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BUSINESS IN
BRIEF 5/1
Social housing: Loan interest rate maintained at 5%
The
State Bank of Viet Nam (SBV) has decided to keep preferential loan interest
rate unchanged at 5 per cent for purchase, rent or hire of social housing
projects in 2018.
The
decision took effect from the beginning of this year, replacing Decision No
2544/QD-NHNN, dated December 30, 2016, on interest rate for loans applicable
in 2017 for social housing projects.
The
interest rates will be applied for house buyers who have already sought loans
from the VND30 trillion (US$1.32 billion) housing stimulus package launched
in 2013 as the minimum repayment term is 15 years, and from the Viet Nam Bank
for Social Policies (VBSP).
The
VND30 trillion (US$1.32 billion) housing stimulus package aimed primarily at
social policy beneficiaries and estate developers of such projects. Of which,
VND21 trillion, accounting for 70 per cent of the package’s total has been
given to home buyers of projects. The remaining 30 per cent has been provided
to social housing projects’ investors.
Following
three years of implementation, the housing stimulus package ended in
2016-end.
In
the middle of last year, the National Assembly Standing Committee submitted a
proposal to add VND2 trillion to the Viet Nam Bank for Social Policies (VBSP)
for middle-term public investment in the 2016-20 period. A part of the
capital would be used for social housing projects.
Some
VND1.2 trillion of the investment has been disbursed, so far. However, both
social housing project developers and low-income earners have found it hard
to access the preferential credit.
Deputy
Minister of Construction Le Quang Hung said the ministry proposed to the VBSP
to quickly implement the lending this year.
VIB rolls out biometric authentication logins
The
Vietnam International Bank (VIB) announced on Wednesday that customers will
be able to access their accounts using two forms of biometric authentication
logins: facial recognition and fingerprint identification.
VIB
claims to be the first Vietnamese bank to offer customers secure access to
their accounts using Face ID. Earlier, in November, its strategic partner --
the Commonwealth Bank of
With
the new method, all smartphone users who want to log into the VIB Banking App
or MyVIB can now use their camera or touch the built-in fingerprint sensor on
their phones. They only need to activate this feature once and then the
application automatically recognises them for the next login.
The
application of biometric authentication has emerged as a trend that can not
only bring more convenience but also increases security for customers,
especially those who conduct banking transactions online, VIB’s Deputy CEO
Tran Nhat Minh said.
Previously,
VIB also allowed customers to buy airline tickets on MyVIB while enabling
customers to transfer money on social networks in just five minutes via the
MyVIB Social Keyboard -- a new application that won the bank
This
award for MyVIB Social Keyboard recognised VIB’s efforts in promoting the
innovation in technology in order to reflect the vision “to be the most
innovative and customer centric bank of
Kienlongbank, JCB to develop card services
Kien
Long Commercial Joint Stock Bank (Kienlongbank) has become an official member
of JCB International after signing a co-operation agreement with JCB
International Credit Card Co Ltd.
Under
the agreement, Kienlongbank will be licensed to issue JCB international
credit and debit cards, as well as link with legal entities accepting JCB
card payments.
Kienlongbank
JCB cardholders will be eligible to participate in loyalty programmes and
enjoy special discounts offered by partners of Kienlongbank and JCB.
The
two sides will cooperate to develop and complete credit card services and
diversify financial and banking products, thereby increasing and
consolidating their market share.
Vo
Van Chau, general director of Kienlongbank, said one of the key activities of
the bank’s business development strategy is to continually diversify card
products, expand transaction channels and bring more value-added benefits to
customers.
HCMC’s outstanding loans up
Total
outstanding loans by commercial banks in HCM City in 2017 rose 18.5 per cent
from 2016 to more than VND1.74 quadrillion (US$76.73 billion), according to
the State Bank of Viet Nam’s HCM City branch.
Figures
from the State bank’s branch also show total mobilised capital of credit
institutions in the southern metropolis was VND2 quadrillion, an increase of
15 per cent year-on-year.
Lending
rates for short-term loans in five prioritised sectors of agriculture,
exports, supply-parts industries, small- and medium-sized enterprises and
hi-tech businesses last year were kept at around 6-6.5 per cent, down 0.5
percentage points compared to the end of 2016.
Several
lenders in the city said their 2017’s targets have all been reached. In
particular, the retail sector showed great potential to grow faster in the
new year.
Deputy
Governor of the State Bank of Viet Nam Dao Minh Tu urged commercial banks in
the city to closely watch the market to ensure timely lending to firms in
order to help them boost production and cover expenses for import and export
of goods to meet the demands of consumers for the upcoming Tet (Lunar New
Year) holiday.
In
addition, banks should ensure enough cash for ATM withdrawals during the
holiday, he added.
Moody assigns first-time rating to LienVietPostBank
Moody’s
Investors Service on Tuesday assigned first-time ratings and assessments to
LienVietPostBank.
Under
the ratings, Moody’s assigned LienVietPostBank’s long-term local and foreign
currency deposits and issuer ratings of B2 with a stable outlook.
The
ratings reflected baseline credit assessment (BCA) at B2 and the Government’s
support to the bank at a positive level of B1.
BCA
at B2 also showed improvements in assets’ quality and the profitability index
at the bank. In addition, Moody’s also assigned LienVietPostBank’s short-term
local and foreign currency deposits and issuer ratings of Not Prime,
Counterparty Risk Assessments of B2 (cr)/NP (cr).
The
ratings were released as the bank’s loans mostly focused on enterprises and retail,
accounting for 54 per cent and 32 per cent of its total outstanding loans by
the end of June 2017, respectively.
The
bank has gradually shifted its lending structure toward retail.
In
addition, Moody’s also assessed LienVietPostBank with a high liquidity of 39
per cent of its tangible assets by the end of 2016.
As
of June 30, 2017, its total deposits accounted for 76 per cent of its total
assets.
Moody’s
expected that the bank’s capital resources would be improved thank to stable
mobilisation from individual deposits with low costs, which LienVietPostBank
has enjoyed due to its postal network nationwide.
According
to Moody’s ratings, LienVietPostBank has similar ratings with five other
commercial banks of Asia Commercial Bank (ACB), Military Bank (MB), Viet Nam
International Bank (VIB), Techcombank and An Binh (ABB).
LienVietPostBank
has been the first Vietnamese bank to receive the Asia Pacific ICT Alliance
Awards (APICTA) 2017 award for its Vi Viet e-wallet – an online banking
service, last month. APICTA is considered as the Oscar Award in the ICT
sector in the Asia Pacific region. Vi Viet was awarded the second prize for
Financial Industry Application.
By
the end of November, the bank’s charter capital reached VND6.46 (US$284.3
million) trillion, total assets reached VND154 trillion, total capital
mobilisation at VND141 trillion and total debt reached VND98 trillion.
It
reported a pre-tax profit of VND1.7 trillion in the first 11 months of the
year.
LienVietPostBank
has the largest network among joint stock commercial banks, with 200 branches
and over 1,000 transaction offices, nationwide.
StoxPlus to organise credit risk conference
A
conference on “Credit Risk Management for Trade and Investment in
Some
200 participants – CFOs, finance and accounting professionals, risk
management and investment officers of companies that receive FDI, financial
institutions and companies that have trading and investment relations with
Vietnamese companies—are expected to participate in this event.
It
is co-hosted by StoxPlus and Credit Information Centre, endorsed by
Vietnamese Party Central Committee’s Economic Commission and supported by
According
to
The
low ranking is explained by many factors, including the low level of
information transparency, lack of financial corporate data, low coverage of
credit ratings and related protection products such as credit risk insurance.
Although measures have been taken to address this situation, a number of
issues have been raised by market participants.
At
the conference, high-level officials of Ministry of Planning and Investment
and the State Bank of
Some
key themes to be addressed in the conference include improving the investment
environment for
The
event will take place at Lottle Hotel Ha Noi,
Viet Capital Bank provides credit package to
Kien
Giang Construction and Investment Consulting Corp has started construction on
the Nam An Hoa residential area project in
Covering
an area of over 100,000sq.m, the project has a total investment cost of over
VND700 billion (US$30.8 million), of which Capital Bank has provided a credit
package of VND300 billion. The project is expected to be completed in 2021.
The
project includes 252 townhouses, 36 garden houses and 64 land plots for
resettlements. Once completed, it will provide accommodation for about 1,800
residents.
Nguyen
Quoc Su, chairman of the Rach Gia City People’s Committee, said planning for
the new construction would include removing makeshift homes and helping local
residents whose houses were cleared to make way for the project to relocate
in better living conditions.
The
project, which is near the new
Cement consumption reaches 80 million tonnes in 2017
The
country’s cement sector saw a successful year in 2017 as its consumption
reached 80 million, up 6 per cent from last year.
This
figure was recorded by the Department of Construction Material under the
Ministry of Construction.
The
department said the local cement consumption this year was some 62 million,
increasing 3 per cent from last year. The cement export volume was 18 million
tonnes, representing a 20 per cent year-on-year hike and surpassing 20 per
cent of the set target.
In
2017, the country’s cement output reached 83-85 million tonnes, up 4 to 6 per
cent from the previous year.
The
ministry said the economy this year saw development, with many construction
projects, especially in terms of property, transport and infrastructure.
However, the local cement consumption had slightly increased due to prolonged
rains and storms nationwide.
Meanwhile,
the cement and clinker exports surged to 18 million tonnes this year,
surpassing one million tonne of the set target.
Ministry permits 200,000 tonnes of iron ore exports
The
Ministry of Industry and Trade has allowed Viet Phat Company in the
Earlier,
the company signed a contract with Viet Trung Mineral and Metallurgical
Company Limited to buy 500,000 tonnes of limonite ore, a type of iron ore,
from Quy Xa Mine. However, the Viet Phat Company sold 300,000 tonnes to Hoa
Phat Steel Company in the 2017-18 period, creating a redundancy of 200,000
tonnes.
The
Viet Phat Company asked the ministry to allow them to export the redundant
ore to ensure the stability of their financial situation.
Limonite
ore is one of the raw minerals the government prohibits and limits exports.
The
ministry required the company to give priority to selling the iron ore to
local firms if, during the export process, domestic companies added to the
demand.
It
added that the decision was suitable to ease the challenges faced by iron ore
exploitation and processing firms.
In
September, the ministry also allowed the iron ore magnetite exports of
another company in the province, totalling more than 11,000 tonnes.
Nghe An Province promotes Vinh orange brand
The
People’s Committee of central Nghe An Province on Thursday opened the first
Orange Fair 2017 in
Tran
Quoc Thanh, director of the Nghe An Province Department of Science and
Technology, said that the Vinh orange was the first farming product of the
province, which was successfully developed with geographical indication.
“The
Vinh orange is now a national brand and is protected nationwide,” Thanh said.
The
Vinh orange is known for its good taste and quality, and in the 1960s, it was
exported to several East European markets.
The
geographical indication of the Vinh orange, which indicates the geographical
origin of this fruit in
Thanh
said that the brand helped increase the value of the fruit. However, the
problem was that oranges grown in different localities were wrongly labelled
as Vinh oranges, he said.
He
said that an enhanced market watch, together with the promotion of the Vinh
orange brand would help prevent this.
Vinh
oranges were displayed at more than 40 kiosks at the three-day fair.
The
fair also aimed at promoting the sales of the Vinh orange in domestic and
international markets.
Ha Noi to gain new six industrial clusters
The
municipal People’s Committee has released a Decision for the establishment of
six new industrial clusters in suburban districts, with a total area of
123ha.
The
city’s Phuc Tho District will have Lien Hiep Industrial Cluster, with an area
of 8.1ha. The industrial cluster aims to resolve the scattered situation of
the trade village and environmental pollution to facilitate business
development. The industrial cluster will operate on a small scale for small-
and-medium sized enterprises in the sectors of mechanics, agricultural
processing, garment embroidery for export, rattan and bamboo.
The
Ung Hoa District will have the Bac Van Dinh Industrial Cluster, covering an
area of 50ha for the development of light industry, agricultural processing
and manufacturing.
The
Quoc Oai District will establish the Yen Son Industrial Cluster, covering
8.76ha for the production of insulation materials, rubber foam and forestry
processing.
The
Cam Thuong Industrial Cluster will be set up in Ba Vi District, with an area
of 15.59ha for garments and textiles, leather shoes, electronics and building
materials.
The
20.6ha Phuc Tho Industrial Cluster will develop clean technologies, cover
multiple sectors and be environmentally friendly.
The
Ba Vi District will have a 20ha Dong Giai Industrial Cluster, serving the
industry and handicraft sectors.
The
establishment of industrial clusters aims to create a legal framework for
investment management for industrialization and modernization, thus creating
jobs for locals.
Phu Yen province sets up fund for SMEs
The
south central coastal
The
fund director, Tran Van Anh, said that the fund establishment aimed at
tackling financial difficulties for businesses, creating conditions for them
to access bank loans, thereby helping them expand production and improve
their competitiveness.
The
fund’s initial charter capital is VND65 billion (US$2.8 million), sourced
from the province’s budget and is expected to increase to VND90 billion.
According
to Anh, enterprises eligible to receive support from the fund must have an
efficient business plan and prove their ability to repay the debt. They are
required to have no bad debts at credit institutions and the State budget.
The
fund will give priority to firms, which contribute capital to the fund,
operate in prioritised sectors in accordance with the government’s policies
or do business in disadvantaged areas.
Ngo
Da Tho, chairman of the province’s SMEs association, said that one of the
biggest obstacles for local enterprises is shortage of capital; thus the
provincial People’s Committee’s decision to set up the fund is really
significant.
According
to the province’s Department of Planning and Investment, in 2017, the
department granted business licences to 357 new firms, with a total
registered capital of nearly VND2.6 trillion.
Currently,
the province is home to 2,700 enterprises and targets to have 4,500 operating
ones by 2020.
AIA links up with Viet Capital Bank
AIA
Viet Nam signed a strategic co-operation agreement on Wednesday in
To
serve Viet Capital Bank customers, AIA will bring the latest technologies
such as Interactive Point of Sale (iPoS), digital services, consultations,
and paperless products that can be viewed through customers’ MyPage on an
iPad.
At
the same time, the bank will offer JetClaim, insurance rights service
provided within 60 minutes and an online insurance fee collection service.
“The
AIA’s unique wellness programme called AIA Vitality - designed to help
customers make choices and adopt habits to live a longer, healthier and
better life – will bring long-term benefits to our customers,” Ngo Quang
Trung, general director of Viet Capital Bank, said.
EVN saves 55 million USD in production, business costs
The
Electricity of Vietnam (EVN) Group and its subordinate firms cut down
production and business costs by more than 1.25 trillion VND (55.2 million
USD) in 2017 thanks to their efforts to improve business effectiveness and
productivity.
The
group reported its operation outcomes in 2017 at a conference held in
EVN
Deputy General Director Vo Quang Lam said by the end of last year, the firm
had directly provided electricity for 25.6 million customers, an increase of
0.8 million from 2016.
EVN
and its subsidiaries encountered an array of difficulties in 2017, Lam said,
noting that natural disasters and abnormal weather caused damage of over 600
billion VND (26.4 million USD) for the power system. Increases in prices of
coal and gas for electricity production, water resource tax, and forest
environmental service fees also hindered the financing of power projects, he
said.
Despite
these facts, the group produced and bought 192.45 billion kWh of electricity
in 2017, up 8.6 percent from the previous year, ensuring power supply for
socio-economic activities and major events like the APEC Economic Leaders’
Meeting.
The
EVN operated the electricity system and market in accordance with demand,
optimised power generation sources, and capitalised on hydropower while
ensuring water for irrigation in downstream areas.
Lam
highlighted that all electricity-relevant services of EVN have been provided
online since the end of 2017 to improve service quality.
In
the Doing Business report, Vietnam’s Getting Electricity index last year
climbed 32 places from 2016 to rank 64th among 190 countries and economies.
It surpassed the 70th position targeted by the Government, thus greatly
helping to improve the business environment and national competitiveness.
He
added the group’s System Average Interruption Duration Index (SAIDI) was
1,077 minutes, down 35 percent from 2016. Notably, the Ho Chi Minh City Power
Corporation recorded a 54-percent decline in its SAIDI to 235 minutes.
According
to the EVN leader, productivity rose 9 percent year on year to 1.92 million
kWh per person.
Lam
said the group continued to hire an independent consultant to assess its
clients’ satisfaction, which has continually increased. The satisfaction
reached 7.97 points in 2017, up 0.28 point from the previous year.-
Government clarifies preferential tax lists for goods imported
from RoK
The
Government has issued two decrees on
Decree
No. 149/2017/ND-CP details preferential taxes of
It
specifies that only goods included in the list of goods applying special
preferential taxes, which are imported and directly transported from the
Meanwhile,
Decree No. 157/2017/ND-CP defines preferential taxes to conduct the ASEAN-RoK
Trade in Goods Agreement as part of the AKFTA in 2018-2022 and conditions for
applying the preferential import taxes.
Under
the document, eligible goods must be named in the special preferential import
list. They must be imported to
They
must be directly transported from these countries to
The
two decrees became effective on January 1, 2018.
Prime
Minister Nguyen Xuan Phuc has approved a master plan for the development of
The
bay features many beautiful beaches such as Vung La, Vung Su and Vung Chao,
along with many islands and peninsulas. Experts say the site has high
potential in tourism development, especially for resorts, beach sports and
eco-tourism.
The
plan hopes that the bay will welcome about 850,000 tourists, including 25,000
foreigners in 2020 and about 1.2 million visitors, including 35,000
foreigners in 2030. Total revenue from tourism is expected to exceed 400
billion VND (17.64 million USD) in 2025 and 900 billion VND (39.69 million
USD) in 2030.
Along
with the domestic market, the plan also targets foreign markets including
West Europe, North America and East Europe, along with northeastern Asian
countries such as the
The
plan focuses on developing resorts, cruisers, sport tourism, eco-tourism,
culture-history tourism and cuisine tourism.
In
order to reach the goals, the plan detailed a number of solutions, including
those on planning and planning management, tax policies, investment
attraction and community-based tourism. It also gives measures to complete
the tourism infrastructure system and develop human resources.
Int’l media praise
International
media have run articles highlighting that the year 2017 marked
In
its recent article, Asian Correspondent said not only was Vietnam the
top-performer in the region, but it ranked second behind India – the only
country which achieved growth of over 7 percent in 2016 – in the list of
fastest-growing economies worldwide.
It
stressed that there are multiple reasons for Vietnam’s strong performance in
recent years – especially in comparison to other ASEAN countries, including
the country’ strategy of diversification of its economy - in terms of both
the range of goods produced, and its export destinations.
According
to the newspaper,
Tourism
is seen as is one of the main drivers of
Meanwhile,
Forbes mentioned efforts made by the Communist Party of Vietnam in fighting
corruption, saying that the on-going crackdown on corruption among
In
addition, some news agencies also stressed challenges related to economic
development, education, environmental pollution and aging-population that the
country is facing.
Asia
Times said though
According
to the General Statistics Office,
Southern Power Corporation improves power supply reliability
The
Southern Power Corporation (SPC) of the Electricity of Vietnam has said it
will supply up to 66.154 billion kWh of electricity for commercial use in
2018, or a 9.74 percent increase from 2017.
Apart
from ensuring stable power supply and safely operating power lines and
transformer stations, the SPC will improve power supply reliability index.
In
2017, the SPC’s total power output rose by 9.5 percent to 63.089 billion kWh
while the daily production hit 177.8 million kWh, up 8.5 percent annually.
The
output of power for commercial use reached 60.280 billion kWh, or 100.04
percent of the plan and up 9.67 percent from 2016.
Establishment decision of Thai Binh economic zone announced
The
People’s Committee of Thai Binh province on January 3 announced the Prime
Minister’s decision on the establishment of Thai Binh Economic Zone.
The
Thai Binh Economic Zone covers an area of 31,000 hectares in 30 communes and
one town in the districts of Thai Thuy and Tien Hai.
It
is one of 17 economic zones in
Speaking
at the decision announcement ceremony, Chairman of the provincial People’s
Committee Nguyen Hong Dien said this was a very important event, marking the
first step of formation and development of the Thai Binh Economic Zone.
Once
operational, the zone will capitalise on potential in local workforce, land
and natural gas resources, and convenient transport networks, he noted.
The
zone is expected to contribute significantly to the province’s socio-economic
development in the future.
A
steering committee for the construction of the Thai Binh Economic Zone will
be set up and led by Chairman of the provincial People’s Committee Nguyen
Hong Dien.
Also
at the ceremony, the establishment of a management board for economic zone
and industrial parks of Thai Binh province was declared, with Vice Chairman
of the provincial People’s Committee Pham Van Ca working as its head.
12
years ago, Bachiang was one of the most poverty-ridden districts of Champasak
province. The locality’s face has been changed rapidly since the Viet-Laos
Rubber Corporation invested in planting rubber trees here.
The
investment has improved the local people’s living conditions, helping them to
abandon normadic life and farming.
Vi
Inthakumman, a worker at Viet-Laos Rubber Corporation said: "In the
past, my family did farm work only. I even had to mow to earn our living. In
2005, my husband and I started working for the Viet-Laos Rubber Corporation.
We now can afford housing and children’s schooling. Thanks to the improved
infrastructure, the living conditions of local people have been better than
before."
Another
worker at Viet-Laos Rubber Corporation Thavon Sukchaleun told reporters:
"My family did not have a place to live before but now we have a home
and jobs. We even have our health checked by Vietnamese doctors every year.
We are very grateful."
The
Viet-Laos Rubber Corporation started its investment in Bachiang in 2005. It
now generates jobs for more than 3,000 local people. The business has paid
attention to ensuring social security, improving the lives for Lao people.
According
to Nguyen Tuan Dung, Deputy General Director of Viet – Laos Rubber
Corporation, the project was implemented under a cooperation programme
between the two countries and in line with the Laos-Vietnam friendship. The
company laid down as its policy to invest in ensuring social security,
building schools, roads and power grids. The project aimed to turn Bachiang
from a poor district into the one where local people could have higher
income.
Buasone
Vongsongkhon, deputy head of Champasak province hailed the significance of
the project to the province socio-economic development, saying that so far,
Vietnamese investments in Champasak had proved their effective, contributing
to boosting the province’s socio-economic development, changing the lives of
people in the locality.
By
the end of 2016,
Firms showcase goods for Tet in Quang Tri
Up
to 180 businesses are displaying their goods, including textiles and garment,
footwear, home appliances, food and handicrafts, at a trade fair which opened
late last week in the central
The
province’s Department of Industry and Trade, one of the fair’s organisers,
said the event will create opportunities for businesses to better understand
the demands of local people, especially for the upcoming Lunar New Year
holiday, as well as advertising their trademarks and seeking new trade
partners.
The
fair, which comprises 500 booths, will wrap up on January 8. It is expected
to welcome 100,000 visitors.
Phu Yen pours VND2.12 trillion into aquaculture
Authorities
in the central coastal
According
to provincial Deputy Chairman, Tran Huu The, the master plan will involve
aquaculture, harvest and processing and building infrastructure for fishing
and logistics, including breed stock production.
From
now until 2020, the province will invest more than VND1.45 trillion in
conducting 13 key projects setting up sustainable development for aquatic
resources. These projects include building Long Thanh aquaculture
infrastructure system, upgrading infrastructure for the Hoa An aquaculture
production centre in
In
The
master plan is aimed at giving a boost to the potential of local aquaculture
and production in modernisation, contributing to developing the local
economy. The province has set a target to reach an average growth of 5.2 per
cent per year from now until 2030.
The
Chu Lai Open Economic Zone attracted 23 projects in 2017. Three were foreign
investment projects worth US$16 million.
Total
investment of US$1.4 billion was made during the year, 13.5 times as much as
the year before.
Director
of the Economic Zone Authority (EZA), Do Xuan Dien, said this was the biggest
growth in investment since the economic zone opened in 2003.
He
said business promotions and forums were held in the province,
Dien
said infrastructure and administrative reforms had been promoted to smooth
the way for investors.
He
said the zone had attracted 138 projects, of which 34 were FDI projects worth
$1 billion involving total investment of $3.68 billion since 2003.
Eighty-eight
projects worth more than $1.3 billion, are in operation, including 24 FDI
projects worth $227 million.
At
an investment promotion conference in June, the province presented investment
licences to 32 projects with a total registered capital of $15.8 billion. The
biggest licence was a US$10 billion framework agreement signed between Exxon
Mobil and the State oil and gas giant PetroVietnam (PVN) to develop a power
plant using natural gas from the Blue Whale field off the coast of Quang Nam.
A
series of huge tourism property projects also began construction in 2017,
including Vinpearl South Hoi An worth $213 million; An Thinh resort complex
($191 million); beach resort Opal Ocean View ($205 million); Binh Duong
resort complex ($206 million) and an infrastructure project at Tam Thang Industrial
Park ($220 million).
Last
year,
The
32,400ha zone has invested $39 million to dredge the main ports of Tam Hiep
and Ky Ha for ships with a capacity of 10,000 DWT (deadweight tonnage) and
20,000 DWT.
Direct
sea routes were launched from Chu Lai to Incheon in
According
to Nguyen Hong Quang, head of the provincial secretariat, the budget carrier
VietJetAir and
It
will host in host 2.3 million passengers and handle 1.5 million tonnes of
cargo per year.
HCMC exports earn $35b in 2017
The
department said the city’s exports have changed significantly, to put them in
line with the city’s export targets as well as with changes in the economic
structure.
Specifically,
the export of agro-forestry-fishery products has reduced its proportion of
the city’s total export turnover. Agro-forestry-fishery exports accounted for
18.4 per cent in 2015, then reduced to 16.4 per cent in 2016 and 15.4 per
cent in 2017.
Meanwhile,
exports of industrial products have continuously increased and accounted for
the highest portion of the city’s exports at 75.3 per cent.
Exports
of computers, electronic products and accessories were among the products
with the highest export revenue, and had stable growth in the past, with
exports from firms located at the HCM City Hi-Tech Park accounting for 90 per
cent of the total export revenue in this group.
Regarding
export markets, the department said exports to markets that
To
raise the efficiency in exports, the department has identified the list of
goods that have high export potential and competitiveness.
The
department is working with the
Phu My Fertiliser Plant restarts operation
Phu
My Fertiliser Plant, a member of the Petrovietnam Fertiliser and Chemicals
Corporation (PVFCCo), began operation after more than one month of overall
maintenance.
This
was the largest and most complex maintenance, with a total of 5,252 work
items. The maintenance period started on November 22, 2017, focusing on the
combination between the existing plant and the NPK chemical technology plant
to increase production capacity.
With
this combination, the plant’s capacity has increased by 90,000 tonnes of NPK
fertiliser per year, up some 20 per cent of its current capacity.
The
plant, which is listed as DPM on the stock market, is estimated to have
produced nearly 826,000 tonnes of fertiliser this year, exceeding 7 per cent,
as compared to its yearly target. The trading volume of the plant is about
811,000 tonnes, surpassing 3 per cent of the year’s plan.
As
a result, PVFCCo continues to hold more than 40 per cent of the national
nitrogenous fertiliser market.
Can Tho focuses on investment promotion in key countries
Can
Tho will focus on investment and trade promotion activities in key countries,
including the
Nguyen
Khanh Tung, director of Can Tho Trade, Investment Promotion and Exhibition
Centre, said this at a conference on plans of investment and trade promotion,
trade fair and exhibition this year, held by the centre in Can Tho City on
January 2.
Tung
said Can Tho will focus on attracting investment in large projects, including
a logistics centre, the
In
particular, this year, the city will push for investment in the Viet
Nam-South Korea Incubator Park, specialising in information technology.
In
addition, Can Tho will hold 15 events that promote investment in its hi-tech
agriculture sector in
During
the conference, Truong Quang Hoai
Last
year, Can Tho City attracted 77 foreign direct investment projects with total
capital of US$656 million.
Meanwhile,
trade promotion activities also helped Can Tho increase its revenue from
exports and services to $1.77 billion in 2017, 13.9 per cent and 5.9 per cent
higher than the yearly plan of 2017.
PM asks PetroVietnam to enhance business efficiency
Prime
Minister Nguyen Xuan Phuc on Wednesday asked the National Oil and Gas Group
(PetroVietnam) to enhance its business efficiency and contribute to ensuring
energy security and asserting national sovereignty.
Phuc
was speaking at a ceremony where the decision to appoint Tran Sy Thanh,
former secretary of the Lang Son Province Party Committee, as the new
chairman of the PetroVietnam Members’ Council was announced
Phuc
urged PetroVietnam to strive to fulfill its socio-economic development tasks
following the country and the group’s oil and gas development strategy to
2025 with a vision to 2030, stressing its significant contribution to the
socio-economic development.
PetroVietnam
should closely watch developments on the
He
also asked the group to hasten restructuring following the approved plan for
the 2017-20 period. Accordingly, the restructuring plan must be submitted to
the Government within the first quarter of this year.
Focus
should also be on hastening major national projects such as Blue Whale gas
project, Nghi Son Oil Refinery, Dung Quat Oil Refinery, along with power
projects, he added.
In
addition, problems at its five loss-making projects must be handled
thoroughly, including Dinh Vu polyester plant, Dung Quat shipyard and three
bio-fuel plants.
The
Prime Minister highly appreciated the higher-than-target results of
PetroVietnam in 2017.
The
group’s oil production output exceeded the target by 10.5 per cent, gas
output by 3 per cent, power generation by 2.4 per cent, and petrol and oil
production of Dung Quat Oil Refinery by 19.5 per cent. Its contribution to
the State budget was 30.8 per cent higher than the target.
Thanh
took the position which was considered a “hot seat” and left vacant since
March.
Some
of its former chairmen had been arrested and under investigation for alleged
violations of State regulations on economic management.
Labour productivity needs a boost
Manufacturing
enterprises should implement breakthrough solutions to improve productivity
of labour, raising the industrial production index of the nation in 2018,
Nguyen Bich Lam, director of the General Statistics Office (GSO), said.
In
addition, management agencies, ministries and local authorities would
continue to reform their institutions and create a favourable business
environment for enterprises, he said.
Lam
also said since the domestic economy depends on many sources of imported
materials, therefore, to limit trade deficit in the future,
Further,
the nation needs to pay attention to gradually reducing the trade deficit of
the economy, especially reduction of the trade deficit in the service sector,
he said.
The
GSO reported that in 2017, although production of the mining sector was down
sharply against 2016, national industrial production continued its strong
growth due to contribution of the manufacturing and processing industry’s
growth in production. This industry accounted for a large part of the
national industrial production.
In
2017, the national industrial production index increased by 9.4 per cent
compared with 2016, much higher than the year-on-year growth rate of 7.4 per
cent in 2016.
Last
year, the processing and manufacturing industry saw the highest production
growth rate at 14.5 per cent year-on-year over the past six years,
contributing the maximum to the national industrial production growth.
The
industry of electricity production and distribution increased by 9.4 per cent
in terms of production and the industry of water supply and waste treatment
saw year-on-year growth of 8.7 per cent in production. Meanwhile, production
of the ore mining industry decreased 7.1 per cent year-on-year.
Pham
Dinh Thuy, head of GSO Department of Industrial Statistics, said Viet Nam’s
industrial production growth is still based on growth in the number of
enterprises, investment capital and labor force, while productivity, quality,
efficiency and competitiveness have not increased.
In
2017, some industries witnessed an increase in production index, including
production of electronics, computers and optical products (up 32 per cent), metal
production (up 17 per cent), production of rubber and plastic products (up 14
per cent) and production of textiles, paper and paper products (up 10 per
cent).
VNN
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Thứ Sáu, 5 tháng 1, 2018
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