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BUSINESS IN BRIEF 30/8
Foreign
banks offer syndicated loan to BIDV
The
Bank for Investment and Development of Vietnam (BIDV) has signed a contract
with seven foreign partners to borrow a total of US$140-million loan.
The
seven lenders are Cathay United Bank, China Construction Bank, Indovina Bank,
Far East National Bank, Shanghai Commercial and Savings Bank, Vinasiam Bank,
and Hua Nan Commercial Bank.
The
syndicated loan will enable BIDV to increase capital capacity for national
development projects. It is the largest sum of its kind ever granted to a
Vietnamese bank, showing the lenders’ trust in BIDV performance.
Over
the years BIDV has focused on mobilizing capital sources overseas with
conceivable interest rates, and the loans have also increased in value year
on year.
At the
signing ceremony, Juan Feng Li from Cathay United Bank said that BIDV is a
good choice for lenders.
BIDV
Deputy General Director Quach Hung Hiep said BIDV will follow the strict
regulations set out in the contract and use the loan according to the current
law.
According
to International Enterprise (IE)
Among
the key imports from Vietnam, electrical machinery and sound recorders made
the highest value of SGD627.8 million, followed by machinery appliances
(nearly SGD217 million) and glass and glassware (SGD162.6 million).
The IE
Singapore also reports that
Of
Topping
Singapore’s domestic exports to Vietnam in the first seven months was mineral
fuel oils, waxes and products (over SGD1.35 billion); followed by printed
books, newspapers and products of printing industry (about SGD395 million)
and electrical machinery (about SGD386 million).
Two-way
trade between
Vietnamese,
Indonesian firms seek closer cooperation
As
many as 35 top Vietnamese and Indonesian food processors met in
At the
meeting, Vietnamese Ambassador to Indonesia Nguyen Xuan Thuy spoke of
prospects for their closer cooperation, especially in economics, trade and
investment.
He
said
Bilateral
trade has grown considerably over past three years, topping US$4.6 billion in
2012. The two countries have been striving to raise the figure to US$5
billion by 2015 and US$10 billion by 2020, he said.
Both
nations are still attractive destinations to foreign investors in the context
of global economic slowdown, the Ambassador noted.
The
Chairman of the Indonesian Chamber of Commerce and Industry Juan Gondokusumo,
said he is hopeful that the goal of achieving US$10 billion in two way trade
value by 2018 is possible.
Participants
agreed that Vietnam Airlines’ recent opening of a direct air route between Ho
Chi Minh City and Jakarta, and upcoming direct flights between Hanoi and
Jakarta as of September 1 will drive Vietnam-Indonesia tourism and business
forward.
The
event was co-hosted by the Vietnamese Embassy in
Cooperation
deal between Quang Ninh and China’s Texhong
The
Chairman
of the provincial People’s Committee Nguyen Van Doc pledged all-out support
for the group to kick-start projects in the locality.
The
group is considered a strategic investor in the province.
Texhong
Textile Group Chairman Hong Tianzhu noted that local support has made foreign
investors become more confident in doing business.
Last
year, the group started construction on a US$300 million fiber plant in Hai
Yen industrial zone, Mong Cai city. Once completed by 2017, it is expected to
generate jobs for 4,500 local people.
Over
100 local businesses attend China-ASEAN expo
More
than 100 Vietnamese businesses from 17 provinces and cities will showcase
their products and services at the upcoming 10th China-ASEAN Expo (CAEXPO
2013) in
They
will have the chance to meet approximately 50,000 entrepreneurs from
Vietnamese
businesses signed deals worth more than US$90 million with foreign businesses
at CAEXPO 2012.
Prime
Minister Nguyen Tan Dung will attend the CAEXPO 2013 and the 10th China-ASEAN
Business-Investment Summit (CABIS) on September 2-3.
Can
Tho fair showcases global products, technologies
Domestic
and foreign enterprises are displaying high-quality products and services at
the International Trade Fair 2013 which opened in the Mekong Delta city of
A wide
range of products, featuring specialties from each country, are showcased on
350 stands, including handicrafts, timber, information technology and
telecommunications devices, clothes, footwear, electronic appliances, food
and beverages, and agro-forestry-fishery products.
The
event is a golden opportunity for businesses to introduce their advanced
technologies and products, boost trade promotions, and expand markets.
The
week-long fair will also hold a series of activities including contract
negotiations and signing, and seminars.
Imported
vegetable oil subject to CVDs
The
Ministry of Industry and Trade (MoIT) will impose countervailing duties (CVD)
on imported vegetable oil as of September 7, 2013.
Under
a decision signed by MoIT Minister Vu Huy Hoang on August 23, refined soybean
and palm oil, coded HS 1507.90.90, 1511.90.91, 1511.90.92 and 1511.90.99,
will be subject to a new anti-dumping tax of 5%, and the rate will be slashed
to 2% in 2017.
The decision
followed a proposal from the Vietnam Vegetable Oil Company urging the
ministry to apply temporary measures on imported vegetable oil.
Danang
to meet World Bank target
The
People's Committee of the central city of Danang has said it will meet its deadline
for a sustainable development project funded by the World Bank, according to
a statement made by the city’s Vice Chairman Nguyen Ngoc Tuan on August 27.
The
US$ 272.1 million project, of which US$ 202.4 million will be provided by the
World Bank, will help improve the city's Bus Rapid Transit (BRT) network,
build new roads and revamp the drainage system.
The
fund will also aid the completion of major infrastructure sub-projects
initiated under the Danang Priority Infrastructure Investment Project.
The
project will expand access to improved drainage, waste-water collection and
treatment services, the road network and public transport in selected areas
of the city.
"Danang
has invested much in urban development to make it the largest city in the
central region and a ‘green city’ by 2025. The sustainable project with a
huge fund from the World Bank is the largest sustainable project in the city,
aiming to boost socio-economic development," Tuan said.
According
to analysts, the WB has built a strong partnership with Danang city over the
past decade.
"We
hope that Danang residents will benefit from the advanced infrastructure
services of a sustainable city. It will provide a ‘green model’ for
sustainable urban development, which will hopefully inspire similar
development in other cities," said Victoria Kwakwa, WB Country Director
for
"The
project will be very complicated, and the commitment of the municipal
People's Committee is an important factor behind the implementation of the
project," she said.
"I
hope the city will closely cooperate with our teams in carrying out the
project, and the partnership will be strengthened" she said, adding that
she hopes the project will help people understand the importance of public
transport and change their uses of cars and motorbikes.
Director
of the city’s Department of Transport Dang Viet Dung said public transport
and current management institutions are big challenges for the city.
"We
have experienced from infrastructure projects, but we need technical support
and supervision from WB senior teams in public transport and urban
management," Dung said.
"BRT
is quite new for us with technology, management and institutions of
operation."
Danang
is
Promoting
e-government model in
More
than one third of Vietnamese people have access to the Internet, facilitating
the e-government model in
Leading
experts and solution providers discussed directions and measures to leverage
the operation of
They
encouraged public agencies to use modern communications and information technology
(ICT) applications in order to improve public services, management capacity
and connections among local governments and between the government and
citizens.
They
noted that sales of smartphone and tablet grew by 81% and 64%, respectively
in 2012, making it easier for local people to access the Internet.
This
year,
Thanks
to IT application, 100% of all ministries and local governments have
developed official online portals. More than half of them have applied
document management software and online management systems.
Under
An
exhibition was also held the same day to give participants and visitors
insights into the latest technologies used in the e-government model and
other e-services.
According
to Peter Garside, general manager of Scytl in the Asia-Pacific region, 20
countries have so far run internet-based voting and 18 of them have chosen
the Scytl technology.
African
exports jump by up to 36% in seven months
During
the period, the country's exports to
Export
earnings from the
Khanh
Hoa targets $2.4bn in exports by 2020
The
central coastal
Under
the province's forthcoming export-import strategy, it will strive for a trade
surplus of $300-500 million per year.
During
this time frame, the locality will continue its focus on potential sectors
for development, such as shipbuilding, seafood processing, garments and
textiles, and handicrafts.
Khanh
Hoa has prepared a series of solutions to expand the market and promote local
brand names, and to continue investing in infrastructure and services for
exports.
To
fulfill the objectives, the province will upgrade
In the
first seven months of this year, the province shipped abroad nearly $740
million worth of goods, including ships, seafood, garments and textiles,
coffee and wood products.-
Maersk Line
increases Q2 volume
Shipping
firm Maersk Line Viet
A
company press release cited Nguyen Thi Ngoc Bich, general director of Maersk
Line Viet
She
said the country has enjoyed competitive advantages in low labor costs, a
strategically sound geographical location, leading positions within
agricultural exports, a high GDP growth rate, long-term political stability,
and a government committed to enhancing economic stability and development.
Vinamilk
exports top $136m
The
Viet Nam Dairy Products Joint Stock Company (Vinamilk) has exported products
worth nearly US$136 million in the year-to-date.
Vinamilk,
as it is commonly known, has signed export contracts worth $230 million this
year, already 28 per cent more than the whole of last year.
Since
2010 its exports have been growing at 45 per cent every year.
Vinamilk
exports formula, condensed milk, fresh milk, soy milk, yogurt, and other
dairy products to 26 countries including the US, Russia, Japan, Thailand,
South Korea, Turkey, and Iraq. — VNS
The
company has overcome many strict barriers and food safety regulations of
foreign importers, especially British Retail Consortium (BRC) standard-Global
standard for Food Safety applied in Australian market.
Stockbrokers
to receive CAMEL rating
Brokerages
on national stock exchanges will be rated according to new criteria offering
greater transparency, under a draft classification produced by the Ministry
of Finance (MoF) and the State Securities Commission (SSC).
According
to the plan, companies will be rated under the CAMEL criteria; assessing
capital adequacy (C), asset quality (A), management quality (M), earnings (E)
and liquidity (L).
Currently,
investors only have access to rankings for the top 10 companies on the two
national stock exchanges, with no ratings assigned to the remaining 104
securities firms.
Each
factor of the criteria accounts for a 20 per cent weighting in the company's
overall rating.
Companies
with capital adequacy ratios (CAR) of 300 per cent will receive the highest
rating of 100 points; while CARs ranging from 180 to 300 per cent will receive
80 points. Companies will lower CARs will receive progressively lower
ratings.
Kim
Long Securities (KLS), FPT Securities, Saigon Securities Inc (SSI) and HCM
City Securities (HCM) are among the companies expecting 100 ratings in the
CAR category.
First,
receivables will be assessed to measure asset quality. Companies with total
assets ratio less than 10 per cent will receive 100 points, while a ratio of
75 per cent can expect a zero point rating.
The
rating will prove a challenge for brokerages, with many top 10 companies
possesing a high proportion of high-margin loans and accounts receivables at
the 20-30 per cent level. Smaller firms will also be penalised, due to a high
level of receivables comprising total assets.
Average
revenue growth will reward stable growth but may face challenges posed by
market volatility and seasonal trends affecting business operations and stock
value.
During
the first six months of this year alone, total revenue of
securities-companies declined 30 per cent over the same period last year.
Notably, the top 10 brokerages all experienced falls in revenue due to slow
share market growth and rising interest rates.
According
to experts, brokerages will struggle to meet criteria on management quality
due to a churn in high-level management and stiff requirements for company
leaders to be working for at least 5 years to achieve a 100 point rating.
Additionally,
a 100 point chairman is required to have at least 10 years of experience
working in the sector.
Joint
efforts help
Between
2000 and June 2011, the city had invested VND198.7 trillion (US$9.5 billion)
in 782 projects in the Cuu Long (Mekong) Delta's 12 provinces and Can Tho
City under the programmes, according to the HCM City Development Research
Institute.
The
projects were in agriculture, industry, trade, tourism, science and
technology, healthcare, education, information, culture, transport, and
environment protection.
The
co-operation has helped foster socio-economic development, according to the
localities.
The
project have improved the lives of locals and reduced the number of job
seekers moving to
The
city too has benefited by securing supply of products from these projects,
especially livestock and agriculture produce.
The
city has identified the strengths of each province and built
production-to-distribution chains for many goods, especially agriculture and
food, that it consumes.
Livestock
and poultry meat is provided by Dong Nai, Ba Ria – Vung Tau, Long An, Tien
Giang, and Tay Ninh provinces.
Eggs
are supplied by Dong Nai, Long An, Tien Giang, Kieng Giang, An Giang, and Dong
Thap.
Vegetables
and fruits mainly come from Lam Dong, Long An, and Tien Giang.
The
provinces said they sold around half their output to
But
the programmes also faced many difficulties, according to the research group
at the institute that compiled the report.
One of
the biggest problems for the provinces was that they have failed to identify
their own strong points when focusing on a certain industry or service to
develop, it said.
Both
Vietnamese stock exchanges tumbled yesterday following shaky performance in
global markets.
Global
investors are rattled by the prospect of the
On the
HCM City Stock Exchange, the VN-Index lost more than 12 points, or 2.53 per
cent, to close yesterday's session at 473.30 points.
A
heavy slump in blue chip stocks dragged the market down.
None
of the markets flagship 30 stocks advanced with 29 losing ground. Bao Viet
Holdings (BVH) shed 6.3 per cent; Vinamilk (VNM) lost 4.3 per cent; PV Gas
(GAS) fell 3 per cent; and Masan Group (MSN) reduced 1.2 per cent.
The
VN30 dropped 2.14 per cent to 528.62 points.
However,
trading improved as low valuations drew risk-neutral investors. Nearly 69.3
million shares worth VND1.275 billion (US$60.7 million) were traded by the
end of the session, more than doubling Tuesday's levels.
FLC
Group (FLC) was still the most active code with 4 million shares traded after
falling 2 per cent to VND4,900 each.
On the
Ha Noi Stock Exchange, the HNX-Index also gave up 1.18 per cent to finish the
session at 60.68 points.
Bottom-fishing
activities on the northern bourse also pushed up trades here. The market
volume doubled over the previous day to reach 23.4 million shares worth
VND206.5 billion ($9.8 million).
Sai
Gon-Ha Noi Bank (SHB) led the northern market with trades of 3.7 million
shares, dipping 1.5 per cent to end at VND6,400 each.
The
foreign sector increased their selling in
The
annual sales promotion month in
Organised
by the Departments of Industry and Trade and Culture, Tourism and Sports, the
programme has attracted more than 900 businesses, 10 per cent more than last
year.
It
will kick off with a fair at the Phu Tho Indoor Stadium in District 11 from
August 30 to September 3, where more than 400 stalls will sell textile and
garments, foodstuff, household appliances, consumer goods and others.
There
will be 12 other fairs during the month to take goods to the doorsteps of
workers in industrial parks and export processing zones and students living
in dorms.
Businesses
like supermarket chain Saigon Co-op and Sai Gon Trading Group (SATRA) will
send trucks with goods, especially essential ones, as part of the city's
price stabilisation programme, to remote areas.
Under
the month-long promotion programme, many businesses like Big C, Co.opmart,
Maximart, Metro, and Thien Hoa Interior Furniture and Electronics Centre are
set to offer big discounts.
Saigon
Co.op will have a VND150 billion (US$7.1 million) "Proud of Vietnamese
goods" campaign, its biggest promotion of the year, involving more than
600 suppliers.
It
will offer discounts of up to 50 per cent on more than 2,000 products at its
outlets as well as Co.opXtra Thu Duc and Co.op Food chain from August 28 to
September 24.
There
will also be attractive gifts and vouchers on offer.
Big C
supermarket chain will first offer discounts of up to 50 per cent on 1,500
products until September 2, National Day, and then on thousands of products
for the promotion month.
Besides
fresh and processed foods, dry foods, household appliances, fashion items,
cosmetics, and electronic products, it has also slashed prices on hundreds of
products like moon cakes, lanterns, and toys for the Full Moon festival.
Lending
rises 5.4% since December
Lending
figures on August 20 showed a growth of 5.4 per cent since last December,
while non-performing loans and lagging demand continued to blight the
nation's economy, according to data from the General Statistics Office (GSO).
The
results showed only a minor increase on July data released by the State Bank
of
Despite
low growth in lending, total deposits and total money supply remained
consistent with previous years. Deposits surged 9.48 per cent while official
money supply rose 8.35 per cent, according to the GSO.
The
8-month figure is less than half of the 12 per cent growth target for 2013.
The
director of the Central Bank's Monetary Policy Department, Nguyen Thi Hong,
last week said the target would likely be achievable as lending often grew
strongly at the end of the year.
In
order to meet the 12 per cent growth target, lending will need to increase
1.3 per cent every month until the end of 2013, she added.
Hong
said the central bank would see the boost of lending as one of its key
priorities for 2013. The central bank is currently developing measures to
lend the VND30 trillion housing support package.
Hong
also called on the participation of other relevant ministries and bodies to
boost lending and consumption.
Measures
on credit guarantee will also be developed to help businesses access credit,
Hong said.
Market
insiders said lending rates had not prevented firms from accessing loans;
noting that rates had been cut by up to 4 per cent to a 9-10 per cent annual
rate for short-term loans.
Many
enterprises with healthy credit ratings have also been able to secure
interest rates at around 7 per cent.
The
central bank is also finalising the legal framework to settle non-performing
loans in
According
to the latest data from SBV, non-performing loans have decreased for the
second consecutive month to 4.46 per cent of total credits, down 19 per cent
from May this year.
Bad
debts increased continuously in the first four months of the year, up from
4.08 per cent late last year.
Bilateral
trade turnover between
A Thoi
Bao Kinh Te Viet
In
just 2012, bilateral trade turnover was $3.7 billion.
The
experts further predicted that the turnover would rise to $12 billion when
the free trade agreement between
When
the agreement is signed, they said, the Russian market would be open up
further to Vietnamese products and those that were exported to
A
representative of a
According
to the General Department of Viet Nam Customs,
Seafood
topped the export list at over $34 million, followed by vegetables and fruit,
tea, coffee, pepper, rice, garment, footwear and telephones.
Regarding
seafood exports to
Pham
Quang Niem, a high-ranking official at the Vietnamese Embassy in
"This
figure is going to be 23.7kg in 2020, which presents a great opportunity for
Vietnamese seafood exporters," he said.
However,
experts also warned that to increase exports to
In the
first seven months of the year,
According
to the customs department, exports from
While
Gold
enterprises hit hard by new trading rules
Many
gold trading enterprises have faced difficulties and scaled down business as
Government Decree 24/2012/ND-CP has regulated stricter rules on the gold
trading market.
On
Tuesday, Phuong Nam Jewelry Corporation (NJC) held an annual general meeting
to adopt conversion from a joint stock company into a limited company. The
move aims to simplify organization and reduce expenses after the decree has
deeply hurt its business.
Other
enterprises have also suffered challenges caused by new gold bar trading
regulations. According to a representative of a large gold trading firm, the
number of large gold buyers has sharply decreased after small stores have
been banned from gold bar trading.
Meanwhile,
jewelry sales have tumbled over the past years given rising gold prices. At
present, the enterprise has to reduce employee wages and bonuses and may have
to dismiss staff in the future.
Nguyen
Thanh Truc, general director of Agribank Jewelry Company, said that the firm
made a modest profit in the first six months, mainly thanks to the difference
from turning AAA gold into SJC gold bars. Meanwhile, earnings from buying
auction gold and selling to customers were low.
The
enterprise is seeking a new business direction as gold bars do not fetch
profits any longer and Agribank has plans to divest capital out of the
enterprise, Truc said.
Cao
Thi Ngoc Dung, chairwoman and general director of Phu Nhuan Jewelry Company
(PNJ), has also mentioned difficulties in gold bar trading during its
shareholders meeting. Gold bar business is unpredictable as it is highly
sensitive to macro policies.
Over
the past year, people have been concerned over gold bar ownership after the
Government has tightened gold bar transactions, seeing gold bar investment
demand slump.
This
year, PNJ still targets gold bar sales at over VND3.2 trillion, up 24%
compared to 2012. However, the target is left open as the enterprise will
only make gains from the segment given changes in management policies.
Dinh
Nho Bang, vice chairman of the Vietnam Gold Business Association, told the
Daily that most enterprises in the association have met difficulties. Just a
few out of 100 gold trading firms still fare well while others are struggling
to survive by scaling down business.
Concerning
hardship of enterprises, central bank governor Nguyen Van Binh in a Q&A
session in November 2011 said that it is necessary to sacrifice for the sake
of the nation and macro economic stabilization target. The central bank has
provided time for enterprises to change business direction. However, deputy
general director of a large gold firm said that it is hard to stir business
to a new direction at present as economic difficulties remain.
The
association is preparing to seek approval from the central bank to revise the
Decree 24 to help local enterprises cope with current challenges.
Card
alliance merger stalls
The
merging of two major card alliances on the market, Smartlink Card Service
Joint Stock Company (Smartlink) and Vietnam National Financial Switching
Joint Stock Company (Banknetvn), is grinding to a halt after nearly two years
of implementation.
The
merger is among the Government’s policies to integrate three card alliances,
Smartlink, Banknetvn and VNBC into a single unit. The central bank will hold
a majority stake in the enterprise while commercial banks who are members of
three card alliances will hold the remaining stake.
According
to a source, the two enterprises have yet to reach an agreement over the past
two years, although both sides have completed business evaluation.
Smartlink
and Banknetvn have agreed to hire a securities company to provide merger
consultancy and assess business value. However, the two sides have yet to
agree on share swap ratio.
“Banknetvn
did not agree with the share swap ratio suggested by the consulting firm
while Smartlink basically approved it,” said a source from the consulting
enterprise.
Besides,
the two enterprises have yet to agree on strategy, viewpoints in serving the
market and member banks, human resources and management mechanism. These
problems will challenge the merger to the full.
The
central bank targets to merge card alliances to create a national electronic
payment firm for serving the banking system and speeding up online payments
in the country. However, the tardiness has influenced development plans of
the two enterprises and member banks.
A
representative of an enterprise joining the merger talk said that
administering agencies should intervene in the project as the problem may
cause an impact on member banks and development of the non-cash payment
market in
Maybank
Kim Eng
Four
individual shareholders of Maybank Kim Eng Vietnam Securities Company at the
extraordinary shareholders’ meeting on Tuesday agreed to transfer shares to
Maybank Kim Eng Holdings Limited, turning the broker into a 100%
foreign-owned company.
Specifically,
investor Lam Hoang Loc will sell his four million shares, or a 13.58% stake,
and Le Minh Tam will transfer nearly six million shares, or a 19.9% stake, in
the broker. Nguyen Thi Thanh Hien and Pham Thanh Tien also agreed to transfer
a 10.9% and 7% stake respectively.
Vu
Bang, chairman of the State Securities Commission (SSC), has recently told
the Daily that the broker has applied to change into a 100% foreign-owned
firm. SSC is considering regulatory approval for the conversion.
Maybank
Kim Eng
The
nation has seen around 100 securities companies, including 19 firms with
foreign investment capital.
ODA
project managing boards hinder capital disbursement
Policy
makers blasted the role of official development assistance (ODA) project
management boards, saying that too many management boards with limited
capability have hindered ODA capital disbursement in the country, heard a
conference on Thursday.
“We
have too many ODA project management boards in localities and at the central
level,” said Hoang Viet Khang, head of the Foreign Economic Department under
the Ministry of Planning and Investment.
Khang,
who chaired the conference on ODA management boards organized by the
ministry, the World Bank (WB) and the Asian Development Bank (ADB) in
The
two donors have lent around US$25 billion. With this sum, there have been
nearly 10 project management boards in each province. The total figure may
soar up to thousands if
Too
many management boards have led to huge waste. For example, a board has an
operation time of five years but directors have been changed five times and
finally the project has been cancelled, Khang said.
Nguyen
Thi Huong, director of
Launched
in 2007, the project at the time met many difficulties due to unqualified
staff with problems being put on the shoulders of consultants.
“We
could not fix the shortcomings until 2011, even 2013, but the project will
finish in 2014. It is a huge waste of human resources,” Huong said.
Victoria
Kwakwa, WB’s country director for
“We
have central and local management boards. The structure is complicated and
has obstructed ODA disbursement,” she said.
A
representative of ADB warned that if the nation fails to reorganize the
project management board model, it will be hard to improve uses of ODA
capital.
“If we
do not reconsider the model, it will cause adverse impacts on ODA capital
effects. Many management boards have spent all their time on making reports.
They are drowning in reports and cannot do anything else,” the representative
said.
According
to a report of the Ministry of Planning and Investment, between 1993 and
2012, ODA capital disbursement reached nearly US$37.6 billion, or 67% of the
total registered ODA capital. During the period, the total registered capital
hit US$56 billion, or 72% of the total commitment.
Local
firms expect
Enterprises
expect the Government to offer policies calling for Japanese investments into
supporting industries to break bottlenecks of seafood and textile-garment
industries so as to effectively boost exports to the Japanese market.
Speaking
at a seminar on boosting export to
Lan
said trade agreements
To
make full use of such opportunities, seafood enterprises expect policies from
the State to attract investments from
With
good fish farming technology, current difficulties in securing sufficient
materials for seafood processing and production can be solved. If so, Vietnam
does not need to import materials from other countries, according to Lan.
Vietnamese
enterprises imported a large volume of sea fish in the year’s first half to
make up for the shortage of materials resulting from a drop in catching
volume.
Sharing
the same opinion, Nguyen Thanh Vinh, foreign affairs commissioner at the
Association of Garment, Textile, Embroidery and Knitting, said that the
Government should formulate policies to call for Japanese investors into
weaving, dyeing and finishing stages in the textile industry as these are
strengths of Japan.
At the
seminar, representatives of associations as well as management agencies
agreed that Vietnamese enterprises will have many chances to send products to
this potential market after trade agreements are signed.
Local
wood products penetrate new markets
The
local woodworking industry has posted positive growth in traditional markets,
and has even penetrated into some new markets such as Canada and South Korea.
Besides
traditional markets such as the U.S., Japan and the European Union (EU), the
Ministry of Industry and Trade announced that Canada has become a potential
interior furniture importer.
As
Canada has reported more positive economic growth compared to other
countries, local enterprises should pay attention to furniture demand of the
nation. Currently, the country takes the lead among bedroom furniture
importers of Vietnam.
The
Ministry of Agriculture and Rural Development forecasts the nation’s wood
export revenue growth rate at around 10-15% this year with value estimated at
US$5.5 billion. Between January and July, Vietnam obtained over US$2.9
billion in wood and woodworking product export value, a 12.3% year-on-year
increase.
Some
markets such as Germany and France reported an import value decline while key
markets such as the U.S., China and Japan posted strong growth rates of 6.4%,
15.9% and 19% respectively. Notably, shipments to South Korea saw a strong
growth rate of 43%.
Nguyen
Quoc Khanh, chairman of the Handicraft and Wood Industry Association of HCMC
(Hawa) and chairman of AA Construction Joint Stock Company, said that the
demand for woodworking products and project furnishing remains high. The
enterprise has signed many contracts to furnish restaurant and hotel projects
overseas.
Pacific
Place tenants row over rights
A
dispute between a group of residents and Pacific Place owner, Ever Fortune
JSC sees no end in sight despite a pause in development work as both sides
await an official response from authorities and avert further escalation of
tensions.
Located
at 83 Ly Thuong Kiet Street, Pacific Place is one of the most luxurious
buildings in central Hanoi.
The
operation of a medical clinic in the basement, a restaurant on the roof top
and the addition of three more lifts in the office building next to the
residential area were issues of contention between the residents and the
property owner. Residents complained that waste from the clinic could harm
the environment and that the restaurant was too noisy at night despite
closing before midnight. The residents also complained the new lifts would
spoil the architecture of the building.
According
to Cheng Huan Chai, general director of Ever Fortune, Pacific Place’s
management company, after the residents put forward their claims, Hanoi
Department of Construction carried out an inspection.
“The
clinic and the restaurant both operate under licensed permits and the purpose
for the additional three lifts is to enhance the quality of the building. The
installation of the lifts was also permitted by the Hanoi Department of
Construction,” the Ever Fortune spokesman confirmed.
“We’re
aware of the regulations related to the upkeep of the building and proper
environment controls. These include proper and separate collection and
disposal of discards from the clinic and minimising noise disturbances when
installing the lifts. In fact, before the start of the work we met with
residents in late May to inform them about the expected inconveniences and we
were not made aware of any objections then,” he said.
He
further explained that a dedicated 24-hour hot line and an email address had
been set up for residents to provide their comments and feedback.
However,
a group of residents was demanding more. They wanted the investor to remove
the clinic and the restaurant from the building, and to stop construction
while awaiting a final decision from authorities.
According
to Nguyen Hong Minh, director of the PMC property management company,
defining public and private areas between residents and property owners in
high-rise buildings was one of the main conflicts.
The
basic foundation to resolve the dispute however, according to Minh, was to
define which kind of the contract was signed between residents and building
owner.
Residents
would have the right to use areas in the building as outlined in the civil
code if a purchasing contract was signed between two sides. If they possessed
a lease contract, then the two sides would be bound by the contract’s
articles, Minh said.
“As an
investor and manager for
Apart
from the issues of contention, residents also claimed that the company had
used one basement for a clinic and there was no longer sufficient room for
residents to park their cars.
According
to the original plans submitted for approval by the Hanoi Department for
Zoning and Architecture in 2005, the first level basement, where the clinic
is located, was marked for business use.
Completed
in 2007,
Source:
VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VIR
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Thứ Năm, 29 tháng 8, 2013
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