October was VND1,491.60 trillion ($66.83 billion), an increase of 2.8 per cent compared to August and or 19.4 per cent higher year-on-year. Capital mobilization at commercial banks accounted for 54.4 per cent of the total, an increase of 16.5 per cent against the same period last year. Capital mobilized in foreign currencies account for 16 per cent, 18.7 per cent higher year-on-year, while VND accounted for 84 per cent, an increase of 18.7 per cent. Deposits accounted for 53.5 per cent, an increase of 15.4 per cent against the same period last year. Total outstanding credit in the city for the year to early September reached VND1,157.30 trillion ($51.85 billion), an increase of 8.4 per cent since December 2014 and 14.6 per cent higher than in the same period last year. Total outstanding credit at commercial banks reached VND644.40 trillion ($28.87 billion), accounting for 55.7 per cent of the total, an increase of 15.2 per cent year-on-year. Outstanding credit in foreign currencies reached VND149.1 trillion ($6.68 billion), accounting for 12.9 per cent of the total, 11.6 per cent less than in the same period last year, while credit in VND totaled VND1,008.10 trillion ($45.14 billion), accounting for 87.1 per cent of the total, an increase of 19.8 per cent against the same period last year. Regulations issued on apartment maintenance fees Regulations on apartment block maintenance fees were one of notable contents of the Decree guiding the implementation of certain articles of the Law on Housing, which has just been issued by the government. From December 10, if developers and investors fail to hand over apartment maintenance fees or incomplete the handover to apartment management boards, the management board can send a written request to the provincial people’s committees asking it to direct the developer to forward the fees. Within 15 days from the date of receipt of such a written request, the provincial people’s committee must conduct a review and inspection. If the developer and the management boards have settled on the amount of maintenance fees but the developer is yet to hand over the funds, the provincial people’s committees must issue a written direction to the developer to do so. Within no more than seven days from the date of receipt of a written direction from the provincial people’s committees, building developers and investors must hand over the maintenance fees. If developers and management boards have not yet agreed on the total of maintenance fees they must reach a final agreement and the developer must hand over the fees within ten days of receiving the direction from the provincial people's committee. The handover of maintenance fees between the two sides must be recorded in written documents certified by the developer and representatives of the management board. After handover is completed the developer must provide written notice to the provincial people’s committee. If developers do not follow the directed actions above within the timeframe, the provincial people’s committee must issue an enforcement decision, which is sent to the developer, the management board, and credit institutions where the developer has an account. In the enforcement decision the provincial people’s committee must specify the amount the developer is required to hand over, the time for handing over, the enforcement measures available, such as the credit institution where the developer has an account forwarding the money to an account opened by the management board, and the responsibilities of the parties in following the decision. Compliance must be done within 30 days from the date an enforcement decision is issued. October retail market grows nearly 10 percent Vietnam’s total retail revenue of goods and services increased 9.6 percent against the same period last year to reach VND2,660 trillion (US$119.70 billion) in October, according to the General Statistics Office of Vietnam. Goods retail revenue reached VND2,020 trillion, accounting for 76.1 percent of total and increasing 10.7 percent over the same period last year. Hotel and restaurant services brought VND307.6 trillion accounting for 11.6 percent and increasing 5 percent. Travel revenues were VND25.3 trillion, holding 0.9 percent and hiking 3 percent. Other services’ turnover touched VND302.5 trillion, equivalent to 11.4 percent and up 8 percent. VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VET/VIR