Thứ Năm, 9 tháng 3, 2017


Coffee fair attracts 234 domestic, foreign exhibitors
As many as 234 domestic and foreign enterprises are showcasing their top-quality products at a coffee fair which opened in the Central Highlands province of Dak Lak on March 9.
On display at the five-day event, themed “High-quality coffee for public health”, are various kinds of coffee, products made from coffee, handicrafts and coffee processing machines.
Famous coffee brands like Buon Ma Thuot, Trung Nguyen, Bien Hoa, Nescafe and An Thai, are introducing their new products, which have been favoured by both domestic and foreign markets.
Permanent Vice Chairman of the provincial People’s Committee Nguyen Hai Ninh said that the exhibition creates a golden opportunity for enterprises, scientists and farmers to promote trade, investment and technology transfer.
Visitors to the fair will have a chance to enjoy coffee products and standout cultural programmes delivered by ethnic minority groups in the region, he added.
The fair is being held as part of the activities within the framework of the 6th Buon Ma Thuot Coffee Festival and the Central Highlands Gong Culture Festival 2017, which will open on March 10.
With 203,000 hectares of coffee trees producing at least 450,000 tonnes of beans, Dak Lak is known as Vietnam’s coffee capital and features the famous Buon Ma Thuot coffee brand.
Local coffee beans harvested from 2015-2016 crop were shipped to 75 countries and territories worldwide. Top consumers of Dak Lak coffee are Japan, Switzerland and Germany.
SMEs get support to participate in public procurement market     
The Public Procurement Agency (PPA) on Wednesday launched a project to improve the skill of its staffs in implementing public procurement and enabling small- and medium-sized enterprises (SMEs) to participate.
The project, launched in Ha Noi by the Ministry of Planning and Investment’s PPA, is a co-operation with South Korean Public Procurement Service (PPS), Export-Import Bank of Korea (KEXIM Bank) and WTO’s International Centre for Trade (ICT/WTO). It aims to increase Vietnamese investors’ and contractors’ knowledge about public procurement across the world.
The South Korean partners will share their experiences in building and developing the public procurement system.
Nguyen Dang Truong, director of PPA, said SMEs account for a large portion of Vietnamese business, and the Government is focusing on providing support to encourage SMEs to participate in the public procurement market. However, SMEs have limited acknowledge about laws and regulations regarding public procurement. “The project will be useful for SMEs to join the market,” Truong said. 
Get set for the largest natural, organic foods expo in Vietnam
The Phu Tho Stadium in Ho Chi Minh City on July 14-16 will be the site of the largest trade show for the natural health products segment in Vietnam.
The expo celebrates the vibrancy of the growing natural products industry by bringing together suppliers and retailers under one roof, say the organizers
This year’s expo of natural and organic foods is bound to be an exciting one as it represents the largest show ever. Leading local manufacturers, importers and distributors of natural health products and organics are participating.
Several international natural product suppliers from countries such as the UK, China and the US, will be in attendance as well.
Not only do health food retailers attend but natural health care practitioners (naturopaths, homeopaths, holistic practitioners, herbalists, chiropractors, acupuncturists, massage therapists) show up as well because they depend upon the sale of natural health products to generate much of their income.
The organizers of this fourth annual edition of the expo are the Vietnam Association of Functional Foods, Asia Trade Fair & Business Promotion and the ASEAN Alliance of Health Supplement Associations.
Workshop spotlights sustainable seaweed cultivation
Managers, experts and producers of the seaweed business gathered to discuss growth outlook for the sector at a workshop held by the Directorate of Fisheries in Nha Trang city, the south central province of Khanh Hoa, on March 9.
According to the aquaculture division, Vietnam is home to over 800 seaweed species, with total natural reserves estimated at between 80 and 100 billion tonnes. However, the reserves are declining due to over exploitation and environmental pollution.
A representative from the Research Institute for Marine Fisheries said that seaweed harvest must follow right seasons and techniques to improve yield and protect the sources.
He proposed building seaweed reserves to protect genetic sources.
As heard at the function, seaweed cultivation in the country span over 10,000 hectares, mostly in northern and central coastal areas, and produce more than 101,000 tonnes of fresh seaweed per year. 
Participants agreed that there is a need to expand the farming area spanning the coastal line across Vietnam, apply advanced technology in seaweed production, and diversify away from current products.
Le Nhut, head of the Dai Duong JSC – a company majors on seaweed planting, processing and exporting, said the business brings in high profit at low risk, but requires strong investment.
He noted that the State should devise policies to support farmers in accessing preferential loans and encourage small-scale producers to work together, forming supply chains.
Vietjet CEO makes world's self-made women billionaires list
More women entrepreneurs than ever before have climbed into the 10-figure club, said Forbes in connection with the release its most recent world's self-made women billionaires list.
A record 56 self-made women are now billionaires including the first ever from countries like Vietnam and Japan.
Nguyen Thi Phuong Thao, CEO of Vietjet, ranked No. 45 on the list with total assets of US$1.2 billion. Educated in Russia in the 1990s, Nguyen also owns 5-star hotels and resorts in Vietnam.
The richest self-made woman in the world is Zhou Qunfei, whose publicly traded Lens Technology makes glass covers for mobile phones and tablets for customers like Apple and Samsung.
She is one of 29 self-made women billionaires from Asia named on the list.
MoIT to inspect fertiliser factories
The Ministry of Industry and Trade (MoIT) will inspect adherence to inorganic fertiliser production regulations at production and processing enterprises.
The MoIT's Market Management Department will be responsible for examination and then the inspection team of the ministry will recheck the department's inspection in key areas.
According to MoIT Minister Tran Anh Tuan, the inspection is aimed at ensuring compliance with the regulations on producing and processing inorganic fertiliser by businesses.
The purpose is also to detect, prevent and deal with violations in production and uncover unlicensed firms to protect the interest of customers, he said.
It also aims to determine shortcomings in the management of fertiliser in general to timely report to competent authorities to deal, adjust and complete current regulations on fertilser management.
The inspection will help restore order in the fertiliser market, considered to have poor quality and fake goods, which were creating problems for farmers over time.
The minister also ordered inspection teams to not create obstacles for businesses.
According to statistics of the Vietnam Fertiliser Association, the country currently has more than 1,000 enterprises producing fertilisers of thousands of different varieties. However, businesses which do not have licence continue to exist.
A report of the Market Management Department showed that more than 2,000 cases of violation had been uncovered in 2016, increasing by 150 percent compared with 2015, and administrative fines had reached 22.7 billion VND (1 million USD).
The inspection will begin on March 15.
Mekong Delta farmers to be trained in sustainable rice cultivation
About 4,000 farmers in the Mekong Delta region will be trained to grow rice following standards set by the Sustainable Rice Platform (SRP) in the next two years.
The training is part of a project on sustainable rice production that was launched in Ho Chi Minh City on March 8. The Canadian Government sponsors the project via the World Bank’s International Financial Corporation (IFC), while the local partner is the Loc Troi Group.
Experts from the International Rice Research Institute (IRRI) will provide technical support to the scheme. 
Joey Janiya, an IRRI senior expert, said the standard consists of 46 criteria, which are difficult for farmers to follow.
He added that however, the target farmers, who have participated in Loc Troi’s closed production line for years, are quick in catching up with new practices.
Huynh Van Thon, head of the Loc Troi Group, said the project not only assists his company in making high-quality rice products but also protects the environment and the health of the community.
Women’s start-up initiative launches in HCM City
A chapter of the international Women's Initiative for Self-Empowerment (WISE) program was launched on March 8 in Ho Chi Minh City to reach female entrepreneurs and support their business endeavours.
The WISE women’s business centre helps with one-on-one business counselling, training, workshops, and mentorship for those looking to start and grow a business. 
Most importantly, the staff and certified business counsellors at the centre help design business plans for success.  
The initiative takes on a broad approach that includes highlighting and telling the stories of well-known and lesser known successful women entrepreneurs from around the globe, special events, and organizes localized start-up weekend events.
Sustainable rice production program launched in Vietnam
A program on sustainable rice production in Vietnam was launched in Ho Chi Minh City on March 8 by the Loc Troi group, IFC, a member of the World Bank Group, the International Rice Research Institute, and the Sustainable Rice Platform.
The program targets to train 4,000 farmers in the Mekong Delta on environmental-friendly production method to obtain high yield and quality in the next two years. 
The program has piloted two crops which earned higher income for the participants and it matches Vietnam’s agricultural reform towards building Vietnam’s rice trademarks in the international market.
Experts from the International Rice Research Institute (IRRI) will provide technical support to the scheme. 
Huynh Van Thon, head of the Loc Troi Group, said the project not only assists his company in making high-quality rice products but also protects the environment and the health of the community.
Workshop promotes Mekong Delta’s agricultural product sales
A workshop was held in the Mekong Delta province of An Giang on March 8 to expand markets for regional agricultural and special products.
The event is part of the Vietnam High Quality Goods Fair 2017 in An Giang province.
Nguyen Lam Vien, Chairman and Director General of the Vinamit JSC, who is also Vice President of the Vietnam Agricultural Enterprise and Farm Association, said Vietnam’s agriculture production remains at a small-scale to meet the expectations of the domestic and international markets, while farmers still use chemical fertilisers and pesticides.
Vien suggested shifting to organic farming while developing trademarks and chemical standards for agricultural products to earn trust among consumers.
Enterprises should build their own consumption channels, while enhancing their reputation to carve out a niche in domestic and international markets.
Nguyen Phi Van, Chairwoman of the Retail & Franchise Asia Company, mentioned the market-oriented approaches of international firms, adding that Vietnamese firms should learn from them.
Participants also discussed fair competition in the sector and expanding the retail network to far-flung areas.
Belgian experts help HCM City to create special beef stock
The Department of Agriculture and Rural Development of Ho Chi Minh City has carried out a programme to improve its beef products by 2020, with a vision to 2030.
This information was released at a conference held by the department and the Consulate of Belgium in the city on March 8.
The programme aims to develop high productivity beef stock, improve the quality of beef and provide breeds for other southern provinces.
At the conference, several ideas were raised by Belgian experts to improve cow-breeding.
The programme was launched in accordance of the memorandum of understanding (MoU) between the HCM City People’s Committee and East Flanders province of Belgium in October 2016 on agricultural cooperation. It will work to improve the value and product quality of high technology agriculture in 2016-2020.
The MoU has also offered cooperation opportunities for the city’s firms with their Belgian peers.
Furnishing, handicrafts fair opens in HCM City
A wide range of indoor and outdoor furniture, handicrafts, and interior furnishing and accessories are on display at the 2017 Việt Nam International Furniture and Home Accessories Fair (VIFA-EXPO 2017) that opened in HCM City on Wednesday.
This year the number of exhibitors has increased by 23 per cent to 313 and the number of booths by 24 per cent to 1,532, Nguyễn Quốc Khanh, chairman of the Handicraft and Wood Industry Association of HCM City (Hawa), said.
Vietnamese and overseas firms based here account for a third of the exhibitors while the rest are foreign.
The number of foreign firms has gone up by 72 per cent. They are from 14 countries and territories, including Singapore, Taiwan, the US, Australia, Canada, China, and Italy, and have brought 100 brands, he said.
To serve international visitors, expected to number 4,500, the association has turned to the HCM City Tourism Association for assistance with hotels, transport, visas, travel, and other arrangements, Khanh said.
Inaugurating the event, Bùi Huy Sơn, head of the Việt Nam Trade Promotion Agency, said despite intense competition and trade barriers Việt Nam’s wood and wood product exports last year topped US$7 billion to remain among the country’s top 10 export items. 
This was made possible by enterprises improving their production capacity and design and product quality as well as effective support from business groups and trade promotion agencies.
The fair offers an opportunity for trade promotion by bringing local and international companies together, he said.
A seminar on technical standards for wood glue quality was held on the opening day.
Organised by the city Department of Industry and Trade, Hawa, and Hawa Corporation, the fair at the Sài Gòn Exhibition and Convention Centre will go on until March 11.
VIGroup invests in
The Ho Chi Minh City-based investment firm Vietnam Investment Group (VIGroup) is leading a $2 million Series A funding round in the O2O real estate platform, founder of the realty portal, Mr. Vu Lam Chi Duc, told VET.
This comes after Mr. Do Huy Dung, investment partner at VIGroup, came on board as an angel investor in the company’s seed round. Australian real estate service provider also participated in the latest funding round.
The shareholders will pick up 15 per cent of upon closing the deal, valuing the company at over $10 million. The new funding will be used to build and train his brokerage team, Mr. Duc said.
He added that the company had planned Series B fundraising later this year, at a $50 million valuation. “A Vietnamese real estate developer and an international media corporation have expressed interest in us,” he added. is working with leading developers in Vietnam, including Vingroup, Nam Long and Hung Thinh Corp. The real estate e-commerce platform claims to have 1,000 transactions and aims to boost the number to 15,000 by the end of this year.
Founded in 2016, offers real estate services in seven major cities in Vietnam, with some 230,000 listings of housing properties, and provides information on financial packages for the real estate sector.
VIGroup is one of Vietnam’s major private equity firms, having invested in a legion of industries in the country, including manufacturing, transport, hospitality, education, retail, affordable housing, technology, media and entertainment, and finance.
It has over $500 million in assets under management and typically targets holding minority stakes in companies over a four- to six-year investment.
The resurgence of Vietnam’s real estate market over the last year has been a catalyst for tech business in the field. Singapore’s PropertyGuru invested an undisclosed sum in last October as part of its regional push, with the deal seeing Cyberagent Ventures exit the Vietnamese real estate portal.
A similar platform, called, raised $500,000 in seed funding last year from a consortium of angel investors.
Zero-Energy to become new trend of township construction
The zero-energy township workshop held on March 7 at Nam Cuong building in Hanoi saw the participation of many experts from Denmark, the International Finance Corporation under the World Bank, and local experts as well as companies providing technology, solutions, and equipment for green building.
The workshop was a chance for experts to share information of the newest technologies and criteria in green building as well as the application of technology in developing a building as well as a whole township, such as the 200-hectare Duong Noi Township. 
At the workshop, experts said that using natural resources faster than they can be recovered is the reason for the worsening climate change and for the toxic and unhealthy environment that people have to live in.
IFC calculated that currently buildings are consuming more than 30 per cent of the energy that fast developing countries, such as Vietnam, are consuming. Vietnam is one of the countries most heavily impacted by climate change. Though many developers are aiming to construct green buildings, the number of certified green constructions in the country is still limited, and these are mostly office buildings and supermarkets, with only a handful of residential buildings.
According to Poul Erik Kristensen, an expert who has been developing green buildings for more than 30 years in Denmark, Europe, and many countries in Asia, there are some townships in the world that aim to become Zero-Energy in the near future, including the whole city of Copenhagen in Denmark, with its 1.2 million people, the town of Uralla in Australia with the project Z-net Uralla, and the city of Crisfield in Maryland, US.
“In order to become a Zero-Energy township, Duong Noi needs to be planned and designed to use energy very efficiently and minimise dependence on the national grid. Besides, the township should develop enough renewable energy to meet the demand of local families and businesses,” said Kristensen.
At the workshop, the IFC presented the Excellence in Design for Greater Efficiencies (EDGE) certification. Other presentations were held on experience in green building in Fujisawa city in Japan, SolarBK’s solutions using solar power in buildings, innovative and energy-saving plumbing systems by Grundfos, and more.
In her speech at the event, Tran Thi Quynh Ngoc, deputy chairman of Nam Cuong, said, “Green buildings that increase energy efficiency and save energy are going to have a good impact on the environment and society. Nam Cuong is going to focus on developing buildings that benefit the community, help protect the environment, and decrease dependence on fossil fuel and other non-renewable resources.”
Jane Henley, IFC's EAP EDGE programme manager, said, “Nam Cuong’s vision will have an impact on other developers.”
Nam Cuong is developing Duong Noi Township into a Zero-Energy township, the first of its kind in Vietnam.
Anland Complex and An Phu Shop-villa are both developed by Nam Cuong to meet the EDGE criteria. Specifically, the two are designed to decrease energy usage by 20 and 27 per cent, respectively.
Nam Cuong aims that by 2020, it is going to have all its buildings EDGE-certified, become a hub to share experience in green building with investors and designers, and be a trusted source for users regarding energy saving.
Two forms of trade reconciliation organization defined
The trade reconciliation organization includes the trade reconciliation centers and the arbitration centers, according to Decree No. 22/2017/NĐ-CP on principles, policy, requirements, sequence and procedures for resolving disputes through trade reconciliation.
The trade reconciliation centers have legal status and own stamp and credit and operate non-profit. They will have domestic and foreign branches and representative offices. The President of the trade reconciliation center is a trade reconciler.
Foreign trade reconciliation organizations operating in Viet Nam must respect and obey Viet Nam’s Constitution and regulations.
Foreign trade reconciliation organizations operate in Viet Nam in forms of branches and representative offices of the foreign trade reconciliation organizations.
Three more items join US$1 bln export club
Thee more items have been listed among the US$1 billion export club over the recent two months, according to the Ministry of Industry and Trade.
The exports of machines, equipment and tools reached US$1.927 billion, vehicles and tools with US$1.050 billion and wood and wooden products with US$1.009 billion in the reviewed months.
These three items contributed US$3.986 billion to the nation's total export value.
Besides these three items, the export value of four items including phones and spare parts, garments, computers, electronics and accessories and footwear attained US$13.6 billion.
The exports of phones and accessories took the lead with US$4.83 billion, a year-on-year increase of 2.6%, followed by garments with US$3.657 billion, up 12.2%, electronics and accessories US$3.1 billion, up 34.4% and footwear US$2.069 billion, up 10.7%.
Viet Nam earned US$17.64 billion from exporting these seven items, which accounted for 64% of the total export turnover in two months.
The country gained US$27.3 billion from exporting in the first two months of 2017, an increase of 15.4% against the same period last year. The State and foreign-invested sectors contributed US$7.6 billion and US$19.7 billion, up 12.2% and 16.8%, respectively.
VietJet taking off on HOSE runway
Endorsed by a February 28 Hochiminh Stock Exchange (HOSE) decision on listing which marked the first transaction day of Vietjet Aviation Joint Stock Company’s VJC shares, Vietjet has become the first aviation company to be listed on Vietnam’s southern bourse.
Backed by charter capital of VND3 trillion and a price of VND90,000 per share, Vietjet’s capitalization at the moment of its HOSE listing reached VND27 trillion, or US$1.2 billion, accounting for 1.5% of HOSE’s capitalization (some VND1.63 million billion by February 15, 2017). 
That means Vietjet is now among the top-15 of listed firms with the largest capitalization value on HOSE. Of the 24 international credit  institutions having bid for VJC shares are famed investment funds such as GIC, Wellington, Eaton Vance, Morgan Stanley, Dragon Capital and VinaCapital. Foreign investors have so far clinched 24.48% of VJC shares versus the 30% rate they are allowed to.
Statistics show that in 2016, Vietnam’s aviation transport market posted a growth rate of 29% while the ratio of the population taking a flight rose from 0.5% in 2012 to 0.8% last year. Vietjet is Vietnam’s first private aviation company and is also one of the very few airlines in the world which are able to reap profit immediately in the second year of operation. 
When 2016 came to an end, Vietjet grossed a total turnover of more than VND27.53 trillion, profit of almost VND2.4 trillion and Earnings Per Share (EPS) of VND8,762.
“Sustaining stable and high growth, we strongly believe in a bright future in the air for our passengers, our company and our investors,” said Nguyen Thi Phuong Thao, CEO of Vietjet, at the ceremony in celebration of VJC first trading session. 
“Vietjet is to become an airline targeting corporate governance quality and efficiency of listed company in line with the world’s best standards and practices. In addition to new values for passengers, we want to do the same to investors and both domestic and international capital markets.”
VJC’s share price rose to the 20% price ceiling during its first trading session, to VND108,000 per share, with only 12,000 shares transferred. Unsuccessful buying orders at price ceiling amounted to 3-4 million units. The same happened in the two following sessions when a very small number of shared were traded, mainly between foreign investors. In the fourth session, transactions boomed, and the closing price stood at VND132,100 per share. Liquidity was at 2,75 million shares, equivalent to VND395 billion, making up over 12% of the market’s total transacted value.
On the morning session of March 6, despite a hike of almost 50% from the initial price, VJC continued its gaining streak of more than 4% to soar to VND137,400 per share boosted by foreign demand. Of the total 1.15 million VJC shares traded in order matching on the March 6 session, the foreign side bought 524,400 shares, accounting for almost a half of the total transacted volume. 
In the entire session, foreign investors net-bought 198,400 VJC shares, marking the fifth consecutive net-buying session. Given this level, VJC price gained 52.6% since its first launch while its capitalization reached VND41.2 trillion, surpassing that of Vietnam Airlines (VND39.77 trillion).
That said, after five trading sessions, Vietjet’s shares have earned profit of 59% for individual investors who bought VJC shares in December 2016. However, with more than 4.2 million shares traded in order matching after a week on HOSE, it seems that investors still want to retain their shares waiting for even better prices.
During the HOSE gong-beating ceremony for Vietjet, Jasper Reiser, Co-head of Asia Pacific Equity Capital Market of BNP Paribas, said BNP Paribas has participated in the team of international consultants in support of Vietjet’s IPO. 
This event attracted special interest from both domestic and international investors, said Reiser. The success testifies to the management and business operations of the company’s leadership as well as its exponential growth, he added.
According to the International Aviation Transport Association, the Asia Pacific region has topped the world’s aviation market since 2009.
Given Vietnam’s young and big population, the disposable income of her citizens posting the highest rate in the region and the lukewarm development of other transport modes such as overland, railway and waterway, Vietjet and other airlines have favorable conditions for development in the Vietnamese market.
Currently, the remaining cap of foreign ownership ratio for VJC shares is only over 4% while foreign investors are continuing to buy them. GIC owned by the Singaporean Government is now the largest foreign investor to hold VJC shares, at 5.48%. Meanwhile, Dragon Capital has spent nearly VND1 trillion buying the shares. 
VJC shares also account for almost a half of HSC’s propriety trading portfolio. Many foreign investors have managed to buy more or less 50% of the volume of VJC shares traded during the last December’s issue.
Considering big capitalization, high profit ratio, institutional investors, promising scope of business and so on, VJC shares seem to be so attractive to investors.
More firms burdened with informal fees
A recent Vietnam Chamber of Commerce and Industry (VCCI) survey found 34% of businesses were grappling with informal fees last year, two percentage points higher than in 2014.
VCCI on March 7 announced results of the survey of 3,500 operational businesses in the country. Up to 39% of respondents said they would face discrimination if they declined to pay informal fees for officials.  
Dau Anh Tuan, head of the legal department at VCCI, said firms had to pay informal fees for taxmen. “They are concerned that they would be in trouble and face more tax inspections although they are doing nothing wrong.” 
An assessment report conducted in 2016 by VCCI and the World Bank (WB) on tax procedure reform and business satisfaction indicated 53% of firms grappled with tax inspections in the past year.  
The bigger businesses are, the more inspections they face, Tuan said, adding inspections were reported at 74% of companies with chartered capital of more than VND100 billion, 68% with chartered capital of VND50-100 billion and 67% with chartered capital of VND10-50 billion.
Tuan said 80% of inspections were carried out by tax agencies, 9% by other authorities and 11% by interdisciplinary teams.
Tax refund procedures remained burdensome, the report pointed out. Tuan said the survey found 30% of eligible firms did not complete such procedures as they were complicated, 20% considered them as being time-consuming, and 17% complained the requirements were too difficult to meet.
However, Tuan said firms’ level of satisfaction with access to information about tax and administrative procedures was pretty high and the quality of information improved. For instance, 93% of respondents were satisfied with information posted on the websites of tax agencies and 92% were pleased with dialogues with tax officials.
Another improvement was that the number of foreign-invested enterprises complaining about tax procedures declined to 53% last year from 57% in 2014. The respective percentages of private companies were 49% and 41%.
But 31% of firms said tax filing was still troublesome while 26% grappled with tax refunds. Changing tax information and completing procedures for tax cuts and exemptions still challenged 15% and 10% of respondents respectively.
Speaking at the announcement ceremony of the survey, Minister of Finance Dinh Tien Dung said the time required for completing tax filing and payment procedures had been cut to 186 hours a year as recognized by the WB after the Ministry of Finance’s push on streamlined administrative procedures in this area. The ministry is reviewing more procedures and will make them public in the coming time.
Dung said tax agencies had been told to reduce inspections and not to bother businesses. Direct contacts between taxmen and corporate taxpayers should be limited.
VCCI chairman Vu Tien Loc said reducing the time for tax procedures from 872 hours a year to the current level was a great effort of the tax sector as assessed by the WB.
Loc said over the past two years the ministry had asked independent organizations to assess firms’ satisfaction with tax and customs procedures and management, and announced the final results.
Loc noted the tax sector should work harder to improve the quality of tax rules, simplify relevant administrative procedures and provide more backing for small and medium enterprises.

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