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BUSINESS
IN BRIEF 25/5
Vietnamese Prime
Minister Nguyen Tan Dung has ordered a stop to a multi-million-dollar pulp
making plant in the southern
Phuong
The facility broke
ground in March 2006 in Long An, around 60km west of Ho Chi Minh City, and
was put into operation a year later at a capacity of producing 100,000 tons
of paper pulp from jute plants per year.
But the mill had
been producing well below its full capacity until 2009, when its operations
were suspended for many reasons, including the conflicts with jute growers
and machinery breakdowns.
The plant went back
into service in 2012, with a new production line installed. Long An
authorities also zoned 10,000 hectare land plots to grow jute plants to
supply raw materials to the pulp mill.
But the new
machinery repeatedly malfunctioned while the plant could only manage to
source 1,000 hectares of jute plants for its production.
In 2013, when jute
growers had already started their new crops, the plant operator abruptly
announced that it would stop sourcing materials from them.
The Prime Minister
has thus decided to pull the plug on the crippled factory, seven years after
the troubles began.
The People’s
Committee of Long An will have to cooperate with the Ministry of Industry and
Trade and Ministry of Finance to work out a solution to sell or liquidate the
facility and submit a report to the premier by the end of next month, Nguyen
Thanh Nguyen, deputy chairman of the committee, said.
“In principle, we
will try to find a suitable buyer for the plant to prevent waste,” Thanh
said, adding the plant still plays a role of boosting agricultural economy in
the province.
It was hoped that
the pulp mill would give a boost to the agricultural development in Long An,
where most of the agricultural land is more suitable to grow jute plants than
paddy.
In 2007 the
province’s agriculture department launched a program encouraging growers to
replace their paddy fields with jute plants to serve the Phuong Nam factory.
The area of jute
plants thus jumped from 3,100 hectares to more than 10,000 hectares.
But the plant and
jute growers got into a dispute in their very first transaction as farmers
complained that their products were purchased at dirt cheap prices.
Despite
intervention from authorities, the conflict remained unresolved as the pulp
mill refused to increase purchase price.
“While the plant
was expected to bring in economic benefits for the province, it turned out to
be a wasteful investment while the farmer’s confidence was rocked,” said an
official from the agriculture department.
Vietnamese
authorities are seeking for solutions in order to attract more foreign
investment in agriculture which currently accounts for only around 1% of the
country’s total FDI.
According to the
latest statistics from the Ministry of Planning and Investment’s Foreign
Investment Agency, country has so far attracted around 16,000 FDI projects,
with a combined registered capital of USD237 billion. However, only 503 of
them were in the agricultural sector, accounting for USD3.36 billion, or
1.41% of total FDI. In previous years this figure has been closer to 5%.
“Even though
This decrease may
be attributed to a number of reasons: high risks versus low profits, lack of
incentive policies, inconsistent agricultural development policies. Experts
cite all these reasons and more.
“I think that we
are to blame for this situation, not our foreign partners. Infrastructure in
the sector remains substandard, and there is a lack of skilled labour. There
is also little cooperation between agencies, including MARD, the Ministry of
Natural Resources and Environment, and the Ministry of Industry and Trade,”
said economist Dr. Le Dang Doanh.
One thing experts
agree on is that the solution to increasing agricultural FDI must include
MARD identifying those areas of the agricultural industry that hold the most
potential to attract investment, and streamlined coordination between
agencies and local governments.
Whatever policy
shifts are ahead, World Bank economist, Chris Jackson, gave a hint of what
actual investors are looking for when he said, “Attracting foreign investment
is something like a marriage. It's not a partnership in which one side can
abandon the other the moment problems arise. Investment partnerships are the
same. It won't do to simply license investors and leave them with all the
difficulties of implementation. It's necessary to work with the investor to
help them deal with their problems and see their investments thrive."
Consultant
proposes plans for new Binh Loi railway bridge
Transport
Investment and Construction Consultant Joint Stock Company has proposed five
plans to upgrade the currently Binh Loi railway bridge spanning the
The company
explained that the five plans had been forwarded to relevant agencies to
select the best one. Accordingly, plan 1A is to upgrade and convert the
existing
The remaining two
plans are to construct a new bridge but the location of Binh Trieu Railway
Station will remain unchanged or be moved.
Deputy Minister of
Transport Nguyen Ngoc Dong told a meeting last week that the Binh Loi railway
bridge project was important to reorganizing waterway and railway traffic in
HCMC and neighboring
Dong called for
relevant agencies to choose an appropriate plan given financial constraints
at the moment and gather comments from localities on site clearance for the
project.
The 110-year
Firms seek
Gov’t aid to reduce reliance on
Businesspeople have
suggested the Government provide support for local enterprises to operate
efficiently at a time when economic growth is low, thus reducing their heavy
dependence on material imports from
The suggestion was
raised at a seminar on businesspeople’s perspectives about the
Hang Vay Chi,
chairman of
“This means local
textile and garment enterprises contribute the majority of their revenues to
Chinese exporters. A lack of loan incentives and underdeveloped
infrastructure are huddles to the increase of material supply for the apparel
sector,” Chi said. “This has piled much pressure on local firms.”
Chi noted material
supply for the garment and textile sector was not too difficult to find
compared to components in the hi-tech industry. Local apparel producers will
be able to benefit from more material sources when
Most of the
participants at the seminar agreed that many domestic firms still relied on
Nguyen Thi Viet
Hoa, director of Asia Dragon Cord and Twine Co. Ltd, said enterprises now had
to cope with a host of challenges as they should make quality products but
keep prices unchanged.
“We have not
increased our product prices for 15 months despite input cost fluctuations,”
Hoa said.
Other speakers of
the seminar stressed that local businesses should be provided with more
favorable conditions so that they would be able to grow and contribute more
to development of the nation.
Vietnam-Denmark
fashion links fostered
The Danish Fashion
Institute, in collaboration with the Vietnam Textile and Apparel Association
(VITAS) and Better Work Vietnam, has initiated a project to build fashion
brand links and partnership between
VITAS said that the
Fashion Link project, which is sponsored by the Danish Ministry of Foreign
Affairs, would help build a bridge between textile and garment producers of
The long-term goal
of the project is to develop a database of capable and responsible textile
and garment companies for customers to consider and find their right
suppliers.
Toyota
Vietnam launches new Innova, Fortuner models
Toyota Motor
Vietnam (TMV) has introduced new Innova and Fortuner models, including the
sporty version of Fortuner TRD Sportivo 2014.
The new Innova 2014
is powered by 1TR-FE 2.0L engine of fuel efficiency and low emissions.
This model comes with three colors: silver metallic 1D4, medium silver
metallic 1F8 and beige metallic 4R0.
Developed on V
version, the Fortuner TRD Sportivo 2014 is available in white color and is
equipped with 2.7L DOHC16-valves VVT-i using gasoline engine with four-speed
automatic transmission.
The most noticeable
exterior detail of Toyota Fortuner TRD Sportivo is the sport body kit
designed by TRD (Toyota Racing Development), which is
The car is fitted
with a rear seat entertainment system consisted of a roof DVD player with an
8-inch LCD display, a remote control, a set of cordless stereo headphones,
and A/V connection ports.
The new Innova
models are retailed from VND683 million to VND817 million per unit (included
VAT) while the prices of Fortuner TRD Sportivo 2014 are from VND1.1 billion
to VND1.15 billion per unit.
Samsung to
export more Vietnamese-assembled phones
Around 35% of
electronics giant Samsung’s cellphones currently on global markets are
assembled at its factories in northern
The figures were
updated by Nguyen Van Dao, deputy general director of Samsung Vina, last week
when reporters made a field trip to a Samsung factory in the
Dao said a mere 3%
of the products assembled at Samsung factories in
Apart from its
facility in
Dao said that more
people would be employed and more capital would be poured into the
US$2-billion complex to raise output and the proportion of Samsung cellphones
locally made for global sale to 50%.
Around
40,000-45,000 staff are planned for the SEVT, whose capacity is similar to
that of the Bac Ninh complex that posted outbound sales of some US$23.9
billion, over 18% of Vietnam’s export earnings last year.
Samsung has 30% of
the components of its latest smartphone supplied in
The ratio of local
content in Samsung products in
A report by the
General Statistics Office showed that export revenues of phones and
components was around US$2.2 billion last month and nearly US$7.7 billion in
the first four month of this year, with the lion’s share contributed by the
Samsung Bac Ninh facility.
Export revenue of
phones and parts in the January-April period rose over 29% year-on-year and
is poised to edge up further when the SEVT complex runs at full steam and the
major electronics project of LG comes online in the northern city of
Haiphong.
The HCMC Department
of Health last week launched a price stabilization program for pharmaceutical
products this year in cooperation with 12 pharmaceutical producers and
traders.
Participating firms
of the program are offered loans with preferential interest rates to produce
and trade drugs but they are obliged to offer prices that are 5-10% lower
than market levels.
This year, the
program covers 21 groups of locally-produced drugs for normal and chronic
diseases, including analgesic, anti-allergy, diarrhea, stomachache, cough,
diabetes, cardiovascular, antibiotics, worm infection and rheumatism, as well
as vitamin and mineral supplements, among others.
The program will
last until early next year.
The city now has
less than 2,800 drugstores subject to the program. HCMC plans to increase the
number to 3,000 of the 4,000 stores that meet Good Pharmacy Practice (GPP)
standards in the city.
Dutch Lady
milk safe
FrieslandCampina
Vietnam said its Dutch Lady-brand milk suspected of having caused the
hospitalization of over 10 students at a primary school in Nam Dinh Province
last month have been found safe for users.
FrieslandCampina
The firm confirmed
its Dutch Lady Sua Chon milk meets the requirements of the Food
Administration and is safe for users.
Local media
reported earlier that over 10 students of My Tan Primary School in
Businesses
encouraged making full use of FTAs
Businesses should
carefully consider incentives of free trade agreements (FTA) in order to make
full use of them in production and trading.
The proposal made
by Le Trieu Dung, an official from the Ministry of Industry and Trade (MoIT),
at a seminar on the rules of origin of products held in Ho Chi Minh City on
May 22.
He said when
exporting products to other market it is critically important to identify the
origin of products in line with market requirements. To enjoy preferential tariffs,
he said, businesses must realise country of origin (C/O) requirements by
applying for such certificates with authorised agencies.
Currently,
Kurihara Yoshitaka,
a Japan External Trade Organisation (JETRO) expert, also suggested businesses
should study FTA regulations because they directly affect business operation,
related to the opening of market for exports, the business environment, and
supply chains.
The seminar
provided businesses with the latest information about C/O in FTAs,
particularly between
Vietnamese
Pangasius promoted in South Africa
The Vietnamese
Embassy in
Addressing the
gathering, Ambassador Le Huy Hoang emphasized the tremendous potential for
expanded multifaceted cooperation between the two countries, especially in
economics and trade.
In recent years,
bilateral trade has grown considerably, with the 2013 value increasing
20-fold to US$1.2 billion, compared to just US$54 million in 2002, he added.
The ambassador
expressed his hope that the event will help Vietnamese Pangasius make inroads
into the South African market, contributing to the development of trade, and cooperation
between the two countries.
He said the
programme is part of economic-diplomacy activities to promote Vietnamese
products in
According to Nguyen
Hong Tien, Trade Counsellor to
For her part,
President of the Johannesburg Chamber of Commerce and Industry made a
commitment to further strengthen cooperation with relevant Vietnamese
relevant agencies in order to create favourable conditions for
Support
industry development crucial to Vietnam
At the forum,
Bui Quang Hai, Vice
Chairman of the Ho Chi Minh City Mechanics Association, said most Vietnamese
manufacturers have yet to meet investors’ requirements as the support
industry in
The support
industry plays a very important role in attracting investors who only target
markets meeting their demands, he said.
Duangdej
Yuaikwamdee, Vice Managing Director of Reed Tradex shared Hai’s view adding
that
Experiences shared
at the forum will help each Vietnamese participating company to understanding
better the important roles of cooperation and building alliances to develop
the support industry strongly in the future, said the Thai executive.
The 10th forum is a
premise of a support industry exhibition, Metalex
Pepper
exports red-hot this year
Addressing a
meeting held in
Pepper exports saw
strong growth since 2011, rising from US$693 million then to US$898 million
last year, he said.
The International
Pepper Community has forecast global supply to fall by 45,000 tonnes this
year to 320,000 tonnes and demand to remain high, keeping prices high, he
said.
With a 50% global
market share,
With importing
markets like the EU demanding higher food safety requirements, the
association as well as delegates at the meeting called on farmers to focus
more on applying good agricultural practices (GAP) to ensure quality and help
develop the industry in a sustainable manner.
“Farmers are aware
of the importance of GAP adoption in pepper cultivation, but its use is still
modest. The practice should be expanded further,”
The association
hopes to persuade buyers to pay higher prices for GAP-certified pepper to
encourage more farmers to apply the standards, he said.
Hoang Phuoc Binh,
deputy chairman of the Chu Se Coffee Association, said to sustain growth the
industry needs to focus more on building brand names for Vietnamese pepper.
Duong Phuong Thao,
deputy director of the Ministry of Industry and Trade's Import-Export
Department, said relevant agencies should review plans for pepper cultivation
because unregulated expansion will increase supply too much, causing prices
to fall.
She also called on
firms to invest more in technologies to diversify products and improve
quality to add value.
The association
urged the Ministry of Agriculture and Rural Development to support the
industry in applying VietGap standards to pepper cultivation, training human
resources, and brand building.
Vietnamese pepper
products are exported to 90 countries and territories, the association said,
with the EU and Asian countries being the largest buyers.
The country has
around 62,000ha under pepper now, and the output is estimated to reach
125,000-130,000 tonnes, marginally up from last year. It plans to import
around 20,000 tonnes to process and export.
Government
moves to top up foreign reserves
In the newly issued
Decree No 50/2014/ND-CP on May 20 by the government, additional sources are
reserves that are bought by interests derived from the existing reserves
investment, and those bought by interests of foreign deposits of the State
Treasury and credit institutions. The new regulation takes effect on July15,
2014.
The other sources
that formulate the state reserves remain unchanged.
In the Decree No
86/1999/ND-CP datedAugust 30, 1999, the State foreign exchange reserves are
formulated from the following sources: the existing foreign exchange under
the state ownership and the management by the State Bank, foreign exchange
bought from the state budget and from the domestic foreign currency and gold
markets, foreign exchange from loans of foreign banks and international
financial organisations, and foreign exchange from other sources.
The State Bank of
The central bank's
Governor Nguyen Van Binh also announced in the government's April meeting
that if taking into account the potential, the reserves probably amounted to
US$45 billion. Larger reserves are believed to help stabilise foreign
exchange rates.
In the new decree,
the State foreign exchange reserves for the first time include special
drawing rights at the International Monetary Fund. Other components are
almost similar but more specific. The reserves include foreign currencies in
cash, foreign currency on overseas deposit accounts; securities and other
valuable papers in foreign currencies issued by the government, foreign
institutions, gold managed by the State Bank of
Currently, the
state foreign exchange reserves contain foreign currencies in cash, foreign
currency credit balance on overseas deposit accounts, bills and
acknowledgments of foreign debts in foreign currencies, debt securities
issued or guaranteed by the government. It also contains foreign banks,
international monetary organisations or banks, and international standard
gold and other kinds of foreign exchanges.
Under the new
decree, every six months or as and when required, the State Bank's governor
will review and decide structure, standards and cap for the State foreign
reserves investment and then report to the Prime Minister.
TV forum
discusses
A Vietnam Business
Insights forum was held by Singaporean broadcaster Chanel NewsAsia in
Nearly 400
executives of domestic and foreign enterprises discussed economic growth
models in
They also discussed
challenges to the business circle amid the fluctuating global economy.
At the forum,
Deputy Minister of Planning and Development Dang Huy Dong said that
To that end, it
prioritises making three strategic breakthroughs, namely completing the
market economic mechanism and creating an equal and competitive environment;
developing a high quality workforce; and building comprehensive
infrastructure, he said.
The Vietnamese
Government has been adopting various solutions to improve its business
environment and competitiveness, for example by amending laws on enterprises,
corporate income tax and investment.
Dong noted that in
the coming time, the country will continue stabilising the macro-economy,
curbing inflation and removing hindrances for the business circle.
It will also speed
up administrative reform, corruption and wastefulness prevention, along with
ensuring national defence, political security and social order, he added.
HCMC to
host support industry expo
An exhibition on
support industries will be held in
The information was
released following the signing of a cooperation agreement in
The expo will
provide the chance for domestic and foreign producers to exchange experience,
seek business partners and approach the latest technology and innovations in
the fields of electricity, electronics, mechanics, and plastics.
According to JETRO
statistics,
Hirotaka Yasuzumi,
JETRO HCM City Managing Director, said the office has coordinated with
private Vietnamese businesses and government agencies to implement plans on
support industry development.
JETRO aims to meet
the demand of potential entrepreneurs through business networking events,
seminars, and human resource training programmes for support industries.
The Cuu Long
(Mekong) Delta must develop new strategies and clear goals to attract more
investors to the region, a Japanese executive said at a conference held
yesterday in
Yasuzumi Hirotaka,
CEO of Japan External Trade Organisation, said that he had taken part in many
conferences about the issue, but nothing changed in reality.
Although the Delta
has abundant marine products, cheap labour and land-use costs, its marine
industry was not advanced technologically, and its market and customer base
are poorly developed.
In addition, the
low quality of infrastructure and services at industrial parks, the lack of
local parts and materials, and poor transportation remained challenges in the
area.
However, he noted
that opportunities still existed, particularly in the processing industry for
rice, fruits, shrimp and other products of the region.
Also speaking at
the conference, Nakajima Satoshi, consul general of Japan in HCM City, said
Can Tho and other provinces in the region should promote their specific
geographical advantages to foreign investors.
With a population
of 17 million, the region has an abundant labour force, but due to limited
jobs available, many people go to HCM City or other provinces like Binh Duong
and Dong Nai to look for work.
"Therefore,
creating jobs for local people in the region is of great importance," he
told the media.
Nakajima said Japan
would continue to cooperate with Viet Nam and the Mekong Delta by introducing
the region to Japanese businesses and citizens.
As for FDI
investment, Herb Cochran, CEO of AmCham in HCM City, said companies that want
to attract investors should consider not only their needs and wants, such as
a well-developed food and beverage sector, but also the needs of US
companies.
US companies are
willing to invest in the Mekong Delta if it suits their business plan and
capabilities, and if there are good partners in business and government, he
said.
Kai Schroter, vice
chairman of EuroCham's Tourism and Hospitality Sector Committee, said the
government should improve national tourism through national tourism branding,
marketing and promotion, as well as reform in hospitality education.
Also at the event,
Hirofumi Kishi, general director of Sapporo Viet Nam, a joint venture between
Japan and Viet Nam, said the Delta's location near HCM City, the country's
largest economic centre, and a large labour force attracted investors, but
the legal system was unclear and administrative procedures were complicated.
In addition, better
infrastructure was important to attract investment in industrial zones, roads
and power systems, he said.
Support
industries were still weak, he added.
"I hope there
are more qualified local suppliers of raw materials and support industries
that meet the quality requirements of the Sapporo Group," he said.
About 200 people,
including economists, foreign investors, the consul generals of India and
Japan, as well as officials from international organisations, attended the
conference.
The Mekong Delta
region achieved economic growth of more than 10 per cent in 2011 and 2012.
The delta, with
12.2 per cent of the country's area, has nearly 20 per cent of the country's
90 million population.
As the country's
largest agricultural area, its major exports are agricultural products and
seafood. Last year, it exported more than 6 million tonnes of rice, or 90 per
cent of the country's total rice shipments.
Exports of seafood
were worth $4.1 billion, accounting for 60 per cent of the country's total
seafood exports.
Since 1988 the
region has attracted more than $11.3 billion in 830 foreign direct investment
projects.
Long An Province
tops the list with nearly $3.8 billion and 493 projects, followed by Kien
Giang with $3.1 billion and 35 projects.
Last year, 54 countries
and territories invested $14.2 billion in the Mekong Delta, with Japan at the
top with $5.7 billion, followed by Singapore with $4.4 billion and South
Korea with $4.3 billion.
Lenders
told to shore up IT security measures
The State Bank of
Viet Nam (SBV) has requested all banks and credit institutions to strengthen
the security and safety of their information technology (IT) systems.
They have been
asked to provide 24-hour protection of their IT systems, particularly in
their data centres and server rooms.
They have been also
told to hire qualified IT experts to ensure Internet access, system access,
database and user management, as well as password policies are carried out
properly.
And they must limit
and monitor remote access into their IT networks and to use IT experts around
the clock to analyse any signs of violation.
The banks will have
to develop their own methods for handling any security issues and IT
infrastructure.
IT equipment and
service providers must promptly notify banks about any weaknesses in
security.
Banks have also
been told to ensure continuous operation of the IT network, inclduing core
banking, payments, Internet and mobile banking, as well as website and ATM
systems.
The SBV requires
credit institutions and branches of foreign banks to make the necessary
adjustments and report back to the SBV before June 15.
CPI shows
mixed results
The Consumer Price
Index (CPI) in May was down by 0.07 per cent from the previous month in Ha
Noi but rising 0.36 per cent in HCM City, according to statistics offices'
estimates .
In Ha Noi, only
food and foodstuff group out of the 11 baskets of goods, which contribute to
the calculation of the capital's CPI data, had a price decrease this month.
The basket's price, which accounts for the largest contribution in CPI
calculation, slid by 0.57 per cent this month (prices of food declined by
0.93 per cent while those of foodstuff declined by 0.73 per cent).
Prices of housing
and construction materials including rent, electricity, water, fuel and
construction materials rebounded to rise by 0.51 per cent this month after
three consecutive months of decline, as prices of kerosene rose by VND130 per
litre in the middle of April and prices of cooking gas rose by VND3,000 –
8,000 (14 -37 US cents) per 12 kilo tank in May 1.
Transport prices
reported the highest price hike this month, which jumped by 0.53 per cent
because of petroleum price hike and the government request to control
overloaded trucks that forced transportation owners to raise freight to
offset their profits gained from earlier transportation by overloading. In
addition, ticket prices for buses were also raised in May.
Prices of gold lost
1.4 per cent this month, tumbling 13.44 per cent on year in May.
Prices of US dollar
remained unchanged this month and rose by 0.81 per cent on year this month.
In contrast to Ha
Noi, CPI in HCM City increased by 0.36 per cent in May against the previous
month, according to the HCM City Statistics Department.
The decrease was
due to a hike of food and foodstuff prices in the basket. Prices of food rose
by1.41 per cent while those of foodstuff increased by 0.03 per cent as the
demand for rice exports was higher.
Prices of housing
and construction materials including rent, electricity, water, fuel and
construction materials rebounded to rise by 0.38 per cent this month after
two consecutive months of decline. Transport prices in the city also reported
a jump of 0.19 per cent over the previous month.
HHS
completes first capital arrangement with GEM
Hoang Huy
Investment Services SJC (HHS) successfully completed its first round of
capital arrangement in accordance with the Private Placement Agreement after
it signed with Global Emerging Markets (GEM) early this year.
HHS issued this
announcement yesterday after HHS's Chairman Do Huu Ha successfully sold
184,160 shares to GEM, a transaction based on the Private Placement Agreement
between HHS and GEM.
In February, 2014,
HHS and the European-based Global Emerging Markets Ltd (GEM) entered into a
Private Placement plus Warrant Agreement valued at VND324 billion ($16
million). The transaction was arranged and advised by Olympic Capital Group,
Inc and Asia Global Capital Group.
Viet Nam
Airlines valued at $2.78b
Minister of
Transport Dinh La Thang has approved the valuation of the flag carrier Viet
Nam Airlines (VNA) at VND57.156 trillion (US$2.78 billion), based on its book
value.
The State capital
in this amounts to VND10.567 trillion ($507.79 million).
The airline's valuation
is an important basis for VNA's equitisation board to conduct equitisation.
VNA plans to launch its initial public offering in September.
Earlier, VNA
submitted two methods of valuation to the Minister of Transport, including
basing on its book value and an estimate by foreign financial advisers based
on international standards.
The foreign
advisers have said that VNA is worth VND57.047 trillion ($2.7 billion), with
the State capital amounting to VND23.493 trillion ($1.128 billion), as of
March 31, 2013.
Military
Bank gains profit increase in Q1
Military Bank's
after-tax profits increased slightly 1.4 per cent year-on-year in the first
quarter of this year, reaching VND636.3 billion, or US$30.3 million.
The bank's new
financial reports attributed the rise to a 7.8 per cent decline in risk
provisional funds, which reached nearly VND366 billion, or $17.43 million.
The total operational revenues reached VND1.83 trillion, or $87.14 million,
down 0.7 per cent over the same period last year, while operational costs
totaled VND656.4 billion, or $31.26 million, up 6.5 per cent.
Mobiles
remain largest export earner
Cell phones and
accessories topped the country's overall export from January to April this
year, earning US$8.08 billion, a year-on-year increase of 36 per cent,
according to the General Department of Customs.
EU is Viet Nam's
largest importer of mobile phones and accessories during the period, with
$2.8 billion, up 17.8 per cent, followed by United Arab Emirates, with $1.2
billion, up 17.6 per cent. Of note, exports of these products to the Korean
market jumped by 25 times, with $498 million, according to the statistics.
IDG, VACPA
to reward outstanding firms
IDG ASEAN and Viet
Nam Association of Certified Public Accountants (VACPA) on Wednesday launched
Viet Nam Outstanding Corporate Awards (VOCA) 2014.
The awards are
presented to recognise and honour enterprises, promote the spirit of success,
innovation and competitiveness. The awards aim at both listed and non-listed
enterprises, in which Vietnamese partners hold at least 50 per cent of the
stakes and earn a minimum of VND500 billion (US$23.69 million) in total
revenue yearly.
A set of assessment
criteria includes governance frames, rights of shareholders, practices of
taxation, transparency and information disclosure, responsibilities of
executive boards and business effectiveness. Deadline for application
submission is 20 June, 2014.
Source: VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VIR
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Chủ Nhật, 25 tháng 5, 2014
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