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The number of enterprises that have suspended their operations in the year’s first half is 12,558, with those private-held accounting for 98.9% and those foreign-invested representing 0.7%, according to the HCMC Statistics Office. Around 13.6% of these enterprises closed their tax codes while 27.6% are still doing their disbandment procedures. The enterprises that are temporarily suspending their business account for 22.4%, and 23% disappeared. The city had had 13,458 new enterprises set up in the year to July 15 with total registered capital of VND85.86 trillion. Of these, there are 533 private enterprises, 1,772 shareholder-owned companies and 11,153 limited liability companies. According to the HCMC Department of Planning and Investment, the number of newly-registered enterprises in this period rose by 2.4% from the same period last year, but the registered capital dropped 1.2%. Among the newly-registered enterprises, those active in the sectors of trading, industry, construction and technology make up 39.7%, 12.4%, 10.9% and 9.3% respectively.
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The population of HCMC is forecast to rise to around 8.6 million by 2015 with an average life expectancy of 75.9 years. The city’s current population nearly reaches 7.4 million people with the average life expectancy of 75.1, exclusive of one million migrant workers in the city. Under the population and healthcare plan in the 2011-2015 period recently approved by the HCMC government, the city is looking to keep its human development index (HDI) at a high level by 2015. The city’s HDI ranked third among 63 provinces and cities nationwide in 2009. One of the difficulties with population management the city is facing is a considerable rise of permanent residents with average growth of 3.5% per year. The large population, the uneven population distribution among districts, a large number of migrants from other provinces and uneven educational levels have exposed the city to population control, healthcare and family planning challenges.
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A three-day "Vietnam Fair" will open in Japan today as part of activities celebrating the 40th anniversary of diplomatic relations between the two countries. The fair is organized by Japan's AEON Group, in coordination with the Ministry of Industry and Trade of Vietnam and the Vietnamese Embassy in Japan. It will be held at the AEON Lake Town Shopping Centre in Saitama City near Tokyo. Apart from celebrating bilateral ties, the fair aims to introduce Vietnamese products including foodstuff, boost cultural exchange and present Vietnams diverse cultural natural attractions to Japanese citizens.
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If the price of pepper remains as high as in July at more than US$7,000 per ton, pepper exports in 2012 can reach 110,000-115,000 tons, to earn US$770-780 million in revenue, according to the Vietnam Pepper Association (VPA). In case things are not as expected, many pepper farmers may keep their harvested pepper in stock, waiting for the price to rise again. The VPA has warned pepper enterprises that they need to think twice before signing any import and export contracts to avoid risks. It has asked the Government and relevant agencies to help pepper farmers and enterprises access loans at low interest rates to expand their pepper growing areas and processing facilities. The VPA has also proposed that companies involved in pepper business be exempt from value added tax (VAT).
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More than 400 domestic and foreign delegates attended the Vietnam CEO Summit 2012 titled “Corporate restructuring: Case Studies and Good Practice for Vietnamese Enterprises” in Hanoi on August 2. At the summit, many economic experts said Vietnam has obtained rapid economic growth in recent years, thanks to the robust development of the industry and services sectors, the shifting to manufacturing products of high added value, and engagement in regional production network. However, they said business environment is considered to be less attractive than in other countries in the region. The large budget deficit, limited management capacity of the State apparatus, high risk of corruption, incomprehensive infrastructure and technology, and environmental issues are all big barriers to economic development.
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More than 100 businesses are showcasing high-quality Thai products at the Tan Binh Exhibition and Fair Trade Centre from August 2-5. On display are food, drinks, fruits, household utensils, electrical appliances, garments and textiles, cosmetics, and auto parts and accessories. The Thai Retail trade fair has become a long-awaited event for consumers in HCM City, creating a shopping spree whenever it takes place. Vietnamese consumers prefer Thai products, especially household utensils and food, for their high quality, eye-catching patterns and reasonable prices. An increase in the number of Thai businesses is the fair shows that they are interested in Vietnam’s retail market, said organizers. The event is being jointly organized by the Export Promotion Department under the Thai Trade Ministry, Thai Embassy in Hanoi and Vietnamese agencies.
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The third International Advertising Equipment and Technology Exhibition, or VietAd 2012, opened in HCM City yesterday. The annual event has attracted 80 domestic and foreign companies who have set up nearly 200 booths to showcase machinery and equipment for the spray printing industry, carving and engraving machines, laser cutting machines, LED technology, and advertising and display equipment. Professional seminars such as the application of LED technology in advertisement, new packaging trends in the world, and advertising laws will be held during the three-day event. It is being organized by the Vietnam Advertising Association, the HCM City Advertising Association, and Dong Nam Advertising and Commercial Promotion JSC at the Phu Tho Indoor Sports Stadium in District 11. A similar exhibition will be held in Ha Noi in November.
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Vietnam National Coal and Mineral Industries Group, or Vinacomin, and Russian titanium producer PSC VSMPO-Avisma have signed an MoU on cooperation to exploit and process titanium in Vietnam. According to the website of PSC VSMPO-Avisma, Vinacomin and the corporation are interested in setting up a joint venture on a parity basis in Vietnam. The joint venture will focus on establishing high-tech, innovative and environmentally-safe production capacities to process titaniferous minerals into value-added products. The two sides have plans to discuss details about the joint venture’s specific infrastructure, its activities, operation and obligations of the parties, the terms of the deal and capital share after Vinacomin gets its license to develop titanium minerals in Binh Thuan Province. Binh Thuan has total titanium reserves of 599 million tons, or 92% of the total national reserve. The province is setting up a plan for developing industrial zones to lure deep titanium processors.
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Japanese retailer Aeon has won approval to develop a hypermarket in the southern province of Binh Duong at a total cost of US$95 million. This is the second project of the company in Vietnam after the US$100 million Aeon Tan Phu Celadon in HCMC which is expected to start construction in September this year and open to business in early 2014. Aeon Binh Duong Canary will be developed at a 6.2-hectare location next to Binh Duong Avenue with total floor space of 80,000 square meters and parking places for 1,000 cars and 3,500 motorbikes. Motoya Okada, CEO of Aeon, said Vietnam is attracting many foreign investors and will become an important destination for investors in Asia. Aeon targets middle-income people in the country. After putting Aeon Vietnam Co. Ltd. into operation in March, the retailer has a vision of developing around 20 stores in the country from now to 2020. The first of them will be located in HCMC, Hanoi and Binh Duong, Okada said.
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Imexpharm Pharmaceutical Joint Stock Company has officially spent US$1 million buying an enterprise resource planning (ERP) system from Electra Company. Imexpharm deputy general director Nguyen Quoc Dinh said the project to equip the ERP system is worth US$1 million, including the costs of hardware and software and the deployment expenses. It will take around five years for Imexpharm to implement ERP at its headquarter in Dong Thap, two factories in Dong Thap and Binh Duong, and the distribution center and sales branch in HCMC. US$1 million is not a small amount given the current tough times, but Imexpharm still insists on developing the ERP system to cut production costs and improve labor productivity, and hence pull down product prices and boost the company’s competitiveness, Dinh stated. In the first half of 2012, the company earned a total of VND361 billion in revenue, less than a half of its plan for the entire year.
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The Vietnam Export-Import Bank (Eximbank) has won the Best Domestic Bank Award 2012, presented by AsiaMoney magazine, in Ho Chi Minh City on Aug 1. The event affirms the position of Eximbank in the financial markets of Vietnam and the Asian region. Over the past years, the award, based on such criteria as growth rate, new business initiatives, profit rate and the development of transaction networks, has been seen as an important factor in defining the leading banks in Asia. Mee Ling Lee, AsiaMoney Deputy Editor-in-Chief, said that with this achievement, Eximbank is one of the most reliable banks in Vietnam. According to Eximbank Chairman Le Hung Dung, the award will be a momentum for the bank to strongly develop in the future. Eximbank will strive to raise its total asset to VND500 trillion (US$24 billion) by 2015, he said, adding that the bank plans to expand its network to all 63 cities and provinces nationwide as well as to open representative offices in the region and the world.
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The central province of Binh Thuan planned to build the Song Binh Industrial Zone for titanium processing projects, according to the province's Industry and Trade Department. Tran Van Nhut, director of the department, said that 17 titanium deep-processing projects had so far registered to invest in the zone, and the province was calling for investment into the zone's infrastructure so it could go into operation by 2015.
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Chinese multinational IT and electronics company Lenovo has appointed Petrosetco Distribution (PSD) as its newest agent in Vietnam. It marked the appointment by launching its latest 14-inch Ultrabook IdeaPad U410 in the market. The device weighs 1.8 kg, has a height of 21mm and up to nine hours of battery life. This Ultrabook features instant resume from sleep mode and can maintain fast boot performance even with multiple applications installed. Its anti-theft technology allows the computer to be tracked when others connect it to the Internet and alert the owner about its location.
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Coffee prices in the Central Highlands yesterday fell by VND400,000 (US$19) to VND43.3-43.4 million ($2,067) per ton in the wake of a global slump. Robusta coffee traded at HCM City's FOB also dropped by $35 to $2,200 per ton. The decline was attributed to a surplus in the world market. According to the International Coffee Organization, global coffee exports in June rose 5.2 per cent year-on-year to 9.58 million bags.
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By 2020, a belt line road will link Ha Noi to nearby cities and towns within a radius of 40-60km. The Transport Engineering Design Incorporation (TEDI) unveiled a detailed plan for the road yesterday in the capital city. The road will traverse 340km through eight cities and provinces in the northern main economic region including Ha Noi, Hoa Binh, Ha Nam, Thai Binh, Hai Duong, Bac Giang, Thai Nguyen and Vinh Phuc. The VND86 trillion (US$4.1 billion) project will be built in four sections surrounding the capital city: Son Tay – Phu Ly, Phu Ly-Bac Giang, Bac Giang – Thai Nguyen and Thai Nguyen – Son Tay. Beginning soon, local authorities will install signs delineating these sections. The road will be constructed from a combination of existing national highways and new 2-4 lane-roads. From 2020-30, all the roads in the belt will be upgraded to have at least four lanes.
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