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BUSINESS IN BRIEF 9/4
Work begins on new Sumida Electronic factory
Sumida Electronic Vietnam Ltd began construction on a
US$10-million factory in the central
The factory will cover 30,000sqm in the province's Tinh Phong
Industrial Zone in Son Tinh District. It is scheduled to start operating in
January 2016 and is expected to produce about 12 million transformers and 120
million other electronic components each year for export.
It will also create more than 1,200 jobs for local workers.
Sumida Electronic Vietnam Ltd belongs to Japanese Sumida
Company. It set up its first factory in Hai Phong in 2010. It specialises in
manufacturing signal products, power inductors and other related components
used in household electronics, automated components and medical equipment.
Thua Thien-Hue targets $25.5m in Q2 investment
The central
The board said it would implement measures to help solve
investors' problems with site clearance and access procedures for land,
electricity and water.
The board also unveiled English, Japanese and Korean editions
of promotion materials to help facilitate activities.
The IZs have attracted 94 investment projects to date — 22 of
which have foreign investors — with a combined registered capital of nearly
VND20 trillion (US$930 million).
Disbursed capital has reached VND7.4 trillion (US$345
million), or 37.3 per cent of registered capital. The occupancy rate at
industrial zones is 33 per cent, according to the board.
Review Lao Bao border gate inspection model: Deputy PM Phuc
Deputy Prime Minister Nguyen Xuan Phuc has asked ministries
and agencies to review the operation of single-window inspections and
single-stop inspections (SWI/SSI) at the Lao Bao-Densavan Viet Nam-Laos
border gate.
The new model became operational on February 6, with close
co-operation between the Viet Nam-Laos special working team managed by the
two countries' foreign affairs ministries, the central
Phuc said the new model would halve the time required for
customs clearance procedures, and promote connections and trading between the
two countries.
The new model would be a remarkable step with local
authorities and other countries expanding business exchanges at international
border gates across the East-West economic corridor, as well as other key
corridors in the Greater Mekong Sub-region (GMS), Phuc said.
It was the first time the new model was implemented at the
border gates between the two countries in the
It is also a good example for further deployment of this model
at other international gates.
However, these are only the initial results. The authorities
said the regulations and procedures need to be simplified further and more
public labourers would be needed to work at the border checkpoint.
Phuc has asked the provincial People's Committee to direct and
supervise the operational checks at the border gate, and also to coordinate
with ministries, sectors and relevant agencies to resolve current
difficulties.
The province needs to repair and upgrade infrastructure to
create favourable conditions for checking import-export goods at the
checkpoint, he said.
The province should also coordinate with the interior ministry
and relevant agencies to suggest the number of essential labourers required
for work there.
The deputy minister also asked the transportation ministry, in
coordination with the foreign affairs ministry, to continue to mobilise ADB
support in the implementation of
He said the ministries of health, and agriculture and rural
development would exchange ideas with
HCM City trading, tourism and investment exhibition held in
Laos
Secretary of Ho Chi Minh City Party Committee, Le Thanh Hai,
municipal officials and businesses joined in a trading, tourism and
investment exhibition and seminars in
The event, which was organized by the Investment and Trade
Promotion Center of Ho Chi Minh City, was attented by Lao Deputy Prime
Minister Somsavat Lengsavat, Lao leaders and 350 enterprises, including 40
Vietnamese busineses.
The exhibition is part the delegation of
Mr. Somsavat Lengsavat said that Vietnamese enterprises ranked
third among foreign investors in
Connecting markets in the region is the government's main
priority. Lao authorities are focusing on improving infrastructure and
offering a free trading and investment environment to call for foreign
investment, he affirmed.
On the same day, the delegation paid a courtesy visit to
President of the Lao People's Democratic Republic, Choummaly Sayasone.
The President highly appreciated the
Footwear sector support wears thin
Taking initiative to develop their own material sources is
still beyond most domestic footwear enterprises in
Materials for leather and footwear products are mainly
imported from mainland
Although some footwear firms have started to produce their own
materials in recent years, they are limited to outsoles, rings, buttons,
buckles and boxes.
Important materials like leather and imitation leather are
still imported due to limitations within the domestic leather sector, which
cannot meet domestic demand or quality standards.
The Ministry of Industry and Trade's Industrial Policy and
Strategy Institute carried out a survey on the domesticalisation ratio of
support industries in the city last year.
The rate of leather and footwear support products for adults
was around 38 per cent.
According to Nguyen Van Khanh, general secretary of
There are about 10 leather tanning enterprises in
A lack of clear standards on waste had also prevented the
development of the sector because it caused concern for foreign investors,
even though the sector was being encouraged by
Experts say this could be a break-through year for the
footwear sector after free trade agreements with EU, the
However, many footwear producers say that despite these big
opportunities, enterprises may struggle to meet the high standards set out in
those deals.
The Trans-Pacific Partnership (TTP) has particularly stringent
guidelines, and to receive the full benefits of the deal, Vietnamese firms
will have to use locally produced materials or materials imported from other
TPP members.
Nguyen Van Thinh, general director of Viet A Chau Service –
Trade – Production Co, Ltd expressed hope that the State would issue
preferential policies for domestic enterprises on tax, land and
administrative formalities because compared to foreign enterprises, domestic
firms were weak in terms of capital, technology and human resources.
Domestic enterprises would not able to compete if they were
not given preferences, he added.
Firms urged to review business conditions
Domestic enterprises seem to be indifferent to the conditions
imposed on their business activities, even though it directly impacts their
investment, Nguyen Dinh Cung, director of the Central Institute for Economic
Management, said.
Cung said at a seminar on conditions imposed on businesses
entitled, "International experiences and challenges in
"It is for this reason that I urge enterprises and
associations to participate in the process of reviewing all conditions
imposed on business activities," he said.
He added that there were around 6,000 specific conditions that
businesses had to contend with, which were outlined in up to 900 pages. He
wondered why there were so many conditions posing risks to businesses and
investors in
Dau Anh Tuan, head of the Viet Nam Chamber of Commerce and
Industry's Legal Department, said businesses were apathetic about the
situation as their ideas were not recognised.
For example, printing companies were surprised with the
conditions existing in this field, which required licences for expansion
activities and for mechanising imports.
Tuan said the requirement for licences was lifted in 2000 to
create favourable conditions for printing businesses and international
integration in the production chain of Samsung and Canon.
He wanted to know why the licences had not been made a
pre-requisite again.
"In addition, collecting ideas online had not drawn the
attention of enterprises," he said.
However, experts at the event said new enterprise and
investment laws, which took effect from July 1, had been created by the
government to protect consumers, the environment and the community, as well
as to promote fair trading and competition.
There was general consensus among the economic experts in
attendance that the laws would better govern how businesses interacted with
their suppliers, customers and other businesses.
They will also more clearly outline the rights of businesses
and business owners when conflicts arise and therefore result in a business
and investment climate more conducive to the needs of the business community.
In the past, inadequate legislation was one of the most
important growth inhibitors and the new legal and regulatory framework would
encourage private investment, accelerate business development and boost
economic growth.
Speaking at the seminar, Professor Michael Wools emphasised
that creating a favourable business climate was one of the pivotal factors
central to improving the nation's competitive edge.
They are bound to be some problems with the new laws, Wools
said, adding that governmental agencies should supervise their implementation
closely and make recommendations for improvement if the need arises.
Based on the theme, "Viet Nam-Enhancing Co-Operation in
ASEAN Economic Community," the Viet Nam Expo 2015 will take place from
April 15 to 18 in the capital city.
Sponsored by the Ministry of Industry and Trade of Viet Nam,
the Viet Nam Expo 2015 will have 720 booths of companies from more than 20
countries and regions, including
Apart from foreign enterprises, Viet Nam Expo 2015 will also
be the destination for numerous local companies, especially well-known
brands.
ZALORA launches first showroom in HCM City
Online fashion site ZALORA opened its first showroom last
Saturday in
Customers at the digital interactive shop will be able to view
products, try them on and make payments, though the delivery method will
remain unchanged.
Located at the
SHB finalises procedures to open
The planning and investment ministry has given its approval
for the finalising of procedures by the Sai Gon-Ha Noi Bank (SHB) to
establish a subsidiary bank in
SHB plans to open the affiliate by upgrading a branch that was
opened in 2012. The new institution was expected to have a charter capital of
US$50 million, bank officials said.
The ministry approved the bank's plan to modify its foreign
investment licence late last month, following the approval of the State Bank
of
After merging with the Ha Noi Building Bank, or Habubank, in
August 2012, the equity of SHB reached about VND9 trillion ($428.57 million)
at the end of last year.
Saigon Securities Inc biggest brokerage on City bourse
Saigon Securities Inc (SSI) continued to lead the 10 biggest
brokerage companies on the HCM City Stock Exchange in the first quarter of
this year. The firm held a 12.24 per cent of the brokerage market in terms of
stocks and fund certificates, the southern bourse announced.
HCM City Securities Corp (HSC) maintained second place with a
market share of 11.04 per cent, followed by Viet Capital Securities Co with
7.78-per cent.
Top 10 securities companies hold over 65 per cent of the total
brokerage market.
Ha Noi's People's Committee sells entire Traphuco stake
Ha Noi's People's Committee yesterday auctioned its entire
rights to purchasing shares in Tran Phu Electric Mechanical Co Ltd (Traphuco)
at the company's upcoming share release on the Ha Noi Stock Exchange.
More than 5 million share purchase rights were successfully
sold to four investors at an average price of VND58,575 (US$2.74), 3.4 times
higher than the starting price of VND17,200 ($0.80), the northern bourse
reported.
Traphuco plans to issue shares to raise its charter capital
from VND78.4 billion ($3.7 million) to VND156.8 billion ($7.3 million). These
shares will be offered to existing shareholders at a rate of 1:1.
Nineteen investors, including 2 institutions and 17
individuals, registered to buy a total volume of nearly 37 million purchase
rights. The highest bid price was VND90,000 ($4.21) while the lowest was
VND17,800 ($0.83).
The city's People's Committee earned VND298.5 billion ($14
million) from the sale.
Ha Noi Taxation Department answers 4200 taxpayers queries
The Ha Noi Taxation Department reported that it answered over
4,200 tax-related questions from March 2 to April 4, to mark a month-long
campaign supporting taxpayers.
Most of the questions were about tax policies, tax declaration
and taxation software.
The Head of the departments Taxpayers Support Division, Nguyen
Hai Yen, said the department had also started training classes for about
100,000 local taxpayers as an amended Taxation Law would become effective
this year.
The department has labelled this year as the "Year for
Enterprises," taking drastic measures to reduce tax administrative
procedures, reducing time and costs incurred by taxpayers.
TMV undecided on local assembly
Toyota Motor Vietnam (TMV) is wavering between continuing to
assemble and manufacture cars and importing completed cars when the 2018
import tax on cars from ASEAN countries drops to zero.
Speaking at a press conference held in Ha Noi last week,
General Director of TMV Yoshihisa Maruta said his company had not yet decided
on this issue. The corporation must make a decision this year because it
takes three years of preparation to manufacture these cars.
Maruta, who is also Chairman of the Vietnam Automobile
Manufacturers' Association (VAMA), explained that the imported complete built
up units would be cheaper than the imported complete knock down units.
Therefore, the drop in the import tax to zero per cent for ASEAN countries by
2018 was a major issue. TMV as well as the VAMA members all had to decide
whether they would continue to assemble cars locally or import them in 2018.
The Government last year approved a master strategy for the
automobile industry's development by 2020, with a vision toward 2030.
However, the strategy did not include a concrete development plan for
businesses, so automakers are still waiting for concrete policies to be put
in place.
The TMV leader said if the relevant agencies had no concrete
action plan, his firm and other VAMA members would face difficulties.
He named Hyundai, a famous brand from
Maruta said this example showed that the country's greatest
challenge, leading to a lack of competition, was that it had failed to
develop a support industry.
Domestic automakers' rate of producing spare parts is very
low, serving only 10 to 30 per cent of the production. Most of the spare
parts produced in
Meanwhile, sedans from
To attract automakers to invest in
Although they are faced with such difficulties, TMV has
targeted production of 41,000 units this year, an increase of 18 per cent
compared with that of last year. The firm expects to sell 46,000 cars,
including many new models, 13 per cent more than it sold the year before.
Last year, the firm invested US$19 million in new car projects
and production lines, introducing new models such as Vios, Altis and Yaris to
the market. More than 41,200 cars were sold in 2014, an increase of 24 per
cent over last year, allowing it to occupy 31 per cent of the local market
share among VAMA members.
A workshop held in
The event, hosted by the Viet Nam Embassy in
Du highlighted Vietnamese investors' efforts in the host
country to contribute to
Participants heard a report presented by Minister Councillor
to Cambodia Lai Xuan Chien on the local business climate, with a focus on the
country's politics, society and economy.
They also highlighted difficulties in doing business in
For his part, Tu said the event would facilitate Vietnamese
investment in the country and that he hoped investors would be equipped to improve
their business operations, strengthening trade and friendship between the two
nations.
Trade between
HV Nam 2015 offers access to int'l brands
The eighth edition of Food&HotelViet Nam (FHV) to be held
on April 21-23 will offer industry professionals from
The event will include 353 exhibitors from 31 countries and
regions, with four first-time pavilions from
They will showcase the latest products such as canned fruits
and vegetables, cheese, cured meat products, sausage, fresh meat, fresh
fruit, olives, wine, and liquors without alcohol.
In addition to the new entrants, returning group pavilions
from
Food&HotelViet Nam 2015 is organised by Singapore
Exhibition Services in collaboration with local organiser VCCI Exhibition
Services Co. Ltd. at the Sai Gon Exhibition and Convention Centre.
Foreign investors scampering for a share in garment industry
A series of foreign direct investment projects in the garment
sector will be started in the central region of
Some of the more outstanding projects include the Delta Galil
fiber-dyeing and garment plant, the Onewoo garment plant and the Tam Thang
textile-garment and dyeing plant.
Delta Galil Industries Ltd, an Israel-based apparel
manufacturer and distributor, is currently completing procedures to start
construction of the Vietnam Delta Galil fiber-dyeing and garment plant in the
second quarter.
In January, the Binh Dinh Provincial People’s Commiittee
approved Delta Galil Industries Ltd to construct a plant on the total area of
18,000 square metres with the total investment capital of $13 million. At
present, the construction project has completed the site clearance and base
design phases and is ready to move forward.
Upon starting operations, the plant’s annual revenue is
expected to reach $11 million over the initial years. Following further
consolidation of operational, production and business activities and
potential enlargement, this figure is expected to increase to US$30 million,
the equivalent of rolling out 1.3 million products a year.
Being a leading global apparel manufacturer and distributor,
Delta Galil Industries Ltd currently sells apparel products under famous
brands including Wilson, Maidenform and Tommy Hilfiger. It is also selling
its products under high-grade fashion brands such as Calvin Klein, Nike, Hugo
Boss and
At the end of March a number of textile and garment projects
have been granted investment certificates. Two of these are the
Korean-financed Onewoo garment project, boasting the chartered capital of $6
million, and the Tam Thang textile-garment and dyeing project worth $30
million invested by PanKo Tam Thang Company.
Poong Vina Company, another 100 per cent Korean company
producing and outsourcing apparel products for the famous brands, such as Ann
Taylor, C.W.C, Talbots, has plans to pour $4 million into the construction of
their fifth plant in Binh Duong province.
According to the Vietnam Textile and Apparel Association,
foreign investors are increasing investment in the Vietnamese garment
industry in order to grab opportunities from the Trans-Pacific Partnership
(TPP) Agreement as, once the TPP is inked, Vietnam’s garment industry will
enjoy large benefits from a zero tax rate when exporting to the US.
Q1 cashew export value up 15.42%
This represented an increase of 32.4% in volume and 15.42% in
value, Nguyen Duc Thanh, chairman of the Vietnam Cashew Association
(Vinacas), told a meeting in
The average export price was US$7,066 per tonne.
The
Global demand was expected to remain high, especially in the
The industry had set itself a target of US$2.5 billion from
exports this year compared to last year's US$2 billion.
However, the impact of unusually cold weather when cashew
trees were flowering earlier this year and subsequent hot weather meant a
bumper crop was unlikely.
Ta Quang Huyen, director of Hoang Son I Co, Ltd, said the
country enjoyed a bumper crop last year of 500,000-550,000 tonnes, but the
figure was likely to fall by 120,000 tonnes this year.
Cashew output in
For many years his company had imported 50% of raw cashew from
other countries, mainly African, to process for export.
Raw cashew prices had increased sharply to US$1,200 per tonne
but it was still not easy to buy the nuts due to falling supply and
increasing demand from
Due to increasing production costs,
Cashew prices were expected to be flat until September before
rising strongly towards year-end.
But Pham Van Cong, Vinacas's deputy chairman, rejected Huyen's
claim about bad weather, saying it was speculation by major trading companies
that pushed up the prices of raw cashew.
Prices would go down by mid-May.
Thanh said the trend would be clear only in May-June after the
cashew harvest in main producing countries like
The current price of raw cashew from western African countries
of more than US$1,200 per tonne was too high, making it hard for processors
to make a profit.
So Vietnamese firms should consider carefully before deciding
to import.
With domestic supply meeting only 40%-50% of processors'
demand, the latter had to import cashew, especially from
At the meeting, the International Nut and Dried Fruit Council
(INC) shared studies on the health benefits of nuts, including cashew, ahead
of World Health Day.
It showed that regular nut consumption was a key factor in
maintaining good health and reduced mortality by more than 20% regardless of
the cause.
Nuts were key to a complete diet. They were packed with key
nutrients including Vitamin E, folic acid, magnesium, arginine, plant
sterols, and phytochemical compounds.
Regular consumption of nuts reduced the risk of chronic
disease and could lower bad cholesterol by 7%-10%.
Dang Hoang Giang, INC's representative in
Several scientific studies indicated that nuts could also
assist in reducing diabetes.
Thanh said Vinacas had worked with the HCM City Nutrition
Centre to research into the nutritional aspects of cashew nut in Binh Phuoc
and Dong Nai provinces.
Tax reforms to target better business climate
The General Department of Taxation said during an online
meeting on April 6 that it would step up tax reforms to improve the business
environment.
The department plans to cut at least 10% of tax administrative
procedures and simplify at least 20% of the current procedures to reduce tax
filing hours to 121.5 hours per year as per a Government Resolution or to 171
hours per year (included social insurance filing hours).
As of January 2015, tax filing hours were reduced by 370 hours
per year and must be cut by another 45.5 hours to reach the average level of
ASEAN-6.
The Minister of Finance Dinh Tien Dung said at a meeting
detailing measures that a determination from the tax agencies was needed to
achieve the target.
The General Department of Taxation said the application of
information and technology would be hastened during tax filings going
forward, adding that IT applications would be implemented before June 30.
Specifically, 60% of tax refund filings and tax reimbursement
would be conducted online by the end of September and the rate is expected to
be raised to 95% a year after that.
The tax department said the number of businesses using online
tax payments remained modest, only 41,800 enterprises out of a total 488,000
enterprises nationwide, or 8.5%. The General Department of Taxation planned
to boost the percentage of businesses using online tax payments to at least
90% by the end of September.
The Deputy Minister of Finance, Do Hoang Anh Tuan, also
pointed out that the application of IT in tax payment for business
households, which numbered up to 1.6 million was also limited, recommending
that tax payment could be conducted via mobile devices, such as smartphones.
The 2014 Doing Business report by the World Bank showed that
Dong Nai FDI attraction hits US$21.87 billion
The southern
Of the total, over 1,000 projects worth around US$17.70
billion are being implemented in industrial parks (IPs), according to the
provincial Department of Planning and Investment.
Dong Nai boasts 31 IPs covering 9,559 hectares, almost all of
which have high-quality infrastructure facilities, enabling them to meet the
demand of investors.
The majority of IP projects are in the services, support and
mechanical spare parts industries and use environmentally-friendly and
advanced technologies.
In recent years, local authorities have attached importance to
improving the investment climate and reforming administrative procedures to
facilitate the operations of investment projects in the province and draw
more foreign investors.
The local IP management board plans to intensify investment
promotion activities, attracting investment projects using high technology
and manufacturing highly competitive products.
Dong Nai looks to attract US$900 million in FDI capital in
2015, US$400 million of which for new projects.
New enterprise law to boost business climate
The impact of
The new legislation, which takes effect July 1, has been
created by the government to protect consumers, the environment and the
community, as well as to promote fair trading and competition, speakers at
the seminar said.
There was general consensus by economic experts in attendance
that the laws will better govern how businesses interact with their
suppliers, customers and other businesses.
They will also more clearly outline the rights of businesses
and business owners when conflicts arise and therefore result in a business
and investment climate more conducive to the needs of the business community.
In the past, inadequate legislation was one of the most
important growth inhibitors and the new legal and regulatory framework will
encourage private investment, accelerate business development and increase
economic growth.
Speaking at the seminar, Professor Michael Wools emphasised
that creating a favourable business climate is one of the pivotal factors
central to improving the nation’s competitive edge.
There are bound to be some problems with the new laws Wools
said, adding that governmental agencies should supervise their implementation
closely and make recommendations for improvement as the need arises.
The Ministry of Transport has announced that rights to operate
airport services will be sold first to local investors, ending the recent
controversy over who should be allowed to enter the business when
Once the ministry becomes experienced and prepares sufficient
legal bases for such sales, it will consider transferring the rights to
foreign investors as well, Vietnam News Agency (VNA) quoted Transport
Minister Dinh La Thang as saying at a recent meeting.
Thang said his ministry will carry out privatization plans
with one airport at a time, and every plan will have to be approved by the
government as well as the Ministry of Defense, since aviation infrastructure
is also related to national security.
Flight management, flying areas, and any infrastructure that
is linked to military and national security will not be included in
privatization plans, the minister said.
He also promised that transfers will be carried out
transparently and fairly with prices to be calculated in accordance with
laws. And for airports which have attracted lots of investors, biddings will
be organized.
At the meeting, the minister ordered the Airports Corporation
of
It said 70% of the cost will have to be drawn from non-public
sectors, and the rest will be funded with the state budget and official
development assistance loans.
Since the transport ministry announced its plans to privatize
airports in February, a few local investors have offered to buy operating
rights for their services.
Low-cost Vietjet Air, for instance, wants to buy the operating
rights to a domestic terminal at Noi Bai airport, while Jetstar Pacific,
another budget carrier, eyes a terminal in Danang airport.
T&T Group, a real estate company based in
Workshop to facilitate Vietnamese investment in Cambodia
A workshop was held in
The event, hosted by the Vietnam Embassy in
Du highlighted Vietnamese investors’ efforts in the host
country as contributing to
Participants heard reports presented by Minister Councillor to
Cambodia Lai Xuan Chien on the local business climate with focus on the
political, social and economic situation of the country.
They also highlighted difficulties in doing business in
For his part, Tu highlighted the significance of the event in
facilitating Vietnamese investment in the country and expressed his hope that
investors would be equipped to improve their business operations,
contributing to strengthening trade and friendship between the two nations.
Trade between
Ho Chi Minh City firms take aim at Laos
Over 40
Addressing the event on April 7, Secretary of the municipal
People’s Committee Le Thanh Hai urged that the workshop should be a venue to
explore information and business opportunities, thereby forming
mutually-beneficial, long-term ventures.
In his speech, Lao Deputy Prime Minister Somsavat Lengsavad
said
Recently, the Lao government upgraded road and railway
infrastructure and improved education and labour skills while developing 10
special economic zones, he said, adding that another two areas designed for
the processing and mechanical industry are in the works.
The Lao representatives presented a full account of investment
incentives, potentials and advantages of their country and several provinces
in particular.
A sideline exhibition featuring
Thua Thien-Hue moves to draw investors
Practical measures will be taken for the central
The capital will help increase occupancy rate in the
province’s IZs and generate 500 new jobs, the board said.
The board promised to implement measures to help solve
problems for investors such as site clearance and access procedures for land,
electricity, and water serving production and business.
The board unveiled English, Japanese and Korean editions of
promotion materials to help facilitate activities.
Since the outset of 2015, IZs in the province have attracted
three new projects with a combined capital of VND335 billion (US$15.5
million).
The IZs have attracted 94 investment projects to date—22 of
which are foreign—with a combined registered capital of nearly VND20 trillion
(US$930 million).
Disbursed capital has reached VND7.4 trillion (US$345
million), or 37.3% of the registered capital, and the occupancy rate at
industrial zones is just 33%, according to the board.
In the first quarter, IZ-based firms produced VND2.76 trillion
(US$128 million) in value and contributed nearly VND422 billion (US$19.6
million) to the state budget, up 40% from 2014.
Thua Thien-Hue has four IZs, namely the 185ha Phu Bai zone, Tu
Ha and Phong Thu parks, each covering an area of 100ha, and the Chan May-Lang
Co economic zone.
Cuisine, services to make broader inroad into Myanmar
Vietnamese businesses will have numerous successful
opportunities to invest in cuisine, information technology services,
construction and tourism in
At a meeting in
Meanwhile Vietnamese products have to face tough competition
with cheaper ones imported from
Statistically, food was one of
More than 600 exhibitors from over 28 countries and
territories worldwide are set to participate in the 25 th Vietnam International
Trade Fair 2015 (Vietnam Expo 2015) in
In addition to areas showcasing machinery, agricultural
equipments, electronic and information technology, apparel, food and beverage
products across 720 booths, this year’s fair includes space to promote
exports and investment with the international entrepreneurs at the fair.
Information about industrial parks such as Vinh Phuc, Ha
Additionally, a Vietnam-Republic of
Numerous activities will be held at the four day event, including
export promotion forums, seminars, contract signing and field research
reports.
Co-hosted by the Trade Promoting Agency under the Ministry of
Trade and Industry, the Vinexad Advertising Joint Stock Company and Informa
Exhibitions, this year’s event aims to intensify exports, trade exchanges,
investment and technology transfers while promoting Vietnamese products and
services.
Workshop to facilitate Vietnamese investment in Cambodia
A workshop was held in
The event, hosted by the Vietnam Embassy in
Du highlighted Vietnamese investors’ efforts in the host
country as contributing to
Participants heard reports presented by Minister Councillor to
Cambodia Lai Xuan Chien on the local business climate with focus on the
political, social and economic situation of the country.
They also highlighted difficulties in doing business in
For his part, Tu highlighted the significance of the event in
facilitating Vietnamese investment in the country and expressed his hope that
investors would be equipped to improve their business operations,
contributing to strengthening trade and friendship between the two nations.
Trade between
Q1 budget revenue up 10.3 percent
Budget revenues were estimated at 226 trillion VND (10.5
billion USD) in the first quarter, up 10.3 percent year on year and meeting
24.8 percent of collection plans, according to Deputy Finance Minister Vu Thi
Mai.
At a regular press briefing on April 7, the deputy minister
said domestic revenue comprised over 173 trillion VND, a yearly increase of
19.6 percent, thanks to stable macroeconomy and the recovery trend in
business and production activities boosted by improved supply and demand.
Mai cited a surge in real estate transactions as an example,
adding that streamlined tax procedures also played a role in tax collection.
At the same time, budget revenues from crude oil export
dropped by 35.9 percent year on year to 16.6 trillion VND (772 million USD),
meeting only 17.9 percent of estimates. Overall, import-export activities
contributed 35.4 trillion VND to the State budget, up 5.8 percent and meeting
20.2 percent of plans.
Meanwhile, Q1 budget spending was 263 trillion VND (12.2
billion USD), up 12.3 percent from the same period last year. Overspending
stood at around 37.3 trillion VND, equivalent to 16.5 percent of the yearly
estimates.
Also in the period, capital mobilization for the State budget
in the first quarter was lower than expectation, meeting only 22.4 percent of
the yearly plan and equivalent to just 62.7 percent of the amount for the
same period last year.
The Finance Ministry said over 55.9 trillion VND (around 2.6
billion USD) was mobilized in the reviewed period, including 36.9 trillion VND
of five-year capital, 6 trillion VND of ten-year capital and 13 trillion VND
of 15-year capital.
The ministry also signed 13 agreements for 1.72 billion USD
worth of credit in the three-month period.
Deputy Minister Mai attributed the drop in capital mobilization
to a change in policy which shifts to medium- and long-term capital instead
of relying on short-term capital as in the previous years.
Source :
VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VIR
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Thứ Năm, 9 tháng 4, 2015
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