VIETNAM BUSINESS NEWS FEBRUARY 19
08:47 VN to build a modern and sustainable
agriculture economy by 2030
Viet Nam has set an objective to build a modern and sustainable agriculture
economy during the 2021-2030 period, said minister of agriculture and rural
development Le Minh Hoan. In order to realise such objectives,
the minister said the country's agriculture sector must foster an advanced
economy with an emphasis on producing high-quality products and added value
that meet the demands of the market. Another top priority is to build the
country's rural areas and improve living standards for farmers. The minister
highlighted the need for the development of agricultural infrastructure and
investment in human resources that benefit Vietnamese farmers. According to the ministry, Viet Nam's
agriculture sector aims for a growth target of 2.5-3.0 per cent annually
until 2030 with agricultural productivity at 5.5 per cent. Measures have been
taken to explore potential markets for Vietnamese products, which was said to
increase in value at 5-6 per cent a year. Hoan said the objective is to
transform Viet Nam's rural areas into modern, developed agricultural
production centres that employ advanced and environmental-friendly technology
by 2050. IFC supports development of
Vinh Phuc ICD Logistics Centre Vietnam’s T&T Group and
Singapore’s YCH Group have inked a deal with the International Finance
Corporation (IFC) on project development to attract capital funding for their
inland container depot (ICD) logistics centre in northern Vinh Phuc province. Under this agreement, IFC - a member
of the World Bank Group, exclusively entrusted by T&T and YCH, will
arrange a funding package that can be worth up to 75 percent of the total
investment in the Vinh Phuc ICD Logistics Centre, the first super-port
project of the ASEAN Smart Logistics Network (ASLN). This package may include
a loan from IFC and others that IFC mobilises from other sources. T&T and YCH started work on the
Vinh Phuc centre on December 23. The project covers over 83ha in Huong Canh
township and Son Loi commune of Binh Xuyen district. Featuring functions of
both a distribution centre and an ICD, it has a total investment of some 200
million USD and is designed to handle about 530,000 TEUs per year. EVFTA an extra push for
Vietnamese goods in Sweden The EU-Vietnam Free Trade Agreement
(EVFTA) going into effect has given an extra push for Vietnamese goods into
the Swedish market as import tariff cut heightens their competitiveness, Diep
Van Ty, chairman of the Vietnamese trade association in Sweden, has said. Food and foodstuff are the biggest
earners from the trade deal since the tariffs were slashed to zero as soon as
it took effect, said Ty, who is also Chairman of East Asian Food AB, a Sweden-based
food importer. These are also the most popular Vietnamese exports to Sweden,
he added. Data from the Vietnamese Trade Office
in Sweden showed Vietnam was among the three exporters of rice, besides the
US and Norway, posting positive growth in the Northern European country,
attributable to the benefits brought about by the EVFTA. Ty pointed out several challenges
facing Vietnamese goods in the Swedish market, notably high shipping costs
caused by the long geographical distance between the two countries. Many Swedish consumers have become
familiar with food imported from Thailand and other countries, so it takes
time to influence their taste and habit, he explained, adding that the supply
of most of the imports from Vietnam can be disrupted by seasonal factors. To fix the problems, the Vietnamese
trade association plans to raise investment for the construction of a major
logistics centre for Vietnamese products located at the city of Malmo,
expected to facilitate the distribution of goods in Sweden and reduce costs. The association is also considering to
send a delegation to Vietnam this year to seek for quality and stable
suppliers. 7th ASEAN Economic Community
Dialogue held virtually The seventh ASEAN Economic Community
(AEC) Dialogue took place online on February 17 to discuss the findings and
recommendations in the ASEAN Business Sentiment Study 2020/2021, which gauged
ongoing sentiment of the ASEAN indigenous enterprises towards the
implementation of the AEC Blueprint 2025. The study delved deeper into the
sentiment on services trade liberalisation, focusing on key service sectors
such as the financial services and tourism services. The discussion highlighted the need to
simplify licensing procedures to promote regional investment, harmonisation
of data sharing regulations, upskilling digital talent, and creating
conducive policy ecosystem to accelerate ASEAN’s indigenous enterprises’
business growth. Meanwhile, the panel discussion on
tourism services underlined the low awareness of Mutual Recognition
Arrangement for Tourism Professional and the need to accelerate the reopening
of the border in a safe manner to restart the tourism industry post COVID-19
pandemic. Construction of large-scale
projects kicks off in Thai Binh A ceremony took place at the Lien Ha
Thai industrial park in the northern province of Thai Binh’s Thai Thuy
district on February 18 to begin the construction of three large-scale
projects worth 240 million USD in total. One of them is the 120-million-USD
Lotes Thai Thuy Viet plant of the Taiwanese-invested LOTES Vietnam limited
company. The facility produces electronic devices and machine components. The second project is the
Korean-invested Ohsung Vina limited company’s Ohsung Vina Thai Binh plant,
which costs 40 million USD and makes electricity devices. The plant, spanning
some 60,000 sq m of land, is expected to become operational in June this year
and be fully completed in June 2024. The third project is an 80-million-USD
project on the construction and business of factories and offices for rent by
the Nam Tai Group Pte. Ltd. On the same day, Thai Binh’s Quynh Phu
district also saw a ground-breaking ceremony of the TH Group’s clean food
processing plant, which is valued at about 620 billion VND (27.16 million
USD). The establishment is scheduled to become operational in early 2023. HCM City ports begin trial of
automatic collection of infrastructure fees A one-month trial operation of an
automatic system for collecting fees for use of infrastructure and public
services at ports began in Ho Chi Minh City on February 16. The municipal People’s Committee has
tasked the Department of Transport with monitoring the toll collection and
promptly addressing problems and seeking its directions if needed. The customs department has been told
to provide support and share toll declaration data. All the fees are to be paid online. For goods imported for re-export or
deposited in bonded warehouses and for transit and transhipment goods the fee
is 50,000 VND (2.2 USD) per tonne for liquid and bulk cargo, 2.2 million VND
(96.5 USD) for a 20-foot container, and 4.4 million VND (193 USD) for a 40ft
container. For goods declared outside the city,
the rates are 30,000 VND (1.3 USD), 500,000 VND (21.9 USD) and 1 million VND
(43.9 USD). For imports and exports declared in
the city, the rates are 15,000 VND (0.65 USD), around 250,000 VND (11 USD)
and 500,000 VND. Enterprises can look up their online
payment receipts at https://thuphihatang.tphcm.gov.vn:8092/Home. Businesses can do their online fee
declaration at https://thuphihatang.tphcm.gov.vn:8081/Home, and call a
hotline at 1900 1286 for support. Honda Logicom to build new
warehouse in Hai Phong Honda Logicom Vietnam Company Ltd, a
subsidiary of Honda Logicom Company Ltd (Aichi, Japan), will start building a
new general logistics warehouse as well as bonded warehouse in June 2022 in
DEEP C Industrial Zones in the northern port city of Hai Phong. With a total area of 5,300sq.m, the
new warehouse is twice the size of their three existing warehouses in
Vietnam, making it Honda Logicom’s largest project nationwide. By securing a
strategic location in DEEP C Industrial Zones, adjacent to Hai Phong Port,
the largest port system in the north, and Lach Huyen deep seaport, one of its
kind in the region, Honda Logicom Vietnam enjoys logistics cost benefits
while enabling leading time reduction. With its parent company in Japan,
Honda Logicom Company Ltd, has been accumulating deep knowledge on auto parts
logistics for major Japanese car manufacturers since their foundation in
1963. Meeting strict requirements for the provision of over 300,000 auto
parts along with car production planning has grown Honda Logicom into one of
the most unique logistics solution providers in the industry. Vietnamese businesses assert
positions on world's retail map Vietnam's retail market has recently
recorded strong growth and its excitement is also reflected via the
successful deals of injecting capital from foreign investors into potential
domestic retailers. In 2016, more than 50 percent of
Vietnam's retail market share belonged to foreign enterprises but now
Vietnamese retailers account for about 70-80 percent of the number of points
of sale across the country. Notably, Vietnamese businesses have worked
together to create a foothold in the retail market. The most prominent
example is the merger between Masan Group and Vingroup, becoming one of the
largest retail and production chains in Vietnam. In fact, Vietnamese retail businesses
have aligned and found each other's strengths to develop. In particular,
leading retail enterprises in Vietnam have developed multi-channel sales to
keep up with the development of the digital technology era. Businesses expect tourism
market to get up steam in Quarter II Many experts and leaders of travel
firms believe that the Vietnamese tourism market will recover quickly from
the second quarter of this year following the government’s decision to reopen
borders to travel as of March 15. The National Tourism Administration of
Vietnam reports that more than six million Vietnamese people selected to
travel to domestic destinations during the recent nine-day lunar New Year
holiday. Vietnam has attracted approximately
150,000 foreign travelers under a pilot scheme to welcome back foreign
travelers with vaccine passports that started in mid-November 2021. The Civil
Aviation Authority of Vietnam’s recent decision to reopen all international
air routes starting on February 15 is expected to support the tourism
sector’s recovery efforts. However, health quarantine and visa
policies are major barriers to attracting foreign tourists to Vietnamese
destinations. For instance, many foreign travelers hesitate to choose Vietnam
as a destination as they are required to self-isolate at their places of
residence for a period of three days. In addition, Vietnam has so far
recognized vaccine passports of nearly 80 countries and territories, while
only 14 countries have approved its similar document. In Southeast Asia
alone, Singapore has yet to recognize Vietnam’s vaccine passport. The
Republic of Korea, Japan and China have also yet to fully open their door to
tourism with Vietnam, according to the Vietravel CEO. HCM City’s export turnover
reached more than $4 billion HCM City exported US$4.1 billion worth
of goods in January to again rank first in the country after doing so in
December, according to statistics from the General Department of Viet Nam
Customs. Bac Ninh Province had surpassed it for
several months during the fourth wave of the COVID-19 pandemic last year. In December, after the pandemic was
brought under control and firms resumed operations, the city’s exports topped
$4.8 billion. For full-year 2021 its exports were
worth $44.9 billion, the highest, but Bac Ninh was a very close second with
$44.8 billion. Disruptive policies needed
for HCM City recovery Vu Tien Loc, chairman of the Viet Nam
International Arbitration Centre, said, “HCM City has been shifting its focus
from ‘zero-COVID’ to living with the pandemic and now to overcoming it.” The city’s economic development drives
the entire country, he said. He proposed several solutions to aid
its recovery, one of them being “opening as much as possible”, including
lifting all restrictions on international flights. The others include ensuring social
security for people who are struggling, helping businesses and co-operative
groups recover and improving traffic infrastructure to foster short- and
long-term economic development. A VND350 trillion (US$15.42 billion)
package to revive the country’s economy passed in January would facilitate
these solutions, he said. Assoc Prof Tran Dinh Thien, former
rector of the Viet Nam Institute of Economics, said using the stimulus
package “requires synchronised action across the board,” and so pandemic
regulations, preventive measures and practical situations have to be factored
in. He said for instance if businesses are
unable to access the package, the problem may lie in policies and
administrative procedures, and in that case institutional reforms may be
required. Dr Can Van Luc, a member of the
National Financial and Monetary Policy Consultation Council, said this is a
great opportunity for effecting institutional reform and improving the
investment climate since many foreign investors are keen on Viet Nam. Tran Du Lich, a member of the Prime
Minister's economic advisory group, said HCM City is one of the worst
affected places by the pandemic, and so requires more intensive recovery
policies. The pandemic has laid bare many of the
city’s problems in terms of economic structure and living conditions, making
disruptive restructuring imperative, he said. Removing chokepoints that are
hindering public and private investments, and providing financial support to
small businesses are among the key tasks the city should focus on for
economic recovery, he added. Assoc Prof Tran Hoang Ngan, rector of
the HCM City Institute for Development Studies, called for waiving land rents
and cutting loan interest rates. Tran Anh Tuan, deputy director of the
city Department of Industry and Trade, said work is on to make the city Viet
Nam’s international financial hub. Just last week it signed a memorandum
of understanding with Imex Pan Pacific Group for studying policies to build
the hub, he said. The city is also seeking over VND6.5
trillion from the Government to renovate 168 district- and ward-level medical
facilities. Banks prepare capital to meet
credit demands in 2022 Banks have been increasing the
attraction of deposits to have enough capital for the credit needs of
customers. Credit demand is expected to increase from the first quarter of this
year. This stands in contrast to the years
before the pandemic, when credit in the first quarter often declined due to
low capital demand. This year, credit has increased from
January. According to the State Bank of Vietnam (SBV), credit as of January 25,
2022 rose by 2.74 per cent compared to the end of 2021. Compared with January
of the past ten years, the rise was the highest rate. According to experts,
the surge was a positive signal, showing the economy is recovering strongly
and capital demand is increasing rapidly. The SBV sets a credit growth target of
about 14 per cent for 2022, against 13.53 per cent of 2021. According to the
SBV, along with preferential interest rate credit packages given to the
production and business sectors, credit growth will be more flexible this
year to support economic recovery. VBF Tax & Customs Working
Group proposes zero VAT treatment for FIEs As many foreign-invested enterprises
(FIE) face difficulties in completing procedures for applying zero VAT rates
to their exported services due to unclear regulations, the Vietnam Business
Forum's (VBF) Tax & Customs Working Group on February 18 proposed zero
VAT treatments for these entities as well as more understandable conditions. According to the working group’s
members, the requirements for services consumed outside Vietnam are vague and
not defined in any way in the law. This leads to a discretionary
interpretation of the tax authorities when taxpayers take their position to
apply zero per cent VAT for exported services. The current practice of tax
authorities would discourage taxpayers to apply zero VAT on exported
services, which would eventually make Vietnamese service providers less
competitive in terms of pricing in the international market if they have to
charge 10 per cent VAT instead of zero. Hoa Phat about to start
construction of $4-billion steel plant Hoa Phat Group plans to start the
construction of the second phase of the Hoa Phat Dung Quat Iron and Steel
Production Complex at the end of the first quarter this year. Dinh Van Chung, deputy director of Hoa
Phat, announced this at the meeting with State President Nguyen Xuan Phuc. The complex’ second phase will have
total investment capital of VND85 trillion ($4 billion) and produce
hot-rolled coil steel (HRC). The plant is expected to come into operation in
2024, increasing the complex’ total capacity to 11 million tonnes per year. Once completed, the complex will
contribute VND18 trillion ($782.6 million) to the state budget. Besides this, the project is expected
to create jobs for about 8,000 employees, strongly promote mechanical and
support industries, and contribute to the growth of Quang Ngai Province’s
industrial production value and GDP. Czech Škoda Auto will
manufacture cars in Quang Ninh The Ministry of Planning and
Investment (MPI) has worked with the Czech Embassy in Vietnam and Škoda Auto
on the plan of building an automobile factory in the northern province of
Quang Ninh, after which the European carmaker wants to begin exporting its
vehicles to other markets. On February 16, MPI Deputy Minister
Nguyen Thi Bich Ngoc met with Czech's Ambassador to Vietnam Vítezslav Grepl and
the leaders of Škoda Auto. Chairman of Quang Ninh People's Committee Nguyen
Tuong Van, as well as the provincial head of the Economic Zones Management
Board Hoang Trung Kien and leaders of relevant units, also attended the
meeting. Ambassador Grepl explained that Škoda
is looking to establish modern manufacturing lines within its factory in
Quang Ninh. Ondrej Cerny, director of Russia and
new markets of Škoda, said the company plans to put the factory into
operation in 2022 and begin exporting cars by 2023, adding that he hoped the
government, ministries, and agencies will offer support for Škoda in
achieving these targets. Deputy Minister Ngoc presented that as
of date, there are 44 Czech projects investing in Vietnam with a total
capital of $91 million, ranking 48th among 141 countries and territories
investing in Vietnam. JA Solar to develop
$189-million facility in Vietnam JA Solar, a solar cell and module
manufacturer, has set out to invest $189 million into increasing the supply
of high-efficiency products and raw materials in Vietnam. The Chinese company announced its
plans to expand its existing integrated production capacity by an additional
14GW to meet its strategic development needs for the $543 million of total
investment. Accordingly, the investor will develop
2.5GW at Vietnam’s Bac Giang province in the form of wafer slicing capacity
for $189 million through the company’s wholly-owned subsidiary JA Solar
Vietnam Co., Ltd. Construction and completion are
expected to take around 12.5 months. JA Solar entered Vietnam in 2016 with
the first solar cells production plant worth $1 billion. J&T Express secures $2
billion from a group of investors including Temasek J&T Express, a Singaporean
logistics company with strong presence in Vietnam, has raised $2 billion in
its most recent round of funding, including Temasek. Sources familiar with the matter
revealed that the logistics business J&T Express secured $2 billion in
its most recent fundraising round from investors such as Temasek Holdings
Pte. The fund comes as the company inches
closer to receiving permission for an initial public offering in Hong Kong,
cited Bloomberg. Existing backers Hillhouse Capital,
Boyu Capital, and Sequoia Capital China also partook in the financing,
according to the sources, who requested anonymity due to the nature of the
situation. The fresh round, which valued J&T
Express at $20 billion, comes to an end at the end of 2021. In addition to Temasek, the logistics
firm has attracted several new financiers, including Susquehanna
International Group's Chinese investment arm and Hidden Hill Capital, the
private Chinese equity platform of logistics-focused investment manager GLP
Pte. Banks stepping up inclusivity
with female-based products Thanks to profound collaboration with
international credit institutions, Vietnam’s banks are levering their
nationwide financial inclusion commitment for women-led enterprises through a
range of gender-specific initiatives. The International Finance Corporation
(IFC) under the World Bank and five world-class investment funds – Banque
Internationale de Commerce-BRED, BlueOrchard Microfinance Fund, KASIKORNBANK
Pcl, OPEC, and responsAbility Investments AG – have elevated their credit
package granted to Hanoi-based lender SeABank, from $150 million in mid-June
to $220 million as of now, to facilitate access to financial access for
small- and medium-sized enterprises (SME) and women-owned businesses (WSME). Last June, the IFC offered a
$40-million loan to SeABank, which was the first phase of a $150-million
financing package to support local businesses, particularly WSMEs. While the
investment aims to increase SeABank’s SME lending portfolio, at least $20
million will be earmarked for WSMEs. The IFC also advocates SeABank’s
establishment of a women’s banking strategy in order to enable SMEs to close
a $4.9-billion financing gap, making up more than 20 per cent of the overall
financial deficit experienced by SMEs. The Asian Development Bank (ADB) and
Hanoi-headquartered lender TPBank inked a loan agreement worth $25 million
last month to boost growth of access to financing for WSMEs in the country. DEG, Germany’s Deutsche
Investitions-und Entwicklungsgesellschaft mbH, has also contributed $25
million to the project. The loan is backed by a technical
assistance award of $750,000, which is envisaged to assist TPBank in better
addressing WSME-related obstacles. The grant will be utilised to bolster
TPBank’s competence to lend to women-owned businesses and recruit new
employees in line with its gender-balance policy. Besides technological excellence,
TPBank targets being a trailblazer in the women-led business landscape, with
an ambition to diversify its female borrowers. The grant is funded by the
Women Entrepreneurs Finance Initiative (We-Fi). TPBank, as it claimed, could integrate
advanced technology to analyse the underserved WSME sector because of this
agreement. Likewise, with assistance from the
ADB, SHB has just launched a preferential financing effort for WSMEs to
empower women-owned businesses with the goal of assisting them in recovering
and stabilising production. The two sides pledged to aid and abet
businesswomen in maximising their potential to contribute to the country’s
socioeconomic development. The project is scheduled to be completed by the
end of 2022. ADB also partnered with VPBank to roll
out a preferential loan framework to bolster WSMEs capabilities in resuming
production operations. To meet these new borrowing demands –
whether they be secured or unsecured – VPBank is offering interest rates as
low as 2 per cent per year on a variety of loan products. OCB, similarly, is also facilitating
several preferential mechanisms for WSMEs to narrow gender disparity in the
country, with the aim of driving forward an equitable and sustained economic
recovery. The State Bank of Vietnam estimated
that women account for over 60 per cent of labour input in banks in Vietnam,
but only approximately 20 per cent of top managerial positions. Domestic
banks encounter difficulties recruiting and retaining talented professionals,
and a shortage of competent female employees may result in more significant
labour expenses. Vietnamese businesses assert
positions on world's retail map Vietnam's retail market has recently
recorded strong growth and its excitement is also reflected via the
successful deals of injecting capital from foreign investors into potential
domestic retailers. In 2016, more than 50 percent of
Vietnam's retail market share belonged to foreign enterprises but now
Vietnamese retailers account for about 70-80 percent of the number of points
of sale across the country. Notably, Vietnamese businesses have worked
together to create a foothold in the retail market. The most prominent
example is the merger between Masan Group and Vingroup, becoming one of the
largest retail and production chains in Vietnam. In fact, Vietnamese retail businesses
have aligned and found each other's strengths to develop. In particular, leading
retail enterprises in Vietnam have developed multi-channel sales to keep up
with the development of the digital technology era. They have also produced agricultural
products, food and consumer goods by themselves to bring to customers, thus
minimising intermediaries and reducing costs to enhance competitiveness in
terms of price in the market. According to economic experts, it is
time for Vietnamese businesses to confidently redraw the retail map of
Vietnam, act together, firmly master the distribution system and be ready to
open doors to welcome Vietnamese goods to serve domestic consumers. Vietnamese retail firms have not only
changed production and business models to adapt to the COVID-19 pandemic and
meet the needs of consumers but also continuously attracted new sources of
foreign investment capital. Companies ready to spend more
on office space to protect employees In a new report, property services
firm Cushman & Wakefield said the COVID-19 pandemic in 2021 had a big
impact on the office market in HCM City and Ha Noi and made remote working
the norm. So many companies have redesigned
their offices and are willing to spend money on utilities that ensure
employees' health and safety. With many international corporations
seeking to reduce carbon emissions, retain talent and attract
"green" capital, businesses need a long-term plan and vision to
make their workplaces more sustainable. While the spread of the Omicron
variant of COVID has made cities more cautious, higher vaccination rates have
allowed economies to reopen, giving employees peace of mind over returning to
the office, and will contribute to boosting office demand in 2022. Ha Noi's villa and townhouse
segment attractive in 2022 In 2022, more than 3,000 dwellings
from 13 projects will enter the market. Forty-one per cent will be in Hoai
Duc, followed by Dan Phuong with 26 per cent. Western districts including Ha
Dong, Hoai Duc and Dan Phuong will have the largest supply in 2022 with over
2,200 dwellings, according to a Savills Viet Nam report on Ha Noi's property
market released at a press conference on Thursday in Ha Noi. Eastern Ha Noi will also have strong
growth with new supply from Ecopark and a new major project, Vinhomes Dream
City in Van Giang District, Hung Yen Province. Ha Noi recently collaborated with Hung
Yen, Bac Giang, Bac Ninh and Vinh Phuc provinces for the approval of the
investment plan for Ring Road 4. Villa and townhouse projects in Ha Noi and
other provinces that are located near these Ring Roads would greatly benefit. In the fourth quarter of 2021, villa
and townhouse performance improved with 411 sales, increasing 96 per cent
quarter on quarter but decreasing 19 per cent on year. Tay Ho had the most
sales with a 40 per cent share, followed by Dong Anh with 21 per cent.
Townhouses and shophouses had 57 per cent share of sales; villas has a 43 per
cent share, the highest since the first quarter of 2020. Quarterly absorption
of 37 per cent increased 17 percentage points quarter on quarter and 4
percentage points on year. New launches were 83 per cent absorbed. Auto companies enjoy positive
earnings The Viet Nam Engine and Agricultural
Machinery Corporation (VEA) ended 2021 with revenue of VND4.02 trillion
(US$176.4 million), an increase of 9.6 per cent compared to 2020. Its joint ventures and associates
brought in profit of more than VND5.1 trillion for the whole year. This
helped VEA earn profit before tax of VND5.94 trillion for the whole year.
Profit after tax increased by 3.6 per cent to VND5.79 trillion. Earning per
share (EPS) was VND4,321. VEA’s joint venture companies include
Honda Vietnam, Toyota Vietnam, and Ford Vietnam. VEA is enjoying high profits
from joint ventures and associates. After the first three quarters of
negative earnings, even losing VND30 billion in Q3, Saigon General Service
Corporation (Savico) recorded a net profit of VND75.5 billion in Q4. In the whole of 2021, Savico’s revenue
reached VND14.12 trillion, a decrease of 12 per cent compared to last year.
After tax profit decreased by 6 per cent to VND144 billion. Thanks to increased revenue and
improved gross profit margin, Hang Xanh Motors Service Joint Stock Company
(Haxaco) earned net profit of VND126 billion in Q4 of 2021, doubling the same
period a year earlier. This result helped the business achieve profit growth
of 28 per cent for the whole of 2021 with VND160 billion. City Auto (CTF), specialising in the
distribution of Ford cars, announced its revenue in the fourth quarter of
2021 reaching VND1.67 trillion, 5 times higher than in the third quarter. The
fourth quarter's profit reached VND39 billion, the highest profit in many
recent quarters of CTF. Loc Troi Group ships 4,500
tonnes of rice in 2022 Loc Troi Agricultural Products JSC, a
member of Loc Troi Group JSC, has shipped over 4,500 tons of specialty rice,
worth over US$3 million, to choosy markets this year. A representative of Loc Troi told The
Saigon Times on February 17 that the batches of fragrant rice, glutinous rice
and white and brown rice had been exported to Italy, France, Canada, Hong
Kong, Singapore, the Philippines and Kuwait, since early 2022. Each ton of
rice was priced at some US$666. Loc Troi Group this year has signed
agreements with farm produce suppliers and firms to trade and produce two
million tons of rice, worth over VND12 trillion. Investor buys 6.59% stake in
Angimex La Quoc Dat has become a major
shareholder of An Giang Import-Export Company (Angimex/AGM) after he bought
1.2 million AGM shares on February 14, equivalent to a 6.59% stake in the
firm. Closing the session on February 14,
AGM shares were traded at VND39,000 per share. This means Dat had spent
VND46.8 billion to own a 6.59% stake in Angimex. Prior to the transaction,
Dat did not own any AGM share, reported Dau tu Chung khoan newspaper. As for the firm’s business
performance, AGM last year posted over VND3.9 trillion in revenue and over
VND44 billion in after-tax profit, up 100.2% and 78.3%, respectively. In 2022, the firm looks to earn more
than VND8 trillion in revenue and VND70 billion in before-tax profit. CAAV proposes upgrading Con
Dao airport The Civil Aviation Authority of Vietnam
(CAAV) has proposed upgrading the Con Dao airport on Con Dao Island off Ba
Ria-Vung Tau Province in early 2023 with a total investment of over VND3.2
trillion. The national aviation authority put
forward the proposal at a working session with the provincial government
yesterday, February 17. Under the upgrade plan, the length of
the airport’s runway will remain unchanged at 1,830 meters, while the
runway’s width will be increased from 30 to 45 meters. Also, four new
taxiways will be built, reported Vnexpress. Also, the airport’s apron will be
widened from four to eight parking lots. Additionally, its internal traffic
system, fuel storage facilities, passenger terminal and auxiliary works will
be upgraded to ensure the airport can operate 24 hours per day. After being upgraded, the airport will
become a mix-use airport, as it will serve both civil and military purposes.
In addition, it will be able to handle two million passengers and 4,400 tons
of goods per year, and be capable of receiving Airbus A320, A321 aircraft or
the equivalent planes. Investment capital for Thu
Thiem-Long Thanh light railway allocated The capital allocation has been
addressed to speed up progress of construction project of the Thu Thiem-Long
Thanh light railway from this year. The Ministry of Transport on February
18 has proposed the Prime Minister to allow the People’s Committee of Dong
Nai Province to implement the construction project. Because the rail line
will run through HCMC, the province and HCMC must come to an agreement before
submitting the report to the Prime Minister in accordance with the Investment
Law. The Thu Thiem-Long Thanh light railway
has a length of 38 kilometers, starting at the Thu Thiem station in Thu Duc
City of HCMC, and ending at the Long Thanh International Airport in Dong Nai. The project cost is estimated at more
than VND40.5 trillion (US$1.77 billion). It will be built under the
public-private partnership (PPP) format and expected to be completed by 2030. Source:
VNA/SGT/VNS/VOV/SGGP/VNN/Hanoitimes |
Không có nhận xét nào:
Đăng nhận xét