BUSINESS IN BRIEF 22/6 VN Central Bank asks banks to rectify hotline issues      The State Bank of Viet Nam (SBV) has asked banks to provide enough switchboard operators and improve technical infrastructure to process complaints efficiently. The SBV said it found through monitoring that the hotlines of some banks were not operating effectively, making it very difficult for customers and cardholders to request assistance in emergency cases. This has been a cause for concern and has been reported in different forms of mass media. In order to ensure the quality of services, the State Bank has required banks to address the issue to promptly receive and handle the inspection and complaints of customers. Banks must take the initiative in explaining and promptly responding to opinions expressed on mass media regarding the quality of card payment services to avoid pulling down consumer trust in the quality of payment services offered by banks and the development of non-cash payment regulations by the Government and the State Bank, the SBV said. The SBV made the issuance in the context of recent outbreaks in card fraud. In many cases, cardholders have a hard time contacting the bank switchboard to request for account lockout after finding out that their accounts had been hacked, resulting in loss of money. There have also been cases where customers have complained about difficulties in contacting the switchboard to ask for emergency card lock after losing their card either by their own doing or as a result of a machine failing to eject their card.  SBV tightens corporate bond purchase by banks      State Bank of Viet Nam has tightened regulations on corporate bond purchase by credit institutions and foreign banks’ branches. Under Circular No. 15/2018/TT-NHNN issued on Monday, which revises Circular No. 22/2016/TT-NHNN dated June 30, 2016, the central bank prohibits them from buying bonds for the purpose of restructuring the issuers’ existing loans, effective from August 2 this year. The central bank also stipulates that for corporate bond purchase, credit institutions and foreign banks’ branches must have an internal credit rating system besides the system to rate the bond issuers. They are also required to issue internal regulations on the purchase of corporate bonds in accordance with the current legal regulations. Accordingly, internal supervision regulations on corporate bond purchase, especially bonds issued for the purpose of implementing programmes and projects in areas of potential risk as identified by the assessment of credit institutions and foreign banks’ branches, must be established to detect risks and violations to ensure the recovery of principal and interest of corporate bonds. Credit institutions and foreign banks’ branches must also issue internal regulations on specifying the areas of potential risks as well as their credit and investment policies on the areas. It is estimated that some 75 per cent of corporate bond buyers in Viet Nam are commercial banks, which makes these bonds no different from bank loans. Bui Quang Tin, professor at the HCM Banking University, told the Dau tu (Vietnam Investment Review) that some companies sold bonds to banks to restructure their existing loans rather than raise new capital, which defeated the original purpose of bond issuance. According to Tin, outside investors, especially individual investors, usually have no access to a firm’s business activities. Viet Nam does not have an independent credit rating agency, which makes bond investment risky, as investors do not know which issuer can pay back their bonds. To attract more international investors, Tin suggested setting up a credit rating agency, as well as diversifying bond offers to the market. Besides, financial experts also believed that a streamlined legal framework will pave the way for more corporate bond issuers as fixed-income products, such as bonds, are still attractive to investors, thanks to its safety and lower risks.  VNE sells entire stake in Hue Green Tourism      Viet Nam Electricity Construction Joint Stock Corporation (VNE) has sold its entire stake in Hue Green Tourism Joint Stock Company for more than VND279.3 billion (US$12.3 million), the company announced. In its filing to HCM Stock Exchange on June 18, VNECO said it had sold 20.77 million shares, equivalent to 99.86 per cent of Hue Green Tourism’s capital, to three investors for VND13,499 per share. The transfer price was double its price of VND6,480 per share on the HCM Stock Exchange on June 18. Hue Green Tourism, which manages the four-star Green Hue Hotel, is no longer a subsidiary of VNE since June 18, the company said. The buyers of VNE’s stakes are Silk Path Hotel Joint Stock Co, which purchased nearly 20.4 million shares, and two individuals – Bui Tu Phuong, director and legal representative of Silk Path Hotel, and Ta Dam Hung. Silk Path Hotel, with a charter capital of VND383 billion, has two hotels in Ha Noi and a five-star hotel in Sapa. The divestment of Hue Green Tourism is part of VNE’s restructuring plan to withdraw capital from real estate projects as well as its subsidiaries and affiliates to focus on its core business, such as power construction and renewable energy. According to Bao Viet Securities Co., apart from Hue Green Tourism, VNE can transfer assets to other companies, such as Greenmart, Da Nang Green Hotel and real estates in HCM City. VNE has targeted a revenue of VND1.3 trillion and a net profit of VND86 billion this year, up by 63 per cent and 21 per cent year-on-year, respectively. However, the company has so far earned just VND5.5 billion in net profit, equivalent to 6.4 per cent of its annual goal. KDF eyes leadership of frozen foods market      KIDO Frozen Foods Joint Stock Company has told its shareholders that it seeks to become the leader of the Vietnamese frozen food market. Speaking at the annual general meeting in HCM City on Monday, Tran Thi Thuy Linh, its deputy general director, said this year the company would explore the three main segments, frozen foods, chilled foods and ambient foods. The potential is huge since the market is now worth over VND18 trillion (US$789 million). The company seeks to increase revenues by nearly 14 per cent this year to VND1.7 trillion ($74 million) and profits by 12 per cent to VND195 billion ($8.5 million). It also plans to diversify its ice cream and frozen dessert products to retain its segment leadership besides exploring the luxury market. In the chilled and ambient food segments, it will introduce more products to meet a range of tastes in various regions. This year, it will also focus on expanding its distribution system. The company plans to pay a dividend of 14 per cent in cash this year and list on the HCM Stock Exchange. The company attributed last year’s success to its efforts to expand the market and introduce new products. KDF was the leader of the ice-cream market with its market share jumping from 38 per cent in 2016 to 40.2 per cent last year as sales grew by 15.7 per cent. Its frozen food sales grew by nearly 77 per cent.  Bamboo Capital to focus on core business activities      Bamboo Capital JSC has said it will focus on three main business lines in 2018-20, infrastructure, property and renewable energy. Speaking at the annual general meeting in HCM City on June 18, Pham Minh Tuan, the company’s deputy general director, said infrastructure and property projects are expected to bring dramatic profits in the medium term. It has widened provincial roads 830 and 824 in Long An Province and operates them in a joint venture with Bang Duong, he said. In the second half of this year it would deploy some large property projects such as the US$66 million Malibu resort in Quảng Nam Province, the $198.2 million Dragon Bridge in Da Nang (a mixed-use project comprising retail, hotel, office, and luxury apartment spaces) and the $97.8 million Thao Dien apartment in HCM City, he said. Also in the second half the company would start building solar energy plants in Long An and develop new projects such as a 150MW wind power plant in Soc Trang and a solar power plant in Quang Nam, he said. It has tied up with foreign partners and hopes to become a pioneer in the solar field in Viet Nam, he said. In 2018 production and export of products such as outdoor wooden furniture, cassava starch and coffee have greatly contributed to turnover and profit, he said. Bamboo targets turnover of VND1.98 trillion (US$86.8 million) this year, almost the same as last year. Tuan explained that last year Phu Thuan Trading and Services Company contributed VND640 billion ($28.07 million) to the top line, but this year Bamboo had divested its capital at the company as part of its restructure plan. This year after-tax profit is expected to be VND89.43 billion, a 50 per cent increase, he said.  TRACODI shareholders set $3.4mln profit goal      Shareholders in the Transport and Industry Development Investment Joint Stock Company (TRACODI) approved this year’s business targets at the company’s annual general meeting in HCM City on Friday. The company expects to achieve after-tax profits of VND77.1 billion (US$3.38 million) and revenue of VND1.15 trillion ($50.4 million), up 3 per cent and 5 per cent respectively. Nguyen Ho Nam, the company’s chairman, said manufactured and agricultural products were expected to account for the largest share of sales at around VND450 billion, followed by infrastructure development and real estate with VND390 billion. Mining was expected to contribute VND300 billion, while the rest would come from labour exports and training, he said. The targets are based on the impressive results achieved last year, when profit and revenue reached VND74.95 billion and VND1.095 trillion, up 24 per cent and 32 per cent from 2016. General director Nguyen Thanh Hung said the company would focus on its core business activities: trading in manufactured and agricultural products, infrastructure construction, real estate, mining and labour exports. In terms of infrastructure construction, it would focus on the BT 830C project and social housing in Long An Province, solar power and property projects under parent company Bamboo Capital, he said. Shareholders also approved several other proposals, including paying a 10 per cent dividend for 2017 in shares and a 10-12 per cent cash dividend for this year. Bamboo Capital owns a 50.61 per cent stake in the company.  Samsung sees huge sales rise on Lazada      Samsung mobilephone sales have grown 11-fold on Lazada Viet Nam in the two years since they tied up, Lazada announced on Tuesday. It said it would become the exclusive distributor of the Korean giant’s new Galaxy J7 Duo. Starting from June 27 the phone will be available at VND5.49 million (US$241) . Between 11am and noon on the opening day the price will be only VND4.69 million ($210). Lazada said buyers can exchange the phone within 30 days and get refunds of up to 80 per cent. It added there would be express delivery of the phones. A programme will be organised at Bitexco Tower in HCM City two days before the phone is sold to showcase it to customers. Samsung Galaxy j7 Duo has dual cameras, 3GB RAM, 32GB storage with expandable storage of up to 256GB and a 3000mAh battery. Made-in-Viet Nam solar power device to export to North Asia      IREX Energy joint-stock company, a member of SolarBK Holdings, plans to start exporting made-in-Viet Nam solar panels and equipment to North Asia in 2018. The company said launching a representative office in Nanjing, China, was an initial step to promote the Vietnamese renewable-energy branding in the global solar power market with a long-term co-operative relationship with foreign partners. In 2017, the Vung Tau City-based firm received orders to provide solar power cells, panels, installation, a smart monitoring system (Solar System Operation Centre) and guarantees for customers in North America. IREX solar cells with total capacity of 45MWp were exported to the US, the Netherlands, UK, Singapore, Turkey, Tunisia, Japan, Malaysia, China, Hungary and Poland in 2017. It’s expected that a total 124MWp solar cells and panels will be exported to these markets in 2018. IREX’s high-tech renewable-energy device factory complex was built in Vung Tau City in 2017 with total investment of US$17 million and capacity of 300MWp (photo-voltaic cells) solar cells and 500MWp solar panels per year. The complex, which includes a renewable energy factory and a research and development centre, aims to boost development of the solar industry in Viet Nam. The company has been developing solar-powered water heaters, wind power turbines, solar power-driven sea water filter systems and renewable use solutions.  Vietnam, RoK foster business connection The Vietnam Chamber of Commerce and Industry (VCCI)’s Ho Chi Minh City branch on June 19 organised a conference to promote link between enterprises from Vietnam and the Republic of Korea (RoK). During 2015-2017, RoK’s exports to Vietnam surged 60.5 percent while the country’s imports from the Southeast Asian nation scaled up 61 percent. In 2017, two-way trade reached 61.5 billion USD, up 41 percent year on year, including Vietnam’s exports of 14.8 billion USD, a rise of 30 percent over 2016 and its imports of 46.7 billion USD, up 45.3 percent year on year. In the first two months of 2018, the RoK shipped 7.5 billion USD worth of products to Vietnam, a year-on-year surge of 28.1 percent.  The RoK is currently the 2nd largest trade partner of Vietnam and the latter is the 4th largest trade partner of the RoK. The East Asian country mostly bought Vietnamese garment and textile products, telephones and spare parts, electronics, aquatic products, wood and wooden products, machines, equipment, footwear, transport vehicles, and fabrics. Meanwhile, Vietnam imported from the RoK cell-phone and computer spare parts, electronic products, fabrics, machines, equipment, chemicals and fertilizers. Both sides have agreed to lift two-way trade to 100 billion USD by 2020, making Vietnam become the 2nd destination for RoK products, just after China. Regarding investment, the RoK is the biggest foreign investor in Vietnam with over 6,760 valid projects which have total registered capital of more than 59 billion USD. Vietnam promotes trade, investment in Algeria The Vietnamese Embassy in Algeria has held a three-day trade and investment promotion programme in Algeria’s western province of Mostaganem, a locality with strength of tourism, maritime services and agriculture. On the framework of the programme, on June 17, Ambassador to Algeria Pham Quoc Tru attended a conference with the participation of 50 enterprises operating in different areas, mostly in tourism and agriculture. The Ambassador introduced to local firms major socio-economic achievements of Vietnam as well as the country’s economic strength and sectors with potential for cooperation, especially tourism, services and agriculture. The diplomat answered questions raised by participating enterprises on procedures related to trade and investment in Vietnam. Ambassador Tru invited Mostaganem firms to attend a tourism promotion conference between Vietnam and Algeria, which is slated for Algiers in September this year. He also called on the firms to engage in trade fairs and conferences on diverse areas such as tourism, aquaculture and agriculture to be held in Vietnam in the rest of the year. At the event, many enterprises showed their interest in strengthening trade and investment cooperation with their Vietnamese peers, while expressing their hope that Vietnam will create favourable conditions for them in accessing the Vietnamese market. Ambassador Tru affirmed that the Vietnamese Embassy in Algeria will create optimal conditions for Algerian enterprises in approaching the market of Vietnam as well as in bolstering trade exchange between businesses of both sides. On June 18, the ambassador and the Vietnamese delegation had a working session with Governor of Mostaganem Mohamed Abdenour Rabhi. The two sides highlighted the sound traditional friendship and partnership between the two countries, sharing their hope to promote economic ties to match bilateral political and diplomatic relations. The two sides pointed to high potential in fostering trade and investment cooperation in various fields, especially tourism and culture. Mohamed Abdenour Rabhi said that he hopes to set up twin relationship between Mostaganem and a coastal province of Vietnam. On the occasion, Ambassador Tru also visited Overseas Vietnamese living in Mostaganem. In 1962, many Vietnamese women followed their Algerian husbands to settle down in Algeria. Hanoi wants to work with German businesses in environment Chairman of the Hanoi People’s Committee Nguyen Duc Chung and a delegation from the capital city are embarking on a working visit to some European countries, arriving in Germany on June 19 as their first stop. In Frankfurt, they had a working session with the Hako Group, one of the leading international manufacturers of cleaning and municipal technology. Hanoi has imported 100 cleaning machines from Hako, which have helped make remarkable environmental changes. Hako representatives informed Hanoi guests of the group’s decision to open a representative office and a maintenance plant in Hanoi. Hanoi’s mayor Chung welcomed Hako’s long-term plan in the city and confirmed that the authority will provide optimal conditions for its opening of a representative office in the city. He expressed his hope that the group will help to bring other major groups of Germany to Hanoi. Chung asked the group to increase its training of a staff running the cleaning machines to maximize their operation. He also wanted the group to join in building an urban management and operation centre as the city is undertaking a strategy to develop smart urban areas. Vietjet offers 1 million cheap tickets Vietjet will give away one million discounted tickets between June 20-22 to celebrate its two newest international routes from Hanoi to Japan’s Osaka, and Nha Trang to Cambodia’s Siem Reap. The airfares, priced from zero dong upwards, will be available from noon to 2pm at www.vietjetair.com. They will be applicable for all domestic and international routes with the flight period starting from August 14 to December 31. However, the travel period for the Nha Trang–Siem Reap route starts from September 21 and the Hanoi–Osaka route starts from November 8. The Hanoi – Osaka route will operate a return flight everyday, taking over four hours per leg. The flight will depart from Hanoi at 1.40am and arrive in Osaka at 7.50am (local time). The return flight takes off at 9.20am (local time) in Osaka and lands in Hanoi at 1.05pm. Meanwhile, the Nha Trang–Siem Reap route will have a return flight everyday, taking around 1 hour and 20 minutes per leg. The flight will leave Nha Trang at 7.25am and arrive in Siem Reap at 8.45am. The return flight will depart at 9.25am in Siem Reap and lands in Nha Trang at 10.45am. Seminar discusses post-harvest technology for mangos A seminar on post-harvest technology for mangos took place in Cao Lanh city, the Mekong Delta province of Dong Thap on June 19.  Speaking at the event, Vice Chairman of the provincial People’s Committee Nguyen Thanh Hung said with a total area of nearly 43,000ha and an annual output of 500,000 tonnes, mango is a major source of income for many farmers in the Mekong Delta, notably Hoa Loc and Cat Chu mangos which have been popular at home and exported to the Republic of Korea, Japan, Australia, China and Russia.  Among 13 regional cities and provinces, Dong Thap is home to 9,200ha of mangos - the largest area in the region - with an annual output of nearly 95,000 tonnes, making it one of the five major staples in the province, he said. Participants analysed the situation and development orientations for the mango farming sector, saying that the post-harvest losses accounts for over 27 percent.  The model of “advanced centre” for mango harvesting, processing, packaging, preservation and transportation was introduced.  Domestic and foreign exporters admitted that despite high production, Vietnamese mangos qualified for export remain modest. Post-harvest processing is almost done by hand while transportation costs are high, making it hard for Vietnamese mangos to compete with others from foreign countries.  Nguyen Minh Tien, from the Coordinating Office for the National Target Programme on New Rural Development, briefed participants about the “advanced centre” model that was launched in 2017 with the support of the United Nations Industrial Development Organisation (UNIDO). Conducted in Kim Nhung Ltd Company in Cao Lanh city, the model has successfully built a system to process, preserve and package nearly 30 tonnes of mangos per day, the first of its kind in the Mekong Delta to use eco-friendly technology to help mangos navigate demanding markets such as Australia, Russia and the Republic of Korea. Vietnam businesses attend manufacturing expo in Japan Thirty-two Vietnamese businesses operating in the field of mechanical manufacturing and supporting industries have participated in the 22nd Mechanical Components & Materials Technology Expo (M-Tech 2018) that opened in Tokyo, Japan, on June 20.  As part of the Vietnam Supporting Industry Development Programme launched by the Ministry of Industry and Trade, the Vietnam Association for Supporting Industries (VASI) and the Hanoi municipal Department of Industry and Trade set up the Vietnam Pavilion at the expo to support Vietnamese exhibitors.  They are displaying metal spare parts, electronic, plastic, rubber and automation products which are supplied to multinational corporations in Vietnam or exported.  Earlier, they received full aid for booth design and joined training courses on how to join an international exhibition effectively.  Commercial Counsellor at the Vietnamese Embassy in Japan Ta Duc Minh said in preparation for M-Tech 2018, the Vietnam Trade Office in Japan popularised the event to Japanese firms working in the mechanical engineering, manufacturing and supporting industries, thereby connecting them with Vietnamese partners.  The office is also holding business networking events and update Vietnamese enterprises about information while doing business in Japan.  As the largest and most prestigious exhibition on the mechanical manufacturing and supporting industries, M-Tech 2018 featured 2,497 booths by exhibitors from Japan, the US, the Republic of Korea, ASEAN, Europe and China.  It will last till June 22 and is expected to draw over 90,000 visitors to seek business opportunities. Project on agricultural modernisation proves effective: PM Prime Minister Nguyen Xuan Phuc appreciated results of a project on agricultural modernisation at a conference to review the implementation of the project during 2013-2017 on June 20 in Hanoi. He affirmed that the project’s products are advanced and high-quality scientific and technological achievements in agriculture which can compete with alike products of other countries, thus helping save import costs, take initiative in production, processing and preservation, and increase the economic efficiency and export value of Vietnamese farm produce. The project has also contributed to generating more jobs, boosting poverty reduction, ensuring social welfare, reducing environmental pollution, and consolidating defence in production zones across the nation, especially in mountainous, border, and ethnic-inhabited areas, he stated. Its outcomes affirm the sound cooperation model between the Defence Ministry and the Ministry of Agriculture and Rural Development, he added. To improve the quality of the project implementation for 2018-2020 and following years, the Government leader asked the two ministries to coordinate with authorised offices to bring into full play forces serving agricultural modernisation, particularly in varieties, cultivation tools, and post-harvest methods and machinery. They were urged to work with the Ministries of Science and Technology, and Finance to give consultations to the Government towards the issuance of regulations assessing and putting into use the project’s products, along with mechanisms to attract businesses and localities to use and develop these products. On this occasion, PM Phuc granted the Feat of Arms Order and Labour Order to several collectives and individuals of the two ministries for their outstanding contributions to the project. Vietnam, Philippines boast potential for further trade cooperation Vietnam and the Philippines boast substantial potential to step up their trade and investment cooperation, heard a workshop jointly held by the two countries’ ministries of industries and trade in Ho Chi Minh City on June 20.  Tran Quoc Khanh, Vietnamese Deputy Minister of Industry and Trade, said the friendship and economic, trade and investment links between the two countries have reaped noted achievements, with two-way trade hitting 4 billion USD in 2017, up 22 percent year-on-year.  In the first five months of 2018, the bilateral trade revenue hit 1.77 billion USD, a rise of 15.5 percent against the same period last year, the official said.  Currently, Vietnam and the Philippines are the fifth largest trade partner of each other in the Association of Southeast Asian Nations (ASEAN). Of note, the Philippines has poured 328 million USD in Vietnam so far this year, ranking 35 out of 126 countries and territories investing in the country.  Khanh said, however, the results have yet to match the position and potential of the two countries.  He suggested Vietnam and the Philippines should take advantage of their reciprocal export structures, as well as their ASEAN membership to deepen the economic and trade ties.  The Vietnamese Government is scaling up efforts to implement concrete measures to improve the domestic business environment and national competitiveness, and create the best possible conditions for foreign businesses and investors to effectively operate in Vietnam, Khanh noted.  Ceferino Rodolfo, Undersecretary of the Philippine Department of Trade and Industry, described Vietnam as one of the fast-growing markets, and an attractive destination for many enterprises and investors in Southeast Asia.  The two countries still have a lot of potential to turn their trade and investment potential into cooperation opportunities, he said. Philippine firms have regarded Vietnam as a promising market in ASEAN and Asia at large, with such advantages as high, dynamic population and increasing consumption demands, especially for high-quality and personal-care products, according to the official.  At the workshop, nearly 20 Philippine businesses operating in the fields of food, consumer goods, and auto-automobile manufacturing engaged in exchanges with some 100 Vietnamese firms to set up partnerships and push trade activities in the future.  Banks cut short-term interest amid good liquidity      Some commercial banks have continued to reduce the interest rate for short-term deposits by 0.1 to 0.3 percentage points in the past week thanks to good liquidity. Sacombank announced that it has applied new rates from June 15, lowering its annual interest rate for two-month deposits by 0.1 percentage point to 5.2 per cent per year. Techcombank also lowered deposit interest rates for all terms by 0.1 to 0.3 percentage points on May 12. The bank has cut rates for one- and two-month deposits by 0.2 percentage points to 4.6 per cent per year, while the rate for three to five month deposits now stands at 4.75 per cent. It also listed the rate for 6 to 12 month deposits at 5.6 per cent, down 0.3 percentage points. Techcombank’s highest rate of 6.4 per cent per year is currently applied to deposits with a term of more than 12 months. A number of banks, such as Vietcombank, BIDV, Vietinbank, and Eximbank, as well as LienVietPostBank, also lowered their interest rates for short-term deposits last month by some 0.2 percentage points. Experts attributed the decline to the good liquidity of banks. Large withdrawals from the securities and real estate markets, caused by the slowdown of the two markets, have resulted in an increase in bank deposits, experts said. However, lending by banks has been restricted in an effort to control credit growth. The central bank has set a cap of 12 to 14 per cent in credit growth for many banks this year, even as a number of banks reported a credit growth of between 8 and 9 per cent in just the first five months of the year. As a result of these restrictions, banks have decided to gradually reduce deposit rates to save input costs. The deputy governor of the State Bank of Viet Nam, Nguyen Thi Hong, announced that credit growth in the banking system at the end of May increased by 6.16 per cent compared to the end of 2017. The credit structure has now been shifted to the manufacturing sector, especially in priority fields, while loans to sectors that pose high potential risks, such as securities and real estate, have been tightened to ensure the safety of banking system, Hong said. TPBank earns US$97mn by issuing private shares      Tien Phong Commercial Joint Stock Bank (TPBank, stock code TPB) has completed the private sale of 87.63 million shares to more than 20 investors, earning nearly VND2.2 trillion (US$96.5 million). In a filing to Ho Chi Minh Stock Exchange on June 18, the bank said 100 per cent of its shares were sold to 21 investors at the price of VND25,000 ($1.10) per share, which was lower than its trading price of VND27,000-VND28,000 per share on the bourse. Seven institutions bought nearly 59 million shares, or 67.3 per cent of the total offer, while 14 individuals purchased the remaining shares. Finnish PYN Elite Fund Management, which manages assets worth 450 million euros (over VND12 trillion), spent nearly VND840 billion to acquire more than 33.5 million shares of TPBank. After the transaction, PYN Elite Fund owns 4.99 per cent of the bank’s charter capital. Singapore’s SBI Ven Holdings Pte. Ltd also bought more than four million shares to maintain its ownership of 4.61 per cent at the bank. This fund has two representatives in TPBank’s management board. A group of four companies (VG Co. Ltd, JB Co. Ltd, SP Co. Ltd and FD Co. Ltd), chaired by Nguyen Thi Thu Nguyet (who is also a member of TPBank’s supervisory board), purchased 13.3 million shares. Saigon Securities Inc acquired eight million shares, equivalent to 1.19 per cent of TPBank’s charter capital. In a related development, TPBank completed the conversion of more than 29.2 million preferred stocks that the International Finance Corporation (IFC) had bought for over VND400 billion in August 2016. With these shares, IFC’s stake in TPBank stands at 4.35 per cent. After the offering, total outstanding shares of TPBank increased from 584.2 million shares to 671.84 million shares, equivalent to a charter capital of VND6.72 trillion. InterContinental Phu Quoc Long Beach Resort opens       InterContinental Phu Quoc Long Beach Resort, the latest addition to its brand, opened on June 21. It is the 1,000th property to open within Europe, the Middle East, Asia and Africa. The resort is located on Phu Quoc Island, which includes a UNESCO World Biosphere Reserve off the southwest coast of Viet Nam. One of the most captivating features of the resort is its position on Long Beach, one of Viet Nam’s most stunning white sand beaches with glorious sunset views. The resort is an easy 15-minute drive from Phu Quoc International Airport, and only 20 minutes from the cultural attractions of Duong Dong town. The resort is thoughtfully designed for families, couples and individuals alike, as well as both leisure travelers and meeting delegates. InterContinental Phu Quoc Long Beach Resort features an exclusive beachfront, six restaurants and bars, 459 luxuriously appointed rooms, suites and villas as well as state-of-the-art meeting facilities. It seamlessly combines the sophisticated and cosmopolitan essence of the InterContinental heritage with the heartfelt rustic charm of the resort’s surrounding local area and culture. The resort’s opening special offer starts from VND6,500,000 ++ per room per night, with a minimum two-night stay, including breakfast for two and airport transfers and VND2,500,000 credit to spend at the resort’s restaurants, bars and spa.  FPT, Điện Quang to develop smart electrical equipment      FPT and Dien Quang Lamp Joint Stock Company, two national brands, signed a co-operation agreement on June 20 to develop smart electrical and lighting equipment using IoT (Internet of Things) technology. FPT will be responsible for developing the entire application control software on mobile devices, coordinating with Dien Quang to write embedded software for collaborative products and building libraries and programming protocols for partners to develop new solutions via a cloud-based platform. Meanwhile, Dien Quang will be responsible for researching and developing hardware, including electronic devices and circuits, as well as for product manufacturing. Speaking at the ceremony, FPT general director Bui Quang Ngoc said promoting the application of new technology, including IoT, was one of FPT’s important strategic orientations. “We have invested, researched and deployed many IoT projects with international corporations to enhance the user’s experience and optimise production... With the software technology capabilities, FPT expects to collaborate with larger equipment manufacturers of Viet Nam to create more value-added services, increasing competitive advantage for businesses,” said Ngoc. Ho Quynh Hung, chairman of the board of directors and general director of Dien Quang Lamp JSC, said with the strength of each party, the company expected the cooperation with FPT to promote the application of advanced technology and create hi-tech products to meet consumers’ demand and improve exports. G-bonds see higher interest rates at latest transaction Government bonds fetched higher interest rates for all maturity terms at the latest auction held on June 20 by the Hanoi Stock Exchange (HNX). A total of 4.3 trillion VND (187.9 million USD) worth of bonds were sold at the transaction out of the 6 trillion VND (262.2 million USD) worth of bonds offered, including 100 billion VND (4.37 million USD) of five-year bonds with an annual interest rate of 3.1 percent, 0.1 percent higher than the interest rate fetched at the previous auction on May 23. For the 10-year bonds, 2.4 trillion VND (104.88 million USD) was raised at an interest rate of 4.35 percent per annum, up 0.03 percent from the previous auction on June 13. Meanwhile, 1.8 trillion VND (78.66 million USD) worth of 15-year bonds were sold at an interest rate of 4.68 percent per annum, up 0.03 percent from June 13. No bonds of 7-year, 20-year and 30-year terms were sold at the auction. According to the HNX, the State Treasury has raised 70.181 trillion VND (3 billion USD) from auctions of Government bonds at the northern bourse. The interest rates of Government bonds have been on the rise lately, after a long period of decline throughout 2017 and the first four months of 2018. The National Financial Supervisory Commission has predicted that the G-bond market in 2018 will see modest changes against last year thanks to the economic growth of more than 6.7 percent and inflation of below 4 percent. The value of G-bonds issued in 2018 is estimated at some 180 trillion VND (7.92 billion USD), with the focus being on long-term maturity and keeping the interest rate at low levels.  HCM City opens hi-tech agriculture fair Nearly 200 agricultural businesses from 20 cities and provinces nationwide are participating in a hi-tech agriculture fair in Ho Chi Minh City City on June 21-25. The event aims to introduce new and high-quality varieties, especially targeting southern cities and provinces, to reduce the dependence on imported varieties, especially in the progress of implementing global free trade agreements. The fair houses more than 400 pavilions offering various kinds of plant, aquatic and livestock varieties, agricultural equipment and machine, technology and processed food. According to Director of the municipal Department of Agriculture and Rural Development Nguyen Phuoc Trung, HCM City has built a programme developing high-quality plant and animal varieties since 2000. The city aims to become a centre of production and provision of high-quality plant and animal varieties in the country in the near future, he said. The southern economic hub recorded high agro-forestry-fishery growth in 2017. The gross regional domestic product (GRDP) reached over 8.5 trillion VND (371.8 million USD), a year-on-year rise of 6.3 percent. The sector’s production value was estimated at 19.8 trillion VND (866.2 million USD). In 2017, agricultural firms in HCM City supply the market with around 81,200 tonnes of seeds of all kinds, including 12,109 tonnes of vegetable seeds, along with nearly 1 million piglets, 20,000 calves, and more than 600 million fish fry. To achieve the outcomes, the city has carried out a restructuring programme and shifted to plant and animal varieties with high economic efficiency while boosting investment in hi-tech agriculture, Trung said. A number of contracts supplying, selling products and transferring technology to serve varieties production and hi-tech agriculture were signed at the event. The fair aims to promote cooperation and connectivity among businesses and organisations in developing sustainable production and building a value chain in agriculture from creating varieties to processing and selling products to the market. Brussels workshop talks about EU-Vietnam Free Trade Agreement The Vietnamese Embassy in Belgium, in collaboration with the European Union (EU), the EU-Vietnam Friendship Parliamentians' Group and the European Institute for Asian Studies, held a workshop in Brussels on June 20 to speed up the signing and ratification of the EU-Vietnam Free Trade Agreement (EVFTA). Speaking at the event, Vietnamese Ambassador Vu Anh Quang stressed the positive results of economic, trade and investment cooperation between Vietnam and the EU, calling for the union’s strengthened collaboration with Vietnam and the Association of Southeast Asian Nations (ASEAN). According to him, the EVFTA is a balanced document that benefits both the EU and Vietnam and has big influences on bilateral political, economic, trade and investment ties. The agreement will help EU companies access the 90-million-people strong Vietnamese market, contributing to boosting bilateral cooperation. It will also allow the EU to improve its position and role in Southeast Asia and Asia-Pacific, Quang said. He affirmed that Vietnam commits to ensuring an open and transparent business and investment environment as well as following the regulations of the agreement. Participants at the workshop also lauded the significance of the agreement for both sides. Many said that EVFTA will open up opportunities for the two sides’ enterprises through forming innovative mechanisms to protect investors, and provide conditions for EU small- and medium-sized enterprises to more easily access the Vietnamese market. Ambassador and Head of the EU Mission to Vietnam Bruno Angelet emphasised issues that Vietnam needs to solve to take advantage of the agreement, while suggesting the country protect intellectual property. To boost farm produce exports, Vietnam should obey the EU’s food requirements and the Sanitary and Phyto-Sanitary Agreement, he noted. Member of the European Parliament Jan Zahradil, who is President of the EU-Vietnam Friendship Parliamentians' Group, expressed his belief that the agreement will be approved in the current tenure of the European Parliament. Next week, Vietnamese Minister of Industry and Trade Tran Tuan Anh will travel to Brussels to solve existing technical matters, so that the European Council can sign the agreement and submit it to the European Parliament for ratification. The European Parliament in the current tenure will convene its meetings until mid-April, 2019, so both sides have about 10 months to complete the signing and ratification of the agreement, Zahradil said. VNN