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BUSINESS
IN BRIEF 17/5
The Association of
Vietnamese Investors in Myanmar (AVIM) recently announced that
An AVIM
spokesperson also said that the two countries are targeting increasing total
investment to US$1-1.2 billion and increasing Vietnamese tourism to
To reach these
objectives, AVIM suggests that Vietnamese companies give priority to
investment in fields that
AVIM Chairman Tran
Bac Ha recommends that the Vietnamese Government instruct relevant agencies
in
As of the end of
2013, 45 Vietnamese companies had been granted licenses to operate in
Dong Nai
courts Thai investment
Southern Dong Nai
province is avidly courting more Thai investment in such fields as
infrastructure, agriculture, industry, and hi-tech, provincial People’s
Committee Chairman Dinh Quoc
Mr Thai made the
statement during a reception for Thai ambassador to Vietnam Panyarak Poolhup
on May 15.
The province has
established 31 large-scale industrial parks and is investing heavily in
infrastructure at Long Thanh international airport to transform it into the
largest airport in the country in its bid to attract Thai businesses to the
province, Mr Thai said.
For his part, Mr
Panyarak Poolhup said that following the success of the first phase in
The ambassador also
affirmed that the strategic partnership between Vietnam and Thailand has been
strengthened coming as a direct result of Party General Secretary Nguyen Phu
Trong’s visit to Thailand in June 2013.
Furthermore, 2016
will mark the 40th anniversary of Vietnam-Thailand friendship and
cooperation, which will help boost all-around cooperation between the two
nations, especially in the fields of economics, investment, agricultural
development, culture, health, education and training, tourism, he added.
He expressed his
hope that the province will continue to support Thai businesses to operate
effectively in the future.
SBV to
resume gold auctions if demand rises
A representative of
the State Bank of Vietnam (SBV) in
The Saigon Times
Daily on May 15 quoted Nguyen Hoang Minh, Deputy Director of the central
bank’s
Minh noted that
strong increases in gold prices on May 14 were mostly attributed to consumer
anxiety as in reality trading of this yellow metal was not bustling.
Therefore, consumers should be careful about their purchases.
Minh said gold
prices on the domestic market were still higher than the world’s rates and
any supply increase from the central bank would lead to immediate price falls
and consumers would suffer as well.
The price of SJC
gold bars soared VND730,000 per tael on May 14 over the previous day to
VND36.45 million per tael. Compared to late last month, a tael – which equals
1.2 troy ounces – was VND1 million higher.
Nguyen Cong Tuong,
Deputy Sales Manager of Saigon Jewelry Holding Co. (SJC), said the hike in
gold prices resulted from increasing demand. The company sold 3,000 taels of
gold compared to the daily average of 1,000 in previous days.
Compared to the
world’s price, domestic gold is VND3.2 million per tael higher than the
world’s.
For the foreign
exchange rate, Minh said supply and demand in the banking system remained
stable as the rate was VND21,115-21,120 per US dollar.
One US dollar was
exchanged for VND 21,250 on May 14 at unofficial channels, up around VND130
compared to earlier this week while the Bank for Foreign Trade of Vietnam
(Vietcombank) sold one US dollar for VND21,120, the same as previous days.
Global gold on
www.kitco.com on May 14 evening was quoted at US$1,302 an ounce, up US$8.5
against the closing time of the
Measures
ease workload for exporters
The Ministry of
Industry and Trade has taken numerous measures to grant more Certificates of
Origin (COs) to exporters in Mekong Delta provinces and
Nguyen Van Toan,
deputy head of the ministry’s office for managing import-export activities in
southern Tien Giang province and its surrounding localities, said his office
has supported local businesses to make declarations of origin for their
exports and promptly solved administrative procedures for the firms within a
day.
The office has also
organised conferences and refresher courses to instruct local enterprises to
make CO declarations, update relevant information in an accurate and prompt
manner and reduce their costs.
Since the beginning
of this year, the office has granted 1,736
To date, 108
enterprises in the region have registered to make CO declarations for their
exports.
Between 2011 and
2013, the office provided 8,830
At his
He suggested the
two finance ministries pay special attention to the training of high-skilled
workers in spurring the development of the financial and banking sector.
Lao Minister Liane
Thykeo declared that the two finance ministries have reviewed their
cooperation programmes and agreed to concentrate on efficiently tackling the
existing problems to their cooperative financial sources.
He expressed hope
that the comprehensive cooperation and longstanding friendship between the
two nations will be further promoted.
Foreign
banks invest US$1.5 bln in house construction chain
The Vietnam
Construction Bank (VNCB) will work with foreign financial organisations to
raise US$1.5 billion in capital, to be paid in instalments for building and
upgrading houses.
The information was
revealed by Pham Cong Danh, General Director of Thien Thanh Corp, an
affiliated party providing construction materials for the construction, at a
ceremony to introduce the project in
As a joint effort
between the VNCB, foreign lenders and the Thien Thanh group, the chain is
part of the VND50 trillion (US$2.38 billion) credit package announced earlier
this year in
The chain is
expected to bring about a 5-10 % reduction in construction cost, while
solving material inventory problems and stimulating the real estate market.
Borrowers joining
the chain can borrow up to 100 % of the construction cost in terms of 15-20
years with an annual interest of 9 % in the first year.
The programme will
be first conducted in
According to Nguyen
Tri Hieu, Deputy General Director of the VNCB, the VND50 trillion package and
a separate VND30 trillion (US$1.42 billion) package introduced last year
share the same purpose of removing difficulties for the property market,
reducing bad debts and recovering economic growth against the backdrop of a
high property inventory.
However, while the
older package targets customers with low incomes, this year’s one aims to
unite the four sides in constructing and completing housing projects, he
said.
Hieu also noted
that the State Bank of
Nearly 200
delegates from
Addressing the
opening session, Deputy Minister of Transport Nguyen Hong Truong affirmed
Regarding the East
Sea situation, Deputy Minister Truong said political stability should be
maintained to build a favourable environment for peace and cooperation on the
basis of equality, mutual benefits and respect for international law,
independence, sovereignty and territorial integrity of participating
countries, especially the 1982 UN Convention on the Law of the Sea (UNCLOS)
and the Declaration on the Conduct of Parties in the East Sea (DOC).
Delegates also
discussed issues related to finance, investment, industrial development,
maritime cooperation, and the building of transport networks to promote
trade, investment and cross-cultural exchange between
Samsung
Vina increase global market share
Samsung Vina
Electronic Company aims to increase its exports this year and grab 30% of the
global mobile phone market, according to its Deputy General Director Nguyen
Van Dao.
Currently, 97% of Samsung
VN products are exported to 50 countries and territories around the globe,
while its domestic consumption accounts for the remaining 3%. Dao said that
Samsung VN will continue to strive to enhance its domestic sales, develop its
plant in Thai Nguyen, and increase the number of and quality of production
lines at its facilities.
He also noted that
the company is planning to invest in a number of other fields in
Auto sales
climb 29% in April
This is the second
month sales have surpassed 11,000 vehicles this year and represents the 13th
consecutive month that sales have trended upwards and outpaced the prior
year.
More than 41,300
cars, trucks and multipurpose passenger vehicles were sold over the past
months representing a year-on-year increase of 48% and 24% for small cars and
trucks, respectively.
VAMA reports that
the auto industry is keeping on track to sell a record setting 125,000 units
by the end of 2014.
Petrolimex
Aviation supplies fuel for 18 foreign airlines
Petrolimex Aviation
Fuel Joint Stock Company has started supplying jet fuel for Turkish Airlines,
taking to 18 of the number of foreign carriers the firm serves at
Petrolimex Aviation
said it would pump jet fuel for Turkish Airlines aircraft flying from HCMC to
Petrolimex
Aviation, the second largest jet fuel supplier after Vietnam Air Petrol
Company (Vinapco), is looking to attract more of the around 50 airlines
active in this market.
Petrolimex Aviation
was established five years ago after Vinapco, an arm of Vietnam Airlines,
stopped pumping fuel for an aircraft of low-cost carrier Pacific Airlines at
Later, Vinapco was
fined over VND3 billion under a lawsuit the carrier filed against it for the
abuse of monopolistic power as stated in provisions 2 and 3 of the Law on
Competition by unilaterally suspending fuel supply for an aircraft of Pacific
Airlines, which was later transformed into Jetstar Pacific.
Petrolimex Aviation
is now unable to compete on par with Vinapco but its revenue has grown
strongly in recent years. Last year, Petrolimex Aviation posted nearly VND3
trillion (over US$142 million) in revenue and targets for revenue growth of
28% and profit of VND15 billion (less than US$712,000) this year.
Defects
found in major expressway project
In addition to the
slow implementation pace of existing packages, a lot of defects have been
found on the newly built HCMC-Long Thanh-Dau Giay Expressway.
The road has sunk
by 3-5 centimeters and the lower-than-designed thickness of asphalt has been
found in a 20-kilometer expressway stretch that was opened to traffic in
January.
According to
results of an inspection by the State Council for Construction Work
Acceptance last month, packages No. 5A and 6 of the expressway project are
behind schedule.
The 20-kilometer
section, which connects HCMC and
The road surface of
package 5A has higher-than-permitted levels of gravels and big stones and
even tree roots. The toll station’s design does not meet technical
requirements.
Therefore, the
council has asked the expressway developer to deal with such problems.
The project earlier
made headlines also as substandard crash barriers were found along the
section in use.
The 55km HCMC-Long
Thanh-Dau Giay Expressway has a first-phase investment of VND20.63 trillion
sourced from ODA loans and
Bitexco
chosen to zone Binh Quoi-Thanh Da urban area
Bitexco Group has
received approval from the HCMC government to draw up a 1/2000-scale zoning
plan for Binh Quoi-Thanh Da ecological urban area in Ward 28, Binh Thanh
District.
Bitexco will cover
all the expenses for the job, which will be evaluated by the HCMC Department
of Planning and Architecture as assigned by the city government.
The 426-hectare
Binh Quoi-Thanh Da green residential area is envisaged to be home to
41,000-50,000 citizens and connected with other parts of HCMC by the bridges
over the
The investor plans
to build two bridges across the river at Thao Dien in District 2 and Hiep
Binh Chanh in Thu Duc District. Besides, there will be bridges spanning Thanh
Da peninsula and connecting to Tan Son Nhat-Binh Loi outer ring road, Belt
Road No. 1 and
According to a
zoning plan for the Binh Quoi-Thanh Da urban area approved in 2007, the
township covered 426 hectares and was able to accommodate some 30,000
residents as well as around 500,000 visitors and visiting workers per day.
Saigon Construction Corporation was chosen as the investor of the project at
that time.
In a related
development, the authorities of Binh Thanh District have announced an urgent
relocation of 1,000 residents living at the deteriorating apartment blocks in
Thanh Da by June 30 this year.
Duong Hong Thang,
vice chairman of Binh Thanh District, said after the relocation was
completed, the district would call for investments in building two apartment
blocks and completion was scheduled three years after construction began.
HCMC has delayed
the application of the Vietnam Automated Cargo Clearance and Port
Consolidated System and Vietnam Customs Information System (VNACCS/VCIS) to
next month.
The General
Department of Customs last week wrote to
Meanwhile, the
start date set for
The customs offices
responsible for express delivery and outsourced goods and the one at
Meanwhile, in other
provinces and cities, the automated clearance system will be turned on sooner
than planned such as June 9 in An Giang, May 21 in Binh Dinh and June 2 in
Binh Phuoc.
Explaining the time
adjustments, the General Department of Customs said it wanted stable and
efficient operations of the system.
With over 14,000
importers and exporters, HCMC has been picked to deploy the system after many
other provinces in the country.
VNACCS/VCIS has
been operational at 10 customs offices nationwide.
Many problems have
been encountered while the system is in use.
Railway
corporation faces comprehensive inspection
Minister of
Transport Dinh La Thang has decided to launch a rigorous inspection into
Vietnam Railway Corporation due to fresh corruption allegations and prolonged
weaknesses of the railway sector.
The sector has not proactively
grasped business opportunities, said Deputy Minister of Transport Nguyen Ngoc
Dong at a meeting in
The sector lacks
business plans, its service quality is poor, goods transport depends much on
goods owners, and each unit has its different ways of doing business, which
have weakened the overall transport capacity.
Though the
corporation’s restructuring scheme received approval years ago and it has
held many meetings with the transport minister, little has been done to
improve its performance.
Besides, train
fares are too high compared to other means of transport.
Vietnam Railway
Corporation is also required to submit an audit report within this month.
Last year saw the firm attaining revenue of VND11.32 trillion and profit of
VND170 billion.
Tra fish
export to
Russia has shown
little sign of reopening its doors to Vietnamese tra fish (pangasius) fillets
as the fish could make their way back to this market by the end of April as
earlier expected by relevant authorities.
Truong Dinh Hoe,
general secretary of the Vietnam Association of Seafood Exporters and
Producers (VASEP), said the association did not know when Vietnamese tra fish
fillets could be re-exported to
“As per results of
the talks, we hoped that tra fish could be allowed in by
However, Hoe
declined to talk about the issue.
According to the
National Agro-Forestry-Fisheries Quality Assurance Department (Nafiqad), 602
Vietnamese enterprises have been recognized as meeting food hygiene criteria
for export to Europe but
Hoe said those
exporters meeting
In 2008,
Again,
Danang
property market recovers
The central city of
Danang has seen signs of recovery in the real estate market since late 2013
with many non-resident investors eying low-cost products.
Last month, Dat
Xanh Mien Trung Joint Stock Company launched the sale of
Tran Ngoc Thanh,
general director of Dat Xanh Mien Trung Company, said customers from
A representative of
Cuong Hung Thinh Group Joint Stock Company said
Thanh of Dat Xanh
Mien Trung Company noted the number of investors in Danang has picked up
following improvements in
Notably, the number
of
Explaining the
recovery, Thanh said property prices in
With recent
policies such as home credit loosening and lending rate cuts, buyers have
jumped back into the market. When cash flows in the economy rise, the demand
for property will bounce back. This is the rule of the market, he said.
A report of CBRE
Vietnam said there are an increasing number of tourists from
Duong Thuy Dung,
deputy head of market research and consulting at CBRE Vietnam, said the
number of customers seeking consulting services for seaside holiday
properties in the first quarter surged three times against the same period
last year.
SHTP
applies nanotech to cosmetics production
The Research and
Development Center (R&D) of Saigon Hi-Tech Park (SHTP) in HCMC on May 12
said it has succeeded in applying nanotechnology to cosmetics production.
The center will
work with Moria Phuong Vy Ltd. Co. over a project to create skincare and
whitening cream products by using the gold nanoparticle developed by the
center.
The company will
invest in a production line while the center will assist in nanotechnology
application.
Moria Phuong Vy
will consume all the finished items produced by the project which the two
parties are cooperating in from six to twelve months before they decide to
open a firm to make cosmetics using this technology.
The center will
also continue to improve the technology in order to produce better cosmetics
in the coming time.
Thai Thi Tu Phuong,
director of Moria Phuong Vy, said the test-application of gold nanoparticle
in cosmetics production had shown good results and this was the first time
nanotechnology had been applied to this field in the country.
Scientists of the
center have worked for one year before they achieved the success. They said
nano titandioxide would be used in the cream products to prevent ultraviolet
Rays on the skin of users and forming of melamine pigment which can darken
the complexion. Meanwhile, the gold nanoparticle helps whiten the complexion.
Local firms want to
withdraw from Philippine rice contract
Some enterprises
are seeking approval from the Vietnam Food Association (VFA) to pull out of a
government-to-government contract to supply 800,000 tons of rice to the
They have asked to
return their rice export quotas to the VFA despite the association’s warning
that they might be excluded from big export contracts in the future.
Lam Anh Tuan,
director of Thinh Phat Company in
Under the contract
signed between Vietnam Southern Food Corporation (Vinafood 2) and the
National Food Authority (NFA) of the
The director of a
large rice company in Can Tho City said as the
Viet Hung Company
in
VFA chairman Nguyen
Hung Linh confirmed withdrawals of some enterprises from the contract. He
said the association would allocate those quotas to other firms. In the
future, the
association would consider carefully before allocating rice export quotas to
the enterprises that have pulled out this time.
Speaking to the
Daily over the issue, the director of a rice export firm said that some
exporters were willing to take the quotas after the others had walked away.
“We want to take
part in the contract although we may not earn profit from it. For other
export contracts in the future, the VFA may prefer our company to those
withdrawing from this contract due to fears of losses,” he said.
Duong Van Men, a
rice trader in Dong Thap Province, said some traders had purchased rice in
Lap Vo District and Sa Dec City to export to China in recent times,
pushing up rice prices in the Mekong Delta.
Prices of fresh
paddy IR 50404 hover at VND4,450-4,550 per kilo, up VND100-150 a kilo against
last week. The price of unprocessed rice has also increased by VND200
to VND6,700-6,750 a kilo.
Prudential
offers new products for savings, protection
Life insurer
Prudential Vietnam has introduced two new universal life products (ULP) named
Pru-Flexicare and Pru-Protect Well to meet customers’ increasing demand
for savings, protection and a flexible financial plan.
The two new
products guarantee interest rates of return. Customers will receive interest
from the investment performance of the Universal Life Fund and are also
guaranteed a rate of return no lower than 6.5% and 5.5% for the first three
years.
Furthermore,
customers can increase the sum assured without health check requirements
during important milestones such as getting marriage and having a baby.
Pru-Flexicare is suitable for customers with stable incomes and needs for a
safe and flexible financial plan.
Meanwhile,
Pru-Protect Well is the first ULP that allows customers to pay all premiums
at one time. This is a suitable choice for customers who have high idle
capital and investment needs.
International
exhibitions open in HCM City
Three international
exhibitions opened on Wednesday at the Sai Gon Exhibition and Convention
Centre.
The first Coatings
Expo showcases a wide range of machinery, equipment, and products used in the
fields of coating, dyeing, and inking. The other two exhibitions, Paper Viet
Nam and Rubber and Tyre Viet
"With the
participation of nearly 200 companies from various countries, the exhibitions
and seminars will act as an important bridge for Vietnamese businesses to
network, promote trade, transfer technology and co-operate with leading
international companies in the field," Phung Ha, head of the Ministry of
Industry and Trade's Chemical Department, said.
Manoj Kumar, the
acting Indian consul in
Besides exhibitors
from
Source: VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VIR
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Thứ Sáu, 16 tháng 5, 2014
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