In recent years, economic and industrial zones in Thua Thien Hue province have attracted increasing interest from investors and housed many effective projects. Mr Nguyen Van Son, Deputy Director of Thua Thien Hue Economic and Industrial Zones Authority, has given an exclusive interview to Vietnam Business Forum Magazine on this issue. On June 15, 2016, the Prime Minister issued Decision 1070/QD-TTg establishing Thua Thien Hue Economic and Industrial Zones Authority based on the reorganisation of the Chan May - Lang Co Economic Zone Authority and the Thua Thien Hue Industrial Zones Authority. What does that mean for the development of economic and industrial zones in the province, sir? Functions and duties of the two authorities are quite structurally similar. Therefore, it is rational to reshuffle organisational structures to form a unified body in charge of linking and developing … [Read more...]

Carrying out the “Year of Business” and the “Year of Administrative Order and Discipline” in 2017, Thua Thien Hue province has adopted many solutions and activities to accelerate administrative procedure reform, raise the spirit and sense of responsibility of civil servants, invest in essential infrastructure and remove difficulties for enterprises, among other things, in a bid to better mobilise investment resources in infrastructure for production, economic development, environmental protection and social security guarantee. The Vietnam Business Forum Magazine has an interview with Nguyen Van Cao, Chairman of the Thua Thien Hue Provincial People’s Committee, on this issue. Ngo Khuyen reports. While speeding up the enforcement of Resolution 35/NQ-CP dated May 16, 2016, of the Government on business support and development to 2020, Thua Thien Hue province also defined … [Read more...]

A similar event was held in HCM City on August 15. According to Nguyen Thanh Hung, President of the Vietnam E-commerce Association (VECOM) – the event’s organizer, Vietnam’s e-commerce market has seen robust growth since 2016 but the industry still has many problems, including a lack of consumer trust in online shopping and weaknesses in online payment, shipping and marketing services. Photo for illustration  The forum, focusing on marketing trends, discussed affiliate marketing trends and search engine marketing, programmatic marketing, multichannel marketing, mobile marketing, social marketing and content marketing. During the event, speakers discussed opportunities for partnerships in online marketing and advised enterprises on adopting the right marketing strategy and improving marketing effectiveness, Hung said. The Vietnam e-Business Index 2017 reported by VECOM indicated that social … [Read more...]

NDO – Construction of technical infrastructure for a new urban area in the north of Cam River in the port city of Hai Phong officially began at a ceremony on August 17. The project, which has a total investment of nearly VND10 trillion, is expected to be in place for 24 months. The project consists of four main items including technical infrastructure systems for the urban area in the north of Cam river; main traffic systems of the urban area (total length of around 9.958 kilometres); the dyke in the left side of Cam river (length of over 2,000 metres) and Hoang Van Thu bridge with length of over 1,138 metres. Speaking at the ground-breaking ceremony, Secretary of Hai Phong city’s Party Committee Le Van Thanh emphasised that the projects are a major and important policy to implement the Politburo’s Resolution and Prime Minister’s Decision as well as meeting the aspiration of the local Party, government and people, in building and developing Hai … [Read more...]

NDO/VNA – The Ministry of Agriculture and Rural Development (MARD) has issued a safety control programme designed for Siluriformes fish (mainly tra and basa) and related products exported to the US market as part of efforts to adapt to new changes in the market. This programme which will come into effect on September 1, 2017, will apply strict supervision on all stages of fish farming, processing and exporting. Qualified products must satisfy 85 criteria of the US regarding veterinary medicine, 106 criteria on pesticides, 4 on dyeing chemicals, 17 on metals and 8 in biochemistry. In case a fish batch gets warnings from the US authorised agency, the National Agro-Forestry-Fisheries Quality Assurance Department (NAFIQAD) will request the processor to trace the origin of the batch, while investigating reasons why the batch fails to meet food safety requirements. The department will also halt the facility’s Siluriformes fish exports to the US, while handling its … [Read more...]

He called on Tokyo Gas to run long-term business in Vietnam during his reception for the company’s President Michiaki Hirose in Hanoi on August 15. PM Nguyen Xuan Phuc (R) and President of Tokyo Gas Michiaki Hirose The Vietnamese Government always pays attention to and protects legitimate rights of foreign investors, the leader noted. He also highlighted the Vietnamese Government’s views on developing the gas industry comprehensively and effectively by maximizing domestic resources and intensifying international cooperation. He lauded Tokyo Gas’s opening of its representative office in Vietnam and congratulated the company and PetroVietnam Gas Joint Stock Corporation (PV Gas) on the establishment of a liquefied natural gas (LNG) joint venture in Vietnam. Emphasizing the huge demand for environmentally friendly LNG in Vietnam and many other countries, PM Phuc expressed his belief that with … [Read more...]

ASEAN is the world's sixth largest economy. Photo: asean.org PM Razak said ASEAN member nations have maintained friendly ties and made decisions based on the spirit of consensus and respect for sovereignty of each country. The ASEAN nations have united together but have not interfered in each other’s internal affairs, he stated, adding that the bloc is now recognized as a primary driving force in the regional political, security and economic architecture, under which major powers negotiate and discuss important issues through the ASEAN Regional Forum (ARF) and the East Asia Summit (EAS). The Malaysian PM went on to say that ASEAN is leading and driving forward the Regional Comprehensive Economic Partnership (RCEP), which would bring new opportunities to nearly half of the world’s population and presents 30 percent of the global Gross Domestic Product (GDP). With a combined GDP of USD 2.6 trillion, … [Read more...]

The Ministry of Planning and Investment (MPI) will assess the feasibility study and submit it to the Government before it is sent to the National Assembly (NA) for approval. Besides, it will work with the Ministries of Finance and Transport and other agencies to raise funds for the work, for which the NA has approved VND 5 trillion (about USD 227 million). A graphic design of a terminal of Long Thanh Airport. (Photo: Aviation Airport Corporation of Vietnam) The Government has instructed the Ministry of Natural Resources and Environment to review the policies related to compensation for lands acquired for the airport and file the assessment (report) before August 15 this year. On August 11, the Government Office also instructed the transport ministry to coordinate with relevant agencies and provide consultation for the upgrade of Lai Chau Airport, which has been approved by the Government. The Government has … [Read more...]

Coffee remained the largest earner which saw a shipment of over 35,300 tons for about USD 76 million (up 12.8 percent), followed by telephones and spare parts valued at USD 58 million (up 5 percent). Rice came third with exports worth of over USD 10 million, jumping five-fold from the same period last year. Rice for exports to Algeria. (Photo for illustration) Algeria is now Vietnam’s second largest importer in Africa, after South Africa. Vietnam’s shipments to Algeria were estimated at USD 271.42 million in 2016, a year-on-year increase of 37 percent with most of the revenue also coming from coffee and rice. Last year, Vietnam’s trade office in Algeria organized an array of trade promotion activities, including five workshops on bilateral trade potential. It also assisted two delegations of Vietnamese businesses to attend international fairs and stepped up communication activities … [Read more...]

Speaking at the event, Deputy Minister of Agriculture and Rural Development Le Quoc Doanh said over the past three decades of renovation, Vietnam has become self-sufficient in food with an annual export of USD 30 billion, providing livelihoods for 10 million rural households and contributing nearly 22 percent of the gross domestic product and 23-35 percent of exports. Photo for illustration  However, the agricultural sector tends to grow slowly due to spontaneous and small-scale production, limited technological application in agro-forestry-fisheries, and impacts of climate change, environment pollution and food hygiene. Participants hailed Lam Dong for being on the way towards a model of high-tech farming. A representative from the Ministry of Natural Resources and Environment’s General Department of Land Management underscored the need to refine regulations on the rights of land users and issue policies to … [Read more...]

NDO – Despite remarkable achievements in export activities, it is time to develop a new, sustainable, and effective export strategy for restructuring and maintaining positive economic growth, amidst increased challenges from both home and abroad, economist Vu Dinh Anh has suggested. In the context of the economy facing difficulties, especially low growth rates and a slow process of restructuring compared to the set plan, Vietnam’s exports in the first seven months of 2017 recorded remarkable progress, creating a positive premise for fulfilling the set target of annual export growth. However, the situation still mixes both joy and concern regarding the quantity and quality, as well as the structure. After seven months, the total export turnover has reached US$115.2 billion, up 18.7% over the same period in 2016 - far exceeding the set target of approximately 10% for the whole year, with a surprise in the exports of fruit and vegetables reaching their highest growth … [Read more...]

Vietnam's prime minister has called for an increase in credit growth to 21 percent this year to help the country hit its economic growth target, state media reported on Monday, potentially adding to concerns over the pace of new lending. Prime Minister Nguyen Xuan Phuc stated the goal at a meeting of top officials at the weekend, where he emphasized the importance of hitting the 6.7 percent annual economic growth target, Vietnam News Agency and other state outlets said. In February, Vietnam's central bank set a 2017 credit growth target of 18 percent, and there has been no announcement that the official target has been increased. The central bank cut its refinancing rate by 25 basis points to 6.25 percent in July If the prime minister's goal becomes an official target, this could make further interest rate cuts more likely, said ANZ economist Eugenia Victorino. "But then the quality of credit growth and the quality of growth overall in the economy may be at risk," she … [Read more...]

NDO – Promoting hi-tech solutions whilst improving product quality is the key to the sustainable development of Vietnam's livestock industry, in the integration period, experts have suggested. The issues were under discussion at an agricultural extension forum organised by the National Agricultural Extension Centre under Department of Livestock Production (the Ministry of Agriculture and Rural Development) in the Mekong Delta province of Tien Giang, on August 11. Reports presented at the forum showed that the domestic livestock industry has developed strongly in recent times and has diversified the types of livestock to better serve consumer demand and exports. The noteworthy results are that of pig heads, which have increased by 13% each year and cows more than 6%; of which, the southern region’s livestock and poultry production accounts for over 25% of the country’s total. According to Ha Thuy Hanh, Deputy Director of the National … [Read more...]

Backed by a torrent of venture capital, China has gone sharing mad with everything from treadmills to karaoke booths and napping capsules all up for short-term rent -- and at the click of a smartphone. With the boom spawning some novel ideas but also warnings of a sharing "bubble" in the world's second-largest economy, AFP lists a number of the services that have come (and gone) in China in the last 18 months. Two-wheel menace? Brightly coloured bicycles kicked off the sharing craze last year and have since threatened to take over pavements and streets. That sparked a backlash and Beijing and Shanghai are among the cities that moved to lay down regulations. At least two Chinese bike-sharing services have gone bust and it is not uncommon to see officials carting bikes off to a fate unknown. Beaming in blue A man riding a "sharing bike" past BMW 1-Series "sharing cars" in Shenyang in China's northeastern Liaoning province. Photo by AFP If you … [Read more...]

NDO/VNA – The Vietnam National Petroleum Group (Petrolimex) signed an agreement with the Binh Son Refinery and Petrochemical Co Ltd (BSR), on August 10, to cooperate in boosting sales of petroleum products produced by the Dung Quat Refinery. In the deal, Petrolimex and BSR noted their wish to become each other’s strategic shareholders through Petrolimex’s purchase of BSR shares, after BSR conducts equitisation and completes their Initial Public Offering (IPO). Petrolimex will give top priority to the sales of petrol, LPG and other petrochemical products made by the Dung Quat refinery, which is operated by BSR. The two sides will collaborate to export Dung Quat’s products to Laos and Cambodia. They will also consider the possibilities of cooperation in the fields of insurance and transport. Addressing the signing ceremony, BSR Director General Tran Ngoc Nguyen said that the company aims to make their IPO at the end of this year. In … [Read more...]

The two giant hydroelectric reservoirs of Hoa Binh and Son La, plus dozens of other large-capacity reservoirs, have enabled Son La province to develop aquaculture, tourism, transportation, commerce and other services to open up new development orientations, boost socio-economic development, stabilise livelihoods of surrounding people and diversify local tourism offerings. Visitors can ride a boat in valleys of limestone mountains in a tranquil primitive setting along the Da River running through eight districts, 46 communes and 329 villages where nearly 110,000 people are residing. Hoa Binh and Son La hydropower reservoirs, which cover an area of nearly 21,000 ha, have great potential for developing fishery, forestry, transportation, tourism and commerce. By tapping and using water surfaces, these localities have provided livelihoods for people. In addition to commercial fishing, many effective … [Read more...]

NDO - The derivatives market has been officially launched in Vietnam in a move expected to fine-tune the country’s financial market and make it a major channel for providing medium and long-term funds for economic growth. The launch on August 10 made Vietnam the fifth country in ASEAN, along with Singapore, Malaysia, Indonesia and Thailand, and the 42nd country in the world to have a derivatives market. Vietnam’s equity and bond markets are currently equivalent to 80% of GDP, with the equity market equal to 57% of GDP and the bond market 24% of GDP. The amount of funds mobilised through these markets make up about 23% of total social investment. Under a plan to develop Vietnam’s capital market released in 2007, the government set a goal to establish a derivatives market by 2020. Since then the government has ordered the Ministry of Finance and the State Securities Commission to formulate institutions to put the derivatives into operation in a … [Read more...]

Textiles and garment is Vietnam’s third largest export sector, with turnover reaching USD 28 billion last year. However, the country has not been proactive in obtaining raw materials. As a result, to reach its export turnover, the textiles and garment sector consumed 8.9 billion sq.m. of cloth, of which domestic factories were able to produce only 2.8 billion sq.m., while six billion sq.m. of cloth was imported, worth USD 17 billion.  A worker at the Hue Textile and Garment Joint Stock Company  According to Nguyen Van Tuan, Chairman of the Vietnam Cotton and Spinning Association (VCOSA), apart from financial potential, foreign textile corporations also have a lot of experience in developing a synchronous production chain of textiles, fiber, weaving, dyeing and design.  This would be an opportunity for Vietnamese garment enterprises to access and learn technologies and strategies for … [Read more...]

In July alone, the figure exceeded VND 327.6 trillion (USD 11.4 billion), up 1.19 percent compared with the previous month.  Customers shop for fresh fruit and vegetables at Aeon Mall in Hanoi’s Long Bien district.  Revenue of the group of food and foodstuff, accommodation and catering services saw noted increases from 10.7 percent to 11.6 percent while that of cultural and educational services experienced the lowest rise of 4.84 percent, reflecting that the demand for such services remained stagnant due to their online prevalence.  The remaining groups expanded from 7.75 percent to 9.6 percent. Disregarding price hikes, the total retail sales and services revenue stood at 8.7 percent, higher than the rate recorded in the first half of this year.  Experts forecast that in August and the remaining months of this year, the goods market will continue to be affected by rains and floods, which will … [Read more...]

Chinese trade growth slowed significantly in July compared to the previous month, official data showed Tuesday, coming in well below expectations after months of steady momentum. Analysts said that while export and import rates were still robust year-on-year, the latest data indicated a downward trend. Exports rose 7.2 percent year-on-year to $193.65 billion, the customs administration said, undershooting a Bloomberg News forecast of 11 percent. Imports were up 11 percent year-on-year -- compared with an expected increase of 18 percent -- to $146.9 billion, lifting the trade surplus to $46.74 billion. "Despite the uptick at the end of (the second quarter), trade growth now appears to be on a downward trend," said Julian Evans-Pritchard, a China economist at Capital Economics. "In particular, the sharp decline in import growth since the start of the year suggests that domestic demand is softening." The trade figures come despite positive recent economic data, … [Read more...]