VIETNAM BUSINESS NEWS FEBRUARY 10
15:36HOSE to put
KRX trading system into operation this year The Ho Chi Minh Stock Exchange (HOSE) will mobilise all resources to implement important tasks this year, focussing on putting the trading system provided by the Korean Exchange (KRX) into operation. Phan Van Mai, Chairman of the HCM City People’s
Committee said, as the nucleus of the Vietnamese stock market, HOSE should
strive to meet international standards, contributing more to the city’s
economic recovery. The city will focus on completing a project
turning itself into a regional and international financial hub to promote the
development of the stock market, he said. Deputy Minister of Finance Nguyen Duc Chi said
one of the important tasks of the securities industry in 2022 is putting the
KRX trading system into operation on schedule, ensuring it operates
efficiently and securely. Vietnam welcomes nearly 9,000
international tourists under pilot programme As of February 7, Vietnam welcomed 8,967
international tourists since a pilot programme was launched last November,
according to the Ministry of Culture, Sports and Tourism. The ministry said on February 9 that foreign
arrivals visited the Mekong Delta province of Kien Giang, and the central
provinces of Khanh Hoa and Quang Nam, which have been selected for the
programme together with central Da Nang city and northern Quang Ninh
province. Most of them came from Russia, Uzbekistan,
Kazakhstan, the Republic of Korea, Singapore, the UK, the US and Canada. As many as 16 travel firms, 82 lodging
facilities, 28 tourist sites, eight shopping centres and 48 transportation
companies in the five targeted localities have registered and been eligible
to join the first phase of the programme. The first phase has been rolled out in line with
COVID-19 prevention and control regulations, and received the warm response
from holiday-makers, the ministry said. The ministry, therefore, has proposed
implementing the second phase of the programme from now to March 30,
conducting COVID-19 tests for tourists at their accommodations, and expanding
tourist destinations. International tourism activities, including both
inbound and outbound tours, should be fully resumed from March 31, the
ministry said. Price management authority
proposes solutions to curb inflation after Tet According to the price management authority,
domestic gas and petrol prices are facing upward pressures due to impacts
from the world market. In the next fuel price adjustment, which will begin on
February 11, gas and petrol prices are expected to be adjusted up, creating inflationary
pressure on overall prices. The Government’s stimulus packages and the
postponement of the roadmap to market price for State-managed goods have also
come into play, the department added. To keep CPI growth rate at 4 per cent set by
National Assembly, the authority suggested effective coordination between
proactive fiscal policies and flexible monetary policies to rein in core
inflation and boost economic recovery. Vietnam’s aviation expected
to strongly rebound this year According to the Civil Aviation Authority of
Vietnam (CAAV), domestic airlines operated 126,280 flights in 2021, down 41.7
per cent year-on-year, and nearly 60 per cent from pre-pandemic levels.
Regular international flights had been completely frozen since the first wave
of the pandemic, except for those bringing home overseas Vietnamese, or carrying
foreign experts. The General Statistics Office (GSO), under the
Ministry of Planning and Investment, said Viet Nam welcomed only 111,100
international arrivals by air last year, a drop of 96.4 per cent from the
previous year. In December 2021, when international flights
resumed, the number of international visitors to Viet Nam expanded by 14.2
per cent from the previous month. Experts said the Vietnamese aviation sector has
surmounted the deepest point of the crisis. Domestic transport will recover
to some 70-75 per cent of pre-pandemic levels, while international transport
will reach 25 per cent. The figures are expected to rise higher in the last
quarter of this year. Vietnam Airlines General Director Le Hong Ha
suggested further upgrading infrastructure and speeding up the implementation
of major projects like Long Thanh Airport will ensure sustainable recovery
and development of the sector. The CAAV has requested carriers to mobilise all
resources to increase flights from northern and central localities to HCM
City, it said. PM underlines banking
sector's role in maintaining macro-economic stability Leaders of the SBV reported to the PM that last
year, despite COVID-19 impacts, thanks to flexible management of credit
growth, credit balance of the whole system rose compared to that in 2020,
while the exchange rate was kept stable and interest rate was on a downward
trend. This year, the SBV will focus on removing
difficulties for business and production activities, supporting pandemic-hit
businesses and people, and restructuring credit institutions in association
with settling bad debts, they said. The Government leader stressed that the domestic
and world economy will continue to face many challenges due to COVID-19 in
2022, and asked the SBV to strengthen analysing and forecasting activities,
while continuing to use monetary policy tools in a proactive, flexible and
synchronous manner, as well as coordinating fiscal policies and other
macro-economic policies to reign in inflation and create optimal conditions
for people and businesses to access capital for production recovery and
development. Banks aim to rein in bad debt
in 2022 While commercial banks made progress in limiting
financial risk last year, it will be a challenging task to improve credit
quality and rein in rising bad debts in 2022, according to banking experts
and officials. The State Bank of Vietnam (SBV) said that banks
had managed to accomplish many of the important objectives set by the SBV in
its restructuring scheme to handle bad debt during 2016-20. However, many
objectives were not met because of the adverse effects of the pandemic. By the end of 2021, bad debt was 1.9 per cent, a
slight uptick from 1.69 per cent reported in 2020. However, the figure rose
to 3.79 per cent once counting the debts sold to Vietnam Asset Management
Company. As part of the country's effort to support
economic recovery, banks have implemented measures to extend credit grants,
as well as reduce the interest rates and fees for affected businesses. The timeline, which was established in 2019
before the pandemic hit, requires banks to bring down short-term capital use
for medium and long-term loans to 40 per cent by January 1, 2020, 37 per cent
by October 1, 2021, 34 per cent by September 30, 2022 and finally to 30 per
cent by October 1, 2023. Commercial banks have reported reduced bad debt
in their 2021 financial reports. Bad debt at the Ban Viet Joint Stock
Commercial Bank went down to 2.5 per cent from 3 per cent in 2020, TP Bank
0.9 per cent from 1.14 per cent, BIDV 0.81 per cent from 1.76 per cent. In addition, banks made strides in making
provisions for bad debt last year. Vietcombank reported the highest coverage
at 424 per cent, BIDV at 235 per cent, VietinBank at 171 per cent, all well
ahead of the schedule set by the SBV. Mekong Delta should become
role model in climate change adaptation: Minister The Mekong Delta, the largest agricultural hub of
Vietnam, should be confident to surmount difficulties and become a role model
in climate change adaptation in the world, said Minister of Agriculture and
Rural Development Le Minh Hoan. Agriculture will remain a pillar of the economy
in the coming years, so it needs to grow in a new direction which is shifting
from separate development within each locality to inter-locality and
inter-regional connectivity to boost common development, he told a meeting
with agriculture officials of the 13 Mekong Delta localities in Bac Lieu
province on February 9. Hoan said the local agriculture sector should
adopt the production models generating high economic values and enriching
farmers. Highlighting the tasks for 2022, the minister
asked the localities to boost eco-farming to meet the global consumption
demand, noting that agriculture should not be developed at the expense of the
environment or people’s health. Vietnam - Russia trade hit
6.3 billion USD in 11 months of 2021 The two-way trade between Vietnam and Russia hit
6.3 billion USD in the first 11 months of 2021, up 21.7 percent year-on-year,
according to Vietnamese Trade Counselor in Russia Duong Hoang Minh who cited
statistics from the Federal Customs Service of Russia. During the period, Vietnam exported 4.5 billion
USD worth of goods to Russia, posting a yearly rise of 20.4 percent. Vietnam's plant-based exports to Russia fetched
282 million USD, up 21.6 percent over the same period last year. Among the key agricultural exports to Russia that
posted strong values in January – November last year were coffee with 153
million USD (up 20 percent); fruit and nuts, 75.5 million USD (up 38
percent). Dried mango is a noteworthy export as it raked in 9.1 million USD,
10 percent higher than that reported in the same period of 2020, and
accounting for over 92 percent of Russia’s total import value of this
commodity. Reference exchange rate up 4
VND The State Bank of Vietnam set the daily reference
exchange rate for the US dollar at 23,108 VND/USD on February 10, up 4 VND
from the previous day. With the current trading band of +/-3 percent,
the ceiling rate applicable for commercial banks during the day is 23,801
VND/USD and the floor rate 22,414 VND/USD. The opening-hour rates at commercial banks
decreased. At 8:30am, Vietcombank listed the buying rate at
22,510 VND/USD and the selling rate 22,820 VND/USD, both down 10 VND from
February 9. BIDV also cut both rates by 20 VND, listing at 22,550 VND/USD
(buying) and 22,830 VND/USD (selling). Programme to support private
firms in sustainable business development Deputy Prime Minister Le Minh Khai has signed a
decision approving a programme to support private enterprises in sustainable
business development in the 2022-2025 period. The major objective of the programme is to boost
private businesses' sustainable development with harmony between economic
interest and cooperate social responsibility as well as environmental
protection, thus contributing to completing 17 sustainable development goals
in 2030. It also aims to mobilise social resources for the
growth of the ecosystem supporting the firms in sustainable business so that
they can make positive contributions to job generation, improvement of living
conditions for low-income people and disadvantaged groups, environmental
protection and climate change response in Vietnam. The programme will be implemented on a national
scale, covering all private enterprises implementing sustainable business,
relevant organisations, ministries, agencies and localities. The programme
will give support to the firms in building sustainable business strategies
and plans. Those that are recognised as sustainable firms
will receive assistance in personnel training, technology access, digital
transformation, capital resources access, communications and trade promotion.
Small and medium-sized enterprises (SME) will receive the highest support in
sustainable business development from the State budget in line with the Law
on SME Support and relevant legal documents. Shares extend gains on property,
steel stocks The market benchmark VN-Index on the Ho Chi Minh
Stock Exchange (HoSE) increased 0.29 per cent, to finish the trading day at
1,505.38 points. The index had increased 0.22 per cent to finish
Tuesday at 1,500.99 points. The market breadth was positive as 161 stocks
declined while 291 rose and 45 ended flat. Nearly 794.7 million shares were traded on the
southern market, worth VND25.2 trillion (US$1.1 billion). The 30 biggest stocks tracker, VN30-Index,
climbed 0.13 per cent to finish at 1,552.44 points. Of the VN30 basket, 16 stocks increased while 14
decreased. Meanwhile, on the Ha Noi Stock Exchange (HNX),
the HNX-Index gained 1.51 per cent to close at 424.19 points. The northern market index had gained 0.22 per
cent to close Tuesday at 417.89 points. During the session, nearly 65 million shares were
traded on HNX, worth VND1.9 trillion. Vinatex’s net profit rises
sharply last year Vietnam National Textile and Garment Group
(Vinatex)’s post-tax profit in the last quarter of 2021 was nearly 500
billion VND (22.03 million USD), tripling the figure recorded in the same
period of the previous year. The group reported net revenue of over 16.09
trillion VND last year, up nearly 16 percent year-on-year, and net profit of
857 billion VND, representing a 2.6-fold rise. The marked results in the fourth quarter are
attributable to the acceleration of production after disruptions due to the
COVID-19 pandemic, and material stockpiling since mid-2021 in anticipation of
soaring prices, a representative from the group explained. The group’s net revenue from sales and services
in the last three months of 2021 reached over 4.98 trillion VND, a
year-on-year increase of 39 percent. Its turnover from financial activities also
jumped by 44 percent to 94.7 billion VND. International media
highlights Vietnam’s investment opportunities Emerging markets (EM) like Vietnam can provide
potential growth opportunities for investors who do their due diligence,
according to an article published by ETF Trends, a leading source in Exchange
Traded Funds (ETF) news of the US. The article said investing in EMs can come with
its own nuances, particularly because each country’s performance can vary
with respect to their economic stability. The COVID-19 pandemic certainly roiled a lot of
EM opportunities in 2020, but certain countries that were able to respond
swiftly muted its economic effects. Vietnam, for example, was able to rebound from
the pandemic due to a quick, pointed response by its government, the article
noted. Binh Duong-based businesses
need up to 50,000 labourers Businesses in the southern industrial hub of Binh
Duong are needing 40,000-50,000 labourers, mostly unskilled workers, in order
to promote production after the long Lunar New Year (Tet) holidays. According to the provincial Centre for Employment
Services, the processing-manufacturing sector has the highest demand for
labourers. Notably, Shyang Hung Cheng Co. Ltd., Ampacs
International Co. Ltd. and Rockdale Spear Co. Ltd. are recruiting 1,000
workers each. The average wage these companies are offering is 12-13 million
VND (528-572 USD) per month. Currently, the centre is organising job sessions
in both in-person and online formats to connect labourers and businesses,
while providing free recruitment information to job-seekers via Zalo and
Facebook. Export-import turnover up 83
percent during Tet holiday Vietnam’s export-import turnover hit an estimated
3.05 billion USD during the Lunar New Year (Tet) holiday which lasted from
January 29 – February 6, a hike of 83 percent compared to the same holiday
last year. According to the General Department of Vietnam
Customs, as many as 2,462 businesses were engaged on import and export
activities, and 20,460 customs declarations were processed in the reviewed
period, 2.56 and nearly 2 times higher than the figures reported in the same
period last year, respectively. During the nine-day holiday, Vietnam exported
commodities to 80 countries and territories, raking in 1.47 billion USD.
Meanwhile, it spent 1.58 billion USD on imports. China remained the largest importer of Vietnamese
goods with a total value of 400 million USD, accounting for 27.3 percent the
total export turnover. It was followed by the US (347.6 million USD), the
Republic of Korea (RoK) (86 million USD), Hong Kong (China) (59 million USD)
and Japan (41.8 million USD). Vietnam imported nearly 548 million USD worth of
goods from the RoK in the period, marking up 34.7 percent of the total import
value. Meanwhile, from the beginning of this year to
February 6, the country’s export-import value totaled 61.85 billion USD, down
10.5 percent year-on-year, with a trade surplus of 680 million USD, the
department reported. NA Chairman attends
groundbreaking of biodegradable resin factory in Hai Phong National Assembly Chairman Vuong Dinh Hue on
February 9 attended the groundbreaking ceremony of a PBAT biodegradable resin
factory project by An Phat Holdings JSC in the northern port city of Hai
Phong. This will be the first green material
manufacturing plant in Southeast Asia. The plant, located in Nam Dinh Vu Industrial
Park, has a designed capacity of 30,000 tonnes per year. With a total
investment of up to 120 million USD, the construction is scheduled to take 24
months. Once operational, the plant is expected to meet
100 percent of the raw material needs of An Phat Holdings and serve the
company’s export. It is also hoped to generate jobs for around 200
high-quality workers. Service sector's personnel
demand forecast to soar in early 2022 In the context of many sectors gradually
recovering, the demand for human resources in early 2022 is forecast to
increase sharply, especially in some service industries. According to Pham Thi Hoai Linh, Human Resources
Director at Navigos Group, fast-moving consumer goods (FMCG) businesses have
just experienced a challenging year due to the impact of the COVID-19 pandemic.
Therefore, in the first quarter of 2022, the recruitment demand in this field
is bustling again as businesses begin to use their new budget sources, she
said. The information and telecommunication technology
sector is also expected to have big demand for competent personnel in
artificial intelligence (AI), Big Data, Crypto and Blockchain. However, the
supply of human resources for these fields is limited, leading to a fierce
competition between enterprises, added Linh. Particularly, Navigos Search predicted that
recruitment in the industrial and resort real estate would increase sharply
in the first six months of this year. The Centre of Forecasting Manpower Needs and
Labour Market Information of Ho Chi Minh City said that the city would need
around 255,000 to 310,000 workers in 2022 based on the pandemic situation. In the scenario of the pandemic developing
complicatedly, affecting the socio-economy growth, there will be around
255,000 to 280,000 vacant jobs. The recruitment demand for the first quarter
is 71,500-78,500; 59,600-65,500 for the second; 60,600-66,500 for the third;
and 63,300-69,500 for the fourth quarter. The demand for trained employees will account for
over 86 percent. Of which, the need for those holding tertiary degrees would
account for 20.74 percent HCM City in need of
44,800-55,600 workers after Tet As Ho Chi Minh City applies flexible measures to
adapt to the new normal and curb the spread of COVID-19, firms are rolling
out recruitment plans after Tet (Lunar New Year) holiday with about
44,800-55,600 vacant positions to be filled. According to the city’s Centre of Forecasting
Manpower Needs and Labour Market Information, the available jobs are
primarily in the fields of textile-leather footwear; food manufacturing and
processing; mechanics; chemicals, pharmaceuticals and rubber products; and
wholesale and retails, among others. Over 86.39 percent of the positions are for those
with training, with 21.58 percent of them seeking those holding bachelor’s
and higher degrees. Human resources demand in HCM City has been on
the rise and the labour market posted positive changes. Many businesses are
recruiting hundreds of work hands. In particular, the rapid development of
the e-commerce prompts rising demand for delivery services, resulting in
firms’ constant need for personnel. Quang Ninh aims to host some
10 million tourists in 2022 The northern coastal province of Quang Ninh is
determined to quickly and sustainably recover the local tourism this year by
welcoming between 9.53 million to 10 million visitors, including 1.5 million
foreigners, said Vice Chairwoman of the provincial People’s Committee Nguyen
Thi Hanh. According to Hanh, the province boasts the
highest rate of people getting third COVID-19 vaccine shots in Vietnam as
well as a safe, flexible, and effective adaptation to the pandemic. Via communications campaigns, the development of
new products, including night-time economic activities, and the organisation
of large-scale tourism, sport, and cultural events, the province’s tourism
recovery programme this year targets a full restoration of all activities and
products; and safety for tourists. Hanh informed that in February and March, the
local authorities will work with big travel companies and competent agencies
of such key tourist markets as Hanoi and Ho Chi Minh City. From January 1 to June 30, Quang Ninh offers a
50-percent discount of tickets to many destinations like the Yen Tu scenic
site, Ha Long Bay, and the province’s museum and library. HCM City earns VND3,100
billion from tourism services during Tet holiday Ho Chi Minh City’s tourism market recorded
positive signals during the Lunar New Year holiday, known locally as Tet, fetching
VND3,100 billion in revenue between January 29 and February 6, according to
the municipal Department of Tourism. Of the total, roughly VND300 billion came from
services at tourist destinations, VND1,200 billion from lodging services, and
VND1,600 billion from other tourism services such as dining and
transportation costs. Travel firms operating in Ho Chi Minh City
revealed that the number of travelers during the Lunar New Year holiday has
increased sharply to approximately 300,000, with Suoi Tien Tourist Site in
Thu Duc City and Dam Sen Culture Park in District 11 welcoming over 85,000
visitors altogether between February 1-6. These promising signs are anticipated to provide
fresh impetus for a tourism boom in the upcoming summer season, said the executive.  Source: VNA/SGGP/VOV/VNS/VNN/VGP |
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