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BUSINESS IN BRIEF 23/5
Partnerships
key to infrastructure
Investments under
the public-private partnership (PPP) model would be encouraged in
In its Saturday
edition, the daily said that the municipal administration had sought
permission from relevant ministries and agencies to invite PPP investments
for major transport infrastructure projects.
The projects deemed
suitable for PPP investments include the
The city has called
for all sectors to participate in the development of technical infrastructure
systems under Build-Transfer (BT), Build-Operate-Transfer (BOT) and other
forms of investment.
Such investments
have seen several infrastructure works completed, like the
However, Bui Xuan
Cuong, director of the municipal transport department, said BT and BOT
investments were no longer attractive to investors for several reasons, so
the city had to seek other investment models.
Under the PPP
model, the private party provides a public service or project and assumes
substantial financial, technical and operational risks.
For its part, the
Government's contribution to a PPP may also be in kind (notably the transfer
of existing assets).
In projects for
public good, the Government may provide a capital subsidy in the form of a
one-time grant, so as to make it more attractive to the private investors.
In some other
cases, the Government may support the project by providing revenue subsidies,
including tax breaks.
Given these
advantages, the city administration had proposed that a series of technical
infrastructure projects be developed using the PPP model, Cuong said.
Although this plan
is still on paper, it has been welcomed by many companies since they expect
to receive significant support from the State when they participate in the
projects.
Some companies have
said that the legal aspects of the State's participation in the PPP model had
to be clarified to make it more feasible and attractive.
Le Binh, general
director of the HCMC Infrastructure Investment Joint Stock Company, said the
State should have specific regulations on the guarantee it provided for
enterprises to borrow capital from official development assistance (ODA)
sources.
He said if joint
stock companies were facilitated in getting early returns for their
investments, they would find it easier to raise capital through various
means.
Binh also suggested
the State organise tenders for PPP projects and ensure their quality as well
as availability of their investment capital.
Restructured
Viettel to concentrate on core business
Viettel
corporation's charter capital will be doubled to VND100 trillion (US$4.7
billion) after restucturing, reports VnExpress online.
The corporation is
required to withdraw all of its capital from financial investment, but it
will be allowed to invest in other projects such as broadcasting in radio and
television.
The decision to
restructure the Telecom Corporation (Viettel) between 2013-15 was recently
approved by the Prime Minister.
Under the
restructuring project, apart from its telecoms services, IT and telecoms
spare-part production, Viettel will be permitted to invest in broadcasting
and postal sectors.
A Viettel representative
said the corporation considered the broadcasting industry to be core business
thanks to its available telecommunication infrastructure and information
technology.
Recently, the
corporation was granted a licence by the Ministry of Information and
Communications to provide a cable TV service.
In addition,
Viettel is also involved in the trading and retail distribution of telecoms
products, information technology, finance, banking and real estate
industries.
With the expansion
of business sectors, from now to 2015, Viettel's charter capital will be
lifted to VND100 trillion.
However, the
corporation is asked to withdraw its investments from five businesses,
including Viettel Technologies Corporation, Vinaconex Commercial Development
JSC, EVN International JSC, Vinaconex – Viettel Finance JSC, and Coecoo
Rubber Industry JSC.
In addition, it
must merge EVN Telecommunications to Viettel's parent company.
In 2012, Viettel's revenue
reached VND140 billion, up 18.5 per cent compared to the previous year.
SME owners
determined to succeed
The latest survey
from Regus, the world's largest provider of work places, shows that up to 89
per cent of Vietnamese entrepreneurs from small and medium-sized enterprises
(SMEs) would continue to pursue a business career if they had a chance to
redo things.
The survey
questioned 26,000 managers and entrepreneurs in 90 countries. The global
average of the same index is 85 per cent. Accordingly, regardless of the
current challenges that Vietnamese SMEs face, it seems that the entrepreneurs
are still determined to develop their own businesses.
Up to 92 per cent
of Vietnamese people in business think that the current economic situation is
the largest barrier to establishing companies, followed by challenging
administrative procedures (agreed by 83 per cent) and the overwhelming power
of some big players in the market (agreed by 77 per cent).
More than half of
Vietnamese respondents also mentioned the restrictions in approaching capital
sources and lack of Government support as severe obstacles for developing a
business.
Serge Dupaux,
director of Regus Viet
Meanwhile, Nguyen
Xuan Anh, chief executive officer of Deli International Solutions, said that
SMEs with simple organisational structures and high adaptability would play a
key role in stimulating the economy.
Moody's
rating for VietinBank ‘stable'
Moody's Investors
Service yesterday affirmed the debt and deposit ratings of the Viet Nam Bank
for Industry and Trade (VietinBank) as B2 in local currency and B3 in foreign
currency. The outlook on the bank's ratings is stable.
At the same time,
Moody's raised Vietinbank's baseline credit assessment (BCA) to b3 from caa1
following the capital transfer from the Bank of Tokyo Mitsubishi UFJ, which
acquired a 19.73 per cent ownership in VietinBank for VND15.5 trillion
(US$743 million).
This leaves
VietinBank with the highest BCA among Moody's-rated banks in
According to
Moody's, the completion of the transaction with the Bank of Tokyo Mitsubishi
UFJ results in a substantial increase in VietinBank's Tier 1 capital ratio,
to 14 per cent from 9.34 per cent as of March 2013.
"This
injection of fresh, measurable capital in the bank gives us confidence that
the transaction has distanced VietinBank from the risk of requiring external
assistance in the near term to remain economically solvent," Moody's
stated.
Moody's said the
affirmation on VietinBank's debt and deposit ratings reflected its assessment
that the probability that support would be provided by the Vietnamese
Government (B2 stable) in a systemic crisis was still very high, given the
presence of the Government ownership and VietinBank's market share of 12.53
per cent of the banking system loans and 11.23 per cent in terms of system
deposits as of the end of 2012.
The Government
stake would be diluted to about 64.46 per cent after the transaction with the
Bank of Tokyo Mitsubishi UFJ.
Nevertheless, the
Government would continue to exert considerable influence on VietinBank
through its majority interest.
This Moody's rating
on VietinBank concluded the review for an upgrade that was announced on
January 16, 2013.
Vinacomin
clarifies tax confusion
The Viet Nam
National Coal-Mineral Industries Holding Corp (Vinacomin) has clarified a
statement on the export of aluminum oxide (alumina).
It has said that a
zero tariff would apply, but that it did not extend to the export of aluminum
ore, for which tariffs of 15-40 per cent were applicable.
The comment
followed opinions arising after the two bauxite projects, Tan Rai and Nhan Co
plants in the Central Highlands, were reported to be efficient at conference
late last week, Viet Nam Economic Times reported.
The opinion was
that the economic efficiency was due to the group enjoyed zero preferential
tax in the export of aluminum ore. This caused misunderstanding, Vinacomin
said.
Under Resolution
710/2008/UBTVQH12, the tariffs of 15-40 per cent were applied for iron ore
and aluminum ore, not for alumina.
According to
Vinacomin, alumina with code 2818.20.00 attracted zero export tax. Big
alumina exporting countries, such as
Alumina is
different in nature to aluminum ore. Alumina is a product of the extracting
and refining of aluminum ore.
During bauxite
mining, the group must also pay environmental tax, value added tax, corporate
income tax and natural resource use tax.
At the conference
late last week, Vinacomin said that the bauxite mining plants in the
Officials
off to
Twenty-five Thai
and Vietnamese officials headed by the Royal Consul General in
Accompanied by
Vietnamese and Thai media, the officials aim to promote the sustainability of
tourism in the ASEAN Economic Community through 2015.
The Thai Royal
Consul General in HCM City, Panpimon Suwannapongse, travelled with Pham Thanh
Tuoi, Chairman of the Ca Mau Province People's Committee, Tran Kim Mai, Vice
Chairwoman of Tien Giang Province's People's Committee and Dao Anh Dung, Vice
Chairman of Can Tho Ciy's People's Committee
Leaders of other
localities in the
The corridor is
located along coastal route R10 that connects the Trat
It goes along the
Thai coastline to Kampot and Kep of Cambodia, and then links to the border
through Ha Tien and ends at southernmost Ca Mau Province in
Beginning from
At each province in
both countries, the participants will learn about the area's economic
potential and opportunities.
The Gross Domestic
Product of the five provinces combined is one-fifth of Thai GDP.
According to an
official from
Thai investment is
now mostly for infrastructure for industrial zones, new urban centers and
hotels, and facilities for tourism and industry in southeast Dong Nai and
Binh Duong provinces, and HCM City and Ha Noi.
With further
investment along the corridor, Ca Mau is expected to become an important
economic area in the Mekong Delta and a business gate for the ASEAN member
nations.
PVF
shareholders approve merger plan
A shareholder
meeting on Saturday of PetroVietnam Finance Corp (PVF) resolved that the
company would merge with Western Bank to form a new institution.
The new entity was
expected to have an equity of VND9 trillion (US$428.6 million) and total
asset value of VND100 trillion ($4.8 billion).
Western Bank's
shareholders also approved the plan late last month, which was believed to
help build an entity with adequate resources for developing banking services
and major energy projects.
The two sides
pledged to continue normal operations, maintain current business relations
and assure the rights and interests of relevant organsations and individuals,
including their customers, suppliers and agents.
PVF chairman Nguyen
Dinh Lam told online newspaper VnExpress.net that the scheme was just waiting
for the State Bank of
Industry insiders
said the greatest advantage of the merger bank would be the network since
PVF, under the brand name of the oil and gas industry, had advantages in
financing economic groups, while Western Bank had quite a large network in
the Cuu Long (
After the merger,
the 78 per cent stake which Viet Nam National Oil and Gas Group (PetroVietnam)
was holding at its affiliate PVF would fall to 52 per cent at the new entity.
PetroVietnam
general director Do Van Hau said the parent company would then sell more
stakes to further reduce its equity in PVF following a capital withdrawal
road map, but he affirmed that the group would continue to be "a firm
stay" for the merger bank.
"We have over
VND10 trillion ($476.2 million) deposited in a PVF account and don't have any
plans to change this amount even after the merger," he said.
According to the
law, PVF share listings would be terminated after the merger. The company's
shares are currently being traded at around VND8,500 ($0.4) on the HCM City
Stock Exchange.
The equity of the
new bank corresponded to 900 million shares worth VND10,000 ($0.47) each and
the possibility of listing these shares on the stock market was still under
consideration, according to the PVF management board.
Non-banking
financial corporation PVF had planned to become a banking institution for two
years and merging with Western Bank was the easiest way for it to do so.
For Western Bank,
which had been facing liquidity troubles, merging with the PVF offered a
means to save itself from bankruptcy, industry insiders said.
Constipated
credit flows stunt enterprises
Improving credit
flows between banks and enterprises was important at a time when bad debts
remained uncleared and businesses were struggling, a seminar in Ha Noi heard
yesterday.
Economist Tran Dinh
Thien said that first-quarter domestic economic indices showed uncertain
prospects for economic recovery this year.
Two factors
decisive for recovering growth and stability were weaker than those in the
past years, he said, pointing out that total lending grew only 0.03 per cent
while budget revenues and spending had reached 16.6 per cent and 18.5 per
cent, respectively, of the quotas allocated for the whole year.
Purchasing power
was extremely weak with the consumer price index (CPI) declining 0.19 per
cent in March and edging up only 0.02 per cent in April.
The index of
industrial production (IIP) expanded 4.9 per cent in the first quarter, lower
than the 5.9-per-cent rise in the same period last year.
For the first time,
the number of closed-down enterprises nearly equalled the number of
newly-registered businesses, reaching 15,300 and 15,700, respectively.
Last month, total
deposits at credit institutions increased 5.34 per cent over the end of last
year while their combined lending expanded only 1.4 per cent.
Thien said that
recent deposit interest-rate cuts hadn't helped much in easing firms' access
to loans, suggesting the Government immediately apply a ceiling lending rate
instead of setting the current deposit cap (of 7.5 per cent).
The State Bank of
Viet Nam Credit Department director, Nguyen Viet Manh, said many enterprises
still failed to manage loans, although lending rates had declined because
they didn't meet banks' standards. Proving the ability to pay debts was
necessary for firms to improve the situation.
Economic expert
Dang Duc Son urged firms to enhance management of resources, especially
balancing cash flows, to cope with capital limits.
Solving bad debts
should continue to be a top priority and restructuring economic groups should
be a focus for the country to facilitate lending, Thien said.
SeaBank general
director Dang Bao Khanh said that the bank would continue to offer small –
and medium-sized enterprises an interest rate of 9.9 per cent within a
preferential lending package worth VND2 trillion ($95.2 million) in this
year, a programme it applied since March 15.
SCB
introduces online term deposits
Standard Chartered
Bank
The service is suitable
for employee banking and priority banking clients who regularly make term
deposits. It is available in VND, AUD, GBP, EUR, SGD and USD with minimum
opening balance of 1,000 in a Foreign Monetary Unit or VND10 million
(US$476).
VPBank,
VCCorp enter partnership
The Viet Nam
Prosperity Joint Stock Commercial Bank (VPBank) and the Viet Nam
Communications Corporation (VCCorp) recently signed a strategic agreement in
Ha Noi aimed at providing better services to their customers.
Under the
agreement, the two sides will work together to promote communications,
develop brands, and integrate e-commerce, financial and technological
solutions to improve the quality of their service.
The agreement would
allow both sides to take advantage of each other's strengths and improve
operations and efficiency for customers, said VPBank General Director Nguyen
Duc Vinh.
VPBank is committed
to creating favourable conditions for VCCorp and its customers to access and
use the bank's services with the most preferential service charges.-
Banana
profits ripen
Farmers from the
Mekong Delta are earning high profits from bananas exported to
Domestic
rice exports hit $1 billion
The figures have
the country meeting 30 per cent of its rice export targets, which are set at
7.5 million tonnes this year.
Last year, the
country exported 7.72 million tonnes of rice.
Market data showed
that global rice exports have been stagnant due to abundant supplies from
major rice exporters around the world.
Domestic rice value,
in line with the global trend, has been falling. The International Rice
Research Institute forecast that
Another forecast
from the US Department of Agriculture said
According to VFA,
higher quality broken rice is sold at VND7,550 -7,650 per kilo while lower
grades sell for VND7,250-7,350 and as low as VND7,050-7,150 per kilo.
The Food and
Agriculture Organisation (FAO) forecast world rice productivity would
increase by 2.1 per cent this year to 497.7 million tonnes. Rice inventories
would reach 171.8 million tonnes due to a surplus of supplies over demand.
Circular
finally issued to guide implementation of amended IP law
Law 36/2009/QH 12
dated June 29, 2009, amends and supplements a number of Articles of Law on
Intellectual Property 2005 (Law on Intellectual Property) and provides some
new amended regulations on establishment of industrial property rights,
including, inter alia, regulations on rights to registration of a collective
mark, certification mark in respect of the geographical name or other signs
indicating the geographical origin of special products from Viet Nam, the
first-to-file principle, time limits for examination of the applications for
registration of IP objects. Accordingly, a number of Articles of Decree No.
103/2006/ND-CP, guiding the implementation of a number of Articles of the Law
on Intellectual Property have been amended and supplemented under Decree No.
122/2010/ND-CP dated 31 December 2010 (Decree 103). In connection with such
amendments and supplementations, the Ministry of Science and Technology has
issued Circular No. 05/2013/TT-BKHCN dated February 20, 2013, amending and
supplementing a number of Articles of Circular No. 01/2007/TT-BKHCN dated
February 14, 2007, guiding the implementation of Decree 103, amended and
supplemented under Circular No. 13/2011/TT-BKHCN dated July 30, 2010, and
Circular No 18/2011/TT-BKHCN dated July 27,2011.
Under Circular 05,
the application for registration of a certification mark certifying the
geographical origin of the products, or collective mark, certification mark
containing a geographical name or other signs indicating the geographical
origin of the local special products, requires a geographical map certified
by and a letter of consent from the local People's Committee of the city,
province directly under the central authority. And regarding the signs
indicating the geographical origin of a product, it is specified that such
signs may be local geographical names (including official or common names
currently or historically used), local symbols (including images of local
maps, typical works, famous landscapes, etc) or other relevant signs used for
special products from the locality, plants or animals grown at the locality
or products manufactured from such plants or animals, products exploited from
the natural resources at the locality, products of the developed industries
of the locality.
Regarding the time
limits for examination of applications for registration of IP objects,
Circular 05 clarifies that the time period served for the applicant to
respond to a official notification shall not be counted to the time limit for
examination of a registration application, and such time period is counted
from the issuing date of the notification to the submitting date of the
response, or the time period fixed in the notification, including permitted
extension time.
Circular 05 also
provides details for application of the first-to-file principle in respect of
patent applications, industrial applications and trademark applications which
have been determined to satisfy the patentable conditions or registration
requirements, respectively (complied applications). Namely, for checking the
priority in respect of the relating complied patent applications for the
purpose of applying , it is required to do the patent search upon, but not
limit to, the mandatory patent information resource in respect of all patent
applications received by the National Office of Intellectual Property
("NOIP") up to the time of the checking, which have the same ICP
(counting to the third index) and sooner filing date or priority date (if
applicable) in comparison with the ones of the patent applications in
question, and have not yet been published or have been published with the
publication date later than filing date or priority date of the patent
application in question.
(i) In checking the
priority for the application of the first-to-file principle for complied
industrial design applications, it is required to do the industrial design
search upon, but not limit to, the mandatory industrial design information
resource in respect of all industrial design applications received by the
NOIP up to the time of checking, having the publication date, filing date or
priority date (if applicable) sooner than filing date or priority date (if
applicable) of the industrial design application in question; all industrial
design applications and patents for industrial design published by other
organizations, countries within the time of 25 years prior to the filing date
or priority date (if applicable) of the industrial design application in
question; and other industrial design information collected and kept by the
NOIP. (ii) In checking the priority for the application of the first-to-file
principle for complied trademark applications, it is required to do the
trademark search upon the trademark information in respect of all trademark
applications received by the NOIP, having the publication date, filing date
or priority date (if applicable) sooner than filing date or priority date (if
applicable) of the trademark application in question.
The Circular 05
comes into effect from 5 April 2013.
SBV gives
assurance that VAMC to be approved
Prime Minister
Nguyen Tan Dung yesterday approved a plan to set up the Vietnam Asset
Management Company (VAMC) and a decree on its organisational structure and
activities.
The company,
therefore, would be likely to go into operation in the second quarter.
Under the plan,
VAMC is a one-member limited company, 100 per cent State-owned and subject to
the Government's management and supervision. VAMC has charter capital funded
by the SBV.
The company will
issue bonds to buy debts of credit institutions who can use the bonds to
access refinancing loans of the central bank.
Through its debt
purchase process, VAMC will ease debt repayment pressure; support firms to
overcome their temporary financial difficulties. These firms' debt schedules
can be adjusted or their overdue interests can be reduced or exempted.
With special
authorities, VAMC will also co-ordinate with other relevant ministries and
agencies to help firms deal with legal and tax policy difficulties.
With the VAMC
participation, the process to cope with guarantee assets of credit
institutions will be speeded up. Investors will be also allowed to take part
in the process as the assets will be bid for according to market rules.
According to the central
bank, local firms that sell non-performing loans to the VAMC can still borrow
funds from commercial banks.
Bird's nest
farming to be regulated
The first decree
dealing with the farming of edible nests built by swifts using their saliva
will impose conditions on the farms' location, maintenance and the use of
sounds to lure the birds.
At a meeting
organised by the Ministry of Agriculture and Rural Development in
The regulations
would also provide a greater sense of security for enterprises, they said.
Farming swifts for
their edible nests has developed strongly in
However, there was
no legal framework or development guidelines that would enable the new
industry to develop in a sustainable manner, he said, explaining the
ministry's rationale for drafting a decree.
The draft decree
stipulates conditions that cover the location, the use of sound to lure the
birds, hygiene, disease control, as well as other aspects of exploitation.
Participants
expressed basic agreement with the contents of the draft decree, but said it
should have details to be effective.
According to the
draft decree, birdhouses that are built after the decree takes effect should
comply with local zoning plans or obtain approval from local authorities.
It also encourages
the building of birdhouses far from residential areas, hospitals, schools and
markets.
But Tran Quang Cui,
deputy director of the southern Kien Giang Province Department of Agriculture
and Rural Development, said, "the ministry should regulate that
birdhouses must be located far from residential areas, hospitals and schools
and markets, instead of just encouraging enterprises to do so."
Many other
participants agreed with Cui that conditions for the location of birdhouses
should be mandatory.
Delegates also
agreed that those birdhouses that were built before having the decree must be
upgraded to minimise negative health and environment impacts, and wanted the
decree to stipulate clearly how the upgrade should be done and the time
period in which it should be done.
The draft decree
stipulates that the sounds used to lure the birds should not exceed 70dBA
between 6am and 9pm, and 55dBA in the hours thereafter.
Many delegates
disagreed with this provision, saying the condition should only apply to the
hours between 9pm and 6am, and there was no need to regulate the sound during
daytime.
Huynh Phuoc Trung,
deputy director of the HCM City Department of Agriculture and Rural
Development, asked the Veterinary Department to issue guidelines on dealing
with diseases to help localities and breeders.
Do Tu Quan, general
director of the Cuu Long Phi Joint Stock Company, said that to export the
edible nests to foreign markets, the products must meet requirements set by
importing countries, like having legal certificate for swifts breeding as
well as certification that the nests from the farms are fit for consumption
and have export permits.
However, all these
conditions are not covered by the draft decree, she said.
Deputy Minister Vu
Van Tam said the ministry would work further on the decree to help
enterprises meet requirements set by importing countries and facilitate
exports of the edible nests.
The ministry would
collect all opinions from delegates and promulgate the official decree as
soon as possible to help develop the industry in a sustainable manner, he
said.
With its favourable
weather,
Currently,
Firms seek
Mexican deals
The Viet Nam
Embassy in
The event may be a
good chance for domestic firms to meet and seek new business opportunities.
Work starts
on Big C Ha Long
Construction of Big
C Ha Long, a trade centre and supermarket complex, began yesterday in the
Capitalised at
US$18.6 million, the 20,000sq.m complex is expected to be finished within 14
months.
Speaking at the
ground-breaking ceremony, provincial People's Committee vice chairman Nguyen
Van Thanh said that the complex's opening would help to better meet
increasing demand of local consumers.
Trade
deficit hits US$830 million in May’s first half
The first two weeks
of May have seen
According to the
latest Vietnam General Department of Customs statistics, trade turnover from
May 1–15 totalled US$11.06 billion, up 5.4% from two weeks earlier.
It has brought
At the end of May’s
first fortnight,
Some export
commodities declined in value, including vehicles, machinery, and steel. Key
exports like garments and footwear enjoyed sharp increases of up US$50
million and US$33.5 million respectively.
Foreign direct
investment (FDI) businesses contributed US$3.14 billion to the reviewed
period’s export revenue, 6.5% percent lower than in the second half of April
2013. Over five months, they have earned US$26.36 billion from exports,
representing a year-on-year increase of 27.9% and accounting for 59.6% of
The FDI sector
imported goods worth US$3.37 billion in May’s first half, increasing its
five-month import value by 26.4% from a year earlier to US$25.4 billion. This
constituted 5% of the country’s total import spending.
A step
towards bad debt settlement
The Prime Minister
has decided to establish the Vietnam Asset Management Company (VAMC) in an
effort to settle bad debts that are hampering banking and business
operations.
Under a decision
signed on May 21, VAMC will operate in the second quarter of 2013 in the form
of a wholly State owned single member limited liability company and under the
supervision of the State Bank of Vietnam (SBV).
The company will
issue special bonds to purchase debts from credit organisations. Businesses
that owe banks are allowed to access new loans after selling their debts to
VAMC.
Bad debt is
considered the biggest obstacle to banking and business operations.
Businesses cannot access new loans unless they pay back their debts.
Meanwhile, banks find it difficult to disburse their huge deposits despite
subsequent interest rate cuts.
In a report
presented at the ongoing National Assembly session, the government said the
bad debt ratio has decreased considerably to 7.6 percent.
However, former SBV
governor Cao Si Kiem told the media on May 21 that the rate remains high, and
if the issue is not addressed immediately, it will be a bottleneck in credit
disbursement.
According to Kiem,
VAMC cannot shoulder the burden alone, and the ball is still in banks’ and
businesses’ court.
“Bad debt will be
run up again if it is not settled within five years,” he warned. “The crux of
the matter is addressing the quality and health of businesses. Inefficient
businesses will be eliminated from the market.”
Economic expert Dr
Nguyen Tri Hieu noted that bad debt is a thorny problem for interest rate
adjustments.
“The current
widening gap between deposit and lending interest rates is the result of bad
debt. If the matter is not tackled completely, banks will have to put their
invisible fund on hold that eventually widens the rate gap.”
Dr Vu Dinh
Anh, another economic expert, said VAMC’s bad debt settlement is just the tip
of the iceberg, and the bottom line is restructuring the economy.
At the press
briefing, Nguyen Thi Hong, an SBV official, reported that the number of
businesses that declared bankruptcy or suspended operations remains high, and
banks are reluctant to offer subprime loans due to substantial risks.
RoK
businesses seek opportunities in HCM City, Danang
A business forum
was held in
The event was held
on the occasion of the arrival of a RoK business delegation, as a joint
effort of the Vietnam Chamber of Commerce and Industry in
The Korean guests,
who operate in manufacturing machinery, electrical home appliance and
building materials and chemicals, are visiting the southern economic hub to
study the local business-investment environment.
*** Representatives
from the Korean Aerospace Industries, the
Local newspaper Dau
tu (Investment) cited the management board of the Danang high-tech zone as
saying that such a factory will produce parts for the European Aeronautical
Defence and Space Company N.V, the parent company of Airbus, adding that
representatives of EADS also arrived in Danang at the same time.
The scale of the
factory and investment has not been revealed. However, the newspaper reported
that in 2010 the Korean Aerospace Industries had proposed a similar project
in the locality.
The company wanted
to set up a joint venture with Vietnam Airlines to carry out the project. But
now, it will implement the project on its own and the selected location for
the factory will be the
If realised, this
will be the second factory to manufacture spare parts for airplanes in the
country. The first one was the MHI Aerospace Vietnam Ltd. Company invested by
CPI down in
Hanoi, HCM City
May’s consumer
price index (CPI) in both
This is the third
successive month the CPI has tumbled in the two cities.
Food and drink
prices in
Hanoi Statistics
Office Head Cong Xuan Mui said the CPI’s decline in the capital city can be
credited to low consumer demand in spite of the month’s long holiday.
April's three
consecutive petrol price cuts also contributed to the CPI’s downward trend.
ASEAN
agricultural standards promoted
Delegates from
eight Southeast Asian countries are gathering at the 4th Expert Working Group
Meeting on ASEAN’s Good Agricultural Practices (EWG ASEAN GAP), held in Hanoi
over May 21–24.
The event, hosted
by the Vietnam Ministry of Agriculture and Rural Development, focuses on
strategic action plans promoting ASEAN GAP during the 2013–2016 period. It
aims to strengthen ASEAN GAP application collaboration between regional
countries and encourage additional involvement by the private sector, civil
society, and non-governmental organisations.
ASEAN GAP pilot
projects have been implemented on several of the region’s farms. These
pioneers hope to receive ASEAN GAP certificates by 2015.
ASEAN agricultural
experts discussed measures to ensure fruit and vegetable hygiene and safety
and reviewed the implementation of GAP fruit and vegetable policies in ASEAN
member nations.
A business exchange
programme was held in
The event was
co-organised by the Indian Embassy in
In his speech,
Indian Ambassador Ranjit Rae highlighted the time-honoured friendship and
long-standing cooperation between the two nations while saying that
In 2012, despite
facing global economic difficulties, bilateral trade achieved relatively high
growth. In the first four months of 2013 it reached more than US$1.8 billion
and is expected to exceed US$5 billion by the end of this year.
However, the two
countries’ economic and trade relations are still far from matching their
potential and strengths, Rae affirmed, saying that he hopes through the
exchange programme, businesses will understand more about their partners to
create more specific cooperation programmes to intensify investment, thus
stimulating bilateral economic growth.
Deputy Head of the
African, West and South Asian Markets Department under the Ministry of
Industry and Trade, Tran Quang Huy, praised the effective cooperation between
Deputy PM
encourages Thai investment in
Deputy Prime
Minister Nguyen Thien Nhan expressed his hope at a meeting with Thai PM
Yingluck Shinawatra in Chieng Mai on May 20 on the sidelines of the ongoing
2nd Asia-Pacific Water Summit (APWS).
He also proposed
that the Thai government and Yingluck herself share experience and support
Both host and guest
noted with satisfaction the growing ties of the friendship and comprehensive
cooperation between the two nations in all fields, from politics, security,
and national defense to trade, investment, culture, and social affairs,
especially following the second joint Vietnam-Thailand Cabinet meeting in
October 2012.
Nhan said that the
upcoming Thai visits by Party General Secretary Nguyen Phu Trong and Prime
Minister Nguyen Tan Dung, as well as the third joint Cabinet meeting this
year will add fresh impetus to bilateral relations.
He welcomed
Yingluck and Nhan
also discussed regional and international issues of mutual concern. They
exchanged issues relating to Vietnamese guest workers in
Source: VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VIR
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Thứ Tư, 22 tháng 5, 2013
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