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BUSINESS IN BRIEF 25/12
Vietnam allows Uber, but under strict monitoring
Uber private taxi operators have been told by Transport
Minister Dinh La Thang they can operate in
Thang laid down the law at a meeting on December 22 with
representatives of the Uber taxi industry in
"The goal is to bring a safe, convenient trip to
travellers, improve enterprises' capacity and to reduce congestion and
traffic accidents," Thang said. "The ministry encourages the use of
high technology, but companies must ensure passenger safety and prevent
unfortunate incidents like the recent rape in
Khuat Viet Hung, Vice Chairman of the National Traffic Safety
Committee, said he had undertaken five trips with Uber taxi operators, but
none had met government standards, such as a displayed taxi badge or a list
of prices.
Representatives from Uber said they would investigate those
charges, but maintained there was no intention of violate regulations and
hoped there would be further consultations so that the new industry can
operate within
Michael Brown, the director of Uber in
Uber only offers a computer application for mobile telephones
so potential travellers can be put in contact with potential drivers to
travel to a specific destination, with fees charged to the traveller's
preregistered credit or debit card. No cash is exchanged, and transport fees are
calculated on the most direct available route. On average, Uber taxis cost a
little bit more than a normal taxi, the extra cost having been counted out as
a convenience factor.
The president of the HCMC Taxi Association, Ta Long Hy, is
opposed to Uber operations and filed a complaint to the Ministry of
Transport.
"Uber said they are just medium agency between riders and
drivers. But they run a full operation like a taxi firm from accepting
passengers, assigning cabs to routes and listing the prices," the
association said in its letter of complaint.
Thang ruled that Uber may only make a contract with licensed
transport firms. Inspectors from the Transport Ministry will closely monitor
the activities of such firms, and conduct random checks on their operations.
The minister said he would ask all relevant departments and
the National Traffic Safety Committee to review the current laws and make
suitable adjustments if necessary.
The General Department of Taxation has reviewed Uber
operations and decided on two paths. If Uber is considered a transportation
firm then the VAT tax rate will be three percent, and corporate tax two
percent. If Uber is a medium agency then the rate will be five percent of
total income.
Uber is a ride-sharing service app to connect passengers and
drivers. Currently, several nations have banned Uber, among them
Earlier this month, Uber was banned in
Firms join first Vietbuild Home expo in HCM City
Around 270 local and foreign companies will showcase their
newest products and services at Vietbuild Home 2014, to be held at the Saigon
Exhibition and Convention Centre from December 27 to 31.
Focusing on interior and exterior products and home
appliances, Vietbuild Home, the first of its kind in
Nguyen Dinh Hung, chairman of the Vietbuild Construction
International Exhibition Organising Corporation, said 20 per cent of
exhibitors were foreign firms from Thailand, South Korea, Singapore, the US,
Malaysia, Japan, Italy and Germany.
Demand for interior and exterior furnishing items usually
increased at the year-end as people renovated their houses to welcome Tet,
said Pham Van Bien, head of the event's organisation board. Therefore, the
event provided a well-timed opportunity for companies to market their
products and consumers to seek home decor goods.
Vinacomin set to produce 38 million tonnes of coal next year
The Viet Nam National Coal and Mineral Industries Holding
Corporation (Vinacomin) aims to produce 38 million tonnes of coal in 2015,
generating VND57 trillion ($2.7 billion).
The figures were revealed by Deputy General Director Nguyen
Van Bien at a conference on December 23 in northern Quang Ninh province.
To achieve the target, the group will boost production from
the beginning of the year in order to both meet domestic demand and stockpile
coal.
It will apply advanced technologies to increase production
capacity, productivity and efficiency while actively importing coal and then
exploiting resources abroad to feed power projects.
In 2014, Vinacomin's coal production is expected to hit 35 million
tonnes, with 7.5 million tonnes exported.
Vietnamese businesses in
Vietnamese businesses in
President of the Vietnamese Business Association in Russia
Tran Dang Chung noted that
Participating enterprises talked about problems they had
encountered and offered practical solutions.
They suggested taking full advantage of business and
investment opportunities, such as pouring capital into agriculture and
exporting Russian staples to
Ambassador to Russia Nguyen Thanh Son affirmed that his
embassy would do its utmost to help Vietnamese businesses and increase the
role of the Vietnamese community, thus contributing to Russian economic
development.
New firms on Ha Noi Stock Exchange enjoy growth
Most of the 13 new listed companies on the Ha Noi Stock
Exchange and nine new others on the HCM City Stock Exchange performed well
after listing this year.
The Bank for Investment and Development of Viet Nam (BID) in
Apart from the firms operating in the fields of manufacturing,
agricultural products, energy and finance, the market also welcomed the first
domestic exchange-traded fund – the VFMVN30.
Mobile World (MWG) possibly wrote the most successful story,
which featured a charter capital jump from VND627 billion to VND1.12 trillion
(from US$29.86 million to $53.33 million) to in less than six months. It
remains in the top 10 list of stocks in terms of market price and closed
yesterday's session at VND104,000 ($4.95).
Tri Viet Management Investment is another typical example. It
increased by nearly 100 per cent in price despite having been listed for only
three months.
Other stocks to soar around 100 per cent since listing include
Nam Dinh Foodstuff and Agricultural Products (NDF), Thong Nhat Production and
Investment (GTN) and Visacom Mineral (VMI).
Many of the companies planned to issue additional shares to
raise capital following their listing success. These include MWG, NDF, VMI
and CEO Investment (CEO).
However, some companies did not succeed as much as their
counterparts. These businesses are Bac A Metallurgy and Mineral (BAM),
Petrolimex Installation No 3 (PEN), Viet Thai Electric Cable (VTH) and Ninh
Binh Phosphate Fertiliser (NFC).
NFC has notably not seen any shares traded since mid-October.
Project adjustment procedures need to be followed
While implementing investment project adjustments, it is
essential for investors to determine the cases where they need to carry out
registration or examination procedures in accordance with the law.
The adjustment of investment projects is effected in the form
of amending and supplementing the contents of the investment certificates.
Enterprises are required to implement the procedure of investment certificate
adjustment, while modifying the content related to the objective, scale,
location and form, as well as capital and duration of a project.
There are several investment projects, for which adjustment registration
or examination procedures are not required, such as:
Projects that adjust but do not change their objectives,
scale, location and form, as well as capital or duration;
Domestic investment projects which, after adjustment, are
capitalised at less than VND15 billion (US$714,285) and are not subject to
conditional investment sectors;
Domestic investment projects which, after adjustment, are
capitalised at less than VND300 billion ($14.28 million) and make no changes
to the objective and location of investment.
There are a number of projects that need to do registration
for investment project adjustment, such as:
Foreign investment projects which, after adjustment, are
capitalised at less than VND300 billion and are not subject to conditional
investment sectors;
Domestic investment projects which, after adjustment, are not
subject to any conditional investment sectors, except projects for which
adjustment registration or examination procedures are not required;
Domestic investment projects subject to conditional investment
sectors which, after adjustment, make no changes to their objectives and
still satisfy the investment conditions specified for them, except projects
for which adjustment registration or examination procedures are not required;
The investors shall register the contents to be adjusted with
provincial-level state agencies in charge of investment within 10 days of
deciding on adjustment.
Investment projects that are subject to adjustment examination
include projects which, after adjustment, fall into the following cases:
Foreign investment projects which, after adjustment, are
subject to examination for grant of investment certificates; domestic
investment projects which, after adjustment, are subject to conditional
investment sectors, except cases in which they are subject to registration
for investment project adjustment.
The investors shall submit a written request for adjustment of
the project, which covers the contents on the project's progress, reasons for
adjustment and changes compared with the examined content, to state agencies
in charge of investment according to their competence.
In addition, investors may be fined VND20 million to VND30
million ($952-1,428) if they fail to implement the procedures of investment
project adjustment in accordance with the law, and will be forced to
implement such procedures as prescribed by law.
Lending rises by 11.8 per cent on track to hit annual target
The total payment means by December 19 rose by 15.65 per cent,
while credit rose by 11.8 per cent against late last year, announced the
State Bank of Viet Nam (SBV).
These increases helped the banking industry to meet its
targets set earlier this year, the SBV disclosed during the regular meeting
held yesterday. Moreover, deposits during December still increased by 15.5
per cent despite the deposit interest rate cut of 1.5-2 percentage points
against the same period last year. Of the total deposits, the Vietnamese dong
deposits surged by 16.31 per cent.
SBV Monetary Policy Department Deputy Director Do Thi Nhung
announced that credit rose by 11.8 per cent by December 19. Moreover, the
growth rate for the entire year is estimated to reach approximately 13 per
cent. This value meets the 12-14 per cent annual credit growth target.
The central bank disclosed that lending this year had been
positively oriented towards production and trading, especially in the five
prioritised industries of agriculture, exports, supporting industries and
small- and medium-sized enterprises (SMEs), as well as Hi-tech businesses.
SBV Credit Department Director Nguyen Tien Dong revealed that
lending to the high-tech agriculture and rural development industry by the
end of this year was estimated to rise by 16 per cent, while lending to SMEs
would surge by 14 per cent.
The lending interest rate this year has declined by
approximately two percentage points, which brings the rate to the level
attained during the 2005-06 period.
Commercial banks have also cut rates for previous loans.
Currently, loans with lending interest rates of more than 15 per cent and 13
per cent account for roughly 3.9 per cent and 10.65 per cent of loans
offered, respectively. These values are lower compared with the 6.3 per cent
and 19.72 per cent recorded in December last year.
The central bank also officially targets a credit growth rate
of 13-15 per cent for next year in accordance with the government's targets
for GDP growth, inflation control and capital demand and supply.
Viet Nam Asset Management Company Deputy General Director Doan
Van Thang announced during the meeting that the company had bought VND123
trillion (US$5.774 billion) of non-performing loans (NPLs) by December 23, of
which, VND4 trillion ($187.79 million) had been resolved.
However, Thang shared that more comprehensive measures and
closer co-ordination between relevant agencies must be adopted to better
handle the NPLs without the use of the state's budget capital.
Workshop discusses economic progress
The next phase of
Economic Commission Head Vuong Dinh Hue shared that
restructuring the economy had been a priority in the implementation of the
2011–2015 socio-economic development plan.
The Vietnamese economy had seen some improvement in the first
three years of implementing the plan, but many weaknesses remained, revealed
He noted that there was no consensus on a new growth model for
He said that the economy still faced numerous risks and
administrative reforms were slow. He also disclosed that growth was causing
negative impacts on the environment.
Thuan Huu, editor in chief of the Nhan Dan newspaper, said
that three years had been spent in restructuring the local economy, which
focused on three key sectors: public investment, financial and banking system
and state-owned enterprises.
The years allotted in this endeavour had shown positive
results. However, the restructuring process is still considered generally
quite slow with respect to the attainment of the economic reform targets.
Huu expressed his hope that the experts attending the dialogue
would be able to offer more solutions on building a specific economic growth
model in the future.
Nguyen Quang Thai, deputy chairman of the Economic Science
Association of Viet Nam, shared that the model of economic growth used over
the past years lacked efficiency and competitive ability.
The failure of the domestic economy to pay attention to
efficiency and creation resulted in low labour productivity and reduction in
efficiency, Thai explained.
The economy was facing difficulties in adapting to the rapid
economic development. It also found it challenging to adjust to the
advancements brought forward by science and technology. No innovation should
lag behind, he said.
Thai advised that the new economic development model should
follow the world economic development standard.
The state should attach immense importance to the private
economic sector during the integration period in the future, he advised.
Luu Bich Ho, former head of the Development Strategy Institute
under the Ministry of Planning and Investment, said that the new economic
development model should push the local economy to aim for sustainable
development in terms of productivity, quality and efficiency.
Companies urged to focus on branding
A long-term strategy based on the country's competitive
advantages is critical for national branding, experts urged.
According to Le Tuong Van, a strategy consultant, competitive
advantages should be improved to develop Vietnamese brands. This is critical
for increasing the added values of products and services. Van said that
national branding required the participation of both the government and the
enterprises.
The government should formulate a long-term national branding
strategy and provide support to enterprises with leading brands to conquer
the regional and global markets, and to build brands at the international
level, she said.
Currently, many Vietnamese brands cannot reach the
international level due to the lack of a national strategy, experts said,
pointing out that many products are exported without branding, while many
low-quality products exported under Vietnamese brand names are destroying the
nation's prestige and leading to low added value.
Stephen Kreppel, an expert in nation branding in the Nation
Consultancy, said at a recent conference that exports were important in
national branding.
Brands could be built with sustainable economic development,
environment-friendly policies and social responsibility, together with
natural and cultural heritage and national pride.
Pham Thi Thu Hang, general director of the Viet Nam Chamber of
Commerce and Industry (VCCI), said that Vietnamese enterprises should invest
more in branding based on their knowledge of the customers' demands.
During global integration, branding is becoming an urgent
issue for businesses. However, many enterprises in the country did not pay
adequate attention to brand development as they were not well aware of the
importance of branding or faced financial shortages, experts said.
Nguyen Quoc Thinh, professor at the
Facts show that firms that have successfully developed their
brands have had methodical strategies.
According to Hang, it is important that firms pay attention to
enhancing the quality of products and services to develop brands.
Tom Vu, a senior expert of the Masso Group, said that
Vietnamese businesses should associate with each other to develop brands for
each sector and industry to enhance competitiveness.
Branding should focus on sectors with competitive advantages,
including agriculture, tourism and fisheries, he added.
The National Branding Programme, approved by the Prime
Minister in 2003, aimed to promote the national image and national brand
through branded products.
Enterprises in
Van Duc Muoi, general director of Vissan Limited Company,
which processes and trades fresh and frozen meat and meat-related foods, told
Viet Nam News that the company had prepared 46,000 pigs, 2,000 cows and 4,000
tonnes of processed food to serve customers, 10 per cent higher than the
previous Tet.
"There will be no price shock during Tet," he said,
adding that "we will slash prices sharply on days near Tet to stimulate
consumption".
Many poultry and egg providers like Ba Huan and Vinh Thanh Dat
plan to increase supply by 10-15 per cent for Tet.
As for confectionery products, most producers plan to increase
supply and offer many kinds at a wide price range to meet varying tastes and
budgets of customers.
The Bien Hoa Confectionery Corporation (Bibica) plans to
supply 1,350 tonnes of confectionery and chocolate for Tet, up 20 per cent
over the previous year.
The Kinh Do Confectionery Joint Stock Company has said it
plans to supply 5,000 tonnes of confectionery for Tet, 500 tonnes higher than
last year's holiday period.
Le Thi Thanh Lam, deputy general director of Saigon Food
Company, said the company would supply the market 550 tonnes of food, a
year-on-year increase of 5-10 per cent.
Supermarkets have also increased supply of essential goods to
meet demand in the run-up to Tet and after Tet.
Saigon Co.op has increased supply of essential goods by two to
three times compared to normal months to ensure adequate supply during the
holiday. About 90,000 tonnes of goods are expected to be supplied via its
chain in three months before, during and after Tet, which is 15 per cent
higher than last year's Tet.
Besides essential items sold at 10 per cent lower than the
market price under the city's price stabilisation programme, Saigon Co.op, in
collaboration with suppliers, will slash prices by 10-50 per cent on
thousands of other items.
It also plans to organise at least 141 mobile sales trips to
the city's remote districts as well as industrial parks and export processing
zones to serve buyers.
Similarity, Big C supermarket chain, which expects a 15 per
cent increase in demand, carried out purchasing measures to ensure supply and
stable prices.
Besides preparing abundant sources of confectionery, fruits,
home decor items, the supermarket will have about 420 tonnes of fresh meat to
serve customers during the holiday.
This year, it launched 17 kinds of gift baskets and boxes at
prices from VND59,900 to VND1.7 million (from $2.85 to $80).
Until the end of February, it is offering a discount of up to
50 per cent on nearly 4,000 Tet products.
South Korean supermarket chain Lotte Mart is also introducing
various kinds of Tet gift baskets to meet customers' demand.
It expects sales to go up by 25 per cent for gift baskets and
60 per cent for meat, eggs, banh chung (square glutinous rice cakes), banh
tet (cylindrical glutinous rice cakes) and fruits and vegetables.
Retailers plan to increase the number of cashiers and other
activities to ensure convenience and safety for customers during the peak
purchasing season.
Int'l integration boosts economy
Participants focused on how to foster international economic
integration in each locality, underscoring the need to attract investment to
mountainous provinces.
Deputy Minister of Industry and Trade Nguyen Cam Tu
highlighted the country's efforts to integrate into the regional and global
economies, saying that the process had helped strengthen the country's power
and improve living conditions.
Extensive international economic integration had greatly
benefited the country's economic development, according to the Deputy
Minister.
Joining three value chains, the country played an increasingly
important role in the global economy, said Trinh Minh Anh, deputy chief of
the Office of the Interdisciplinary Steering Committee for international
economic integration.
He added that a number of Vietnamese products had become
well-known and competitive in the world market.
The IWCC Co, Ltd and Premier United Investment Fund from the
US signed a strategic partnership contract in Ho Chi Minh City on December 22
to inject investment capital into Vietnamese businesses in the coming time.
The move is seen as a step forward strengthening bilateral
cooperation and opening up opportunities for foreign investors who want to
invest in
Under the signed contract, IWCC will provide financial
solutions and trade promotion strategies for local businesses while
Premier Untied Fund will perform its role as an investor and provider of
capital, corporate administration solutions.
Accordingly, Premier Fund has agreed to invest US$300 million
in pharmaceuticals, infrastructure-construction and garments and textiles.
The company’s investment capital amount will be adjusted over the next three
and five years.
At present, IWCC has representative offices in the
By 2017, IWCC plans to open more representative offices
in nations which are investing heavily in
Vietnam’s seafood exports increased 18% on-year to US$7.9
billion for the 12 months leading up to 2015, according to the Ministry of
Agriculture and Rural Development (MARD), buoyed by record high shrimp
exports to the US market.
Shrimp exports alone for the year appreciated 25% on-year
overall to an all time record high of US$4.1 billion, with white-leg shrimp
posting the highest growth rate.The US continues to lead among nations
importing Vietnamese shrimp despite a slight downtrend in the final months of
the year. Meanwhile shrimp exports for the year to the EU also increased
sharply over 2013.
Apart from the three traditional export markets of the
Government economists are sanguine on the prospects for
Vietnamese seafood exports in 2015, particularly in light of the Vietnam-EU
Free Trade Agreement, which is expected to be signed early in the year.
If
Vietnam-China border trade and tourism fair opens
From hand-made to high tech, the 2014 Vietnam-China border
trade and tourism fair has kicked off in Dongxing city in
The five-day event taking place December 22-26 aims to promote
cross-border trading between Vietnam and China and includes a large number of
trade and investment promotion activities, a wood furniture festival, a
festival on the river for the two countries' youths along with a food culture
exhibition.
Vice Chairman of the Quang Ninh province People’s Committee Le
Quang Tung is leading a delegation to hold talks on the sidelines of the fair
with leaders of Guangxi province to strengthen comprehensive cooperation.
High on the agenda of the talks are cooperative efforts to
speed up development of the Mong Cai border-gate and Dongxing piloting
economic zones, upgrading the transport infrastructure to bolster tourism and
activities to combat crime and across the border smuggling.
How to boost int'l economic integration under discussion
The speakers discussed ways to promote international economic
integration in each locality and attract investment to mountainous provinces.
Deputy Minister of Industry and Trade Nguyen Cam Tu applauded
the country’s efforts in integrating into the regional and global economies,
noting the process has helped improve people's living standards.
Trinh Minh Anh, deputy chief of the Office of the
Interdisciplinary Steering Committee for international economic integration
said joining three value chains, the country plays an increasingly important
role in the global economy, thus enabling Vietnamese products to become
popular and competitive in the global market.
VAMA objects to news about auto price fall
The Vietnam Automobile Manufacturers Association (VAMA),
rejecting news about a possible steep automobile price plunge next year, said
tax policies will not affect auto prices.
In a document submitted to the competent authorities, VAMA
said online media had reported on the possibility that prices of vehicles of
less than nine seats would plunge by hundreds of millions of dong next year.
However, according to VAMA, inaccurate information may lead to confusion and
misunderstanding among consumers.
VAMA’s objection comes after dealerships have run into
difficulties over the past week due to falling sales though this is the peak
car sale season of year. Consumers seem to be waiting for car prices to drop
next year following news reports, dealerships explained.
Regarding import tax on vehicles of less than nine seats
shipped
from ASEAN nations next year, VAMA said it has yet to receive
any official announcement from the Ministry of Finance on tax reductions in
line with the ASEAN Trade in Goods Agreement (ATIGA).
The proposed import tax discussed by VAMA and the competent
agencies is still 50% next year, equivalent to this year’s rate.
The Ministry of Industry and Trade proposed keeping a import
tax of 50% by 2017 while the finance ministry wants 50% next year, 40% in
2016 and 30% in 2017.
However, such proposals are awaiting the Government’s
consideration and approval. VAMA stated the ATIGA import tariff on completely
built-up (CBU) cars will remain unchanged next year, the association’s
chairman affirmed.
In terms of special consumption tax imposed on autos next
year, the current rate is still in effect and will not change, the
association added.
The National Assembly (NA) has recently passed the Law on
Special Consumption Tax which will take effect in early 2016. The new law
also stipulates that the special consumption tax imposed on autos remains
unchanged while proposals to reduce the tax have yet to be approved by the
finance ministry.
Therefore, VAMA stated tax policies are unlikely to influence
auto prices next year.
Although tax tariffs decreased to 50% earlier this year,
compared to last year’s rate of 60%, auto prices did not follow suit while
prices of some imported vehicles were still high, especially those shipped
from
Representatives of Ford
Vinafood 2 invests in large-scale fragrant rice fields
Vietnam Southern Food Corporation (Vinafood 2) will be growing
fragrant rice for export on large-scale fields in a bid to cope with fiercer
competition from other rice exporting countries.
Vinafood 2 general director Huynh The Nang told the Daily that
the corporation will start its large-scale field project to produce fragrant
rice and normal-grade grains from the 2014-2015 winter-spring rice crop.
Vu Quang Canh, deputy head of the agricultural product
department at Vinafood 2, said the State-owned firm would also gradually
switch to buying unprocessed rice to better control the quality of input
material.
Canh said development of a production chain and large-scale
fields are important steps for Vinafood 2 to create stable and quality rice
supply and realize its export target.
In the short term, Vinafood 2 will look for
government-to-government contracts and more importers.
Nang said to ensure high quality, Vinafood 2 has signed a
memorandum of understanding (MOU) with Cuu Long Delta Rice Research Institute
on recovering and developing paddy seeds including ST20 and Jasmine that help
it produce quality rice and meet the demand of importing markets.
Nang said the MOU is vital for the corporation to realize its
goal because rice only has consistent quality when at least 80-90% of the
field areas are grown by high-quality seeds.
Vinafood 2 will begin its first large-scale field in the
Mekong Delta
For fragrant rice exports, Vinafood 2 will sell high-quality
rice with clear origins and avoid competing directly with the products of the
same quality like Basmati of India and Homali of Thailand.
Vinafood 2 plans to export a ton of its fragrant rice at
around US$550-600, which is much lower than US$950-1,200 per ton of
high-quality rice offered by
For normal rice, Vinafood 2 will continue focusing on
government-to-government contracts in the markets which do not require strict
criteria for quality such as
Opportunities for startups in agriculture
Speakers at the Startup Vietnam 2014 conference in HCMC last
weekend said few young business people have chosen to start up business in
the agricultural sector despite high needs in this area.
Nguyen Hong Hai, general director of Becamex TIC Investment
Fund, said Vietnamese consumers are facing up to the fear of contaminated
food. Startups could venture into safe farming solutions.
“The UN Food and Agriculture Organization (FAO) has forecast
10-15% of the world’s area can be used for farming in the next 30 years while
the world population has kept increasing. Therefore, startups should consider
agriculture, and Becamex TIC Investment Fund is willing to support them,” Hai
said.
According to him, a few among 100 startups that have reached
Becamex TIC this year chose to do business in the agricultural sector.
Nguyen Khac Minh Tri, general director of Mimosa Tek,
suggested startups begin directly with farming or providing supporting
services for agriculture.
Startup Vietnam 2014 was organized by Startup.vn in
cooperation with Becamex TIC and Setech Viet Company.
Dong Nai’s FDI attraction doubles target
The southern
The new investments came from 75 new projects and 84 expanded
ones. The projects are mainly involved in the supporting industry, goods
production and machinery manufacturing.
Director of the province’s Department of Investment and
Planning Bo Ngoc Thu attributed the increase in FDI attraction to the
province’s efforts in administrative procedure reforms, especially in the
fields of investment, taxation, and customs, increasing businesses’
satisfaction.
The province will continue accelerating the administrative
reforms by introducing online procedures in the coming time, she added.
Dong Nai now has 1,131 valid foreign projects with a total
investment of nearly 21.49 billion USD.
The province is home to 31 industrial zones covering nearly
9,560ha, with the land occupancy rate of 66.77 percent, according to the
managing board of the Dong Nai industrial zones.
Conference seeks ways for int’l integration promotion
Participants focused their discussions on how to foster
international economic integration in each locality, underscoring the need to
attract investment to mountainous provinces.
Speaking at event, Deputy Minister of Industry and Trade
Nguyen Cam Tu highlighted the country’s efforts in integrating into the
regional and global economies, saying that the process has helped strengthen
the country’s power and improve the living conditions for its people.
According to the Deputy Minister, extensive international
economic integration has impacted greatly on the national economic
development.
Joining three value chains, the country plays an increasing
important role in the global economy, said Trinh Minh Anh, deputy chief of
the Office of the Interdisciplinary Steering Committee for international
economic integration.
He added that a number of Vietnamese products have become
well-known and competitive in the world market.
Wood products export to go up by 15 percent next year
The export of
The Ministry of Agriculture and Rural Development estimated
the shipment of timber and wood products at 6.2 billion USD in 2014.
At a workshop on
The
As
Wood imports in
Tran Le Huy, General Secretary of Binh Dinh province’s Forest
Products Association, said timber from Sub-Mekong region countries which are
major suppliers for
Since December 2014,
Huy urged the wood sector to increase the manufacture and
shipment of processed products with guaranteed origin instead of raw ones,
thus raising the global standing of Vietnamese wood products.-
An Giang: Construction of 100 million USD garment factory
begins
The Textile Federation Ltd. Co (
The plant, located in the Xuan To Industrial Zone, has a total
investment of 100 million USD.
It is expected to create jobs for more than 29,000 local
workers once it goes into operation.
In the first phase, the plant covers a land area of 54.7 ha
whose infrastructure was fully developed by the province. It is expected to
complete by the end of 2016.
The second phase, in 2017-2019, will see the factory expanded
by 93.6ha.
The investor expects to increase investment capital to about
500 million USD for the project if everything goes smoothly.
Shrimp export sets new record of 4.1 billion USD
Shrimp export made a record high of 4.1 billion USD in 2014,
which expanded by 25 percent from 2013, according to the Ministry of
Agriculture and Rural Development.
The figure largely helped
The
The product received growing demand from others markets, like
the
Deputy General Secretary of the Vietnam Association of Seafood
Exporters & Producers (VASEP) Nguyen Hoai
Up to 165 countries and territories are importing Vietnamese
aquatic products. The
Quang Binh: Work starts on construction of waste recycling
plant
Work started on the construction of a 32 million EUR waste
recycling plant in Ly Trach commune, Bo Trach district, central Quang Binh
province on December 23.
The plant, the province’s largest foreign-invested project so
far, will help reduce environment pollution by using German advanced
technology to classify and turn waste into useful products.
It is designed to process 300 tonnes of garbage every day
which will be used to produce biogas, electricity and fertilizer.
Pham Trong Thuc, Director of the New and Renewable Energy
Department under the Ministry of Industry and Trade, spoke highly of the
plant and urged more support for the project as waste treatment and renewable
energy is a new industry in
The recycling plant is expected to start operation in 18
months.
Vietnam-India trade on upward trend
Two-way trade between
At a workshop on the countries’ trade and investment
cooperation opportunities on December 23, Thanh further said
Indian Consul General in HCM City Smita Pant said that once coming
into force, the Trans-Pacific Partnership (TPP) agreement will be an
important bridge linking
More and more Indian companies have noticed
During the first 11 months of 2014, bilateral trade was posted
at nearly 5.19 billion USD, of which Vietnamese exports to
Vietnam mainly ships mobile phones and components, chemicals,
textile fibre, coffee, and pepper to India while importing machinery and
spare parts, pharmaceutical, cotton, steel, animal feed, and plastic
materials.
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Thứ Tư, 24 tháng 12, 2014
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