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BUSINESS
IN BRIEF 8/3
Dale
Carnegie sues trainer for copyright infringement
Dale Carnegie
Speaking at a press
briefing on Wednesday, Dale Carnegie
Hieu had worked at
Dale Carnegie
In 2010, Hieu
admitted his faults after Dale Carnegie warned him of copyright violations.
However, he opened NHR Company in 2011 and copied Dale Carnegie’s syllabuses
to launch training courses with tuition at just 50% of that of Dale Carnegie.
Having collected
proofs, Dale Carnegie
Lawyer Nguyen Van
Nam, legal representative of Dale Carnegie
Dale Carnegie has
created a completed program from training to trainer certification. The
program is protected by laws, but risks have still occurred with trainers
pirating syllabuses for personal benefits,
“We have filed the
lawsuit basing on Vietnamese laws. We would take drastic measures to raise
awareness on piracy in the country,” he added.
EVN to
build US$1.3-billion thermal power plant
Electricity of
Vietnam (EVN) expects to start work on Vinh Tan 4 thermal power plant in
The project will
have the capacity of 1,200 MW. The first turbine is estimated to start
running in 2017 and the second turbine will operate in 2018, according to a
statement released by EVN on Wednesday.
It is part of the
To meet coal
demands of Vinh Tan thermal power plants, EVN said that it would finish
construction of
In the first two
months of 2014, EVN launched many power plant projects into operation such
the first turbine of Vinh Tan 2 thermal power plant and the second turbine of
Concerning power
supply, EVN said that the nation consumed 18.3 billion kWh in the two-month
period, up 8.6% year-on-year. Power consumption is expected to surge this
month and in the upcoming dry season.
Vietcombank, EVN NPC sign VND1.7-trillion credit contract
Vietcombank and
Northern Power Corporation, or EVN NPC, signed a frame credit contract worth
VND1.7 trillion and bilateral cooperation agreement on Tuesday.
The credit will be
used to fund power projects of EVN NPC in remote areas, border towns and
islands. This is part of the Government’s strategy to launch power supplies
in poverty-stricken regions, according to the State Bank of
Both sides also
agreed to enter bilateral cooperation in long term in many sectors. This will
be the foundation for the two sides and their member units to realize
specific transactions in the coming time.
The cooperation
deal is part of the partnership between Vietcombank and Electricity of
Vietnam (EVN).
FrieslandCampina
FrieslandCampina
The dairy firm is
still working with the Price Management Department of the Ministry of Finance
over its price hike plan.
Truong Van Toan,
corporate affairs, legal and regulatory director at FrieslandCampina
Toan said his
company has also seen an average increase of 15% in costs of direct and
indirect labor since April last year.
He emphasized his
firm never colludes with others to raise milk prices.
The Prime Minister
has ordered a probe into the recent hikes of prices of dairy goods for
children under six. Nestle
A source from the
Ministry of Finance said Nestle
Having shown
convincing evidence on higher input material costs, Mead Johnson has got
approval for its price spike. FrieslandCampina
Nestle
In addition to
these four leading dairy firms, 3A Nutrition has been put on the inspection
list as it is the official distributor of Abbott products, of which some have
surged in prices. 3A has just submitted a plan for raising prices of a couple
of items.
Following the Prime
Minister’s order to look into the milk price increases, the ministries of
finance, and industry-trade, and other relevant government agencies met up on
Tuesday to work out plans to cope with the issue.
They decided to set
up five teams to inspect the five dairy companies in order to gather
information and data to see whether they are strictly observing price
regulations, and whether they are employing anti-competitive practices.
The Price
Management Department of the Ministry of Finance said it might consider
measures provided in the Pricing Law to stabilize prices, or setting ceiling
prices for certain dairy products.
HSBC:
The Hongkong and
Shanghai Banking Corporation (HSBC) has revised down its forecast for
Lower oil prices,
weaker-than-expected domestic demand and slight increase in rice prices are
the major reasons behind HSBC’s revision of this-year inflation forecast.
In its March 2014
report on
The consumer price
index in February showed fell to 4.6 percent,
The bank said the
export performance shows that the demand for Vietnamese goods continues to
rise but it will be better following the recovery of the exports of
agricultural products, especially coffee.
Cassava
exports face decline
In 2013, the
country was second only to
In 2014, however,
exports of cassava and cassava products plunged by 18.2 per cent to $1.1
billion and volume was down almost 30 per cent to 3.1 million tonnes,
according to the General Department of Customs.
Cassava and cassava
products had earlier been the nation's seventh largest export staple.
In recent years, cassava
has become one of the products that brings high export values to the country.
Trade with
Two-way trade
between
During the reviewed
period,
Currently,
German
firms seek opportunities in Vietnam
German businesses
are eager to find Vietnamese partners operating in the production of
chemicals and additives.
The observation was
made 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 enlarge German businesses’ market share in
A representative
from Touchtronic GmbH, specialising in high technology, said his enterprise
wants to seek long-term partners in
Other German
businesses at the forum mostly specialise in the spheres of investment
consultancy, education and food processing.
The event is a good
opportunity for local companies to establish new their joint ventures and
access new sources of investment and useful information on the European
market.
By the end of 2013,
The latest
machinery, technologies and business solutions for livestock breeding, dairy
and aquaculture industries will be displayed at ILDEX Viet Nam 2014 in
The 5th
International Livestock, Dairy, Meat Processing and Aquaculture Expo has
attracted 180 exhibitors from 22 countries and territories, including France,
Korea, the Netherlands, China, the UK and Viet Nam.
The biennial event
includes conferences and seminars to discuss animal-husbandry and aquaculture
issues, including disease prevention and control in dairy farming.
A conference
calling for investment in the livestock industry will be organised on the
expo's opening day, where representatives from the Ministry of Agriculture
and Rural Development will unveil the Government's new investment policies as
well as a list of projects calling for investment, according to Tong Xuan
Chinh, deputy director general of the Department of Livestock Production.
Organised by VNU
Exhibitions Asia Pacific Co., Ltd and Minh Vi Exhibition and Advertisement
Services Co, Ltd, the event at the Sai Gon Exhibition and Convention Center
in District 7 is expected to attract 15,000 visitors.
Bird flu
takes toll on livestock industry
Farmers are
helplessly fielding the brunt of the widespread bird flu as it destroys
agricultural prices and profits.
Poultry products
such as ducks, chickens and eggs are no longer a wise choice of consumers at
the dinner table as a direct result of the bird flu and as consumer demand
falls, poultry prices likewise take a nosedive, hitting farmers in the
pocketbook.
Dong Tam commune in
Bac Giang province is a case in point. Over the past few months, the number
of chicken raising households has decreased from 765 to 170 at present.
Bustling poultry
trading at Ha Vy poultry market, the largest of its kind in
Chicken prices plummeted
triple to just VND35,000/kg, and egg prices dipped double to merely VND1,200
each.
Low poultry prices
and complex bird flu are making farmers extra cautious about investing in
chicken flocks and expanding production.
Poultry traders at
traditional markets report they are selling much less read-made chickens and
ducks than previously.
“Poultry sales have
fallen considerably since media agencies first began warning people against
bird flu,” said Nguyen Thu Hai, a poultry trader at Nguyen Cong Tru traditional
market in
Likewise,
restaurants have drastically veered away from poultry in favour of pork, beef
and seafood in their menu.
To address the
current serious imbalance of supply and demand in the market, the Livestock
Department under the Ministry of Agriculture and Rural Development (MARD) has
asked localities to enhance communications to ensure consumers clearly
understand the disease.
The department
emphasises that poultry products which have been verified by veterinarians
are safe for consumption if properly cooked.
“Communications
should help consumers to easily distinguish between verified poultry products
and those of unknown origin,” said Van Dang Ky, head of the epidemiological
service under the Animal Health Department.
“If farmers steer
away from raising poultry products, both businesses and the livestock
industry will face a heavy loss,” he added.
Agricultural
experts forecast farmers will not restore poultry flock if the demand
continues to decrease for a couple of months. Consequently, markets are in
short of food supplies, fuelling their prices and stimulating an illegal
import of poultry.
MARD has developed
a poultry breeding model in seven northern mountain provinces to be
implemented in March, making it easier for farmers to have enough breeds to
restore flocks.
It also encourages
farmers to apply a biological safety breeding model and disinfect their farms
regularly.
The Vietnamese and
Finnish governments on March 6 signed an EUR11 million agreement for the
second phase of their joint innovation partnership programme (IPP).
The phase, which
will run from 2014-2018, has been financed with EUR9.9 million from
It aims to enhance
the capacity of
The Vietnam-Finland
IPP is considered the focus point of the Nordic country’s current support to
Addressing the
signing ceremony, Minister of Science and Technology Nguyen Quan expressed
his belief that in its second phase, the programme will continue helping
In this phase, the
programme will focus on completing legal frameworks in science and
technology, enhancing creative renovation, supporting and developing products
at regional level and building a strong expert team to give advice in
technology innovation for businesses, he said.
The first phase of
IPP was conducted from 2009-2013 at a cost of more than EUR7 million, mostly
from Finnish aid, under the management of the Ministry of Science and
Technology and
The programme has
covered 60 projects in institutional capacity development, creative
innovation and technology renovation support.
Thousands
of businesses set up in two months
Approximately
10,869 companies registered to begin trading in the first two months of this
year with combined capital of VND62.9 trillion, up 13.1% in number and 28.4%
in value against the same period last year.
The Ministry of
Planning and Investment (MPI) reported all economic regions across the
country experienced increasing numbers of new businesses, with midland and
north mountainous provinces having 416 new businesses, up 20.9%, and the
central highland region 754 new companies, up 177.2%.
Most economic
sectors enjoyed growth in the number of newly established businesses compared
to last year, such as electricity, water and gas production and distribution
(59.6%), agro-forestry and seafood (41.9%), logistics (28.4%) and information
and communications (26.2%).
However, a
considerable decline was recorded in such sectors as construction, employment
services, tourism, machinery and equipment renting, support industries,
science-technology, consultation services, design, and advertisement.
New companies are
expected to recruit around 102,419 new workers, accounting for an annual
increase of 16.4%.
In addition, 13,124
businesses ceased operation or went bankrupt over the past two months, of
which 1,891 were dissolved and 11,233 went bust, an increase of 12.2% from
the previous year.
About 3,640
businesses resumed operation, including 1,515 in the south-east region and
1,078 in the Red River Delta.
US firm
expands Dong Nai factory
On Semiconductor of
the
The company mainly
produces hybrid integrated circuits, semiconductors for car, household
electrical equipment and other industrial applications.
The second phase of
the project cost the
The company is
currently employing some 1,500 employees and plans to recruit more technical
workers to feed its future expansion scheme.
Chairman of the
Dong Nai provincial People’s Committee Dinh Quoc Thai welcomed On
Semiconductor’s expansion plan and said he hopes the firm will help attract
more
He vowed to create
the best possible conditions for the
Bank debt
settlement on the right track
The Vietnam Asset
Management Company (VAMC) has so far purchased approximately VND39 trillion
worth of non-performing loans from banks, exceeding its VND30-35 trillion
target.
However, what VAMC
will do to deal with this huge amount of debt remains a big open question.
Vice Chairman of
VAMC Board of Directors Nguyen Quoc Hung says the company’s NPL purchase is
progressing but it needs more time to review loans.
“We are in the
process of classifying and restructuring loans, together with banks, to help
ease businesses difficulties and shore up production,” he says.
VAMC is reviewing
loans and considering appropriate interest rates, enabling businesses to get
more capital and pay back to the bank, he adds.
Settling the bought
debt is no easy task, Hung admits, adding selling debt at a low price is not
a good solution.
He goes on to
reveal a number of domestic and foreign investors plan to re-purchase VAMC’s
bought debt, but there are legal barriers including asset and share ownership
that need to be addressed soon.
Dr Le Xuan Nghia,
former vice chairman of the National Finance Supervision Committee, reports
several foreign investment funds are exploring
Currently, the
Ministry of Justice is drafting a document allowing VAMC to sell its
guaranteed asset to recover debt. The document will create a legal corridor
for VAMC to re-sell its assets quickly and conveniently.
Under the draft
document, the guaranteed asset will be tackled with the agreement of parties
concerned, and if no agreement is reached, bids will be invited for it.
VAMC aims to
purchase VND10 trillion worth of NPLs in the first quarter of this year.
Viglacera
to sell stakes to foreign investors
Viglacera Corp.,
Viglacera will sell
stakes of 10- 20% each to three foreign strategic investors, Chairman Luyen
Cong Minh told Bloomberg.
The State-owned
company, which makes glass and tiles and exports to more than 40 countries,
expects annual revenue from shipments to reach as much as US$100 million by
2019, from US$30 million.
“Foreign partners
will help us increase the quality of products, creating favorable conditions
for us to export to other markets as well as supporting domestic
consumption,” Minh said.
Viglacera is still
in talks over its own sale, part of an equitization process in which it
raised about VND200.6 billion (US$9.5 million) in an initial public offering
last month.
The shares may be
listed on the Hanoi Stock Exchange in the third quarter of 2015. The company,
founded in 1974, plans to gradually reduce the state’s holdings to less than
51% from the current 75%.
Global real estate
company Knight Frank reveals the number of ultra-high-net-worth individuals
in
The company’s
report highlights that the business environment in
According to the
Municipal Department of Planning and Investment,
To date, the city
has housed 4,924 valid FDI projects capitalised at US$33.5 billion. Of which,
3,811 projects are wholly foreign-invested and 1,067 projects are
joint-venture.
The Knight Frank
report predicts
Experts
hopeful of FDI inflow
The strong flow of
foreign direct investment (FDI) into
Chairman of the
Vietnam Association of Foreign Invested Enterprises (VAFIE) Nguyen Mai stated
that global economic recovery is on the mend, and successful businesses are
scurrying to find lucrative investments.
Mai noted that
universally, they consider
Korea
Trade-Investment Promotion Agency Deputy Director Park Chang Eun remarked
that multilateral groups focus on the nation's ability to assimilate modern
technologies.
They also consider
the nation's political stability and commitment to offer preferential
policies on the origin of products as strong-points, he added.
Deputy Director of
the Ministry of Planning and Investment's Foreign Investment Agency Nguyen
Noi emphasised that drastic measures to improve the business environment will
be undertaken. Most notably, measures will be adopted to simplify customs
formalities and streamline procedures to establish businesses, he reported.
The Ministry of
Planning and Investment is also gathering recommendations on the revised
draft Law on Investment, which is expected to create a more transparent
investment climate, amending and adding new administrative procedures and
addressing the difficulties in gauging the investment performance.
The amended law,
which will be submitted to the National Assembly for approval this year, will
clarify four issues: defining foreign investors, procedures to set up a
business with foreign investors, procedures for capital contributions to buy
shares, and essential issues to implement a one-door policy.
According to
statistics, many multinational groups from the
Experts forecast
that the enforcement of the Land Law after July 1, which will allow
foreigners and overseas Vietnamese to purchase homes in Viet Nam, will likely
increase the flow of foreign capital into the country's real estate sector.
Shoe sector
expands Thai footprint
The value of
According to the
General Department of Viet Nam Customs, in January 2014
Nguyen Van Khanh,
chairman of the Leather and Footwear Association in District 4, HCM City,
said that Vietnam will have opportunities to ink more contracts with Thailand
in the labour-intensive sector, as the partner country will stop producing
its own footwear sometime in the future, reports Vneconomy.
Apart from a
shortage of labour,
He added that many
small-and medium-sized footwear producers in
Several months ago,
a delegation of 30 Thai businesses operating in the sector visited Viet Nam
to seek long-term investment opportunities.
Kanchit
Juntanapornchai, chairman of the Association of Thai Footwear Industrial
Promotion, said that a number of Thai businesses wished to import Vietnamese
footwear to service their domestic and export demands.
He suggested that
Viet Nam should take advantage of the uncertainty in the sector in other
countries by improving the quality of its own services and products.
According to Diep
Thanh Kiet, vice chairman of the Viet Nam Leather and Footwear Association,
Thailand boasts of a strong footwear industry as the country not only sells
products of well-known brands and importers worldwide, but also establishes
distribution networks in foreign countries.
New Year
rice exports decline
Viet Nam exported
330,501 tonnes of rice in February, earning US$147.08 million, up 7.57 per
cent in volume and 15.3 per cent in value.
According to the
Viet Nam Food Association (VFA), the average price of rice rose by $29.89 per
tonne, with the FOB (free on board) price standing at $445.03 per tonne.
The results pushed
the country's total rice export volume in the first two months of this year
to 637, 756 tonnes, worth $274.62 million, it said.
However, the
figures represented a drop of 13.53 per cent in volume and $14.2 per tonne in
price, added the association.
The VFA also
forecast that March's export volume will be between 500,000 tonnes and
550,000 tonnes.
As much as 49 per
cent of Viet Nam's total rice exports were shipped to the Philippines, while
China and the African countries consumed 28.3 per cent and 7.94 percent of
the total respectively.
Meanwhile, the
domestic price of rice was stable but rather high in February. It is likely
to fall in the coming months, after all rice exports destined for the
Philippines are shipped and the harvest peaks, the association predicted.
Experts said that
in the first quarter of this year, Viet Nam faced fierce competition from
Thailand and might suffer great damage if that country dumps its rice on the
world market.
However, cross-border
trade with China could help Viet Nam ensure its sales and keep the domestic
prices stable, they said.
According to the
Department for Cultivation under the Ministry of Agriculture and Rural
Development, in the 2013-14 winter-spring crop, the Mekong Delta region has a
total rice field area of 1.6 million hectares with an estimated output of
nearly 11 million tonnes, with 4.27 million tonnes ready for export.
In March and April,
the region is likely to harvest about 7.5 million tonnes of rice, the department
said.
According to VFA,
price stabilisation measures should be applied to avoid a fall in the
domestic prices of rice, as it's been forecast that the global prices will
fall sharply when Thailand sells its rice inventory.
Seafood
sees strong wave of exports
An unusually strong
performance in the first two months and Japan's easing of its seafood import
restrictions has raised expectations that Viet Nam's fisheries industry will
meet its annual export target with relative ease.
According to the Ministry
of Agriculture and Rural Development, seafood exports in January and February
increased 23.5 per cent year-on-year to reach US$919 million, including $335
million in February.
This has been a
welcome surprise for the industry because seafood exports are usually slow in
the first few months of the year, especially after the Tet holiday, the
ministry said.
Exports to the US,
still the largest market for Vietnamese seafood, increased 89 per cent
year-on-year, accounting for 26.67 per cent of the total fisheries export
value.
The value of
seafood exports to Japan increased by 17.85 per cent, to South Korea by 29.27
per cent and to Australia by 31.45 per cent, while it fell by 37.8 per cent
to China and by 7 per cent to Thailand.
The Viet Nam
Association of Seafood Exporters and Producers (VASEP) Association said it
expects the good start at the beginning of the year to help the industry
achieve its annual exports target of between $6.8 and 6.9 billion –$3 billion
from shrimp, $1.6 billion from tra fish and $2.2 billion from other seafood
products.
The ministry said
shrimp would continue to be a major export item this year because Japan, a
major market, has eased its strict standards for Vietnamese seafood imports.
Tra fish exports are
also expected to improve over last year because some traditional buyers will
reopen their markets, VASEP officials said.
For instance,
Ukraine, a traditional buyer, has given licences to 10 Vietnamese seafood
processors to export their tra fish products.
The agriculture
ministry has said that as a key export item for the nation, it would pay even
more attention this year to improving product quality as well as food hygiene
and safety.
They would also
work on building a trademark for Vietnamese seafood, that would enable local
firms to expand their export markets, ministry officials said.
Tra fish
farms get ASC certification
Three farms
breeding tra fish for export in the Mekong Delta province of Vinh Long have
become the first in the country to receive certificates from the Aquaculture
Stewardship Council (ASC), opening doors to more markets.
Covering a total
area of 36.7 hectares, the farms are run by the Co Chien, Nam Vang and Nam
Song Hau seafood companies in Vung Liem and Tra On districts.
They have been
supported by a Government programme to build safe tra fish farms that meeting
the Global GAP (Good Agriculture Practices)and ASC standards.
Founded in 2010 by
the World Wide Fund for Nature and the Netherlands' Sustainable Trade
Initiative, the ASC is an international organisation that works with seafood
producers, processors, retail and food service companies, scientists,
conservation groups and the public to promote the best socially and
environmentally-friendly seafood choices.
Its certification
programme recognises and rewards responsible aquaculture.
ASC certified
enterprises will be assisted to transform their production practices and
apply advanced technology in fish farming, thus minimising the use of
chemicals in production.
More importantly,
the enterprises will be put under the supervision of the surrounding
community, raising their responsibility towards their workers and society as
a whole.
Currently, Vinh
Long has 239 fish farms that are operated by 58 firms and 192 households.
Outlook
optimistic for 2014
Vietnamese
businesses have high expectations that the economy will flourish in 2014,
reported the Vietnam Business Forum - a weekly magazine of the Vietnam
Chamber of Commerce and Industry (VCCI).
Further, the
magazine wrote that Vietnamese businesses are prepared to begin a new stage
of development.
As an official in
charge of the Vietnam Business Annual Report, Pham Thi Thu Hang, General
Secretary of VCCI, is not surprised at the results of the survey, conducted
in late 2013. Following 7 annual reports, it appears businesses are more
optimistic about the nation's business situation and report being
increasingly optimistic, said Hang.
While 2013 saw a
record number of bankruptcies or shut-downs of enterprises, 2014 is expected
to see a record number of revived businesses. This prediction is based upon
expectations that sales this year will see a great improvement, compared to
2013, and average selling prices will tend to rise.
Hang also displayed
a more optimistic view: many businesses are confident that their production
capacities will be much higher than in 2013. Many businesses, following a
period of "hibernation", have begun to accelerate restructuring and
have more confidence in the use of their resources. They expect that the
number of orders will increase, compared with 2013. Also, many businesses are
confident with their plans to recruit more staff in 2014.
Nguyen Thi Nguyet
Huong, Chairwoman of the Vietnam Investment Development Group (VID), a firm
specialising in the development of industrial parks and export processing
zones, is confident that 2014 will see more businesses expanding their
activities, so her group plans to enlarge industrial parks.
Businesses have
high expectations on changes in the labour market, as this is the best time
of year for businesses to recruit those who can immediately meet job
requirements without being retrained, even in key positions. The second
reason is the opening of markets, tax incentives and the improved ability to
raise capital. The third reason is due to improved infrastructure and support
programmes.
Referring to the
strategy of the socio-economic development period 2011 - 2020, the majority
of businesses, some 64.6 percent, are aware that the increase in domestic
value, added value and competitiveness of products are important objectives
in their strategies.
So far, Vietnamese
enterprises have not focused on research and development (R&D), with only
32.5 percent of businesses choosing this method. Mentioning this problem,
economist Pham Chi Lan shared that she had recently conducted a survey among
businesses in the southern region, and she felt there exists new movement
within enterprises. Most of these businesses recommended that the government
promote industrial development to support businesses in raising the
proportion of value added products.
Ministry
maintains petrol retail prices
The Ministry of
Finance yesterday asked domestic fuel wholesalers to maintain the current
retail prices of petrol, though they have incurred losses.
The ministry's
calculations reveal that based on the global petrol prices, the retail prices
of petroleum products are currently lower than the base price by
VND173-VND519 per litre.
Companies have been
asked to sell gasoline, kerosene, and diesel on a non-profit basis.
The move was aimed
at stabilising the price of fuel, thus ensuring benefits for businesses and
customers.
The ministry has
also allowed wholesalers to use the money from the price stabilisation fund
for compensating their losses. Specifically, the subsidy on petrol was
increased to VND300 per litre, diesel was VND170 per litre, and kerosene was
VND110 per litre.
The decision came
into effect yesterday.
Petroleum
violations punished
The Ministry of
Industry and Trade's Market Management Department has punished violators in
nine out of the 50 investigated cases related to the petroleum industry so
far this year.
The total money
collected from the violators added VND113 million to the State budget.
The ministry
claimed that the imports of petrol and liquefied petroleum gas (LPG) in the
first two months of this year saw a surge, both in terms of quantity and
value, over the same period last year.
Petrol imports were
estimated at 1.34 million tonnes amounting to US$1.26 billion, 37 per cent
and 31 per cent year-on-year increases in terms of quantity and value
respectively. LPG imports were estimated at 71,000 tonnes with total value of
$77 million.
State
budget draws $6.2b in Jan-Feb
State budget
revenue in the first two months of this year was estimated at over VND129.8
trillion (US$6.18 billion), according to the Ministry of Finance.
The sum accounted
for 16.6 per cent of the whole year's budget estimates and represented a
year-on-year rise of 12.9 per cent.
Of the amount,
VND93 trillion ($4.4 billion) came from domestic taxes, equivalent to 17.3
per cent of the year's estimates. The outcome was attributed to bustling
economic activities in the last months of 2013 and the first months of 2014.
The 11.6 per cent
increase in total retail sales and consumption service revenues greatly
contributed to the two-month budget collection, plus VND1.8 trillion ($85.7
million) from dividends of State capital at State-owned companies and VND2.1
trillion from small-and medium-sized enterprises' corporate income tax.
VND32 trillion
($1.5 billion) was collected from import-export activities, or 14.3 per cent
of the estimates.
The ministry also
revealed an estimated budget spend of VND150 trillion ($7.1 billion) during
the period, accounting for 15 per cent of the forecast and up 4.3 per cent
year-on-year.
To cover a budget
overspend of VND20.2 trillion, the management agencies issued more than VND51
trillion ($2.4 billion) worth of Government bonds, fulfilling 17.5 per cent
of the yearly plan.
VN fisheries industry sees strong wave of exports
An unusually strong
performance in the first two months and Japan's easing of its seafood import
restrictions has raised expectations that Vietnam's fisheries industry will
meet its annual export target with relative ease.
According to the
Ministry of Agriculture and Rural Development, seafood exports in January and
February increased 23.5 percent year-on-year to reach 919 million USD,
including 335 million USD in February.
This has been a
welcome surprise for the industry because seafood exports are usually slow in
the first few months of the year, especially after the Tet holiday, the
ministry said.
Exports to the US,
still the largest market for Vietnamese seafood, increased 89 percent
year-on-year, accounting for 26.67 percent of the total fisheries export
value.
The value of
seafood exports to Japan increased by 17.85 percent, to the Republic of Korea
by 29.27 percent and to Australia by 31.45 percent, while it fell by 37.8
percent to China and by 7 percent to Thailand.
The Vietnam
Association of Seafood Exporters and Producers (VASEP) Association said it
expects the good start at the beginning of the year to help the industry
achieve its annual exports target of between 6.8 and 6.9 billion USD –3
billion USD from shrimp, 1.6 billion USD from tra fish and 2.2 billion USD
from other seafood products.
The ministry said
shrimp would continue to be a major export item this year because Japan, a
major market, has eased its strict standards for Vietnamese seafood imports.
Tra fish exports
are also expected to improve over last year because some traditional buyers
will reopen their markets, VASEP officials said.
For instance,
Ukraine, a traditional buyer, has given licences to 10 Vietnamese seafood
processors to export their tra fish products.
The agriculture
ministry has said that as a key export item for the nation, it would pay even
more attention this year to improving product quality as well as food hygiene
and safety.
They would also
work on building a trademark for Vietnamese seafood, that would enable local
firms to expand their export markets, ministry officials said.
Investors
value equal importance of job, soft skills
Foreign investors
have given equal importance to professional and soft skills while hunting for
employees, according to a survey that was released at a workshop in Hanoi on
March 6.
The findings were
jointly conducted by the Institute of Labour Science and Social Affairs and
the US’s Manpower group, as part of a memorandum of understanding inked
between the Ministry of Labour, Invalids and Social Affairs and the US group.
Scanning though 100
foreign businesses active in consumer goods, electronics and automobile assembling
in six cities and provinces nationwide, the survey found most of Vietnamese
workers remain weak in soft skills such as team-working, communication and
adaptability to new environment.
It also unveiled a
worrying trend that a number of foreign direct investment enterprises tend to
hire qualified workers from their competitors instead of investing in
training new recruits, which could spark an unhealthy pay race.
Since Vietnam
integrated globally, foreign-invested firms have given an impetus to its growth.
With advanced technologies and human resources management, they have been
growing against the global economic turmoil. A mere 5 percent of them
incurred losses.
Although the
majority of the surveyed enterprises have invested heavily in technologies
and more sophisticated production processes, they said they prefer
capitalising on low-cost labour – this is forecast to hamper their
performance in the future.
At the workshop,
delegates voiced the need to launch effective links between universities, colleges,
vocational training centres and FDI companies to make a perfect match for
their training and recruitment programmes.
According to them,
on-the-spot training should be carried out in the firms.-
SSC
highlights tasks to boost market trading activity
Vietnam stock
market witnessed dull trading activity last year, this has led to the closure
or suspension of many securities companies or fund management companies.
Chaiman of the
State Securities Commision (SSC) Vu Bang was quoted by Vietnam Business Forum
as saying that hardship of securities trading activities caused three
securities dissolved, three others stopped operating, two others suspended
their businesses. Bang also noted that five securities companies had been
seriously controlled while 10 others decided to terminate their businesses.
By the end of
January 2014, 24 securities companies and 6 fund management companies were
restructured, withdrawing from Vietnam securities market by dissolution,
operation suspension, being controlled, seriously supervised or gradually
gotten out of securities trading activities, reported the Vietnam Business
Forum- a weekly magazine of the Vietnam Chamber of Commerce and Industry
(VCCI).
After one year of
securities market restructuring, economic turmoil reduced the number of
securities market companies about 20 percent, from 103 securities companies
to 89 securities companies operating in securities trading field. The number
of fund management companies also reduced from 47 to 41.
By the end of
January 2014, ten open-end funds joined in the securities market, which were
certified of establishment and giving offers. By now, the number of public
investment funds accounted for 50 percent of the total existing funds.
In order to
establish a sustainable securities market, Chairman Vu Bang said that Vietnam
needs to accelerate equitisation process for supplying qualified products for
securities market, as well as setting up innovative operation in State
enterprises operations.
“ We always have
cooperation programmes in implementing State’s policy of equitisation,
especially stock exchanges realise their auction in securities market. The
State Securities Commission together with Corporate Finance Department
(Ministry of Finance) are ready to plan up the State equitisation programme
to implement enterprises’ auction in securities market”, Vu Bang said.
The State
Securities Commission will also coordinate closely with relevant authorities
to handle with procedures related to equitisation, depository, listing after
equitisation and operations in the securities market.
Vu Bang assessed
that the securities market will improve the demand in the following time by
expanding room, as well as providing policies to tackle with difficulties and
support the market development, aiming to create motivation for stocks bid of
state owned companies.
The Chairman of
State Securities Commission added that the issue of equitising state owned
companies is partly related to the securities market because it is a public
offering. The public offering currently faces with some obstacles according
to Law on Securities like offering under book value, unprofitable companies
not offering securities publicly.
The State
Securities Commission will also coordinate with authorities to issue policy
and regulation suitable with equitisation so that public offering will not be
limited related to offering under book value or unprofitable companies not
offering securities publicly. Only then there is a solution to tackle
difficulties, promote equitisation process, better implement direction of the
Government.
The State
Securities Commission identifies that 2014 will be a major year to equitise
state owned companies, especially equitisation with listing or trading in the
UpCom. It will also propose a mechanism to cooperate with the State Bank in
restructuring credit institutions, equitising commercial banks.
Besides, the State
Securities Commission will complete regulations, trading mechanism in UpCom
system, supporting the restructuring of credit institutions and state owned
companies; making UpCom a system to announce prices, provide information on
trading and issuance in compliance with requirement of a full access to
information instead of depending on issuance mechanism operating at Stock
Exchanges currently.-
Source: VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VIR
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Thứ Sáu, 7 tháng 3, 2014
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