BUSINESS IN BRIEF 2/11 Vietnam attends meetings of Int’l Association of Deposit Insurers The Deposit Insurance of Vietnam (DIV) group attended the 16th annual meeting of the International Association of Deposit Insurers (IADI) and an annual conference hosted by the IADI and the Autorité des marchés financiers in Quebec, Canada, in early October. The conference was themed “Deposit Insurance for All – Adapting the Core Principles to Different Structures, Mandates and Types of Institutions.” Speakers from deposit insurance organisations and financial service agencies of the UK, Canada, Germany, Jamaica and the World Bank discussed the functions, tasks and structures of deposit insurance organisations, and the alignment of these bodies’ operations with international practices. Participants underscored the importance of financial inclusion in developing a financial system serving all people and providing services at reasonable prices, thus contributing to sustainable development. They also stressed the role of deposit insurance organisations in helping the finance-banking sector obtain financial inclusion targets. At the IADI’s 16th meeting, the DIV and other participants approved administrative documents and were updated on the IADI’s activities. They also elected the IADI President, the Chair of the IADI Executive Council, the finance director and members of the executive council. Import-export revenue hit nearly 38 billion USD in October   Vietnam’s total import-export revenue is expected to reach 37.9 billion USD in October, a rise of 0.8 percent from the previous month, reported the General Department of Vietnam Customs. Of the total, Vietnam’s exports hit 19.4 billion USD, up 0.3 percent, while imports were 18.5 billion USD, an increase of 1.4 percent. The results raised the country’s total trade so far this year to 346.22 billion USD, a surge of 21.3 percent over the same period in 2016, with exports reaching 173.72 billion USD and imports of 172.49 billion USD, up 20.7 percent and 22 percent respectively. In October, Vietnam enjoyed a trade surplus of 900 million USD, pushing the total surplus in the first 10 months to 1.23 billion USD. At the same time, State budget collection as of October 25 was 232.785 trillion VND (1.02 billion USD), 81.7 percent of total estimate and a 10.36 percent rise over 2016. Based on the results, total income of the country in hit 23 trillion VND (100 million USD) in October and 237 trillion VND (1.04 billion USD) in the January-October period. Mitsubishi recalls over 2,500 cars over failed airbags Mitsubishi Vietnam will recall more than 2,500 Pajero cars imported into Vietnam from 2007 to 2016 nationwide starting from November 1. The cars will be recalled for checking and replacement of failed airbags. They will be recalled until October 31, 2019, with repair time taking between 30 and 108 minutes per vehicle. The recall is attributed to the possibility that catalyst inside the airbag’s fuse could degenerate due to temperature change after a long period of use, causing the fuse’s cover to break when the airbag is activated. The Vietnam Register has recommended clients of Mitsubishi Vietnam bring their cars in for checks to ensure safety. Ho Chi Minh City: October’s CPI up 0.63 percent Ho Chi Minh City’s consumer price index (CPI) in October increased 0.63 percent compared to that of September and 4.13 percent year on year. According to the municipal Statistics Office, eight out of the 11 commodity groups enjoyed rises, with the highest growth of 12.04 percent seen in medicines and health care services. It was followed by culture, entertainment and tourism (0.66 percent), transport (0.64 percent), housing and construction materials (0.44 percent), food and catering services (0.18 percent), equipment and home appliances (0.16 percent), goods and other services (0.1 percent), and garment, headwear and footwear (0.06 percent). In the contrary, the price of beverage and tobacco dropped by 0.01 percent. Meanwhile, the prices of telecommunications and education remained unchanged. In October, the gold price fell by 0.03 percent, while that of US dollar down 0.01 percent month-on-month. HCM City’s FDI attraction doubles in Jan-Oct Ho Chi Minh City, the southern economic hub, attracted 5.04 billion USD in foreign direct investment (FDI) in the first 10 months of 2017, a two-fold increase year on year. According to the municipal Department of Planning and Investment, in the period, there were 681 newly-registered projects totalling 1.89 billion USD, while 703.4 million USD was added to 184 existing projects. About 1840 foreign investors were licensed to pour 2.43 billion USD into buying stakes and contributing charter capital to existing companies. Among sectors, real estate attracted the most FDI with 1.01 billion USD, three times higher than that of the same period last year. It was followed by the manufacturing and processing sector with over 473 million USD or a year-on-year 5.7-fold rise. The Republic of Korea remained the biggest investor in Ho Chi Minh City with 1.03 billion USD, followed by the US (255 million USD), Singapore (137 million USD) and Japan (121 million USD). During January-October, the city had 33,839 newly-established enterprises with a total registered capital of over 457 trillion VND (20.1 billion USD), up 13.2 percent in number and 88.7 percent in capital compared with the same period last year. The city has made efforts to encourage business households to turn into businesses. To date, 1,629 business households have switched to enterprises. Vinamilk tops list of prestigious food – beverage firms in 2017 The Vietnam Dairy Products Company (Vinamilk) tops the list of 10 Vietnam’s food and beverage firms with best reputation in 2017, according to the Vietnam Report. This is the first time that the Vietnam Report has publicised the rankings of food – beverage firms with best reputation in Vietnam.  Those companies were evaluated under three main factors, including their financial abilities based on financial reports in the most recent year (accounts for 30 percent) and their media reputation, which was accessed by the Media Coding method (30 percent). Online survey on customers’ recognition and satisfaction and the others on experts’ assessment of their position, capital, growth, profits and operation plans in 2017 accounted for 40 percent. According to the Vietnam Report, Vinamilk was also chosen by questioned consumers and experts as the firm with the highest brand recognition, as well as biggest information coverage and media influence. From 2014 to 2016, Vinamilk’s sales grew 14.8 percent, while its return on equity and earnings per share increased 34.5 and 82 percent respectively. In May 2017, the Kantar Worldpanel Brand Footprint Ranking listed the company as the most popular fast-moving consumer goods brand in Vietnam. Vinamilk was included in the Forbes Global 2000 list of the world’s biggest public companies. It also ranked eight among the best 300 companies in Asia selected by Nikkei  Young scientists seek ways to boost firms’ competitiveness Domestic and international young researchers gathered at a conference in the central city of Da Nang on October 30 to discuss policies to help Vietnamese enterprises enhance their competitiveness. The Conference for Young Researchers in Economics and Business (ICYREB 2017), themed “Vietnamese enterprises with the fourth industrial revolution,” offered domestic and international researchers, aged below 40, an opportunity to share their experience and studies in economics, management and business administration. Participants presented 130 reports focusing on economics, finance, banking, accounting, business administration, marketing, tourism, human resources management, trade, international business and law. Among them are Eric D. Ramstetter from the Asia Development Institute, Editor-in-chief of the Asian Economic Journal; Professor Nguyen Duc Khuong, Deputy Director of the France-based IPAG Business School; and Dr Sushil Sharma from the US-based Ball State University, Editor-in-chief of the International Journal Of E-Adoption. ICYREB 2017 was jointly organised by ten economic and business universities nationwide.   Aquatic exports estimated at 6.73 billion USD Aquatic product exports in the past ten months rose 17.6 percent to 6.73 billion USD, according to the Ministry of Agriculture and Rural Development. China, Japan, the Republic of Korea and the US were largest importers, occupying 55.3 percent of total export value. Strong growth in export revenue was seen in China (65.8 percent), the Netherlands (42.9 percent) and the UK (29.7 percent).  In the ten-month period, the country splashed out 1.14 billion USD on aquatic imports, up 29.8 percent from the same time last year. The European Commission (EC)’s recent decision to issue a “yellow card” warning to Vietnam after the country failed to demonstrate sufficient progress in the fight against illegal, unreported and unregulated (IUU) fishing had certain impacts on Vietnamese aquatic shipments.  Increasing inspections on Vietnamese products will result in a surge in inspecting and storage costs for Vietnamese exporters, the Vietnam Association of Seafood Exporters and Producers (VASEP) said. The “yellow card” issuance also raised concerns among other foreign importers, especially those purchasing Vietnamese materials for re-exports to the EU, the US or countries with strict measures against IUU fishing. Regarding the domestic market, price of material tra fish increased up to 1,500 VND to 28,000 VND per kilogramme due to limited supply. Enterprises are on strong demands for shrimp to serve exports in the end of the year, also leading to price hikes. New, existing companies register 107 billion USD in ten months Total registered capital poured into the economy in the ten months of this year exceeded 2.43 quadrillion VND (107 billion USD), according to the General Statistics Office The sum includes 1.4 quadrillion VND (61.6 billion USD) that more than 29,500 companies added to their charter capital. Meanwhile, more than 105,100 firms established between January and October have total capital of over 1 quadrillion VND (44 billion USD), up 14.6 percent and 43 percent from the same period last year respectively. In October alone, about 11,160 companies were set up with combined capital of 119 trillion VND (5.24 billion USD), representing respective month-on-month increases of 29 percent and 48 percent. About 22,760 enterprises resumed their operations in the ten months, up 1.2 percent year on year. About 37,800 or 36 percent of the firms founded during the period operate in the wholesale and retail sector, up 16.1 percent. While 13,400 new companies (12.8 percent) work in processing and manufacturing, 13,300 businesses (12.7 percent) engage in the construction sector, up 8.6 percent and 9.4 percent respectively. From January to October, while nearly 9,800 businesses were dissolved, some 52,800 companies suspended operations, respectively rising by 5.4 and 4.1 percent from a year earlier, the General Statistics Office said.   Co-operative gets $19k to label mangoes      The Mekong Delta province of Dong Thap’s Government last Sunday granted VND432 million (US$18,939) to help My Xuong Cooperative in Cao Lanh District label and issue codes for mangoes. The province’s People’s Committee will give the cooperative a machine to print logos and codes for the mangoes. The cooperative will also receive guidance on promoting local mangoes and teaching consumers how to identify authentic goods with clear origin. The cooperative in the district’s My Xuong Commue grows Cat Chu mangoes and Cao Lanh mangoes, recognised by the Intellectual Property Rights Department under the Ministry of Science and Technology as a cooperative brand name since 2012. Labeling Cao Lanh mango, a brand name product of Dong Thap Province’s Cao Lanh District. — Photo baodongthap.com.vn Cat Chu mangoes weigh an average of 350-450 grammes each, and Cao Lanh mangoes about 400-500 grammes each. They have a tapered shape, fragrant smell and sweet taste. Cao Lanh District has nearly 4,000ha of mango cultivation, producing about 30,000 tonnes of mangoes a year. The use of advanced farming techniques have improved quality and quantity, and increased the value of the products. Mangoes are grown following Global and Vietnamese GAP (Good Agricultural Practices) standards. After building their brand name and creating better linkages among farmers and businesses, local farmers have been able to expand markets for mango exports. The district’s mangoes are exported to Japan, South Korea, New Zealand and Taiwan. Agribank, VAMC sign contract to resolve bad debts      The Bank for Agriculture and Rural Development of Vietnam (Agribank) and the Viet Nam Asset Management Company (VAMC) late last week signed a co-operation agreement to resolve non-performing loans. Under the agreement, the two sides will co-operate to settle non-performing loans (NPLs) of Agribank that were sold to VAMC in accordance with legal regulations stated in National Assembly’s Resolution No. 42/2017/QH14, which came into effect on August 15 this year and is designed to quickly and definitely settle NPLs and collaterals. Agribank and VAMC will collaborate closely in the development of a roadmap for bad debt settlement for every single year in the 2017-22 period. For NPLs that VAMC bought by special bonds, the two sides will evaluate and classify the debts to propose the most appropriate and effective solutions. The State Bank of Viet Nam has selected six credit institutions -- Sacombank, ACB, BIDV and Vietcombank, as well as VietinBank and Agribank -- to pioneer the implementation of Resolution No. 42, aimed at speeding up bad debt settlement. VAMC bought more than VND25.53 trillion (US$1.12 billion) of NPLs from 14 credit institutions in the first nine months of this year. Since its establishment in 2013 until the end of September this year, the company has bought a NPLs worth a total or more than VND301 trillion from 42 credit institutions at VND270.92 trillion.  Viettel wins clutch of International Business Awards      Viettel has won one gold and four silver awards at the 2017 International Business Awards - Stevie Awards in various categories and for its operations in various countries. The Gold Award went to Viettel’s Youtube fee package (in Cambodia, Peru and Tanzania) in the best Entertainment - Communication Product of the Year category. Within six months of the package’s launch it had garnered over one million customers in the three countries by helping achieve a breakthrough in the consumption of entertainment on smartphones and saving 40 – 80 per cent cost when using data. The four silver awards were for Fastest-Growing Company of the Year in Europe, Middle East and Africa for Halotel (Tanzania); Most Effective Marketing Campaign of the Year for Bitel (Peru); Best Customer Care Service of the Year for My Viettel application (Viet Nam); and Best Telecommunication Product of the Year for telecommunication secure solution (Viet Nam) This is the first time that Halotel, Viettel’s Tanzanian operation, has won an international award. Within three months of launching its mobile service in October 2015 Halotel had signed up one million subscribers, and after nine months doubled the figure, both records that no other international telecom service provider has ever achieved. Halotel remains one of the fastest growing telecom companies in Tanzania. As of October 2017 it has over 3.5 million customers to rank fourth out of eight telecom companies in the country after surpassing some that have been in the business for over 10 years. According to the Tanzanian Communication Regulatory Authority, the speed of growth of Halotel’s subscriber numbers in July and August surprised authorities after it signed up a full 50 per cent of the 427,500 new mobile customers. When the country switched to a system of migrating between networks while retaining the mobile number in March 2017, Halotel attracted the highest proportion of customers wanting to switch, with around 1,000 from other networks joining it every month. The company has the country’s largest telecom network with 2,500 base-transceiver stations and 18,000 km of optic-fibre cable and covering 90 per cent of the country. It was also the first to set up and provide mobile broadband connections to some 3,000 villages which had never enjoyed internet or mobile services until then. Tanzania is now Viettel’s biggest overseas market with a population of 55 million and is also where it has made the biggest investment – worth US$800 million. Its investment in Tanzania was considered the best project in 2014 in Eastern, Western and Central Africa at the 2015 Global Investors Conference. The International Business Awards – Stevie Awards is a leading global award given annually for achievements and contributions by enterprises and individuals that benefit the community, including in information technology and telecommunication. To win, candidates must persuade 200 examiners, all famous CEOs or entrepreneurs. The name “Stevie” comes from Stephen, which is Greek for “Crowned”.  Smokeless charcoal wins agricultural start-up competition      HCM City-based R2D Food Technology Science JSC has won the first prize of VND50 million (US$2,202) at the third Agricultural Start-up Competition with its smokeless charcoal. Produced from agricultural by-products such as coconut shells, the charcoal is smokeless, odourless, completely without chemicals and does not explode when fired. Le Thi Hien, founder and director of the company, said it sells 50 tonnes of the charcoal every month in the domestic market and abroad. It is focused on boosting exports, especially to the US, EU and Japan, as well as developing its brand in the domestic market, she added. The second prize worth VND20 million each was shared by Nguyen Van Tuan of Bac Can for his Thanh Ngan multi-functional agricultural machinery and Tran Phuc Hau of Ben Tre for a micro-biological product from sugarcane bagasse powder for intensive shrimp culture. Two third prizes worth VND15 million each were awarded to Nguyen Thi Bich Ngoc (Thai Nguyen) for her organic tea and Lai Thi Bich (Gia Lai) for her five-coloured pepper. Five others received consolation prizes for an agricultural and medicinal material value chain; an anti-mosquito biological incense; a cajuput-flavoured honey; an eco-nursery; and pre-mixed ingredients for Hue beef noodle soup. The winners also received scholarships for training in Thailand and studying the "One Tambon One Product" model. Organised by the Business Study and Assistance Centre; Innovation, Startup and Entrepreneurship Club (SKC); Trung Nguyen Group and others, the competition attracted 117 entries, with 30 entering the final round. According to the jury, the contest recognised innovations in production and trading. Often in Viet Nam, innovators do not pay much attention to commercialising and monetising their products, something contests like this can help address, the judges added. HCM City Vietnam Sales & Marketing Camp set for Nov The Vietnam Chief of Sales & Marketing Officer Club (CSMO Vietnam) has revealed that the Vietnam Sales & Marketing Camp (VSMCamp) will take place from November 17-18 at Him Lam Palace and Tan Son Nhat Golf Course, HCM City. The event draws the participation of more than 30 scholars and leading experts in the fields of sales, marketing, and communications.  This year’s theme focuses on digital transformation and its impact on modern sales and marketing. On November 17, the program will attract 1,500 participants to interactively discuss useful information about related fields. A highlight of the event, the CSMO Summit program on November 18, is designed for senior managers (C-Level) involved in sales, marketing, and communications. VSMCamp is the initiative of CSMO Vietnam, which aims to help people operating in the sales and marketing industry refresh their knowledge and broaden their network of relationships for future career development. This year’s event is expected to welcome about 2,000 visitors.      Export turnover may exceed target Exports in the first ten months of the year reached an impressive $173.7 billion and exceeded the target, according to the latest report from the General Statistics Office (GSO), released on October 29.  Export turnover in October reached $19.4 billion, up 0.3 per cent compared to September and 26.2 per cent year-on-year. The figure in the first ten months was $173.7 billion, up 20.7 per cent year-on-year, of which exports by the domestic sector were $48.2 billion, up 17.2 per cent, and by the foreign-invested sector (including crude oil) $125.5 billion, up 22.1 per cent.   The US remained Vietnam’s leading export market, with $34.7 billion in the first ten months, up 10.1 per cent year-on-year. Exports to the EU were $31.8 billion, up 15.7 per cent, and China $25.6 billion, up 48 per cent. Meanwhile, exports to ASEAN reached $18 billion in the first ten months, up 26.8 per cent year-on-year, to Japan $13.7 billion, up 14.7 per cent, and to South Korea $12.2 billion, up 28.6 per cent.   Import turnover in October was $18.5 billion, up 1.4 per cent against September and 16.6 per cent year-on-year.   In the first ten months, import turnover reached $172.5 billion, an increase of 22 per cent year-on-year. Imports by the domestic sector reached $64.6 billion, an increase of 11.6 per cent, while the foreign-invested sector imported $107.9 billion, up 29.2 per cent. China remained the largest source of imports in the first ten months, with turnover reaching $47.1 billion, up 16.7 per cent year-on-year, followed by South Korea with $38.8 billion, up 48.4 per cent. ASEAN totaled $22.6 billion, up 17 per cent, Japan $13.3 billion, up 8 per cent, the EU $9.9 billion, up 9.7 per cent, and the US $7.6 billion, up 10.5 per cent.  Exports this year have been positive. The Ministry of Industry and Trade predicts that if the export growth rate can be maintained, then total export turnover in 2017 could reach about $200 billion, up some 13 per cent year-on-year and higher than the targeted $188 billion. This would be a record export figure, contributing to the GDP growth target of 6.7 per cent for 2017. Moreover, there is a great deal of potential for higher export turnover this year as Vietnamese goods are now available in nearly 200 countries and territories.      Vietnam seeks to raise cashew output Vietnam is seeking solutions to raise cashew output so as to reduce reliance on cashew imports, heard a conference held in HCMC on October 28 by the Department of  Crop Production under the Ministry of Agriculture and Rural Development. According to the department, the country’s cashew output in the year to date has dropped by 15-20% due to pests and diseases, while the demand for cashew nuts has been still on the rise. Therefore, many local cashew exporters have had to boost import of raw cashew. Vietnam’s cashew-growing area had dropped from 400,000 hectares in 2007 to 293,000 hectares in 2016 as many farmers replaced cashew with other crops of higher value, while cashew exports kept increasing steadily. Data of the agriculture ministry shows that the country has exported 289,000 tons of processed cashew nuts worth US$2.87 billion this year to date, down 0.4% in volume but up 23% in value compared to the same period last year. To secure export orders, Vietnam has imported 1.16 million tons of raw cashew in January-October, up 29% year-on-year. Vietnam is the largest cashew nut exporter in the world, but its reliance on imported raw cashew will affect the sustainable development of the industry. Therefore, the country is seeking solutions to raise cashew productivity. A representative of a company said at the conference that cashew farmers should shift to organic farming, and it is working with experts from New Zealand to support farmers to this effect. The Department of  Crop Production suggested farmers use high-quality seedlings provided by the Vietnam Cashew Association and intercrop cocoa and cashew which would help them increase income by 1.5-2 times. Those localities that have intercropped cocoa and cashew have achieved positive results, including Dong Nai and Binh Phuoc provinces.  Grab and Uber suffer heavy losses Ride-hailing services firms Grab and Uber have racked up hefty losses since their Vietnam debut, said Dang Duy Khanh, deputy head of the Inspection Department under the General Department of Taxation, at a press conference last Friday. Grab, which commenced service in Vietnam in February 2014, has registered capital of VND20 billion. To date, the company has incurred accumulated losses of over VND938 billion, according to the taxman. According to Khanh, Grab ascribed the losses to its huge advertising and promotion costs. Data shows the total revenue of Grab in the 2014-2016 period was more than VND1.7 trillion. The company has paid taxes worth VND9.5 billion. The HCMC Tax Department has inspected Grab to collect an additional VND2.9 billion, with VND2.2 billion being tax arrears. The department added Uber’s total revenue amounted to VND2.7 trillion in the 2014-2016 period and the first half of this year. Uber has paid VND76.8 billion in taxes so far. During the inspection procedure, the department has ordered Uber to pay an extra VND66 billion.  Brokerages concerned about trade volume Securities firms are still concerned about poor turnover on the HCMC exchange, saying the VN-Index may not sustain its growth momentum due to weak cash flow. Closing last week, the VN-Index rose 1.64% at 840.37 points while the HNX-Index of the Hanoi exchange lost 1.56% at 106.54. Turnover plummeted on both markets as matching volume declined 8.2% and 5.7% versus a session earlier at 149.4 million shares and 44.4 million shares per session on the HCMC and Hanoi market respectively. Bao Viet Securities Company said large caps will continue underpinning the market this week while the danger of deep correction is not in sight. However, the market may not make a strong surge if the trade volume remains low. According to BIDV Securities Company, the market saw unexpected developments last Friday. The VN-Index broke through the resistance level of 840 points, which was far beyond expectation of most investors. However, the strong increase last Friday was vulnerable as the market saw low matching volume. Like previous winning streaks, the market may undergo a correction after stock prices have jumped to new highs. FPT Securities Company, meanwhile, predicted the main index to test the supporting range of between 830 and 835 points this week. Last Friday’s session may fuel the sentiment of cash holders this week. However, cautious trading is recommended to avoid losses due to a possible correction, the brokerage said in a report. Viet Capital Securities Company still predicted the market would rise further this year. The VN-Index and VN30 Index, however, may see strong volatility driven by large caps. During last week, ROS was the top contributor to the index rally as the construction firm jumped a hefty 38.7%, followed by bookstore operator PNC with 27.2% and real estate enterprise VRC with 12.3%. Earlier, both PNC and VRC had gone through a long losing streak. In contrast, brokerage firm CTS fell 14.7% because of gloomy business results in the third quarter. CTS reported VND54 billion in revenue, falling 17% versus the same period last year, while its after-tax profit slumped 72% at VND5.8 billion. Mining firm FCM also lost 18.7% due to the same reason. The enterprise obtained VND154.8 billion in revenue and VND3.4 billion in net profit in the third quarter, down 16.7% and 80% year-on-year respectively. Foreigners net sold over VND163 billion on the southern bourse while net buying over VND26 billion on the northern exchange. Omni-channel vital for retailers’ survival An omni-channel or multi-channel sales approach that provides customers with an integrated shopping experience is now vital for the survival of retail businesses, said retail expert Tran Tinh Minh Triet at a talk show last week. According to Triet, retailers will go out of business if they continue relying on a single retail channel and ignoring an omni-channel approach. Triet noted that 20 years ago, the most important thing for a retailer is to have good locations, but five years ago, it evolved to require a good chain, and omni-channel at the moment. Triet cited surveys showing that 70% of consumers know about certain brands through social networks like Facebook and Twitter, and words of mouth. Besides, 67% of consumers search for products on the Internet and read reviews about the products before placing an order. A quarter of consumers like to place an order online and then visit the store to collect the products instead of buying the products directly at the store. The figures show that modern shoppers prefer multi-channel shopping, which has much more advantages and conveniences than traditional shopping methods. To adapt to the changes in consumers’ shopping behaviors, retailers must invest in omni-channel retail technology. By delivering the products directly from factories or stores to customers, retailers will not only save time and transport costs, but also ensure immediate shipping and increase customer satisfaction. According to Triet, retailers need to reduce inventories to minimize storage costs, and develop a complete integrated retail system, from marketing to sale, account and supply chain. Australia seen becoming huge market for Vietnam exporters Australia will be a huge market for Vietnamese exporters in the years to come though shipments from Vietnam to this country remain limited, said Le Thanh Tung, general director of Tien Thinh International Migration and Investment Consulting Company, at a seminar in the Mekong Delta city of Can Tho last Friday. “Australia ranks 15th among Vietnam’s important trading partners. This is a market full of great potential in years to come, so Vietnamese companies should prop up their exports to the country,” he told the seminar on investment and trade promotion between the two countries. He cited data of the Vietnam Trade Office in Australia, saying that Vietnam exported goods worth around US$480 million to this market in 2016, mostly farm produce. Tung said Vietnam’s agro-forestry-fisheries exports to Australia reached an estimated US$450 million a year between 2011 and 2016, a year-on-year rise of 8.3%. However, products which posted strong growth lately included cameras and accessories (up a staggering 315.3%), iron and steel products (127.1%), material for textile, garment, leather and footwear (up 89.9%), computers, electronic products and their components (up 59.4%), and non-wood furniture products (up 47.1%). He stressed the ASEAN-Australia-New Zealand Free Trade Agreement opens up opportunities for Vietnamese enterprises that want to make business deals with their Australian partners. Tien Thinh International Migration and Investment Consulting Company has organized many seminars in Hanoi and HCMC, and has facilitated many companies and local governments to survey the Australian market. He told the Daily that the company is willing to serve as a bridge between Australia’s state governments and Vietnamese companies who have achieved quality and reputation in production and business activities. “I am optimistic about the consulting work to Vietnamese small and medium enterprises that have capability and prestige to help them become successful businesses in Australia,” he said. VNN