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BUSINESS IN BRIEF 4/4
New real estate enterprises soar in Q1
The number of new enterprises in the real estate sector in the
first quarter of this year surged 48.5% compared to the same period last
year, according to the Business Registration Agency.
The agency under the Ministry of Planning and Investment did
not provide the exact figure of newly-established firms in the period but
ranked business startups in the sector after new firms in technology,
recreation and entertainment with a year-on-year rise of 127.1% but above
those in agriculture-forestry-aquaculture with 36.4%.
Statistics of the Ministry of Construction supported the
agency’s report when showing that January-March real estate deals in HCMC and
According to the agency, nearly 19,050 enterprises were
registered in the first quarter of this year with total capital of VND111.2
trillion, up 3.8% in number and 13.5% in capital over the same period last
year.
In the period, more than 4,740 firms applied for adding nearly
VND173 trillion to their operational projects.
Overall, the capital registered by business startups and
operational firms totaled VND284.1 trillion (more than US$13.1 billion) in
the period.
The average registered capital of an enterprise in
January-March was VND5.8 billion, up 3.6% year-on-year. New firms generated
265,000 jobs, rising by 3.6% over the same period last year.
More firms stop operations
More than 16,170 enterprises suspended operations in the first
three months of this year, increasing 14.2% against the same period last
year. The number included 10,627 firms waiting for business code closures.
However, the number of enterprises going bust and shutting
operations in the three-month period edged down 0.6% year-on-year to more
than 2,560. Most of the dissolved firms had registered capital of less than
VND10 billion each.
More than 5,090 temporarily closed firms resumed operations in
the period, rising by 10.2% over a year earlier. This signaled a recovery of
the economy, which is offering opportunities for enterprises to weather the
doldrums.
Commenting on business shutdowns in the first quarter,
Minister of Planning and Investment Bui Quang Vinh said the number was normal
given some 500,000 operational enterprises in
Vinh said dissolved and suspended firms in
“Most of the dissolved firms are very small and have
registered capital of less than VND10 billion each… I think this is very
normal in our market mechanism,” Vinh said.
US$537 million spent on auto imports in Q1
The GSO’s report showed that there were 23,000 imported CBU
units in the period, up a staggering 116.4% over the first three months of
2014. The number comprised of 8,000 autos in March, or 3,000 units higher
than in the previous month.
The rises were much stronger than in the first quarter of 2014
when CBU auto imports grew some 50% in both volume and value, and contributed
a considerable part to the country’s trade deficit of US$1.8 billion in the
period.
Local automobile enterprises have strongly increased imports
since the beginning of last year to cash in on tariff cuts on auto imports in
line with
Industry insiders said the import duty reduction will affect
sales of popular car models assembled domestically because
A report released by the General Department of Customs showed
that more popular cars imported into
Though domestic auto assemblers have not released their
business reports in the first quarter of this year, experts forecast their
sales in the period fared well given increasing demand.
According to the GSO, the total imports of CBU autos and parts
in January-March amounted to US$1.1 billion, soaring 73.6% year-on-year.
Last year,
Around 157,800 autos were sold last year, up 43% year-on-year,
according to the Vietnam Automobile Manufacturers Association.
Huge loans pledged for firms in price stabilization program
Banks in HCMC have signed nearly VND11.9 trillion loans for
enterprises joining the city’s program to stabilize consumer prices this year
and during 2016’s Lunar New Year holiday, or Tet.
Speaking at a review seminar on the 2014 program and plans for
2015 Tuesday, Le Ngoc Dao, deputy director of the HCMC Department of Industry
and Trade, said 85 enterprises will join this year’s program, or nine firms
more than last year.
They include 11 credit institutions, 40 food and foodstuff
companies, 16 enterprises serving the new school-year season, four dairy
firms and 14 others for the medicine program.
This is the third year the program has been in place, using
private capital sources. Local banks have pledged to provide loans of nearly
VND11.9 trillion, up over VND3.5 trillion against 2014. Lending rates will be
cut by 0.5 to two percentage points.
The city will launch four credit packages, including VND6.1
trillion worth of short-term loans for enterprises to supplement working
capital at annual lending rates of 5-6%, down one to two percentage points
versus last year, and VND2.75 trillion for enterprises outside the program to
help them supply materials to participating producers.
Enterprises will also take out VND2.1 trillion worth of
medium- and long-term loans to upgrade production facilities at lending rates
from 7-10% per annum. The remaining VND900 billion will go to companies in
need of funding to boost exports with lending rates at 2-4% per annum.
Besides, Sacombank has registered a VND1.5-trillion credit
package to support small traders at traditional markets. The bank will also
cooperate with the department to launch sales person training courses for
enterprises and traders.
Dao said the city will expand the sales network this year,
focusing on worker and student dormitories and the kitchens at schools.
Enterprises will also pilot e-commerce application at sales points.
The department will speed up cooperation with neighboring
areas in supply-demand connection, training and information exchange.
Enterprises will also receive support to speed up exports.
HCMC vice chairwoman Nguyen Thi Hong asked the department to
extend the market stabilization program to industrial parks and export
processing zones, and residential areas to benefit more consumers.
The program will run from on April 2 to March 31, 2016.
In last year’s program, enterprises supplied more goods to the
market with prices being 5-15% lower than market levels. Goods supplies
increased by 10.4-35%.
Ending 2014, the city had developed over 8,960 sales points
under the program.
Clear path for foreign capital
Merger and acquisition (M&A) activity began to accelerate
in 2013 and is projected to undergo more drastic changes in 2015. Last year’s
total M&A value amounted to US$3.4 billion, 17 times a decade ago, said
Volker Becker, corporate finance director at Viet Capital Securities Co.
(VCSC). He was emphasizing the surge in foreign investment into
Experts discussed banking landscape at Vietnam Access Day held
by Viet Capital Securities Corporation ( VCSC)
Typical examples of the recent M&A deals includes BJC
taking over Metro for US$876 million; International Mondeles spending US$370
million acquiring a 80% stake in Kinh Do; Power Buy buying a 49% stake in
Nguyen Kim; and Metro Pacific spending US$90 million purchasing a large
proportion of shares in HCMC Infrastructure Investment JSC (CII). In the
future, there will be more investment opportunities as multiple businesses
are now preparing for their initial public offerings or sale of state capital
through public auctions, such as Saigontourist, Vissan, Satra, SABECO,
MobiFone, ACV, PetroVietnam Power Corporation and Ben Thanh Corporation.
Giving additional information for the first quarter, Ralf
Matthaes, managing director of Infocus Mekong, remarked that some positive
signals could not be ignored, including the warming of the real estate market
and the jump in sales of automakers and distributors.
However, Ralf Matthaes also noted that the fast-moving
consumer goods (FMCG) sector is faced with a decline in growth rate,
regarding the value and volume of consumption in urban areas. For example,
while the value growth was 10.3% in 2013, it dropped to 5.3% in 2014.
Meanwhile, consumption in rural markets keeps its upward trend and helps
manufacturers expand the scale of consumption.
Furthermore, consumer behavior is changing. For the first time
ever, the growth in sales of a modern channel like supermarkets last year
gave way to the growth of the traditional model, namely traditional markets
and grocery stores. “Consumers are paying more attention to their spending
and commodity prices. They tend to buy goods at traditional markets and
grocery stores where the price is cheaper than supermarkets for the same
product,” said Matthaes.
Currently, the majority of investment funds which were founded
in
Albizia Capital, a
The consumer trend has expanded to electronic products such as
mobile phones, tablets and laptops. According to Henry Nguyen, managing
general partner of IDG Venture Vietnam, given the 43% of Vietnam’s population
using the Internet and one in three possessing a handset, the future of
online shopping is mostly bright, especially when the middle income
class—those who earn a monthly salary ranging between VND13.5-20 million and
over VND20 million—is rapidly rising.
Another concern of foreign investors is whether they may face
any challenge in market approach. Fred Burke from Baker & McKenzie listed
protectionism, the performance of the state sector, corruption, the slowdown
of Chinese economy and the increase in labor costs as one of the possible
challenges.
During break time, an investment fund which originally operated
in the insurance sector said another challenge should be included. It is
market opening and tariff removal in accordance with the bilateral and
multilateral agreements
AWR Lloyd, an international consultancy firm, presented a
profound and in-depth analysis of the local oil and gas industry—from growth
in oil product consumption in comparison with regional countries to the key
players on the market.
AWR Lloyd saved an entire section for analyses on oil and gas
companies listed on both bourses where high scores were given to such firms
as GAS, Phu My Fertilizer, Petrolimex Petrochemical Corporation (PLC),
Petrolimex Gas (PGC), and Saigon Fuel Joint Stock Company (SFC).
Up to 25 listed and unlisted companies in various sectors made
contact with investors at Vietnam Access Day. It’s still hard to ascertain
whether a specific enterprise has concluded a deal considering such a huge
volume of macro- and micro-economic information disseminated at the event by
speakers and business people alike. Aside from necessary figures, investment
promotion involves the entire process of attracting foreign capital to the
domestic market. It is this reason that events similar to VCSC’s Vietnam
Access Day should be heartily supported.
HD SAISON Finance makes its debut
HDBank and
Accordingly, HDBank and Credit Saison will take full advantage
of human resources, experience and their powerful network to turn itself into
a top player in the retail and financial sector in the country.
Credit Saison will hold stakes of HDFinance and will be
renamed as HD SAISON Finance.
A HDBank Representative said the strategic cooperation will
contribute to developing the financial market, diversifying products for
consumer loans in
Credit Saison will greatly benefit from its approach to the
highly lucrative market with the support from HDBank, its shareholders and
members.
Credit Saison- the largest credit card issuer in
The group’s representative offices are also based in
Steering committee to oversee farm exports
Worried about a significant drop in agricultural exports, the
Ministry of Agriculture and Rural Development (MARD) has decided to establish
a steering committee that will gather information on problems faced by
traders and identify possible solutions.
The ministry's personnel department has been asked to set up a
permanent office of the committee this month. The committee will collect
regular feedback on obstacles as well as recommendations from traders of
farming, seafood and forestry products, MARD Minister Cao Duc Phat said at a
Monday meeting that brought together associations in the three industries.
Phat said establishing the committee is one of the urgent
measures being taken to deal with export challenges that the sector has faced
in the first quarter of this year.
A report on the government website chinhphu.vn also said that
the difficulties involved a fall in consumption demand and technical barriers
in export markets that had to do with hygiene and food safety.
High input costs and foreign exchange fluctuations were other
challenges, it said.
It cited Phat as saying that to maintain export growth, the
sector should enhance trade promotion activities.
He also proposed that
The onus is on
The Ministry as well as the farming, fisheries and forestry
associations would collect recommendations on tax, land rents and
transportation fees from enterprises until April 15. These will be forwarded
by the Ministry to the Government, seeking solutions, Phat said.
Meanwhile, the Veterinary Department, the Plant Protection
Department and the National Agro, Forestry and Fisheries Quality Assurance
Department (Nafiqad) have been asked to work with enterprises to reduce the
time taken in carrying out import and export procedures by 50 per cent, he
said.
The report said that first quarter agricultural exports,
including farming, fisheries and forestry products, fell by 13.2 per cent
year-on-year r to US$6.13 billion.
A Vietnam Television (VTV) report on Tuesday quoted Duong
Phuong Thao, deputy head of the Import and Export Department under the
Ministry of Industry and Trade, as saying the export value of key products
including coffee, seafood and rice had fallen sharply.
However, she also explained that last year's first quarter
figures had suddenly increased due to advantages in export activities at that
time, including high demand and low supply.
"For instance, seafood exports in the first quarter of
2014 saw a sudden surge in value due to low supply of shrimp from
"But, in the first quarter of this year, such advantages
have been absent, and last year's growth in export value of between of 20-30
per cent could not be replicated."
She said the second factor in the drop in export value was
impact of foreign exchange. The US dollar had increased in value against
several other currencies like the euro, yen and rouble, and exports to the
EU,
"If export contracts for farming products used euro and
yen currencies in payment, the importers would tend to buy fewer quantities
of such goods. So Russian traders will not import farm products that they
have to pay for in rubles.
"Meanwhile, Vietnamese exporters of farming products
who'd signed contracts at the end of last year using payments in euro and
yen, would be very careful in implementing them as the currencies
depreciate," Thao said.
An increase in the supply of products to the world market,
such as shrimp from
Duong Ngoc Minh, deputy chairman of the Vietnam Association of
Seafood Exporters and Producers (VASEP), also chairman of the Hung Vuong JSC,
concurred with Thao.
"The export value of Vietnamese seafood reduced 25 per
cent due to depreciation of yen and euro since the end of last year,"
Minh said cafef.vn's online dialogue on Wednesday. "Our exports have
also been affected by the high supply of shrimp from
He also said that
The National Assembly recently passed and the Prime Minister
signed into law a new resolution outlining major tasks and solutions for
improving the business environment and national competitiveness over the next
two years.
The new resolution is based on the premise that ministries,
sectors and localities should take the initiative to focus on improving the
business environment and resolving the issues reflected in the nation’s World
Trade Organisation (WTO) ease of doing business rating.
If they do this successfully, then large foreign multinational
companies in manufacturing and retail will come to
By contrast, 2015 acknowledges the underlying economic reality
that rigid governmental content requirements burdened down with complex laws
and regulations will most assuredly dissuade businesses from coming to
“It’s time for
“We must elevate our national competitiveness in light of the
Vietnam-EU Free Trade Agreement, and the Trans-Pacific Partnership (TPP)
Agreement in the offing if we are to effectively compete in the global
marketplace.”
Deputy Foreign Minister Bui Thanh Son in turn emphasised that
“
Over the two-year period, 2015-16, the country collectively
should focus on improving the business environment by streamlining
administrative procedures, making them less complex, less costly to comply
with and making them less time consuming.
All of these objectives should be accomplished within the
context of ensuring transparency, enhancing the accountability of state
administrative agencies and enacting regulations on a basis consistent with
international norms.
Specifically, the resolution sets out a target to raise the
country’s business environment indicator to at least the level of the ASEAN-6
group (
The targets include reducing the average time required to
comply with the tax laws and file annual returns to no more than 121.5 hours
and social insurance returns to a maximum of 49.5 hours per annum.
As a corollary goal the government aims to raise the number of
businesses that file their returns online tax to 95%.
In 2016, the resolution evidences a strategy to reach the
average ease of business indicators to that of the ASEAN-4 group (
In addition, the goal is to capitalise upon advancements in
science and technology to restructure the agricultural sector toward mass
production of agricultural products, promote product quality and
competitiveness, while ensuring national food security, food hygiene and safety.
The resolution also focuses on increasing value-added in
industries like finance, banking, insurance, communications, logistics,
petroleum processing, seaport services and sea shipping, marine product
processing and sea and island tourism.
Ministries, sectors and localities are also urged to
contemporaneously implement restructuring measures to increase operational
effectiveness of state-owned enterprises.
Special policies and mechanisms should also zero in on
formulating the development of small and medium sized businesses, or more
specifically smallholders and small mom- and-pop family businesses, providing
them with equal access to credit, land and natural resources.
In addition, it sets forth measures of public service
socialization, including restructuring public non-business units and giving
them more autonomy and accountability following the mechanism applicable to
enterprises, especially those in the fields of education, health care and
technology.
Song Da Corporation to make stock debut in 2015
After a two-year overhaul, the State-owned Song Da Corporation
with its reputation for building hydroelectric plants across
This year, the firm plans to produce 18.7 trillion VND (871.5
million USD) worth of commodities and earn 16.8 trillion VND (783 million
USD) in revenue with pre-tax profits of 300 billion VND (14 million USD).
It has thus far prioritised self-promotion as well as domestic
and regional auctions, targeting to secure contracts worth 7 trillion VND
(326.2 million USD).
Founded in 1961, the Song Da Corporation has long operated in
the construction sector and real estate.-
Insurance market forecast to grow 15 percent in 2015
The entire insurance market is expected to expand between 12
and 15 percent in 2015, according to the Ministry of Finance.
The ministry forecasted that the general or non-life insurance
market will rise between 12 and 14 percent and the life insurance market will
jump 20-22 percent.
A number of measures need to be taken in order to achieve
those targets, the ministry said, one of which is to comprehensively develop
the insurance market to meet demand.
Another measure is to increase the financial and business
capacity of insurance companies to meet competitiveness and international
integration.
The ministry also highlighted the need to restructure
insurance companies to develop the market safely, effectively and
sustainably.
In 2014, the market grew by 14.2 percent with revenue of 52.7
trillion VND (2.4 billion USD) from insurance fees. Of the figure, life
insurance accounts for 27.4 trillion VND (1.3 billion USD) and the remaining
is sourced from general insurance.
Total payment for damage claims in 2014 was 18.6 trillion (862
million USD), up 4.1 percent from 2013, in which life insurance companies
paid 8.2 trillion (380 million USD) in compensation.
Last year also saw an increase in enterprise and community
confidence in insurance services and its management agencies after the
Ministry of Finance and insurance companies worked to resolve damage claims
promptly.
Guidelines on the enforcement of the Insurance Business Law
and relevant legal documents were issued and revised in 2014, helping create
a favourable legal framework for the healthy and sustainable development of
the market, fulfilling bilateral and multilateral commitments in
international integration.
Insurance companies also tapped potential markets and
developed new insurance products last year, such as voluntary retirement
plans, aquaculture insurance, agriculture insurance and export credit
insurance. More than 300,000 farmer households have joined agriculture
insurance during the pilot three-year period.
Expansion of ASEAN credit transfer system discussed
Representatives from over 25 member universities of the ASEAN
University Network (AUN) gathered at the annual Steering Committee Meeting of
the ASEAN Credit Transfer System (ACTS) in
Hosted by
Participants debated the expansion of the Credit Transfer
System at both university and postgraduate education programmes. They also
promoted credit transfer between the AUN and other universities outside the
network.
Southeast Asian universities focus on enhancing integration
and access to international education standards.
The conferences offered a forum for regional universities to
designate a common AUN education standard, increasing the effectiveness of
cooperation among the universities.
VNU – Hanoi Vice Rector Nguyen Kim Son affirmed that his
university will contribute actively to building AUN policies as well as
developing scholarship sources for students as part of its efforts to ensure
sustainable operation of the network’s credit transfer system.
AUN Management Director Nantana Gaiaseni said since its first
meeting in 2009, ACTS activities have increasingly developed, adding that she
hopes additional non-AUN members will join the ACTS.
By February 2015, as many as 1,518 credit transfer programmes
had been implemented within the network.
The ACTS now groups 32 universities from 10 ASEAN member
nations and
Despite strike,
If you thought Asia's manufacturing giants are just
Its benchmark purchasing managers' index for manufacturing has
expanded -- a reading above 50 -- every month since Aug. 2013, according to
HSBC and Markit Economics.
That feat is unmatched by any other Asian country that HSBC
and Markit track. By contrast,
"Central to the latest improvement in business conditions
were further rises in both output and new orders," HSBC and Markit said
in a note accompanying the release of
Vietnamese firms were able to secure more new orders from both
domestic and export clients and "falling commodity prices in world
markets continued to feed through to lower input costs," said Andrew
Harker, senior economist at Markit.
In
Of course, much of
What has raised some questions is worker unrest. Thousands of
workers at a
It may be the one wrinkle in
Farm sector sees advantage in
Domestic agriculture is seeing opportunities to expand markets
and acquire new technology as several Japanese investors show interest in
hi-tech farming in
Since 2013, there are a number of cooperation between
During a conference on developing the agriculture sectors in
both
Japanese investors said
When
Vo Tri Thanh from the Central Institute for Economic
Management said average growth in the agriculture sector was 4 percent, while
the growth rate in service sector is 10 percent. Investors fail to see
profits in farming and farmers abandon land to find other jobs.
However, in the past eight years, food prices have increased
sharply and people are starting to recognise the importance of farming and
food security. Not only
Economists urged domestic firms to find foreign partners so
they can learn new technologies in farming and get a foothold in a growing
export market expected to become extremely competitive due to growing demand
for quality produce.
Quang Ninh bolsters support for local enterprises
A business meeting to foster the support and remove obstacles
for local enterprises was convened in the
Addressing the event, Deputy Chairman of the provincial
People’s Committee, Nguyen Van Thanh, asserted that the effectiveness of
businesses determines the province’s development. He pledged that local
authorities will join forces with companies to remove obstacles and promote
production.
Pham Ngoc The, the Director of Hoang Ha Group Joint Stock
Company (JSC) and Chairman of the Quang Ninh Business Association, said such
business meetings created opportunities for local firms to take advantage of
preferential policies in investment and project implementation.
According to Luong Hoang Thai from the Ministry of Industry
and Trade, enterprises should take more initiative in improving product and
service quality, especially as a raft of international trade agreements will
be officially signed in the next two years, increasing market
competitiveness. These will include the Vietnam-ASEAN free trade agreement
(FTA) and the Trans-Pacific-Partnership (TPP) agreement.
In 2014, the province held such several business meetings,
talks and forums yielding significant achievements.
By the end of last year, the province licensed 849 new
businesses, creating a total of over 10,000 units firms with registered
capital of 118.1 trillion VND (5.6 billion USD).
EVN holds key responsibility in developing power system:
Deputy PM
The Electricity of Vietnam (EVN) is responsible for developing
the national power system.
Speaking at a ceremony to announce the appointment of the
Chairman of the EVN Member Council on March 31 in
He also requested the EVN build on its positive momentum and
improve its transparency, competitiveness and effectiveness.
Deputy PM Hai congratulated new EVN Chairman Duong Quang
Thanh, expressing his belief that Thanh and the group’s steering committee
work together to reap achievements.
Thanh said the Member Council will focus on the efficient
operation of existing systems and mobilising resources to accelerate
construction initiatives, thus ensuring a stable electricity supply for the
economy and the society.
According to the new Chairman, the EVN will accelerate the
implementation of a project enhancing its business production productivity as
well as its restructuring roadmap as approved by the Prime Minister.
Other priorities will also be given to enhancing publicity
campaigns and technological application in business and services to
facilitate service access and environment, Thanh added.
The new Chairman also rolled out three strategic approaches to
promote the council’s operations and performance, including improving human
resource quality; increasing management in tandem with enhancing staff
autonomy; and strengthening science and technological application in
production and management.
The State-run EVN specialises in producing, transmitting and
trading electricity. It also manages the national grid, power imports and
exports, and electric operations.
Last year, the EVN expanded its power network to 99.59 percent
of all communes nationwide, bringing electricity to 98.22 percent of rural
households, surpassing the goal set by the 11th National Party Congress for
2015 by 0.22 percentage points.
The Prime Minister has approved a plan to raise Electricity of
Vietnam's (EVN's) charter capital to 160 trillion VND (7.62 billion USD) by
the end of 2015.
According to the Ministry of Industry and Trade’s latest
report, EVN's total profit in 2013, including affiliates and subsidiaries,
reached more than 4.938 trillion VND (230.8 million USD). It was estimated
that EVN alone generated almost 300 billion VND (14 million USD) in 2014.
Government to improve IPO procedures
The Government and the State Securities Commission (SSC) will
have to improve the policies that have been preventing State-owned companies
from being privatised, said officials and experts on April 1.
Bui Hoang Hai, the SSC's Deputy Director of Securities
Issuance Management, said that 60 percent of IPOs last year were successful.
They had a total value of 11.4 trillion VND (530.23 million USD).
Hai said that during the first three months of this year, the
percentage of successful IPOs and divestment was 44 percent, with a total IPO
value of 1.25 trillion VND (58.14 million USD).
He said that the reason for the lower numbers was slowness in
information disclosure, adding that State-owned enterprises had to publish
their profiles for IPO at least 20 days before they were auctioned.
However, many of them published their profiles much later,
causing difficulties for investors to prepare capital and information about
the auctioned enterprises, he said.
In addition, the auctioned enterprises only published basic
information which was not attractive to strategic investors, he said.
The SSC's representative suggested that state-owned
enterprises reveal more about their profiles and speed up the information
disclosure to attract investors in a highly competitive market with limited
sources of capital.
Nguyen Thi Hoang Lan, Vice General Director of the Hanoi Stock
Exchange (HNX), said her company asked the SSC and the Ministry of Finance to
improve the Unlisted Public Company Market (Upcom) to attract strategic
investors by dividing the market into smaller sectors and developing specific
indexes for those sectors.
She said that these recommendations will help investors get
easier access to information and reduce administrative procedures to support
auctioned enterprises.
She said that HNX will work with securities companies and
consulting companies to assist the auctioned enterprises.
During a conference in
Hoang Nguyen Hoc, Vice General Director of the State Capital
Investment Corporation (SCIC), said that the SSC should allow State-owned
companies to sell their stakes in even lots, which is an order for a security
account of 100 shares for stocks.
He said that investors will find it cheaper, easier and more
convenient to acquire state capital in even lots, raising the efficiency of
IPO and divestment.
Vu Anh Minh, Director of the Transport Ministry's corporate
management division, said that IPOs will help State-run companies improve
their performances and make larger contribution to the state budget.-
Can Tho sees strong growth in Q1
The Mekong Delta city of
Over the period, Can Tho’s retail sales and service revenue
exceeded 21.2 trillion VND (995 million USD), representing an annual increase
of 15.5 percent.
Meanwhile, the city welcomed about 343,000 tourists, including
67,000 foreign arrivals. Tourism revenue reached 342 billion VND (11.9
million USD) in the three months, expanding by 13 percent from the same
period last year.
Industrial production reached 19.5 percent of the yearly
target with nearly 12.8 trillion VND (845 million USD) in value, up 6.7
percent from a year earlier.
Also in the first quarter, Can Tho collected more than 2.85
trillion VND (133 million USD) for the State budget.
However, its export earnings recorded only 206 million USD,
down 14.7 percent annually with volume and value declines seen in rice and
aquatic products, the city’s two export staples.
In the coming time, the city’s authorities need to take
measure to push administrative procedure reforms to facilitate the
development of production and business, said municipal Party Secretary Tran
Thanh
Banks to invest 4.7 trillion VND in Northwest region
The banking sector will provide the Northwest region with
about 4.7 trillion VND (218 million USD) for projects on hydropower plants,
mining, processing industry, transportation, and agriculture.
The announcement was made by Deputy Governor of the State Bank
of Vietnam (SBV) Dao Minh Tu during a press conference held on April 1 in
According to the SBV, the banking sector, in accordance with
the Party and Government’s policies towards Northwest region, has gradually
helped alleviate hunger and poverty, raise living standards, ensure social
security, and upgrade technical infrastructure and rural areas.
By December 31 last year, bank branches in the region’s 12
provinces mobilised nearly 113.2 trillion VND (5.31 billion USD), rising
21.35 percent from a year earlier and accounting for 2.54 percent of the
entire economy.
Total outstanding loans were estimated at close to 149.4
trillion VND (7.02 billion USD), representing an annual increase of 16.1
percent and 3.76 percent of the country’s total lending last year.
At the 2013 Conference for Investment Promotion and Social
Security for the Northwest, held in Tuyen Quang province, commercial banks
signed 14 credit contracts for over 20 trillion VND (940 million USD) worth
of loans for the region.
The Northwest is considered the poorest region in Vietnam and
consists Hoa Binh, Son La, Lai Chau, Dien Bien, Yen Bai, Lao Cai, Lang Son,
Tuyen Quang, Phu Tho, Bac Kan, Cao Bang, Ha Giang and part of Nghe An and
Thanh Hoa provinces.
Workshop
highlights investment opportunities in ASEAN
The Singapore-based Maybank Kim Eng held a workshop in the
country on March 31-April 1 to highlight business opportunities in ASEAN in
2015 and onwards.
Experts said the integration opportunities remain open for all
ASEAN businesses given the ASEAN Economic Community (AEC) will be established
by late 2015.
Steven Chan, regional head of the banking and financial
research at Maybank Kim Eng Securities Hong Kong, told Vietnam News Agency
correspondents that the AEC will bring huge benefits for Vietnam with its
targets of promoting trade, increasing the labour force, and improving the
internal GDP.
Specifically, the AEC formation will help
According to Sadiq Curimbhoy, Maybank Kim Eng Global
Investment Strategist, the infrastructure, financial services, tourism, and
trade sectors will benefit most from the AEC if businesses could spot
opportunities and seize them.
During the workshop, experts talked about the role of women in
economic development and how to grasp opportunities in ASEAN emerging markets
and use technology to develop operations.
Founded in 1967, the Association of Southeast Asian Nations
(ASEAN) groups
Source : VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VIR
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Thứ Bảy, 4 tháng 4, 2015
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