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BUSINESS IN BRIEF 28/12
EC drops anti-subsidy probe into PSF products
Following a 12 month enquiry, the European Commission (EC) has
recently decided not to impose anti-subsidy duties against Vietnamese imports
of polyester staple fibres (PSF), according to the Vietnam Competition
Authority (VCA).
In particular, the VCA found that
Earlier on December 19, 2013, the European Man-made Fibres
Association lodged a complaint requesting the EU impose anti-subsidy duties
on PSF exports from
The examination period was from October 1, 2012 to September
30, 2013. Accordingly,
The MoIT effectively co-ordinated with relevant agencies and
localities to respond fully and accurately to the questionnaire sent by the
EU a VCA representative said, adding that after one year of looking into the
matter the EU has quashed the complaint, finding it has no basis in fact.
This concludes the first EC’s anti-subsidy investigation into
Japanese IT firms zone in on Vietnam
Japanese-backed information and technology firm SETA
International Asia Company is among many Japanese information and technology
firms who see opportunities in
“In 2014, our main focus was on the export of Vietnamese
manufactured products to
Earlier this month,
“
“Many Japanese information and communications technology (ICT)
companies are interested in
At the Japan ICT Day 2014 held in Hanoi in late October, 167
Japanese IT firms came to Vietnam in search of investment and business
opportunities, including many big firms like NTT, Canon, Panasonic, Toshiba
and Sumitomo.
NTT Data Vietnam gained the revenue of $7.5 million in 2013,
up 33 per cent on-year. This year it has established its third office in
Danang, increasing its workforce to 190 people.
According to the IT Promotion Agency of Japan (IPA),
According to the Vietnam Software and IT Services Association
during the 2012-2013 period the local software revenue increased 52
times to reach nearly $3 billion, while the hardware revenue grew 70.5 times
to reach $36.8 billion.
Last year,
Slow BOT projects face huge fines
Build-own-operate and independent power plant developers which
miss their construction deadlines will face fines of $200,000 per 60 days
behind schedule.
This stringent measure has been suggested by the Ministry of
Finance (MoF) to the Ministry of Industry and Trade’s (MoIT) draft measures
to speed up the contruction of power plants, so as to ensure power supply
plans remain on track.
In addition to the fines facing tardy investors, the MoIT can
report unreliable investors to the prime minister for dismissal.
However, the MoF stated that “The punishment only applies to
investors making slow progress on projects that they have control over.”
“Progress targets should be major milestones over the span of
the projects,” the MoF added.
Over the past 15 years, only five power plants have been
licensed to foreign investors under the build-own-operate (BOT) model. They
are Phu My 3, Phu My 2.2, Mong Duong 2, Hai Duong, and Vinh Tan 1.
The list of foreign-invested BOT power projects will increase
as several foreign companies are currently in negotiations, or are conducting
feasibility studies for developing power plants nationwide such as
Industrial insiders said that the negotiation over power
prices between foreign power plant investors and the state-run Electricity of
Vietnam (EVN), the country’s sole electricity buyer, was a headache that
could possibly lengthen construction deadlines.
Vietcombank to provide financial services to power project
The State Bank of
The project aims to increase the capacity, efficiency and
security of electricity transmission lines in the regions that play an
important role in the country's economic development, including the expanded
areas of Ha Noi,
The project is estimated to cost US$731.25 million, of which
$500 million will be borrowed from the International Bank for Reconstruction
and Development, an international financial institution of the World Bank
which offers loans to middle-income developing countries.
The financial support from World Bank is being given as per
agreement No 8417-VN, signed by the representatives of the Vietnamese
government and the bank on November 12, 2014.
The National Power Transmission Corporation under the
Electricity of Viet Nam will be responsible for providing the rest of the
capital of $231.25 million.
The governor has asked the VCB general director to strictly
follow the government's regulations on using finance resources of the
official development assistance and favourable loans, as well as the World
Bank's guidelines on providing financial services to the project.
MoC proposes salvaging seven social housing projects
The Ministry of Construction (MoC) has made a proposal to the
State Bank of Vietnam (SBV) to grant financial support to seven social
housing projects across the country.
Flats for low-income earners in Viet Hung residential area in
Ha Noi's Gia Lam District. The Construction Ministry urges the Government to
grant favourable loans to seven social housing project across the country. –
Photo Tienphong
These projects are scheduled to provide a total of 2,700 flats
between 2015 and 2017.
The proposal indicates that the project to receive the most
financial support should be the one in Tac Cau fish port in the southern
The second prioritised project is the one for the workers of
Giao Long Industrial Zone in Chau Thanh District in
Another project, proposed by the MoC to receive a VND50
billion loan package, is located in the
In the southern
Loans of VND15–25 billion ($700,000 –1.17 million) each have
been proposed for three other social housing projects as well.
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.
Participants at the event held that the joining of regional
cooperation agreements under roadmaps will provide
Institutional reforms in
If
The conference, themed “Developing market economy institutions
in the context of integration: International experience and implications for
WB pledges US$200 mil. for cement firms to generate
electricity
The World Bank is expected to provide US$200 million loans for
domestic cement enterprises to invest in technology to collect heat from
their kilns to generate electricity, according to the Vietnam National Cement
Association (VNCA).
VNCA said the financing pledge is part of the international
lender’s program to finance efficient energy consumption for the local cement
industry.
The association’s chairman Nguyen Quang Cung told the Daily
that the WB has guaranteed the US$200 million but its funding might double to
US$400 million depending on how fast the cement sector grows.
More cement firms in the world have turned to use refuse as a
fuel for their cement factories. Some local enterprises have followed suit
and switched to using refuse, mainly ashes from thermal power plants, as one
of their input material sources, Cung said.
Domestic cement firms are also pouring investments in
technology to collect heat from their cement kilns to generate electricity,
and this move can help them save up to 30% of the electricity they consume.
Cung gave an example that Holcim and Ha Tien 2 in southern
In 2012, Holcim Vietnam Ltd. switched on its 6.3-MW power
generation plant using heat from the kiln of its cement factory in the Mekong
Delta
Huynh Kim Tuoc, director of the Energy Conservation Center
HCMC, said the potential to use heat from cement kilns to run power stations
is huge and this electricity source can account for 20% of the power
consumption volume of the cement sector.
If all 80 operational cement factories nationwide can make
full use of heat at their kilns, the electricity generation volume can be up
to 200 MW. This volume is equivalent to the output of a large-scale power
plant and is significant for the power-guzzling cement sector.
VNCA estimated 70 million tons of cement and clinker has been
sold this year and 19.5 million tons of which has been exported with combined
revenue of US$900 million, a year-on-year rise of 30% in volume.
Cement and clinker from
Cung said almost all local enterprises have reported profits
as cement prices on global markets are 5-10% higher than domestic prices.
Le Van Toi, head of the Ministry of Construction’s Building
Material Department, said this year’s cement export prices are higher than
last year thanks to thorough market surveys and close cooperation among
cement makers.
This year, cement exports make up 25% and the rest is clinker
compared to 20% in previous years.
VNCA put cement exports next year at around 20 million.
Ba Huan opens poultry processing plant in Long An
Ba Huan Co. Ltd. has commissioned the first phase of a poultry
processing plant covering seven hectares in Duc Hoa District in the southern
The first phase of the project cost some VND60 billion (over
US$2.8 million), excluding land-use right transfer cost.
Pham Thi Huan, director of the company, said the facility
consists of a poultry slaughterhouse and a European-technology food
processing line with respective capacities of 1,500-2,500 poultry per hour
and 5-10 tons a day.
Huan said the major products include chicken, chicken
sausages, eggs, flans and other ready-to-eat chicken products, and will be
mainly sold on the domestic market.
The plant is part of the enterprise’s strategy to develop a
closed system from farming to processing poultry to ensure food safety and
hygiene.
Earlier this year, Ba Huan invested heavily in an automated
line using Dutch technology in HCMC’s Binh Chanh District to process 180,000
clean eggs per hour.
In addition, the company has spent VND320 billion developing a
poultry farm on 18 hectares in Tan Uyen District in the southern
The firm’s products are now distributed via 430 wholesalers
and retailers as well as wet markets nationwide. Major egg buyers of Ba Huan
are big food and confectionery companies such as Kinh Do, ABC, Nhu Lan, Dong
Khanh and Hy Lam Mon.
The consumer price index (CPI) in HCMC continues its decline
this month and the 0.36% fall in the final month of the year against November
helps the city keep the year’s CPI growth at only 1.65%.
Data released by the HCMC Statistics Office on December 22 showed
that five out of 11 groups of items in the basket of commodities used to
calculate the CPI have fallen in prices this month. Meanwhile, slight price
hikes are recorded in five groups and the price of one group is unchanged.
The groups with the sharpest price decline are transport and
post with a fall of 3.56% against November, mainly owning to the fuel price
cuts on November 22 and December 6, followed by the group of housing,
electricity, water, cooking gas and building materials with a 0.95% drop.
The price of beverages-tobacco and culture-entertainment
services posts a slight slump.
Meanwhile, the commodities with modest price hikes this month
are up between 0.02% and 0.7%.
The catering services group, the most weighted in the basket
of commodities, picks up 0.17% this month, with foods rising by 0.24% and
foodstuffs by 0.26%, but dining out services are unchanged. With a 0.7%
increase, post and telecom is the group with the strongest price rise this
month.
Education is the only group to have its price unchanged
compared to last month.
Overall, the CPI in HCMC is down 0.36% this month compared to
last month and inches up 1.65% this year compared to December of last year.
The groups of housing, gas and building materials and
transport and post have experienced considerable price declines in the past
12 months with 5.13% and 6.77% respectively.
Meanwhile, significant price hikes are reported for the group
of medicine and healthcare services with 8.58% and the education group with
20.47%.
In
With such figures, it is likely that the country’s inflation
this year will not be higher than 3%.
The General Statistics Office is expected to release the
national CPI tomorrow.
TPBank lends US$10 million to Flexcom
Tien Phong Bank (TPBank) has clinched a credit agreement to
provide US$10 million for Flexcom Vietnam Co. Ltd. (Flexcom Vina), a producer
of plastic printed circuit boards for Samsung Electronics Vietnam and for
export.
According to TPBank, the South Korean company has two plants
in the
Flexcom Vina expected TPBank’s loan would support its expansion
plans in order to meet the increasing demand of Samsung Electronics Vietnam
for production of electronic devices and cellphones at its factories in the
northern provinces of Thai Nguyen and Bac Ninh.
Besides the credit deal, TPBank plans to fund Flexcom Vina’s
production lines.
TPBank said it is willing to finance foreign-invested and
domestic enterprises in supporting industries in the local market.
Nguyen Hung, general director of TPBank, said in a statement
that expanding trade between
Plant protection drug firms concerned about draft circular
Enterprises in the plant protection drug sector have voiced
their outcry over the possible negative impact of a draft circular governing
the sector if it takes effect.
The local plant protection drug sector will not grow strongly
and sustainably if the draft circular is applied, heard a conference on
problems related to the management of plant protection products in
Dam Quang Thang, chairman of the Chemical and Agriculture
Association in
However, the production of plant protection drugs in
Many regulations in the draft circular are not practical and
consistent with the prevailing rules, leaders of the Vietnam Pesticide
Association (VIPA), pointed out.
Tran Quang Hung, chairman of VIPA, gave an example that if a
Vietnamese firm wanted to get approval for selling a type of imported
insecticide in Vietnam, it should submit all documents proving that it has
been authorized by its foreign partner which produces and sells the
insecticide and a competent agency’s certification for the ability and
permission of this partner to turn out the insecticide.
“This condition is unnecessary and in contrast with the trade
liberalization trend in the world as generic materials are allowed for free
commercialization when the patents granted for them expire,” Hung said.
Hung said it is not easy to get such authorization and certification
as required by the draft circular.
According to VIPA, the draft circular contains many
regulations which will hinder trading and production of plant protection
drugs in
“It seems that administering agencies want to take an easy
task for them and leave a difficult one on plant protection drug
enterprises,” VIPA’s vice chairman Nguyen Van Thieu said and added that most
provisions in the draft circular look unrealistic.
Hung warned that it is difficult for relevant agencies to
implement regulations in the draft circular and it costs dearly for
enterprises if it is applied.
According to participants at the conference, the draft
circular will make it difficult for Vietnamese enterprises to compete with
their foreign counterparts from other regional countries when the ASEAN
Economic Community (AEC) is formed next year as planned, when many plant
protection drugs will be imported thanks to lower tariffs and less barriers.
Enterprises in
Van Duc Muoi, General Director of Vissan Limited Company,
which processes and trades fresh and frozen meat and meat-related foods, told
Vietnam News that the company had prepared 46,000 pigs, 2,000 cows and 4,000
tonnes of processed food to serve customers, 10 percent 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 percent 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 percent
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 percent.
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 percent
higher than last year's Tet.
Besides essential items sold at 10 percent 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 percent 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
percent 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 59,900 VND to 1.7 million VND (from 2.85 USD to 80 USD).
Until the end of February, it is offering a discount of up to
50 percent on nearly 4,000 Tet products.
Supermarket chain Lotte Mart of the
It expects sales to go up by 25 percent for gift baskets and
60 percent 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.
Government urges implementation of PPP projects
Deputy Prime Minister Hoang Trung Hai has instructed the
Ministry of Planning and Investment to urgently guide and speed up local and
central agencies to determine suitable fields, choose potential projects with
the high ability of capital reclaiming, draw up an investment list under
Public Private Partnership (PPP) form.
He instructed the Ministry of Transport, Construction,
Industry and Trade, and Agriculture and Rural Development to review the list
of PPP projects in four potential fields.
Of which, the Ministry of Transport will select projects in
highway, railway, seaport, airport fields while the Ministry of Construction
will generate those in the field of solid waste and wastewater treatment and
urban water supply.
The Ministry of Industry and Trade will choose projects in
fields such as energy and wholesale markets and the Ministry of Agriculture
and Rural Development will make its choice in rural clean water, small
irrigation works, pumping stations, storage and afforestation.
Deputy PM Hai said that fund preparations for PPP projects
have been done. Hence the Ministry of Planning and Investment should chair
and work with relevant ministries to pick out the most feasible projects for
implementation. Once having found investors, they should reclaim costs spent
on the preparations of the projects to reproduce capital source for other
potential PPP projects.
He commissioned the ministry to examine, synthesize and do
statistics on the Government's financial duty in PPP projects that have been
signed with investors to have an assistance mechanism for this kind of
projects and ensure effective investment.
The ministries should organize an inspection over the
implementation of PPP projects report to the Prime Minister next year, he
added.
Cai Lan Oils & Fat Industries Co., Ltd (Calofic)
introduced a new line of its Neptune oil brand on December 17 - a
premium rice bran oil – marking
Recent scientific research has shown that the outer bran layer
of the rice grain is rich in nutrients such as Omega 3, 6 and 9,
Gamma-Oryzanol, Phytosterols and Vitamin E. As such, it is ideal for
producing a premium vegetable oil that can be beneficial to both health and
beauty.
Many countries around the world consider rice bran oil one of
the most healthy vegetable oils. In
Vietnam’s most popular cooking oil brand Neptune has now
successfully produced rice bran oil using technology from Desmet Ballestra
Group, a Belgium-based supplier of oil extraction systems. The technology
helps retain maximum nutritional value in rice oil in accordance with the
strict standards of developed nations and meets the demand for high quality
products in the domestic market.
Thanks to the successful launch of its rice bran oil, Calofic
is the only company in
MWG sets $1 billion revenue target for 2015
MobileWorld (HOSE: MWG) has set its sights on revenue of
VND23.590 trillion ($1.1 billion) in 2015, up 50 per cent on-year.
The country’s leading retailer of mobile phones and
electronics plans to reap VND2 billion ($93.5 million) from ecommerce alone.
It also plans to open 120 new stores to raise its market share to 40 per cent.
In November, MWG reported revenue of VND1.620 trillion ($75.7
million) while its 11-month figure was VND14.063 trillion ($567.7 million),
exceeding its annual target by 8 per cent.
MWG,
The latter, dienmay.com, specialises in the distribution of
consumer electronics (televisions, karaoke machines, refrigerators, washing
machines and rice cookers among others) and digital products (mobile phones,
tablets, laptops and accessories). This distribution network has 13 stores,
all of which are located in the south.
Newly equitised airport firm holds first shareholders meeting
Southern Airport Services Company held its first shareholders’
meeting this December as part of its official transformation into a joint
stock company.
The meeting marked the debut of Southern Airport Service
Company (SASCO)’s board of directors for 2015 to 2019. The board consists of
five members with Doan Thi Mai Huong elected as both chairwoman and CEO. Le
Hong Thuy Tien, the representative of SASCO’s strategic investors (which hold
23.6 per cent) also joined the board. The remaining three members are Phan Vu
Tuan, Dang Tuan Tu, and Phan Le Hoan.
SASCO has a chartered capital of VND1.3 trillion ($60.8
million) and the company has predicted that its after-tax profits for 2014
will stand at VND129 billion ($6.14 million). It forecasted a 30 per cent
growth rate in 2015 and 2017 profits of VND187 billion ($8.9 million).
The meeting introduced A&C Co., Ltd as SASCO’s auditing
firm for next year. SASCO is also scheduled to list on UpCOM and the Ho Chi
Minh Stock Exchange (HOSE) in early 2015.
Back in September, SASCO made headlines when it sold all of
the 31 million shares it had put up for its IPO. The average price per share
was VND19.330 ($0.92), double the pre-IPO price. Through the share offer
SASCO successfully raised VND601 billion ($28.62 million).
Established in 1993, SASCO is ranked among the 500 largest
firms in
SASCO is among a number of state-owned air services firms that
went public in 2014. Vietnam Airlines, Saigon Ground Services (SAGS) and Noi
Bai Cargo all held their IPOs this year. Major conglomerate Airports
Corporation of
MoC proposes salvaging seven social housing projects
The Ministry of Construction (MoC) has made a proposal to the
State Bank of Vietnam (SBV) to grant financial support to seven social
housing projects across the country.
Flats for low-income earners in Viet Hung residential area in
Ha Noi's Gia Lam District. The Construction Ministry urges the Government to
grant favourable loans to seven social housing project across the country. –
Photo Tienphong
These projects are scheduled to provide a total of 2,700 flats
between 2015 and 2017.
The proposal indicates that the project to receive the most
financial support should be the one in Tac Cau fish port in the southern
The second prioritised project is the one for the workers of
Giao Long Industrial Zone in Chau Thanh District in
Another project, proposed by the MoC to receive a VND50
billion loan package, is located in the
In the southern
Loans of VND15–25 billion ($700,000 –1.17 million) each have
been proposed for three other social housing projects as well.
BOT project to connect highways through Bac Ninh, Hai Duong
provinces
A Build-operate-transfer project, with a total investment of
VND1,679 billion (US$79 million), will be carried out to build and upgrade a
part of Highway 38 which connects Highway 1 with Highway 5 through Bac Ninh
and Hai Duong provinces.
The information is included in an official contract signed by
the Ministry of Transportation and other three Vietnamese contractors in
The investment comprises over VND242 billion (US$11.4 million)
of the investor and over VND1,436 billion (US$67.5 million) of credit loans.
As planned, the 28.6km route will be completed in 2016,
facilitating transportation to
Speaking at the signing ceremony, Deputy Minister of
Transportation Nguyen Van Cong stressed the project’s urgency to meet
increasing transportation demand and ensure safe transportation on Highway 38
through Bac Ninh and Hai Duong provinces for socio-economic development of
both provinces and the northeast region.
He asked contractors to mobilise resources to fulfill the
project on schedule with required quality while urging local authorities to
boost site clearance and support contractors to implement the project
effectively.
The local insurance market is expected to obtain nearly
VND52.7 trillion, or around US$2.47 billion, in total premiums this year, up
14.2% against 2013, Vietnamplus reports.
According to the Ministry of Finance, insurance companies have
paid out over VND18.5 trillion (US$869.5 million) for customers this year.
The figures suggest that the market has maintained stable growth despite
tough global and local economic conditions.
However, the market potential has yet to be fully tapped.
Mobilization capital use effect and the capital ratio for long-term
investment are still limited, the ministry said.
The insurance industry targets a growth rate of 12-15% next
year.
The ministry will raise requirements in business establishment
licensing to improve financial capability and corporate governance.
The nation aims to focus on comprehensive development of the
insurance industry. Organizations and individuals are encouraged to buy
insurance products to secure financial stability, it added.
Next year, the ministry will call for enterprises to launch
products for the primary industries, remote areas and low-income earners.
The market now has 30 non-life insurers, 17 life insurers, 12
insurance brokerages and two reinsurers. They have a total equity of nearly
VND41 trillion, rising 11.4% against the previous year.
By the end of 2014, the insurers will have total assets of over
VND154 trillion (US$7.2 billion), up 15.2% from 2013.
Although the real estate market in HCMC has shown positive
signs of recovery this year, the HCMC Real Estate Association (HoREA) said on
December 23 the worst is not yet over.
Tough property market conditions have hit many property
enterprises, credit institutions, building material producers and suppliers,
the labor market and low-income buyers, HoREA said in a report on the
property market in 2014 and predictions for 2015.
HoREA gave figures to illustrate its argument. By this time,
the city has around 1,400 housing projects and only 426 projects of them are
complete while 201 other projects are under construction, the association
said.
More than half of the projects (689 projects) have stalled and
85 others have had their licenses withdrawn or canceled.
Disbursements in the VND30-trillion preferential home loan
program have remained slow as only 12% of the sum has been disbursed for
homebuyers nationwide so far.
According to the State Bank of
But the association noted the property market is on the way to
recovery.
Apartments measuring less than 70 square meters and costing
less than VND15 million (over US$700) per square meter have been selling well
over the past years. The projects in this segment are those developed by Thu
Duc House, Le Thanh, Nam Long, Hung Thinh, Phu Khang, C.T Group, Hung Ngan,
Phuoc Thanh, Dat Xanh and An Gia.
A number of luxury housing projects of Van Thinh Phat,
Novaland, Phu Long, Khang Dien, Him Lam, Phu My Hung, SSG, Dai Quang Minh,
Vingroup,
HoREA said merger and acquisition (M&A) activity has
turned active in the property sector this year.
Novaland, Hung Thinh, Phuc Khang, Phat Dat, An Gia and Dat
Xanh have acquired or partnered with investors of half-done projects to
design products appropriate for the market.
HoREA said such deals have contributed to easing home
inventories and bad debts of investors with weak financial capabilities, and
helped provide the market with products more attractive and affordable to
many buyers.
Large property firms in HCMC are anticipating better prospects
for the real estate market next year. They forecast small and medium-sized
apartments with reasonable prices and street-front land lots will continue
attracting buyers in 2015.
Uber must pay 10% tax once licensed in
Uber will have to pay 10 percent taxes on its total revenue if
it is licensed to legally operate in
The General Taxation Department under the ministry elaborated
that Uber will have to pay a five percent corporate income tax on the total
revenue it earns from the local market if the company is licensed.
It added that Uber International B.V., which pockets 20
percent of what passengers pay for Uber services, will have to pay another
five percent value added tax on its turnover in the Vietnamese market in that
case.
For the local transport firms directly partnering with Uber
International B.V., they will have to pay tax on the remaining 80 percent of
the payment.
In addition, those businesses will also be liable for some
other fees and all other kinds of taxes arising in
The General Taxation Department added that Uber’s is a new
business model in
To manage earnings from those services, the department
suggested working with the Ministry of Industry and Trade and the State Bank
of
FDI disbursement up 7.4% despite fall in pledges
Disbursement of foreign direct investment (FDI) in 2014
reached US$12.35 billion as of December 15, up 7.4% from the previous year,
the Foreign Investment Agency (FIA) has reported.
The FIA says total pledges during the period fell by 6.5% year
on year, but exceeded the full-year target by 19%.
Export revenue by the foreign sector, including oil companies,
is estimated at US$101.59 billion, up 15.2% from a year earlier and
accounting for 68% of
With oil revenues excluded, the sector brought in US$94.41
billion in the last twelve months, a year-on-year rise of 16.7%.
At the same time, foreign-invested enterprises imported goods
worth US$84.56 billion, posting a trade surplus of US$17.03.
According to the FIA, manufacturing is the strongest magnet
for foreign investment, attracting nearly US$14.5 billion in 774 projects,
making up 71.6% of total FDI pledges in 2014.
The property and construction sectors come second and third,
with pledges worth US$2.54 billion and US$1.05 billion respectively.
The
The
SCG named Asean Admired Brand
ASEAN’s leading industrial conglomerate SCG has just received
ASEAN’s Golden Trophy 2014 and the award of “ASEAN Admired Brand”.
This award is a proven record for SCG’s effort in the past 100
years to build sustainable brand and trusted quality of products and
services, contributing to prosperity and promote
“SCG is honoured to receive this award. This recognition has
once again reflected our determination to become a good corporate citizenship
in
SCG comprises three core businesses including SCG
Cement-Building Materials, SCG Chemicals and SCG Paper. With more than 200
companies under its umbrella and approximately 47,000 employees, SCG creates
and distributes innovative products and services that respond to the current and
future needs of consumers.
SCG began its regional expansion with
The award is jointly organised by the Ministry of Industry and
Trade, Ho Chi Minh City Union of Friendship Organisations,
There are four categories within the award scheme: “ASEAN
Admired Brand”, “ASEAN Excellent Enterprise and Business Man”, “ASEAN Quality
Products and Services” and “ASEAN Favourite Destination”. The participants
including enterprises and organisations operating in any sector within ASEAN
community are able join by direct application or nomination by prestigious
organizations.
“This award is part of the Vietnamese government’s policy on
economic reforms and international integration, helping strengthen the friendship
within and support the establishment of ASEAN Economic Community in 2015.
Besides, the achievements will encourage enterprises and organisations to
churn out better quality services and products,” said Ho Chi Minh City Union
of Friendship Organisations president Le Hung Quoc.
Source :
VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VIR
|
Thứ Bảy, 27 tháng 12, 2014
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