|
BUSINESS IN BRIEF 8/9
Transport
companies yet to lower fares despite fuel price cuts
On
September 3, the Ministry of Industry and Trade requested petrol traders to
lower prices of 92 octane petrol by VND1,198 per litre along with cutting
prices for other types of fuel. Several experts said that it was necessary to
tighten control over transport fees or even fine firms that delay cutting
their charges.
They
commented that authorities can control transportation fees but nothing had
been done despite urging from the finance, and industry and trade ministries.
The
situation is replicated across the country. “We’ve requested freight
companies and bus firms to lower fees but they proposed to delay any move
until after National Day,” said Nguyen Hong Ky, director of the Nghe An
provincial Department of Transport.
Dang
Van Luong, acting director of Lao Cai provincial Department of Transport said
they have requested the Department of Finance to co-ordinate in requesting
transport firms to cut the fees.
Nguyen
Thi Binh, an economist who works at the
“Petrol
prices have decreased by 10% and it’s obvious that transport fees should be
lowered. It’s unacceptable that the fees have remained unchanged. We need to
clarify which enterprises have cut fees and which have not,” said Than Van
Thanh, vice chairman of the Vietnam Association of Transportation.
He
added that petrol prices fluctuate regularly but it’s unfair that fuel
traders are enjoying profits despite their inefficient operations.
“Our
survey found that fuel account for 40% of transport fees, so the fees must be
lower when fuel prices are cut,” Binh said.
She
proposed that road hauliers and bus firms must make up a list of elements
that are included in their fees. Otherwise, they would be suspected of having
evaded taxes.
Associate
Prof. cum Dr. Tran Dinh Thien, director of the Vietnam Institute of
Economics, said, “The finance, and industry and trade should be held
accountable for the lack of action on lowering transportation fees.”
After
the Ministry of Finance asked for tighter control over road transportation
fees, the Ministry of Transport requested departments of transport at
localities nationwide to intensify supervision and report their findings
before September 30.
The
Ministry of Transport’s Department of Transportation in co-ordination with
the Ministry of Finance’s General Road Administration and Department of Price
Management must make report before October 10.
Air
travel to become cheaper
The
Civil Aviation Authority of Vietnam (CAA) has asked airlines to reduce their
fares and introduce promotional programs and special fares given fuel prices
have fallen over recent months. According to CAAV the falling Jet A1 price
has had a positive impact on carriers and lower fares would make air travel
more attractive.
“Airlines
in
The
Ministry of Finance and the Ministry of Industry and Trade had cut fuel
prices five times as at September 3, from a high of VND20,710 ($0.92) per
liter in June.
For
years aviation costs have represented a relatively large share of the tourism
cost structure. In order to secure reasonable fares, many travel companies
have engaged staff to work 24 hours a day hunting for cheap tickets for their
tours. Travel companies believe lower fares are good news for the industry
and makes air travel more affordable.
Vegetexco
Vietnam successfully IPOs
The
Vietnam National Vegetable, Fruit, and Agricultural Product Corporation
(Vegetexco
The
corporation auctioned 27.7 million shares to the public on the Hanoi Stock
Exchange, or 38.8 per cent of its charter capital after equitization, with a
starting price of VND10,051 ($0.45) per share.
Six
individual investors registered to buy a total of 31.2 million shares, 12.6
per cent more than that available. The highest bid price was VND12,001
($0.52) per share and the lowest was its starting price.
All
shares were sold to these six individual investors, for a total value of more
than VND278.1 billion ($12.2 million), representing a capital surplus of more
than VND1.4 billion ($61,600).
Vegetexco
Its
products can be found in nearly 60 countries and territories worldwide,
including major markets such as the EU, the US, Russia, Japan, and China.
In the
first six months of this year the corporation’s revenue was VND102.5 billion
(4.51 million) and after-tax profit VND19.6 billion ($862,400), up 17 per
cent year-on-year.
Oil
production on the up
A
report from the Ministry of Industry and Trade on industrial production in
August revealed that petroleum operations remain positive and companies are
meeting their plans, with exploitation of crude oil and gas on the increase.
Crude oil production was estimated at 1.5 million tonnes in the month, a 3.5
per cent rise compared to August 2014. In the first eight months of the year
the total was estimated at 12.3 million tonnes, 8.7 per cent higher
year-on-year.
Gas
production in August, meanwhile, was estimated at 700 million cubic meters,
equivalent to 100 per cent of the amount in 2014. In the first eight months
it was estimated at 7 billion cubic meters, representing 1.2 per cent growth
against the same period of 2014. As for liquefied petroleum gas, production
in August was estimated at 55,000 tonnes, a 3.8 increase against August 2014.
Total production over the first eight months was 475,300 tonnes, 8.1 per cent
higher year-on-year.
Regarding
petroleum processing, August production was estimated at 586,400 tonnes, 5.6
higher than in last August. The figure for the first eight months was 4.6
million tonnes, an increase of 30.8 per cent compared to the same period of
2014.
The
electricity sector also saw significant growth, with power output estimated
to have reached 14.3 billion kWh in August, an 11.3 per cent increase
compared to August 2014. In the first eight months output was 105.1 billion
kWh, an 11.7 per cent rise year-on-year.
Electricity
sales in August 2015 were estimated at 12.85 billion kWh, an 11.7 per cent
rise compared to August 2014. In the first eight months of 2015 sales were
estimated at 93.9 billion kWh, an 11.7 per cent increase against the same period
of 2014.
The
coal industry, on the other hand, faced a range of difficulties from the
biggest flooding for the last 40 years in northern Quang Ninh province. Clean
coal production in August was estimated at 3 million tonnes, down 4.8 per
cent compared to July but 3.7 per cent higher than in August 2014. Production
in the first eight months was estimated at 27.6 million tonnes, up 5.8 per
cent compared to same period of 2014.
According
to the Vietnam National Coal - Mineral Industries Group (Vinacomin), coal
consumed in August was estimated at 2.5 million tonnes, a 19.3 per cent
decline against July but a 7.9 per cent increase compared to August 2014.
Consumption in the first eight months was estimated at 23.3 million tonnes,
equivalent to 99.87 per cent of the figure in the same period of 2014.
Innovation
thinking brings economic development
Innovation
in science and technology and using the country’s advantages to develop
distinctly are some of the directions for restructuring the country’s economy
in the context of global climate change and global integration, Professor
Nguyen Quang Thai, Deputy Chairman of the Vietnam Economic Association, told
the “Vietnam's Economy 2016-2020: Development Breakthroughs ” forum on
September 4 in Hanoi.
To
quickly bring the country out of its underdevelopment and provide the
foundations for it to basically become an industrialized country by 2020, the
only way is to “accelerate industrialization and modernization associated
with the development of the knowledge economy,” Professor Thai said,
recalling the content of a document from National Congress X of the Communist
Party of Vietnam in 2006.
“It is
necessary to further promote the industrialization and modernization of
agriculture and rural areas and overcome problems relating to agriculture,
rural areas, and farmers,” the document stated.
According
to Mr. Thai, these are “beautiful” words and targets. They seem to not be
practical at this point in time, however, due to a lack of cohesion amid
ongoing global integration.
There
are outstanding problems existing in the country, including low labor
productivity, and
It is
unfortunate that views on industrialization and modernization since 2006 have
lacked specific criteria for evaluating the results in each period of
development, according to Professor Thai.
“Should
we reduce the number of ‘beautiful’ words and clichés and issue more radical
solutions to make the country’s economy develop in a faster and more stable
manner?” he asked.
Agreeing
with Professor Thai, a group of authors, including Professor Luong Xuan Quy,
Professor Le Du Phong, Professor Mai Ngoc Cuong, Professor Do Duc Binh, and
Professor Hoang Van Hoa, believe there must be a new way of thinking in
assessing the country’s socio-economic development.
According
to the professors,
However,
in Asia-Pacific countries such as
More
than 30 years of reform has brought miraculous achievements to
After
nearly 30 years of reform,
$35.2
million wastewater plant opens in Bac Ninh
The
Phu Dien Construction Investment and Trading JSC put the first phase of a
wastewater treatment plant into operation in northern Bac Ninh province’s Tu
Son town on September 6.
Able
to handle 33,000 cubic meters a day in the first phase, the plant will
collect and treat wastewater from wards such as Dong Ngan, Dinh Bang, Tan
Hong, Dong Nguyen, Chau Khue, and Trang Ha, serving some 100,000 people. The
second phase is expected to increase capacity to 70,000 cubic meters a day.
The
project was invested and developed by Phu Dien in partnership with the SFC
Vietnam Environment Investment and Development JSC under the build-transfer (BT)
mode, with total investment in the first phase of VND800 billion ($35.2
million).
The
technology used minimizes the environmental impact of pollutants such a toxic
gas, odors, and noise. The wastewater undergoes biological treatment and is
sterilized by ultraviolet rays rather than chemicals, as is the case with
older technologies.
The
Prime Minister has recently directed local authorities where IPs are located
to develop wastewater treatment systems or they will not be permitted to
expand the IPs, Mr. Hai was quoted as saying at the breaking ground ceremony
for the treatment plant in Bac Ninh.
Phu
Dien and SFC have provided technology and EPC (Engineering, Procurement and
Construction) contracts for a range of wastewater treatment plants in
BIDV
supporting new Phu Quoc projects
On
September 4 on Phu Quoc Island the Bank for Investment and Development of
Vietnam (BIDV) signed cooperation contracts with Vinpearl Phu Quoc (VPQ) and
Sun Phu Quoc (SPQ) to provide capital and banking services for the
under-construction complex on Hon Thom Island and cable car line connecting
it with Phu Quoc Island, invested by SPQ, and the Vinpearl Hotel Phu Quoc and
Vinpearl Villas (Phase 3) projects, invested by VPQ.
BIDV
said that after considering the economic efficiency of the two projects and
the financial capacity, experience, and management capacity of the investors
it determined the two projects had a high possibility of profitability and so
decided to cooperate in providing credit and banking services.
“With
the capacity of the investors BIDV believes the two projects will begin
operations as planned, create job opportunities for local people, and
contribute to local economic development on
Prudential
kicks off customer call center
On
August 31 Prudential Vietnam officially opened a free 24/7 customer service
call center, at 1800 1247, to serve increasing demand from customers.
Callers
can resolve all matters relating to insurance services with the call center
or, alternatively, call (08) 3948 1388 between 9am and 8pm.
“We
pay great attention to continuing to improve customer satisfaction and their
experience in using our services,” said Mr. Wilf Blackburn, General Director of
Prudential Vietnam. “The call center makes Prudential even closer and
friendlier to customers, where they can receive the information they need
immediately and resolve any problems in making their future financial plans.
Prudential accompanies Vietnamese people on the way to a better life and
prosperity.”
The
call center has been operating a trial basis since July 9 and has received
around 30,000 calls to date.
An
Phat to increase holding in Vinaconex 3 to 51%
At an
Extraordinary General Meeting held on September 4, shareholders of the
Vietnam Construction JSC No. 3 (Vinaconex 3) approved a report from the Board
of Directors on increasing the holding of the An Phat Real Estate Investment
Trading JSC in the company from 24 per cent to 51 per cent.
An Phat
becomes the largest shareholder in Vinaconex 3, with shares totaling 4.08
million.
The
shares will be sold to An Phat from existing shareholders without a public
bid.
With
an increased participation by An Phat, Vinaconex will boost its construction
and investment activities in projects in Thanh Hoa and Thai Nguyen provinces
and seek opportunities to strengthen its investment in
Vinaconex
also has plans to increase its charter capital from VND80 billion ($3.52
million) to VND200 billion ($8.8 million) by issuing 12 million shares.
Vinaconex
3 was established under a decision from the Ministry of Construction. It has
developed a number of projects, including a residential project in Trung Van
ward in
Established
in 2012, An Phat has charter capital of VND500 billion ($22 million) and has
developed projects in Thanh Hoa, including the Dragon Sea Hotel in
The
Vietnam Airlines Corporation held a ceremony to inaugurate the Pleiku airport
upgrade project in the Central Highlands
Deputy
Prime Minister Hoang Trung Hai, Public Security Minister General Tran
Dai Quang, Minister of Transport Dinh La Thang and leaders of Central
Highlands provinces attended the event.
The
project has been started since September 28, 2014 and is expected to be
completed on December 31, 2015.
Public
Security Minister General Tran Dai Quang praised efforts of the Vietnam
Airlines and contractors for concluding the project four months earlier than
schedule, ensuring both quality and safety.
He
said that the upgrades and expansion of
On
this occasion, the low-cost airline Vietjet Air launched new routes
Pleiku-Hanoi/Ho Chi Minh City.
Pleiku
Airport uppgrade project which was funded by the central government and Gia
Lai budgets, and the Airport Corporation of Vietnam at a total capital of VND
950-billion (US$ 43.2 million) includes expansion of the airport's runway,
building of two aprons to accommodate A321 aircraft, and upgrade of the
lighting system and the passenger terminal.
HCMC
calls for European investment in eight key fields
Ho Chi
Minh City People’s Committee Chairman Le Hoang Quan led a high- ranking
delegation to visit Germany, Italy and Hungary yesterday, aiming to call on
European businesses to invest in eight key fields of infrastructure
construction, support industry, hi-tech agriculture, urban development,
financial- bank, trade, education and health.
City’s
enterprises in industry, mechanics, textile and garment, and tourism sectors
also accompanied with the delegation on this visit.
One of
the most important activities of a working visit is to sign cooperation
agreements between
Moreover,
the delegation will have a survey to metro systems, learn economic and
historical values of the three cities, exchange their experiences about
management of fresh water source.
The
delegation will kick off three seminars to call for European firms to invest
in the eight key fields of infrastructure construction, support industry,
hi-tech agriculture, urban development, financial- bank, trade, education and
health.
On the
occasion, the city’s delegation also organizes Vietnamese art performances in
After
30 years of renovation,
According
to the Ministry of Agriculture and Rural Development,
Professor
Vu Van Viet, deputy director of the Vietnam National University of
Agriculture, said rice production has expanded in area and output not in
processing to improve the grain value. Post harvest loss has been high and
the most concern is that productivity has reached its peak and been difficult
to further increase.
Dr.
Nguyen Do Anh Tuan, head of the
The
most weakness of Vietnamese rice is from quality, which has mainly accessed
easy markets such as the Philippines and Africa with low export price, which
is US$10-15 lower than Thai rice price a ton of the same variety.
Post
harvest loss hits 13 percent while it is only 6.1-9.1 percent in
The
Ministry of Agriculture and Rural Development has reported difficulties in
rice exports since early this year. In August, the export turnover reduced
13.1 percent over the same period last year.
Mr.
Tran Manh Bao, director general of Thai Binh Seed Company, said despite of
export slowdown businesses still have to ask permission to export. In
addition, rice land area allocation limit of 3 hectares to a household has
been a barrier for farmers who want to attend in large scale production
models.
At
meetings on agricultural development towards higher added value and
sustainable development, Minister of Agriculture and Rural Development Cao
Duc Phat said agricultural restructuring should improve rice value and
quality instead of expanding volume and output to improve competitiveness at
this time.
The
ministry has determined that rice would continue to be strength of the
agricultural industry.
The
Government has also set a target to maintain 3.8 million hectares of rice
land in an overall plan by 2020, visions till 2030.
A
national plan should be mapped out to define where rice areas would be for
exports, where for local consumption and where would be converted into other
crops, say experts.
The
Prime Minister has recently permitted to shift part of rice area in the
Mekong Delta into maize and other fruit trees with higher value than rice,
which Minister Cao Duc Phat said a right policy that not only ensure rice
area under planning but also convert new crops back to rice cultivation when
necessary.
Professor
Tran Van Khoi, deputy director of the
Therefore,
it is necessary to improve their awareness of goods production, build a
stronger connectivity between farmers and businesses, businesses and
businesses from production to consumption phase, and attract investors to
agriculture, he suggested.
Rice
production should be reorganized focusing on developing high quality
varieties and Vietnamese rice brand names.
Besides,
authorized agencies should simplify procedures for rice exporters, preventing
interests
Ministry
requests continuous supply of ethanol for E5 biofuel
The
Ministry of Industry and Trade has requested all possible means to ensure
sufficient supply of ethanol as materials to produce bio-fuel E5, according
to head of the ministry’s Science and Technology Department Nguyen Phu Cuong.
An
ongoing scheme counts four qualified ethanol manufacturers across the
country, which should ensure enough supply of ethanol to make E5 – a blend of
conventional petrol and ethanol.
Deputy
Minister of Industry and Trade Do Thang Hai said the government is promoting
the use of E5, which costs 330 VND per litre less than conventional petrol.
During
a meeting on September 3, Deputy Director of Quang Ngai Industry and Trade
Department Nguyen An reported that all filling stations in the province are
selling E5 which has become popular.
However,
he also expressed concern over a lack of the biofuel for sale in the coming
time due to limited ethanol stock.
The
biggest obstacles facing E5 manufacturers are capital and supply of input
materials, he added.
On the
sidelines of the 2015 Eastern Economic Forum in
A
working session on September 4 between Minister Vu Huy Hoang and Russian
Minister of Energy Aleksandr Novak focused on cooperation in the energy
field, especially in oil and gas development, coal supply and thermal power
projects in
The
two sides concurred that energy links will continue to be one of the most
important fields in economic cooperation between
During
his meeting with Primorye regional Governor Vladimir Miklushevsky on
September 5, Minister Hoang affirmed that there is a great potential for the
two countries to bolster their connections, especially between
Hoang
emphasised the role played by the
For
his part, Miklushevsky said apart from its abundant natural resources, the
He
stressed the region is focusing on developing its light industry, wood
processing and agriculture while inviting Vietnamese enterprises to join
special economic zones in Primorye.
During
their stay in
The
domestic market, with a population of 90 million people, presents a great
opportunity for seafood producers to increase the sales of their products due
to rising demand, experts said.
Dinh
Thi My Loan, chairwoman of the Vietnam Association of Retailers, said the
average annual consumption of seafood by the domestic market has reached 27kg
per capita, and the figure is expected to surge by 5.37 percent on average
per year for the period 2011-20. Total seafood consumption by the domestic
market is forecast to stand at 790,000 tonnes for this year and 940,000
tonnes for 2020.
Some
35 percent of the local population live in cities and pose high demand for
seafood products due to their improving income, according to Loan.
Meanwhile,
development of the local retail system, especially modern retail channels,
presents major opportunities for seafood enterprises to increase their
domestic market share.
The
sector currently has 8,000 processors providing 400,000 tonnes of seafood
products every year, worth 15 trillion VND (666.7 million USD), Loan said.
Le Thi
Thanh Lam, deputy general director of the Sai Gon Food Trading Ltd Company,
said with the strong development of the local supermarket system, seafood
enterprises have promoted the production of frozen seafood products for
distribution via the supermarket system.
At
present, frozen seafood products account for 60 percent of frozen processed
food products at supermarkets, Lam said.
However,
Loan said, to increase market share at home, local seafood enterprises should
pay attention to improving quality and food safety and to building their
brand name.
Cooperation
among producers/processors, distributors and retailers should be more
efficient, she said.
Lam
said many local small- and medium-sized seafood processing enterprises still
use old equipment and technology for production and providing products of
questionable quality.
Moreover,
the high cost of transport and distribution has made retail prices soar for
seafood products on the local market, placing limits on consumption, she
said.
Therefore,
supermarkets should apply strict quality controls to incoming seafood
products and must provide incentives for seafood products from newly formed
companies, Lam said.
Nguyen
Thi Thanh Thuy, deputy general director of Saigon Coop, said to sell goods to
supermarkets, food enterprises, including seafood firms, must supply goods
with stable quality and a taste that is suitable for local customers.
State-owned
construction firms slow to equitise
State-owned
construction companies are making slow progress with privatisation efforts as
they have encountered a number of problems, the Ministry of Construction
said.
The
ministry said these companies are having difficulty attracting the attention
of strategic investors for their IPOs.
Strategic
investors are not interested in these companies or in their IPOs, and the
State will have difficulty making divestments from these companies, according
to the ministry.
There
is currently no detailed policy on how State-owned construction companies can
sell their stakes to strategic investors. For example, no policies governed
the bidding between strategic investors and the selling procedure before and
after the IPOs have been released, the ministry added.
Moreover,
many companies in the construction sector are unable to sell their brands for
equitisation since the Ministry of Planning and Investment has not yet issued
a policy on selling company brands following the Resolution 47 issued by the
Government last year, the construction ministry said.
In
order to improve the equitisation and divestment of state-owned construction
companies, the Ministry of Construction recently proposed that the Government
should amend Decree 59, issued by the Government in 2011, to allow equitised
firms to keep their reverse funds which help them manage the devaluation of
receivables and erase the receivables that they can no longer collect.
The
ministry also proposed that the Government allow construction firms to use
their average profit earned during the 5-10 years before the equitisation as
a comparative advantage and allow the employees who represent the company to
make investments in subsidiaries and associates and to buy the parent
company's shares when it is equitised.
At the
moment, these employees are not included in the policy that allows a
company's employees to buy its shares at a preferential rate.
The
Ministry of Construction also proposed that the Government provide detailed
instructions to help investors value unlisted firms, help the firms comply
with the market's regulations when they are removed from the exchanges and
assist them in seeking strategic investors.
This
year, the Ministry of Construction plans to complete equitising 19 firms,
including nine parent companies, such as LILAMA, COMA and VICEM and eight of
their subsidiaries.
This
month, LILAMA, a parent company, is completing the procedures to organise its
IPO.
In
addition, two other parent companies, CC1 and FICO, submitted their IPO plans
to the Government in June of this year, while two more, COMA and VNCC, plan
to submit their IPO plans to the Government this month.
Four
parent companies, Song Da Corp, VICEM, HUD and IDICO, and HUD's subsidiary –
HUDS – are being assessed. They expect to complete the assessments within the
third quarter of this year and submit their IPO plans to the Government in
the fourth quarter.
Two
subsidiaries – the Housing and Urban Services Co Ltd (HUDS) under the Housing
and Urban Development Corp (HUD) and Khanh Hoa Housing Development Co Ltd
under Song Da Corp – will be equitised separately from their parent
companies.
Based
on these plans, by the end of this year, 170 subsidiaries will need divesting
with a total value of 5.25 trillion VND (233.6 million USD). In August alone,
the construction ministry approved the divestment plans proposed by 25
subsidiaries and made complete divestments from 12 of them with a total
collection of 200.75 billion VND (8.92 million USD).-
Dong
Nai: FDI attraction surpasses yearly target
The
southern
According
to the provincial Department of Planning and Investment, 1.23 billion USD was
poured into 68 new projects and 337 million USD went into 22 existing
projects as registered additional capital.
The
The
majority of investors have primarily employed green and
environmentally-friendly technologies in accordance with the province’s
long-term plans, said the department.
In the
first 8 months of this year, disbursement of existing projects recorded a
year-on-year rise of 5.3 percent to hit 800 million USD, reaching 73 percent
of the yearly target.
By
August 20, the province had licensed 1,517 FDI projects with total investment
capital of nearly 27.67 billion USD, 1,161 of which are operating with total
capital of 23.16 billion USD.-
Asparagus
becomes latest promising crop
Farmers
in
Bui
Thi Lang, head of the district's Hiep Thuan Commune's farmers' association,
said that they started to grow asparagus earlier this year after local
authorities sought crops with higher economic value than rice.
Lang
said at that time, few local farmers were interested in growing asparagus
because it was new to them and required big initial investment – about 30
million VND (1,330 USD) per ‘sao’ (360 sq.m)
Despite
this the asparagus soon flourished and helped the farmers increase their
income, Lang said.
There
are 4.7 ha of asparagus in the commune, providing about 100 kilos of
asparagus daily. A kilo of asparagus can be sold for 50,000 VND – 70,000 VND
(2.2-3.1 USD).
Lang
said that a company and wholesaler came to the commune and ordered asparagus to
sell in markets.
"Now,
we don't have enough asparagus to sell," she said.
Chairman
of Phuc Tho District People's Committee, Hoang Manh Phu, said asparagus was
grown over six hectares under a pilot programme in three communes of Hiep
Thuan, Cam Dinh and Tho Loc.
Growing
asparagus is a good way for local farmers to increase income, he said, adding
that the crop would bring more profit if farmers learned cultivation
techniques, connected with the market and built their brand.
The Ho
Chi Minh City People's Committee has unveiled plans to attract foreign
investment in supporting industries in 2015-16, reported Thanh Nien (Young
People) newspaper.
The
city will help 100 businesses involved in supporting industries in fields of
engineering, electronics – information technology, food and fashion design
upgrade their technologies and machinery.
It has
instructed relevant agencies to seek investments from Japanese, RoK, Thai,
and Taiwanese businesses in export processing and industrial zones.
Dong
Nai tourism targets 235 million USD revenue by 2020
The
southern
The
number of tourists visiting the province will be 5.8 million at that time.
In
order to achieve these goals, Dong Nai approved a plan to develop tourism to
2020 with a vision to 2030 that includes 28 projects with a total investment
of 18,730 billion VND (851 million USD).
The
fund for 2015-2020 is 8.59 trillion VND and the 2020-2030 period is 10.78
trillion VND.
Of
18.73 trillion VND, the local budget will contribute from 10 to 15 percent.
Dong
Nai is home to some landscape areas suitable for tourism development such as
the Ca Tien National Park, Dong Nai Culture and Natural Conservation, Ba Xe
and Hiep Hoa and Co islands,
The
province is also coordinating with ministries to complete facilities
supporting tourism such as the railway line connecting Bien Hoa to Vung Tau,
Ben Luc – Long Thanh Expressway, and roads to other destinations.-
Can
Tho's IZs attract 1.96 billion USD
Industrial
zones (IZs) in the Mekong Delta city of
The
management board of the local export processing and industrial zones reported
the figures, adding that the disbursed capital amounts to nearly 45 percent
of the registered value, reaching 866.16 million USD.
During
the first eight months of this year, enterprises in Can Tho's IZs posted a
combined industrial production value of 824.6 million USD and a total trade
and service revenue of 209.7 million USD.
The
companies obtained 1.03 billion USD in total revenue, with some 385 million
USD coming from exports during the period.
The
management board said the city was speeding up site clearance, administrative
reforms and infrastructure and human resource development to attract further
investment.
Can
Tho hosts eight IZs: Tra Noc 1, Tra Noc 2, Hung Phu 1 and Hung Phu 2A, as
well as Hung Phu 2B, Thot Not, O Mon and Bac O Mon. The IZs are located along
the Hau river, and the projects here employ more than 30,700 workers.
Can
Tho is nationally considered a motivating force for the development of the
Mekong Delta. The country has located key projects here, such as the Can Tho
international airport, the Cai Cui port and the O Mon thermo-electricity
centre.
Pleiku
airport upgrade for better services
The
Vietnam Airlines on September 5 held a ceremony to inaugurate the Pleiku
airport upgrade project in the Central Highlands
The
project includes expanding the airport’s runway, building aprons to
accommodate two A321 aircraft, and upgrading the lighting system and the
passenger terminal.
With
the upgrade, the airport is capable of handling A320, A321 and Boeing 737
aircraft, improving passenger services.
Addressing
the event, Public Security Minister General Tran Dai Quang, who is also head
of the Steering Committee for the Central Highlands Region, said the project
is significant to the socio-economic development of the country and the
He
praised efforts of the Vietnam Airlines and contractors for concluding the
project four months earlier than schedule, ensuring both quality and safety.
Individuals
and businesses have imported nearly 16,900 Chinese manufactured motor vehicles
in the eight months leading up to September, according to the Import-Export
Department.
Deputy
Director Tran Thanh Hai of the Import-Export Department said the increase is
primarily attributable to an increase in the number of heavy duty trucks,
which is nearly a 4.5 fold the number last year.
Older
model trucks were creating excessive damage to the nation’s roads and a
crackdown by the government has contributed to the jump in imports from
While
the sales volume remains relatively low, the pace of growth has been fast as
Banks
face tough balancing act
Credit
this year has grown robustly and might surpass the 15-17 % annual target,
however, commercial banks will find it difficult to balance lending and
deposit sources, according to experts.
Statistics
from the State Bank of Vietnam (SBV) showed that credit as of August 20 rose
9.31 % against December last year, doubling the 4.07 % 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 %, agriculture and rural
development up 9 %, the export sector up 4.99 %, supporting industry sectors
up 3.2 %, and small- and medium-sized enterprises rose 4.07 %.
Further,
deposits in the period rose nearly 7.26 % against December last year, lower
than the 7.92 % increase during the same period last year.
Experts
forecast that with the current rising pace, credit this year would surpass 17
%, 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 % and increase the
trading band to 3 % 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 year applied
for demand and below 1 month terms; 4.5-5.4 % for 1 to below 6 month terms;
5.4-6.5 % for 6 month to below 12 month terms; and 6.4-7.2 % for 12 month
plus terms.
The
average lending rates also remained steady, with 6-7 % and 9-10 % year
applied for short-term, and medium-and-long-term loans for priority fields,
respectively.
The
rates were commonly 6.8-9 % for short-term and 9.3-11 % for medium and
long-term ordinary loans.
Vietnamese
enterprises seek opportunities in Czech market
Trade
relations between
Businesses
of both nations have increased cooperation in trade and investment,
particularly in exports of garments, textiles, and footwear.
In the
last 5 years, trade turnover between
The
Despite these economic
and trade achievements, cooperation has been modest compared with the two
countries’ potential.
Truong
Manh Son, Vietnamese Ambassador to the
As a
gateway to
Thang
said that “trade promotion in markets in
Thang
noted that one advantage Vietnamese enterprises have is that consumers in the
Czech Republic, Hungary, Austria, and Poland are already very familiar with
Vietnamese brands of garments, textiles, and footwear products.
Tran
Thi Minh Thu, a member of the executive board of the Hanoi Leather and
Footwear Association, said Vietnamese firms can compete and win the trust of
Czech consumers.
According
to Thu, “with restricted capacity in self production and purchasing of
semi-finished materials, Vietnamese leather and shoes makers will have to
face fiercer competition in the market. But compared to the products made by
those who are doing business in the Czech market, we are strongly confident
in vying there.”
In
2013, the Czech government officially recognized the Vietnamese community of
more than 60,000 people as an ethnic minority group there, acknowledging
their contributions to local socio-economic development.
Source: VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VET/VIR
|
Thứ Ba, 8 tháng 9, 2015
Đăng ký:
Đăng Nhận xét (Atom)
Không có nhận xét nào:
Đăng nhận xét