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BUSINESS IN BRIEF 23/10
VN
retail boosted by foreign support
The
total retail sales of goods and services in 2011 reached over VND2 trillion
(US$90 billion), a year-on-year increase of 24.2 per cent despite economic
downturn.
At
present, there are 650 supermarkets in 59 out of the 63 provinces and cities
across the country and 117 shopping centres in 32 provinces and cities.
The
number of newly-established supermarkets and shopping centres after five
years of joining the World Trade Organisations (WTO) in 2007 has surged by an
average of 20 per cent and 72 per cent compared to the 2002-06 period,
respectively.
In
addition, thousands of speciality shops and convenience stores have joined
the chain nationwide. The country's retail industry has improved its position
in the national economy with a contribution of over 14 per cent of GDP and
employment.
Hi-tech
urban complex to bridge border
The
northern border
A
strategic co-operation agreement to this effect was signed between the Quang
Ninh provincial People's Committee and the Amata-Tuan Chau Joint Venture on
Saturday.
The
complex, to be built in Quang Yen, Ha Long and Uong Bi in Quang Ninh, will
become a dynamic and effective economic zone with the aim of promoting
environmentally sustainable development in combination with socio-economic
harmony to attract more investors to Quang Ninh.
Under
the agreement, participants in the project will create the most favourable
conditions for each party to finalise the necessary procedures for early
construction of the complex.
Amata
and its subsidiaries is one of the leading groups in
Auto
giants choose to steer clear of national motor show
Many
well-known automobile brands in the Vietnamese market will not be present at
next week's Vietnam Motor Show 2013, the country's biggest annual exhibition.
Instead,
they are promoting their vehicles independently, according to VnEconomy
online newspaper.
The
show is a place for businesses to introduce new products and seek partners.
However, three giant domestic automobile businesses (Thaco Truong Hai,
Hyundai Thanh Cong and Vinaxuki) and three international firms (Subaru,
Orsche and Rolls-Royce) all chose not to participate.
Thaco
Truong Hai and Hyundai carried out their own programmes to introduce new
cars.
Early
this month, Thaco Truong Hai held a ceremony to introduce the Mazda2 S sedan
and Kia K3, which will replace its older Forte sedan.
Hyundai
Thanh Cong launched the Accent Hatchback and said the all-new Hyundai i10
would be released in November.
Porsche
did not reveal its reason for not attending the Viet Nam Motor Show after
participating last year, but it presented versions of luxury model Panamera
on October 10.
Rolls-Royce
warmed up the market by announcing its plan to release Phantom, Ghost and Wraith,
worth billions of dong. The firm also reported that it would introduce a
gilded version of Ghost.
Before
2012 only members of the Vietnam Automobile Manufacturers' Association (VAMA)
could participate in the show. But as the number of import cars increased,
the association opened the show to cars imported from official suppliers.
Consequently,
many firms have not invested in building their own factories, instead
developing a distribution network of imported cars.
In
nearly five years,
At
present, VAMA members including
Under
localisation policies, these firms receive support from the Government.
However, after many years, the firms' localisation rate has not exceeded 10
per cent for sedans, much lower than the target.
Mobile users
resent huge 3G fee hike
Last
week the country's three biggest mobile operators hiked average 3G tariffs by
20 per cent and prices of unlimited packages by 40 per cent.
Subscribers
are not amused for it was the second massive hike in 3G fees this year by
Vinaphone, MobiFone, and Viettel, who together control 95 per cent of the
market.
The
operators justified their decision by saying that telecom firms are
prohibited from offering services at lower than cost and that they have to
make up the losses suffered from low prices in the beginning.
They
said 3G prices in
Viettel
said the new rates are close to cost.
VinaPhone
said it plans to use the higher revenues to improve its network.
MobiFone
said it needs the money since the number of 3G users is substantially and the
network needs to be expanded.
Whatever
their claims, 3G service providers have managed to make great profits over
the last few years.
Viettel,
for instance, achieved a turnover of VND141.42 trillion (US$6.7 billion) in
2012, a 21 per cent rise from the previous year, and profits estimated at
VND22-23 trillion ($1.04-1.09 billion).
Critics
said a 40 per cent increase was too steep, especially for students who need
to use the internet a lot for their studies.
The
companies may claim tariffs in
Worryingly,
there are signs of alleged collusion between the three dominant companies,
which have increased tariffs by the same amount at the same time.
But
since they account for almost the entire market, 3G users have no choice but
to continue using the services and shell out more.
Authorities
are duty-bound to investigate if the companies have formed a cartel.
As if
to rub salt into consumers' wounds, mobile operators periodically ratchet up
prices but do little to improve quality.
A
survey by market research firm Nielsen and Vietnam Post newspaper in Ha Noi,
Banks
set to cut rates
Many
banks plan to cut lending interest rates by 1 per cent soon, hoping this will
help them achieve their credit growth target.
Their
plan is based on the hope that the business environment will see positive
changes, enabling them to increase lending.
It is
feasible since they have plenty of liquidity now.
In
recent months, interest rates have dropped sharply to 7-11 per cent for
short-term loans and 11-13 per cent for medium- and long-term loans, but
failed to spur lending growth, putting banks in danger of failing to achieve
their targets.
Many
are looking to slash the rates further, even to below deposit interest rates,
through preferential lending packages.
Among
of them are HDBank, BIDV, Vietinbank, Vietcombank, Agribank, MHB, DongABank,
Sacombank, NamABank, KienlongBank, Military Bank, ABBank, and ACB, who have
signed up for a VND3 trillion central bank credit programme at 8-9 per cent
interest.
Under
the agreement, the lenders will provide credit to 57 companies and two
household businesses to help them rejuvenate their business.
For
most of the businesses the peak season has just begun.
Besides
cutting interest rates, the banks have also tweaked lending conditions,
making them more flexible to enable companies to get cheap loans.
They
have also resorted to measures such as delaying default deadlines to reduce
pressure on borrowers and sell bad debts among themselves – and now to the
Asset Management Company — to pump more money into the economy.
A
survey done by the central bank's Monetary Forecast and Statistics Department
found that banks' deposits and loans are likely to increase by 10-20 per cent
by year-end.
Meanwhile,
interest rates on the inter-bank market have also been declining, and
inflation and exchange rates are stable.
Property
transparency
The
revised Law on Housing and Real Estate Business, for which the Government is
soliciting public opinion, is expected to help better control the property
market.
In
2009 the Government brought in a regulation requiring all real-estate
transactions to be carried out through transaction floors to make the market
more transparent.
While
the number of transaction floors quickly multiplied, their effectiveness has
not been as expected.
According
to the Ministry of Construction, by March the country had 1,012 property
transaction floors, including 469 in Ha Noi and 397 in
In
2012, around 8,000 transactions were done through them.
Among
the weaknesses of the system are the shortage of information, lack of a
national data system, poor professional skills of employees at trading
floors.
As a
result, they have been unable to make accurate or consistent forecasts about
the market.
The
transaction floors' main task is to offer advice on prices and relevant legal
procedures to enable people to buy properties at market rates, but most of
them now act merely as intermediaries between sellers and buyers to get
commissions.
Official
agencies lack comprehensive data about residential housing projects, total
office space available for rent, or commercial space, not to speak about real
estate prices.
The
revised law will not force organisations and individuals to carry out
transactions at the real-estate floors, only encourage them in the interest
of transparency.
This
means that organisations and individuals can also turn to their lawyers for
help when they want to buy real estate or invest in property projects.
This
will mean the survival of the fittest for the transaction floors, with only
the most professional and efficient thriving.
The
amended law also requires property developers to report on their progress and
real-estate transaction floors to report on transactions. Failure to do so
will be penalised.
Business
start-ups
The
service sector has seen the largest number of businesses being incorporated
in
In the
period, 11,900 firms were established, 76.4 per cent of them in the service
sector. Those providing food- and drink-related services account for the
largest number.
Companies
in manufacturing and construction made up another 23.2 per cent of the
start-ups.
There
were in all 477 private business, 1,200 joint-stock companies, and 10,100
limited liability companies with a combined registered capital of VND55.2
trillion ($2.62 billion).
Many
entrepreneurs choose the service industry to improve their situation after
struggling for long with difficulties, even bankruptcy, since the sector
requires less investment than most other sectors.
Besides,
many companies hit hard by the economic downturn and with little resources
left have also shifted to the service industry.
Figures
from the municipal Department of Planning and Investment show that 8,300
firms suspended operation in the period and over 1,110 closed down.
Incentives
help spur on domestic real estate market
The
real estate inventory is finally decreasing, albeit slowly, said an official
of the Ministry of Construction.
In the
first nine months of this year, real estate inventory across the country
reached VND101.9 trillion (US$4.8 billion), VND12.6 trillion lower than the value
in the first quarter.
The
reduction was due to more local real estate transactions, according to the
ministry.
Investors
nationwide focused on promoting apartments and houses to potential buyers.
Many
commercial projects were converted to social housing so investors could take
advantage of a VND30 trillion ($1.4 billion) preferential credit package.
Almost all the dwellings sold were small, affordably priced apartments.
Many
enterprises, especially in the south, cut prices by restructuring plans to
push down production costs.
Minister
of Construction Trinh Dinh Dung said the value was calculated from completed
property products, although projects currently in the site clearance and
construction stages also had high value.
The
important thing was to square the oversupply of luxury property with the lack
of affordable apartments, he said.
The
ministry instructed provinces and cities to create favourable conditions for
enterprises and investors to convert commercial projects to social projects
as demand required.
Economist
Tran Du Lich agreed the supply of low-income housing for workers should be
increased, but argued the State should use the VND30 trillion package to
support buyers rather than sellers.
Property
expert Dang Hung Vo said many changes were needed to spur a real estate
recovery, including new State policies, heightened efforts by investors and
the renewed confidence of consumers.
If
consumers had confidence in the market, they would invest 400 tonnes of their
gold inventory in the local property market, Vo said.
Nationwide,
VND4.48 trillion has been invested in 4,015 housing projects, according to
the construction ministry. Of the total registered investment, VND774.7
billion (17.26 per cent) has been disbursed.
Fruit
exports to produce gains
Last
year, 13 markets for Vietnamese produce imported more than $10 million each,
including
This
year, almost all the markets continued to see strong growth.
To
achieve the $1 billion target, enterprises planned to develop a professional
export strategy and cooperate with large importers and distributors to
increase market share, the association said.
In the
first nine months of this year, the export value of produce gained a
year-on-year rise of 30 per cent to $780 million; the industry also raised
exports of both high value and processed products, according to the Ministry
of Industry and Trade.
The
second- and third-largest export markets were
Local
enterprises promoted investment in technologies for processing, drying and
canning so that they could ship more high-quality dried and canned fruit
products to
Other
export markets with high demand, such as the
They
also increased the export volume of fresh produce and cut down on exports of
canned products.
In the
first eight months of this year, produce exports to the
Vinafruit
expected demand for Vietnamese produce in these major markets to increase
sharply by the end of the year.
Dragon
fruit has the largest export volume, accounting for 40 per cent of the total
export value on continued demand from several markets including the US,
Australia, New Zealand and South Korea.
The
HCM City People's Committee has asked local agencies to offer training to
cooperatives of at least three to seven members so they can improve their
business.
The
committee has also told local agencies in the agriculture sector to assist
these cooperatives in gaining credit.
Under
the committee's instruction, the city's Co-operative Alliance will work with
the State Bank of
The
cooperatives will be given guidance on how to apply for bank loans.
The
city's Department of Agriculture and Rural Development will also help
agricultural cooperatives to diversify their products and apply Vietnamese
good agriculture practices.
The
city has a total of 4,277 co-operatives of at least three people and 53
co-operatives of seven or more members. Nearly 70 per cent of the
co-operatives operate effectively but others do not.
The
city targets developing 600 new co-operatives of three or more people, 75 new
co-operatives of seven or more and three co-operative alliances by 2015.
The
city expects the cooperative economy to achieve a growth rate of 10 per cent
a year, accounting for 1 per cent of the city's GDP by 2015.
By
2020, the city will develop 1,500 new co-operatives of three or more, 175 new
co-operatives of seven or more and 10 co-operative alliances.
Under
the plan, small co-operatives that have ineffective services will be merged
and co-operatives that operate ineffectively for a long period will be
dissolved by 2020.
The
plan targets that more than 70 per cent of co-operatives and co-operative
alliances to turn a profit by 2020.
Agricultural
exports to fall below expectations
Exports
of some light industrial products are expected to increase this year while
shipments of agricultural products will likely fail to meet the annual
target.
This
was forecast by industry representatives at a meeting with the Ministry of
Industry and Trade in
Chairman
of the Viet Nam Footwear Association Nguyen Duc Thuan said that the footwear
industry would likely fetch US$9.5-10 billion this year thanks to abundant
export orders from foreign markets.
Deputy
General Secretary of the Viet Nam Apparel Association Nguyen Van Tuan also
expected the garment and textile industry to earn $18.5 billion this year.
However,
representatives from agricultural associations were concerned about the
export prospects of their products.
A
delegate from the Viet Nam Cacao and Coffee Association said that export
value of the industry would reach only $2.8 billion this year against last
year's $3.4 billion due to a decline in both volume and value.
He
said that coffee prices, currently VND44,500 per kilo, had decreased in
recent months and would likely reduce further next month when the harvest
started.
The
rice industry is in the same boat.
Chairman
of the Viet Nam Food Association Truong Thanh Phong said that the industry
aimed to export 7.5 million tonnes of rice this year, but after difficulties
faced in the first half, it had to adjust down to 7 million tonnes and was
even concerned it would fail to meet that low target.
Export
turnover of rubber, coffee, rice and cassava declined in the first nine
months according to MoIT. Coffee and cassava exports dropped more than 20 per
cent in both value and volume. Rubber and rice also declined by more than 15
per cent.
Agricultural
associations attributed the decline to financial difficulties and fiercer
competition.
To
boost exports in the last months of the year, the Viet Nam Cacao and Coffee
Association recommended the Government stockpile coffee and help coffee
producers and traders access preferential loans.
The
rice association asked the Ministry of Industry and Trade to monitor rice
exported via northern border provinces, as illegal exports would hurt the
image of Vietnamese rice.
Pepper
exports explode above US$850m on continued demand
Speaking
at a conference in
Both
prices and demand have been stable in the period,
Do
Trung Binh of the
"If
you calculate local demand from pepper-producing countries, the pepper supply
is much lower than demand, which has kept prices high in both local and
foreign markets," he said.
Pepper
is one of the country's key agricultural exports, said Nguyen Trong Thua,
director of the Department of Processing and Trade for
Agro-Forestry-Fisheries Products and Salt Production.
The
growth of the pepper industry has improved the incomes of thousands of
farmers, he said.
"But
the pepper industry still faces many challenges," he added.
"The
current high prices of pepper have caused farmers to rush to plant trees,
making it hard to control disease," he said, adding that the excessive
use of fertilisers in certain areas also threatened sustainable development of
the sector.
Despite
higher cultivation areas, pepper outputs each year have fallen due to the
impact of disease and unfavourable weather, he said.
Despite
being the world's biggest pepper exporter, Vietnamese pepper is exported
mostly as a raw product at low prices and with no brand name, the conference
heard.
Conference
attendees also called for a reduction of fertilisers and pesticides and told
farmers to apply advanced production techniques to ensure food hygiene and
safety.
They
said that local governments should warn farmers that they should not plant
pepper in unsuitable places.
Binh
said that Good Agricultural Practices in pepper farming would satisfy strict
requirements set by importing countries.
"Global
pepper demand will remain high next year, while supply will be virtually
unchanged or slightly increase,"
However,
according to IPC, from 2015 onward, global pepper output is projected to go
up, and prices may fall.
Vietnamese
pepper is exported to more than 80 countries and territories, with the EU,
Asia and the
Cheap
housing fair draws thousands
The
second trade show of cheap social housing in Ha Noi attracted thousands of
potential home buyers.
Deputy
Minister of Construction Nguyen Tran
Prospective
buyers at the event wanted to purchase their houses directly from sellers,
without going through real estate brokers, which would help boost the
liquidity of the frozen real estate market.
The
property market played a very important role in the market-oriented economy,
he explained, so the current frozen market hugely affected the country's
economic growth and many other industries.
The
organising board received sales registration for more than 2,000 social and
1,500 commercial housing projects from property developers, as well as more
than 2,000 registrations from potential home buyers.
Housing
projects introduced at the show cost from VND9 million per square metre to
VND12 million per square metre.
The
show, jointly organised by the Ministry of Construction and real estate
agencies, will take place from October 18 to 20.
Seafood
producers hit by VAT issues and import duties
Difficulties
in the implementation of value-added tax (VAT) refunds and deductions have
contributed to capital shortages at aquatic businesses.
This
opinion was voiced by Truong Dinh Hoe, general secretary of the Viet Nam
Association and Seafood Exporters and Producers (VASEP).
Meeting
with the Ministry of Finance in Ha Noi earlier this week, Hoe said
enterprises have faced high import taxes and administrative problems over VAT
refunds for the purchase of input materials, which are then be used in the
production of items for export.
He
said there was no regulation stipulating the maximum time for tax agencies to
verify VAT payment, thus making exporters wait for a long time for the tax
refund.
He added that aquatic
exporters were required to pay VAT and import tax before implementing customs
clearance.
He
said this created a risk of them incurring tax debt within two months if
their exported items were returned due to commercial barriers and packaging
mistakes despite them paying VAT before.
Do
Hoang Anh Tuan, Deputy Minister of Finance, said reports from provinces
showed that some businesses have taken advantages of VAT refunds and
reductions for tax evasion by purchasing goods in several localities.
Other
businesses used illegal VAT invoices to apply for the tax reduction and refund
to appropriate taxes.
Tuan
said the ministry had asked tax agencies to investigate businesses with high
tax risks to prevent tax fraud and losses to the State budget collection.
He
also asked the General Department of Taxation to review the amended Law on
Tax Management to crackdown harder on fraudsters.
Infrastructure
boost brings HCMC real estate sheen
Infrastructure
works that are under construction and will help ease congestion to the
eastern part of
Infrastructure
is always a key factor in real-estate development, and several projects in
the eastern districts of 2, 9, and Thu Duc are on the verge of completion.
The
Sai Gon Bridge 2, for instance, is due to open to traffic in early November,
significantly contributing to easing congestion and shortening the travel
time from the eastern part to the city centre.
Connecting
District 2 with Binh Thanh and built next to the existing
The
six-lane, VND1.5 trillion bridge is 987.3 metres long and 23.5 metres wide.
Besides,
the expansion of the Ha Noi Highway from the new bridge to the Dong Nai
Bridge in Bien Hoa and the ongoing construction of the city's first metro
route have also helped create a buzz around property projects in Districts 2,
9, and Thu Duc, especially along this route.
They
include Thao Dien Pearl,
A
four-lane steel fly-over recently built at the Thu Duc crossroad has helped
ease traffic from HCM City to Bien Hoa and Dong Nai, benefiting real-estate
projects far away from the city centre, especially low-cost ones.
The
developers of many property projects in District 9 are busily preparing to
attract customers, with many roads in this area being upgraded and expanded.
HVK
Company is set to launch a promotion to sell 650 apartments in its
The
Thu Duc Housing Development Joint Stock Company is offering for sale land
plots at its Phuoc Long project.
Many
other land projects in Bien Hoa and Long Thanh are waiting for the Long
Thanh-Dau Giay Highway to be finished in late 2014.
Company
directors say higher pay would lead to better performance
Dragon
Capital's Vu Huu Dien said company leaders should be paid more during a
Tuesday meeting in Ha Noi held by the State Capital Investment Corporation
(SCIC) and the Ha Noi Stock Exchange.
Salaries
for directors and board members at the stock market's top 10 firms increased
through the 2010-12 period from 39 to 52 per cent, ranging between VND900
million – VND1.9 billion (US$42.4-89.6 million) – four to five times higher
than the average pay of staff.
"It
should be 20-30 times that within the next three years," Dien said.
Currently,
only 20 per cent of income comes from salary, while 78 per cent comes from
allowances and barely 2 per cent from shares. Dien suggested that structure
be changed to 60-20-20.
"Companies
typically set up salaries for directors in accordance with the level of their
rivals," he said, adding that this strategy resulted in a lack of
competitiveness that failed to encourage long-term contributions.
In
addition, leaders are often rewarded for past achievements instead of
expected contributions.
According
to circular 121/2012/TT-BTC on corporate management, businesses must have a
remuneration department.
"But
it does not exist in many companies, or if there is, it is not independent
enough," Dien said.
A SCIC
representative agreed that it was "vital" to "create
incentives for board members" to work harder to develop their companies.
Russian
meat firms look to VN
Nine
Russian companies are looking to export meat products to
The
announcement noted that at least five Russian poultry producers wanted to
export to Asian markets, including the Miratorg Agribusiness Holding,
Prioskolye, Belgramkorm and Petelinskaya poultry farm and Uralbroiler.
A
representative from Rosselkhozandzor said an agreement had been reached that Vietnamese
poultry experts would have 30 days to consider the list of Russian producers.
If any
were chosen, the successful applications would be able to commence exports in
two to three months.
Steel
maker's sales surge
Hoa
Phat Group's steel sales rocketed 7.86 per cent on last year's figures to
490,000 tonnes.
In the
first nine months of this year, the group's market share reached 14.5 per
cent, up 0.8 per cent from last year.
In
September alone, construction steel volumes stood at 59,400 tonnes, up 10 per
cent on 2012 figures.
The
group's steel production is expected to grow on the back of a new steel
complex put into operation early this month.
VCCI
starts female leaders club
The
Viet Nam Chamber of Commerce and Industry (VCCI) will debut its women's leaders
club in the central city today to mark Vietnamese Women's Day (October 20).
The
club, which will draw the participation of 500 women from Vietnamese and
foreign businesses, will provide a forum for sharing experience in the
business sector.
FPT
IS, SBV sign CIC contract
The
State Bank of Vietnam (SBV), FPT IS and DP Information Network yesterday
signed a deal to implement a data management system for the Credit
Information Center (CIC).
The
project is part of SBV's financial and information management system project
(FSMIMS) to build managerial capacity and modernise the nation's finance and
banking sector.
The
FSMIMS will assist SBV, the Credit Information Center (CIC), and the Deposit
Insurance of Vietnam (DIV) to bring key functions in line with international
standards by developing a centralized and integrated system of advanced
business processes and a modern information technology architecture.
Can
Tho boosts seafood exports
The
Mekong Delta city of
This
is expected to bring revenue from the city's exports to US$1.46 billion for
the whole year, an increase of $210 million over last year.
To
realise this goal, the city plans to diversify its high-quality products, pay
due attention to food hygiene, and focus on processing prawns and fishes that
are of major demand in the global market.
The
city also facilitates links among businesses in the field to speed up the
technology transfer and application in manufacturing, aiming to enhance the
products' competitiveness and tailoring to the taste of choosy markets.
In
addition to working with relevant agencies to solve difficulties in tariff
and non-tariff barriers in the global trade market, local authorities have
supported enterprises to promote trade and popularise Tra fish products to
foreign importers and customers.
Swiss
Economic Minister to visit Vietnam
Swiss
Federal Economic Affairs Department Chief Johann N. Schneider-Ammann will
visit
A
delegation of 17 businesses will accompany Schneider-Ammann, with operations
spanning pharmaceuticals, banking, insurance, machinery, energy, watches,
airport services, railways, industrial consultancy, and construction.
The
delegation is scheduled to meet Vietnamese leaders on October 24 to discuss
bilateral economic cooperation and the ongoing negotiations of the European
Free Trade Association (EFTA) and the Free Trade Agreement (FTA) between the
two countries.
They
will visit
Trade
expo links
The 2013
Vietnam-Cambodia trade fair will commence on November 14 in
The
trade show aims to consolidate the traditional friendship and solidarity
between the two armies, as well as support Vietnamese businesses in trade
promotion in
According
to the organising board, as many as 200 Vietnamese enterprises have
registered with more than 300 booths introducing high-quality products.
During
the five-day event, art troupes of the two countries’ militaries will
entertain fair-goers with nightly musical and dance performances.
In
addition,
Statistics
provided by the Trade Counsellor at the Vietnamese Embassy in Cambodia show
that bilateral trade between Vietnam and Cambodia has constantly increased,
reaching US$ 3.3 billion last year and US$2.6 billion in the first nine
months of this year. The figure for the entire 2013 is estimated at US$3.5
billion.
Lao
Cai to host Vietnam-China int’l trade fair
Nearly
500 businesses from home and abroad are expected to get together at the 13th
Vietnam-China International Trade Fair, which will open in Lao Cai city on
January 13.
The
event aims to develop economic cooperation between the
It
will also help participants seek partners and expand their market, benefiting
Vietnam-China border trade relations, Hai added.
The
fair will house 700 pavilions, including 250 from foreign businesses and
localities, Vice Chairman of the provincial People’s Committee Nguyen Thanh
Duong revealed.
The
stalls will showcase a wide range of products such as handicrafts, machines,
electric and electronics appliances, seafood, and tourism services along the
Kunming-Lao Cai-Hanoi-Hai Phong-Quang Ninh economic corridor.
A
number of seminars will be held on the sidelines of the event for
businesspeople from both sides to meet and exchange with each other.
Organised
by the Ministry of Industry and Trade and the Lao Cai provincial People’s
Committee, the event will run until January 18 as part of the 2013 national
commercial promotion programme.
Seafood
exports hit US$1.8 billion in Q3
Vietnam’s
third quarter seafood exports reached US$1.8 billion, up 12.5 percent from
the same period last year—pushing the nine month cumulative total up 4.5
percent to US$4.7 billion.
The
Vietnam Association of Seafood Exporters and Processors attributes the
achievement to a steady rise in shrimp exports since the second quarter of 2013.
Third quarter shrimp exports grew by as much as 65.5 percent compared to
2012’s baseline and is expected to surge further ahead in the coming months.
Tra
fish exports fell 1.4 percent in July and 7.7 percent in August. A rebound is
forecast during the remainder of 2013.
Tuna
exports have plummeted by 20 percent over recent months. Vietnam’s 2013 tuna
exports are predicted to total around US$ 540 million, 5 percent below 2012
levels.
VAMC
to issue second batch of special bonds
The
Vietnam Asset Management Company (VAMC) has decided to issue its second batch
of special bonds to help handle bad debts for several banks, the State Bank
announced on October 18.
The
bank said the bonds, worth of VND3,070 billion (US$146.1 million) with
five-year maturity from October 22, 2013 to October 22, 2018 and a zero
percent interest rate, are sold for its three clients, namely Sai Gon
Commercial Bank (SCB), Southern Bank, and Agribank.
Of the
total, SCB will buy nearly VND1,191.7 billion; Southern Bank, over VND154.5
billion; and Agribank, approximately VND1,723.8 billion.
On
October 14, VAMC had already issued bonds worth of VND792.6 billion for SCB,
Sai Gon Hanoi Bank (SHB) and Petroleum Bank (PGBank).
High-tech
urban complex to take shape in Quang Ninh
The
northern border province of Quang Ninh will team up with Amata-Tuan Chau
Joint Venture to build a high-tech urban complex in the locality.
A
strategic cooperation agreement to this effect was signed between the Quang
Ninh provincial People’s Committee and the Amata-Tuan Chau Joint Venture on
October 19.
The
complex, to be built in Quang Yen, Ha Long and Uong Bi in Quang Ninh, is
expected to become a dynamic and effective economic zone with the aim of
promoting environmentally sustainable development in combination with
socio-economic harmony to attract more investors to Quang Ninh.
Under
the agreement, participants in the project will create the most favourable
conditions for each party to finalize the necessary procedures for early
construction of the complex.
Amata
and its subsidiaries is one of the leading groups in Thailand that get
involved in real estate, industrial zone, distribution and water treatment
projects in many countries around the world.
Source:
VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VIR
|
Thứ Ba, 22 tháng 10, 2013
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