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BUSINESS IN BRIEF 30/11
VIB to use profits to add to
core capital
Vietnam International Bank (VIB) will submit to the general shareholders meeting (GSM) a plan to use part of its after-tax profits to add to the bank’s core capital. Accordingly, VIB will temporarily use the after-tax profit accumulated until November 11, 2017, to add to the bank’s Tier 1 capital. The amount will not exceed VND700 billion (US$30.83 million) and the bank’s after-tax profit up till November 30. The board of directors authorises the board’s chairman to decide the detailed amount to submit to the GSM. Implementation will be done before December 31 this year. Previously, in early October, VIB unexpectedly decided to cancel a plan to increase charter capital to VND5.64 trillion from VND4.84 trillion by issuing bonus shares approved at the GSM in April 2017. It instead used the money to buy 10.1 per cent of treasury shares. According to the bank’s Q3 accumulated financial report, its after-tax profit until the end of September was VND799 billion. VIB’s outstanding loans stood at VND53.37 trillion in the first nine months of the year, 11.7 per cent higher against December 31; while deposits grew 12.1 per cent since December 31 to VND59.77 trillion. The bank’s non-performing loan ratio fell to 1.54 per cent compared with 1.84 per cent at the end of the second quarter and 2.07 per cent at the end of 2015, and its capital adequacy ratio stood at 15.6 per cent, significantly higher than the 9 per cent required by the State Bank of VIB’s credit ranking was upgraded to B2 in a Moody’s report ranking of Vietnamese banks released last month, putting it in the group of banks with the highest credit ranking in the market. Expert:  Speaking at a seminar on opportunities and challenges of the fourth industrial revolution in the Mekong Delta According to Thien, the decline has resulted from internal weaknesses. Thien pointed to several factors, especially credits. The economist said compared to other ASEAN countries and Besides, the country’s logistics cost is the highest in the world. “Logistics cost presents more than 20% of The State budget deficit has widened although the country has called for the stronger participation of the private sector in investment projects. Thien said According to Thien, FDI enterprises not only know how to make the most of Meanwhile, domestic enterprises have to deal with a complicated investment mechanism, with a total of more than 5,700 kinds of certificates and business conditions managed by ministries and departments. “The FDI sector now contributes a whopping 70% to the country’s total export revenue,” Thien said. Integration is expected to boost the domestic sector but in fact, Vietnamese firms have faced many difficulties and are now left behind. Outstanding farm products honoured Nearly 160 high quality agricultural products and 25 outstanding companies were honoured at a ceremony in Speaking at the meeting, Politburo member, Secretary of Party Central Committee (PCC) and Head of PCC Economic Commission Nguyen Van Binh, said that these are individuals and organisations which have made significant contributions towards raising the value of products and also promoting the sustainable development of these products. The Party and State will continue to mobilise their resources to develop rural areas, while creating favourable conditions for businesses to invest in socio-economic infrastructure and production in disadvantaged areas, as well as to improve the competitiveness of According to the VFA President Lai Xuan Mon, the programme was launched in 63 provinces and cities, with over 180 agricultural products being nominated. The organising committee, in co-ordination with local agencies and agricultural experts, selected 157 high-quality products to be honoured at the ceremony, he added. Mon noted that the ceremony is also an opportunity to encourage and recognise businessmen and entrepreneurs who are actively supporting farmers in improving productivity, quality, as well as effective product consumption with high value. Trade surplus of US$2.8 billion recorded in Jan-Nov period According to the latest statistic from the agency, during the 11 month period, the domestic economic sector recorded a trade deficit of US$23.4 billion, while the foreign invested sector enjoyed a surplus of US$26.2 billion. In total, export turnover in the first 11 months of this year was estimated at US$193.8 billion, up 21.1% over the same period last year, of which the domestic economic sector achieved US$53.1 billion, up 16.8%; the foreign invested sector (including crude oil) reached US$140.7 billion, an increase of 22.8%. Export turnover of key products continued to increase, compared with the same period last year, with cellphones and components reaching US$41.3 billion, up 30.6%; electronics, computers and components reaching US$23.6 billion, up 38.1%; textiles and garments gained US$23.6 billion, up 9.5%; footwear US$13 billion, up 11.6%; and machinery, equipment and accessories reached US$11.5 billion, an increase of 27%. Regarding the import figures during Jan-Nov, total turnover was estimated at US$191.0 billion, up 21% against the same period last year, of which the domestic sector imported goods worth US$76.5 billion, up 17.9%; while the figure for the FDI sector stood at US$114.5 billion, increasing by 23.2%. For November alone, exports were on a downward trend compared to the previous month, with total export turnover estimated at US$19.2 billion, down 5.4% against October, of which the domestic sector net in US$5.0 billion, down 2.2%, and the FDI sector (including crude oil) reached US$14.2 billion, down 6.5%. Imports this month increased in comparison with October, as import turnover reached US$19 billion, up 4.9%, of which the figure for the domestic economic sector was at US$7.6 billion, increasing by 7.1%; and the FDI sector stood at US$11.4 billion, up 3.5%. In the past 11 months, the US remained the leading export market of Vietnam with US$38.1 billion, up 9.5% over the same period last year; followed by the EU with US$35 billion, up 13.9%; China US$30.3 billion, up 54.2%; ASEAN US$19.8 billion, up 25.8%; Japan US$15.2 billion, up 14.9%; and the Republic of Korea (ROK) US$13.6 billion, up 30.4%. In the opposite direction, China remains the largest import market for its neighbouring country, with turnover reaching US$52.1 billion, up 15.5% over the same period last year; followed by the ROK with US$42.4 billion, up 46%; ASEAN US$25.4 billion, up 17.5%; Japan US$14.7 billion, up 7.5%; the EU US$11 billion, up 10.5%; and the US$ 8.4 billion, up 7%. Developing tourism into a spearhead economic sector The Ministry of Culture, Sports and Tourism held an online conference on November 28 to implement the Government's Action Programme and the Ministry's Action Plan on developing tourism into a spearhead economic sector. The conference was held simultaneously in 63 provinces and cities across the country in response to the Politburo Resolution No.08, issued in January 2017, on developing tourism into a spearhead economic sector by 2020. Addressing the conference, Minister of Culture, Sports and Tourism Nguyen Ngoc Thien said that the tourism sector has witnessed strong growth over the past few years, contributing positively to the national socio-economic development. The tourism sector grew by 27% in 2016, receiving approximately 10 million foreign visitors. The minister emphasised that, with such outstanding performance, the tourism sector has a great opportunity to become a key economic sector in At the conference, representatives from the Vietnam National Administration of Tourism also introduced the key content of the Government's Action Programme and the Ministry's Action Plan on developing tourism into a spearhead economic sector and the Tourism Law 2017 (revised), which was adopted by the National Assembly in June 2017. Under the Action Programme, the Government has assigned the related ministries and localities to carry out eight key tasks, including the restructuring of the tourism sector, the completion of policy on tourism, and investment in order to upgrade tourism infrastructure, among others. 11M FDI up 83% Total foreign direct investment (FDI) in Vietnam reached $33.09 billion in the first eleven months of this year, up a staggering 82.8 per cent year-on-year, according to the latest report from the Foreign Investment Agency (FIA) at the Ministry of Planning and Investment. There were 2,293 new projects granted investment certificates during the period, with total registered capital of $19.8 billion, an increase of 52 per cent year-on-year. There were also 1,100 existing projects raising their investment capital by a total of $8 billion, up 57.6 per cent year-on-year. Foreign investors also purchased shares in 4,535 local enterprises, spending $5.29 billion, up 57.6 per cent year-on-year. Disbursement was also higher, reaching $16 billion as at November, up 11.9 per cent year-on-year. The FIA figures reveal that foreign investors invested in 19 sectors. Processing and manufacturing industry continued to attract the most, with $14.95 billion, accounting for 45.2 per cent of the total. Electricity production and distribution followed, with $8.37 billion, accounting for 25.3 per cent, then real estate with $2.5 billion, accounting for 7.6 per cent. Some 112 countries and territories have investment projects in Foreign investors invested in 59 cities and provinces around Solutions on offer for clothing producers Vietnamese apparel companies face a host of obstacles from globalization and industrialization, especially in the context of the changing pace of fashion, a seminar entitled “Is Vietnam’s Apparel Industry Ready for Fast Fashion?” held a few days ago in Ho Chi Minh City by ThreadSol, a fast-growing Singapore-based technology company in the apparel industry, heard. In cooperation with the Vietnam Textile and Garment Association (VITAS), ThreadSol organized its second edition of the Apparel Tech Up Forum Over recent years, The seminar welcomed a number of The seminar also featured a panel discussion that gave those in attendance a closer look at how manufacturers can rely on a combination of technology and best practice to deliver timely output without compromising on quality or cost, adapting their business operational structure and management model to the new context of the fast fashion market. ThreadSol’s solutions enable apparel companies in “By anticipating change and placing customers’ needs at the heart of our technology, ThreadSol is committed to continually innovating, helping our customers succeed in a fast-evolving industry,” said Mr. Saurav Ujjain, Business Head of ThreadSol South East Asia. Both intelloBuy and intelloCut have been adopted by leading manufacturers in ThreadSol was established in 2012 to challenge manufacturing industries with its innovative solutions. Over 120 customers in 15 geographies plan 1 billion garments through its solutions every year. Coffee production to rise 10% in MY2017/18 The US Department of Agriculture (USDA)’s Foreign Agricultural Service reports forecasts coffee production in Vietnam for Marketing Year (MY) 2017/18 at 28.6 million bags, a 10 per cent increase compared to MY2016/17 due to favorable weather in the first half of this year. November exports were 83,000 tons, worth $185 million, resulting in a fall of 22.5 per cent in volume and 3.8 per cent in value in the first eleven months of 2017 year-on-year. The decline in the domestic coffee market was based on a decline in the global Robusta price. Vietnam’s MY2016/17 coffee production is revised down from about 26.7 million bags to 26 million bags in the report, due to unusual rain during the harvest that resulted in further losses to already lower According to the MARD’s Water Resource Directorate, the wet season arrived early this year in the central highlands, Vietnam’s main coffee producing area, and will also end earlier than expected. The El Nino weather pattern could also return in the second half of calendar year 2017. If this happens, the quality of coffee cherries could be affected, as could the new crop. The report revises estimates for Vietnam’s MY 2016/17 coffee exports upwards, including green beans, roasted and ground, and instant coffee, from 26.05 million bags to 26.55 million bags, due mainly to an expected increase in green bean coffee exports. Total exports for MY 2017/18 are forecast at about 26.65 million bags, due to limited production and carry-over stock. Exports of green coffee beans are expected at about 24 million bags in MY 2016/17, up some 500,000 bags compared to the USDA’s estimate, due to expected increases in exports of Robusta green beans, but less than the 2.95 million bags recorded in MY 2015/16, due to limited production. MY 2017/18 green bean exports are forecast at 24 million bags, due to expected low coffee carry-over stock from MY 2016/17. The report maintains exports of roasted coffee in MY2015/16 at 550,000 bags and exports of soluble at 2.0 million bags GBE (Green Bean Equivalent). It forecasts the same volume for MY2016/17 for roasted coffee due to the flat growth of these sectors, but an increase of 100,000 bags to 2.1 million bags for soluble coffee due to increasing investment in companies that are exporting to the Chinese market. Total coffee imports in MY 2016/17 are expected to be up from 640,000 bags to 1 million bags GBE, due to the rapid expansion of café and coffee shops in 600 B2B meetings organised under Italian business mission to Vietnam 2017 More than 600 business-to-business meetings between Vietnamese and Italian enterprises have been organised to help the two countries’ enterprises seek partners in numerous sectors, including infrastructure and transport, power generation and green technology, and machinery and technologies. These meetings are organised in the framework of the three-day event “Italian Business Mission to Vietnam 2017” by the Italian Trade Commission (ICE), the Italian Banks’ Association, and the Italian Confederation of Industry Associations, with strong support from the Vietnamese Chamber of Commerce and Industry, Vietrade, and the Italian Embassy. The mission, which was kicked off in Hanoi today and will last for three days (November 27-28 in Hanoi and November 29 in Ho Chi Minh City), attracts a delegation of 150, representing world-leading Italian brands and more than 600 Vietnamese enterprises. Speaking at the opening ceremony, Cecilia Piccioni, Italian Ambassador to Vietnam, said that orgainising the “Italian Business Mission to Vietnam 2017” event show the two countries’ efforts to realise the commitments between the two countries’ leaders to increase co-operation in the energy, infrastructure and transport, and machinery sectors, among others. The relationship between the two countries has been elevated to strategic partnership and comprehensive co-operation. Besides, The two countries have complementary strengths, which makes them a good fit to help each other develop. Notably, However, trade and investment co-operation is still limited. “Through this event, “Italy does not only wish to co-operate in the area of trade as in previous years, but wants to help Vietnam develop, support both human resources training and skills development,” he added. The partnership and co-operation agreement (PCA) between Law battles non-state corruption Publicly held companies, credit organisations, and investment funds in The legislature is scrutinising the draft amendments to the existing Law on Anti-Corruption. One of the new points in the draft is that the law, which is now applied to state-run agencies and firms, is also to cover non-state firms, including publicly-held companies, credit organisations, and investment funds as pilot non-state entities. The draft’s Article 106 states that publicly-held companies, credit organisations, and investment funds have to issue regulations on transparency in their organisational structure and operation, and on responsibility of their heads, including chairmen, CEOs, general directors, directors, and chief accountants. Meanwhile, Article 107 of the draft also states that these companies, organisations, and funds are required to maintain transparency and control over their heads’ assets. This is aimed at protecting the interest of stakeholders and depositors. They also have to issue regulations on the declaration of their heads’ assets and income, and be subject to inspections from the governments, ministries, cities, and provinces. Under the existing Law on Anti-Corruption, only state-run agencies and firms are subject to these regulations. However, according to drafters, these regulations must be applied to non-state enterprises because they will help “enhance enterprises’ role in anti-corruption”, and “the development of corruption-free and healthy business culture plays a very important role in both state and non-state sectors”. However, these new provisions have gotten poor reviews from both experts and firms. “While the proposed changes to the law can appear justifiable in the abstract, given the Criminal Law provisions that are already in existence, there is a danger that the changes could have a chilling effect on legitimate business while adding little in the way of deterrence to the illegitimate,” Tony Foster, managing partner of law firm Freshfields Bruckhaus Deringer Vietnam, told VIR. Nguyen Quang Vu, a business lawyer from Venture North Law Limited, told VIR that the provisions are “irrational”. “Moreover, private firms have their own regulations about asset transparency and control and supervision over all activities of their heads. Thus the state should not interfere in their activities. Private firms often have many stakeholders, whose interests are protected by the law and the firms’ regulations. The stakeholders are responsible for their assets, not the state,” Vu said. Despite this disagreement, many National Assembly members are putting their weight behind the new provisions. Deputy Nguyen Quang Dung of the central province of Quang Nam said it would be necessary for the new law to cover non-state firms and those working for these firms, because this will be in line with the existing Criminal Law, which also covers these entities with specific punishments. Like many deputies, Tran Tat The, representing the northern province of Ha “Finally, all the costs of this type of corruption are paid by consumers who have to buy products at high prices,” The said. “The fact that the new law covers the non-state sector is in line with the United Nations Convention against Corruption in which According to deputies Do Van Binh from the northern port city of “The most corruption can be seen in public services and projects in administration, construction, road projects, education, and healthcare,” Khanh said. “If we focus the fight against corruption only in the state sector, without the non-state sector, the desired result cannot be gained,” Binh said. But lawyer Vu argued, “If the state-run agencies’ operations are made transparent, no private firm would dare to bribe them. [Without corruption,] this is the thing that a private firm never wants to do.” Viettel earns VND50 billion on Trung Van apartment sales Military-run mobile operator Viettel reported an after-tax profit of VND49.48 billion ($2.18 million) from selling the apartments at CT2 Building at Trung Van New Urban Area located in Hanoi's South Tu Liem district. Previously, according to the Conclusion No.1203/KL-TTCP published on May 16, 2017 by the Government Inspectorate of Vietnam, Viettel suffered a loss of VND40.63 billion ($1.79 million) after investing and then divesting from the project. The Government Inspectorate of Vietnam proposed the Ministry of National Defence to ask Viettel to review its after-tax profit from selling apartments at the CT2 project. According to a representative of Viettel, in early October, Viettel conducted the review of financial data from the 2011-2014 period, and confirmed that the after-tax profit of VND49.48 billion ($2.18 million) came from selling apartments at CT2 Building at the Trung Van project to its staff. Simultaneously, Viettel has enough data to prove the above profit figure and is willing to take responsibility for the legality of the above-mentioned data. Viettel added that it recovered the total proceeds of VND154.84 billion ($6.8 million) after divesting from the project, VND12.44 billion ($547,606) higher than the initial investment capital, ensuring the safety of the investment capital according to the investment planning approved by the Ministry of National Defence. Viettel is currently the No.1 Vietnamese brand in technology and telecommunications, and has valiantly fought its way to the Top 100 most valued telecom companies around the world. It has made large contributions to national production and facilitated national defence as well as co-operated with other factories and agencies to invest in qualified projects. Viettel ranks first on Profit500 Viettel ranked first among the top 500 Vietnamese firms reporting the highest profit in 2017 (Profit500), according to an evaluation conducted by Vietnam Report JSC (Vietnam Report) and vietnamnet.vn. The Profit500 ranking has been built based on pre-tax profit, revenue, and the indexes of return on assets, return on equity, and rate of return. Besides, Viettel ranks first in the top 1,000 Vietnamese enterprises paying the largest corporate income tax, as published by the General Department of Taxation and the Ministry of Finance. Accordingly, in the first six months of this year, Viettel reported a total revenue of VND118 trillion ($5.19 billion) and a pre-tax profit of VND21.67 trillion ($953.95 million), reaching 100.1 per cent of its targets for the whole year. Besides, in April, Viettel officially became the first telecommunication services provider in It currently has 36,000 4G Base Transceiver Stations (BTSs) nationwide that can cover 95 per cent of the country’s population. Viettel successfully deployed its third online billing system named vOCS v.3.0 and put it into operation successfully for 90 million subscribers in Furthermore, Viettel became a rare telecommunication services provider on the world by producing a real-time billing system, which is comparable to Core Banking in the banking system, but with more complexity and a larger scale. Only 6% of Becamex’s shares are booked before IPO Only 158 investors have registered to buy more than 18.95 million shares, equivalent to just 6.1 per cent of shares offered, at the initial public offering of the Investment and Industrial Development Corporation (Becamex IDC). The IPO is scheduled on December 1 on the HCM Stock Exchange. Among them, only five are foreign institutions, booking the purchase of nearly 10.64 million shares, and 153 are domestic investors --149 individuals and four institutions -- who want to buy some 8.3 million shares, the HCM Stock Exchange announced. The information is disappointing as the IPO was expected to draw special investors’ attention given its sizable share offering as well as the leading position of the company in the industry. Early this month, Becamex said it would float over 311.2 million shares, equivalent to 23.63 per cent of its charter capital, through the IPO. The initial selling price is set at VND31,000 (US$1.37) per share, valuing the company at VND40.83 trillion ($1.8 billion). The company is expected to collect at least VND9.65 trillion from the sale (if all the shares are sold), making it the second largest IPO of a State-owned enterprise since Vietcombank’s IPO worth VND10.5 trillion in December 2007. Established in 1976, Becamex IDC is one of the largest real estate companies in Van Phu Invest becomes 9th largest property firm after stock debut Shares of Van Phu-Invest Investment Joint Stock Company (code VPI) soared 29.7 per cent on its first trading day on the Ha Noi Stock Exchange on Tuesday to close at VND35,800 (US$1.57) a share. At this price, the company was valued at more than VND5.7 trillion ($251 million), making it the ninth largest real estate company on the stock exchange. Its chairman and CEO To Nhu Toan, with an ownership of 25 per cent stake in the company, advanced into the stock exchange’s billionaire with estimated total assets of over VND1.43 trillion. Established in 2003, the company has current charter capital of VND1.6 trillion, equivalent to 160 million shares. The company began attracting market attention since 2010 with a series of projects including Van Phu Urban Area and Van Phu – It posted a net profit of VND238.3 billion in the first nine months of this year and targeted a yearly profit of VND420 billion. The earnings per share (EPS) ratio was VND4,500. 98% of Ha Noi enterprises pay taxes online Ninety-eight per cent of total enterprises in Ha Noi have implemented online tax declaration and about 95.36 per cent of them have paid their taxes online. This was revealed by the Ha Noi Department of Taxation. The figures have exceeded targets under Resolution 19, in reducing the time and cost for taxpayers and tax offices in declaring and paying tax. The registration time of newly-established enterprises and the automatic granting of a tax code has reduced by 87.5 per cent, four hours less than earlier. That has helped enterprises and taxpayers save time and money. The department has also coordinated with relevant departments in solving administrative procedures relating to land, and reducing the period of implementing the procedures from five days to three days, VTC reported. Nguyen The Manh, deputy director of the General Department of Taxation and director of the Ha Noi Taxation Department, said that over the past years, the taxation department of Ha Noi has focused on accelerating tax administrative reforms and ensuring transparency to create favourable conditions for businesses and taxpayers. The Ha Noi Taxation Department has applied IT in stages of tax management, contributing to transparency and simplification of tax administrative procedures. The biggest target of the Ha Noi Taxation Department is to create the best conditions for taxpayers to enjoy full tax incentives and comply with tax policies and law. Work on $66m wind power plant starts in Ben Tre Construction of a wind power plant worth nearly VND1.5 trillion (US$66 million) began in the southern province of Ben Tre’s Binh Dai District on Tuesday. Financed by Mekong Wind Power Joint Stock Company, an affiliate of Thanh Thanh Cong Group, the Binh Dai plant will comprise 15 turbines with a total capacity of 30MW. Once operational, the plant – the first of its kind in the province – will produce about 84 million kWh each year. In a speech at the plant’s ground breaking ceremony, provincial People’s Committee vice-chairman Truong Duy Hai said Ben Tre had great potential for wind power development thanks to a long coastline and strong wind intensity. The province has selected 11 areas in Binh Dai, Ba Tri and Thach Phu districts to develop plants, following a master plan to 2020, Hai said. He added that the Binh Dai plant would help speed up provincial economic growth and create more jobs for local people. In July, provincial authorities granted investment licences to seven wind power projects, with total pledged capital of about $900 million at an investment promotion conference held in the locality. Bus plant ready for ASEAN zero tax Car maker Truong Hai Automobile company (Thaco) has opened a new bus plant in the Chu Lai-Truong Hai Industrial Complex in Deputy director of Thaco, Pham Van Tai, said the plant, which covered 17ha and involved investment of VND7 trillion (US$310 million), would supply high-quality vehicles. He said the new plant, built using 60 per cent Vietnamese-made components, would produce engines meeting Euro 4 Emission Standards. "We have sped up the localisation ratio to produce good quality and competitively priced vehicles to take advantage of the zero tax being introduced throughout the ASEAN region next year,” Tai said. He said the company had developed a supportive industry zone with 24 plants producing spare parts and accessories for local use and export. Thaco has also built a research and development centre at the new bus plant as well as an automatic welding line and power coating for painting vehicles. In 2010, Thaco invested $44 million to build the first plant to make 45-seat buses with a capacity of 5,000 vehicle per year. Vietnam-Japan steel venture officially opens The new entity, ANJ, has a registered capital of 2 million USD and is the first joint venture that JFE Steel Corporation has established with a construction and steel-processing company in As of February 17, 2017, JFE announced the establishment of a joint venture with 50-50 percent shareholding in Agrimeco, a contractor engaged in hydroelectric power plants and steel high-rise buildings, as well as processing construction materials. Le Van An, chairman of Agrimeco, explained that despite the successful merger in February, both sides needed time to understand each other’s working methods, and most importantly, to have ample preparation for upcoming international projects, hence the opening ceremony in November. ‘As we have now secured some major contracts with other companies outside of The joint venture will focus on importing structural steel sheet and steel materials from According to Fukushima Isao, general director of JFE Steel Vietnam Co., Ltd., in order to avoid competing with cheap Chinese steel, the new unit will focus on high-end anti-corrosion products. Domestic demand for construction materials is expected to remain strong and stable as He also said that the Vietnamese high-end construction steel market is expected to nearly triple by 2025, while integrated steel works and steel products consumption is expected to grow further. Italian government, firms praise Vietnam’s free trade policy The Italian Government and businesses have highly evaluated Vietnam’s policy on open and free trade, said Italian Deputy Minister of Economic Development Ivan Scalfarotto. The Italian official made the comment when he was received by Prime Minister Nguyen Xuan Phuc in PM Phuc applauded the success of the 4th session of the Vietnam-Italy Joint Committee for Economic Cooperation and the Vietnam-Italy Business Forum, and recommended the two countries intensify economic and trade cooperation in a bid to lift up bilateral trade. While suggesting Italian firms increase investments in He listed a number of spheres for bilateral cooperation, including tourism, green technology, transport, and infrastructure and stressed the need to open a direct air route between the two nations. PM Phuc urged both sides work closely to implement the 2017-2018 action plan on strategic partnership, continue organising strategic diplomatic and defence dialogues, and carry out activities marking 45 years of diplomatic ties. The PM said Scalfarotto said his delegation included 130 businessmen from 60 top Italian companies who are looking for investment and cooperation opportunities in The exchange of high-ranking delegations between the two countries showed Italian’s attention to Agriculture is a key field of cooperation between Speaking at a workshop held in the Mekong Delta Indian companies have poured a remarkable amount of investment in The ambassador suggested the two nations focus cooperation on building hi-tech agriculture, promoting trade in fruits, vegetables and aquatic products, developing harvest and post-harvest technologies, training high-quality human resources for agriculture, and studying varieties and advanced cultivation techniques. Vo Hung Dung, Director of the Vietnam Chamber of Commerce and Industry (VCCI)’s Branch in Can Tho city, said the Mekong Delta is the country’s largest agricultural production region which also has a favourable business environment. The Mekong Delta also has good conditions to further promote international integration and cooperation, he said, adding that Chairman of the provincial Tien Giang People’s Committee Le Van Huong said the outcomes of the workshop will help the region foster the development of sustainable agriculture, shifting from quantity to quality and from chemical agriculture to organic and hi-tech agriculture. Italians hope to boost trade with Vietnam Italy wants to boost its investment in Vietnam, focusing on providing more advanced technology equipment at competitive prices, while also supporting the country’s sustainable development with infrastructure and renewable energy projects, said Ivan Scalfarotto, Italian Deputy Minister of Economic Development. He was speaking at the Business Forum Italy Vietnam held for Vietnamese and Italian entrepreneurs to share investment and cooperation opportunities in The forum hosted 150 delegates representing some of Bilateral trade between Identifying economic cooperation as a priority pillar of bilateral cooperation, the two countries aim to increase trade turnover to 6 billion USD in the 2017- 18 period. They hope to increase “Italy does not only wish to cooperate in the area of trade as in previous years, but also wants to help Vietnam develop by supporting human resources training and capacity-building. To date, As regards the obstacles of Italian firms when doing business in However, At the conference, two Memorandum of Understanding (MOUs) have been signed. One MOU is between the Confidustria Marmomacchine – an association of Italian stone and marble manufacturing companies—and the Vietnam Association for Building Materials and the Luc Yen White Marble Association. The other is between the ICHAM and This is the first time that ICHAM has signed an agreement with Vietnam’s General Department of Customs aimed at limiting trade fraud and smuggling, as well as guaranteeing that all products coming from Italy to Vietnam are 100 percent made in Italy or 100 percent produced by Italian companies, said Michele D’Ercole, chairman of ICHAM. The event was organised by the Italian Trade Commission (ICE), the Italian Banks’ Association (ABI) and the Italian Confederation of Industry Associations (Confindustria), with support from the Vietnamese Chamber of Commerce and Industry (VCCI) and the Embassy of Italy in Vinamilk enters domestic sugar industry In a move to ensure sufficient raw material for business expansion, Vinamilk this year has spent nearly VND1 trillion (US$44 million) on acquiring a 65 per cent stake of the Khanh Hoa Sugar Co and changing its name into Vietsugar. Representatives of Vinamilk said that Vietsugar, which was launched from a strategic handshake between two long-standing companies in Established in 1989, Khanh Hoa Sugar Co has a current production capacity of 1,500 tonnes of sugar each day and strives to raise its daily capacity to 2,000 tonnes of sugar in the future. Agriculture is a key field of co-operation between Speaking at a workshop held in the Mekong Delta Indian companies have poured a remarkable amount of investment in The ambassador suggested the two nations should focus co-operation on building hi-tech agriculture, promoting trade in fruits, vegetables and aquatic products, developing harvest and post-harvest technologies, training high-quality human resources for agriculture and studying varieties and advanced cultivation techniques. Vo Hung Dung, director of the Viet Nam Chamber of Commerce and Industry (VCCI)’s Branch in Can Tho City, said the Mekong Delta is the country’s largest agricultural production region, which also has a favourable business environment. The Mekong Delta also has the conditions necessary to further promote international integration and co-operation, he said, adding that Chairman of the provincial Tien Giang People’s Committee, Le Van Huong, said the outcome of the workshop will help the region foster the development of sustainable agriculture, shifting from quantity to quality and from chemical agriculture to organic and hi-tech agriculture. Local FMCG draws Malaysian interest Malaysian investors are keen on A delegation of eight Malaysian companies paid a working visit to Dato’ Theng Bee Han, president of the Malaysian Business Chamber in The expansion in modern retail seen in hypermarkets, shopping malls, and convenience stores has pushed the development of the sector. E-commerce is also getting more popular, driving the FMCG segment further. On top of that, consumers are increasingly willing to buy foreign products due to their changing lifestyles and rising incomes over the past 10 years. “We are looking for opportunities in ASEAN, which is becoming a single market after the establishment of the ASEAN Economic Community (AEC). Within AEC, Meanwhile, Anggun Fusion, a brand for premium ingredients, is searching for strategic partnerships and planning for long-term business in According to Kantar Worldpanel’s report “The future of e-commerce in FMCG”, online FMCG sales reached a 0.5 per cent share in According to David Anjoubault, general manager of Kantar Worldpanel The value growth of e-commerce within FMCG is up 69 per cent, which makes “It’s now a critical time for investors to enter this promising market, while current retail giants should gradually move their offerings online and take advantage of their brand equity with omni-channel strategies, to be successful and to defend their current position,” Anjoubault said. “On the whole, consumer trust and high logistics costs for delivery are major challenges that need to be addressed by businesses in order to move Chairman of the municipal People’s Committee Nguyen Thanh Phong made the pledge at a reception for Eugene Kim, chairman of the group, in the city on November 27. He said the city will offer the group its abundant labour resources, developed traffic infrastructure facilities and investment incentives. The city will help multinational companies join global supply chains, Phong said, adding that it will facilitate the group’s information exchange and investment exploration in the park. For his part, Eugene Kim expressed his respect for the development of the city, suggesting local authorities support his group to invest in the city’s Saigon Hi-Tech Park. Huneed Technologies is the leading provider of defence equipment of the RoK. It is a strategic supplier of the Boeing Group for electronic items on civil aircraft.
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Thứ Năm, 30 tháng 11, 2017
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