Finance industry executives form association

The Viet Nam Association of Financial Executives was formed yesterday in HCM City to create a forum for financial executives.

Phạm Thị Thanh Nga, chairwoman of the financial information services provider Vietstock, is its chairwoman.

Speaking at the ceremony, Dang Quyet Tien, deputy general director of the Ministry of Finance's corporate finance department, said financial management played an important role in the success of the economy and businesses.  

However, financial management is still quite young and does not receive proper attention in Việt Nam, he said.

The establishment of the association is expected to improve things, he said.

At the event yesterday AAA (An Phat Plastic and Green Environment Joint Stock

Company), DPM (PetroVietnam Fertiliser and Chemical Corporation), FPT, KDH (Khang Dien Investment and Trading House JSC), and VNM (Vietnam Dairy Products JCS) were honoured with the top five IR awards for having the best investor relations after being voted for by investors and financial institutions.

Nga said the annual awards, instituted by Vietstock in 2011, sought to raise awareness among listed companies of complying with disclosure requirements and relations with investors, especially shareholders, to develop an open, transparent and effective stock market.

For the first time this year the awards were given in collaboration with the VAFE, she said.

Listed companies had been better at complying with information disclosure requirements, she said.

A survey by Vietstock found that 18 per cent of companies listed on the HCM City and Hanoi exchanges have fully complied with disclosure requirements this year compared to 10 per cent last year and 4 per cent in 2014, she added.

Steel production sees strong growth in October

Steel production in October continued to enjoy a sharp year-on-year increase after Vietnam applied safeguard measures against steel bar and steel billet imports. 

According to the Ministry of Industry and Trade (MoIT), the output of crude steel in the month was 468,000 tonnes, up 26.5 percent over the same period last year, while that of flat steel was 488,000 tonnes, a rise of 30.4 percent year on year and steel bars and angle steel was 397,000 tonnes, an increase of 1.5 percent. 

The October figures brought the total outputs of crude steel to 4.2 million tonnes, flat steel to 4.3 million tonnes and angle steel to 3.9 million tonnes. 

The MoIT’s Department of Planning said, along with opportunities offered by trade safeguard measures, the sector is enjoying high domestic demand for steel bars. 

The growth in production and sales of steels in the past 10 months showed the supply ability of domestic producers, the department said, adding that the prices of steel products remained stable. 

A report of the Vietnam Steel Association (VSA) showed that its member firms produced 1.48 million tonnes in October, up 18.6 percent year on year, while their sales reached 1.2 million tonnes, a rise of over 23 percent. 

However, VSA Vice President Nguyen Van Sua warned of challenges ahead as cheap steels from China would continue to float the domestic market. 

The total volume of finished steel products imported from China since the beginning of the year has exceeded 7.29 million tonnes worth 2.86 billion USD, accounting for nearly 60 percent of Vietnam’s total imported steels and 56 percent of import value. 

Sua also mentioned suspect cases of Chinese steel exported abroad under the trademarks Vietnamese steels, which may harm the prestige of Vietnam’s products. 

On its part, the MoIT pledged to continue the trade safeguard measures to ensure the fair competition between domestic and imported products, while keeping a close watch on the impacts of the measures for timely adjustments.

Retail sales, service revenues rise 9.3 percent

Vietnam’s total retail sale and service revenues saw a year-on-year increase of 9.3 percent to some 2,896.6 trillion VND (126 billion USD) in the first ten months of 2016, according to the General Statistics Office (GSO).

However, the growth rate was still lower than the 9.7 percent recorded during the first ten months of 2015, it reported.

If inflation was excluded, the amount in the first ten months this year marked an increase of 7.4 percent, lower than the rate of 8.5 percent in the first ten months of 2015. GSO’s expert Vu Manh Ha said the reduction in the growth rate of the total retail sales and service revenues in the first ten months was due to rain and floods in the central region, as well as drought in the southern region.

The weather conditions caused a drop in construction and housing repairs, while construction prior to the new school year ended, leading to a drop in the purchasing power of society.

Meanwhile, the consumer price index in the first ten months this year had an average growth rate of 2.27 percent year on year, higher than the average rate of 0.63 percent in the first ten months of 2015, Ha said. Therefore, the people must tighten additional consumer spending.

In October, retail sales and service revenues saw a small increase of 0.8 percent month-on-month to 295.35 trillion VND.

The total retail revenue of essential goods during the first ten months had a high growth rate of 9.3 percent to 2,201 trillion VND against the same period last year, while spending for tourism services rose by 6.8 percent to 270 trillion VND.

Ha said there would be many factors to push total retail sales and service revenues up in the two final months of the year, including Christmas, calendar and lunar new year holidays, buying clothes for winter, and spending for health care services during the winter.

Tuna export shows sign of recovery

Vietnam’s tuna export value increased 10 percent in the first eight months of the year to 309.8 million USD, according to the Vietnam Association of Seafood Exporters and Producers (VASEP). 

The comeback was driven by the recovery of import markets, improved fishing and preservation procedures and export businesses’ efforts to expand markets. 

Customs statistics showed exports of fresh/live/frozen tuna made up 180.7 million USD of total exports, up 9.5 percent over the same period last year, while exports of frozen tuna fillets and processed tuna were up 14.3 percent and 1 percent, respectively. 

The exports went to 8 key markets, namely the US, EU, ASEAN, China, Israel, Japan, Canada and Mexico, occupying 88.2 percent of national tuna export value. 

The association expects tuna exports will continue to increase in the final months of the year. 

The US market is set to remain as the biggest importer of Vietnamese tuna. 

ASEAN, China and Israel remain promising destinations for Vietnam’s tuna, said the association. 

According to the Ministry of Industry and Trade, there is still more room for Vietnam to boost tuna exports to these markets. 

It suggested local firms focus more on improving steaming, drying and canning technologies to enhance exports of processed products. 

They also need to exploit EU markets with high import demands such as Italy and Belgium following high growth in tuna exports to both countries in the past 8 months.

Domestic goods market enjoys stable growth

Total retail sales of goods and services in October hit 295.35 trillion VND (about 13.2 billion USD), up 0.9 percent against the previous year and representing a year-on-year increase of 9.3 percent.

The amount lifted the total value of retail sales of goods and services in the first ten months of this year to 2.9 quadrillion VND (103.5 billion USD).

The domestic market’s stability was attributable to the slight decline in prices of several groups of commodities such as some types of fuels and construction materials, food and foodstuff.

In the remaining months of the year, the Ministry of Industry and Trade will continue keeping close watch on movements of the domestic market, and coordinate with relevant sectors to keep consumer price index (CPI) at below 5 percent.

Measures will be taken to balance the supply and demand of essential commodities, aiming to avoid price hike.

Additionally, trade promotion activities will be enhanced to introduce domestic products, especially agro-aquaculture products, to more distributors, thus expanding domestic market and fostering export.

Efforts will be intensified to foster links between agro-aquaculture producers and distributors, towards stepping up large-scale production.

The ministry will also work to devise measures to strictly manage activities of farm produce traders, including foreigners operating in Vietnam.

Summit seeks “smooth sailing” for Vietnam’s economy

The Vietnam Summit 2016, an annual conference on external economics, was opened in Ho Chi Minh City on November 3 morning under the theme “Smooth Sailing Ahead”. 

The event, co-organised by the Foreign Ministry and the UK’s The Economist magazine, brought together leading voices from ministries, localities, international financial organisations, domestic and foreign businesses, and economists. 

Opening the summit, Jons Fasman, Southeast Asian bureau chief for The Economist, said Vietnam Summit 2016 is a chance for the Vietnamese Government, enterprises, experts and scholars to learn about the country’s most pressing issues, discuss opportunities and challenges facing Vietnam, and seek answers to its development future. 

Speaking on the Vietnamese Government’s policy viewpoints, Deputy Prime Minister and Foreign Minister Pham Binh Minh said the three decades of reforms have brought about enormous economic achievements, including high growth rates maintained for a long time. 

However, Vietnam is facing a need for changes to ensure sustainable development, the Deputy PM said, adding that the Government wants to maintain a reasonable growth rate, at about 6.5 – 7 percent annually, in the next five years. 

He stressed that to that end, it is necessary to promote productivity and application of advanced technologies and techniques to raise quality. Vietnam should also boost foreign trade, stimulate domestic market and production activities, and accelerate State-owned enterprise equitisation. 

Minh said the Vietnamese Government is committed to designing transparent policies and providing the best possible conditions to ensure an equal and fair playground for enterprises and people. It has also encouraged localities to attract foreign investment, especially in industries using high technology, and create an effective competition environment. 

At the summit, participants discussed issues pertaining to macro-economic policies and business climate in Vietnam such as the country in relation to the global economic situation, the future of manufacturing industry, business breakthroughs, building an industrialised Vietnam, and its position in the regional and global geopolitics.

Vietnam, IRRI join hands in developing rice production

Vietnam and the International Rice Research Institute (IRRI) can bolster cooperation in developing genetic resources and technology to improve rice quality, IRRI General Director Matthew Morell has said. 

Working with representatives from the Ministry of Agriculture and Rural Development (MARD) in Hanoi on November 4, Morell said with its huge rice export capacity, Vietnam plays a vital role in ensuring the world’s food security. 

According to the general director, IRRI’s gene banks boasts natural genetic resources, genetic structures and outstanding rice varieties, which are vital to selecting important characteristics and varieties adaptable to impacts from climate change that Vietnam needs. 

IRRI can assist Vietnam in improving its rice productivity and quality, while reducing input elements such pesticides, fertilizers, water, labour and varieties, he stressed, adding that the institute’s studies can also help to minimise in-and post-harvest losses. 

At the meeting, experts from domestic research institutes expressed their hope to continue cooperating with IRRI in using genetic resources, personnel training and implementing studies on post-harvest and intensive processing technologies as well as researches on rice markets. 

Le Huy Ham, Director of the Vietnam Agriculture Genetic Institute, said that Vietnam has a great demand for drought- and saltwater - resistant rice varieties. 

Vietnam started its partnership with IRRI in 1963. The cooperative relations have helped to create breakthroughs in agriculture, including selecting rice varieties with high yield and capable of adapting to negative impacts of weather, as well as promoting sustainable cultivation systems. 

The two sides have also worked effectively in preserving rice genetic diversity, controlling and eliminating pestilent insects, and improving rice quality and value, smart agriculture, and training.

EU pledges to cooperate in food safety with HCM City

The European Union (EU) pledges to work closely with Ho Chi Minh City in food safety and origin of agricultural products in the context of the upcoming signing of the Vietnam-EU Free Trade Agreement (EVFTA). 

EU Commissioner for Agriculture and Rural Development Phil Hogan made the statement during his meeting with Vice Chairman of the municipal People’s Committee Le Thanh Liem in HCM City on November 4. 

He informed the host of the outcomes of his meetings with the Prime Minister and representatives from ministries, sectors and enterprises, saying that leading EU businesses in agriculture wish to strengthen trade and investment cooperation with Vietnam and Ho Chi Minh City in particular. 

Vice Chairman Liem said the EU is the city’s important trade partner with two-way trade value reaching seven billion USD in the first 10 months. 

He acknowledged support EU member countries have provided for the city in the fields of transport, agriculture, and climate change adaptation, and expressed his hope for the EU’s continued cooperation and assistance in infrastructure, climate change, food safety, and hi-tech agriculture.

EU promotes trade on farm products, food with Vietnam

Phil Hogan, EU Commissioner on Agriculture and Rural Development, led a high-level trade mission to visit Ho Chi Minh City on November 4.

The delegation comprises over 40 businesses in farm products and food.

The EU official highlighted the importance of promoting trade on agricultural products and food between the two sides on the basis of the Vietnam-EU Free Trade Agreement (EVFTA). 

The pact, which has been concluded negotiations, will bring big opportunities for both Vietnamese and EU producers in seeking markets for high-quality agricultural products, he said.

According to the EU, not only Vietnamese people are keen on agricultural products and food from Europe, but also the number of European consumers loving Vietnamese products increases.

The EU is among Vietnam’s largest trading partners, with bilateral trade reaching 38.4 billion EUR (41.93 billion USD) last year, with the latter enjoying a trade surplus.

Vietnam ranks 21st among the bloc’s trading partners and is the second largest trading partner of the EU in ASEAN.

In 2015, the EU earned 129 billion EUR from agricultural product and food exports, making it the world’s biggest exporter.

EU businesses consider Vietnam a potential market for European farm products and food and expect that boosting trade in the field with Vietnam will help increase import-export turnover between the two sides, thus contributing to growth and job generation.-

Vietnam, RoK convene trade connectivity conference

A Vietnam-Republic of Korea trade connectivity conference, themed “Cooperation for mutual development”, took place in the southern province of Ba Ria – Vung Tau on November 4. 

The event, co-hosted by the provincial Department of Industry and Trade and the Korean Association of Industry and Trade (KAIT) in Ho Chi Minh City, was within the framework of the Ba Ria - Vung Tau industry-trade-tourism fair 2016. 

Speaking at the event, Vice Chairman of the provincial People’s Committee Nguyen Thanh Long said over the past 25 years, Ba Ria - Vung Tau has boosted trade, investment, tourism promotion as well as socio-cultural cooperation with the RoK via the signing of memoranda of understanding on cooperation with several Korean localities such as Pohang and Ansan cities, Chollanamo province, and Geyyang district of Incheon city. 

Korean Consul General in Ho Chi Minh City Park Noh-wan said Ba Ria - Vung Tau is the third locality in the south, behind Ho Chi Minh City and Dong Nai, that has attracted Korean investment. 

In the foreseeable future, the Consulate General will serve as a bridge to introduce more Korean firms to the locality to do business in the fields of food processing, shipbuilding, petrochemical industry, and waste treatment, he said. 

Ba Ria – Vung Tau is currently home to 55 Korean projects worth more than 3.4 billion USD, focusing on steel, port, and services. 

According to the organising board, the event affords Korean firms a chance to learn about Vietnam’s socio-economic climate as well as share experience with Vietnamese partners. 

On the occasion, supermarket chain Lotte Vietnam and local food suppliers signed a cooperation agreement. 

The KAIT granted 150 million VND (6,800 USD) to the provincial Association of Victims of Agent Orange and Association of the Disabled and Orphans. 

The Posco Vietnam company presented 19 steel houses worth 2.85 billion VND (129,000 USD) in token to poor households in Tan Hoa commune, Tan Thanh district. 

The provincial authorities also presented a certificate of merit to the Korean Association of Industry and Trade in Ho Chi Minh City and the Posco Vietnam company in recognition of their trade and social activities in the locality.

Vietnam determined to accelerate economic restructuring

The Party and Government of Vietnam consistently pursue the goal of stabilising macro-economy, heed growth quality, and accelerate economic restructuring, especially bad debts and banking system, head of the Party Central Committee’s Economic Commission Nguyen Van Binh said. 

During a reception in Hanoi on November 4 for a delegation of the International Monetary Fund (IMF) led by Alex Moumoura, Binh spoke highly of the IMF’s active support to Vietnam over the past years, especially in policy consultation which has proved effective. 

He gave his opinions on the delegation’s suggestions to restructure the banking system and speed up the reform of State-owned enterprises. 

On the occasion, he also informed his guest of the outcomes of the 12th National Party Congress’s fourth plenum, particularly several major policies to renew growth model, improve labour output and economic competitiveness. 

Moumoura, for his part, briefed the host about the IMF’s forecast on Vietnam’s macro-economic, fiscal, monetary-banking prospects and several recommendations on the reform of public finance, commercial banks and State-owned enterprises. 

Expressing his pleasure with the Vietnamese Party and State’s priorities for the future, he affirmed that IMF will continue working closely with Vietnam.-VNA

Vietnam association of financial executives debuts

The Vietnam Association of Financial Executives (VAFE) made its debut at a ceremony in Ho Chi Minh City on November 4. 

VAFE Chairwoman Pham Thi Thanh Nga, who also leads the board of directors at Vietstock – an online financial information provider, said the association establishment aims to help promote the growth of financial management in Vietnam. 

Financial management is important to the development of an economy, but it remains underdeveloped and lacks adequate attention in the country. 

Dang Quyet Tien, Deputy Director of the Ministry of Finance’s Corporate Finance Department, said VAFE is expected to provide organisations and individuals with chances to discuss, share knowledge and experience, and support each other in financial management. It will also help financial management activities develop in line with Vietnam’s legal regulations and global trends. 

At the ceremony, the results of a programme selecting the top five listed companies with the best investor relations (IR) practices in 2016 were also announced. 

Co-organised by VAFE and Vietstock, it also chooses the top five listed firms with the most votes from most financial institutions and investors. 

Hoa Sen Group, FPT Joint Stock Company, Vietnam Dairy Products Joint Stock Company (Vinamilk), and An Phat Plastic and Green Environment Joint Stock Company are among the enterprises honoured by this annual programme. 

Lang Son asked to fully tap economic potential

President Tran Dai Quang has urged the northern mountainous province of Lang Son to fully tap its potential and strengths to further develop border trade, services, tourism, agro-forestry and rural economy.

Addressing a ceremony to mark the 185 th anniversary of the province’s establishment (November 4, 1831-2016) in Lang Son city on November 4, the State leader suggested the locality pay attention to applying science and technology in production, protecting the environment and minimising negative impacts caused by natural disasters and climate change.

While congratulating Lang Son on its recent achievements, President Quang asked the local authorities to focus on developing the Dong Dang-Lang Son Border Gate Economic Zone with a view to turning the province into a service centre in the northeast sub-region.

Lang Son should work harder to soon realise its poverty reduction goals and ensure social security while firmly safeguarding national sovereignty and border security, he stressed.

Located in the nation’s northern gateway, Lang Son boasts its long lasting history and culture. Its name “Lang Son” first appeared in a royal ordinance issued by King Minh Menh of the Nguyen Dynasty on November 4, 1831.

It holds a strategic position in socio-economic development, security-defence and foreign affairs of the nation.

According to the province’s report, the local economy grew 3.64 percent in the first half of 2016. Lang Son strives for an economic growth of 8-9 percent and average per capita income of 35-36 million VND (1,569-1,614 USD) this year.

Public talks on anti-dumping fees

Viet Nam Competition Authority (VCA) under the Ministry of Industry and Trade (MoIT) will hold a public consultation with related parties on investigations for anti-dumping tariffs on coated steel sheets.

The consultation, related to coated steel sheets imported from mainland  China (including Hong Kong) and South Korea, will be organised on December 22 to help related parties express their opinion on the anti-dumping tariffs.

Each party can have three people participating in the consultation. The event is not compulsory and related parties which do not join in the consultation will still be ensured their rights and benefits under the law.

Applications to participate in the consultation should be sent to the VCA's Trade Remedies Investigation Division before 5pm on November 22. Related parties can send their contents before 5pm on December 1.

The ministry promulgated the decision on applying the temporary anti-dumping tariff on imported coated steel sheets from China (including Hong Kong) and South Korea into Viet Nam.

The tariff is in effect for 120 days – from September 16, 2016 to January 13, 2017.

MoIT said in the first 10 months of the year domestic steel production continued to see high growth after Viet Nam imposed anti-dumping tariffs on long steel and steel billet. The solutions have assisted local steel producers while reducing imports.

Raw steel productivity last month was more than 468,000 tonnes, posting a 26.5 per cent year-on-year increase. The productivity of rolled steel rose by 30 per cent from the same period last year, while that of steel bars was estimated at 397,000 tonnes.

Raw steel reached some 4.2 million tonnes in the 10-month period, or 19 per cent higher compared with the same period last year. Rolled steel and steel bars were 4.29 million tonnes and 3.9 million tonnes respectively.

The ministry's Planning Department said higher building demand in the country has contributed to the increasing productivity. The surge of both steel sale and production over the past 10 months showed that the local steel sector could meet the building demand. Steel prices have been stable in the January-October period.

The latest report from the Viet Nam Steel Association also revealed that its members' productivity reached more than 1.48 million tonnes, posting a year-on-year rise of 19 per cent. Steel sale also reached over 1.2 million tonnes, or 23 per cent higher than the corresponding period last year.

Nguyen Van Sua, VSA's vice chairman, said the year-end months would be the peak time for steel consumption, resulting in high demand for steel.

However, it would be difficult for local producers to prevent the flood of cheap steel from China in the context of integration.

The association said imported steel from China so far this year has reached over 7.29 million tonnes, accounting for 60 per cent of the total steel imports into Viet Nam.

Sua said the government should come up with solutions to prevent trade fraud to help local steel producers have strong growth in the near future.

In addition, Vietnamese firms should improve products' quality and invest in technologies to reduce production costs and enhance competitiveness in their own market.

The ministry will continue to apply trade defence measures to ensure fair competition with imported products to promote the country's steel sector. 

HCM City industrial zone offers small land plots to tenants

New land lots of smaller size are available at the Hiep Phuoc Supporting Industrial Zone for supporting industry start-ups and small and medium-sized enterprises, the Hiep Phuoc Industrial Park Joint Stock Company has said.

They range in size from 750sq.m, it said.

The company said it had begun to lease out land in the supporting industrial zone -- which is part of the Hiep Phuoc Industrial Zone -- since November last year, but the lots measured 1,500-2,700sq.m, it said.

Seeing the demand from companies and to respond to HCM City's plan to develop supporting industries, it decided to offer smaller plots of land, it said.

But the bigger ones are still available, Vuong Huu Man, general director of the company, said.

The Hiep Phuoc Supporting Industrial Zone now houses 34 projects on a total area of 22ha, he said.

To attract more tenants, the company said it plans many promotional and support programmes. It would provide free wifi, introduce tenants to partners in supporting industries and get banks to lend up to 70 per cent of cost.

The Hiep Phuoc Industrial Zone, built more than 20 years ago, houses 164 projects, including 22 foreign ones.

HCM City's biggest industrial zone is still under construction. Over 1,000ha of land is available now and another 1,000ha will be added in an upcoming phase.

Together with the launch of the smaller land lots, the company also signed lease agreements with five tenants, namely Anh Hung Construction Join Stock Company, Cat Phuong Joint Stock Company, GBP Plastic Company, Gon Sa Joint Stock Company, and International Pharmacy Company.

Three other companies received licences on the same day to invest in the zone. 

Japanese property companies flock to VN

The HCM City-based Dream Home Corporation announced it has signed a comprehensive cooperation contract with The Global Group, a Japanese real estate developer, vietnamplus.vn reported.

Under the contract, with an initial investment of US$50 million, the Japanese group will apply Japanese experience and technologies in the project implementation as well as transfer Japanese-standardised management and operation processes to the Vietnamese side.

The Dream Home Palace project in District 8, HCM City will be the first joint project between the two sides. It will offer more than 900 apartments at a price of only VNĐ888 million ($39,900) each. 

Meanwhile, the Hia Binh House Joint Stock Company has also partnered with two Japanese partners, Okamura Home and Sanyo Homes, to set up the Okamura Sanyo Properties Joint Stock Company specialising in real estate management in Việt Nam.

Okamura Sanyo Properties is expected to become one of the leaders of the real estate management market in the Southeast Asian nation. 

Toyota recalls Lexus RX to check airbags

Toyota Motor Vietnam (TMV) has announced the launch of its recall campaign to check and replace defective front passenger airbag inflator modules in 20 Lexus RX cars imported to Viet Nam.

The 20 recalled luxury SUVs were manufactured between November 28, 2015 and June 13, 2016.

The campaign started on November 2 at Lexus Saigon Centre in HCM City and Lexus Thang Long in Ha Noi. It is a part of Toyota Motor Corporation's global recall campaign, which involves the recall of 14,100 vehicles of different models.

According to Toyota's global announcement, these vehicles are equipped with a hybrid-type front passenger air bag inflator (made by Takata company) that contains compressed gas and propellant in the same combustion chamber. The burst disc in some inflators may have been improperly welded and/or misassembled. In these defective pieces, the disc membrane can burst from the pressure of the stored compressed gas in the inflator, which will allow the gas to escape and result in partial inflation of the airbag when there's no need.

There have been reports of airbags inflating in vehicles that are stationary and unoccupied. An airbag that inflates unpredictably can lead to injuries and crash.

TMV will check and replace the front passenger airbag inflator module of affected vehicles at no cost. The airbags on the drivers' side were supplied by another company and will not be replaced. 

Petrol price increases slightly

The prices of RON 92 petrol and bio-fuel E5 increased by 47 VND and 43 VND per litre as from 3:00 pm on November 4.

Following a joint decision by the Ministry of Industry and Trade and the Ministry of Finance, the prices of diesel 0.05S and kerosene remained stable. Meanwhile, the price of 180CST 3.5S mazut decreased slightly by 5 VND per kilograme.

This is the sixth consecutive fuel price hike in recent times with a total increase of 2,300 VND (0.103 USD) per litre. It also marked the 21 st adjustment this year, with 11 increases, totally nearly 5,000 VND (1.012 USD) per litre; eight falls, totally about 4,463 VND (0.2 USD)per litre; and two times unchanged.

Under the joint decision, RON 92 and E5 are sold at no more than 16,892 VND (0.76 USD) and 16,576 VND (0.74) per litre, while the ceiling prices of diesel and kerosene are 13,023 VND (0.59 USD) and 11,543 VND (0.51) per litre.

The ministries said the global price of RON 92 during the last 15 days to November 4 was 60.185 USD per barrel, up 0.2 USD per barrel, while that of diesel 0.05S was 60.808 USD per barrel, contracting by 0.5 USD per barrel.

They also decided to keep retailers’ contribution to the Petroleum Price Stabilisation Fund unchanged and give them a subsidy of 600 VND per litre for RON 92 and E5 from the fund. Meanwhile, subsidies on diesel and kerosene were 219 VND and 114 VND per litre, respectively.

The base fuel prices will be adjusted by the two ministries every 15 days, depending on the fluctuation of world oil and gas prices since the previous announcement and should be in accordance with the government’s Decree 83/2014/ND-CP, and Circular 39/2014/TTLT-BCT-BTC.

Nghe An develops large-scale citrus fruit growing areas

The central province of Nghe An plans to grow citrus fruits on a large scale for both domestic sale and export.

The locality has targeted cultivating the fruits on 8,270 hectares with annual output of 87,000 tonnes, including 55,000 tonnes of oranges, 23,000 tonnes of limes, and 9,000 tonnes of grapefruits.

According to the provincial Department of Agriculture and Rural Development, Nghe An is home to more than 6,072 hectares of citrus fruits.

The province aims to build pilot models and expand effective ones while establishing cooperatives and clubs to provide farmers with safe and effective cultivation techniques.

It will also encourage models built based on locals’ experience to reduce fruit diseases given the fact that up to 60-65 percent of the citrus fruit are infected with greening disease.

A common solution to this problem is intercropping guavas with citrus fruits.-

Opportunities for Vietnam to draw FDI from Thailand

Thailand’s government is devising policies to support and promote investment abroad, which opens up opportunities for Vietnam to attract Thai foreign direct investment (FDI).

According to the Ministry of Planning and Investment, Thailand ranks 10 th out of the 115 countries and territories investing in Vietnam.

Statistics from the ministry’s Foreign Investment Agency showed that Thai businesses have invested in 442 projects in Vietnam with total registered capital of over 8 billion USD.

Thai firms have invested in Vietnam since the country implemented its open-door policy to draw overseas investors in 1992.

Vietnam drew the most investment from Thailand in 2006 – 2008 at 5 billion USD, accounting for 21.4 percent of total investment from ASEAN.

Thai investment focused on the processing and manufacturing industry. Thai companies injected more than 7.03 billion USD to carry out 205 projects in this field, making up 87.2 percent of total registered capital. The biggest project was the 3.77-billion-USD southern petrochemical complex.

Recently, Thai enterprises have shifted investment to industrial infrastructure and retail distributions. Notable projects include the joint venture between Thailand ’s AMATA Corporation Public Company Limited and Vietnam’s Sonadezi Services Joint Stock Company, and the 36-million-USD retail project of Mega Market Company Limited in Ho Chi Minh City .

Economists said Thailand and Vietnam are geographically close and share cultural similarities. The two countries’ governments signed an agreement on investment protection and encouragement in February 1992, which helped Thai businesses invest in Vietnam . 

Both nations have cooperated effectively at regional and international forums, especially within the ASEAN framework.

The two sides have played an active role in the region and coordinated with other members to build a stronger ASEAN Community.

The Thai government encourages its businesses to invest in Vietnam and the Vietnamese counterpart considers Thailand a significant investment partner.

Vietnam hopes Thai companies will enhance investment collaboration in the country, especifically in infrastructure, construction material, consumer goods, foodstuff, automobile, and agriculture.

The Ministry of Planning and Investment has put forth various measures to draw FDI from Thailand, including launching investment promotion programmes between the two countries, selecting key investment projects, and offering more support for Thai businesses in Vietnam.

Vietnamese economy balloons sail for new trips

The theme of the annual external economics conference this year (Vietnam Summit 2016), “Smooth Sailing Ahead,” has reflected the development situation in Vietnam, a country that is heading towards sustainable growth and prosperity. 

Speaking to the media on the event, which opened in Ho Chi Minh City on November 3, Standing Deputy Foreign Minister Bui Thanh Son said the conference was held amidst strong development of science and technology that is leading the fourth industrial revolution. 

The world economy continues to recover with a slowing pace while the ASEAN Community became operational in early 2016, opening up a new period in the country’s development, he said.

Regarding the domestic situation, the 12 th National Party Congress was successfully organised in January 2016, ushering in a new chapter in the national development process. 

According to the official, the Vietnam Summit 2016’s agenda reflected the needs and interests of Vietnam as well as theexpectations of the international business communityforthe country’s development in the new context. 

The summit focused on Vietnam’s position in the global economy, especially when the country joins various important economic agreements, directionsfor the country’s international integration, as well as potential, opportunities and prospects for development in manufacturing. 

Participants also highlighted policies for sci-tech development to encourage innovation and creativity in Vietnam as well as measures to promote the nation’s strengths to step up agriculturalindustrialisation in a sustainable and modern manner. 

Son said that the event is a good chance for Vietnam to show the international business community the determination of the Party and State toboost economic restructuring and transform thegrowth model. 

Vietnam also hopes toshowcaseits efforts in building a government that is instrumental to development, improvingtheinvestment and business environment and encouraging startups and creativity. 

The conference also introducedthe international business community tothe nation and people of Vietnam, stated Son. 

He revealed that in 2020, when all 16 free trade agreements between Vietnam and partners are scheduled to take effect, Vietnam will enjoy partnerships with 59 nations, including five permanent members of the UN Security Council, 15 out of 20 G20 countriesand many emerging economies. 

This is a significant advantage for Vietnam to draw the interest of enterprises at home and abroad who wish to make full use of the benefits generated by the deals, he noted. 

Son also asserted that through the conference, ministries, sectors and localities as well as the Vietnamese business communitycouldseek partnerships with international investors in areas of shared interest.

Vietnam banana exports see upbeat outlook

Vietnamese banana exports have soared in recent years, with hundreds of tonnes shipped overseas per day at times. 

A small amount of Vietnamese bananas arrived in Japan earlier this year. The fruit was sold in Don Quijote stores in late April and AEON shopping malls in early September. 

Experts said Japan, which consumes about 1 million tonnes of bananas annually, has high demand for the fruit from Vietnam. 

The Philippines is currently the source of 85 percent of imported bananas in Japan. However, local importers want diversity in supply. They said Vietnamese bananas are sweet, suitable to Japanese taste, and priced competitively. 

If accepted by a demanding market like Japan, the fruit will be more likely to enter several markets, particularly the Republic of Korea. 

Vietnam’s major weakness in banana exports is preservation work below international standards. 

The Philippines is Vietnam’s biggest rival in the field. Some experts said the Philippine fruit has lower quality and higher prices than Vietnam’s but has an almost flawless appearance. 

Measures to boost banana exports include planning large-scale plantations and investing in post-harvest processing. 

Increasing productivity is also a must. Average output currently stands at 16.8 tonnes per hectare, 80 percent of average global capacity.

Viet Nam willing to export seafood to West Bengal

Vietnam is exploring possibilities to trade in seafood with West Bengal, which has a wide market for marine food.     

Seafood could turn out to be a viable trade option between West Bengal and Viet Nam, according to a delegation from Viet Nam currently touring the city of Kolkata. 

"We export a considerable amount of seafood to other countries. West Bengal has a good market for seafood, and it has great potential for trade. We already import seafood from Mumbai, Kerala and other states in the country and would be happy to do business with the state," said Nguyen Hoang Giang, part of the five-member delegation to the city.

The delegation held an interactive session with the business community to explore trade opportunities in the state. The meeting was organised by the Bharat Chamber of Commerce, a national business forum.

"We have come here on the occasion of a book release at the national library and also wanted to look into the business opportunities in the state," said Ho Hoia Ha, chief of the International Cooperation Division. 

Rajkumar Agarwal, chairman of the global trade standing committee of the Chamber, said that there are different industrial sectors in which the two countries are co-operating for mutual benefit and can work further to strengthen their relationship. 

The current trade between the two countries stands at $1 million. 

VPBank nearly reaches whole year's target

Viet Nam Prosperity Joint Stock Commercial Bank (VP Bank) has already met 90 per cent of its whole year target of capital mobilisation and issuance of valuable papers.

The bank reached VND166 trillion (US$7.4 billion) in the first nine months of the year.

VPBank yesterday announced its business operation had showed positive results. Accordingly, its assets were some VND206 trillion, or 84 per cent of this year's target.

The bank said it continuously implemented promotional programmes for depositors, while introducing flexible saving products.

Its loans to customers reached VND130 trillion, an 11 per cent year-on-year increase, meeting 83 per cent of the whole year's target.

VPBank's pre-tax profit in the nine-month period rose more than 90 per cent from the first half of the year to VND3.1 trillion. Its after-tax profit also increased by VND1.4 trillion to VND2.6 trillion. Its pre-tax and after-tax profits both rose nearly 40 per cent against the same period last year.

The bank's net income in January-September was VND11.8 trillion, increasing 40 per cent from the corresponding period last year thanks to continuous improvement of quality and asset scale, maximizing risk management system and effectively controlling spending.

The bank also paid attention to improving credit quality. Its bad debt rate slightly increased from 2.2 in the first half to 2.35 per cent in the nine months, ensuring it maintained a level of less than three per cent under the State Bank of Viet Nam's regulation.

It has made strong investment in the risk management system since the end of 2015 to serve its breakthrough business targets this year.

The positive results will help continue the momentum for the bank to fulfill its whole year's targets and maintain its position as one of top banks in Viet Nam. 

Smartphone users except technologies to change rapidly: forum

Globally, smartphones account for nearly 42 per cent of all phones, and their users expect technologies to evolve rapidly, a technology forum organised on November 4 by Vietnamese mobile phone manufacturer Mobiistar and Taiwanese chip manufacturer MediaTek heard.

"Chipsets will be stronger and use less power, quick-charge technology will require less time but increase safety while the quality of cameras will be higher," Mobiistar's CEO, Ngo Nguyen Kha, said.

Mobiistar unveiled three new smartphones, Prime X1, PRIME X 2017 and PRIME X PRO, priced at VND3.5-7 million (US$157 – 31).

PRIME X PRO comes with a six-inch screen, stronger chipset and iris (eye) scanner, a technology that comes only in high-end smartphones. 

Viettel offers preferential deal to iphone 7 buyers

Military-run telecom provider Viettel is offering preferential deals for iphone 7 and iphone 7 Plus buyers through the Viettel Store system nationwide.

Accordingly, the price will be reduced by VND1 million (US$45) for the first 2,000 orders of the products from November 4 to 10, while the remaining will be offered at a zero interest rate when paying via installments.

Customers can also participate in a lucky draw in December for 70 iPad minis and tours to different wonders of the world worth VND100 million. 

This information has come as a surprise, as previously Viet Nam had not been listed among the countries selling iPhone 7. The iPhone 7 would be sold for VND18.8 million at Viettel stores in all colours. 

On the official launch day, which is next Friday, Viettel Store will announce the lowest selling price of nearly VND9.3 million for customers who commit to use Viettel's mobile phone services. 

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