VIETNAM BUSINESS NEWS DECEMBER 31
Hanoi’s GRDP
up 6.69 percent in Q4
According to
director of the department Do Anh Tuan, total State budget collection of the
city in 2021 almost hit 263 trillion VND, 11.7 percent higher than the amount
assigned by the Government, and equivalent to 91.5 percent of last year's
revenue. As many as
160.2 trillion VND were channeled into development investment in the fourth
quarter, up 88 percent compared to the previous quarter and 9.9 percent
year-on-year, bringing the year's total to over 410 trillion VND, down 0.8
percent. As of
December 27, nearly 25.4 trillion VND of public investment sourced from the
State budget was disbursed, equal to 60.9 percent of the plan assigned by the
Prime Minister, the department said. Reference exchange rate kept unchanged The State
Bank of Vietnam set the daily reference exchange rate at 23,145 VND/USD on
December 31, unchanged from the previous day. With the
current trading band of +/-3 percent, the ceiling rate applicable to
commercial banks during the day is 23,840 VND/USD and the floor rate 22,450
VND/USD. Binh Duong posts 6.8 billion USD in trade surplus With its
import and export values growing 14.7 and 13.5 percent year-on-year to hit
24.6 and 31.5 billion USD in 2021, respectively, the southern province of
Binh Duong recorded a trade surplus at 6.8 billion USD. According to
data released by the provincial Statistics Office on December 30, the province’s
gross regional domestic product (GRDP) increased by 2.62 percent against last
year, while its index of industrial production (IIP) and total goods retail
and consumption services revenue picked up 4.5 percent and 3.3 percent
annually, respectively. During the
year, Binh Duong contributed 61.2 trillion VND (2.68 billion USD) to the
state budget, while its total local budget expenditure exceeded 32.2 trillion
VND. The local
average annual GRDP per capita reached 152.2 million VND, an increase of 1.2 million
VND compared to 2020. Loc Troi Group ships over 4,000 tonnes of rice to Europe Loc Troi
Group (LTG) has announced that it completed the export of final batch of
rice this year to Europe, including 4,170 tonnes of jasmine and white rice. It was also
the first batch shipped in the form of bulk carrier to save
transport cost amid the pandemic. LTG is now
the only agri-business capable of farming rice on a large scale of at least
1,000ha via cooperatives with the instruction of agricultural engineers and optimal
farming process from seed selection to harvest and transport, ensuring
the supply of 1 million tonnes of rice to the market each year. This year,
LTG shipped over 80,000 tonnes of rice to the EU, the UK, Africa, Australia,
the Middle East and Asia, earning over 1 trillion VND (43.47 million USD), or
nearly 24 percent of the group's total revenue. Vietnam's 2021 CPI lowest in five years: GSO
Vietnam's
Consumer Price Index edged up 1.84 percent year-on-year in 2021, the lowest
ever recorded since 2016, according to the General Statistics Office. The CPI
picked up compared to 2020 largely due to a 31.7 percent surge in fuel
prices this year which made up a 1.14 percentage point increase in the
overall CPI. The CPI hike
was also driven by domestic retail prices of gas which have been revised up
nine times throughout the year. Rice,
construction materials and education service prices increased 5.79 percent,
7.03 percent and 1.87 percent, respectively, against last year. Meanwhile,
prices of food dropped 0.54 percent year-on-year. Export-import turnover tops 668 billion USD
Export-import
turnover hit 668.5 billion USD this year, 123 billion USD higher than the
previous year and posting the highest growth ever. The General
Department of Vietnam Customs said although various localities
applied social distancing measures to curb the spread of
COVID-19, export-import turnover of goods handled by customs
offices of 19 southern provinces and cities expanded 16 percent against the
previous year. Ho Chi Minh
City's customs office in particular handled more than 117 billion USD worth
of goods, and Binh Duong office tackled over 47 billion USD. State budget
collection from imports and exports posted a year-on-year expansion of 19.2
percent. SSC warns investors to beware of fraud in online groups More and
more fraud is occurring on various online platforms by investing groups,
deceiving investors. The State
Securities Commission (SSC) thus urges investors to be vigilant at all times
and not fall for scammers. They are recommended
to check official sources for verified information any time they exchange
securities-related information with other persons. They should
also arm themselves with knowledge, notably the understanding of securities,
corporate finance and legal regulations, to avoid being misinformed. Japan’s Hokuriku enterprises want to invest in Vietnam Enterprises
in Japan’s Hokuriku region highly valued Vietnam’s business
environment and pinned high hopes on the prospect of bilateral cooperation in
the future, said Chairman of the Hokuriku Association of Investment
Promotion with Vietnam Mitsuru Mitani during a conference held to
review its performance in 2021. Hokuriku
enterprises are now investing in 96 projects in Vietnam. In a survey polling
members of the Hokuriku Economic Federation in October 2019, 21.7 percent of
respondents said they wanted to invest in Vietnam, higher than other countries
such as India (10.8 percent), Thailand (8.3 percent), and China (7 percent).
In another survey in October 2021, 26.8 percent of enterprises expected to do
business in Vietnam compared to 20.4 percent for China, 16.9 percent for
India and 14.1 percent for Indonesia. More legal aid needed for SMEs: Experts More legal
aid needs to be provided to small and medium-sized enterprises (SMEs) to help
them quickly recover business, production and become stronger after the
COVID-19 pandemic, legal experts have said. The comments
were made during a conference held in Hanoi last week to discuss solutions to
enhance legal aid for SMEs. The programme aims to promote awareness and legal
compliance, and reduce legal risks and obstacles of SMEs, which account for
the majority of the country’s businesses. Under the
programme, ministries, agencies and localities have to update policies and
legal assistance programmes for SMEs, collect feedback regarding legal
obstacles, and report to authorities to refine legal regulations. Between
2021-2025, the programme aims to utilise the achievements of Industry 4.0 in
providing legal aid for SMEs; direct legal aid activities for ministries,
sectors and localities to apply legal knowledge to SMEs; and promote
awareness and legal compliance while reducing legal risks and obstacles. The
programme will enhance SMEs' roles in improving the legal framework toward a
better business climate, competitiveness and law enforcement. Over 1,600 more businesses enter agricultural sector in 2021 A total of
1,640 agri-businesses were newly established and resumed operation in 2021,
raising the number of firms in the sector to over 14,400, according to the
Ministry of Agriculture and Rural Development. The ministry
said agribusinesses are growing strongly in Vietnam, becoming the core of the
agricultural value chain. There are a number of major corporations expanding
into hi-tech agriculture, such as Nafoods, TH, Dabaco Vietnam, Masan,
Lavifood, Doveco, and Bien Dong Trading and Investment JSC. This year,
1,250 new agricultural cooperatives were established. Vietnam now has 19,100
cooperatives, including 1,980 hi-tech agricultural cooperatives; 78
cooperative unions; over 30,000 cooperative groups; and nearly 19,700 farms. The country
also has 12 hi-tech agricultural zones; and 51 hi-tech agribusinesses, 23 of
which have been recognised by the Ministry of Agriculture and Rural
Development. 3.74 billion USD of FDI poured into HCM City in 2021 The inflow
of foreign direct investment (FDI) into Ho Chi Minh City hit
3.74 billion USD in 2021, down 14.2 percent year-on-year, according to the
municipal Department of Planning and Investment. However, the investment
capital poured into new and adjusted projects in 2021 still remained
high compared to the previous year. Of the
total, 686.6 million USD went to 633 new projects, down 33.4 percent in the
number of new projects, and up 7.7 percent in the capital compared to
the previous year. Meanwhile, 1.125 billion USD was added to 178 existing
projects. The average
registered capital of a project was 1.08 million USD, primarily in the fields
of real estate business (214.1 million USD), information and communications
(206.6 million USD), and commerce (123.2 million USD). Countries
and territories posting high adjusted investments included Japan (281 million
USD), Singapore (263 million USD), and the US (237 million USD). New firms up 70.4 percent in Q4 The number
of newly-established firms in the last quarter of this year reached 31,400
with total registered capital amounting to 415.3 trillion VND (18.21 billion
USD), the General Statistics Office (GSO) has said. The figures
represent increases of 70.4 percent in the number of firms and 64.1 percent
in capital as compared with the previous quarter. The country
counted 116,800 new firms in the year with combined investments of over 1.6
quadrillion VND and nearly 854,000 labourers, down 13.4 percent in
enterprises, 27.9 percent in capital and 18.1 percent in workforce. The average
capital of new enterprises in 2021 was 13.8 billion VND, down 16.8 percent
from a year earlier. In 2021, the number of enterprises returning to business
was 43,100, down 2.2 percent year on year. HCM City’s CPI goes up 2.36 percent this year This year’s
average consumer price index (CPI) in Ho Chi Minh City grew 2.36 percent from
2020, the municipal Statistics Office reported on December 30. The CPI in
December fell 0.3 percent month on month but still rose 1.24 percent from the
same period last year. During the
month, prices of food and catering services declined 0.25 percent from
November while those of housing, electricity, water, fuel, and construction
materials down 0.38 percent. The transport category also saw a drop of 1.62
percent in prices, the office noted. It said that
in 2021, prices of some groups of commodities changed as a result of the
complicated COVID-19 situation and the months-long social distancing, which
led to the surge in demand for grain food and foodstuff in certain points of
time. Vietnam continues to dominate global pepper exports despite
COVID-19 Vietnam
raked in approximately US$950 million from exporting 260,000 tonnes of pepper
this year, becoming the world’s largest supplier of pepper despite facing
challenges relating to the COVID-19 pandemic, according to data given by the
Vietnam Pepper Association (VPA). Despite
enduring an overall decline of 25% in pepper output, the country continues to
maintain its dominant position as part of the global pepper industry,
accounting for over 60% of global pepper exports. During the
11-month period, the nation grossed US$867.2 million from exporting 245,975
tonnes of pepper, a drop of 7% in volume, but up 43.8% in turnover against
the same period from last year. The United
States remains the largest import market for Vietnamese peppers, reaching
55,602 tonnes throughout the reviewed period, up 9.6%, followed by China,
India, Pakistan, Egypt, Germany, the Netherlands, the UK, France, Russia,
Spain, and Canada. Less than half of industrial businesses in HCMC optimistic about
Q1 2022 Less than
half (43.6%) of industrial businesses in HCMC are optimistic about their
business situation in the first quarter of 2022, according to a report of the
HCMC Statistics Department on the city’s socioeconomic development. Meanwhile,
28.1% expected their business situation to remain stable and the remainder
felt their condition would worsen. Some 41.7%
of industrial businesses in the city expected to see an increase in new
orders in Q1 2022, while 24.3% of businesses said they plan to scale down
their workforce. Regarding
production cost, 33.3% forecast that it would increase, while 51.6% expected
that it would stay stable and only 15.2% predicted a decrease in production
cost. HCMC’s
economy has recovered after social distancing measures were relaxed, but the
recovery remains weak. Some 48.4%
of the firms said their business situation improved in the fourth quarter of
2021 compared with the third quarter, while 19.3% said their condition was
stable and 32.3% saw their situation worsen. Nearly 40%
of industrial businesses are facing financial hardships. Besides, 23.1% said
interest rates were high and 7.6% had limited access to capital. Number of Hanoi-based firms completing dissolution up 22% The number
of firms completing procedures for business closure in Hanoi City this year
rose by 22% against last year at 3,075, while over 13,140 companies suspended
their operations, up 29% compared with last year’s figure. Besides,
more than 3,530 firms halted their operations pending dissolution in 2021, up
20% year-on-year, Do Anh Tuan, director of the Hanoi Department of Planning
and Investment, told a conference held by the Hanoi government on December
29. The city saw
nearly 11,000 firms return to the market in 2021, soaring by 80% against the
year-ago figure, while over 24,000 firms were newly established, with total
pledged capital of VND345 trillion, down 9% and 16% year-on-year,
respectively. Hanoi’s
gross regional domestic product in 2021 inched up 2.92% year-on-year, well
below the 7.5% target, Tuan said. As of
December 27, the city’s budget revenue had inched up 4.6% against last year
at VND261.8 trillion, exceeding the target set by the Government by 11% and
the target set by the city by 4%. HCMC’s 2021 total state budget revenue increases three percent According to
a recent report released by the HCMC Statistical Office on December 29, the
city’s total state budget revenue in 2021 increased by three percent compared
to the same period last year. The total
state budget balancing revenues of this year reached VND383, 703 billion
(US$16.8 billion), exceeding 5.2 percent of the estimates. The state revenue
came from the sources of real estate, finance banking, securities and tax
exemption policies to support businesses and people affected by Covid-19
pandemic. From the
beginning of this year until December 15, the city saw 30,829 newly
registered enterprises with total registered capital of VND517, 695 billion
(US$22.7 billion), presenting a decrease in the number of business
registration certificate by 23.5 percent and amount of invested capital by
53.5 percent compared with the same period in 2020. As of
December 20, HCMC has granted investment registration certificates to 633
projects with the total foreign investment capital of US$686.6 million,
showing a decline in the number of investment registration certificates by
33.4 percent and an increase in the newly registered capital by 7.7 percent
compared to the same period last year. Source: VIR/VNA/SGT/VNS/VOV/VGP/VNN |
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