BUSINESS IN BRIEF 23/11 Japanese market shows interest in Vietnamese seedless limes   There is tremendous opportunity for Vietnamese seedless limes, cultivated in Ben Luc District in the Mekong Delta province of Long An, to be exported to Japan, a fastidious market. This was stated at an agricultural promotion conference recently held in Wakayama Prefecture, Japan. At the event, Yoshinobu Nisaka, governor of Wakayama Prefecture, said he was interested in agricultural cooperation between Viet Nam and Japan in general and Wakayama and Long An in particular. Long An can send labourers to Wakayama to support agricultural production there, he said. Japan wants to purchase Vietnamese seedless lime and lime products, such as pure lime powder, instant lime powder, canned lime juice and lime seasoning powder, agricultural expert Kha Chan Tuyen said. He noted that desiccated lime slices, lime leaves, dried lime peel, and especially lime essential oil, are all favoured by the Japanese, who found that these products are made of stable and quality materials. Nguyen Van Hien, chairman of the Chanh Viet Trading and Investment Joint Stock Company, said agricultural experts are supporting his company and local farmers with techniques to cultivate quality seedless limes. Fresh limes and lime products of Ben Luc locals would gain a foothold in the Japanese market, he believed. Earlier, Chanh Viet Trading and Investment JSC exported its products to some European countries. Seedless lime products have also drawn attention from Muslim markets. Vietnamese spend US$8 billion holidays abroad Around 6.5 million Vietnamese people holidayed abroad last year, spending US$7-8 billion, according to the Vietnam Tourism Association. The most popular destinations included Thailand, Singapore, Japan, the Republic of Korea, and China. In addition to booked tours, Vietnamese people are enjoying self-arranged holidays, booking their own air tickets and hotels, especially via the Internet. To meet the increasing demand of Vietnamese holiday-makers, businesses are offering diverse services through different channels, especially on the websites of airlines and hotels. Vietnam Airlines offers discount tickets to Asia The national flag carrier Vietnam Airlines has launched a promotional campaign for flights from Vietnam to a variety of Asian destinations, including China, Hong Kong, Taiwan (China), Thailand, Singapore, Myanmar, and Cambodia. The offer runs from now to December 29, and passengers can get 20% off tickets bought on their website www.vietnamairlines.com or using the Vietnam Airlines mobile apps every Wednesday, Thursday, and Friday. Vietnam Airlines will offer discounted tickets to different destinations each week, and send the latest promotional news via email to members of the Golden Lotus program or those who have registered to receive emails on its website. At present, the airline conducts flights to destinations throughout Asia with 4-star service quality. Vietnam sets sights on Middle East for tuna exports Domestic tuna exporters have seen the Middle East as an alternative market in a bid to move closer to this year’s US$524 million export target, 8% higher than a year earlier after the European Commission (EC) has issued a "yellow card" warning to Vietnam.  During the first three quarters of this year, tuna exports nearly reached US$430 million up 21.2% against the same period last year. As a result, tuna exports are likely to surpass the set export target of roughly US$50 million. However, shrinking exports due to the European Union (EU)’s issuance of ‘yellow card’ has raised great concerns for other major importers. In these difficult circumstances, exporters have found a market that has huge potential to replace the demanding EU market. According to Vietnam Customs, nine-month tuna exports to the US hit US$168.77 million, accounting for 39.3% of the total export revenue and up 16.8% over last year’s corresponding period. The US remained the leading consumer of Vietnamese tuna products. Processed and canned Vietnamese tuna products made up a large proportion of the tuna imported into the highly lucrative market. Globefish reported that the import price of canned tuna averages US$4.5-5 per kg, which is higher than two years ago. The prices of products imported from Vietnam, Thailand and the Philippines are nearly equal and close to the average prices in the US. Over the same period of time, frozen tuna fillet continued to be the key export product of domestic businesses to the EU, constituting 40% of total export value, trailed by canned tuna products at 32%. Germany, Italy and the Netherlands were the three largest EU importers of Vietnamese tuna. In the three quarters of 2017, tuna exports to most EU countries increased when compared to the same period last year, for instance exports to Germany were up 38.3% and exports to the Netherlands saw an increase of 67.2%. With an impressive export growth of 109.3% to almost US$35 million in the period, Israel gradually replaced ASEAN to become Vietnam’s third largest importer. Thailand, Vietnam and the Philippines are the biggest tuna suppliers of Israel, in which Israel imports a big volume of canned tuna products from Vietnam, making the country become the second largest exporter to Israel after Thailand. For Israel’s market segment of frozen tuna, Vietnam is dominating the Israeli market with hardly any significant rivals. In the current climate that has seen exports to traditional markets such as the EU and the US grind to a halt, the Middle East, particularly Israel, has emerged as the best choice for domestic exporters. Tuna imports to the Middle East have displayed a consistent upward trend over recent years, from US$286 million to US$791 million the last decade alone, of which Egypt, Saudi Arabia and Israel are the three largest importers. Last year, Vietnam earned US$41.55 million from exporting tuna to the Middle East, representing a significant rise of 29%. With the high consumption demand of around 200,000 tons annually and a low import duty of 5% when compared to the US and EU, and free duty frozen tuna fillets the Middle East is considered a profitable market for Vietnamese tuna exporters. Tuna exports to the market; in particular Israel, Egypt and Saudi Arabia are forecast to increase sharply in the remaining months of 2017. Experts said despite being surrounded by seven coastal areas, the region is still dependent on importing tuna form elsewhere because of its limited seafood exploitation. The Middle East is emerging as the choice market for tuna exporters in the current circumstances, the markets Vietnam has traditionally exported to, the US and EU, have imposed strict regulations on illegal, unreported and unregulated (IUU) fishing. Can Tho to host Int’l Agriculture Fair 2017 More than 200 exhibitors have registered to partake in the International Agriculture Fair 2017 in Can Tho City on November 23-27. According to organizers, domestic businesses and those from the Republic of Korea, Japan, India, the UK, China, Taiwan, Germany, the US and others will showcase their products on 330 stands with a focus on machines, equipment, agricultural mechanics and materials, plant varieties, processing agricultural products and models for safe and clean agriculture. Diverse activities will be held during the fair to facilitate farming in the Mekong Delta region. They include a production agriculture seminar, a consultation workshop on agricultural equipment and products, a training workshop on farming techniques, art exchanges, trade promotion and introduction of agriculture start-up projects in Can Tho. The fair is part of the national trade promotion program 2017.  Hai Phong to develop 5,800 hectares of hi-tech farms by 2030 Hai Phong city has adopted a resolution to zone off nearly 5,800 hectares for hi-tech farms over the next 13 years. In the first phase from 2017-2020, Hai Phong will develop three hi-tech agricultural parks on 590 hectares and 17 hi-tech farming zones, stretching across more than 2,000 hectares.  The northern city also plans to build 16 hi-tech agricultural zones on an area of 1,900 hectares from 2021-2025 and nine others covering a combined 1,300 hectares from 2026-2030. The city will need more than VND11.88 trillion (US$522.9 million) for the projects. Director of the local Department of Agriculture and Rural Development Pham Van Lap said the city is offering incentives in land and funding and other support in technology and distribution to attract enterprises to join the projects. VinEco established the city’s first hi-tech farm on 46 hectares in Tan Lien and Tam Da communes in Vinh Bao district and aims to expand it to 250 hectares. Currently, the farm produces 3,000 – 3,500 kg of fruit and vegetables daily and provides about 130 jobs. The city is now home to about 300 hectares of hi-tech farms run by seven firms, including DaBaCo, Thuan Loi, Chau Giang, Giang Son and Luong Hue besides VinEco. Some 12 other firms are planning to invest a total of VND8.6 trillion (US$378.4 million) in hi-tech farming projects on more than 1,300 hectares. Ba Ria-Vung Tau plans $4 billion FDI attraction for 2017-2020 The Ba Ria-Vung Tau Province targets to attract US$4 billion worth of foreign direct investment (FDI) in 80 projects for 2017-2020.  Cai Mep – Thi Vai port complex is the only port complex in Vietnam from where container ships can sail directly to Europe and America Among the total, VND100 trillion will come from domestic investment in 90 projects and VND15 trillion in 15 public-private partnership projects. To attract investors, the province has made active efforts to put in place mechanisms and removed investment hurdles that could have prevented it from achieving the “big dreams, big ambitions” Prime Minister Nguyen Xuan Phuc wants it to have. “Ba Ria-Vung Tau will try to reduce the time taken for granting investment licenses and building permits, modernize customs to reduce clearance time, and at the same time build a transparent and investor-friendly government,” Nguyen Van Trinh, chairman of the province People’s Committee, said. Nguyen Hong Linh, member of the Central Party Committee, secretary of the province Party Committee and chairman of the province People’s Council, affirmed that the province is committed to building a facilitating government and actively improving policies to turn the province into an attractive place for well-intentioned local and foreign investors. “The province’s vision is to attract investors selectively, with a focus on large projects, modern technology, high value-addition in the fields of industry, ports, port services and logistics, tourism, and high-tech agriculture,” Linh said. The province has attracted more than $27 billion worth of foreign investment in over 300 projects and VND250 trillion from Vietnamese firms in nearly 500 projects. Besides 14 general industrial parks with comprehensive infrastructure, the province also has two industrial parks specializing in supporting industries: Phu My 3 and Da Bac. With its Cai Mep – Thi Vai port complex, ranked among the top ports in Southeast Asia and one of only 19 in the world that can handle 190,000 dead weight tonnage (DWT) vessels, the province will be a gateway for international trade and trans-shipment in Southeast Asia. This is also the only port complex in Vietnam from where container ships can sail directly to Europe and America. Work on the $5.4 billion Long Son Petrochemical Complex will start soon and it is expected to go on stream in 2022, providing a big push for the province’s economic development. The province has also approved a program for high-tech agricultural development for up to 2020 with a vision to 2025, which envisages setting aside more than 5,000ha in various localities for high-tech agriculture. In tourism, besides continuing to exploit existing attractions like Con Dao and Binh Chau Hot Spring, the province plans to develop some world-class sites. It has so far completed the coastal road from Vung Tau City to Xuyen Moc District, forming a unique beach tourism route with luxury hotels and resorts along the pristine coast. But there are still many sites where investors can develop classy tourism projects. Hilton expands in HCMC & Vung Tau Hilton has announced a further expansion of its Vietnamese portfolio by signing two management agreements with two affiliates of the BRG Group for DoubleTree by Hilton Vung Tau in Vung Tau and Hilton Garden Inn Saigon in Ho Chi Minh City, both of which are scheduled to open in the first quarter of 2022. “DoubleTree by Hilton Vung Tau and Hilton Garden Inn Saigon are significant additions to our expanding footprint in Vietnam,’ said Mr. Guy Phillips, Senior Vice President, Development - Asia & Australasia at Hilton. “Signing three deals in the past three months, including these hotels, not only demonstrates Hilton’s growth momentum in Vietnam but also the huge potential for more developments across established and upcoming destinations in the country. Furthermore, we are thrilled to build on our successful alliance with the BRG Group and its affiliates and remain committed to delivering exceptional returns to our owners.” With the signing of the two hotels, Hilton now has a total of eleven operating or under development in Vietnam, eight of which are owned by the BRG Group. The 250-room DoubleTree by Hilton Vung Tau is located in the heart of Vung Tau, a popular coastal destination near Ho Chi Minh City known for its long stretches of beaches, lakes, and thermal springs. The hotel is an 800-meter walk from the famous Bai Truoc Beach and a short drive away from the Dong Xuyen Industrial Park. Offering more than 1,700 sq m of meeting space, including a ballroom, the hotel will have four dining and bar outlets, a swimming pool, a fitness center, and a spa. Hilton Garden Inn Saigon, meanwhile, is located in District 1, home to most administrative offices, consulates, and multinational companies in Ho Chi Minh City. The 160-room hotel is within 1.5 km of key attractions such as the Opera House, Reunification Palace, and Notre-Dame Cathedral. The hotel will offer two dining and bar outlets, a fitness center, and a swimming pool. “We are proud to have the best performing hotel brands in the world and delighted to be expanding the presence of DoubleTree by Hilton and Hilton Garden Inn in Vietnam,” said Mr. Sean Wooden, Regional Head of Brand Management, Asia Pacific. “Our aim is to be everywhere our customers want to be. In bringing our mid-market brand to Ho Chi Minh City and DoubleTree by Hilton to thriving tourism destinations such as Vung Tau, we are doing just that.” According to Ms. Nguyen Thi Nga, Chairwoman of the BRG Group, DoubleTree by Hilton Vung Tau and Hilton Garden Inn Saigon are the results of the long-term partnership between the Group and Hilton. “The two new hotels will be outstanding products that attract both domestic and foreign tourists to the south of Vietnam,” she said. As part of the Hilton portfolio, DoubleTree by Hilton Vung Tau and Hilton Garden Inn Saigon will participate in Hilton Honors, the award-winning loyalty program for Hilton’s 14 distinct hotel brands. Hilton Honors members receive an exclusive member’s rate along with Honors Points, free standard wi-fi, digital check-in, and free bookings when booking directly through Hilton. Online Friday to offer guaranteed products      Online Friday 2017, the largest annual event for the e-commerce business and consumer communities in Viet Nam, will label 5,000 guaranteed products this year. According to the Viet Nam E-commerce and Information Technology Agency (Vecita) under the Ministry of Industry and Trade, the event’s organiser, the Online Friday sale will take place on the first Friday of December, with hundreds of thousands of products. The organiser will bring positive changes to ensure consumers’ rights this year. Accordingly, guaranteed products will must have certificates of origin. In addition, they will not be allowed to increase listed prices before the sale. Vecita said customers can easily shop and interact with businesses through online and offline activities, along with many available surprise promotional offers. In addition, to increase the quality of products and promotions, the organisers have decided to focus on attracting the participation of large enterprises. Well-known businesses will participate, including Adayroi, Lazada, Shopee and Nagakawa, as well as Sunhouse, Anbico, Sendo and Leflair. Last year, the total sales of 30 large companies at Online Friday 2016, held on December 2, reached VND664 billion (US$28 million), tripling the sales of the previous year.  TTCS announces name change      The Thanh Thanh Cong Sugar Joint Stock Company (TTCS), stock code SBT, held its 2016 – 2017 annual shareholders’ meeting on Monday, the first since its merger earlier this month with Bien Hoa Sugar Joint Stock Company (BHS), stock code BHS. The TTCS’ Board of Directors (BoD) submitted a proposal to change the company name to Thanh Thanh Cong – Bien Hoa Joint Stock Company (TTC Sugar) and proposed to increase the number of board members from five to six, as well as electing two new members for the 2017-2022 terms. The meeting on Monday also introduced changes to the company’s business plan, including an adjustment of foreign investors’ ownership ratio, redemption of treasury shares, and tackling the fact that a number of existing shareholders have been transferring over 25 per cent of total outstanding shares without making public tender offers. On another note, the BoD announced a purchase of more than 83.5 million treasury shares, equivalent to 15 per cent of TTCS’ current charter capital, using the order matching method within the HCM Stock Exchange’s (HOSE) permissive range in the next six months. They also submitted a plan to issue more than 33.41 million new shares to pay dividends to existing shareholders at an annual rate of 6 per cent. Remarkably, the BoD mentioned two plans to increase charter capital through private securities offering in 2018. One such plan involves the issuance of more than VND885 billion ($39.4 million) worth of convertible bonds with maturity dates of two to five years and an annual yield of up to 10 per cent. This plan can be substituted with the issuance of about 88.5 million common shares at the current price of VND21,500 ($0.957) per share. Back in May 2017, TTCS’ shareholders agreed to the merger between TTCS and BHS, and the plan to swap all BHS shares in circulation with additionally issued SBT shares, which is considered a strategic step to improve both companies’ productivity and competitiveness. Since then, TTCS had issued more than 303 million shares in lieu of BHS existing shares under the merger plan. Through this issuance, the company’s charter capital increased from VND2.53 trillion (US$112.6 million) to VND5.57 trillion ($247.9 million), equivalent to more than 557 million shares and a total market capitalisation of over VND15 trillion ($667.8 million). SBT shares are currently trading on the HOSE at $0.957 per share, with total shares at 2 million as of Monday. Binh Thuan tourism and trade fair kicks off      The tourism and trade fair 2017 in the southern province of Binh Thuan opened on Saturday, serving the needs of people visiting and shopping in the province. The fair has attracted nearly 400 booths from 180 domestic enterprises, displaying products such as food, processed food, garments and jewellery, as well as cosmetics, footwear, home appliances and electronics, in addition to agricultural machinery, pets and interior decoration. The exhibition also has a variety of booths, introducing typical products of the region such as Phan Thiet fish sauce, Dak Lak coffee, Soc Trang “pia” cake, Ly Son garlic and Da Lat jam cake. The Binh Thuan tourism and trade fair 2017 is an opportunity for businesses to introduce new products, transfer new scientific and technological advances to people and to help build and develop Viet Nam’s brands. In addition, enterprises have the chance to find partners for cooperation in order to expand their production and market. Besides booths for showcasing and selling products, the fair also has amusement parks, food and cultural exchange programmes, creating a sightseeing and shopping destination for consumers as well as tourists. The fair will end on November 26.  HCMC exports to top $35b this year      HCM City is likely to achieve exports of US$35.2 billion this year, a 15.1 per cent increase from last year, and imports of $43.1 billion, a 13.2 per cent rise. The city accounts for 72 per cent of the Southern Key Economic Zone’s total imports and exports and 19.4 per cent of Viet Nam’s. An import-export gateway for the southern region, a lot of the city’s imports make their way to neighbouring provinces such as Dong Nai, Binh Duong and Long An, often to serve production for exports. The provinces enjoy large trade surpluses – Binh Duong $4 billion, Dong Nai $2 billion and Long An $500 million. Pham Thanh Kien, head of the Department of Trade and Industry, said his department is boosting trade promotion in key markets that buy more than $1 billion worth of goods – such as mainland China, Singapore, Taiwan, Thailand, and South Korea – to reduce the trade deficit. It is developing a plan to enhance exports in 2017-20, he said. The plan would guide policy making for increasing export of high value-added items like computers and parts, software and digital products.  Ca Mau strives to earn 1.1 billion USD from aquatic export this year The southernmost province of Ca Mau is striving to achieve its goal of earning 1.1 billion USD from exporting aquatic products this year.  As of mid-November, the figure neared 900 million USD, up 8.5 percent annually, a positive signal as the shrimp sector faces a tough global market.  Chau Cong Bang, Vice Director of the provincial Department of Agriculture and Rural Development, attributed the growth to rising materials supply that meets nearly 60 percent of total output of shrimp processing for export. The province’s industrial shrimp farming area now covers more than 9,600ha. Thanks to technological adoption, shrimp production accounts for 80 – 100 tonnes per ha each crop, raising the total to roughly 150,000 tonnes since the beginning of this year.  Local authorities are working to promote sustainable shrimp farming by spreading intensive farming models in tandem with environmental protection, closely controlling quality, issuing regulations to improve the management of shrimp farming, waste treatment and breeding shrimp quarantine.  Concerned agencies have also paid attention to technical training and epidemic control. Hai Phong to develop 5,800 hectares of hi-tech farms by 2030 Hai Phong city has adopted a resolution to zone off nearly 5,800 hectares for hi-tech farms over the next 13 years. In the first phase from 2017-2020, Hai Phong will develop three hi-tech agricultural parks on 590 hectares and 17 hi-tech farming zones, stretching across more than 2,000 hectares. The northern city also plans to build 16 hi-tech agricultural zones on an area of 1,900 hectares from 2021-2025 and nine others covering a combined 1,300 hectares from 2026-2030. The city will need more than 11.88 trillion VND (522.9 million USD) for the projects. Director of the local Department of Agriculture and Rural Development Pham Van Lap said the city is offering incentives in land and funding and other support in technology and distribution to attract enterprises to join the projects. VinEco established the city’s first hi-tech farm on 46 hectares in Tan Lien and Tam Da communes in Vinh Bao district and aims to expand it to 250 hectares. Currently, the farm produces 3,000 – 3,500 kg of fruit and vegetables daily and provides about 130 jobs. The city is now home to about 300 hectares of hi-tech farms run by seven firms, including DaBaCo, Thuan Loi, Chau Giang, Giang Son and Luong Hue besides VinEco. Some 12 other firms are planning to invest a total of 8.6 trillion VND (378.4 million USD) in hi-tech farming projects on more than 1,300 hectares. La Residence in Thua Thien-Hue among world’s best hotels La Residence Hotel & Spa in Vietnam’s central province of Thua Thien-Hue has been ranked by the US’s Conde Nast Traveler magazine as the eighth best hotel in Asia. This is the fourth consecutive time the hotel has received the magazine’s Readers’ Choice Awards, one of the most prestigious awards for hostels, resorts, cities, islands, airlines, and cruise lines in the world. La Residence Hue is a boutique hotel on the banks of the Huong (Perfume) River overlooking the former Imperial Citadel, a UNESCO World Heritage Site.  The hotel was painstakingly restored in 2005 and redeveloped as an exceptional design hotel, with architectural features of the the 1920’s Streamline Moderne school of art-deco architecture. Real estate inventories taper off over 16 percent Real estate inventories nationwide saw a reduction of over 16 percent as of November 20, from the same time last year, to an estimated value of over 26 trillion VND (1.14 billion USD). Highest inventories were recorded in residential land. They were estimated at more than 3.1 million square metres and valued at 12.4 trillion VND (544.8 million USD). This was followed by town house with 3,129 units worth over 7 trillion VND (307.5 million USD). Unsold apartments stood at 2,924 units, equivalent to about 4.2 trillion VND (184.7 million USD) while that of commercial land was at 604,151 square metres valued at nearly 2.4 trillion VND (105.5 million USD). Unsold properties in Ho Chi Minh City were 4.78 trillion VND (210.1 million USD) while Hanoi saw a total inventory value of 5.3 trillion VND (232.9 million USD). The Ministry of Construction forecast that housing price is stable in the short term and the tourism property market will experience robust development in the coming time. Apartment prices in Hanoi declined 0.5 percent from the previous quarter and individual housing segment increased 0.13 percent. In stark contrast, apartment prices in the southern hub went up 0.8 percent, however, luxury units dropped 0.5 percent in their prices. Individual housing segment escalated 1.65 percent from Quarter 3. Petrol prices increase by over 400 VND per litre The Ministry of Industry and Trade and the Ministry of Finance decided to increase the retail price of RON 92 petrol by 434 VND to a maximum of 18,580 VND (0.82 USD) per litre from 3:00pm on November 20. Following a joint decision by the Ministries, the price of E5 bio-fuel rose by 385 VND to a maximum 18,243 VND (0.8 USD) per litre, while the prices of diesel and kerosene up 408 VND and 419 VND to 15,019 VND (0.66 USD) a litre and 13,617 VND (0.6 USD) a litre, respectively. This is the 22nd adjustment of fuel prices this year, with nine falls and nine increases. The two ministries also decided to keep using the price stabilisation fund for RON92 petrol and E5 biofuel at 600 VND per litre. Meanwhile, the use of the fund for diesel was 300 VND per litre. Vietnamese seedless lime sees great chance to enter Japanese market Vietnamese seedless lime cultivated in Ben Luc district, the Mekong Delta province of Long An, sees a great opportunity to be exported to Japan, a fastidious market, heard an agricultural promotion conference recently held in Wakayama prefecture, Japan. At the event, Yoshinobu Nisaka, Governor of Wakayama prefecture, said he is interested in agricultural cooperation between Vietnam and Japan in general and between Wakayama and Long An in particular. Long An can send labourers to Wakayama to support agricultural production there, he said. Japan wants to purchase Vietnamese seedless lime and lime products like pure lime powder, instant lime powder, canned lime juice, and lime seasoning powder, said agricultural expert Kha Chan Tuyen. He highlighted that desiccated lime slices, lime leaves, dried lime peel, and especially lime essential oil are all favoured by the Japanese side after they found that these products are made of stable and quality materials. Nguyen Van Hien, Chairman of the Chanh Viet Trading & Investment Joint Stock Company, highlighted that agricultural experts are supporting his company and local farmers with techniques to cultivate quality seedless limes. He believed that fresh limes and lime products of Ben Luc locals will gain a foothold in the Japanese market. Earlier, Chanh Viet Trading &Investment JSC exported its products to some European countries. Seedless lime products have also drawn attention from Muslim markets. VN-Cambodia Trade and Investment Forum opens in Phnom Penh The Vietnam-Cambodia Trade and Investment Forum 2017 was held in Phnom Penh on November 20, drawing around 300 delegates and representatives from 250 businesses of both countries. Chargé d’affaires at the Vietnamese Embassy in Cambodia Nguyen Trac Toan said that bilateral trade reached over 3.1 billion USD in the first 10 months of 2017, up 31.5 percent year-on-year. The figure is forecast to hit 3.5 billion USD this year. Vietnam is currently running 196 investment projects in Cambodia with the registered capital of 2.94 billion USD, making it among the five biggest investors in the country. For years, Vietnam has also ranked first in terms of the number of tourists to Cambodia with nearly 1 million arrivals each year, Toan added. He believed that this forum would help the two countries fully tap their cooperation potential through the provision of the latest information about trade and investment policies and incentives for both sides’ enterprises. It was also a chance for participating enterprises to meet, share experience and make proposals to authorised agencies, he said. Ho Sivyong, Director of the Export-Import Department under the Cambodian Ministry of Commerce, affirmed that Cambodia still maintains its open investment policy that allows operations of foreign-invested businesses and is carrying out intensive reforms to facilitate investment and business activities in the country. Vietnamese companies will surely benefit from these reforms, he emphasised. At the forum, representatives from Vietnam’s Ministry of Industry and Trade and Ministry of Planning and Investment shared that the Government is implementing measures synchronously to push up investment cooperation between the two countries, including simplifying administrative procedures, negotiating and signing treaties and agreements with Cambodia, and upgrading roads linking to the neighbour. Participating enterprises suggested both sides cooperate closely in investment promotion activities and state management over investment activities, regularly hold dialogues between Vietnamese businesses and the two countries’ competent offices to timely solve difficulties. They also urged the signing of an agreement on double taxation avoidance, together with improvement in administrative procedure reforms. Vietnam-Tatarstan Business Forum opens in Ho Chi Minh City The Vietnam – Tatarstan Business Forum took place in Ho Chi Minh City on November 20, attracting nearly 50 business representatives from the two countries.  Speaking at the event, President of the Republic of Tatarstan, Russia, Rustam Minnikhanov said Tatarstan and Vietnam, especially Ho Chi Minh City, have room for cooperation, especially in fields of Tatarstan’s strength and Ho Chi Minh City’s demand such as machinery engineering, high technology, trade, tourism, education, culture and sports.  Standing Vice Chairman of the municipal People’s Committee Le Thanh Liem lauded the initiative to hold the event in order to strengthen bilateral ties.  He said the city highly appreciates foreign investment in four key areas, including food processing, chemicals-rubber, engineering, and electronics - high technology.  Russian Consulate General in Ho Chi Minh City Aleksey Popov said Tatarstani President’s visit will facilitate trade and long-term collaboration between Russia’s Tatarstan and the city.  On the occasion, the municipal chapter of the Vietnam Chamber of Commerce and Industry and the Tatarstani Chamber of Commerce signed a Memorandum of Understanding (MoU) on cooperation, under which both sides will step up the signing of economic and trade deals, explore the possibility of trade exchange and share information about manufacturing, export and economic regulations in each country. VN firms urged to trade with HK      As one of the leading trade and financial centres of the world, Hong Kong would be a gateway for Vietnamese enterprises to enter the Chinese mainland market and other regional and global markets, the deputy executive director of the Hong Kong Trade Development Council (HKTDC) said. Speaking at a press luncheon in HCM City on Friday held by HKTDC and the Viet Nam Chamber of Commerce and Industry, Benjamin Chau said Viet Nam was Hong Kong’s third largest trading partner in ASEAN and its ninth largest trading partner worldwide, with bilateral trade reaching US$13 billion in the first ninth months of the year, a year-on-year increase of 11.6 per cent. “Viet Nam was the most important export market for Hong Kong’s merchandise in ASEAN,” with its exports to Viet Nam amounted to $7.4 billion, an increase of 11 per cent, he said. Meanwhile, import to Hong Kong from Viet Nam reached $5.7 billion, up 12 per cent over the same period last year. Bilateral trade had been fruitful for many years, he said, adding that he hopes Vietnamese companies “make more use” of the Hong Kong platform to further promote their businesses in the local market as well as the international market. Chau also encouraged Vietnamese firms to participate in fairs organised by the council as exhibitors, which is a great chance for them to introduce their products and services to other countries. Last year, more than 38,000 exhibitors from 88 countries and regions as well as nearly 770,000 buyers from 200 countries and regions visited more than 30 of the Hong Kong council’s trade fairs, he said. However, only 40 exhibitors from Viet Nam joined fairs, while the figure was more than 500 from Thailand and over 1,000 from Japan, he said. Tina Phan, Director of Indochina at HKTDC, said Viet Nam was the producer and exporter of many fruits and vegetables, garments, handicrafts, and other products. Therefore, exhibitions on food, house-wares, or gifts are very suitable for Vietnamese firms to promote their products to international buyers. Many international buyers had increasingly sought goods from Viet Nam through the council’s fairs, she said. “Leveraging on our advantages, Vietnamese companies can expand businesses into the Chinese mainland and the world,” Chau said. Chau said HKTDC and the Vietnam Trade Promotion Agency on November 16 signed a memorandum of understanding for co-operation on trade promotion. Under the MoU, the two sides will co-operate in exchanging market information so that companies in Hong Kong and Viet Nam can know the market situation better, organise trade missions and capacity training programmes, encourage Vietnamese companies to utilise digital channels such as its www.hktdc.com in business transaction, and to participate in HKTDC trade fairs to tap into the Hong Kong and world markets, he said. In addition, the ASEAN-Hong Kong Free Trade Agreement, which was signed on November 12 and is expected to come into effect in January 2019, would further increase trade in goods, services, and investment between ASEAN countries and Hong Kong, as well as trade between Viet Nam and Hong Kong in particular, he added.  Viet Nam trade fair underway in Cambodia      More than 150 Vietnamese and Cambodian businesses are showcasing their products at the Viet Nam Trade Fair 2017, which opened last week in Phnom Penh, the capital city of Cambodia. Of them, 120 enterprises from Viet Nam introduce to local customers a wide range of products. Co-organised by the Defence Ministry and Industry and Trade Ministry of Viet Nam and the Cambodian ministries of defence and commerce, the event includes over 230 booths, covering an area of about 10,000 square metres. It will run until Wednesday. Speaking at the opening ceremony, Cambodian Secretary of State for Commerce Ok Boung said the two countries enjoy significant potential to develop bilateral trade in the future, as Vietnamese goods are now favoured by many Camdodian customers thanks to their good quality, attractive designs and affordable prizes. The Cambodian official voiced his hope that the fair will enhance the business connection of the two countries as various contracts will be inked. He affirmed that the two sides will continue working to create optimal conditions for business links.  VN firms attend Asia-Pacific food fair in Singapore      A dozen or so Vietnamese businesses are displaying their products at the ongoing Asia-Pacific Food Expo (APFE) in Singapore. The four-day expo, which ends today, is seen as a good opportunity for Vietnamese firms to identify new partners and expand partnerships to expand exports to Singapore and other markets in the region. Participating firms are focused mostly on trading in rice, coffee, seafood, vegetables, fruits and food products. Organised by the Singapore Food Manufacturers’ Association, this year’s event has drawn the participation of firms from 10 countries and territories: China, India, Indonesia, the Republic of Korea, Malaysia, Japan, Australia, Thailand, Viet Nam and Taiwan. The expo features nearly 200 booths on a 12,500sq.m area, presenting a wide range of processed food, beverages, confectionery, frozen food, ice cream, milk products, food materials, tea, coffee, seafood, poultry products, vegetables and fruits, and spices. Organisers expect the expo to attract 400,000 visitors.  Thaco rolls out new model of Mazda CX-5 Truong Hai Automobile Joint-Stock Company (Thaco) launched its new Crossover Utility Vehicle (CUV) Model, the Mazda New CX-5, at Chu Lai-Truong Hai Industrial Complex in Nui Thanh district, the central coastal province of Quang Nam on November 18. With G-Vectoring Control (GVC) which improves stability and increases traction, the CX-5 is expected to offer a more comfortable and enjoyable ride. Mazda is the leading Japanese car brand in Vietnam, with the CUV CX-5, Mazda 3, and Mazda 2, in addition to Mazda 2 and 3 All-New, and Mazda 6. Huynh Khanh Toan, Vice Chairman of the provincial People’s Committee noted that most Vietnamese automobile assembly companies import Completely Built Units (CBU) from ASEAN countries as some taxes on CBUs will fall to zero from 2018. However, Thaco still produces Completely Knocked Down vehicles, affirming its efforts to develop the locally assembled car industry. Thaco, established in 1997, focuses on the production, assembly and distribution of commercial cars for Kia (the Republic of Korea), Mazda (Japan) and Peugeot (the EU). It will be an official dealer of BMW and MINI models in Vietnam from January 1, 2018.  The company’s production base covers 400 hectares in Chu Lai Open Economic Zone, Quang Nam province with six automobile assembling facilities, 12 support industry plants and one research and development centre. Thaco leads in car sales in Vietnam, occupying 40-42 percent of market share from 2015-2017. Bao Loc – Lam Dong poses new tourism potential Talking about the Central Highlands province of Lam Dong, tourists will immediately think about Da Lat city which has long been the most popular location in the region for hundreds of years ago. However, many tourists have discovered more beautiful places such as Dambri waterfall of Bao Loc city, tea plantation or Linh Quy Phap An which is known as a pagoda in the clouds, a sunset for the soul. To experience a new face of tourism in the Central Highlands province of Lam Dong, from Bao Loc city to Dambri waterfall ecological tourism area, tourists can stop over at the locality’s famous tea plantation to make their own fragranced tea in a peaceful and quiet atmosphere. Tran Thi Tra My, a tourist from Bao Loc town said she hoped more people would come there to enjoy its atmosphere, added that she was working in the city which was very crowded and stressful, so whenever she came, she felt very comfortable. "In the future, the plantation will become an agricultural tourism area which plant organic tea, vegetable gardens, and flower hills which aim to increase value of Tan Chau’s tea trade name", said Nguyen Huu Chuc – Deputy Director of Tam Chau tea plantation, Lam Dong province. Dambri is the most imposing waterfall in the Central Highlands. The waterfall attaches with legend stories and unique cultural characteristics of ethnic people in the region. Nghiem Xuan Duc, Deputy Chairman of People’s Committee of Bao Loc City said "Bao Loc and neighbouring areas like Bao Lam district are home of many ethnic people such as Co Ho and Chau Ma, and Gong culture, it’s an special characteristics to develop community tourism. Local government will continue to call for investors and entrepreneurs to invest more in these areas in order to create more tourism products in the time ahead." Linh Quy Phap An pagoda was built in 2006 but it’s only known since the last two years, the pagoda features breathtaking views from the mountaintop and a Sangri-La-like atmosphere. Many beautiful tourism spots of the locality are waiting for tourists to discover. Startup movement helps increase new enterprises According to the Ministry of Planning and Investment, the number of newly registered businesses in the first 10 months of this year reached 100,000. Experts have acknowledged that besides efforts to improve business climate, timely support for the startup movement has also contributed to the positive outcome. Despite being newly established, this enterprise has achieved remarkable successes from its initial idea of designing home-made beansprouts equipment. Thanks to supporting policies for startups, enterprises like this have been helped to pursue their initiatives to make market debut Statistics on business registration in the first 10 months of this year showed the number of newly registered businesses reached more than 100,000, nearly equal to the total number of 2016. According to experts, the startup movement has spurred many business activities in Vietnam According to Phan Duc Hieu, Deputy Director of Central Institute for Economic Management, instead of striving for a seat at a public agency, there are more young people who want to affirm themselves by starting their own businesses. Besides, the business environment in Vietnam has been improved significantly by policies introduced by the State, government, ministries, and sectors as well as brighter outlook from both domestic and international markets. Tran Thi Hong Minh, Director of Agency of Business Registration said "The implementation of the Law on investment and the law on businesses as well as efforts of ministries and sectors have helped to generate the figure." "Thriving in the world market has helped enterprises take the initiative in starting their own businesses", said Phan Duc Hieu, Deputy Director of Central Institute for Economic Management. Recently, ministries and sectors have introduced reforms in business and  investment conditions, including exempting several business conditions. The move is expected to create more favourable conditions for people and enterprises to start businesses, helping to boost the country’s economy. VNA/VNS/VOV/SGT/SGGP/TT/TN/Dantri/VNEVET