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Hanoi’s Department of Market Surveillance on April 4 seized over 11,200 fake phone and tablet chargers of the Samsung brand in a shop in the city’s Cau Giay district.
Deputy head of the department Tran Viet Hung said that all the circuit boards and cases used to assemble the chargers have unclear origin.
The shop’s owner declared that he had bought the fake items from sellers on Facebook and e-commerce platforms.
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Over 11,200 fake phone and tablet chargers of the Samsung brand seized (Photo: Hanoi’s Department of Market Surveillance) |
Vietnam aims to be leading macadamia exporter in the world
Viet Nam aims to be one of the world's leading countries in producing and exporting macadamia products by 2030.
The project approved by the Government on March 15 aims to develop macadamia cultivation and processing in 2021-2030 sustainably.
Under the scheme, the macadamia export value is hoped to reach about US$400 million in 2030 and $2.5 billion in 2050, with the percentage of macadamia in shells being less than 40 per cent.
In 2030, macadamia nut output is expected to reach about 130,000 tonnes and increase to about 500,000 tonnes in 2050.
The country aims for 130,000-150,000 hectares of macadamia farms by 2030, mostly in the northwestern and Central Highlands regions.
Based on the evaluation of macadamia farming efficiency in 2021-2030, the area could be expanded to about 250,000 hectares in 2050.
Vietnam, one of the three hottest markets in Southeast Asia
Vietnam has been picked by analysts from leading Wall Street banks as one of the three hottest markets in the Southeast Asian region, according to the US’s TV channel CNBC.
CNBC asked the analysts of Goldman Sachs and JPMorgan Asset Management which Southeast Asian markets were their top picks, and received Indonesia, Singapore and Vietnam as the answer. Desmond Loh, a portfolio manager at JPMorgan Asset Management described Vietnam as a “star performer in the past few years” in economic resiliency and growth.
Vietnam is one of the few economies globally to have seen positive economic growth throughout the pandemic.
Earlier, in the one-page preview of his forthcoming book, the Time Travelling Economist, Charlie Robertson explains why Vietnam ticks every box required to escape poverty, reach middle income status and converge towards developed market wealth levels.
Vietnam sees soaring number of foreign visitors in March
Vietnam welcomed nearly 15,000 foreign visitors in March, including arrivals from many new markets such as Kazakhstan and Mongolia.
Nguyen Quy Phuong, Director of the Tourism Department of the Vietnam National Administration of Tourism, said that the number of visitors in March was 10 times higher than that in February, which is a good sign for Vietnam's tourism sector.
The number of domestic tourists reached 8.5 million in March, up 21.4% over the same period last year.
Vietnam records significant socio-economic improvements in Q1
Encouraging progress was seen in almost every aspect in Vietnam's first quarter of this year, according to a report at the cabinet meeting on Monday.
GDP expanded 5.03% while many sectors’ growth neared the pre-pandemic rate, the report said. It noted that the Government’s economic recovery and development program is working well and the Asian Development Bank projected Vietnam’s GDP growth of 6.5% this year, the highest in ASEAN.
“We need to immediately tackle pending issues and flexibly and effectively respond to emerging ones. It’s crucial to make an accurate forecast to work out appropriate solutions,” said Prime Minister Phạm Minh Chinh.
The Health Ministry confirmed 48,717 new COVID-19 cases across Vietnam on Monday, raising the national tally to over 9.8 million infections.
The three localities with the highest number of new cases were Hanoi (5,868), Yen Bai province (2,350), and Vinh Phuc province (1,408).
The COVID-19 death toll in Vietnam now stands at 42,645.
More than 206 million doses of COVID-19 vaccine have been administered nationwide. 99% of people from 18 have received two doses.
Vietnam Tourism Forum proposes measures to boost tourism recovery
Vietnam fully reopened to international visitors on March 15. One thing travel businesses have recommended to quickly revive the tourism sector is to encourage foreign visitors to spend more by allowing them to claim VAT refunds at the point of purchase.
At the Vietnam Tourism Forum held in Hanoi last weekend, Nguyen Thi Cuc, Head of the Vietnam Tax Consultant Association, said the average per capita expenditure of foreigners visiting Vietnam is low and the government should take measures to boost their spending. She suggested making it easier to claim VAT refunds.
These refunds are currently received at airports and ports before the tourists leave the country. They must first shop at a designated store that sells VAT refundable goods. When they make a purchase, they receive an invoice and a VAT refund declaration form.
At their airport or port of departure they must take their invoices and VAT declaration forms to a refund office to be checked and stamped and then submit them at a payment counter to receive their refund.
Ms. Cuc said this process is inconvenient and time-consuming and discourages foreign visitors from shopping in Vietnam. She proposed that tourists be able to get their VAT refunds at the stores where they shop as in many countries. In Japan, after purchasing goods, visitors take their invoices to a tax refund counter in the same shopping center or supermarket.
Others at the forum recommended expanding the list of visa exemption countries, granting more e-visas, and extending the validity of the visa exemption to 30 days.
Nguyen Trung Khanh, General Director of the Vietnam National Administration of Tourism, stressed the importance of IT applications in tourism business and management.
Mr. Khanh said Vietnam’s tourism recovery program is focused on strengthening the tourism market, improving tourism products, promoting tourism activities, accelerating digital transformation, and improving human resource.
Various Vietnamese fruits able to be exported to Iran
Iran is a market with high demand for agricultural products and tropical fruits – which are Vietnam’s advantages, heard a recent export consultation session held by the Trade Promotion Agency.
In recent years, the annual trade turnover between Vietnam and Iran has remained at just over 100 million USD – a modest figure considering the latter’s demand for many strong agro-products of Vietnam.
Vietnam mainly exports agricultural and fishery products such as pepper, cashew nuts, tea, coffee, natural rubber products, vegetables, fruits, handicrafts, and timber products to Iran.
Vietnam’s industrial production flourishes in Q1
The index of industrial production (IIP) in the first quarter continued to flourish with a year-on-year increase of 7.07 percent, the General Statistics Office said.
The positive rise, much higher than the 6.44 percent seen in Q1/2021, contributed 2.42 percentage points to the economy's growth in Q1/2022.
The processing and manufacturing industry had a yearly IIP rise of 7.79 percent.
Meanwhile, the IIP growth of the electricity production and distribution industry stood at 7.42 percent, and water supply and waste and wastewater treatment and the mining industry reached 6.54 and 5 percent, respectively.
Key industries that recorded high increases in Q1 include clothing (up 24.1 percent); machinery and equipment (16.2 percent); metal production (10.1 percent); electronics, computers and optical products (9.4 percent) and other non-metallic mineral products (8 percent).
Enterprises in HCM City optimise IIP growth to boost production
Ho Chi Minh City’s index of industrial production (IIP) in March increased 25.9 percent year-on-year and 5.5 percent month-on-month.
The index in the first quarter of this year rose 1 percent, with processing and manufacturing up 0.4 percent; power production and distribution up 3.3 percent; and water supply and waste treatment up 4.2 percent.
Statistics showed that between January 1 and March 13, 2022, HCM City licensed 8,477 firms with total registered capital of over 140.3 trillion VND (6.14 billion USD), up 34.5 percent in volume but down 5.7 percent in capital.
Of the businesses, 993 were in the industrial sector, with combined capital of 30.7 trillion VND, down 44.1 percent year-on-year.
Vietnamese, British firms develop rooftop solar power systems
Vu Phong Energy Group JSC and British power firm Shire Oak International have signed a deal to develop rooftop solar power systems at factories run by the Republic of Korea’s Hwaseung Enterprise Co. Ltd. in Vietnam.
The project will receive 10 million USD in total, and be implemented following the build - lease - transfer format. The systems to be developed will have combined capacity of over 12.5 MW.
Hwaseung Enterprise will purchase the power generated by these systems to operate its factories. By using solar power, it expects to reduce its factories’ greenhouse gas emissions by 20 percent.
Disbursed social investment capital up 8.9 percent in Q1
The total amount of social investment capital disbursed in the first quarter of 2021 was estimated at 562.2 trillion VND (24.6 billion USD), up 8.9 percent year-on-year, reported the General Statistics Office (GSO).
In particular, the disbursement of foreign direct investment (FDI) reached the highest level for Quarter 1 in the 2018-2021 period, importantly contributing to the country’s economic growth in 2022.
In January – March, disbursement of investment capital of the State, non-State, and FDI sectors increased by 9.3 percent, 9.1 percent and 7.9 percent respectively.
The disbursement of capital from the central budget reached 12.2 trillion VND, equal to 12 percent of the year's plan and up 17.8 percent year-on-year. Meanwhile, 64.1 trillion VND from local budgets was disbursed, 9.3 percent higher than that of the same period last year.
Viet Nam's industrial production flourishes in Q1
The index of industrial production (IIP) in the first quarter continued to flourish with a year-on-year increase of 7.07 per cent, the General Statistics Office said.
The positive rise, much higher than the 6.44 per cent seen in Q1/2021, contributed 2.42 percentage points to the economy's growth in Q1/2022.
The processing and manufacturing industry had a yearly IIP rise of 7.79 per cent.
Meanwhile, the IIP growth of the electricity production and distribution industry stood at 7.42 per cent, and water supply and waste and wastewater treatment and the mining industry reached 6.54 and 5 per cent, respectively.
Key industries that recorded high increases in Q1 include clothing (up 24.1 per cent); machinery and equipment (16.2 per cent); metal production (10.1 per cent); electronics, computers and optical products (9.4 per cent) and other non-metallic mineral products (8 per cent).
On the contrary, several industries saw a decline in industrial production, such as rubber and plastic products, down 15.5 per cent; repair, maintenance and installation of machinery and equipment (12 per cent); coke and refined petroleum products (11.7 per cent) and crude oil and natural gas (2.2 per cent).
Among industrial products with strong IIP increases were telephone components with 19 per cent, automobiles (13.4 per cent), aluminium (12.6 per cent), and steel (11 per cent).
Some products decreased compared to the previous year, including televisions (23.3 per cent); gasoline and oil (12.5 per cent); aquatic feed (11.7 per cent); mobile phones (9.3 per cent); NPK fertiliser (6.6 per cent) and paint (5.7 per cent).
HCM City market authorities crack down on price gouging, other dubious practices
The HCM City Market Management Department said it has been working closely with other agencies to strengthen oversight of traditional markets to ensure traders there sell essential goods at fair prices.
Due to increasing petroleum prices, businesses had asked to increase prices of cattle meat, poultry meat and eggs by 2-3 per cent, 6-12 per cent and 6-8 per cent.
The city Department of Finance approved a 5-10 per cent increase in the prices of poultry meat and eggs from April 2.
But the prices of rice, pork, medical equipment required to treat COVID-19, and others remain unchanged.
The Market Management Department will crack down on price gouging, products of unknown origin, fakes and low-quality goods, speculation, hoarding, and taking advantage of the pandemic to increase the prices of medical equipment and medicines.
In the first three months of the year, the department found 168 violations involving fake, low-quality or pirated goods worth more than VND14 billion (US$610,400), and collected fines of VND3.8 billion ($165,700).
The finance department said costs have increased by 20-30 per cent for many businesses due to the hike in fuel prices, and so they have no choice but to increase prices.
Positive outlook for real estate M&A in 2022
Real estate mergers and acquisitions (M&A) are expected to be a good source of FDI in Viet Nam this year, said Savills, and forecasting M&A activity is likely to increase in terms of frequency and value.
Viet Nam has an active M&A market. In 2021, real estate businesses received more than US$31 billion of registered FDI. However, disbursed capital decreased by $1.6 billion year-on-year and reached $2.6 billion.
The M&A outlook for 2022 is bright as Viet Nam is an increasingly attractive destination for international businesses, adding that as borders reopened on 15 March and travellers from 13 countries are now allowed to enter the country without a visa, M&A deals are likely to increase along with other real estate investments.
Savills research shows two factors that make Viet Nam an attractive investment destination. They are the favourable macro conditions offered to investors, including steady economic growth, political stability, improving infrastructure links, increasing urbanisation, and a large and young workforce and attractive support policies, such as tax incentives.
According to FocusEconomics, Viet Nam has one of the fastest-growing economies in the APAC region and will have the fastest growing economy in the region in 2022, and the momentum is expected to continue into 2023.
Viet Nam is connecting to the region not only by a growing road system but also by international seaports, airports, and land borders. The Ministry of Planning and Investment has announced plans to launch the most extensive socio-economic development and recovery plan with more than VND100 trillion dedicated to infrastructure development.
Real estate experts think it will increase the potential satellite provinces have to attract FDI enterprises. The improved transport links will allow FDI enterprises to expand further from established hubs like Ha Noi and HCM City.
Traditional medicine hospital and healthcare complex kicked off in Central Vietnam
Hoang Mai Medical Ltd., Co. on April 2 kicked off a traditional medicine hospital and elderly healthcare centre worth nearly $7.56 million in the central province of Nghe An.
Located in Quynh Lien commune, the project covers a total area of 2.5 hectares and includes a five-storey medical examination area, an elderly healthcare centre, a park for exercise, and other utility areas.
The complex aims to provide better medical services for locals in Hoang Mai town and the neighbouring areas. It is expected to be put into operation in the fourth quarter of 2024.
Samsung hopes for favourable conditions to expand in Danang
Samsung Vietnam expressed its interest in increasing investments in the central region, particularly Danang, and is now hoping for favourable conditions to realise this endeavour.
Choi Joo Ho, CEO of Samsung Vietnam, said in a meeting with the leadership of Danang People’s Committee on April 1 that the company expects to receive favourable conditions for implementing research and investment promotion activities in the city.
According to Ho, Samsung Vietnam is initially investing in the hotel sector, creating the basis for Samsung Vietnam and other member companies to expand their operation in the city.
At present, the company is testing a commercial 5G telecommunications network in the central city. Samsung has pioneered the delivery of 5G solutions through ongoing research and development.
Danang offers a high-tech park with one of the best infrastructures in Vietnam, which is currently completing the construction of additional space for IT, telecommunication, and technology projects, among others.
In 2008, Samsung invested in the first mobile phone manufacturing complex in the northern province of Bac Ninh. To date, the company has six complexes and one research and development centre in Vietnam. The two in Bac Ninh and Thai Nguyen provinces are Samsung’s largest facilities globally. Its home electronics complex in Ho Chi Minh City is also considered the largest in Southeast Asia.
IFC’s new country manager for Mekong region to drive inclusive and green growth
The World Bank Group's private sector arm, International Finance Corporation, has appointed Thomas Jacobs as its new country manager for the Mekong region, covering Vietnam, Cambodia, and Laos.
Based in Hanoi, Jacobs will focus on supporting the private sector to drive inclusive and sustainable economic growth that helps the countries to achieve their development targets.
The US national Jacobs joined IFC in 2003 and worked across various regions, including Central Asia, the Middle East, and the Pacific Islands. He led innovative initiatives around women’s access to finance, micro, small, and medium enterprises, and climate, supporting reforms and policy implementation for private sector-led growth across sectors, including infrastructure, agribusiness, banking, and tourism.
Consultant for metro line 2 ends contract with HCMC
Implementation Consultant (IC), the consulting firm of HCMC’s Metro Line 2 project, has terminated its contract with the HCMC government, according to the Management Authority for Urban Railways (MAUR) of HCMC.
MAUR has sent the HCMC government a report on the execution of the project which links Ben Thanh Market in District 1 and Tham Luong Depot in District 12, the local media reported.
According to MAUR, IC stopped supporting the project in 2018, affecting the preparation of documents for the invitation and organization of tenders for the main packages. In 2020-2021, the HCMC government and IC held negotiations on Appendix No. 13 of the consulting contract but failed to reach a consensus.
In May last year, the city decided to conclude negotiations on Appendix No. 13 and end the contract with IC. However, IC later proposed continuing negotiations to complete the design and support the bidding for the main packages.
On March 15, the city approved MAUR’s proposal to continue the negotiations on Appendix No. 13 with IC. However, at the meeting with the project’s investor on March 23, IC said it could not deploy Appendix No. 13 and announced ending the consulting contract two days later.
In 2010, the first phase of the city’s second metro line project was approved and work on the phase was expected to start in 2014 and be completed within four years. However, when the project will kick off is unknown.
U.S. launches anti-dumping probe into solar panels from Vietnam
The U.S. Department of Commerce (DOC) has launched an anti-subsidy and anti-dumping probe into solar panels imported from Vietnam, according to the Trade Remedies Authority of Vietnam.
Crystalline silicon photovoltaic cells and modules will be subject to the investigation. These items have been imported into the U.S. from Thailand, Malaysia and Vietnam, according to the DOC’s recent announcement.
The U.S. accused Vietnamese exporters of evading anti-dumping and anti-subsidy duties imposed by the former on solar panels imports from China. These companies were charged with importing silicon panels from China and then assembling and manufacturing silicon photovoltaic cells and modules for export to the United States.
The United States is levying an anti-dumping tax rate of 15.85%-238.95% and an anti-subsidy rate of 11.97%-15.24% on Chinese solar panels, the local media reported.
In February, the United States extended trade remedies worldwide for solar panels by four years, from 2022 to 2026.
Seven provinces ink tourism promotion cooperation deal
The tourism authorities of seven provinces have signed a cooperation deal to develop tourism in the 2022-2025 period.
The signing between five central provinces — Quang Binh, Quang Tri, Thua Thien-Hue, Quang Nam and Danang, and two northern provinces — Haiphong City and Quang Ninh took place at a tourism development conference held on April 3 in the northern port city of Haiphong.
The event was attended by representatives of the Departments of Culture, Sports and Tourism of the seven localities, reported the Vietnam News Agency.
The parties will coordinate to tap the tourism potential of each locality on a win-win basis. Their cooperation will focus on three areas: state tourism management, development of travel products, and tourism promotion.
Aside from their advantages in terms of heritage, the traffic system linking the five central localities is also convenient, with three international airports and one domestic airport. There is also a seaport system that can receive five-star international cruise ships, in addition to a diversity of travel products.
Hanoi’s edtech and healthtech startups to get financial supports
A startup foundation program in the 2022 - 2025 period will focus on supporting Hanoi’s technology startups in the health and education sectors for the pre-seed and seed stages.
It is expected to draw 20 investors and strategic partners including Do Ventures, CyberAgent, BK Fund, ThinkZone Ventures, KK Fund, An Viet Venture, and VIC partners.
Selected startups will receive assistance in terms of product management and technology consulting, capital, and market output to tackle the shortage of the startup ecosystem.
Each startup in the program’s selection round will receive an initial support investment with a minimum funding of $20,000 - $60,000 or unlimited financial assistance from strategic investors of the program in one and a half or two. After about five months, the next round will be launched.
In addition, startups will also be entitled to many other supports from the program's major partners such as a technology platform support package worth up to $10,000 from major technology firms, as well as communication and recruitment, legal consulting and training packages.
Vietnam Airlines suffers accumulated losses of US$963.2 million
Vietnam Airlines has accumulated losses of nearly VND22 trillion (US$963 million) after three years of struggling with the Covid-19 pandemic impacts.
The figures were announced by the national flag carrier in its financial statement for the fourth quarter and 2021.
The findings, however, also shed some positive light as the airline’s revenue in the fourth quarter rose by VND1 trillion ($43.8 million) year-on-year to over VND9.2 trillion ($403 million).
This resulted in total revenue of VND28 trillion ($1.2 billion), down 31% year on year. As such, Vietnam Airlines posted a net loss of VND1.2 trillion ($52.5 million) in the fourth quarter and VND13.3 trillion ($582.3 million) for the whole year.
The Government is currently Vietnam Airlines’ largest shareholder, holding 86.19% stake via the Commission for State Capital Management (CSCM), followed by government-investment arm State Capital Investment Corporation (SCIC) (31.14%), and Japanese aviation company ANA Holdings (5.62%).
SCIC became a major shareholder of the national flag carrier after forking out VND6.89 trillion ($300 million) to acquire a 31.08% stake, which is part of a resolution passed by the National Assembly (NA) last year that allows the Government to bail out the airline with a rescue package worth VND12 trillion ($522 million).
As of December 31, Vietnam Airlines’ total assets stood at over VND63 trillion ($2.75 billion), and short-term debts of VND14.3 trillion ($626 million), up to VND3 trillion ($131.3 million) from the beginning of the year.
As the worst of the pandemic seems to be behind in Vietnam, the airline is planning to resume international flights in the first half of 2022.
The move is set to bring opportunities for the air carrier's recovery after suffering severe economic consequences from the pandemic.
GSO maps out two GDP growth scenarios for 2022
The General Statistics Office (GSO) has sketched out two scenarios for Viet Nam's economic growth in 2022.
In a downside scenario, the Vietnamese economy would expand 6 percent this year if the Russia-Ukraine conflict remains tense while the COVID-19 outbreak is put under control in Viet Nam.
With this scenario, the GDP is projected to grow by 5.5 percent in Q2, 7.5 percent in Q3, and 6.1 percent in Q4, according to the GSO.
In an optimistic scenario, GDP would hit 6.5% this year if the Russia-Ukraine conflict cools down and the inoculation of the COVID-19 booster shot is accomplished.
With this scenario, the GDP growth rates would reach 6.1 percent in Q2, 7.5 percent in Q3, and 6.1 percent in Q4.
Earlier, the GSO reported that the economy was estimated to grow by 5.03 percent in January-March period compared to 4.72 percent of the same period last year.
Source: VNA/VIR/SGT/VNS/VOV/Dtinews/SGGP/Hanoitimes/VGP
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