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BUSINESS
IN BRIEF 11/3
Four oil
refineries due to enter operation by 2030
The Ministry of
Planning and Investment made the announcement at a recent meeting, discussing
the orientations of the oil refinery industry and projects for coastal
socio-economic development along with adaptation to climate change.
The project is
expected to incrementally increase the capacity of the Nghi Son Oil Refinery
and Petrochemical Complex to 10 million tonnes per year in the 2013-2020
period.
Dung Quat Oil
refinery’s capacity will be increased from its current annual 6.56 million
tonnes to 10 million tonnes while three Ethanol plants will gradually step up
production to 300 million litres per year.
Plans for the
2021-2030 period for the Long Son and Vung Ro oil refineries will further
elevate capacity to 10 million tonnes and 8 million tonnes per year
respectively, bringing total capacity to 38 million tons per year.
Zero tax
levied on two Cambodian import items
The Ministry of
Industry and Trade (MoIT) has decided to impose a zero tax rate on rice and
dried tobacco leaves imported from Cambodia over 2014-2015.
Under a MoIT
circular dated February 24, 2014, the ministry set the annual quotas for
imported rice and tobacco leaves, with 3,000 tonnes each.
Companies can
register for 0% tax at customs offices from February 24, 2014 to December 31,
2015.
To enjoy the
preferential tariff, Vietnamese businesses must present the certificate of
origin (C/O) form S issued by the Cambodian Ministry of Commerce or relevant
authorized agencies.
Those that import
dried tobacco leaves also need an import license issued by the MoIT.
The Vietnam Post
Corporation (VN Post) on March 9 launched its north-south express mailer
truck service to better meet the rising demand for delivering a large volume
of commodities in a safer manner.
VN Post General
Director Do Ngoc Binh said the service is a move towards rearranging the
postal transport network to operate more efficiently in the future.
The company
provides two or three specialised postal vans everyday for the Hanoi-Ho Chi
Minh City route (60 hours per trip) and one or two such trucks from Hanoi to
Da Nang city (30 hours per trip).
The first express
package trucks departed for
Mining
Vietnam 2014 showcases advanced technologies
A wide range of
advanced global technologies and modern equipment in the field of mining will
be introduced at t he second International Mining and Minerals Recovery
Exhibition (Mining Vietnam 2014) scheduled for March 11-13 at the
International Centre for Exhibition (ICE) in Hanoi.
Apart from
showcasing products, machinery, equipment and technologies, Mining Vietnam
2014 will offer visitors a chance to access advanced global mining
technologies to improve their operations, increase the value of their products
and enhance their competitiveness while seeking updated information about the
market, partners and development trends of the Vietnamese and global mining
industries through connection programmes to be held by trade promotion
organisations and relevant ministries and sectors of Vietnam and some foreign
organisations.
During the
exhibition, technical training programmes will be held and visitors can see
trial operations of some types of equipment on site; specialized workshops
will also be organised to allow participants to share knowledge and
experiences about how to ensure safety of underground mining activities,
optimize processing, protect the environment and restore natural resources
after extraction.
In the coming time,
In its plan to
develop the coal sector to 2020 with a vision towards 2030, Vietnam set
targets for the domestic output of commercial coal to reach 50-55 million
tonnes by 2015, 60-65 million tonnes by 2020 and over 75 million tonnes by
2030 (in 2013, the output reached about 40 million tonnes).
Investment in the
extraction and processing of other kinds of minerals is forecast to increase.
From now to 2020, about US$1 billion, including both domestic and foreign
investment, will be invested in the extraction of gold, bronze, nickel and
the extraction and processing of serpentine, barite, graphite, fluorite and
diatomite, according to the paper.
The extraction and
processing of minerals have expanded, raising the demand for modern
equipment, machinery and technologies as well as advanced solutions to ensure
the sustainable development of the coal industry while at the same time
protecting the environment and saving natural resources.
Mining Vietnam 2014
to be organised by the VCCI Exhibition Service Company Limited in association
with the
Mining Vietnam 2014
has been supported by ministries and sectors such as the Ministry of Industry
and Trade, the Ministry of Natural Resources and Environment, the Vietnam
Chamber of Commerce and Industry (VCCI), the Vietnam National Coal and
Mineral Industries Group (Vinacomin) as well as overseas partners of the
organisers.
The first exhibition
of this kind, Mining Vietnam 2012, attracted the participation of 126
domestic and foreign businesses. So far, about 80 percent of these companies
have confirmed their participation in Mining Vietnam 2014. Exhibitors from
foreign countries such as
VietinBank
to loan $7.8m to textile firm
The Vietnam Joint
Stock Commercial Bank for Industry and Trade (VietinBank) will lend Thien An
Thinh Textile and Garment Joint Stock Company VND161 billion, or US$7.8
million.
An agreement to
this effect was signed in the central
The loan is to
build a fibre plant to meet the export demand and production of garments and
textiles under the Vietnam National Textile and Garment Group (Vinatex)'s
target.
The construction of
plant was kicked off in the Phu Bai Industrial Zone on the same day. It
expected to become operational in Q1 2015. Once completed, the plant plans to
recruit 150 workers and will provide fibre materials for the local garment
and textile industry.
Tra Vinh's
Jan-Feb exports reach US$57.5 million
The southern
Of the recorded
revenue, footwear products were the major contributors with US$36 million,
followed by seafood with over US$11 million, and rice with US$4.4 million.
The province has
adopted various measures to promote business and production in order to
realise its target of earning US$325 million from exports this year, a
year-on-year increase of 7.1 per cent.
In addition, it has
focused on cultivating 50,000 hectares of high-quality rice and diversifying
varieties for aquaculture, while also boosting trade promotion and providing
market information to the local producers and exporters.
German
firms explore opportunities in Viet Nam
German businesses
are keen to collaborate with Vietnamese partners involved in the production
of chemicals and additives.
This observation
was revealed at a Germany-Vietnam business forum held by the Germany Chamber
of Industry and Trade in
Business executives
discussed collaboration to expand their firms' production, open
representative offices, and expand the market share of German businesses in
The event provides
an opportunity for the local companies to establish new joint ventures,
access new sources of investment, and gather useful information on the
European market.
By the end of 2013,
Equitable
distribution of integration gains urged
Michael Wilson of
He said that since
At the meeting,
which summarised the programme's results and lessons learned,
It also included
projects delivering supports to grassroot levels, including farmers and
household businesses.
Deputy Minister of
Industry and Trade Nguyen Cam Tu said that the opportunities that
international integration could bring had led
The first phase of
the Beyond WTO programme from 2007-08 helped the Government of Viet Nam
develop an action plan and develop high level action plans.
The second phase of
the programme from 2009 until this month, implemented key activities of the
plan.
So far, 48 projects
related to different fields such as law making, exporting and supporting
farmers, have disbursed US$11.67 million or 90 per cent of about $13 million
in approved donor support. This benefited ministries, Government agencies,
business associations and also enterprises and farmers.
Deputy Minister Tu
said
VN forecast
to return to fast growth
A healthier banking
sector with reduced non-performing loans and increased exports will enable
The rate will speed
up in 2015 and 2016, with growth hitting 5.7 per cent, according to the
Economic Insight:
The institute does
a quarterly review of Southeast Asian economies with a focus on
Robust growth would
come on the back of the country becoming more open to international
investors, which would help attract capital into the economy, it said.
Increases in
government spending, partially thanks to the privatisation of state-owned
assets, were also expected to support growth rates over the next few years.
Demands on energy
would continue to grow with the economic boom and
In many ASEAN
countries, demand for energy was growing at a faster pace than domestic
production and continued economic expansion could well mean these economies
becoming increasingly dependent on international energy markets to meet their
needs.
This would make
countries vulnerable to unexpected price movements which could have an effect
on inflation.
However, falling
global oil prices between 2014 and 2016 – and the entrance of
Douglas McWilliams,
ICAEW chief economist and executive chairman of The Centre for Economics and
Business Research said: "Economic growth in
Food inflation was
also expected to rise in countries like
But healthier
global harvests had taken some of the strain off the global supply of food,
and this should help alleviate some of the food price increases seen in the
past two years that had impacted the working and middle classes.
Across the region,
ASEAN governments were expected to remain focused on reining in public spending
to reduce debt levels and boost investor confidence in the region.
This was the main
reason why countries like
But this meant there
was a realistic risk of tax increases in the short term.
"Balancing
public spending with responsible budgeting is important for ASEAN
governments, particularly as US stimulus tapering means local governments are
competing for capital against developed markets offering greater
returns," Mark Billington, regional director, ICAEW South East Asia,
said.
"Though there
may be some short-term pain, the long-term advantage is that by redirecting
funds to long-term infrastructure and capacity development – for example in
Da Nang
marks 2014 as Entrepreneurship Year
The central city of
This is one of the
solutions to ease enterprises' difficulties and also a key measure for the
city to achieve a GDP growth of 9 to 9.5 per cent this year.
The 2014
Entrepreneurship Year is expected to generate momentum for the city's
business and production activities. It will also contribute to making
Penny
stocks dominate Jan-Feb market rally
Several stocks
witnessed huge gains within the first two months of the current year along
with market rally and improved liquidity.
According to
statistics revealed by Dau Tu Chung Khoan (Securities Investment), among the
listed stocks on both the national exchanges, 230 codes increased at a rate
of more than 30 per cent.
Out of the 230
codes, 169 hiked by around 30 per cent, 54 others by roughly 50 per cent, and
eight even advanced more than 100 per cent, which is much higher than the
average market growth rate.
In the first two months
of the current year, the VN-Index on the southern bourse increased 16 per
cent over the last year's closing value, which is equivalent to more than 73
per cent of the growth rate of the last full year. Meanwhile, the HNX-Index
on the Ha Noi Exchange gained 22 per cent.
Notably, penny
stocks dominated the market with significant growth.
The shares of the
VNECO 8 Electricity Construction Joint Stock Company (VE8) jumped from
VND2,700 (US$0.12) to VND6,600 ($0.31), or a rise of 144.4 per cent, which
was attributed to the reported profit during the fourth quarter last year,
after being put under warning from April to August due to reported losses.
The Ha Tinh Book
and Equipment Education Joint Stock Company (HBE) jumped 140 per cent to
reach VND10,100 ($0.48) and the Construction&Development Service Company
of Quang Nam Post and Telecommunications (QCC), a penny stock, also posed a
growth of 138 per cent to reach VND5,000 ($0.23) per share.
The shares of the
coal sector also experienced bullish movement after shifting from losses to
profits during 2013.
The Coc Sau Coal
Joint Stock Company (TC6) advanced 127.78 per cent to reach VND9,000 ($0.42)
per share with VND97.17 billion ($4.6 million) profit reported during the
fourth quarter last year after recording losses for nine consecutive months.
The real estate
stocks remained stable in the first two months this year with many stocks
increasing more than 50 per cent, such as the Nam Bay Bay Investment Company
(NBB), Ha Do Group (HDG), and Hoa Binh Real Estate Company (HBC).
Blue chips, despite
optimistic business results, recorded a milder growth rate, partly due to
their already high market prices.
Stock analysts have
pointed out that investors still preferred blue chips as they aimed for
long-term profits while speculative stocks were often targeted by
risk-takers.
Securities firms
also warned investors about risks when speculative stocks had remained
bullish for several months.
VN industry
packs great potential
A population of
over 90 million and rapid development of its food processing, beverage, and
pharmaceutical industries mean
"Packaging,
like other industries in
"Many recent
foreign direct investment projects are in the fields of food processing,
beverages, cosmetics, and medicines, offering much opportunity for the
industry."
Quoting a figure
from the Viet Nam Plastic Association, he said the domestic plastic packaging
industry was growing at an average annual rate of over 25 per cent.
According to
industry executives who took part in Propak 2014,
At a conference organised
during the exhibition, Vera Fritsche, market and exhibitions manager,
packaging machinery, food processing machinery at the German Engineering
Federation, said the Vietnamese packaging industry was poised to further
develop and listed many reasons for it.
"The country
has a fast growing food and beverage industry and is a big exporter of
foodstuff," she said.
Demand for
processed and packaged food would continue to rise because of the ongoing
urbanisation, a young and growing population, increasing incomes, and modern
retail structures, she said, adding that increasing demand for hygienically
produced food of high quality was another reason.
Tunyarut Junkarn,
head of the department of food packaging at
Seeing the
potential, nearly 500 companies from 28 nations and territories have come to
the exhibition looking for business opportunities.
Fritsche said the
Vietnamese packaging industry depends on imported machines and that was the
reason why she led a delegation of 25 German companies to the exhibition.
In the first 11
months of last year,
A Japanese
executive said his company sold many packaging machines to Vietnamese
companies and he found the market had developed greatly since 2007.
An Indian company
said last year it sold 220 machines to Vietnamese companies and hoped for
more sales this year.
In 2013 sales of
alcoholic drinks grew by 14.3 per cent and soft drinks sales by 15 per cent.
The retail and food
processing industries have grown at an average of over 10 per cent annually
in recent years.
Work begins
on $1.3b thermal power plant in Binh Thuan
Construction begins
tomorrow on a thermal power plant in the central
The US$1.36 billion
Vinh Tan 4 thermal power plant, with a capacity of 1,200 MW, was invested in
by Electricity of Viet Nam (EVN) and its foreign partners.
The first turbine
is expected to operate in 2017 and the second in 2018.
The plant is
expected to add 7.2 billion kWh to the national grid every year, according to
EVN.
The project is part
of the Vinh Tan Power Centre, which includes four thermal power plants with a
combined capacity of more than 5,600 MW.
The plant will use
a thermal technology that is environmentally friendly, meeting Vietnamese and
international standards on emissions.
EVN said it was now
speeding up the construction of
This year, EVN has
begun operating several power plants, including the first turbine of the Vinh
Tan 2 thermal power plant and the second turbine of the Hai Phong 2 power
plant.
Last month, it also
began construction on the Thai Binh thermal power plant in the
Covering an area of
115ha, the $1.27-billion project consists of two turbines. The first turbine
is scheduled to begin generating power in 2017, and the second in 2018,
according to EVN.
EVN also plans to
build Da Nhim this year. The Duyen Hai and
In the first two
months of the year, the country consumed 18.3 billion kWh, a rise of 8.6 per
cent compared to the same period last year, according to EVN.
Power consumption
is expected to continue to rise this month and in the upcoming dry season.
Inventory
index soars on low consumption
The inventory index
of the manufacturing and processing industry in February rose 1.8 per cent
over last month and 12.7 per cent year-on-year increase, stated the Industry
and Trade Ministry.
According to
figures released by the ministry, the inventory indices of the
pharmaceutical, milk processing, steel, and footwear sectors were at high
level of 25 to 104 per cent.
The Index of
Industrial Production (IIP) during February saw a 15 per cent increase as
compared to the same month last year.
The ministry has
noted that the high inventory was due to low consumption. For instance, steel
consumption in the two-month period was only 300,000 tonnes, reducing 30 per
cent over the same period last year. Its inventory was up 40 per cent during
the same period.
The ministry
emphasized that it has taken steps such as providing support to businesses
and farmers to sell their products and resolve difficulties related to
production.
In addition, it
urged the enterprises to adopt measures to promote sales.
It added that
inventory has always been a matter of concern. The government has made it
mandatory for the ministries and localities to reduce inventory to the
targeted level, while the ministry has promulgated a plan to save businesses
and promote exports.
UAE laps up
Vietnamese goods in 2013
Further, the
statistics indicated that exports of cell phones and spare parts to the UAE
rose 128 per cent to $3.42 billion, accounting for 83 per cent of
This was followed
by electronics and components, earning $210 million, textile and garments
($84 million), footwear ($60 million), pepper ($55.3 million) and seafood
($47 million).
The UAE is now
Two-way trade
turnover developed significantly over the past few years, rising from $550
million in 2008 to $2.38 billion in 2012, up 82 per cent compared to 2011. In
2012,
The UAE is not only
a promising export market for Vietnamese companies, but also an effective
gateway for local firms to penetrate into other countries in the Middle East
and
Besides traditional
items, Hoan urged Vietnamese businesses to encourage exports to the
Local
livestock sector to up competitiveness
Nguyen Thanh Son,
director of the Livestock Department under the Ministry of Agriculture and
Rural Development, said to successfully integrate into the world economy, the
local livestock industry must resolve the issues of poor sustainable
development in the number and quality of heads of cattle and poultry products.
In addition, the
sector has also lacked cooperation in production and consumption in the
market, so economic efficiency is low, he stated.
Meanwhile, Nguyen
Dang Vang, chairman of the Viet Nam Livestock Association, noted that the
livestock sector must cut production costs. If it does not, it will not be
able to compete with imported meat in the coming period because imported meat
will benefit from low production costs and low tariffs under future trade
agreements, and of course, meat importers will charge low prices, reported
thoibaokinhdoanh.vn online newspaper.
Tong Xuan Chinh,
deputy director of the Livestock Department, said
Initially, the
sector should open the local market to imported products to avoid risks,
Chinh remarked. When people start habitually using frozen meat products
instead of fresh meat, the livestock sector should restructure itself to
improve its competitiveness.
In the coming
period, the sector should focus on processing poultry products. The sector
should also stabilise the price of animal feed, produce a greater variety of
cattle and poultry and apply advanced technology to production methods to
reduce the prices of products.
The Livestock
Department plans to encourage enterprises and research institutes to import
and develop many varieties of meat for the local market, Chinh added.
Experts predict a bright future for local stocks
The Vietnamese
stock markets performed well last year and, and with the improving economic
fundamentals, the trend is expected to continue this year, experts told a
seminar in HCM City last Saturday.
The benchmark VN-Index
gained 22 per cent last year, the highest annual increase since 2009, Ong
Seng Yeow, research executive director at Maybank Kim Eng told the seminar on
foreign capital flows and the Vietnamese stock market.
Last year the
Government took many measures to combat inflation and stabilise the economy,
impressing foreign investors, he said.
Though the
investors pulled out between June and August following news about the US's
tapering of its quantitative easing – referring to printing of dollars
ostensibly to combat recession — foreign capital flows into the Vietnamese
stock markets still went up by 54 per cent last year, he said.
While many emerging
economies' currencies fell sharply against the US dollar, which created a
perception of instability around emerging markets,
The Government's
economic initiatives to shore up investors'confidence, like increasing the
foreign ownership limit in companies, equitisation of State firms, and
restructuring of banks, have pushed up the stock markets strongly this year,
he said.
Thanks to improving
economic fundamentals, foreign investors have increased investments in Viet
Nam's stock markets, with ETFs (exchange-traded funds) in Viet Nam surging in
the first two months, he said.
"The potential
for the Vietnamese stock market is very good at this moment," he said,
adding that the VN-Index might reach 590-600 points by the end of this year.
The relatively low
price-to-earnings ratios of Vietnamese firms compared with their regional
counterparts and persistent profit growth at businesses would continue to
attract foreign portfolio investors, he said.
However, the growth
is not likely to match that of last year, especially in the first half of
this year, he said. The VN-Index has gained around 15 per cent so far.
"All of the initiatives like SOE equitisation and banking restructure
will take some time. It will not happen overnight but we are optimistic that
in the medium- and long-run, the growth trend is unlikely to fall behind what
we saw in 2013."
Latex
traders seek VAT clarifications
Rubber trading
companies have asked the Ministry of Finance to issue clearer guidance
regarding payment of the value added tax (VAT) on pre-processed latex.
According to
officials at the Viet Rubber Association (VRA), there is a need to clarify
regulations stated in Article 10 and Article 5 in Circular 219/2013/TT-BTC
dated 31 December 2013 guiding the Law on Value Added Tax and the Amended Law
on Value Added Tax, as well as to amend provisions in the Law on Value Added
Tax.
Clause 6, Article
10 says the VAT for pre-processed latex is 5 per cent. However, Clause 5,
Article 5 states that several non-processed or pre-processed agro-products
are not charged the VAT.
One of VRA's
arguments, as they seek clarification, is that there are discrepancies in
current regulations, such as which party is responsible for paying the VAT if
both seller and buyer of pre-processed latex register for tax deduction
payments.
Many latex trading
companies in HCM City are uncertain about the VAT declaration when they purchase
latex from other companies in neighbouring provinces, said Nguyen Hoang Vinh,
director of Hoang Dung Trading Co Ltd, as quoted by Thoi Bao Kinh Te Viet Nam
(Vietnam Economics Times).
In the first two
months of 2014, the departments of tax in the southern provinces of Binh
Duong and Binh Phuoc declared that pre-processed latex traded between
companies must be charged a VAT with an invoice.
However, according
to Tran Thi Le Nga, Deputy Head of HCM City's Department of Tax, as cited by
Thoi Bao Kinh Te Viet Nam, pre-processed latex sold by a company that
registers for tax deduction payments would not charge the VAT, regardless of
whether buyers receive tax deductions. In cases where these products are not
subject to the tax, companies would receive refunds or deductions in the next
term of tax payments.
Nga also said in
such cases the HCM City Department of Tax would send an enquiry to the
Ministry of Finance about VAT questions so they might receive guidance in
explaining these regulations to businesses.
Additionally, the
Viet Nam Rubber Association asked the ministry for more specific definitions
of pre-processed latex, to make it easier for businesses to declare the VAT.
Tax solutions play
an important role in supporting and helping rubber companies to overcome
difficulties. By the end of last year, the Ministry of Finance (MOF) issued a
circular reducing export tax rates on both natural and synthetic rubber
exports, which went into effect on December 26, 2013. Accordingly, the export
tariff on all rubber exports is now fixed at 1 per cent, instead of the
previous 3-5 per cent.
The ministry's move
followed pressure from the rubber industry, which was experiencing large
amounts of unsold stocks during a period of falling selling prices. Last
year, the production and export of rubber faced difficulties, resulting in a
sharp fall in prices.
In the first two
months of this year, Viet Nam's total rubber exports were estimated at
104,000 tonnes, valued at US$215 million, which was down 25.4 per cent in
volume and 43.3 per cent in value from the same period last year, according
to the Ministry of Agriculture and Rural Development (MARD).
Also, the country's
rubber imports in January-February were estimated at 43,000 tonnes with a
value of $92 million, down 12.2 percent in volume and 24.6 percent in value
from the same period last year. Thus, Viet Nam's rubber sector enjoyed a
trade surplus of $123 million in the first two months of this year.
Credit
growth remains modest
Despite banks'
efforts to lower lending interest rates, credit growth in HCM City remained
at a modest 1 per cent in February, according to the State Bank of Viet Nam.
Nguyen Hoang Minh,
the director of the city branch of the central bank, said this continues a
trend established in recent years with most firms remaining reluctant to
borrow in the early part of the year.
Pham Huy Khang,
general director of Sacombank, said in the first two months of the year the
bank's credit growth increased by only 1 per cent year-on-year while deposits
grew by 6 per cent.
He expected the
situation to improve in the second quarter when businesses would have
production and business plans and require funds.
Tran Ngoc Tam,
deputy general director of NamA Bank, admitting that credit growth at his
bank was also very low, said the interest rate is not the major issue for
most companies since it is now stable and even lower than in 2006-07.
But they are
reluctant to borrow from banks because they are still unsure about doing
business in the difficult economic situation, he added.
Minh said banks are
busy settling bad debts and afraid of new bad debts arising.
But Nguyen Van
Binh, governor of the State Bank of Viet Nam, said the central bank branch in
the city should instruct banks to soon find ways to step up lending if they want
to achieve the year's credit growth target of 12-14 per cent.
"The banking
sector needs to take the initiative in making supply meet demand," Binh
said at a meeting with local banks late last month.
They should
consider further lowering loan interest rates to enable more companies to
borrow.
He suggested that
the interest rate on short-term loans should be cut to 7-8 per cent and on
medium-term loans, to 10 per cent.
The interest rate
on loans to be provided to businesses participating in the city's price-stabilisation
programme should be slashed to 5 per cent, he said.
Minh listed some of
the efforts his office was making to help the banking sector achieve the
yearly target.
Khang of Sacombank
said his bank would continue to provide active support to customers — both
corporate and individual — especially small and medium-sized enterprises,
household businesses, and small traders.
Construction
work commences on Can Tho highway upgrade
Work to upgrade and
expand a section of Highway 91, which shapes part of a transport project
linking Cambodia with Viet Nam, got underway in the Mekong Delta city of Can
Tho yesterday.
The section,
running through the provinces of Kien Giang and An Giang, will be 11metres
wide and 28 kilometres long with two vehicle lanes when it is completed in 22
months.
The
Build-Operate-Transfer (BOT) project worth nearly VND1.6 trillion (roughly
US$75.2 million) was expected to shorten travel distance for goods and
passengers between Can Tho, An Giang and Kien Giang, Vice Chairman of the
municipal People's Committee Dao Anh Dung said.
Director of the
Sonadezi Industrial Zone Development Company Do Thi Thu Hang said as an
investor, her company pledged to do its utmost to ensure the progress as well
as the quality of the project.
As the largest city
in the granary-labelled delta, Can Tho has set a goal of becoming an
industrial hub in the region by 2015, with industry accounting for 46.9
percent of its local economy.
The city has trade
relationships with over 80 countries and territories from across the world.
Besides traditional markets in Japan, the US and the EU, the city has also
expanded its export markets to the Middle East, North Africa and Eastern
Europe.
Economic
indicators show steady growth
Viet Nam's activity
indicators continued to show slow but steady improvement in February, with
foreign direct investment rising steadily, ANZ said in a report.
The external
position remained robust since FDI continued to be the bulwark of the
economy.
As of February some
122 projects worth US$830.9 million have been licensed, while 41 existing
projects added $708.8 million to their investment.
The country posted
a small trade surplus of $244 million. Preliminary figures from customs show
a year-on-year increase in exports and imports of 34.3 per cent and 49.2 per
cent respectively, reflecting distortions caused by Tet (the Lunar New Year)
celebrations in February.
In February alone
there was a trade deficit of $1.2b, offsetting the revised trade surplus of
$1.44billion in January.
Considering the
steady flow of FDI into the manufacturing sector, exports and imports would
continue to rise together, benefitting from the improvement in developed
economies.
Industrial
production (IP) rose by 7.9 per cent in January-February. Manufacturing,
which accounts for 70 per cent of the IP index, remained solid.
But despite muted
domestic consumption, IP continued to benefit from FDI-related export
production.
Vietnam-Germany
direct air route anniversary marked
Vietnam Airlines’
office in Germany recently held a ceremony to mark the 10 th anniversary of
the Vietnam-Germany direct air route. This is part of the annual Berlin
International Tourism Fair – the largest of its kind in the world.
Germany is one of
the most important markets of Vietnam Airlines, a member of the SkyTeam
airline alliance, said Manager Nguyen Quoc Phuong.
Despite fierce
competition last year, the national flag carrier has reaped impressive
outcomes in Germany in terms of revenue and the volume of passengers, Phuong
said.
The airline has now
raised the frequency to eight flights from only three per week 10 years ago.
It expects to
further increase the frequency with the use of modern models like B787-9 and
A350.
Speaking at the
ceremony, Ambassador Nguyen Thi Hoang Anh said the participation by
Vietnamese tourism companies in the fair manifests the growth of the
industry.
Joining such a
major event is one of the best ways to popularise the country and the
industry to foreign friends, she said.
International
trade fair bound for Dien Bien
The northwestern
mountain province of Dien Bien will play host to an international trade fair
from March 25-31.
The event is part
of a national trade promotion programme and marks the upcoming 60th
anniversary of the Dien Bien Phu Victory over French colonialism.
Participating
businesses will showcase a variety of agricultural, industrial and hand-made
products on nearly 400 stalls.
Dien Bien province
alone will introduce visitors to many of its specialties such as Shan Tuyet
tea, fragrance rice and coffee.
The fair aims to
help businesses boost trade promotion, advertise products and services, and
seek partnerships with foreign counterparts from Laos, China, Thailand, and
other ASEAN countries.
Mekong
Delta shrimp exports aim for US$2.55 billion
Mekong Delta provinces
plan to earn US$2.55 billion from shrimp exports, US$50 million higher than
last years’ revenue.
Ca Mau province is
likely to take the lead in shrimp exports, which are predicted to fetch
US$1.1 billion.
To achieve the set
target, Mekong Delta provinces are expanding shrimp breeding areas to
596,000ha, mostly in coastal regions of Ca Mau, Bac Lieu, Kien Giang, Soc
Trang and Tra Vinh.
They are applying
non-chemical breeding techniques to ensure the best quality of aquatic
products. Plans are in place to upgrade irrigation networks, focusing on
waste treatment and increasing the supply of clean water.
Local farmers in
some provinces were provided with new varieties and VND500 billion in
preferential loans to develop their shrimp breeding activity.
In 2013, the Mekong
Delta region had more than 588,000ha of shrimp breeding area, and produced
nearly 380,000 tonnes of shrimp, contributing 92% and 79.8% in terms of area
and output, respectively, to the country’s total figures.
Last years’ shrimp
export turnover was valued at US$2.5 billion. In the first two months of this
year, its export earnings hit over US$430 million.
Virginia
increases trade ties with Vietnam
Virginia wants to
work closely with Vietnam to further develop their economic, trade,
investment and education ties, governor Terry McAuliffe has said.
The governor of the
US State of Virginia expressed his wish at a reception for Vietnamese
ambassador Nguyen Quoc Cuong, who visited the State recently.
To meet the goal,
McAuliffe said both sides need to increase visit exchanges and bring into
full play the role of the Vietnamese community in Virginia.
For his part, Cuong
welcomed the governor’s proposal and vowed to cooperate closely with Virginia
to strengthen economic and trade ties between the two sides.
Both host and guest
noted with satisfaction the impressive growth in bilateral trade, reaching
nearly US$30 billion in 2013, of which agricultural trade rose more than 60%
over the last two years.
Cuong invited
McAuliffe and business people of Virginia to visit Vietnam to explore
investment opportunities there. His invitation was accepted by the governor
with pleasure.
The same day,
ambassador Cuong attended and delivered a speech at a Virginia seminar on
agricultural trade.
He spoke of the
growing process of trade liberalisation in the Asia-Pacific and Southeast
Asian regions, and proposed Virginia’s business people support trade
liberalisation efforts, especially the Trans-Pacific Partnership (TPP), to
make use of new opportunities in bilateral trade ties.
With a population
of more than 8 million, Virginia gains annual GDP revenue of US$423 billion,
ranking ninth among 50 states in the US.
Source: VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VIR
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Thứ Hai, 10 tháng 3, 2014
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