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BUSINESS IN BRIEF 6/10
MoF
borrows $1.3 billion from SBV
The
Ministry of Finance (MoF) has received a VND30 trillion ($1.33 billion) loan
from the State Bank of Vietnam (SBV), according to the Deputy General
Director of the State Budget Department at MoF, Mr. Dao Xuan Tue.
It is
a short-term loan, he told a press conference at MoF’s headquarters in
The
Law on the State Budget and the Law of the State Bank of
In
July, Deputy Governor of the SBV Nguyen Thi Hong said it had carefully
considered the loan, adding that it would stabilize the macro-economy and
that it was only short term.
The
MoF will receive more revenue over the closing months of the year and so be
able to repay the loan.
SBV
issues circular on foreign exchange
The
State Bank of Vietnam (SBV) has issued Circular No. 15/2015/TT-NHNN, guiding
foreign currency transactions by credit institutions.
The
Circular took effect on October 5; must faster than the normal 45 days from
the date of approval. It states that foreign currency transactions with banks
must be accompanied by documents proving the purpose, amount, and duration of
payments, which aims to stop speculation and the hoarding of currencies by
enterprises.
If
customers need to settle with partners within two working days, banks can
sell foreign currencies immediately. When the payment term is more than three
days banks are only allowed to sell forward exchange. For forward exchange transactions,
the maximum term is 365 days. Circular No. 15 also regulates that the last
day of forward exchange is not two working days before the due date of the
enterprises’ payment.
The
forward exchange rate between VND and USD in the transaction period will be
defined by the parties’ agreement but will not exceed the rate determined on
the date of the transaction.
According
to the SBV, in August and September the fluctuation in USD/VND exchange rates
led to a significant increase in USD deposits. This reflected speculation and
the hoarding of foreign currency by many enterprises in the hope of
preventing risks from increasing exchange rates even though their payments
are not due.
As a
result, at the end of September the SBV decided to cut the ceiling interest
rate on dollar deposits to 0 per cent to reduce its attractiveness.
Anphabe,
an employer brand solutions provider in
This
is the only professional survey in
“Approaching
the third year, the Vietnam Best Places To Work 2015 Survey has successfully
captured the attention of and become the prominent source of information for
the human resources community,” said Ms. Thanh Nguyen, CEO of Anphabe.com,
Aside
from continuing to update career drivers and expectations of working
professionals and the latest trends of employer branding in the market, this
year the survey seeks to evaluate the employer brand health of hundreds of
top companies taking part in the internal survey (evaluated by employees) and
external survey (evaluated by talent in the industry).
A
series of indices and advanced analyses will indicate the strengths and
weaknesses, as well as risks and opportunities, in the employer brand
management of each company, therefore providing companies with the most
practical suggestions for improvement.
According
to the 2014 Vietnam Best Places to Work Survey, Benefits is rising to the top
consideration along with Salary as important factors in working
professionals’ inspections of potential workplaces.
Companies
participating in the Vietnam Best Places To Work 2015 Survey will receive
reports on the specific needs for Benefits of each talent group as well as
the current types of Benefits offered by companies in the market, based on
which actions can be taken to improve their Benefits package.
Similarly,
in order to help businesses find suitable solutions for retaining talent, the
survey this year will also look deeper into the causes of stress that may
affect employees’ productivity and make them leave the company.
Among
the various reasons given, such as overload, lack of trust in the company,
financial concerns for the future, a dictatorial management style, or
unrealistic performance targets, etc., it also seeks to determine what the
real causes of stress are and what drives employees out of an organization.
From
the findings of the survey, businesses can come up with more practical
actions to raise the quality of work, upgrade their employees’ lives and thus
increase their employer brand attractiveness.
As per
the tentative schedule, in March 2016 the organizers will conduct an Awards
Ceremony of Vietnam Best Places to Work 2015. Companies that participate in
the survey will receive an Employer Branding - Total Market Report and an
Employer Brand Health Report (internal and external), along with customized
consultancy.
Dong
Nai expects 1 billion USD trade surplus for 2015
The
southern
In the
period, the province exported nearly 11 billion USD worth of goods, up 11.5
percent year-on-year, the highest growth recorded thus far.
Export
items that recorded good growth included footwear, garment-textiles, wooden products,
machinery, transport vehicles, computers and electronic products.
The
export volume of agricultural products such as cashew nuts and rubber also
increased positively.
Meanwhile,
Dong Nai’s imports topped 9.91 billion USD, with major imports including
machinery, steel and iron, and fibres.
According
to the provincial Department of Industry and Trade, large orders for local
businesses since the beginning of this year have contributed to the good
performance of exports. The number of orders will continue rising in the
fourth quarter.
Dong
Nai targets 15 billion USD in export turnover for the whole year while import
value is forecast to touch 13.5 billion USD.
Industrial
parks have great development potential
Industrial
parks (IPs) have great potential for development in the domestic property
market in the coming time, Savills
The
report said according to the planning and investment ministry, there were 299
industrial parks in
There
are 212 operating IPs with less than 60,000ha of land, and 87 IPs with less
than 24,000ha of land that are under site clearance and infrastructure
construction.
Savills
Notably,
giant tech firm Microsoft has closed its two Nokia plants in
The
Regional Comprehensive Economic Partnership (RCEP) and the ASEAN Economic
Community (AEC), in which
The
Singapore-based
Mapletree Investments has reportedly committed to invest 1 billion USD in
developing IZs, offices and apartments in
The
report said the northern key economic zone (NKEZ) covers seven provinces and
municipalities of
There
are 46 industrial parks (IPs) in the NKEZ, covering a total area of more than
12,100ha. Most IPs are located along National Highway 5 (
Meanwhile,
the key southern economic zone comprises Ho Chi Minh City and surrounding
provinces such as Binh Duong, Dong Nai, Long An and Ba Ria-Vung Tau. The zone
has 106 operating IPs with a total area of 33,500ha.These IPs are located
near national highways, provincial roads, international airports and railway
stations, besides ports.
Top
representatives of the
During
the visit from September 29 to October 2, the delegation had working sessions
with Chairman of the RoK’s Financial Services Commission (FSC) Yim Jong-yong,
Governor of the Financial Supervisory Service (FSS) Zhin Woong-seob, Bank of
Korea Governor Lee Ju-yeol, Korea Exchange Chairman Choi Kyung-soo, along
with representatives of the RoK’s major financial institutions investing in
Vietnam.
The
two sides rejoiced at the thriving cooperation between the two countries
since they set up the diplomatic relationship in 1992, adding that the lift
of their ties to the strategic partnership and the signing of a bilateral
free trade agreement will open up a myriad of chances to bolster economic,
trade and investment collaboration.
NFSC
Chairman Vu Viet Ngoan presented
The
RoK side spoke highly of the Southeast Asian nation’s economic outlook and
expressed the hope for more favourable conditions provided by local
managerial agencies for them to expand operations.
The
Korean representatives shared their experience in developing, managing and
monitoring the capital market and the Korea New Exchange (KONEX) which is
meant to assist startup small- and medium-sized enterprises.
NFSC
Chairman Ngoan, FSC Chairman Yim Jong-yong and FSS Governor Zhin Woong-seob
discussed the possibility of signing a cooperation agreement on sharing
information about supervising Korean financial institutions’ operations in
The
RoK side voiced support to
SCIC
to offload Constrexim stocks
The
State Capital and Investment Corporation will sell all 11.7 million shares it
held in the Vietnam Investment Construction and Trading Joint Stock
Company.
The
State Capital and Investment Corporation (SCIC) is now also the largest
shareholder in Vietnam Investment Construction Trading JSC (Constrexim
Holdings), with 44.5 percent of the company's capital.
SCIC
will sell its shares for 25,800 VND per share, giving the deal a value of 300
billion VND (13.3 million USD). This price is 37.2 percent higher than the
company's share value on the stock market.
Constrexim
Holdings is now listed as CTX on the Hanoi Stock Exchange.
SCIC
reported that 900,000 shares of the 11.7 million shares were already placed
on the
In the
last four years, Constrexim Holdings earned low profits of 57.8 billion VND
(2.57 million USD) in 2011, 26.4 billion VND (1.17 million USD) in 2012 and
28.4 billion VND (1.26 million USD) in 2014 due to the decline of the
domestic real-estate market.
The
company's profit rose in 2013 with a value of 110.5 billion VND (4.9 million
USD) after it sold its property projects. In the first half of the year,
Constrexim Holdings earned 1.6 billion VND (71,100 USD). But that figure does
not include an undistributed net profit of 94.3 billion VND (4.2 million USD)
and a share premium of 145.5 billion VND (6.5 million USD).
The
company owns projects and land property with a total area of 72,400 square
metres in
Bank
helps 3.6 million households escape poverty
As
many as 3.6 million households have escaped from poverty while 12 million
people have found employment as direct and indirect outcomes of preferential
loans from the Vietnam Bank for Social Policy, according to the bank.
The
bank has also support the construction of 7.2 million clean water and
sanitation works nationwide, 484,000 houses for the needy, and 3,204 flood
shelters and 103,000 flood-proof houses for locals in the Mekong Delta
region
Meanwhile,
3.3 million poor students have received financial assistance from the bank to
keep up with study.
With
nearly 11,000 transaction points in communes, wards and towns nationwide, the
bank has the large network among all credit organisations in the country.
This has enabled poor people and those from ethnic minority groups to easily
access capital.
Currently,
total capital of the bank reaches 147.2 trillion VND (6.5 billion USD), 20
times higher than that of 2002 when the bank was established on the
foundation of the Vietnam Bank for the Poor.
Surge
in loans shifts
Loans
in the property sector surged this year, increasing by 70 percent in
comparison with the lowest level in 2012 to touch 333 trillion VND (14.8
billion USD).
Statistics
from the State Bank of Vietnam (SBV) showed that in the first eight months of
the year, the total loans in the real estate sector rose by 10 percent from
2014.
This
is a relatively high growth rate, as the rate was 4.33 percent during the
same period in 2014.
The
central bank's Deputy Governor Nguyen Thi Hong said there was no concern
regarding loans in the sector as they accounted for a small portion.
In
addition, the loans are invested in apartment buildings for which there is
real demand by people for their living requirements. The increasing number of
loans in the real estate sector has contributed to reducing inventories in
the construction, steel and cement sectors.
However,
Hong said the SBV would continue to monitor the increase in loans to ensure
safety and effectiveness in credit management.
She
said the central bank has promulgated Circular 36/2014/TT-NHNN for the tight
supervision of credit to prevent "hot" growth in the real estate
market.
Banks
said the rising number of loans in the first months of the year was because
of the warm property market.
Many
home buyers took advantage of falling interest rates to access bank loans to
buy apartments.
However,
Tran Du Lich, a member of the Monetary and Financial Policies Advisory
Council, said bad debts of the real estate sector were still the most
difficult for the banking system as the assets did not have high flexibility.
Lich
said banks should promote risk management when loans poured into the property
sector.
The
Prime Minister has asked banks to closely follow and control their loans to prevent
a market "bubble" and unhealthy development.
Government
to keep close eye on cost of key products
The
finance ministry said it would continue to tighten price management over key
products such as electricity, coal, petrol and public services in the last
months of the year to ensure market stability.
This
is one of the key tasks to be taken by the ministry during the last quarter
of the year, said Deputy Minister Vu Thi Mai at a press briefing held on
October 2 to review the implementation of financial tasks and the State
budget in the past three quarters.
Regarding
the State budget, the ministry reported that budget collection in the past
nine months reached 683 trillion VND (30.3 billion USD), a year-on-year
increase of seven percent.
Of
which, nearly 51.8 trillion VND (2.3 billion USD) was collected from crude
oil, down 34.8 percent year-on-year.
Collection
from import and export activities reached 123 trillion VND (5.4 billion USD)
during the nine-month period.
During
the period, the country's total State budget spending was estimated at nearly
824 trillion VND (36.6 billion USD), equivalent to 72 percent of the
estimates and posting a 7.8 percent year-on-year rise.
September
auctions prove a success
Five
initial public offerings (IPO) and four auctions of State-owned shares held
on the Hanoi Stock Exchange in September concluded with 100 percent of stakes
for sale sold, the northern exchange reported.
A
total of 54.8 million shares were sold in the nine auctions in September,
bringing in a combined value of almost 603 billion VND (26.8 million USD).
The number of shares investors registered to buy also reached 77.6 million
shares, surpassing the total shares put up for sale by 42 percent.
In
August, 70 percent of a total 57 million shares offered in the seven auctions
were sold, garnering a total return of 518.3 billion VND (23 million USD) for
the State.
The
five IPOs in September belonged to the Vietnam National Vegetable, Fruit and
Agricultural Product Corporation (Vegetexco), Vietnam National Tea
Corporation (Vinatea), Hanoi Livestock Breeding Company Limited, Hanoi
Trading and Investment Company Limited and Central Pharmaceutical Company No
1.
Unlike
the public sales in the previous month, these IPOs attracted many investors,
particularly agribusinesses, with the bid volume often doubling the ask
volume.
Total
of value of shares sold in the five IPOs reached over 473 billion VND (21
million USD), of which Vegetexco and Vinatea saw the highest value of 278
billion VND (12.4 million USD) and 119 billion VND (5.3 million USD),
respectively.
Four
other auctions, organised to help the State make divestment in four
companies, including Ha Tinh Pharmaceutical JSC, Drilling and Mining
Technical Service JSC, Hon Gai Mechanical JSC and The Sugarcane and Sugar
Corporation No 1 JSC, also had high investor participation. Notably, the bid
volume in the Drilling and Mining Technical Service JSC's public sale was
four-fold higher than the volume of shares put up for sale.
Total
value of these sales reached almost 130 billion VND (5.8 million USD).
As of
September 30, six businesses have registered to hold auctions on the
Mexican
businesses interested in trade ties with Vietnam
Two
Mexican business delegations will visit
The
Ambassador attended the 22th Mexican Foreign Trade Congress held on October
1-2 in the northwestern state of Jalisco, where she held talks with Miguel
Angel Landeros, President of the Western Mexican Council for Foreign Trade
(COMCE) and Francisco Gonzalez Diaz, General Director of ProMexico - a
Mexican government’s agency of trade and investment promotion.
The
diplomat also took the occasion to introduce Mexican enterprises to
According
to the Vietnam Embassy’s Trade Office in
During
the period,
In
2014, trade turnover between the two nations hit 2.26 billion USD, climbing
40 percent from 2013, reported the Mexican central bank and economics
ministry.
Official
refutes think tank’s calculation of public debt
A
finance ministry official has refuted the figure of public debt in 2014 as
given by the Policy and Development Institute under the Ministry of Planning
and Investment, saying that the method of calculation is not in line with
regulations.
A
group of researchers at the institute said public debt in 2014 was 66.4
percent of GDP, instead of 59.6 percent as estimated in the Finance
Ministry’s latest report to the National Assembly dated May 18.
Deputy
Minister of Finance Vu Thi Mai said at a press briefing in
She
noted that public debt, under the law, comprises Government debt,
Government-guaranteed debt and local authority debt.
The
ministry is comparing the figure with statistics of donors and budget balance
of agencies, she said, adding the real ratio may be lower.
Truong
Hung Long, Head of the Department of Debt Management and External Finance at
the Finance Ministry announced at a recent meeting that 2014 public debt was
about 2.3 trillion VND (101 million USD), or 59.6 percent of the country’s
GDP.
The
figure is projected to rise to 62.3 percent at the end of this year, which is
still below the 65 percent ceiling set by the National Assembly, he said.
Ministry
under pressure to reach export target
The
Ministry of Industry and Trade (MoIT) will have to take more measures in the
remaining months of the year to meet the annual export target of 165 billion
USD in 2015.
To
achieve the target, domestic exporters must earn at least 45 billion USD
between October and December this year, or an average of 15 billion USD per
month, the ministry said.
There
is huge pressure on the ministry to increase the total export value in the
remaining three months of this year, because it has forecast a rise in trade
deficit during this period as the domestic economy recovers.
The
ministry said the trade deficit with
According
to the General Statistics Office (GSO),
In the
first nine months,
This
year,
Therefore,
the ministry will adopt policies to encourage local enterprises producing
material and consumer goods with high quality and competitive prices, instead
of importing materials for production.
The
ministry would also promote programmes that prioritise the use of Vietnamese
goods to control imports and reduce trade deficit, Tin tuc newspaper quoted
the ministry's source as saying.
Meanwhile,
to increase exports for a better trade balance, the MoIT as well as other
relevant sectors will remove hurdles in the export of farming, forestry and
fisheries products and expand export markets.
Economists
have been saying for a long time that
In
addition,
Three
foreign-funded projects get PM nod for post-2015
The
Prime Minister has approved three foreign-funded development projects which
focus on renewable energy, caring for disabled children and water
management.
The
“Renewable Energies and Energy Efficiency” project is scheduled from
2015-2017 using non-refundable official development assistance (ODA) from the
German government.
It
aims to develop a systematic methodology for effective investment and use of
renewable energies and build policies to facilitate investment in this
field.
The
“Disabilities Integration of Services and Therapies Network for Capacity and
Treatment in
The
nearly 1.8 million USD project will be implemented between now and 2019 in
seven districts of the northern province Thai Binh.
It is
intended to improve the quality of life of children with disabilities under 6
years old and their families by implementing a comprehensive model of early
childhood disability detection and intervention.
Provided
with 220 million USD in loans by the World Bank, the five-year “Vinh Phuc
Flood Risk and Water Management” project seeks to strengthen flood management
in the central catchment of the
Oustanding
brands get 2015 Gold Star Award
The
2015 Gold Star Award was presented to 200 outstanding brands at a ceremony in
Deputy
PM Phuc urged Vietnamese businesses to improve their competitiveness,
renew their technology, increase productivity, and be creative so as to make
the most of international integration.
Huynh
Nghia Thien, Deputy Director General of the Vina One Steel Company said, “We
have upgraded our steel production technology and expanded our export market
to other countries in
The
Gold Star Award is designed to raise business awareness of international
economic integration and honour businesses with sustainable growth and social
responsibility.
Experts
optimistic about consumer finance industry
Consumer
credit is expected to grow strongly in
Senior
financial expert Can Van Luc told Dau Tu (Vietnam Investment Review) that
The
most common forms of consumer credit include credit cards, auto finance,
personal loans, consumer lines of credit, retail loans, and mortgages.
Economist
Dr Nguyen Minh Phong agreed with Luc saying the country has a population of
93 million, which is expected to top 100 million by 2025, with the majority
being young people.
"This
is a big advantage for the development of the consumer financial services
industry."
"When
the economy develops it results in lower unemployment and improved incomes,
resulting in increased consumer demand, thus creating opportunities for consumer
lending."
Another
expert, who asked not to be named, said the Government's efforts at
administrative and tax reforms together with political stability has
encouraged both foreign and domestic businesses to invest in various
industries, including consumer finance.
Banks
have focused on consumer lending in recent years, and as a result, in the
last seven years, credit has been growing at nearly 20% a year, according to
the Banking Strategy Institute
The
borrowers are mainly low-income earners who do not have assets to mortgage.
The
average value of consumer loans has increased rapidly from a few million dong
to dozens of hundreds of million dong.
Analysts
said this has meant a consumption-driven stimulation of the economy.
Dr
Nguyen Thi Kim Thanh, a former director of the Banking Strategy Institute,
said consumer lending is carefully monitored to protect borrowers and ensure
healthy development of the market.
But it
is necessary to strengthen the legal framework to enable banks and financial
companies to operate in line with international rules but also keep in mind
the situation in the country.
"Credit
institutions also need to improve … transparency in their lending activities
to provide products that meet customers'demand as well as suit their pockets.
"If
we can do these things the consumer financial services industry will be able
to develop to its full potential."
Poland
signs deal to export apples to Vietnam
“The
agreement opening the Vietnamese market to Polish apples is very important
for us,” said Minister Sawicki in making the announcement.
The
ministry hopes to export about 100,000 metric tons per year to the Southeast
Asian country.
In
addition,
AUD89.6
million in aid for Vietnam
For
fiscal year 2015-2016, the total amount of Australian aid to
The
aid forms part of the Australian government’s Aid Investment Plan (AIP) for
Vietnam for the period 2015-2020, which reaffirms commitment and support of
Australia for the Southeast Asian nation’s sustainable development.
Closely
linked to the priorities set forth in
Australian
Ambassador to Vietnam Hugh Borrowman said the new AIP demonstrates
Vietnam-Singapore
JV starts work on US$130 million business park
A
joint venture between a Singaporean and Vietnamese firm turned the first sod
on October 2 for a multimillion-dollar business park at the Ho Chi Minh
City-based Saigon Hi-Tech Park.
The
12-hectare integrated business park OneHub Saigon will be developed in three
phases, at an estimated cost of approximately US$130 million, Ascendas said
in a press release the same day.
The
Singaporean side holds a 60% stake in the joint venture with
The
October 2 groundbreaking ceremony kicked off the construction of Phase 1 of
the integrated development project, which will cost US$80 million, according
to Ascendas.
The
first phase, expected to be completed by 2018, will include more than 12,000
square meters of business park space, supported by lifestyle amenities that
consist of a mixed-use commercial development with retail components to meet
existing demand in the vicinity.
“This
development sets a new benchmark for business parks in
Ascendas
and Saigon Bund Capital Partners signed the deal to set up the Ascendas Saigon
Bund Co. Ltd. joint venture in September last year, and OneHub Saigon is the
third business park project in
“This
project deepens our presence in
“OneHub
Saigon will also further strengthen our position as a preferred partner for
local and foreign companies seeking expansion in
In the
meantime, Ascendas Saigon Bund chairman Vo Sy Nhan believes that OneHub
Saigon will be “well-placed to serve the needs of
Ascendas
is a member of Ascendas-Singbridge group and is Asia’s leading provider of
business space solutions, whereas Saigon Bund Capital Partners is an
investment company with offices in
Located
in the heart of District 9 and Thu Duc District, just 15 kilometers from
downtown
As of
August 2015, the park had attracted capital investments from almost 100
multinational companies, exceeding US$4.7 billion.
Key
tenants at the Saigon Hi-Tech Park include Samsung, Intel, Nidec, Sanofi
Aventis, Air Liquide, Datalogic, and leading Vietnamese companies such as
FPT, Hutech, and Nanogen.
Ministry
defends tax reforms
The
calculation of time spent on filing taxes and making payments is based on
World Bank criteria, with consultancies from Pricewaterhouse Coopers and the
International Finance Corporation (IFC).
The
finance ministry said this in a statement in response to findings recently
published by the Central Institute for Economic Management (CIEM), which
expressed the opinion of businesses that improvements in tax reforms were not
as good as the ministry had reported.
Specifically,
the surveyed businesses felt that the time spent on filing taxes and making
payments was cut just by 110 hours or 20 per cent, compared with the
ministry's claim that the time had been cut by a hefty 420 hours to the
current 117 hours.
The
claim triggered doubts that the ministry had not studied the actual
application of tax reform measures to calculate the reduction in the time
needed for filing taxes and making payments.
In
response, the ministry said the General Department of Taxation had joined
PricewaterhouseCoopers and the IFC to check, analyse and evaluate the time
businesses spent in preparing and paying taxes based on World Bank criteria.
However,
it said the process of tax refunds and tax finalisation for business
dissolution continued to be slow.
The
ministry said the time spent on tax refunds and handling tax-related
complaints was not included in calculating the time spent on filing taxes and
making payment this year. It will be taken into consideration from next year,
following government resolution 19/NQ-CP, dated March 19, on improving the
business environment and national competitiveness during the 2015-16 period,
which wants the tax reforms to reach the level of ASEAN+4.
This
required greater efforts to hasten tax reforms, the ministry said.
The
ministry also said achievements in tax reforms were highly appreciated by the
business community, citing a report by the Viet Nam Chamber of Commerce and
Industry that said more than 70 per cent of the businesses were satisfied
with the tax procedure reforms.
The
latest statistics of the Ha Noi Department of Taxation show that about 96,000
businesses, or 91.5 per cent of the city's firms, registered to pay taxes
online during the past nine months.
This
exceeds the goal of 90 per cent set by Resolution 19, the tax department
said.
According
to the General Department of Taxation, 98 per cent of the businesses in the
country used online tax filing procedures and 90 per cent made online tax
payments as of the end of September.
Online
filing of taxes and payments help to cut the time spent on the procedures by
10 hours per year.
Vietnamese
shrimp exports to
Since
May, the United Kingdom (UK) has become the leading market for Vietnamese
shrimp exports in the European Union with impressive growth, although exports
to other markets have slumped.
Statistics
of the Viet Nam Association of Seafood Exporters and Producers (Vasep), said
the
The
impressive growth of shrimp exports to the
Vasep
said the UK surpassed Germany to become Viet Nam's largest shrimp export
market since May with a turnover of US$72.4 million, accounting for 4 per
cent of the country's total shrimp exports in the eight month period.
Vasep
cited statistics of the International Trade Centre (ITC) showing that
From
the beginning of this year, Viet Nam prevailed in shrimp exports to the UK
over other rivals in Southeast Asia region such as India, Thailand and
Indonesia whose shrimp exports to the UK dropped 20 per cent, 38 per cent and
7 per cent, respectively in the seven-month period due to higher duties.
"This
provides great opportunities for
However,
the increase would not be huge due to the on-going impacts of the
Chemical
sector restructuring to boost exports
The
chemical industry was under an overhaul with an aim to boost exports of high
value products.
The
Ministry of Industry and Trade recently approved the restructuring plan for
the chemical industry for the country's industrialisation, modernisation and
sustainable development by 2020, with a vision for 2030.
One of
the prime goals was to enhance the quality and diversify the tyre and tube
product categories to firstly meet domestic demand and then boost exports of
products of high value products such as radial tyres, special car tyres, and
tube-less motorcycle tyres.
The rubber
industry was currently led by three giants, Sao Vang,
Under
the approved planning of the chemical industry, other sectors to be
restructured include fertiliser, crop protection chemicals, petrochemicals,
and the pharmaceutical chemistry, in addition to basic chemicals, chemical
power, and industrial gas. Industries producing detergent wash and ink would
also be restructured.
The
Ministry of Industry and Trade would implement measures such as renovating
policies, simplifying administrative procedures and raising incentives to
attract investments in high-tech projects and gradually eliminate outdated
technologies.
BKAV
wants to export BPhones
BKAV,
the manufacturer of BPhone, a 100 per cent Viet Nam-made smartphone, is
planning to export BPhones, ignoring doubts that a Viet Nam-made high-tech
product can be sold globally.
A
senior executive of BKAV said BKAV and Qualcomm have negotiated with large
distributors in the
The
executive revealed two weeks ago that BKAV and Qualcomm would meet with
distributors and network operators at a global conference on mobile telecom
technologies in Hong Kong held by Qualcomm in mid-September.
ASEAN
Enterprises Club to hold first trip to
Workers process cloth at a garment company. A club of ASEAN businesses has been formed to promote cooperation opportunities.- VNA/VNS Photo Tran Viet The club was inaugurated at the ASEAN Centre at Cyberworld Tower, creating a forum for regional enterprises to seek business co-operation. It will organise trips for members to study opportunities in ASEAN nations. Minister Counsellor Pham Thanh Addressing the opening ceremony, he affirmed that the Vietnamese economy has a bright future and the government is creating good conditions for foreign companies to invest and do business here. Work starts on $1.2bn complex in Ho Chi Minh City A three-party joint venture broke ground Friday on a US$1.2 billion observation tower complex project in the Thu Thiem New Urban Area in Ho Chi Minh City. The 14.56-hectare The project is implemented in four phases, with the first one, running between 2016 and 2018, intended to complete around 130,000 square meters of construction floor area, according to the developer, Empire City Limited Liability Co. Empire City Limited Liability Co. is a joint venture between Tien Phuoc Co. Ltd., real estate company Tran Thai, and UK-based Denver Power Ltd. Tien Phuoc and Tran Thai collectively hold a 50 percent stake as the representative of The Thu Thiem New Urban Area is located along the Credit default swaps on G-bonds up A rise in credit default swaps (CDS) for Government bonds in August and September indicates growing concern of foreign investors over The five-year CDS index had climbed to 260 points as of mid-September from 200 points early this year, the highest since January last year, NFSC said in a report on the macro economy sent to the Government’s regular meeting in September. The report said foreign investors net sold VND4.6 trillion (US$204.7 million) worth of bonds in August. The commission said meeting the target of G-bond issuance was a major challenge as only 20.7% of G-bonds put up for sale found buyers last month. The sale of G-bonds with a 15-year tenor in the year to date has already beat the full-year target by 33.8% but sales of five-year and ten-year bonds have met 29.4% and 12.8% of the year’s targets respectively. Proceeds from G-bond issues with five-year, ten-year and 15-year tenors and auctioned by the State Treasury have reached 54% of the year’s targets. The average tenor of G-bonds sold this year is 7.6 years, up from 4.95 years in 2014, 3.21 years in 2013 and 2.97 years in 2012, and met only 38.5% of the target for the year. Around VND156.48 trillion has been raised from G-bond sales this year if treasury bills and G-bonds with a 20-year tenor are included, or 63% of the 2015 target. NFSC projected a slight improvement in State budget revenues next year owing to the recovery of enterprises in Earlier this year, the Ministry of Finance revealed a plan to borrow VND30 trillion from the State Bank of In its Asian Development Outlook 2015 report, the Asian Development Bank (ADB) said the Government has increased spending and borrowed more to fuel its economic recovery since 2011. Public debt, including loans guaranteed by the Government, is projected to rise to about 62% of the country’s gross domestic product (GDP) at the end of this year. External debt, which is mostly long-term concessional loans, has been kept at around 28% of GDP in the past three years. Internal debt with higher interest rates is estimated to edge up to 33% of GDP this year and debt payment is forecast to account for 15% of total State budget collections next year. According to the ADB, increasing concerns about public debt and debt payment would prompt the Government to curb spending growth to reduce the budget deficit from 2016. But the challenge is how the Government can control spending to minimize impact on economic growth.
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Thứ Ba, 6 tháng 10, 2015
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