VIETNAM BUSINESS NEWS APRIL 14
Vietnam Expo 2022
kicks off in Hanoi  The hybrid event takes place in person at Hanoi International Exhibition Centre from April 13 – 16 while the virtual fair will run in a month, from April 13 to May 13, enabling foreign exhibitors to join remotely. On display are products divided in four sections – national and export brands, machinery for supporting industries, digital technology and e-commerce, and food and beverage. With its 30-year history, Vietnam Expo has become one of the largest trade promotion events in Vietnam, he said, noting that it has brought not only direct economic benefits but also opportunities for Vietnamese enterprises to foster exports, develop the domestic market, and build capacity to better engage in the global value chain. The trade fair features 380 pavilions run by some 410 exhibitors, including those from 15 foreign countries and territories. Nearly US$1.5 bln in trade surplus for Vietnam in Q1 Vietnam continued to expand foreign trade in the first quarter of 2022, producing a trade surplus of US$1.46 billion, according to the latest data unveiled by the General Department of Vietnam Customs. Statistics show the export-import value rose 20% to US$36.66 billion in the second half of March compared to the first half of the same month. The additional figure helped raise the country’s total foreign trade value in the first quarter to US$176.75 billion, an increase of 14.3% year on year. Of the three-month total, exports brought back US$89.1 billion, up 13.4%, while imports inched up 15.2% to US$87.64 billion, helping Vietnam secure a trade surplus of US$1.46 billion. The General Statistics Office reported that five groups of commodities raking in more than US$5 billion in export each were phones and components (>14 billion), electronics, computers and appliances (>13 billion), machinery and equipment (nearly 10 billion), garments (nearly 9 billion), and footwear (>5 billion). Meanwhile, several groups of commodities having an import value of more than US$5 billion each were electronics, computers and appliances (>21 billion), machinery and equipment (>10 billion) and phones and components (>5 billion). The FDI sector generated US$123.05 billion of the country’s total foreign trade value, up 12.8%, while the domestic business sector contributed nearly US$53.7 billion, up 17.9%. Ha Noi accelerates promotion of agricultural goods Deputy director of Ha Noi Department of Agriculture and Rural Development Nguyen Ngoc Son said that his department has teamed up with localities to bring hundreds of tonnes of the city's farming produce and that of other provinces and cities into supermarket systems, convenience stores and selling points under the One Commune One Product (OCOP) Programme. It has also implemented measures to support businesses to promote the consumption of essential goods through e-commerce channels, Son said. He added that the municipal, agricultural sector would promote trade promotion activities and connect tourism promotion with programmes advertising agro-forestry-fishery products. At the same time, it will develop raw material areas to serve processing factories and expand markets for advantageous products such as high-quality rice, late-ripening longan and bananas. Census of enterprises to begin on April 15 A census of enterprises is to be conducted nationwide by the General Statistics Office (GSO) from April 15 to May 30, according to the GSO’s Department of Statistical Data Collection and IT Application. GSO Deputy General Director Nguyen Trung Tien said the census aims to collect information about enterprises, cooperatives, and cooperative alliances to serve socio-economic management, governance, assessment, and forecasting, along with the forming of development policies and plans for the economy as a whole and each locality. It will also help with calculating the gross domestic product (GDP) and localities’ gross regional domestic product (GRDP), and compiling the 2023 white books on enterprises and cooperatives, among others, he noted. This census will cover enterprises across most sectors in the Vietnamese economy, except for those involved in activities of the Communist Party of Vietnam, socio-political organisations, state management, and security - defence; activities of international organisations and agencies; and hired labour in families and production of self-consumed products and services in households. Data will be collected online, and respondents will provide information via the enterprise census website of the GSO. Q1 foreign investment into real estate surpasses last year’s figure Foreign investment poured into real estate hit almost 2.7 billion USD in the first quarter of this year, outpacing the figure of the entire 2021, according to the Ministry of Planning and Investment. Statistics show that foreign investment into real estate reached 2.69 billion USD in Q1 alone, higher than the 2.63 billion USD last year. It included 1.1 billion USD channeled into existing projects and 992 million USD spent on contributing capital to or buying shares from domestic firms. Notably, Singapore added nearly 941 million USD to a project on developing urban infrastructure and services of the Vietnam - Singapore Industrial Park (VSIP) in northern Bac Ninh province, which helped lead to a surge in foreign investment in the property sector. GLP, an industrial property giant of Singapore, also announced the establishment of GLP Vietnam Development Partners I, a logistics infrastructure development fund worth 1.1 billion USD. RoK’s KT group to launch telemedicine service in Vietnam The KT group, the Republic of Korea’s largest telecommunications company, announced on April 13 its plan to launch a telemedicine service in Vietnam with Hanoi Medical University this year. An agreement was signed on April 13 between representatives between the KT group and university to jointly develop a telemedicine service that will diagnose and monitor patients with chronic diseases such as diabetes and high blood pressure. The service will allow patients to monitor their current health status and receive advice on working out and what medicine to take. Besides, the KT group and Hanoi Medical University will develop an artificial intelligence (AI) programme to diagnose Alzheimer’s disease. The research will be based on work by Professor Hwang Kyo-seon from the College of Medicine at Kyung Hee University. Capital mobilisation through corporate bonds may decrease sharply The scale of capital mobilisation through corporate bonds is forecast to decrease sharply, but there will be a drastic change in quality, according to a study on the corporate bond market by FiinRatings. A number of violations related to corporate bonds handled recently, along with ongoing policy changes, including the State Bank of Vietnam's Circular 16 on regulations on bond trading by credit institutions and the changes and additions expected to be included in the draft Decree 153 on private placement, are likely to make the corporate bond market significantly reduce in size by 2022, said FiinRatings. Assessing the trends and prospects of the corporate
bond market in the second half of 2022 and 2023, FiinRatings experts said
that businesses with a good foundation and better transparency, especially
listed companies, would still promote bond issuance activities. Vietnamese employees' average monthly
income in Q1 increases sharply The
national motor show had previously been delayed in 2020 and 2021. This year
all participants are required to follow COVID-19 prevention and control
measures to ensure safety for those in attendance. CAAV proposes Ministry of Transport to
adjust floor airfares The
Civil Aviation Authority of Vietnam (CAAV) has proposed the Ministry of
Transport to allow an adjustment of the price ceiling for air tickets on
domestic routes. The
national flag carrier, Vietnam Airlines (VNA) has proposed the Ministry of
Transport to consider the adjustment of the price ceiling for air tickets
that is expected to be applied starting April 1. Under
the proposal, prices of air tickets will be raised from VND2.2 million to
VND2.25 million for flight distances of 500-850 kilometers; VND2.79 million
to VND2.89 million for flight distances of 850-1,000 kilometers; VND3.2
million to VND3.4 million for flight distances of 1,000-1,280 kilometers;
VND3.75 million to VND4 million for flight distances of 1,280 kilometers and
above. Singapore launches campaign to attract
Vietnamese tourists The
Singapore Tourism Board (STB) launched a new campaign in HCMC on April 13 to
encourage tourists from Vietnam to return to the island country. The
SingapoReimagine Reopening campaign showcases a different side of what the
city has to offer, from exciting new attractions and novel dining concepts to
wellness retreats and sustainable experiences. Visitors also enjoy enhanced
hygiene and safety measures and peace of mind as they navigate the new state
of travel in a Covid-19 world. HCMC to accelerate smart city projects The
projects of digital transformation and smart city development in HCMC has
reaped certain rewards. Thanks
to successful digital transformation, the Covid-19 prevention and control
tasks in the city have been carried out more quickly and effectively. The
Covid-19 Safety Information System of HCMC is able to issue QR codes for
people citywide, and the digital Covid-19 map timely updates necessary
information for public access. The hotline 1022 has been expanded to offer 7
functions of public healthcare consultations to fight against Covid-19 and feedback
receipt as to pandemic prevention tasks (with over 80,000 calls being made
each day). HCMC
excellently exploits its common database, containing big data for AI
implementation in digital transformation in city operation and governance. At
present, the HCMC Department of Information and Communications is cooperating
with the HCMC Health Department to finish the medical record of each resident
for the healthcare database, another important database besides the national
population one. Over
900 units of the municipal authorities have had their formal e-documents
shared via a stable integration platform. The fields of traffic, healthcare,
education and training, urban planning, environment, public security have
owned useful applications to serve citizens as well as professional tasks. HCMC
is one of the localities with the highest number of residents using a smart
phone, along with a 100 percent coverage of fiber optic network, broadband
Internet, and 3G/4G mobile network. Last year, it stood at the fifth position
in the Province-level Digital Transformation Index. Over 500 enterprises join in Vietnam
Furniture Matching Week 2022 The
Ho Chi Minh City Handicraft and Wood Industry Association (HAWA) in
collaboration with the Trade Promotion Agency under the Municipal Department
of Industry and Trade this morning opened the Vietnam Furniture Matching Week
(VFMW) 2022 with the participation of over 500 enterprises in the fields of
wood processing industry and handicraft. The
VFMW is not only a chance for enterprises to showcase their products, it is
also an occasion to connect businesses in the ecosystem from production,
design, distribution to logistics and accreditation. In
the framework of VFMW, massive online meetings among businesses via the
website hopefairs.com with the participation of over 100 enterprises serving
local and international guests will be also organized. The
Vietnam Furniture Matching Week 2022 will last until April 20. Corporate bond market expected to
reach 20% of GDP by 2025 The
Government has set a target to raise the scale of the corporate bond market
to 20% of the country’s gross domestic product (GDP) by 2025. Under
the Government’s Resolution 54 on economic restructuring in the 2021-2025
period, the stock market’s capitalization was targeted to be equal to at
least 85% of GDP and the total bond-to-GDP ratio a minimum of 47%. The
Government has assigned the Ministry of Finance to coordinate with the
relevant ministries, agencies and localities to come up with solutions to
diversify financial institutions, venture funds, credit guarantee funds,
financial consulting units and accounting and auditing services. In
addition, they should draft policies and regulations encouraging venture
investment and develop a financial strategy by 2030 and submit it to the
prime minister for issuance this year. The
Government also asked the Ministry of Planning and Investment to work with
other relevant ministries, agencies and localities to study and determine the
possibility of building a law on venture investment and report the results to
the prime minister in 2022-2023. In
Resolution 54, the Government also set a target to maintain the bad debt
ratio of all credit institutions at below 3%. Moreover,
a professional debt trading market will be developed with the Vietnam Asset
Management Company playing the central role in the market. The
Government also expected all commercial banks to apply the Basel II
standards. March auto sales soar by 60% Members
of the Vietnam Automobile Manufacturers’ Association (VAMA) sold over 36,960
autos in March, up 60% month-on-month and 17% year-on-year. Sales
of locally assembled and imported completely built-up (CBU) vehicles saw a
month-on-month surge of 50% and 82% in March, respectively. Passenger
car sales jumped 62% month-on-month at nearly 28,500, while some 8,000
commercial vehicles found buyers, up 63%, and 677 special-use vehicles were
sold, up 41%, according to a recent VAMA report. Apart
from VAMA members, non-member automakers TC Motor and VinFast sold over 7,000
and some 3,500 units last month. In
the first quarter of the year, the VAMA members sold over 90,500 units, up
27% year-on-year. Sales of passenger cars picked up by 39% year-on-year,
while sales of commercial cars and special-use vehicles grew 7% and 32%
year-on-year, respectively. Many commercial housing projects in
Danang face inspection The Ministry of Construction will launch a 45-day
inspection into commercial housing projects in Danang City. The
inspectors will look into investors, developers, agencies, organizations and
individuals involved in commercial housing projects for compliance with
regulations requiring them to set aside part of their commercial housing
projects for social housing. They
will also review the management and use of maintenance funds for residential
buildings in the city. Commercial
housing projects built from January 1, 2016 to December 31, 2021, will be
subject to the inspection. These projects include An Trung 2, Dai Dia Bao,
F-Home and Monarchy. The
inspectors will inspect Hai Hanh Trade and Service JSC, Olympia Company,
Danang-Mien Trung Investment JSC, Phu Gia Thinh Investment Business House
Corporation, Da Viet Trade Investment Management and Real Estate Business JSC
and An Hoa JSC, among others. FECON wins tenders worth over VND500
billion FECON Corporation (FCN) has announced that it won many
tenders worth over VND500 billion early this month. These
two power projects, invested by PV Power, are part of the national power
development plan VII. They have a capacity of 1,500 megawatts and require an
estimated investment of US$1.4 billion. The
projects will be able to supply some nine billion kilowatt hours of
electricity to the national grid once they are put into operation in
2024-2025. FECON
has also won tenders worth over VND100 billion to drive piles and build
fences of the Nam Hung hotel project and an office, commercial and
residential complex in the An Hung New Urban Area. BR-VT to spend VND670 billion on site
clearance for expy project Ba
Ria-Vung Tau Province will spend VND670 billion of the total VND1.3 trillion
needed for site clearance to build a 19.5-kilometer expressway section
passing through this southern province. The
expressway, which links Dong Nai Province and Ba Ria-Vung Tau Province, will
measure 53.7 kilometers in length, with four to six lanes and a total
investment of over VND17.8 trillion. It is expected to get off the ground next
year and be ready in 2025. The
Ministry of Transport proposed dividing the road project into three
sub-projects. The first and second sub-projects, which are 34.2 kilometers
long in total, will be built in Dong Nai Province, with a total cost of
VND12.6 trillion. The remaining sub-project will be executed in Ba Ria-Vung
Tau, requiring VND5.1 trillion in investment. Around
VND1.3 trillion is needed for compensation and resettlement linked to the
section running through Ba Ria-Vung Tau. This province will tap its backup
budget for the 2021-2025 public midterm investment plan to pledge 50% of the
required capital, even though it is in budget distress. As
for the Bien Hoa-Vung Tau Expressway, it is one of the three expressways that
the government added to a portfolio under a program to restore and develop
socio-economic growth in the southern key economic region. Investors pledge US$17 billion in Cu
Chi, Hoc Mon Investors
have clinched agreements and memoranda of understanding to pour nearly US$17
billion into HCMC’s outlying districts of Cu Chi and Hoc Mon. At
a conference on investment promotion in the two districts on April 12, the
city handed over investment certificates to projects with a total investment
of nearly US$500 million, the local media reported. Many
investors said they would get involved in hi-tech agriculture, social
housing, solid waste treatment and logistics projects in the two districts
this year. HCMC
had earlier called for investment totaling US$12.4 billion in 55 projects in
the two districts, mainly in the traffic sector, according to the municipal
Investment and Trade Promotion Center. Of
the total investment, US$12.3 billion or nearly 99% would be mobilized for 18
traffic and technical infrastructure projects, including the HCMC-Moc Bai
Expressway, Ring Roads Nos. 3 and 4, elevated road No. 5, the third phase of
the third metro line linking the Tay Ninh Coach Station and the Tay Bac Cu
Chi Urban Area and the expansion of provincial road No. 15. The
remaining investment will be for 12 urban revitalization projects, two
trade-service projects, three industrial projects, 16 agriculture projects
and four education-culture-sports projects. HCMC urges Binh Duong, Dong Nai to
complete procedures for Ring Road 3 HCMC
Chairman Phan Van Mai, on April 12, signed an urgent dispatch proposing the
governments of Binh Duong and Dong Nai submit their plans for developing the
ring road project to their provincial People’s Councils so that the councils
can issue a resolution to approve the project prior to April 20. The
proposal is aimed at ensuring the legality of the project’s prefeasibility
study report before the National Assembly gives nod to the project at a
sitting in May. The
Long An People’s Council and the HCMC People’s Council had earlier issued resolutions
to pass the Ring Road 3 development project and commit to allocating
sufficient funding for the project. The
first phase of the Ring Road 3 project will be over 76.3 kilometers long,
have four lanes and allow a maximum speed of 80 kilometers per hour, while
its parallel road will have two or three lanes. The
Ring Road 3 project will be executed under the public investment mode using
the budgets of the State and the localities, with a total investment of more
than VND75.3 trillion. After
the National Assembly passes the project, work on the Ring Road 3 will begin
in 2023. The ring road will be opened to traffic in 2025, the local media
reported. Work restarts on riverside fruit park
in Mekong Delta The
construction of the fruit park project along the Tien River in Tien Giang
Province has resumed after being suspended for around four years for an
environmental impact assessment, said a local official. The
park was named after Cai Be, the district of this Mekong Delta province in
which the park is located. The park project covers nearly 10 hectares of
land, reported Phap Luat newspaper. The
provincial government serves as the project’s investor. The Cai Be District
Management Board of Projects and Land Fund Development is the investor
representative. It requires a total investment of almost VND300 billion, said
Nguyen Hoang Bao, director of the management board, on April 12. The
project will comprise the main components, such as an embankment along the
river, an operation facility, an incubator garden, roads, fruit-shaped items
depicting fruit species in the south, among others. The
project is slated for completion by end-2023. Truong Thanh Furniture plans to issue
41.1 million shares Truong Thanh Furniture Corporation (TTF) will seek
approval from its shareholders to issue 41.1 million shares. The
share price will be decided by the board of directors and the share sale
could only go ahead after TTF gets the State Securities Commission’s approval.
The money to be raised will be added to the firm’s working capital. The
shares will not be transferable for a year. Hoa Phat seeks to invest US$4.3
billion in projects in Dak Nong Steelmaker Hoa Phat Group plans to develop aluminum,
ore processing and aluminum electrolysis factories and a wind power plant
worth US$4.3 billion in the Central Highlands province of Dak Nong. Accordingly,
the aluminum and ore processing factories will have a capacity of two million
tons and five million tons, respectively, per year. They will be developed in
Dak Song District. Meanwhile,
the aluminum electrolysis factory will have an annual capacity of 0.5 million
tons and the Hoa Phat wind power plant, 1,500 megawatts. They will be
developed in Dak Song and Tuy Duc districts. VNN |
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