VIETNAM BUSINESS NEWS OCTOBER 24
20:07
Vietnam has strong and bettering economic fundamentals:
journal
Financial
website thearmchairtrader.com has run a story which commented that the
economic fundamentals underpinning Vietnam were strong and just going to get
better. According to
the article, Vietnam is one of the Southeast Asian nations with a good grip on
the pandemic and also stands to benefit from the transition of the value
chains in the region. It cited the
view of Vietnam Holding, a London-listed investment company which invests in
high growth companies based in Vietnam, which considers Vietnam one of the
best emerging markets in the world. The country’s stock market has been one
of the best performing in Asia, up over 23 percent this year. The fund’s
manager, Dynam Capital Management, was quoted as saying that despite many
bigger foreign investors getting out of Vietnamese stocks in 2020-21, retail
investor participation has supported prices considerably. Vietnam now has
over 4 million trading accounts, which equates to around 3 percent of the
population of the country. Dynam
Capital expressed optimism about Vietnam’s financial services, holding that
the country remains a fast-evolving Asian economy and has not been saddled
with the same pandemic issues. GDP growth looks solid and the population is
big, giving it the sort of people power that will allow it to compete
effectively in manufacturing and heavy industry, it stated./. Food exporters to China asked to make urgent registration The Vietnam
Sanitary and Phytosanitary Notification Authority and Enquiry Point (SPS
Vietnam Office) on October 21 sent a document to People’s Committees of
centrally-run cities and provinces, the Vietnam Food Administration and the
Ministry of Industry and Trade’s Department of Science and Technology
requesting urgent registration of food producers and exporters to China. The
registration is required to comply with the General Administration of China
Customs of China (GACC)’s Decree 248 on the Registration and Administration
of Overseas Producers of Imported Food, which will take effect on January 1,
2022, and the GACC Bureau of Import and Export Food Safety’s Decree 353/2021
on guidelines for registration of foreign firms. Accordingly,
food producers and exporters to China must submit registration dossiers to
State management agencies on food safety before October 26. The Ministry
of Agriculture and Rural Development’s Plant Protection Department, Animal
Health Department, and National Agro-Forestry-Fisheries Quality Assurance
Department are responsible for guiding enterprises, receiving and checking
registration dossiers, and conducting the registration of eligible
enterprises with the GACC before October 30./. Vietnam seeks to bolster economic, trade partnership with
Algerian province A working
delegation from the Vietnamese Embassy in Algeria led by Ambassador Nguyen
Thanh Vinh paid a working trip to Constantine province, the third largest
economic hub of the African country that has advantages in tourism, farming,
breeding and pharmaceuticals. During the
visit from October 20-21, the delegation had a working session with Constantine
Governor Messaoud Djari, during which Vinh underlined that Vietnam and
Algeria have shared sound traditional ties and many similarities. Algeria is
one of the most important partners of Vietnam in Africa, he said, noting that
the two sides have working together to promote their relations in various
fields such as politics, economy, trade, investment and labour export. The diplomat
said that he was impressed by high development potential of Constantine
province and affirmed that the embassy is willing to help connect businesses
of the province and Vietnamese partners. For his
part, Djari said that the province is ready to coordinate with the Vietnamese
side to foster collaboration in areas of shared interest. Briefing the
guest on the economic development strategy of Algeria and Constantine in
particular, he underlined that economic recovery is the current top priority,
adding that the country aims to develop a diverse economy which is less
independent on oil. He suggested
that the province and Vietnam should cooperate in areas where Constantine has
strengths and potential such as tourism, agriculture and pharmaceutical
industry. During the
trip, Vinh also had a working session with President of the Constantine Chamber
of Commerce and Industry Souici Larbi, during which the two sides briefed
each other on their economic situation and potential, and discussed measures
to promote bilateral ties in all fields, especially economy and trade. Larbi said
that the pharmaceutical industry, agriculture and construction are among
major development focuses of Constantine, adding that the locality is
constructing a number of industrial parks to promote its strengths. He hoped
that Vietnam will share experience in socio-economic development with Algeria
and Constantine. On the
occasion, the ambassador also attended the opening of the real estate
exhibition “Bâti-Est-Expo 2021,” during which he introduced to local firms a
handbook on Vietnamese prestigious businesses in different areas./. Vietnam, Canada seek to expand partnership in clean energy
development A workshop
on cooperation opportunities in clean and renewable energy development
between Vietnam and Quebec of Canada took place on October 21 in both online
and face-to-face forms, attracting the participation of Canadian scholars and
representatives from businesses of the two countries. The event
was organized by the Vietnamese Embassy in Canada, in coordination with the
Ministry of International Relations and La Francophonie and the
investment promotion agency of Quebec. Addressing
the event, Vietnamese Ambassador to Canada Pham Cao Phong
emphasized that Vietnam - one of the countries hardest hit by climate change
- has realized the importance of transitioning to a new energy structure,
where green energy sources play an increasingly important role. Vietnam
commits to increasing the ratio of renewable energy sources in the total
primary energy supply to 20 percent by 2030 and 30 percent by 2045, he said,
adding that the transformation in the energy sector requires not only large
capital investment in infrastructure, but also technical expertise and
technologies - an area where cooperation between Vietnam and Canada can play
an important role. The
Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)
that Vietnam and Canada are founding members, not only promotes trade but
also facilitates closer cooperation in other areas between the two countries,
including energy, he noted. The diplomat
suggested foreign investors come to the Vietnamese market to explore new
potentials, saying that Vietnam always creates favourable conditions for
foreign investors to do business and invest in the country,
including clean and renewable energy development. For his
part, Eric Marquis, Assistant Deputy Minister of
the Ministry of International Relations and
La Francophonie, said the workshop is part of Quebec’s Indo-Pacific
strategy, which is expected to be announced soon. This
strategy marks a step forward in bilateral relations, affirming the
importance of the Indo-Pacific to Quebec, he stressed. Marquis
affirmed that Vietnam is an important emerging market for Quebec, keeping the
position of Quebec's largest partner in Southeast Asia in 2020, with two-way
trade increasing by over 440 percent from 2011 to 2020. Vietnam is
also part of the process of reshaping global value chains, especially in
Asia, he added. The Quebec
side expressed its hope that this workshop will not only mark the
start of the building of a closer relationship between Vietnam and Quebec,
but also launch a dynamic partnership in the energy field in the context that
Vietnam is one of the most efficient electricity markets in Southeast Asia./. Vinh Long's leaders hold dialogue with Taiwanese investors The Mekong
Delta province of Vinh Long on October 21 held an online dialogue with
investors from Taiwan (China). Speaking at
the event, Chairman of the provincial People's Committee Lu Quang Ngoi said
that as of September 20, Taiwanese investors had ranked 4th out of 141
countries and territories pouring capital into Vietnam, with 2,831 valid
projects worth 35.03 billion USD. In Vinh
Long, there are currently 67 valid FDI projects worth 779 million USD, coming
from 18 countries and territories. Taiwanese investors are running seven
projects, with a total investment of 237.31 million USD, mainly in processing
and manufacturing. Ngoi said
that one of Vinh Long’s top priorities now is to focus on calling for
investments in infrastructure projects in industrial zones and clusters, and
high-tech agricultural projects in order to bring into full play the
province’s strengths. He affirmed
that, coming to Vinh Long, investors will find a stable, open and transparent
business and investment environment with a dynamic, creative and friendly
administration apparatus. Vinh Long is
willing to listen to enterprises’ ideas and recommendations, and is stepping
up administrative procedure reform, and taking measures to better the
business and investment environment, he added. Chang Wen
Chung, Head of the Economic Division under the Taipei Economic and Cultural
Office in Ho Chi Minh City, said that the COVID-19 pandemic has not yet
affected the desire of Taiwanese businesses to invest in Vietnam. If
Vietnamese provinces and cities can provide cleared land, have investment
incentives, and ensure infrastructure for electricity, water, roads and
labour, many Taiwanese businesses will surely invest in projects in the
country, he added. Particularly
in Vinh Long, investment projects of Taiwanese enterprises remain modest,
which shows that there is still large room for investment, according to the
official. In the
coming time, the office is ready to coordinate with the province's authorities
to organise investment workshops, and fact-finding trips in Vinh Long and
encourage businesses to invest in the locality, he added./. Italian firms interested in renewable energy in Vietnam, ASEAN The
Vietnamese Embassy in Italy and the Festival della Diplomazia (Diplomacy
Festival) jointly held a conference on renewable energy and sustainable
development in ASEAN in Rome on October 20, which drew a large number of
Italian and European firms. Addressing
the event, Vietnamese Ambassador to Italy Nguyen Thi Bich Hue said that
renewable energy is a priority of many countries, aiming to serve sustainable
development goals and the reduction of global climate change impacts. She noted
that Italy has proved its important role in the field through positive initiatives
while performing the role of the President of G20 and co-host of the COP26. Renewable
energy has received great attention and investment from ASEAN countries, she
said, noting that in Vietnam, the Government has defined climate changes as a
top issue. Vietnam aims to raise the ratio of renewable energy in the
country’s energy structure to 30 percent in 2030 and 40 percent in 2045, she
stated. She held
that this is a good chance for businesses in Italy and ASEAN to strengthen
partnership in this field. Vice
President of the Italy-ASEAN Association Romeo Orlandi stressed that
investment in renewable energy is a practical orientation that is suitable to
the goal of sustainable development. For his
part, Nguyen Duc Thanh, Vietnamese Trade Councilor in Italy briefed
participants on Vietnam’s achievements and major policy orientations in
energy. He
underlined that the Italian business community has the potential and strength
to realise cooperation and investment opportunities in Vietnam in the field. Representatives
from Italian and European firms expressed interest in the areas of renewable
energy and sustainable development in Vietnam and other ASEAN countries and
voiced their hope to expand cooperation and investment in the relevant fields
in the time to come./. Forum discuses Vietnam-UK trade, investment, climate change
response cooperation A Vietnam –
UK economy and trade forum took place in Hanoi on October 21, discussing the
nations’ economic, trade and investment ties as well as the issues of climate
change and low-carbon economy. The event
was co-organised by the Vietnam National University, Hanoi – University of
Economics and Business (VNU-UEB), the Ministry of Natural Resources and
Environment’s Department of Climate Change, and the Center for International
Forestry Research (CIFOR) and World Agroforestry (ICRAF). According to
VNU-UEB Rector Nguyen Truc Le, the forum aimed at connecting Vietnamese and
UK partners in trade, services and investment, and at promoting the sides’
bilateral cooperation in education, training, and science-technology. Presentations
at the forum focused on some key features of the UK-Vietnam Free Trade
Agreement (UKVFTA); the impact of the COVID-19 pandemic on bilateral trade;
policies to reduce greenhouse gas emissions towards a low-carbon economy in
Vietnam; and the potential, opportunities, and challenges for the development
of a forest carbon market, among other matters. The event
also opened up new collaboration in research between universities under the
Vietnam National University, Hanoi, and research agencies, development
organizations, and state management agencies of Vietnam and the UK. Such
collaboration will contribute to solving major issues of sustainable
socio-economic growth and climate change response of the sides involved. At the
forum, the VNU-UEB introduced its publication on the Vietnam – UK economic
and commercial relations toward a low-carbon economy and sustainable
development./. Ministry asks localities to increase inter-provincial passenger
transport The Ministry
of Transport has recently issued a document asking People’s Committees
of cities and provinces to coordinate in instructing the implementation of
temporary guidelines on transport activities so as to ensure safe and
flexible adaptation to and effective control of COVID-19 pandemic. The
Government has issued Resolution No.128/NQ-CP dated October 11 on temporary
regulations on safe and flexible adaptation to and effective control of
COVID-19. To implement the resolution, the Health Ministry has
promulgated temporary medical guidance and the Transport Ministry has also
released temporary guidelines on transport activities in the five areas of
land, inland waterway, maritime, railway and aviation. Therefore,
to ensure smooth and concerted transport activities, People’s Committees of
cities and provinces were asked to direct local agencies and units to follow
the ministry’s guidelines, and instruct departments of transport to increase
passenger volume on fixed intra-provincial and inter-provincial routes
licensed by the provincial authorities. The ministry
also suggested localities resume other routes depending on the local level of
pandemic risks, while striving to maintain from 10 percent to a maximum 50
percent of licensed trips per month in line with requirements in the
temporary guidelines. In a report
reviewing passenger transport activities on fixed routes during one week of
resumption from October 13-18, the ministry said authorities of 48 provinces
and cities had allowed the resumption of inter-provincial routes, while in 15
other localities, the transport departments had submitted plans to resume
routes to the municipal/provincial authorities./. Top 50 prestigious public companies in 2021 announced Vinhomes
JSC, Hoa Phat Group JSC, Joint Stock Commercial Bank for Foreign Trade of
Vietnam (Vietcombank), Military Commercial Joint Stock Bank and Vietnam Dairy
Products Joint Stock Company (Vinamilk) are among the top 50 public companies
in 2021 announced by Vietnam Report. The list
honours public firms that have tried their best to overcome
difficulties caused by the COVID-19 pandemic, seizing new opportunities and
achieving remarkable achievements in providing products and services to
customers. Selection
was based on assessing the prestige and operational efficiency of the firms
through investors, experts and market, as well as their communications
prestige. According to
Vu Dang Vinh, general director of Vietnam Report, over the past two years,
the world in general and Vietnam, in particular, have faced difficulties and
challenges due to the COVID-19. The pandemic has affected most businesses,
but there are still some that growing strongly. This showed
that the role of building a reputation for the business is one of the key
factors, opening up the prosperous and stable development and being a solid
foundation of the business in the hearts of customers, especially in the
context of a new type of globalisation in post-COVID-19 era, he said./. Vietnam, Uruguay look to expand economic cooperation Deputy
Minister of Industry and Trade Do Thang Hai and Uruguayan Deputy Minister of
Foreign Relations Carolina Ache Batlle on October 21 co-chaired the second
meeting of the Vietnam-Uruguay Joint Committee on economic, trade and
investment cooperation. During the
online event, the two sides reviewed cooperation between the two nations
across fields from economy, trade, investment, finance to agriculture and
science and technology since the first meeting held in October 2018 in
Uruguay's Montevideo capital city. They discussed and proposed plans to
further promote bilateral cooperation in the coming time. They agreed
that bilateral trade relations still remains modest and has yet to match the
potential. They underlined the need to promote cooperation in bilateral and
multilateral frameworks, and diversify import and export products. The two
sides should focus on promoting trade promotion and connection activities,
and supporting the business community in seeking markets and business
opportunities towards gradually recovering post-COVID-19 bilateral trade. Data from
the General Department of Vietnam Customs show that the total import-export
turnover between Vietnam and Uruguay in 2020 reached 70.76 million USD, down
6.89 percent year-on-year. For
agricultural cooperation, the two sides welcomed the establishment of direct
contacts to continue to exchange technical issues in the process of licensing
for potential agricultural products to be exported to each other's markets. They also
suggested cooperation in food safety, customs, science and technology,
software, and wood exploitation and processing. The
successful organisation of the meeting is a clear proof of the fruitful
relationship and determination to promote all-around cooperation between the
two countries./. Most prestigious food, beverage firms announced Winners of
the Vietnam Top 10 Reputation Award 2021 in the food and beverage industry
were unveiled by the Vietnam Report JSC on October 20. They include
the lists of the 10 most prestigious food companies in terms of milk and
dairy products; sugar, confectionery, and other nutritious foods; packaged
food, spices, and cooking oil; and fresh and frozen food. The lists of
the top 10 beverage firms in terms of alcoholic and non-alcoholic drinks were
also released. The rankings
were compiled basing on the businesses’ financial reports in the most recent
year, their prestige on the media, and surveys of the companies and relevant
sides such as consumers and experts conducted in August this year. Vietnam
Report said the country’s economy grew steadily, by 5.6 percent, in the first
half of 2021 with positive and stable macro-economic indexes. However, the
situation became worse in the third quarter, when the COVID-19 pandemic got
complicated with the spread of the Delta variant, forcing the Government to
take more drastic response measures. As an
important sector, the food and beverage industry has also been hit hard.
Prolonged impacts of the pandemic have become clearer since the start of the
fourth wave of COVID-19 infections in April, especially since July, severely
affecting more than 91 percent of businesses in this sector. Vu Dang
Vinh, General Director of Vietnam Report, said most of enterprises have
become more prudent, with 78 percent predicting more business difficulties in
the remaining months, doubling the rate of 37 percent one year ago. However, he
added, up to 80 percent of food and beverage firms believed that the country
will recover quickly after the pandemic. About 47 percent expect that it will
take them about six months to recover, 33 percent others seven - 12 months,
and 13 percent more than 12 months./. VinFast recalls nearly 2,900 Chevrolet Spark cars Vietnamese
automaker VinFast will start recalling 2,853 units of Chevrolet Spark Van
model in Vietnam from October 25 for checking and replacing details floor
mats that may be corroded (oxidized) due to high Bromine content in the mats. The scheme
will last until October 25, 2025, and applies to Chevrolet Spark units
assembled by General Motors (GM) Vietnam between March 2013 and December
2015. VinFast has acquired the operation of the GM since 2018. The checking
and replacement will last 8-32 hours for each unit with free of charge. According to
Vietnam Register, floor mats containing Bromine and details under the car
such as the seat frame, seat rails, seat belt racks, fuel tank cap levers can
be corroded under conditions of high temperature and humidity of the climate
in Vietnam. This is not a big problem because the natural corrosion process
is slow, every car is the same. If bromine
comes into contact with metal parts under the carpet, it can cause the
corrosion process to take place faster, causing damage to components and
affecting vehicle safety. So far, the
agency has received no report related to incidents caused by the error. However, it
advised owners of cars in Chevrolet Spark model to promptly take their cars
to VinFast service centres and dealers for checking and replacing floor
panels and other details if necessary./. Nearly VND7 trillion to be poured into Sa Pa airport project Deputy Prime
Minister Le Van Thanh on October 21 approved a project to build an airport in
Sa Pa tourist township of the northern province of Lao Cai with a total investment
of approximately VND7 trillion. The airport
will have one runway and one terminal in the first phase, and is expected to
have one more terminal after 2030, with its design specifically to receive
aircraft such as Airbus A320 and Boeing 737. It is
designed to serve 1.5 million passengers annually in the first phase and 3
million passengers in the second phase that will start in 2028. The 50-year
project will have an estimated investment of VND6.95 trillion, of which
roughly VND2.7 trillion is sourced from the State budget for site clearance,
compensation and infrastructure construction, while the remainder comes from
private financiers. The
Government has assigned the Lao Cai provincial administration to take full
responsibility for making a pre-feasibility study report, as well as for
selecting qualified investors to implement the project. Vietnam Airlines operates first flight to Con Dao after social
distancing period Vietnam
Airlines on October 22 morning launched its first flight to Con Dao
island offshore Ba Ria-Vung Tau southern province after a social
distancing period to curb the spread of COVID-19. The flight
departing from Ho Chi Minh City was operated by its affiliate Vasco. Meanwhile,
the first flight from Con Dao to HCM City was set to take off later the same
day with nearly full seat occupancy. Stringent COVID-19 prevention
measures were strictly carried out during the flight. At present,
Vasco is carrying out two roundtrips per day on the HCM City-Con Dao air
route and one per day on the Can Tho-Con Dao route, meeting people’s travel
demand and fostering tourism, trade and socio-economic development of the
island in particular and Ba Ria-Vung Tau at large./. Source:
VNA/VNS/VOV/VIR/SGT/SGGP/Nhan Dan |
Chủ Nhật, 24 tháng 10, 2021
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