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BUSINESS IN BRIEF 15/4
Spring Economic Forum 2015
The National Assembly’s Economic Committee (NAEC) has
announced that the 2015 Spring Economic Forum will take place April 21-22 in
central Nghe An province's
In making the announcement, Nguyen Van Phuc, vice chairman of
the NAEC said the forum will focus on measures to improve the investment
climate for businesses and new legislation related to doing business and
investing.
The event is jointly organised by the National Assembly’s
Economic Committee, Vietnam Academy of Social Sciences, Vietnam Chamber of
Commerce and Industry and the Central Institute for Economic Management.-
Hustle and bustle of fish markets
The border gate in An Giang province has been lively,
boisterous, colourful, smelly and gritty with an electric atmosphere during
the early months of the year, full of Cambodian traders travelling to
At the crossing there is a lot of talk that
Since the Tet (Lunar New Year) holiday, exports of seafood
have been on the uptick with hundreds of tonnes of seafood having made its
way into
The selection has been quite varied including snake head
catfish, white carp, common carp, grass carp, bighead carp, Spanish mackerel,
short body mackerel, salmon, prawn, shrimp, crab, cockle and others.
You name it and it’s regularly being transported to
However, according to government officials and traders, stocks
of both freshwater and marine fish have been steadily declining over the last
few years that have given way to the shift of the country into a leading fish
importer in the region.
Year after year they have said Vietnamese exports of live,
fresh, frozen, and processed fish have been steadily increasing and finding
their way into the Cambodian market as local fish have been insufficient to
keep up with domestic demand.
Reliable statistical data on imports into
Many traders with limited funds use unofficial border
crossings to avoid paying the high import fees. Only large scale traders that
have the capability and financial resources to transport several tonnes of
fish at a time pay the necessary import fees and use the legal method.
In late March, at the Khanh Binh border gate in An Phu
district, An Giang province, there were a bevy of trucks loaded to the hilt
with fish, shrimp and prawns parked at the Long Binh market.
Immediately, thereafter, a large group of Cambodian traders
who were waiting at the Chraythom border gate in Kandal province,
A Vietnamese trader said Vietnamese fish has been selling at
VND25,000-50,000 per kilogramme in
Trading has also picked up at the Tinh Bien border gate where
fish exports have regularly passed through on its way to Takeo and Kampot
provinces in
Cambodian traders often purchase Vietnamese fish for VND2,000-4,000
per kilogramme higher than it is sold for in
Bui Phuoc Dinh, director of Dinh Nguyet Company Limited, said
every day his company collects fish and shrimp in local markets and then
resells it to regular Cambodian customers.
Business is booming and the company has on average exported
tonnes of seafood to
A number of Cambodian traders shared that land for aquaculture
has been on the decline as it is being put to other uses. In addition,
fishing has become more strictly controlled, making it difficult for
aquaculture, they stressed.
Nguyen Van Thao, vice chairman of the An Phu District People’s
Committee said Khanh Binh border gate located 70km from
Consequently, it greatly facilitates traders from both
Currently, the Binh Di Bridge connecting
Ngo Hong Yen, Tinh Bien district People’s Committee Chairman
said the expansion of
Businesses remain ‘vague’ about safeguard measures
For example,
Despite gaining certain success, the country’s implementation
of protective measures still face a number of obstacles.
Meanwhile exporters and associations have been fully unaware
of legal regulations, particularly safeguard measures. Besides, not a few State
policies violated the World Trade Organisation (WTO) agreements as a result
of limited understanding of trade safeguard measures, causing anti-subsidy
lawsuits against
Economic forum to discuss business climate improvement
Continuing to promote improvements in the business climate of
Deputy Head of the National Assembly’s Economic Committee
Nguyen Van Phuc stressed the need to speed up investment climate improvement
in
This year’s forum will focus on analysing and assessing the
implementation of the 2014 socio-economic development plan as well as putting
forward measures for the 2015 plan, Phuc said.
Economic experts and scientists will join discussions on
concrete orientations to improve the business climate in
They will provide in-depth evaluations of specific suggested standards
for the business climate in connection with the implementation of the 2013
Constitution and a number of newly-issued laws such as the Law on Tendering,
Law on Investment and the Enterprise Law.
Opinions from domestic and foreign enterprises are also on the
agenda.
The event is jointly organised by the National Assembly’s
Economic Committee, Vietnam Academy of Social Sciences, Vietnam Chamber of
Commerce and Industry and the Central Institute for Economic Management.
Household appliance market readies to cool off summer
The household appliance market in
Enterprises citywide have prepared a high stock volume of
cooling products with competitive prices for customers. They have also
focused on selling policies and preferential treatment for customers through
numerous promotion programmes such as extended warranties, free added
services and complimentary gifts.
April and May are hottest months in the southern city, leading
household appliances centres to introduce attractive promotion programmes,
receiving positive responses from consumers.
Previously, enterprises focused exclusively on low prices and
free gifts, but have evolved to prioritise customer service.
The city’s market is expected to enjoy a 15-30 percent growth
in April and May, with a particular surge in air-conditioning products.
The Commercial Bank for Investment and Development of Vietnam
(BIDV) sealed credit contracts to provide roughly 147 million USD for the
construction of two infrastructure projects in
Accordingly, the bank is lending 26.84 million USD to the Lao
Government to build a 97-kilometre road, and 120 million USD to launch an
infrastructure development project in a district in Houaphan province.
The loans have a 15-year duration with a three-year grace
period at an annual interest rate of 3 percent.
BIDV Chairman Tran Bac Ha, who is also President of the
Association of Vietnamese Investors in Laos (AVIL), stated the signed
contracts reflect the bank’s efforts to support Lao Houaphan and Xieng
Khouang provinces in line with a cooperative agreement made by the two
countries’ governments.
Lao Finance Minister Liane Thykeo said BIDV, through its
credit offerings, has contributed to
The bank will also provide 30 million USD for construction on
a dam in
The combined value of credit contracts between BIDV and the
Lao Government has thus far reached 200 million USD.
Trade villages seek ways to enhance competitiveness
Experts and representatives from trade villages gathered at a
recent forum in
During the event, Chairman of the advisory council for the
Vietnam Craft Villages Association Vu Quoc Tuan said as Vietnam is in the
group of lesser developed countries in ASEAN, great challenges are ahead for
domestic trade villages when import-export tariffs among countries in the
bloc will be reduced to 0 percent, allowing free flows of goods from other
countries in the bloc into Vietnam.
He stressed the urgent need for craft villages to improve
their products in order to compete against foreign goods.
Associate Professor Dr Tran Manh Dat from the
Other participants said craft villages should review products
produced by other ASEAN nations, such as rattan, bamboo, wood, gold or silver
handicrafts, while restructuring their production to reduce costs.
Trade village representatives called for incentives for trade
villages and establishing an institution to manage their development.
They also suggested amending relevant regulations on
vocational trainings to ensure appropriate approaches and durations of
handicraft training courses.
Established in 1967, the Association of Southeast Asian
Nations (ASEAN) comprises ten members,
Formosa considering four projects in Quang Binh
One of the four projects is a modern large-scale livestock
farm covering 600 hectares.
The farm will have an intended capacity to raise 4 million
pigs and 100 million chickens, producing 1.5 billion USD in revenue and
20,000 jobs.
Another potential project is a high-class entertainment park
with a golf course and two five-star hotels.
A third consideration is in regards to refining ore, and the
final would address byproducts from the existing Formosa Steel Plant in Ha
Tinh province.
Vietnamese firms attend world’s biggest industrial event in
Germany
Six Vietnamese enterprises attended the world’s biggest
industrial trade fair—Hannover Messe 2015—in Hanover, Germany alongside 6,500
other exhibitors from 70 countries and territories worldwide.
At the opening event of the fair on April 12, German
Chancellor Angela Merkel urged
She also touched on bilateral trade between
For his part, visiting Indian Prime Minister Narendra Modi
called for more foreign direct investment from
The 68th Hannover Messe focuses on the five core areas of
industrial automation and information technology, energy and environmental
engineering, power transmission and control, industrial subcontracting and
production engineering, and research and development.
Around 213,000 visitors are expected to turn out for the
industrial event, which runs through April 17.
Raising role of domestic firms to ease dependence on FDI
It is urgent to assist domestic businesses to become a strong
pillar of the Vietnamese economy, an economy whose growth has been largely
fostered by foreign direct investment (FDI) in recent years, experts said.
Since the Law on Foreign Investment was issued in 1987, FDI
inflow into
FDI makes up about 22-25 percent of the nation’s total
investment and contributes 14 percent of the State budget, said Director of
the Ministry of Planning and Investment (MPI)’s Foreign Investment Agency Do
Nhat Hoang.
The sector’s contributions to national GDP have also increased
over the years, reaching approximately 20 percent in 2014, he said, noting
that it creates jobs for more than 2 million people and another 3-4 million
indirectly.
During the first quarter of 2015, FDI businesses’ exports
(including crude oil) hit 25.1 billion USD and accounted for 70.3 percent of
Despite these positive economic impacts on the economy,
experts pointed to existing problems in
According to the MPI’s National Centre for Socio-Economic
Information and Forecast, many FDI projects operate in natural resource
exploitation, polluting industries and real estate, all of which are
undesirable investment fields.
For many years, a number of FDI firms have claimed losses with
the intent to use transfer pricing and evade taxes. Following several years
of reported “losses”, some of those firms have come to dominate the
manufacturing of numerous products such as fizzy drinks, detergents and
animal feed, manipulating the domestic market and lowering domestic
companies’ competitiveness, the centre said.
Meanwhile, the 25 percent FDI proportion of the total
investment is relatively high and indicates weakness in domestic investment,
said Deputy Director of the Ministry of Trade and Investment’s Industry and
Trade Information Centre Le Quoc Phuong.
Vice President of the Central Institute for Economic
Management Vo Tri Thanh said if relevant support is effectively provided,
private businesses could become an important pillar of the economy, helping
reduce dependence on the FDI sector.
Concurring, Hoang said domestic firms, especially small- and
medium-sized enterprises, should form the foundation of the Vietnamese
economy. The State should put a greater focus on these companies and offer
them optimal policies, incentives and capital and technology assistance.
Deputy Director of the MPI’s Department for Economic Zone
Management Vu Quoc Huy suggested domestic businesses learn from the
technology, management and promotion experience of FDI firms to improve their
capacity. State agencies also need to act as a bridge between the two groups
and raise the role of FDI companies, especially large-scale firms, in aiding
domestic enterprises.
Tougher competition for apparel sector ahead
Experts have called on apparel enterprises to improve product
quality and prepare to face tougher competition in the next five years.
Speaking at the Vietnam Saigon Fabric & Garment Industry
Expo (
In fact, apparel enterprises have seen competition
intensifying in recent times. Some producers performed well in 2014 but have
failed to win contracts this year while their employees have left for bigger
firms.
“Despite preparations since 2013, we’ve faced cutthroat
competition since last year,” Dung said.
He noted that apparel exports have been swelling, from US$25
billion in 2014 to an estimated US$28 billion this year, but some companies
have won less orders than expected over the past months, including
foreign-invested enterprises.
Dung suggested local companies manage to participate in the
value chains to take advantage of the country’s deeper integration into the
world; otherwise, they will have to close or sell their factories.
Around 30,000 textile and garment companies have generated
jobs for a large number of local laborers and contributed around 15% of the
nation’s total export revenue.
Nonetheless,
Vinatex general director Le Tien Truong said the sector aims
to raise its outsourcing ratio to 50% by 2020 compared to 38% currently. The
localization ratio targets are 60% this year and 70% in 2020 versus around
50% last year.
Truong said as the nation needs to import over US$12 billion
worth of material each year, there is huge potential for the investors of
material production on the domestic market.
According to experts, foreign enterprises are speeding up
investments in the sector to take advantage of the upcoming FTAs, including
the Trans-Pacific Partnership (TPP). Many companies from
With around 650 local and foreign enterprises taking part, the
four-day expo at Tan Binh Exhibition & Convention Center in Tan Binh
District lasts until Sunday.
Expy projects with POSCO involvement face inspection
Transport Minister Dinh La Thang on April 9 decided to launch
a thorough inspection into expressway project packages with the involvement
of POSCO Engineering & Construction (POSCO E&C) as a contractor.
According to the decision, the inspection team has six members
representing the ministry’s departments of finance and science-technology,
and Transport Engineering Construction and Quality Management Bureau.
The team will review contractor selection, appraisal and
payment at the packages implemented by POSCO E&C to see whether there
were irregularities.
The team will propose sanctions against any violations it
detects and propose changing regulations to ensure transparency in other
similar projects.
The ministry said POSCO E&C won packages A1, A2 and A3 of
the Noi Bai-Lao Cai Expressway in the north, and No.3 and 5A packages of the
HCMC-Long Thanh-Dau Giay Expressway connecting HCMC and the southern
All those packages were completed and put into operation.
At a news briefing in
Truong said all the packages won by POSCO were put up for
tender in line with international practices and carefully checked by investors.
Through the tenders, prices of the package contracts were cut by 15-30%
compared to the initial estimates.
POSCO E&C was investigated after South Korean prosecutors
suspected the firm open a lush fund totaling 10 billion won (some US$9.2 million)
and collude with subcontractors to inflate construction costs of the
expressway projects it got involved in ASEAN, including
US$12 billion FDI to be disbursed this year
The Foreign Investment Agency (FIA) expects foreign direct
investment (FDI) approvals to amount to a total of US$18 billion this year,
with more than US$12 billion of it to be disbursed.
The figures are seen obtainable as
Do Nhat Hoang, director of FIA under the Ministry of Planning
and Investment, told the seminar that the agency hopes FDI disbursements
would exceed US$12 billion this year.
Vu Hoang Duong from the Vietnam Institute of Economics said
FDI disbursements reached around US$10 billion a year in 2008-2013
irrespective of FDI approvals. This raised concerns that
Hoang said
In the late 1980s, the nation introduced the Law on Foreign
Investment. Then, the
The FDI sector is now responsible for 22-25% of the country’s
total development investments and 15% of the State budget, Hoang said.
“We can say for sure that
Hoang rejected concerns that
Professor Nguyen Mai said
Another
However, Vu Quoc Huy, deputy head of the Economic Zone
Authority, said FDI projects have yet to leave as strong impact on the
economy as expected.
For instance, Canon invested over US$300 million in
In addition, the ratio of Vietnamese suppliers for Samsung is
below 10%.
The figures suggest that Vietnamese firms have an
insignificant presence in the value chains of foreign enterprises. Local
enterprises have not been able to produce highly precise spare parts, Huy
said.
Strict rule helps prevent monopoly at transferred airports -
experts
Aviation authorities and experts have agreed that monopoly
would be impossible at airports transferred to investors if administering
agencies have effective regulations to prevent this.
There has been concern that transferred airports will be
dominated by certain airlines and investors if they are permitted to buy the
operation rights to Terminal 1 (T1) at
Deputy Minister of Transport Pham Quy Tieu told a seminar in
The ministry is weighing plans to sell the operation rights to
a number of airports to raise funds for other infrastructure airports from
investors, said Lai Xuan Thanh, director general of the Civil Aviation
Authority of Vietnam (CAAV) told the seminar on allowing private enterprises
to operate a number of airports in the country.
Thanh said leaders of the ministry and CAAV have reached a
consensus that the State will not transfer or sell all facilities at an
airport to private investors though they encourage enterprises of the private
sector to invest in airport projects.
Thanh said flight management, airspace and immigration will
continue to be under State agencies, particularly at the airports that play a
crucial role in defense and security, and that the rights and obligations of
investors would be clarified in contracts.
Unhealthy competition and monopoly will be eliminated at
transferred airports as flight operation and licensing are still controlled
by the ministry. The corporate operator of an airport will not be allowed to
refuse an outside carrier, and all the fees and service charges will be
decided by the ministries of transport and finance.
Thanh said that the investor will have its operation license
revoked and contract terminated if it does not follow the rules.
The State will apply transparent processes to transfer the
operation rights to airports.
Currently, CAAV is working with Airports Corporation of
Vietnam (ACV) to prepare contract forms for transferring the operation and
management rights to airports.
Luong Hoai
Nguyen Duc Tam, deputy general director of VietJet Aviation
Joint Stock Company (VietJetAir), said the private carrier now operates 23
aircraft but has to rely totally on the ground services provided by other
enterprises.
Therefore, VietJetAir wants to buy T1 at Noi Bai airport and
stakes at ground aviation service companies, Tam said. He added that if
VietJetAir had an own the terminal, the airline could turn it into a major
hub and contribute more to the State budget.
However, Le Manh Hung, general director of ACV, said private
airport operators in the world are prevented from dominating aviation
facilities to minimize risks. Many countries do not allow investors
controlled by airlines and holding a 5% stake at an airline to participate in
tenders for the operation rights to airports.
After the ministry unveiled plans to transfer the operation
rights to a number of international airports in February this year, Vietnam
Airlines and VietJetAir have expressed interest in taking over T1 at Noi Bai
airport while T&T Group Joint Stock Company wants to buy the entire
Most recently, Jetstar Pacific Airlines has sought approval
from the Ministry of Transport to purchase the old terminal at
HoREA wants maximum budget condo area unchanged
The HCMC Real Estate Association (HoREA) has proposed the
Ministry of Construction keep the maximum area of budget homes unchanged at
70 square meters instead of 90 square meters.
Under the draft decree on social housing development and management
already put forward for comment, the smallest unit for low-income earners is
25 square meters while the biggest is 90 square meters. However, the numbers
of apartments of 25-30 square meters and 70-90 square meters are limited at
20% of the total number of apartments in a project.
According to HoREA, the minimum area of budget apartments of
25 square meters is reasonable as it can meet the demand of families of four.
But the maximum area of 90 square meters is not appropriate in the current
situation.
HoREA explained that the goal of developing budget apartments
is to meet the basic housing demand of low-income earners in urban areas, not
to satisfy the demand of big families.
It will not be fair when a 90-square-meter apartment is used
by one household while such an apartment is big enough for up to three
families. Meanwhile, budget homes enjoy many incentives like land rent,
value-added tax of 5%, corporate income tax of 10% and preferential interest
rates.
The building of more small-sized apartments instead will serve
more people. Therefore, HoREA proposed the maximum area of a budget apartment
should not exceed 70 square meters regulated in the Government Decree
188/2013/ND-CP. The maximum area, according to HoREA, can be adjusted by 10%
on either sides and decided by the provincial authorities for each project.
HoREA also proposed the Ministry of Construction offer maximum
housing loans worth 80% of the value of the contracts instead of 70% as
suggested in the draft decree.
Truong Thai Son, deputy general director at Hoang Quan Real
Estate Corporation, told the Daily that the loan rate should be lowered to 4%
from the current 5%.
To meet huge housing demand, the Government should create
favorable conditions for more people to buy budget homes and consider
exempting VAT for those who are only able to rent homes, according to Son.
VNAT seeks to stop foreign visitor falls
Representatives of the Vietnam National Administration of Tourism
(VNAT) and the Vietnam Tourism Association (VITA) sat down together on
Wednesday to devise promotional programs as a measure to curb a further
decline in international visitors to the country.
The meeting was convened after international arrivals fell for
the tenth month in March. Participants also discussed simplifying visa
procedures to woo foreigners to the country.
Vu The Binh, vice chairman of VITA, said the current top
priorities of the local tourism sector are to stop the fall in foreign visitors
by launching promotional products and asking relevant agencies to streamline
visa procedures.
Binh said VNAT and VITA have worked out some specific
promotional programs for submission to the Government for consideration.
Binh noted that to implement the promotional programs, there
should be a competent agency to work with ministries and departments over
policies to support tour operators.
However, promotions should not last for a long time and
tourism authorities need appropriate actions to enhance the competitiveness
of the domestic tourism sector.
Discounted tours are just situational solutions and
competitiveness improvement should be the long-term goal, Binh said.
According to VNAT, the country welcomed over two million
international visitors in the first quarter of this year, down 13.7%
year-on-year.
On the contrary, international visitors to other regional
countries jumped in the period, according to a source from VNAT. For
instance,
The competitiveness of the local tourism sector has weakened
and this is a major concern.
Drought hits pepper yields
The Vietnam Pepper Association (VPA) has forecast output in
the country’s big pepper producing provinces may fall sharply this year due
to prolonged drought and low-yielding old pepper plants.
VPA painted the gloomy picture after its leaders made two
field trips to the leading pepper producing regions in the first quarter of
this year, which was the peak harvest season.
VPA found that this year pepper yields would drop 10-15% in
Dak Nong and Binh Phuoc provinces, 30% in
However, VPA expected the national pepper output would not be
much lower than that of 2014 when the country yielded 125,000 tons as
announced by the Ministry of Agriculture and Rural Development, as production
in certain localities have soared.
For example, pepper output in Xuyen Moc in the southern
High pepper prices in the past years have led to a rapid
expansion of the area under pepper cultivation nationwide. The ministry’s
master zoning plan for pepper farming is envisaged having 50,000 hectares in
2020 but the actual area has exceeded 60,000 hectares.
Statistics of the ministry showed that Binh Phuoc has 9,000
hectares of pepper but VPA’s surveys found the southern province has more
than 12,000 hectares.
A ton of pepper was sold at VND182,000-187,000 in the
southeastern and
The average pepper export price in the January-February period
was US$9,219 a ton, surging 35% year-on-year.
VN disburses US$10 bln in FDI every year
The information was released at a conference on impact of FDI
on Vietnamese economy on April 9.
At the event, professionals highlighted the role and
contributions of the FDI businesses in
FDI businesses have made remarkable contributions to the
economic development and State budget by meeting the demands for capital and
technology.
The businesses' exports accounted for two thirds of the
nations’ total export turnover and they created three million jobs.
FDI, a crucial resource, directly joins and promotes the
forming of a number of value added industries such as machines, energy,
computers and phones.
Supervising State investment in businesses enhanced
The Ministry of Finance is drafting a Decree on supervising
State investment and finance in businesses, evaluating effectiveness of their
operation and publicly announcing financial information of businesses which
the State holds 100% of charter capital and those enterprises invested by the
State.
According to Decree No. 61/2013/NĐ-CP, businesses can lower
their yearly plan to easily reach the goals or exceed set plans.
In addition, they will be specially supervised in case of
losses, the coefficient of liabilities exceeding the safe level as regulated,
the incurred losses equal or higher than 30% of the equity or the accumulated
losses higher than 50% of the equity or the solvency ratio of debt maturity
less than 0.5.
The Draft stipulates specific regulations on financial
supervision, evaluation of operation and rankings for businesses which the
State holds the entire charter capital, supervising enterprises holding the
whole charter capital, joint stock and limited companies.
Draft Decree on State investment at businesses under
consideration
The Ministry of Finance is drafting a Decree on State
investment in businesses and management and use of capital and assets at
businesses.
Earlier, the Law on the State financial resource use and
management for manufacturing and operating at business, approved by the
National Assembly on November 26, 2014, will take effect since July 01, 2015.
The draft Decree includes six chapters and 47 articles.
Besides common regulations, the draft defines specific regulations on State
investment in businesses, including the State investment to establish
State-owned enterprises (SOEs), adding charter capital for operating SOEs,
managing capital and assets at SOEs, managing State investment at joint stock
and limited companies.
AirBridgeCargo adds
AirBridgeCargo Airlines is extending its global network to
The flights depart
“AirBridgeCargo believes that entering the Vietnamese market
comes as the logical next step in developing the strategically important
Asian market. For decades the world has witnessed how
Meanwhile, ABC’s APAC vice president Joanna Li added that,
“Development of point-to-point delivery with our hub model in
Nam A Bank to sell 100 million shares
The Nam A Bank plans to sell 100 million shares in its initial
public offering (IPO), with a combined face value of VND1 trillion (US$47.62
million).
A transaction office of Nam A Bank. The bank plans to sell 100
million shares in its IPO. Photobizlive.vn
The IPO is aimed at helping the bank increase its charter
capital from VND3 trillion ($142.86 million) to VND4 trillion ($190.48
million).
The State Securities Commission adopted the plan last April 8,
after the bank's shareholders agreed to the scheme in March 2014.
Nam A will consult shareholders about a share listing on the
stock market at their annual meeting on April 17.
This year, the bank projects a pre-tax profit of VND360
billion ($17.14 million), an increase of 49 per cent over last year. It
targets a total asset value of VND40 trillion ($1.90 billion) in 2015, a
year-on-year increase of 7 per cent.
Deposits are expected to reach VND23.5 trillion ($1.12
billion), up 16 per cent year-on-year, and outstanding loans are expected to
hit VND21 trillion ($1 billion). The maximum bad debt ratio is set at 3 per
cent.
The bank also plans to open five more branches and four new
transaction offices in 2015.
SC VivoCity opens doors to a prestigious life
SC VivoCity, the one-stop family lifestyle destination mall
managed by Saigon Co.op and Mapletree, will open its doors to visitors on
April 19, 2015.
Located along Nguyen Van Linh Boulevard in Ho Chi Minh City’s
District 7, SC VivoCity embraces the popular features of the iconic
Singaporean VivoCity, which has been voted into the top ten shopping
destinations of the world in 2011.
With Mapletree’s expertise in developing large-scale projects
and commercial complexes throughout Asia, as well as Saigon Co.op’s
experience in retail and real estate investment in Vietnam, this partnership
is expected to bolster commercial activities in the city, at the same time as
offering consumers new services and international retail standards.
With its modern architecture, impressive and striking design,
SC VivoCity is sure to become a momentous part of the city skyline, while
housing famous trademarks, offering the most popular food brands along with
year-round festivals and events that will draw repeated visits from both
local residents and foreign visitors.
SC VivoCity is easily accessible and well-connected to other
districts via bridges and expressways, being located only five kilometres
away from the city centre.
Covering a total area of 41,000 square metres, the five-storey
mall offers the latest fashion, entertainment and lifestyle options, as well
as a hypermarket, an education centre, and various food and beverage outlets.
It features well-known brands like CGV SC VivoCity,
McDonalds’, Harley-Davidson Black Label Saigon South among others.
SC VivoCity aims to create a vibrant, multi-experience
destination which will constantly surprise visitors with its mix of unique,
ever-evolving and refreshing, new-to-market retail and lifestyle brands and
concepts.
Parents with children are always welcome to visit the large
rooftop area, which has been turned into a park equipped with a children’s
wet and dry playground.
Binh Duong attracts $402m FDI in Q1
The southern province of Binh Duong attracted foreign direct
investment worth US$402 million in the first quarter, its People's Committee
announced on April 10.
Chairman Tran Van Nam (right) talks with investors. VNS
Photo Le Thu Ngan.
Around $255 million is set to be invested in 55 new projects
with the rest going into 30 existing ones.
On Friday provincial authorities issued investment
certificates for 28 projects worth $304 million.
Binh Duong ranks second in attracting FDI this year behind
only HCM City.
The investors are mainly from mainland China - five projects -
and South Korea and Hong Kong with four each.
People's Committee Chairman Tran Van Nam said, "To ensure
Binh Duong remains an attractive, stable and friendly investment destination,
the province will continue to implement measures to improve and better
facilitate investment."
He said the measures included mobilising resources to develop
infrastructure, especially roads, water supply, and sewerage.
The province's focus was on projects and services that use
modern technologies and produce products with high value addition, he said.
"[We will] speed up administrative reform in all aspects
and complete and effectively operate a ‘one-stop service' mechanism … to
better serve entrepreneurs and citizens."
Cumulatively, the province has attracted FDI worth nearly $21
billion in 2,440 projects.
HCM City’s businesses sign MoUs with Lao, Cambodian
enterprises
Some Memorandums of Understanding between Vietnamese
businesses and enterprises of Laos and Cambodia were signed during the visit
and work by the Ho Chi Minh City delegation of officials in Laos People's
Democratic Republic and Cambodia Kingdom on April 6 – 11.
Exhibitions and workshops promoting Vietnamese products were
also organized in Laos and Cambodia during the visit. The events attracted
more than 300 Cambodia businesses and 200 Lao enterprises.
Vietnamese high quality consumer products and home appliances
were highly appreciated by buyers of the two countries.
65 enterprises of Ho Chi Minh City received investment
licenses for projects building fertilizer factory, planting rubber trees and
banking with the total capital of US$387.9 million by March. Meanwhile the
city welcomed four Cambodian projects worth US$1.6 million.
The statistics showed that
Source : VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VIR
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Thứ Tư, 15 tháng 4, 2015
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