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BUSINESS IN BRIEF 7/5
The city has focused on applying advanced technology in local
agricultural production, such as dairy and beef cow raising; vegetable,
fruits and flower cultivation; and aquaculture production.
Projects to connect scientists, authorities, enterprises and
farmers in developing fruit trees, rice and other crops has also proven
effective.
The municipal People’s Committee has approved the application
of high technology in producing and preserving flowers for the 10-hectare Tay
Tuu flower-growing area.
It has also approved a number of hi-tech agricultural
projects, including the 81.3-hectare Me Linh zone, the 96.6-hectare Dong Anh
zone and the Yen Nghia zone.
The city aims to devise more drastic and specific measures to
support the sustainable development of hi-tech agriculture regarding
seedlings, animal feed, production, harvest and post harvest.
It will also encourage businesses to invest in technology in
tandem with enhancing farmer awareness and participation in hi-tech
agricultural production.
Other priorities include boosting the efficiency of
agricultural cooperatives and financial allocation for key projects in
agricultural development.
PMI records rise in four years
The Purchasing Managers’ Index (PMI) of
The two agencies’ press release issued on May 4 said the
improvement was the strongest since the series began in April 2011. Business
conditions have now strengthened in each of the past 20 months.
According to HSBC’s experts, driving the overall improvement
in business conditions was a sharp increase in new business as a number of
firms reported having secured new customers. The number of new orders from
abroad was also surged, contributing to the improvement. The rate of
expansion was the sharpest in the series history.
Higher new orders led to a 19th successive monthly increase in
manufacturing production, with the rate of expansion quickening to the
fastest since April 2011.
Manufacturers took on extra staff in order to help meet
production requirements in April. The modest rise in employment followed a
decrease in March.
Similar to months since last November, input costs in April
decreased. Panellists reported lower costs for materials including oil, iron
and steel, while some respondents had requested price reductions from
suppliers.
The latest fall in input costs was the slowest in five months.
Decreasing input prices was the main factor behind a further reduction in
charges at Vietnamese manufacturing firms.
Increases in new business led to a sharp rise in purchasing
activity during April. Input buying has now risen in each of the past 20
months, with the latest expansion in April was the strongest since April last
year.
Stocks of finished goods also increased, following a decline
in the previous month.
“Growth of the Vietnamese manufacturing sector stepped up a
gear in April, with the latest set of numbers the most impressive in the
four-year survey history. Central to the improvement was success for firms in
securing new clients, helped by a continued lack of inflationary pressure,”
Andrew Harker, Senior Economist at Markit was quoted by the press release as
saying.
Construction of port serving power plant begins in Soc Trang
The construction of a river port for transporting materials
and equipment to the Long Phu 1 Power Plant project commenced following a
groundbreaking ceremony held on May 4.
Located in Long Phu district in the Mekong Delta
Construction of the Long Phu 1 Power Plant began in 2011; the
first turbine is scheduled to go into operation in 2018 and the second one
year later.
Long Phu 1 is the first plant at the Long Phu Power Centre,
which was approved in 2007, including three plants with a combined capacity
of 4,400 megawatts.
Vietnamese products get attention in French fair
Vietnamese products got the French public’s attention at the
Paris Fair 2015 from April 29 to May 10, which is going at the Versailles
Exhibition Centre, according to Nguyen Thi Bich Hong, deputy director of the
Vietnam National Trade Fair and advertising Company (Vinexad).
Hong said that most of Vietnamese products brought to the fair
were very competitive in both quality and prices.
Up to 42 Vietnamese enterprises operating in a wide range of
sectors such as lacquer painting, handicrafts, apparel, brocades, tea, dried
fruit, took part in the annual event, according to the Vinexad.
Nguyen Canh Cuong, commercial Counsellor at
Nguyen Ngoc Son,
An art performance programme named ‘Hello
The biggest consumer products, handicrafts, traditional
furniture fair in
Six-day holiday a windfall for
While international tourist arrival numbers fell for the
11thconsecutive month in April, tourist hotspots across
[Tourists queue to buy air tickets at a travel fair in
Tourists queue to buy air tickets at a travel fair in
The website of the Vietnam National Administration of Tourism
(VNAT) is today full of positive statistics any attractions would die for
after the holiday, which kicked off on April 28 and was highlighted by the
country’s 40th anniversary of reunification on April 30, wrapped up
yesterday.
More than 100,000 visitors attended the Hue Traditional Craft
Festival;
These are a few among the stories recently published on the
website, which proves the country’s tourist windfall from the domestic
market.
The central
More than 120,000 people chose to visit the resort town of
In the north-central
Many hotels and lodging facilities that had suffered poor
occupancy due to the falling number of international holidaymakers were fully
booked during the latest holiday, as locals rushed to beaches across the
country to stay away from the baking heat.
The central city of
More than 92,000 holidaymakers meanwhile filled hotels and
beaches in Nha Trang, the resort city of the south-central
The VNAT reported on April 27 that
While Vietnamese travel firms struggle to lure international
visitors, they have posted healthy growth from the domestic market, according
to The Saigon Times Online, which cited the VNAT.
In 2009, when
Last year 38.5 million local tourists took domestic packages
and the market keeps growing against the sharp fall of its international
counterpart.
Vietnamese tourists are also willing to pay for overseas
trips, and have thus become favorite customers of tour organizers in many
regional countries including
In 2014 more than 285,000 Vietnamese tourists spent their
holiday in
Harvest prices plunge for fruit growers in Mekong Delta
Fruit growers in the Mekong Delta region are getting less for
their harvest while consumers are paying more because there are too many
middle-men in the supply chain and growers lack adequate planning for their
production.
Prices of sweet mango in Hoa An Commune of Dong Thap Province
dropped more than half to VND7,000 a kilogramme in a month.
Truong Van Doi, a dragon fruit grower in My Tinh An Commune of
Tien Giang Province, said prices have been fluctuating over the past two
months, falling from VND60,000/kg to VND15,000/kg.
“Dragon fruit prices are expected to continue to fall in May,”
Doi said.
But while farmers are forced to sell fruits at cheap prices,
prices remain high in the market due to the proliferation of middle-men in
the supply chain.
Farmers have invested heavily to meet standards under the
Global Good Agricultural Practice system, but excess supply has met limited
export markets, leaving them at the mercy of traders on domestic markets.
But while growers are getting less, prices in supermarket are
rising.
“There are too many middle-men in the fruit supply chain,”
said agricultural expert Vo Tong Xuan.
“Farmers should actively change their traditional methods of
production based on small fields and take part in cooperatives to get better
market information and have more chances to apply modern technology in their
production,” he said.
Phone, electronics exports edge higher
Samsung phones on display at a retail store in HCMC. The
country posted high growth of exports of phones, phone components, electronic
products, computers and computer components in January-April - PHOTO: MANH
TUNG
HCMC – The country posted high growth of exports of phones,
phone components, electronic products, computers and computer components in
the first four months.
According to the General Statistics Office (GSO),
January-April export revenue picked up 8.2% from a year ago to US$50.1
billion. Exports of phones and phone components made up the biggest
proportion, at around US$9.2 billion, up 13.9%, followed by textile-garment
with US$6.55 billion.
The group of electronics, computers and computer components
came in third with an export value of US$4.86 billion but its export growth
was the strongest, at 62.9%.
Not only regional countries but also developed countries like
those in Europe and the
Statistics of the General Department of Customs showed major
importers of phones and phone components in quarter one were the EU with
US$2.22 billion, up 18.2%, the UAE with US$958 million, up 13.5%, and the
U.S. with US$533 million, up 25.4%.
According to the General Department of Customs, exports of
electronic devices, computers and computer parts in the first quarter to the
EU reached US$761 million, up 71.7%, the U.S. US$638 million, up 98.1%, China
US$554 million, up 23.1%, and the Netherlands US$221 million, up 90%.
A major contributor to such high export growth is the foreign
direct investment (FDI) sector. Companies like Samsung, LG, Intel, Canon,
Nidec, Fujitsu, Brother, Panasonic and Renesas export phones, electronic
products, printers, computers and computer components.
With the increasing presence of phone and technology
companies, according to analysts, Vietnam’s exports of electronic products
will continue rising in the coming time.
According to the GSO, goods exports amounted to US$50.1
billion in January-April, with local firms making up US$15 billion, down 1%,
and the FDI sector, inclusive of crude oil, accounting for US$35.1 billion,
up 12.6%.
The U.S. emerged as Vietnam’s biggest importer with US$9.9
billion worth of products imported from Vietnam in the period, up 15.5%. It
was followed by the EU with US$9.4 billion, up 10.6%, ASEAN with US$6.2
billion, up 2.7%, China with US$4.9 billion, down 1.2%, Japan with US$4.5
billion, down 5.8%, and South Korea with US$2.5 billion, up 20.3%.
VietinBank Insurance premiums jump 141% in Q1
VietinBank Insurance Company (VBI) reported premiums revenues
of VND98.6 billion (US$4.6 million) in the first quarter of this year, rising
141% year-on-year and meeting 20% of the full-year target.
VBI looks to obtain VND500 billion in total premiums this
year, up 50% versus 2014. The insurer established two branches and eight sale
offices in January-March to boost sales and improve customer care services.
The insurer plans three more branches and 15 regional sale
offices to increase the total number of its branches to 13 and that of sale
offices to 50 this year.
In a bid to retain its current customers and attract new
clients, the firm has since early this year launched a lot of insurance
programs for luxury cars at Tet and gifts for those transacting with the
company.
VBI got the “Vietnam Strong Brand 2014” award from the Vietnam
Economic Times and the Vietnam Trade Promotion Agency under the Ministry of
Industry and Trade late last month. This shows the firm has gained a foothold
in the insurance market.
This award honors 95 local enterprises for obtaining good earnings
results, ensuring benefits for employees, fulfilling tax obligations and
contributing to local communities.
However, to further improve its performance, VBI will
implement a restructuring plan, expand its network, apply advanced
technologies to management, develop its branding and step up equitization.
When it goes public, it will be able to find strategic
shareholders who are leading international insurers and reinsurers and who
can help it improve business efficiency and competitiveness to become one of
the strong financial corporations in the country.
Taxman collects VND2.5 trillion from 13,600 inspected firms
Local tax authorities have collected an extra VND2.5 trillion
for the State budget from around 13,600 enterprises that were inspected in the
first four months of this year.
A Ministry of Finance report reveals around VND11.5 trillion
in tax arrears carried forward from the end of last year was collected in
January-April, thus sending tax arrears in the period down 0.7% to VND68.5
trillion compared to late last year.
The additional tax collections have helped increase domestic
tax revenues to VND238.7 trillion, equivalent to 37.4% of the target and up
17% against the same period last year.
The ministry credited the good tax revenue results in the
four-month period to higher economic growth which has given a boost to
business and production activities and the recovery of the property market.
April is also the time for companies to pay their corporate
income tax for the first quarter.
In the first four months, the tax authorities have deducted
and reduced losses of more than VND4.57 trillion at many enterprises among
the 13,600 inspected firms.
Forty-nine localities have beaten their January-April tax
revenue targets with a total of VND51.5 trillion, up 7.3% year-on-year.
However, January-April tax revenue from crude oil is only
VND23 trillion, down 32.6% and equivalent to 24.7% of the target as the crude
oil price remains far lower than expected and that of last year. The average
oil price in the period is US$58.3 per barrel, US$41.7 lower than estimated.
Despite the crude oil revenue plunge, total budget collections
of the four months have reached VND314.1 trillion, up 9.4% year-on-year.
Rubber firms shift focus to domestic market
Local rubber processors are seeking to boost domestic sales to
slash mounting stockpiles and reverse the export price plunge.
Speaking at a recent meeting with the Ministry of Agriculture
and Rural Development, a leader of the Vietnam Rubber Industry Group said the
rubber export price has taken a nosedive, from US$5,000 a ton in 2011 to
US$1,500 at present.
The sale price is around VND31 million a ton while the
production cost is VND30 million.
“We have held negotiations with large rubber exporting
countries such as Malaysia, Indonesia and Thailand to prevent the export
price from dropping below US$1,500 per ton in a bid to save local firms,” the
leader said.
Although rubber demand has improved on a global economic
recovery in recent months, the rubber price has yet to rebound, said Tran Thi
Thuy Hoa, office manager of the Vietnam Rubber Association (VRA).
Rubber cultivation farms in Vietnam and elsewhere in the world
have expanded rapidly, resulting in an oversupply. Besides, rubber prices
depend heavily on oil prices which have plunged.
“As oil is the main fuel for production of synthetic rubber, a
rival of natural rubber. The falling oil price has hit the rubber price. We
hope that the rubber price would stay at the current level,” Hoa said.
Meanwhile, local enterprises are facing mounting pressure as
many provinces will raise tax on rubber farmland. For instance, Tay Ninh
Province plans to raise land tax to VND5 million (US$240) per hectare while
the tax in Binh Duong and Binh Phuoc provinces will be VND2-3 million per hectare.
The tax spikes, rising stockpiles and falling prices will
deliver a heavy blow to many firms, Hoa said.
To support local businesses, Minister of Agriculture and Rural
Development Cao Duc Phat said the ministry would ask the Government to revise
tax policy for the industry to help enterprises scale up domestic sales.
This is also a dear lesson for the agriculture sector. Without
good planning and solutions, haphazard rubber area expansion has done more
harm than good, he said.
He urged enterprises to develop a value chain instead of
focusing on a single stage of the production process. Though Vietnam is a
major rubber manufacturer, it mainly exports raw material, with annual export
revenue of just US$2-3 billion, while local industrial companies have to
import expensive finished products, Phat added.
Chinese firms interested in investing in Binh Duong
A delegation of representatives from 18 companies based in
China's Fujian province met with Binh Duong provincial officials on Monday to
learn about the local investment climate and seek business opportunities.
Vice Chairman of the Binh Duong People's Committee Tran Thanh
Liem said the southern province was one of the top foreign investment
destinations in Viet Nam with 2,460 projects worth nearly US$21 billion.
China is running 204 projects with registered capital of some $1.4 billion.
Bac Ninh attracts 13 new FDI projects in April
The northern province of Bac Ninh granted licences for 13 new
foreign direct investment (FDI) projects in April with total registered
investment capital of US$10 million, and also allowed six existing ones to
raise their capital by $28.7 million.
The province has granted new investment licence for 43
projects since the beginning of this year with total investment capital of
$47.84 million.
There are currently 676 FDI projects worth $8 billion in the
province.
Shrimp exports to key markets fall in Q1
Viet Nam's shrimp exports fell by 28.1 per cent in the first
quarter compared to the same period last year, only hitting US$798 million,
according to the Viet Nam Association of Seafood Exporters and Producers
(VASEP).
Export to key markets saw sharp declines, with the US falling
by 55.8 per cent, and Japan dropping by 27.6 per cent.
According to VASEP, the decline was a result of a decrease in
import demand.
Foreign exchange rate fluctuations also had a considerable
impact on Viet Nam's shrimp exports in the first three months of the year.
New tea production model aids ethnic minorities
It is hot, although it is still very early in the morning, and
a group of ethnic minority women are already at work, picking tender tea
leaves on a mountainside in the northern province of Lai Chau.
The Dao Do (Red Dao) women of Tam Duong District are dressed
in their colourful traditional clothes, and their nimble fingers and hand
movements seem to split the sunbeams slanting through mist as they keep
putting handfuls of tea leaves into the papoose they carry on their backs.
Lifting up the papoose and wiping the sweat on her face as she
takes a break under a tree on the tea plantation, Phan Thi Mui said she and
other growers always harvested the tea leaves early in the morning. When the
sun is up high in the sky, it is blazing hot and they cannot do anything, she
said.
Mui, who is married and has two children, lives in Ban Bo
Commune. She said her family previously grew maize and cassava, but this did
not go smoothly and they were often faced with the prospect of going hungry.
In 2009, Mui's family began growing tea in 2009 with financial
support from provincial authorities and the Lai Chau Tea Joint Stock Company.
She said that without the support, her family's life would not have been as
stable as it was now, and her children would not have been able to continue
their schooling.
"My family earned VND70 million (US$3,200) last year,
nearly half of it from tea. We now have some savings for the future."
While her family's income is not high compared to urban areas
in the country, it is a significant sum in Tam Duong District, where the average
annual household income is VND17 million ($790).
Mui's family is one of many who have benefited from the
schemes carried about by the local tea company.
Located in a valley surrounded by many mountains, the
company's Tam Duong factory is now seen as the heart of the tea business in
Ban Bo Commune.
The factory, the second one opened by the company, began
operations last June. It imparts tea cultivation knowhow to local residents,
buys their produce and processes them for domestic and export markets.
In the past, more than 320 farmers from Ban Bo Commune sold
their tea leaves to small processing facilities at low prices and in small
volumes.
Today, the new factory on the spot allows for fresh tea leaves
supplied by small producers to be processed very soon after harvest, helping
the growers save significantly on transportation costs.
"In the past, the transportation cost was subtracted from
tea leaves' prices. Now, that cost is fully credited to farmers. The local
farmers harvested 558 tonnes of fresh leaves last year. They are estimated to
have earned VND1,500 ($0.07) extra per kilogramme from this," said
Director of Lai Chau Tea Joint Stock Company Nguyen Thi Loan.
Loan said local tea production had developed strongly since it
began receiving technical support from HELVETAS Swiss Intercooperation in
Viet Nam. HELVETAS works in the field of development co-operation, helping
disadvantaged people and communities in developing countries improve their
living conditions.
"HELVETAS has helped us increase linkages between tea
farmers and buyers of finished products, improve the quality of tea
production at both the farm and processing levels, and supported us in
building an environment that enables sustainable tea value chain
development."
The corner of a nursery at the Tam Duong Tea Factory in Lai
Chau Province. Local tea production has seen robust development since it
began receiving technical support from the HELVETAS Swiss Intercooperation.
Until 2011, when HELVETAS began supporting the company and
farmers, residents were growing tea in a very unprofessional way, and lacked
the knowledge to produce and harvest quality leaves.
"It was difficult. It took a really long time for us to
persuade the ethnic minority people, who were most used to shifting
cultivation, to develop tea gardens," said Loan.
She said two factors decided the quality of tea, the way it
was harvested and how it was processed.
"It sounds so simple, the technique of pick one bud and
two leaves, but we had to spend about half a year to persuade the growers to
follow it. If they picked more than two, they would have more in quantity,
but it would not meet our quality needs," she added.
Nguyen Hong Son, deputy head of Tam Duong District's
Agriculture Division, said Lai Chau Province had 2,500 hectares of tea
plantations, and 60 per cent of these were managed by the Tam Duong tea
factory.
In Tam Duong District, 1,025 households grow tea and earn an
average annual income from VND5-10 million ($230-460) each, the highest one
earning VND50 million ($2,340).
"This is good for local residents, because they are able
to do something with very little investment. They would not be interested if
a venture demanded investments they could not afford. If it needed big
investment, they would not have been interested," said Son.
Son said the district had identified tea as a key crop for
poverty reduction and sustainable development. The district administration
and the Lai Chau Tea JSC had canvassed households to try the new value chain
model and guided them in implementing it.
"To kick start development, the district has provided
money to growers to buy tea varieties and the Lai Chau Tea JSC has
transferred knowhow and lent fertiliser and plant protection chemicals. The
farmers have contributed their land and labour," Son said.
Loan said her company had been providing the farmers with
fertiliser and plant protection chemicals for several years, but was yet to
recoup its investment.
"In this province, especially in highland area,
businesses have to accept some obvious disadvantages. If it does, it will be
able to reap future gains.
"We want them to use quality fertiliser and plant
protection chemicals. If they buy the wrong type in the market, it will
affect the fresh tea's quality."
The company serves huge volume orders from the Middle East,
Taiwan and mainland China. The collaborative project seeks to ensure stable
and high supply of tea leaves through better management of tea production
resources. It is set to export some of its tea products to Japan this year.
The company has eight main tea products including Oo Long,
Sancha, Kim Tuyen, Sao Lan, Bao Chung and Nhai (Jasmine). In 2014, it
exported nearly 800 tonnes of tea, earning VND50 billion ($2.34 million).
Loan said the factory provides jobs for nearly 50 workers and
seasonal jobs for about 40 workers. Nearly 1,400 households participate by
supplying tea to its factories.
HELVETAS Shan Tea project manager Vien Kim Cuong said Lai Chau
Province was part of the "Developing High Quality Tea Value Chains for
Poverty Reduction among Ethnic Minorities in northern Viet Nam, Laos and
Myanmar" project, which is funded by the Swiss Agency for Development
and Co-operation – SDC.
The project document says that it aims "to deliver
sustainable livelihood improvements to tea producing smallholders by
implementing a set of coordinated interventions to tackle interlinked
constraints of tea value chains."
Cuong said that the increase in benefit farmers receive as a
result of shortening the value chain by connecting growers directly with the
processing company, eliminating middlemen, could be estimated at $120,000.
Lai Chau is located in the tropical zone and in a mountainous
region endowed with a temperate climate "characterised by a strong
monsoon influence, a considerable amount of sunny days, and with a high rate
of rainfall and humidity."
"It is a poor province and it was not easy to decide
which kind of crop HELVETAS should support. So far, I think tea is still the
best crop that can be grown in this area," said Cuong.
Tea plantations have changed the landscape of Tam Duong
District, replacing haphazard cultivation of various crops with one that
benefits farmers and provides good quality produce to the company, serving
the administration's poverty reduction target.
Looking out at the lush green plantations from atop a small
hill, Loan said she had a dream. She hoped that this area would not only
become the cradle of tea cultivation in the northern region, but also a
popular tourist destination.
MoIT aims to increase exports of agro-fishery-forestry
products
The Ministry of Industry and Trade (MoIT) will promote
cooperation with other ministries and sectors to increase exports in the
farming, forestry and fishery sectors, said an official of the ministry.
The ministry's largest goal was to solve existing difficulties
at enterprises and exploit all opportunities to export their products to the
world market, deputy minister of industry and trade Tran Tuan Anh said in Ha
Noi on Monday at the ministry's conference on solving difficulties in
exporting agro-fishery products.
At the conference, Duong Phuong Thao, deputy director of
MOIT's Export and Import Department, said in the first four months of this
year, export values of farming, forestry and fishery sectors had a
year-on-year decline of 5.1 per cent to US$8.5 billion, including a strong
drop in coffee and seafood exports, at 38.3 per cent and 15 per cent,
respectively.
The reduction was due to higher supply of farming products,
including rice in Thailand, India and Pakistan, and shrimp in India and
Thailand, Thao said.
Other reasons of the decline in the export value involved
increasing prices of the US dollar against the Yen and Euro, resulting in
seafood importers having difficulties in negotiations of importing seafood,
and the increase of trade and technical barriers for farming, forestry and
fishery products in import countries, she said.
During the conference, members of the agro-fishery
associations complained about the inadequate market information feedback
received from overseas representative offices, which negatively affected the
operation of domestic enterprises.
Vice General Secretary of the Viet Nam Association of Seafood
Exporters and Producers Nguyen Hoai Nam proposed that trade promotion, whose
public budget has shrunk, receive a boost through improved promotional
methods.
The sector needs to become a national priority during
negotiations for trade pacts between Viet Nam and other countries, he said.
Agreeing with Nam, General Secretary of the Viet Nam Coffee
and Cocoa Association Nguyen Viet Vinh suggested increasing visits to other
countries and conducting more market research surveys by those business
delegations, with support by the Ministry of Industry and Trade.
Deputy Minister Tran Tuan Anh also said the ministry would
issue or propose that the Government issue a directive on promoting farming,
forestry and fishery exports.The ministry would ask trade offices of Viet Nam
in foreign countries to provide more support for enterprises and share market
information to assist in import and export activities, Anh said.
Further, MOIT would propose that the State Bank of Viet Nam
consider policies on credit and guarantees for small- and medium sized
enterprises, as well as for an exchange rate that creates favourable
conditions for them to access capital with soft interest rates and develop
export activities, he said.
Additionally, the ministry would focus on seeking new markets
and consolidating its role in consulting domestic businesses during trade negotiations,
assessing the competitiveness of local firms and consider adjusting
production costs.
HCM City seeks NA nod for Metro 5
The HCM City administration wants the Government to seek
approval from the National Assembly for Metro Line No 5 linking Bay Hien
Intersection in Tan Binh District with Sai Gon Bridge in Binh Thanh District.
Plans for phase 1 of the project, to cost 1.56 billion euros
(US$1.73 billion), has been submitted to the People's Committee, according to
the HCM City Management Authority for Urban Railway (MAUR).
MAUR said funding for the line had been arranged with loans of
475 million euros ($527 million) from the Asian Development Bank, 275 million
euros ($305 million) from the Spanish Government, 200 million euros ($222
million) from the German Bank for Reconstruction – KfW, and 150 million euros
($166.5 million) from the European Investment Bank and counter capital of 463
million euros ($513 million) from local sources.
Preparations for the 8.9km first phase have been accelerated
so that construction can start in 2017.
Metro Line No 5 was scheduled to be completed in 2023, Tuoi
Tre (Youth) newspaper quoted MAUR as saying.
It is designed to be 23.4 km long in all, running from Sai Gon
Bridge to Can Giuoc Bus Station in Binh Chanh District.
It is the third line in the city to tie up funding after Line
No 1 between Ben Thanh Market in District 1 with Suoi Tien Tourism Park in
District 9 and Line No 2 from Ben Thanh Market to Tham Luong Bus Station in
District 12.
The four others planned are Line No 3A from Ben Thanh to Tan
Kien in Binh Chanh District and No 3B from Cong Hoa Intersection in District
3 to Hiep Binh Phuoc in Thu Duc District; No 4 from Nguyen Van Linh Avenue in
District 7 to Ben Cat Bridge in District 12; and No 6 from Ba Queo
intersection in Tan Binh District to Phu Lam Roundabout in District 6.
Preparations are underway for all of them.
Firms actively seek power savings
Businesses are looking to save power to lower expenses and
avoid increasing prices after the cost of electricity rose 7.5 per cent in
mid-March.
Many Vietnamese businesses expect to save money on power so
they aren't forced to increase prices for consumers.
Son Viet Garment Company in HCM City uses hundreds of electric
sewing machines and steam machines, and consumes a large amount of power. Ha
Xuan Anh, chairman of the firm's management board, said that when production
expenses increased, the firm had to raise its prices, which wasn't a wise
choice in this economy.
The price hike also affected cement and supplement production,
said Nguyen Quang Cung, president of the Viet Nam Cement Association. Cement
prices would need to be raised between VND17,000 and 20,000 per tonne to
cover the losses. But raising prices would hurt customers and competitiveness
in the international market, he added.
Supermarkets have also been paying exorbitant sums for
electricity. Big ones pay hundreds of millions of dong per month, while
smaller stores pay tens of millions.
Many businesses have redesigned production workshops, and
focused on maintaining machines and production lines to reduce electricity
use.
Some enterprises have increased night shifts to benefit from
the lower price of electricity.
Ha Noi's Industry and Commerce Department surveyed 92 key
businesses in the city about their electricity use. About 60 per cent had
specialised staff and strategies for saving power.
Ha Noi set a goal to use 6 to 9 per cent less electricity in
2015.
Dao Hong Thai, director of the Ha Noi Power Saving Centre,
said that since last year the centre had provided enterprises power-saving
solutions. It also helped enterprises in Quang Minh and Thang Long industrial
zones use power-saving equipment, Thai said. Five enterprises were given 28
ideas that helped them save VND3.55 billion (US$165,000) per year.
Besides, the centre also helped more than 20 businesses in Gia
Lam District save VND720 million (US$33,200) per year, he added.
The city will continue giving companies solutions on technology
renewal and modern management methods.
Report outlines forecasts for 2015 economic performance
Inflation this year will fluctuate at about 3 per cent due to
adjustments in public services, taxes and fees, the Viet Nam Institute for
Economic and Policy Research (VEPR) has forecast.
If no price hike is seen in public services, such as health
care and education, environment protection taxes and road fees, the inflation
rate will be about 1 per cent, the institute has predicted in its latest
report.
The report further says that prices of basic commodities are
likely to continue to decrease from now until the end of the year, however, a
significant change in oil prices will cause pressure on inflation.
As for foreign exchange rates, the report forecasts that the
central bank could adjust the dollar/dong exchange rate up 2 per cent, as
planned this year. The adjustment, if it is taken, will be in the final
quarter of this year. In January 2015, the SBV devalued the dong by 1 per
cent, from VND21,246 to VND21,458 per US dollar, which was the first exchange
rate adjustment since June 2013.
The report also forecasts that Viet Nam's economic growth this
year will be 6.3 per cent if oil prices average roughly US$60 per barrel
throughout the year.
Lower oil prices, however, may cause a State budget deficit
higher than expected, the report says, estimating that this year's budget
deficit will be roughly VND45 trillion ($2.08 billion), or roughly 6-6.5 per
cent of GDP if oil prices average $60 per barrel.
Such a deficit will force the Government to cut investment
spending this year, the same as in 2014, VEPR warns.
It also forecasts that the country will have a trade deficit
this year, after three consecutive years of trade surpluses, however, the
overall balance will remain as a surplus thanks to an offset from foreign
direct investment (FDI) capital and overseas remittance flows.
Also in the report, the institute has recommended the
Government make a breakthrough in its policy reforms and actively create
favourable conditions for private enterprises.
Of note, new policies should be mapped out to create a fair
investment environment for all economic sectors.
Rice exports likely to rise from July
In the first four months of the year, the country exported
2.04 million tonnes of rice, earning US$889 million, down in 0.5% in quantity
and 5% in value, according to the Ministry of Industry and Trade (MoIT).
The MoIT said the decrease is attributed to an abundant supply
source of rice exporters which leads to a fierce competition in the market.
Big rice exporters like Thailand and India have high stockpiles of rice.
Especially, Thailand is taking drastic measures to export more rice to key
markets.
Huynh The Nang, general director of the Vietnam Southern Food
Corporation (Vinafood 2) hoped that from late June to early July this year,
He added that from the beginning of the year, the Philippines
has imported 300,000 tonnes of rice from Vietnam and is expected to buy an
additional 500,000 tonnes.
Source :
VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VIR
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Thứ Năm, 7 tháng 5, 2015
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