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BUSINESS IN BRIEF 24/7
Large-scale
online fashion week kicks off Saturday
Shoppers
are promised to receive many good deals at the Online Fashion Week initiated
by Zalora, one of the country’s leading online fashion retailers in
This
is one of the largest promotion events in mid-year in
After
three years of operation in
“As
one of the leading online fashion retailers in the market, Zalora aims to
make fashion more accessible to all customers. Through our large-scale
promotion programs which are similar to big sale seasons in Hong Kong and
Finch
also shared the current trends of local online shoppers who have changed
their habit from shopping during office hours to all-day shopping. And thanks
to the development of mobile facilities and infrastructures in the country,
there is a dramatic increase from 20% to 70% of shoppers who use the app to
shop instead of the web.
Finch
also stressed the benefits of offline shopping that contributes to the
revenue of Zalora
Green
power exhibition chain kicks off in HCM City
A raft
of advanced technologies and the latest energy-saving equipment are being
showcased at 240 booths during two international exhibitions which opened in
The
four-day event, which includes the 5th International Exhibition on Products
and Technologies for Energy-Saving and Green Power (Enertec Expo 2015) and
the 8th International Exhibition on Electrical Technology and Equipment
(Vietnam ETE 2015), drew the participation of both domestic and foreign
companies from China, Japan, Malaysia, the Republic of Korea, Switzerland and
Thailand.
Nguyen
Phuong Dong, Vice Director of the municipal Department of Industry and Trade,
said that the Enertec Expo and Vietnam ETE exhibitions, held as part of the
city’s investment, trade and tourism promotion programme, are expected to
raise public awareness of energy conservation.
He
added that the event serves as a prestigious destination for domestic and
international enterprises to exchange advanced technology, foster trade as well
as stimulate energy development in
A
number of conferences on green energy and an award ceremony for a competition
to seek ideas on energy conservation are scheduled on the sidelines of the
event.
Vietjet
Air wins gold for marketing project
Low-budget
carrier Vietjet Air has won a Gold Awards 2015 from the Pacific Asia Travel
Association (PATA) for its marketing project “With Vietjet,
This
year the PATA Gold Awards received 269 entries from 83 travel and tourism
organisations from all over the world, competing in four principal categories
– Marketing, Environment, Heritage & Culture and Education &
Training.
Vietjet
Air is the first and only carrier in
It is
a rising airline in
The
award ceremony of the annual PATA Gold Awards 2015 will take place on
September 8 in
Founded
in 1951, PATA is an internationally acclaimed non-profit association acting
as a catalyst for the responsible development of travel and tourism to, from
and within the Asia-Pacific region.
The
Association provides aligned advocacy, insightful research and innovative
events to its member organisations, comprising 87 governments, state and city
tourism bodies and many international airlines, educational institutions and
travel companies in
First
The
Vietnam Real-Estate Association (VNREA) is working to ensure the legal status
of projects showcased at the upcoming
According
to VNREA General Secretary Tran Ngoc Quang, it is the first time the sector
is hosting its own event rather than being a part of construction, material,
or furnishing expositions as before.
The
show, highly anticipated by realty businessmen and investors, is scheduled to
run from July 31 to August 2. It has registered 100 stalls from 50
enterprises and trading floors to date, including Viglacera Corporation, the
Housing and Urban Development Company (HUD), the Hanoi Construction
Corporation (HANCORP) and the Hanoi Housing Investment and Development
Corporation (HANDICO).
Major
promotion discounts and free consultation services are expected to be
highlights of the exposition.
Local
fuel prices fall slower than on global markets
The
retail price of gasoline has plunged by 20% in the first half, just half the
global price decline, although the average import price went down 39% in the
period.
Statistics
of the General Department of Customs showed as of June,
Local
fuel wholesalers spent over US$1.37 billion importing more than 1.32 million
tons of gasoline in the same period of 2014, leaving the average import price
at US$1,039.9 per ton.
Therefore,
the average price of imported gasoline fell by 39.5% year-on-year in the
first six months of 2015. However, the petrol retail price on the domestic
market did not decrease in tandem with the import price.
At
present, RON92 gasoline is priced at VND20,380 a liter. Its average price in
January-June totaled VND17,940 a liter, 20% lower than in the same period of
2014.
The
retail price of gasoline hit a record high of VND25,640 a liter on July 7
last year before it steadily dropped thanks to import price falls.
The
big gap between the domestic and global gasoline prices is attributable to
import duties.
The
import tax on gasoline was stable in the first half of 2014 and stood at 18%
in June last year, accounting for 32% of the retail price. But the Ministry
of Finance raised the import tariff in the first six months of this year to
reverse a sharp drop in State budget collections from crude oil exports due
to the world oil price plunge.
The
import tax briefly rose to 35% and made up 40% of the retail price before
sliding to the current 20%.
As for
diesel oil, its average import price contracted 38.5% in January-June and the
local retail price went down 37.2% in the period.
The
country imported 4.6 million tons of fuels valued at US$4.36 billion in the
same period last year, with the average price of US$944 a ton.
The
average import price of fuels dropped 39% year-on-year in January-June 2015.
Banks,
property developers clinch guarantee deals
A
number of property developers have got guarantees from commercial banks for
their projects as required by the Law on Real Estate Business, which came
into force on July 1.
Article
56 of the new law regulates that before selling or leasing products at half-done
or future housing development projects, developers must obtain guarantees
from commercial banks as assurances for financial obligations to their
customers.
The
The
company resumed work on the project in Thu Duc District earlier this month to
bank on the recovery of the local property market, Vietnam News Agency reports.
At the
final sale phase of 117 land lots at its
Real
estate firm TNR Holdings Vietnam has entered into a deal with Maritime Bank
to guarantee its project in HCMC’s District 4 while Novaland Group has got
assurances from VPBank.
Bui
Huu Phuc, director of investment and development at Novaland, was quoted by
Vietnam News Agency as saying that VPBank’s guarantees would enable the group
to make sure its financial obligations to buyers and win customer confidence
in its projects.
Phan
Ngoc Hoa, deputy general director of VPBank, said if Novaland was unable to
hand over apartments to its buyers as pledged while customers asked for
compensation for the delay, the bank would refund the money which the buyer
has paid to the group and other fees clarified in the contracts between the
two parties.
Hoa
noted many developers had put on hold their property projects and failed to
hand over apartments to buyers in accordance with the contracts signed
between the two sides since the local real estate market froze in 2008.
To
attract more buyers, Dat Xanh Group has signed deals with VietinBank and BIDV
to secure guarantees for its real estate projects that would be launched in
the second half of this year, including the high-end apartment project Opal.
Dat
Xanh hailed the law as it safeguards the interests of buyers and ensures the
construction tempo of property projects. The law helps the market develop
sustainably as it kicks ailing property firms out of the market.
Hung
Thinh Corporation has won guarantees from five lenders including VietinBank,
BIDV, Vietbank and Sacombank.
Nguyen
Dinh Trung, chairman and chief executive officer of Hung Thinh Corporation,
said banks would carefully check the financial capability of a property
developer and the liquidity of its projects before agreeing to provide
guarantees for them.
In
addition to their guarantee agreements with banks, real estate firms plan
more housing products targeting expatriates as the revised Housing Law with
effect from early July eases foreign home ownership in
Pay
TV users hit 9.9 million
The
number of Pay TV subscribers has reached 9.9 million nationwide by the end of
last month, according to the Ministry of Information and Communications's
report.
This
is said to be impressive growth as the number was just six million by the end
of 2014.
Cable
television includes 5.99 million analog subscribers and 778,000 DVB-C, Docsis
subscribers.
Digital
terrestrial television (DTT) has 300,000 subscribers.
The
total revenue in the television sector hit nearly VND9.2 trillion (US$423.2
million). Total human resources in the Pay TV sector are 9,449.
Pay TV
enterprises had to compete fiercely with various promotions to attract
subscribers.
Reports
from the ministry showed that there are 181 broadcast and television channels
nationwide. Meanwhile, there are 40 licensed foreign channels, 33 channels
less since the Government's Decision released in 2011 on the regulation of
pay TV.
Bao
Viet Corporation wins 3 LACP Awards
The
Bao Viet Life Corporation, a subsidiary of Bao Viet Holdings, has for the
fifth year in a row been awarded a prestigious League of American
Communications Professionals (LACP) Vision Award.
LACP
supports, recognizes and advances excellence in the practice of professional
communications.
This
year, LACP recognized the Bao Viet Life Corporation with the added
distinction of receiving three Platinum Awards from among a field of over
6,000 entrants from two dozen countries.
League
of American Communications Professionals LLC (LACP) was established in 2001
in order to create a forum within the public relations industry that facilitates
discussion of best-in-class practices within the profession while also
recognizing those who demonstrate exemplary communications capabilities.
RoK
to invest in hi-tech agriculture in Can Tho
The
The
capital will be used to build infrastructure and purchase modern machinery
and equipment.
The
announcement was made during a meeting between local authorities and a
delegation of Korean economic consultants led by Hak Min-kim.
Three
companies from the RoK are set to invest in Can Tho, including YouCel major
in bio-cellulose manufacturing, Nexgen Biogen specialised in canola
extracting for cooking oil and cosmetics, and Nano Bio One operating in
bio-nano technologies.
At the
meeting, Chairman of the municipal People’s Committee Le Hung Dung expressed
his hope that the projects would generate more jobs and tap on the availability
of farming materials.
Processing,
manufacturing industry to create more jobs
The
goods processing and manufacturing industry is expected to gain ground and
expand its workforce through the rest of 2015, according to a labour market
update released on July 20 by the Ministry of Labour, Invalids and Social
Affairs and the General Statistics Office.
Maintaining
momentum from the first quarter, 86.4 percent of the industry’s businesses
said they intend to hire additional staff.
The
highest demand for manpower is estimated to be concentrated in sectors
producing apparel, beverages, electronic and optical equipments, and
machinery maintenance and assembly.
New
employment opportunities will come mostly from foreign-funded enterprises.
The
impact of the amended employment and education laws will accelerate the
regional integration of
Quang
Ninh accelerates aquatic development alliance
Cua
Van fishing village in the
The
project, run from January 2015 - June 2017, is expected to be approved this
August. It specifies the allocation of areas for aquaculture-tourism
development, mechanism of coordination between enterprises and fishing
households, among others, said permanent Deputy Chairman of the provincial
People’s Committee Dang Huy Hau.
More
than 18 fishing households in Cua Van will join the project, he added.
Funded
by the US Agency for International Development (USAID), the initiative costs
over 691,000 USD, roughly 623,000 USD of which is non-refundable aid.
It
aims to protect the landscapes, environment and natural resources for the
sustainable development of Ha Long Bay.
It
also helps connect stakeholders to sustainably tap and manage Ha Long Bay.
Phu
Tho strives to become attractive investment destination
The
northern midland
Speaking
at a local seminar on July 20, Head of the Vietnam Chamber of Commerce and
Industry (VCCI)’s Legal Department Dau Anh Tuan suggested developing industries
in specific zones.
According
to Tuan, garment, leather and footwear – which need a substantial workforce –
is likely to thrive once
Sangho-Yoon,
Director of the Hanoi-based investment advisory firm SMBL, optimistically
stated that there would be a positive response from foreign-invested sectors
thanks to improved administrative formalities, utility and transport
infrastructure.
When
the locality delivers on their commitment to streamlining bureaucracy,
business confidence will increase, he said.
Phu
Tho is home to seven industrial parks and 30 industrial clusters stretching
4,000 hectares and attracting 150 investors in and outside the country,
generating 15 trillion VND (714 million USD) worth of annual industrial production
value and more than 35,000 jobs.
The
province has rallied resources to build synchronous infrastructure at
industrial parks and clusters as well as offered tax and land lease
incentives.
Workshop
discusses NA role in implementing FTAs
The
role of the National Assembly in ratifying and implementing free trade
agreements (FTAs) was the focus of a workshop held by the NA Committee for
External Relations and the US Agency for International Development (USAID) in
central Thua Thien-Hue province on July 20.
Participants
– including NA deputies, economists and representatives of both domestic and
foreign businesses – discussed the specific impacts of FTAs on
They
also shared opinions on legal issues to be revised or supplemented to
increase the country’s trade competitiveness.
In
recent years, along with domestic reforms,
To
date,
Can
Tho urged to shift focus to trade, services
The
Mekong Delta city of
To
that end, priority should be given to support, processing and mechanical
engineering industries, said Associate Professor Ha Thanh Toan from Can Tho
University.
The
agriculture sector should gear itself towards effective production models
that generate high added value.
It is
essential to diversify the retail market, financial services, tourism,
transport, logistics, education-training, science-technology and healthcare.
Human
resources training is also pivotal, he said.
Nguyen
Trong Cuong, Director of the Can Tho Institute of Socio-economic Development
Studies, suggested using the State budget for key facilities and rallying
resources for technological innovation, particularly those in biology, farm
produce preservation, telecommunications and automation.
He
called for research institutes and universities at home and abroad to link
together to develop a sci-tech market.
From
its humble beginning as a farming locality, Can Tho is relying less on
agriculture; it currently makes up 7 percent of its economy, a steep slump
from 67 percent in 1986.
Social
policy bank raises 200 bln VND from government bonds
The
Vietnam Bank for Social Policy (VBSP) raised 200 billion VND (9.26 million
USD) worth of three-year government bond through a bid hosted by the Hanoi
Stock Exchange on July 20.
The
three-year bonds will yield an annual interest of 6 percent, up 0.02 percent
from the previous auction held on July 13.
At the
auction, the VBSP planned to raise 1 trillion VND (46.3 million USD) from
three, five and fifteen-year bonds.
The
VBSP has mobilised 7.16 trillion VND (331 million USD) so far this year
through the sales of Government bonds.
NGO
projects boost economy in Thai Nguyen province
Projects
run by non-governmental organisations (NGOs) in the
So
far, the province has granted 72 operatational licences to NGOs, of which 29
are still valid, as heard at a working session between local authorities and
a delegation of the Committee for Foreign NGO Affairs on July 20.
Thai
Nguyen is carrying out the national programme on promoting aid from NGOs
between 2013 and 2017.
In the
first two years of implementing the programme, the province enabled NGOs to
tour and build plans to activate a number of projects on clean water
supplies, environmental sanitation and solid waste management.
The
Local
authorities called for more assistance from the Government’s ministries,
departments and sectors to support NGO activities, particularly in education,
health, rural development and climate change adaptation.
On the
occasion, the delegation led by Deputy Head of the People’s Aid Coordinating
Committee Nguyen Trung Dung scrutinised the implementation of NGO projects in
the province.
Opportunities
to bolster seafood exports to RoK
The
The
RoK has been also the biggest importer of Vietnamese seafood such as
cuttlefish, octopus and fried fish. In the first five months of 2015,
Regarding
Vietnam’s opportunities for aquatic product exports to the RoK, the Vietnam
Association of Seafood Exporters and Producers (VASEP) said, from early 2016,
Vietnamese shrimp exports to the country will enjoy numerous preferential
incentives, including tariff eliminations, down from the current 20 percent,
with a quota of 10,000 tonnes.
Shrimp
exports to the country brought home 317.8 million USD in 2014, a 41.3 percent
increase from 2013.
To
fully exploit this market, however, VASEP recommends Vietnamese exporters to
ensure food hygiene and the quality of aquatic products, especially the
requirements of origin.
Nearly
480 trillion VND for developing power grid
The
Electricity of Vietnam (EVN) has spent nearly 480 trillion VND (22.3 billion
USD) to develop power plants and grids from 2011-2015 in compliance with the
national power development plan.
In the
past five years, some 34 power generators with a total capacity of 9,852
megawatts were put into operation and work started on the construction of ten
power projects nationwide. Particularly, the Son La Hydro-Power Plant
designed with a 2,400-megawatt capacity was completed three years earlier
than scheduled, bringing huge economic benefits to the country.
Other
projects such as the Vinh Tan 2 thermal power plant and Duyen Hai 1 thermal
power plant have made great contributions to ensuring power supply to the
southern region.
As
many as 865 transformer stations and transmission lines were connected to the
national grid during the period. The EVN also completed the 500-kilovolt
Pleiku-My Phuoc-Cau Bong high voltage line and the 220-kilovolt Dak Nong-
Phuoc Long-Binh Long line to increase the transmitted power between the north
and the south.
However,
the EVN said that power overloads are occurring in some localities due to a
number of delayed projects spurred by insufficient capital, slow land
clearance, natural calamities and design changes.
In a
bid to meet investment demands, the group targets to mobilise over 600
trillion VND (27.9 billion USD) from 2016-2020 through official development
assistance loans and issuing domestic and international bonds.
The
group will scrutinise provincial and municipal power development plans
nationwide to adjust investments in line with practical needs; ask relevant
ministries and organisations to facilitate administrative procedures, land
clearance and power planning; and build advanced economic technical standards
for the grid to improve efficiency and reduce losses during transmission.
In the
next five years, the group will complete 11 power plants with a combined
capacity of 5,819 megawatts while ensuring progress of key power projects and
making preparations for the country’s first nuclear power plant in Ninh Thuan
province.
In
the land down under,
The
nation’s trade surplus with
These
positive statistics come on the back of record setting growth in the market
for 2014 with the nation’s goods and services trade with
For
2014 the trade office reports exports to the market down under were estimated
at US$3.99 billion and imports at US$2.06 billion, resulting in a trade
surplus of US$1.93 billion for the year.
This
productive relationship is the result of deep links, which have proliferated
since diplomatic relations between the two nations were established in 1973,
buttressed further by a free trade pact entered into in 2010.
The
trade agreement has been a tremendous boon for
It
provides for phased in reductions on almost 90% of tariff lines by 2025,
which make both nations exports more price competitive in each other’s
markets along with commitments to develop regional rules of origin and other
investment protections.
Currently
In
2014 crude oil continued to be
The
Australian market is a promising market providing
Each
year, Australia imports from all foreign nations an estimated US$80 billion
in goods and services but Vietnam’s share of the market is only roughly US$4
billion, which indicates there is an expansive potential for future growth.
The
economic growth and wellbeing of Vietnam in the Australia market depend on
how successful we are at marketing and selling— and we plan to expand our
efforts in these areas in the future, a representative of the trade office
stressed.
Currently
the trade office has coordinated with the Vietnam Business Association in
We
have also printed recipes for lychees dishes and produced a short film on
Having
met with much success to date plans are in development to extend the program
to other fruits and vegetables, which could potentially result in tens of
millions of dollars of revenues for
The
Centre for the Promotion of Trade and Investment (ITPC) of
The
new Saigon Export Centre is located at
The
centre aims to connect buyers and sellers of products and services generate
sales by providing a highly-trained team of professionals, customized
services and business development tools to help them open difficult doors to
foreign trade.
Among
other things, the centre will provide businesses with free information about
export markets, networking opportunities, assistance introducing their
business capabilities abroad and locating well suited business partners.
The
semi-annual review of the Vietnamese economy said the growth rate was the
nation’s fastest in the first half of the year for the past five years.
Against
a backdrop of low inflation, the State Bank of
At the
same time,
Meanwhile,
a drop in exports and increased imports have resulted in current account
deficit in the first quarter of 2015.
Progress
on structural reforms has been less strong, especially regarding state owned
enterprises (SOEs) and the banking sector.
Progress
on SOE reform continues, but at gradual pace, with only 29 SOEs equitized in
the first quarter of 2015 out of the annual target of 289. Implementing the
legal and regulatory framework for SOE management and corporate governance
issued last year and increasing percentage of ownership that can be acquired
by the private sector, should remain key priorities.
“Banking
sector reforms continued during the first half of 2015, with a number of
acquisitions of smaller banks by major state-owned commercial banks,” said
Sandeep Mahajan, Lead Economist for the World Bank in
The
Taking Stock report features a special section on the labor market in
While
jobs in
Taking
Stock provides suggestions for further transforming
In
particular, Taking Stock notes that
Nghe
An probes slow projects
The
central
By
this year-end, the province will pay more attention to evaluating the
financial capacity of investors before granting them investment licences, in
a move to avoid slow-moving projects. Those who have received licences will
be required to make deposits to better ensure the implementation of their
projects, the department said.
The
local authorities will also focus on reviewing the progress of licensed
projects so that any difficulties that investors encounter in developing
projects can solved in a time manner. Also, investment licences might even be
revoked if investors fail to implement projects as planned.
In
2012-14, the authorities examined 111 sluggish projects and decided to
withdraw the licences of 60 of these.
Since
the beginning of this year, Nghe An has licensed 93 projects with a combined
capital of more than VND27.8 trillion (US$1.28 billion). While $1.25 billion
came from 73 new projects, $29.5 million came from 20 existing projects that
had raised their capital levels, vietnamplus.vn reported, citing departmental
statistics.
The
sizeable projects under construction include the Hoa Son Cassava Powder
Factory, which will have a production capacity of 150 tonnes per day, the
Song Lam Cement Factory with a capital of VND10.5 trillion ($486.1 million),
and the Hoa Sen Steel Sheet Factory.
Earlier,
the central province said it had set a target of attracting around VND100
trillion ($4.7 billion) in investment, including VND50 trillion from foreign
direct investment (FDI), in the 2015-20 period.
To
achieve this aim, the province will implement measures to lure investment, as
Nghe An considers it a key task in spurring local socio-economic development.
Besides
facilitating the operations of investors by zoning land for them, offering
them incentives and assisting them in recruiting workers and sourcing
building material, the province will continue improving its investment
environment with the aim of becoming one of the top 30 provinces and cities
in the country in the provincial competitiveness index.
FLC
acquires 265 Cau Giay project
FLC
Group has acquired the 265 Cau Giay project, which is known as the golden
land area in the capital. This has been the group's third merger and
acquisition (M&A) in the real estate sector, following
Dam
Ngoc Bich, FLC's deputy general director, said that the company has been
rushing to prepare for the VND2.2 trillion (US$101.8 million) project's
construction and offer for sale.
The
1ha project includes construction of a twin tower of 50 floors and another 38
floor tower.
Last
year, FLC's total value for M&A in the sector reached VND6 trillion ($277.7
million).
EVN,
General Electric sign deal for training, technology
Electricity
of
They
signed a memorandum of understanding in Washington D.C on July 8 on the
occasion Party Secretary General Nguyen Phu Trong's visit to the
In
terms of capability development, GE will assist EVN in developing human
resources through activities like leadership training for senior leaders,
sharing best practices in corporate governance and practical and technical
training programmes.
To
facilitate development of energy infrastructure, GE will provide technologies
and support for power generation equipment like high-efficiency gas turbines,
large-scale steam turbines, and wind turbines.
Furthermore,
both sides will work to expand the use of renewable energy in
Pham
Hong Son, CEO of GE Viet Nam and
"We
can use our global experience in power generation in over 170 countries,
share expertise and bring training programmes to help enhance EVN's ability
to meet the increasing demands of power growth in
The
agreement became more significant when it was formalised in the context of
the 20th anniversary of diplomatic relations between the
EVN
chairman Duong Quang Thanh said: "With a common desire to develop
"In
ensuring sustainable development of the power industry, we highly appreciate
GE as an excellent partner to help us achieve the goals."
GE has
more than 700 employees and $110 million invested in
It has
been working with private and State-owned enterprises on major power
projects, including the upgrade of the north-south power transmission line
and the development of the Bac Lieu Wind Farm in the Mekong Delta and the Tay
Nguyen Wind Farm in the Central Highlands.
Nguyen
Tu Quang apparently could never resist an opportunity to put a famous global
brand into comparison with his own product, be it is such big names as Apple,
Samsung, or Google.
The
40-year-old CEO of Bkav, a Hanoi-based company mostly known for the antivirus
software of the same name, and recently, the infamous Bphone smartphone, said
his firm is poised to release several services that can wipe the floor with
their Google-powered counterparts.
“In
the third quarter of this year, Bkav will unveil some new services that are
capable of replacing and competing with those of Google,” newswire VnEconomy
reported on Sunday, citing a company’s press release.
However,
Bkav, which operates in the fields of Internet security, smart home, and
phone making, did not elaborate what those services are.
The
press release was issued after Quang’s company was listed among “Top 20 most
famous brands in
The
CEO said in the document that Bkav has finalized its transformation to a
joint stock company, and has established its Silicon Valley branch, called
Bkav
Besides
the expansion to the
This
is not the first time CEO Quang boasted the ability to rival strong global
competitors of his products.
Quang
has repeatedly said the company’s Bphone is the world’s best smartphone, and
can even challenge Apple or Samsung on the global stage.
The
Bphone, which was launched on May 28 and officially went on sale in early
June, got off to a rough start as it was hamstrung by a number of scandals
and the device quality is apparently not as good as its maker tries to
convince consumers to believe.
Delivery
of the handsets, which can only be purchased online via Bkav’s shopping
platform, has been delayed for three times, and most of those who finally
received the gadgets have posted their negative product reviews online.
The
company also had to recall the first batch of the products for software
upgrades shortly after deliveries were made.
Bkav
also said late last year that the company is “dozens of years ahead” of
Microsoft and Google in the smart home market.
Ha
Noi has plan to raise H2 exports
The
capital city has developed a plan to promote exports after it saw a fall in
exports in the first half of 2015, according to an official.
Chu
Xuan Kien, deputy director of the Ha Noi Industry and Trade Department, said
in the first half of this year Ha Noi had a year-on-year decrease of 1.2 per
cent in its total export values, falling to US$5.3 billion.
Also,
key export products that fell in their export values during the first six
months included farming, textiles, garments, electronics and handicrafts.
Kien
said declining exports were due to adjustments in the exchange rate between
the Vietnamese dong and the US dollar, increases in input prices, and high
land rents leading to higher production costs and lower competitive abilities
in selling prices of export products.
Meanwhile,
difficulties in the world economy have caused many large export markets for
Ha Noi to cut imports, such as the EU, he said.
By the
end of this year, the city hopes to see a recovery in exports, as Ha Noi
authorities have developed a plan to resolve difficulties of capital and
markets for its enterprises.
Under
Ha Nois strategy in export and import of goods in the period 2011-20 and
towards 2030, the city would increase training of its workforce, promote
development of support industries and implement supports for enterprises in
development of brand names, organisation of trade promotion programmes and
introduction of export products.
The
city would also improve the business environment and administrative
procedures to create favourable conditions for enterprises in developing new
business, the Vietnam Economic News reported.
By the
end of this year, the city would continue supports in banking interest rates
and trade promotion programmes. It would also encourage enterprises to
develop initiatives in the organisation of production and finding partners,
improve the quality of export products and sell products at competitive
prices.
The
associations should also combine enterprises to increase competitive and
develop brand names for sustainable development in the future.
Viet
Capital Bank exceeds first-half plans
Viet
Capital Bank has released its business results for the first half, with most
targets being completed or exceeded.
Total
assets stood at nearly VND28 trillion ($920 million), representing 87 per
cent of the plan. Total deposits reached VND24.1 trillion ($1.1 billion), up 22
per cent over the same period of last year and accounting for 93 per cent of
the plan, while outstanding loans reached 79 per cent of the plan and its NPL
ratio was kept at below the level prescribed by the State Bank of Vietnam.
Viet Capital Bank has gradually asserted a sustainable position in the
market, winning the trust of shareholders, partners and customers.
For
the second half the bank will continue its steadfast efforts at the direction
of its board. It will not set growth targets but will continue to focus on
fulfilling the criteria already set out, controlling risks and bad debts and
improving is customer services.
Established
in 1992, Viet Capital Bank has gone through several stages of development,
with 2012 -2014 being a key stage marked by many vigorous moves. With a
long-term vision and the right business strategy, it has gradually earned a
firm position in the market by investing in information technology systems,
constantly innovating its business activities, and providing a range of products
and services to meet the needs of each customer segment.
Labour
demand in processing industry to continue to increase
Labor
demand is expected to rise sharply in the next six months of 2015 in
Vietnam’s processing and manufacturing industries, including garments,
beverages, electric products, and mechanics.
The
prediction was made in the third Vietnam Labor Market Update, published in
According
to the Vietnam Labor Market Update 2015, the second quarter witnessed an
impressive recovery of the construction, processing and manufacturing
industries.
In the
next six months of 2015, the industries will continue to stablise and grow
stronger than in the first six months of the year. More than 86.4% of
enterprises in these industries have affirmed that they will increase the
labour scale in the next six months of 2015. The highest demand for labour is
expected in foreign investment projects.
Additionally,
the Employment Law and Occupational Education Law, will provide a legal
framework for the labour market in integrating into other countries in the
region and the world’s labour market.
Conducted
by MOLISA and the GSO with support from the International Labour
Organisation, the bulletin aimed to analyse new trends in the labour market
and show a panoramic picture of this market in order to improve labour
policy-making.
Nearly
50 exporters from
On
display were foodstuff, cosmetics, handicrafts, garment, beverages,
confectionery, plastics and household appliances.
Nguyen
Thi Hong, Vice Chairwoman of the municipal People’s Committee, said the
Saigon Expo enables small- and medium-sized enterprises in particular to
display products and facilitate export.
Pho
Nam Phuong, Director of the Ho Chi Minh City Investment and Trade Promotion
Centre (ITPC), said the ITPC will provide exhibitors at the centre with
market information and send their profiles to consuls general in
The
centre, located at
Housing
credit package disbursement pushed forwards
Over
22,200 households have signed borrowing contracts worth 10.1 trillion VND (466
million USD) with commercial banks under the Government’s 30 trillion VND
(1.4 billion USD) housing credit stimulus scheme, said Head of the Department
of Housing and Real Estate Market Management Nguyen Manh Ha.
Some
43 social housing projects also applied to borrow nearly 6 trillion VND (279
million USD). Of the total, 2.4 trillion VND (111.6 million USD) has been
disbursed for 40 projects.
Ha
said that the Bank for Investment and Development of Vietnam (BIDV) has
become the leading bank, loaning to 7,581 households from the credit package
with a total value of nearly 7.5 trillion VND (348.8 million USD).
BIDV
also committed to provide loans worth 3.7 trillion VND (172 million USD) for
22 projects in line with current regulations, which include low-income
housing projects in northern Hai Duong province, central
In
addition, the Vietnam Joint Stock Commercial Bank of Industry and Trade
(VietinBank), the Joint Stock Commercial Bank for Foreign Trade of Vietnam
(Vietcombank) and the Vietnam Bank for Agriculture and Rural Development
(Agribank) also made efforts to accelerate credit package implementation with
committed loans of 4.7 trillion VND (218.6 million USD), 2.6 trillion VND
(120.9 million USD) and 1 trillion VND (46.5 million USD), respectively.
Some
small commercial banks such as Orient Commercial Joint Stock Bank (OCB),
Tienphong Bank (TPBank) and Vietnam Export Import Commercial Joint Stock Bank
(Eximbank) are also actively joining in lending activities under the package.
Chairman
of the Vietnam Real Estate Association Nguyen Tran
However,
the credit scheme’s progress has not met expectations due to limitations on
social housing project supply, project investor capacity and legal procedures
on real estate contracts, among others.
According
to experts, diversifying the housing supply as well as facilitating
conditions for customers to access loans from banks will be useful to
accelerate the housing stimulus package.
Launched
in June 2013, the credit package offers loans with a maximum interest rate of
5 percent to individual borrowers for no longer than 15 years.
Workshop
boosts exports to Japan
Boosting
exports to
The
event, organised by the Small- and Medium-Sized
Participants
pointed out that strong tariff cuts under the agreement has opened up
opportunities for domestic products to enter the Japanese market, especially
key agro-aquatic and garment-textile products.
Tran
Dinh Thien, Director of the Vietnam Economics Institute, said domestic
enterprises should focus on product’s added value rather than productivity as
well as on developing products unique to
Echoing
Thien’s opinion on improving product quality, Nguyen Son from the
cross-sector Steering Committee for international economic integration
stressed the need for domestic products to meet Japanese standards to enter
the particular market.
Do Van
Dung, Chairman of the Vietnam-Japan enterprises association also underlined
the improvement in production methods and process to meet Japanese
requirements in product quality and safety.
Investors
encouraged waiting for positive market turns
Last
week’s stock market volatility has kept the VN-Index around 630 points all
week, edging up 0.28 percent on the week’s last trading day, while the HNX-Index
concluded its last session in red, down 0.59 percent.
A
slump of hot bluechips in the insurance and banking sectors, which had
previously enjoyed strong gains, together with the separation between stocks
in the same industry are believed to be holding back the market.
Liquidity
on both national stock exchanges fell 17 percent from the previous week’s
level to only 135 million shares changing hands.
The
decrease is owed to reduced cash flows pumped into the market and the
increasing number of investors offloading their shares, said the Viet Dragon
Securities Corporation (VDSC), adding that the stock market would remain
volatile this week.
The
firm recommended short-term investors unload their shares when the market
turns positive while long-term investors should maintain roughly half cash
and half stocks to reduce risks and be ready for following waves.
The
VPBank Securities (VPBS) expressed concern that if stock demand does not
improve notably to generate big enough profits, short-term investors will lose
patience and bail out, increasing pressure for the market.
The
investors would do better to keep the shares as the market is experiencing an
overall upward trend, Maybank Kim Eng Securities (MBKE) suggested.
The
VN-Index may need a few more sessions to hit 640 points, it added.-
Source: VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VET/VIR
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Thứ Sáu, 24 tháng 7, 2015
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