BUSINESS IN BRIEF 21/11 Dung Quat EZ finds fruitful partnership in Korea   Quang Ngai authorities yesterday held a working session with Doosan Heavy Industries Company at its Korean headquarters and granted investment certificates to six Korean enterprises investing in Dung Quat Economic Zone in the central province. This event was part of the investment promotion programmes, led by Tran Ngoc Cang, Chairman of the Quang Ngai People's Committee, in South Korea, with Doosan Vina as the bridge. The certificates were granted to Samshin Company, Yoobong Company, Wookang Industry Company, Kwangjin Company, Hanbit ENG and Nasan Electric Industry Company, with a total investment value exceeding $11 million. The projects will cover a total of 65,022 square metres in Binh Thuan commune, Binh Son district. Jung Yoen In, CEO of Doosan Vina, said, “Doosan Vina will do its utmost to bring Korean businesses to Quang Ngai to invest and raise the province’s level of development. It is also our commitment when investing here." Speaking at the meeting with Doosan Heavy Industries Company, Chairman Cang said that Doosan Vina’s plant was the first foreign invested project in Quang Ngai. Since October 20, 2006, the project has been contributing to the fundamental change in the GDP structure of the province and increasing industrial density, budget revenue, and providing jobs for 2,500 provincial laborers and more than 1,000 workers from other provinces and cities in Vietnam. Also at the meeting, Cang awarded certificates of merit to Doosan Vina for its contribution over the past 10 years to the provincial development. Notorious JA Solar project finally receives environmental approval The Ministry of Natural Resources and Environment has approved the environmental impact assessment for JA Solar Hong Kong Investment’s silicon solar cell manufacturing plant project a long time after construction works had to be suspended, according to newswire Dantri. According to the approved report, the investor will have to install a wastewater treatment system with a capacity of 5,400 cubic metres per day and ensuring that the entire wastewater volume produced by the plant will be treated before disposal. Besides, it will have to install an automatic wastewater monitoring system connected with the monitoring system of the Bac Giang Department of Natural Resources and Environment. Additionally, the plant will not be permitted to import silicon scraps for manufacturing silicon solar cells. Previously, on November 27, 2016, the construction of the $280-million first phase of JA Solar Vietnam was officially started at Quang Chau Industrial Park in Viet Yen district in the northern province of Bac Giang. Accordingly, JA Solar Hong Kong would build a plant to produce solar cells with a total investment of $1 billion. The plant would generate $500 million in revenue each year and employ 3,000 people. However, in March, construction works stopped after the investor was found not to have prepared the necessary environmental impact assessment report. Nguyen Anh Quyen, head of the Bac Giang Industrial Zones Management Board, admitted at a local conference that JA Solar Hong Kong had started construction before its environmental impact report was approved. Founded in May 2005, JA Solar, the world’s leading cell producer since 2010, has firmly established itself as a tier 1 module supplier. It has eight production facilities worldwide. Its silicon wafer, cell, and module production capacity has reached 2.0GW, 5.0GW, and 5.5GW, respectively. To date, JA Solar has shipped products with a cumulative capacity of 17.5GW. In 2015, the company earned $2.15 billion in revenue and now employs 22,000 people. SOE reform to fuel higher economic growth Shosuke Mori, senior managing executive officer at Sumitomo Mitsui Banking Corporation, told yesterday’s Nikkei-led forum on Vietnam’s growth outlook in Hanoi that the Vietnamese economy boasts great potential for higher growth with higher quality. “The Vietnamese economy has been consistently growing over 20 years. Vietnam is the only country among the ASEAN-5 that has consistently achieved more than 5 per cent growth since 2000,” Mori said. According to him, along with this high growth, Vietnam’s economy has undergone transformational changes since 1990. The country’s GDP per capita has grown by 22-fold, from $98 in 1990 to $2,172 in 2016, and nominal GDP has expanded about 31 times, from $6.5 billion in 1990 to $201 billion last year. “These figures are expected to accelerate even further. According to the International Monetary Fund, Vietnam’s GDP per capita is projected to reach $3,300, and nominal GDP $300 billion by 2022,” Mori stressed. However, Mori also underlined Vietnam’s slow equitisation of state-owned enterprises (SOEs) as one of the biggest challenges for the economy in general and the country’s investment attraction. “I think the SOE reform will be the key in driving the evolution of the Vietnamese economy,” Mori said. “The SOE sector accounts for about 30 per cent of the GDP in Vietnam, and is linked to many industries.” “The reform of SOEs would bring Vietnam to the next stage of its development. The average growth rate of the SOE sector from 2006 to 2016 was around 3.8 per cent, lower than the private sector’s at 4.9 per cent, and the foreign invested sector’s 7.7 per cent.” He also highlighted the government’s efforts to revamp the SOE sector. “Since SOE reform was mentioned in 1986 in the doi moi policy, I understand that the Vietnamese government has been taking proactive steps in this regard,” he said. For example, rules on corporate governance and disclosure, which were a long-standing issue, were established in 2015, and individual directions for the equitisation of SOEs were also announced last year under the strong leadership of the government. The number of SOEs in which the government has more than 50 per cent ownership decreased from 4,000 to 2,800 over the past ten years due to the government's efforts. “SOEs are key drivers of Vietnam’s economic growth, and with these reforms, I believe they can help transform domestic industries,” Mori stressed. Da Nang to host ASEAN Banking Council Meeting The 47th ASEAN Banking Council Meeting hosted by the Vietnam Banks Association (VNBA) is scheduled to take place at Furama Resort in central Da Nang City on November 23-24. The major annual event of the regional banking community will be presented by banking associations of ASEAN countries - Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. This is the third time the VNBA has held such a meeting with the first one in 2000 and the second in 2007. The meeting will focus discussions on sustainable financial development, financial inclusion, the application of state-of-art technologies, human resource training and others as well as proposing cooperation initiatives and action plans. It will be an excellent opportunity for participants to share experience and strengthen cooperation among regional banks and partners. Role of livestock in achieving SDGs in spotlight Experts and policy-makers from eight Southeast Asian countries gathered in a workshop on “The Role of Livestock in the 2030 Agenda for Sustainable Development in Southeast Asia” in Hanoi on November 16. The event, held by the International Livestock Research Institute (ILRI), sought to enhance current contribution of the livestock industry to the sustainable livelihood and develop its potentials in the region. Speaking at the workshop, Deputy Minister of Agriculture and Rural Development Le Quoc Doanh said Vietnam has adopted the National Action Plan to implement the 2030 Agenda for Sustainable Development which promotes sustainable agriculture among its goals. The country has been implementing agricultural reforms, including steps to improve added values of livestock farming and at the same time, develop livelihoods of the farmers, protect the environment and ensure food safety, Doanh noted.  The livestock industry grew about 4.5 – 5% annually between 2011 and 2016 and contributed to around 30 – 32% of the agricultural earnings, he added. Director of the National Institute of Animal Sciences Nguyen Thanh Son said progress in livestock farming plays a major part in achieving ten out of 17 Sustainable Development Goals (SDGs). He expected public awareness of the significance of the livestock industry to the SDGs will be improved in the time ahead while there will be more activities to encourage investment into the sector to maximize its contribution to the SDGs. Livestock helps boost economic growth, creates incomes, and improve food security, nutrition and human health, said ILRI Director General Jimmy Smith, adding that research and development activities and policy support programmes are able to transform small and medium-scale breeding farms in the region into more adaptive, efficient and dynamic food supply systems, bringing better opportunity for women and young people. At the workshop, attendees shared experience and study findings about the growth of the livestock in Southeast Asia and the regional countries’ priorities and investment plans for the sector to develop sustainably. They also discussed ways to step up cooperation between the countries and organisations in the region to address common challenges in the field. Sales & Marketing Camp 2017 officially opens in HCM City Over 1,000 leaders, directors, senior managers as well as sales and marketing staff and students this morning participated in Vietnam Sales & Marketing Camp 2017 themed “Digital Transformation” in Ho Chi Minh City to study and improve their knowledge.  Being the largest event in the sales and marketing sector co-organised by chairman of the directors of Sales & Marketing Club Vietnam (CSMO Vietnam) and Le Bros, Vietnam Sales & Marketing Camp 2017 aims to help participants to update on new trends, while simultaneously expand their relationship network to develop their careers and exchange experiences. “The digital transformation and the 4.0 Industrial Revolution have brought about dynamically changing operation trends, shifting the position of enterprises in the sales and marketing and communication sectors. We hope that the event will help participants understand better the power of digital solutions and then apply them in reality and find new ways to develop their enterprises,” said Bui Quy Phong, deputy chairman of CSMO in the north. In the framework of the two-day event (November 17-18), 45 speakers from leading groups will hold presentations on 10 key topics and discussions to share knowledge and new trends, as well as the compulsory creativities in order to maintain their operations in the sales and marketing sector. Notably, the programme organised today is for everyone interested in the communications, sales, and marketing sector. CSMO Summit organised tomorrow is for senior managers with discussions of management and human resources and job opportunities, as well as the agency-client relationship. Dung Quat EZ attracts more than US$11 million investment Six businesses from the Republic of Korea have been granted licences to invest in Dung Quat Economic Zone in the central province of Quang Ngai. Tran Ngoc Cang, chairman of Quang Ngai Provincial People’s Committee, and representatives of the managing board of Dung Quat Economic Zone handed over investment licences to the six businesses at the headquarters of Doosan Heavy Industries & Construction Co., Ltd in Busan during their recent working visit to the ROK. This was part of the trade and investment promotion activities of Quang Ngai province in the ROK, supported by Doosan Vina. Six businesses will pour more than US$11 million into projects covering 65,022 sq m in Binh Thuan commune, Binh Son district, Quang Ngai province. Yoen In Jung, Doosan Vina CEO, said that since it established operations in Vietnam, Doosan Vina has always stood side by side with Quang Ngai province in investment attraction. It serves as a bridge to bring more Korean investors to the province. At a working session with Doosan, Mr. Cang said Doosan Vina was the first FDI project in Quang Ngai. After 11 years of operation, the company has contributed to changing the provincial GDP structure, increasing budget collection, and creating jobs for 2,500 direct workers and more than 1,000 indirect labourers. Viet Nam Expo to begin on December 6      The 15th Viet Nam Expo 2017 will take place in HCM City’s Sai Gon Exhibition and Convention Centre from December 6 to 9. It is expected to be a landmark event for local and international businesses to exchange trade and investment opportunities. “The forthcoming exhibition, the largest ever of its kind, will comprise 800 pavilions of 750 companies from 16 countries and territories such as India, Taiwan, Germany and South Korea, as well as Indonesia, Malaysia, America and mainland China,” the event’s organiser, the Viet Nam National Trade Fair and Advertising Co, said in a statement. On display will be electronics, electrics, tech devices and equipment and accessories, as well as manufacturing machines, construction material, tools and hand tools, in addition to interior and outdoor decorations, food, beverages and cosmetics. A series of conferences and programmes will be held on the sidelines of the four-day event, including the Viet Nam-China mechanical engineering exchange programme and a seminar on economic, trade and investment co-operation in China’s three provinces of Beijing, Tianjin and Hebei on December 6. A dialogue discussing infrastructure quality in Asia and a workshop on opportunities and challenges for Viet Nam’s supporting industries in the context of the Industrial Revolution 4.0 will be held on December 7. A training programme on techniques and processes for developing customer-oriented products in the context of global competition on December 8 will be also held. The previous event in HCM City attracted the participation of 520 businesses and over 11,600 visitors.  Vinasun, MoMo partner on smart payments      Taxi service provider Vietnam Sun Corporation (Vinasun) and MoMo E-wallet developer M_Service Company signed a strategic cooperation agreement on Wednesday to provide smart payment service to customers. Under the agreement, customers using Vinasun’s services can use the MoMo E-Wallet on their smartphone to scan QR codes provided by taxi drivers to pay taxi charges. In addition, passengers who book a car via the Vinasun app can choose to link with the MoMo E-Wallet integrated in the app and the system will automatically pay the exact amount after each trip. Once the trip and payment is completed, a message will be sent and the transaction history will be saved on the customer’s e-wallet application. This helps customers find information and manage their spending effortlessly. Money in the MoMo E-wallet can be deposited directly from accounts at 11 banks and through international cards of users or topped up at more than 5,000 transaction points of MoMo nationwide. Viet Nam can exploit Industry 4.0: Deputy PM      Viet Nam’s telecom infrastructure gives it a good foundation for developing business models based on digital connections, vital for success in the fourth industrial revolution, Deputy Prime Minister Vuong Dinh Hue said on Friday. As such, the nation will focus on building a world of super-connectivity needed to tackle challenges posed by Industry 4.0, he told a forum held in Ha Noi. In line with its aim of being a constructive Government, his administration will work closely with the business community as well as local and foreign experts to overcome problems that arise, the Deputy PM added. He also said that the Government would promote corporate social responsibility on the basis of harmonious interests between the State, the people and businesses. Efforts will continue to remove administrative barriers and develop favourable policies and mechanisms to boost national competitiveness, he said. The Deputy PM noted that Viet Nam has achieved remarkable success in developing its telecommunications industry, with over 130 million mobile phone subscribers and more than 55 per cent of the population regularly connecting to the Internet. This has laid a good foundation for new business models based on digital connections, including sci-tech startups, he said. With the right approach, low-income groups can also participate in and benefit from the fourth industrial revolution, he added. “To be successful, every country and every business needs to come up with a unique solution and approach. Knowing the problem and having a different vision is very important in today’s context,” Hue said. The forum featured in-depth discussions among the prospects of a competitive and inclusive Viet Nam, measuring social impacts of businesses, the WEF’s new approach to assessing national competitiveness and technological change, bottlenecks to improving national competitiveness and other solutions for improvement. Justin Wood, Asia Pacific head of the World Economic Forum (WEF), said that the impact of the Fourth Revolution will lead to a shift in focus from cheap labour to labour quality. In response, the WEF has been working on a project with the Ministry of Labour, Invalids and Social Affairs (MoLISA) to develop a human resources training system using the former’s experience and expertise in business competitiveness and economic development, Wood said. The WEF sees that Viet Nam’s connectivity index will improved in the coming years, said Thierry Geiger, WEF’s Head of Analytics and Quantitative Research on Global Competitiveness and Risks. He noted that Viet Nam has evolved from a low-income to a middle-income country, and is looking to further develop into a high income one in order to avoid the middle-income trap. A super-connected world will provide opportunities for all individuals, businesses and organisations in all regions regardless of borders, creating the ultimate opportunity for development, which is true for Viet Nam and all other economies, said Gemma Corrigan, WEF’s expert on Economic Growth and Social Inclusion Initiative. However, the Deputy PM noted that some recent changes in business models have caused social disturbances through large-scale displacement of workers, as has happened with taxi firms and some manufacturing industries. The new transnational digital platform business model has to address the issue of fair financial obligations and fair competition, and the role of the State in managing this development process, Hue said. Deputy Foreign Minister Bui Thanh Son noted that the Vietnamese Government and WEF had early this year signed a co-operation agreement on future economic development. At the moment, the WEF is in the process of preparing a report on Viet Nam during the Fourth Industrial Revolution that is expected to provide practical recommendations. Jointly held by the Ministry of Foreign Affairs (MoFA) and the WEF, the theme of yesterday event was Competitiveness and Development in the context of the Fourth Industrial Revolution.  Sao Ta Foods becomes Ben Tre Aquaproduct affiliate      Ben Tre Aquaproduct Import and Export JSC (ABT) has completed the purchase of nearly 7.84 million shares, equal to 20.1 per cent of voting rights in Sao Ta Foods JSC (FMC), making the latter an affiliate company of Ben Tre Aquaproduct. The company made the announcement on the HCM Stock Exchange on Thursday. Ben Tre Aquaproduct is a subsidiary of PAN Group which holds 72.82 per cent of its capital. Earlier, Hung Vuong Corp (HVG) decided to offload its entire holding of 21.128 million shares — equivalent to 54.28 per cent of Sao Ta Foods’ capital — to streamline its business in the context of declining performance and heavy interest burdens. SSI Asset Management Co Ltd on Monday also bought more than 7.72 million shares of Sao Ta Foods, lifting its ownership to 19.97 per cent of voting rights. Sao Ta Foods is one of the three biggest shrimp exporters in Viet Nam. The shrimp exporter reported its best-ever result with estimated pre-tax profit of VND125 billion (US$5.5 million) in the fiscal year 2016-17, an increase of 25 per cent over the yearly target and up 60 per cent year-on-year. The company’s shares are trading at about VND22,000 per share on the HCM Stock Exchange.  Japanese backs Da Nang tourism      The Mikazuki hotel Group from Japan will spend more than US$100 million to build a water park and five-star hotel on the beach of Da Nang – the biggest investment in tourism property from Japan iin the city. The project, which will cover 13ha, will include a 5ha water park, and a five-star hotel with 280 rooms on Da Nang Bay. It is the biggest foreign investment in tourism property in the city this year. Earlier, the Route Inn Group from Japan launched a four-star hotel project, the Grandvrio Da Nang City. It is the first of a chain of 50 hotels in the country. Japan is the second largest investor in Da Nang with 134 projects worth $598 million. The city has hosted 5.1 million tourists, of which 1.76 million were foreigners, in the first nine months this year. The number of Japanese visitors has trebled in recent years.. Japanese projects create 40,000 jobs for the city and neighbouring provinces. The city has also reserved a 134ha industrial park for medium and small-size businesses from Japan. Tourist real estate remains a favourite investment magnet in this central city, attracting 25 foreign direct investment (FDI) projects worth $1.8 billion or 54 per cent of total FDI capital in the city. The city has so far developed 16 tourist property projects consisting of 749 villas, of which 609 are for sale and 140 for lease. Vingroup launches 2 new Vincom centres      The real estate developer Vingroup on Friday officially launched Vincom Plaza Tuy Hoa in the southern province of Phu Yen and Vincom+ Uong Bi in the northern province of Quảng Ninh, increasing the number of Vingroup’s commercial centres to 44. Vincom Plaza Tuy Hoa and Vincom + Uong Bi are covered with full retail, food, and entertainment areas – marking the first appearance of Vincom in Phu Yen and Uong Bi, bringing modern consumer culture to young cities. In Phu Yen Province, Vincom Plaza Tuy Hoa has a total area of over 12.000sq.m located in the centre of a crowded urban area. It brings local people the utilities that first appeared in the province such as a CGV cinema and modern electronic entertainment zone named Đức Nguyen Phat. Customers also witnessed the appearance of a series of top restaurants such as King BBQ, Hotto, Lotteria, Rainbow Yogurt and other prestige brands in Việt Nam and internationally such as Korean style home appliances Minigood, Vascara shoes and bags, Triumph, IVY Moda, TNG, Aristino, PNJ and Fahasa bookstore. In Quang Ninh Province, Vincom + Uong Bi, covering an area of 4,000sq.m, will be a new shopping destination for local people and tourists with well-known brands such as TNG Fashion, Esjaco, Chingu BBQ and Lotteria. The TomKiss entertainment area, with many modern entertainment activities for children to exercise and play, will be an ideal destination for young families at the weekend. These two new shopping centres will also see some of Vingroup’s retail brands, such as VinMart supermarket and the VinPro technology and electronic supermarket. Of which, VinMart provides a variety of products, from fresh food such as VinEco products applying Israeli agricultural technology, cosmetics, household appliances and consumer goods. With reasonable prices, clear origin and quality guarantee, VinMart will contribute to improving the quality of life and become the daily choice of every family. In addition, VinPro offers electronic products, refrigeration, household appliances, mobile phones, and laptops from world famous brands and attractive after-sales policies. On the occasion their launch, Vincom Plaza Tuy Hoa, Phu Yen and Vincom + Uong Bi are offering a series of promotions for customers. CapitaLand acquires 1.45ha project in HCM City      CapitaLand has acquired a 1.45ha site in District 4 which will be developed into an 870-unit residential development worth a total of US$177 million, the real estate company announced without disclosing the deal value. The acquisition represents the company’s ninth residential development in HCM City and 11th project in Viet Nam, according to the press release issued on Thursday. Strategically located within a five-minute drive from Districts 1 and 7, the project will comprise three 24-storey towers and enjoy panoramic views of the Sai Gon River and city skyline. The latest acquisition comes on the back of a year of record home sales growth for CapitaLand in Viet Nam, it said. “2017 marks a record year of growth for CapitaLand in Viet Nam with the highest home sales value achieved in nine months, surpassing that of the 2016 fiscal year by close to 50 per cent,” said Chen Lian Pang, CEO of CapitaLand Vietnam. Viet Nam is the third largest market for CapitaLand in Southeast Asia, after Singapore and Malaysia. As at end September 2017, it has S$2 billion worth of gross assets under management in Viet Nam. The latest acquisition will expand CapitaLand’s portfolio to 11 residential developments, 21 serviced residences with around 4,700 units and one international Grade A office development across six cities in Viet Nam.  Mekong Agriculture Technology Challenge programme starts      The Mekong Agriculture Technology Challenge (MATch) was launched in HCM City on Thursday, aiming to support agricultural start-ups for the Mekong region’s agriculture to be turned into a more competitive and sustainable industry. MATch is the latest in a series of innovation accelerators by the Mekong Business Initiative (MBI) with funding and support from the Australian Government and the Asian Development Bank. Phan Vinh Quang, deputy director of MBI, said agricultural technology start-ups and global agricultural solution providers, can join MATCh to help transform the Mekong region’s agriculture industry into a leading global supplier of safe and nutritious food. The programme includes two challenges – the MATch Startup Accelerator and the MATch Market Access Accelerator. The first is aimed at innovative early stage agritech start-ups and traditional agriculture businesses with new, scalable business models in Cambodia, Laos, Myanmar and Viet Nam. The second challenge will help mature international agritech companies expand into the Mekong region. Participants will receive mentorship and assistance with their expansion plans including product adaptation, and help forge relationships with partners and investors in the region. The competition offers awards and prizes worth US$200,000 in total, provided via technical support and service provision. Award winners will also be introduced to and receive finance from strategic investors. The winners will also be invited to present their solutions at the Greater Mekong Subregion Summit in Ha Noi in 2018 and to participate in the Future Food Asia Award Competition held in Singapore. The programme accepts online applications at www.match.mekongbiz.org until the end of December.  Mau Son tourism site goes green in fresh campaigns Mau Son tourism site in the northern mountainous province of Lang Son has been cleaned up thanks to efforts to raise public awareness to protect the environment at the tourist attraction. Various popularisation programmes have been run such as “Green Sunday” and “Mau Son youth join hands to conserve the environment”. Volunteers and locals have collected rubbish around the site at weekends and on holidays when tourists flock to the site. According to the Mau Son tourism site management board, from the outset of the year, Mau Son welcomed some 75,000 visitors who left a lot of trash and waste during their trips. The board said that it will promote popularisation work to ensure a clean environment at this tourist attraction.  Located 30 kilometres northeast of Lang Son city, Mau Son is home to the Tay, Dao, and Nung ethnic minorities. The mountain boasts beautiful landscapes, clean air, and cool weather year-round. Tourists often flock here to enjoy its beautiful streams and waterfalls as well as to occasionally experience snow in winter. The area is well-known for peaches, Tuyet Son tea, wine and rare cockerels with six claws. Vietnam Expo 2017 promotes new products for 2018 The 15th Vietnam International Trade Fair (Vietnam Expo 2017) on December 6-9 in Ho Chi Minh City will see the introduction of new products that will hit the market in 2018. According to the Vietnam National Trade Fair & Advertising Company (Vinexad), participating companies want to introduce their new items for 2018 with the aim of seeking customers’ feedback for evaluating the market’s demand. The expo, held by the Vinexad, continues to be an important bridge to connect Vietnamese and foreign enterprises, allowing them to meet and exchange views on business cooperation. It is also a destination where policy makers can update latest waves of market and producer can popularise their trademarks as well as expand consumption market network. This year event will feature 800 booths displaying products in the fields of electronic devices and products, hardware products and hand tools, construction materials and household products-consumer goods. The organising board has received 860 registrations through website and fanpage so far, including those from the UK, the US, the United Arab Emirates, Turkey, Russia, Slovakia, Belarus and Asian countries. A line-up of talks and trade exchange conferencewill be held in the framework of the event. According to the organising board, some 320 enterprises attended the 2015 event while the number increased to 520 in 2016 and is expected at 750 in 2017. Houses presented to disadvantaged families in Soc Trang The Vietnam Fatherland Front (VFF) of the Mekong Delta province of Soc Trang and the provincial Lottery Company on November 16 presented 167 houses to poor and near-poor families. Each family also received an aid of 30 million VND (1,320 USD) and a gift set worth 500,000 VND. At the ceremony, Duong Sa Kha, Chairman of the provincial VFF, said that the houses were built with 5 billion VND (220,130 USD) sponsored by the Soc Trang Lottery Company along with the contributions of local authorities and those families.  Since 2015, the Soc Trang Lottery Company has raised more than 15 billion VND (660,390 USD) to build 667 houses for disadvantaged families across the locality. Industry, trade sector see strong growth in HCM City HCM City’s industry and trade sectors were among the leading, the city’s Department of Industry and Trade, said on November 15. Compared with 2016, the index of industrial production (IIP) this year is expected to increase by nearly 8.5 percent; turnover from retail goods and consumer services by 10.9 percent; and export turnover by 15.1 percent. Industry and trade reached added value of around 356 trillion VND (15.8 billion USD), accounting for 33.6 percent of the city’s GRDP. “The breakthrough growth of four key industries -- food processing, chemistry-rubber engineering, electronics and information technology -- saw significant achievements with IIP 1.83 times higher than that of national industry,” Pham Thanh Kien, Director of the department, said. “Infrastructure for modern trade included an additional 18 supermarkets, three shopping malls, and 218 convenience shops compared with 2016. There was remarkable growth of online trade, which contributed to commodity retail and consumer service turnover,” he added. City authorities have launched many support policies for enterprises. Enterprises in the industry and supporting sectors can now borrow capital of up to 200 billion VND (8.9 million USD) per project, with preferential-loan interest periods lasting seven years. This year, the city organised 35 trade promotion campaigns by connecting international retail groups with local producers and helping enterprises expand market share in neighbouring provinces and international markets. Rapid establishment of new enterprises, with nearly 330,000 this year, an increase of 8.45 percent, also contributed to growth. However, most of the new enterprises were micro and small-sized companies, which have difficulty accessing preferential capital from the Government and banks. The supporting industry has gained initial achievements, but is not strong enough to meet material demand for local producers. “In the coming time, the trade and industry department will promote trade focusing on key markets with trade surpluses with Vietnam of over 1 billion USD, like China, the Republic of Korea, Singapore, Taiwan (China) and Thailand,” Kien added. “We will focus on policies to help supporting enterprises so they can take advantage of free trade agreements, and develop technical barriers to minimise any negative impact from such agreements,” he added.  Economists have said that HCM City must identify its export advantages and focus all resources to promote key export industries like electronics, computers, software and digital content and services. VN food makers urged to up quality Vietnamese food producers need to focus on improving product quality, invest in new technologies and build brands to meet consumer demand and increase export value, experts said at the Vietnam Food Forum held in HCM City on November 16. With consumers increasingly concerned about product hygiene and food safety, more attention should be paid to the food chain’s different stages, where hazards can occur, according to Nguyen Song Ha, assistant chief representative of the Food and Agriculture Organisation (FAO) of the UN. Good Agricultural Practices (GAP) should be applied to improve safety and quality, he said. “Vietnamese businesses should invest more in GAP to enable our products to be more delicious and safer so as to improve our position in the world market,” Ha said. The volume of VietGap-certified products remains modest compared to market demand, he added. According to FAO’s forecast, consumption of high-quality food products will increase significantly until 2020, Ha noted. Speaking on the sidelines of the forum, Nguyen Huong Quynh, managing director of  Nielsen Vietnam, said consumers were willing to pay for high-quality, prestigious products. “Vietnamese food producers have paid a lot of attention to export markets and are selling products that they have, but haven’t focused on what consumers really need,” she said. Businesses should not forget that the domestic market has great potential and that many foreign players want to jump in, she added. Quynh suggested that they focus more on domestic consumer demand, develop suitable products and improve their technology and product designs. Speaking at the forum, Do Thang Hai, Deputy Minister of Industry and Trade, said the food industry had greatly contributed to export revenue, creating jobs and improving workers’ incomes. Export of agricultural and food products were worth 29.6 billion USD last year, a year-on-year increase of 12.7 percent. But 90 percent of Vietnamese farm exports are raw products, with low added value. Leon Trujillo, an expert in branding, said: “Vietnam has become a food production powerhouse, but not every country is aware of this.” He urged Vietnam’s food sector to develop a brand identity that brings value to products, the country and its food producers. More investment in technologies is needed to raise the ratio of processed products, delegates said, adding that more research and development was necessary to increase competitiveness and add more value to products. Nguyen Trung Anh, R&D director of the PAN Group, said the company had developed a farm-food-family closed value chain to offer trusted and traceable products. It has also worked with local and foreign partners to transfer technologies, develop new products and automate production. In addition, it has invested in R&D and built linkages with farmers to develop its own material sources, he said. Deputy Minister Hai said the Ministry of Industry and Trade in collaboration with ministries, business associations and companies are implementing measures to develop markets, improve quality and build brands for Vietnamese food products to gradually raise the export value of products. At the forum, the Vietnam Trade Promotion Agency (Vietrade) signed a memorandum of understanding with the Hong Kong Trade Development Council for cooperation in trade promotion between Hong Kong and Vietnamese businesses. Vietrade also signed an MoU with Nielsen Vietnam for cooperation in market research and development. At the event, Jocelyn Tran, from Walmart, also described how companies could become suppliers to Walmart. The forum included a business-to-business meeting between Vietnamese producers and foreign importing groups from France, the US, Italy, Japan and China, as well as local and foreign supermarkets and hypermarkets such as Walmart, CJ Group, Lotte, Central Group, Vinmart and Satra. Held on the sidelines of the Vietnam Foodexpo, the forum was organised by Vietrade, the FAO and VPBank. WEF to propose policies for Vietnam to seize 4IR opportunities The World Economic Forum (WEF) will build a report proposing policies for Vietnam to improve competitiveness and prepare all necessary conditions to optimise opportunities and benefits from the Fourth Industrial Revolution (4IR). Deputy Minister of Foreign Affairs Bui Thanh Son revealed the information at a workshop held by his ministry and the WEF in Hanoi on November 17. He underlined the growing relations between Vietnam and the WEF over the past time and said the report will be built as part of the bilateral cooperation agreement on future-proofing economy in Vietnam signed in 2017. Justin Wood, head of the Asia Pacific region of WEF, said Vietnam has seen remarkable strides since 1980s from a low-income country to middle-income one.  Vietnam is striving to become a high-income nation in the future, he added. Addressing the event, Deputy Prime Minister Vuong Dinh Hue highlighted opportunities from the internet of things, which enable all individuals to start business and help promote inclusiveness.  Vietnam has obtained significant achievements in the field of telecommunication infrastructure, he said, adding that the country has over 130 million mobile phone subscribers and the 4G network has covered up to 99 percent of Vietnamese districts. Fifty-five percent of the population has been frequently connected with the internet, he noted. Besides opportunities, the 4IR also poses numerous challenges in increasing competitiveness and promoting inclusiveness in Vietnam such as changing business models and shifting labour forces – which have been occurring in some taxi firms and manufacturing and processing industries, Hue said. He affirmed that the Government will hold regular dialogues with the business community as well as domestic and foreign experts to remove barriers and tackle any arising issues stemmed from the fourth industrial revolution. The Government will also create a legal corridor and essential action programmes to support businesses as well as encourage the formation of start-up ecosystems based on science and technology and promote corporate social responsibility. HCM City steps up cooperation with IFC Ho Chi Minh City is committed to creating favourable conditions for the International Finance Corporation (IFC) to carry out joint projects based on current laws, stated Le Thanh Liem, Vice Chairman of the municipal People’s Committee. Liem made the statement at a reception for Kyle F.Kelhofer, IFC Senior Country Manager for Vietnam, Laos and Cambodia, in the southern city on November 17. While affirming that the IFC’s financial assistance and investment mobilisation have contributed significantly to the city’s development,  Liem asked for further support from the IFC, particularly in attracting, managing and effectively using foreign investments. For his part, Kelhofer said the IFC wants to assist HCM City in seeking and luring capital from investors and international financial partners for the city’s infrastructure development. He noted that cooperation programmes with the IFC could enable the southern economic hub to access diverse sources of funding with low interest rates.  Kelhofer told his host that the IFC is willing to share experiences with the city on how to effectively attract, manage and use foreign capital, and provide technical support to help the city implement public-private partnership (PPP) projects. At the working session, both sides agreed to boost relevant studies in a bid to soon turn their bilateral cooperation plans into practical and feasible projects. The IFC, a member of the World Bank Group, has operated in Vietnam since 1994. It has so far mobilised 5.6 billion USD to fund 123 projects in infrastructure development, agriculture, renewable energy and banking in the country. Management of product origin to be enhanced The General Department of Customs has ordered the management of origin and labels of imported products to be enhanced. The move comes in the wake of a probe into Khaisilk’s trade fraud of selling "Made-in-China" products under the Vietnamese brand, which caused a stir. Accordingly, customs departments across the country must enhance their management of product origin and labels following the Government’s Decree 19 on product origin, Decree 43 on labeling and Ministry of Finance’s Circular 38 on customs management procedures. Special attention must be paid to Vietnamese companies’ products that were produced abroad and then imported into the country. All violations must be reported to the General Department of Customs. According to current regulations, organisations and individuals placing goods in circulation must be in charge of labeling, and the labels must provide clear and accurate product information. The Khaisilk fraud was uncovered more than a week ago when a company which bought Khaisilk-branded scarves at a Khaisilk store on Hang Gai shop in Hanoi found one scarf with two tags – one with “Khaisilk Made in Vietnam” and the other with “Made in China.” Hoang Khai, chairman of the group which is considered a top Vietnamese silk brand, later admitted that the scarves were actually imported from China. On November 4, Deputy Prime Minister Truong Hoa Binh asked the Ministry of Industry and Trade in coordination with relevant ministries to clarify violations of Khaisilk and report the findings before December 15. Customs’ statistics showed that imports of silk products from China were worth 1.2 million USD in the first nine months of this year, while the figures were 2.3 million USD in 2016 and 4 million USD in 2015. From 2015 to September 2017, Vietnam imported more than 8,800 silk scarves from China, worth some 35,800 USD. In another development, the Hanoi Department of Taxation recently reported on the tax payments of Khaisilk’s store on Hang Gai Street. Accordingly, the store, which is owned by Nguyen Thu Nga and began selling silk products from January 2004, earned revenue of 14 billion VND in the January-September period and paid tax of more than 200 million VND for the period. The company earned 15.6 billion VND in 2015 and 16.11 billion VND in 2016 as revenue, and paid taxes worth 234 million VND and 241 million VND, respectively. The tax department said that the store was not in arrears of taxes. Earlier, the General Department of Taxation had asked the municipal tax department to report on the performance of tax payment of Khaisilk Group and its stores in Hanoi. Hanoi prepares goods worth 1.14 billion USD for Tet Hanoi’s Department of Industry and Trade is partnering with firms and business households to prepare goods worth 26 trillion VND (1.14 billion USD) in total for the upcoming Tet (Lunar New Year) holiday.  This was a rise of 10 percent over last year’s plan due to an anticipated increase in consumption, the department said. Le Hong Thang, the department’s Director, said the department would keep a close watch on market supply and demand with a focus on essential items such as food products. Thang also asked district authorities to create conditions for firms and business households to accumulate goods for the Tet holiday and urged firms to actively study market demand and implement plans for production and goods purchase to ensure adequate supply and prevent scarcity of goods and unreasonable increase in prices. Demand for goods in the months ahead of Tet (from January 1, 2018 to February 28, 2018) is estimated to be 10-15 percent higher than other months, the department said. The volume of goods for the Tet holiday included 193,600 tonnes of rice, 50,000 tonnes of pork, 14,000 tonnes of chicken meet and 13,800 tonnes of beef, as well as 200 eggs, 220,000 tonnes of vegetables, 12,000 processed food products and 12,000 fishery products, along with 3,500 tonnes of dry agricultural products, 3,000 tonnes of confectionary products, 200 million litres of alcoholic and beverage products and 120,000cu.m of petrol and oil. Vietnam trade fair begins in Cambodia The Vietnam Trade Fair 2017 opened in Phnom Penh, the capital city of Cambodia, on November 18, drawing more than 150 businesses of Vietnam and Cambodia. The event, the eighth edition, was co-organised by the Defence Ministry and Industry and Trade Ministry of Vietnam and the Defence Ministry and Commerce Ministry of Cambodia. It will run till November 22, with over 230 booths, covering an area of about 10,000 square metres. A forum to bolster Vietnam - Cambodia trade and investment will take place at the event, along with daily cultural performances. Speaking at the opening ceremony, Vietnamese Deputy Defence Minister Tran Don said Vietnam has to date launched 190 investment projects in Cambodia with total registered capital worth nearly 3 billion USD. Meanwhile, Cambodia’s investment in Vietnam is also on the rise, with 18 projects capitalizing at over 58 million USD.  Two-way trade hit 3 billion USD per year and the two countries are striving to raise the figure to 5 billion USD in upcoming years. The fair is an important political event that fosters the friendship between the two nations. It also offers opportunities for Vietnamese firms to enhance cooperation with their Cambodian counterparts and explore new markets, thus boosting export to ASEAN member countries and Cambodia in particular, Don added. For his part, Cambodian Secretary of State for Commerce Ok Boung said the event aims to consolidate and develop the traditional and comprehensive partnership between the two countries, celebrating the 50th founding anniversary of the diplomatic relations and the Vietnam – Cambodia Friendship Year 2017. The Cambodian officials voiced his hope that the fair will enhance business connection of the two countries as various contracts will be inked. He affirmed that the two sides will continue working in creating optimal conditions for business links for mutual interests.- VNPAY & Thang Long Transport sign MoU Representatives from the Vietnam Payment Solutions Joint Stock Company (VNPAY) and the Thang Long Transport Corp. have signed a memorandum of understanding (MoU) on providing a new form of payment - VNPAYQR scanning on the mobile banking application. The payment form is expected to bring benefits to both customers and Thang Long Transport. General Director of VNPAY, Mr. Le Tanh, told the signing ceremony that VNPAY is one of the leading companies in the field and provides payment solutions to over 8,000 Vietnamese enterprises and has cooperation agreements with 31 banks in Vietnam. General Director of Thang Long Transport, Mr. Nguyen Tien Long emphasized that applying new technology, especially QR codes, has become necessary in recent times because it brings convenience to customers. “We will apply mobile payments through QR codes in Hanoi first and will then expand to other cities and provinces, especially Bac Ninh province,” he said. “Most foreign customers, such as those from Japan and South Korea, expected that we will adopt new payment solutions.” Thang Long has become a multi-business corporation, in passenger transport, transportation construction, and commercial business. In passenger transport, the company has 700 taxis and 800 employees, operating in the capital Hanoi and northern Bac Ninh and Bac Giang provinces. VNPAY was officially established in March 2007 by a team of experienced leaders in the field of banking and finance, information technology, and telecommunications. With the goal of becoming a leading company in the field of electronic payments in Vietnam, over the last four years VNPAY has cooperated with 31 banks, seven telecommunications companies, and more than 8,000 enterprises, providing payment solutions such as SMS Banking, the VnTopup phone recharge service, VnMart e-wallet, multi-SIM, and the VNPAYQR payment gateway. VNN