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Business in brief
Date :  11/08/2017
(Sourced from various news agencies)
  • The People’s Committee of HCMC has assigned District 9 to set up a land withdrawal plan which will be submit to the Prime Minister for approval to develop a science and technology park project. Specifically, city leaders require the People’s Committee of District 9 to draw up the plan and estimate compensation, site clearance and resettlement costs. The district should pay compensation in January next year and complete land withdrawal and allocation to investors in the first quarter of the same year. In addition, the city People’s Committee has tasked Saigon Hi-Tech Park Management Board to establish a 1:2000 scale plan for the science and technology park project and submit it to the committee before Nov. 1, 2017. The science and technology park will be built at Long Phuoc commune, District 9 covering over the total area of 200 hectares. Total investment capital is estimated to be VND4,263 billion (US$188 million) comprising site clearance cost. (SGGP)
  • As of June 2017, the two-way trade between Viet Nam and other ASEAN nations reached US$24.03 billion, according to the Vietnam Customs. Vietnam’s total exports and imports from other ASEAN nations obtained US$10.45 billion and US$13.58 billion, respectively. Vietnam ran a trade deficit with large economies in the region such as Thailand, Singapore, Indonesia and Malaysia. As of June, Thailand was the largest trade partner of Vietnam among the ASEAN nations with the two-way trade value of US$7 billion. It was followed by Malaysia US$4.821 billion, Singapore US$4.368 billion, Indonesia US$3.188 billion, Cambodia US$1.968 billion and the Philippines US$1.854 billion. ASEAN ranked fourth in the trade value with Viet Nam after China (US$39.859 billion), the Republic of Korea (US$29.123 billion) and the U.S. (US$24.417 billion). (VGP)
  • The Ministry of Industry and Trade has issued a new circular on temporary import for re-export and temporary export for re-import, which will take effect from September 11. Under Circular 11/2017/TT-BCT, temporary import and re-export must be conducted at international and major border gates. Re-exporting through small border gates or border crossings is only allowed at border economic zones or at certain gates with adequate control. Border provinces must work with the Ministry of Industry and Trade on principles of selecting enterprises eligible for re-exporting through small border gates and border crossings and announce their names. Goods for temporary import would be under the supervision of customs until re-exported. The ministry noted that containers of temporary import goods should not be divided into smaller parts for transportation from temporary import gates to the re-export gates. The circular is applicable for Vietnamese traders. Regulations for foreign traders would be in accordance with international commitments, based on organizations of which Vietnam is a member. (VNS)
  • A ceremony was held by the Ministry of Finance and the State Securities Commission in Hanoi on August 10 to launch the derivatives market, which is expected to limit risks and diversify investment products, thereby increasing the securities market’s attractiveness. The derivatives market will open at 8.45am, 15 minutes earlier than the opening hour of the stock market and close at 3pm. Prices of products are allowed to fluctuate by /- 7 percent and price quotation is 0.1 VN30 index point. Transaction unit is one contract. Contract unit is valued at 100,000 VND per VN30 index point. The last trading day is the third Thursday in the month of maturity. The month of maturity is the current month, the next month and the last two months of the next two quarters. According to securities firms, some 2,000 derivative accounts have been activated so far. (VNA)
  • A Japanese language training center was inaugurated in Ho Chi Minh City’s District 2 on August 9. The center covering on an area of 5,000 sq.m includes classes, a library, a dormitory, a canteen and a sports ground. The school has a capacity of around 1,000 students. The construction costs at VND150 billion (US$6.6 million) by the Saigon International Services Company (Saigon Inserco). The center aims to help laborers who will work in Japan gain skills of Japanese language. Speaking at the inauguration ceremony, Nguyen Gia Liem, deputy head of the Overseas Labor Management Department under the Ministry of Labor, Invalids and Social Affairs, said that till now, there are more than 100,000 Vietnamese laborers working in Japan. He recognized the importance of Japanese language training for employees. Saigon Inserco annually sends nearly 1,000 workers to Japan, with monthly salary from VND20 million to VND35 million. (SGGP)
  • Traditional retail sector still has advantage in the Vietnamese market from now until 2020, said chairwoman of Vietnam Retailers Association Dinh Thi My Loan yesterday. According to Ms. Loan, at present 85 percent of commodities in the market are sold through traditional retail channels such as markets, groceries and small stores. Only 15 percent are being sold through modern channels such as supermarkets, trade centers and convenience stores. The former ratio has been in down trend while the later has been on the rise. Residents have preferred shopping at convenience stores and investment room in this segment is very large. The number of residents per convenience store is 69,000 people in Vietnam while it is 37,000 in Thailand and 21,000 in China. (SGGP)
  • The Hanoi Stock Exchange (HNX) raised 433 billion VND (19 million USD) by auctioning off Government bonds (G-bonds) issued by the State Treasury on August 9. The amount included 300 billion VND (13.2 million USD) worth of five-year-bonds with interest rate of 4.6 percent per annum, 0.12 percent higher than the previous auction on July 19. Bidders also bought 133 billion VND (5.8 million USD) worth of 30-year-bonds with annual interest rate of 6.1 percent, down 0.12 percent from the previous auction on July 26. Meanwhile, there were no successful bids for 20-year bonds. As of the beginning of this year, the State Treasury has raised more than 143.8 trillion through auctions at the HNX. (VNA)
  • Hennes & Mauritz AB (H&M) announced opening its first store on September 9, 2017 at Vincom Centre Shopping Mall in Ho Chi Minh City. Vietnam is one of H&M’s five newest markets in 2017. Also, this year marks H&M’s 70th year of continuously providing trendy and fashionable clothing at a reasonable price for customers across the globe. H&M’s flagship store in Ho Chi Minh City will present abundant fashionable clothes and accessories for fashionaholics. On the opening day on September 9, the H&M outlet will open from 11.00 AM to 10.00 PM. There will be countdown activity and performances by various DJs, and notably, some limited H&M handbags and many other gifts will be given to the first 1,000 customers. After the opening day, the H&M store will be open every day from 9.30 AM to 10.00 PM. Two days before the opening day, on September 7, there will be an event for H&M’s VIPs, providing them with a unique shopping experience and interesting performances by famous Vietnamese DJs. (VIR)
  • Ca Mau province is seeking investment to develop a 3.5 billion USD seaport which can receive vessels of up to 250,000 tons on Hon Khoai Island. At a working session with Minister of Transport Truong Quang Nghia on August 9, Ca Mau province said the Hon Khoai Seaport should be considered one of the major national projects requiring investment. Nguyen Tien Hai, Chairman of the provincial People’s Committee, proposed the transport ministry adjust planning and scale of the Hon Khoai Seaport to enable it to welcome vessels with capacity of up to 250,000 tons. Under the current approved plans, the Hon Khoai Seaport is capable of receiving vessels from 100,000 tonnes to 160,000 tons. Minister Nghia said calling for investment to develop the Hon Khoai Seaport from the State budget was not feasible, given the limited budget of the Government. The Hon Khoai Seaport project has been calling for investment since July 2016. (VNA)
  • Nearly 120 domestic and foreign fisheries firms will join the Vietnam Aquaculture Expo & Forum at the Can Tho International Exhibition Fair Centre in Can Tho city from October 25-27. The event will be co-hosted by the Directorate of Fisheries, the Vietnam Fisheries Society, the municipal branch of the Vietnam Chamber of Commerce and Industry and the UMB Corporation, with nearly 4,000 guests taking part. On display will be farming equipment, fisheries feed and manufacturing equipment, processing and packaging lines, among others. Issues regarding varieties quality, epidemic diseases, aquaculture technology, processing and export, markets, services and sustainable development will also be discussed. As part of the event, the Mekong Chef 2017, themed “Festival of Vietnamese tra fish and trade promotion”, will be held with a view to introducing processed tra fish from professional chefs at home and abroad to visitors. (VNA)
  • Vietcombank and the HCM City Finance and Investment Company have agreed to lend VNĐ3.65 trillion (US$160.36 million) to the Saigon Water Corporation (Sawaco) to finance a major water supply system. Sawaco will use the loan, which carries an interest rate at 8.5 per cent, for 11 different projects to ensure everyone in the city has access to clean water. Trần Văn Khuyên, chairman of Sawaco, said a lot of funding is required to improve the city’ water supply. At the signing ceremony on Wednesday, Trần Vĩnh Tuyến, deputy chairman of the city People’s Committee, said the loan would help improve water supply. He called on Sawaco to use technology to improve quality control, reduce water loss and make tap water safe to drink. (VNS)
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