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BUSINESS IN BRIEF 18/9
Exports
to UAE increase by 111% year on year
Vietnamese
exports to the United Arab Emirates (UAE) during the first seven months of
2013 totaled US$2.29 billion, an increase of 111% over the same period last
year.
Statistics
from the Ministry of Industry and Trade’s Department of African, West and
South Asian Markets also show that
The country
is currently
Trade
relations between the two countries have developed rapidly in recent years.
Two-way trade has increased from US$550 million in 2008 to US$2.38 billion in
2012.
In
2012,
During
the first seven months of this year, exports of cell phones and components
surged by 164.5% over the same period in 2012 to hit US$1.92 billion,
accounting for 84% of Vietnam’s total export revenue to the country.
The
second most valuable export industry was the grouping of computers,
electronic products and components, which brought in US$96.97 million, up
3.2% year on year. Textiles surpassed pepper to take third with an export
value of US$39.2 million, a year-on-year increase of 25.3%.
Rice
exports earned US$5.69 million in revenue (up 102.5%), and wood and wood
products increased by 42.3% to reach US$8 million.
In
recent years, many prestigious UAE corporations like DP World, Mubadala
Petroleum, Dubai Holdings, Limitless, Tamouh and Global Sphere have sought
out investment opportunities in
Vietnam
Royal Group and UAE Global Sphere are considering the possibility of a
lucrative real estate project in
The
Department of African, West and South Asian Markets said that with its
advantages in agricultural production, food processing and fisheries,
In
addition, the UAE can also serve as an important gateway for Vietnamese goods
to reach other markets, such as the GCC countries, the Middle East and
Vietnam
leads swimming crab exports to Japan
In the
first half of the year alone, it shipped more than 11,000 tonnes of swimming
crab to
The
Vietnam Association of Seafood Exporters and Producers (VASEP) attributed the
rise to the Vietnamese products’ competitive selling price, standing at 1,871
Yen/kg.
Vietnam-Angola
investment cooperation in focus
A
roundtable conference was held by the Embassy of Vietnam in
Present
were Vietnamese Ambassador Do Ba Khoa and 60 education and healthcare
experts, businesses and contractors operating in
They
analyzed the strengths and weaknesses of Vietnamese investors as well as
opportunities and challenges facing them in the future.
They
agreed that it’s necessary to build a common strategy to exploit every
opportunity for businesses of the two countries to improve healthcare and
trade cooperation.
Businesses
and contractors reached a consensus on cooperating in building a high-quality
medical laboratory, Vietnam-Angola general hospital, and
Vietnam-Netherlands
trade rises sharply
Two-way
trade turnover between
A
recent business forum in
Vietnamese
exports to this European Union nation have risen by 15% annually since 2002.
The value exceeded US$2.47 billion in 2012, a year-on-year increase of 15.2%.
The
Despite
a modest value of more than US$205,000, exports of gemstone and precious
metals have grown by 591.4%. In addition, chemical exports also rose by
528% to over US$5.4 million.
The
The
The
forum attracted more than 100 Dutch and 15 Vietnamese businesses operating in
the
Speakers
introduced potential fields for the two countries to boost cooperation, such
as agriculture, water management, trade and logistics.
They
reviewed the collaborative results from the past 40 years looking at the
business and investment environment and real experiences.
They
also examined future cooperative prospects for the two business circles,
especially after negotiations of Vietnam-EU Free Trade Agreement and
Trans-Pacific Partnership (TPP) end.
In the
context of global economic downturn, the forum contributed to expanding
export markets, attracting foreign investment and marking the 40th
anniversary of diplomatic ties between
Tra
fish shortage grinds production to a halt
The
shortage of Tra fish is expected to last until the end of this year and
beyond, forcing almost all Tra fish export processing factories to
temporarily halt production, according to an official from the Vietnam
Association of Seafood Exporters and Producers (VASEP).
Duong
Ngoc Minh, VASEP Deputy Chairman said on September 15 that Tra fish was
becoming more and more acute because its price had increased to VND23,000 per
kilo, but enterprises could only buy Tra fish of a high enough standard for
export processing.
Tra
fish between 0.8-1 kilo per unit is already sold out in the local market.
Currently,
30 of 70 existing Tra fish processing factories are relying on specific Tra
fish farming regions to supply 30% of their factories’ demand, Minh said.
The
factories are expected to use their existing stocks within 10-15 days will
then be forced to halt production, he added.
According
to a VASEP survey, total output of Tra fish to the end of 2013 is estimated
at 50,000 tonnes, including 30,000 tonnes farmed by enterprises and 20,000
tonnes raised by farmers. Meanwhile, the factories require 300,000 tonnes to
meet demand.
With
the Tra fish export season about to start, customers need huge volume but
local Tra fish stocks have been exhausted, Minh said.
The
impending situation was first flagged at the start of this year, Minh said,
adding that many enterprises lacked the investment needed to rear Tra fish
because the high production costs of VND21,000 per kilo meant they bought Tra
fish for export from farmers at the lower price of VND18,000-19,000 per kilo.
As a
result, farmers were required to increase production and were exposed to
greater losses, while enterprises had been unable to form contingencies for
the inevitable shortage, Minh added.
Minh
said the situation would continue into next year because the volume of Tra
fish varieties currently being produced is just half of last year’s output.
The
2013-2013 crop would produce 500,000-600,000 tonnes of Tra fish to meet just
half of local demand, Minh concluded.
Tax
incentives likely for tech-savvy enterprises
Tax
incentives would be provided to enterprises operating in the field of high
technology and those in agriculture with high-tech application, aiming to
encourage enterprises to strive for more added values.
According
to the amended Law on Corporate Income Tax, high-tech enterprises would be
imposed a tax rate of only 10 per cent in 15 years in comparision with the
current normal rate at 25 per cent which would be cut to 22 per cent from
January 1, 2014.
They
would be provided tax exemption up to four years since having taxable income
and 50 per cent tax reductions in the nine following years.
The
Ministry of Finance was drafting a decree which would provide detailed
instructions for the implementation of the amended Corporate Income Tax law
which was passed in June and would take effect from the beginning of this
year.
The
ministry said that currently, there are enterprises enjoying tax incentives
at the highest level for their investments in high-tech and economic zones
and in localities with difficult socio-economic condition.
The
draft circular will point out how these enterprises – which already enjoy tax
incentives – would continue to receive incentives if certified as high-tech.
The
ministry was also considering to provide a full package of tax incentives to
enterprises that begins on the date that they are certified high-tech
companies, regardless of any previous incentives.
This
option would encourage them to develop into high-tech ones, however; they
could easily take advantage of it to prolong their time for enjoying tax
incentives.
The
second option was that previous incentives would be accounted.
The
amended law would also provide incentives to enterprises' new investments in
industrial zones.
Accordingly,
enterprises with new investments would enjoy tax exemption for two years and
50 per cent tax reduction in the four following years.
Vinh
Long courts investors to back $1.1b project plan
The
Cuu Long (Mekong) Delta
Over
VND11.15 trillion ($531.2 million) will go to 15 infrastructure construction
and industry projects while VND6.76 trillion ($322 million) will be set aside
for urban and housing development.
In the
trade and service sectors, the province is seeking investment for 15 projects
worth VND2.57 trillion ($123 million) with a focus on developing
infrastructure for traditional and agricultural wholesale markets and
building more modern trade centres.
Sports
and tourism, environmental protection and training and education are expected
to attract VND2.72 trillion ($129.3 million) in investment.
The
province offered investment incentives to domestic and foreign investors,
including financial support in drawing up detailed plans and building
projects as well as administrative assistance.
Investors
can also seek assistance with technology, land compensation and clearance.
The
province is reforming administrative procedures in order to implement a
one-stop shop mechanism, which would be more convenient for investors, said
Le Quang Trung, director of the province's Department of Planning and
Investment. If investors ran into difficulty with their projects, provincial
authorities would arrange direct meetings with local governments to help
them.
The
province is also focusing on high-quality human resource training, he said.
According
to the Foreign Investment Agency, Vinh Long attracted 23 foreign-invested
projects with capital totalling $111 million so far this year.
Auto
sales August surge bodes well for yearly target
Automobile
sales of the Viet Nam Automobile Manufacturers Association in August saw a
growth of 12 per cent year-on-year, showing good signs for the market from
now to the end of the year, according to VAMA.
In its
report for August, VAMA said that sales in August of its members totalled
around 7,900 units, of which nearly 3,100 units were cars and more than 4,800
others were trucks.
"This
is the fifth consecutive month that industry volume has been higher than the
same period last year," the report said.
Although
the number was higher than the corresponding time last year, sales in August
fell in July by 22 per cent in cars and 11 per cent in trucks.
Traders
explained that in the last month of the lunar calendar, people have a habit
of buying very little.
During
the month,
According
to VAMA, after lunar July, the market will then pick up until the year-end.
Because
of this reason, several companies have carried out many promotions and
started new series in order to increase their sales.
A
report from Thoi Bao Kinh Te Viet Nam (Viet Nam Economic Times) said that
Thaco Kia had cut VND40 million (US$2,000) for each Kia Forte and support for
3 per cent of registration fees for Kia Picanto, Kia Carens and Kia Sorento.
GM
will present 1,000 litres of petrol and cut prices by up to VND52 million
($2,600).
Meanwhile,
Ford Viet
Companies
said they would continue to apply new promotions and strengthen their
after-sale services to attract more customers in the coming months.
"With
the current trend of recovery, but with a cautious view of the August results
and delay in the registration of tax reductions in
Healthy
appetite for animal feed raw material imports
Key
imports are corn (1.34 million tonnes) and soy bean (897,000 tonnes).
Materials are mostly sourced from
Mai
Van Chung, purchasing director of the Japfa Cornfeed Viet Nam Ltd Co, said
the firm has signed a contract to import 80,000 tonnes of corn for the
production of animal feed by March 2014.
Chung
said that Japfa needs at least 16,000-17,000 tonnes of corn every month. The
company used to import sufficient volume for a certain period but at the
present time, they import a bigger volume to take advantage of the very cheap
prices of corn on the South American market.
The
director also said that the company preferred imports of superior quality
with a much lower humidity rate than locally-processed corn.
The
imported corn prices from
In
fact, raw material prices for animal feed production are falling on the
global market but are at a standstills high in
Vice
Chairman of the Vietnam Animal Feed Association Nguyen Duc Binh said that
local manufacturers were still processing high-value imported materials and
the output prices would bear a certain delay on the way down.
Binh
said that the price of local animal feed might fall next month, at a modest
space of 5 per cent against the current price.
High
hopes for Phu Quoc's future
A
special mechanism and policies are needed to turn Phu Quoc into a special
administrative - economic zone, a conference held in the island heard
yesterday.
Deputy
PM Vu Van Ninh, in his opening speech, said PM Nguyen Tan Dung has ordered
the Steering Board for the Southwest Region,
It is
aimed at developing and fully utilising the island's massive potential Ninh,
who is also head of the steering board, said.
Phu
Quoc has a mild climate and natural diversity, which is ideal for the
development of marine economic sectors, especially eco-tourism. It could also
be a crucial international trade gateway, he said.
He
called on participating scientists and other experts to consider every
possibility of turning Phu Quoc into a special economic zone.
As
long as in 2004 the Government approved a master plan for the development of
Phu Quoc for the period until 2010.
The
island has achieved significant socio-economic development in the time since,
with its GDP growing by 22 per cent annually and the number of visitors
tripling.
Its
poverty rate fell from 14 per cent in 2004 to 1.86 per cent last year.
The
master plan created favourable conditions for development, and will help
establish a dynamic administrative model that allows the creation of a
special mechanism and incentives for investment in infrastructure, education,
and tourism.
Under
the plan, Phu Quoc will have administration of Special Economic Zone and ward
levels.
It
also contains special mechanisms and policies for human resource development,
immigration, investment, and land management in the new economic zone.
It
also suggests that Phu Quoc can maintain 100 per cent of tax payment (on the
island) for its infrastructure development.
Economist
and lawmaker Tran Du Lich said a special mechanism governing land use and
property ownership should be added to the plan.
Lich
made it clear that the Phu Quoc special zone's administration must have the
authority to issue normative legal documents and over public finances and
organisational and human apparatuses.
Dr Le
Xuan Ba, director of the Central Institute of Economic Management, said Phu
Quoc has great potential in tourism, so the government and local
administration should strive to diversify tourism products to attract
visitors and have policies to attract investment.
Nguyen
Van Thanh, Director of the
Regarding
about Phu Quoc's future governmental organisation Dr Nguyen Minh Phuong from
from the Ministry of Home Affairs'
Ninh
concurred with the experts on the need to build a special
administrative-economic zone for Phu Quoc to enable it to develop strongly,
especially in security- and defence-related areas.
But
the plan should clearly identify the main products, services, and industries
to develop in Phu Quoc to make full use of its competitive advantages.
He
stressed the need to review and adopt special policies that can create a
stronger impetus than those in the master plan.
Ninh
urged planners to continue reviewing long-term plans and tweak projects that
were licensed but are no longer workable to reduce possible later wastage.
As of
the end of last month, the Cuu Long (Mekong) Delta had called for investment
in 139 major projects in the region, with a total investment of VND410
trillion (US$19.45 billion) and $1.9 billion.
The
announcement came at a press briefing on the 2013 Mekong Delta Economic
Cooperation Forum (Vinh Long MDEC 2013) in
The
seventh annual forum will be organised in
This
year's forum with the theme "Mekong Delta towards a Green Economy"
aims to seek initiatives and policy suggestions to improve cooperation among
12 regional provinces and Can Tho City. It will be submitted to the Prime
Minister for consideration.
The
event also intends to strengthen the connectivity between the region and
other localities across the nation as well as international organisations,
and enhance the region's socio-economic development.
The
forum includes a series of events, including the 2013 Conference on
Investment Promotion and Social Welfare for the Mekong Delta region and the
2013 Mekong Delta Business Forum.
Speaking
at the conference, Bui Ngoc Suong, deputy head of the Steering Board for the
Southwest Region, said so far 18 projects with an investment of VND3.294
trillion ($156.23 million) and $61.2 million in the region had been granted
investment certificates.
As of
the end of last month, commercial banks and businesses have committed to
sponsoring nearly VND600 billion ($28.46 million) for the Mekong Delta under
the social welfare programme for the region, Suong said.
With
this support, Can Tho City, Hau Giang and Bac Lieu provinces, among others,
have started construction of kindergartens, elementary schools and many roads
in rural areas for a total cost of more than VND100 billion ($4.74 million),
he added.
Dao
Minh Tu, deputy governor of the State Bank of
To
conclude the conference, Deputy Prime Minister Vu Van Ninh said the Mekong
Delta had an important role and strategic position in the country's
socio-economic development.
Ninh,
who is also the chairman of the Steering Committee of Southwest Region, said
the region needed to enhance links among the provinces and city and apply
scientific and technical advances to production.
"Investment,
trade and tourism must be promoted based on each province's or city's
strengths and the common interests of the entire Mekong Delta region,"
he said.
Ninh
asked concerned ministries and agencies to propose appropriate policies to
assist the region in taking advantage of its potential.
Ninh
also urged the promotion of social welfare programmes, saying they were also
critically important to the region.
Publishers
profit but investors unmoved
Many
listed publishing companies have reported positive profit results in H1 but
the trading in this stock group was quite soft.
Total
after-tax profit in H1of 24 listed publishing firms was 98.6 billion (US$4.66
million), up 40 per cent year on year – a good business performance in the
wake of declining earnings in other sectors.
Ha Noi
Education Development and Investment JSC, code EID, gained an after-tax
profit of VND23 billion ($1.08 million), up 38 per cent year on year. The
company's profit was the highest among listed companies in the publishing
industry.
About
11 other publishing companies announced profits of under VND10 billion
($476,000).
However,
inside industries said that
For
example, a big part of their products were only for the beginning of each
academic year.
"Even
stock prices in this group are rather low, about VND10,000 each, but I'm not
interested in publishing companies' shares anymore," said Pham Thi Dung,
a retail investor who used to hold these kinds of shares last year.
"Publishing
prices depend too much on input material prices, particularly imports. They
keep going frustratingly up and down.
And
education policy-makers keep changing direction and contents frequently which
make a huge number of compulsory books and lab devices far from
consumption," she said.
The
expanding market for unauthorised copies was also blamed for the low earnings
of publishing companies.
Lam
Dong farms reap technology benefits
Adopting
agricultural technologies has enabled the Central Highlands
Speaking
at a meeting with provincial authorities yesterday, he said the province has
taken advantage of its climatic conditions and fertility to benefit farmers
and the companies in the agricultural sector.
In the
province, advanced farming technologies have been used on 35,000ha of land,
14,850ha of it being under coffee, nearly 12,000ha under vegetables, 2,400ha
under flowers, and nearly 2,500ha under high-quality tea.
There
are over 50 businesses using invitro technology that can produce 30 million
saplings per year of various kinds of plants.
Embracing
high technology has helped Lam Dong farmers achieve higher revenues. On
average they earn VND400 million (US$19,000) from a hectare of vegetables,
VND800 million($38,000) to VND1 billion($47,000) from flowers, and VND250
million ($11,000) from tea.
Around
6.3 per cent of people in Lam Dong are classified as poor compared with 9 per
cent for the country as a whole.
Deputy
Minister of Agriculture and Rural Development Le Quoc Doanh said Lam Dong should
choose the best tea varieties to grow because the province has the largest
area under tea in
It
should also expand the area under fruit trees using high-tech farming
methods.
Nguyen
Xuan Tien, Chairman of the province People's Committee, said the province
Party Committee has issued a resolution on boosting high-tech agricultural
development that also spells out specific strategies.
Areas
have been zoned for vegetables, flowers, and speciality crops in 2011-15,
especially for tea, coffee, and rice, as well as for fish farming.
Lax
consumer lending causes SBV to issue bank warning
The
State Bank of Viet Nam (SBV) has warned commercial banks to closely monitor
and inspect consumer loans as many lenders have loosened their lending
conditions, causing concerns about rising bad debt.
Recently,
many banks have lowering credit standards for consumer loans to boost lending
since their credit growth remained low. Some even offered consumer loans
without mortgages or collateral. Such consumer loans are expected to grow
further with the end of the year approaching. Previously, banks applied
strict requirements to their lending conditions for consumer loans in order
to limit risks and avoid bad debts.
According
to the SBV, total lending in the first eight months of the year increased
only 5.4 per cent, much lower than expected. Total lending of the banking
industry is targeted at 12 per cent this year.
Many
banks are trying to lend individual borrowers with attractive interest rates
of 0 per cent in the first month and 10-11 per cent in the next 11 months.
BIDV,
for example, has just introduced a VND2 trillion (US$95.2 million) credit
programme with an interest rate of 9.9 per cent yearly in the first three
months to boost up lending.
Oceanbank
has also introduced a lending programme with interest rate of 5.91 per cent
yearly in the first six months for individual borrowers who buy houses or
vehicles.
In a
similar same move, HDBank has offered a credit package of VND1 trillion (47.6
million) with an interest rate of 0 per cent in the first month and 11.86 per
cent in the next 11 months for loans of more than VND500 million. The rate of
12.86 per cent will be applied for loans of VND200-500 million.
ACB
has also applied an unsecured credit package in which individual borrowers
can be lent a maximum of VND500 million.
It is
even easier to access unsecured loans at financial companies, even for sums
worth tens of millions of dong. Lending interest rates applied at these
companies have also reduced significantly from 17-18 per cent yearly earlier
in 2013 to roughly 12-15 per cent currently.
However,
as the rebound of the economy has remained volatile, experts have warned that
both banks and borrowers should be cautious about the application of these
kinds of preferential credit programme.
They
said that it was clear that lowering the credit standards may put banks at
risk, which also significantly affects the credit quality of the entire
banking system.
Bad
debts are on the rise and if banks try to achieve credit growth at any cost,
bad consequences will shake the entire banking system and the economy, the
experts warned.
Economist
Nguyen Minh Phong said that it was necessary to offer preferential interest
rate packages in the current context when credit growth remained low,
however, both banks and individual borrowers must be cautious about any
‘interest rate trap' to avoid the interest rate volatility and bad debts.
Before
signing borrowing contracts, bank customers should read the terms carefully.
They should pay attention not only to low interest rates but also other
conditions to ensure their rights, Phong suggested.
To
ensure consumer-lending operations comply with applicable regulations and
protect the rights of borrowers, the central bank has also required branches,
transaction offices and the service introduction points of credit
institutions to publish detailed interest rate information applicable to each
product group and each loan product.
The
central bank has required its branches nationwide, in collaboration with the
banking supervisory agency, to strictly handle violations detected through
inspecting and monitoring the activities of credit institutions in the
respective areas.
Industry
insiders forecast that credit growth this year could likely reach 12 per cent
as targeted. Banking expert Nguyen Tri Hieu said that the lending growth for
the entire year should be kept at roughly 10-12 per cent to ensure the credit
quality.
The
13th Vietnam International Textile and Garment Industry Exhibition will be
held at Tan Binh Exhibition and Convention Center in
The event
will feature more than 300 display booths of around 200 local and
international enterprises from 12 countries and territories.
Exhibits
will include accessories and machinery for textile and garments, bleaching
and washing machines, chemicals and dyes, cloth processing machinery and
accessories, embroidery equipment and much more.
The
Exhibition will provide a chance for local garment and textile firms to
advertise their products to local and foreign markets and seek more business
opportunities. It will also highlight export potential of the Vietnamese
garment and textile industry to world leaders in the same trade.
The
event is being organized by Vinexad, Paper Communication Exhibition Service
(Hong Kong-China), Yorkers Trade & Marketing Service Co. Ltd. (Hong
Kong-China) and Chan Chao International Co. Ltd. (Taiwan-China) with the
assistance of AGTEK and Vietnam Cotton and Spinning Association.
A
truck carries goods from
Under
the plan, the country may fetch as much as $14 billion in export earnings,
with imports valued at as much as $16 billion.
By
2030, border trade is forecast to reach $50 billion. Approximately $22
billion will come from exports.
A
number of selected border economic zones (EZs) will be provided with State
assistance to develop in line with the nation's five-year socio-economic
development plan.
The
country is now home to 28 border EZs, which span a total area of 600,000ha.
These
zones have experienced strong growth in the past few years, achieving a trade
value of $5.44 billion in 2010, according to the Ministry of Planning and
Investment.
Cross-border
trade now accounts for 15 per cent, 85 per cent and 75 per cent of the
country's total import-export turnover with
Despite
changes in some neighbouring countries' border trading policies, border trade
has still increased remarkably and contributes significant amounts to the
State budget, said Minister Bui Quang Vinh.
To
date,
Progress
in Vietnam-Customs Union FTA negotiations
The
Vietnamese delegation was led by Minister of Industry and Trade Vu Huy Hoang
and the Eurasian Economic Commission led by Eurasian Trade Minister Andrei
Slepnev.
Ten
working groups discussed a wide range of issues relating to commodity trade,
product-specific rules of origin, trade services, customs management, trade
and investment facilitation, intellectual property, legislation,
institutions, and trade safeguarding measures.
Minister
Vu Huy Hoang and Minister Andrei Slepnev exchanged the minutes of the meeting
The
negotiations took place in a constructive, frank and cooperative spirit with
a view to harmonising all standpoints and balancing interests of parties
concerned.
Negotiators
said progress was made in the third round compared to the previous one in
Both
sides agreed to consult and complete other chapters before the fourth round
to be held in
They
agreed to speed up negotiations between working groups to finalise the
content of the agreement by the end of 2013. Negotiations will focus on
technical matters in 2014.
Established
in 2007, the Customs Union covers a combined area of more than 20 million
square kilometres with a total population of 170 million.
The
union has an annual GDP value of approximately US$2,000 billion total trade
value of US$900 billion.
The
FTA, which promotes trade and investment liberalisation, is expected to
strengthen political, economic, trade, investment and cultural cooperation
between
The
newspaper on September 12 cited the figure from a report from private wealth
intelligence firm Wealth-X and the Swiss-based bank UBS.
In the
country, there are 195 ultra-high net worth individuals (UHNW - defined as
those with assets of US$30 million and up) controlling a combined US$20
billion worth of assets, compared to 170 individuals with a total wealth of
US$19 billion the year before.
Every
country in the region tracked by the report –
The
article said frontier markets like
Though
UBS is not present in either country at present, the bank is watching both
countries very closely and would be keen to look into servicing clients once
rule of law and rules governing the financial industry become more
transparent, the journal quoted Joseph Poon, head of Ultra High Net Worth for
UBS Wealth Management in
Workshop
discusses draft green growth action plan
The
Ministry of Planning and Investment (MPI) hosted a workshop in
MPI
Deputy Minister Nguyen The Phuong noted that implementing the action plan
will help restructure the national growth model, improve natural resource use
efficiency, generate jobs, hone the economy’s international competitiveness,
and improve citizens’ living conditions.
Participants
said
They
agreed that incorporating green growth precepts will be vital to the success
of this transformation, including reducing pollution and greenhouse gas
emissions, ensuring natural resources are used mindfully and with long-term
vision, encouraging the business community to embrace clean technology, and
cooperating with and learning from the experiences of foreign partners.
They
proposed focusing on training and allocating the draft plan’s required human
resources in coordination with central and local agencies. They also stressed
the importance of raising society’s environmental awareness and orienting
financial policy to serve green growth.
The
workshop heard support committed by Korean partners will help
The
MPI will gather opinions and complete the draft before submitting it to the
government for approval.
Fifth
Vietnam-Singapore IP gets off ground
Prime
Minister Nguyen Tan Dung and his Singaporean counterpart Lee Hsien Loong
attended the ground-breaking ceremony of a Vietnam-Singapore Industrial Park
(VSIP) in Quang Ngai province on September 13.
The
So far
these VSIPs have attracted 490 investors from 22 countries and territories
with a total capitalisation of more than US$6 billion, and generated steady
jobs for 140,000 workers.
At the
ceremony, both PMs Dung and Lee noted that since the first park took shape in
1996, VSIPs have symbolised successful economic cooperation between the two
countries, significantly contributing to
Dung
said that the Vietnamese government creates the best possible conditions for
foreign investors, including those from
“We
are improving infrastructure, completing legislation, simplifying
administrative procedures, and actively taking part in free trade area (FTA)
negotiations, including the Trans-Pacific Partnership (TPP), to create the
best business environment for foreign investors,” he said.
He
revealed that the Danang-Quang Ngai expressway, which is under construction,
will run through urban areas and industrial parks along central coastal
provinces, facilitating local development.
At the
ceremony, Quang Ngai handed over investment licences to three foreign
projects totalling US$115 million, which are expected to generate 11,000
jobs.
Swedish
furniture store opens in HCM City
The
Swedish ambassador to
Ambassador
Camilla Mellander said, "UMA represented a successful cooperation model
between Swedish and Vietnamese businesses that is expected to further develop
in the future."
The
products are a combination of Swedish style and Vietnamese culture, she said,
adding, "Customers can access high quality products at reasonable
costs."
The
new store, located inside the Big C supermarket in HCM City's Phu Nhuan
District, is a 50-50 joint venture between Vietnamese and Swedish partners.
Next
week, UMA will open another store in southern Binh Duong Province, raising
the total number of UMA stores in Viet Nam to nine.
Coca
Cola launches new line in central province
Coca-Cola
Beverages Viet Nam Ltd (CCBVL) launched a new manufacturing line in central
Da Nang City to raise production capacity for the Coca-Cola plant in the
city's Lien Chieu District.
The
new facility is in line with the company's growth plans and will contribute
to long-term economic growth in Viet Nam, said Vamsi Mohan, CEO of the CCBVL.
"Production
capacity will increase significantly with the construction of a new line and
expansion of the warehouse. This underpins Coca-Cola's ability to deliver a
robust portfolio of refreshing and delicious products that meet the needs of
its consumers."
In
addition to expanding operations in Da Nang City, the CCBVL will continue
with new investment projects in its two other factories in Ha Noi and HCM
City up to 2015. — VNS
First
Sony show to display flagship products
A wide
range of the company's flagship products and technologies will be showcased at
the Sony Show 2013, held for the first time in Viet Nam on September 27-29 at
the Youth Cultural House in HCM City.
The
show will present the company's innovative audio, video, communications and
information technology products including the BRAVIA TV, Xperia Tablet Z, the
Xperia Z Ultra Android smartphone, VAI DUO 13 Ultrabook, and the Alpha A99
camera.
The
public can get a first-hand look at Sony's upcoming smartphone.
The
same show will be held at the Vincom Mega Mall Royal City in Ha Noi on
October 18-20.
Int’l
textile expo opens in city next month
This
year’s international textile and garment machinery exhibition will take place
in HCMC’s Tan Binh District from October 24 to 27, featuring over 360 booths
of some 200 companies from 12 countries and territories.
The
VTG 2013 event is expected to offer local textile enterprises a good chance
of approaching advanced machinery and technology, and finding material
suppliers, according to organizers.
At a
press briefing on the expo on Thursday, Pham Quynh Giang, head of the
organizing committee, said the exhibition would attract many companies from
China, Hong Kong, Germany, India and Japan, among others. Most exhibitors
will introduce their latest machinery and equipment to local enterprises that
are seeking to increase their competitiveness on global markets, he said.
Bui
Trong Nguyen, general secretary of the HCMC Association of
Garment-Textile-Embroidery-Knitting (AGTEK), said at the briefing that the
country’s garment export sector had gained steady growth over the years. This
year’s target is more than US$19 billion, up from last year’s US$17 billion.
This
requires domestic companies to raise local content in their products and
improve manufacturing processes, he said.
Compared
to other Asian nations like Bangladesh, Myanmar and India, Vietnamese
textile-garment enterprises find it difficult to compete with in terms of
labor costs, so they should invest in modern machinery and equipment for
higher capacity and energy saving, Nguyen noted. He projected demand for new
machinery and equipment of local firms would sharply rise in the future.
The
event is being organized by Vinexad, Paper Communication Exhibition Service
(Hong Kong), Yorkers Trade & Marketing Service Co. Ltd. (Hong Kong) and
Chan Chao International Co. Ltd. (Taiwan) with the assistance of AGTEK and
the Vietnam Cotton and Spinning Association.
Source:
VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VIR
|
Thứ Ba, 17 tháng 9, 2013
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