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BUSINESS
IN BRIEF 18/9
Increasing income
for small households in the mountainous north-western region by enhancing
competitiveness and market approach for temperate zone fruits.
The project, with
total funding of AUD1.4 million provided by the Australian Centre for
International Agricultural Research (ACIAR), is set for implementation over
the four year period from 2014-2018.
It aims to assess
opportunities at localities and finalise plans to control the development of
temperate and semi-temperate fruits in the north-western region.
The goal of the
project is to apply advanced techniques and varieties to develop a market
based on the consumers’ demand to connect to markets which can make greater
profit.
Speaking at the
seminar, Deputy Prime Minister of Agriculture and Rural Development Le Quoc
Doanh said the north-western is the poorest region in
The Deputy Minister
said developing temperate zone fruits is one of the orientations to help
farmers in the region reduce poverty. However, there remain difficulties and
challenges such as lack of information about the market, the application of
cultivation techniques and post-harvest management.
Doanh in turn
expressed hope that the project will help the region seek economic solutions
to connect farmers to the market and offer opportunities for growers of
fruits to increase their income.
For his part,
Australian Ambassador to
The ambassador
affirmed the project will adopt a new approach to promote a dialogue and
information sharing to develop temperate fruits in accordance with
characteristics of each locality.
Seminar
discusses Vietnam-RoK construction cooperation
A seminar was held
in
Nguyen Noi, deputy
head of the Foreign Investment Agency (FIA) under the Ministry of Planning
and Investment said the RoK ranks second among 101 nations and territories
investing in Vietnam with 3,930 projects capitalised at US$32.845 billion
with a focus on such fields as manufacturing, real estate, construction, art
and entertainment, and transport.
Mr Noi said to lure
RoK investment,
During the seminar,
experts discussed the Construction Law 2014 and related policies, the RoK’s
investment capital for the Vietnamese construction sector, financial
management, and investment formalities. Moreover, businesses discussed
prospects for cooperation among construction businesses of both nations.
President of the
Additionally, the
event helps Vietnamese businesses seek partners from the RoK businesses,
bolster cooperation in the construction field and contribute to the
development of both nations.
Kim Kyungil, head
of the Prime Minister’s office affirmed the RoK has always considered
Amplifying
export market share in Northeast Asia
Thanks to
favourable legal frameworks from free trade pacts, geographical advantages,
and traditional ties Vietnamese companies have ample opportunity to expand
exports in
The two countries
are currently negotiating a free trade agreement between
The Republic of
Le An Hai, Deputy
Head of the Asia-Pacific Market Department, reveals the Ministry of Industry
and Trade (MoIT) has an elaborate marketing plan in the works to carry out a
wide foray of activities to stimulate trade in the two markets in the near
future.
In recent years, a
host of successfully negotiated important economic agreements have created
favourable conditions for
Most notably the
ASEAN-Japan Comprehensive Economic Partnership (AJCEP) Agreement and the
Vietnam-Japan Economic Partnership Agreement (VJEPA) have provided increased
incentives for Vietnamese exports to
Likewise, the
ASEAN-Korea Free Trade Agreement (AKFTA) has actively facilitated Vietnamese
exports to the RoK in recent years. Many exported products have achieved
robust growth as a result.
However, not all
products fully capitalise on incentives brought by trade agreements. RoK
commitments to Vietnamese advantaged products like tea, pepper, coffee and
fruits remain severely limited.
Quarantine and
technical standards are the major barriers restricting Vietnamese exports to
the RoK. In the current negotiations of a Vietnam-Korea Free Trade Agreement
(VKFTA),
Garments are one of
the RoK success stories, having fully exploited incentives and propelled
exports upwards. In the first 7 months of this year, garment exports to the
market skyrocketed 36%.
Due to different
crop and weather patterns plenty of opportunity exists to export agriculture
products to the Japanese market but there are snags in complying with the
stringent food hygiene and safety requirements of the Japanese market.
Official statistics
show impressive growth rates in recent years ranging from 10-30% annually,
however the overall agriculture export value is still modest, and remains
only a fraction of its fullest potential.
Le An Hai says
As a case in point,
Hai cites the deal to export fresh mango and dragon fruit to the two markets,
which took
Vietnamese products
have barely scratched the surface of the Japanese market Satoshi Nakajima,
Japanese Consul General to
Despite huge
potential, local businesses have not been able to effectively tap into the market
due to weak capacity and competitiveness.
A representative
from Thang Long Company says Vietnamese Trade Offices overseas should support
businesses by supplying information about market trend and taste and lists of
strong partners as if they access the information their competitiveness
should improve.
In addition to
market promotion programmes, local businesses should pay more attention to
approaching Japanese and Korean retailers who are operating in
The most important
thing is businesses must ensure the quality of products and grasp opportunity
to access purchasers to boost exports.
Trade
surplus hit over US$3 billion in eight months
Impressive performance
of the foreign-invested businesses in August helped
Customs statistics
show
In the reviewed
period, FDI businesses earned US$59.64 billion from exports, and spent
US$52.83 billion on imports, obtaining an export surplus of US$6.81 billion.
In the second half
of August alone, they enjoyed a trade surplus of US$770 million thanks to a
boom in exports.
By contrast, the
domestic economic sector suffered an import surplus of US$3.8 billion between
January-August.
Local seed
companies lose ground to foreign giants
Foreign giants hold
over 80 percent of
Production of the
14 million vegetables needed as much as 8,000 tons of seeds worth US$500
million.
However foreign
companies are the main seed providers in
Six out of ten
leading seed companies who provide 70 percent of the world vegetable seeds
have been present in
Seed production
requires large investment capital and high technology and brings huge profit,
said Mr. Ngo Van Giao, chairman of the Vietnam Seed Trade Association.
Dr. Nguyen Quoc
Vong, who used to study in Japan and worked in Australia for several years,
said that foreign companies hold the main market share in Vietnam because
their hybrid seeds have high resistance ability against diseases and weather
changes.
Foreign seeds have
better quality, high sprouting ratio, short harvest time and high output.
Study and
production of vegetable seed is time-consuming and costly, which foreign
companies with qualified human resources are affordable.
As a result, they
have focused on producing seeds for food crops and taken the command of ten
varieties including rice, maize, coffee, rubber and pepper and popular
vegetables like water morning glory, mustard greens, beans or water melons.
Professor Tran Dinh
Long, chairman of the Vietnam Seed Association, proposed that the Government
should create clear policies to attract local investors.
Seafood
exports likely to hit 7 billion USD in 2014
The Vietnam
Association of Seafood Exporters and Producers (VASEP) estimated that seafood
exports would reach about 7 billion in 2014, 4.5 percent more than last year,
reported the Ministry of Industry and Trade’s Vietnam Economic News.
According to the
Ministry of Agriculture and Rural Development’s sources as saying that
seafood exports came to an estimated 679 million USD in August 2014, taking
the total to 4.95 billion USD in the first eight months of this year, up 25.4
percent from the same time in 2013.
Shrimp exports
alone amounted to 2 billion USD in the first seven months of 2014.
The
Previously, the
fact that
According to VASEP,
Tra fish exports to the Association of Southeast Asian Nations (ASEAN)
countries reached 87.5 million USD from January to mid-August 2014, up 13.3
percent from the same period last year. ASEAN was the third biggest importer
of Vietnamese Tra fish, after the EU and the
Tra fish exports to
the
VASEP said that
since last year, Tra fish exports to major markets such as the US and Europe
have faced many difficulties and therefore Vietnamese seafood exporters are interested
in shifting to smaller markets. With reasonable prices and good quality,
Vietnamese Tra fish is loved in these markets.
About 100 Tra and
Ba Sa fish farms in Vietnam, totaling more than 2,800 hectares of water
surface, accounting for about 40 percent of Vietnam’s total Tra and Ba Sa
fish farming area, have achieved VietGAP, ASC, BAP, and SQF 1000/2000 CM
certifications. Notably, 2,000ha of the 2,800ha were awarded the GlobalGAP
certification.
According to VASEP,
shrimp exports in 2014 will likely exceed 3.5 billion USD if disease control
is well implemented and good sales to markets are maintained, and Tra and Ba
Sa fish exports will probably reach 1.8 billion USD in 2014, taking the
country’s total seafood export revenue to 7 billion USD this year.
Taxpayers with bank
accounts at BIDV, Vietcombank, Vietinbank, Agribank and MB Bank can use the
service. All the documents will be verified via digital signatures.
This year, BIDV is
offering the service for free.
Businesses are
required to register online at http://kekhaithue.gdt.gov.vn. Once they have
set up an account, they need to sign in and follow the instructions, a
representative from the General Department of Taxation said during the
initiative’s launching ceremony in
The initiative
moves
This alternative
tax filing method is optional.
Advanced tuna fishing methods to be expanded
The People’s
Committee of the central
Speaking at the
seminar, Chairman of the People’s Committee Nguyen Huu Loc requested the
joint efforts of local bodies and fishermen to increase the use of
advanced technology and improve the efficiency of tuna fishing. He urged
authorities to submit a plan of action in September to address the
sector’s shortcomings.
The province
pledged to provide credit assistance for local fishermen to equip vessels
with better bait and tools, safety kits, and refrigerated storage.
Training courses will be conducted in
The advanced
technology will also be applied to 15-20 vessels, mainly in Hoai Nhon and Quy
Nhon district.
Binh Dinh province
has the big tuna fishing fleet in the country, and is also the first to apply
modern technology in tuna fishing.
According to a
report presented at the seminar, very few tuna fish caught by local residents
m eet the quality standards for the Japanese market.
In fact, data shows
that only ten out of 57 caught tuna fish were exported to
This failure to
export high quality tuna is attributed to a number of reasons, including
inappropriate fishing and hauling techniques, delayed processing, lack
of refrigerated storage and long transportation times.-
Berli Jucker Plc,
Aswin
Techajareonvikul, chief executive officer of Berli Jucker Plc (BJC) paid a
visit to
“The quality of
goods from
He added that the
transaction between BJC and Metro AG would be confirmed with the local
authorities next month and be concluded by the end of this year.
However, BJC
remained vague about expansion plans, business predictions or a potential
name change which Techajareonvikul said were all under discussion. He also
said that Metro Cash & Carry Vietnam employed 4,000 people and currently
boasted 19 cash-and-carry outlets in 14 major cities across
“$879 million is a
suitable price for the Metro chain here,” underlined Techajareonvikul.
Last month, the
eurozone’s second-largest retailer signed an agreement with BJC to sell its
Techajareonvikul
revealed that after merger, BJC would employ 14,000 people including 7,000
Vietnamese. BJC will select quality goods from
Actually, the very
first step that BJC took in the distribution adn retail business in Vietnam
was when it acquired a 75 per cent share of Thai Corp, one of the domestic
leading distribution companies with the network coverage of 314 sub-distributors,
1,800 wholesalers, 220 supermarkets and minimarts and 50,000 retailers.
Standard
Chartered offers online services
Standard Chartered
Bank is boosting its online banking services in
This move is
in-line with the fact that clients and customers today expect maximum
simplicity in their transactions from the comfort of their homes or through
their smartphones.
They also expect
their transactions to be processed efficiently, error free and with the
highest level of security, while banks have to strike a balance between
client needs and regulatory requirements.
“The biggest
obstacle for banks is their mindset. The new digital generation thinks and
behaves very differently than we did in the past. Internet, smartphones and
social media have revolutionised the whole paradigm of banking and payments,”
said Standard Chartered Vietnam’s CEO Nirukt Sapru.
Investment and
growth into digital banking is now at the top of Standard Chartered’s agenda
worldwide and in
“This clearly
established Standard Chartered as the leader in the digital arena.
Standard Chartered
Vietnam reported that it has consistently upgraded its digital platform for
online and mobile banking, SMS, and ATMs. Customers can now make local and
overseas transfers, create term deposits, pay bills at ATMs, and sign up for
automatic payment of their phone, mobile and internet bills. They can even
apply for personal loans online and get approval in 24 hours.
“With digital, any
person with a mobile phone can be a customer, it’s that simple. The digital
platform also drastically reduces the time and cost of doing banking, which
can then be passed on to customers through fee reductions. It’s a win-win for
both banks and customers,” said Nirukt.
Experts say
market demand core to agricultural production
Market demand is of
crucial importance to developing agricultural production and raising farmers’
income, experts stressed at a meeting held in the Mekong Delta
Professor Vo Tong
Xuan, rector of Nam Can Tho University, told the Daily on the sidelines of
the meeting that it is important to determine what the market really needs
and to adjust production accordingly.
As for rice
farming, enterprises after sealing contracts with importers should join
forces with farmers to make products meeting buyers’ demands in terms of
category and quality, Xuan added.
However, the
professor also noted that there are two decisive factors, namely the active
participation of enterprises and the Government’s support.
“For certain firms
that have yet to find outlets, I believe they will be able to do so if the
Government gives them a helping hand,” Xuan said.
Meanwhile, some
delegates at the meeting said there should be supportive incentives for
farmers to establish cooperatives that are capable of fulfilling enterprises’
orders in line with Good Agricultural Practice (GAP).
Nguyen The Ha, a
consulting and investment specialist at Bui Van Ngo Industrial &
Agricultural Machinery Co., Ltd, said enterprises should strongly invest in
post-harvest technology in addition to their market expansion and
collaboration with farmers.
Professor Xuan also
suggested the need to develop a full value chain to make the most of rice.
For example, apart
from rice as the main item, husk can be processed to make fuel for thermal
power plants, while rice bran can be processed to make oil for domestic
consumption and export.
Straw is used to
feed cattle and grow mushrooms. Meat from the animals is provided to markets
while their dung is used to make compost.
This method can be
also applied to fruit and seafood processing industries, Xuan added.
BJC says
US$879 million for Metro
“US$879 million is
a reasonable figure, neither expensive nor cheap,” Aswin Techajareonvikul,
president and CEO of BJC, told the Daily at a meeting with reporters in HCMC
last week.
Techajareonvikul
said BJC and Metro reached an agreement on the price after over a year of
negotiations with consulting assistance of the
Both sides will
submit dossiers to the HCMC Department of Planning and Investment next month
and the deal is expected to be concluded in the first half of next year. As
part of the deal, BJC will be allowed to use Metro brand for 18 months
afterwards.
Clarifying the
spending in the deal, Techajareonvikul said BJC sees huge potential in
product and service distribution in
Metro’s foundation
and structure are suitable for BJC, so it can help BJC grow faster than a new
business start-up. In addition, nearly 4,000 well-trained Vietnamese staff of
Metro is also an important factor to back this growth, he said.
After BJC announced
to take over the entire business operations of Metro in
However,
Techajareonvikul said BJC will prioritize Vietnamese goods, but the products
should suit the needs of local consumers.
“We don’t have
plans to restructure or change suppliers. However, their products should meet
requirements of local consumers,” he said. “Quality is the top priority of
BJC in our history of over 132 years in
BJC has expanded
its business quickly in
Last year, BJC
spent around US$4.5 million acquiring a 75% stake of Ichiban, a tofu producer
and distributor in
In 2011, BJC and
Ball Corporation established TBC-Ball Beverage Can Vietnam Limited in
The enterprise also
set up tissue manufacturer BJC Cellox in 2011. In the same year, it became a
partner of Sabeco in Malaya Vietnam Glass Limited and also acquired a 75% stake
of Thai Corp., a leading distributor in
Techajareonvikul
said the Metro deal is just a beginning and the company will boost
investments in
Last year, BJC
obtained revenues of 42 billion Thai bahts, or nearly one billion euros.
BJC is one of the
affiliates of TCC Group, which owns Melia Hotel in
Construction
Ministry: Too many housing projects licensed
Nguyen Tran Nam,
Deputy Minister of Construction, told a conference on Vietnam’s real estate
market in HCMC last week that if the projects were executed, they would
provide the market with more than 416 million square meters of housing,
equivalent to nearly three million apartment units with 520,000 in Hanoi and
570,000 in HCMC.
However, only 17%
of the investments of the approved projects have been realized as many
investors lack capital.
As of August 20,
realty inventories were estimated at less than VND82.3 trillion, down around
VND12.2 trillion or 12.88% compared to late last year. The figure included
17,000 apartments valued at some VND26 trillion and land lots of over 8.7
million square meters worth VND28,500 billion,
He said in the first
seven months of this year, there were nearly 10,000 successful property
transactions in
Exporters
reluctantly register tra fish export contracts
Despite reluctance,
many exporters have registered their tra fish export contracts with the
Vietnam Pangasius Association (VN Pangasius) in accordance with Government
Decree 36/2014/ND-CP.
Vo Thi Thu Huong,
secretary of VN Pangasius, said the association received around 400
registration forms from tra fish exporters on September 11 and 12, as a
circular guiding implementation of the decree on farming, processing and
export of tra fish took effect.
Nguyen Viet Thang,
chairman of VN Pangasius, said the registration requirement via VN Pangasius
instead of the General Department of Customs aims to ensure the sustainable
development of the industry.
He noted exporting
firms had to comply with the regulation on ice content that was required to
account for less than 10% of product’s weight.
Earlier, the
Vietnam Association of Seafood Exporters and Producers (VASEP) repeatedly
objected to the tra fish export contract registration requirement due to
their concerns over exposure of confidential business information.
Nguyen Huu Dung,
vice chairman of VASEP, described the requirement on the ice rate as
unnecessary as each country provides a different rate.
Gov’t
pledges continued support for Vietnam Airlines after IPO
All incentives for
Vietnam Airlines will remain in place after the national air carrier goes
public, as indicated in the airline’s initial public offering plan recently
approved by the Government.
The IPO plan still
refers to the Government’s guarantees for Vietnam Airlines when the carrier
takes out bank loans, a special incentive that will make it more attractive
to foreign investors.
The airline has
been allowed to launch the IPO in November this year. After the IPO, the
State owns 75% of the carrier’s chartered capital of VND14.101 trillion, while
investors can possess 20% and the remainder goes to the company’s employees
and the public.
The airline is also
offered preferential policies to facilitate a divestment of 20% of State
capital at a time when the aviation market has become less appealing to
investors.
In particular, the
Government allows the airline to use the amount earned from the IPO to
increase the State capital when it raises its chartered capital. According to
book value, the State capital at the firm is currently VND10.57 trillion.
According to the
plan submitted previously, the price of each share would be VND22,300 and 20%
of the total number of shares would be offered to strategic investors, 3.46%
to the public via auction, and nearly 2% to the airline’s employees at a
preferential price.
If the IPO goes as
well as planned, the carrier is expected to gain a surplus of VND4,172
billion which will be later used to increase its chartered capital and to
purchase aircraft.
Given the
Government’s guarantees, Vietnam Airlines will be sufficiently financed with
commercial loans and export credits to buy jetliners between now and 2020.
It has plans to
purchase ten Airbus 350s, three Airbus 321s and eight Boeing 787s from now
until 2019.
Financial
institutions in Europe and the Export-Import Bank of the
Besides, as the
State will maintain a majority stake of 75% in Vietnam Airlines upon the IPO
and later it will be reduced to 65%, it will be difficult for the carrier to
persuade its strategic shareholders to provide loan guarantees. Thanks to the
all-out guarantees by the Government to buy aircraft, the carrier will have
advantages when implementing contracts signed previously or those to be
sealed in the coming time.
Authorities
discover large fake coffee production factory
A large workshop in
According to the
Dak Lak Agro-Foretry-Fisheries Quality Assurance Department, the facility did
not have business license. Using substandard equipment and ingredients, it
churned out up to one tonne of instant coffee a month. Most of the coffee was
sold to other business in surrounding provinces under different brand names.
During the
inspection, the authorities did not find any coffee beans, only corn, soy
bean and some unidentified chemicals. Corn and soy beans were ground to make
the 'coffee powder, and other chemicals added to produce flavour and foam.
The facility's owner admitted that he did not know exactly what the chemicals
were.
Tran Ngoc Thanh,
head of the department, said, "We gave a warnings to this facility in
early 2014 but they went unheeded. We have suspended operations of the
facility and seized 100kg of instant coffee, branded as Nhat Thien
Coffee."
An ex-employee said
he quit because he felt it was not right. He went on to say that it is
actually more complicated to produce fake coffee powder that the real coffee.
"No matter how minimal the danger of those chemicals are, overexposure
to them must still be bad," he said.
The leader of a
large coffee company in Dak Lak said their products are for export and
contain 80% coffee. They could not compete with other domestic products
because of the prices.
Samples from the
seized materials have been sent for testing at the Central Highlands
Institute of Hygiene and Epidemiology. The case will be referred to police if
no coffee substance is found.
Vietnamese
suppliers not up to standard for Samsung
While the Samsung
Group plans to significantly increase their investment in
Speaking at a
recent meeting with nearly 200 Vietnmese enterprises, all seeking partnership
opportunities, Deputy Minister of Planning and Investment (MPI) Nguyen Van
Hieu said Samsung’s registered investment capital in Vietnam would reach as
much as USD10 billion by the end of this year, with a network of nearly 100
suppliers.
However, Nguyen
Mai, chairman of the Association of Foreign Investors, said, “Among the
nearly 100 suppliers for Samsung’s operations in the country, only seven are
Vietnamese, and these only supply packing and printing services.
There are very few
Vietnamese companies with the technical capacity to qualify for component
contracts with the Samsung, and they are small companies and trade through
intermediaries."
According to
Shim Won Hwan,
general director of Samsung Complex, said, “
After Samsung
announced eight strict criteria for companies seeking direct partnership, Do
Nhat Hoang, director of the MPI’s Foreign Investment Agency, said that none
of the 200 enterprises represented at the gathering met the requirements of
becoming "level 1 suppliers".
Jang Hoyoung,
general director of purchase at Samsung Electric Vietnam, said, “It would be
very difficult for any Vietnamese company to immediately acquire the
technologies needed to provide Samsung with the quality of supplies required.
Currently the company must make most of its components for in-country
production directly."
One anonymous
expert in the field said that it would be unrealistic to expect Samsung to
readily transfer its technologies to Vietnamese suppliers, as the company has
spent billions of USD in R&D developing them.
He suggested that
Vietnamese enterprises take a gradual approach and become secondary suppliers
first, with an aim to work their way up to "level 1 suppliers".
Meanwhile,
Several experts
have said that
In the years
preceding 2010, it seemed that enforcement efforts were effective, with huge
amount of cigarettes were destroyed. However, since then the amount of
smuggled tobacco has increased by 50%. One official from Market Control
Department commented that their staff, customs officials and police were
discouraged because of low funding.
According to the
Vietnam Tobacco Association, 30% of
There are some who
argue that revenues from tobacco sales contribute a great deal to state
coffers, and that ways should be found to support the domestic industry,
which would aid in the anti-smuggling efforts.
One suggestion was
that smuggled tobacco of genuine origin be re-exported after it is
confiscated, instead of being destroyed.
They claim that
this could save the state budget up to VND100 billion in expenses for
destroying smuggled tobacco, not to mention the funds from re-exportation.
Many experts have
gone on record as saying the best way to fight tobacco smuggling is to
improve the domestic industry. There is somewhat of a consensus that the
government should create more favourable conditions so that Vietnamese
producers can compete with foreign brands.
HCM City
offers business incentives to Samsung Group
Authorities of
In June, Samsung
announced that it will invest USD1 billion in the construction of an
electronics production factory in
A representative of
Samsung said the incentives from
Provincial
authorities in Thai Nguyen offered four years of tax exemption and a 50%
reduction of taxes for the next 12. Samsung was given a 50% reduction in land
use fees in exchange for fulfilling all the positive contributions expected
from a high-tech company, including technology transfer, investment in
domestic research and development and a minimal environmental impact.
The first project
of the company in
A spokesperson for
Samsung said the number of projects showed that the company has long-term
business plans for
ETF
rebalancing seen boosting liquidity
Securities firms
predicted that liquidity would remain healthy this week as exchange traded
funds (ETFs) would boost trading to finish their quarterly portfolio
rebalancing.
Last Friday was
another good day for oil and gas stocks following recent news reports about
multi-billion-dollar foreign investments in Vung Ro and Nhon Hoi oil
refineries on the country’s central coast. Nearly 40% of the Hanoi market’s
total trading value concentrated on PVC, PVS and PVX and four of the five
most actively traded stocks also belong to PetroVietnam affiliates.
The three former
oil and gas stocks contributed the bulk of the HNX-Index’s 1.09- point gains
to close at 89.49. The VN-Index also ended the week in positive territory on
the back of VIC and KDC, closing at 632.5, up 0.56% against the previous day.
However, Viet
Capital Securities Company noted flows were mainly focused on small and mid
cap stocks. Turnover on the HCMC market dropped 6.4% at VND2.4 trillion while
volume increased 11.3% at 144 million shares.
On the northern
bourse, volume reached 88.6 million shares worth VND1.2 trillion, up
18.4% and 20% respectively. The combined turnover of both exchanges declined
around 4% from the previous session.
Market breath
expanded as gainers outnumbered laggards by almost 2-to-1. Foreigners were
net sellers of roughly VND56 billion on the HCMC and
Viet Dragon
Securities Company (VDSC) said that after a session of deep correction early
last week, the VN-Index recovered to 630 points in the last session.
Money continued to
flow into the stock market, showing the strong confidence of most investors.
Notably, many pennies of fishery and oil/gas industries shot up to the
ceiling prices, such as PVL, CMX and AVF.
VDSC said investor
sentiment would remain positive this week because liquidity had been high in
recent sessions. This week will be the last week of ETFs review, so this
Friday is expected to see a strong surge in liquidity.
“We are also afraid
that if positive sentiment could not help the VN-Index break out of the
current range in the upcoming sessions, a correction could occur again. Thus,
short-term investors should be watchful to reduce T+ risk,” it said.
Binh Duong
to lower state-financed lending
The southern
Mai Hung Dung,
director of Binh Duong’s Department of Planning and Investment, was telling
the media about this lending shift on the sidelines of a meeting held last
Friday on a revised comprehensive socio-economic development plan by 2020 and
with a vision toward 2025.
Foreign investment
will still account for a staggering 50% by then, equivalent to the rate of
2010. Loans from the State budget and local companies will make up 10.5% and
26.4% respectively, Dung said.
In the revised
plan, foreign investment will continue to be a major source of capital in the
province. Investment credit from the State will be channeled to vital
socially beneficial projects.
Up to now, Binh
Duong has attracted US$1.3 billion in foreign direct investment (FDI), mostly
from operational projects.
The revised plan
for 2016-2020 puts the province’s economic growth at around 13.3% per annum.
Fragrant
rice exports grow strongly
Exports of fragrant
rice have registered double-digit growth this year though shipments of normal
rice types have slid, according the Vietnam Food Association (VFA).
The latest report
of VFA shows that member enterprises of the association exported more than
4.2 million tons worth over US$1.8 billion in January-August, down nearly
9.2% in volume and more than 8.5% in value over the same period last year.
The association
said shipments of 5% and 15% broken rice decreased but fragrant rice
shipments soared.
VFA vice chairman
Pham Van Bay said the association’s member enterprises had shipped 800,000
tons of fragrant rice as of end-August, up 36% year-on-year. In the year to
date, they have already clinched contracts to sell the rice of this type to
foreign markets.
“Therefore, our
member enterprises will deliver at least 400,000 more tons of fragrant rice
to partners towards the end of this year,” Bay said.
Exporters credited
the strong increase to their success in boosting consignments to the markets
with high demand for fragrant rice, including
Pham Thai Binh,
director of Trung An Co. Ltd. based in the Mekong Delta city of
Firms in the Mekong
Delta said export prices of fragrant rice have stayed high and stable in the
year to date, with a ton of jasmine rice sold at US$580-590.
Source: VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VIR
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Thứ Tư, 17 tháng 9, 2014
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