Social News 11/2 Quarry collapse kills three in Thanh Hoa Three people reportedly died of suffocation in a quarry collapse on Sunday in Xuan Le Commune, Thuong Xuan District in Thanh Hoa Province. The incident was discovered at about 10am on Sunday, when a quarrier went past the mine pit where the three victims were working, and saw that it had collapsed. He immediately called out to other workers nearby for help. However, all rescue efforts were too late because the pit had possibly collapsed long ago and the victims must have died of suffocation after being buried under the mud. Although the collapse was discovered in the morning, the victims' bodies reached their homes only at 5.30 pm, because the quarry sits deep inside a forest in a remote area that is inaccessible by either car or motorbike. Authorised agencies are working with the victims' families to identify the cause of the incident. Rash truck driver kills 2 Two people have died and two others were seriously injured following an accident between a truck and two motorbikes in the Tan Phu District today. The driver of the truck, Thai Kim Tien, 45, who belongs to Quang Ngai Province, was said to be driving at a very high speed, when he hit two motorbikes, dragging the four bike riders for about 20 meters. While an injured man died at the spot, a woman died en-route to the hospital and the two other women are said to have been injured seriously. Local police are investigating the incident. Two women missing from capsized ship Search for two missing women is going on since a vessel carrying five to seven tonnes of farmed clams capsized last Saturday night in Thai Binh Province. Nguyen Duy Cam, vice chairman of Thai Binh District's People's Committee, told Vietnamplus online newspaper that immediately after hearing the news, the district and commune authorities and local border guards reached the site of the accident to search for the missing persons and salvage the sunken ship. Those who escaped from the ship have recovered and are joining the search and salvage efforts. Local officials said that the depth of the sea at the site where the vessel is likely to have capsized is up to 4m. As the sea waters are cold now, the authorities can only use motor boats to search the surrounding area. Da Nang firms fail to cut transport fees A joint team from the ministries of Finance and Transport found that four out of five randomly inspected transport companies in Da Nang City had not cut transport fees as legally required because of the sharp decline in fuel prices. The team, which conducted the inspection between February 1 and 4, demanded the companies to cut their prices immediately, Vnmedia online newspaper reported. Statistics show the city has 54 transport companies, all of which were supposed to make transport price cuts. Six of the companies were taxi companies, 16 inter-provincial coaches, three bus companies - and 30 container carriers. The city's transport authority reported that by February 3, all six had slashed their fares on two occasions. The cuts ranged from three to 25 per cent of the fare, depending on the type of car and the distance covered - 600 metres or the ensuing distances. All the city's 19 coach and bus companies, also made cuts of 2.3 per cent to 12 per cent, depending on the length of the route. Likewise, 22 out of the 30 container companies reduced their fees from three to 21 per cent. While in Da Nang, the inspection team visited Da Nang Bus Station, where 122 companies from the city and outside provinces operate services on 88 routes. There, the inspection team found that many companies had already cut ticket prices. Last year, buses running along 23 out of the 88 routes slashed ticket prices. This amounted to 50 of the total 122 bus companies. So far this year, another 38 companies have made price cuts. This means that so far 82 out of the 122 companies (67 per cent) running their buses to the station have lowered their prices. All of the city's 16 bus companies operating at the station have chopped ticket prices. The inspection team has ordered the city's Department of Transport other transport departments in the provinces with buses operating at the station that have not lowered their prices to conform immediately. The inspectors also instructed the city's departments of Transport and Finance to work together in identifying the companies that have failed to cut their prices as required by law as well as those that have failed to cut their prices sufficiently and publicise their names on the departments' websites as well as at the city's bus station. Representatives of the Ministry of Transport told Vnmedia that the inspection was done to reinforce its earlier instruction of January 29 that requests all provincial departments of transport to inspect the declaration of price cuts by transport companies operating at local bus stations in their respective areas and to set up inspection teams to check for violations in price cut declaration rules. Multidimensional poverty standards Elected delegates have gathered at a seminar in Hanoi on to examine multidimensional poverty standards. The standards contain various factors used by the Multidimensional Poverty Index (MPI) that go beyond income poverty to reveal alternate patterns of poverty. The index was developed by the Oxford Poverty & Human Development Initiative and the United Nations Development Programme in 2010. As of the late 2014, the nationwide and district rates of poor households hit 6 percent and 32 percent, respectively, inching closer to the goal of under 5 and 30 percent this year, according to head of the National Office for Poverty Reduction under the Ministry of Labour, Invalids and Social Affairs (MOLISA) Ngo Truong Thi. Dr. Pham Minh Thu from the MOLISA’s Institute of Science and Social Affairs said the MPI takes other basic needs into account, including education, healthcare, accommodation, clean water and hygiene, and access to information. Participants also mentioned the application of a multi-dimensional poverty approach in State policymaking and management. The February 6 event was hosted by the National Assembly’s Committee for Social Affairs. Health ministry tells hospitals to cut overcrowding Fourteen hospitals have signed commitments to try and end the practice of putting two or three patients in a bed during overcrowding, according to Government website chinhphu.vn. To achieve this objective, at a recent online forum, the Ministry of Health identified seven tasks for the sector in 2015. Participants at the forum were Nguyen Thi Xuyen, Deputy Minister of Health, Nguyen Van Tien, Vice Chairman of the National Assembly Commission for Social Affairs, representatives from the Ministry of Health, the National Paediatric Hospital and the Vietnam-Germany hospital. Le Thanh Hai, Director of the National Paediatric Hospital, said that the practice ended during the past four months. He said his hospital eradicated the problem by deciding that up to 30 percent of patients can be treated as outpatients at other hospitals. "With support from the Ministry of Health and kind-hearted people and organisations, we implemented three measures. Firstly, we enlarged our outpatients examination ward from 30-40 rooms to 60 rooms. "Secondly, we did an assessment on the volume of patients coming to the hospital at different times of the day/week/month. From that, we divided staff in different work shifts to meet the volume of patients. "And finally, we formed a new unit at the hospital – the day-care unit – to handle less severe patients. These patients are monitored by doctors or nurses for about four or more hours. Then the doctor in charge decides if they can be sent home." Hai said the National Paediatric Hospital now has 1,500 beds and all patients are classed as serious. Yet only about 400 to 500 of them really have any need to stay in a bed while awaiting treatment. Nguyen Tien Quyet, Director of Vietnam-Germany Hospital said his hospital solved the problem of putting two or three patients to a bed several years ago. "In the period 2003-04, our hospital had only 430 beds. But in 2007-08, we had 800 beds. And now we have 1,100 beds. Late this month, when our hi-tech building is put into commission, we'll have another 350 beds. So all in all, we'll have some 1,500 beds by late February. Followed on Hai and Tien's ideas, Deputy Health Minister Xuyen expressed her appreciation for hospital efforts to eradicate the problem. "In past years, the Viet Duc and National Paediatric Hospital and other central hospitals have exerted great efforts to transfer hi-tech treatment to lower level hospitals. This enables many patients to be treated at provincial hospitals. This also reduces the economic burden for patients," Xuyen said. She said to implement the Prime Minister Decision 92 to help major hospitals avoid overcrowding, the Ministry of Health had developed a proposal to identify 14 good hospitals in Hanoi and Ho Chi Minh City and transfer their skills to 46 satellite hospitals. Prices of Da Lat orchids shoot up before Tet Da Lat City orchids and ornamental trees will cost more this Lunar New Year holiday season. Florists in the city have said the price of the favourite orchid has raised 30-50% more than last year to about VND1.3-1.5 million each. Sources said the price rise has been driven by an increase in the the price of seed from New Zealand. During the Lunar New Year holidays, the demand for orchids generally increases three- to four-fold more than on normal days and the the most expensive orchids have already sold out, said Doan Van Quynh, a representative of the Da Lat Flower Association. Most of gardens in Da Lat haven’t received any expensive orchids for at least the past two weeks. Ornamental seedless lemon trees have been a hit so far this year, Quynh said adding that each fruit weighs 2-4kg, some have been as large as 5-6kg. Bui Van Sang in Da Lat City said each 2kg seedless lemon fruit tree costs VND300,000, which includes transportation to Ho Chi Minh City and Mekong River Delta provinces. Some of Sang’s 45-years-old trees have been valued at VND100 million each. He took several of the white blossomed trees to a spring festival in HCM City and won the silver medal. Hanoi set ambitious goal on new-style rural building by 2020 Secretary of the Hanoi Party Committee Pham Quang Nghi established an ambitious goal for the city’s entire political system to have at least 70 percent of all communes recognised as new-style rural area by 2020. According to reports at the committee’s February 7 conference reviewing rural area modernization, thus far 109 communes in the city have met all 19 criteria required to be named a new-style area, equal to 28.23 percent of the total number. Another 156 communes have fulfilled 14-18 criteria, 115 communes satisfying 10-13 criteria and six communes completing 5-9 criteria. On an average basis, each commune has met 15 criteria, a great improvement from 2010 when the rate was only two. Addressing the conference, Pham Quang Nghi, Secretary of the Hanoi Party Committee, said the building of new-style rural areas is a great cause of the city and it carries a long-term and important significance. While appreciating the achievements the city has achieved over the past four years, he urged more mechanisms to allow the public’s greater involvement in the cause, from plan making to implementing and monitoring, so that they voluntarily contribute resources to building new rural areas. Nghi also emphasised on infrastructure improvement, the application of technology to production, environment protection and vocational training, adding that the city aims to raise per capita income to between 40-45 million VND (around 2,000 USD) each year by 2020.- HCM City sewage treatment factory gets upgrade Ho Chi Minh City and t he Japan International Cooperation Agency (JICA) began work on the upgrade of a sewage treatment factory in Binh Chanh district on February 7. The project has a total investment of 2.8 trillion VND (133 million USD), including the construction of a sewage treatment area, mud treatment zone and electrical supply system. Under the project, the Binh Hung sewage treatment factory’s capacity will increase almost three times, from the current 141,000 cu.m per day and night to 469,000 cu.m, ensuring the treatment of waste water discharged from districts 4, 5, 6, 8, 10 and 11 and reducing water pollution in the Tau Hu-Ben Nghe canal. Construction is expected to take 54 months. According to Deputy Chairman of the city’s People’s Committee Nguyen Huu Tin, this project has the largest scale and is the most important of the five construction projects to upgrade the city’s water environment. Once the five projects are completed, all waste water previously discharged into the Tau Hu- Ben Nghe canal will be collected and treated and the canal will be dredged, meeting requirments in drainage, flood prevention and water transportation.- Tra Vinh: Over 22 billion VND spent on crematory construction The construction of 27 crematoriums has begun in 27 Nam Tong Buddhist sect pagodas in eight localities in the southern province of Tra Vinh, costing 22.55 billion VND (1.05 million USD) of the central environmental budget. Each crematory will be 19 metres high and include three rectangular blocs, the body, chimney foot and chimney. The inner partition is built with heat resistant chamotte bricks while the exterior is comprised of 200-millimetre thick hollow bricks. In addition, a lightning protection system has been designed to protect the building within a 57-metre radius. The construction is scheduled to be completed by the end of this year. In 2012, the provincial Ethnic Department built 97 crematoria worth over 52 billion VND (2.4 million USD). Kim Hong Danh, Deputy Head of the provincial Ethnic Department highlighted that the incinerator construction includes a soot mitigation system to minimise environmental pollution and ensure that the health of local residents is not affected, adding that many of the earlier crematoria did not meet the technical, hygienic, and environmental standards. Tra Vinh is currently home to over 320,000 Khmer ethnic people, accounting for 32 percent of the province’s residents. The majority are Buddhist followers and are traditionally cremated after death. New Year greetings to journalists in Dak Lak Officials from the Central Highlands Steering Committee visited key media agencies in Dak Lak province on February 9, in honour of the upcoming traditional New Year. Deputy Head of the Steering Committee Tran Viet Hung expressed his hope that journalists from State establishments such as the Vietnam News Agency (VNA), the Voice of Vietnam, and Vietnam Television will continue working diligently to disseminate information and enhance their contributions to the nation. While visiting the VNA’s representative office in the locality, Hung highlighted the positive outcomes resulting from the cooperation to promote information exchange between the agency and the steering committees for Central Highlands, northwest and southwest regions. He also praised efforts made by the office staff despite difficulties in transportation and equipment.- More Tet gifts come to less fortunate people More gift packages are being delivered to people from disadvantaged backgrounds on the occasion of the up-coming traditional Lunar New Year (Tet). Politburo member and standing member of the Party Central Committee Secretariat Le Hong Anh on February 9 presented 100 gifts, each worth 1 million VND (47 USD), to poor households and Agent Orange (AO)/dioxin victims in Hoa Binh district of southern Bac Lieu province. The same day, Minister of Information and Communication Nguyen Bac Son brought 10,000 gift packages to needy and beneficiary families in Dai Tu, Dinh Hoa, Dong Hy, Phu Luong and Vo Nhai districts of northern Thai Nguyen province, worth a combined 800 million VND (37,600 USD). The gifts were donated by Hoa Binh Company in Hanoi . Authorities from the northern province of Nam Dinh earmarked over 43 billion VND (2 million USD) to present gifts to poverty-stricken and welfare beneficiary households. Meanwhile, the Vietnam Red Cross Society’s chapter in central Nghe An province delivered New Year gifts to 60 poor fishermen in Dien Chau district, each worth 1 million VND. Vice President and General Secretary of the Vietnam Fatherland Front (VFF) Central Committee Vu Trong Kim handed over gift packages to 60 underprivileged families in Nam Giang and Thang Binh districts of central Quang Nam province, worth total 30 million VND (1,410 USD). Vice Chairwoman of the Vietnam Women’s Union Bui Thi Hoa visited and presented gifts to Vietnamese heroic mothers, AO victims, and needy women in the provincial Thang Binh and Nui Thanh districts and Tam Ky city. This year, the Vietnam Red Cross Society launched a programme to raise over 1 million Tet gift packages to warm the hearts of AO victims and needy people from ethnic minorities and remote areas. Vietnamese abroad cheer upcoming Tet festival Vietnamese expatriates gathered in Australia, New Zealand, Malaysia, and Morocco on February 8 in celebration of the approaching Lunar New Year (Tet). Together, they feasted on traditional Vietnamese cuisine amidst joyous and entertaining music performances. Ambassador to Australia Luong Thanh Nghi addressed event attendees, saying Vietnam and Australia are working to deepen their comprehensive partnership and build an action plan for 2015-2017. Nearly 30,000 Vietnamese students are pursuing education in Australia, the third largest student body abroad behind China and India. This year, around 160-170 Vietnamese students are expected to fly to Australia on the Colombo scholarship programme, he added. In the New Zealand capital of Wellington, Ambassador Nguyen Viet Dung told a gathering of nearly 400 Vietnamese nationals that the nations are targeting 1 billion USD in trade between them this year in celebration of the 40 th anniversary of diplomatic ties. Meanwhile, Ambassador to Malaysia Pham Cao Phong briefed participants about bilateral progresses across sectors, with trade hitting 8.1 billion USD and Malaysia’s jump to the eighth largest foreign investor in Vietnam. Nearly 1,000 people gathered in the southern Malaysian state of Johor with another 200 at the embassy in Morocco to celebrate the occasion. New Year greetings to journalists in Dak Lak Officials from the Central Highlands Steering Committee visited key media agencies in Dak Lak province on February 9, in honour of the upcoming traditional New Year. Deputy Head of the Steering Committee Tran Viet Hung expressed his hope that journalists from State establishments such as the Vietnam News Agency (VNA), the Voice of Vietnam, and Vietnam Television will continue working diligently to disseminate information and enhance their contributions to the nation. While visiting the VNA’s representative office in the locality, Hung highlighted the positive outcomes resulting from the cooperation to promote information exchange between the agency and the steering committees for Central Highlands, northwest and southwest regions. He also praised efforts made by the office staff despite difficulties in transportation and equipment. HCM City leaders pay Tet visit to Buddhist dignitaries Ho Chi Minh City leaders on February 9 paid a visit to the southern office of the Vietnam Buddhist Sangha Central Committee and the municipal Buddhist Sangha on the occasion of the Lunar New Year (Tet) festival. Secretary of the municipal Party Committee Le Thanh Hai offered the best New Year wishes to Buddhist dignitaries, monks, nuns, and followers in the City and across the country. He hailed Buddhists’ positive contributions to the national socio-economic development in general and accomplishments of HCM City in particular. He affirmed that the Vietnam Buddhist Sangha’s contributions to realising social welfare in the country and HCM City were important and expressed hope for it to continue to join hands in taking care of people’s well-being. Most Venerable Thich Thien Nhon, Chairman of the Vietnam Buddhist Sangha Executive Council, thanked the authorities for their attention to religious followers, affirming that the Sangha will stand side by side with the authorities and people to boost the country’s development. In 2014, the Vietnam Buddhist Sangha raised over 421 billion VND, with over 200 billion VND collected by the municipal Sangha, for charitable activities nationwide. Buddhism constitutes the largest religious community in Vietnam with over 12 million followers, 40,000 monks and nuns, and almost 15,000 temples, monasteries and other places of worship. Cambodian Deputy PM extends New Year greetings to Long An Cambodian Deputy Prime Minister Men Sam An extended her best wishes to the Party organisation, administration and people of the Mekong Delta province of Long An on the occasion of Vietnam’s traditional Lunar New Year (Tet) in a visit to the province on February 9. The Cambodian guest expressed her hope that Long An province will continue building on the friendship, unity, and cooperation with Cambodian localities. On behalf of Long An authorities and people, Mai Van Chinh, Secretary of the Long An Party’s Committee, thanked the Cambodian Deputy Prime Minister and her entourage and affirmed that he believed the traditional neighbourly friendship and cooperation between Vietnam and Cambodia in general and between Long An and Cambodia’s Svay Rieng and Pray Veng provinces in particular will further grow, matching the expectations of the two nations and contributing to peace, stability and development of the region as well as the world. Vietnamese abroad cheer upcoming Tet festival Vietnamese expatriates gathered in Australia, New Zealand, Malaysia, and Morocco on February 8 in celebration of the approaching Lunar New Year (Tet). Together, they feasted on traditional Vietnamese cuisine amidst joyous and entertaining music performances. Ambassador to Australia Luong Thanh Nghi addressed event attendees, saying Vietnam and Australia are working to deepen their comprehensive partnership and build an action plan for 2015-2017. Nearly 30,000 Vietnamese students are pursuing education in Australia, the third largest student body abroad behind China and India. This year, around 160-170 Vietnamese students are expected to fly to Australia on the Colombo scholarship programme, he added. In the New Zealand capital of Wellington, Ambassador Nguyen Viet Dung told a gathering of nearly 400 Vietnamese nationals that the nations are targeting 1 billion USD in trade between them this year in celebration of the 40 th anniversary of diplomatic ties. Meanwhile, Ambassador to Malaysia Pham Cao Phong briefed participants about bilateral progresses across sectors, with trade hitting 8.1 billion USD and Malaysia’s jump to the eighth largest foreign investor in Vietnam. Nearly 1,000 people gathered in the southern Malaysian state of Johor with another 200 at the embassy in Morocco to celebrate the occasion. Conference reviews dioxin labs operation The Vietnam Environmental Administration under the Ministry of Natural Resources and Environment held a conference in Hanoi on February 9 to review a project on upgrading dioxin laboratories in the country. Speaking at the event, Director of the project Le Ke Son said the project was carried out from 2008 to 2014 with the goal of developing laboratories meeting international standards in examining and evaluating the health threat posed by pollutants, especially dioxin and related compounds. Son said while dioxin research has made significant progress so far, existing labs needs further upgrading in terms of personnel and equipment. According to dioxin specialist Nguyen Hung Minh, several domestic dioxin labs have applied a number of cutting-edge technologies in accordance with international standards and in collaboration with foreign laboratories. He cited examples such as facilities at the Vietnam-Russia Tropical Research Centre under the Vietnam Environmental Administration and the Centre for Analytical Services and Experimentation in Ho Chi Minh City. Vietnam has to deal with a wide range of problems as consequences of more than 18.2 million gallons of Agent Orange/dioxin herbicide which was sprayed by the US military over more than 10 percent of the area of southern Vietnam in the war from 1961 to 1971. It is estimated that 4.8 million Vietnamese were exposed to AO/dioxin. Many of the victims have died while millions others and their descendants are living with deformities and diseases caused by the toxic chemical. US doctors offer exams to the poor in Binh Dinh Medical staff members of the First Evangelical Free Church of Fullerton from the US state of California provided free exams and medicine to the poor in the central province of Binh Dinh from February 4-9. The US team included 19 volunteers, including nine specialists in paediatrics, ophthalmology, gynaecology, and general practice. They examined and administered medication to about 2,500 people in Nhon Tho, Nhon Tan, Nhon Hoa, An Huu, and Tam Quan Nam communes. Nguyen Huu Thanh from the Binh Dinh Red Cross said this is the first time foreign doctors have provided charity exams in the province. The visiting medical staff expressed their willingness to make similar working visits to Vietnam in the future. OVs-run businesses keen to diversify farm produce market The Ministry of Agriculture and Rural Development (MARD) held a forum in HCM City on February 9 to connect businesses run by overseas Vietnamese to local businesses and strengthen cooperative relations in the agricultural field. The event, which has also served as a bridge to link state management agencies with OVs entrepreneurs, attracted the participation of OVs business people from Denmark, Israel, Sweden, Russia, Bulgaria and France. Addressing the forum, MARD Minister Cao Duc Phat said last year the agricultural sector obtained a growth rate of 3.31% and a total export turnover of US$30.86 billion. However, the sector also encountered difficulties in finding outlets for their farm produce and as a result, farmers’ income remains low and unstable. Meanwhile, the participating OVs entrepreneurs also highlighted problems in connecting local businesses which relate to business credibility, product quality and transport. They also emphasised the need to establish a management agency to accelerate the connectivity between businesses. MARD Minister Phat also highlighted the role of OVs entrepreneurs, saying that they are the most effective channel to introduce Vietnam’s farm produce to the world. Currently, MARD is encouraging the businesses to invest in agricultural and processing industries. Viettel provides poor districts with VND56 billion in additional The military-run telecom group, Viettel, announced on February 9 that it will present an additional VND56 billion to three poor districts: Ba Thuoc and Muong Lat in Thanh Hoa province and Dak Rong in Quang Tri province in the 2014-2016 period. The money will be used to build nearly 500 houses for the poor and two communal health stations in Ba Thuoc and Dak Rong districts and install a wireless broadcasting system in Muong Lat. Viettel will also present nearly 1,000 cows and cowsheds to poor families. In the 2009-2014 period, the group granted VND89 billion to the three districts for infrastructure and telecommunication and IT development, and helping poor households develop rice production and livestock breeding. Major General Hoang Cong Vinh, Viettel’s Deputy General Director said in the 2014-2016 period, 80% of Viettel’s fund will go to health care and education and the remaining will be invested in telecommunications and IT. Viettel has so far presented the three districts with VND 145 billion. Source: VNN/VNA/VNS/VOV/SGT/SGGP/Dantri/ND

� /$1 . . �� round:white'>Economy projected to grow faster this year

The Vietnamese economy will grow at around 6.2 per cent this year, but continues to face a lot of challenges, a seminar heard on Thursday.

Nguyen Xuan Thanh, director of the Fulbright Economics Teaching Program, listed three reasons for why economic growth would speed up this year.

"Manufacturing and construction account for 46 per cent of the GDP and this year the two sectors are expected to grow."

"Weak domestic demand has led to low imports, and has, along with high exports created a trade surplus.

"Public spending increased by 11.5 per cent last year and this will take GDP growth above 6 per cent."

The higher public spending had seen the revival of many stalled projects, he said.

But he said public debt had reached 60 per cent of GDP and warned it would soon reach 65 per cent above which it is not considered safe.

"If Viet Nam continues with its old development model of borrowing for development, public debts would pose a risk, not high inflation or monetary policy."

Pham Chi Lan, a senior economist, said: "Viet Nam grows thanks to high investment and not high productivity. This model should be stopped and changed to boost productivity."

While the economies of most members of ASEAN have moved to the innovation stage, Viet Nam, along with Cambodia, Laos and Myanmar, has not yet been able to move beyond the production productivity stage, according to Lan.

She also called Viet Nam's export structure poor since raw materials and semi-processed goods make up 70 per cent of it. The corresponding figure is 49 per cent for Indonesia and 13 per cent for the Philippines.

"This is a warning ahead of integrating into ASEAN: other countries' products might dominate the Vietnamese market," Lan said.

She pointed out a worrying fact that in 2012 the amount of investment and number of workers in the private sector had fallen to half size of 2002 levels.

"If the private sector cannot develop, the economy will not grow."

She said Viet Nam faced hurdles to its efforts to achieve stable growth including poor human resources and slow restructure of the economy.

"In the medium and long terms, Viet Nam still has huge potential to develop with its large population, rapid urbanisation, rising life expectancy and more mobile phones." she said.

Ocean Group to divest from non-core units

Financial conglomerate Ocean Group (OGC) has announced it will divest several of its companies and sell some of its real-estate projects, the Tri Thuc Tre reported.

The group will particularly seek buyers for the stakes it owns in Fafilm Viet Nam (69 per cent) and Dai Duong Natural Resources Development (34 per cent).

Also, it no longer wishes to remain the owner of three realty projects.

The Lega Fashion House, with an expected investment capital of VND800 billion in HCM City, is a joint venture of the group with Gia Dinh Investment and Development and garment company Legamex. It was initially agreed upon that the Ocean Group will contribute 75 per cent of the investment value.

Meanwhile, a building project on Tran Khanh Du Street, Ha Noi, valued at VND774 billion, will also be sold by the Ocean Group. Another project in Ha Noi that the group is selling is the HH – StarCity Centre.

In September 2014, the Ocean Group had also sold its retail arm – Ocean Retail – to property giant Vingroup. The supermarket chain owned by Ocean Retail was later renamed VinMart.

OGC shares have been continuously declining since Ha Van Tham, former chairman of OceanBank, was arrested for regulatory violations. The company's stock closed at just VND5,000 yesterday, sliding 3.8 per cent.

According to the HCM City Securities Company, the group is making the sales to collect money for its debt payments.

Ha Noi to open bonded warehouse for seafood

The General Department of Viet Nam Customs released a decision on Wednesday to establish a bonded warehouse for seafood preservation at Quang Minh Industrial Zone in Ha Noi's Me Linh District.

The warehouse will be built on a site of 1,470 sq.m, comprising a 1,020 sq.m depot with seawater holds and a 450 sq.m supporting construction. The owner is Phuc Dong Co, Ltd.

Coffee exports drop off in January

Viet Nam's January coffee exports are estimated at 120,000 tonnes, decreasing 14.4 per cent year on year, according to the Viet Nam Industry and Trade Information Center under the Ministry of Industry and Trade. The figure is lower than the expectation of 150,000 tonnes.

Germany and the US are still the biggest importers of Vietnamese coffee, with market share of 14 per cent and 10 per cent respectively.

Vietnam enjoys nearly 35% surge in exports to Canada

Vietnamese exports to Canada expanded by 34.55 percent year-on-year to US$2,08 billion in 2014, said the Vietnam Industry and Trade Information Centre under the Ministry of Industry and Trade.

Among Vietnam’s key exports to the North American country, garments grew 25.9 percent to hit US$492.51 million, accounting for 23 percent of the total value. Meanwhile, the country racked up US$263.25 million from aquatic products, up 45.8 percent compared to last year.

Canada is a growing market for Vietnamese products. Two-way trade has experienced sustainable growth in the past few years with the trade balance favouring the Southeast Asian nation.

Two-way trade is expected to reach approximately US$3 billion in 2015.

Vietnam is among the 25 countries to benefit from support programmes for accessing the Canadian market and it is also one of the six key target countries prioritised in Canada’s education co-operation programme.

South Korean firm sets up plastic JV in Vietnam

South Korea’s National Plastic (NPC) on February 5 clinched a contract with Toda Industries Vietnam to establish a US$30-million joint venture to produce industrial and hi-tech plastic products.

The joint venture, NPC TODA Co. Ltd., will start operations in July this year at the Vietnam Singapore Industrial Park 2A (VSIP 2A) in the southern province of Binh Duong using energy-saving hybrid technology.

The project is expected to produce hundreds of thousands of products a year, including 288,000 pallets, for supply to foreign-invested firms in Vietnam and export to ASEAN countries.

NPC is now the supplier of industrial plastic products for many multinationals in the country. In Asia, the company has set up joint ventures in Singapore, Thailand, Malaysia and Myanmar.

Le Minh Tien, general director of Japan-invested firm Toda Industries Vietnam, told the Daily that the joint venture company will produce plastic items mainly for the domestic market.

In the past years, local demand for industrial plastic has increased by 20% a year and Vietnam has had to depend much on imports due to limited supply on the domestic market.

Almost all plastic firms in Vietnam are foreign-invested enterprises and mostly produce household plastic items and packaging, Tien said. He added that making industrial plastic products requires large investments and advanced technologies.

According to Jason Park of NPC, the South Korean firm has seen great potential for logistics development in Vietnam and new business opportunities when the country signs more free trade agreements such as the Trans-Pacific Partnership (TPP) .

According to the Vietnam Plastic Association (VPA), Vietnam earned more than US$2 billion from exporting plastic products last year, a year-on-year increase of 15.8%. Of which, industrial plastic products accounted for US$109.2 million, up 19.9% against 2013.

Source: VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VIR