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BUSINESS IN BRIEF 17/8
New
decree pushes trade to get in line with WTO commitments
Decision
1233/QD-TTg, which took effect August 3, has set new trade targets and
regulations for the 2016-20 period, concerned with reducing the current trade
deficit and getting the country in line with trade commitments.
The
goals are part of a larger project to improve import management in order to
foster a more transparent and stable business climate that increases
predictability and import monitoring capabilities.
Import
and export companies will be expected to achieve an average annual export
growth rate of 11 per cent and a maximum import growth rate of 10 per cent,
in addition to several other changes.
On the
agenda is the creation of several tax and non-tax measures that comply with
commitments to the World Trade Organisation (WTO), and bilateral and
multilateral free trade agreements (FTAs).
Ceiling
import tariffs will be adjusted to fulfill commitments to the WTO and a tax
liberalisation roapmap will be outlined.
To
help increase imports, tariffs and duties, such as an environmental
protection tax, are expected to enhance the global competitiveness of
domestically produced goods.
The
country will also focus attention on improving import management measures by
evaluating current measures' efficacy and cut unnecessary and timely
administrative procedures.
The
numerous measures are needed in order to tackle the trade deficit, reported
by the General Department of Customs as being US$3.96 billion as of July 15.
Raw
cashew imports jump in first six months
Trade
in raw and processed cashew nuts for the six months leading up to July of
2015 has risen sharply in both volume and value, according to the most recent
statistics of the General Department of Vietnam Customs.
Vietnam
Customs has forecast 2015 exports could outperform last year which saw the
overall value of cashew exports reach the US$2 billion benchmark for the
first time ever, making the industry the fourth largest in agriculture.
Last
year, businesses principally purchased raw product from African countries but
due to shrinking supplies and higher prices have shifted to suppliers in
“Unfavourable
weather has reduced supplies across the African continent and driven up the
prices of raw cashew nuts,” said Nguyen Duc Thanh, chairman of the Vietnam
Cashew Association (Vinacas).
This
in turn has forced buyers in the industry to turn to alternative sources of
supply as the nation’s domestic growers cannot keep up with demand needed to
fill overseas orders, Thanh underscored.
Sales
in the top three markets – the
Thanh
said businesses in the industry are upbeat having reported higher than last
year’s orders for the remainder of the year and expect the upcoming
Mid-Autumn Festival and Lunar New Year to bump sales up even further.
However,
Thanh cautioned the cashew industry as a whole is still dogged by issues
related to quality and businesses must heed more attention to improving it
for the industry to develop sustainably over the long term.
Much
of the problem with quality and safety issues relate to the large proportion
of smallholders within the industry who lack the finances and ability to
invest in modern technologies and innovate.
As of
the end of last year, there were 456 cashew processing businesses with a
capacity to produce 1.2 million metric tons of cashews a year, but nearly 70%
of them were smallholders.
The
government should carefully evaluate reducing the number of small businesses
by shutting down those that are unable to ensure compliance with Vietnamese
Good Agricultural Practices (VietGap) requirements, Thanh concluded.
T&T
Group to buy stake in Vegetexco
The
multi-sector T&T Group plans to buy 35 per cent of shares of Viet Nam
National Vegetable, Fruit and Agricultural Product Corporation Ltd
(Vegetexco), making it one of the strategic investors of the company.
T&T
Group's other strategic investors are Sai Gon-Ha Noi Insurance Corporation
(BSH) and Viet Nam Handicraft and Art Articles Export – Import JSC
(Artexport), with a 15 per cent and 10 per cent stake in Vegetexco,
respectively.
After
equitisation, the company's charter capital is expected to be VND713 billion
($32.9 million), equal to 71.3 million shares. Of that amount, 42.78 million
shares will be sold to strategic investors, and 850,200 shares will be
allocated to the company's workers.
Vegetexco
will hold its initial public offering (IPO) on September 4, selling 27,67
million shares with an opening price of VND10,000 per share. The volume of
shares is equal to 38.8 per cent of the company's charter capital.
Established
in 2003, Vegetexco operates mainly in the agricultural field. Its profit for
the first six months of the year was VND19.6 billion ($904,476).
T&T
Group was established in 1993. It operates in the fields of finance,
industry, minerals, real estate and exports. It has charter capital of VND3
trillion ($138.4 million).
Non-performing
loans (NPLs) of HCM City-based credit institutions by the end of last month
stood at VND62.2 trillion (US$2.86 billion), equal to 5.49 per cent of total
outstanding loans.
According
to deputy director of the State Bank of
However,
Minh said, if the NPLs of VNBC, OceanBank and GP Bank, which the central bank
acquired all of their equity at a price of zero dong per share, were
excluded, then the NPL rate of HCM City-based lenders was 3.7 per cent of
total outstanding loans.
According
to the central bank's plan, HCM City-based lenders would have to handle a
total of VND25.3 trillion ($1.16 billion) in NPLs before September.
Minh
said that by the end of last month, the lenders handled VND3.1 trillion
($142.85 million) in NPLs by using their provisional funds. They also sold
another VND13.9 trillion ($640.55 million) in NPLs to the Viet Nam Asset
Management Company.
Minh
expected the lenders would meet the central bank's target to bring down the
NPLs to 3 per cent by September this year.
According
to the central bank's Governor Nguyen Van Binh, the target is feasible,
provided that all credit institutions step up and take drastic measures to
handle the NPLs to meet the deadline.
"Credit
institutions must make accurate debt classifications, adequately fund risk
provisions and actively sell NPLs to the Viet Nam Asset Management
Company," Binh noted.
According
to experts, the establishment of the Viet Nam Asset Management Company (VAMC)
in 2013 was an important first step in recognising that NPLs in the banking
system needed a systemic approach; however, the pace of selling these debts
needs to be accelerated.
They
said to move this process forward quickly, besides needing greater authority
over the disposition of collateral and legal impediments and needing to
resolve the disposition of collateral in the distressed assets market, the
VAMC also needed a larger pool of resources – financial and human – to
process NPLs that enter the distressed assets market.
Such a
market in turn needed enough buyers and sellers to be functional and may need
external participation and expertise, they said.
Phu
Quoc reels in tourism investment
Phu
Quoc Island in the southern coastal province of Kien Giang in recent years
has attracted a huge number of tourism projects, with 136 projects now being
implemented at a total registered capital of VND144 trillion (US$6.6
billion).
The
projects cover a total area of 5,110 hectares, according to the provincial
people's committee.
Major
property developers, such as Vingroup, the BIM Group, the Sun Group, and the
CEO Group, are ramping up their construction with the aim of opening as soon
as they can.
The $1
billion Vinpearl Phu Quoc resort on
Vingroup
is also developing a zoo on an area of 500 hectares in Ganh Dau and Cua Can
communes.
Considered
to be the world's second largest when completed, the zoo is expected to open
up many opportunities for socio-economic development of the island district.
In
addition, the Sun Group is developing a resort complex on
The
Sun Group has also received approval to build a cable car from An Thoi Town
to Hon Thom island commune and a tourism complex, including hotels, resorts
and entertainment facilities on Hon Thom Island with a total investment of
VND10 trillion ($458.2 million).
An
international passenger seaport is under construction on
Huynh
Quang Hung, vice chairman of the Phu Quoc District's People's Committee, said
the island held great potential for investors and offered advantages that
would help it develop into a high-end tourism area.
It is
expected to continue to attract huge investment from local and international
investors, he added.
The
province provides investors with incentives on business income tax, personal
income tax and land tax, among others. The central government has also asked
local authorities to speed up site clearance and compensation to clear land
for investors.
The
land prices on
In a
master development plan approved by the Prime Minister, the island will be
designated a special economic zone, a centre for high-quality eco-tourism, a
trade and luxury services area, and a high-tech area.
Dubbed
the
The
number of tourists visiting
In
for a penny: Hoa Phat reaches for top in diversification
Hoa
Phat Group, which holds a 20 per cent stake in the domestic market for
construction steel, has launched its third animal feed company in a bid to
diversify its operations.
The
company in question, Hoa Phat Animal Feed Dong Nai, has the chartered capital
of VND200 billion ($9.2 million) and is located at the
Tran
Dinh Long, chairman of Hoa Phat Group, said that the new company would
produce and process food for domestic animals, poultry and fish, and would
have the designed capacity of 200,000 tonnes per year.
Long
added that for the near future the group would focus its investment across
two sectors, namely steel and animal feed.
In
this March, Hoa Phat set up its second animal feed company with the charter
capital of VND300 billion ($13.7 million) in the
The
facility is scheduled to start operations in early 2016 with the annual
capacity of 300,000 tonnes. The company has set a revenue target of VND3
trillion ($140.7 million) over the next three years, during which time more
factories within the chain will be inaugurated.
According
to Hoa Phat, the turnover from the animal feed sector is expected to reach
VND800 billion ($36.7 million) for this year alone.
Late
this April, Masan Group, one of
The
acquisition and establishment of Masan Nutri-Science instantly places the
group on a leading platform to serve the growing $6 billion animal feed
sector. Proconco and Anco, as a combined business, is the number one external
pig feed and overall second animal feed player in
Danny
Le, CEO of Masan Nutri-Science, said that
Proconco
is the first joint venture between
According
to the Vietnam Animal Feed Association, the compound feed industry in
In
total, out of the 200 animal feed producers in
PNJ
booming through a falling market
Investors
may lose their confidence in the gold bar as its price has tumbled to a
record low in the last five years, yet the business of gold jewelry is
somewhat thriving here in the local market.
One of
the country’s largest gold jewelry retailers, the Ho Chi Minh City-based Phu
Nhuan Jewelry JSC (PNJ), does not seem to take the plunge in the precious
metal price badly, as its core business line in gold jewelry is reportedly
flourishing.
According
to PNJ, the company has achieved a promising half-year financial result
thanks to its budding gold jewelry retail, coupled with the expansion in its
retail network and fresh focus on the customer experience, as well as the
superior customer service at all of PNJ stores nationwide.
PNJ’s
half-year financial report revealed its revenue at VND3.846 trillion ($176
million), an up of 6 per cent compared to the same time last year, while its
gross profit and pre-tax profit were recorded at VND546 billion ($25 million)
and VND228 billion ($10.44 million), an increase of 43 per cent and 46 per
cent, respectively, compared to the same period last year. PNJ’s revenue from
gold jewelry retail, as of 30 June, notably grew 45 per cent over the same
period.
This
stout performance was mainly driven by the strong same-store-sale growth of
27 per cent during the period, as a constant outcome of applying best
practice in organising around customer satisfaction at store level.
“In
order to achieve such results, we have put significant investments to enhance
senior management staff in our design, supply and retail chain,” said Cao Thi
Ngoc Dung, PNJ chairman and general director.
“Given
such efforts, we have been able to make sophisticated jewelry products with
distinct differences that can lead the trend.”
According
to the Gold Demands Trends report for the first quarter, from the
London-based World Gold Council (WGC), the global demand for jewelry was
still the most significant component of the overall gold demand, with a
record of 601 tonnes, and the appetite for gold jewelry spread across a
number of Southeast Asian countries including
WGC
data showed
As at
the end of July, PNJ has opened up an additional 24 jewelry stores across the
nation, confirming its position as the leading jewelry retailer in terms of
the distribution network of 180 retail stores. The jeweler has achieved 68
per cent of its plan to launch a total of 35 new stores on a national scale
in 2015.
“Along
with the advanced training to enhance our goldsmiths’ skill and major
investments for new technology, PNJ has a clear target to expand our retail
network, concentrating in the period of 2015-2016,” said Dung.
According
to Dung, at the start of the year, PNJ signed a contract worth of VND40
billion ($1.83 million) to import a brand-new line of machinery, and also
finalised a consultant contract with Italian experts to enhance the company’s
technology system and goldsmiths’ expertise. These efforts are to fulfill the
long-term strategy of PNJ for self-manufacturing the finest jewelry products,
which have for long been imported from overseas to serve the domestic market.
No one
can predict exactly how the gold market will be fluctuated in the future. As
for PNJ, the gold jewelry business is definitely keep on growing, backing up
by a network expansion, superior customer service, warming-up economy and consumer
confidence.
Tips
and tricks to maximise M&A prospects
With
M&As on the rise, many investors and experts have shared their insights
and perceptions on successful M&A deals at the
Banking
expert Can Van Luc stressed that correct evaluation is vital to deal success,
which helps provide better documentation for decision making. Before merging
with MHB, BIDV had hired an audit firm to carefully evaluate its
partner and sought appropriate legal advice. The management boards of the
acquired and acquiring company should reach a clear understanding and
cooperate fully during the period of transition.
Echoing
this view, director and general manager of overseas business at Credit Saison
Katsumi Mizuno shared his best practices on acquiring HDBank, “We spent one
and a half year learning about each other before closing the deal. We
discussed the business plan, drew up product development strategies and found
ways to rearrange human resources. This period is crucial to successful
integration, which helps ensure the firm’s growth in the future.”
Stephane
Gripon, CEO of Mondelez Kinh Do said that, “the success or failure of an
acquisition deal lies in the nuts and bolts of common values. Like Kinh Do,
Mondelez is a leader on the snack market with fantastic iconic brands.
Therefore, both sides believed that the combination of the local with the
international brand would bring the company to further success.”
“With
King Do’s partnership, Mondelez is getting access to the fantastic portfolio
of the local brand with a strong distribution system and two manufacturing
sites. From our side, we bring not only the international portfolio, but also
the global capabilities and R&D in quality. The deal really mixes the
best local and international enterprises together,” he added.
Meanwhile,
Nam Long Investment Corporation has successfully raised funds from many
reputable international investors, such as
“M&A
activities in the real estate sector are just an alternative business
strategy for international investors to be involved in business in
He
also noted that previously international investors preferred to set up local
companies and buy land for development purposes, but soon discovered that it
was too difficult, time-consuming and that they lacked knowledge about
Vietnamese business practices and the regulatory environment to be
successful. Therefore, M&A strategies can help investors to have a firmer
control of the company while retaining essential local know-how and to
accelerate the property development process.
Green
light for Quang Tri wind power plant
The
Quang Tri Provincial People’s Committee has recently approved the building of
the Huong Linh 2 Wind Power Plant in Huong Hoa district in the central province,
with total investment of VND1.4 trillion ($65.7 million) and a 50-year
operating lifespan.
The
plant will cover an area of about 12 ha will have 15 wind turbines with a
capacity of 2MW each, for a total capacity of 30MW. The project is expected to
be completed by the end of 2016.
This
is
A
clean energy source, wind power is expected to replace traditional forms of
energy in the future.
Upon
completion the project will address electricity shortages, promote local
economic development, and create jobs for local workers.
The
Binh Thuan Wind Power Joint Stock Company held a breaking ground ceremony on
July 21 for the first phase of its Phu Lac Wind Power Plant in Tuy Phong
district, south-central Binh Thuan province.
The
plant has a total area of 400 ha and investment of VND1 trillion ($46.5
million). The first phase will be completed and put into operation in
September 2016.
In
recent correspondence sent to the Ministry of Transport and the Civil
Aviation Administration of Vietnam, Kenya Airways said that the results of
its direct flights between
Kenya
Airways also said that it is currently paying high costs for operating in
Fifth
Freedom rights allow an airline to carry passengers between foreign countries
and the airline’s home country, flying to a second country and from that
country to a third country, and so on.
In the
letter regarding Fifth Freedom rights, Kenya Airways said it will cooperate
with its partner, Vietnam Airlines, to create a schedule for the route.
However,
a representative from Kenya Airways in
The
current ticket price for
Credit
institutions asked to support flood victims
The
Governor of the State Bank of Vietnam (SBV) Nguyen Van Binh has asked credit
institutions to take action to mitigate the difficulties being experienced in
severely flooded areas in the country, with such measures being dependent
upon their financial capacity.
He
asked that they review agricultural loans to farmers and enterprises who have
suffered damage from the heavy flooding in northern areas such as Quang Ninh,
Dien Binh, Lang Son, and Lai Chau provinces.
He
mentioned certain solutions, such as extending payment deadlines and cutting
interest rates for flood victims with loans, together with providing
additional loans to help people overcome the difficulties, in accordance
Decree No. 55 and Circular No. 10 from the SBV.
Credit
institutions must guide their subsidiaries and branches in flooded areas to
cooperate with local authorities and SBV branches to evaluate and clarify the
level of difficulties being experienced in the agricultural sector.
The
evaluation is to be submitted to the provincial people’s committee, who will
then report to the Prime Minister. After that a decision will then be made on
the provision of credit for the recovery and development of agriculture and
rural areas.
Credit
contract signed for Nhan Hac hydroelectric power project
The
VietinBank's branch in West Hanoi and Zahung JSC on August 11 signed a credit
contract worth VND1.38 trillion (US$63.48 million) for the construction of
the Nhan Hac hydroelectric power plant in Que Phong district, Nghe An
province.
As
outlined in the contract, the Vietnam Joint Stock Commercial Bank for
Industry and Trade (VietinBank) will fund VND1.38 trillion to the power
project.
The
Nhan Hac hydroelectric power project includes two plants with a total
capacity of 59MW, requiring a total investment of over VND1.8 trillion
(US$82.8 million).
The
project will be carried out in November this year and is scheduled for
completion by the third quarter of 2018.
Upon
its completion, the plant will contribute around 206.1 million KWh of
electricity each year to the national grid, meeting the increasing demand for
power and contributing to national socio-economic development.
Zahung
General Director Le Xuan Long said the Nhan Hac power project is a
large-scale project with significant meaning to the economic development of
the locality and the nation. With previous experience in implementing
hydroelectric power projects, Zahung will make every effort to complete the
project as scheduled, Long noted.
Vietnam
seen as key market for NZ
Vietnam
has emerged as an important market for New Zealand to boost exports and its
enterprises to step up cooperation with local firms, according to New Zealand
Minister of Economic Development Steven Joyce.
In an
interview with the Daily during his
Joyce
said
Joyce,
who is also
In
reply to the Daily’s question about Vietnam-New Zealand bilateral trade of
just nearly US$800 million last year though the two countries established
diplomatic ties 40 years ago, Joyce said two-way trade actually neared US$1
billion if services were taken into account.
ASEAN,
including
Joyce
said the
According
to the New Zealand Embassy in
Foods
and beverages are among
Last
year
According
to data of the General Department of Customs,
According
to the minister, to spur exports to
VAT
refunds for exporters tightened
The
Ministry of Finance has told local tax authorities to further scrutinize
requests of exporters and firms in other sectors for value added tax (VAT)
refunds to prevent fraud.
In its
Document 10492/BTC-TCT sent to local tax agencies, the ministry wants
thorough checks of export firms whose revenue is at least three times higher
than their chartered capital or equity and do not have warehouses, vehicles
and facilities equivalent to their revenue.
Stricter
VAT refund checks will apply to enterprises which do not export goods via
international or major border gates, have close buying and selling
relationships or are affiliates of the same groups, trade products outside
the localities where their head offices are not located and with signs of
abnormality, and claim for VAT refunds up 20% year-on-year.
The
list of enterprises subject to VAT refund scrunity comprises startups formed
to carry out new investment projects or firms which have approved investment
projects but have not been granted land use rights or construction licenses.
The list also includes investment projects which do not have goods and
services subject to VAT and commercial-office-apartment projects.
Leaders
of local tax agencies must be responsible for VAT refund decisions and tax
authorities should request explanations from firms suspected of tax fraud.
In the
first six months of 2015, the tax agencies in
Meanwhile,
enterprises bemoaned that VAT refunding has long been a troublesome issue.
Though tax refund requests are always thoroughly examined, the refunding
process is time consuming.
Ministry
backs Tran De port plan
Minister
of Transport Dinh La Thang has thrown support behind a research group’s plan
to develop Tran De fishing port in
Thang
last week met representatives of the research group, which is led by Doan
Manh Dung, general secretary of the HCMC Maritime Science and Technology
Association.
After
the meeting, Thang told the ministry’s investment and planning department to
ask the Ministry of
Planning
and Investment to add Tran De port to the list of projects to be funded by
official development assistance (ODA) or executed in build-operate-transfer
(BOT) and public-private partnership (PPP) formats.
The
port is located downstream the Hau River stretch in the Mekong Delta province
of Soc Trang and near a new road connecting Can Tho, Hau Giang and Bac Lieu.
As the
leader of the research group, Dung underscored the importance of developing a
major seaport able to handle vessels of 25,000-30,000 DWTs to transport
goods, especially coal for power plants in the Mekong Delta region. The
reason is that the existing ports along the
Dung
told the Daily that his research group has found that Tran De can become a
major seaport in the Mekong Delta as it has favorable conditions like
seaports in central
Dung
said local authorities will not have to spend big funds dredging alluvial
soil in the area of Tran De port, which is expected to handle 30,000-DWT
vessels and ships moving from river ports in the region.
Therefore,
Dung proposed the Government add the Tran De port to the master zoning plan
for national-level port projects and call for foreign funding for the
pre-feasibility study for Tran De port project.
Meanwhile,
Deputy Minister of Transport Nguyen Van Cong was requested to work with the
Ministry of Science and Technology and the research group to translate the
idea of developing Tran De port into reality.
The
HCMC government has sent the Ministry of Finance a detailed plan for issuing
VND3 trillion (US$137.4 million) worth of municipal bonds between August and
October to raise funds for key projects this year.
According
to the plan, the city will issue debt in two phases, including around VND2
trillion in the middle of this month and VND1 trillion in early October. The
bonds have a face value of VND100,000 each and tenors of three, five, 10 and
15 years.
Dao
Thi Huong Lan, director of the HCMC Department of Finance, told the Daily
that the city government mobilized VND3 trillion from municipal bonds last
year.
Lan
said the city had so far issued over VND10 trillion worth of bonds to raise
funds for public investment projects.
The
city government said the HCMC People’s Council had approved this year’s
development investment plan using VND15.9 trillion from the local budget. The
amount excludes official development assistance (ODA) loans.
Between
2011 and 2015, the city is expected to obtain nearly VND1,154 trillion in
budget collection and keep VND244 trillion of it as approved by the
Government.
The
city spends an average of VND12.3 trillion on development investment each
year, including nearly VND3.2 trillion for debt and interest payments.
Therefore, the city’s budget is able to cover bond principle and interest payments.
By the
end of this year, the city’s total outstanding loan is estimated at VND12.4
trillion.
Speaking
at a review meeting on the city’s socio-economic performance from January to
July last month, Lan said the August-October period is a good time for
municipal bond sale.
According
to HCMC chairman Le Hoang Quan, the city’s budget collections neared VND160.4
trillion in January-July, meeting more than 60% of this year’s target and
rising by 3.8% year-on-year. Tax and fee revenue from domestic sources and
from exports and imports went up but shed nearly 23% from oil against the
same period last year.
In the
remaining months of 2015, the city will strive to realize this year’s budget
collection target of around VND265 trillion. Quan said budget collection
pressure would pile next year when the city targets VND295 trillion.
The
city posted exports of around US$17.6 billion in the year to July, down 4.6%
year-on-year. The slide was attributable to a 47.4% slump in crude oil price
on global markets.
HoREA:
Property market recovery fragile
The
real estate market has shown clearer signs of recovery this year but an
imbalance between supply and demand in some segments makes the recovery
fragile, according to the latest report of the HCMC Real Estate Association (HoREA).
The
association said in the review report on the property market in the first
half of this year that the high-end segment enjoyed robust growth in the
period but there was a lack of affordable housing for low-income people.
Districts
in the east of the city and on the west bank of the Saigon River like 1, 2,
4, 9 and Binh Thanh saw many luxury housing projects developed by Dai Quang
Minh, Novaland, ThuducHouse, Nam Long, Hung Thinh, Him Lam, Vingroup, Phu My
Hung, SSG Group, Van Thinh Phat, Khang Dien, Keppel Land and CapitaLand. They
will offer for sale thousands of premium products in the next few years.
HoREA
said the luxury segment grew strongly but it was still under control.
The
association said housing demand rose but was not huge in the period. Property
transactions were normal and there was no sign of speculation on the market.
Regarding
concerns over a possible real estate bubble, HoREA said it would happen if
there were too high economic growth, monetary loosening and subprime
mortgages.
HoREA
said none of these factors were found at the moment, a real estate bubble
burst could not happen this year or next.
However,
some experts have warned of market imbalances. There is a serve shortage of
low-cost homes as the completed projects have been sold out and the number of
cheap homes available for purchase on the secondary market is small.
The
current supply of low-priced apartments in HCMC is meager and it is difficult
to buy apartments valued at under VND1 billion (nearly US$46,000) directly
from the investors. Customers must pay an additional VND100-200 million to
buy these houses on the secondary market.
Meanwhile,
the Vinhomes Central Park project in Binh Thanh District and the Masteri Thao
Dien and Sala projects in District 2 could offer nearly 20,000 luxury
apartments to the market in the coming time.
An
expert told the Daily that if these premium products cannot be sold to people
in need of housing but to individual investors and speculators, the property
market may crash some time in the future.
One
more overpass at Thu Duc Intersection proposed
Urban
Traffic Management Unit No. 2 under the HCMC Department of Transport has
proposed building one more overpass at Thu Duc Intersection to meet surging
demand in the district of the same name.
The
new overpass will also help ease vehicular traffic, especially on the
existing overpass in the outlying district, the unit said in a document sent
to the city government.
The
unit said high temperatures in the dry season and traffic density have
deformed asphalt on the existing overpass. In addition, trucks are allowed to
use only one lane of the overpass, causing the road surface to sink by one to
three centimeters even though the top asphalt layer was replaced.
The
unit plans to fix the overpass surface first and then coordinate with
relevant agencies to work out long-term measures to cope with the sinking
situation by October.
In the
long run, the agency proposed the city Department of Transport consider
building a new flyover in parallel with the existing one to double the number
of lanes to eight.
The
VND277-billion Thu Duc steel overpass was opened to traffic in early 2013
after five months of construction. After being put into use, the
570-meter-long bridge helped ease traffic jams at Thu Duc Intersection but
its surface subsidence has since been reported many times.
Vietnamese
investors registered more than US$155.4 million for projects in overseas
markets in the first half, with the
FIA
under the Ministry of Planning and Investment ranked Vietnamese investments
in the
Data
of FIA showed the ministry allowed Vietnamese firms to invest in 47 new
projects in 22 countries and territories and revise up funding for 19
operational projects worth US$155.4 million in the period.
The first
six months saw Vietnamese enterprises registering US$50.8 million (32.7% of
the total figure) for seven new and one operational project in the U.S. Fresh
capital pledges for only one new project and one adjusted project in
According
to FIA, Vietnamese investors have shifted to new and far markets, instead of
focusing on neighboring countries like
According
to FIA, only one investment project in the mining sector was approved in the
period but its registered capital amounted to US$42.5 million, making up
27.4% of the total. There were 18 new and three adjusted wholesale, retail
and vehicle repair projects overseas with a total registered investment of
US$39.3 million (25.3%).
Finance,
banking and insurance took the third place with US$29.5 million (19%).
In
all, Vietnamese enterprises have pledged more than US$20 billion for offshore
investments with a majority of it going to
In
terms of sector, mining has attracted 112 projects worth more than US$5.1
billion, followed by agro-forestry-aquaculture with around 130 projects and
over US$2.7 billion. These sectors are Vietnamese enterprises’ strong
advantages but local investors have expanded to other sectors in recent years
like communications, power generation, real estate, finance, banking and
insurance, according to FIA.
An
initiative aimed at converting existing industrial parks into eco-friendly
production facilities was introduced at a conference held in the Mekong Delta
city of
The
4.5 million USD eco-industrial park project was approved in August last year
using non-refundable aid from the Global Environment Facility (GEF), the
Swiss State Secretariat for Economic Affairs (SECO) and the United Nations
Industrial Development Organisation (UNIDO).
It
will be carried out on a trial basis at Khanh Phu IP in the
Tran
Duy Dong, Director General of the Department for Economic Zones Management
under the Ministry of Planning and Investment, said that although industrial
parks have made great contributions to the national economy and created jobs
for over 2.4 million labourers, their operations are posing threat to the
environment. He reported that 16 industrial zones operating without sewage
treatment plants while many others fail to pay adequate attention to the
collection and treatment of their solid waste as well as to the control of
greenhouse gas emissions.
According
to the Ministry of Planning and Investment, eco-industrial parks are a new
model in
Heiz
Leuneberger, Technical Chief Consultant of the project, underscored that the
project’s implementation is crucial for industrial zones’ sustainable and
comprehensive development, creating momentum for
Meanwhile,
Deputy Director of the
Businesses
in the Mekong Delta received updated information on the Russian market during
a conference held in Can Tho city on August 12, which was organised to
arrange for a regional business delegation to attend a Vietnamese
high-quality goods fair in
According
to former Vietnamese Counsellor in Russia Nguyen Chi Tam,
Once
the free trade agreement signed between
There
are large numbers of Vietnamese people living across
At the
conference, businesses from Can Tho and other regional localities were
provided information on the fair which is scheduled to take place in
Organised
by the Ministry of Industry and Trade, the fair aims to promote
The
fair will exhibit commodities such as textiles, footwear, agricultural
products, electronics, household goods, cosmetics and tourism and financial
services.
Programmes
to promote trade and investment cooperation between Vietnamese and Russian
firms will also be arranged in the framework of the fair.
Enterprises
in Can Tho and the Mekong Delta are hoping the fair will offer a good
opportunity to connect with Russian partners and seek distributors in the
potential market.
Source: VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VET/VIR
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Chủ Nhật, 16 tháng 8, 2015
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