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BUSINESS
IN BRIEF 22/10
PM approves
equitisation plan for Vietnam Seaproducts Corp.
The Prime Minister
has approved the plan to equitise the Vietnam National Seaproducts
Corporation (Seaprodex).
Under the plan,
Seaprodex’s total value for equitisation is more than 1.48 trillion VND
(70.47 million USD), including more than 1.37 trillion VND (65.14 million
USD) owned by the State, part of which will be sold.
After equitisation,
the company’s charter capital will stand at 1.25 trillion VND (more than
59.52 million USD), 51 percent of which will be owned by the State.
Out of the
remaining capital, 423,600 shares or 0.34 percent of the chartered capital
will be sold to the firm’s employees at preferential prices. Another 60.8
million shares, 48.66 percent of the chartered capital, will be put up for
public auction.
From 2015 onwards,
the State-owned shares in Seaprodex are scheduled to be divested to account
for less than 51 percent of the chartered capital.
The PM tasked the
Minister of Agriculture and Rural Development with the organisation of the
auction of shares and the stock market listing for Seaprodex.
In addition to the
parent company, Seaprodex currently owns five affiliates, five partner
companies and a joint venture.
In recent years,
the company’s consolidated revenue totalled approximately 3.5-3.6 trillion
VND (more than 165 million USD) a year.
In 2013, the
corporation recorded 3.46 trillion VND (more than 164.71 million USD) in net
revenue and 105 billion VND (5 million USD) in pre-tax profit.-
Finance
Ministry supports businesses in customs procedures
The Finance
Ministry issued a guiding document for customs officials on dealing with the
current challenges in customs procedures stipulated in Circular
No.128/2013/TT-BTC and Circular No.22/2014/TT-BTC in an effort to support
import-export businesses.
Regarding the
procedures for temporary imports and re-exports, as mentioned in Point b
Clause 1 and Point b Clause 2 under Article 41 of Circular 128/2013/TT-BTC,
customs officials no longer need to request customs declarants to submit
copies of their export contracts.
Customs officials
have to supervise re-exported goods until they are released and can confirm
customs declarations without the signatures of department leaders.
In the case of
goods being brought from outside the country to bonded warehouses via road
and waterway border gates, businesses are not required to submit documents on
their load along with their customs records, according to Point b.4 Clause
under 1 Article 59 of Circular 128.
When completing
procedures for on-site exports, in addition to the measures mentioned in
Point c Clause 5 under Article 27 of Circular 22/2014/TT-BTC, the respective
customs department must send a completion certificate for on-site export
procedures to the department in charge of completing the on-site import
paperwork.
Meanwhile, in
addition to the measures mentioned in Point c Clause 5 under Article 27 of
Circular 22/2014/TT-BTC, the customs department that completes on-site import
procedures has to set up a data-base of completed on-site export
declarations. In case loads need to be inspected, the import customs office
does not need to check if an inspection was already carried out by the export
customs department.-
German
enterprises eye up Vietnamese market
German enterprises
are showing an increased interest in the Vietnamese market, proven by their
decision to host the Asian-Pacific Conference of German Businesses (APK) in
Since the two
countries upgraded their relations to a bilateral strategic partnership in
October 2011, their business communities have benefitted from increased
mutual trust and investment links, according to the European Market
Department under the Ministry of Industry and Trade.
German businesses
are keen on exploring
Trade between
Currently, the
European country ranks 22 nd out of
Notably, leading
German brands such as Mercedes Benz, Siemens and Adidas are very popular in
The Vietnamese
Government’s efforts to implement its economic development policy in the
light of rapid and deep global integration are considered a plus point,
German Ambassador to Vietnam Jutta Frasch said.
Particularly,
As one of
Sugar
production firms struggle with high inventory
The total inventory
of sugar stored in factories throughout
Domestic sugar
producers’ monthly sales reached 50,000–60,000 tonnes, much lower than the
average of 140,000 tonnes sold in 2013, MARD’s Department of Processing and Trade
for Agriculture-Forestry-Fisheries and Salt Production reported.
Although domestic
sales increased to 92,000 tonnes during a month from mid August, the figure
still falls short of the same period last year’s figures by 10,000 tonnes,
the department said.
Chairman of the
Vietnam Sugar and Sugarcane Association (VSSA) Nguyen Thanh Long attributed
the situation to sugar smuggling, which is posing a challenge for domestic
firms.
Meanwhile, Bui Thi
Quy, Director General of the Con Long My Phat Company, said the Government
has allowed some domestic factories to import as much as 70,000 tonnes of
sugar, contributing to harming the domestic enterprises.
Long explained that
the decline in sales is partly a result of
Regarding the
control of illegally imported sugar, Long asserted that it is was necessary
to address the shortcomings of the licence granting procedure for sugar producers
and traders by strictly verifying their capacities.
In reality, many
enterprises were abusing their licence and selling sugar illegally, he added.
On top of this,
improving sugar producers’ access to capital and bank loans was crucial for
their development and future existence, he concluded.
Ca Mau
strives towards sustainable shrimp production
As many as 741
households in the southern-most
The Mangroves and
Market (MAM) Project was funded by the Dutch Development Organisation (SNV)
in cooperation with Minh Phu Seafood Corp., a local shrimp exporter who
pledged to buy certified local organic shrimp at a ten percent premium.
MAM manager Nguyen
Thi Bich Thuy said certified shrimp production helped increase farmers’
incomes and forge links between shrimp farmers and businesses.
Target households
and businesses are provided with training on organic shrimp production
techniques in compliance with international requirements.
Currently, an
additional 200 households are being supported financially and practically to
farm shrimp and replant forest on an area of around 40ha.
The project aims to
expand the coverage of shrimp farming integrated with forestry to 5,000ha,
and help 1,300 household producers get certification by 2015.
Four stocks
excluded from HNX 30 Index Basket
The Hanoi Stock
Exchange has decided to remove Bim Son Cement JSC (BCC), Doan Xa Port (DXP),
Education Development and Investment JSC (EID), and PetroVietnam Construction
Co (PVX) out of its HNX 30 Index Basket.
The decision came
after the October regular review on the adjustment of the index system and
will come into effect on November 3 this year.
Among the removers,
PVX and DXP were earlier added to the basket in the April review.
Substitutes for
them are Song Hong Construction JSC (ICG), Hudland Real Estate Investment and
Development (HLD), FIT Investment (FIT) and PetroVietnam Coating JSC.
The HNX 30 Index
opened on July 9, 2012, with the base point of 132.07 points, and closed at
173.93 points on July 16, 2014.
The index review is
carried out in April and October annually, focusing on considering conditions
to keep stocks in the current basket and selecting substitutes.
After the
adjustment, the new basket consists of at least 25 stocks from the old basket
and five new ones.
Updated information
on the reviewed financial statement and disclosure of information on
corporate operations are also considered to remove certain stocks from the
basket.
Garment and
textile sector sees material localization up to 50%
According to the
Vietnam Garment and Textile Group (Vinatex), local material suppliers have so
far satisfied 50 percent of apparel producers’ needs, including 2 percent of
cotton orders, one eighth of garment needs and 140,000 tonnes of fibre a
year.
Local supplies,
however, serve mainly the manufacturing of average-grade products and working
clothes while high-grade products are still using imported materials.
Specifically, seven
factories are producing vest-made garments while six others are engaged in
kaki and high-end jean materials. Fasteners and other auxiliaries are now
locally made.
Vinatex Vice
Director Hoang Ve Dung unveiled that industry businesses have worked together
to form a full material supply chain.
Accordingly,
Vinatex-Hong Linh, Phu Bai 2 and Dong Van fibre plants have been put into
operation, churning out an additional 1,270 tonnes of fibres coded Ne30.
It is expected that
the local apparel turnover will see a rise of 10-15 percent. Vinatex alone is
estimated to contribute around 22 trillion VND to the total, or 30 percent.
Russian
firms explore Vietnamese market
A delegation of
Russian businesses is on a working visit to
The delegation
includes representatives from
Russian firms are
eyeing up the Vietnamese market and keen to transfer advanced technologies to
While in
As part of the two
countries’ technological cooperation, bilateral dialogues have progressed
substantially in recent years, Viktorovna said.
The two sides
signed a number of significant agreements on trade cooperation and technology
transfer, established numerous manufacturing units, and built business
networks in
The price for rice
in October is 458.35 USD per tonne, a slight increase from 439.11 USD per
tonne in September.
Without Government
interventions to increase temporary rice stocks, the price remained high due
to the large volume of rice exported to
Lang Son’s
anise export expected to increase
Lang Son’s anise
export volume reached about 1,300 tonnes in the first nine months of 2014,
the Vietnam Economic News reported.
According to the
provincial Department of Industry and Trade, the export volume by the year’s
end is expected to reach more than 2,000 tonnes, up about 700 tonnes compared
with 2013.
Anise tree has long
been a strategic product for Lang Son and the province’s star anise products
built its own brand name as it registered geographical indication in 2007.
Anise has been used
as a spice and medicine for thousands of years in
Its attractive
taste has good effects for digestion and boosts appetite. In traditional
medicine in
According to
statistics, in 2011 Lang Son only exported over 500 tonnes of dried star
anise. The export volumes increased to 1,100 and 1,500 tonnes in 2012 and
2013 respectively and expected to reach about 2,000 tonnes this year. This is
a good sign for anise growers in Lang Son.
Not only increasing
in volume, this year’s anise export prices also increased sharply compared to
previous years. In 2012, dried anise export prices reached only 20,000 VND
per kg, in 2013 it ranged from 40,000-48,000 VND per kg and topped 60,000 VND
per kg in 2014. It is notable that the products are not only increasing in
volume and prices but there are more countries taking interest in importing
Lang Son’s products.
Several years ago,
anise export was mainly through informal channels to
There are about
33,000ha of star anise production areas in Lang Son, of which 10,000 ha are
in harvest time. The annual output of the local anise is from 6,000 to 7,000
tonnes.
Vietcombank
ranked first amongst Vietnamese listed companies
The Bank for
Foreign Trade of Vietnam (Vietcombank) came first in Forbes
With over 31
trillion VND (over 1.47 billion USD) in revenue and 67.2 trillion VND (3.2
billion USD) in market capitalisation, the bank was praised for its number of
business clients, its payment and trade services, and its strategies for the
domestic retail market.
In 2014,
Vietcombank was also named
Forbes
Along with
Vietcombank, the Ho Chi Minh Securities Corporation and the Military
Commercial Joint Stock Bank were also included in the financial sector.
Other firms on the
list include the Petrovietnam Technical Services Corporation, the
Petrovietnam Gas Joint Stock Corporation, the Hoang Anh Gia Lai Group, the
Vietnam Dairy Products Joint Stock Company (Vinamilk), and the Masan Group.
Altogether, the 50
listed companies hold a market capitalisation of more than 741 trillion VND
(nearly 35.3 billion USD), accounting for 65 percent of the entire market
capitalisation based on the prices of the closing session of April 25, 2014.
Forbes
The magazine plans
to create more lists of outstanding companies and individuals on the Vietnamese
market, including a list of the top 30 most successful individuals under 30.-
Garment
sector urged to tighten operations
Garment and textile
businesses should assume defensive postures to maintain market share and
tighten up operations, as a precaution against decline, said Hoang Ve Dung,
Deputy General Director of the Vietnam National Textile and Garment Group
(Vinatex).
A trending downturn
in the overall number of manufacturing orders could signify deterioration in
the business in 2015, according to the General Statistics Office of
But Dung said the
shortage of orders appears temporary, and does not betray a long-term market
downturn.
Vietnamese garment
and textile exports jumped 18.9 percent in the last nine months to 15.5
billion USD, buoyed by growth in traditional markets such as the
Dung's advice to
businesses translates to focusing on shoring up weak spots in marketing,
boosting trade promotion to existing partners with a view to not losing any customers
and keeping a close eye on the company's purse strings.
Business plans
should be strictly aimed at maintaining the company's existing market share,
Dung said. To this end, domestic businesses should become more proactive
through participating in public events such as fashion shows and exhibitions.
The Vietnamese
garment sector is facing fierce competition from
But these
businesses have already started renovating their methods of production from
outsourcing activities to Freight on Board and Original Design Manufacturers
models, which is a step in the right direction, Dung said.
Free trade
agreements between
These agreements
will open up future opportunities for the sector, but first businesses need
to play defence and focus on improving their competitiveness.-
Vingroup
inaugurates trade centre in Quang Ninh
As the group’s
third trade centre in the country, the five-storey centre covers an area of
over 37,000m2 and was designed in a grand European architectural style.
It is considered an
oasis for modern shopping with a wide choice of products from domestic and
international brands on offer.
In addition to
retail outlets, the facility includes a supermarket, restaurants and
entertainment venues.
Vingroup is
Casinos are to be
open to Vietnamese citizens aged 21 and above who meet certain background and
financial criteria, according to the amendments to the draft decree on
casinos that are currently under consideration.
The current
regulations only allow foreign nationals and Vietnamese expatriates to play
in casinos, Deputy Head of the Ministry of Finance’s Department of Finance
and Banking Trinh Phong Lan told the media.
In mid-2013, the
Politburo approved in principle a pilot scheme to allow Vietnamese nationals
to enter the casino in Van Don’s exclusive economic zone in the
The country now
boasts seven casinos, five small-sized and two large-scale ones.
In addition, the
Politburo has also allowed calling for investment in casinos in Phu Quoc and
Van Don’s high-end tourism complexes.
The 5 billion USD
Van Don casino was funded by Tuan Chau Group and
Farmers
profit from improved salt yields
Farmers in
The use of the
sheets has increased both quality and yield, with farmers earning about 38.2
million VND (1,800 USD) per hectare per year, doubling the profit made from
traditional methods, according to local authorities. Most farmers harvest two
hectares of salt fields.
In 2007, the
district initiated the canvas-sheet programme over an area of 2,000sq.m.
Fields lined with canvas sheets protect the salt from soil contamination,
improving quality.
Today, there are
909ha of fields that use canvas sheets, or 54.6 percent of the district's
total salt area, according to the city's Department of Agriculture and Rural
Development.
The district's salt
fields are located mostly in Ly Nhon, Thanh An and Long Hoa communes and Can
Thanh town.
Nguyen Thi Bich,
who owns 3ha of salt fields in Thanh An commune's Thieng Lieng hamlet, began
using the sheets this year. She said they have helped reduce the production
time from 10-15 days to seven days per harvest.
Early this year,
the Thieng Lieng Women Union in cooperation with the Thieng Lieng Salt
Cooperative showed farmers in the hamlet how to use canvas sheets to increase
their profits.
This year, traders
have offered an average price of 1,300 VND a kilo of salt harvested on canvas
sheets, 100 VND higher than salt produced in fields without the sheets.
In 2012, Can Gio
authorities began to offer funds to help farmers build cellars to store
condensed salt water from fields after rains.
In the 2013-14 salt
harvesting season, district authorities and the city's Sub-department of
Rural Development and Department of Science and Technology gave financial
support to 17 households who harvested a total of 34 haof salt in Ly Nhon and
Thanh An communes.
Hoang Thi Mai,
deputy head of the city's Sub-department of Rural Development, said the city
will expand the area of salt fields lined with canvas sheets.
With a 23-km long
coastline, Can Gio, one of the country's top salt producers, has produced
1,666ha of salt this year, up 150ha over the same period last year, according
to the city's Department of Agriculture and Rural Development.-
Additional
loans of 94 million USD for agricultural development
The governor of the
State Bank has approved nearly 2 trillion VND (94 million USD) in loans to 19
agricultural project under a pilot preferential credit programme tailored for
agricultural development.
The 19 projects in
16 cities and provinces were announced in the State Bank’s Decision
2064-QD-NHNN. This is the third credit package approved by the State Bank
under the pilot programme.
Accordingly, the
Mekong Delta province of Soc Trang will receive the largest sum of 385
billion VND ( 18.1 million USD) for one project, while the northern province
of Lao Cai is only borrowing 13 billion VND (613,000 USD).
The central
The two previous
packages provided a combined over 2.7 trillion VND (127 million USD) from
commercial banks.
The pilot
preferential credit programme for agricultural development was initiated in
the Government’s Resolution 14/NQ-CP issued on March 5 this year.
Selling by
foreign investors prompts caution
Six consecutive
weeks of net share sales by foreign investors, worth more than 1.1 trillion
VND (52.1 million USD), have spooked the Vietnamese stock markets.
At the Ho Chi Minh
Stock Exchange, foreign investors were responsible for a combined net sale of
1.031 trillion VND (nearly 49 million USD) during the week.
Most of their sales
focused on leading shares that negatively affected VN-Index performance, such
as PV Gas, PetroVietnam Drilling and Wells Service, Hoa Phat Group and
VinGroup.
The benchmark
VN-Index lost a cumulative 5.25 percent to fall below 600 points, closing the
week at 585.28 points. Meanwhile, the VN30, which tracks the top 30 shares by
market value and liquidity, declined by 1.14 percent to end at 651.72 points
on October 17.
The investors also
unloaded shares at the Hanoi Stock Exchange, but the sales value of sold
shares was modest, at 71.7 billion VND (3.4 million USD).
Nguyen Van Quy,
analyst at FPT Securities Company, said the downward trend on global stock
markets would likely undermine the role of foreign investors in the domestic
market, particularly when they keep selling shares.
At the Hanoi Stock
Exchange, the HNX-Index was trimmed down by 3.11 percent during the week,
finishing at 87.64 points on October 17.
Rising caution also
brought down liquidity at both exchanges.
Daily market volume
at the
In
However, long
declines have brought the price range of many stocks to levels that were
attractive to bargain-hunting investors. This cushioned the market on the
week's last session.
"The current
prive level becomes rather attractive. Accompanied by the third-quarter
reporting season, many shares will likely recover and facilitate a short-term
rebound," Quy said.
He mentioned blue
chips which declined substantially during the past downtrend but could be the
target of money inflows in the future.
"A recovery
with the support of major stocks will be longer and more sustainable,"
Quy added.
Hanoi to
host industrial, biotechnical technology fairs
Two fairs on
industry and technology and biological equipment will take place in
Covering 4,500sq.m,
the Vietnam International Industrial Fair 2014 (VIIF), will attract 250
businesses including 100 foreign companies from
The participating
firms specialise in many fields including energy, mining, mechanical
engineering, support industries and technology.
Meanwhile,
Biotechmart 2014, organised by the National Agency for Science and
Information Technology, is described as a good opportunity for scientists
from the biotechnology sector to present their research and help enterprises
to access advanced technologies.
Seminars on the
application of biotechnology in agriculture, pharmaceutical and environmental
treatment will also be held on the sidelines of the event.
Japan
workshop promotes investment in Quang Nam
Quang
Located in the
central region’s key economic zone, Quang Nam province, with its wealth in
natural resources and advanced infrastructure, is in a good position to
develop its processing and manufacturing industries, said Nguyen Duc Hai,
Secretary of the provincial Party Committee.
The locality has
implemented numerous measures to improve its investment environment and
support businesses, he added.
Representatives of
Japanese enterprises spoke highly of the measures taken by the province to
attract foreign investment and improve its business climate.
They expressed
their hope that Quang Nam will continue to facilitate Japanese businesses’
operations and strengthen trade links with Kansai region.
Several companies
that currently operate successfully in Quang Nam, such as H.I.S Travel Agency
and Makitech Co. Ltd, shared their experience in doing business in the
locality and in Vietnam in general.-
Two FDI
enterprises awarded customs priority treatment
The Prime Minister
has freshly approved a proposal on considering and applying a pre-investment
licensing customs priority mechanism to labor-intensive, capital-intensive
enterprises even when they remain under construction.
The Ministry of
Finance will revise and supplement Circular No.86/2013/TT-BCT dated June 27,
2013 in line with the PM’s instruction. The Ministry is allowed to consider
the application of the principle to eligible companies during the time when
the Circular has yet to be amended.
Together with
approving that proposal, the PM agreed to grant the customs priority
mechanism to the Vietnam Samsung Electro-Mechanics Limited Company and the
Vietnam Hansol Electronics Limited Company. The PM assigned the Finance
Ministry to instruct these companies to undertake necessary procedures.
The Vietnam Samsung
Electro-Mechanics project has a total investment capital of 1.2 billion USD.
It started in September, 2013, and is scheduled to become operational
officially in January, 2015 at the Yen Binh I Industrial Park. It was
designed to serve the Samsung Thai Nguyen High-tech Complex (SEVT) – where
such products as mobile phones, smart phones and tablets will be produced.
The Vietnam Hansol
Electronics Ltd. Co, is an affiliate of the Samsung group. The Vietnam Hansol
Electronics project, costing around 150 million USD, was commenced in
December, 2013 and is to complete its investment phase within 10 months.
Under the current
regulations on the application of the customs priority mechanism, these
companies have yet to meet the condition for the operation duration which
requires them to have been operating at least two years, said the Finance
Ministry.
However, to realise
the efforts to streamline administrative procedures while offering incentives
to investors employing a large number of workers and having a big amount of
capital, and to take into account these companies’ commitments as well as the
global prestige of the Samsung group, the Finance Ministry’s proposal
received the nod from the Prime Minister.
The customs
priority programme for enterprises was piloted in 2011 and officially ran
from 2013 in accordance with the Finance Ministry’s Circular 86/2013/TT-BTC.
Under the Circular,
enterprises benefiting from the scheme will enjoy simpler paperwork involved,
such as fewer company documents, inspections; undertaking tax refund before
inspection; having customs procedures cleared any time in a day/ seven days a
week; making customs declaration once for multiple exports and imports.
In particular, when
Apart from the two
enterprises of Samsung, 24 out of the 50,000 import-export companies
nationwide have so far been entitled to the customs priority programme.
Ben Tre
expands coconut groves
Ben Tre province, the
country's largest coconut cultivation area, plans to grow an additional
10,000ha of coconut trees in areas affected by climate change to 2020.
The trees will be
planted in erosion-prone areas as well as sites affected by high salinity and
brackish water, mostly in the three coastal districts of Ba Tri, Binh Dai and
Thanh Phu, according to the Ben Tre Coconut Association.
Ho Vinh Sang, the
association's chairman, said farmers will earn more profits with coconuts
than with fruits, rice and vegetables in these areas, even though the yield
of coconuts in the three districts is lower than in other districts.
The fibrous root
system of the trees would also help prevent land erosion, he said.
The Cuu Long (
The province's
average yield is 9,700 coconuts per ha a year, 1,400 coconuts per ha higher
than the country's average yield, according to the association.
Traders who harvest
the whole dry coconuts at farmers' gardens can buy them for 80,000-85,000 VND
a dozen. However, if the farmers harvest the coconuts, traders must pay a
higher price.
In recent years,
local authorities have encouraged farmers to inter-crop cacao trees with
coconut trees to increase income. They have also been urged to breed
blue-legged giant prawns in ponds in their coconut orchards. About 150
households that routinely grow coconut trees have been breeding shrimp on
20ha in Giong Trom and Mo Cay districts.
Bui Van Len in Mo
Cay's Hiep Phuoc commune said last year he earned a profit of 7 million VND
(330 USD) from breeding 500 blue-legged giant prawns in a 500 sq.m pond in
his coconut orchard.
The province's
Agriculture and Fisheries Extension Centre has also provided farmers with
advanced techniques to breed giant prawns.
Leading
shirt-maker shifts to
TAL Group, one of
the world’s biggest producers of menswear, is turning to the Vietnamese
market due to rising labour cost in
The Hong Kong-based
group provides its products to many famous brands such as Brooks Brothers,
L.L.Bean, Eddie Bauer, and Burberry. One out of every six dress shirts sold
in the
TAL Chief Executive
Officer Roger Lee said
Lee affirmed TAL is
reducing its reliance on Chinese workers who make up around one-third of
production. However, he said, this proportion will drop in the future.
The TAL Group
leader revealed labour costs in
Bloomberg cited the
movement of TAL Group to
Peru seeks
closer trade ties with Vietnam
The Foreign Trade
Association of Peru (ComexPeru) hopes to clinch a trade and investment deal
with
ComexPeru cited WB
statistics, saying that
Viettel launched
its Bitel brand in the South American country of
Meanwhile, its
import turnover from
ComexPeru said a
trade agreement with
It is followed by
The General
Department of Vietnam Customs reported that in the nine-month period, the
country earned US$1.16 billion from exporting fruits abroad, a year-on-year
increase of 45.2%.
Key fruit export
items included litchi, banana, dragon fruit, rambutan, and star-apple.
According to the
Ministry of Agriculture and Rural Development,
Exports to
grow by 15.9% this year: HSBC
According to HSBC
report on Asian economics in the fourth quarter of this year, despites the
global slowdown
HSBC hopes that
some good news is likely ahead in end-2015 and 2016. The EU-Vietnam FTA is
expected to conclude end-2014 or early 2015. The Trans Pacific Partnership
(TPP) initiative will likely boost
The government’s
fiscal management is improving. In the past decade, the economy suffered from
too many wasteful projects that did not improve productivity. Public projects
are increasingly more scrutinised and more demand-driven. The government is
focusing on key infrastructure projects to alleviate bottlenecks such as
highways and distribution.
A high non-performing
loan ratio and the still inefficient state-owned sector remain a concern.
However, the State Bank of Vietnam (SBV) will likely accelerate the pace of
reform towards the end of the year and into next year, although the reforms
will probably increase the SBV’s supervisory capability within the regulatory
framework. The government plans to equitize key firms in the fourth quarter
of this year, although the state will retain majority stakes in these
‘strategic’ firms.
Russian
hi-tech firms keen on Vietnamese market
A Russian
delegation comprising representatives of 10 hi-tech businesses are paying a
six-day visit to
During the visit
from October 20-25, which is under framework of the "Russia-Vietnam: New
Economies” project, the delegation will get involved in a wide range of
activities in
At a press briefing
in
Russian businesses
are keen on enhancing cooperation with Vietnamese partners not only in
traditional fields of economics, defence, science and technology and
education but also in new technologies, Viktorovna said.
This is the sixth
visit of Russian businesses under the project framework.
As schedule, the
Russian businesspeople will work with leaders of the National Assembly’s
Committee on Science, Technology and Environment, the Ministry of Science and
Technology, the Ministry of Public Security, the Ministry of Construction,
the Ministry of Transport, the Hanoi People’s Committee, the Russia-Vietnam
Tropical Centre,
Several roundtable
conferences will be held between Russian businesses and leading Vietnamese
industrial groups including State-run corporations such as PetroVietnam and
Electricity of Vietnam (EVN).
How to boost
tourism connectivity among Mekong Delta provinces with the technical support
of an EU-funded environmental programme was discussed at a high-level meeting
in southern Kien Giang province on October 18.
The Vietnam
National Administration of Tourism said the provinces of Can Tho, An Giang
and Kien Giang have been identified as a key tourism development region of
the country under the overall strategy for tourism development by 2020
with a vision for 2030.
According to the
EU-funded programme entitled “Environmental and Socially Responsible Tourism
Capacity Development”, these provinces should more closely co-ordinate in
devising action plans, encourage businesses to become involved in cooperation
and improve the role of tourism local associations.
The three provinces
signed a cooperative agreement to fully tap tourism potential as a
contribution to ensuring sustainable green growth in the region.
Vu Quoc Tri,
Project Manager said from now till the end of the year, the EU will continue
to conduct training courses on socially responsible tourism and the Vietnam
Tourism Occupational Standards (VTOS) along with other skills on service
quality control for staff from provincial departments of culture, sports and
tourism.
New group
links female entrepreneurs
A congress held in
Ha Noi yesterday launched the Viet Nam Association of Women Entrepreneurs and
elected Deputy Minister of Industry and Trade Ho Thi Kim Thoa its first
president.
The association
aims to improve women's roles in creating sustainable development in
The association's
first task will be to become a platform that connects businesswomen in all
economic sectors and inspires them to contribute to national development in
their chosen fields. It will also serve as a bridge between women in business
and Government agencies.
Speaking at the
event, Deputy Prime Minister Nguyen Xuan Phuc said he appreciated the
contributions made by women to the nation's development.
The Party and State
have continuously strived to enhance female representation in the business
community, he said.
He also said he
hoped the association would help businesswomen improve their capacities and
skills to contribute to socioeconomic development and social equality.
Phuc also highly
appreciated the Women's
He hoped the new
association would help talented businesswomen contribute to the country's
socio-economic development and gender equality cause as well as protect its
members' legal rights.
Top 100
women leaders
The Quyen Nang Phai
Dep (Powerful Women) gala held on Saturday in
The Women Leaders
International Networking Club organised the first-time event in collaboration
with Lady Luxury magazin, and Nam Huong Media and Investment Corporation
under the instruction of the Viet Nam Chamber of Commerce and Industry. It
attracted more than 300 businesses and celebrities.
The women were
selected for their outstanding achievements in the economic, cultural and
social sectors, as well as participation in their communities.
Vinamilk CEO Mai
Kieu Lien was selected as one of the 48 most powerful women in the 2014
Forbes Asia Power Businesswomen list.
Mai Kieu Lien, CEO
of the country's largest dairy producer Vinamilk, appears in the list at the
23rd place. Lien, 60, was honoured for her great contribution to Vinamilk,
which Forbes describes as "one of the most profitable brands in Viet Nam
and a blue chip on the local stock exchange," referring to its
consistent growth in revenue and profit since listing in 2006.
Last year Vinamilk
posted a 17 per cent increase in revenue, ranking in $1.5 billion; Lien plans
to double that by 2017 as she takes the company global.
Lien was born in
Source:
VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VIR
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Thứ Ba, 21 tháng 10, 2014
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