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BUSINESS IN BRIEF 26/2
Can
Tho City revenue up 75% during holiday
Can Tho City’s tourism revenue during this year's nine-day
Lunar New Year (Tet) festival skyrocketed 75% on-year to VND70 billion, local
authorities have revealed.
The city received upwards of 300,000 tourists during the
holiday period, February 15-23, according to a statement from the city
People’s Committee.
The committee partly attributed the rise to the fact that the
city had opened additional airline flights on several routes for the holiday
period including – Can Tho-Danang, Can Tho-Hanoi and Can Tho-Taiwan (
The city had also invested heavily in renovating and building
new hotels and restaurants, which substantially increased the capacity and
quality to accommodate increased tourism traffic.
Customs sector to continue reform
National Assembly Chairman Nguyen Sinh Hung has requested the
customs sector to continue reforming its structure, simplifying
administrative procedures and expanding information technology application
during 2015.
Efforts in these channels produced significant results in
2014, reducing the time required for customs clearance and facilitating the
circulation of goods, Chairman Hung stated while paying a visit to the
Vietnam Customs agency on February 24 in
He hailed efforts made by the sector to prevent product
smuggling and trade fraud.
The NA leader also expressed his hope that the sector will
effectively implement the revised Law on Customs and improve the capacity of
customs officials.
As of late 2014, all customs departments across
Customs Information System (VNACCS/VCIS). Through December 15,
2014, 5.17 million import-export declarations went through e-customs
procedures and trade revenues conducted through e-customs were valued at
182.45 billion USD.
Restructuring essential for rubber sector
Vietnam’s rubber industry is predicted to encounter prolonged
difficulties in the time ahead and as such, it must focus on restructuring to
increase the added value of products and reduce raw material export, said
General Secretary of the Vietnam Rubber Association Vo Hoang An.
In 2014, the Southeast Asian country maintained the third and
fourth position in the world in terms of natural rubber output and export
value, respectively.
An continued to say with around 977,700 hectares of rubber
trees,
The country exported more than 1 million tonnes of natural
rubber, valued at 1.78 billion USD, down 0.7 percent in volume and 28.4
percent in value from 2013 due primarily to plunging prices.
Rubber product exports exceeded 1.5 billion USD in 2014 with
551 million USD coming from tyre shipments. The respective figures soared by
over 30 percent and 51.8 percent from a year earlier, he noted.
The General Secretary underlined an array of difficulties
posed for the sector last year as natural rubber prices hit a five-year low,
attributable to slow global economic recovery and weak demand. Besides, a
nosedive in oil prices from mid-2014 helped increase synthetic rubber’s
competitive edge over natural rubber.
Fierce competition from other countries has also presented a
major challenge, since the quality of Vietnamese natural rubber is often
considered inferior and up to 80 percent of exported rubber is unprocessed,
he added.
An cited predictions from international organisations that
rubber prices will remain low in the coming years due to substantially-sized
unsold inventory.
To cope with the predicted scenario, he asked producers to
reduce the frequency of latex extraction to cut down expenses and raise
productivity, ultimately improving worker income. He also encouraged the
replacement of ineffective varieties with high-yield alternatives and
intercropping of rubber trees and others.
He suggested they increase efforts to survey market demand to
reform their products appropriately.
Additionally, the industry has to step up its restructuring by
intensifying processing activities and designing a comprehensive development
strategy linking rubber growers and businesses.
An also noted that more support policies from state agencies
and localities are necessary to help the sector overcome hardships.
Dong Nai enjoys strong and profitable pepper crop yield
The southern
In the period, Dong Nai’s peppercorn received a record high
price of over 12,200 USD per tonne, reported the department, adding that main
consumers include
This year, local farmers also enjoyed a yielding pepper crop
average of 5-6 tonnes per hectare with excellent quality, a 3
tonne-per-hectare surge compared to the 2014 equivalent crop.
Farmers across the province are currently cultivating 7,000
hectares of pepper.
Peppercorn prices have remained high over the past four years.
With a price of about 200,000 VND (9.4 USD) per kilo, farmers can enjoy a
profit of up to 700 million VND (32,900 USD) per hectare, said the
department.
Vietnamese peppercorn is currently sold in over 90 countries
and territories, accounting for about 30 percent of the global peppercorn
production and 5 percent of the global peppercorn exports.
HCM City firms resume operations after Tet
About 700 businesses based in industrial parks and export
processing zones, or 65 percent of the total firms, resumed their operations
on February 24, the first working day after a nine-day Lunar New Year holiday
(Tet).
Around 80-85 percent of employees at these companies returned
to work, according to the HCM City Export Processing Zone and Industrial Park
Authority (Hepza).
Hepza Office Manager Tran Cong Khanh said the rest of the
businesses will return to their normal operations in the next two or three
days.
He explained that since a number of workers hail from distant
provinces in the northern and central regions, many firms decided to extend
the holiday to allow them time to return to
State agencies and the local business circle have worked to
provide support and welfare for workers during Tet, contributing to a
stabilised labour market, said Tran Anh Tuan, Deputy Director of the city’s
Centre for Human Resources Forecast and Labour Market Information.
He added that a post-Tet labour shortage is unlikely as
workers want steady employment.
The centre predicts around 23,000 job vacancies will be
available in March, higher than the two previous months, mostly in the
garment-footwear, plastic-packaging production, food processing,
construction, information technology, machinery, and marketing sectors.
Tien Giang’s exports hit nearly 245 million USD
Exports of the Mekong Delta
In February, the province has exported goods worth 112 million
USD, a year-on-year increase of 15.8 percent, according to the provincial
Department of Industry and Trade.
Ngo Van Tuan, Director of the department, said most of the
province’s key export commodities including processed seafood, garments,
leather shoes and bags earned high export turnover.
Tuan attributed the achievements to the province’s programme
to boost export and businesses’ efforts.
The province continues encouraging businesses to diversify
their export products while efficiently implementing the e-commerce programme
and providing information for firms in a timely manner.
During the first two months, Tien Giang shipped abroad nearly
28,000 tonnes of processed seafood, earning over 61 million USD, 11.5 million
garment products worth 55.2 million USD, and 4 million pairs of shoes worth
51 million USD.
This year, the province aims for 1.6 million USD in export
turnover, up 14.3 percent compared to 2014.
February CPI falls on spiralling oil prices
CPI has been falling for four consecutive months since
November 2014, with a 0.27 per cent fall in November last year, 0.24 per cent
in December and 0.2 per cent in January this year.
This month was also the first February – the month in which
the Tet (Lunar New Year) holiday is often celebrated – to witness a fall in
CPI since 1996.
According to Nguyen Duc Thang, director of GSO's CPI
department, the fall in CPI during the last four months broke the normal
fluctuation CPI records in the months ahead of the Tet holiday.
Normally, CPI records rise in prices during the months leading
to the Tet holiday, due to rising consumption of goods.
The GSO expert said that plunging oil prices were the primary
factor for falling CPI in February. The domestic oil price dropped nearly 12
per cent in January.
Statistics showed that due to the falling oil price, the
transport service rates reduced by 4.41 per cent in February compared to the
previous month, pushing down the country's CPI.
In addition, the prices of goods were more stable than during
the previous years' Tet holiday, without huge increases in prices, which also
contributed to a low CPI.
Statistics showed that the rates of food and catering services
– the group with the highest percentage among 11 major groups of goods and
services in the CPI basket – increased only 0.53 per cent this month. The
food and catering service rates were 3.65 per cent in February 2011; 2.11 per
cent in 2012; 2.28 per cent in 2013; and 1.15 per cent in 2014.
Three other groups that saw fall in rates included housing and
construction materials, transport services and telecom services.
There was a 0.4 per cent drop in CPI in
The fall of CPI in the first two months of this year has
signalled that inflation will continue to be restricted to a low level this
year.
Although falling CPI raised concerns about deflation, Planning
and Investment Minister Bui Quang Vinh said at a government meeting in
January that the fall of CPI during the last few months was not sign of
deflation, but caused by plunging oil and petrol prices in line with the
world price fluctuations.
Minister says tighter controls improved mining
The nature of mining activities has changed from being
extensive to intensive since the application of stricter regulations, enacted
in 2014, said Natural Resources and Environment Minister Nguyen Minh Quang.
Speaking to the government portal in an interview, Quang said
that this was a highlight of the sector's performance in 2014.
Tighter controls over mining, introduced by the ministry last
year, which compelled firms to pay for the grant of mining rights and to set
up processing facilities, prevented players with financial and technological
constraints from venturing into the business, he added.
Quang cited a report that before 2010, when the Mineral Law
came into effect, an average of 800 businesses were granted mining licences
by provincial authorities per year, but the number fell by half in 2014.
Additionally, the new rule has driven mining firms to invest
more in exploration, production and processing technologies, he pointed out.
On the other hand, the imposition of a charge on businesses
granted mining rights for the first time earned the State budget VND5
trillion (US$235 million) last year, when it was applied on 500 mines or so
that were licensed before the Mineral Law became effective in 2010 and 100
mines that were newly licensed in 2014.
Another highlight of the sector's performance in 2014 was the
advice it gave to the government on issuing regulations for guiding the
enforcement of the 2013 Land Law, including provisions aimed to reform
land-related administrative procedures, the minister said.
"As a result, the number of administrative procedures in
the one-stop office for land registration has fallen from 41 to 30, and the
number of land-related complaints in areas where the office has not been
established yet, has dropped by nine from the previous 62.
"At the same time, the time spent on clearing
administrative procedures has been cut considerably as numerous local
authorities have started accepting applications online," he said.
While recognising that administrative procedure reform has
made life easier for businesses, the minister admitted, "What concerns
me most is that despite the reduction in the number of land-related
complaints, their complicated nature remains unchanged, here and there."
Local wood exports projected to grow
The association said the export value will be higher than the
$6.23 billion reported last year, because global demand for timber and wooden
products is predicted to jump this year, while trade agreements that are
expected to be signed this year will improve the export prospects for the
domestic wooden industry, the Voice of Viet Nam reported.
However, the industry will face challenges from trade
agreements due to the high demand in the origin certificates for wood, while
Nguyen Ton Quyen, the association's chairman, said wooden
product exporters have invested in new products that have high demand in the
world market, such as wooden planks and artificial board, to promote exports
this year.
According to the Ministry of Agriculture and Rural Development
(MARD),
Last year, the country reported a year-on-year surge of 11.1
per cent in export value of wood and forest products to $6.23 billion.
The
With exports pegged at $6.23 billion last year, Viet Nam was
counted among the 10 largest exporters in the world, but accounted for a mere
2.68 per cent of the total global exports, and can therefore still increase
its market share, the association pointed out.
Minister says more efforts needed to enhance business
environment
Authorities must make bigger strides this year in improving
the country's business environment, said Minister of Planning and Investment
Bui Quang Vinh.
The revised investment and enterprise laws passed by the
National Assembly last year would stimulate new waves of investment, Vinh
said in an interview with Tuoi tre (Youth) Newspaper on the occasion of the
lunar new year.
The National Assembly aims with the revisions to create
advantageous conditions and minimum market penetration costs for companies,
in line with the country's integration process. Other newly issued laws, such
as the law on tendering, were sufficiently transparent, Vinh said. And new
policies on medicine bidding helped reduce drug prices by 30 per cent.
Vinh also pointed out that while many policies were very open,
some decrees and circulars with specific guidelines had complicated them or
even conflicted with them.
Some officials abuse their positions by targeting certain
companies or refusing to correct their errors.
"These things are unacceptable," he said. "I
hope the problems will lessen in 2015."
Most small- and medium-sized enterprises still find it
difficult to access loans. Pham Khac Hong, head of business development at
the electronics company VNPCB, said the firm was "extremely in
need" of Government support in training and technology investment.
Pham Ngoc Thai, general director of confectionery company Pham
Nguyen, said the Government should assist firms in support industries, which
help reduce the need for imports. The 1,000-worker company will have to
invest nearly $3 million in machinery for market expansion this year. It
wouldn't cost nearly as much if the necessary equipment were produced it
He also suggested authorities launch a support programme for
exporting to ASEAN countries following current market development trends.
Nguyen Kim Huong, director of Ngo Minh, a trading firm, said
her company had to compete fiercely with its Thai counterparts.
"The best method of support is maintaining current
macro-economic stability with low and stable interest rates, which help local
firms feel secure borrowing capital for production," she said.
The disparity in businesses' performances in different economic
sectors was "thought-provoking," Minister Vinh said. Last year,
foreign direct investment (FDI) enterprises represented 68 per cent of
"This is a success for foreign investment attraction, but
looking from the angle of the economy's health, it's worrying," he said.
Local private companies needed increased support so they could
become the most important force driving economic growth in the long run, Vinh
said. Without such development,
"As the Government has defined private businesses as a
future backbone for the national economy, it must have policies to
materialise this at any cost," said Viet Steel chairman Do Duy
Vinh said the Ministry of Planning and Investment had asked
the Government to create a law on SMEs by the end of 2015. The ministry hopes
the law will help with company formation, training, preferential lending,
market access and brand name development.
The ministry reserved VND500 billion ($23.81 million) to
assist SMEs in 2015, according to Vinh. It aims to facilitate the development
of nursery centres for enterprises and people who have good business ideas
and need help with loans, machinery or experimental facilities.
Petrol firms' 2015 imports pegged at 8.18m tonnes
The Ministry of Industry and Trade has granted permission for
importing at least 8.18 million tonnes of oil and petrol products this year
to 19 petroleum trading companies.
Specifically, the Viet Nam National Petroleum Corp.
(Petrolimex) received the largest import quota at 4.022 million tonnes
against 4.396 million tonnes last year. It was followed by the PetroVietnam
Oil Corporation (PV Oil), which received approval for importing 930,000
tonnes, up from 591,000 tonnes last year.
Meanwhile, SaigonPetro and Thanh Le Co. have been allocated an
import quota of 493,000 tonnes and 540,000 tonnes, respectively. Under the
current regulations, petroleum importers will not be allowed to import below
the assigned levels in order to meet anticipated domestic demand.
The Ministry of Finance recently raised tariff caps on the
imports of fuel, petrol and diesel products. Import taxes imposed on petrol
products will range from 20 per cent to as high as 40 per cent, up from an
earlier maximum taxation of 30 per cent.
Diesel and mazut (a type of fuel oil) imports will have to
bear taxes of between 15 per cent and 40 per cent, also an increase from the
25 per cent limit fixed earlier.
Saigon
Saigon Newport Corporation launched its new container
management software, called TOPOVN, and re-started business operations at
With an investment of US$1.1 million, TOPOVN will replace CMS
- the old management software. The new software is expected to decrease the
time needed to unload cargo from 2 to 3 hours to 50 minutes.
Terminal Operation Package System (TOPS) is a container
management system developed by Australia's RBS Group. The system consists of
two main subsystems, operations planning TOPX and container data management
(TOPO).
Subsystem TOPOVN is an improvement over features offered by
TOPO and was developed by RBS Group and Tan Cang Information Technology
Solutions JSC (TCIS). The subsystem might be used to integrate and exchange
data with third party software, such as electronic data interchange (EDI) and
customer relationship management (CRM). It also ensures data security,
transaction management, data access speed and creates reports following the
demands of users. TOPOVN is designed to be used along with the TOPX system.
Rice prices climb upwards
After continuously falling, winter spring rice prices have
begun to inch up in the Mekong Delta provinces in recent days.
Fresh normal rice price ranged from VND4,200-4,300 a kilogram
in Dong Thap, Vinh Long, Can Tho and An Giang on February 23. High quality
rice was paid VND4,400-4,500 a kilogram while fragrant variety fetched
VND5,000 a kilogram.
The prices increased an average of VND200-400 a kilogram over
early February. The Mekong Delta provinces have entered peak harvest time of
winter spring crop after Tet holidays.
Huynh Phu Loc, trader from Lai Vung district of Dong Thap
province, said that they had begun purchasing rice after three days of Tet
and export businesses have also run their business operation again. Rice
price is expected to further edge up in the next days.
Vietnam’s banh trang exported to US
Banh Trang (paper rice cake) from Cu Lao May village in the
Mekong Delta Province of Vinh Long has been exported to the United States.
It is a peaceful place with 1,300 hectares of fruits and
vegetables, according to chairman of the People’s Committtee of the commune,
Nguyen Thanh Luan.
Every year, on the peak season of Tet, most of households in
the village are in hurry to make Banh Trang to sell in the country and export
to the US.
Mrs. Nguyen Thi Nhan, 73, one of the best skilled craftwomen
in the village said that she was early introduced the traditional career at
the age of 17. Cu Lao May’s Banh Trang wins consumers’ hearts for its glutinousness,
delicious and savory as well as elaborative processing and mixing.
Head of the Cu Lao May’s Banh Trang Co-operative, Luong Van
Thong said that manufacturing businesses have also exported a small quantity
of banh trang to some countries.
At the end of 2014, an American customer made an order of
4,000 cakes. Businesses had to complete his order in a few days and received
acclaim for the high quality from customers. The expiration of 90 days
provides an easy way to export, he added.
Banh Trang from Cu Lao May has many kinds, such as banh trang
ngot (sweet paper rice cake), banh sua (milk paper rice cake), banh dua
(coconut paper rice cake), banh cay (spicy paper rice cake) and others.
Many supermarkets have given enterprises in Cu Lao May orders
for banh trang.
The Cu Lao May’s Banh Trang Co-operative will expand its
presence in the US and Asian markets soon.
Making solid steps towards the future
The economic situation in 2014 saw more positive signs,
particularly in the remaining months of last year, despite the event with
China’s oil rig HD-981 in May, consolidating Vietnam’s confidence in a better
2015 on the economic front.
The inflation rate in 2014 rose 1.84% over December 2013 and
4.09% over the average rate in 2013, much lower than the estimated figure of
7%, and was also the lowest rate over the past ten years. The low inflation
rate came in the context of rather high economic growth and bumper
agricultural production, showing no sign of deflation.
The gross domestic product (GDP) of the service sector
continued to grow despite difficulties of the tourism sector and the ongoing
restructuring of the banking sector, while the agricultural, forestry and
fishery sectors boasted a year of higher productivity. The highlight of the
2014 economic
picture was the rise of the industrial production index,
particularly in the manufacturing and processing industries.
The total national export revenue hit a record high of US$150
billion in 2014 and import revenue reached US$148 billion, bringing in a
trade surplus of nearly US$2 billion, equivalent to 1.5% of the total export
value.
2014 also saw high disbursement of official development
assistance (ODA) and foreign direct investment (FDI). The total social
investment capital reached over 30% of GDP.
Last year, the budget revenue rose by 6% and budget deficit
was within the target of 5.3% of GDP. In addition, the financial-monetary
market remained stable with a downward trend in interest rates and a high
growth rate for banking credit.
Besides healthy signs, challenges remain. The total
non-performing loans of State-owned enterprises (SOEs) announced by the
Government has climbed up to VND1,500 trillion (US$70.5 billion) and, along
with the slow equitisation progress, is obstructing the recovery of production
and business activities of SOEs.
The poor management of domestic businesses is also an issue of
great concern. Another problem is job creation and high productivity jobs as
48% of the total labour force are low productivity labour. In addition,
Vietnam has not mastered the domestic market and has yet to meet the high
requirements of international integration and fierce competitiveness.
It can be seen that, many positive factors in 2014, including
both objective and subjective, may not be maintained in 2015, while more
efforts are needed to fulfil the economic targets set for 2015. The decline
in energy prices and non-oil materials should be analysed and considered to
put forth more appropriate economic policies. Institutional reform will also
face difficulties as it has to overcome psychological barriers and new
viewpoints on development.
However, the National Assembly adopted the revised
Constitution in 2013 along with the approval of Investment Law and Enterprise
Law in 2014, opening new room for renewal and development.
In addition, SOEs and the banking system plan to complete
their restructuring in 2015, indicating another positive sign to boost the
economy. In the remaining months of 2014, Vietnam also witnessed the
conclusion of negotiations of Free Trade Agreements (FTA) with Republic of
Korea, the European Union and the Customs Union of Russia, Belarus and
Kazakhstan and positive negotiations on the Trans-Pacific Partnership (TPP)
agreement. 2015 is also the year the ASEAN Economic Community (AEC) will become
a reality.
Despite many difficulties, Vietnam’s economy has stood up
again, relying mainly on the persistent reforms, existing advantages and its
inner strength, which will allow the country to keep making firm steps
towards the future.
Agricultural exports target US$32 billion in 2015
Vietnam’s agricultural sector aims to earn US$32 billion from
the export of produce in 2015.
Minister of Agricultural and Rural Development Cao Duc Phat
said many trade agreements will be signed and come into effect this year,
bringing both opportunities and challenges for Vietnam’s agricultural goods.
The Vietnamese market this year will be open to virtually all
agricultural products from ASEAN countries with up to 90% of commodities
exempt from duties, excluding sugar, meat and eggs, among others, which are
levied a rate of 5%.
Minister Phat said in order to achieve the US$32 billion
target, the sector will continue to push through agricultural restructuring
in tandem with building new rural areas with a focus on high-value products.
In 2014, revenues from agricultural exports set a record high
of US$30.8 billion, up 11.2% from a year earlier.
2014 sees Phu Quoc’s positive change
Phu Quoc island’s position and physiognomy have seen a
positive change in 2014. The Year of the Horse is identified as a very
important milestone marking the strong development of the ‘Paradise Pearl
Island’.
In 2014, many projects in Phu Quoc Island, such as An Thoi
International Port; Duong Dong breakwater; Duong Dong water reservoir and
Nguyen Trung Truc Bridge, have been gradually completed, according to Vice
Chairman of the Phu Quoc district People's Committee Huynh Quang Hung.
Most notably, a submarine cable system from Ha Tien city to
Phu Quoc Island in the southern province of Kien Giang was inaugurated in
February, 2014. The system, the longest in Southeast Asia, stretches 57.33km
from Thuan Yen village in Ha Tien town to Phu Quoc district’s Ham Ninh
village. It includes two 110/22kV-40MVA transformers in Ha Tien and Phu Quoc.
The cable system helps to lower the VND25,000 per kWh electricity prices local
residents must bear, to levels enjoyed by their mainland compatriots and
connect the country's largest island to the national grid.
Along with the 110kV underground cable system, in 2014, a
fiber optic cable linking Phu Quoc Island to the mainland of Kien Giang
Province also brought high-speed Internet connection to the islanders and
tourists. Island residents and tourists can now enjoy hi-speed Internet
connection and cable TV, as well as a better mobile phone network and digital
data transmission services.
Last year, a series of airlines opened new route while they
increased the frequency of flights on the routes connecting Phu Quoc and the
Republic of Korea (RoK), China, Russia, Singapore, and Siem Reap (Cambodia).
Phu Quoc welcomed 586,000 tourists in 2014, including over 124,500
foreigners. International tourists are attracted to Phu Quoc Island’s warm
climate, charming beaches, beautiful landscapes, friendly people, and healthy
food.
Also aiming to contribute to the development of the tourism
industry on Phu Quoc Island, Vingroup officially inaugurated Vinpearl Phu
Quoc Resort in the district island of Phu Quoc on November 1 after only 10
months of construction. As the first and biggest five-star resort with a golf
course, Vinpearl Phu Quoc has helped upgrade tourism infrastructure on the
famous island.
Located on Phu Quoc's Long Beach, known as one of the most
beautiful beaches in the world, Vinpearl Phu Quoc covers a 300ha area
consisting of a hotel and five-star villas with 750 rooms, an entertainment
area with modern equipment and a 27-hole golf course that measures up to
international standards. The resort's inauguration is expected to serve as an
impetus for the development of tourism on the island. "We are proud to
create a resort that resembles heaven for tourists", said Vu Tuyet Hang,
Vice-chairwoman of Vingroup and general director of Vinpearl Joint Stock
Company.
Vinpearl Phu Quoc hosted the final round of Miss Vietnam 2014
between November 26 and December 6. The final round witnessed the performance
of world-famous contemporary singer Kelly Clarkson.
With the rapid development in recent years particularly in
infrastructure and tourism, Phu Quoc island district was recognised as a
second-class city in 2014. The Government’s recognition is a favourable
condition for Phu Quoc to build it into a green and beautiful tourism centre
up to regional and international standards in the future.
Phu Quoc attracted over 200 projects covering 8,768ha by
investors across the country. According to General Manager of Saigon Phu Quoc
Hotel & Resort Phung Xuan Mai, the businesses created breakthrough. “The
dialogues between authorities and businesses will help develop the island
faster”, said General Manager Mai. The Saigon Phu Quoc Hotel & Resort has
co-ordinated American Hotel & Lodging Educational Institute (EI) and
Vietnam's Kien Giang Vocational College to train human resources for the
tourism industry.
Through developing tourism, many local people have a new life.
Nguyen Van Be’s family, owner of Sao Bien Resort and Thien Hai Son hotel in
Duong Dong town, is an example. Established in 2004 with 48
bungalows, Sao Bien Resort ranked 17th out of 25 of the best hotels and
resort in Vietnam by Trip Avisor.
Meanwhile, veteran Trinh Cong Phat, after returning from military
service, became a businessman with a factory producing wine, tea, candy and
honey from tomentose rose myrtle.
After ten years of implementing Decision 178/2004/QD-TTg of
the Prime Minister on research for long-term development of Phu Quoc, the district
has an annual average economic growth rate of 25% and an annual income per
capita of more than US$3,416. The island’s visitors to the island posted an
average annual growth rate of 13%.
In the future, Phu Quoc will have an international port, which
promises to welcome thousands of visitors on luxury cruise ship worldwide.
By 2020, the island is expected to gross US$ 771 million from
providing hospitality to 2-3 million tourists annually, 40 percent of them
foreigners.
As per the master plan for socioeconomic development in Kien
Giang Province, Phu Quoc Island will be turned into a special administrative
and economic zone in 2020, playing the role of a transport hub and a center
of ecotourism, finance and scientific research. The island will conserve forest
and marine biodiversity and occupy a special position in national defense and
security.
Source :
VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VIR
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Thứ Tư, 25 tháng 2, 2015
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