Crocodile breeders seek protection from foreign traders     

Crocodile farmers and enterprises have suggested establishing a crocodile breeding and production association to strengthen links between them, so they can protect the market against being manipulated by foreign traders.

The crocodile breeding industry is now relying heavily on Chinese consumption, which leads to price instability when the relationship between individual breeders and between breeders and enterprises is lacking.

These were the most concerning issues discussed by participants at a conference on improving the competitiveness of crocodile products, held by the municipal Department of Agriculture and Rural Development early this week.

Ton That Hung, Deputy Director of Hoa Ca Crocodile Ltd Co, said the market had developed spontaneously, without planning or guidance. The lack of investment in processing technology means most products sold are raw materials.

He attributed the crocodile breeders’ inability to decide on prices to the lack of co-operation in production among them.

Recently, foreign traders, mainly Chinese people, visited small crocodile farms directly to buy crocodiles and crocodile leather. They no longer need Vietnamese intermediaries, so they were able to manipulate the prices, Hung said.

In 2014, crocodile prices rose to a record high of VND230,000 (US$10.3) per kilogramme, leading farms to rush to increase the number of crocodiles they produced. But now, prices have dropped to VND60,000-70,000 per kilogramme, causing losses for many households.

The affected companies have asked authorities to adopt measures to prevent price manipulation by Chinese traders, which would affect economic security.

As reported by the departments of Agriculture and Rural Development of 22 southern provinces, there are some 2,700 crocodile farms in the region, including up to 2,500 small-scale farms, which are home to some 50-100 crocodiles.

According to Hung, if the region receives proper investment in production technology and breeding stock research, it will become the crocodile "basket" of the world, bringing great benefits to the farmers and the country.

Ngo Ngoc Anh, Director of the Ngo Vo Ltd Co, a business that has experience in exporting crocodiles to European markets, said the Russian market has enormous export potential, but there are quite strict regulations on veterinary procedures, packing and packaging.

If businesses do not familiarise themselves with the requirements, it will be difficult for them to access the market, Anh said.

He said, currently, many Vietnamese enterprises producing and processing clothing, shoes and purses have to import crocodile skin. Meanwhile, domestic resources are sizeable but have not been fully employed.

Therefore, Anh suggested the HCM City People’s Committee and the municipal Department of Agriculture and Rural Development work with the garment processing enterprises to promote the consumption of local raw materials.

In the context of deeper integration, Tran Van Nga, Deputy Director of the Ton Phat Crocodile Breeding and Business Ltd Co, said it is necessary to create a plan and develop a strategy to shape the Vietnamese crocodile brand.

"Without strategic branding and intellectual property registration for the freshwater crocodile business in the country, domestic products will be affected and subjected to fierce competition when the time to realise commitments under free trade agreements draws nearer," said Nga.

Due to commitments to tax reduction in the agreements, particularly the Agreement on ASEAN-China Goods Trade, which is already in force, crocodile products from Thailand, Cambodia and China will flow into Viet Nam.

Nga said local crocodile businesses must have divisions responsible for marketing their products to the world. In addition, they are advised to diversify their product lines and markets to avoid continuing their complete dependence on the Chinese market.

A representative of HCM City’s agriculture department pledged to coordinate with the city’s Trade and Investment Promotion Centre to seek new export markets for crocodile products and to propose measures to control trafficking by Chinese traders.

Viet Nam's food processors court global investors     

Viẹt Nam’s food processing industry offers huge investment potential for investors both in terms of the domestic market and exports, according to the Ministry of Industry and Trade.

Speaking at an investment promotion conference held on the sidelines of the Vietnam Foodexpo in HCM City on Wednesday, Deputy Minister of Industry and Trade Hò Thị Kim Thoa said the country’s food processing industry has failed to meet market demand.

She was implying it meant a huge opportunity for investors entering the sector now.

In the next 20 years, with 5-6 per cent economic growth feasible and the imminent increase in urbanisation and development of the retail market, demand for food would continue to increase, especially for high-quality processed products, she said.

Besides the promise of the domestic market, there is also huge potential for exports, she said, pointing out that for many years Viẹt Nam has been one of the world’s largest exporters of many farm items like rice, coffee and cashew.

Last year Viẹt Nam earned US$30.14 billion from agricultural, forestry and seafood exports. The figure is expected to cross $31 billion next year.

“With such a wide range of investment and co-operation opportunities [available], I believe foreign investors should not miss the opportunity to exploit Viẹt Nam’s food industry. At the same time, Viẹt Nam’s businesses, organisations and localities in need of foreign investment should actively solicit foreign investment,” Thoa said.

Bùi Huy Son, director general of the Viẹt Nam Trade Promotion Agency, said with a market of over 90 million and food consumption projected to grow at 18.6 per cent annually until 2019, abundant raw materials, the Government’s investment incentives and export advantages arising from free trade agreements, Viẹt Nam is definitely one of the most attractive investment destinations for the food industry.

The Government has sped up equitisation of State-owned enterprises, offering good opportunities for investors, he said.

“The State Capital Investment Corporation is selling stocks of more than 200 companies, of which 50 are in the food industry. This will be a good opportunity for investors to do M&A deals.”

Dạng Xuan Quang, deputy director of the Foreign Investment Agency, said the country has attracted total investment of $290.6 billion, but only $7.6 billion in the food processing industry.

The investment in the food sector has been mainly in areas that offer quick returns such as agro-processing, alcoholic beverages and seafood processing, he said.

The foreign investors have mostly been from Asian countries such as Thailand, Taiwan, Malaysia, Korea, and China, while investment from countries with a developed food processing industry such as Japan, the US, Australia and European nations has been low, he said.

While Viẹt Nam does not offer specific incentives for the sector, what it generally offers foreign investors in terms of income tax, land rental, support for developing raw material zones and others are competitive compared with the rest of the region, he said.

Claudio Dordi, the technical assistance team leader of the European Trade Policy and Investment Support Project (EU-Mutrap), said the increasing demand for hygiene and food safety makes it a good opportunity for firms with an technological edge to invest in the Vietnamese food sector.

With the country’s advantages with respect to trade policy, human resources and others, “investing in Viẹt Nam is a win-win opportunity for foreign investors,” he said.

Nam Sang Kun, a foreign expert in investment promotion at Vietrade, said Viẹt Nam is regarded as a new manufacturing base in the Asia-Pacific after China and many Korean firms plan to enter the country. 

PetroVietnam proposes adding power plants to national grid

The Vietnam National Oil and Gas Group, or PetroVietnam, has proposed to add the construction of the Nhon Trach 3 and 4 thermal power plants to plans for national electricity development. 

This was reported by the Ministry of Industry and Trade. 

According to the proposal, the two power plants, each with the production capacity of 750-800 MW, are designed to be constructed on the total area of some 34ha in the Ong Keo Industrial Park in Nhon Trach district in the southern province of Dong Nai. 

The Nhon Trach 3 power plant will occupy nearly 16.6ha, while the second power plant will be spread over an area of 17.4ha (excluding the complex area, surface water and public service buildings). 

Following PetroVietnam’s proposal, the Ministry of Natural Resources and Environment has requested the oil group to make a supplementary report on the compatibility of the power plant construction with the development plan of the Ong Keo IP and with land use zoning and planning of the locality approved by the competent authority. 

The ministry also said construction must comply with water resource legislation. 

The oil and gas group must prepare an updated report on the current state of water exploitation and use of the Nhon Trach Power Centre and calculate the water demand of the power plants and supply capacity of the water resource. 

The group is also required to make an additional plan for prevention and control of pollution, degradation and depletion of water resources during construction. 

As the project is located at the confluence of Dong Tranh and Long Tau in the Dong Nai river system, construction activities must comply with the law on the water resources protection corridor. The two power plants are required to build a centre for collection and sewage treatment. 

In addition, PetroVietnam will have to report the current state of the air and water environment in the construction area. If its proposal is approved, the oil group is requested to provide an environmental impact assessment report to the competent authority for approval. 

Earlier, the Ministry of Industry and Trade finalised the investment plan for Nhon Trach 3 and 4 plants as part of efforts to deal with power shortage after 2020, especially in the southern region. 

PetroVietnam’s Nhon Trach 2 plant began commercial operation in 2011 with the capacity of 750 MW and productivity of 5.5 billion kWh per year. The 450KW Nhon Trach 1 plant, which began operation in 2008, generates 2.5 billion kWh per year.

Workshop tackles smuggling, trade fraud

A workshop was held in Ho Chi Minh City on November 17 to discuss tackling smuggling and trade fraud, and protecting brand names. 

According to National Steering Committee 389, in the first ten months this year, over 172,000 cases of smuggling and trade fraud have been handled, and over 2,000 cases of making fake products have been detected, collecting nearly 13 billion VND (585,000 USD) and 58 billion VND (2,61 million USD) in fines, respectively. 

However, Tran Thanh The from the Committee said the figures only reflect a part of the problem. 

Taro Goto, Director General of the NGK Spark Plugs Vietnam said 20 percent of NGK spark plug products in the Vietnamese market are fake, adding that this causes big losses for his company and harms the brand name. 

A representative from the Ich Nhan Pharma Company said his company has struggled with fake products for years. 

Tran Giang Khue from the Department of Intellectual Property pointed to difficulties in implementing the Law on intellectual property. 

Participants suggested relevant bodies devise measures to handle violators, such as administrative fines, fake product confiscation and destruction. 

Meanwhile, The stressed the need to adjust relevant legal frameworks to deal with the problem while identifying the responsibilities of each stakeholder to protect consumers and the market. 

Participants called for close coordination among relevant bodies in the work. Efforts should also be made to raise awareness of fake products among consumers.

Seminar highlights trademark problems     

The problems of developing, registering and marketing trademarks for agricultural produce were discussed at seminar in southern Ben Tre Province on Wednesday.

These included delays in processing applications, the misuse of trademarks by non-registered products and challenges posed by free trade agreements.

Do Thi Minh Tram, deputy head of the provincial Department of Industry and Trade, reiterated the advantages of having a strong trademark for the nation’s agricultural products.

She said local firms should build strong trademarks to promote consumption of agricultural products and improve their competitiveness in local and global markets.

Over the last two years, the southern region has had trademarks issued for 30 agricultural products. This effort was supported with VND1 billion (US$45,250) from national and local funds for industrial promotion.

The 30 products include six registered by Long An Province, four by Ba Ria-Vung Tau and several others, including dried shrimp and honey by Ca Mau.

Some enterprises had not registered their trademarks because it was a time-consuming and costly process at VND35 million for each re-certification, according to the National Office of Intellectual Property (NOIP) under the Ministry of Science and Technology.

Tran Giang Khue, an NOIP representative, said that the number of applications for trademark had increased, but the local department did not have sufficient personnel to process them in time, despite the application of information technology.

Pham Chau Hoanh of the Ninh Thuan Grape Association said maintaining and developing a product trademark after registration was also difficult because registered trademarks were being used by other products.

For instance, the Ninh Thuan Grape has been a registered trademark for long time, but grapes from elsewhere were being sold at supermarkets as Ninh Thuan grapes

Khue of NOIP said it was important to develop the quality of the product that has a trademark, failing which it would be difficult to popularise it.

In the long term, to make local trademarks strong and popular, local firms should also establish links with others in the region, Khue said.

Tram of the Ben Tre Department of Industry of Trade said that many Vietnamese goods have entered global market via intermediaries, either by supplying raw material or processing products for famous foreign brands. So customers around the world do not know what the products come from Viet Nam, he said.

With Viet Nam joining many free trade agreements, it will be very challenging for local firms to compete with goods from other countries, and this will apply to trademarks too, she said.

Therefore, domestic firms should develop strategies to build, develop, advertise and protect their trademark, she added.

They must build strong trademarks to create a reputation for their products and promote their consumption. Registering the trademark is needed to protect firms during trade disputes, Tram said.

She said trademarks are not just assets for businesses, they are also national assets because they become associated with the country. Enterprises and business leaders should keep this in mind when building and developing their trademarks, she added. 

SAS and National Economics University to develop banking analytics talent in Viet Nam     

The US-based analytics leader SAS Institute on November 17 signed a co-operative education agreement with Viet Nam’s National Economics University to develop analytics talent for the Vietnamese banking industry.

The agreement will make the National Economics University (NEU) the first local college to join SAS Global Education Practice Academic Programme.

The two sides reached the agreement given that global economy is witnessing a world-wide shortage of data science skills, which poses a challenge across all industries in general, SAS said in its statement.

In particular, the financial-banking sector needs highly skilled experts to analyse massive amounts of data to understand clients better, improve risk management and drive through complex economic challenges, SAS said.

Under the agreement, SAS Institute will organise “Analystics for Banking” Programme for NEU students that allows them to gain experience with real-world data while technical and academic assistance will be provided by the Viet Nam Prosperity Bank and the South Africa’s North-West University.

The first course of the programme is a financial engineering programme, which is scheduled in December 2016 and engages 40 final-year and post-graduate students. The course will have a strong focus in the banking environment and provide the trainees with skills required by the banking-financial sector.

“To address the globalized, technology-driven business landscape, academia and industry must work together to develop courses that adequately prepare students for ‘real-world work’. This includes providing diversified, industry-directed academic short courses and mentorship to graduates, says Murray de Villiers, Senior Manager, Global Academic Program at SAS.

“In a rapid-paced world, universities can also develop academic programs faster through inter-university collaboration, leveraging the best of each other.”

“This collaboration shows the great potential that can be achieved when industry and universities work together. The ultimate winners are the learners, who will gain skills that are in high-demand by employers today,” said Jerry Oglesby, Senior Director of Global Academic Programmes at SAS.

On the same day, NEU also reached a Memorandum of Understanding for their collaboration with the Centre for Business Mathematics and Informatics at North-West University, which promises deliver significant value to the Vietnamese economy.

The SAS® Global Education Practice Academic Program currently engages more than 4000 universities world-wide, in order to deliver on the needs of government, industry and universities for world-class data science and advanced analytics skills. 

Total assets of credit institutions exceed $359.6 billion

Assets of Vietnamese credit institutions in September rose significantly by more than VNĐ198 trillion (US$8.8 billion) month-on-month thanks to a better performance, a State Bank of Việt Nam report showed.

Total assets increased to more than VNĐ8 quadrillion ($359 billion) by the end of the month.

Compared with the end of last year, total assets increased 10.55 per cent.

According to the new report, assets of all kind of credit institutions in September rose, of which State-owned commercial banks posted the highest growth of VNĐ94.5 trillion to more than VNĐ3.7 quadrillion. Joint stock commercial banks followed with a rise of VNĐ70.4 trillion to more than VNĐ3.2 quadrillion.

After reporting a decline of VNĐ15.4 trillion in August, assets of joint venture foreign invested banks rose again in September by VNĐ26.4 trillion to VNĐ826.8 trillion.

In September, charter capital of all credit institutions also rose sharply by VNĐ6.8 trillion month-on-month to more than VNĐ478 trillion. The rise in September alone was equal to 60 per cent of the total rise in the first eight months of the year.

By the end of September, the capital adequacy ratio (CAR) of the banking system was at 12.73 per cent, inching down from August. However, the ratio was still much higher than the 9 per cent regulated by the central bank.

Liquidity of the banking system was also abundant with short-term funds for medium- and long-term loans being good at 33.48 per cent. According to the current regulations, the proportion of short-term funds for medium- and long-term loans is 60 per cent for commercial banks, foreign banks’ branches and co-operative banks.

According to the central bank, the good proportion could be a positive base for it to stabilise interest rates and target a further lending cut next time. 

Hanoi facilitates foreign investment in infrastructure, energy

Hanoi is ready to provide information for Ukrainian and Spanish enterprises to enhance investments in infrastructure and energy with the Vietnamese capital city. 

Chairman of the municipal People’s Committee Nguyen Duc Chung made the remark while meeting on November 17 with Ukrainian Ambassador to Vietnam Oleksyi Sovkoplias and vice president of Spain’s IDOM group Rafael Higes Cachon, who is seeking cooperation in infrastructure and energy. 

Ambassador Oleksyi Sovkoplias said IDOM successfully constructed a metro system in his country’s capital Kiev, and it hopes to cooperate with Hanoi in this field. 

Chung expressed his interest in the proposals suggested by the diplomat and the IDOM executive, noting that they are in accordance with Hanoi’s development plan. 

The Vietnamese capital has plans to carry out infrastructure and environmental treatment projects between 2016 and 2020, he added.-VNA

Liquefied gas imports increase in volume, down in value

China is the key supplier of liquefied gas for Vietnam, accounting for 39% of market shares with 377,000 tons valued at US$157.6 million in the first ten months of this year, up 17.16% in volume but down 5.75% in value over the same period last year.

According to preliminary statistics from the General Department of Vietnam Customs, Vietnam imported more than 1 million tons of liquefied gas worth US$388.9 million in 10 months of this year, up 12.5% in volume but down 11.7% in value.

In October alone, liquefied gas imports hit 105,100 tons valued at US$43.2 million, up 24.8% in volume and 34.8% in value against September.

Qatar ranked second among suppliers of liquefied gas for Vietnam with 190,100 tons or US$68.3 million, up 20.57% in volume but down 10.59% in value. Saudi Arabia came third with 183,000 tons or US$63.9 million, up 164.8% in volume and 99.91% in value.

Noteworthy is that imports from Malaysia saw a skyrocketed growth of 165.300% in volume and 492.706% in value (3.300 tons or US$1.3 million).

Imports from China, RoK surpass US$66 billion

Imports from China and the Republic of Korea (RoK) hit US$66.238 billion, making up 47% of Vietnam’s total import value in 10 months leading up to November, according to the latest statistics from the General Department of Vietnam Customs.

Of the figure, imports from China were valued at US$40.238 billion, down 1.4% or US$576 million while those from the RoK hit US$26 billion, up 11.75% or US$2.734 billion.

Eight imported products from China had a value of more than US$1 billion each. They include machines, equipment and tools (US$7.346 billion), telephones and components (US$4.917 billion), computers and electronics and components (US$4.761 billion).

Meanwhile, five key products from the RoK with an import value of more than US$1 billion each included computers, electronics and components (US$7.285 billion), machines, equipment and tools (US$4.52 billion) and telephones (US$3.035 billion).

MoIT to manage kid's milk prices

Ministry of Industry and Trade to lead in managing the price of milk products for children under six years old, taking over from the Ministry of Finance in January.

The Ministry of Industry and Trade (MoIT) will be officially in charge of managing the price of milk products for children under six years old, replacing the Ministry of Finance (MoF) from January.

The government issued Decree No. 149 on adjustments and supplements to certain articles of Decree No. 177 detailing and guiding the implementation of certain articles in the Law on Prices, under which MoIT will take over from MoF.

The Ministry of Health will lead and cooperate with MoIT in issuing detailed guidelines on milk products.

Earlier, in a draft submitted to the government at the end of August on amendments and supplements to certain articles of Decree No. 177, MoF proposed transferring the task of managing the price of milk products for children under six years old to MoIT.

In October, MoIT refused to take the lead role in managing these prices, saying “the Law on Prices defines that State management of this issue lies with MoF.” MoIT only had the role of coordinating and chairing the management of commercial development and the domestic market, ensuring the balance between supply and demand and adjusting the flow of goods.

The government, however, decided to assign the task to MoIT. The ministry has important roles to play from importing to trading milk products because more than 70 per cent of powdered milk in Vietnam is imported.

The country now has 877 milk products for children under six years old, with price ceilings, registered prices and declared prices announced on the websites of MoF and provincial departments of finance.

Milk products for children under six years old have been on the price stabilization list and subject to a price ceiling by the government since June 2014, after the implementation of other management solutions proved inefficient.

Vina Kraft Paper doubles capacity in Vietnam

Vina Kraft Paper, a subsidiary of SCG Packaging, has doubled its existing capacity in Vietnam after opening a second paper production line.

The first reel of corrugated medium paper was rolled out at the end of October, which was initially expected to be in the second quarter of 2017.

“The new machinery allows SCG Packaging to add more 243,500 tons per annum to its portfolio through newly-installed capacity and gains from efficiency optimization, which doubles its existing capacity in Vietnam and results in total packaging paper capacity of 2.6 million tons per annum in strategic ASEAN countries, including Thailand, Vietnam and the Philippines,” said Mr. Sangchai Wiriyaumpaiwong, General Director of Vina Kraft Paper in Vietnam.

He added that this reaffirms SCG Packaging’s strong leadership in the high-growth Vietnam market as the largest high-quality packaging paper producer. “With strong commitments in sustainability, we put environmental awareness at the forefront,” he emphasized.

The new facility is being carried out along with an environmentally-friendly self-sufficient co-generator power plant, a raw material preparation plant, and a high-standard waste treatment plant.

VKPC is a 70:30 joint venture between the Siam Kraft Industry Company Limited (a subsidiary of SCG Packaging) and the Rengo Company Limited from Japan. It is located at the My Phuoc 3 Industrial Park in southern Binh Duong province, 45 km from Ho Chi Minh City, and has been the leading producer in Vietnam since 2009.

With a total of 20 companies in Vietnam and approximately 6,900 employees, SCG offers a variety of premium products and services. Available products in cement-building materials include concrete roofing, fiber cement boards, fiber-cement wood substitute products for floors and ceilings, white cement, ready-mixed concrete under the SCG brand, ceramic wall and floor tiles under the COTTO & Prime brand, and sanitary ware, fittings and bathroom fixtures under the COTTO brand.

In the packaging business, available products are reading and writing paper under the IDEA brand and corrugated containers, kraft paper, and flexible packaging. In the chemicals business, available products are downstream chemicals products such as PE&PP, XLPE, PVC resin and compounds, etc. SCG also has a building materials showroom in Hanoi.

“We see a bright future for markets across the region, with steady growth rates,” said Mr. Roongrote Rangsiyopash, President and CEO of SCG. “Especially in Vietnam, demand for building materials and packaging has risen on the back of the boom in the construction industry, with several infrastructure, residential, and industrial projects, as the country has become a key production base of the world.”

SCG’s second quarter report showed total assets in Vietnam of VND19.177 trillion ($872 million), an increase of 9 per cent year-on-year. Revenue from packaging sales stood at VND3.876 trillion ($176 million), an 11 per cent increase year-on-year. First half revenue from sales was VND7.212 trillion ($325 million).

StarLake apartments to be handed over by June

One hundred and eighty-two villas at the $2 billion StarLake project in Hanoi’s Tay Ho district will be officially handed over to purchasers on June 30 next year and sales in its second phase have now begun.

“Customers who wish to buy a villa in the project’s second phase can register to buy right now,” a representative from StarLake told VET. “Site clearance is being conducted on schedule.”

The StarLake project covers on an area of 1.86 million sq m. Vietnam’s THT Development Co., a wholly-owned subsidiary of Daewoo E&C, has led the new city development project, which has total investment of $2.2 billion, with the first phase having $1.2 billion.

Daewoo E&C sold most of the villas within a month of them coming on the market.

The StarLake project was granted an investment license in 2010, with ground cleared in 2011 and construction of the first phase beginning in 2014.

Established in 1973, Daewoo E&C is one of South Korea’s largest construction groups, with a presence in nearly 50 countries and territories around the world. In Vietnam, before StarLake it invested in the Daeha Business Center in Hanoi and was the general contractor at the high-end Daewoo - Cleve apartment building in the capital’s Ha Dong district.

The company has said it will achieve its goal of becoming the 15th largest builder in the world by pushing ahead with the building of new cities overseas. It expects to build 31,000 homes this year, becoming South Korea’s largest housing supplier for seven years in a row.

Vietnam's real estate market is flourishing, with international investors attempting to secure a foothold in the market either through mergers and acquisitions or by forming joint ventures.

Foreign buyers, mainly from Japan, South Korea and Singapore, have their eyes on the country’s two major cities: Hanoi and Ho Chi Minh City. Investors have expressed an interest in luxury properties, according to real estate consultants JLL.

Transparency in Vietnam’s real estate market has steadily improved over the last few years, it has said, with better access to market information, increased availability of market data, and improved enforcement of planning and land use regulations.

Fourth edition of Czech-Vietnamese dictionary launched

Engineer Nguyen Quyet Tien, one of the two co-authors editor of a Czech-Vietnamese dictionary, introduced and presented the 4th edition of the collection to the Vietnamese Embassy and the Vietnamese Association in the Czech Republic on November 16, targeting Vietnamese expatriates and Czech people who want to learn Vietnamese.

The fourth edition of the Czech-Vietnamese dictionary is the latest among six volumes produced by Tien and Czech co-author, Dr. Ivo Vasiljev.

At the launching in Prague yesterday, attendees spent a minute of silence in memory of the Czech linguistic professor Dr. Ivo Vasiljev who died almost one month ago.

Tien commemorated Dr. Ivo’s death, who accompanied him in the first four volumes of the dictionary. He said that Dr. Ivo’s passing will be a great difficulty to compiling the last two volumes and preparing subsequent projects. However, engineer Tien expressed his determination to complete the significant project as planned.

The 700 page fourth volume includes 21,000 words and was completed within a year. The first volume was launched in November 2013 with 10,100 words, while the second debuted in November 2014 with 9,200 words and the third in November 2015 with 19,200 words.

The compilation and publishing of the dictionary received support from Czech Ministry of Education, Youth and Sports through a government sponsored programme in languages of ethnic minorities and multicultural education in 2015.

The bilingual encyclopaedia, covering a wide range of subjects, including society, culture, history, biography and geography, won the second prize of the Dictionary of the Year award from the Union of Interpreters and Translators of Czech Republic within the Book World Prague, an international book fair and literary festival, in Prague last May.

Tien also expressed his hope that the published volumes and the remaining two sets would continue to be widely promoted in the Czech Republic, especially among the Vietnamese community there to serve for learning, teaching and researching Vietnamese in the host country and contributing to the friendly relations between the two peoples.

Vietnamese Ambassador to the Czech Republic Truong Manh Son praised efforts by the two co-authors in spreading the languages and culture of Vietnam and the Czech Republic to academics, students and Vietnamese community.

The diplomat said that the dictionary was a precious treasure of language and literature providing invaluable support for Vietnamese on the path of integrating into Czech society, as well as for lovers of Czech and Vietnamese culture.

He also affirmed that the Vietnamese Embassy would coordinate with the Vietnamese Association in the Czech Republic to create the best conditions for Tien to complete the project.

For his part, former chairman Hoang Dinh Thang of the Vietnamese Association in the Czech Republic expressed his sincere appreciation to the two co-authors in researching and compiling the collection to raise the prestige credit and position of the Vietnamese community in the host country.

Housing market keeps developing

The housing market will continue to develop, especially the mid-range apartment and townhouse segments, thanks to the improved quality of the country’s economic growth, experts told a recent conference in HCM City. 

Le Anh Tuan, head of research at Dragon Capital Group Limited, told the conference, titled “Real-estate: Building the future,” that Vietnam is among top emerging markets in terms of GDP growth. 

Furthermore, its quality of growth is good as seen from the reducing credit growth and inflation in 2015-16 compared with 2004-11. 

Private consumption has also surged, he said. 

Other factors that would boost the housing market include the rapid growth of the middle-class, which is expected to jump from 12 million in 2012 to 33 million by 2020, he said.

The rise of the private sector and the resultant boost to productivity, the rapid infrastructure development and the stable economy would be other important factors, he added.

Nguyen Tran Nam, Chairman of the Vietnam Real Estate Market, concurred saying, “Demand and supply will continue to grow like they have since the beginning of 2014.”

Nguyen Thi My Phuong, CEO of Tien Phuoc Real Estate Joint Stock Company, said she is totally optimistic about the future of the housing market.

“Since the beginning of this year, the market has witnessed strong growth in all segments -- apartments, villas, townhouses, and land.

“Prices have increased in all segments. The number of transactions has risen sharply at projects with a good location and developed by prestigious developers.”

A Savills Vietnam executive was also optimistic about the market, saying it would be healthy in 2017. 

Participants agreed that while both supply and demand would increase in all segments, the mid-range and townhouse categories would rise the fastest.

Tuan said sales of luxury housing peaked in the fourth quarter of last year, and demand and prices are set to fall while supply has kept increasing.

In the first nine month of this year sales in this segment has been down 10 percent, he said.

Supply, demand and prices of mid-range apartments and townhouses would rise from now through 2018, he said.

Nam said with the growing population, every year the country needs around 100 millions square metres of housing.

Rapid urbanisation has brought huge numbers of people to cities, pushing demand up there, he said, warning that there is still a mismatch between demand and supply.

“Supply has increased, demand is growing, but they do not meet each other because they are in different segments,” he said. 

Developers are focusing greatly on the high-end segment while 70-80 percent of the demand is in the low and mid-end segments, he pointed out. 

“There is a discrepancy in the property products structure.”

An executive from a construction company said projects with high quality and affordable prices are winners whatever segment they are in.

Vietnam croc farms suffer as Chinese market shrinks

The price of crocodiles raised for their skin on Vietnamese farms has been plummeting amid China’s economic slowdown, forcing farmers to lower prices, close farms, or sell their products at a loss.

The information was made public at a conference on ‘Alignment for Enhanced Competitiveness of Crocodile Products’ in Ho Chi Minh City on November 15.

China’s shrinking purchasing power has taken a toll on Vietnam’s crocodile farmers, who mainly rely on exporting the reptile to their northern neighbor, Tran Tan Quy, deputy director of the municipal Department of Agriculture and Rural Development said at the conference.

Many farms have had to close down, Quy said.

Over 160,000 freshwater crocodiles are being raised for their skin on farms in Ho Chi Minh City, but less than 15% (around 23,000 crocodiles) have been exported so far this year, according to the deputy director.

An additional 6,808 metric tons of salted crocodile skin and 6,121 metric tons of crocodile leather were also exported over the same period, adding to the city’s total export value of VND52 billion (US$2.32 million) in crocodile products.

“There has been a significant drop in the number of crocodile farms in Ho Chi Minh City in recent years,” Quy said at the conference.

Meanwhile, Dao Van Dang, deputy chief of the city’s Forest Protection Department, pointed out that of the 12 companies, two cooperatives, and 28 households currently running crocodile farms in the city, only four companies meet standards set out by the Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES).

CITES is an international agreement between governments which looks to ensure that international trade in wild plants and animals does not threaten their survival.

CITES southern representative Thai Tuyen asserted that conservation agreements, such as CITES, make it difficult for Vietnamese crocodile exporters to find alternatives to Chinese buyers.

The price of live crocodiles has dropped by VND5,000-VND7,000 (US$0.2-0.3) per kilogram in the last month, hitting the new bottom of VND40,000-60,000 (US$1.8-2.7) per kilogram, according to crocodile farmers at the conference.

At such a low price, farmers are selling their products at losses of VND30,000-VND50,000 (US$1.3-2.2) per kilogram, Nguyen Van Thanh from the Southern Crocodile Breeding Cooperative said at the conference.

Central bank downplays forex concerns

The State Bank of Vietnam (SBV) on Thursday said that the rising value of the US dollar against the Vietnamese Dong was normal at this time, reassuring market concerns over the accelerating VND/USD exchange rate.

In an announcement released on November 17 afternoon, the SBV said that the VND/USD exchange rate had been rising over the past few days, and stood at 22,450 VND per USD in the interbank market on November 17 afternoon, which was still 50 Dong lower compared to the rate in the end of 2015.

According to the SBV, the current high VND/USD exchange rate was resulted from the rising value of the USD against several strong currencies including the euro, pound, yen and yuan following the US election.

The central bank said that from now to the end of this year, there would be no foreign currency surprises, and flows were supported by the disbursement of foreign direct investment capital, capital from mergers and acquisitions, and remittances.

This morning, November 18, the SBV set the reference VND/USD exchange rate at 22,112 VND per USD, showing a rise of 11 VND from the previous day and the eighth consecutive rise with 87 VND in total, according to the Vietnam Plus Newspaper.

With the current +/- 3 percent VND/USD trading band, the ceiling exchange rate is 22,775 VND per USD and the floor rate is 21,449 VND per USD.

In the opening hour, Vietcombank listed the buying rate at 22,400 VND per USD and the selling rate at 22,470 VND per USD, up 5 VND from November 17. The bank adjusted its rates up 95 VND in total from the beginning of this week.

Rates were listed 22,440 - 22,520 VND/USD at Eximbank, up 40 VND from the day ago. The rates rose by 145 VND in total from the beginning of this week.

In Techcombank, the rates were listed 22,390 - 22,500 VND/USD, unchanged from the day ago, but rising up 100 VND in the buying rate and 110 VND in the selling rate.

BIDV offered the buying rate at 22,460 VND per USD and the selling rate at 22,530 per USD, up 50 VND from the day before. The price of the greenback rose up 160 VND in both rates since November 14.

The forex market experienced a strong fluctuation when the central bank raised its reference rate and commercial banks also made surges in their buying and selling rates.

Short-term foreign currency loans extended

The State Bank of Việt Nam (SBV) announced yesterday that it would allow credit institutions and foreign bank branches to continue issuing short-term foreign currency loans to some borrowers.

The ruling allows loans to be issued until the end of 2017, instead of December 31, 2016.

Under Circular 31/2016/TT-NHNN dated November17, 2016, credit institutions and foreign bank branches are allowed to consider offering short-term foreign currency loans to meet short-term capital needs for production or business plans for the export of goods via Vietnamese border gates until December 31, 2017. The borrowers are required to have sufficient foreign currency revenue from exports to repay the loan.

The new circular replaces Circular 07/2016/TT-NHNN issued early last year that stated such loans would have to be completed by December 31, 2016.

With the policy, exporters will continuously have an opportunity to borrow foreign currencies at low interest rates. Currently, lending interest rates for short-term US dollar loans are roughly 3 per cent, while the rate for short-term đồng loans is some 5-6 per cent.

According to the SBV, the extension seeks to support local exporters in the context that their business and production still face difficulties due to adverse weather and negative consequences caused by the environmental pollution in the coastal central provinces.

The regulation is also among the Government’s incentive policies aimed to support and develop local enterprises until 2020, which was approved in Decree 35/NQ-CP issued in May 2016.

Industry insiders said that the extension is also expected to reduce domestic demands for US dollars, believing that the dollar sharply strengthened against the đồng during the past day. Today, the đồng/ dollar exchange rate listed at many commercial banks exceeded VNĐ22,600 per dollar. This was the highest rate since this year’s January launch of the new đồng/dollar forex rate methodology, using a central reference rate for the daily based on an eight-currency basket and macro-economic conditions.

The insiders explained that without the extension, exporters who borrowed dollars from credit institutions would have to repay the loans before December 31, 2016. According to the SBV’s statistics, outstanding loans in foreign currencies in the first nine months of this year rose 5.44 per cent, against early this year.

Meanwhile, local demands for foreign currencies often rise significantly at year-end to meet increasing imports, the insiders said.

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