CAN THO – Can Tho City will attend more to the quality of economic growth and development of the services sector in the restructuring of its economy with services, industry and agriculture on focus. The economic structure of Can Tho was unveiled by Tran Quoc Trung, deputy secretary of Can Tho City’s Party Committee, when he replied to the Daily’s relevant question at a press conference in the Mekong Delta city on Monday. Trung said in the past years, the city’s economy has grown on an industry-service-agriculture structure but it is very difficult for the city to attract investments in industrial projects while infrastructure and services cannot meet the demand…
VN airline signs strategic agreement with Japanese finance corporations
VietNamNet Bridge – Private airline Vietjet and Mitsubishi UFJ Lease & Finance Company Limited (MUL), a member of Japan’s leading finance group Mitsubishi UFJ Financial Group (MUFG), signed a memorandum of understanding (MOU) yesterday in Tokyo on the sidelines of the official visit of Party Chief Nguyen Phu Trong to Japan. Japan’s Prime Minister Shinzo Abe and General Secretary Nguyen Phu Trong witnessed the signing of the MOU, which will pave the way for MUL to finance Vietjet’s leasing and acquisition of three brand new A321 aircraft, worth US$347.2 million, according to the manufacturer’s listed price. These three aircraft are part of a contract signed earlier between Vietjet and European…
Seven additional investment projects roll into Binh Thuan
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…
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…
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…
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. …
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…
Vietnam becomes fourth largest importer of RoK products
Vietnam has usurped Japan for the first time to become the fourth largest importer of products from the Republic of Korea (RoK), in the first seven months of this year. According to statistics from the Korea International Trade Association (KITA) and the Korea Trade-Investment Promotion Agency (KOTRA) published on August 30, the RoK’s exports to Vietnam reached 16.35 billion USD while the amount to Japan was worth 15.48 billion USD. The RoK’s shipments of wireless communication device components to Vietnam shot up by 29.9 percent from the same period last year. A RoK official said that exports to Japan plunged by 19.3 percent, spurred by Japanese yen devaluation and low…
Hanoi opens new waste treatment plant
The People’s Committee of Hanoi held a ceremony on August 27 to inaugurate and put the Phuong Dinh waste treatment plant into operation in Dan Phuong district. The factory, which will use Martin technology from Germany, is one of the pioneer facilities in Vietnam in combusting waste to produce electricity. It has a total investment capital of 270 billion VND (12.2 million USD) and a processing capacity of 300 tonnes of waste per day. The plant will help meet the demand for waste treatment in the Dan Phuong, Hoai Duc and Quoc Oai districts as well as industrial parks and craft villages in the localities, said Vu Hong Khanh, Deputy…
Hanoi, Fukuoka forge links in investment, trade, tourism
Vice Chairman of the Hanoi People’s Committee Le Hong Son has called on businesses from Japan’s Fukuoka prefecture to penetrate into the local market in order to fully tap each side’s advantages, reported Ha Noi Moi newspaper. Speaking at a conference in Fukuoka on August 26, which drew 65 Japanese and Vietnamese enterprises, Son pledged the best possible conditions for the two localities’ businesses to cooperate in investment, trade and tourism. The capital city aims to attract foreign investments towards up-to-date technologies and technology transfer in association with sustainable development, he said. Hanoi is striving to boost two-way trade with Fukuoka and rolling out strategies to lure more tourists from…
Minimum pay increase for 2016 yet to be fixed
The Vietnam Chamber of Commerce and Industry (VCCI) and the Vietnam General Confederation of Labour (VGCL) fell short of fixing the minimum wage increase for 2016 during a meeting in Hanoi on August 25. The VGCL, representing employees, proposed a 16.8 percent pay hike while the VCCI – representative of employers, recommended a mere 10 percent, according to Deputy Minister of Labour, Invalids and Social Affairs Pham Minh Huan when briefing about the outcomes of the second meeting of the Vietnam National Wage Council. If the third meeting, slated for September 3, fails to reach a consensus, the Council will decide the final solution to submit to the Prime Minister…
HCM City’s August CPI drops 0.12 percent monthly
The August consumer price index (CPI) in Ho Chi Minh City declined 0.12 percent from the previous month, contributing to an annual 0.66 percent rise in the southern economic hub’s average eight-month index. The municipal Statistics Office said on August 22 that as six out of the 11 main goods categories had their prices down, noting that transport prices saw the sharpest decrease month on month – 2.4 percent, which was driven by two petrol price cuts in August. Housing, electricity, water, fuel and construction material prices were down 0.66 percent – the same pace in the culture and entertainment category. Decreases were also seen in the price of household…
Da Nang airport to have capacity improved
Da Nang International Airport, one of Vietnam’s three major airports, has asked the government for permission to upgrade its capacity to 20 million passengers a year by 2020 under a revised development blueprint. Deputy Prime Minister Hoang Trung Hai has assigned the Ministry of Transport to verify and approve the revised blueprint for the airport, which also aims to raise its cargo handling capacity to 200,000 tonnes each year. In addition, the airport will be expanded to cover about 855.57 hectares, accommodating a maximum of 41 planes. Da Nang airport caters to travel demand to and from the central Da Nang city and neighbouring areas. It also serves as a…
List of banks providing property guarantees released
The State Bank of Vietnam (SBV) has released a list of 33 commercial banks that are able to provide bank guarantees for future built property projects. There are 25 local commercial banks, including well-known names such as Vietcombank, VietinBank, BIDV, Agribank, Techcombank, SeABank, PVComBank, LienVietPostBank, NCB, and HDBank. They are joined by nine foreign banks: ANZ Vietnam, HSBC Vietnam, Hong Leong Vietnam, Shinhan Vietnam, Standard Chartered, Indovina Bank, VID Public Bank, Vietnam – Russia Bank, and Viet – Thai VinasiamBank. Sacombank, Eximbank, VIB, and OCB are surprisingly not on the list. The necessity to secure a guarantee from a financial institution for future built property projects comes under Circular No.…
Binh Duong attracts over 1.2 bln USD in FDI in seven months
The southern province of Binh Duong attracted over 1.2 billion USD in foreign direct investment (FDI) from January-July, surpassing the yearly target of one billion USD. During the period, the locality welcomed 119 new investment projects and increased the allocated capital to 79 existing ventures, according to the provincial People’s Committee. In July alone, the province lured 631 million USD in FDI, including 33 newly-licensed projects worth 363 million USD and 20 operations adding more 268 million USD. Binh Duong is currently ranked second across the country in FDI attraction. Last year the event attracted 320 companies from 21 countries and territories and 22,000 visitors. http://en.vietnamplus.vn/binh-duong-attracts-over-12-bln-usd-in-fdi-in-seven-months/76030.vnp (150813)
HCM City prepares for travel expo in September
The 2015 International Travel Expo in Ho Chi Minh City will take place from September 10-12. Vietnam’s main international tourism event, with its motto of One Decade – One Mekong – One World this year, is expected to draw 25,000 visitors besides the foreign media. According to a release from the organisers, 22 Vietnamese provinces, 13 international tourism promotion organisations, and 25 tourism enterprises from 20 countries and territories have registered to take part in the event. It will be held at the Saigon Exhibition and Convention Centre in District 7. Last year the event attracted 320 companies from 21 countries and territories and 22,000 visitors. http://en.vietnamplus.vn/hcm-city-prepares-for-travel-expo-in-september/75969.vnp (150811)
経済： オーストラリアは、ベトナムの鋼のダンピング防止の調査を終え
The Australian Anti-Dumping Commission (ADC) has concluded its investigation into of zinc-coated (galvanised) steel imported from India and Vietnam, the Vietnam Competition Authority under the Ministry of Industry and Trade said on August 5. The ADC said Vietnamese galvanised steel shipped to Australia was not sold at dumping prices, therefore posing no threat to Australia’s domestic steel production. The ADC’s investigation was launched on July 11, 2014 http://en.vietnamplus.vn/Home/Australia-ends-antidumping-investigation-into-Vietnamese-steel/20158/69493.vnplus (150807)
Seven-month overspending estimated at 4.6 billion USD
Budget overspending reached an estimated 100.7 trillion VND (4.6 billion USD) in the first seven months of this year, equal to 44. 5 percent of the year’s budget estimates, the Ministry of Finance said on August 5. Total revenues in the first seven months were 544 trillion VND or 59.8 percent of the year’s estimates, up 6.6 percent against the same period. Of which 404 trillion VND came from domestic revenue and the rest from import-export activities. In the period, the country spent 645.3 trillion VND, or 56.3 percent of the year’s estimates, representing an 8.1 percent increase from last year. To compensate for the over-expenditure, 114.5 trillion VND worth…
Income of Da Nang’s poor three times higher than VN average
The new standards were approved by the municipal People’s Council on July 9, for the period 2016-2020. The households in rural areas that are considered near-poor are those with average monthly income of over VND1.1 million to VND1.42 million/person and the rates are over VND1.3 million to VND1.69 million/ for urban households. According to the government’s standards to identify poor households in the period 2011-2015, the rural families with average monthly income of VND400,000 or less per person and urban families with earnings of VND500,000/person or less are recognized as poor. The rates for the near-poor households are income of VND401,000 to VND520,000/person/month in the rural area and from VND501,000…
1.73 billion USD spent on livestock feed and material imports
Vietnam splashed out 1.73 billion USD on livestock feed and material imports in the first two quarters of the year, a year-on-year increase of 7.8 percent, according to Ministry of Agriculture and Rural Development. Most of the products were imported from Argentina (36.6 percent), the US (19.2 percent) and China (7.4 percent), the Hanoi Moi newspaper reported. In the period, 329 million USD was spent on importing 1.28 million tonnes of wheat, rising 5.1 percent in value and 31 percent in quantity from the same period last year. Australia and Brazil became Vietnam’s key wheat exporters with a market share of 53.8 percent and 28.5 percent, respectively. The country also…
Japan opens market to Vietnamese mangos
Japanese authorities recently gave the go ahead for importing Vietnamese mangos cultivated in Xuan Loc district in the southern province of Dong Nai. This is a great opportunity for Vietnamese mango growers to increase their consumer market, since previously only white flesh dragon fruit were approved for sale in Japan. Japan is Vietnam’s second largest fruit importer, with a market share of 8 percent, after China. The red flesh dragon fruit is expected to be authorised for export to Japan next. 2015 is a good year for Vietnamese fruit exports so far, particularly lychees, which were licensed for export to the USA, Australia, Japan, France and the Republic of Korea.…
Vietnam to create a strategy for developing cultural industry
The Ministry of Culture, Sports and Tourism has been asked to map out a strategy for developing Vietnamese cultural industries through 2020. Under Deputy Prime Minister Vu Duc Dam’s conclusion on a draft of the strategy for developing Vietnamese cultural industries through 2020, the ministry is asked to review, formulate and issue mechanisms and policies to promote the development of cultural industries in Vietnam. He noted that it is necessary to define the scope of the strategy to make it suitable with factual contexts in Vietnam and maximise Vietnam’s advantages. The completed strategy is expected to be submitted to the Prime Minister at the end of the third quarter this…
HCM City: ODA disbursement on the rise
The 2011-2015 disbursement of official development assistance (ODA) in Ho Chi Minh City achieved 99.5 percent of the original goal of 26.57 trillion VND (about 1.23 billion USD). The figure showed a 213 percent increase compared to the 2006-2010 period, according to the municipal Department of Planning and Investment. Since 2011, the city has raised about 49.6 trillion VND (2.3 billion USD) worth of ODA capital for 13 new projects and three ongoing projects. Of which, non-refundable aid hit 122 billion VND (5.7 million USD) and the remaining were loans and soft loans. ODA capital contributes an average of 20-30 percent of the city’s budget to infrastructure development each year.…
WB report: Vietnam’s GDP to grow 6.5 percent
Vietnam’s gross domestic product growth is forecast to reach 6 percent this year, gradually increasing to 6.5 percent in 2017, according to the World Bank. The growth is attributable to the continued strong performance of manufacturing, export and foreign investment. The World Bank made the statement in its “Global Economic Prospects” report, released on June 10. Growth in East Asia and the Pacific is expected to ease to 6.7 percent this year and remain stable thereafter, with the continued slowdown in China gradually offset by a pickup in the rest of the region, which is benefiting from the strengthening recovery in advanced countries. Regional countries will mostly benefit from low…
Domestic gold drops to new lows
Domestic gold prices have fallen to a four-year-and-a-half low while the exchange rate between the dong and the greenback has remained stable. HCMC-based Saigon Jewelry Company (SJC) yesterday quoted gold at VND34.7 million for buying and VND34.76 million for selling per tael, down by VND10,000 a tael versus Monday and VND50,000 a tael against late last week. The yellow metal dipped to its lowest price since October 25, 2010, losing 1% against early this year and 2.95% compared to this year’s high (VND35.82 million on January 21). According to kitco.com, the global gold price hit an 11-week low of US$1,175.5 an ounce on June 9. Given Vietcombank’s exchange rate at…
Hanoi spend 952,000 USD a year on aquaculture
Hanoi has spent up to 20 billion VND (952,000 USD) a year on developing centralized aquaculture breeding areas in a bid to protect the environment, prevent epidemic diseases and protect food safety. The city’s Department of Agriculture and Rural Development has also organised periodic inspections of aquaculture businesses to ensure food safety while increasing community awareness of protecting aquatic resources. The department has supplied medicinal, chemical and biological products for centralized breeding areas and intensified quality management. In response to the Aquatic Resource Protection Day (June 5) this year, 356 households in the city has committed to not use electrical pulses or toxic substances or explosives to exploit aquatic resources.…
Hanoi, Fukuoka step up bilateral cooperation
Hanoi will organise a cultural exchange programme in Fukuoka with a view to introducing the culture and people of the capital city to residents of the Japanese prefecture. The capital will develop opportunities for investment promotion, promoting Hanoi as a promising investment market to businesses from Fukuoka as well as Japan in general, Chairman of the Hanoi People Committee Nguyen The Thao told visiting Fukuoka Governor Ogawa Hiroshi on June 8. He expressed his thanks for Fukuoka’s support for Hanoi across the fields of economics, environment and society. Meanwhile, Ogawa Hiroshi highlighted the sound relations between Fukuoka and Hanoi, saying that people-to-people exchanges will help further develop the ties. Fukuoka…