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BUSINESS IN
BRIEF 14/1
Pepper growers concern about falling prices
Pepper
growers are entering the harvest season of 2018 in the southeastern region of
Traders
now pay VND65,000-66,000 a kilogram of pepper, accounting for half of the
price in the same period last year.
Long
lasting rains last year created conditions for pests and diseases to attack
pepper crop, resulting in output drop this year.
According
to statistics, high pepper prices in previous years sent farmers to expand
farming area to 40,100 hectares in Ba Ria-Vung Tau, Dong Nai and Binh Phuoc
provinces in 2017. The area far exceeds the plan of 12,800 hectares by 2020
of the Government.
That
has broken supply and demand balance causing continuos price reductions for
the last two years.
Enterprises develop fast in number, efficiency low: economic
survey 2017
Data
from economic survey of HCMC 2017 showed that although the number of
enterprises quickly develops, their scale is mainly small and very small and
efficiency through profit norms is limited.
That
was announced a conference, presided over by standing deputy chairman of HCMC
People’s Committee Le Thanh Liem, to reckon up the economic survey results.
Mr.
Liem is head of the steering board of the survey which is one among three
under the national statistical survey program stipulated by the Prime
Minister, conducted every five years.
Of
171,655 active businesses, 64,607 are profitable accounting for 37.81
percent, 96,936 loss making making up 56.49 percent and the remaining ones
break even.
The
ratio of loss making firms has been in up trend after five years, increasing
2.87 percent to non-state companies. The number of profitable ones dropped
from 43.30 percent in 2011 to 37.41 percent in 2016.
Similarly,
the ratios of profitable and under performance state own firms went down 0.71
percent to 81.79 percent and up from 16.6 percent in 2011 to 17.65 percent in
2016 respectively.
The
city has 633,637 economic, administrative, public service units and religious
and faith facilities, up 26.99 percent over 2011 with the average growth rate
of 4.9 percent a year. Workers neared 4.1 million, increasing 19.04 percent.
Economic
sector developed faster than administrative and public service fields,
growing 26.99 percent in number and 10.04 percent in workers.
On
December 31, 2016, the city had 172,979 businesses and cooperatives, raising
nearly 62 percent over 2011. Of these, non-state firms post an outstanding
development step compared to other types of businesses, accounting for 97.36
percent of the city’s companies.
Total
capital of this economic sector was up 2.11 times equivalent to VND3.26
trillion. This sector also created lot of jobs for workers.
Stating
at the conference, Mr. Liem appreciated efforts by the statistics industry
and 3,600 staff who had worked to draw the survey’s results at the soonest
time.
The
survey results were a valuable source of data for city leaders to build and
plan economic, social policies and others to encourage modern science and
technology application in all economic fields as well as administrative and
public service units, he said.
He
assigned specific tasks to relevant agencies to improve the survey’s results.
Specifically,
the Department of Planning and Investment, HCMC Taxation Department and
Statistics Department have been asked to work together and review the number
of registered and active companies in fact to draw the most exact number.
The
number of registered firms now near 300,000 in fact while the survey shows it
is only 172,979.
Agriculture must apply technology to advance
Vietnamese
farmers account for 70% of population, yet they only contribute 20 percent to
GDP, while these figures in other developed countries are 2 percent -4 and 40
percent, respectively.
According
to the annual summary report of the Ministry of Science and Technology
(MOST), in 2017, science as well as technology themselves had an active role
in restructuring the agriculture sector, helping the countryside not only to
gain a new appearance but also to increase performance and quality while
boosting exporting ability.
Looking
into more detail, science and technology now comprise 30% of the increase in
agricultural production and 38% of the growth of seeds and breeding stock.
More than 90% of rice fields, 80 percent of corn fields, 60 percent of
sugarcane fields, and 100 percent of new cashew fields are using Vietnamese
seeds.
The
performances of animal raising and plant growing are higher than those of
neighboring nations. For example, Vietnamese’s rice is leading ASEAN while
our shark catfish and pepper are unparalleled worldwide. Vietnamese’s coffee
and rubber also stand at the second position globally.
The
rate of mechanized agriculture is boosted as well, with a 1.5-2 percent
increase of machines in production compared to 2016. There exist new models
of aquaculture farms, having a chain of value production for shrimps,
shark catfish, and lobsters.
As
stated by Deputy Minister Tran Van Tung of MOST, after a long time focusing
on increasing yields and performance,
To
also improve its competitiveness in international markets, agriculture has
already restructured its production methods to create close links to be a
foundation for the application of science and technology to boost efficiency
as well as quality, effectiveness of advantageous produce.
The
participation of large corporations and businesses into agriculture recently
or the growth of certain special animals and plants for exporting to
particular markets are some typical examples of that change.
Nevertheless,
MOST also admitted that all of those results are not the full potential of
Vietnamese agriculture. Vietnamese farmers account for 70 percent of
population, yet they only contribute 20 percent to GDP, while these figures
in other developed countries are 2-4 percent and 40 percent, respectively.
According
to the report of World Bank Group (WBG), GDP in agriculture of
To
tackle this issue, WBG suggested that Vietnamese agriculture should change
its visions and methods so as to apply more technology to build value links
or gather farmers into companies.
In
this way,
At
the moment, although agriculture in
In
particular, MOST should pay much attention to modernizing production models
and enhancing the quality of produce. He also mentioned that more investment
should be stimulated and more technology should be applied in advantageous
areas of each produce such as the Mekong Delta with fruit trees and shrimps
and fish or the South East area with industrial trees in order to form major
agriculture centres and areas.
It
is obvious that to obtain sustainable development and create high-tech
agricultural links or organic agriculture, there is no way but to refresh our
mind, our production as well as preservation methods by applying more
advances of science and technology.
The
Rynan Smart Fertilizers Limited Company held a ceremony on January 13 at
The
five-hectare plant, with an annual processing capacity of 50,000 tonnes,
carries a total investment of over US$35 million.
According
to Doctor Nguyen Thanh My, Chairman of the Board of Rynan Smart Fertilizers,
the smart fertilizers will be coated with an environmentally-friendly
high-tech polymer material, reducing greenhouse gas emissions by more than
60%.
In
addition, smart fertilizers only need to be applied once, with the amount
less than conventional fertilizers by between 40 and 60%, but the crop yield
could increase by more than 10%.
Earlier,
Rynan Smart Fertilizers also organised a smart fertilizer experiment on an
area of 200 hectares in Tam Nong district, Dong Thap province.
The
results show that the production of rice under the technical process and the
use of smart fertilizers has reduced environmental pollution to the lowest
level and helped farmers cut seed and fertilizer costs.
Agriculture makes up exports imprints in 2017
Export
achievements in 2017 were encouraging amidst declining minerals and crude oil
exports thanks to the strong growth in telephone, electronic components, and
especially the agricultural sector, made up for the gap left by the mining
industry’s exports.
For
the first time in history, exports marked a remarkable achievement in 2017 as
they exceeded the US$200 billion benchmark with a total value of US$213.77
billion, up 21%. 2018 is also expected to be a good year for export targets.
Typically,
the seafood industry has returned impressively earning the country US$8.4
billion in 2017 (up 18.5% from the previous year), while wood and furniture
brought in US$7.6 billion (up 9.2%), rice exports reaped US$2.6 billion
(22.7%), and cashew nuts earned US$3.5 billion (23.9%). Most notably, fruit
and vegetables surpassed the long standing crude oil in terms of export value
at US$3.5 billion, up 43.1%.
It
is time to further improve the agricultural sector’s role. The good results
in 2017 show that
For
fruit alone, the recent encouraging results have opened up opportunities for
the industry’s accelerated growth, especially its exports to the
Star
apple fruit shipments to the
Vietnamese
fruit and vegetables are currently exported to more than 40 countries and
territories around the world, including selective markets such as the
The
strong return of shrimp and fish exports is also a remarkable phenomenon. In
2016, this industry encountered challenges in the face of serious droughts
and the
The
largest contributor to seafood exports in 2017 was shrimp with a growth of
over 21%, as shrimp exports were valued at US$3.8 billion. Tra fish exports
contributed US$1.8 billion, up nearly 4% compared to 2016, while exports of
tuna and squid also reached nearly US$600 million, up 16% and 42%
respectively.
Remarkably,
in seafood exports in 2017,
The
spectacular improvement of
According
to Deputy Minister of Agriculture and Rural Development, Ha Cong Tuan, 2018
is identified as a pivotal year, which is important in the implementation of
the sector's five-year plan during 2016-2020, targeting a growth rate at
about 2.8-3.0% and an export turnover of US$36-37 billion.
It
is time for the relevant departments, sectors and local authorities to take
measures in removing barriers and create a favourable environment for
businesses, while actively reporting on new market policies to help
businesses reduce their risks. Another important orientation is that the
State needs to maintain or reduce credit interest rates to strengthen the
financial capacity of enterprises.
For
their part, agricultural businesses should pay more attention to brand
building, quality improvement, the application of modern technology and
completing the production and distribution chain to improve business
efficiency and increase competitiveness in the international markets.
“Growth
and development is a marathon, not a sprint,” Prime Minister Nguyen Xuan Phuc
emphasised and set the goal of raising
At
the high-level policy dialogue with the theme of “Fast and sustainable
economic growth: existing challenges and new motivation” under Vietnam Economic
Forum, Prime Minister Nguyen Xuan Phuc confirmed his hopes that Vietnamese
people would change their mindset and habits to create a prosperous
The
prime minister said that 2017 was a successful year for the Vietnamese
economy, with a growth of 6.81 per cent.
“We
should affirm that the Vietnamese economy is facing many challenges in the
medium and long term. It is necessary to find a way to promote fast and
sustainable development and overcome the middle-income trap in the coming time,”
PM Phuc emphasised.
In
2018, the government asks ministries, branches, and localities to strive to
reach father than the growth targets set forth by the National Assembly.
Thereby, GDP growth should be over 6.7 per cent, with the quality of growth
and productivity improved significantly, accompanied by rising environmental
indicators.
He
added, “Growth and development is a marathon, not a sprint. We could be
delighted with the 2017 achievements, but we should consider them as a basis
for economic restructuring and shifting the growth model. This way we will
create a solid foundation for the economy to grow in the long term.”
The
prime minister said that besides economic achievements, the poverty rate has
reduced, environmental protection and afforestation received more attention,
and forest coverage has increased.
The
prime minister was especially proud of
Additionally,
the leader of the government expressed concerns over the issues of climate
change and Industry 4.0 and emphasised the need to find better ways to
implement the nation’s sustainable development strategy.
In
order to improve the resilience of the economy, the prime minister focused on
mechanisms which boost innovation in the country.
“We
need to improve productivity, apply science-technology, and promote
e-commerce. The economy needs to be restructured on every level, branch, and
business, in order to improve the competitiveness of the country. This should
go along with reducing costs, as well as promoting anti-corruption and
preventing group interests from taking over. Thus, we need an innovative
national education in line with the development,” PM Phuc stated.
Ocean Group not out of trouble yet
Over
the past three years, especially after the lending fraud scandal of Ocean
Bank’s former chairman in late 2014, the business performance of multi-sector
Ocean Group (HSX:OGC) was lacklustre despite signs of recovery shown over the
first nine months of 2017.
Specifically,
over the first three quarters of 2017, the multi-sector firm reported a total
after-tax loss of VND226.7 billion ($9.92 million) which was nearly half of
the VND468 billion ($20.49 million) in the same period in 2016.
During
the first nine months of 2017, the firm’s collective sales and service-based
revenue mounted to VND900 billion ($39.42 million), which was roughly 9 per
cent up against the same category in 2016. To add, the firm saw a meagre
rally in gross profit, with a respective VND371billion ($16.2 million) and
VND420 billion ($18.3 million) in the first three quarters of 2016 and 2017.
By
the end of September 2017, OGC's accumulated loss reached VND2.742 trillion
($120 million), followed by the threat of delisting from the Ho Chi Minh City
Stock Exchange. At the end of the third quarter of 2017, the company’s total
liabilities mounted up to VND4.938 trillion ($217.45 million) which was
equivalent to 84 per cent of its total assets.
Additionally,
as presented in the firm’s consolidated financial statement for the third
quarter in 2017, OGC scored a net revenue of VND479.74 billion, up 14 per
cent against the same period in 2016. Besides, the firms’ cost of goods sold
(COGS) touched VND223.74 billion ($98.2 million), 21 per cent up, resulting
in a modest gross profit totalling VND252 billion ($11.06 million), merely 8
per cent up against the third quarter in 2016.
Ocean
Group, is a Hanoi-headquartered multi-sector firm which concentrates on
various fields, such as financial investment, build-operate-transfer (BOT)
investment, as well as hotel and real estate services. The firm’s total
charter capital is VND3 trillion ($133.5 million), with its ticker fetching
VND2,410 ($0.11) on the Ho Chi Minh City Stock Exchange.
Ocean
Commercial One Member Limited Liability Bank, or Ocean Bank, is a
Vietnam-based commercial bank that was previously bought out by the State
Bank for zero VND. Prior to the lending fraud scandal in 2014, Ocean Group
held 20 per cent stake at the commercial bank.
Vingroup & Tan Hoang Minh lead the way in apartment sales
Vingroup
and Tan Hoang Minh are the two leading investors in Vietnam’s real estate
market in terms of apartment sales, according to a fourth quarter report from
Savills Vietnam.
According
to Savills, buyers of Grade A apartments are both owner-occupiers and
investors with an eye on leasing the property, which lie behind the
impressive increase.
Meanwhile,
sales of Grade C apartments increased only slightly while those in the Grade
B segment declined.
As
two prestigious investors with high-end real estate projects, Vingroup and
Tan Hoang Minh lead the way in sales. They have provided thousands of
high-end apartments over the last year, through Vingroup’s Vinhomes-branded
projects and Tan Hoang Minh’s projects such as D’. Le Roi Soleil, D’.
These
projects are located in prime locations and provide a high-end living space,
convenience, and substantial profitability, while seeing good absorption.
Ms.
Do Thu Hang, Deputy Director of Savills Research in
Tan
Hoang Minh is expected to continue to provide high-end apartments for market
this year, with the launch of D’. El Dorado Phase 2, which has received
significant attention from buyers.
In
the years to come, Savills forecasts that the high-end segment in
In
Credit risks pose threat if not fully addressed: experts
Credit
risk management should be enhanced to make sure business information is
transparent and reliable in order to improve
While
credit risk management is normally considered a core business activity done
only in the banking and finance sector, potential risks may also pose threats
to the country’s trade and investment environment if they are not fully
addressed, CEO of data analysis firm StoxPlus, Mr. Nguyen Quang Thuan, said.
Transparent
business and economic information and data would help strengthen
At
the moment, “the reliability of data inputs in
“As
banks conduct insightful reviews of company profiles, they are able to
determine whether the businesses are strong enough and whether lending rates
should be high or low based on the financial risks that the business may
encounter,” he said.
Credit
risk and data management would help local authorities prevent foreign
companies from transfer pricing, which is used to avoid taxation, and improve
the quality of foreign investment in the economy, he added.
In
fact, there was a big difference between a company’s financial statement sent
to tax authorities and the one sent to credit institutions for making loans.
“We
find out in some cases that if companies do not issue tax invoices for
products sold in the market, they do not have to record the transaction in
financial reports for tax purposes and avoid business income tax,” he
explained. “But they can record the transaction in the financial statements
submitted to banks for credit purposes.”
He
therefore urged authorities to empower independent third-party vendors that
have technological advances, such as StoxPlus, to collect and analyze
financial and economic data so that information is transparent and reliable
for investors.
Agreeing,
Lead Financial Sector Specialist at the World Bank in
Local
authorities also need to work with financial institutions on corporate
earnings reports, so that the country can provide a better business
environment and give foreign investors better insights into
Japanese science and technology enterprises keen on Vietnam
Vietnam
is an attractive investment market for Japanese enterprises, especially in
the field of science and technology, the “Connecting Vietnamese and Japanese
Companies in the Field of Science and Technology” seminar, held in Hanoi on
January 12 by the Japan External Trade Organization in Hanoi (JETRO Hanoi)
and the Science and Technology Enterprises and Market Development Department.
The
seminar aimed to promote cooperative exchanges between ASEAN and Japanese
enterprises in the field of information technology, digital technology, and
the Internet of Things (IoT) within the framework of the “ASEAN - Japan New
Industry Development” project.
Mr.
Hironobu Kitagawa, Chief Representative of JETRO Hanoi, told the seminar that
investment by Japanese enterprises in
Japanese
businessman Mr. Hiroyuki Ono, from ACA Investments Pte Ltd, said that
Regarding
Vietnamese startups, Dr. Le Thai Phong from the
Within
the framework of the “ASEAN - Japan New Industry Development” project,
Mr.
Nguyen Van Truc, Director of the Center for Training and Supporting
Technology Market Development, told the seminar that the Ministry of Science
and Technology (MoST) held a meeting in 2017 to prepare plans for 2018, where
the Prime Minister and Deputy Prime Minister commented on the management and
implementation of the plan, focusing on development, technology transfer, and
innovation for national development.
M&A deals increase Chinese investment in
Chinese
businesses tend to make their stronger presence in
Chen
Dehai, Chinese Consul General in
According
to the Foreign Investment Agency under the Ministry of Planning and
Investment,
2017
also witnessed many M&A deals between Chinese businesses and Vietnamese
partners in real estate.
Chinese
businesses have not only focused on M&A deals and real estate but also
increased their investment in industrial production. They tend to invest in
garment, fibre and footwear to take advantage of tax incentives when
exporting to the EU and US as
A
clear proof for the move is that the Bank of China,
The
central coastal city of
According
to Chairman of the municipal People’s Committee Huynh Duc Tho, the city will
build on achievements gained in 2017, particularly the successful
organisation of the APEC Economic Leaders’ Week and Da Nang Investment Forum.
Local
authorities pledged to create the optimal conditions for investors to carry
out and put into operation tourism and resort projects.
The
city targets the creation of high added value products, especially in the
field of science and high technology.
The
inspection and treatment of environmentally polluted areas, including
industrial parks, will be stepped up in the coming time.
Preferential
policies will be devised to lure large-scale industrial production investors
and businesses in high-added value and environmentally friendly fields.
The
city will work to ensure labour safety, improve infrastructure, and ease
traffic jams.
It
will focus on finalising a master plan for socio-economic development by 2035
with a vision toward 2050 and building projects, mechanisms and policies to
develop tourism and services.
As
a driving force of the central region’s key economic zone,
In
2017, the gross regional domestic product (GRDP) recorded a year-on-year
growth of 9%.
To
date, industrial parks in the city have attracted more than 400 investment
projects, of which 100 are foreign invested ones, creating jobs for over
74,000 labourers in the locality and vicinities.
High-tech bitumen plant to be built in Phu Yen
Danish
global machinery equipment maker DenimoTech and Vung Ro Petroleum Company
Limited on January 11 signed an agreement to build a high-tech bitumen plant
in the central coastal
The
construction of the plant will be divided into two phases. The first will be
implemented in a year, and the second will begin in the middle of the year
and last for 26-28 months.
During
the first phase, the plant will import high quality bituminous binders from
the world’s leading manufacturers and process them into advanced construction
materials for both the Vietnamese market and exports to neighbouring
countries.
The
plant has been designed to have a storage capacity of 12,000 metric tonnes
(MT) with a second phase upgrade to 30,000 MT. It is expected to be a
top-notch environmentally-friendly bitumen-emulsion and polymer-modified
bitumen plant. It will also be a state-of-the-art packing facility for
exports of hi-tech bituminous products to regional markets. It will have its
own port facility.
The
plant is part of Vung Ro Petroleum’s attempt to produce its own high-quality
bituminous binders compliant with Vietnamese Standards, American Superpave
Performance Grade Standards and other standards required by customers in the
region.
Kirill
Korolev, CEO of Vung Ro Petroleum, believes that the project will contribute
significantly to
“The
road, airport and port infrastructure of a country are barometres for its
advancement, wealth and prosperity. We are proud to contribute to this
development. We are selecting the world’s best technology providers to bring
the best materials and science to the Vietnamese market,” Kirill said.
Vung
Ro Petroleum’s CEO said he was not authorised to disclose the full amount of
the investment, but said it was above US$500 million.
“Together
with our partners, international vendors and some of the best scientists from
According
to the department, the total revenue of the retail sector last year was over VND923.84
trillion (US$40 billion).
Revenue
from retail sales was VND594.65 trillion, accounting for 64.4% of total
retail revenue (retail sales and retail services).
The
city had 207 supermarkets in 2017, an increase of 18 compared to 2016. At
least 116 of them are domestic supermarkets, while 91 are foreign-owned.
In
addition, there were around 43 shopping malls in 2017, three more than in
2016. Fourteen of them are foreign owned. There were around 1,100 convenience
stores in 2017, 218 more compared to 2016.
Leather, footwear sector sets US$20 bln export target
According
to the Vietnam Leather, Footwear and Handbag Association (LEFASO), the
leather and footwear industry is destined to increase by 5% from one year
earlier, with the localisation rate of 55%.
Footwear
and handbags will remain
In
her remark at the conference, LEFASO Vice President Phan Thi Thanh Xuan
highlighted positive signs in the world economy and growing consumption
demand, which have provided favourable conditions and posed challenges to
To
actualize the target, the association has been urged to engage in relevant
policy making, attract more foreign and domestic investment in support
industry, thus increasing the localisation rate and ensuring sustainable
development.
Trade
promotion events, workshops, and training classes are planned to improve the
management capability of enterprises, and attend international trade fairs,
Thanh said.
In
2017, the sector fetched US$18 billion from exports, a year-on-year rise of
10.7%.
Animal breeding industry eyes 4% growth of production value
The
Department of Livestock Production under the Ministry of Agriculture and
Rural Development (MARD) has set several targets for 2018, including a growth
rate of 4% in production value.
The
other targets are to have more than 5.4 million tonnes of meat of all kinds,
11.58 billion poultry eggs and one million tonne of milk, a year-on-year
surge of 3.8%, 8.8% and 14.1%.
The
sector will review and evaluate restructuring results in 63 cities and
provinces, direct localities to set up specialised husbandry products as well
as work to build trademarks and facilitate output consumption. Efforts will
be channeled to preserve native varieties like Mong Cai pig, Tien Yen
chicken, Mia chicken, Dong Tao chicken, Ho chicken and H’Mong cow.
Organic
farming process and safe breeding in accordance with VietGAP standards will
be developed. Also, the department will promote market forecast and recommend
measures for the MARD to remove bottlenecks for products with great potential
for exports like meat, chicken and dairy products.
Domestic
production will be enhanced in parallel with the development of
free-of-disease breeding zones.
Value
of husbandry production in 2017 totalled more than VND230 trillion (US$10.1
billion), rising 3.05% compared to that of 2016.
The
Earlier
this week, the WTO published a wide-ranging Canadian trade complaint, lodged
in December, against the
The
The
Vietnamese complaint was the fourth dispute initiated by
Two
of its previous complaints took aim at
At
the time, the two countries were partners in the Trans-Pacific Partnership
trade talks. But under President Donald Trump the
Vietnam-China border gate sees record high import-export
revenue
The
total import-export revenue through the Thanh Thuy International Border Gate
in the
The
Thanh Thuy International Border Gate, an important import-export gateway
connecting China’s Yunnan province with Vietnam’s Ha Giang province, reported
total export revenue of US$1.92 billion and total import revenue of US$1.63
billion, in addition to over US$111 million worth of goods being temporarily
transferred through the gate.
The
border gate bustled with a large number of container trucks from the
beginning of 2017 which carried Vietnamese agricultural and forestry products
to export to
Deputy
Head of the Management Board of Ha Giang Economic Zone Nguyen Huu Tri said
that the province has invested in an automated numbering system for container
trucks in a bid to simplify its procedures and boost transparency.
In
addition, the Customs Department of Thanh Thuy Border Gate has stepped up the
reform of its administrative procedures and has deployed an automated customs
clearance management system to shorten customs clearance time, Tri noted.
The
Thanh Thuy National Border Gate was upgraded to an International Border Gate
in 2014, contributing to promoting trade exchanges between
Capital to develop 11m sq.m housing
The
capital city of
This
will include 430,000sq.m of social housing projects and 348,000sq.m of
resettlement projects, while the rest will be commercial housing projects.
The
municipal department said it would initiate measures to remove obstacles and
promote the development of the real estate market. It would also strive to
create conditions for developers to diversify products as well as adjust the
planning of scales of housing projects to meet the market demand.
Nguyen
Chi Dung, Deputy Director of Ha Noi Department of Construction, said the
capital city developed more than 11 million sq.m housing area last year,
including 60,688sq.m of social housing projects, 164,640sq.m of resettlement
projects and 2.5 million sq.m of commercial housing projects, in addition to
8.3 million sq.m built by residents.
The
average housing area per head is 25.6sq.m and the city plans to increase it
to 26.3sq.m by 2020.
The
city has placed orders with developers to develop commercial housing projects
for resettlement purposes, including a project in Linh Dam and six others.
This is aimed at encouraging developers to invest in resettlement housing
projects.
Social
housing projects of Ha Noi are concentrated in five areas, namely Tien Duong
in Dong Anh District, Co Bi in Gia Lam, Ngoc Hoi in Thanh Tri, and Co Nhue 2
and EcoHome 3 in Bac Tu Liem.
Deputy PM urges PetroVietnam to up efficiency
Deputy
Prime Minister Trinh Dinh Dung urged the Viet Nam Oil and Gas Group
(PetroVietnam) to focus on restructuring and improving business efficiency in
2018.
Dung
at PetroVietnam’s conference to implement 2018 tasks held on Friday
appreciated the efforts of PetroVietnam to achieve higher-than-target results
in 2017 despite significant impact from low oil prices in the global market.
“The
most difficult time of PetroVietnam is gradually over. Now, resources should
be focused on restructuring the management system from the parent company to
the affiliates to streamline and enhance operation and restructuring
investments to prevent losses and enhance efficiency,” Dung said. “At the
same time, PetroVietnam must hasten the application of industry 4.0
technologies to move towards sustainable development.”
Dung
asked PetroVietnam to effectively implement the oil and gas industry
development strategy by 2025 with a vision to 2035.
He
said the government would support the company in implementing major oil and
gas projects.
Dung
urged PetroVietnam to speed up major projects that were making slow progress,
such as the expansion of Dung Quat Oil Refinery, Nghi Son Oil Refinery,
Petrochemical Complex in the southern region, Block B- O Mon gas pipeline,
and Vung Ang A, Thai Binh 2, Long Phu 1 and Song Hau 1 thermoelectricity
plants.
Five
inefficient projects must be handled thoroughly, including Dinh Vu polyester
plant, Dung Quat shipyard and three bio-fuel plants, Dung said.
PetroVietnam
general director Nguyen Vu Truong Son said the company targeted to produce
22.83 million tonnes of oil in 2018, adding the group would hasten
exploration this year to increase oil reserves.
In
addition to this, PetroVietnam will closely monitor the fluctuations in
global oil prices for timely measures to cope with the volatility.
PetroVietnam’s
production output reached 25.41 million tonnes in 2017, 1.6 million tonnes
higher than the target.
Its
2017 revenue reached VND498 trillion (US$21.85 billion), exceeding the target
by 13.8 per cent and rising by 10 per cent over 2016, while its pre-tax
profit was VND31.9 trillion, 92 per cent higher than the target.
The
group contributed VND97.5 trillion to the State budget last year, 30.8 per
cent higher than the target.
Can Tho retail revenue hits 100 trillion
Can
Tho’s revenue from retail sales and services reached VND106 trillion (US$4.7
billion), 10 per cent higher than 2016, according to Can Tho City’s
Department of Industry and Trade.
The
city surpassed its 2017 goal of VND100 trillion, achieving the highest
revenue in the Mekong Delta region, and the third highest within
Last
year, more supermarkets and malls opened while outlying districts also saw
more shops, boosting total retail revenue in the city.
Truong
Quang Hoai
For
2018, the city targets reaching retail revenue of VND117.6 trillion, 10.9 per
cent higher than 2017.
It
also aims to increase export turnover by 1.2 per cent and decrease import
turnover by 6.5 per cent this year.
The
city’s Department of Industry and Trade aims to improve the processing industry
and focus on products with higher added value, such as agriculture, aquatic
products and other Can Tho’s specialties, and attract more investors.
Animal breeding industry eyes 4 percent growth of production
value
The
Department of Livestock Production under the Ministry of Agriculture and
Rural Development (MARD) has set several targets for 2018, including a growth
rate of 4 percent in production value.
The
other targets are to have more than 5.4 million tonnes of meat of all kinds,
11.58 billion poultry eggs and one million tonne of milk, a year-on-year
surge of 3.8 percent, 8.8 percent and 14.1 percent.
The
sector will review and evaluate restructuring results in 63 cities and
provinces, direct localities to set up specialised husbandry products as well
as work to build trademarks and facilitate output consumption. Efforts will
be channeled to preserve native varieties like Mong Cai pig, Tien Yen
chicken, Mia chicken, Dong Tao chicken, Ho chicken and H’Mong cow.
Organic
farming process and safe breeding in accordance with VietGAP standards will
be developed. Also, the department will promote market forecast and recommend
measures for the MARD to remove bottlenecks for products with great potential
for exports like meat, chicken and dairy products.
Domestic
production will be enhanced in parallel with the development of
free-of-disease breeding zones.
Value
of husbandry production in 2017 totalled more than 230 trillion VND (10.1
billion USD), rising 3.05 percent compared to that of 2016.
Industrial
production of
According
to the municipal Department of Industry and Trade, the city’s IIP in 2017
increased by 7.9 percent compared to 2016.
The
city’s four key industrial sectors saw an average growth of 15.5 percent,
much higher than the overall rate. In particular, the IIP of the
electronics-information technology industry expanded by 39.11 percent, and
that of processing and manufacturing industry by over 8 percent).
Meanwhile,
the chemicals – plastic- rubber industry posted a growth of 3.4 percent after
slow development in 2015 and 2016.
Deputy
Director of the department Nguyen Phuong Dong attributed the good performance
to efforts made by local enterprises and the municipal authority’s policy to
promote industrial development.
Decision
No.15/2017/QD-UNBD issued by the municipal People’s Committee in early 2017
on supporting businesses to develop industrial manufacturing and supporting
industry has also contributed to boosting the city’s industrial development.
According
to the department, there is a great potential to develop the mechanical
sector in the city, especially automobile industry.
However,
industrial enterprises are also facing difficulties and challenges,
especially in terms of competitiveness and markets.
The
department said many measures will be implemented to support industrial
enterprises in their production and business activities in 2018, towards
accelerating restructuring of the industrial sector in connection with
renovating the growth model.
According
to Le Nguyen Duy Oanh, Deputy Director of the HCM City Department of Industry
and Trade's Centre of Supporting Industry Development, her agency will focus
on assisting support industry enterprises in raising their supply capacity,
expanding production and connecting with more domestic and foreign partners,
thus gradually joining the global supply chain.
EVNNPT strives to ensure progress of power transmission
projects
The
National Power Transmission Corporation under the Electricity of Vietnam
Group (EVNNPT) plans to disburse over 18.1 trillion VND (797.6 million USD)
to finish and put into operation 62 projects and start construction of 43
projects in 2018.
With
this huge investment, the corporation aims to ensure the progress and quality
of power transmission projects, said EVNNPT Deputy General Director Nguyen
Tuan Tung at a conference to set forth plans for 2018 in
Tung
said EVNNPT invested nearly 18 trillion VND (792.2 million USD) in projects
in 2017, equivalent to 94 percent of the adjusted target assigned by the EVN,
and disbursement was more than 18.1 trillion VND, equal to 95.1 percent of
the adjusted target.
With
the capital, the corporation began construction on 38 projects, including six
500kV transmission projects and 32 220kV transmission ones.
In
the year, 50 500kV and 220kV transmission projects were put into operation,
many of which play an important role in ensuring power supply for regions
across the country, notably projects ensuring electricity provision for
A
factor helping the corporation to finish and start construction on its
projects on schedule was the arrangement of investment capital. Specifically,
EVNNPT signed domestic credit contracts totalling 660 billion VND. It also
worked to complete procedures to disburse loans from German’s Development
Bank (KfW) and the Asia Development Bank (ADB).
BIDV to cut annual lending interest rate by 0.5 percent
The
Bank for Investment and Development of Vietnam (BIDV) will cut down its
lending interest rate for short-term loans in VND for prioritised sectors by
0.5 percent to 6 percent per year from January 15.
The
preferential rate will be applied to customers operating in export, support
industry, hi-tech industry and hi-tech agriculture.
At
the same time, the bank will continue running large-scale loan packages with
preferential interest rates that are lower than the normal rate by 1-1.5
percent per year for customers in the Government’s priority list. They
include 10 trillion VND package for small and medium-sized enterprises, 20
trillion VND for large firms, and 3 trillion VND for micro enterprises and
startups.
Earlier,
Agribank, Vietcombank and Vietinbank also announced their plans to cut
interest rates for loans in five prioritised sectors to assist people and
businesses in accessing capital, thus boosting economic growth.
VNN
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Chủ Nhật, 14 tháng 1, 2018
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