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BUSINESS IN BRIEF 27/3
Ninh Thuan eyes clean energy
Ninh Thuan has given priority to attracting investment in the
energy sector in an aim to become Viet Nam's clean energy centre, the
chairman of the province's People's Committee said at an investment
conference held yesterday in HCM City.
Luu Xuan Vinh said the province had great potential in the
energy sector, especially after being selected by the Government as the site
to build the country's first two nuclear power plants with a capacity of
8,000 MW.
He said the province was seeking investors for wind-energy and
solar-energy projects with an estimated capacity of 2,600 MW, as well as
projects on auxiliary services for the nuclear and wind-energy industry.
As one of the country's sunniest, windiest and driest regions,
the area developing solar- and wind-power plants.
Vinh said priorities had been given to other sectors such as
tourism, agro-fisheries, forestry and aquatic-product production and
processing.
Education and training will also be a top priority, as well as
real estate, with a total of 72 investment projects scheduled for the next
five to 15 years.
With approval from the Prime Minister, Ninh Thuan is the first
province to hire foreign consultants, the US Monitor Corporation and UK Arup,
to prepare a plan to make Ninh Thuan a destination with "quick and
simple procedures, an area for safe business and effective investments and
sustainable development".
Apart from new property and energy projects, the province is
expected to benefit from the North-South expressway and railway connecting
The highway will help create favourable conditions to promote
economic and cultural exchanges with the key Southeast economic zone,
From 2011 to 2014, Ninh Thuan saw relatively stable growth
with an average GDP growth rate of 11.5 per cent per year. Last year,
although the global and domestic economy experienced difficulties, the
province's GDP rose to 12.4 per cent.
Nguyen Duc Thanh, secretary of the province's Party Committee,
said Ninh Thuan would continue to improve its business environment, reduce
costs and simplify administrative procedures to improve the effectiveness of
the Economic Development Office (EDO).
The
To create the most favourable investment environment, Ninh
Thuan authorities also aim to have one of the country's highest Provincial
Competitiveness Index.
In recent years, the province has improved infrastructure and
sped up completion of a 116-km long coastal road, with the aim of appealing
to investors in the tourism industry.
Ninh Thuan is a south-central coastal province with a tropical
monsoon climate and a 150-km
Le Thanh Hai, Politburo member and Secretary of HCM City Party
Committee, said the conference was the first meaningful step in the
cooperation programme between
Most of the
The province has a total of 293 investment projects with total
registered capital of more than VND95,000 billion ($4.52 billion).
Also, at the conference, an MoU was signed by TSV Joint Stock
Co,
During the conference, investment certificates were given to
projects in wind energy, petrol, hydropower plant expansion and clean shrimp
breeding. The Hon Co tourism area was also granted an investment certificate.
The conference was attended by representatives from
international organisations, sponsors, the domestic and international
enterprise community, and
Electricity firms to raise competitiveness
The domestic market is expected to have five electricity
corporations, which will directly buy and sell power to customers in the near
future.
This was announced by Ministry of Industry and Trade (MoIT)
officials at a conference in Ha Noi yesterday.
Experts said establishing multiple firms soon was necessary
for ensuring the progress of the national roadmap, which had been adopted by
Prime Minister Nguyen Tan Dung, and for developing a competitive wholesale
electricity market by 2019.
More than two years after
But once the competitive wholesale level is achieved, any
power generation firms can directly join the market if they "guarantee
enough good infrastructure conditions." These will include
multi-targeted hydropower plants, build-operate-transfer (BOT) plants, and
even small plants, which currently only opt for indirect routes.
Nguyen Anh Tuan, the director of MoIT's Electricity Regulatory
Authority, said he was concerned about whether the country will have adequate
technical infrastructure and human resources to operate the market at a
higher level.
"The biggest challenge currently lies in the ability of
executives [in the sector]," he said, adding that improving their
capacity was important for ensuring market success.
Deputy Prime Minister Hoang Trung Hai has asked MoIT to
complete a detailed plan for developing the competitive wholesale market and
submitting it to the Government by June. This is needed for the country to
begin piloting this scheme from early next year.
Tuan confirmed that the ministry had formulated the plan with
the help of both domestic and foreign advisors, who were committed to finalising
it in May.
Officials from MoIT and the Ministry of Finance agreed in an
online conversation earlier this month that they needed to make more efforts
to ensure that commodity prices were determined in keeping with market
mechanisms and with greater transparency.
They expressed the point of view in the context that EVN was
roundly criticised for opacity in its price calculations, and that the recent
hike of 7.5 per cent in electricity prices had fuelled public concern about a
domino effect on the prices of many other essential goods.
Yesterday's meeting was organised by MoIT and EVN.
Local food industry inks promotion agreement
Ly Kim Chi, chairwoman of the association, said the agreement
was very important since food and foodstuff producers in
UBM was highly experienced in the industry and had links with
many international food ingredient producers, she said.
From May 20 to 22 this year it will organise Food Ingredients
(Fi) Viet Nam 2015 in
One-fifth of VND30 trillion for home loans disbursed after two
years
Local banks have disbursed more than VND6.18 trillion
(US$286.3 million) out of the Government’s VND30-trillion home loan program
since it debuted 20 months ago, according to the latest report by the
Ministry of Construction.
As of February 25, participating banks had pledged to lend
more than VND10.8 trillion to home buyers, and total outstanding loans from
this credit package had reached over VND6.18 trillion, or 20.6% of the total.
Lenders had promised to offer loans worth a total of VND6.37
trillion for more than 14,000 household and individual borrowers.
Banks had also pledged to lend VND4.42 trillion to investors
of 34 housing projects and disbursed VND1.76 trillion for 31 projects.
In the year to date, investors of 88 projects have registered
to adjust the sizes of apartments, up 14 projects against the end of
last year, with more than 36,100 apartments divided into nearly 49,200
smaller units.
On the other hand, 62 commercial housing projects have been
registered for change into social housing developments, up by two projects
against the end of last year with nearly 42,000 apartment units.
The Government has recently told the central bank and the
Construction Ministry to boost disbursements for the VND30-trillion package
in line with the Government’s Resolutions 61/NQ-CP and 02/NQ-CP.
Disbursed foreign direct investment up 7% in first quarter
Foreign direct investment (FDI) disbursement in the first
quarter of 2015 was estimated at US$3.05 billion, up 7% over the same period
of last year, the Foreign Investment Agency (FIA) has reported.
As of March 20, investment licences were granted to 267 new
FDI projects with pledges totalling US$1.21 billion, while foreign investors
also committed to pour an additional US$621.12 million in 102 existing
projects.
According to the FIA, export revenues by the foreign sector,
including oil revenues, were estimated to reach US$25.08 billion in the three
months leading up to March, up 12.9% year on year and making up 70% of
The sector, meanwhile, imported goods worth US$23.09 billion,
running a trade surplus of nearly US$2 billion.
The manufacturing industry remained the strongest magnet for
foreign investment, attracting 76.6% of pledges in the January-March period,
followed by property trading and retail sales sectors.
The first three months of 2015 saw the return of the
Private sector crucial to unlocking
While
Asian Development Outlook 2015 forecasts
“Better economic performance in the major industrial economies
-- particularly the US, Vietnam’s biggest export market -- will help to spur
export growth, although this positive effect will be partly offset by slowing
growth in the PRC (Mainland China),” said Tomoyuki Kimura, ADB Country
Director for Vietnam. “
The Outlook highlights that while
In the short term, priority should be placed on strengthening
the banking system and outlining a clear strategy to resolve non-performing
loans. Growth will also be supported by new laws to guide divestment of
state-owned enterprises and accelerate their commercialization.
Lifting economic growth over the longer term, however, will
rely on
“To strengthen SME’s capacity to participate in global supply
chains, efforts will be needed to strengthen inter-agency coordination,
particularly in the formulation and implementation of SME policies,"
Kimura said. “Greater consultation with the private sector would also help to
identify constraints that inhibit links with production networks.
Industry-specific strategies that support industry clusters and economies of
scale are also needed.”
Becamex Tokyu finishes first apartment buildings
Becamex Tokyu, a joint venture between Vietnam-based Becamex
IDC and
Convenience stores, laundry shops, banks and Japanese-style
KAZE Shuttle bus stations near the buildings will be commissioned in the
second quarter this year.
The investors said they had applied Tokyu’s advanced
technologies and experiences to offer high quality products and ensure a
comfortable living environment. Prices of these apartments hover in the range
of VND1.38 billion and VND2.33 billion per unit.
Tokyu Binh Duong Garden City covers an area of 110 hectares
and consists of around 7,500 apartments and houses, together with trade
centers, office buildings and entertainment facilities in Binh Duong New City.
Tokyu Corporation is among the leading corporations in
Becamex IDC Corporation is active in fields such as
infrastructure, information technology, health, education, banking and
securities.
Nhan Co alumina plant in test operation
Nhan Co alumina plant in
Meanwhile, Tan Rai alumina facility in
All its output has found buyers so far. Therefore, it plans to
operate at full capacity at year-end, according to Vinacomin.
Apart from Tan Rai bauxite-alumina plant, Vinacomin is working
on a plan to attract domestic and foreign investments into an aluminum
electrolysis complex in the coming time.
Previously, the Government gave the green light to alumina
manufacturing facilities to go public.
During his visit to Tan Rai last month, Prime Minister Nguyen
Tan Dung said the Government would support Vinacomin to equitize Lam Dong
Aluminum Company to raise funds for manufacture of aluminum and
aluminum-related products.
Vinacomin is speeding up the issuance of an operation license
for Nhan Co bauxite mine and the procedure of removing 404.4 hectares of land
from an area where mineral mining is prohibited.
In his recent trips to
However, domestic scientists worry about the economic
efficiency and the environmental impact of bauxite mining projects in the
Central Highlands.
NA deputy urges SOE management improvement in city
HCMC needs to adopt a mechanism and a model to efficiently
manage State-owned enterprises (SOEs), said Tran Du Lich, deputy head of the
HCMC delegation of National Assembly deputies.
He noted SOEs often look to the city government for
instructions, so they may miss business opportunities if the city government
makes late decisions.
At a meeting on the restructuring of SOEs in the city Monday,
Lich said the law on management and use of State capital in production and
trade operations did not specify a management model for SOEs.
Therefore, the city should work out a model to manage SOEs.
“If SOEs need instructions from the city government, they
might wait a long time as city leaders must turn to relevant agencies for
advice. Businesses should make timely decisions; otherwise, they will miss
opportunities,” he said.
Lich asked whether the city should follow the old SOE
management model or find a new one to help enterprises operate more
efficiently.
Regarding investment sectors for SOEs in the future, Lich said
the city should focus on public services like public works, parks, trees, and
water supply and drainage, and those sectors supporting economic growth such
as hi-tech, software and agricultural parks and hi-tech medical centers.
The State should own 100% of businesses active in these two
groups of sectors in the short run.
To this end, HCMC should review 17 corporations, holding
companies and subsidiaries to assist them to improve their use of capital.
HCMC vice chairman Le Manh Ha said the city would sell State
shares at SOEs in the coming time to lower State ownership to 50-65%. “The
city will retain a few SOEs and make them operate efficiently.”
In 2012-2015, the city plans to finish the equitization of 31
SOEs.
According to a report by the committee for SOE reform and
management, 10 corporations withdrew VND578 billion (some US$27 million) from
43 entities in non-core business sectors last year. SOEs will continue
divestment from non-core operations to get back around VND3.6 trillion this
year.
Exchange rate close to upper limit
Local banks on March 24 continued devaluing the
Vietcombank on March 24 quoted the dollar selling price at
VND21,575, up VND25 against Monday. Meanwhile, Techcombank set the highest
price at VND21,590, almost reaching the upper limit of VND21,672.
Experts have pointed out the factors that are piling pressure
on the exchange rate. Aside from the rising dollar demand of foreign-invested
firms to repatriate profit overseas at the end of the first quarter,
consumers also want to hold on to dollar funds for fear of a further dong
devaluation.
In addition, the greenback has appreciated against other
currencies such as the euro and Japanese yen while some Asian nations have
devalued their currencies. As a result, Vietnamese exporters have seen the
competitiveness of their goods falling as the central bank keeps the stable exchange
rate policy in place.
According to the General Department of Customs,
Viet Dragon Securities Company (VDSC) said in a report on
Monday that concerns about a further dong devaluation and news about
In theory, in a market with huge pressure on a domestic
currency devaluation, the common foreign reaction is to sell their portfolios
quickly to take back U.S. dollars or to delay disbursements. This might
partly explain the recent strong foreign net selling on the local stock
market, VDSC said.
Some experts have threw support behind a dong currency
devaluation of no higher than 2% this year while others have urged due
consideration of such a move.
Economist Vu Dinh Anh said how to manage the exchange rate is
complicated. At present, the Government should closely monitor developments
on the market.
Up to now, the central bank has remained silent over the
exchange rate movements though the dong has steadily weakened against the
dollar since early this month.
Earlier, experts from foreign banks such as HSBC and Standard
Chartered predicted a dong fall of 2% this year as targeted by the central
bank.
Eddie Cheung, a foreign exchange strategist at Standard
Chartered, said the local economy has seen obvious signs of recovery and
foreign reserves have been improving. Therefore, if a further exchange rate
adjustment occurs from now to the end of this year, the dong would depreciate
by only 1%.
However, ANZ Bank said the dong would decline 3% against the
dollar this year, from VND21,388 by the end of 2014 to VND22,050 at the end
of this year. If the exchange rate increases by another 1% as announced by
the central bank, it would be VND21,888 per dollar.
Vietnamese firms advised to rescue themselves as soaring
dollar hurts export
With the U.S. dollar strengthening on the world market, many
Vietnamese exporters have no choice but to slash prices for importers in
countries whose currencies are now much weaker than the greenback.
The U.S. dollar value has soared against the euro, yen,
British pound, as well as Australian and Singaporean dollars, sending
importers in these countries to either cut orders or ask for lower prices,
according to Vietnamese exporters.
“Prices of exports to the EU have declined 5 to 10 percent
compared to last year and businesses could only find buyers if they agree to
reduce quotes,” said Duong Ngoc Minh, general director of Hung Vuong JSC, a
major catfish exporter.
Seafood shipments dropped up to 30 percent in the first two
months of this year from a year earlier, Minh said, adding “the situation
will remain like this for a long time.”
Nguyen Van Kich, general director of Kafatex JSC, another
seafood exporter based in the southern
Kafatex mainly ships products to
“Customers in the EU now have to pay nearly EUR1 million for a
$1 million order instead of EUR900,000 as before,” he said.
The depreciation of the euro against the dollar has increased
the prices of imported seafood in the EU, but the importers there could not
hike selling prices to make up for the disparity as it will dismay local
consumers, Kich said.
“The importers thus reduced orders, asked for lower prices, or
stopped buying from Vietnamese firms to look for cheaper sources,” he added.
“We have to accept their price cut requests otherwise we don’t
know what to do with the products.”
Many Vietnamese cashew businesses also have had to cut export
prices to maintain orders.
“Prices of shipments to the EU have been slashed by two
percent, while the cut for exports to
The
The exchange rate between the Vietnamese dong and U.S. dollar
remains stable, surging slightly by only 0.5-0.6 percent compared to late
last week, as quoted by many state-run and joint-stock commercial banks on
Monday.
The price of the greenback quoted at state-run Vietcombank,
often considered the benchmark for other joint-stock commercial banks, rose
VND125 per dollar to VND21,450-21,510 for bid and ask, respectively.
The dong was devalued by one percent to VND21,458 to the
dollar on January 7.
Although the soaring dollar is causing difficulties for the
export activities of Vietnamese businesses, Minh from the Hung Vuong JSC said
the firms have to find a solution on their own instead of waiting for a
government policy.
“Other competitors of
Nguyen Chi Trung, director of Gia Dinh Co. Ltd., a shoemaker
in
“Such issues as increasing labor productivity or ensuring
timely delivery seem more important than the [exchange] rate,” he said.
Tran Ngoc Tho, dean of finance at Can Tho University, said
businesses should focus on “things within their control” to enhance their
performance and production, instead of “issues they cannot control such as
the foreign exchange rate.”
“Businesses are advised to keep all their focus on improving
production, product quality, and marketing campaigns at this time,” he said.
“Besides waiting for the State Bank of
VinGroup starts $33 million project in
Real-estate developer, VinGroup, has started the construction
of a trade centre complex and a five-star hotel in the central
The Vice Chairman of Vingroup, Le Khac Hiep, said the project
would include the Vincom Hung Vuong trade centre and the Vinpearl Hue
16-storey hotel and would be the first buildings of VinGroup in the
north-central region to boost tourism and trade.
The project, which is spread over 4,500 square metres in the
city's downtown, is scheduled to become operational next March.
Hotel Royal Hoi An joins the Mgallery Collection
Hotel Royal Hoi An, a member of the MGallery Collection, has
opened as Accor’s first upscale property in the ancient port city of
Hotel Royal Hoi An is the latest addition to the MGallery
Collection in
The hotel’s 119 guestrooms induce total relaxation as a serene
haven of peace and tranquillity, each exhibiting an antiquated yet romantic
touch. The rooms are adorned with dark wood and handcrafted furnishings and
fixtures that bring the city’s storied past back to life.
On the balcony, guests will be captivated by a magnificent
view of the river that meanders leisurely and the age-old communities that
thrive along its banks. Room types are named as follows: Sotaro Suites on the
top floor facing east to
Hotel Royal Hoi An celebrates decadent dining through its
several top-notch food and beverage venues, including Faifo Café treated to a
full breakfast buffet and delectable a la carte dishes of Asian, American and
European cuisine for lunch and dinner. The chef at its Japanese-food outlet
Wa Ka Ku exhibits his prowess in the fine art of sushi and yakitori with
sumptuous dishes using the finest local ingredients. Classic cocktails, chic
design and a relaxed vibe are the order of the day at the poolside River Bar
with cool lounge sounds filling the air.
Hotel Royal Hoi An’s opulent Thu Bon Ballroom is the perfect
meeting and events venue that can ensconce medium to large groups of up to
250 guests. The Royal Spa provides a superb royal spa experience to
rejuvenate and revitalise body and mind while the Royal Fitness is equipped
with state-of-the-art fitness equipment complete with the marvellous views of
the
Especially, to celebrate its grand opening, the hotel offers a
special launch promotion with rates starting from just VND2,600,000++ per
Deluxe room/ night, including daily breakfast for two and free wifi internet
access. This special promotion is valid until September 2015.
Property start-ups soar as capital deadline looms
There has been a wave of new property business start-ups since
the beginning of the year, as the minimum legal capital requirement of VND6
billion (US$284,000) is still effective.
Terraced houses in the Xuan Phuong Urban Area in Ha Noi's Hoai
Duc Districts. VNA/VNS Photo Tuan Anh
From July 1, that level will be raised to VND20 billion
($945,000).
According to the General Statistics Office, the number of
property firms established in the first two months of this year rose by 89
per cent over the same period last year, or 223 firms per day.
Deputy Chairman of the Viet Nam Federation of Civil
Engineering Association Pham Si Liem said this somehow reflected optimism
about the recovery of the property market, and firms saw opportunities to
invest in it.
However, most of these start-ups were small with modest
registered capital.
Deputy President of HCM City Real Estate Association Nguyen
Van Duc said firms must be very cautious in doing business as lower average
registered capital meant that several small and medium-sized firms were at
higher risk when upheavals occurred.
"If firms want to exist and develop in a harsh property
market, they must be professional and stand on solid resources," Duc
said.
Another reason for the wave of property business start-ups was
the amended Law on Real Estate Business, which required a minimum legal
capital of VND20 billion ($945,000) from July 1, up from the current VND6
billion ($284,000).
As a result, there was a rush to establish firms before the
end of June.
Under the draft decree prepared by the construction ministry
on the basis of the law, a minimum legal capital requirement of VND50 billion
($2.64 million) might be applied on those investing in property projects that
were awaiting approval of State investment agencies. Others would be required
to have a minimum legal capital of VND20 billion.
The construction ministry said raising legal capital limits
aimed to prevent the establishment of firms en masse, which occurred during
the past few years, leading to unfinished projects and losses to buyers.
This drew mixed opinions from experts. At a conference last
week held by the Viet Nam Chamber of Commerce and Industry, most experts said
the VND50-billion minimum legal capital rule was unreasonable and
inconsistent with the Law on Real Estate Business.
Some said the regulation was not tight enough to deal with the
mass establishment of property firms, while others said raising legal capital
limits would narrow down doors for small businesses.
According to Phan Hai Anh from Vingroup, different levels of
minimum legal capitals might cause confusion. She added as the Law on Land
regulated that an investor must have equity capital equal to 15 per cent or
20 per cent of the total investment of the property project, there was no
need to have two different levels of minimum legal capital. The VND20-billion
minimum legal capital rule sounded reasonable, Anh said.
Director of Basico Law Firm Truong Thanh Duc proposed to put
the draft regulation for reconsideration, as it might be inconsistent with
the established law, adding that only one minimum legal capital level should
be applied.
Chairman of the Viet Nam International Arbitration Centre Tran
Huu Huynh said he was worried about the retroactive effect of the law, adding
that firms established before the amended law came into effect should be
allowed to keep a minimum legal capital of VND6 billion.
Huynh said the draft regulation about adjusting the minimum
legal capital level following macro-economic improvement was not reasonable,
as it might narrow down opportunities for small businesses to join the
market.
S.Korean firm to build
HCM City People's Committee Chairman Le Hoang Quan has asked
relevant agencies to establish a working group responsible for the
implementation of an urban project in District 1.
Vessels are anchored at the Ba Son Shipyard in
The committee made the announcement on March 19, saying that
the US$5 billion complex will be built by a South Korean firm on land near
the Ba Son Shipyard.
Quan said this was one of the key projects that would help
develop the city in line with an adopted master plan. The urban areas and
trade centres of the complex will be synchronised with the surrounding
infrastructure, such as the Thu Thiem 2 bridge and the metro line No 1.
He noted that as the location was special in terms of national
defence, the Government and the Ministry of Defence would decide on further
procedures before the project is executed.
The municipal Department of Planning and Investment has been
tasked with guiding the South Korean firm for establishing a legal entity in
the city in accordance with current regulations.
Ca Mau Fertilizer stock to trade from March 31
Shares of PetroVietnam Ca Mau Fertilizer Co. Ltd. (code DCM)
will start trading on the HCM City Stock Exchange (Hose) from March 31.
Shares of PetroVietnam Ca Mau Fertilizer Co. Ltd will start
trading on the HCM City Stock Exchange (Hose) from March 31. Photo dantri.com
Based in the southern Ca Mau Province, the company is one of
the leading fertilizer producers in
When it starts officially trading on the exchange, the
reference price will be set at VND14,500 (US$0.68) each, with a margin of 20
per cent.
The exchange said DCM was registered with a charter capital of
VND5.294 trillion (US$74 million), equivalent to 529.4 million shares.
In December 2014, DCM had successfully sold about 129 million
shares during its IPO at an average price of VND12,251 per share, earning
VND1.58 trillion ($74 million). The shares' value, based on the IPO,
accounted for 24.36 per cent of the company's capital.
The Viet Nam Oil and Gas Group PetroVietnam PVN currently
holds a 75.56 per cent DCM's capital. As planned, PVN will reduce its
ownership to 51 per cent by selling 24.36 per cent to a strategic partner.
Japanese investor Mitsui & Co. Ltd., has been asked to be that strategic
partner.
DCM produced 807,000 tonnes of urea fertiliser, achieving a
turnover of VND6.246 trillion ($293 billion) in 2014.
VeriSign releases fourth-quarter 2014 Domain Name Industry
Brief
VeriSign Inc., a global leader in domain names and Internet
security, recently announced four million domain names were added to the
Internet in the fourth quarter of 2014, bringing the total number of
registered domain names to 288 million worldwide across all top-level domains
(TLDs) as of December 31, 2014, according to its latest Domain Name Industry
Brief.
The increase of four million domain names globally equates to
a growth rate of 1.3 per cent over the third quarter of 2014. Worldwide
registrations have grown by 16.9 million, or 6.2 per cent, year over year.
The .com and .net TLDs experienced aggregate growth in the
fourth quarter of 2014, reaching a combined total of approximately 130.6
million domain names in the domain name base for .com and .net.
This represents a 2.7 per cent increase year over year. As of
December 31, 2014, the base of registered names in .com equaled 115.6 million
names, while .net equaled 15.0 million names.
New .com and .net registrations totalled 8.2 million during
the fourth quarter of 2014. In the fourth quarter of 2013, new .com and
.net registrations totalled 8.2 million.
During the fourth quarter of 2014, VeriSign's average daily
Domain Name System (DNS) query load was 110 billion across all TLDs operated
by VeriSign, with a peak of 146 billion.
Compared to the previous quarter, the daily average decreased
3.7 per cent and the peak decreased 54 per cent. Year over year, the daily
average query load increased 33.5 per cent and the peak query load increased
47.1 per cent.
The DNS is a critical component of the Internet; however, its
security is often overlooked. Implementing DNS Security Extensions (DNSSEC)
into the DNS can help minimise attack surfaces and enhance security postures.
VeriSign publishes the Domain Name Industry Brief to provide
Internet users throughout the world with statistical and analytical research
and data on the domain name industry. Copies of the 2014 fourth quarter
Domain Name Industry Brief, as well as previous reports, can be obtained at
VerisignInc.com/DNIB.
Bitexco owes land clearance compensation in The One project
Bitexco Group started work long ago on The One Hochiminh City,
a major office-commercial-hotel project opposite the landmark Ben Thanh
market in downtown HCMC, but has yet to pay VND16.1 billion (US$750,200 ) in
site clearance compensation.
The People's Committee of District 1 where the project is
situated has written to Bitexco requesting it to pay land clearance
compensation.
In the document sent on March 16 to Bitexco, the district authority
told the property developer to transfer compensation money to the district’s
board for site clearance and compensation no later than March 31. If Bitexco
fails to do it, the district will report to the city government and the
Department of Finance.
Site clearance was finished over three years ago but Bitexco
has yet to make full payments although the district has reminded the firm
several times. Bitexco did send a document to the district’s government in
September last year pledging to fulfill the
obligation.
Speaking to the Daily last weekend, Vu Quang Bao, general
director of Bitexco, attributed the delay in payment to procedures and a
four-month suspension of construction work last year following the collapse
of a huge crane at the construction site.
Bao said Bitexco was working with banks to complete money
transfer at the end of this month. The company is also boosting construction
to put the project into service on June 30, 2017.
Work started on the project in December 2012 and the project
is planned for completion this year.
The
When in place, the project will provide over 31,800 square
meters of retail, 17,300 square meters of grade A+ office space, 350 serviced
apartments and the five-star Ritz Carlton Hotel with 250 rooms.
Bitexco is also the owner of the
Offshore investment rules to be relaxed
Local enterprises directly making offshore investments can
transfer foreign currency overseas to cover costs there before they obtain
investment certificates, according to the Ministry of Planning and
Investment’s draft decree on direct overseas investment.
If the draft decree is approved, it would encourage Vietnamese
investors to explore investment opportunities in foreign countries.
The draft decree specifies foreign currency could be
transferred abroad to cover expenses for starting an investment project, such
as surveying markets, hiring consultants, setting up and maintaining
representative offices, joining international tenders and making deposits.
Money needed to negotiate contracts and buy and hire
properties in preparation for investment projects could also be sent overseas
before the Ministry of Planning and Investment awards investment
certificates.
The draft decree says initial expenses could be included in a
project’s investment cost when investors register for offshore investments.
Compared to Decree 78/2006/ND-CP on offshore investments, the
latest draft decree facilitates overseas money transfers.
Though Decree 78/2006/ND-CP also permits overseas money
transfers before enterprises receive investment certificates, it is not easy
for them to transfer money in reality.
According to enterprises, the Ministry of Planning and
Investment licenses overseas investment projects but the central bank
approves money transfer requests.
Many enterprises complain that even though they have
investment certificates, they have found it hard to transfer foreign currency
and thus missed a lot of investment opportunities.
According to the ministry’s statistics, as of the end of last
year,
FTAs help avoid overdependence on single market
Speaking at a dialogue organized by the Government portal
(chinhphu.vn) last Friday, Khanh said FTAs would help
At present, East Asia accounts for 70% of
As the leader of many FTA negotiation teams, Khanh said
Tran Dinh Thien, director of the Vietnam Institute of
Economics, said signing numerous FTAs could help local exporters reduce trade
risks. FTAs will make it possible for
Regarding concerns over
The new FTAs will also pave the way for
Khanh said FTA members would have to remove import tariffs,
offering Vietnamese greater chance of boosting exports to more foreign
markets.
Multinationals such as Samsung, Microsoft, LG and Fuji Xerox
have recently announced to turn
ABBank, IFC support local SMEs
ABBank and International Finance Corporation (IFC) clinched a
cooperation deal last Friday to execute a project designed to improve the
competitiveness of local small and medium-sized enterprises (SMEs).
The project will be implemented in 18 months, focusing on
launching policies, credit products and services for SMEs and helping ABBank
staff approach potential borrowers. Both sides will help SMEs control credit
risks and boost business activities.
Nguyen Thi Ngoc Mai, deputy general director of ABBank, said
in a statement that this is one of the key projects of the bank to develop
customer services and strengthen staff capability as well as provide specific
financial packages for each customer segment.
SMEs currently account for 95% of corporate clients at ABBank.
Most CBU autos imported from India in Jan-Feb
Statistics on January-February imports showed most of the
completely built-up (CBU) autos imported into
According to the General Department of Customs, CBU auto
imports in the year’s first two months amounted to nearly 15,100 units worth
around US$320 million in total, up 146% in volume and 173% in value compared
to last year’s same period. Of the import volume, under-nine-seat cars,
trucks and other vehicles totaled over 8,000, 4,110 and 2,980 units
respectively.
The customs report shows that
Auto imports from these two markets do not enjoy preferential
import tariffs like those from ASEAN countries. Besides,
However, some auto trading firms said such results were not
surprising as South Korean-made autos are favored in Vietnam as their prices
are lower those of Japanese and U.S. automakers and their designs are
eye-catching.
In addition to importing CBU cars from
Besides, last November Suzuki
According to the customs, imports of CBU vehicles from
Meanwhile, 2,070 autos were imported from
Besides,
Though India was the biggest auto exporter to Vietnam, its
export value was still lower than other countries, at US$25 million compared
to US$67 million from South Korea, US$114 million from China and US$32
million from Thailand.
Source :
VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VIR
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Thứ Sáu, 27 tháng 3, 2015
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