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BUSINESS IN BRIEF 7/2
Japanese, Vietnamese localities seek to boost links
A delegation of representatives from the Japan-Vietnam
Friendship Association (JVFA) in
During a meeting with provincial key officials, JVFA President
Hitoshi Kato said there is great potential for Binh Dinh to develop many
fields such as industry, tourism, and fishing industry.
He committed to providing the Vietnamese locality with more 20
sets of Japanese advanced fishing devices to help local fishermen catch ocean
tuna meeting the Japanese market’s requirements.
Koritaro Goto from Kohnan Shoji stated that his firm – the
second largest retailer in terms of turnover in
Meanwhile, Tsuyoshi Kato from Sanicon Group said his firm
looks to establish ties with Binh Dinh in water treatment and manufacture of
water-treatment devices.
Representatives from Bunrin Gakuin Japanese language school
affirmed they will team up with Binh Dinh’s authorities and
Chairman of the provincial People’s Committee Ho Quoc Dung
stated that the local authorities will facilitate operations of
The JVFA in
At present, the two localities are working hard to expand
their cooperation in other fields.
AIA insurance group commits long-term operation in Vietnam
The AIA life insurance group will work long-term in
Tucker made the remarks while meeting with Vice Chairwoman of
the National Assembly Nguyen Thi Kim Ngan in
The Vietnamese legislator said she welcomed the AIA’s
activities to support underprivileged, disabled children, orphans, and flood
victims, as well as its business operations meeting financial security and
accumulation purposes of organisations and individuals.
She underlined
In the coming time, the State-run insurance agency will
improve policies and procedures in the field to help businesses endure
difficulties and secure sustainable market development.
She suggested the AIA continue to strengthen legal business
activities and help
ODA disbursements at record high
Disbursements of official development assistance (ODA) for
projects and programs in
The ODA disbursements are made clear in a report by the
Ministry of Planning and Investment. They included US$5.25 billion in ODA
loans and US$350 million in grants. Around US$2.5 billion of the total was
disbursed for basic construction projects.
The report said major international donors continued
maintaining high disbursements with US$1.773 billion from
The major ODA-funded projects put into use last year included
the Nhat Tan bridge and road, the second passenger terminal T2 at
In addition to transport infrastructure, numerous major
projects financed by ODA and concessional loans were put into operation in
the fields of energy, water supply, waste water and garbage treatment,
environmental sanitation, education and training, and health. These projects
have contributed much to socio-economic development and economic
restructuring.
Last year,
At a recent meeting between the Steering Committee for ODA and
concessional loans and international donors and banks in
For instance, the percentage of successful projects funded by
ADB is 82.1%, well above 65.2% in
The average interest rate of ODA loans provided by
international donors for
At the meeting, foreign lenders mentioned problems with
ODA-funded projects such as time-consuming procedures and preparations as
well as the financial allocation mechanism for ODA and concessional loan
pledges.
New ODA and concessional loans for Vietnam last year tumbled
by 32% year-on-year to more than US$4.36 billion last year, Vietnam News
Agency reports, citing figures at the meeting chaired by Deputy Prime
Minister Hoang Trung Hai. The amount included over US$4.16 billion in ODA
loans.
The drop was attributable to the fact that agencies focused on
preparations for and the quality of projects to be funded by ODA and
concessional loans to keep the country’s public debt at a safe level.
The planning ministry pointed out another reason that major
economies in the world are still coping with a host of challenges and more
ODA funds have gone to the least developed countries and the countries with
political unrest.
In this context, developing countries, particularly a
middle-income nation like
Deputy PM Hai was quoted by the Government’s portal
chinhphu.vn as saying at the meeting that ministries and local authorities
should ensure the efficient implementation and disbursements for ODA-financed
projects and programs at a time when it is difficult to find new sources of
capital.
Hai said there remain ODA funds of up to US$21 billion for
projects and programs in the country and slow disbursements would lead to
losses of hundreds of millions of U.S. dollars for opportunity costs a year.
Therefore, Hai called for ministries and localities to enhance
their management of ODA disbursements. The ministries of planning-investment
and construction were told to review shortcomings and establish inspection
groups to ensure the better use of such low-interest loans.
Hai noted the bribery allegations involving Japan
Transportation Consultants Inc. (JTC) in a railway project in
HSBC warns of subdued export growth
HSBC Bank has forecast Vietnam’s export growth would continue
slowing this year and would decelerate to 12% from the 13.6% recorded last
year due to the impact of slowing commodity prices, falling external demand
and waning currency competitiveness.
In a macro economics report released on February 3, the bank
said although exports have achieved double-digit growth in recent years, the
rates have declined.
Last year, the country’s exports reached the US$150-billion
milestone, expanding by 13.6% versus 2013. However, that is a deceleration
from 15.2% growth in 2013 and 18.2% growth in 2012.
The drop was attributable to the decline in commodity
shipments in value and volume, especially crude, rubber, coal and rice.
Meanwhile, footwear, apparel, aqua products, phones, and computer parts
exports rose sharply, primarily thanks to Vietnam’s relative labor cost
competitiveness (up 22%, 16%, 18%, 13% and 10% respectively in 2014).
“We believe the same trend will dominate export growth in 2015
– manufacturing exports will outperform, while commodity-based shipments will
slow,” HSBC said in the report.
Regarding currency competitiveness, a recent directive of the
central bank stated that currency stability is a priority and the central
bank will only devalue
The central bank already adjusted up the reference rate by 1%
in early January, leaving room for only another 1% devaluation in the rest of
the year. Since December last year, the currency has actually appreciated
while other currencies, including the euro and the Chinese yuan, depreciated.
The question is whether
“Given
While HSBC’s forex team does not forecast a sharp weakening of
the yuan-dollar exchange rate by year-end 2015, this remains the largest risk
to
Second turbine of Vung Ang 1 thermal power plant reaches
design capacity
The second turbine of Vung Ang 1 thermal power plant reached
its maximum capacity of 600MW at 2:57 pm on February 5, according to the
Vietnam Machine Installation Corporation (Lilama) - the main contractor of
the plant.
The second turbine of Vung Ang 1 plant was connected to the
national grid on November 10, 2014 for a trial run and operation achieved
maximum capacity yesterday, meeting all technical specifications.
Lilama expects to hand over the second turbine to the National
Oil and Gas Group (PVN), the investor of the Vung Ang 1 plant, for commercial
operation in late March 2015 as scheduled.
Meanwhile, the first turbine of the plant was handed over to
the PVN for commercial use on December 20, 2014.
Vung Ang 1 is a coal-fired power plant which boasts the
largest capacity (600MWx2) in
The thermal power plant is a key national power project which
will generate around 8 billion kWh of electricity each year.
Ethanol gasoline blend prices reduce
Vietnam National Petroleum Group officially reduced the price
of E5 Ron 92 fuel, a mixture of 95 percent gasoline and 5 percent ethanol, by
VND320 a liter to VND15,350 since February 5 afternoon.
According to the group, the price cut is to suit petrol
product prices in the world market. The prices of Ron 92, diesel, engine oil
and kerosene remain steady.
On the same day, the Ministry of Industry and Trade decided to
reduce contribution level to the price subsidization fund by VND460 a liter
of gasoline, VND280 a liter of kerosene, and VND530 a kilogram of engine oil.
The level has been widened by VND20 a liter of diesels and
VND40 a liter of E5 gasoline.
Petrol prices have been cut for two times since early this
year. The first reduction was VND310 a liter on January 6 and the other
totaled VND1,900 on January 21.
Last year petrol prices were lowered for 12 times while diesel
and kerosene prices were lessened for 14 times.
HAGL's first Australian beef products introduced to
Vissan Company Ltd, a domestic meat processor and supplier,
and Hoang Anh Gia Lai Joint Stock Company (HAGL) will sell 2,000 Australian
cows to the local market to serve the Tet (Lunar New Year) holiday.
These are the first products to be marketed locally under the
cooperation of the two companies, the company said on Wednesday in
Doan Nguyen Duc, chairman of HAGL, said the cows, which were
imported from
They have been fed at HAGL's farms in
At the ceremony to introduce the first product to the market,
a representative of Vissan said the demand for beef in
The Australian beef products of Vissan and HAGL are sold at
Satra, Saigon Co-op Marts and Vissan's outlets for about VND320,000 (US$16)
per kilo. - Photo ndh
In
Co-operation between the two companies has played an important
role in localising cow feeding in
This year, HAGL plans to feed 100,000 cows, and the figure is
expected to increase to 200,000 in 2016.
Duc said the company plans to invest more in feeding oxen as
the sector has been very profitable.
The Australian beef products of Vissan and HAGL are sold at
Satra, Saigon Co-op Marts and Vissan's outlets for about VND320,000 (US$16)
per kilo.
A promotion from February 10 to 25 will offer the products for
VND8,000 per kilo.
HAGL has shifted their investments to agriculture. In
mid-2014, it signed co-operation agreements with Nutifood and Vissan to
develop a project to raise cows and oxen, and to build a processing plant.
Vingroup to add 25 shopping malls across
Giant Vietnamese real estate developer Vingroup will open 25
new shopping malls across the country this year, the company announced
Tuesday, along with a decision to increase investment in a megaproject.
The new trade centers will be developed under Vingroup’s
flagship brands, Vincom and Vincom Mega Mall, the Hanoi-based realty
developer told the media.
The new facilities will have an occupancy rate of 70 percent,
with Vingroup’s strategic partners and affiliates such as BHD, CGV, Golden
Gate, Highlands Coffee, Vinmart, Vinpro, VinKE,
The Vincom and Vincom Mega Mall chains are developed and
operated by Vingroup’s retail unit, Vincom Retail. The company boasts a 90
percent occupancy rate at its existing malls.
Vingroup currently has five Vincom malls – two each in
The new shopping malls will be built in 19 provinces and
cities,Reuters reported on January 15, citing an email statement from
Vingroup.
But the cost of this expansion has not been disclosed.
Vingroup also announced on Tuesday that it will increase the
total capital for the Vincom Mega Mall Thao Dien in District 2, Ho Chi Minh
City by VND1 trillion (US$46.6 million).
The VND3.5 trillion ($163.11 million) mega-shopping mall will
thus become the largest of its kind in the eastern area of the southern
metropolis, according to Vingroup.
Vincom Mega Mall Thao Dien will be built as part of the
Masteri Thao Dien deluxe urban area, which is being developed by Thao Dien
Investment JSC.
The Masteri Thao Dien project features deluxe shopping venues,
cuisine areas, a cinema complex, and a modern entertaining center.
Thao Dien is a ward in District 2, known as a hub of luxury
villas and apartments.
The Southeast Asian country also has the world's fastest-growing
number of super-rich, with Vietnamese holding net assets of at least $30
million projected to swell to 293 from 110 in a decade, Reutersquoted a 2014
report by property consultancy Knight Frank.
Vingroup is one of
The firm was twice named winner of the “Best Developer
Vietnam” category at the annual South East Asia Property Awards in 2013 and
2014.
The Asia Property Awards work to showcase the Asian real
estate industry, boosting awareness and highlighting top quality developers,
projects and services, according to its website.
A Vietnamese beverage producer has agreed to pay half a
billion dong to buy the silence of a customer who found a dead fly in an
unopened bottle of its energy drink.
But before sending a representative to complete the payment,
Tan Hiep Phat Co. Ltd. also reported to the police, who eventually arrested
the customer for alleged “confiscation of property.”
The case has started a debate among local members of the
public and lawyers as to whether Vo Van Minh, an eatery attendant in the
southern
On January 3, Minh found a Number One bottle at his eatery
that contained a fly and decided to call the company, headquartered in the
southern province of Binh Duong, asking for VND1 billion (US$46,600) to not
make the incident public.
The man threatened to report the case to the Binh Duong
customer protection association and the media, and print 5,000 leaflets to
scatter around the province to damage the company’s reputation, according to
Tien Giang police.
Tan Hien Phat ended up agreeing to pay him VND500 million
($23,300) after three rounds of negotiations, and secretly reported the
situation to the police.
Minh was arrested when he was about to receive the money at a
café in Tien Giang on January 27 and has remained in police custody since.
Nguyen Tan Thi, a lawyer from the Ho Chi Minh City Bar
Association, who was invited to defend Minh, said the man only wanted to
receive compensation from Tan Hiep Phat for the bad product.
A customer has the right to do so and negotiate with the
manufacturer, he said, citing the law on consumer protection.
Minh is allowed by law to ask for a certain sum of money,
according to the lawyer, and by saying he will cause damage to the company,
Minh only “wanted to win the negotiation rather than threaten it.”
“Tan Hiep Phat accepted the request for the company’s sake
rather than being forced or threatened to do so,” Thi said.
“Minh’s request could be irrational but it is allowed by law
and Tan Hiep Phat reserves the right to refuse it.”
Bui Quang Nghiem, deputy chairman of the Ho Chi Minh City Bar
Association, also said Minh’s act does not violate the law, but “morally
speaking, it is inappropriate as he asked for quite a huge sum of money.”
The lawyer also said Tan Hiep Phat had broken its promise by
reporting the case to police while it had agreed to pay the money.
“Also in terms of morality, I think Tan Hiep Phat is no better
than the customer,” he said.
Prosecutor Nguyen Van Chung, head of the People's Procuracy of
Ho Chi Minh City’s District 3, had a different view.
Chung said it is normal for a consumer and a manufacturer to
negotiate for compensation, and the latter voluntarily agrees to pay money.
“But if the customer takes advantage of the incident to
threaten the business, making the latter unwillingly pay the money, that act
is a sign of confiscation of property,” he pressed.
Pham Le Tan Phong, director of public relations with Tan Hiep
Phat, said the company always wishes to satisfy the needs of customers,
except for “requests that are unnecessarily unreasonable.”
Microsoft and Big C cooperate to deploy cloud solution
Today, Big C Vietnam and Microsoft officially tightened their
mutual relationship and brought it to a higher level via an Enterprise
Agreement EA signing ceremony.
According to the EA, Big C would be the first retailer in
As one of the international professional retailers has
relentlessly developed over the past 16 years, Big C has opened and operates
30 commercial centers and hypermarkets in 20 cities and provinces in
“For customers’ satisfaction is Big C’s objective for endeavor
and development. Hence, apart from offering customers wide range of
diversified goods with best price and controlled quality, Big C also focuses
on seamless improvement in its service quality in order to bring the most
enjoyable shopping experience for local customers making Big C to be every
household’s favorite shopping destination,” James Scott, CEO of Big C Vietnam
said. “Advanced IT applications in operations management is one of Big C’s
strategic solutions for its sustainable development. The cloud solution is
one of the pioneer decisions in retail industry in
Owning features used by 60 per cent of the world’s largest
enterprises in the Fortune 500 over the past year, Office 365 is the IT
solution for highest-growth-rate enterprises in Microsoft history. Apart from
that, Microsoft Office 365 was also honored to be interesting, attractive,
and the most trustworthy cloud service by global media. Comprised full suite
of office productivity applications from Microsoft Office to such integrated
communications and collaboration tools as Exchange Online, SharePoint Online,
OneDrive for Business, and Yammer, ensuring 99.9 per cent uptime, Office 365
is considered a perfect office solution for those enterprises that want to
increase business and staff productivity.
Being approached in new way, integrated with cloud computing
through breakthrough innovative applications that become smarter, more solid,
Microsoft Office 365 delivers ‘touch-optimised’ technology, which enables
users to easily manipulate on such touch devices as tablet, smartphone from
anywhere, on most available devices.
Besides, in efforts to serve global users accessing modern
services, quality add-ons to get the highest productivity, recently, Office
365 subscribers are offered 1TB storage on OneDrive. The huge storage helps
ensure business officers to work where and when they want with productivity
and advantage like office devices with all data on cloud in real-time.
“Always counsel to deploy the most optimal platforms, solutions
and services for enterprises, and collaborate with users is Microsoft’s
commitment,” said Vu Minh Tri, general director of Microsoft
Building sector tries to go green
Vietnamese officials and international donors on Monday held a
roundtable meeting on growth in green construction in the capital.
Participants heard that the sector reportedly consumes 36 per
cent of the nation's total electricity usage.
The implementation of green initiatives could conserve up to
30-40 per cent of its current demands.
Jesper Dilefsen, an advisor from the Danish Energy Agency,
told online newspaper Vietnamplus that
Other sponsors voiced opinions on the prioritisation of
energy-saving programmes such as building capacity for the technical system,
designing eco-friendly products and enacting relevant measures and
regulations.
They advised the construction ministry to take part in
long-term and multi-sector projects rather than limiting itself to activities
within its field.
According to Phan Thi My Linh, Deputy Minister of
Construction, the roundtable meeting provides a practical discussion platform
between her agency and foreign partners, which contributes to improving green
development policies.
The sea level is expected to rise by 98 centimetres by the end
of the 21st century, flooding 20 per cent of
Government
sets new caps on retail petrol prices
The Ministries of Industries and Trade and Finance set new
caps for retail petrol prices yesterday, urging domestic dealers to enforce
them from 3pm onwards.
The authorities said in a news release that the maximum prices
have been fixed at VND15,686 (US$0.75) per litre for RON 92 gasoline and
VND15,183 ($0.72) per litre for 0.05S diesel, based on the global petrol
price developments over the last fortnight.
They also stipulated limits of VND15,623 ($0.74) per litre for
kerosene, VND11,861 ($0.56) per kilogramme for 180CST 3.5S mazut, and
VND15,356 ($0.73) per litre for biofuel E5 gasoline.
The Viet Nam National Petroleum Group (Petrolimex) announced
that it has made adjustments in time, slashing the price for a litre of E5 by
VND320 to VND15,350. The prices of other products will remain unchanged, it
added.
Domestically, the base price for diesel has slid 0.1 per cent
during the last fortnight, while the base prices have risen 3.3 per cent for
gasoline, 2 per cent for kerosene and 5 per cent for mazut, according to the
ministries.
The base price is typically calculated, based on the import
prices plus taxes, costs and profit quotas for fuel dealers.
The authorities have also allocated new quotas for enterprises
by establishing price stabilisation funds on February 5. Dealers must now
extract VND340 per litre for gasoline, VND520 per litre for kerosene and
VND270 per litre for mazut for the stabilisation reserves, or all for VND800.
They are to extract VND820 per litre for diesel, or 20 dong
higher than the previous level.
Retail prices for petrol have been cut twice this year in the
context of global oil prices experiencing continuing declines.
VAFI proposes interest rate cut
The Viet Nam Association of Financial Investors (VAFI) has
asked the State Bank of Viet Nam (SBV) and the Ministry of Finance (MoF) to
cut dong interest rates on institutional deposits to about 1 per cent from
the current 6-6.5 per cent per annum.
In its document sent to SBV and MoF, the VAFI said that such a
dramatic cut required great determination and concerted measures from the SBV
and the MoF but would have a clear impact on the country's economic
development, Vietnam Economic Times reported.
The VAFI also said the central bank should drastically
restructure the commercial banking system, which required dissolving ailing
commercial banks, leaving only 15. Foreign banks should also be encouraged to
purchase ailing financial institutions.
According to the association,
The VAFI also said the central bank should not appoint
directors who had never worked for a business and did not have any
achievements in business management. Additionally, they should not be
appointed to boards of directors or jobs as general directors or CEOs at
finance institutes managed by the SBV.
The association urged the MoF to control land prices to ensure
healthy development of the property market and the State to enact an Assets
Law to avoid price fever. If the interest rate for deposit in Vietnamese dong
was lower, people might pour their idle money into the real estate sector,
causing high land fever and bringing inflation, production and business to a
standstill, the association warned.
To cut the dong deposit interest rate, the Ministry of Finance
also needed to spur the development of the securities and bond markets. Lower
interest rates would stimulate the recovery and development of these markets
and the banking industry would be able to mobilise long-term deposits.
In addition, the State should open more room for foreign
investors to invest in listed stocks, VAFI said. The Ministry also needed to
outline a roadmap to minimise the budget deficit and public debt and balance
the State budget and spending in the next 10 years.
Some analysts doubt the feasibility of the proposal. Can Van
Luc, head of BIDV's human resources training school, said it would be too
difficult to lower the deposit interest rate to 1 per cent for several
reasons.
First, inflation was now low due to the impact of the
decreased oil price. Second, the deposit interest rate needed to be kept at
an attractive level to attract depositors so people would keep depositing at
banks. Before reducing the deposit interest rate, inflation movements in the
next few months needed to be observed, he said.
Former State Bank governor Cao Sy Kiem said the interest rate
needed to be reduced, but the level needed to be carefully considered. If the
interest rate was too low, commercial banks would suffer liquidity pressure
as people rushed to withdraw their deposits from banks and invest in other
financial channels such as property and securities.
Another banking expert said that the VAFI's proposal should be
reconsidered after five to 10 years, when the inflation and finance market
was stable as in many countries in Europe or the
Given the current domestic unstable finance market, bringing
the interest rate for deposits down to 1 per cent was "unbelievable",
he said.
Satra
opens first store in
Sai Gon Trading Group (Satra) opened its first Satrafoods food
store in suburban
It stocks more than 2,000 items, of which over 80 per cent is
fresh and processed food, vegetables, and household appliances.
The store also sells nine priced-stabilised essential items
like rice, sugar, and cooking oil.
Satra is made up of 70 subsidiaries, affiliates and joint
ventures, most of which are large enterprises like Vissan, Cau Tre and Agrex
Sai Gon.
To mark the opening, the store is offering a discount of 49
per cent on many items until February 14.
The Economist Intelligence Unit has analyzed
It hailed the State Bank of Vietnam (SBV)'s active response to
the international monetary market to improve the domestic currency’s competitiveness.
The EIU considered the foreign exchange adjustment a proactive
step, rather than a shock therapy to restore economic growth.
HAPRO unveils tentative plans to invest in Angola
Representatives from the Hanoi Trade Corporation (HAPRO)
recently paid a working visit to
The representatives discussed in detail the potentiality of
investing in the wood and food processing sectors with the mayors of
For their part, representatives from the Angola National
Private Investment Agency (ANIP) were most receptive to HAPRO’s interest in
the country, especially in the fields which would generate jobs, accelerate
technological transfer and help
The mayors of
Ha Noi to display popular foods at Spring Fair 2015
A ten-day fair showcasing food and fruit specialties from
across the nation will begin tomorrow at Giang Vo Exhibition and Fair Centre
in Ha Noi.
The annual exhibition provides an opportunity for businesses
to promote trade activities and better serve purchasing demands prior to the
Lunar New Year (Tet), the largest holiday in
Nguyen Kim sells stake to Thailand's Central Group
Nguyen Kim seeks to develop into a strong electronics retailer
in the proposed ASEAN common market, with a range of initiatives geared
towards strengthening its market position and improving its digital marketing
strategy.
Among its plans are to offer new lifestyle shopping centres
and product categories beyond electronics.
Nguyen Kim is looking to expand from its current 21 stores to
more than 50 across the nation in 2019 to retain its market leadership.
Digital marketing is set to play a key role in the plan, with the company
hoping to increase online sales by 50 per cent in 2015.
Footwear sector takes steps into New Year
A successful 2014 and the promise of bigger export
opportunities has given the domestic leather and footwear industry the
confidence to set a US$14 billion export target for this year.
Phan Thi Thanh Xuan, general secretary of the Viet Nam Leather
and Footwear Association (Lefaso), told Viet Nam News that the new target
marked a year-on-year increase of 15 per cent.
She said last year was a successful year for the industry,
with its presence in 47 global markets seeing the total leather, footwear and
handbags exports rise 22.5 per cent over 2013 to $12.74 billion, accounting
for 8.5 per cent of the nation's total export turnover.
Impending Free Trade Agreements (FTAs) and the Trans-Pacific
Partnership (TPP) will attract new investments into
"We think the agreements will create remarkable growth in
export turnover in the coming years," Xuan said, explaining that the
ensuing reduction in tariff barriers would make it easier for
When the TPP comes into effect, the current taxes of 3.5 to
57.4 per cent would be slashed to zero per cent, which would support
exporters looking to expand production and make better products, experts
said.
However, in upcoming years, the sector might have to face
stiff competition from
Other experts have also pointed out that when the market
opens, foreign footwear makers will utilise
The US market, which was Viet Nam's largest footwear importer
last year, will set up more non-tariff barriers, mainly on product safety
standards, aiming to protect its own sector when the TPP is signed, the Thoi
bao Kinh te Viet Nam (Vietnam Economic News) quoted Nguyen Hong Duong, deputy
director of the American Market Department under the Ministry of Industry and
Trade (MoIT), as saying.
Duong advised firms to continuously update themselves on
policies and market information so that they can protect themselves better.
They should express their concerns through Lefaso to the Government and seek
solutions, he said.
Leather and footwear exports last year saw a year-on-year
growth in most of its markets. The
Xuan attributed the growth to many leading footwear brands
shifting orders from
The Deputy Prime Minister has urged relevant ministries and
agencies to rapidly implement the Viet Nam Industrialisation Strategy (VIS),
which is part of the Viet Nam-Japan cooperation framework through 2020.
Deputy PM Hoang Trung Hai has given the directive to the
following ministries: Finance; Science and Technology; Labour, Invalids, and
Social Affairs; Foreign Affairs; Education and Training; Natural Resources
and Environment; Construction; Industry and Trade; Agriculture and Rural
Development; Planning and Investment; and Transportation, as well as the
State Bank of
They have been asked to carry out their assigned tasks in a
timely fashion, including submitting reports to the Deputy PM – who also
heads the Steering Committee for
Under the strategy approved by the Prime Minister on July 1,
2013, priority has to be given to developing the electronics, agricultural
machinery, agricultural and seafood processing, ship building, environment
and energy saving, and automobile and spare parts manufacturing sectors.
The development of these industries is expected to nurture
high value-added products, boost technological innovation and productivity,
and improve global competitiveness of local firms.
The Ministry of Planning and Investment was assigned to
supervise progress in the implementation of the action plan and conduct
research on potential products or areas for cooperation with
Additionally, it will collaborate with the Ministries of
Foreign Affairs and Finance to seek support from foreign partners and
enterprises for the projects stipulated within the plan.
Meanwhile, the Ministry of Industry and Trade will work with
the Japanese Embassy to finalise an action plan for the development of the
automobile and spare parts manufacturing industry in March 2015.
Source: VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VIR
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Thứ Sáu, 6 tháng 2, 2015
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