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BUSINESS IN BRIEF 19/8
Vingroup's
first half revenue at $560 million
Vingroup’s
consolidated income in the second quarter was VND6.031 trillion ($272.9
million). Profit from financial activities was VND2.132 trillion ($96.47
million) and pre-tax profit VND572 billion ($25.88 million). In the first
half of the year consolidated revenue totaled VND12.426 trillion ($562.27
million), with profit from business activities of VND4.375 trillion ($197.96
million) and pre-tax profit VND1.264 trillion ($57.19 million).
Revenue
from real estate fell against last year because, in the second quarter, only
The
second quarter also saw the growth in revenue at subsidiaries, such as Vincom
Retail (7 per cent) and Vinpearl (34 per cent). Vinschool earned revenue of
VND93 billion ($4.2 million), a 289 per cent increase year-on-year. Retail
networks such as VinMart and VinPro earned revenue of VND796 billion ($36
million), accounting for 13 per cent of the group’s total.
As at
June 30 total assets were VND110.533 trillion ($5 billion), an increase of
VND20.624 trillion ($933 million) compared to December 31, 2014. Equity was
VND30.543 trillion ($1.38 billion), an increase of VND3.258 trillion ($147.4
million).
Masan
Group releases Jan-Jun business results
The
Masan Group has reported revenue in the first half of the year of VND10.414
trillion ($471.23 million), a 52 per cent increase year-on-year.
Revenue
from its food and beverage business and from its animal protein business were
VND5.881 trillion ($266.11 million) and VND3.332 trillion ($150.77 million),
respectively.
Masan
Nutri-Science, one of the largest animal protein suppliers in
In the
second quarter revenue increased sharply, reaching VND408 billion ($18.46 million).
Revenue from the group’s joint venture companies totaled VND149 billion
($6.74 million).
In the
first half the revenue of Masan Resources stood at VND1.201 billion ($54.34
million), a 4.9 per cent increase year-on-year. It has simplified the structure
of its enterprises and optimized its asset structure. It established Masan
Consumer Holdings (MCH) to manage consumer goods, including food and
beverages.
In the
second quarter MCH issued ten-year bonds with a total value of VND9 trillion
($407.25 million), with funds used to pay loans and provide investment
capital. In August the group completed a $175 million loan.
The
Group also announced that Mr. Michael H. Nguyen has been appointed Chief
Financial Officer, Deputy General Director, and Head of the Business
Department.
HAGL
Agrico's revenue rising
HAGL
Agrico’s revenue in the second quarter reached VND1.566 trillion ($70.86
million), a three-fold increase year-on-year.
Revenue
from its financial business grew significantly, from VND17 billion ($769,250)
in the second quarter of 2014 to VND89 billion ($4.02 million) in the second
quarter of this year. Spending also grew dramatically, however, with
financial spending, cost of sales, and spending on enterprise management
rising 22, 51 and 105 per cent year-on-year, respectively.
After-tax
profit in the second quarter was VND486 billion ($21.99 million), a 115 per
cent increase year-on-year.
As at
the end of June Agrico’s revenue for the first half was VND2.072 trillion
($93.75 million) and after-tax profit more than VND592 billion ($26.78
million), increases of 63 and 5 per cent, respectively, year-on-year. The
company’s asset value stood at VND20.688 trillion ($936.13 million).
HAGL
has strong financial resources and professional management and is making tremendous
strides forward in expanding its operations overseas. In its orientation for
2013-2015 the Group has focused on developing the agriculture and real estate
sectors.
Bao
Viet Holdings releases first half results
Bao
Viet Holdings (BVH) earned revenue of VND9.7 trillion ($422.4 million) in the
first half of year, a 7 per cent increase year-on-year, with after-tax profit
of VND731 billion ($33.07 million), a 13 per cent rise compared with the same
period last year.
It has
targeted revenue of VND18.9 trillion ($855.67 million) for the year as a
whole and after-tax profit of VND1.14 trillion ($51.58 million). Its first
half results therefore represent 52 and 64 per cent of the targets.
Among
its subsidiaries, BaoViet Life Corporation earned the most revenue,
increasing 25 per cent year-on-year. BaoViet Insurance Corporation’s revenue
and profit increased 5 and 31 per cent, respectively. Business seeing stable
growth included fire insurance, special risk insurance, healthcare insurance,
and motor car insurance.
The
BaoViet Securities Joint Stock Company (BVSC) earned revenue of VND146
billion ($6.6 billion), a 5 per cent increase year-on-year.
The
BaoViet Fund Management Company, meanwhile, recorded profit of VND9 billion
($407,250), or 60 per cent of the annual target.
Viet
Capital Bank launches new version of app
Viet
Capital Bank has introduced a new version of its Viet Capital Mobile Banking
app that has more benefits for users. The app helps customers transfer money
24/7, including public holidays, and can transfer money to accounts at eleven
banks in the Banknet network, such as Sacombank, BIDV, PVcomBank and ABBank.
The
new version also provides other benefits such as showing interest rates and
exchange rates when customers are offline. It can track the location of a
customer and direct them to the nearest transaction point or ATM of the bank.
The smart filter of the app monitors customer transactions every week and
month. Users can also pay their mobile phone bills via the app and top up the
accounts of others in their contact list.
To use
the new version of the app customer only need to register for the bank’s
mobile banking service and have a mobile phone using IOS 6.0 or Android 4.0
or higher.
The
Hanoi People’s Committee has approved the construction of an apartment
project in Nam Tu Liem district with total investment capital of $219.46
million. With an area of 176,300 sq m the project will house some 8,760
residents and is expected to be completed by the fourth quarter of 2019.
The
Hanoi Department of Construction will manage the project, guiding investors
on understanding construction policy and safety matters and monitoring
progress.
It
will also work with related agencies to clarify the source of investment
capital and assist investors in completing land procedures and supervise the
use of the land and other resources in the project.
The
Hanoi People’s Committee recently approved real estate projects in 233, 233B
and
Foreigners
and overseas Vietnamese eyeing housing
More
than a month has now passed since the new Law on Housing and the Law on Real
Estate Business expanded the right of home ownership to foreigners. According
to Novaland Group, overseas Vietnamese have accounted for 10 per cent of
transactions in its projects and they mainly target high-end apartments in a
favorable location.
At
D’.Le Roi Soleil, on the corner of Xuan Dieu and Dang Thai Mai in Hanoi’s Tay
Ho district, the Tan Hoang Minh Group has also recorded significant interest
from foreign homebuyers due to the project’s favorable location. “D’.Le Roi
Soleil has already received 230 registrations for purchasing apartments,” Mr.
Tran Nhu Trung, Deputy Director Managing of Tan Hoang Minh, told VET. “Among
customers registering to buy our apartments are many from
From
July 1 to August 8 the Phu My Hung Development Corporation has also conducted
more than 100 transactions by overseas Vietnamese and foreigners in its
projects.
The
remainder of the year will start to show the effectiveness of the new laws,
Mr. Marc Townsend, Managing Director of CBRE Vietnam, commented in the recent
CBRE Vietnam report. “Foreign investors have complained in the past about how
unfair the market has been for the past 15 years,” he said. “Now we will see
whether they will really embrace it, whether they are actually happy with the
new laws or whether they are still looking at how to get money in and out of
The
real estate market continued to see positive growth signs in July. There were
about 3,550 successful housing transactions in
In the
crop of 2014-2015, the country’s sugarcane area reached 305,000 hectares with
an average productivity of 65.3 tons a hectare and total output of 20 million
tons.
Provinces
and cities with sugar processing plants had 293,000 hectares, of which the
plants have signed contracts to consume over 255 hectares accounting for 87.3
percent.
Meantime,
sugarcane prices swung from VND750,000-900,000 a ton, down VND110,000-150,000
over the previous crop.
Sugar
price has been reducing for the forth consecutive crop. A kilogram of white
sugar type 1 was priced only VND11,000-13,000. With this price, many farmers
have broken even or suffered losses.
The
ministry has proposed the sugar plants to coordinate with farmers to re-plan
sugarcane farming area, supplement new sugarcane varieties, mechanize
production and reduce post-harvest losses.
Businesses
to build safe pork chain in HCMC
Vietnam
Meat Industries Limited Company (Vissan), De Heus Ltd and Fresh Studio
Innovations Asia signed a cooperation agreement to build up a safe pork
supply chain in Ho Chi Minh City on Saturday.
Director
general of De Heus Gabor Fluit said that his company together with Fresh
Studio Innovations Asia would organize drilling courses for about 200 pork farm
owners in the neighboring
Afterwards,
they would select about 50 out of the 200 farm owners to attend in the supply
chain.
The
Dutch Government will assist the companies with a part of capital and experts
for farming technique consultancy.
Pork
quality will be supervised from farming, slaughtering to distribution for
clear origin, permissible level of antibiotic residue and no bacterial
contamination.
MoC
to review plans for areas prone to flooding
The
Ministry of Construction said it would issue a document requiring localities
to review the planning and construction of residential areas and
infrastructure to minimise the loss of lives and property, and prevent damage
from natural disasters.
This
move follows inspections done by a working group Deputy Minister of
Construction Le Quang Hung led to parts of the
Mountainous
provinces such as Dien Bien, Lai Chau, Cao Bang, Yen Bai, Tuyen Quang and Son
La also suffered in the wake of the floods. The provinces' losses revealed
many shortcomings in infrastructure planning and allocation of residential
areas.
After
visiting areas affected by the landslides and floods in Quang Ninh, Dien Bien
and Lai Chau provinces, the State Agency for Construction Quality
Inspectorate also said project quality, urban planning and allocation of
residential areas were inadequate.
The
coal industry's plans and preparations were not synchronised with master
plans in
Water
supplies and sewage systems also proved problematic. The floods lasted a long
time despite the fact that Ha Long City is right on the coast, and thus
should drain quickly.
Pham
Huu Sy, a member of the State Council for the Acceptance of Construction
Works, said that immediately after disasters local authorities needed to work
with experts to draw out maps indicating areas or spots affected by natural
disasters like landslides.
In
addition, localities needed to determine which kinds of infrastructure were a
main priorities and how much investment projects needed.
Officials
from the Ministry of Construction also urged local authorities to check the
quality and operations of dyke systems, ensuring the safety of people and
property. Landslides needed to be inspected and repaired promptly to assure
traffic ran smoothly on main roads, they said.
After
the flooding, it was necessary to identify high-risk areas and ensure
residents' safety.
The
recent flood in August left 17 dead, 32 injured and more than 30,000 workers
temporarily out of work, according to a report from Quang Ninh Province's
People's Committee. The losses were estimated at about VND2.7 trillion
(US$122.1 million). The coal sector accounts for VND1.2 trillion ($54.3
million).
Rice
growers switch slowly to cash crops
The
conversion of low-yielding rice fields into land growing high-value cash
crops has helped farmers around the country improve their earnings, but the
pace of change has been slow, according to the Ministry of Agriculture and
Rural Development.
Last
year rice farmers in the north switched to more lucrative crops like
vegetables, corn, soy bean and sesame on more than 17,100ha.
Many
cash crops yield earnings of VND400-500 million (US$19,000–23,800) per
hectare a year, or five to 10 times the income from rice, the ministry said.
The
south-central coast and the Tay Nguyen (
In the
Cuu Long (
Of the
delta's converted areas, vegetables account for 24,000ha; water melon,
16,000ha; corn, 15,000ha; sesame, 13,000ha; and other crops for the rest
area.
Can
Tho city, Dong Thap, Long An, An Giang, and Tien Giang provinces in the delta
have converted large areas.
However,
the process of switching has been slow in the delta because of certain
difficulties, according to local agriculture officials, who listed reasons
like lack of stable outlets and price volatility.
Cao
Van Hoa, deputy director of the Tien Giang Province Department of Agriculture
and Rural Development, said farmers seeking to replace rice with cash crops
in low-yield fields have to first confirm demand.
With
every province getting in on the act, supply could exceed demand, he warned.
Farmers
can store rice they cannot sell but not vegetables, he pointed out.
The
Government agreed to provide financial support of VND2 million per hectare in
2014-15 for delta farmers to buy corn, sesame, soy bean, peanut, water melon,
and vegetables seeds for growing in low-yield rice fields.
However,
many provinces in the delta are yet to benefit because of the lengthy
procedures involved, which has been acting as a drag on the conversion.
The
Government should soon provide funds, Hoa said.
"The
Government should extend the [programme] to encourage farmers to grow cash
crops in low-yield rice fields."
The
delta plans to grow cash crops on 80,000ha of such lands this year.
Ma
Quang Trung, head of the ministry's Plant Cultivation Department, said the
ministry targets conversion of 700,000-800,000ha nation-wide by 2020.
"The
ministry is instructing provinces to draft detail plans … and upgrade
irrigation systems to serve the conversion."
The
ministry has also petitioned the Government to provide similar support to
farmers in the north, south-central coast and Tay Nguyen, he said.
The
city needs special laws and policies to exploit the city's potential and
advantages for stronger development, delegates heard at a meeting organised
on Thursday by the HCM City Party Committee.
Vuong
Dinh Hue, member of the PCC and head of the PCC's Economic Commission, said
that
But in
the time ahead, that
To
make the target become reality,
In
addition, more focus should be given to foreign investors, he said.
"
Le
Minh Tri, deputy head of the PCC's Internal Affairs Commission, confirmed
that
"PCC
should decentralise administration, which would allow the city to actively
implement and take responsibility for investment approval based on the
Government's master plan," he said.
Leaders
of the PCC's Commissions agreed that careful preparation had been made for
the political report submitted to the city Party Committee's 10th Congress.
A wide
range of contributions from different people were collected for the report,
they said.
According
to the city Party Committee's Standing Commission, the 10th Party Congress
will define core values to build a civilised, modern city, which will develop
with the country.
The
city will apply international standards to public administration and business
management to bring the biggest benefits for local residents and the business
community.
"This
is a new target that the 10th Party Congress aims to gain. The city will not
only mobilise investment resources via money but also encourage local
residents to help create stronger development," said Vo Van Thuong,
deputy secretary of the city's Party Committee.
Income
tax sector expands online payment services
The
General Department of Taxation (GDT) officially signed agreements yesterday
with 15 domestic and foreign banks to allow electronic tax payment services.
According
to the department, with 27 banks having signed earlier, the total number of
banks now involved in e-tax payment services has reached 42.
Reviewing
the results of the implementation of the e-tax service, Bui Van Nam, general
director of the department, said the service had been put in place in 63
cities and provinces in over 700 districts and communes across the country.
There
are more than 398,000 businesses already engaged in using e-tax payment
services, with more than 327,000 businesses successfully registered for use
of the service with banks, he said.
Further,
according to
With
the majority of joint-venture and foreign banks participating, the
department's leader said businesses would have more choices when paying
taxes.
In the
near future,
The
department would also bring this service to all businesses, to ensure 90 per
cent of the nation's businesses participate in the service in 2015, as
directed by the Prime Minister, said
The 15
banks signing the agreements yesterday included Ocean Bank, VietBank, ANZ
Vietnam, HSBC Vietnam, Standard Chartered, Shinhan
SSC
addresses foreign ownership
At a
meeting held by the State Securities Commission (SSC) on Thursday, investors
and domestic companies gathered, raising concerns and offering advice about
Decree 60, which was passed in June.
The
decree raised limits on the level of foreign investment allowed in
businesses, which would become increasingly important with major foreign
trade agreements recently signed and on the horizon.
Participants
were largely confused by whether or not they could or should change the
amount of foreign stakes in their charter capital, especially problematic for
multi-sector companies with conditional businesses on their license.
The
SSC advised that listed multi-sector companies should try to keep foreign
stakes at their current level until a detailed solution is provided.
According
to the 2014 Investment Law, there are 267 business sectors with
government-imposed conditions, including national security, defence,
transportation, telecommunication and banking sectors.
These
conditional business sectors have restrictions on the level of foreign
investment allowed, which could range from 49 per cent to none at all.
Participants
were therefore concerned since many multi-sector companies have a conditional
business registered on their license, meaning they are unable to raise the
foreign ownership in line with Decree 60.
Nguyen
Thanh Long, SSC Vice Chairman, reiterated that companies with newly acquired
conditional businesses or others caught in-between Decree 60 and the 2014
Investment Law should wait for further instruction before reducing or raising
foreign stakes.
Long
said the SSC and finance ministry had been working hard to find a solution to
satisfy all players in the market.
Companies
could also consider removing some of the conditional business sectors from
their registrations in order to avoid conflicting with the Government's
policies, he said.
He
suggested that companies review their businesses carefully as the Government
has plans to free up some of the conditional businesses for more foreign
investment.
Long
said that the SSC and the Ministry of Finance would work hard to find a
solution and complete the guiding circular for Decree 60, which is set to go
into affect in September.
Regulatory
reforms to create more open policies are making the domestic property market
more attractive to foreign investors, including those from
Winston
Lee, product manager of Property Guru, one of Singapore's leading property
sites, was quoted by Dau Tu Bat Dong San (Property Investment) as saying that
a recent survey of Singaporean developers on the attractiveness of property
markets in the Asia – Pacific region had ranked Viet Nam third, placing it
after Malaysia and Australia.
The
attractiveness of
He
said rich Singaporeans were seeking opportunities to invest in property
abroad as opportunities in the home market were narrowing.
According
to Anson Tay, manager of international markets at Property Guru, Singaporeans
saw
The
Vietnamese Ministry of Construction estimated that
An
expert from International Enterprise
Currently,
many Singaporean property firms are present in
Statistics
from the Foreign Investment Agency showed that to date, Singapore was the
biggest investor in Viet Nam's property sector, with 75 projects, worth a
total of US$10 billion, accounting for 16.4 per cent and 20.6 per cent of the
number of projects and the total registered capital in Viet Nam's property
sector, respectively.
Nguyen
Manh Ha, Director of Housing and Real Estate Market Management Department, at
a recent meeting said that with measures tackling the difficulties faced by
the property market and with the improved legal framework in the property
sector and housing development, Viet Nam was becoming an attractive
destination for foreign property developers, especially with the market
showing signs of recovery after years of being frozen.
At a
recent meeting in
Moreover,
many other foreign investors, besides Singaporeans, are also showing interest
in
Toshihiko
Muneyoshi, Creed Group's chairman, was quoted by the newspaper as saying that
the Vietnamese economy was making a strong recovery and was deeply integrated
in the global economy, adding that there was plenty of room for property
investments in the country.
Still,
experts urged authorities to implement more transparent policies to encourage
a higher foreign investment inflow into the property sector.
The
property sector ranked second in FDI attraction in the first seven months of
this year, with total registered capital of $1.69 billion, accounting for
nearly 20 per cent of the country's total FDI.
Opportunities
to expand export markets for agricultural products
Despite
the reduction of agricultural exports since the beginning of this year,
The
coffee industry has seen the sharpest decline in the export revenue, both in
volume (33.9%) and values (33.7%), meanwhile its prices on the futures
exchanges and in the domestic market remain at a low.
However,
in the last week of July, the official website of Starbucks, an
internationally well-known coffee supply chain, announced that the Arabica
coffee in Cau Dat district, Da Lat city, Lam Dong province in Vietnam had
been selected as one of seven kinds of Arabica coffee to be displayed and
sold at its 21,500 stores in 56 countries around the world.
In
order to be served in Starbucks’ stores,
Additionally,
in May and June,
Exporting
to big foreign markets will surely not only bring high profits to enterprises
but also create a stepping stone for Vietnamese agricultural products to open
up to new markets.
It was
not easy for
Furthermore,
In
order to enter and keep potential and difficult markets, it is necessary for
If
their products have high pesticide and chemical residues, they will be
destroyed at the gates of the host country and the credibility of the
enterprises will decline.
It
must be said that, just being exported to markets with high demand and facing
many major challenges, Vietnamese products, particularly agricultural
products, can create a strong foothold in the international market, elevating
Vietnamese brands.
Korean
firms suggest waste-to-power plant in
A
consortium of three
The
consortium groups Woojin Construction, Kunhwa Engineering and Construction,
and Hyundai Rotem.
Choi
Hyeong Suk, director of Woojin
“We
want to develop the facility in
In a
report sent to the committee, Choi said the best solution to deal with solid
waste is burning. However, with a small volume of nearly 500 tons of waste
per day, a project to burn solid waste would not be feasible in terms of
finance, and that seeking capital for it would be difficult.
Therefore,
the consortium suggested gathering waste from nearby localities for treatment
at a large-scale plant using advanced technology, a solution which has been
applied to handle waste in
The
consortium will need an area of 150 hectares to implement the project and
will prepare the feasibility study for the project if they get approval from
relevant authorities.
Nguyen
Phong Quang, deputy head of the Southwest Steering Committee, threw support
behind the project.
Quang
said treating waste in the Mekong Delta’s 13 provinces is urgent as thousands
of tons of waste is not treated properly every day.
The
inner area of Can Tho City alone discharges over 500 tons of garbage per day
and the figure is 250 tons in Vi Thanh City of Hau Giang Province but no
advanced waste treatment facility is in place in the area, he said.
After
the meeting, Quang and representatives of Hau Giang and Bac Lieu provinces
guided representatives of the Korean firms to survey a site in Hoa An
Commune, Phung Hiep District in Hau Giang for the planned waste-to-power
plant.
Woojin
Construction, Kunhwa Engineering and Construction, and Hyundai Rotem are
carrying out a wind power project worth US$750 million and having a capacity
of 350W in
The
firms are about to get approval to invest in a 120MW wind power plant in Ben
Tre Province and have finished a wastewater treatment project in An Giang
Province.
In Can
Tho City, they have completed a project to supply water for Vinh Thanh
District and built a Can Tho-South Korea industrial technology incubator.
Safeguard
duty on monosodium glutamate imports sought
The
Vietnam Competition Authority under the Ministry of Industry and Trade said
Vedan Vietnam Enterprise Corporation Limited (Vedan Vietnam) has proposed a
probe into and a safeguard duty on imported monosodium glutamate.
The
agency on Wednesday called on local monosodium glutamate producers to provide
information about their output, and asked whether they would agree on a probe
into monosodium glutamate imports after it got Vedan’s proposal in June.
The
authority said the comments of local monosodium glutamate makers would be
used when it considered the proposal of Vedan before Minister of Industry and
Trade Vu Huy Hoang made a decision.
Apart
from monosodium glutamate, the agency is also working with relevant parties
over the possible dumping of U.S. frozen chicken on the local market after
the Southeast Livestock Association requested relevant ministries to launch
an investigation into import of the product.
Statistics
of the customs agency showed that
The
In the
first six months of 2015, the
So
far,
Illegal
chemical facilities abound in city
Almost
half of chemical trading facilities in HCMC have not been licensed or granted
certificates for operation in this field, the HCMC Department of Industry and
Trade said at a meeting on chemical management on Wednesday.
The
illegal chemical trading facilities are causing concern over food safety and
heightening the risk of fires and explosions in residential areas in the
city. Loose management of agencies in this field is also to blame, heard the
meeting.
Data
of the department showed of 638 chemical trading facilities in the city,
around 400 sell industrial chemicals and the remainder trade in other chemicals
like food additives and health chemicals. Industrial chemical trading
facilities mainly operate in Districts 5, 10, 11, Tan Binh, Tan Phu, Go Vap
and Binh Tan.
Fires
and explosions in residential areas in the past time sparked concerns over
chemical production and trading facilities in those areas. A tragic explosion
caused by chemicals at Dang Huynh Co. in District 12 last November is a case
in point.
According
to the department, chemical trading management in the past years has not
produced effective results due to overlapping regulations and the use and
storage of hazardous chemicals has not been under control. Besides, the city
has yet to zone an area for chemical production and trading.
Diep
Dang Khoa, deputy head of the southern office of the Vietnam Chemicals
Agency, said around 8,000 kinds of chemicals were available on the market. Of
which, 1,056 chemicals are classified as conditional business and must be
approved by local authorities, 212 restricted chemicals licensed by the
Ministry of Industry and Trade and seven explosive precursors.
Khoa
attributed ineffective controls on chemicals to the large number of chemicals
sold on the market and the involvement of many agencies without clear
responsibilities. If a concentrated chemical trading center is developed in
HCMC, it can help reduce risks in residential areas.
Ngo
Hong Y from the HCMC Department of Industry and Trade told the Daily on the
sidelines of the meeting that the city government last year planned to allow
Saigon Trading Group (Satra) build a chemical center but the location had yet
to be decided.
The
city now plans a site in the outlying district of Thu Duc for the chemical
trading center.
Nguyen
Gia Hoa, deputy head of District 5’s economic division, said the district has
17 stalls selling chemicals at Kim Bien market and around 70 chemical
facilities near the market. Inspections at those facilities are a tough task
for relevant agencies as there are too many types of chemicals.
On
June 30, the HCMC government issued a regulation on joint management of
chemical trading among agencies in the city.
The
departments of industry-trade, health and agriculture-rural development were
assigned to map out a plan to develop the chemical center and coordinate with
districts to relocate hazardous chemical facilities out of residential areas.
Becamex
IDC to develop industrial-urban complex in Binh Dinh
Becamex
IDC Corporation would invest in an industrial-urban complex covering
thousands of hectares in the central
A
source from the
The
investor would coordinate with relevant agencies and the province to do a
feasibility study for the project as soon as possible.
Binh
Dinh said it would speed up infrastructure construction to connect the complex
to other parts of the province.
Canh
Vinh is a poor commune in Binh Dinh but has solid soil appropriate for the
development of a big industrial project like the industrial-urban complex of
Becamex IDC.
Becamex
IDC has partnered with a
But
Becamex IDC does not mention Singaporean partner’s capital in the project in
Binh Dinh.
Amata
Corp.,
Sources
said Amata saw good business prospects in the province as a
multi-billion-dollar refinery and petrochemical complex project involving
Bac
Ninh industrial park welcomes high FDI inflow
The
It
recently welcomed a three-billion-USD project invested by Samsung Display
The
facility is expected to create jobs for 20,000 labourers and earn 60 billion
USD in 2020.
The
246-hectare Yen Phong IP, invested by the
In the
first seven months of this year, firms in the park earned 10.3 billion USD,
accounting for 40 percent of the province’s expected export value of 25
billion USD this year.
Besides
computers, electronic components, investments in real estate and luxury
resorts are seen as potential fields for Vietnamese investment in
Last
year’s total trade volume between the two nations reached nearly US$205.4
million, still far below their full potential.
Soon
after the
Hanel
Ltd Company- a pioneer investor into
The
company’s Vice Director General Bui Thi Hai Yen said the Special Economic
Development Zone of Mariel with around 200 projects involved in
bio-technology, packaging and electronic industry, have enjoyed tax
incentives given be the Cuban Government.
The
Ministry of Industry and Trade’s American Market Department Deputy Head Tran
Duy Dong, said as a result of loosened
In the
coming time, the MoIT is to launch more trade promotion programmes in the new
market through international fairs, economic forums and seminars aiming to
enhance business connectivity, Dong said.
VDB
to give US$15.7m to Indian sugar factory
Vietnam
Development Bank (VDB) will lend VND330 billion (US$15.7 million) for a
project to increase the capacity of KCP Vietnam Industries Limited (KCP VIL)
in central Phu Yen province.
The
loan will help increase the processing capacity of Son Hoa Sugar Factory from
5,000 tonnes to 10,000 tonnes of sugarcane per day by 2018.
It
will also help reduce the time needed to cultivate sugarcane from five or six
months to 120 days.
K V S
R Subbaiah, general director of KCP VIL, said the company has developed
17,000 hectares of sugarcane farms in the districts of Son Hoa, Phu Hoa, Dong
Xuan and Song Cau.
He
said the company had also invested in biofertilizer, ethanol and power
factories to use the by-products of sugar production.
The
wholly foreign invested company from
As
scheduled, the expansion and the increase in production capacity of the
factory will take place in Cung Son and Son Ha communes of Son Hoa District
during the 2015-2016 and 2017-2018 periods.
Rubber
industry needs bounce
Deputy
Prime Minister Vu Van Ninh urged Viet Nam Rubber Group to come up with a
strategy to boost the rubber industry's development rather than focusing
purely on rubber plantations.
Ninh
was speaking at a meeting yesterday about the group's progress in
restructuring in
Ninh
said the strategy should aim to safeguard the domestic rubber industry from
fluctuations in global prices of rubber and latex which have been witnessing
a steep decline since 2012.
"Viet
Nam Rubber Group and relevant ministries need to study a development strategy
for the rubber industry," Ninh said, adding that the sector must seek a
way to reduce dependence on prices.
Ninh
said priorities should be fixed to enhance the competitiveness of products,
improve productivity and efficiency. The industry must apply advanced
technology in production.
"Those
tasks are difficult but are must-dos for sustainable development," he
said.
Regarding
the group's restructuring, Ninh asked the group to determine its member
companies' value within the third quarter and complete the privatisation
process this year.
The
group said the value of five member companies, namely, Binh Long, Phu Rieng,
Loc Ninh, Ba Ria and Tan Bien, would soon be disclosed.
The
group also collected VND1.188 trillion (US$54.5 million) from capital
withdrawal out of non-core businesses by the end of the second quarter of
this year, VND141 billion ($6.46 million) higher than book value.
However,
the group has been encountering difficulties in withdrawing capital from
investments in irrigation, industrial zones and hydroelectricity, worth
totally VND700 billion ($32.11 million).
Any
difficulties must be reported to the government for solutions, Ninh said,
adding that divestment must follow a roadmap to ensure the highest capital
efficiency.
Viet
Nam Rubber Group expected to earn a total revenue of VND21.5 trillion
($986.23 million) this year, including revenue from wood processing and
leasing industrial zones.
Source: VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VET/VIR
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Thứ Tư, 19 tháng 8, 2015
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