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BUSINESS IN BRIEF 25/6
Highway 1
expansion projects begin
Two
Build-Operate-Transfer projects to expand National Highway 1 in Quang Binh
and Quang Tri provinces were launched yesterday.
The projects are
expected to cost around $97.5 million in total.
Attending the
launching ceremony, Deputy Prime Minister Nguyen Xuan Phuc said the projects
would be an important motivating force for the provinces and the northern
central area to expand trade exchange, investment promotion and
socio-economic development and to minimise traffic accidents.
Phuc also asked the
Ministry of Transport, investors and contractors to ensure construction
quality and progress to meet the project's deadlines, stressing that National
Highway 1 running from northern border
"It played an
important role in socio-economic development, national defence and security
and the country's industrialisation and modernisation," he added.
In central
In central
The two projects
are expected to be completed by 2015.
On the same day, a
project on upgrading
With an investment
of more than VND900 billlion (around $42.8 million) from the Asian Commercial
Bank (ACB), the project aimed to upgrade and expand 30km of the Highway from
Cu Jut to Dac Mi districts in the province. The project is expected to be
completed in January 2016.
Realty
firms say rules forced them to build large condos
While strong
investment in large-sized condos and the lack of mini apartments are blamed
as the culprit of the imbalanced condo market, realty project developers said
they had to build large apartments due to prevailing regulations.
Speaking at a
seminar in HCMC on Monday, Dang Hung Vo, former Deputy Minister of Natural
Resources and Environment, pointed out a paradox in the real estate market
with overabundance of high-class and large condos while there are not enough
small-sized apartments for low-income earners.
One of solutions
for the problem is to allow for investors of unsold large condo projects to
split up the apartments, offering small-sized projects that fit the pocket of
low-income earners. For example, Bao Gia Joint Stock Company has sought
approval to split some penthouses of The Flemington project in HCMC’s
District 11.
However, real
estate companies said that they had to build large condos because of current
regulations.
Nguyen Canh Ha,
director of An Thien Ly Construction & Services
“No one makes things
that can’t be sold,” Ha said.
However, as per the
general planning, each condo is presumed to accommodate four persons with the
average housing space target abided by, enterprises have to build large-size
apartments.
For a condo
building with a total floor space of around 25,000 square meters and 1,000
residents, the investor has to build 250 condos measured at an average 100
square meters each given these regulations. If the investor builds certain
50-square-meter condos in such a project, there must be apartments of 150
square meters each to ensure the number of condos.
As a result, the
investor may find it hard to sell large condos.
In fact, there are
many condos that just one, two or three persons live in. Therefore, investors
at Monday’s seminar suggested that each flat have an average number of only
two persons.
Many enterprises
also said that the 1:2:1 ratio, meaning 25% of condos being small-sized ones,
50% being medium-sized and 25% being large-sized units, is not suitable to
market conditions any longer.
Therefore, such
regulations should be removed, and how condos will be built should be driven
by market factors, they said.
VASEP pursues int’l cooperation to deal with shrimp lawsuits
The Vietnam
Association of Seafood Exporters and Producers (VASEP) will coordinate with
regional countries to deal with lawsuits related to shrimp anti-dumping and
anti-subsidy duties imposed by the
Speaking in HCMC on
Monday, VASEP general secretary Truong Dinh Hoe said the shrimp lawsuits will
be discussed at the annual session of the ASEAN Seafood Federation (ASF),
which is expected to take place in the city on June 26.
The meeting aims to
seek a common voice and cooperation among seafood producing and exporting
countries, especially in anti-dumping and anti-subsidy matters.
Last week, a
working group of the U.S. Department of Commerce (DOC) launched an inspection
into Minh Phu Corporation and Nha Trang Seafoods Joint Stock Company. The two
shrimp exporters faced with the anti-subsidy lawsuit are being asked to
provide information to two
DOC on May 30
announced its preliminary decision on anti-subsidy duties on frozen shrimp
imported from seven nations including
According to Nha
Trang Seafoods, the investigation group of DOC had reached its farming areas
to study and collect information.
Having announced a
preliminary decision, DOC always checks enterprises subject to the duties.
DOC and ITC operate independently during the investigation.
Last Friday, ITC
announced that the U.S shrimp industry has suffered damages due to shrimp
imported from Vietnam, China, Ecuador, India, Indonesia, Malaysia and
Thailand, saying that the nations have been receiving government subsidies.
Its decision has thrown support to DOC’s investigation.
Hoe said that other
regional countries have also strongly reacted to the decision and said that
they neither receive government subsidies nor cause losses to the
DOC announced its
initial decision to impose an average anti-subsidy tariff of 6.07% on
Vietnamese frozen shrimp, 2.5% upon
According to ITC
and DOC, the
Latest
export, import performances unveiled
The latest data on
January-May exports and imports released by the General Department of Customs
shows that export value is higher and trade deficit is lower than estimated
earlier, the Government reports on its website at chinhphu.vn.
The country’s
export value, at US$50.65 billion, is higher than the US$49.94 billion
predicted earlier, growing 16.7% compared to the estimated rise of 15.1%.
This is good news
as exports have posted larger scale and stronger growth in the context that
inventory remains a big bottleneck and global economic movements are seen as
unpredictable.
Exports by both
local economic sectors and foreign direct investment (FDI) areas saw good
growth in the first five months. However, the FDI sector performed far
better, registering export growth of 26.3% year-on-year to bring home
US$33.54 billion, higher than US$17.11 billion or a year-on-year export
growth of only 1.6% contributed by domestic firms.
As such, export
value of FDI enterprises nearly doubled that of local economic firms, or
66.2% versus a mere 33.8%.
For many kinds of
products, FDI entities even hold a dominant ratio of the country’s total
exports, including crude oil with 100%, cameras, movie recorders and
accessories 99.6%, mobile phones and components 99.1%, computers, electronic
products and components 98.2%, glass and related products 93.4%, vehicles and
spare parts 93.1% and other machinery, equipment, tools and components 88.3%.
Multiple key commodities
achieved high export growth in the period. Among 40 key products enlisted, 30
items marked higher export value than they had done in the same period in
2012, with certain items experiencing a sharp rise.
For instance,
mobile phones and accessories picked up 113.5%, computers, electronic
products and components 41.1%, vegetables and fruit 31.3%, bags, wallets,
suitcases, hats and umbrellas 22.1% and textile and garment items 17.4%.
Export value of 11
other products, meanwhile, declined. It is noted that a slew of products
recorded considerable falls in export revenue, with coffee slipping 20.4%,
rice 5.6%, coal 15%, fuel products 39.3%, fertilizers 19.2%, rubber 24%,
cameras and video recorders and accessories 30%, seafood 1.5% and other
machinery, equipment, tools and components 1.7%.
Among roughly 80
export markets, 14 nations contributed US$1 billion or more from January to
May, with the U.S. as Vietnam’s biggest importer with US$8.85 billion,
followed by Japan with US$5.29 billion, China US$4.95 billion, Singapore
US$1.04 billion and India US$1.02 billion.
The latest report
indicates that the trade deficit in May only stayed at US$548 million, taking
the five-month value to a combined US$1.2 billion compared to about US$1.92
billion forecast for the five first months. Therefore, pressure on trade
balance has been eased, lessening pressure on foreign exchange rate as well.
Vietnam to
benefit greatly from RCEP, say experts
Vietnamese
enterprises will enjoy many benefits from the Regional Comprehensive Economic
Partnership (RCEP) between 10 ASEAN nations and six partners, namely
Speaking at a
seminar on free trade agreements (FTA) organized by the Japan External Trade
Organization (JETRO) in HCMC on Monday, Kazunobu Hayakawa of JETRO’s Bangkok
Research Center said that it is complicated to make use of FTA incentives
within the ASEAN region.
For example,
enterprises must spend a lot of money and efforts to meet rules of origin
that demand products to have ASEAN value content of 40% or more, he said.
Meanwhile, RCEP, a
single FTA with standardized rules of origin, will help enterprises reduce
costs in implementing these rules.
Besides, as RCEP
regulates common incentives, enterprises have no need to check the incentive
list for each country. Therefore, both large and small enterprises are able
to make use of tax incentives, Hayakawa said.
Kohei Shiino,
deputy director of JETRO Singapore, said that RCEP will bring about big advantages
for
Currently, to enjoy
tax incentives of the ASEAN-Japan FTA, materials of Vietnam-made apparel
products exported to
Therefore, RCEP
will bring about tax incentives for materials
According to the
General Department of Customs,
The first
negotiation round for establishment of RCEP took place from May 9-13 in
RCEP negotiations
cover some sectors such as goods (tax exemptions and reduction, rules of
origins), services and investment.
Computer
market bounces back: IDC
The local computer
market in the first quarter posted growth compared to the same period in 2012
although concerns about rising inventory are still out there, the market
research firm IDC reports.
IDC Vietnam in a
report released on Monday said that nearly 500,000 computers were sold in the
first quarter this year, shrinking 20% against the fourth quarter in 2012 but
still growing 13% year-on-year.
Phan Thi Hoang Yen,
market analyst at IDC Vietnam, ascribed the sale growth to the fact that
suppliers and retailers have changed their strategies to focus on middle- and
low-end products in an effort to boost sales of personal computers that are
facing tough competition from smart phones and tablets.
Yen noticed
computer makers and retailers have still been under huge pressure from
shrinking investment in information technology among small- and medium-sized
enterprises. Nevertheless, she remarked, the Government’s acquisition
projects have helped the commercial segment of the computer market register
growth of 8% year-on-year.
Daniel Pang,
manager at IDC’s Asia/Pacific Client Devices Research team, meanwhile, said
Despite concerns
over the long-term market stability, IDC expects the local computer market to
grow 5% in 2013.
* Contrary to
judgments of analysts that the development of smartphones will hinder the
camera market’s growth, retailers say that cameras will still sell well
thanks to good price strategies.
According to a
report of the Ministry of Industry and Trade’s information center, the import
of cameras in the year’s first four months reached 132,900 units with a value
of US$26.64 million, increasing by 6.2% in number and 72.4% in value
year-on-year. Besides, digital cameras priced under US$100 accounted for half
of the market.
Nick Yoshida,
chairman and CEO of Canon Marketing Vietnam, said that the sale of cameras
was still high. Canon’s revenues grew by 25% last year and is expected to
rise higher this year, he added.
Canon opened two
direct retail stores in
Retailers also said
Dinh Anh Huan,
sales manager of Dienmay.com, said that the high camera sales recorded since
the year’s beginning resulted from several promotion programs.
While low-cost
digital cameras priced under US$100 sell strongly, the sale of high-end
cameras having high image quality and priced at US$300-700 is slower.
To continue
stimulating the buying power, retailers such as Nguyen Kim, Thien Hoa, Cho
Lon and Phong Vu are providing many special offers for customers such as
payment in installments with no interest in six months or giving valuable
gifts.
Power cable
for Phu Quoc to get rolling next year
A sea-crossing
cable line from mainland
Nguyen Thanh Duy,
general director of the Southern Power Corporation under Electricity of
Vietnam (EVN EPC) told local reporters that the special cable line is being
manufactured by the Italian contractor.
“Prysmian Powerlink
S.r.I will complete manufacturing the 55.8-km power cable, and will transport
it to
The power shortage
has hindered tourism development on the island, which is also known for
fisheries.
In 2007, the Ministry
of Industry and Trade asked Electricity of Vietnam to implement a 110KV
sea-crossing cable line from Ha Tien in Kien Giang to Phu Quoc. The project
requires an estimated cost of VND2.4 trillion, or over US$110 million, with
the cable line alone costing VND1.98 trillion.
At the meeting on
Monday, Duy of EVN EPC also revealed projects to be deployed to upgrade the
southern power grid. These are the 220KV transformer station in
These three
transformer stations cost some VND1 trillion, and work will start next year
for completion in 2015, Duy said.
Fraudulent
ads run rampant on TV
The Vietnam
Competition Authority under the Ministry of Industry and Trade has given
warnings about the explosion in fake and exaggerated TV shopping adverts.
Almost every
channel have their own section for adverts and shopping that offer a vast
number of products and price ranges.
For example,
caterpillar fungus was promoted on SCTV5 Channel as a cure to illnesses such
as back pain or impotency. However, doctors at HCM City Hospital of
Traditional Medicine said caterpillar fungus was only used as a kind of
supplementary medicine.
Experts said though
the whole product only have some small quality substances, firms will still
take advantage of that small percentage to promote for their product.
Many customers have
not done research about the product because they are overwhelmed by the
magical claims, attractive prices and convenient customer care. As a result,
many people have bought overpriced and low-quality products.
Customers have
filed complaints about bad service including frauds where companies took the
deposits without providing the bought product.
A VND170,000 piece
of massage equipment was said to have been worth VND2 million. Some mobile
phone companies said they only sell online and refuse to let customers check
product beforehand.
After receiving the
complaints, the Competition Authority warned customers to be more cautious
with TV shopping and carried out several inspections, especially at suspected
mobile phone companies.
HCM City’s
June CPI increases slightly
According to the
municipal Statistical Office, culture-entertainment-tourism services saw the
highest price rise of 0.57 percent, followed by restaurant services with 0.33
percent.
Slight increases
were seen in prices of beverage and cigarette, up by 0.27 percent; and
garment and textiles-headwear-footwear, 0.26 percent.
Household
appliances, educational products, medicines and healthcare services did not experience
any price hike.
Commodity groups
that saw price decreases included housing-electricity-fuel and construction
materials, post and telecommunications and transport services.
During the month,
the gold price dropped by 0.06 percent while the US dollar price rose
slightly by 0.02 percent against May.
At a June 21
meeting with Deputy Governor of the State Bank of Vietnam (SBV) Le Minh Hung
in Hanoi, Bruce Davis said his bank is committed to supporting Vietnam
in maintaining macroeconomic stability, stimulating economic growth, reducing
poverty, developing infrastructure facilities, boosting regional cooperation
and copying with climate change.
Hung spoke highly
of the cooperation and support the ADB has given to
The bank’s support strategy
is in line with
The ADB’s support
has helped
Hung said he hopes
the bank will continue to assist
Programme
boosts
The “Joint
Programme on Green Production and Trade to Increase Income and Employment
Opportunities for Rural Poor” has actively contributed to the development of
The outcomes were
released at a recent conference to review the three-year implementation of
the programme, financed by the Spanish Millennium Development Goals
Achievement Fund, which was launched in February 2010.
The US$4.1 million
programme is part of a series of programmes launched by the UN Millennium
Development Goals Achievement Fund.
It aims to develop
better integrated, pro-poor and environmentally sustainable “green” value
chains, enabling poor farmers, collectors and producers to improve their
products and connect to more profitable markets.
The targeted sector
is handicrafts and light furniture, focusing on four value chains, including
bamboo, rattan and sericulture; sea grass; lacquer ware; and handmade paper.
The programme
targets about 4,500 poor households in Phu Tho and Hoa Binh in the north and
the central provinces of Thanh Hoa and Nghe An, which are home to 11 of the
31 poorest districts in
Tran Tuan Anh,
Deputy Minister of Industry and Trade, underlined the programme’s remarkable
achievements and its significance to poverty reduction in
The Vietnamese
Government is devising policies aiming to raise people’s income, generate
more jobs, combine production with environmental protection and increase
value chains, he said.
According to UN
Resident Coordinator Prathiba Metha, the programme has significantly
contributed to
This is one of 28
joint programmes financed by the Spanish Millennium Development Goals
Achievement Fund, the Spanish Ambassador said, highlighting the programme’s
contribution to
Delegates at the
conference agreed that the lessons learnt from the programme will be
replicated for sustainable development.
ODA-funded
transport projects under review
The Vietnamese
Government will direct relevant ministries, agencies and localities to speed
up the implementation and disbursement of capital for Official Development
Assistance (ODA) funded transportation projects.
Deputy PM Hoang
Trung Hai delivered the statement at a June 21 meeting in
He proposed two
concrete solutions to improve these projects: prioritizing the disbursement
of capital for critically important projects and restructuring existing
projects for more effective implementation.
The meeting came at
a time when key ODA-funded transport projects are reported to be falling
behind schedule, which has triggered more difficulties in disbursing capital
as input prices have increased, according to WB and ADB representatives.
The Ministry of
Planning and Investment, which organized the meeting, suggested that the
Ministry of Transport takes a closer look at existing projects and adjust the
capital allocation as appropriate to their scale.
Governing bodies
and project management units should also coordinate with sponsors to design
effective action plans, the Ministry added.
Transport plays a pivotal
role in enhancing
The Vietnamese and
Italian Governments have signed an air transport agreement with a view to
promoting flights between and through the two nations’ territories.
The document was
signed on June 21 by Deputy Minister of Transport Pham Quy Tieu and Italian
Deputy Foreign Minister Bruno Archi at the Italian Ministry of Foreign
Affairs headquarters in
The 20 article
agreement stipulates the rights and responsibilities of concerned parties in
line with the laws of their respective countries and the Convention on
International Civil Aviation.
These articles
regulate transport rights, aviation safety and security, air schedules,
tariffs, transport fees and formalities on granting licenses and
certificates.
Addressing the
signing ceremony, the Italian Deputy FM said that the signing of the
agreement will provide a good foundation for the two countries to carry out
specific steps in the aviation field that will help promote economic
cooperation on a par with their traditional friendship.
Senior leaders have
met many times recently and Party leader Nguyen Phu Trong’s visit to
The newly-signed
agreement is evidence of closer relations between the two nations, the
Italian diplomat said, adding that he is scheduled to visit
Deputy Minister
Tieu praised the continual development of bilateral relations over the years,
particularly in 2013 when high-ranking leaders agreed to upgrade the two
countries’ bilateral ties to a strategic partnership.
This is an
important document for moving towards concretizing cooperation statements,
with the main focus on economic cooperation. Promoting aviation connections
with
Tieu said that he
hopes the two sides will also seek opportunities for maritime cooperation
during the Italian Deputy FM’s visit next month.
Prior to the
aviation agreement signing, the two officials discussed the areas of their
countries’ strengths and agreed that promoting bilateral aviation and
maritime cooperation will foster favourable conditions for both nations to
boost economic development, trade and investment.
Central
coastal region strengthens international connectivity
Representatives
from localities and the diplomatic corps met for a June 22 conference in the
ancient town of
The attendees also
included ambassadors, consul generals and representatives from foreign
organizations and nine provinces in the coastal central region.
Delegates shared
practical experiences and strategic orientations in socio-economic
development and environmental protection, and discussed developing and
effectively utilizing human resources.
The
Vietnamese economy is facing difficulties in the current economic downturn
and sustainable socio-economic development is now a top priority of most
localities.
To achieve this
target, localities should review their socio-economic plans, identify key
projects, seize opportunities and access foreign resources.
Deputy Minister of
Foreign Affairs Nguyen Phuong Nga, said that the central coastal region has
great potential for economic development and the conference offers provinces
and cities in the region the opportunity to share experiences and promote
Moroccan ambassador
to Vietnam El Houcine Fardani noted that Quang Nam has numerous cultural
heritage sites such as the My Son sanctuary, Hoi An ancient town and the Cu
Lao Cham Biosphere Reserve that have become internationally known through
various festivals.
This will help
localities to share experiences and seek investment and cooperation from
international organizations to boost their economies in the context of
international integration.
Hong Kong
Group invests US$200 million in garment project
The TAL Group from
Hong Kong plans to invest US$200 million to produce fabrics, garments and
textiles in
This is the second
project of its kind in
During a recent
working session in
The products will
be produced using modern technologies that do not cause pollution and the
company will ensure environment standards, he said
Lee said that the
group will also work on the project with representatives from the Vietnam
National Garment and Textile Group (Vinatex) and the Ministry of
Industry and Trade (MoIT).
The MPI is willing
to support and create favourable conditions for TAL to expand investment in
Dung Quat
produces over 3 million tonnes in six months
The Dung Quat Oil
Refinery has sold more than 3.1 million tonnes of products in the last six
months, surpassing its set target for revenues and State budget.
Nguyen Hoai Giang,
President of the Dung Quat Oil Refinery member council of Binh Son Refining
and Petrochemical Company (BSR) said that in addition to fulfilling business
and production targets, BSR is restructuring its company and seeking partners
that will buy shares as a joint-venture.
It is also
formulating a project to build the
To fulfill its
production plan for 2013, BSR will focus on managing and operating the
factory safely and stably, and optimizing the production process to improve
efficiency.
To increase the
efficiency of the Dung Quat Oil Refinery, the company will continue
processing crude oil from various sources to replace oil from the Bach Ho field,
upgrade and expand the factory as scheduled, and apply standard systems, as
well as practicing thrift and combating wastefulness.
This year, the
factory is expected to make a profit of VND2,100 billion and maintain stable
operations.
Seminar
discusses green growth for Quang Nam
The Investment
Forum towards Green Growth for central Quang
The first event of
its kind in Quang
It also introduced
investment opportunities to donors, development agencies and potential
investors specializing in developing green cities and industries and
eco-tourism.
Under the national
strategy on green growth for the 2011-2020 period, with a vision to 2050,
Quang
One of the
province’s priorities is to promote the eco-city and green city models for
Hoi An and
To create an
economic development strategy towards green growth, National Assembly Vice
Chairman Huynh Ngoc Son suggested Quang
Most importantly,
economic development should align with promoting the efficient use of natural
resources, protecting the environment and ensuring social equality.
It will also
require the great determination of the Party, local authorities and the
people to open up cooperative opportunities for sustainable development.
Delegates, through
the forum, learnt about international models for urbanization and managing
natural resources towards green growth that could be applied in the province.
Quang Ninh
promotes trade, investment with Indonesia
A high-ranking
delegation from northern Quang Ninh province paid a visit to
During the visit,
the delegation had a working session with the Batam Free Trade Zone
Management Agency in the island
The QuangNinh
officials also met with leaders of Indofood, the largest food corporation in
At the meeting,
Secretary of the Quang Ninh provincial Party Committee Pham Minh Chinh
highlighted his locality’s strengths on trade and investment cooperation,
noting that Quang Ninh is a centre for mineral exploitation, a leading
tourist destination in
The Indofood
leaders praised cooperation potential with Quang Ninh in particular and
Vietnam in general, affirming that the corporation considers Vietnam one of
its strategic markets in Southeast Asia which serves as a gateway for its
products to penetrate China’s southern provinces.
As part of the
visit, the Quang Ninh delegation also worked with
The two sides
discussed interests that SEZs can bring about, difficulties, barriers and
risks during the establishment and operation of SEZs as well as some emerging
issues in SEZ development.
It also studied the
Indonesian Government’s policies and experience in developing SEZs, economic
and industrial zones, hi-tech parks and free trade areas.
Harmful
insecticide in Chinese potato in guise of Da Lat home-grown variety
On June 22, food
inspectors from Da Lat City raided potato storage facilities in Da Lat Farm
Produce Market and Trai Mat area in Ward 11 and caught red-handed crooked
sellers washing and coating Chinese potatoes with red soil to disguise them
as Da Lat home-grown potatoes.
Some facilities
were also using machines of 150 kilogram capacity to remove black dirt off
Chinese potatoes.
According to
receipts presented by traders, the consignments of Chinese potatoes were
bought at VND3,344 per kilogram and sold to smaller traders for VND10,000 per
kilo. Once these are wrapped in red soil they sell for more than VND20,000
per kilo.
This deception has
been going on for years, but authorities seem powerless to prevent it because
there is no law or regulation that bans traders from dyeing potatoes with red
soil. Hence authorities barely check or slap penalties on potato consignments
found with excess insecticides.
Traders wrap red
soil on Chinese potatoes to disguise them as Da Lat home-grown variety. (Photo:
SGGP)
However, according
to a quick test done by Lam Dong Plant Protection Department, all potato
samples collected at Da Lat Farm Produce Market contained harmful
Chlorpyrifos insecticide.
Earlier, on June
15, authorities destroyed 26 tons of poor quality potatoes brought in from
China and sold as Da Lat grown potatoes, as they were found exceeding
permissible limits of Chlopyrifos pesticide by 16 times.
Excessive doses of
Chlorpyrifos can lead to lung cancer and affect a baby’s health if consumed
by pregnant women.
CPI
rebounds in Hanoi, HCMC
The Statistics
Office in Ho Chi Minh City recently announced that the Consumer Price Index
(CPI) in June rebounded after dropping for three consecutive months, rising
0.12 percent over last month, 0.78 percent compared to December last year,
and 2.78 percent year-on-year.
Generally, four
commodity groups saw an increase in price, four saw a decline, while three
were unchanged compared to the previous month. However, an increase in price
this month, contributed mostly by restaurants and catering services with 0.33
percent, foods with 0.43 percent, and eating out with 0.4 percent.
This month, gold
price index fell 2.06 percent while the US dollar index inched up 0.02
percent compared to the previous month.
Meanwhile, Hanoi
CPI in June surged 0.08 percent compared to last month, snapping losing trend
of the past three months, showing an increase of 1.74 percent over December
last year, and 5.43 percent year-on-year.
Hanoi CPI increased
as losing momentum in food and foodstuffs weakened while prices of other
commodity groups soared slightly. Among 11 commodity groups, only transport
saw a decline of 0.22 percent compared to last month.
This month, gold
price index continued to plunge by 3.93 percent, whereas the US dollar index
climbed 0.34 percent over last month.
With these results,
the country’s CPI is expected to rebound to below 0.1 percent.
Three
shipping lines form network
Three major
shipping lines – Maersk Line, MSC and CMA CGM – have agreed to set up an
alliance to run services on Asia-Europe, trans-Pacific and trans-Atlantic
routes called P3 Network.
The establishment
of this network will help quicken goods transport between ports in
According to Maersk
Line in
Maersk Line will
contribute 42% of the total capacity, equivalent to 1.1 million TEUs.
Meanwhile, MSC will contribute some 34% (0.9 million TEUs) and the rest will
be taken up by CMA CGM (0.6 million TEUs).
P3 Network will be
operated independently by a joint vessel operating center.
Regarding sales,
marketing and customer service, the three routes will continue to have their
own activities.
P3 Network is
expected to be operational in next year’s second quarter, but the exact start
date depends on the approval of the sides involved and management agencies.
The contract signing between the three sides is scheduled for the fourth
quarter.
In addition to
faster goods transport, the alliance will provide more services a week than
those supplied individually by each line. The P3 Network will offer an
estimated eight weekly services between Asia and
Moreover,
enterprises can reduce damages in case of cancelled trips and do not have to
face many transits as the P3 Network has many vessels make direct port calls.
German
ambassador projects high ODA for Vietnam
Germany’s official
development assistance (ODA) for Vietnam in the next two years will likely be
the same as in 2012-2013 at 289 million euros, said Jutta Frasch, German
ambassador to Vietnam.
Speaking during her
three-day field trip to Germany-funded projects in
It is not until
July that the two governments will meet to discuss the cooperation programs
for the next two years, but given the success of projects funded by
Her field trip was
aimed to evaluate the success of Germany-funded projects in the country,
including the salinity-intruded forest conservation project worth 8.6 million
euros in Bac Lieu and Soc Trang.
The ambassador also
attended the inauguration of the wastewater treatment plant in Soc Trang,
where
Lazada.vn
gets US$100 mil. extra investment
The e-commerce
group Lazada on Thursday informed it had received an additional investment of
US$100 million from investors for business development in
With the huge fresh
investment, Lazada said it would speed up delivery time and optimize
technological infrastructure to improve its services in the near future.
The entity has
already launched a mobile application making customers’ shopping more
convenient with smart phones. The application now runs well on Android
operating system, with another version for iOS set to be introduced to local
customers soon.
Lazada has been
running the e-commerce website Lazada.vn in
The fast-growing
e-commerce market in
However, Beselin
said, this is still a nascent market as online sales here are facing a lot of
hindrances such as lack of online payment channels and of professional
logistics systems. Besides, the biggest challenge is that local buyers are
already used to shopping by seeing and checking products by themselves,
Beselin told the Daily.
Lazada, which was
founded by Rocket Internet, a group specializing in investing in Internet
services in
Hoa Sen
borrows VND2.5 tril. from VietinBank
Hoa Sen Group (HSG)
on Thursday signed a cooperation agreement with Vietnam Bank for Industry and
Trade (VietinBank) to take out a total credit limit of VND2.5 trillion.
Of this credit
limit, there will be VND737 billion worth of medium to long-term credits for
the enterprise to invest in two cold-rolled steel production lines with
designed capacity of 200,000 tons a year each and a steel sheet production
line with the annual capacity of 400,000 sheets. The enterprise will also use
this fund to supplement capital for other business activities.
Short-term loans
will bear an interest rate of 8% per annum while that of long-term credits
will be 11% per annum.
Le Phuoc Vu,
chairman of Hoa Sen Group, said the enterprise has exported its products to
many countries in
In the first eight
months of its fiscal year 2012-2013, the group obtained VND513.3 billion in
after-tax profit with over 383,000 tons of products sold, raising its market
share in
Source: VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VIR
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Thứ Ba, 25 tháng 6, 2013
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