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Better legal framework needed to attract foreign investors to road
projects
HÀ NỘI -
Financial experts have called for a better legal framework to curb
policy-related risks so that projects, particularly road projects in Việt
Nam, could be made more attractive to foreign investors.
A member of the National Advisory Council on Finance and
Monetary Policies, Lê Xuân Nghĩa, said at a talk last week that
policy-related risks were the main issue concerning foreign investors to Việt
Nam.
The talk, organised by Giao thông (Transport) newspaper, highlighted
the need to develop another North-South highway in Việt Nam and suggestions
to mobilise funding for the road project.
In the middle of this month, the Ministry of Transport
submitted to the Government a scheme to build the North-South Highway from Hà
Nội to HCM City, with total investment of about VNĐ230 trillion (US$10.2
billion).
Deputy Minister Nguyễn Nhật said that construction of the
highway, which would begin from the capital city and stretch more than 1,620
kilometres along the east of the country, would be carried out from 2017 to
2022.
The investment would be mobilised from the State budget and
private organisations and individuals. More than VNĐ136.2 trillion ($6.1
billion) would be mobilised from organisations and individuals, accounting
for nearly 60 per cent, while the State budget would cover the remainder.
Nhật said the road sections, whose transport demand was
forecast to reach 30,000-35,000 vehicles per day by 2030, would have
four-lanes of at least 22 metres wide. Other road sections forecast to be
less busy would have four-lanes of 17 metres wide.
Nghĩa said that under the proposed scheme, the Government
would spend VNĐ93 trillion from selling Government bond instead of using
Overseas Development Assistance (ODA) loans.
“It’s a bold and innovative proposal from the Transport
Ministry and it’s likely the only way to implement the project,” Nghĩa said.
However, when the State’s contribution was from domestic
resources, it would be difficult for private investors to access domestic
commercial bank loans, Nghĩa said, suggesting that the funding should be from
overseas.
“We could borrow from overseas investors, as I know that they
have an interest in transport projects in Việt Nam,” he said, as long as Việt
Nam could solve the bottleneck in frequently-changing policies.
Mechanisms on payback and funding allocation should be made as
clear as possible, he said.
Head of Transport Ministry’s Private-Public Partnership
Department, Nguyễn Danh Huy, agreed with Nghĩa over foreign loans for the
project but he said there remained difficulties to get foreign loans now.
“The Transport Ministry met about 20 foreign investors and
banks but they worry about policy-related risks in Việt Nam,” he said.
“They asked for guarantees in revenue and foreign exchange
rates but we are unable to do so.”
Nguyễn Văn Tỉnh, General director of the Việt Nam
Infrastructure Development and Finance Investment Joint Stock Company
(VIDIFI) said that when the company developed the Hà Nội-Hải Phòng Expressway
Project, it had committed to have 39 per cent of the project investment
contributed by the Government but, so far, the company had yet to receive any
penny.
“VIDIFI negotiated to sell the project to an Indian partner
for US$2 billion but the partner stopped negotiations as soon as they learned
about delayed contributions from the Government,” he said.
Deputy Transport Minister Nguyễn Nhật said that it was
difficult to call for foreign investment at this time because the country
does not have a specific law on Public-Private-Partnership contracts apart
from the Prime Minister’s Decision, which has resulted in modest stability
for related policies.
Viet Nam News
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Thứ Hai, 31 tháng 10, 2016
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Financial markets to restructure towards balance, transparency
HÀ NỘI - As
Việt Nam is integrating rapidly into the global economy, the financial
markets need to be restructured towards balance, efficiency and transparency
to eliminate the risks of instabilities and achieve sustainable development.
Deputy Governor of
the State Bank of Việt Nam Nguyễn Kim Anh said at a conference last weekend
that there existed limitations in the financial markets of Việt Nam,
especially imbalances in the market structure, which made it rely heavily on
the banking system.
He cited statistics
showing that the ratio between the total outstanding loan and the gross
domestic product (GDP) was 112 per cent, compared to the ratios of bonds,
securities market capitalisation and insurance premiums to GDP, which were at
22 per cent, 27 per cent and 2 per cent, respectively, adding that there was
a lack of corporate bond and derivatives markets in Việt Nam.
In addition, there
was an inadequacy in market transparency and stability, which altogether
posed systematic risks to the financial market, he said.
According to Kim
Anh, during the period from 2016 to 2020 the central bank would improve the
efficiency of the monetary and credit market, in line with international
commitments to meet demand for development. This could boost the securities
market and turn it into a channel for raising medium and long-term capital
for the economy and gradually reducing the dependence on banks.
“A sustainable
financial market will have large liquidity and capital reserves to be able to
withstand risks coupled with diversity in business models that do not depend
heavily on a single sector, as well as having a long-term development
strategy, transparency and reliable information system,” he said.
Experts at the
conference on developing financial markets within an international
integration context, held by the Banking Academy, said that efforts on
restructuring the banking system and handling of bad debts must be hastened.
Boosting securities market
Vũ Bằng, Chairman
of the State Securities Commission of Việt Nam, said at the conference that
the restructuring of the securities market would continue, with a focus on
expanding the market’s scale and attracting foreign capital.
Bằng said Việt Nam
had already raised policies to hasten privatisation and listings, adding that
more stakes would be sold with an aim to reduce the state’s holdings, and
punishments would be imposed on firms that had been privatized, but did not
implement listings as regulated.
“By 2020, the
market capitalisation is expected to be equivalent to 70 per cent of the
GDP,” he said.
Bằng noted that
the development of the derivatives market was underway, with the legal
framework completed till date. The derivatives market was expected to be
launched in 2017.
He said that a
project on corporate bonds was proposed to the government and hopefully Việt
Nam would open a corporate bond market in 2018. – VNS
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Equitisation
is key to grow economy
At the World
Economic Forum last week, Prime Minister Nguyen Xuan Phuc confirmed the
government’s policy to allow foreign investors to engage more in Vietnam’s
economy via accelerated equitisation of state-owned enterprises and capital
divestments.
“We will
resolutely equitise state-owned enterprises (SOEs), with a special focus on
withdrawing state-owned capital from enterprises under approved roadmaps and
plans,” Phuc told leaders of 150 global firms at the forum in Hanoi.
“We will
re-structure the state-owned sector’s investment capital portfolio and
assets, foremost in SOEs, and transfer commercial assets and business
opportunities to the private sector,” he said.
Many SOEs
are now faced with major debts and losses, while their equitisation remains
slow and their corporate governance is weak.
Last week,
the Ministry of Finance (MoF) reported to the National Assembly that the
total debt of parent SOEs last year was $39.22 billion, up 5 per cent
year-on-year.
The total
foreign debt of state-owned groups and corporations last year reached $15.83
billion, including nearly $1.77 billion in short-term loans and $14 billion
in long-term loans.
Of the
$15.83 billion in foreign debt, parent enterprises incur $13.65 billion –
with Electricity of Vietnam ($9.5 billion), PetroVietnam ($1.075 billion),
mining group Vinacomin ($1.038 billion), Vietnam Expressway Corporation (over
$1 billion), and Airports Corporation of Vietnam ($596.4 million).
Among
loss-making groups and corporations, Vinalines made a loss of $152.27 million
in 2015, Vinafood 2 ($45.5 million), the Ministry of Defence’s Corporation 15
($32.6 million), Vietnam Coffee Corporation ($18.2 million), and Vietnam
Expressway Corporation ($5.2 million).
The National
Assembly’s Economic Committee Chairman Vu Hong Thanh reported to the
legislature that many SOEs are either suffering from losses or delaying their
state-funded projects. This list includes the $325 million Dinh Vu polyester
fibre plant in the northern city of Haiphong, the $100 million bio-ethanol
Dung Quat plant in the central province of Quang Ngai, the $363.63 million
expansion of Thai Nguyen steel plant, and the $545.45 million Ninh Binh
nitrogenous fertilizer plant in the northern provinces of Thai Nguyen and
Ninh Binh.
Meanwhile,
according to MoF, Vietnam is very slow in implementing SOE reforms.
Specifically
from 2011 to late September 2016, 557 enterprises had their equitisation
plans approved, including 49 in this year’s first nine months.
However, out
of 557 SOEs, only 426 have completed their initial public offering – of which
merely 254 could sell their stakes under the approved equitisation plans,
with total value of $1.97 billion.
Kobayashi
Yoichi, chairman of Japan-Mekong Business Cooperation Committee, commented
that Vietnam needs to boost SOE equitisation to create a level playing field
for private firms.
“Many
Japanese firms want to buy stakes from SOEs in Vietnam, but fail due to many
obstacles,” said Yoichi, who is also vice chairman of Itochu Corporation.
“Vietnam can develop its economy sustainably if private firms have more space
to play.”
Over the
past few years, the World Bank and the Asian Development Bank (ADB) have
continuously urged the government to boost SOE reforms in order to make room
for private enterprises – helping improve the economy’s competitiveness.
Stressing
the importance of the government’s move to determinedly reform SOEs, the
World Bank commented that Vietnam needs to focus on the equitisation quality.
“The
majority of transactions only involve minority shares which may dampen the
intended impact of private ownership on firm performance, in terms of
enhanced management, technology transfer, and market access,” said Sebastian
Eckardt, lead economist for the World Bank in Vietnam.
Agreeing
with this view, the ADB also commented that Vietnam’s existing SOE
equitisation “mostly involves the sale of minority stakes, which is likely to
limit the potential for better performance at these companies.”
“SOEs
continue to absorb a very large share of aggregate investment, yet their
relative contribution to real GDP and aggregate employment is low relative to
private enterprises,” said ADB country director for Vietnam Eric Sidgwick.
Currently,
Vietnam has more than 650 SOEs that have yet to be equitised.
By Nguyen Thanh, VIR
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More than 91,700 businesses born in 10 months
Illustrative image (Source: thoibaotaichinhvietnam.vn)
Hanoi– Vietnam’s business circle welcomed more than 91,700 new companies
set up with registered capital of 710.6 trillion VND over the past 10 months.
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Vietnam mulls taxing multiple-house owners
An aerial view of a
residential area in District 7, Ho Chi Minh City.
Vietnam’s Ministry of Finance
is weighing up a policy that requires those who own more than one house to
pay extra tax, a plan to which local experts have mostly responded
positively.
The ministry has tasked its tax policy department with
developing the plan, deputy minister Huynh Quang Hai confirmed to Tuoi Tre (Youth)
newspaper on Sunday.
Hai admitted that it is unlikely that the new tax policy will
be issued before next year, but “it must be enacted in the future,” given the
current tight state budget and the fact that “other countries have been
collecting this kind of tax for years.”
The finance ministry began considering taxing multiple-home
owners as early as 2009, with three possible tax plans on the table then.
The first plan was to levy fixed taxes on the second and any
subsequent homes. Buildings under two stories would be exempted, while those
with three stories and above would be subject to a tax of VND2,000 per square
meter per year, according to the tentative tax plan.
The second plan considered a 0.03 percent tax on the value of
the second and any subsequent homes after deducting VND1 billion ($44,643).
For example, if the house is valued at VND1.2 billion ($53,571), the owner
would pay a 0.03 percent tax on a VND200 million ($8,929) value per year.
The final proposal sought to tax the extra area of the house,
after deducting 200 square meters, with the tax ranging from VND2,000 to
VND4,000 a square meter per year. This meant that if the house measured 300
square meters, the ‘taxable area’ is 100 square meters.
The plan failed to meet with approval from the lawmaking
National Assembly, with lawmakers saying it was not the right time to impose
housing taxes and that taxes collected would not contribute significantly to
the state coffers.
However, seven years on, the finance ministry and several
experts now believe it is high time the plan was reconsidered.
Social equality?
In an interview with Tuoi Tre on Sunday, Professor Dang Hung Vo,
former deputy minister of natural resources, said that Vietnam is lagging way
behind other countries in imposing property tax.
Vo said homeowners must pay taxes, and that tax rates must be
progressively increased on the second and any subsequent homes.
“Some houses are built on very large land plots so the owners
should pay taxes that ensure social equality,” he underlined.
Prof. Vo explained that the current social inequality meant
that the state only collects a modest amount of land use tax from homeowners,
which is insufficient to cover expenses that maintain working public
amenities.
Vietnam sets a land use tax of 0.03-0.07 percent based on the
government-stipulated property prices, while other countries impose taxes of
1 to 1.5 percent on the property's market price, according to the professor.
“The government’s prices are always much lower than market
prices,” he said.
“For instance, I have a 150 square meter house in Hanoi but
only have to pay VND1 million [$45] in land use tax per year, which is
unreasonably low.”
Assoc. Prof. Nguyen Dinh Chien, from the tax department of the
Academy of Finance, backed the idea that people who own multiple homes pay
taxes that ensure social equality.
“Multi-home owners only live in one of their many houses, and
the remaining are up for rent,” Chien said, implying that their rental
incomes are to be taxed.
Dr. Do Thi Thin, another tax expert, said people who own
multiple houses are high-income earners so “regulating their income via tax”
will create fairness.
Other industry insiders said the multiple-home tax will
prevent property speculation.
“As they do not have to pay any taxes for the ‘extra’
properties, and the land use taxes are modest, many people are willing to
‘stockpile’ homes in the hope of deriving profit,” one financial expert said.
Property speculation sometimes sends house prices skyrocketing,
making them unaffordable for buyers with shallow pockets.
TUOI TRE NEWS
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BUSINESS IN BRIEF 31/10
VN firms advised to study UN rules
Vietnamese businesses should study the United Nations
Convention on Contracts for the International Sale of Goods to boost exports
and reduce uncertainty related to export contracts, a seminar heard in HCM
City yesterday.
Dr Nguyen Minh Hang, dean of the Foreign Trade
University's law faculty, said the CISG provides an equitable and uniform
framework for sales contracts, which are the backbone of international trade
in all countries, irrespective of their legal tradition or level of economic
development.
The convention will take effect for Viet Nam on January
1 next year.
Hang said the CISG established a comprehensive legal
code for contracts for the international sales of goods, the obligations of
the buyer and seller, remedies for breach of contract and others.
Often, contracts signed between Vietnamese and foreign
firms do not stipulate jurisdiction, meaning, in case of disputes, there are
disagreements over which law would prevail, she said.
The convention would also benefit Vietnamese firms by
reducing legal expenses for consulting on foreign law, helping resolve
disputes quickly, reducing the risk of conflict and boosting trade with CISG
partners by enhancing confidence, she said.
The convention has 85 member countries who account for
two thirds of international trade, and most countries that have trade ties
with Viet Nam have signed up, according to Hang.
There are many free sources of data about the CISG
available on the internet, and Vietnamese exporters should take advantage,
she said.
At the seminar, Nguyen Trung Nam of EPLegal Company
spoke about drafting a contract with a focus on product quality, quality
inspection, sanctions and arbitration.
Chau Viet Bac, deputy general secretary of the Viet Nam
International Arbitration Centre, said business groups could apply CISG to
create a sample of contract to help their members handle the risk of disputes
while implementing sales contracts.
Organised by the Viet Nam International Arbitration
Centre in collaboration with the Investment and Trade Promotion Centre of HCM
City and the Foreign Trade University, the seminar attracted more than 200
business executives, members of business groups and others.
Signed in Austria in 1980, the CISG is a project by the
United Nations Commission on International Trade Law. The self-executing
treaty aims to reduce obstacles to international trade, particularly those
associated with law issues, by creating even-handed and modern substantive
rules governing the rights and obligations of parties to international sales
contracts.
Savills Vietnam to officially manage
Masteri Thao Dien
Savills Vietnam was appointed to provide property
management services at Masteri Thao Dien, a landmark project in District 2 of
Ho Chi Minh City.
According to Phan Thi Anh Tuyet, acting managing
director of Thao Dien Investment, the appointment serves to the company’s
strategy to highlight the Masteri Thao Dien as a professional and up-scale
residential project.
Tran Minh Ai, director of Property Management at
Savills Vietnam, said that together with the developer, Thao Dien
Investments, Savills welcome residents to the project, with full confidence
in the convenient location and outstanding facilities on offer.
“As the real estate market continues to grow in
Vietnam, we look forward to working with more developers to ensure residents
can benefit from the best services available, allowing them to truly relax in
the comfort of their homes,” said Ai.
Masteri Thao Dien is located at the heart of District 2
and is set to further benefit from the development of Metro Line 1, to be
finished by 2020.
This is the biggest residential and commercial complex
in Savills Vietnam’s management portfolio.
According to the appointment, Savills will be in charge
of property management for over 4,000 apartment units at Masteri Thao Dien
from June 2016, when the units are handed over.
Currently, the Savills property management team is
detailing the apartment hand-over process as well as management services to
welcome new Masteri residents.
Other notable residential projects in Vietnam under the
hands of Savills include Xi Riverview, Saigon Pearl, The Vista, Estella,
Avalon, Riviera Point in Ho Chi Minh City, and Mandarin Garden and Richland
Southern in Hanoi.
Savills Vietnam has been established for over 21 years
currently holds over 2.5 million square metres under management. Looking to
capitalise on the unlocked potential of the Vietnamese real estate market,
Savills is expanding services throughout the country, including investment
brokerage, commercial leasing, research and valuation, as well as residential
sales.
Spain to provide concessional loans
Spain has offered Vietnam concessional loans totaling
325 million euro ($364.2 million), with up to 275 million euro ($308.2
million) being assigned to Spanish-tied financing of Ho Chi Minh City’s Metro
Line No. 5.
The offer was announced on the sidelines of the
“Vietnam - Spain Multilateral Partnership” business-to-business (B2B) meeting
in Hanoi on October 18, held by Spain Trade and Investment (ICEX) and the Economic
& Commercial Office of the Embassy of Spain in Vietnam.
The aim of the meeting was to facilitate the
exploration of business cooperation agreements and partnerships with a view
to increasing the options of both parties to be awarded contracts for projects
financed mainly by development banks in Vietnam, such as the Asian
Development Bank (ADB), the World Bank, the Japan International Cooperation
Agency (JICA), and others and any other projects in the region.
The meeting provided Vietnamese companies with the
opportunity to meet over 15 renowned Spanish companies with expertise in the
fields of transport infrastructure (construction and installation of related
systems), energy (conventional, renewable, and efficient), and environment
(water, wastewater and solid waste treatment).
“Spanish enterprises have experience in cooperating
with Vietnamese enterprises, in which some Spanish enterprises are operating
effectively in Hanoi, Hai Phong and Da Nang,” said the Ambassador of Spain to
Vietnam, H.E. Alfonso Tena Garci. “Spanish enterprises shared their
experience with Vietnamese enterprises, supporting Vietnam to build transport
infrastructure and environment and energy projects.”
Mr. Nguyen Danh Huy, Director of the Public-Private
Partnership (PPP) Department at the Ministry of Transport, identified
priority projects to be based on the PPP model.
Mr. Jose Antonio Bretones Cordero, Economic and
Commercial Counselor at the Embassy of Spain in Vietnam, said that Spain’s
Ministry for Economic Affairs and Competitiveness is now negotiating with the
Ministry of Planning and Investment over the terms of the 5th Financial
Cooperation Program between Vietnam and Spain.
Spain’s infrastructure industry is the world’s
second-largest in terms of turnover, with a worldwide portfolio of 88 billion
euro ($96 billion), 87 per cent of which is carried out abroad, in more than
130 countries. In Vietnam, Spain has participated in the construction and
supervision of highways, refineries and water supply projects, among others.
The country is also a major donor to Ho Chi Minh City’s Metro Line No. 5
project.
Vietnam posts US$3.72-billion in
trade surplus in Jan-Sept
Vietnam had a trade surplus of nearly US$3.72 billion
in January-September, shows data of the General Department of Customs.
The country’s total import and export revenues in the
period grew 3.9% over the same period last year. Exports amounted to
US$128.58 billion while imports totaled US$124.86 billion.
Import and export revenues of foreign-invested
enterprises increased 5.5% year-on-year to US$163.75 billion. These entities
saw their exports soaring 9.8% to US$89.93 billion and their imports edging
up 0.6% to US$73.82 billion, resulting in a trade surplus of US$16.11
billion.
This indicates domestic firms caused a trade deficit of
US$12.39 billion in the nine-month period.
According to the customs department, the top 10
Vietnamese export earners generated higher revenues in the period.
There were three groups of items registering export
turnover of more than US$10 billion each, including cell phones and phone
parts with US$25.5 billion, inching up 10.9% year-on-year and accounting for
19.8% of the country’s total exports; textile and garment with US$17.78 billion,
rising 4.9%; and computers, electronics and components with US$12.9 billion,
up 13.7%.
Other products on the top ten list are footwear,
seafood, machinery, equipment, tools and machine parts, wood and coffee.
The country’s import bill in Jan-Sept inched up 0.9%
against last year’s period. Imports of computer, electronics products and
components amounted to US$20.1 billion, up 16%.
For steel and iron, Vietnam imported 13.92 million tons
worth more than US$5.48 billion, surging 24.7% in volume and only 2.3% in
value.
Imports of machinery, equipment, tools and machine
parts, cell phones, phone parts, fuels, and apparel material dropped in the
period.
U.S. may lift anti-dumping tax on
Vietnam steel firm
The U.S. Department of Commerce (DOC) is considering
removing an anti-dumping duty on steel products of a Vietnamese company.
The DOC has issued a preliminary decision on an
administrative review of the anti-dumping duty order on certain oil country
tubular goods (OCTG) from Vietnam for the period from February 25, 2014
through August 31, 2015, according to the Vietnam Competition Authority (VAC)
under the Ministry of Industry and Trade.
The DOC has still imposed a common tariff of 111.4% on
Vietnam’s OCTG exporters while only SeAH Steel Vina Corporation (SSV) working
hand in hand with the DOC during the review period is subject to an
anti-dumping duty of 0%.
The DOC preliminarily determined that SSV did not sell
subject merchandise in the U.S. at prices below normal value.
The DOC plans to issue the final results of this
administrative review within 120 days of publication of these preliminary
results in the Federal Register.
On July 11, 2014, the DOC announced its final decision
confirming dumping margins for OCTG imports from Vietnam, India, South Korea,
the Philippines, Saudi Arabia, Taiwan, Turkey and Ukraine as well as steel
pipes made in India and Turkey.
SSV, one of the two compulsory defendants in Vietnam
subject to the U.S. investigations, was imposed an anti-dumping duty of
24.22% while Hot Rolling Pipe must pay a general anti-dumping margin of
111.47% for steel exporters in Vietnam as it refused to fill in the DOC’s
questionnaire. VAC considers the rate levied on Hot Rolling Pipe and other
companies in Vietnam is the highest anti-dumping margin claimed by
petitioners.
Long Thanh airport designs unveiled
The council responsible for deciding architecture for
the passenger terminal of the Long Thanh International Airport project has
selected three designs with the highest scores to seek public comment.
The three designs, chosen from nine entries, were made
by reputable and experienced consultants that have got involved in some of
the major airport terminals in the world, says the Airports Corporation of
Vietnam (ACV).
Council members said all the design plans met the basic
criteria set out by the council. Some even display an innovative concept of
architecture. The Ministry of Transport will display the three winning
designs to gather feedback from citizens nationwide.
Below are the three winning designs:
Like a lotus, the terminal is designed by South Korea’s
Heerim Architects & Planners Co. It is dotted with light boxes, breaking
the monotony of the roof. The outdoor parking lot and the rooftop are
utilized as a green park with a large lake in the center as a highlight,
which is also inspired by the image of a lotus. The roof of the main hall is
designed with a long reach. In addition, the installation of a small roof by
the viaduct is relatively harmonious (similar to the layers of a lotus).
The terminal is like a coconut leaf as designed by
three companies from Singapore, Vietnam and Japan, with its roof inspired by
the signature image of Vietnam’s countryside and riverine culture. The
designers want to promote the image of an airport terminal characterized by
Vietnamese culture. Inside the departure hall, the counters are designed as
boats traveling in the rivers in rural Vietnam. Modern architecture is
combined with green space, interior landscape and harmonious use of materials
to present the image of a dynamic terminal.
Vietnam encourages SMEs to develop
production: PM
Prime Minister Nguyen Xuan Phuc yesterday afternoon
affirmed that the Party and State always keep a close eye on the development
of businesses, record their contributions and create conditions for them,
especially small and medium enterprises (SMEs), to develop.
At meeting with the Association of SMEs at the
Government’s Headquarters, the PM stressed that SMEs play a significant role
in the world and in Vietnam where they have not only provided jobs but also
contributed to increasing budget revenue.
He hoped that the association to propose to the
Government and local authorities policies to build up this type of businesses
and contribute appropriately to the country’s development cause.
After ten years of establishment, the association has
had 55 provincial associations with 62,000 members operating in most fields
and economic sectors.
SMEs accounts for over 98 percent of the total number
of businesses operating in Vietnam now. Of these, medium firms account for
2.2 percent and small ones 29.6 percent. The remaining one is super small
firms.
Annually, they create over one million jobs, use 51
percent social labor, attract 38 percent social investment, contribute 31
percent the country’s export import turnover and 40 percent gross domestic
product.
Association of SMEs advised to
better function, capacity
The Association of Small- and Medium-Sized Enterprises
should continue proposing policies and mechanisms to the Government in order
to facilitate the development of SME businesses, said Prime Minister Nguyen
Xuan Phuc at a meeting with the association in Hanoi on October 29.
The PM highlighted the role of SMEs in the world and
Vietnam, saying SMEs in Vietnam play a significant role in generating jobs
and increasing income to the state budget.
He said the Party, State and Government always create
the best conditions for SMEs to grow, while urging the association to help
its members’ development, contributing to national development.
The Association of Small and Medium Sized Enterprises
has been extended to 55 provinces with 62,000 members operating in diverse
economic realms.
SMEs account for over 98 percent of businesses
operating across the country and are considered one of the main drivers of
national economic development.
They generate over 1 million jobs, employ 51 percent of
the nation’s workforce and contribute 40 percent to the Gross Domestic
Product (GDP) and 31 percent of export value each year.
Vietjet Air opens more domestic and
foreign routes
New-generation carrier Vietjet Air on October 30
launched two new air routes between Hanoi and Taipei city of Chinese Taiwan
and between Hanoi and Hue city of the central province of Thua Thien-Hue.
The launch ceremony was attended by Deputy Foreign
Minister Le Hoai Trung, Deputy Minister of Culture, Sports and Tourism Huynh
Vinh Ai, officials of Hanoi and the central province of Thua Thien-Hue, and
Chief Representative of the Taipei Economic and Cultural office in Vietnam
Richard Shih Rui Chi, among others.
The airline will conduct its flights everyday on the
Hanoi-Taipei air route, with flight duration of about three hours.
Meanwhile, the daily flight route between Hanoi and Hue
city will begin on November 1, with each flight spending about one hour and
ten minutes.
The opening of the two new routes helped increase the
total number of Vietjet’s routes connecting Hanoi with domestic and
international destinations to nearly 20, contributing to the capital’s
economic and tourism development.
Vietjet Air now owns more than 40 A320 and A321 planes
which make some 350 flights every day. Its flight network has covered almost
all destinations in Vietnam and many others in Singapore, the Republic of
Korea, China, Thailand, Myanmar and Malaysia.
It has provided services for more than 30 million
passengers so far.
Reference exchange rate down 6 VND
The reference exchange rate for VND-USD at the opening
of the week was set by the State Bank at 22,039 VND for one USD, down 6VND
from the end of last week.
With the current trading band of +/-3 percent, the
ceiling exchange rate is 22,702 VND and the floor rate, 21,376 VND per USD.
The rates listed by commercial banks saw almost no
change in the opening hours, with major banks such as Vietcombank, BIDV,
Eximbank and Techcombank keeping the buying-selling rates at the same levels
as the end of last week.
The rates listed by Vietcombank were 22,295 VND
(buying) and 22,365 VND (selling) per USD.
BIDV listed the rates at 22,300 VND (buying) and 22,370
VND (selling), while at Eximbank, one USD is bought for 22,280 VND and sold
for 22,360 VND.
At Techcombank, the rates were listed at 22,280 VND
(buying) and 22,390 VND (selling).
FDI-invested gypsum board plant
inaugurated in Hai Phong
Knauf Vietnam Co ., Ltd. inaugurated its gypsum board
manufacturing plant in the northern port city of Hai Phong on October 30
after nearly two years of construction.
The plant, worth 30 million EUR (32.9 million USD), is
one of the biggest foreign direct investment (FDI) projects in the city.
Covering nearly 63,000 square metres in Dinh Vu
industrial park, the plant is expected to produce 12 million square metre
gypsum board and 15 million linear metre metal profile on an annual basis.
General Director David Victor said the company has just
launched two distributors in Vietnam , one in the south and one in the north.
He expressed his belief that the plant will help the
company gain a considerable market share in Vietnam and the north in
particular.
Vice Chairman of the provincial People’s Committee Le
Thanh Son said the city will create the best condition for the company to
implement its manufacturing activities.
In the first nine months of 2016, Hai Phong led the
country by attracting 2.7 billion USD in FDI, five times against the same
period last year and surpassing over 42 percent of the yearly target.
The city strives to draw more than 3 billion USD in FDI
at the year’s end, the highest level so far.
Founded in 1932, Knauf is a multinational producer of building
materials and construction systems that operates more than 220 production
plants in over 60 countries.-VNA
Price growth recorded in 8 goods
categories in HCM City
Eight of the 11 surveyed goods categories in Ho Chi
Minh City had price increases in October, leading to a 0.62-percent monthly
rise in the local consumer price index (CPI).
This month’s CPI went up 3.15 percent from the same
period last year, the city’s statistics office said on October 29.
The transport category posted the strongest price hike,
2.27 percent, from last month. That is attributable to higher petrol prices
which were revised up 440 VND per litre on October 20.
Other categories with increased prices are education
(2.05 percent); housing, electricity and water (0.56 percent); beverage and
cigarette (0.45 percent); food and eating outside (0.37 percent); medicine
and healthcare services (0.09 percent); and garment, footwear and hat (0.06
percent).
Meanwhile, price drops were seen in postal services and
telecommunications (down 0.54 percent); along with culture, entertainment and
tourism (0.2 percent).
Prices of household appliances and goods remained
almost unchanged compared to those in September.
Sharing the same upward trend with CPI, the USD price
index climbed 0.14 percent. The gold price index fell 1.73 percent month on
month, the statistics office noted.
Stronger trading fuels HCM City’s
10-month growth
Faster expansion in trading activities has
substantially contributed to overall economic growth in Ho Chi Minh City over
the first 10 months of 2016.
The city earned 26.6 billion USD from exports in the
reviewed period, up 6.5 percent year on year, while that of the same period
of 2015 declined 3.8 percent, Director of the municipal Department of
Planning and Investment Su Ngoc Anh said at a meeting to review local
socio-economic performance on October 28.
Shipments to some countries have risen considerably,
including Indonesia (up 61.1 percent), India (52.6 percent), China (36.5
percent), Thailand (31.5 percent) and the Republic of Korea (26.4
percent).
Meanwhile, commodities posting strong export
augmentation included coffee (50 percent), machinery and spare parts (24.5
percent), and cashew (11.6 percent).
About 30.3 billion USD worth of goods were imported
into HCM City from January to October, climbing 10.7 percent from a year
earlier. The rate was 8 percent in the corresponding period last year.
Imports from the US rocketed 113.9 percent, from the
Republic of Korea up 38 percent and from France 28.8 percent.
The southern economic hub of Vietnam mainly purchased
equipment and material for production such as electronic devices and
components (up 43.8 percent in turnover); other machinery, equipment and
spare parts (up 46.04 percent), and plastic materials (up 12.3 percent).
Strong activities to promote investment and the local
investment climate have helped attract domestic and foreign capital, Anh
said, noting that 29,899 businesses were set up during the 10 months with a
total registered capital of over 242.16 trillion VND (nearly 10.9 billion
USD), increasing by 15.9 percent in the business number and 46.1 percent in
capital.
Up to 44,495 companies registered to raise their
capital by almost 169.97 trillion VND (7.6 billion USD), rising 0.8 percent
in the business number and 58.7 percent in additional capital.
He added the city granted the investment registration
certificate to 668 foreign invested projects, up 44 percent year on year,
with a combined capital of 798.7 million USD. About 477.3 million USD was
also added to 145 existing projects over the period.
HCM City also allowed foreign investors to contribute
capital to and buy stakes in local companies, at some 1.23 billion USD in
total. It attracted 2.5 billion USD in overall foreign investment in the
first 10 months, Anh noted.
Chairman of the municipal People’s Committee Nguyen
Thanh Phong said the administration will push forward with measures to
improve the business and investment environment and the provincial
competitiveness index, while supporting small- and medium-sized enterprises
to make innovation.
Trade deficit indicates Vietnam
lacks competitiveness
Commercial trade with ASEAN is a microcosm of the
challenges facing the Vietnamese domestic sector globally.
The trade deficit with the 10 member nations of the
ASEAN trade bloc widened by US$4.5 billion during the first nine months of
2016, higher than the US$4.1 billion shortfall for last year’s same period,
reports the General Department of Vietnam Customs.
“The trade deficit continues a decade-long trend and is
a surrogate measure of competitiveness,” Le Dang Doanh, member of the United
Nations Committee for Development Policy, explained in an interview.
Revenues from Vietnam exports to ASEAN members tallied in
at US$12.2 billion while imports stood at US$16.7 billion for the nine-month
period, said Mr Doanh, who is widely regarded as one of the country’s leading
economists.
Out of the 10-member bloc, Vietnam imported more goods
from Thailand than any other country.
Vietnam imports from Thailand for the nine months
January-September consisted of computers and electronic devices valued
atUS$729 million, machinery at US$589.6 million, and vehicles at US$440
million.
Notably, fruit and vegetable imports from the neighboring
country soared 76.4% on-year to US$289.6 million.
Agriculture in one of the largest segments of the
Vietnam economy and the magnitude of these imports does wave a red flag that
we as a country may not be as competitive as we need to be, Mr Doanh
underscored.
Mr Doanh noted that Vietnam has been posting trade
shortfalls with ASEAN since 2004 and the situation shows no sign of abating
and will most likely continue into the foreseeable future, adding that it
indicates Vietnam has become an A consumption market.
He said the Vietnamese growing appetite for imported
food and more open borders resulting from the ASEAN free-trade agreement are
also reshaping agriculture and industry in the Vietnam domestic sector.
For agriculture, that suggests companies are going to
need to find ways to differentiate the country’s food offerings, he said.
The risk is that Vietnam is increasingly becoming a
food commodity exporter rather than a shipper of value-added products,
causing negative repercussions throughout the agricultural supply chain.
Pham Ngoc Hung, vice president of HCM City Business
Association agrees with Mr Doanh. The continuing trade deficits with Asean
reveal limitations of local companies in understanding how to effectively
compete in the marketplace.
Vietnamese local companies, by and large, have
shortcomings in marketing and advertising their own products as well as a
complete lack of knowledge about the cultures and consumer preferences of
other nations.
In addition, local companies lack product distribution
systems and sales agents in foreign markets, making it impractical if not
virtually impossible for them to access foreign markets in any meaningful
manner.
Sharing the same view, Pham Ngoc Hung, vice president
of HCM City Business Association said it is blatantly evident that Vietnamese
local companies have not adequately prepared for Asean integration.
Meanwhile, other nations like Malaysia and Thailand have made thorough
preparations.
Vietnamese local companies need to regroup and focus on
enhancing competitiveness if their products are to integrate well in the
Asean market. If not, Vietnamese goods will lose out in both the Asean and
domestic markets, noted Mr Hung.
Bloomberg ASEAN Summit in Ha Noi
The 2016 Bloomberg ASEAN Business Summit will be held
in Ha Noi on December 8 at the JW Marriot Hanoi Hotel.
In its third year, this annual conference will convene
ASEAN leaders across business, finance and government in Viet Nam for the
first time, to reflect on the progress the region has made, discuss ways to
overcome challenges and identify key opportunities for growth, collaboration
and development.
Parry Ravindranathan, Managing Director, International,
Bloomberg Media, said "We anticipate incredibly stimulating
conversations on ASEAN's economic advancement set against the backdrop of
global uncertainty, fluctuations in commodities and oil prices, financial
markets volatility, and the impact of the anticipated recovery of growth in
key Asia markets in 2017.
Cross-border collaboration amongst companies and
countries in ASEAN continues to be top of the agenda because it will
accelerate growth and development."
Key topics of discussion at the summit will include a
review of the ASEAN Economic Community (AEC) and intra-regional policy to
date, Viet Nam and ASEAN's next stage of development, and cross-border
investment and trade in the region.
Specific panel discussions will also take place to
focus on growth sectors such as consumer goods, infrastructure, commodities
and energy, banking and finance, and media and technology.
VN farmers improve export chain
Viet Nam's agricultural production has gradually
entered the global supply chain, according to the Viet Nam Logistics
Institute (VLI).
Speaking at a seminar on improving the supply chain for
export products preserved in cold and frozen storages held in HCM City last
Friday, Thomas Nguyen, a lecturer at the VLI, said more and more farmers
produced products following orders from overseas buyers instead of selling
only what they have.
Many farms produce following international standards,
he said, adding that they had invested in building cold warehouses right at
their farms to preserve their fruits better so as to keep them fresh longer
in foreign supermarkets.
Delegates at the seminar said growth in export-import
activities as well as an expansion in internal trade had led to increasing
demand for logistics services.
Enhancing supply chain quality and management is a
must, they said.
A synchronous supply chain will not only bring higher
efficiency for production and trading but also contribute to the country's
economic growth.
Nguyen Thi Thuy Duong, another VLI's lecturer, said
enterprises should have the right awareness about the role of logistics in
export competitiveness.
To improve competitiveness, Vietnamese import-export
firms should access outsourcing logistics services as well as negotiate with
potential logistics services providers to map out a proper transportation
plan.
Organised by the Viet Nam Trade Promotion Agency, the
seminar was part of the programme to improve export competitiveness for Viet
Nam's small and medium-sized enterprises via a local trade promotion system
funded by the Swiss Government.
Fresh fruits, tra (catfish), pepper, tuna, tea, litchi
are among sectors that are beneficiaries under the programme, with a focus on
consulting export logistics since logistics remained a weakness at most firms
in these sectors.
Bac A Bank's profit in Q3 surges 5
times
Bac A Bank's pre-tax profit in Q3 surged five times
against the same period last year to VND115 billion thanks to a sharp drop in
provisions for risk loans.
In Q3, the bank had to spend only VND7 billion for
provisions, down sharply from VND86 billion in Q3 last year. Its operation
costs also inched down to VND149 billion.
The bank's bad debt ratio by the end of September was
at 0.72 per cent.
Following promising results in Q3, the bank posted
pre-tax profit of VND387 billion in nine months, up 30 per cent year-on-year.
In the first nine months, the bank's credit growth rose
7.3 per cent to VND44 trillion, while its deposits increased 11 per cent to
VND58 trillion.
According to the bank's consolidated financial report,
total assets by the end of September reached more than VND68 trillion, up
eight per cent against the same period last year.
Corporate giants upbeat on Q3
results
Thirteen of the 30 largest companies on the HCM Stock
Exchange have reported third-quarter earnings, of which nine firms saw
increases in revenues and profits while four witnessed their businesses sag.
Steelmakers showed the strongest growth in the last
three months of this year. The two biggest listed steelmaking firms, Hoa Phat
Group (HPG) and Hoa Sen Group (HSG), both posted striking results.
Hoa Sen Group (HSG) earned VND9.3 trillion (US$417
million) in revenues and VND764 billion in net profits in the third quarter,
up 23 per cent in revenues and 200 per cent in profits over the same period
of last year.
Similarly. Hoa Phat Group (HPG) posted VND8.3 trillion
in total sales and VND1.6 trillion in net profits. As of September's end, the
company made VND4.7 trillion in profits, up 60 per cent year-on-year and
surpassing its yearly target by 45 per cent.
"This is the best nine-month business result in
our history," the steelmaker said.
Financial firms and banks were also upbeat following
their positive earnings in the first nine months of this year.
Saigon Securities Inc (SSI), the largest brokerage firm
on both HCM City and Ha Noi Stock Exchanges by the market shares, saw high
increases in both revenues and profits. It posted VND690 billion in revenues
and VND406 billion in profits in the third quarter, up 80 per cent and 50 per
cent year-on-year, respectively. Its nine-month profits rose 53 per cent
during the period, reaching VND947 billion.
The HCM City Securities Corporation announced VND229
billion in profits in the first nine months, a rise of 59 per cent over the
same period of last year.
To date, two banks have reported their nine-month
earnings. Vietcombank (VCB), the second largest-valued lender, had pre-tax
profits of over VND1 trillion, up 40 per cent year-on-year, while net profits
of BIDV (BID) increased just 7 per cent during the period, taking in VND4.6
trillion.
The biggest listed firm, Vietnam Dairy Products JSC
(Vinamilk), witnessed revenues up 18 per cent and pre-tax profits up 27.6 per
cent in the last three quarters, being VND35.1 trillion and over VND9
trillion, respectively.
Big earners also included software producer FPT
Corporation (FPT) with profits of over VND2 trillion, up 2 per cent
year-on-year, and PetroVietnam Power Nhon Trach 2 JSC (NT2) with VND860
billion in profits, up 24.3 per cent.
On the other end of spectrum, PV Gas (GAS) saw a steep
fall in profits due to decreasing global oil prices. GAS's nine-month net profits
declined 46 per cent year-on-year to VND4.2 trillion.
The average global oil prices declined 25 per cent,
from $60 per barrel in July-September last year to $45 per barrel in the last
three months. Crude oil was traded around $50.6 per barrel last week. Market
insiders forecasted that the oil price can rebound to $56-$62 per barrel.
Petrovietnam Fertilizer & Chemicals Corporation
(DPM) and HCM City Infrastructure Investment JSC (CII) also witnessed their
profits down 16 per cent and 20 per cent, respectively.
A third of Vietnamese set to shop
online by 2020
The online shopping trend is growing so rapidly in
Vietnam that it is forecast 30% of the population will be buying goods and
services over the internet by 2020, according to the Vietnam E-Commerce and
Information Technology Agency (VECITA) under the Ministry of Industry and
Trade.
The agency estimated that each shopper will spend an
average of US$350 per year, which means online spending will total US$9.76
billion.
Revenue from online retail is expected to account for
5% of total nationwide revenue from sales of goods and services in 2020, up
from only 2.8% last year, VECITA said.
Last year, Vietnamese consumers spent about US$4.07
billion shopping online, a jump of 37% from the previous year, the 2015
Report on Vietnam E-commerce showed.
However, the country's e-commerce market is
comparatively small in Asia, with China hitting US$617 billion, the Republic
of Korea US$39 billion and India US$14 billion.
“E-commerce in Vietnam is growing exponentially.
Revenue from online retail is expected to to hit US$10 billion by 2020,
accounting for 5% of the total nationwide revenue from the sales of goods and
services,” said Lai Viet Anh, VECITA’s deputy head, at a workshop in Hanoi.
“We are working to boost business-to-business
cross-border e-commerce to as high as 30% of total import and export trade by
2020,” Viet Anh added.
According to Internet World Stats, Vietnam is currently
ranked 18th in the world in terms of the number of internet users, with more
than 54% of the population online.
Mobile subscription rates in Vietnam have doubled over
the past five years and now 4 out of 10 people are active users.
In an attempt to boost e-commerce, Vietnam is trying to
convince 50% of local enterprises to set up online stores and 80% to do
business through e-commerce platforms, according to the government’s
e-commerce development plan for 2016-2020.
In order to increase non-cash transactions, Vietnam
will require all supermarkets, shopping malls and convenience stores to
accept payments via credit and debit cards.
The country also wants around 70% of utility service
providers, including telecommunications companies and electricity and water
suppliers, to move their billings online.
Production by value chains increases Vietnam’s
vegetable and fruit exports
With a year-on-year growth of 130%, vegetable and fruit
exports have been topping Vietnam’s exports of farm produce over the past 8
months, earning US$1.7 billion and exceeding the rice export value for the
first time.
The sector’s export value is expected to reach US$2.5
billion for the whole year.
Vietnam has recently shown strong growth in fruit and
vegetable exports. In 2005, Vietnam’s fruits and vegetables were available in
36 countries and territories, earning more than US$235 million in revenue.
Now 60 countries import Vietnamese fruits, bringing in
US$1.8 billion. The growth has attracted more investors and helped farmers
increase their income by applying the VietGAP or GlobalGAP standards to their
production.
Giap Van Thanh of Kep 1 village in Luc Ngan district,
Bac Giang province, leads a group of farmers specializing in producing safe
litchi for export to the US.
“With 270 households in the village and only 6 zone
codes, many households haven’t been able to participate in the project,
though they have realized benefits from planting safe litchis for export. We
hope litchi cultivation areas will be expanded so that all villagers and
farmers in Hong Giang hamlet can benefit from the project,” said Thanh.
The vegetable and fruit sector has been trying to
expand to demanding markets in the US, EU, Japan, the Republic of Korea,
Canada, and Australia.
Customers in Australia and the US now have access to
Vietnamese litchi and in the near future Vietnamese mango will also be
available in Australia.
Nguyen Tri Ngoc with the Advance International Company
of the AIC Group, which specializes in exporting agricultural products and
investing in high-tech agriculture, said the successful penetration of
demanding markets will have double benefits. It will make domestic vegetables
and fruits less dependent on a single market and encourage farmers to produce
what the export markets need.
“Economic integration requires production by value
chains. This creates sustainable development for Vietnam’s farm produce and
stabilizes farmers’ incomes. This is very important for domestic exporters
because quality is a vital factor for penetrating new markets and signing
contracts with partners”, Ngoc said.
Tran Dinh Long, Chairman of the Vietnamese Seed
Association (VSA), said Vietnam has a great potential in vegetable and fruit
exports and the world has a high demand for these products. Although exports
are growing, the volume remains modest compared to the global demand.
Long said “The global vegetable and fruit market is
growing fast. Farmers now understand the need to apply Vietnamese Good
Agriculture Practice (VietGap) standards to increase the value of
agricultural products.
The sector will be more successful if more high-tech
businesses and research institutes providing qualified seeds get involved.”
The biggest hurdle is quarantine regulations. Le Son
Ha, head of the Quarantine Section of the Department of Plant Protection
under the Ministry of Agriculture and Rural Development, emphasized that more
and more Vietnamese fruits are in markets which require high quality
products.
"We’ll study market demand, focus on markets with
high demand, and tap regional markets like ASEAN and China. For each market,
we’ll put forth solutions to make exports more profitable,” Ha said.
Developing coffee zones in Dak Lak
province
Sustainable coffee production has benefited many farm
households in Cu M’gar district, Dak Lak province.
More than 30 cooperatives and clubs following a
sustainable coffee production model have been set up in the district, which
has started to change old production habits, helping farmers access advanced
technologies, cut input costs, boost product value and incomes, and
contribute to local economic growth.
Ngo Van Binh’s family in Quang Phu village, Cu M’gar
district, has 1.8 hectares of coffee. In the past, Binh and his family
experienced low productivity – about 2.5 tons of coffee beans per
hectare.
Since he joined a club to support sustainable coffee
production and learned intensive farming techniques, his productivity has
increased to 5 tons per hectare. In the dry season, he only needs about 400
liters of water to irrigate a coffee tree instead of the 700 liters he needed
in the past.
“When I decided to participate in the model, my family
received technical instructions. Each year, the price of our product has
increased,” Binh explained.
A total of 30 cooperatives, cooperative teams, and
clubs applying the sustainable coffee production model have been set up in
Chư M’Gar district.
The teams have been given information about weather and
epidemic diseases of coffee trees, and the model has linked farmers,
managers, scientists, and enterprises toward sustainable production.
Through training, coffee production households have
learned to conserve water resources and collaborate with each other in
harvesting and processing to turn out products of higher quality.
Nguyen Van Phuc, Director of the Ea Kiet Agriculture
and Service Cooperative in Cu M’gar, said “Each year three or four training
courses are held for members of cooperatives to introduce new science and
technologies, and teach them how to increase food safety and occupational
safety.”
He said even “Specific plans have been made for each
month for each production team and communication campaigns have increased
public awareness of the model and its importance.”
Cu M’gar has more than 35,500 hectares of coffee and
nearly 10,000 households producing 37,000 tons of certified coffee meeting
standard regulations. The model has helped locals access new technologies;
the value of coffee has increased, and the environment has been protected.
According to Nguyen Van Minh, Deputy Chairman of Cư
M’gar People’s Committee, “The district plans to continue persuading people
to join cooperatives or clubs to develop coffee sustainably. We will also
instruct communes to establish more agricultural cooperatives involving
farmers, managers, scientists, and enterprises to help local farmers access
new methods of production and improve the quality of the district’s main
crop.”
Vietnam confirms tariff cuts for
numerous products from China
Goods from China are expected to come flooding in as
Vietnam will soon remove or cut tariffs on a wide range of products to
fulfill its commitment as a member the ASEAN-China Free Trade Area.
Vietnam has committed to eliminating 90 tariff lines by
early 2018. In a new list released by the government, zero tariffs will be
applicable to various meat products, vegetables, beverages, airplanes,
fishing vessels, among many other products.
Then by 2020, about 475 sensitive tariff lines are to
be cut to 5%, including those imposed on iron and steel products, rubber
products, paper, cement, plastic and other industrial products as well as
some types of vehicles.
In return, China has also pledged to make similar cuts
for goods from Vietnam and other members of the 10-nation Southeast Asia
bloc.
Experts anticipate that trade between China and Vietnam
will grow significantly in the coming time.
Vietnam had a trade deficit of US$21.3 billion with
China in the first nine months, according to official statistics. Imports
from China were US$36 billion, the highest in all trading partners, with many
products under zero tariff.
VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VET/VIR
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