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BUSINESS IN
BRIEF 22/3
Korean firms
to sign cooperation deals at Vietnam-Korea ICT 2018
 Big Korean companies are expected to sign to cooperate with local firms at the Vietnam-Korea ICT 2018 on March 22 in The event, held by the Vietnam Internet Association (VIA) in collaboration with the Korea National Information Technology Promotion Agency (NIPA), will attract dozens of well-known firms from For example, local Access Motion Company will sign with Korea Tripath Company on advertising based on users’ location, Korean DSP1 Company and Viettel Group will sign to provide an anti-theft solution based on M2M connection, Korea Supernet and Newtatco will sign a cooperation agreement in wireline and wireless consolidation services, Korea JC1 will sign an agreement on digital conversion solutions with FSI Vietnam, and Korea ESE Company will sign an agreement to provide integrated smart solutions to FPT Corporation. Besides, the event will feature topics such as 5G conditions, South Korea, which was among the first countries to set up relations with Vietnam through the provision of digital telecommunications equipment in the early 1990s, is now the top investor in the country with big names like Samsung, SKT, and KT. According to VIA, nearly 40 Vietnamese and Korean firms joined the event last September. PPP investment workshop to be held in April The Ministry of Transport (MoT) and the World Bank will likely jointly organise a workshop on the public-private partnership (PPP) investment model in April. ppp investment workshop to be held in april At a meeting with Minister of Transport Nguyen Van The late last week to seek support, Ousmane Dione, the World Bank’s country director for Vietnam, said that the event aims to share the experience of countries in the field. The minister supported the idea, saying that MoT will cooperate with WB to successfully hold the event. " The eastern spur of the North-South Expressway project, which is estimated to cost VND230 trillion ($10.5 billion)—with 1,370 kilometres to be built by 2020—is considered an economically- and politically-important project. It will run through 20 cities and provinces, affecting 45 per cent of the country’s population, 65 per cent of its ports, and 67 per cent of its economic zones. The project has been attracting the attention of many foreign investors, including South Korea-based Posco E&C, Lotte E&C, and many other international groups from However, a lack of guaranteed policies remains a key barrier to investor participation in PPP transport projects in According to Ousmane Dione, WB is willing to provide technical support for MoT in developing expressway projects under the PPP format. The bank is also interested in the development of inland waterway transport in Eurowindow to develop $120-million factories in Myanmar European Plastics Window Company Ltd. (Eurowindow), Eurowindow’s decision to expand comes at a time when Speaking on the sidelines of the opening ceremony opening its representative office in The locations of the factories have yet to be decided. The first factory is expected to produce doors and windows, while the second factory will manufacture other construction materials, such as interior equipment. The firm’s flagship products include aluminium doors, uPVC doors, and wooden doors. Eurowindow signed its first contract in Hong said Eurowindow plans to expand into real estate development in Eurowindow first started catering to the market in Established in 2002, Eurowidow has five factories and one glass processing centre based in Besides, it owns a nationwide distribution network, including three branches, nearly 40 showrooms, as well as hundreds of agents and distributors. Eurowindow generated a revenue of $142 million in 2017 and targets to become a leading supplier of doors, windows, and construction products in Gemadept is going regional with CJ Vietnam’s leading port and logistics firm Gemadept Corporation recently elaborated on its partnership with CJ Logistics and revealed its plans to go regional. Gemadept Corporation, the country’s largest port and logistics owner and operator, recently announced its plans for 2018 and subsequent years. The corporation, which is listed on the Ho Chi Minh Stock Exchange, stressed that it has an equal partnership with CEO Do Van Minh emphasised that in the CJ-Gemadept joint venture, Gemadept would still call the shots regarding management and operations. “All decisions in this new entity have to be agreed upon by us and our South Korean partner. This is the most important part of the agreement. Thanks to Gemadept’s deep understanding of the local market and close relationship with foreign partners, both parties mutually agreed that Gemadept will keep controlling daily operation. To customers and partners, all contacts for business will remain unchanged” said Minh. Following the agreement, Gemadept and CJ Logistics have set ambitious goals for their joint business. Specifically, CJ Gemadept is expected to double its profit within the next three years, strengthen its number-one position in Indochina and become a leading player in “We want to go international fast in logistics sector. Thus, we decided to co-operate with a strategic foreign partner. CJ Logistics shares the same vision as us and has a well-established network in all continents, making them the ideal partner,” said Minh. Another notification is that port operation and other Gemadept’s logistics affiliates remain 100 per cent under Gemadept’s ownership and management. In the next few years, Gemadept has set out a list of ambitious goals for its expansion in both Another landmark project of Gemadept remains the massive Gemalink deep-sea container terminal in the Cai Mep–Thi Vai port area in the southern Phase one of the project is expected to kick off by end of 2019 with the capacity of 1.5 million TEUs, and when completed, Gemalink will be the only deep sea container port in Cai Mep–Thi Vai to accommodate vessels of up to 200,000 DWT. Further ahead, Gemadept will continue expanding its ports, logistics, warehouse, transportation, and air cargo services to create full-packaged 3PL logistics and port system. “We want to build, and relentlessly expand, our integrated logistics and port system all across For business performance target, profit from core businesses of Gemadept, the first year after the co-operation with CJ is planned to achieve good growth compared to the same period. The target is to double EBT towards 2020. Founded in 1990, Gemadept was one of the first firms to be equitised and listed on the public market. The firm has released its financial results for the entire year 2017 (before audit) with VND3.9 trillion ($177.27 million) in revenue and VND650 billion ($29.54 million) in pre-tax profit, outperforming its planned target. Billionaire Warren Buffet was quoted as saying, ‘If you want to go fast, go alone. If you want to go far, go together.’ We do believe that with the recent cooperation between Gemadept and CJ in the logistics sector as well as Gemadept’s own goal for port development, the corporation will continue to have strong and sustainable movement in the coming time. Taekwang looks for strategic stake in PV Power Taekwang Power Holdings, a unit of South Korean textile and shoemaker Taekwang Co., has ambitions to become the strategic investor of PetroVietnam Power Corporation (PV Power)—the second-largest electricity producer in Vietnam. Some days ago, representatives of Taekwang Power joined a working session with the leaders of PV Power to discuss options of buying nearly 29 per cent stake to become the strategic investor of PV Power. The South Korean party has plans to spend VND12 trillion ($527.2 million) on the deal. So far, PV Power met with 195 foreign investors, 35 of whom expressed intentions to make a bid. However, ultimately, only four firms submitted applications. Two of these investors come from PV Power was established in 2007 and is fully-owned by PetroVietnam. As the second-largest electricity producer in Notably, in July 2017, the consortium including Saudi Arabian ACWA Power and Taekwang Power officially received an investment certificate for the project. Nam Dinh 1 is the seventh foreign-invested power project licensed in The 1,200MW plant is an independent The project is scheduled to commence construction in early 2018. The first unit will enter commercial operations within 51 months, while the power facility will take 57 months. The investment consortium will operate for 25 years. The project will be financed by Export-Import Bank of South Korean Posco E&C has been selected as a preferred bidder for the engineering, procurement, and construction (EPC) contract of the project. The plant’s annual production will be 7,800GWh, which will be a considerable contribution to power generation in northern Startup Luxstay gets $2.5 million funding Previously, Luxstay received funding from Japanese Genesis Ventures and Singapre-based ESP Capital in the middle of 2017. Without detailing the funds for the startup in the first time last year, Genesis Ventures, which also invested in VNG, Foody, Tiki, Vatgia, decided to inject money into the startup after a 30-minute meeting. Working somewhat like short-term apartment rental site Airbnb, Luxstay focuses on luxury accommodation like villas, apartments, and high-end homestays owned by local people across Southeast Asia. The startup was founded by Vietnamese entrepreneur Steven Nguyen and incorporated in HCMC plans trading floor for pork The city’s Department of Industry and Trade is working on forming the trading floor, which will allow direct purchases, without intermediaries, from pig farmers. Large, growing pork markets such as The city has begun a programme to keep better track of pork origin to ensure higher-quality products. By the end of 2017, 2,644 pig farms and 38 slaughterhouses had joined the programme, according to the city’s Department of Industry and Trade. The department has also held around 85 training sessions for farmers. As part of the programme, traders and consumers can look up information about the pork they have bought and their origin by scanning the QR code on each pork package which has quality stamps. In The city plans to replace all manual slaughtering activities with machinery by the end of 2018, and make sure every slaughterhouse is equipped with freezers to store pork. According to the department, the city consumes US$500 million worth of pork every year. TP Bank’s profit doubles year-on-year Tien Phong Commercial Joint Stock Bank (TPBank) earned VND275.8 billion (US$12.1 million) in profit in the first two months of this year, a two-fold increase year-on-year. The non-performing loan (NPL) ratio was kept at 0.97 per cent, still within permitted the level. The bank is in the process of completing procedures to list shares on the HCM Stock Exchange (HoSE). TPBank shares are expected to be listed on the exchange in April. The bank’s shareholders also expect to receive dividends for the first time after six years of successful restructuring. TPBank posted impressive growth in 2017. Its profit rose by 70 per cent from 2016 to more than VND1.2 trillion. Its total assets were VND124 trillion, up 17.2 per cent. The bank’s total credit was VND71.29 trillion, representing a 22 per cent year-on-year rise. It was listed among the top banks with the best credit quality in the market and low bad debt rate of just 0.87 per cent. TPBank’s total capital mobilisation was VND115 trillion, increasing 17.5 per cent from the previous year. OCB is VN’s first omni-channel bank Orient Commercial Joint Stock Bank on March 19 became the first bank in the country to move to an omni-channel digital platform that allows customers to switch between devices during a single transaction. With all of the bank’s online and offline channels integrated, customers can start making a transaction on its website and finish the process at an OCB branch or on its mobile app. “This [digitisation] trend is inevitable and financial institutions are reaching out to it, and OCB has become the first bank to bring the omni-channel concept to Việt “Today’s event marks a big step for OCB in becoming a modern bank and a leader in the retail and SME sectors.” The launch of omni-channel banking provides OCB with a strong foundation for becoming a digital-only bank, he said. On the occasion, OCB also offered some new products such as financial management, opening online savings accounts, scheduling future payments and widgets which give customers freedom to arrange their most frequently used services, among others. OCB said more new products would be offered from now through 2020. Keppel Land Limited ( Following the acquisition, It is envisaged to be a bustling hub combining modern and sustainable urban living with vibrant and healthy lifestyles, which can be a model for other urban developments in The total development cost for The integrated township will comprise of about 4,300 premium homes and include iconic features like a waterfront boulevard, an open public plaza, and In addition, biophilic design principles will be incorporated into the development, such as natural lighting and ventilation, a linear park, vertical greenery, and picturesque water features with natural filtration, to create a green and beautiful environment. The first phase of The above transaction is not expected to have a material impact on the earnings per share and net tangible assets per share of Keppel Corporation Limited in the current financial year. With 20 licensed projects across Minh Phu Corp reveals ambitious plans upon return to stock exchange Leading seafood firm Minh Phu Corporation has plotted out grand strategies to defend the “King of Shrimp” title, following its comeback to the public market this month. Minh Phu revealed that it will use technology to gain the upper hand in the shrimp market. The firm recently met with top experts in artificial intelligence in According to CEO Le Van Quang, with the help of automation, Minh Phu’s annual capacity can reach 150 tonnes per hectare, compared to the current 10 tonnes. The seafood firm has spent the last two years preparing the necessary database and infrastructure for this step. The corporation is also planning to invest in a 10,000-hectare shrimp farm in Kien Giang province, which will make use of state-of-the-art technology. With expectations of higher output levels, Minh Phu looks to ramp up its export turnover to $1 billion a year. In 2017, Minh Phu accounted for 20 per cent of Minh Phu’s major markets for exports include the For 2018, Minh Phu looks to increase its export turnover to $1 billion, reaping pre-tax profits of VND1.3 trillion ($56.8 million). The anticipated export volume is 70,000 tonnes of finished products. Minh Phu's founder and CEO Le Van Quang is known in However, the big question remains: where can Minh Phu get the funding for all of these ambitious projects? Short-term loans at the firm already stand at VND3.4 trillion ($148.5 million)—four times the charter capital. Minh Phu also had to borrow another VND700 billion ($30.8 million) to expand its Minh Phu Ca Mau factory, where construction is slated to start in the third quarter of 2018. CEO Le Van Quang said he is looking forward to a government loan programme for high-tech shrimp farming, which can provide up to VND10 trillion ($437 million) for seafood companies. The loan package aims to help seafood firms like Minh Phu gain control of shrimp farms in the Mekong Delta. Another source of money for Minh Phu is raising its charter capital upon returning to the Ho Chi Minh Stock Exchange. The firm will also pay no dividends this year. Not stopping there, Minh Phu will also issue 60 million shares in a private placement this June, aiming to collect VND600 billion ($26.2 million) for the business. The seafood firm expects its charter capital after these issuances to reach VND2 trillion ($88 million), thus providing sufficient funding for its expansion projects. “A lot of foreign investors have expressed interest in becoming our strategic partners. This is testament to their belief in our growth potential,” said Quang. Tien Giang moves to manage quality of star apple exports The Mekong Delta Local authorities have detailed farming techniques and instructed farmers to manage agricultural product quality, he noted, elaborating that farmers have received training in disease prevention and the use of plant protection substances. They were warned not to use substances that the Tien Giang has provided codes for new farming areas while expanding the areas which already had codes. It has also requested star apple exporters to coordinate with specialised agencies to receive timely technical support. Man said the province is pushing star apple cultivation towards VietGAP (Vietnamese Good Agricultural Practice) standards to ensure food safety and origin traceability. The agriculture department also asked the Plant Protection Department under the Ministry of Agriculture and Rural Development to continue reviewing the granting codes for star apple exporters and strictly examine the origin, package and quality of export batches so as not to affect the prestige of Vietnamese star apples. The Plant Protection Department has also been asked to update localities with plant quarantine information to deal with violations in a timely manner, the official said. He added his province is making efforts to form long-term cultivation areas to ensure stable production and supply of quality star apples. Notably, it is implementing a pilot project on recovering Lo Ren star apple trees, a Tien Giang variety. It is also re-organising the production and consumption chain, improving star apple cooperatives, and stepping up trade promotion to boost exports to the In the Mekong Delta, Tien Giang is one of the provinces with the biggest star apple farming areas. In late December 2017, the agriculture ministry and the provincial People’s Committee announced that the first batch of Vietnamese star apples had been shipped to the Since the announcement, Tien Giang has exported 73 tonnes of star apples to the Methodical approach to exporting aquatic products to US suggested Commercial Counsellor and head of the Vietnam Trade Office in the US Bui Huy Son has said Vietnamese firms should take a methodical approach to exporting aquatic products to the He made the statement during an interview with Vietnam News Agency following the US Department of Commerce’s 13th administrative review on countervailing duties on frozen tra fillets imported from Vietnam from August 1, 2015 – July 31, 2016 ended with record high taxation, triple that of the 12th review. Son said the Ministry of Industry and Trade has clearly expressed its stance on the taxation in its announcement, that it is unfair and reflects inappropriate protectionism. The Vietnam Association of Seafood Exporters and Processors also issued an announcement affirming that the DOC’s calculation method is improper and biased and asked the DOC to reconsider the tax on frozen tra fillets imported from Asked about what According to him, the Therefore, the State, local agencies and associations need to store and digitalise such information to make it readily available when necessary, he said. Together with efforts of aquatic exporters, relevant associations, the ministries of Industry and Trade, and Agriculture and Rural Development, the media also plays a significant role in raising public awareness of fishing and aquatic processing which ensures safety and meet importers’ requirements, Son added. Quảng Bình to launch world-class golf course Trường Thịnh Group and the Located in the coastal area of Bảo Ninh Commune, the Bảo Ninh Trường Thịnh golf course project has a planned area of 175.76ha and is expected to provide 36 holes, based on international standards. The golf course is being built to serve the sporting needs of people in and around the province, especially businessmen, experts and international visitors who work in and visit At present, the provincial People’s Committee has approved Trường Thịnh Group to study and invest in the Bảo Ninh Trường Thịnh golf course project, with total investment capital of nearly VNĐ1 trillion (US$44 million). The project will be completed within 36 months, and part of the project (up to 18 holes) will be put into operation 12 months after the completion of investment procedures. Speaking at the signing ceremony, Trần Tiến Dũng, vice chairman of the provincial People’s Committee, said this was not only a chance to promote the golf sport but also to promote the image of Quảng Bình tourism. The province will create favourable conditions to ensure the project operates well, Dũng added. According to statistics from the Ministry of Agriculture and Rural Development, Thanks to a higher demand for rubber from foreign importers, the price of rubber has risen to VND40 million (US$1,600) per tonne, from VND32 million (US$1,280) per tonne since the Lunar New Year. However, experts warned that it will be difficult to maintain the positive trend for long and price fluctuations may be a recurring scenario for the rubber sector in 2017. In the first two months of 2017, the price of rubber stood at roughly US$2,630 per tonne but after March, rubber prices faced irregular fluctuations and dropped to around US$1,600 per tonne. The rubber crop in 2017 was a warning about the instability and risks that both rubber growers and traders may encounter in 2018. Experts fear that the demand for rubber will rise until the end of this year but will be slower than the increase in the supply, which will result in a decrease in prices, with the average price hovering around VND36-37 million (US$1,584-US$1,628) per tonne. Meanwhile, The fact shows that To resolve the trade balance problem in rubber imports and exports and to create an abundant supply of rubber materials for domestic production, the rubber industry should restructure its current rubber products toward deep processing in order to create higher added values. The rubber sector also needs to improve the quality and value of its products through the application of advanced technology in production while expanding export markets and boosting trade promotion. PM approves development strategy for The Prime Minister has approved a development strategy for Accordingly, by 2035, In terms of exports, the strategy targets the mechanical engineering industry’s export volume meeting 35% of its total output by 2020, and the proportion is expected to increase by 40% by 2030 and 45% by 2035. Until 2025, the industry will focus on developing a number of sub-sectors of automobile mechanics, tractors, agricultural machinery, construction equipment, industrial equipment and electrical equipment, which are capable of basically meeting the requirements of the economy and a part of the export demand. After 2025, some groups of advisory and manufacturing contractors, which are capable of mastering the designing works and manufacturing auxiliary equipment groups, will be formed, while efforts will be focused on supporting some domestic firms that have the potential to become strong regional corporations in the manufacturing sector such as automobiles, agricultural machinery and electrical equipment. The strategy stipulates the continuous revision and supplementation of policies promoting the mechanical engineering industry, including tax incentives, the support measures for investment and business activities; and the continuous review, amendment, supplementation and completion of the support mechanisms and polices for the mechanical engineering industry in accordance with the laws on investment and Loans not allowed to go to innovation investment funds The Government recently issued Decree No. 38/2008/ND-CP detailing investments for innovation in small and medium-sized enterprises (SMEs). The decree guides the investment in innovative SMEs; the establishment, management and operation of innovation investment funds; and the mechanism on using the local budget to invest in innovative SMEs. The decree clearly states that an innovation investment fund does not have a legal entity and is established by a maximum of 30 capital contributors on the basis of the fund’s charter. An innovation investment fund is not allowed to contribute capital to another fund of the same type. The assets contributed may be in Vietnamese dong, gold, the value of land use rights, and other assets that can be valued in Vietnamese dong. Investors are not allowed to use loans to contribute capital to establishing an innovation investment fund. An innovation investment fund is managed in one of the following models: a congress between investors and the company that implements management of the fund; a congress between investors, the representative board or the director of the fund, and the company that implements the management of the fund; and a congress between investors, the representative board and the director of the fund, and the company that implements the management of the fund. The management of the innovation investment fund, as stipulated in this decree, will be implemented in line with the charter of the fund and the contracts signed with the fund (if any), and will not be governed by the law on securities. The decree also provide regulations on using the local budget to invest in innovative SMEs. Specifically, depending on the local budget capability, the provincial-level People’s Committee recommends to the provincial-level People’s Council on assigning the locality’s state financial organization to make investments in innovative SMEs. Annually, the locality’s state financial organization evaluates, adjusts and announces the list of the selected innovation investment funds on its web portal and on the website of the provincial-level People’s Committee. Gov’t continues to restructure SOEs Deputy PM Vuong Dinh Hue, who is Head of the Steering Committee for Business Renovation and Development (SCBRD), has recently inked Decision 112/QD-BDMDN on a working program of the Steering Committee. Accordingly, in 2018, the Steering Committee will consult the Government and the PM to perfect the mechanisms and the legal framework on the management and operation of State-owned enterprises (SOEs); SOEs arrangement, equitization, and capital withdrawal in line with Resolution 05-NQ/TW, dated November 1, 2016 on a number of guidelines and policies in order to continue to innovate the model of growth and enhance the quality of growth and labor productivity and the competitiveness of the economy. The Steering Committee will direct, investigate, and urge ministries, agencies, localities, economic groups and corporations to accomplish State capital withdrawal on schedule. Ministries, agencies, localities, SOEs were asked to make reports on responsibilities of heads, relevant organizations and individuals before January 10, 2019. SOEs will be restructured comprehensively, covering organization, personnel, strategy, administration, finance, technology, production, and professions. Weak SOEs will be reviewed and handled. Administrative procedures, business conditions, and the legal environment will be reformed so that by 2020 Nearly 11,000 businesses to mark PCI 2017 The Provincial Competitiveness Index (PCI) received feedback from 10,245 private enterprises in 63 provinces and cities and 1,765 FDI from 47 foreign countries and territories in 21 provinces and cities. The Viet Nam Chamber of Commerce and Industry (VCCI) and the United States Agency for International Development (USAID) will publish the PCI 2017 on March 22 in Ha Noi. The Provincial Competitiveness Index (PCI) in This is the 13th consecutive year the VCCI publishes the index. Director General of the Legal Department of VCCI Dau Anh Tuan reported that this year, the survey received responses from 10,245 private enterprises in 63 provinces and cities (including 2,003 enterprises which were established in 2016 and 2017) and 1,765 FDI from 47 foreign countries and territories in 21 provinces and cities. Besides the PCI ranking, the 2017 version will assess Mr. Tuan revealed that the PCI report will put aside a chapter on business management quality. Earlier, in 2016, the central city of The PCI 2016 sent out questionnaires to 11,600 enterprises, of which around 14 % were foreign invested enterprises in Last year, the Government issued Resolution 19-2017/NQ-CP, dated February 6, 2017 on continuing to implement main duties and solutions for improving the business environment and enhancing national competitiveness in 2017 and orientation towards 2020./.
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Thứ Năm, 22 tháng 3, 2018
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