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BUSINESS IN BRIEF 11/9
Tuna
export value drops nearly 7% in 2015
The
reduction resulted in total earnings of US$327 million compared with the same
period last year.
Vietnamese
tuna products were exported to 100 countries and territories, including the
From
the first day to August 15, the tuna export value to the EU and Japan, two
key export markets of local tuna products, fell by 23 % to $65.4 million and
by 23.8 % to $12.8 million, respectively, against the same period last year.
Meanwhile,
the nation gained year-on-year growth of 13.8 % in tuna export value to reach
$120 million for exports to the
According
to the Vietnam Association of Seafood Exporters and Producers (VASEP), tuna exports
by this year-end have not shown signs of recovery, while the global demand
for tuna has dropped and the supply of tuna has increased.
Therefore,
this year could be the third consecutive year of reductions in tuna exports,
the association said.
Truong
Dinh Hoe, VASEP general secretary, said the local tuna industry could face
difficulty in achieving its export value target of $510 million for this year
because at the year-end, it was difficult for the industry to forecast the
development of the global tuna market.
The
industry must wait until the end of the third quarter for a precise forecast
before it could determine whether it would achieve its export target, he
said.
The
Directorate of Fisheries said that in the first eight months of this year,
three key provinces involved in fishing for tuna, Khanh Hoa, Binh Dinh and
Phu Yen, caught 13,970 tonnes of tuna in total. Of which, the supply of tuna
dropped by 5 % in Khanh Hoa Province against the same period last year, while
supply surged 13 % and 10 % in Phu Yen Province and Binh Dinh Province,
respectively.
Central
SOEs make using each others' products a high priority
As
part of the Government initiative Vietnamese Give Priority to Using
Vietnamese Goods, members of a group of State-owned corporations yesterday
signed an agreement at the central level to accord priority to using products
made by the group's members.
The
pact will cover the period 2015-20.
Speaking
at a conference on September 8, President of the Vietnam Fatherland Front
Central Committee, Nguyen Thien Nhan, urged enterprises to enhance product
quality and competitiveness as they create new products to affirm and
consolidate Vietnamese brands.
Nhan
said it was vital that businesses renovate technology and enhance application
of advanced technologies to improve productivity and production capacity.
In
addition, great attention should be paid to establish the distribution
systems in order to ensure Vietnamese products and services to reach more
consumers, Nhan said, adding that co-ordination in distribution or using each
others' products was also important to efficiently achieve positive results
of the ‘Vietnamese give priority to use Vietnamese goods' campaign.
The
campaign must aim at promoting Vietnamese manufacturers, inspiring them to
produce high-quality products, distributors to sell and consumers to choose
such products, he said.
The
priority that State-owned enterprises at the central level must accord to
using products made by each other helps encourage production and use of
domestic products and creates momentum for renovations while increasing local
procurement rate.
Many
members in the group of State-owned enterprises at the central level now have
local procurement rates upwards of 70 per cent, thanks to co-ordination among
members.
The
group has 33 members covering key sectors of the economy, such as fuel,
minerals, railway transport, marine transport, air transport,
telecommunications and garment and textile, with a combined contribution of
one third of the government's budget annually, and together providing 1.3
million jobs.
Iranian
city eyes tourism cooperation with Vietnam
Vietnamese
Ambassador to Iran Nguyen Hong Thach visited Esfahan city,
At the
meeting, Mayor Jamalinejad briefed the ambassador on the city’s strengths,
particularly in tourism, and expressed his hope to enhance partnerships with
Vietnamese localities.
Despite
their 40-year relationship, cooperation in trade and culture between
He
proposed the two countries organise cultural weeks to foster mutual
understanding between their peoples while suggesting establishing a
sister-city relationship with a province or city in
According
to Thach, the Vietnamese Embassy in
The
first Vietnamese students will arrive in Esfahan this September to study the
Farsi language at
Esfahan
is a large city, located almost in the centre of
This
thousands-of-years-old city is a crossroad of international trade and
diplomacy and renowned for its diverse resident languages, religions and
customs alongside beautiful historic Islamic architecture.
Bac
Giang sets up
The
According
to director of the provincial Department of Planning and Investment Trinh Huu
Thang, Japanese businesses are running 20 projects with total registered
capital of 150.7 million USD in Bac Giang, ranking third among foreign
investors in the province.
Japanese
investments in Bac Giang are mainly in processing technology, manufacturing
and services and trade, with rapid capital disbursement. Among the projects,
18 have become operational and the remaining two are in the process of
building workshops.
Dang
Xuan Quang, deputy head of the Foreign Investment Agency under Ministry of
Planning and Investment spoke highly of Japanese enterprises’ contributions
to the socio-economic development in
Toma
Massaki, Second Secretary in charge of investment, trade and industry at the
Japanese Embassy in Hanoi, said that in order to attract new investors,
provincial authorities need to improve investment climate through ensuring
electricity and water supply, building transport facilities and simplifying
administrative procedures.
Bac
Giang is calling for investment in industry, trade-service, tourism and
agriculture, especially projects in applying high-tech in animal breeding,
meat processing, vegetable and medicinal plant cultivation, among others.
The
province is currently home to 199 foreign direct investment projects worth
nearly 2.4 billion USD.
To
date, 105 countries and territories have landed their investment in
Doosan
Vina sends core power plant component to US
Doosan
Heavy Industries Vietnam (Doosan Vina) shipped a Heat Recovery Steam
Generator (HRSG), one of the core components of a combined thermal power
plant weighing 2,100 tonnes, to the
The
300-megawatt HRSG was provided to the Salem Harbour Combined-Cycle Gas
Turbine Power Plant in
The
HRSG is designated to generate power from high-temperature exhaust gas
streams from the plant’s gas turbine. It is considered an eco-friendly system
that helps reduce harmful gas emissions.
Doosan
Vina inked a contract to provide two HRSGs for the Salem Harbour Power Plant
in December 2013 with the last shipment to be sent at the end of this September.
It is
the first made-in-Vietnam HRSG exported to the
Doosan
Vina’s products have made their way to 27 countries worldwide, he added,
hoping that they will be available in more countries soon.
Located
at Dung Quat Industrial Complex in central Quang Ngai province, Doosan Vina
is one of the largest overseas manufacturing factories established through
joint investment from the Republic of Korea-based Doosan Heavy Industry and
Doosan Engineering and Construction.
The
national flag carrier Vietnam Airlines announced on September 9 that it will
continue its “Golden Moment” promotion programme on some of its domestic
routes.
Accordingly,
from September 11 to October 31, 2015, the airline is offering one-way
tickets for flights between HCM City and Quy Nhon for 599,000 VND (27.2 USD);
and HCM City-Phu Quoc, Da Nang - Hai Phong, and Hanoi - Vinh/Dong Hoi/Dien
Bien for 699,000 VND (31.7 USD).
Passengers
will pay only 799,000 VND (36.32 USD) for flights from Hanoi to Quy Nhon, Tuy
Hoa and Hue and from HCM City to Dong Hoi; and 899,000 VND (40.86 USD) on HCM
City - Thanh Hoa/Vinh/Hai Phong routes.
One-way
tickets for flights from Hanoi to Can Tho, Pleiku, Buon Me Thuat and Da Lat
will cost 999,000 VND (45.41 USD) while those from Hanoi to HCM City and Phu
Quoc will be sold at 1,099,000 VND (49.95 USD).
The
promotional offers apply to flights between September 11 and November 30,
2015 (depending on each route). The prices exclude taxes and other additional
fees and are based on terms and conditions.
Logistics
centre inaugurated in Da Nang
The
Transimex-Sai Gon Joint Stock Company held a ceremony on September 9 to
inaugurate its logistics centre in the Hoa Cam Industrial Zone (IZ) in the
central city of
Built
with a total investment of 50 billion VND (2.4 million USD), the
It
includes 9,300 square metres of general warehouses with an automatic cargo
forklift and loading system.
The
project is expected to contribute to connecting the East-West Economic
Corridor, which links
Chairman
of the central city of
At the
dialogue, Japanese enterprises raised difficulties in investing in
They
also suggested building a competitive business environment in the city.
Tho
answered questions raised by Japanese investors and promised to create the
most favourable conditions for them and resolve problems quickly.
He
said
As of
August 2015,
Japanese
companies mainly invested in processing-manufacturing and
information-communication technology sectors, creating jobs for 30,000
labourers in the city and neighbouring provinces.
On the
occasion, the city established a team focusing on addressing problems facing
the Japanese business community.
Animal
breeding groups push for industry edge
Experts
discussed measures to enhance the competitiveness of the domestic animal
breeding industry at a seminar in
According
to the Southern Centre for Agriculture Policy and Strategy, the animal
husbandry industry has played an increasingly important role in the country's
agricultural sector.
With
the country's economy deeply integrating into the world economy, the industry
will no doubt face many challenges, it said.
Nguyen
Thanh Son, head of the National Institute of Animal Husbandry under the
Ministry of Agriculture and Rural Development, said there were four
bottlenecks in the industry: animal strains and productivity, animal feed,
production system and State management.
Therefore,
to improve the competiveness of the industry, these four issues must be
resolved, he said.
Regarding
animal feed, Son said relevant management agencies did not receive the exact
numbers for animal feed output since animal feed production companies had not
reported their production figures.
"We
also do not know their production costs and sale prices," he said.
Nguyen
Van Giap from the Southern Centre for Agriculture Policy and Strategy said
animal feed producers declared that they earned a profit of 1-3 percent for
every kilo of animal feed.
"But
according to insiders, this ratio must be higher, around 10-15 percent.
However, this information has not been verified by any management agency or
research institute because they cannot access information related to
production costs from businesses," he said.
In
addition, State agencies had been unable to control animal feed quality,
delegates said.
There
was a situation of "price anchoring" in the animal feed market that
helped producers in making profit, Son said.
Doan
Xuan Truc, Deputy Chairman of the Animal Husbandry Association of Vietnam,
said: "Since animal feed accounts for 70-75 percent of animal production
costs, if we don't pull down the feed price, animal breeding cost cannot be
reduced, and we can't improve the competitiveness of the animal husbandry
industry."
He
suggested that the Government should enhance inspection of animal feed
quality and price.
Delegates
also suggested to the Government to reduce the bank loan interest rate to a
level equal to that in other countries in an effort to help local firms cut
back input costs.
Le Ba
Lich, Chairman of the Vietnam Animal Feed Association, petitioned the
Government to enhance trade barriers for imported meat products and allow
non-government organisations and business associations to take part in
mapping out these trade barriers.
In
addition, administrative procedures should be further reformed to facilitate
enterprises' operations, he said.
Measures
to control unhealthy competition among large animal feed producers were
needed, Giap said.
Besides,
the Government should set the maximum profit rate for animal feed products
and asked businesses to declare their selling prices, he said, adding that
the Government also needed to keep a close eye on mergers and acquisitions
among domestic and foreign companies involved in the animal feed production.
Ministry
proposes increase to special consumption tax
The
Ministry of Finance has proposed to increase special consumption tax on
imported goods to ensure fair competition between locally manufactured
products and imported ones.
Under
the current regulations, the special consumption tax on imported goods is
calculated keeping in mind their cost, insurance, and freight (CIF) value
plus current import tariff.
However,
the ministry said the import tax on automobiles and air-conditioners would be
lowered to zero under the country's commitment to international integration.
The current special consumption tax on imported goods would not ensure
fairness between local and imported items. It could become vulnerable for
importers to take advantage of the tax cut for transfer pricing, causing
losses to the State budget and making domestic producers less competitive.
Therefore,
it proposed to revise the regulations by adding domestic sale fee on
importers. The domestic sale fee should be calculated on the basis of fees
paid for services such as packing, managing, advertising, displaying,
transporting, and the warranty plus interest of tax payers.
However,
the new calculation faced strong opposition from several businesses as the
special consumption tax on the imported goods could be increased by 15 per
cent from current levels.
The
Viet Nam Beer, Alcohol and Beverage Association said this upwardly revision
in tax was not suitable for imported beer and alcohol sector.
Nguyen
Van Viet, the association's chairman, told online newspaper vneconomy that
imported goods would face double taxation: tax on import as well as sale tax.
According
to alcohol importers' calculation, this could increase the special
consumption tax to 60-65 per cent instead of the current 55 per cent.
In
addition, Viet said such a high tax would lead to cases of tax evasion,
smuggling and counterfeit goods. Moreover, it would not serve the purpose to
ensure fairness between local and imported alcohol, particularly since the
amount of imported beer and alcohol was not high.
Under
the Decree No 94/2012/ND-CP on alcohol production and trading, importers
would sell their products to distributors, wholesalers or retail shops.
Tax
payers and agencies would face difficulties in tax declaration and payment
with too much paperwork and too many procedures due to the additional tax, he
added.
The
association last month sent a document to the Viet Nam Chamber of Commerce
and Industry opposing the plan.
Agreement
signed to sustain fisheries
In the
first such initiative, the Directorate of Fisheries and six other members
signed an agreement yesterday on Public Private Partnership (PPP) in the
fisheries and aquaculture sector with the aim to support sustainable
development in this sphere.
The six
members were: the World Wildlife Fund Viet Nam, GIZ, the Sustainable Trade
Initiative, the Viet Nam Association of Seafood Exporters and Producers
(VASEP), the Viet Nam Institute for Fisheries Economics and Planning and the
Viet Nam Fisheries Society.
The
agreement is expected to optimise Vietnamese fisheries production, trade and
consumption as well as to help improve environment management in the long
term.
All
the parties committed themselves to promoting responsible and sustainable
fishery practices in the country by providing financial and technical support
and implementing promotional activities for certified seafood products at
home and in international markets.
Pham
Anh Tuan, Deputy Director of the Directorate of Fisheries, said the PPP would
create a platform for the public and private sectors to work together,
stressing the importance of the private sector to sustainable fisheries
development. o
Le
Thanh Luu, chairman of the Viet Nam Fisheries Society, said the partnership
would strengthen the voice of fishermen and enterprises involved in the
development of the fisheries sector.
The
partnership agreement was signed at a time when seafood exports have been
plunging. Statistics of the Ministry of Agriculture and Rural Development
showed that
Exports
of major products such as shrimp, tra fish and tuna registered drops.
Deputy
Minister of Agriculture and Rural Development Vu Van Tam expected that the
partnership would help make Vietnamese seafood products more competitive.
In
another move, the VASEP has proposed that loan interest rates for fisheries
companies will be lowered in order to support them in coping with the recent
currency turbulence that has been weighing down their profits.
Food,
beverage markets thrive
The
food and beverage sectors have enormous potential for development with a
stable annual growth rate of 7-8 per cent, according to the Viet Nam Beer,
Alcohol and Beverage Association (VBA).
With
the population of more than 90 million, the food and beverage sectors are key
industries and make significant contributions to the country's economy, said
Nguyen Van Viet, chairman of the association.
Many domestic
and foreign enterprises are seeking opportunities to invest in food and
beverage sectors with potential market, Viet said at the opening ceremony of
the 19th International Exhibition on Food & Beverage and Food Processing
& Packaging Technology & Equipment that opened yesterday in
Last
year, the beverage industry contributed more than VND25.78 trillion (US$1.14
billion) to the State budget and created jobs for more than 400,000
labourers.
The
biggest challenge for domestic enterprises in the food and beverage sector is
that they have yet to be well-prepared for regional integration, he said.
Domestic
enterprises need to better access international markets as well as increase
investment in technologies and equipment, he added.
The
Vietfood & Beverage- ProPack Viet Nam 2015 has attracted 350 domestic and
foreign manufacturers and companies that produce additives and dietary
supplements from 20 countries and territories, including
Alcoholic
drinks, beverages, canned food, coffee, dairy products, diet foods, food
additives, frozen foods, instant products, organic foods, tea, vitamins and
nutritional supplements are among products on display.
The
four-day event at Tan Binh Exhibition & Convention Centre was organised
by the Vietnam National Trade Fair and Advertising Company under the Ministry
of Trade & Industry in coordination with the HCM City Food and Foodstuff
Association, the Viet Nam Beer, Alcohol & Beverage Association and the
Viet Nam Tea Association. —VNS
Local
firms suggest delaying hike to natural resources tax
The
National Assembly plans to increase the tax imposed on enterprises exploiting
natural resources but local enterprises have suggested to the state to
consider the timing for applying new rates.
The
domestic enterprises expressed their opinion during a meeting convened on
Tuesday by the Viet Nam Chamber of Commerce and Industry to elicit the
opinion of local firms regarding enhancing the natural resource tax as per a
draft decree, amending and adding to the Standing Committee of the National
Assembly's Decree 712/2013/UBTVQH13.
Pham
Dinh Thi, the head of the Ministry of Finance's Tax Policy Department, said
after one year of implementing the decree, regulations on tax rates for
natural resources have proven to have certain limitations in protecting,
saving and ensuring efficient use of natural resources, especially as Viet
Nam integrates into the regional and global economy.
Therefore,
the Ministry of Finance has proposed to increase these tax rates by at least
2 per cent for most of the natural resources, including metallic and
non-metallic mineral products, he said.
The
tax rates will be hiked from 12 per cent to 14 per cent for iron, from 16 per
cent to 18 per cent for titanium, from 15 per cent to 17 per cent for gold,
from 7-9 per cent depending on each kind of coal to 10-12 per cent, from 11
per cent to 15 per cent for sand and from 10 per cent to 15 per cent for
granite.
The
increase in tax rates is expected to add VND3.17 trillion (US$140 million) to
the state budget. Last year, taxes on natural resources exploitation
contributed VND38 trillion ($1.68 billion) to the State budget, according to
the Ministry of Finance.
However,
the Ministry of Natural Resources and Environment proposes to clearly spell
out reasons for increasing the natural resources tax rates and assess the
application of existing tax rates in order to protect the interests of the
state as well as of the enterprises.
Nguyen
Canh
Vu
Hong, the deputy general director of the Nui Phao Mineral Exploitation and
Processing Ltd Company said the tax increase could add to the State budget in
the short term but in the long term, the move would actually result in lesser
tax collection since a higher tax rate would make enterprises cut down the
mineral products' output and thus bring down the tax collection.
Since
1998, tax policies regarding mineral products have undergone many changes,
Hong said. This, he added, was not good and creates instability in business
environment of
Any
change in tax policy should only make business environment more attractive so
that investors flock to
Vu
Huong, the head of the tax sub-group at Viet Nam Business Forum, said the
increase in the natural resource exploitation tax rate has been suggested at
a time when
However,
the fact is that the local economy, especially the mineral exploitation and
processing industry, has been facing many difficulties in production and
business, she said. The increase in mineral exploitation tax at this moment
is not good. Any increase should be effected over a reasonable period and
over a long term after carefully considering the impact of such a move, she
said.
Nguyen
Van Bien, deputy general director of the Viet Nam National Coal and Mineral
Industries Holding Corporation Limited, said in the present situation, the
state should continue with the existing rate of mineral exploitation tax. If
the state increases this now, revenue of enterprises as well as the income of
labour would be affected, leading to lack of investment in production at a
time when the market will recover.
Thi
said the ministry has collected all the feedback from enterprises on the
natural resource tax increase and will also consult the experts to ensure
that the interests of the state as also of the enterprises are protected.
Rise
in deposit interest rates a cause for concern
There
is an upward trend in bank deposit interest rates, and analysts have urged
the Government to act to keep the rates low, warning there could otherwise be
adverse consequences.
Interest
rates for three-month deposits have climbed by 0.3-0.4 percentage points to
5.5 per cent at many banks.
For
13-month terms the rate averages 7.3 per cent, a 0.3 percentage point rise.
Le
Xuan Nghia, former vice chairman of the National Financial Supervision
Committee, said, "This trend would likely be clearer in October when it
would be possible for the deposit interest rates to be raised to a new
level."
Some
analysts said the banks had persuasive reasons to increase deposit interest
rates.
Inflation,
interest rates and exchange rates are a trio of economic factors that cannot
be separated and always influence each other.
So far
this year the State Bank of Viet Nam (SBV) has devalued the dong three times
by 1 per cent each and tripled the trading band from 1 to 3 per cent, sending
the currency down to VND22,547 per US dollar. It had been trading at
VND21,440 in early January.
The
higher interest rates will attract investment from abroad, which will put
upward pressure on the dong.
Some
banks said they needed to increase deposit interest rates to improve their
liquidity.
By
early August loans outstanding at
Deposit
mobilisation has slowed down, especially after the central bank's devaluation
of the currency in August.
Some
analysts also blamed government bonds for draining banks' liquidity and
creating pressure on interest rates. The government has issued so many bonds
at 5 per cent coupon rate, and their complete lack of risk means banks are
ready to invest large sums in them, they explained.
The
coupon rates have now risen and range from 6.25 per cent to 8 per cent
depending on the maturity period.
Yet
another reason given is that banks have to been left to carry the ball in
Government credit programmes like the VND30 trillion housing stimulus and
loans to fishermen for building powerful steel-hull boats for deep sea
fishing.
While
agreeing with banks about the need for hiking the interest rates, analysts
however wanted them to increase the rates slightly to ensure lending interest
rates do not also have to be raised.
Can
Van Luc, director of the
To
ease the upward pressure on deposit interest rates, he said the Government
use monetary and fiscal policies and reduce the issue of bonds. "With
the current interest rates on government bonds and the volumes [they
purchase], banks have no way to lower their long- and medium-term deposit
interest rates."
Japanese
group plans Delta cattle farms
Representatives
of a Japanese enterprise met authorities from the Mekong Delta City of Can
Tho on Tuesday to discuss the development of a cattle-rearing project in Song
Hau plantation.
The
Japanese Beef Import-Export Association (J-BIX) is expected to decide the
final investment amount upon the completion of their survey in December this
year.
Director
of Overseas Markets of J-BIX Nakashima said the project aimed to develop both
beef and dairy farms.
It
will ensure high-quality and high-yield breeding cows in tandem with clean
and healthy feed for the herds.
Technology
will be utilised in farming and processing to meet international food safety
standards.
The
company will also devise environment-friendly and advanced approaches to farm
waste treatment, while enhancing farming efficiency.
During
the meeting, Vice-Chairman of the Can Tho People's Committee Dao Anh Dung
said the Song Hau plantation should work closely with the Japanese firm to
implement the project effectively.
The
project was expected to create jobs for local residents and contribute to
local socio-economic development, Dung said.
In
2014, the city had only about 3,500 cows being raised by
individuals.
US
smartphone brand enters Vietnam
Obi
Worldphone, a
Obi
Worldphone was co-founded by John Sculley, the former head of Apple &
Pepsi-Cola and an international investor in consumer technology companies.
With
the cooperation of Robert Brunner, the founder of Ammunition Group, a
renowned design company based in
Obi
integrates an elegant design with high-end technology from Qualcomm, Dolby,
Sony, Corning Incorporated, Google, MediaTek, Japan Display, Inc and Samsung
to deliver a performance for first smartphones SF1 and SJ1.5 in
PPP
targets improving fish and seafood farming
Under
an initiative led by the Directorate of Fisheries (D-Fish) a public-private
partnership (PPP) will be implemented over the next decade aimed at
supporting sustainable development of the aquatic industry.
Under
the agreement signed on September 9, the stakeholders have committed to
developing and supporting national strategies, programs, plans and polices on
the industry in a sustainable manner.
“The
agreement aims to support the industry develop in a manner that promotes
exports in the global marketplace,” lauded General Secretary of the Vietnam
Association of Seafood Exporters and Producers (VASEP) Nguyen Hoai
The
stakeholders have agreed to cooperate to conserve fish and seafood
ecosystems, promote information exchanges, provide technical assistance and
raise funds for improved technologies.
“Most
importantly, the agreement will result in businesses and individuals in the
fish and seafood farming industry raising their competitiveness.” said Deputy
Minister of Agriculture and Rural Development Vu Van Tam.
In
addition to D-Fish, the members of the PPP are the German Society for
International Cooperation (GIZ), Sustainable Trade Initiative (IDH), Vietnam
Association of Seafood Exporters and Producers (VASEP), Vietnam Institute of
Fisheries Economics and Planning (VIFEP), Vietnam Fisheries Society
(VINAFIS), and the World Wide Fund for Nature (WWF Vietnam).
European
meat to conquer domestic market
European
pork, beef and other meat imported into
Meanwhile,
8,405 tonnes of European beef was shipped to
Anna
Olewnik – Mikolajewska, member of the Union of Producers and Employers of
Meat Industry (UPEMI) and CEO of Zakaldy Miwsne Olewink – Bis Company
revealed that around 100 European, including 45 Polish businesses, have been
permitted to export meat to Vietnam.
Meanwhile,
Michal Barzykowski from Danish Noridane Foods Company said
After
the EU and Vietnam complete FTA procedures, imported taxes on meat products
will be cut down to zero and then European meat will become very competitive
in the Vietnamese market, said Michal Barzykowski.
The
Indonesian Anti-Dumping Committee (Komite Anti Dumping Indonesia (KADI) has
announced that it will continue conducting anti-dumping (AD) investigations
into cold rolled steel sheets imported from Vietnam, Taiwan, China, the
Republic of Korea and Japan.
The
Vietnam Competition Authority (VCA) under the Ministry of Industry and Trade
on September 8 reported that current AD tax rates have levied on Vietnamese
products after the mid-term review are 12.3% - 27.8%.
KADI
said it will send questions to relevant sides before organising a hearing.
VAC
advised relevant Vietnamese exporters to actively coordinate with the KADI in
answering its questions to avoid risks and losses during the last review.
Vietnamese
businesses will have 14 days as from September 4 to answer KADI questions.
The
lawsuit was lodged in June 2011 by the plaintiff - PT Krakatau Steel.
According
to statistics from the Indonesian Ministry of Trade, Vietnamese cold rolled
steel sheets exported to
Visa
waiver policy fails to give tourism a strong boost
It has
been two months since
But
Ung Phuong Dung, director of Indochina Services Travel Group, told Saigon
Times Online that around half of her clients from these five European
countries still need a visa.
They
want to stay in
Dung
is one of many tour operators who pointed out that the new visa policy, while
helpful, has failed to give Vietnam's tourism industry a really strong boost,
the news website reported.
Tran
Trong Kien, CEO of travel and hospitality group Thien Minh, was quoted as
saying it often takes more than 15 days to explore all major
Some
tourists who enter
The
government wants to simplify procedures to welcome tourists, but the waiver's
duration is "too short," thus making them feel that "
Many other
travel companies said tourists from distant markets such as Europe often make
travel plans half or one year in advance, meaning that the visa waiver rule
will not really show its effects until next year.
They
also said that nobody can be sure about the future of the one-year policy,
which means they can not really plan far ahead.
More
than 5 million foreigners visited
Of all
the five European countries newly added to
Arrivals
from
Tour
operators also complained that tourism authorities have yet to fulfill their
promise about big promotion campaigns and national sales programs in order to
help increase the visa waiver policy's effects.
Without
making tourists in the target markets aware of the visa waiver rule,
Kien
of Thien Minh Group also stressed that practical marketing programs are
especially necessary, considering the policy's limited time.
He
advised the authorities to bring promotion campaigns to
With
short distances thus easy and cheap trips, these European immigrants will
likely benefit from the visa waiver policy the most, according to Kien.
Banks
face tough balancing act
Credit
this year has grown robustly and might surpass the 15-17 per cent annual
target, however, commercial banks will find it difficult to balance lending
and deposit sources, according to experts.
Statistics
from the State Bank of Viet Nam showed that credit as of August 20 rose 9.31
per cent against December last year, doubling the 4.07 per cent rising rate
in the same period last year.
In the
period, credit to priority sectors rose sharply, of which lending to
high-tech application sectors was up 29.12 per cent, agriculture and rural
development up 9 per cent, the export sector up 4.99 per cent, supporting
industry sectors up 3.2 per cent, and small- and medium-sized enterprises
rose 4.07 per cent.
Further,
deposits in the period rose nearly 7.26 per cent against December last year,
lower than the 7.92 per cent increase during the same period last year.
Experts
forecast that with the current rising pace, credit this year would surpass 17
per cent, explaining that lending often rose due to higher rates in the last
months of the year.
Also,
because of unbalanced credit and deposit sources, experts from the Viet
Capital Securities Company (VCSC) forecast that banks would face challenges
in luring deposits.
Additionally,
VCSC's experts suggested that the central bank should closely watch the
market to prevent an interest rate rise due to the dong devaluation this
year.
After
the central bank's decision to devalue the dong by 1 per cent and increase
the trading band to 3 per cent last month, industry insiders were concerned
about an interest rate increase in the last months of the year, as demands on
maintaining the dong would fall.
However,
the central bank, late last month, affirmed that it would not change the dong
interest rate this year.
According
to the latest report from the central bank, in the week ending August 21 the
dong mobilising rates continued to be stable, with 0.8-1 per cent per year
applied for demand and below 1 month terms; 4.5-5.4 per cent for 1 to below 6
month terms; 5.4-6.5 per cent for 6 month to below 12 month terms; and
6.4-7.2 per cent for 12 month plus terms.
The
average lending rates also remained steady, with 6-7 per cent and 9-10 per
cent year applied for short-term, and medium-and-long-term loans for priority
fields, respectively.
The
rates were commonly 6.8-9 per cent for short-term and 9.3-11 per cent for
medium and long-term ordinary loans.
T&T
Group becomes strategic investor in Transport Hospital
T&T
Group has become a strategic shareholder in Ha Noi's
The
hospital, owned by the Ministry of Transport, plans to launch an IPO this
month.
Dau Tu
(Investment) newspaper reported last Friday saying that the reason as other
outstanding candidates of two real estate developers of Vingroup and FLC and
the Singapore Brookline Medical did not register to become the hospital
strategic partner although the registration deadline was extended from August
14 to August 20.
Before,
Vingroup, FLC and Brookline Medical and a Malaysian partner used to ask for
being the strategic partner of the hospital. However, the hospital said they
had received two applications from T&T Group and Bao Son Investment,
Construction and Tourism Company. Others failed to show up.
According
to Decision No. 2783 / QD – BGTVT released in April, the selected partner
should have the capital of not less than VND200 billion (US$8.8 million) if
they already worked in the healthcare industry or has the capital of VND1
trillion ($4.4 billion) if they are not working in the industry.
However,
in late May, the Ministry of Finance said the strategic investors do not need
to have such large equity in the healthcare industry.
The
requirement of such a large equity is seen as the main reason causing the
racing between potential investors to be less competitive.
In
addition, the investor will have to commit to not transfer their shares
within five years and accept the state divestment plan which would reduce the
State proportion to 30 per cent in the hospital.
The
selection of investors is also based on the investor's plan for hospital development.
Though
there is no official result for the selection, the T&T Group was an
absolutely strategic partner of the hospital now. Strategic partner can
purchase 30 per cent of share before its initial public offering (IPO), said
the newspaper.
As planned,
the State will hold 30 per cent of the hospital's charter capital, while the
hospital's staff will have 8.7 per cent. Some 30 per cent will be for
strategic investors and the remainder 31.3 per cent will be auctioned in the
IPO.
The
source said T&T meets all the demands of capital and they also committed
to support the operation of the hospital after equitisation and maintain the
maximum of the existing workforce there.
While
the other competitor of Bao Son did not satisfy any of the criteria, said the
newspaper.
Transport
hospital was estimated at a value of VND158 billion ($7.4 million), which
includes 86
The
hospital, which is a 21,200sq.m general hospital located at
The
seven-storey building, built on nearly 17,000sq.m, has been equipped with
advanced health-care facilities and 200 beds. It was built on the capital
from the OPEC Fund for International Development's official development
assistance.
Earlier,
the transport ministry said it would finalise the hospital's equitisation plan
to submit it to the Prime Minister for approval and carry out its IPO in the
third quarter of this year as scheduled.
VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VET/VIR
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Thứ Sáu, 11 tháng 9, 2015
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