Seven additional investment projects will be carried out in the central province of Binh Thuan, as agreed between local authorities and investors at a promotion conference held in the locality on September 12. Most of the large-scale projects focus on the province’s strengths, including the Hoa Thang 1 Wind Power Plant, a solar power plant, the Vietnam-Cambodia friendship tourism site and a milk processing plant. Chairman of the provincial People’s Committee Le Tien Phuong affirmed that Binh Thuan is one of the most attractive destinations for investors in Vietnam, especially for tourism and the energy industry, given the favourable investment climate in the locality. He highlighted that thanks to the…
Toshiba extends backing for higher education
Toshiba Corporation last week announced its continued commitment to granting scholarships for eligible individuals in Vietnam to get access to quality tertiary education through Vietnam National University Hanoi (VNU-Hanoi) and Vietnam National University HCMC (VNU-HCMC). On the occasion, the company hosted two ceremonies to mark the 10th year of scholarship awarding at VNU-Hanoi and VNU-HCMC. Toshiba has funded the scholarship program since 2005 which has benefited more than 400 recipients to date. Toshiba will provide each of universities with 1.6 million yen per year. Selected post-graduate students will get annual scholarships covering tuition fees and living expenses. Apart from scholarships, Toshiba established a laboratory to develop platform technology for embedded…
Vietnam, UK deepen educational bonds
Deputy Prime Minister Vu Van Ninh reiterated education is Vietnam’s top national policy while attending the Vietnam-UK Education Forum held in London, the UK, on September 11. The forum looking to establish bilateral sustainable education partnership brought together representatives from leading 100 universities and academic organisations from both sides. Deputy PM Ninh also told participants that the training of human resources of high calibre has been defined as one of the strategic breakthroughs being pursued by Vietnam to achieve sustainable development and integration, expecting the forum would foster partnerships in this regard. He informed that under the law on higher education issued in 2012, local universities are working to strengthen…
Samsung to diversify operations in Vietnam
HANOI – South Korea’s Samsung is looking to foray into new areas in Vietnam such as energy and insurance after it has reaped success in the electronics industry. At a meeting with Minister of Information and Communications Nguyen Bac Son on September 9, Samsung Vietnam general director Han Myoung-sup said after the success of Samsung Electronics, many other units of the group are seeking to invest in other sectors like energy and insurance. Han said the total workforce at the Samsung factories in the northern provinces of Bac Ninh and Thai Nguyen has exceeded 110,000. The company has also invested in a research and development center (R&D) in Hanoi with…
Food, beverage markets thrive
The food and beverage sectors have enormous potential for development with a stable annual growth rate of 7-8 percent, according to the Vietnam Beer, Alcohol and Beverage Association (VBA). With the population of more than 90 million, the food and beverage sectors are key industries and make significant contributions to the country’s economy, said Nguyen Van Viet, chairman of the association. Many domestic and foreign enterprises are seeking opportunities to invest in food and beverage sectors with potential market, Viet said at the opening ceremony of the 19th International Exhibition on Food & Beverage and Food Processing & Packaging Technology & Equipment that opened on September 9 in HCM City.…
Ministry proposes increase to special consumption tax
HA NOI (VNS) — The Ministry of Finance has proposed to increase special consumption tax on imported goods to ensure fair competition between locally manufactured products and imported ones. Under the current regulations, the special consumption tax on imported goods is calculated keeping in mind their cost, insurance, and freight (CIF) value plus current import tariff. However, the ministry said the import tax on automobiles and air-conditioners would be lowered to zero under the country’s commitment to international integration. The current special consumption tax on imported goods would not ensure fairness between local and imported items. It could become vulnerable for importers to take advantage of the tax cut for…
Private investment needed in infrastructure
Demand for transport infrastructure is increasing, so the Ministry of Transport must review transport system planning and seek private investment for transport projects, according to officials at a workshop. The meeting was held by the Vietnam Institute of Economics and the Bank for Investment and Development of Vietnam (BIDV) on September 7. It focused on promoting investment in transport infrastructure. The demand for investment in transport infrastructure between 2016 and 2020 had grown to 1 quadrillion VND (45 billion USD), said Nguyen Danh Huy, Director of the Public-Private Partnership Department at the Ministry of Transport. The State budget is limited. It can provide about 28 percent. However, the Ministry of…
Da Nang leader holds dialogue with Japanese enterprises
Chairman of the central city of Da Nang’s People’s Committee Huynh Ngoc Tho held a dialogue with Japanese companies on September 9 to address any arising problems. At the dialogue, Japanese enterprises raised difficulties in investing in Da Nang, mainly in infrastructure, land, the environment, administrative procedures, enterprise assistance, worker policies and training human resources training. They also suggested building a competitive business environment in the city. Tho answered questions raised by Japanese investors and promised to create the most favourable conditions for them and resolve problems quickly. He said Da Nang defines Japan as one of its important partners, noting that the dialogue will help the city improve its…
Opportunities abound for agriculture startups
HCMC – Newly established businesses in the agricultural sector can have a lot of growth opportunities as demand for food is rising as a result of growing populations at home and abroad, according to experts at a forum in the Mekong Delta city of Can Tho last week. Huynh Quang Vinh, deputy general director of An Giang Fruit-Vegetables & Foodstuff JSC, told a discussion at the Mekong Connect CEO Forum that the Mekong Delta is in dire need of solutions and equipment to preserve post-harvest farm produce. Meirav Eilon Shahar, Israeli Ambassador to Vietnam, said in a video clip shown at the discussion that domestic business startups are mainly in…
Plan proposes increase in pension
HA NOI — A new proposal to increase pension for the elderly who are receiving less than VND2.5 million (US$111) a month, has been submitted to the government for its approval. The labour, invalids and social affairs ministry said the pension would be increased by VND250,000 ($11) per person per month for those who retired or were granted subsidy for occupational health loss prior to April 1993. The time-frame was set so that it was compatible with the national budget’s funding capacity, the ministry said. The proposal also said the pension amount a person would receive after the adjustment would not be more than VND2.5 million ($111) a month. It…
Viettel to pilot 4G technology in rural areas next month
Viettel Group is going to pilot 4G technology in October, said Do Minh Phuong, deputy general director of the Viettel Group. Plans call for Viettel to set up 12,000 4G base transceiver stations no later than in the first quarter of next year, he added. The 4G network will first offer services in communes, followed by districts, provinces and cities. However, Viettel users will have to change SIM cards if they use 4G services, though phone numbers will remain the same. Le Dang Dung, Viettel deputy head, sent a proposal to the Ministry of Information and Communications to grant a licence for 4G services for Viettel this year, which it…
Regional minimum wage to rise 12.4 percent next year
The regional minimum wage in 2016 will be raised by 12.4 percent as approved at the third meeting of the National Salary Council on September 3. The increase level for Region 1 is 400,000 VND (17.8 USD) while the respective figures for Region 2, 3 and 4 are 350,000 VND (15.6 USD), 300,000 VND (13.3 USD), and 250,000 VND (11.1 USD). The expected minimum wages will be 3.5 million VND (155.6 USD), 3.1 million VND (136.4 USD), 2.7 million VND (118.8 USD), and 2.4 million VND (105.6 USD), respectively. Regionally-based monthly minimum wages vary in four different regions based on four separate benchmarks determined by living standards in each area. …
Hoi An hosts cultural exchange with Japan
The 13th “Hoi An – Japan Cultural Exchange” took place in the ancient town of Hoi An in Quang Nam Province last week, featuring local and Japanese art troupes. Spectators had the opportunity to join a cosplay of Japanese anime characters, Yasakoi dancing, Japan kendo (a Japanese martial art), Kirigami (paper cutting), souvenir-photo taking sessions with Yukatacostume, Haiku poems exhibition, bonsai art, and sky admiring by an astronomical telescope. As part of the event, a wood crafting contest of Hoi An attracted 25 local artisans to create their artworks at the An Hoi Garden of Statues. The contest aimed to encourage and honor talented and creative artisans and to promote…
80,000 Vietnamese labourers work abroad within 8 months
HA NOI (VNS) — Nearly 80,000 Vietnamese labourers went to work abroad from January to August this year, marking an increase of 8.21 per cent, over the same period last year, statistics from the Ministry of Labour, Invalids and Social Affairs’ Overseas Labour Management Department (OLMD) show. With this figure, the country met 83.98 per cent of the target for this year. It had planned to send 90,000 workers abroad this year. During just the month of August, the statistics from enterprises show that the total of labourers working abroad was 11,255, of which 3,590 were women. Taiwan still ranked as the largest market for Vietnamese labourers during the first eight…