VIETNAM BUSINESS NEWS MARCH 17
16:04
Ministries given
specific tasks to implement socio-economic recovery program Prime Minister Pham Minh Chinh on March 16 signed Dispatch No. 252/CD-TTg asking for more drastic measures to implement the socio-economic recovery and development programme. The dispatch, the second issued by the
PM to direct the implementation of the programme, clarified the specific
responsibilities of ministries, sectors and localities in realising tasks and
solutions set in Resolution No.11 of the Government, the National Assembly's
Resolution 43/2022/QH15 on fiscal and monetary policies supporting the
programme and the PM’s Dispatch No. 126/CD-TTg. Accordingly, within March, the
Ministry of Planning and Investment must submit to the Government and the PM
the list of investment projects and capital allocation plans for them in
2022-2023 period and each year until 2023, while promptly building a plan to
flexibly adjust the middle-term public investment plan for the 2022-2025
period and the public investment capital for the programme in the 2022-2023
period. It is requested to give guidance to ministries and agencies on
bidding activities for major projects. The Ministry of Transport is requested
to coordinate with relevant agencies to effectively conduct measures to speed
up the eastern part of the North-South Expressway in the 2021-2025 period. Meanwhile, the Ministry of Health will
work with ministries, agencies and localities to propose the estimated
capital for health care activities and projects within the programme for the
2022-2023 period and each year. The proposal must be submitted to the
Ministry of Planning and Investment before March 20. At the same time, the State Bank of
Vietnam is asked to submit to the Government a draft decree guiding the
implementation of policies on interest support for businesses, cooperatives
and business households, along with a decree on preferential credit policies
for the national target programme for socio-economic development in ethnic
minority-inhabited and mountainous areas. The Ministry of Finance is assigned to
propose a decree on the rescheduling of deadlines for payment of corporate
income, personal income, added value, special consumption, and land-use taxes
in 2022. The Ministry of Construction must give
advice to the Government and the PM on solutions to remove obstacles related
to the management of cost and quality of the eastern section of the
North-South Expressway project in the 2021-2025 period. The Ministry of Natural Resources and
Environment is requested to issue guidelines on the special mechanism for
mining activities to exploit construction materials for major transport
projects under the programme. The Ministry of Labour, Invalids and
Social Affairs will submit a draft decision on support to labourers in
housing, while the Ministry of Education and Training is asked to propose a
decision on necessary procedures for private education facilities to access
soft loans. NA Chairman orders clear
scenarios on fuel price management National Assembly Chairman Vuong Dinh
Hue on March 16 suggested the Government set out clear scenarios to ensure
energy safety and security, as well as fuel supply and demand in any
circumstances. He stressed at a hearing session of
the NA Standing Committee’s 9th sitting that such scenarios are crucial given
ongoing tensions in the world, and the domestic supply crunch. Hue ordered comprehensive solutions to
quickly address obstacles to the operation of Nghi Son Oil Refinery, one of
the two major local refineries. The management of domestic fuel prices
should keep up with developments of global prices to ensure harmony of
interests of the State, people and businesses, he said. The NA Chairman suggested the
Government review and adjust taxes and fees to contribute to curbing oil and
petroleum prices once they continue to surge, saying the petrol price
stabilisation fund should be used suitably to support enterprises and people. He urged the Government to assess and
submit the draft resolution on the environmental protection tax rates on
petroleum, oil and lubricants to the NA Standing Committee for approval
during the second phase of the 9th sitting this month so that the document
would come into force in April. Stringent sanctions needed to
prevent cancellation of land lot purchase Minister of Natural Resources and
Environment Tran Hong Ha on March 16 stressed that stringent sanctions are
needed to prevent real estate developers from cancelling the purchase after
winning the auction by offering record prices. The minister said land auctions have
pushed up land prices, which would lead to negative consequences for the real
estate market and affect the entire economy. He also noted a review on policies to
prescribe deposits and assess the financial capacity of participating firms
more carefully, saying competent forces, including police, should play a part
in land auctions. Apart from improving auction
organisation capacity, it is crucial to consolidate auction methods, he said,
emphasising that land matters should be stipulated in only one law, instead
of several laws at present. According to the official, tax tools
would help to prevent speculation. Therefore, housing projects for workers
and public servants would be built with affordable prices. Vietnam Airlines flight
carries first foreign tourists after Vietnam fully reopens border A flight of national flag carrier
Vietnam Airlines carrying first foreign visitors to Vietnam landed at Tan Son
Nhat airport on March 16, a day after the country officially reopened international
tourism. The flight from Singapore carried more
than 100 passengers, including 20 foreigners. Also on the day, a flight of the
carrier from Ho Chi Minh City to Singapore was the first one flying
Vietnamese passengers abroad in line with the Vaccinated Travel Lane
programme of Singapore. At present, Vietnam Airlines operates
10 flights per week from HCM City and Hanoi to Singapore. It will increase
flight frequency to the market from March 27. The carrier will raise its total
flights to 97 per week from late March. Vietnam calls for unified
approach of ASEAN in upgrading ATIGA Vietnam has proposed that ASEAN
countries agree on a pragmatic approach in negotiations to upgrade the ASEAN
Trade in Goods Agreement (ATIGA) in order to generate real added value to
ASEAN businesses, during the 28th ASEAN Economic Ministers' Retreat that virtually
opened on March 16. Head of the Vietnamese delegation to
the event, Deputy Minister of Industry and Trade Tran Quoc Khanh affirmed
that Vietnam will continue to work closely with other ASEAN member countries
to realise common goals of the ASEAN Economic Community. The Vietnamese representative also
expressed support for initiatives of Cambodia during the ASEAN Chair Year
2022, and emphasised the goal of strengthening and diversifying the supply
chain for ASEAN to respond to unforeseen challenges in the future and
maintain sustainable economic development. Participants agreed on annual
priorities for 2022 in the economic channel, comprising 151 different
contents in terms of trade in goods and in services; investment; facilitating
the mobility of skilled labourers and entrepreneurs; competition; consumer
protection; intellectual property; e-commerce; micro, small and medium-sized
enterprises. Besides intra-bloc cooperation,
participants also focused their discussion on external economic cooperation such
as the development of ASEAN's external cooperation strategy with its dialogue
partners and partners of potential free trade agreements (FTAs). Forum explores trade,
investment chances between Vietnam, Sierra Leone A Vietnam - Sierra Leone business forum
was organised in Hanoi on March 16 to explore opportunities for boosting
bilateral trade and investment ties. The event was held as part of an
official visit to Vietnam by President of Sierra Leone Julius Maada Bio, the
first-ever trip by a head of state between the two countries. Bilateral trade stood at 49.26 million
USD in 2020, surging by over 200 percent from 17 million USD in 2018. Vietnam
mainly exports cigarettes, computers, textile - garment products, and
materials to Sierra Leone while importing timber and wood products from the
latter. The African nation is investing in a marketing and human resources
management project worth over 33,000 USD in Vietnam. Sierra Leonean Minister of Trade and
Industry Edward Hinga Sandy said his country has been making great strides in
boosting investment. It is exporting mainly palm oil at present and plans to
switch to timber, wood products, and ore mining in the time ahead. Chief Minister Jacob Jusu Saffa said
Sierra Leone boasts huge untapped potential as well as a healthy and
promising investment climate for foreign enterprises. Its government supports
and encourages investment, continually make adjustments to have appropriate
policies, and issues attractive financial and tax support for businesses, he
added. At the event, participants discussed
investment opportunities in agriculture and fisheries of Sierra Leone,
cooperation in technology, and measures for bolstering bilateral trade. HCM City launches innovation,
startup contest Ho Chi Minh City’s innovation and
startup competition I-Star 2022 was officially opened for submissions on
March 16, lasting through August 31. According to the municipal Department
of Science and Technology, the annual contest aims at building a sustainable
startup and innovation ecosystem for breakthroughs to be made serving the
southern economic hub’s development. From its four editions so far, the
competition received more than 1,000 entries for its categories of
outstanding innovative enterprises; outstanding innovative solutions; outstanding
communications works; and contributors of the startup and innovation
ecosystem. Tour operators offer deals as
Vietnam eases COVID-19 control measures Following the Government lifting
medical isolation requirements and restoring pre-pandemic visa procedures on
March 15, local tour operators have promptly contacted foreign partners,
offering them lucrative deals. Vietnam reopened its border on March
15 to international tourism after months of combating the prolonged COVID-a9
pandemic that has dealt a heavy blow to the tourism sector. The Government on the same day agreed
to restore pre-pandemic visa procedures for both foreign citizens and
Vietnamese expatriates wishing to visit the country. As part of the initial
easing of restrictions it announced visa exemptions for citizens from
Germany, France, Italy, Spain, the UK, Russia, Japan, the Republic of Korea,
Denmark, Sweden, Norway, Finland, and Belarus. The Government also announced the
lifting of medical isolation requirements at the place of residence for
foreign arrivals. Indeed, only a negative test result is now required before
vaccinated visitors board their flight to Vietnam, Tour operators have breathed a sigh of
relief and moved to send bookings to foreign partners, kick-starting the
inbound market. Overtime adjustment to
support operations The National Assembly Standing
Committee is set to adopt a draft resolution on the overtime limit at
enterprises after carefully considering proposals from the Ministry of
Labour, Invalids and Social Affairs last week. The resolution is considered a part of
Vietnam’s effort in supporting the business community to recover operations
after the pandemic, along with the government-proposed socioeconomic recovery
programme worth nearly $12.5 billion over the next two years, which was
approved in late January. According to the draft resolution
waiting for approval, the overtime cap will be adjusted 72 hours instead of
the current 40 hours per month while simultaneously applying an overtime
framework to 300 hours per year for all sectors, compared to the existing 200
hours. The new policy is planned to be valid by the end of December. A large volume of enterprises,
especially in manufacturing, are expected to be satisfied after waiting for
months for a ruling. According to statistics from the
MoLISA, millions of people laid off last year. Notably, the labour force in
manufacturing and construction dropped by 254,000 people on-year, while the
figure in the service sector dipped by 800,000 people. Many employers have
been under strain because of the enormous increase in COVID-19 cases and
subsequent isolation periods. Qualcomm Vietnam Innovation
Challenge 2022 offers big prize for startups Ten startups in promising new
technology areas will receive financial benefits of 10,000 USD each from
Qualcomm, and be invited for months of technical and business incubation, the
semiconductor producer announced on March 16. They are participants of the Qualcomm
Vietnam Innovation Challenge (QVIC) 2022 and have qualified for the next
round. The final is slated for this August
and three winning teams will walk home with a total cash prize of 225,000
USD. In addition to the 10,000 USD of aid,
teams will receive consultation from experts of Qualcomm Technologies and
support from its R&D lab in Hanoi. Vietnamese users eligible to
open virtual credit cards Over the past years, VIB has been
implementing the strategy on developing an unlimited card opening ecosystem,
especially on the digital platform, through cooperation with partners which
have sufficient capacities in technology, customers development, creativity
and sensitivity to trends. Thereby, the bank has accelerated its
comprehensive digital transformation of business operations, towards
increasing outstanding efficiency with the maximum support of technology. With the expansion of the card opening
ecosystem in the virtual environment, VIB is the first bank in Viet Nam to
participate in the Metaverse. That is a platform in which businesses can
easily bring their business models to the virtual environment and maximise their
business efficiency. VN Airlines to increase
flights to Singapore next week National flag carrier Vietnam Airlines
is set to increase the flight frequency on the route linking Vietnam and
Singapore by 15 per week on March 27, raising its total weekly flights to the
latter to 25. Of the total, 21 flights will operate
on the HCMC-Singapore air route, while the remaining four will connect Hanoi
City with Singapore. The carrier is launching 10 weekly
flights to Singapore, with seven departing from HCMC. Hanoi City is seeing
three flights take off on Mondays, Wednesdays and Fridays. On March 16, one day after Vietnam
fully reopened tourism for local and international services, Vietnam Airlines
launched a flight carrying the first foreign tourists to the country from
Singapore. The airline is planning to increase
its frequency of weekly international flights to 97 in late March. In July, the carrier will also restart
all air services to China, Indonesia, Japan and South Korea to raise the
number of weekly international flights to over 160. FPT Retail looks to open 300
more Long Chau pharmacies FPT Digital Retail JSC (FPT Retail,
FRT) targeted to earn VND720 billion in before-tax profit and launch 300 more
Long Chau-branded pharmacies this year, according to the firm’s latest
announcement about its upcoming annual general meeting of shareholders. The
meeting is scheduled to take place in HCMC on April 15. FPT Retail said in the announcement
that it is set to obtain VND27 trillion in revenues and VND720 billion in
pre-tax profit in 2022, up 20% and 30% year-on-year, respectively. Besides, the retailer will expand its
business scale. By the end of 2022, it will raise the total number of FPT
Shops to 717 units and Long Chau pharmacies to 700 units, in addition to launching
more services and products. IPPG seeks nod to upgrade Phu
Quoc airport The Imex Pan Pacific Group (IPPG) has
proposed the Transport Ministry allow it to participate in the Phu Quoc
International Airport expansion project off the coast of Kien Giang Province. IPPG wants to invest in the airport’s
international terminal, cargo terminal, warehouse, and runway, which need
private sector investment, said Johnathan Hanh Nguyen, board chairman of
IPPG, reported the local media. The proposal was made following the
Government’s plan to call for private sector investment in some components at
the airport on the tourist island of Phu Quoc. The Transport Ministry and the
Kien Giang government are adjusting a zoning plan to expand the Phu Quoc
airport in the 2021-2030 period, with a vision toward 2050. Earlier, IPPG was involved in the
development of the international terminal of the Cam Ranh airport in the
south-central province of Khanh Hoa, with a total investment of nearly
VND3.74 trillion. It also proposed the establishment of the IPP Air Cargo
Company. China’s import curb sends
cargo backlogs soaring in northern Vietnam The Chinese government has suspended
customs clearance at the border gate pair of Ai Dian in China and Chi Ma in
Vietnam, leading to a surge in cargo backlogs in the northern border province
of Lang Son. On March 14, the Chinese side
announced a suspension in customs clearance for Vietnam’s imports at the
border gate pair after detecting several Covid infections, the management
board of the Dong Dang-Lang Son border gate economic zone said today, March 16. China is set to reopen the border gate
on March 17 or 18, the local media reported. Though the Huu Nghi international
border gate in the province has been reopened, the temporary shutdown of the
Ai Dian-Chi Ma border gate pair is slowing down the customs clearance of
cargo for export. A mere 25 cargo container trucks were
cleared at the province’s border gates on March 14, while 69 others went
through the gates to enter Vietnam. As of March 15, as many as 1,325
container trucks, with 942 of them carrying fruits, had been stuck in the
province. Lang Son Province has maintained operations at the Huu Nghi and Tan
Thanh border gates. SMEs receive support in
digital transformation The Vietnam Association for Software
and IT Services (VINASA) has just announced frameworks for digital
transformation for Small and Medium Enterprises (SMEs) in 26 fields in
commerce, service, and manufacturing. The digital transformation guideline
framework for each field will include five basic parts such as current status
and development trends, guidance for digital conversion frame, digital
transformation solutions, recommendations of digital skills that need to be
trained for personnel. The set of evaluation criteria and all
documents will be publicly and freely released on the website www.dx4sme.vn
that SMEs need to know. In the digital transformation program,
Ho Chi Minh City has built the city Support and Consultation Center for
Digital Transformation (DXCenter) which was step by step put into operation. Vietnamese food, drinks introduced
in Foodex Japan 2022 The Vietnam Trade Office in Japan
organized display booths to introduce Vietnamese food and drinks to
international friends and Japanese consumers at the 47th International Food
and Beverage Exhibition Foodex Japan 2022. Ten stalls of five popular importers
in the Vietnamese community in Japan brought to the fair a variety of local
products, including noodle, frozen and dried fruits, dried salted cashew,
sauces and spices, coffee, coconut milk, beer, wine and other drinks.ontribute
to strengthening the images of Vietnamese cuisine to international friends. The 47th International Food and
Beverage Exhibition Foodex Japan 2022 was held at Chiba Prefecture (Japan)
from March 8-11, with the participation of businesses from dozens of
countries and territories. Delivery of 100 containers of
cashew nuts in cashew scam suspended Regarding the case of about 100
containers of cashew nuts exporting to Italy showing signs of being scammed,
on March 16, the Ministry of Industry and Trade informed that it had directed
the Commercial Counselor in Italy to go directly to the ports of Genoa and
Naples to work with port management units, shipping lines, banks, and local
authorities, proposing to suspend delivery to have time to clarify the case. The Vietnam Trade Office in Italy has
supported enterprises to approach lawyers in Italy for advice and carry out
necessary legal procedures, helping Vietnamese exporters take control of
their shipments. The Vietnam Trade Office in the US has contacted the
brokerage company, requesting it to provide information and actively
cooperate with Vietnamese enterprises to handle and ensure the legitimate
interests of Vietnamese exporters. The Ministry of Industry and Trade
also sent a diplomatic note to the Italian Embassy in Vietnam, requesting
coordination with the Vietnamese agencies to handle the case. At the same
time, the ministry sent a letter to the Minister of Foreign Affairs and
International Cooperation and the Minister of Economy and Finance of Italy, asking
them to direct relevant units to coordinate with Vietnamese agencies and the
Vietnamese Embassy in Italy to quickly resolve the case, protect the legal
rights of Vietnamese businesses, as well as the image and reputation of
Italian ones. Vietnam’s macadamia export to
hit $2.5 billion by 2050 Vietnam strives to reach US$400
million worth of macadamia export in 2030 and $2.5 billion in 2050, with the
proportion of macadamia in shell not exceeding 40%. This is the goal of a project to
sustainably develop macadamia cultivation and processing in the 2021-2030
period, with a vision to 2050, approved by Deputy Prime Minister Le Van Thanh
on March 15. Under the project, the output of
processed macadamia nuts is expected to reach about 130,000 tons in 2030 and roughly
500,000 tons in 2050. The size of the growing area is about
130,000-150,000 ha by 2030, mostly in the northwestern region of Vietnam
including Dien Bien and Lai Chau provinces and the Central Highlands
provinces of Lam Dong, Dak Nong, and Kon Tum. Based on the evaluation of macadamia
farming efficiency in the 2021- 2030 period, the growing area is expected to
expand to about 250,000 ha in 2050. Hanoi to build 2 ICDs in 2022 The construction is part of Hanoi’s
efforts to become a major logistics hub of the country and Southeast Asia. Hanoi plans to build two inland
container depots (ICD) in Gia Lam and Hoai Duc districts in 2022. The move was revealed in the city’s
plan No.81/KH-UBND on logistics development in Hanoi, for facilitating trade. According to the plan, investment in
trade and transport infrastructure would hold a key role for Hanoi to soon
become a major logistics hub of the country and Southeast Asia. To achieve this goal, the municipal
Department of Industry and Trade is tasked with coordinating with other
agencies in drafting the legal framework for logistics activities, including
the application of IT in processing administrative procedures for trade,
customs, tax, and transportation fields. In 2020, Hanoi was set to build
logistics centers in the form of two ICDs in Co Bi Commune, Gia Lam District,
and Duc Thuong Commune, Hoai Duc District, along with the plan for another
two in Phu Xuyen District and Soc Son District. Banks ensure fuel firms have
access to more credit The State Bank of Vietnam (SBV) has
issued Document No 1509, asking commercial banks to raise credit limits for a
number of fuel firms, particularly those who import extra fuel at the request
of the Ministry of Industry and Trade (MoIT). The list of the firms and the
importers can be found on the ministry’s website and in Decision No 242. SBV said that commercial banks
evaluate and grant credit extensions to the above-mentioned firms in
accordance with current banking regulations. In case issues arise during the
evaluation and approval process, they have to report on the issues to the
Governor of the SBV. They are also requested to report each
month to the Department of Credit for Economic Sectors on any credit granted
to the firms. Additionally, they are urged to step
up reforms, simplify internal processes and diversify their banking products
to facilitate credit. Amid a volatile world fuel market, the
Prime Minister has called on relevant authorities to look at ways to
stabilise domestic fuel supply. Source:
VNA/SGT/VNS/VOV/SGGP/Hanoitimes/VIR |
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