Thứ Năm, 22 tháng 2, 2018

BUSINESS IN BRIEF 22/2

Exports of tra fish to UK increase

 Exports of tra fish to UK increase, Ministry works to stabilise market following Tet, RON 95 petrol price drops by 400 VND per litre, Japanese group builds auto parts factory in Thai Binh 

Tra fish exports to the UK were worth 45.7 million USD last year, an increase of 2.5 percent over the previous year, according to the Vietnam Association of Seafood Exporters and Producers.
It accounted for 2.6 percent of total tra exports.
Vietnam is the sixth biggest exporter of tra fish to the UK behind Iceland, China, Norway, Denmark and Russia.
The UK and the Netherlands are the two largest importers of Vietnamese tra fish in the EU.
Vietnam’s exports to Hong Kong were worth nearly 41 million USD.
Thailand was the biggest buyer among ASEAN member nations with shipments worth 51 million USD.
Tra exports to many markets are expected to increase sharply this year.
Ministry works to stabilise market following Tet
Prices of essential goods in traditional markets returned to normal on the fourth and fifth days of the lunar year (February 19-20) after increases few days before the Tet holiday which lasted from February 14-20. 
 According to the Ministry of Finance, supermarkets and commercial centres attracted a large number of consumers during the festival thank to clear product origins, guaranteed food hygiene and stable prices.
Meanwhile, prices of catering and vehicle keeping services slightly increased in the first days of the year, the ministry said. 
During Tet, the purchasing power surged 12-15 percent as compared with normal days, and 10 percent against the same period last year, as a result of 2017’s noted economic growth and market stabilisation policy. 
The ministry said that demands for travelling, food and festival offerings are expected to rise following the holiday. 
To stabilise the market in March and the second quarter of this year, the ministry has asked other ministries, agencies and localities to keep a close watch on developments of supply and demand, as well as prices, especially of essential products. 
Besides, inspections on the observance of legal regulations on price, tax and fee, particularly of tourism services, while traffic laws will also be intensified.
RON 95 petrol price drops by 400 VND per litre
The price of RON 95 petrol declined by 400 VND per litre from 15:00 on February 21 as decided by the Ministry of Industry and Trade and the Ministry of Finance.
The two ministries announced that the price of E5 petrol is not higher than 18,340 VND per litre, and those of diesel 0.05S and kerosene should not be higher than 15,716 VND per litre and 14,560 VND per litre, respectively.
Meanwhile, the ministries also decided to adjust the price stabilisation fund for E5 bio-fuel at 600 VND per litre, while the use of the fund for RON 95, kerosene and diesel was 0 VND per litre.
This is the first drop of petrol prices in 2018 and the first time that the ceiling price of RON 95 petrol has been announced as consumers no longer have access to RON 92 petrol since January 2018.
The Ministry of Industry and Trade, and the Ministry of Finance review fuel prices every 15 days to adjust the prices in accordance with fluctuations on the world market.
The average global price of petrol products during the last 15 days to February 21 was at 73.062 USD per barrel for RON 92 and 76.160 USD for diesel.
Bac Ninh ranks second in FDI attraction in 2017
The northern province of Bac Ninh attracted 3.5 billion USD in foreign direct investment (FDI) in 2017, ranking second among provinces and cities across the country.
According to the provincial Department of Statistics, Bac Ninh’s industrial production value reached 1 quadrillion VND (about 44 billion USD) and its export turnover hit 29.85 billion USD, accounting for 14.9 percent of the nation’s export earnings.  
The province collected 21.6 trillion VND (948.2 million USD) for the state budget. Meanwhile, the locality’s gross regional domestic product (GRDP) made up 3.25 percent of the country’s GDP, with a GRDP growth rate of 19.12 percent. 
Notably, the Samsung Group continued to pour an additional 2.5 billion USSD into the province, showing the province’s efforts to improve the investment climate.
Bac Ninh is now home to over 1,000 FDI projects from 33 countries and territories, including many hi-tech and environmentally friendly projects with big value invested by Samsung, Canon and Foxconn. 
The flow of investment has been poured into 14 sectors, mostly in the processing and manufacturing industries. FDI projects have significantly contributed to the province’s economic development. 
To increase competitiveness in luring FDI, the local authorities have paid attention to simplifying administrative procedures, providing legal support for investors, developing industrial park infrastructure and improving the quality of human resources through promoting education-training activities. 
Vu Thi Phuong Thao, Vice Director of the provincial Department of Planning and Investment, said Bac Ninh will focus on attracting quality and high added-value FDI projects, especially in the fields of IT, bio-technology, hi-tech agriculture and  infrastructure development. 
Priority will be given to encouraging joint-venture projects between domestic enterprises and foreign partners, especially those from Vietnam’s strategic partners such the US, European nations, the Republic of Korea and Japan, thus enabling domestic firms to join the global value chain, she added.
Thaco launches new agricultural machine factory
The Truong Hai Auto Corporation (Thaco) on February 21 launched its agricultural machine factory in Chu Lai open economic zone in the central province of Quang Nam.
The factory covers 12,500 square metres and has an investment of 500 billion VND. It is designed to manufacture tractors with a capacity from 18HP-120HP, along with high-quality combine harvesters and other agricultural equipment. 
In the first phase, it has a capacity of manufacturing 2,000 tractors per year, 3,000 sets of cultivation equipment and 1,000 combine harvesters.
The factory’s technology is transferred from LS Mtron Group, a leading agricultural machine manufacturer in the Republic of Korea.
It will use domestic material and spare parts, while importing high technology parts that are not available in the country from the Republic of Korea and ASEAN countries.
In 2018, Thaco will also focus on developing passenger cars, while launching the first phase of Thaco-Mazda factory with a capacity of 50,000 units each year on March 24, along with a new van factory to produce 100,000 units per year.
The firm will also partner with other companies to develop support industry and expand its factories to 138 hectares in 2018.
Vietnam boosts trade ties with strategic partners
Vietnam plans to promote bilateral trade and investment links with strategic and important partner countries in the time ahead, towards fostering economic growth and expanding export markets. 
The recently approved project also aims to increase enterprises’ competitiveness and their awareness of integration, enabling them to intensively join the global value chain. 
It is hoped to help improve the national competitiveness, promote administrative reform and fine-tune business climate while perfecting the socialist-oriented market economy institution. 
Under the scheme, efforts will be made to fully tap business advantages, increase the quality and effectiveness of trade and investment promotion activities, and foster connection among ministries, sectors and business associations inside and outside the country in the work. 
Attention will be paid to bettering the quality of products and production methods through applying high technologies to meet export demand, and increase links among domestic and foreign businesses. 
Small and medium-sized enterprises (SMEs) will be updated on information and forecasts related to market, politics and exchange rate fluctuation; while other businesses will also be assisted in training human resources to improve their knowledge of international economic integration, bilateral and multilateral free trade agreements(FTAs) that Vietnam signed with foreign partners. 
Focus will be placed on taking advantage of investment trade agreements and calling for more investment projects from Vietnam’s important and strategic partner countries. 
Coordination between the Vietnam Chamber of Commerce and Industry (VCCI) and business associations and between domestic agencies and representative agencies abroad will be strengthened, towards promoting the country’s economic development. 
Through implementing activities of the project, the VCCI will report and summit solutions to the Government, contributing to overcoming difficulties in trade and investment coordination between Vietnam and strategic and important partner countries. 
Surveys will be carried out to assess the needs, limitations and difficulties of enterprises and market potential so as to select markets for export and investment. 
Public-private dialogue mechanism and investment promotion will be bolstered, while SMEs will be supported in accessing advanced technologies and modernise production, helping them make inroads into more markets in strategic and important partner countries and join the global value chain.
Japanese group builds auto parts factory in Thai Binh
Construction on a 24.6-million USD auto parts factory is under-way in the northern Thai Binh province’s Tien Hai Industrial Zone with completion expected in July 2019.
Financed by the Japanese Toyoda Gosei Group, the 11.3ha-factory will manufacture airbags and leather steering wheels which will be mainly exported to Japan, the US and Europe. Work on the factory kicked off early this month.
Once operational, the factory is expected to create about 1,500 local jobs. The company said it believes that the project will contribute to accelerating the development of Thai Binh province as it will create more jobs for local people and improve their skills.
Established in 1949 and headquartered in Kiyosu, Japan, Toyoda Gosei is a leading manufacturer of rubber and plastic automotive parts and LEDs. Today, the group provides a variety of high-quality products internationally, with a network of some 100 plants and offices in 18 countries and regions.
PM lauds Vietinbank, Vietcombank’s business results last year
Prime Minister Nguyen Xuan Phuc lauded Vietinbank and Vietcombank for their business performance last year and encouraged them to make greater efforts to contribute to the fulfillment of Vietnam’s socio-economic development.
The leader made the statements during visits to the headquarters of Vietinbank and Vietcombank, the two largest Vietnamese commercial banks, in Hanoi on February 21 to wish their employees a Happy Lunar New Year.
The PM extended greetings to 24,000 Vietinbank employees in an event live-streamed in 155 branches of the bank nationwide.
Phuc lauded Vietinbank’s successful equitisation, the growth of its technology-based banking services and its efforts to manage bad debts and improve management efficiency. He also mentioned the bank as a credit provider for the country’s key projects, backing the government to achieve its goals.
He asked the bank to improve its competiveness by building financial and management capacity to international standards. Vietinbank should adopt solutions to improve and control credit quality; strengthen bad debt management; and continue stepping up administrative reform to provide start-ups and investors easier access to loans, he said.
Later the same day, the PM met with Vietcombank staff on the occasion of the Vietnamese New Year, during which he praised the bank’s corporate culture.
Vietcombank led in complying with the government’s policies, Phuc noted, adding that the bank is offering the market’s lowest lending interest rates though it has not reduced deposit interest rates.
In a short time, Vietcombank’s total assets exceeded 1 quadrillion VND (44 billion USD) and its ratio of non-performing loans was down to 1.1 percent, the lowest among domestic credit institutions. The bank is also the first of its kind in Vietnam to exceed 10 trillion VND in profit, Phuc said.
He asked Vietcombank to broaden its vision to become a regional bank in Asia and to expand its size and branches to narrow gaps with large banks in the region.
He also suggested the bank develop banking technology and catch up with new technological trends, particularly in information security and safety.
In 2017, VietinBank earned a total profit of 9.2 trillion VND (404 million USD), 105 percent of its annual target.
The bank’s total assets notched a year-on-year surge of 15.3 percent to exceed 1.1 quadrillion VND (48.4 billion USD), making it one of Vietnam’s three largest banks in terms of assets and the country’s second-largest bank in terms of profit, after Vietcombank.
Its outstanding loans reached 839 trillion VND (over 36.9 billion USD), up 18 percent year on year.
Meanwhile, Vietcombank reported pre-tax profit of more than 11 trillion VND (482.5 million USD) last year.
This was a record pre-tax profit achieved by a Vietnamese bank, representing a rise of 32.9 percent during the same period in the previous year and 16 percent higher than Vietcombank’s target.
Total deposits amounted to 889.7 trillion VND (over 39.1 billion USD), up 38.7 percent year on year and 18 percent above set target.
Outstanding loans reached 553 trillion VND (24.33 billion USD), an increase of 17.2 percent.-
Deputy PM directs improving SOEs’ efficiency
Deputy Prime Minister Vuong Dinh Hue has urged ministries, agencies and localities to promptly fulfill assigned tasks regarding equitisation and divestment in State-owned enterprises (SOEs), towards making them more transparent, healthy and efficient. 
He requested that SOEs restructure themselves in terms of apparatus, personnel, strategy, governance, finance, technology and products. 
He urged completely fixing shortcomings and weaknesses of SOEs as well as dealing with loss-making and inefficient firms and projects, and determining the responsibilities of individuals and units concerned. 
The Deputy PM asked ministries and agencies to review the Corporate Law, the Law on Management and Utilisation of State Capital Invested in the Enterprises’ Manufacturing and Business Activities, the Law on Cadres and Civil Servants, the Law on Bankruptcy, Labour Code and relevant legal documents so as to submit amendments and supplements to authorised agencies. 
Ministries, agencies, localities, State corporations and groups must continue hastening administrative reform and improving the business climate and legal environment towards achieving the goal of having 1 million enterprises by 2020, he said. 
They were also asked to urge equitised companies to list on bourses, strengthen supervision, audit to prevent capital loss and adopt corporate governance principles in line with international practices. 
Ministers, Chairs of People’s Committees of centrally-run cities and provinces and Chairpersons of Members’ Councils of economic groups must bear responsibility in this regard, he said.
EVN resolved to ensure electricity supply
The Electricity of Vietnam (EVN) will invest in power projects within local and national electricity development planning schemes from 2016-2020. 
This is the major task set in the group’s five-year business plan recently approved by Deputy Prime Minister Trinh Dinh Dung. 
Under the plan, EVN will develop renewable energy and improve environmental protection during the construction and operation of electricity facilities. 
The group will also safely run the national power grid, ensuring electricity supply and the economic efficiency of the electricity system. 
Another task is to revamp EVN’s subsidiaries in line with the master plan for rearranging and restructuring enterprises in 2017-2020. 
Along with developing the competitive electricity wholesale market, the group will bring electricity to rural, mountainous and island areas, aiming to help most households in these areas access the national power grid by 2020.
During 2016-2020, EVN’s annual commercial power output is expected to increase by 10.08 percent. 
The group plans to put into operation up to 21 turbines with combined capacity of 6,100 MW of 12 projects, including Lai Chau hydropower project (operational in 2016), and the thermal power projects of Duyen Hai III, expanded Duyen Hai III, Vinh Tan IV, expanded Vinh Tan IV and Thai Binh I. 
Construction of another eight projects with a total capacity of 5,540 MW is also set to begin in the period. They are the hydropower projects of expanded Ialy, Hoa Binh and Tri An; and the thermal power projects of expanded Vinh Tan IV with its construction starting in 2016, O Mon III and IV, Quang Trach I and II.
EVN will push preparations for the investment in the Tan Phuoc I thermal power project to put the plant into service by 2020, while building solar power projects.
About 300 transmission lines of 500 kV and 200 kV with 12,200 km in length and 66,000 MVA in capacity of transformation stations are projected to become operational during the next five years. 
Other tasks for the group include improving the quality of electricity supply, increasing power imports from Laos, Cambodia and China and building 110 kV and middle-and low-voltage transmission lines.
PM okays ultra-thin glass project in Ninh Binh
Prime Minister Nguyen Xuan Phuc has approved in principle a plan to build an ultra-thin glass factory with capacity of 1,200 tonnes per day in Yen Khanh district, the northern province of Ninh Binh.
The PM tasked the provincial People’s Committee to work with the Ministry of Construction to implement the project, ensuring the products to meet environmental standards.
He also assigned the Ministry of Construction to review the master plan on development of building materials by 2020 with a vision to 2030, taking into account different types of glass to satisfy local demand and for export.
NA Vice Chairman: e-customs facilitate import-export activities
Vice Chairman of the National Assembly Phung Quoc Hien has hailed efforts made by the General Department of Customs in applying e-customs to facilitate import-export activities.
In a meeting with the customs department in Hanoi on February 21, Hien lauded the sector’s contributions to the country’s import-export revenue of 400 billion USD in mid-December last year.
He also praised the sector’s efforts in preventing smuggling, counterfeit goods and trade fraud.
On the occasion, the NA official wished that the customs officers will work to fulfill missions assigned by the National Assembly and the Government this year.
Viglacera builds houses for industrial zone workers     
The Viglacera Corporation on Wednesday started construction of a housing project for workers in the Phu Ha Industrial Zone in the northern province of Phu Tho.
Tran Anh Tuan, director of the Viglacera projects management board, said the social housing project covered an area of 4.3ha in Ha Loc Commune of Phu Tho Town.
The VND480 billion (US$21 million) project is expected to provide 630 apartments, ranging from 26sq.m to 70sq.m, to some 2,500 workers. The rent is estimated at VND30,000 per square metre.
The project aims at improving the living standard of the employees, ensuring their commitment to the enterprise, as well as attracting more investments in the industrial zone.
Viglacera committed to focusing its resources in the construction work so that the apartments can be rented as scheduled, Tuan said.
Construction of Phu Ha Industrial Zone was kicked off on February 26, 2015. It has attracted $90 million from 13 enterprises mainly specialising in electronics and electricity production using advanced technology. The firms have helped create 10,000 jobs for the locality and neighbouring provinces.
Hoang Cong Thuy, vice chairman of the provincial People’s Committee, said if the entire land in the industrial zone were to be hired for production activities, there would probably be 30,000 workers. Therefore, the project developed by Viglacera Corporation needed to meet the demand of current and future workers.
The same day, the corporation inaugurated a VND16 billion waste water treatment plant in the industrial zone, with a capacity of 1,250cu.m per day and night.
Viglacera Corporation is considered the leading company in building material industry in Viet Nam and has confirmed its prestige in the real estate sector with many housing projects, including infrastructure of industrial parks and offices for lease, urban areas, houses for sale and trade centres. 
TT Group to become Vinafood 2’s strategic partner     
The industry-real estate-finance conglomerate T&T Group now has the highest chance to become the strategic partner of Viet Nam Southern Food Corporation (Vinafood 2), cafef.vn reported on Wednesday.
Vinafood 2 plans to offer 25 per cent of its charter capital, or 125 million shares, to the strategic investor after the company launches its initial public offering (IPO) on March 14.
As the price of shares offered to the strategic investor is expected to stay at least level to the IPO starting price of VND10,100 (45 US cents) per share, T&T Group may have to pay at least VND1.26 trillion ($56 million) to purchase those 125 million shares.
Vinafood 2 had only received the filed proposal from T&T Group by December 15, 2017, on which Vinafood 2 must finalise its equitisation plan and submit the plan to the Ministry of Agriculture and Rural Development, the business news website reported.
Local media had previously reported that T&T Group and the information-telecommunication-technology group FPT Corporation had expressed their interest in purchasing the strategic stake in Vinafood 2.
However, only T&T Group had filed legal documents on the deal while FPT Corporation had submitted its copies of required documents, thus, FPT Corporation had been disqualified from the race.
Therefore, Vinafood 2 had proposed the agriculture ministry approve T&T Group as its new strategic investor and submit the equitisation plan to the Prime Minister for approval.
According to the company’s equitisation plan, the strategic partner must be financially healthy so that it could help the firm restructure its financial system and is able to assist Vinafood 2 seek new markets and open new distribution channels in both domestic and overseas markets.
The strategic investor must meet some standards such as having operated in the agriculture sector for at least three years; having total assets of at least VND10 trillion by December 31, 2015; and achieving net profits for three consecutive years and reaching a return-on-equity ratio of more than 5 per cent.
Under its equitisation plan, Vinafood 2 has a charter capital of VND5 trillion with 51 per cent possessed by the State.
The company will sell nearly 23 per cent of its capital (114.8 million shares) at the IPO on March 14, offer 125 million shares to the strategic investor and the remainder to its employees and workers at a preferential price level.
Vinafood 2 operates in importing-exporting food, processed food, agricultural products and trade of those products, but it has been struggling with the current business model as the finance, production and market and product development policies have been implemented ineffectively. 
Novaland seeks approval for overseas listing, issuing shares     
Novaland Investment Group Corporation has sought shareholders’ approval to list securities on international stock exchanges and issue additional shares.
The real estate firm plans to list common shares, corporate bonds or convertible bonds on the Singapore Stock Exchange or another foreign stock exchange in 2018 or 2019. The board of directors or authorised persons are expected to execute the necessary procedures for the listing process.
Novaland has also proposed a plan to issue a maximum of 100 million shares in a private placement to local and international investors this year. The offering price will be not lower than the book value per share at the time of issuance.
The issuance aims to raise working capital, including capital of subsidiaries and affiliates, and buy shares in other companies, as well as help restructure its debts.
Regarding the convertible bond issuance plan, Novaland will increase its bond value from US$250 million to $300 million. The issuance is projected to support the firm’s capital increase and debt restructuring.
The bonds will be offered in a private placement to foreign investors with financial and technical capability to support the company’s business development. Investors will be subject to a one-year lock period since the date of issue.
According to the adjusted plan, the bonds may be converted into ordinary shares (instead of the mandatory conversion in the old plan) at a minimum price of VND50,000 ($2.20) each, applying a dilution adjustment to protect the company and investors’ benefits.
In addition to this, the firm has also sought the approval to supplement chairman Bui Thanh Nhon to the company’s legal representatives, in addition to its legal investment manager and chief executive officer.
Novaland’s shares, coded NVL, has climbed nearly 23 per cent this year and is being traded at some VND80,000 per share on HCM Stock Exchange. 
Homemade tractors roll out in Quang Nam     
Local Truong Hai Automobile Company (Thaco) has rolled out the first made-in-Viet Nam tractor at the agricultural machinery manufacturing factory in the Chu Lai-Truong Hai Industrial Complex after one year of construction.
The factory, which covers an area of 1.2ha with investment of VND500 billion (US$22.1 million), plans to produce 2,000 tractors and 4,000 combine harvesters as well as farming machines and equipment each year.
The Quang Nam-based factory uses technology from Korean LS Mtron company following an agreement signed last year between Thaco and LS Mtron (a company of the LS Group from Korea).
Thaco said the manufacturing factory aimed to provide made-in-Viet Nam agricultural machinery with a 50 per cent localisation programme for domestic use as well as for exports to ASEAN markets.
Doan Dat Ninh, an official from Thaco, said the Thaco-trademark tractor eyed making up 7 per cent of the country’s market share in 2018 before increasing to 38 per cent in 2026.
The local made farming machinery products are also planned to be exported to Laos, Cambodia, the Philippines, Myanmar, Indonesia and other markets.
The introduction of the first agricultural machinery plant in Quang Nam Province would help promote mechanisation of farming in Viet Nam.
In 2013, Thaco also acquired 51 per cent of shares in the Korean Soosung Motor Technology company to produce cranes, concrete mixer trucks and tankers in Korea.
Thaco has manufactured and distributed vehicles of foreign brands – Kia of South Korea, Mazda of Japan, France’s Peugeot and BMW of Germany. 
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