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BUSINESS
IN BRIEF 12/9
A Vietnamese
delegation led by Deputy Minister of Science and Technology Pham Cong Tac
took part in the 2014 Summer Davos Forum, which opened in China’s northern
city of Tianjin on September 10.
Taking place in the
context of global economic recovery, this year’s forum, themed “Creating
value through innovation”, has drawn more than 1,600 politicians, scholars,
researchers and businesspeople from 90 countries and territories worldwide.
Also known as the
Annual Meeting of the New Champions 2014, the event aims to look for new
industries and technologies to ensure the sustainable recovery of the world
economy.
Participants will
discuss scientific and technological innovations in five major fields
including data analysis, Nano technology, man-made intelligence, nerve
science and non-traditional energy as well as their impacts on economy and
society.
They will also
focus on a number of hot issues such as social stability, innovation and
industry, science and technology, and creativeness and culture during about
140 seminars.
According to Tac,
via this forum, the Vietnamese delegation wants to seek solutions for the
national economy as it is now facing big changes and challenges.
The Summer Davos
Forum has been held in
The Vietnam
Securities Depository (VSD) recently announced the list of securities to be
used as collateral to implement securities lending regulations in its Decision
No 111/QD-VSD.
Accordingly,
exactly 223 codes listed on two national stock exchanges were qualified. This
includes 60 codes on the HNX30 and VN30 packages, made up of the top stocks
by capitalisation and liquidity, and others based on liquidity. It also includes
Government bonds and Government-guaranteed bonds listed on Hanoi Stock
Exchange.
The VSD issued its
decision on the securities lending and borrowing system on August 19, in
preparation for the operation of exchange-traded funds in
Deduction rates of
asset value, the rate to be deducted from the prices of securities used as
collateral, was set at five percent on Government bonds and
Government-guaranteed bonds, 30 percent on securities in the VN30 and HNX30
packages and 40 percent on others.
VSD said the
reduction rates aimed to prevent risks and ensure the rights of lenders,
since a number of stocks might be priced beyond their true value.
The lending
interest rates will be subject to agreements between borrowers and lenders
but should not exceed 120 percent of the rate regulated by the State Bank of
Business
establishment procedures to be accelerated
Prime Minister
Nguyen Tan Dung has given instructions to speed up the reform of
administrative procedures for individuals and business operations.
He made this
request during a working session on the administrative procedure reform with
officials from the Ministry of Planning and Investment in
The PM stated it
was the Government’s key task to improve the institutional framework and push
the administrative reform, adding that ministries and localities needed to
continue to review the measures they implemented to attract investments and
increase competitiveness.
According to the
leader, improvements to the business environment and an increase in national
competitiveness contributed substantially to
A one-stop-shop
approach to administrative procedures has shortened processing time
significantly, Dung said, calling for an acceleration of implementation
efforts.
PM Dung proposed
ministries and sectors put forth specific measures to perfect the legal
framework for investments and businesses, with a particular focus on
reforming administrative procedures; removing barriers to investment;
reforming market access procedures; implementing investment projects; and
facilitating business operations in all areas of the economy.
The ministry
reported it had been working with the Ministry of Finance and the Ministry of
Public Security since 2007 to implement the one-stop-shop approach to
business registration, tax registration and other procedures relating to the
establishment of new businesses.
In 2010, the
national business registration system was established, aiming to
fundamentally reform the business landscape of
Foreign
banks offer syndicated loan to VietinBank
The Vietnam Joint
Stock Commercial Bank for Industry and Trade (VietinBank) in
The four lenders
are Cathay United Bank, Mega International Commercial Bank, Far East National
Bank and Hua Nan Commercial Bank.
The syndicated loan
will enable VietinBank to increase its capital capacity for national economic
development.
VietinBank General
Director Le Duc Tho highly said the cooperation between Vietnamese bank and
four foreign banks will give a boost to the development of his bank and the
country’s financial and banking market alike.
Cathay United Bank
is a wholly owned subsidiary of Cathay Financial Holding Company, the largest
financial holding company in
Techcombank
receives 10 international awards
The Vietnam
Technological and Commercial Joint Stock Bank ( Techcombank) on September 9
received 10 awards presented by four prestigious international magazines in
the finance-banking sector, the bank said in a press release the same day.
The Global Banking
& Finance Review, a globally leading online portal in banking and finance
of the
At the same time,
the Asian Banking and Finance Magazine gave Techcombank three awards -
Vietnam Domestic Retail Bank of the year; Vietnam Domestic Foreign Exchange
Bank of the year, and Domestic Trade Finance Bank of the year.
The Finance Asia
and Corporate Treasurer Magazine named Techcombank the Best Commercial Bank
in
The awards are a
recognition of Techcombank’s constant efforts to modernise the banking
system, and diversify its products/services.
The bank, which
marks its 21 st anniversary this year, has built a wide network of over 300
branches and more than 2,000 POS nationwide. Its assets are estimated at 171
trillion VND (8.14 billion USD).
ACMECS
ministerial retreat on tourism cooperation held in Vietnam
Senior officials
from
The tourism
ministers of
The officials
agreed that in the 12 months of implementing the ACMECS joint statement on
tourism cooperation, the five countries’ national tourist offices had
intensified their collaboration and supported each other at international
tourism fairs.
They also carried
out numerous measures to facilitate trans-border tourist crossings.
Delegates stressed
the need to further boost cooperation and work towards a joint ACMECS visa
zone under the slogan “Five nations - One destination”.
Building
materials industry under realignment
The domestic
building materials market is expected to be knocked into shape following the
recent governmental approval of the sector’s master plan until 2020 with a
vision towards 2030, the Vietnam Investment Review (VIR) reported.
The prime
ministerial Decision 1469/QD-TTg to greenlight
Accordingly, the
Prime Minister has suggested stopping investment in building new ceramic tile
production units from now until 2015. In the period from 2016 to 2020, this
line of investment will get the go-ahead to reach the total designed capacity
of 570 million square metres of ceramic tiles per year.
Statistics from the
Ministry of Construction (MoC) showed that the total designed capacity of
tiling materials should reach 450 million square metres per year in 2015,
increasing to 570 million square metres per year in 2020.
In respect of
natural masonry veneers, the Government has set the target for the total
designed capacity of 15 million square metres per year in 2015, doubling to
30 million square metres per year by 2020. It expects to achieve these
targets through production expansion or new investments.
The Prime Minister
also demands using state-of-the art technology in the extraction process with
minimal usage of explosives to limit environmental damage. Masonry veneer
businesses are also encouraged to cooperate with calcium carbonate production
units to reduce waste and alleviate environmental pollution.
Le Van Toi, Head of
the MoC’s Building Materials Department told VIR that of the major building
materials only cement had a detailed development plan based on actual market
needs while most others did not, leading to the oversupply of many building materials
in the market.
“In past years,
building material units have used less-than-modern technologies and equipment
which are high on fuel consumption and harmful to the environment. As well as
that, the management of natural resources has been lax,” Toiwas quoted as
saying, adding that the enactment of the new decision would help tackle these
problems.
With regards to
clay bricks, the Prime Minister has encouraged the production of large hollow
clay bricks using modern technologies. Centrally-governed localities are
required to work on a roadmap to gradually discontinue the use of furnaces
that employ obsolete technologies.
The approved
planning also forecasts that
Minister says
‘golden air route’ meant to benefit customers
The straight-line
air route linking
The minister told
the “Citizens Ask, Ministers Answer” program aired on VTV on Sunday evening
that aviation safety will always take the first priority over the air route.
And customers would benefit from the lower airfares as airlines could reduce
operating costs.
The golden air
route has been one of the solutions to improving efficiency of transport
operation that the ministry has deployed, Thang explained. The air route had
been studied for years but the ministry delayed it due to unfavorable
conditions.
The plan is now
reconsidered after
Earlier, the Civil
Aviation Authority of Vietnam (CAAV) said flight simulations showed that the
flight straight from HCMC to
In a related
development, CAAV has asked the Japan International Cooperation Agency (JICA)
to help reevaluate the test results submitted by national carrier Vietnam Airlines.
As planned, CAAV
will send an official report on the final results of the straight-line air
route over the airspace of
Vung Ro oil
refinery to turn out first products in 2020
The Vung Ro oil
refinery project gets off the ground on September 9 in the central
The nearly
US$3.2-billion petrochemical project includes an oil refinery covering 404
hectares and Bai Coc port occupying 134 hectares in Hoa Tam Industrial Zone
in Dong Hoa District.
The refinery will
have total annual output of eight million tons of products, including
liquefied petroleum gas (LPG), gasoline, jet fuel, diesel and heavy
industrial oil, benzene and polypropylene.
Once in operation,
the facility will contribute more than US$110 million to the State budget and
create 1,300 jobs for local people.
As previously
covered by the Daily, the investors of the Vung Ro oil refinery project are
the
Work on the
big-ticket project starts after 10 years of negotiations between foreign
investors and the provincial government as there were issues relating to its
production capacity which was adjusted from one million tons per year to four
million tons and then eight million tons at present.
The investors of
the oil refinery project will apply technology and technical design of the
Prime Minister
Nguyen Tan Dung has approved in principle applying a 0% export tax to its
refined products and the same incentives granted for other oil refinery
projects in terms of distribution of refined oil products, taxes on foreign
contractors and use of natural resources.
Vung Ro is a deep
bay on the foot of Ca Pass in Hoa Tam and Hoa Xuan
Duc Long
Gia Lai unveils VND11-trillion cow breeding project
Duc Long Gia Lai
Joint Stock Company has announced a cow breeding project worth up to VND11
trillion (some US$520 million).
The company will
carry out the project in collaboration with Vinamilk and
Duc Long Gia Lai
will buy 80,000 dairy cows of the Holstein Friesian breed from
The project will be
deployed in the Central Highlands provinces of Dak Nong, Daklak and Gia Lai
in the initial stage, and the company calculated 7,500-8,000 hectares will be
needed for the cattle.
Bui Phap, chairman
of Duc Long Gia Lai, said in addition to its own land, the company has got
approval from the three provinces to survey more than 20,000 hectares to
select the areas for raising the cattle.
Phap said Duc Long
Gia Lai has worked with barn solution provider Delaval Corporation to find
appropriate areas for the project. The company has clinched an agreement with
Vinalmilk for breeder purchase, breeding technology, human resource
development and product consumption.
Duc Long Gia Lai
will import the first herd of cows in the first quarter of 2015 and dairy
cows in the second quarter of the same year, according to Phap.
In June this year,
Hoang Anh Gia Lai Joint Stock Company signed agreements with Nutifood and
Vissan for executing a cow breeding project worth VND11-12 trillion.
Promoting
cooperation in Development Triangle Area
Experts from
The Development
Triangle Area holds a strategic position in economic, trade and tourism
cooperation among the three countries. It aims to pool more investment
resources to spur economic development of 13 provinces in the region and
accelerate economic cooperation in the three countries.
All Vietnamese
invested projects have helped promote local economic development, increase
State Budget revenues, generate jobs and improve infrastructure.
Leng Rithy, a
representative of the Vietnam Rubber Group (VRG) in
Participants worked
out solutions for completing legislation and improving infrastructure to
attract more investment into the DTA.
FPT wins
US$6.6 mln contract in
FPT IS, an
information system affiliate of the Corporation for Financing and Promoting
Technology (FPT), has been awarded a US$6.6 million contract to supply and
implement an integrated income tax management system for
A FPT IS
spokesperson announced the project is scheduled to be completed over 16
months, with funding provided by the Asian Development Bank (ADB).
Upon completion, it
is expected to reduce time and expense for 1,200 tax officials and 3 million
tax payers in carrying out income tax transactions via the Internet.
It should also help
enhance management capacity via a modern information technology system for
FPT IS Director
Pham Minh Tuan said
Rubber
exports take a nosedive
Vietnamese rubber
exports are forecast at 1 million tonnes with total export value of US$1.8-2
billion for 2014, down 10% in volume and 25-30% in value compared to last
year.
The Agro-Forestry
Processing and Salt Industry Department (AFPSID) attributes the decline to
low consumption and an excess supply in the world market.
AFPSID Director
Nguyen Trong Thua predicts rubber prices will continue to drop in the
long-run due to a slow recovery of the global rubber market.
Rubber prices in
Most types of
exported rubber dropped both in volume and value, including SVR 3L, SVR CV60,
Latex and SVR 10.
In the first eight
months of this year, rubber exports reached 548,000 tonnes valued at US$989
million, down 9.8% in volume and 31.9% in value compared to last year’s
corresponding period.
Although
A geographic
indications (GIs) exhibition, organised by the Ministry of Science and
Technology and EC-ASEAN Intellectual Property Rights Cooperation Programme,
opened in
The two-day
exhibition has attracted 70 participating organisations from throughout the
ASEAN region, introducing products which are considered intellectual property
protected under laws governing GIs in Vietnam and ASEAN.
The Vietnamese
booth features a wide display of specialized products, including Phu Quoc
fish sauce, Trung Nguyen coffee, Phuc Trach grapefruit, Tan Cuong tea, and
Hue conical hats, drawing the greatest attention from visitors.
Feature products
from ASEAN countries included natural algae from
According to the
organising board, GIs not only help consumers locate authentic products, and
boost the production and trade of traditional goods, but also help improve
competitiveness of local products.
Currently, there
are about 10,000 protected GIs in the world with an estimated trade value of
more than US$50 billion, including 120 GIs in the ASEAN region.
Addressing the
event, Deputy Minister of Science and Technology Tran Van Tung said that GIs
become an important instrument in the field of trade and create a link of
product value chains, contributing to socio-economic development and tourism
promotion.
He said
The exhibition is
expected to raise people’s awareness of GIs which are mostly used to protect
intellectual property and promote trade value of products in
A geographic
indications (GIs) exhibition, organised by the Ministry of Science and
Technology and EC-ASEAN Intellectual Property Rights Cooperation Programme,
opened in
The two-day
exhibition has attracted 70 participating organisations from throughout the
ASEAN region, introducing products which are considered intellectual property
protected under laws governing GIs in Vietnam and ASEAN.
The Vietnamese
booth features a wide display of specialized products, including Phu Quoc
fish sauce, Trung Nguyen coffee, Phuc Trach grapefruit, Tan Cuong tea, and
Hue conical hats, drawing the greatest attention from visitors.
Feature products
from ASEAN countries included natural algae from
According to the organising
board, GIs not only help consumers locate authentic products, and boost the
production and trade of traditional goods, but also help improve
competitiveness of local products.
Currently, there
are about 10,000 protected GIs in the world with an estimated trade value of
more than US$50 billion, including 120 GIs in the ASEAN region.
Addressing the
event, Deputy Minister of Science and Technology Tran Van Tung said that GIs
become an important instrument in the field of trade and create a link of product
value chains, contributing to socio-economic development and tourism
promotion.
He said
The exhibition is
expected to raise people’s awareness of GIs which are mostly used to protect
intellectual property and promote trade value of products in
Paper
manufacturing facility shaping up in Ba Ria-Vung Tau
A Taiwanese
company, Cheng Long Group, has announced plans to construct a US$1 billion
industrial paper processing plant with a capacity of over 1 million tonnes
annually in the southern
The project was
first mentioned in a dialogue between Cheng Long Group CEO Tong Ho Tsai and
Ba Ria-Vung Tau provincial People’s Committee Vice Chairman Ho Van Nien in
July 2014.
The Taiwanese
group, specializing in providing paper for big groups such as Apple and Nike,
currently has 29 paper plants throughout the world and two in
Apart from the
project, Cheng Long Group is keen on investing in a power plant using coal
biomass energy in Ba Ria-Vung Tau province.
Port expert
advises on Cai Mep efficiency
Member of the Vietnam
Logistics Association Executive Committee and board member of leading port
and logistics operator Gemadept Corporation, Vu Ninh provided VIR with an
action plan on how to transform the Cai Mep-Thi Vai port complex into a world
class venue in the not too distant future.
Despite a several
billion dollar investment and installation of cutting-edge equipment and
technology, the operational efficiency of the southern
First, it is
crucial to form common price sets for port services, diverse charges,
synchronised development policies and the setup of a port authority model as
well as links between ports in transport and associated infrastructure.
In fact, after five
years of construction, a road project providing transport to the Cai Mep-Thi
Vai area has not yet been completed. Another problem that needs to be tackled
is that there are a number of mini terminals in Cai Mep area which are
distant from each other, so it is important to shape a terminal chain, which
helps to limit the time for processing and thereby attracts more vessels.
Second, there is a
need to reduce the cargo volumes between
Once ports are
opened in Cai Mep, management has a broader vision to dredge and expand into
the sea. The port system however has yet to realise this vision and
containers are still concentrated in
From that lesson
Third is promoting
connectivity between domestic inland waterways and ports in
Towards this end,
both countries’ transport authorities need to sit together to tackle administrative
procedures, allowing ships to make entry/exit at river-way border gates. At
present, port authorities and other agencies at the border work regular
hours, they need to work later.
Khanh Hoa
to take over
The Ministry of
Transport has told Vietnam National Shipping Lines (Vinalines) to complete
transferring
At a working
session with the ministry last week, vice chairman of Khanh Hoa Province Le
Duc Vinh said after taking over the port, the province would upgrade it into
a modern port but still ensure the interests of employees.
Nguyen Chien Thang,
chairman of
To acquire the
management right of
According to Nha
Trang Port One Member Company’s announcement to sell shares last April, the
value of the port after equitization is estimated at VND245.4 billion, with
the State holding VND184 billion (75%), nearly 22.7% of its shares worth
VND55.6 billion to be sold to investors via an auction and the rest to
employees. However, the share auction failed at that time.
In 2012,
At a meeting with
Prime Minister Nguyen Tan Dung in April this year, Khanh Hoa repeated its
proposal and got the nod from the Prime Minister. The Ministry of Transport
and Vinalines were assigned to work with the province over the future of the
port.
Laguna Lang
Co sold 80 per cent of first launched townhome block
Residential project
Laguna Park Lang Co is the newest addition to Laguna Lang Co’s portfolio of
world-class lifestyle second homes after Banyan Tree and Angsana Residences.
Consisting of seven blocks, a total of 70 two-bedroom townhomes –195.6 square
meters each – are ideally located adjacent to the award-winning championship
course Laguna Lang Co Golf Club, with expansive views of the golf course and
generous green space.
The first ten units
of Block 1 were open for sale in this event with special early bird offer
priced at $265,000. Construction of the first block will soon start, followed
by the opening of Block 2.
Easy access to
three kilometers of pristine beach and a wide variety of world-class hotel
facilities within Laguna Lang Co promises homeowners comfort and leisure
unlike any other golf residences. With a compact yet functional modern style,
the
Golf tournament
event last week gathered close to 80 golfers and top investors from all over
Vietnamese and
international golfers competed over 18 holes on right in
It added that
The appraisal was
made at a meeting on September 9 chaired by Deputy Prime Minister Vu Duc Dam
and WB East Asia and Pacific Regional Vice President Axel van Trotsenburg in
preparation for the Vietnam 2030 Report.
The report,
expected to be finalised by the end of 2015, will give recommendations for
The main questions
to be discussed in the report are what
The report will
assess
The agreement to
compile the Vietnam 2030 Report was reached between Vietnamese Prime Minister
Nguyen Tan Dung and WB President Jim Yong Kim during his visit to
Many commercial
centers, supermarkets and traditional wet markets in HCMC are running
promotion programs from the start of this month, giving consumers chances to
buy products with price discounts of up to 50%.
At present,
supermarkets under Saigon Co.op including Co.opmart, Co.opXtraplus Thu Duc,
Co.op Food store chains and TV shopping channel HTVCo.op are launching the
“Pride in Vietnamese Goods 2014” program until September 14.
Around 3,000
necessities from over 600 suppliers such as Vinamilk, Tuong An, Nam Duong, My
Hao, Vinacafe, Kinh Do and Colusa will be discounted by up to 50%.
Vo Hoang Anh, marketing
director of Saigon Co.op, said the price cuts aim to boost consumption and is
in response to the campaign of promoting Vietnamese goods and the 2014
promotion month of HCMC.
Besides selling
products with discounts at its supermarkets, Saigon Co.op will deploy trucks
carrying goods to rural areas and industrial parks to serve local people and
workers, Anh added.
Saigon Trading
Group, or Satra, also launches a promotion program at Satra Pham Hung in Binh
Chanh District with 600 products while buyers coming to Saigon Supermarket in
District 10 will receive presents and can join a lucky draw apart from
enjoying discounts on products of 200 suppliers.
Meanwhile, Big C
supermarket chain also runs a range of promotion programs from on September 9
to October 6 with discounts of between 5% and 50% on nearly 1,000 items.
Besides food
products, around 2,000 household application products and electronic devices
sold at price discounts of up to 49% are available at
In addition, as
many as 40 traditional markets in the city such as Ben Thanh, Nguyen Thai
Binh and Tan Dinh in District 1, Phu Lam, Binh Tay and Binh Tien in District
6 and Xom Chieu in District 4 also offer price reductions of 5-30% on
clothes, footwear, bags and foods.
The city’s
Department of Industry and Trade said that competent agencies and market
monitoring teams of districts will conduct inspections to ensure the quality
of products joining sales promotions this month.
In this year’s
promotion month, there will be around 4,370 places selling goods at discounts
from 1,200 enterprises and 3,000 family-run businesses, up 45.6% against last
year.
Assets
involving Thien Thanh Group banned from transfer
Assets relating to
Thien Thanh Group such as land, projects and shares are banned from transfer
as police are conducting an inspection following the detention of the group’s
board chairman,
On July 29, police
arrested Pham Cong Danh, board chairman of Thien Thanh Group, and filed
criminal charges against him and his accomplices over what is termed as
violating State regulations causing serious economic consequences.
In Danang City, the
corporation owns three big projects including a commercial complex on the
premises of Chi Lang Stadium with total investment capital of nearly VND1
trillion, the Green Plaza Hotel project worth VND350 billion, and a
2.2-hectare commercial center project on Truong Chinh Street.
In Quang Ngai
Province, Thien Thanh Group is the owner of a complex located in Son Tinh
Commune and 794,900 shares it holds in IDICO Investment Consultancy Joint
Stock Company.
At present, only
the Green Plaza Hotel is operational while other projects are many years
behind schedule. The hotel covering 3,000 square meters is located at a prime
site bordered by Tran Phu and Thai Phien streets and the
This hotel in
operation since 2008 previously belonged to Vietnam Electricity Construction
Joint Stock Company and was developed at a cost of VND220 billion. Its total
floor area is 27,124 square meters with 173 guest rooms and four conference
rooms meeting the international four-star standards plus 5,000 square meters
of office for lease.
After one year of
operation, it was sold to Thien Thanh Group at a cost of VND385 billion.
However, the
biggest project of the corporation in the central region is the Chi Lang
Stadium in the most beautiful area of
Thien Thanh is the
successor of Huong Son Brick Company established in 1964 and operating in
Dong Thap
to partner with Korean firm to improve rice value
The Government has
approved
Nguyen Van Duong,
chairman of
With the plan, Dong
Thap has become the first Mekong Delta province to seek foreign cooperation
to develop a from-farm-to-table model for its rice products.
To translate the
plan into reality, the South Korean firm wants Dong Thap to specify credit
sources from ODA (official development assistance) for the project estimated
to cost VND400-500 billion (US$18.89-23.6 million) before it discusses
detailed implementation steps for the project.
“Dong Thap and the
Ministry of Agriculture and Rural Development should prove financial ability
so that cooperation can begin,” Duong said.
Nguyen Van Cong,
director of the Dong Thap Department of Agriculture and Rural Development,
said the 10,000 hectares of rice fields would be developed gradually. The
rice fields will be arranged in harmony with irrigation channels to make it
easy for farmers to transport fertilizer to and paddy out of their fields.
According to the
initial agreement between the two sides, the South Korean corporation will
help Dong Thap reorganize rice production, build close connections between
suppliers of rice seeds, fertilizer and other agricultural materials, and
find outlets for rice.
Cong said the South
Korean side suggested talking farmers into producing various rice products in
different fields.
However, one of the
biggest concerns of farmers is about unstable prices of rice although their
products meet the criteria of GlobalGAP and VietGAP (Good Agriculture
Practices).
At a meeting with
the Southwest Steering Committee in April, Deputy Prime Minister Vu Van Ninh
okayed the master plan for agricultural restructuring in Dong Thap. But, he
noticed that the province should attend to improving profits for rice growers
and work with the Ministry of Industry and Trade to gauge demand in order to
make its rice production profitable.
According to the
Dong Thap Department and Rural Development, the province turned out over 1.94
million tons of rice in 2010, with 500,000 tons of it exported.
In the agricultural
restructuring plan the province would produce 2.8 million tons of rice by
2020, including 400,000 tons for export.
The Ministry of
Industry and Trade has decided to impose anti-dumping tariffs on cold-rolled
stainless steel products imported from four markets in
This is the first
time
Under the
ministry’s decision, which will take effect on October 5, the tariffs will be
3.07% on stainless steel imported from
Taiwanese
steel-makers will be subject to the highest duties, with a 37.29% tariff
imposed on products of Yuan Long Stainless Corp. and a 13.79% tax on other
Taiwanese companies.
In June 2013, two
Vietnamese steelmakers, Posco VST Co. Ltd. and Inox Hoa Binh JSC, lodged a
lawsuit accusing steel exporters from these markets of dumping type-two
products in
According to the
plaintiffs, the huge stainless steel imports caused a 132% increase in the
unsold inventory of local steelmakers as of the end of 2012.
Meanwhile, domestic
steel-makers only accounted for 35% of the market in 2011 while the market
share a year earlier was 41%. In the same period, the market share of
imported products jumped from 59% to 65%.
Nguyen Thi Thuy
Dung from the Vietnam Chamber of Commerce and Industry said the case will be
a good experience for Vietnamese businesses and associations in integrating
into the world market.
There are no other
tools to protect domestic manufacturing sectors against imported products but
antidumping tariffs, she said.
Cold-rolled
stainless steel products are used to make consumer products, car parts, cooking
and dining utensils, and construction materials.
Source: VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VIR
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Thứ Năm, 11 tháng 9, 2014
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