|
BUSINESS IN BRIEF 29/3
Exhibition
to bring new foreign technology to town
Local
manufacturers will have a chance to learn new foreign machinery and
technology at an international exhibition on plastics, rubber, packaging,
printing, food technologies and automation to be held in HCMC from September
3 to 6.
VietnamPlas,
VnPackPrint, VnFoodtech, VnPrintLabel & Linkage
Vietnamese
participants are mainly sales agents of foreign firms or those importing
components for assembly, said Pham Quynh Giang, deputy general director of
Vietnam National Trade Fair & Advertising Company (VINEXAD), at a press
conference on Wednesday.
The
exhibition is co-organized by VINEXAD, Chan Chao International Co. of Taiwan,
Yorkers Trade & Marketing Service Co. of Hong Kong, Paper Communication
Exhibition Services Co. of
Advanced
technology products and services will go on display at the exhibition,
offering chances for trade, market approach, partner search and technology
exchange.
Huynh
Thi My, general secretary of VPA, said the exhibition would give local firms
access to modern machinery.
Despite
the tough times, plastics makers have still invested in machinery and
technology to improve their competitiveness. In the first half of 2013,
plastics exports generated over US$1 billion, up 9.3% year-on-year.
Tran
Thi Thuy Hoa, secretary general of VRA, said the event would help Vietnamese
businesses introduce their natural rubber production capacity and
locally-made rubber products.
Hoa
said export of products made from rubber like tires, rubber gloves and
mattresses had recorded good growth despite the shrinking demand from the
Chinese market. In 2012, exports of rubber products brought in over US$1
billion.
VPA
members will have 10 booths at the exhibition. VRA members will also set up
10 booths to display their products.
Annual
Report Awards show class
The
awards offer recognition to companies creating quality end of year reports in
an effort to highlight the need for corporate transparency
The
award ceremony will take place at
The
World Bank’s private sector arm IFC and the Britain-based Association of
Chartered Certified Accountants (ACCA) joined the judging panel for the
first-time as part of the Sustainability Reporting Awards, which will honour
those performing best in terms of environmental and social issues.
VIR
Editor-in-chief Dr.Nguyen Anh Tuan, co-head of the organising board, said
this year’s competition saw almost 40 companies enter sustainability reports,
despite the fact that sustainability reporting is yet to be made compulsory
under Vietnamese law.
“This
illustrates the fact that more listed companies have recognised the inherent
value of making an annual report closer to international standards. Doing so
honestly and professionally is the best way to build their image and investor
trust in both difficult and benign market climates,” he said.
Another
new element in this year’s programme, he added, was that listed companies had
to observe standards stipulated by Ministry of Finance circular
52/2012/TT-BTC replacing the ministry’s 09/2010/TT-BTC as guidelines on
publishing information in the stock market. The new circular is viewed as
higher level in terms of information publishing.
He
also said some specialists and regulators suggested the annual competition
should be extended to publicly-traded unlisted companies, and even to
state-run groups and corporations. “This shows the programme’s expansions and
the widespread and urgent calls to improve transparency.”
Having
started in 2008, the programme aims to encourage listed companies in
Dragon
Capital CEO Dominic Scriven said: “Responsible investment is the backbone of
Dragon Capital’s investment philosophy. International institutional and
individual investors are showing increasing interest in understanding the
approach and commitment of companies in managing sustainability aspects of
their operations, particularly providing stakeholders real insight into how
environmental, social and corporate governance practices are being integrated
into their core business process and strategy.
“Thus,
sustainability reporting is needed to further strengthen the company’s
competitiveness to attract stable and long-term capital flows,” he said.
This
year’s contest saw 132 entries qualify for the final round, 11 more than that
last year. The top 10 showed more sustainable development content and more
corporate governance details, said Phan Thi Tuong Tam, head of the judging
panel and CEO of HoSE.
However,
there were entries that failed to meet the basic regulations of the circular,
she said, adding that those reports did not include insightful information
and featured poor layout. “I think an annual report should include analyses
on other companies in its sector and on the whole industry. It also needs to
show an overall picture of business operations, governance, mid-term and
long-term strategies, as well as the company’s sustainable development
targets.”
She
added, “As for next year’s judging, we’ll give more prominence to publicity
and transparency. The contestants will be required to include sustainability
reporting and detailed corporate governance. We’ll announce the norms for
next year before we start advertising the 2014 contest.”
Explaining
why sustainability performance matters, Ian Crosby,
“As
our research and global experience show, companies that see beyond the
immediate equation of shareholders-management-customer-profit to consider
their business in a broader context of many stakeholders - including society
and the environment - are better able to spot long term trends and
opportunities, better able to operate in an increasingly complex and
interlinked world, and better able to attract top talent, employees and
customers.”
“Never
before have international capital markets been so interested in how
management responds to issues relating to environmental and societal change,”
he elaborated. “With clear links between good environmental and social
performance and long-term profitability, it will be those companies that take
the lead in sustainability reporting that are better positioned for greater
investment and engagement from international investors.”
Last
year, IFC, in collaboration with the State Securities Commission of Vietnam
launched the Handbook on Sustainability Reporting for listed companies. It
acts as a guideline for companies to follow common environmental, social and
governance standards.
The
IFC, in partnership with ACCA Vietnam, is providing technical assistance to
the development and promotion of the evaluation criteria and processes for
the sustainability section in the annual reports of listed firms.
ACCA
Vietnam member Nguyen Viet Thinh, advisory partner at PwC
About
corporate governance, Nguyen Nguyet Anh, an officer at IFC Vietnam’s
corporate governance programme, said the criteria for this year’s contest
were more detailed and stricter, reflecting new regulations from Circular 52.
The entries were largely more satisfactory in both the quantity and quality
of information disclosed.
As an
example, she cited, information on shareholder structure, composition and
structure of the board of directors, supervisory board, senior management,
and detailed remuneration for these members has been well reflected by many
companies in their annual reports.
“We
realise that some companies seem to have been aware of the importance of
disclosure through the annual report in line with the best international
practices on corporate governance as they have demonstrated the commitment to
approaching these best practices in the reports,” said Anh.
Nevertheless,
many other companies still adopted a stereotypical approach to report-based
disclosure of information, and unfortunately, a few companies even confused
corporate governance with management’s day-to-day routine, according to Anh.
Some companies failed to provide information on the supervisory board’s
activities and their reviews, and provided little information on related
parties as well as detailed remuneration of the members of the board of
directors, supervisory board, senior management, and as a result, lost
significant points in the assessment.
Meanwhile,
Dr. Tran Ngoc Tho from the University of Economics Ho Chi Minh City, a member
of the 2013 annual report selection panel, said for next year and later, the
organising board should work out ways to rank the reports in the award
winning group because this would help the winning companies keep improving
their entries year after year.
More
sluice gates to get off ground in city next year
Four
sluice gates costing a total of nearly VND2.6 trillion are scheduled to get
off the ground in the southern part of HCMC next year and be completed in
2017.
These
works are designed to reduce flooding triggered by rising tide in the
low-lying areas along the Ben Nghe Canal in districts 1 and 4, the Te Canal
in districts 4 and 7, the Phu Xuan River in District 7 and Nha Be District,
and to control water levels and regulate water transportation.
Funding
for these sluice gates will be sourced from the municipal and central
budgets, says a report the
Currently,
the city is developing a sluice gate to reduce flooding in the areas along
the Nhieu Loc-Thi Nghe Canal in District 1 and Binh Thanh District, with
total investment of VND290 billion from the city’s budget. Some 75% of the
workload has been done and the sluice gate is expected to be operational in
late 2013.
In
addition to the four sluice gates scheduled to get going in 2014, three
others are set for groundbreaking in 2015 and completion in 2017, namely Song
Kinh, Rach Tra and Vam Thuat sluice gates. The total cost of these three
projects is nearly VND2.3 trillion.
The
above sluice gate projects are named in the plan for irrigation and flood
prevention in HCMC approved in 2008. Under the plan, 13 sluice gates, with a
length of 20-120 meters each, and a 173-km dike running along the Saigon
River from HCMC and Long An will be developed.
Do Tan
Long, head of the drainage unit under the
To
tackle flooding triggered by rain and high tide in the populated areas,
nearly 6,000 kilometers of sewers must be completed soon, but so far, the
city has had only 3,200 kilometers, said the center.
Son
Kim Land attracts $37m finance boost
EXS
Capital, an independent investment firm dedicated to the Asia Pacific based
in Hong Kong and
Kiyoshi
Hirasawa, CEO of EXS Capital based in
“While
Son Kim Land is not as large as some other companies, we valued Son Kim’s
good reputation, the integrity of the company’s chairman Nguyen Hoang Tuan,
and the quality of the management team and company’s projects in Ho Chi Minh
City’s Districts 1 and 2,” Hirasawa said.
He
said that as always, location was a prime consideration when it came to real
estate. “We will be interested to see how the new metro lines will change
traffic flows around
The
investment, Hirasawa said, would be used to fund existing Son Kim Land
projects as well as other opportunities, including the acquisition of
projects from other developers.
“This
is our first allocation, after spending more than 12 months studying the
market and putting together investment terms that work for the company and
our investors. The first case is always the most time-consuming, and we
expect to be able to move very quickly from now on,” he added.
“We
think the demographics of
Over
the past few years, he said, the real estate sector had suffered turmoil in
the financial markets, but in the longer term he believed that the natural
strengths of the Vietnamese market should shine through.
EXS
Capital began focusing on
In
addition to the initial $37 million, EXS Capital may increase its investment
to $50 million, with an option to increase investment to $80 million based on
the potential of the Vietnamese real estate market.
“Further
investment will be used to fund Son Kim Land’s real estate projects which
will include hotels, retail and office space in addition to housing. In
addition to that, we will be interested to consider opportunities in other
sectors where growth will be driven by demographics and economic
development,” Hirasawa said.
Son
Kim Land is the real estate development arm of the Son Kim Group, which
originally found fame as a Vietnamese clothing dynasty which was founded in
the 1950s. Today the Son Kim Group is a leading retailer with over 400 stores
across
Son
Kim Land has six development projects in the pipeline, including two large
scale mixed-use developments comprised of apartments, serviced apartments,
retail and office space located in the centre of
Taiwanese
target M&A deals
According
to CBRE Vietnam, investment enquiries increased by 20 to 30 per cent over
last year. Amongst these, old favourites
Large
conglomerates from
According
to Marc Townsend, managing director of CBRE, there was a growing abundance of
new capital beginning to again look at
Meanwhile
Taiwanese investors are another potential source of capital for the
Vietnamese investment market.
“The
opening of the Taiwanese insurance regulations has paved the way for real
estate investment outside of
Meanwhile
according to Joseph Lin, managing director CBRE Taiwan, Taiwanese insurance
companies which is managing more than $450 billion in capital had received
permission for the first time to consider overseas real estate investments,
opening up the possibility of forays into the global investment market as the
insurers look to diversify from the overcrowded domestic market.
CBRE
Taiwan highlighted
Neil
Alexander MacGregor, managing director of Savills
“Given
that the market is only commencing its recovery now, it is fair to expect
many more M&A transactions in the real estate sector,” MacGregor said.
He
added that for international investors, the
“The
lasting turbulence in the European market and the slower-than-expected recovery
in the
Compared
to other regional destinations,
“This
is where project owners who wish to align with foreign partners will need to
study and present their projects with carefully considered projections
supported by strong market comparables,” according to MacGregor.
Farmers
in
In
recent months, farmers in the Mekong Delta
Farmers
in Giong Trom District in Ben Tre Province have cut down more than 1,000
hectares of cocoa plants while their counterparts in Chau Thanh District have
uprooted 400 hectares and in Ben Tre Town more that 100 hectares.
Farmers
say that cocoa trees alternated with coconut trees eat up more fertilizer and
hence reduce productivity of coconut trees.
In
addition, cocoa leaves are hard to decompose after they fall to the ground.
Moreover,
price of cocoa has also dropped from VND5,000 to VND3,000 a kilogram.
Since
2005, farmers growing cocoa trees had been expanding their area. At the
beginning of 2013, the area for growing cocoa tree in Ben Tre province was
nearly 11,000 hectares, the maximum area under cocoa plantation in the South,
with the province producing world class quality cocoa.
PM
allows duty free shopping on arrival
Prime
Minister Nguyen Tan Dung has signed a Decision that will permit international
visitors and overseas Vietnamese to purchase duty free goods on arrival in
The
Decision revised some clauses on an earlier regulation for duty free shopping
on arrival in
Henceforth,
visitors arriving into
The
duty free shops will maintain a photocopy of their passport and make
necessary entry on purchase receipts.
Price
of subsidized goods drop in HCMC
The
Department of Finance in
Accordingly,
5-percent-broken white rice will drop from VND10,200 to VND10,000 per kilo;
packed 5-percent-broken white rice from VND11,000 to VND10,800 per kilo;
one-kilo pack of extra refined sugar from VND19,800 to VND19,500; ten-pack
first-grade chicken eggs from VND25,500 to VND25,000.
Vissan
is also running a promotional program on some fresh meat products in the
City, offering a discount of VND5,000 per kilo on retail price of pork
products. The program is applicable in the City until July 31.
Nguyen
Nguyen Phuong, Head of Trade Management Office under the Department of
Industry and Trade in
General
Director of the Treasury Department of the Italian Ministry of the Economy
and Finance (MEF), Lorenzo Codogno, made the statement at a working session
with the visiting Vietnamese delegation led by Deputy Minister of Finance
Tran Van Hieu in
Lorenzo
briefed the guests on
He
said the Italian MEF can also assist
In
reply, Hieu said since 1986
At the
working session, the two sides discussed issues of mutual concern, such as
business management and supervision mechanisms, internal management between
State-owned groups and its subsidiary companies, after-tax profits, and how
to use money collected from equitised businesses.
They
pledged closer cooperation between the two countries in establishing ties of
strategic partnership.
He
expressed keen interest in the economic development of
Local
production needs protection
According
to Dinh Thi My Loan, chairwoman of the Advisory Board on International Trade
Defence under the Vietnam Chamber of Commerce and Industry, only a few
Vietnamese enterprises have used trade defence mechanisms since the
legal framework for them was established ten years ago.
Loan
said the application of trade defence mechanisms is becoming common in
developing countries with struggling economies. Some of
Le Sy
Giang from the Ministry of Industry and Trade’s Competition Authority said
his organisation will provide support to help enterprises handle documents
for anti-dumping suits, stressing that careful preparations for arguments are
critical.
A representative
from the Government Inspectorate said that enterprises need support from
State management agencies such as the General Statistics Office and the
General Department of Customs for figures and information to prepare for
their suits.
However,
accessing information from these agencies remains difficult.
In
many countries, governments have clear mechanisms for companies to access
information about import volumes, prices and market share changes that can be
used to develop defence mechanisms.
Experts
urged enterprises to increase their understanding and awareness of the WTO’s
trade defence laws.
Trade
defence mechanisms include anti-dumping, anti-subsidy and safe-guarding
measures.
The
reopening time is two months ahead of schedule.
With
the runway of 2,800 metres in length and 45 metres in width, Phu Bai airport
is capable of handling mid-range planes like Airbus A320s and Boeing 747s.
Under
a plan approved by the Government, Phu Bai will be upgraded to accommodate up
to 20 planes during peak hours and five million passengers per year by 2020.
By
2030, it is expected to receive 26 planes during peak hours and cater for
nine million passengers and 200,000 tonnes of cargoes per year.
Before
the temporary closure, Phu Bai airport served over one million passengers
each year, ranking fourth among airports in
Woodworking
brands to gather at
As
many as 260 businesses from 19 countries and territories will take part in
the 10th Vietnam International Woodworking Industry Fair in
Spreading
over more than 500 pavilions, businesses will introduce modern woodworking
machinery to an expected 20,000 visitors.
A
number of renowned Vietnamese businesses will attend the event, including
Thuan Hien, Quoc Duy, Vetta, Van Su Loi and Thien Thanh Phat.
Also
present at the fair will be the European Federation of Woodworking Machinery
Manufacturers, along with similar associations from
In the
first half of 2013,
July
CPI sees slight increase
The
national Consumer Price Index (CPI) in July went up by a modest 0.27% against
the previous month and 6.81% over the same period last year, the General
Statistics Office (GSO) announced on July 24.
Ten
out of 11 categories of the goods basket experienced price rises from 0.05%
to 1.34%, with the highest seen in transport while the group of medicine and
health services registered the lowest price increase.
Prices
of restaurants and catering services, which accounted for almost 40% in the
goods basket, edged up only 0.1% and the price of telecommunication services
remained stable.
Head
of the GSO’s Price Statistics Nguyen Duc Thang said two petrol price
adjustments this month resulted in a 0.09% increase in the CPI. In addition,
the increase in the minimum wage for civil servants pushed up the overall
price level.
July
also marked the university entrance exams and summer holidays which fuelled
demands for food, beverages, travelling and accommodation.
Not
included in the CPI, the price of gold dropped by 6.38% while the USD price
saw a slight rise of 0.68%.
In the
country’s two largest cities, CPI in
More
than 100 domestic and foreign businesses are introducing the latest
technologies in electricity and electrical appliances at two exhibitions in
The
sixth Vietnam International Electrical Technology and Equipment Exhibition
(Vietnam ETE) and the International Exhibition on Power Saving Products and
Green Energies (Enertec Expo), which opened on July 24, have attracted
businesses from Japan, India, the Republic of Korea, China, Spain, Turkey,
Malaysia, Singapore, Australia, Taiwan, and host Vietnam.
Also
on display are power-saving products, high-tech electrical equipment, energy
saving solutions and products using environmentally friendly technology and
renewable energy.
There
will be a number of seminars and forums to be held in the four-day event,
which focus on developing renewable energy in Vietnam, formulating energy
saving policies, using power-saving products, and sharing Japanese and Indian
experience in green energy development .
Other
activities will also take place, such as a communication project on the green
quarter, “Moving together with green energy” program in Can Gio District,
riding bikes to promote power saving and a photo contest on energy saving,
green energy and environmental protection.
ADB
supports
The
Asian Development Bank (ADB) and the Ministry of Planning and Investment
(MPI) are working a technical assistance project to improve regional
cooperation and integration (RCI) coordination and public investment planning
in
In
December 2012, ADB approved a technical assistance (TA) worth US$800,000 to
be financed by the Japan Fund for Poverty Reduction to help
At a
workshop in
Representatives
from central government agencies, provinces and development partners
discussed issues and challenges constraining in-country effective
coordination and investment planning of RCI activities, and agreed on the TA
objectives, approach, key activities and work plan to enhance the efficiency
of public investments involving RCI initiatives.
Though
The
need for improvement is urgent as RCI remains to be one of the key elements
of
These
are not easy tasks, but absolutely necessary if Vietnam is to achieve its aim
set under the Socio-Economic Development Plan 2011-2015 to create collective
strengths of economic development under different subregional initiatives,
stated Yumiko Tamura, Principal Country Economist, ADB.
Insurance
sector to restructure for stronger growth
The
insurance sector will focus on restructuring the market as well as its
businesses so as to maintain stability and sustainable development.
The
industry expects to see a total premium of VND43.711 trillion (US$2.082
billion) this year, a rise of 6.5% over last year, according to the Ministry
of Finance’s Insurance Supervisory Authority (ISA).
Non-life
insurance is hoping for a record growth rate of 5%, to reach VND23.9 trillion
while life insurance is aiming at VND19.7 trillion, an increase of 9%
year-on-year.
The
total investment made by the insurance sector is projected at VND7.3
trillion, up 10% over last year.
To
meet these targets, several insurance firms have consented on becoming more
professional and improving the quality of their services.
The
Post and Telecommunications Insurance Joint Stock Company (PTI) says that it
will improve the quality of its key products.
The
AIA Insurance Company plans to develop its agencies into a standard.
The
Bao Minh Insurance Joint Stock Company says it wants to develop its
distribution network, restructure its range of products and investments
structure, and improve the quality of services.
The sector
experienced a lower rate of growth in the first half of this year because of
economic difficulties.
Statistics
from the ISA show that non-life insurance premiums in the first six month of
this year stood at VND11.8 trillion (US$562 million), up only 2.2% over the
same period last year.
Life
insurance also struggled to maintain a growth rate of 13%, making just VND9.1
trillion (US$434 million).
In
total, insurance premiums experienced a growth rate of 6.86% over the same
period last year.
Prospects
for Vietnam’s farm produce exports to Ukraine
Judging
from
In
recent years,
Following
the signing of more than 20 agreements on economic and trade cooperation
between the two sides the volume of seafood, garment and textiles, footwear,
hats and handicrafts products exported to
Since
early this year,
The
The
exchange of goods and services between the two nations rise from US$324.5
million in 2011 to US$456 million in 2012, but its turnover almost doubled in
both sectors.
In the
context of global economic downturn,
Duong
Hoang Minh, Deputy Head of the European Market Department under the Ministry
of Industry and Trade, admits that Vietnamese businesses are not fully aware
Minh
insists that domestic businesses get advice from the
Prestigious
business brand names honoured
Vice
President Nguyen Thi Doan has used a July 23 reception honouring 100
prestigious enterprise trademarks and brands in Hanoi to urge all domestic
businesses to redouble their efforts at promoting their Vietnamese and
international reputations.
Businesses
should publicise their achievements, uphold the spirit of Vietnamese
entrepreneurs, actively involve themselves in the “Vietnamese people
priotize using Vietnamese goods” campaign, and develop their brand profiles.
Doan
told the reception that even in the ongoing economically depressing, many
enterprises have managed to maintain their growth, advancing production and
business activities to ensure jobs for labourers and fulfill their
State-assigned responsibilities.
Businesses
have also contributed to social welfare and the country’s socio-economic
development.
Doan
highlighted businesses’ great efforts to overcome obstacles, create high
quality products tailored to consumer demand, and make the “Vietnamese people
give priority to using Vietnamese goods” campaign a presence in everyday
life.
The
State Vice President is confident the size of
Local
businesses should embrace dynamism and adaptability to respond to the
market’s needs and win consumers’ trust.
Steel
businesses threatened by insolvency
The
Vietnam Steel Association (VSA) has warned
The
association blames the industry’s dire state on the real estate market’s
extended freeze and the dominance of Chinese steel in
Businesses
are also grappling with the anti-dumping taxes several importing countries
have imposed on steel.
VSA
businesses have produced 2.26 million tonnes of construction steel during the
first half of 2013, down 2.08 percent from the same period last year.
As of
June 30, almost 326,000 tonnes of this production total had yet to be sold, but
businesses are forced to continue production to create jobs for their
workers.
In
addition, competition from imported foreign steel has pushed prices down
VND300–500 per kilo.
Businesses
also reported a large amount of imported Chinese alloy steel has been
declared as construction steel to dodge tax liabilities and undercut domestic
steel producers.
Vietnamese
firms seek trademark protection in foreign markets
Vietnamese
enterprises have started actions to protect and take back their brand names
which were used illegally overseas.
After
three years, Phu Quoc Fish Sauce has officially received Protected
Designation of Origin (PDO) recognition by the European Commission.
Chairwoman of the Association of Phu Quoc Fish Sauce Producers, Nguyen Thi
Tinh, said this is their chance to expand their market-share. Phu Quoc Fish
Sauce is the first Vietnamese product that is protected in 28 countries in
the EU.
According
to Tinh, the association is also preparing documents to seek protection in
other markets such as
According
to the National Office of Intellectual Property,
In
past years, several Vietnamese brand names have been illegally registered for
monopoly overseas-- such as Trung Nguyen Coffee and Phan Thiet Fish Sauce.
It's extremely costly and time-consuming to take back the names and as a
result, only a few Vietnamese firms are able to regain their brand names.
Earlier
this year, the
"It
took us four years and hundreds of thousands of USD, but losing our brand
name meant that we lost a serious amount of market share. The fee for
trademark protection is small compared to what we lost during this
time." Nguyen Lam Vien, Chairman of Vinamit said. "We usually
release several kinds of products under different brands in
Vien
advised other firms to establish a team to deal with trademark infringement
cases efficiently.
Trademark
registration is very important when a company wants to expand its business
overseas, but many Vietnamese firms still do not understand its importance.
Real
estate remains the most attractive investment for overseas Vietnamese
The
Vietnamese real estate market is showing signs of recovery as more capital
came from overseas Vietnamese in the first half of this year.
The
State Bank of
Experts
have said that because the world economy is recovering, remittances this year
may increase by 15-20%. The amount of overseas remittance in
Real
estate investment accounted for 15% of all remittances, however people are
turning their attention back to real estate market. In 2011
Nguyen
Duc Tuan, returned from
The
Kim Oanh Real Estate Company, the investor of the project where Tuan bought
the homes, said 30% of their customers are overseas Vietnamese. Many
customers also made transactions for their relatives overseas.
Many
in the real estate sector are hoping for a turnaround given the slower
inflation, lower interest rates and remittances from overseas Vietnamese.
Government
urges Vinashin to hasten restructuring process
Deputy
Prime Minister Hoang Trung Hai has requested that Vinashin--Vietnam Shipbuilding
Industry Group-- speed up its restructuring process and pay immediate
attention to resolving its financial problems.
The
Deputy Prime Minister recently presided over a meeting about this situation
with leaders from the Ministries of Transport, Finance, Planning and
Investment, as well as the State Bank of
Hai
directed Vinashin to concentrate on dealing with its financial problems since
its unsettled debts have resulted in serious consequences for domestic
financial institutions as well as the national economy overall.
“Vinashin
must step up the re-arrangement of its subsidiaries as well as pay proper
attention to business plans for remaining enterprises,” Hai requested.
He
urged that Vinashin actively seek domestic shipbuilding clients, with
particular attention to tourism ships and small-sized seagoing ships, in
order to ensure jobs for their employees.
“It’s
necessary for Vinashin to prevent any new financial setbacks,” he emphasised.
He
assigned the Ministry of Transport to co-ordinate with the Ministry of
Industry and Trade and other relevant agencies to study the situation and
propose plans to increase the market share of import-export shipping for the
Vietnamese shipping fleet. And they should make a progress report to the
Prime Minister as soon as possible.
Relevant
ministries and branches were requested to analyse Vinashin's proposals with a
view to gradually supporting it in overcoming the challenges ahead.
Inspectors
of the Hanoi Department of Culture, Sports and Tourism will take action to
control advertising banners illegally hung over city streets.
At a
recent press conference, the department's chief inspector, Nguyen Thanh
Phong, said the city has banned the hanging of banners across streets since
July 15.
The
move followed a recent case in which banners for a music show entitled “The
Hanoian” in front of Hanoi Opera House were cut by someone, causing public
concerns.
Nguyen
My Trang, Director of My Thanh Company which organised the programme, said
that it was the action of competitors and that those who cut the banners were
trying to damage the image for the programme.
According
to Mr. Phong, currently such banners are almost non-existent on the electric
poles and trees in Hoan Kiem District.
For a
long time, the front and sides of Hanoi Opera House were covered with banners
advertising various art programmes. However, in recent years
He
added that in 2011 the department inspectors cut down banners advertising a
show by overseas Vietnamese singer Che Linh, however they reappeared the very
next day.
The
city does have areas where it is legal to advertise, but since the expansion
of
Source:
VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VIR
|
Chủ Nhật, 28 tháng 7, 2013
Đăng ký:
Đăng Nhận xét (Atom)
Không có nhận xét nào:
Đăng nhận xét