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BUSINESS IN BRIEF 20/12
Trade
deficit with
At a
recent conference on guiding the implementation of free trade agreements (FTA)
by 2020, Deputy Minister of Industry and Trade (MoIT) Tran Quoc Khanh said
the country’s deep integration and FTA signing have given a boost to its
bilateral trade exchange.
The
Head of the Asia-Pacific Market Department Bui Huy Son said Vietnam’s exports
to ASEAN grew by 30.7% and 27%, in 2011 and 2012, respectively, to Japan
(39.5% and 25%), China (52% and 17%) and the Republic of Korea (52.5% and
18%).
However,
The
MoIT reported that the country’s trade deficit has dropped from 85% in
2001-2008 to 17% in 2009-2013, mostly with
The
main reason is that
PM:
banking sector must act strongly on restructuring
Prime
Minister Nguyen Tan Dung pressed for more drastic actions to restructure the
credit organisations’ system for the 2011-15 period as scheduled when he
addressed a conference held by the State Bank of Vietnam (SBV) to launch its
2014 tasks in
He
asked the banking sector to do all it can, following monetary and fiscal
policies, to keep next year’s inflation at 6.5-7 percent.
It was
also required to control interest rates and credit in line with
macro-economic situation while making it easier for firms to access loans.
In
order to forge a healthy banking system, it is advisable to improve its
monetary regulations and operations up to international standards, alongside
cleaning up bad debts and rearranging asset management companies, he said.
SBV
Governor Nguyen Van Binh said the bank has set the goal of actively and
flexibly management of monetary tools that is expected to curb inflation and
maintain the macro-economic stability.
At the
same time, interest and exchange rates will be settled at reasonable levels
so as to ensure the value of the Vietnamese currency, he added.
Binh
also vowed to extend credit packages to more together with closely checking
whether they are effectively used.
About
how to make banks more transparent, he underscored all necessary solutions in
the settlement of bad debts and increased inspection of their activities.
Reviewing
banking sector’s performance this year, Binh said the SBV in collaboration
with relevant ministries and agencies have abided by Resolutions on
socio-economic development set by the National Assembly and Government.
He
credited inflation kept under control and better banking liquidity with its
strenuous efforts and disciplines. More loans have made their ways to areas
of priority while foreign currency and gold markets are in good shape.
The
plan on banking restructuring has come to fruition, he noted.
Thua
Thien-Hue intensifies trade promotion with India
Thua
Thien-Hue province’s potential and its policies to attract investment were
introduced to Indian businesses at a seminar held in the central locality on
December 18.
Jointly
held by the provincial People’s Committee, the Vietnam Chamber of Commerce
and Industry and the Indian Embassy, the seminar also offered a chance for
local businesses to meet and cooperate with Indian investors.
Vice
Chairman of the provincial People’s Committee Phan Ngoc Tho said that
The
province has implemented the one-stop-shop mechanism and simplified
administrative procedures along with providing support for businesses in
investment and trade promotion and vocational training, he said.
Do Huu
Duy, deputy head of the Africa,
According
to him,
Vietnam-India
trade valued at US$4.75 billion
Workshop
focuses on improving financial system
Financial
supervision, financial restructuring and financial security system were main
topics of an international conference in
The
event was jointly organised by the Party Central Committee’s Economic
Commission, the Economic Committee of the National Assembly and the World
Bank (WB) in
Government
officials, Vietnamese foreign financial and economic experts examined ways to
build a healthy, efficient and sustainable financial system.
In his
speech, Deputy Prime Minister Vu Van Ninh said that the Vietnamese financial
system has developed rapidly and enhanced its role as a main capital
distribution channel for the national economy, thus greatly contributing to
the country’s socio-economic development achievements.
However,
the system has revealed shortcomings in its initial period of development such
as declining asset quality, huge bad debts and poor liquidity, Ninh noted.
The
Vietnamese Government has defined restructuring the financial and banking
system as crucial for the economic restructuring to shift from the
quantity-based growth model to the quality-based one, ensuring the rapid and
sustainable development of the economy.
Deputy
PM Ninh said after two years of implementing the project, the Vietnamese
financial and banking system has seen drastic changes, thus helping maintain
macroeconomic stability, improving the efficiency of using resources,
especially financial resource, and facilitating the economic restructuring
and growth model shifting.
Ninh
said he hopes practical and long-term policy recommendations will be
made as a foundation for the Government to build a specific roadmap for
improving the financial system and supervision capacity.
Regarding
the impacts of the financial system on the sustainable development, Party
Central Committee’s Economic Commission Head Vuong Dinh Hue, said that
Vietnam sets a target of building a healthy national financial system and
ensuring financial security, macroeconomic and financial-monetary
stability in its financial strategy by 2020 to stimulate economic
development, growth model renovation and economic restructuring.
The
country will develop the financial market and services, step up cooperation
and international integration on finance, as well as intensify supervision
and inspection to ensure a firm national financial security,
Drastic
changes predicted for next year
Deputy
Prime Minister Vu Duc Dam has predicted that 2014 will be a year of great
changes.
At the
Commercial Counselor Conference, which opened in
He
asked each trade staff and counselor to become not only policy advisors for
the Government, especially for the Ministry of Industry and Trade but also
diplomats, politicians and scientists.
The
deputy PM suggested that every employee within the industry and trade sector
should be able to see their contribution to the national export turnover of
US$133 billion. For example, Intel Group has exported a lot without promotion
activities, he said
He
added that trade offices abroad will do nothing without strict coordination
from the host country. Trade staff do not merely represent trade offices and
businesses abroad they are also responsible for promoting and elevating
Industry
and Trade Minister Vu Huy Hoang said that the sector will devise solutions to
overcome difficulties to promote the results in 2013 and fulfill objectives
for the country’s socio-economic development plan for next year
In
2013, industrial production index is predicted to increase by 5.6% against
last year’s same period while the proportion of the processing and
manufacturing industry will grow from 60.2% in 2010 to 78% in 2013.
In
recent times, imports-exports have progressed with an estimated export
turnover reaching US$132 billion, up 15.3% compared to 2012.
Many
key export items have earned high turnover such as garments and textiles,
timber, computers, electronic products and components. Vietnamese goods are
now available in nearly 200 nations and territories worldwide.
Exports
to
Vietnam-Italy
trade turnover is expected to reach a phenomenal US$3.3 billion by the end of
this year, including US$2.2 billion from Vietnamese exports.
The
two countries plan to increase the figure to US$3.5 billion next year.
Predominant
imports from
At
present, Italian businesses have involvement in nearly fifty projects in
Many
Italian investors have shown a keen interest in the fields of manufacturing,
processing industry, agro-forestry, fisheries, wholesales, retails, and
maintenance services.
Vietnamese
businesses should improve product quality and be proactive in learning about
The
Ministry of Industry and Trade (MoIT)’ Asia-Pacific Market Department has
made the remark while stating that Taiwan is a potential market but not easy
to access due to its strict food safety and hygiene standards, tax policies,
and non-tariffs for agro-forestry and seafood imports.
The
department said
The
statistics have proved that
Over
the past 20 years, different economic development levels have made the
structure of goods exchange between the two nations vast but highly
supplementary to each other.
The
department reports that
In
addition, the consumer demands of the 200,000 Vietnamese community) (making
up 1% of
Vice
President Nguyen Thi Doan and the Polish Parliament Deputy Speaker Jerzy
Wenderlich met in
The
leaders agreed that businesses should be assisted to explore respective
investment opportunities to increase bilateral trade value, which has seen a
recent gradual rise.
Doan
said
In
response, the Polish delegate expressed his satisfaction at the development
of bilateral diplomatic ties and extensive cooperation over the past few
years.
He
reported that the over 40,000 Vietnamese expatriates in
Ministry
looks to improve OTT management
Minister
of Information and Communications Nguyen Bac Son asked the ministry's
National Institute of Information and Communications (NIIC) to conduct
research and suggest solutions to manage over-the-top (OTT) services.
The
internet-based OTT service, which offers mobile phone users free phone calls
and text messages, runs on the telecommunications infrastructure of local
companies, affecting both telecom quality and information security.
The
minister asked the institute to provide proposals on OTT management, without
affecting the service, to meet consumer demands. He added that solutions
should ensure national information security and not impact the benefits of
telecom providers.
Speaking
at the meeting, NIIC director Le Xuan Lan said that in 2013 the institute
completed important projects, such as implementing a plan to broadcast 10 TV
channels and four radio channels via internet for overseas Vietnamese.
The
institute is also in charge of making restructuring plans for the Viet Nam
Post and Telecommunications Group (VNPT) and Viet Nam Television Corporation
(VTC) this year.
In
2014, it is expected to develop a communication plan for the sea and islands
and formulate a scheme for centralised information technology in
The
minister said he hoped that the agency will enhance international cooperation
for improving information technology within and outside the country to help
develop effective forecasts and strategic visions.
New
law brings in caretaker for bankruptcy assets
New
regulations for bankruptcy asset caretakers in the third draft of the Law on
Bankruptcy were discussed in Ha Noi on Tuesday by the International Finance
Corporation and the Viet Nam Business Forum.
According
to the drafting committee, under the current law the members of an asset
liquidation team held multiple tasks at the same time and were ineffective in
overseeing bankruptcy assets.
"The
ineffectiveness is because there are too many parties on the team, plus they
have limited knowledge, mostly having few skills in statistics and
liquidation," stated Nguyen Thi Dieu Hong from the Viet Nam Chamber of
Commerce and Industry's legislation committee.
This
is the first time the concepts of a bankruptcy asset caretaker have been put
into the law, replacing the asset liquidation team. The draft added Article
12, stating that an asset caretaker is defined as a lawyer chosen by the
court.
However,
KPMG's director of restructuring services, Phil Smith, recommended the
expansion of conditions for the asset caretaker, such as being a qualified
accountant.
In
many places around the world, professionals in practicing bankruptcy were
normally those in the legal and accounting industries, said Smith.
The
draft also regulates that an asset caretaker has the responsibility of
helping businesses restructure. Therefore, he must have considerable
knowledge and experience in corporate governance.
In
addition, the Viet Nam International Law Firm said that other legal documents
did not define how a lawyer could perform the jobs of an asset caretaker. The
drafting committee should consider carefully not creating conflicts between
the Law on Bankruptcy and the Law on Lawyers.
Enterprises
and creditors can negotiate about the filing for bankruptcy is the content of
a new provision that is not included by the current law.
According
to the law firm, this would allow the parties to agree on a solution to
handle debts without jeopardizing business operations.
Effective
supervision vital for financial system
It is
imperative for
Deputy
Prime Minister Vu Van Ninh made the statement at an international conference
on strengthening the financial system held in Ha Noi yesterday.
Ninh
said effectiveness and sustainability of the financial system has directly
affected the world's economy, as well as each country, because it has been
considered to be a lifeline for economies.
"As
for
However,
he added that the financial system has faced risks of decreasing quality of
assets, increasing bad debts and low liquidity, as it was in the initial
period of development.
"Especially,
after the world financial crisis in 2007-08 and economic slowdown, the
shortcomings have become more clear," he said.
The
deputy PM also said the country's financial system has improved after two
years of restructuring.
The
improvement has made liquidity more stable and prevented risks of collapse.
In addition,
He
said the country was still in need of building a sound, developed and
sustainable financial system, as faces difficulties in the banking sector,
stock market and cross-ownership.
Talking
about the financial system, Victoria Kwakwa, World Bank country director for
The
transparent financial market has brought about several new financial tools
for
She
added that
She
suggested that
The
Government should also ensure the effectiveness of mortgage assets, she
added.
Sharing
these ideas, the head of the Party Central Committee's Economic Commission,
Vuong Dinh Hue, said the country's financial strategy for the years leading
up to 2020 is targeted to build a transparent financial system, facilitating
economic growth along with the restructuring process.
Roberto
Rocha, senior adviser from WB, said
The
system exposed a decline in profitability in indicators, high non-performance
loans (NPLs) ratios, a weak credit response to supportive monetary policies
and GDP growth below its potential.
He
added that the financial system was excessively bank-based, while bank
governance and incentives remain weak.
The
Government needs to address two fundamental challenges, including the
effective resolution of the stock of NPLs and the efficiency of the new flows
of finance.
Do
Thien Anh Tuan, from Fulbright Economics Teaching Programme, proposed that
Tuan
emphasised that the supervisory approach was not as important as the
establishment of a foundation of supervision and policy co-ordination.
Meanwhile,
Truong Thanh Phuoc, vice chairman of the National Financial Supervisory
Commission, said
Rice
exports drop following falling demand
Rice
exports are set to fall by around 15 per cent this year to 6.6 million tonnes
after demand plunged in
Huynh
Minh Hue told a seminar in
He
blamed the situation on the fall in demand in some traditional markets in the
second half of the year.
But an
increase in exports via border trade with
Next
year, exports are expected to run into difficulties because of lower prices
for Thai rice and stiff competition from some other major suppliers in
He
said with supply exceeding demand, rice prices could continue to fall for
some time.
It has
competitive advantages in export of fragrant and high-quality white rice to
Africa and a geographical advantage in supplying the product to
Despite
falling demand in
With
competitive prices and freshly harvested grains,
In
light of the likely hurdles, the VFA has forecast rice exports next year to
remain unchanged at this year's figure of 6.5-7 million tonnes.
It has
suggested measures to boost exports, including strengthening trade promotions
in new markets, developing high-quality seedlings, and growing the varieties
that are in demand in the market.
Setting
new quality standards for and strengthening quality checks of exports are
required to safeguard the country's prestige, it said.
At the
meeting, the VFA and 13 provinces signed a memorandum of understanding for
co-operation in rice production and consumption.
Pham
Van Du, deputy head of the Department of Crop Production, said areas would be
identified for growing high-quality rice for exports under the MoU. They
would be 500-1,000ha each, he said.
The
association, on behalf of exporters and in conjunction with the Department of
Crop Production, will advise farmers on what varieties of rice to grow in
each region, buy their crops at market prices, revamp the rice trading
system, and develop brands for the grains.
Initially,
13 areas will be identified in the Cuu Long (
Handicrafts
need creative spark
Designers
in
"The
artworks and handicraft products of
The
seminar was held in collaboration with the Viet Nam Design Association.
Handicraft
and art exports have reached US$1.5 billion in turnover per year in recent
years, accounting for 1.5 per cent of world market share.
An
said that designers must begin to pay more attention to trademarks to
increase their product value and improve competitiveness.
Tran
Ngoc Danh, deputy chief representative of the Viet Nam Design Association's
office in the southern region, said that good design greatly increased value.
"A
breakthrough is needed for Vietnamese designers, such as combining different
materials to make a product, especially using recycled materials to make
sustainable products, a trend favoured by foreign customers," Danh said.
The
two areas to exploit are graphic designs or products with many conveniences
and functions, she added.
She
noted that, apart from preserving national cultural character, the designers
should make distinctive features for their products.
"Companies
or designers should not copy designs of others, which negatively affects
product appeal and export potential," she said.
Dr.
Marcel Crul of the Design for Sustainability programme at the
This
was necessary to create close cooperation between designers, managers,
technical consultants and customers.
Designers
should also be attuned to environmental problems, social issues, and health
and safety to create sustainable products.
This
is a strict requirement set by developed countries, especially European ones,
he said.
Also
speaking at the seminar, Ho Tan Duong, deputy chairman of the Viet Nam Design
Association, said that his group, along with the ADS International Design and
For
designers, the association will help them expand corporate relations,
customer research and partnership opportunities.
The
designers will be provided with up-to-date design trends by local and
international experts via design education, training and workshops.
Festivals, exhibitions and competition will also be held.
They
will have opportunity to enhance practical knowledge from businesses.
For
businesses, they will find the right design partners. The businesses will
also be consulted by local and foreign experts, expand corporate relations,
be supported by the government organisations., he said.
Third
brokerage company announces closure
Au
Viet Securities Co, formerly listed as AVS on the Hanoi Stock Exchange,
announced on December 16 that it would dissolve the company.
It
became the third brokerage to voluntarily cease doing business this year,
following the closing of Sao Viet Securities and Cho Lon Securities. The
company has six months, from January 1 to June 30 next year, to liquidate its
contracts and pay its debts.
Currently,
Au Viet employs a staff of five, and the payment of salaries and allowances
for workers must be finished by June 30 at the latest. To conduct the company
closing, it has established an asset liquidation group of seven people, led
by chairman Doan Duc Vinh.
The
proceeds from the liquidation will be used to pay for employees, taxes and
loans. The remainders will then be distributed to shareholders.
Vinh
also said he would buy shares from small shareholders. "Shareholders can
sell the shares on the over-the-counter market at negotiated prices," he
noted.
As of
September 30, Au Viet only had 221 billion VND (10.4 million USD) in assets,
54.6 billion VND (2.5 million USD) in cash, 86.84 billion VND (4 million USD)
in short-term investments and 20 billion VND (943,390 USD) in receivables.
The
company made a modest profit of 6.1 billion VND (287,700 USD) during the
first nine months this year. During the same period last year, it lost more
than 9 billion VND (424,500 USD).
Au
Viet is still holding shares of Vung Tau Real Estate and Construction (VRC),
Cuu Long Fish (ACL), Military Bank (MBB), retailer Pan Pacific (PAN) and Ho
Chi Minh City Educational Book (SGD). Vinh said he would gradually sell these
shares.
Despite
having to dissolve the company, Vinh stated he would continue to invest in
stocks.
Overseas
trade offices urged to support domestic businesses
Vietnamese
trade offices need to keep up their good work in assisting the country’s
exporters and suggest the directions for export promotion of specific sectors
in the coming time in order to serve as a mainstay of domestic businesses,
delegates said at the Trade Counsellor Conference 2013 which opened in Hanoi
on December 18.
According
to them, apart from focusing on traditional markets, the offices should
develop potential markets, promote investment in industrial sector and take
part in dealing with trade disputes, especially in the context that
protectionism is increasing.
Deputy
Minister of Industry and Trade Nguyen Cam Tu said the Vietnamese trade
offices have created linkages between domestic and foreign enterprises.
They
have made contribution to the ministry’s performance and their operation and
prestige have been recognised and appreciated by the ministry’s partners as
well as local and foreign enterprises, he added.
In
2013, the country’s export value is estimated at 132 billion USD, a
year-on-year increase of 16 percent, while import valued at 132.1 billion
USD.-
Handicrafts
in Vietnam need creative spark: experts
Designers
in Vietnam need to offer more creative products to meet the demands and
tastes of foreign markets, participants said at a seminar held in Ho Chi Minh
City on December 18.
"The
artworks and handicraft products of Vietnam are weak in design and there has
been less breakthrough in creativity," said Bui Thi Thanh An, deputy
head of the Vietnam Trade Promotion Agency (Vietrade).
The
seminar was held in collaboration with the Vietnam Design Association.
Handicraft
and art exports have reached 1.5 billion USD in turnover per year in recent
years, accounting for 1.5 percent of world market share.
An
said that designers must begin to pay more attention to trademarks to
increase their product value and improve competitiveness.
Tran
Ngoc Danh, deputy chief representative of the Vietnam Design Association's
office in the southern region, said that good design greatly increased value.
"A
breakthrough is needed for Vietnamese designers, such as combining different
materials to make a product, especially using recycled materials to make
sustainable products, a trend favoured by foreign customers," Danh said.
The
two areas to exploit are graphic designs or products with many conveniences
and functions, she added.
She
noted that, apart from preserving national cultural character, the designers
should make distinctive features for their products.
"Companies
or designers should not copy designs of others, which negatively affects
product appeal and export potential," she said.
Dr.
Marcel Crul of the Design for Sustainability programme at the Netherlands'
Delft University of Technology, said that products must satisfy the tastes
and needs of customers.
This
was necessary to create close cooperation between designers, managers,
technical consultants and customers.
Designers
should also be attuned to environmental problems, social issues, and health
and safety to create sustainable products.
This
is a strict requirement set by developed countries, especially European ones,
he said.
Also
speaking at the seminar, Ho Tan Duong, deputy chairman of the Vietnam Design
Association, said that his group, along with the ADS International Design and
Art Center and Vietrade were working on a handicraft sustainable development
project through the connection to designers.
For
designers, the association will help them expand corporate relations,
customer research and partnership opportunities.
Designers
will be provided with up-to-date design trends by local and international
experts via design education, training and workshops. Festivals, exhibitions
and competition will also be held.
They
will have opportunity to enhance practical knowledge from businesses.
For
businesses, they will find the right design partners. The businesses will
also be consulted by local and foreign experts, expand corporate relations,
be supported by the government organisations, he said.-
Workshop
highlights role of design in handicraft trade
How to
enhance competitiveness, increase economic values and expand market for the
handicraft sector were major subjects discussed at a workshop held in Ho Chi
Minh City on December 18.
The
event aimed to promote links between designers and producers to reach the
sector’s increasing growth target.
Addressing
the event, Deputy Director of the Vietnam Trade Promotion Agency (Vietrade)
Bui Thi Thanh An stressed the importance to raise the role played by the
country’s design industry and change the public’s mind on designers’ position
in production and business activities.
She
said that there are numerous advantages and opportunities for Vietnam’s
handicraft sector to boost export. However, the sector faces challenges in
design so it is difficult in promoting products to international markets as
well as drawing importers’ attention.
Professor
Marcel Crul from TU Deft University of the Netherlands suggested that Vietnam
should enhance designing, helping raise product value as well as making
Vietnamese handicrafts access easily markets and customers.
Vietrade
and the Vietnam Design Association (VDAS) will continue conducting other
activities to promote designing work in other production sectors.
Nam
Can EZ development plan approved
The
Prime Minister has approved an overall development scheme for Nam Can
Economic Zone (EZ) in the southernmost province of Ca Mau by 2030.
The EZ
covers over 10,000 hectares along National Highway 1A running through Nam Can
town, and Ham Rong, Hang Vinh and Dat Moi communes.
Under
the plan, Nam Can will be a multi-sector economic zone divided into chains of
urban and non-tariff areas.
It is
designed to be an international trade exchange centre of the province and the
Mekong Delta in general with major industries such as mechanics,
shipbuilding, electronics, garments and textiles, financial service,
ecotourism, telecommunications, and seafood processing, among others.
The EZ
is now home to more than 34,000 people. The figure is expected to increase to
45,000 by 2020 and 90,000 by 2030.-
Canada
helps Vietnam produce safe food
A
seminar was held in Hanoi on December 18 to review the operation of a
six-year Canada-funded project on food safety and market expansion for
Vietnamese agricultural products.
The
Food and Agricultural Products Quality Development and Control Project
(FAPQDCP) was implemented during the 2008-2013 period by the National
Agro-Forestry-Fisheries Quality Assurance Department and local stakeholders
with funding from the Canadian International Development Agency (CIDA).
It
aims to improve food quality and safety and expand market sharing of
Vietnamese agricultural products by applying good processing practices and
strengthening management ability, food safety control and market
accessibility.
From
its success, the Ministry of Agriculture and Rural Development are now
expanding the model to a broader scale through a project to develop a safe
food chain in a bid to ensure the quality of farm products for consumption
and export.-
Vietnam, Lao
state banks review operations
The
Governors of the State Bank of Vietnam and the Lao Central Bank met in Hanoi
on December 17 to review their bank operations and monetary policy
management.
Governor
of the State Bank of Vietnam Nguyen Van Binh told his counterpart that the
year 2013 is still a difficult year for Vietnam ’s economy.
He,
however, pointed out that the Government’s sound instruction has brought back
encouraging outcomes in economic activities, and monetary policy management.
According
to Somphao Phaysith, Governor of the Lao central bank, there are now 32 banks
operating in the country and five of which are branches of Vietnamese banks.
All of
Vietnam ’s bank branches are running effectively, he added.
In
2013, the two central banks have exchanged officials for further training and
sharing professional experience.
At the
meeting, the two sides agreed to work harder together in the coming time,
especially in the sharing of experience and expertise and personnel
training.-
Dong
Nai province lures over 1.6 bln USD in FDI
The southern
province of Dong Nai has lured over 1.6 billion USD in foreign direct
investment (FDI) so far this year, becoming one of the leading localities in
attracting the capital.
According
to the provincial Department of Planning and Investment, as of December 15,
834 million USD has been poured into 78 new foreign-invested projects and 773
million USD has been added to 73 operating ones.
Hi-tech
projects and those in the support industry and services attracted the highest
amount of FDI, the department said, adding that the province will not license
those projects that use backward technology and are likely to cause
environmental pollution.
So
far, Dong Nai province has operated more than 1,380 foreign-invested
projects, capitalised at nearly 24.32 billion USD. They include 1,067 valid
ones with a total capital of nearly 20 billion USD.
Taiwan
, the Republic of Korea and Japan have topped the list of 40 countries and
territories investing in the province, the department revealed.-
Int’l
workshop aims to make financial system healthy
Government
officials, domestic and foreign financial and economic experts gathered at an
international conference in Hanoi on December 18 to discuss ways to build a
healthy, efficient and sustainable financial system.
Financial
supervision, financial restructuring and financial security system issues
were main topics at the conference.
Addressing
the event, Deputy Prime Minister Vu Van Ninh stated that the financial system
in Vietnam has developed quickly and promoted its role as a main capital
distribution channel for the economy, thus greatly contributing to the
country’s socio-economic development achievements.
However,
the system, which is now in the first stage of its development, has revealed
shortcomings such as declining asset quality, increasing bad debts and poor
liquidity, he said.
To
cope with this situation, he said that the Vietnamese Government has defined
the restructuring of the financial and banking system as one of the three
focuses of the economic restructuring to shift from the quantity-based growth
model to the quality-based one, ensuring the rapid and sustainable development
of the economy.
According
to the Deputy PM, after two years of implementing the project, Vietnam’s
financial and banking system has seen drastic changes, making important
contributions to maintaining macroeconomic stability, improving the efficiency
of using resources, especially financial resource, and creating necessary
conditions for the economic restructuring and growth model shifting.
Applauded
initiatives raised at the conference, Deputy PM Ninh expressed his wish that
participants will put forth practical and long-term policy recommendations as
a foundation for the Government to build a specific roadmap to make the
financial system healthy and improve supervision capacity.
Mentioning
the impacts of the financial system on the sustainable development, Vuong
Dinh Hue, head of the Party Central Committee’s Economic Commission, said
that Vietnam’s financial strategy by 2020 sets a target of building a healthy
national financial system and ensuring financial security, macroeconomic and
financial-monetary stability, thus facilitating the promotion of economic
development, growth model renovation and economic restructuring.
In the
coming time, Vietnam will continue to improve the efficiency of mobilising,
allocating and using national financial resources, renovate financial
mechanisms for public agencies and step up diversification of social
resources for public services, while perfecting financial policies for
businesses and restructuring State-owned enterprises, he said.
The
country will develop the financial market and services synchronously, promote
cooperation and international integration on finance, as well as increase
supervision and inspection to ensure national financial security, he added.
The
conference was jointly organised by the Party Central Committee’s Economic
Commission, the Economic Committee of the National Assembly and the World
Bank in Vietnam.
Vietnam
Airlines performs well in Germany
Vietnam
Airlines’ affiliate in Germany has seen an impressive business performance
with 10 percent and 5 percent increases in passenger number and revenue,
respectively.
General
Manager of the affiliate Nguyen Quoc Phuong revealed the figures at a recent
meeting with partners and agents in Berlin.
He
expressed his belief that with profits earned from its SkyTeam airline
alliance membership and the upcoming use of modern airplane models like
B787-9 and A350 for flights to Germany, Vietnam Airlines will meet the
demands of one of its most important international markets.
Once
Berlin-Brandenburg International Airport is put into operation and a direct
flight route linking Berlin and Hanoi is officially launched, Vietnam
Airlines will get more popular in Germany and other European countries, he
added.
Appreciating
the carrier’s business outcome, Vice President of Marketing and Public
Relations of Berlin – Brandenburg Airport Till Bunse voiced his hope that the
Berlin-Hanoi route will open soon, bringing about practical benefits to both
sides.-
Source:
VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VIR
|
Thứ Năm, 19 tháng 12, 2013
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