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Business in brief
Date :  14/11/2017
(Sourced from various news agencies)
  • The Vietnam Furniture and Home Furnishing Fair (VIFA Home 2017) will return to HCM City this month, promoting locally-made wooden furniture, home decor and handicraft products in the domestic market. VIFA Home 2017, to be held in District 11’s Phu Tho Sport Centre from November 23-26, will feature 487 booths set up by 87 local and foreign firms involved in wood processing, interior decoration, handicrafts, sanitation equipment and supporting services for the wood processing industry. The fair will offer opportunities for customers to shop for furniture and interior and exterior furnishing items that meet export standards, according to the Handicraft and Wood Industry Association of HCM City (Hawa). Huynh Van Hanh, Hawa’s standing deputy chairman, said consumption of wood products in the domestic market has enjoyed a growth rate of 6-10 percent per year and is expected to reach 2 billion USD this year. (VNA)
  • Three overseas Vietnamese enterprises in the US have been granted with investment certificates in Saigon Hi-Tech Park (SHTP) in HCMC, which is an initial result from an investment promotion trip by SHTP management board to the country this year. Three projects include US$215 million KNT Asia, $27 million Onsky Asia and $1 million Reqes software development center. During the trip, the board also witnessed a cooperation signing ceremony between Allied Telesis and SSC to develop a $50 million smart operation center in SSC. This is estimated to be a landmark in the development of SSC and a premise for SHTP to create breakthrough in the near future. After the two events, many overseas Vietnamese companies have contacted the management board to discuss investment in SHTP and SSC. (SGGP)
  • The Middle East and Africa have become a potential market for Vietnamese exporters with an import value of US$480 billion last year. The Ministry of Industry and Trade (MOIT) will hold a seminar in Hanoi on Nov. 21 to update domestic businesses with market information, trade policies, trading habits and import demands of Middle East and African countries. Main speakers will be representatives from the MOIT, and embassies of the UAE and South Africa in Hanoi. Vietnam has potential to export rice, tea, coffee, pepper, natural rubber, cashew nuts, fruits, seafood, garment, footwear and handicraft products to the Middle East. According to MOIT’s statistics, import-export values between Vietnam and the Middle East have constantly increased in recent years, reaching US$10.887 billion last year, up 100% against 2011, of which Vietnam’s exports to the Middle East were valued at US$8.059 billion and imports were at US$2.828 billion. Meanwhile, trade turnover between Vietnam and African countries reached US$5.364 billion last year, including Vietnam's exports of US$2.762 billion and imports of US$2.602 billion. (VOV)
  • To find a safe food supply source for the city, Food Safety Management Board of HCM City and Saigon Co.op, carried out a fact finding trip to Binh Thuan province and signed agreements to produce and buy agricultural and aquatic products meeting food safety standards. The FSMB and the department signed an agreement to create safe supply chains for agricultural and fisheries produce, create favorable conditions for suppliers of the products to distribute their products in the city and co-ordinate for food safety oversight and inspection. Phạm Khánh Phong Lan, head of the FSMB, said the city’s agricultural production meets only 20-30 per cent of demand and the rest is supplied by other provinces and cities. Therefore, the agreements are very important to ensure that farm and fisheries produce supplied to the city are monitored at every stage from production to processing, she said. (VNS)
  • Credit cardholders will not be allowed to withdraw cash worth of more than VNĐ5 million for domestic transactions and no more than VNĐ30 million for foreign currency. The State Bank of Việt Nam (SBV) recently released a draft circular amending and supplementing Circular No 19/2016/TT-NHNN on bank card operation. Accordingly, for the withdrawal of cash by cards abroad, to limit the use of cash as foreign currency spent for improper purposes that are not permitted by the law, the draft stipulates that cash withdrawal transactions will be subject to a daily cap limit. For a withdrawal of foreign currency cash in a foreign country, a card holder can withdraw maximum amount of cash in foreign currency equivalent to VNĐ30 million (US$1,300) per day. For cash withdrawal at domestic card accepting units, each card holder can withdraw maximum VNĐ5 million in one day. (VNS)
  • The National Assembly has approved the budget for 2018 which aims for the expenditure deficit at VND204 trillion (US$9 billion), equivalent 3.7% of GDP. The resolution on the 2018 budget was passed on November 13 by more than 86% of parliamentarians. Under the resolution, Vietnam will need to borrow more than VND360 trillion to cover the deficit and pay debts. The government is required to enforce laws on taxes and fees properly, step up tax administrative reforms, create a conducive business climate, prevent trade frauds and strive to reduce the ratio of tax arrears to total revenue below 5%. The budget resolution also stipulates that the base wage will increase from the current VND1.3 million a month to VND1.39 million from July 1, 2018. The central government ministries, agencies and local authorities are requested to minimize their spending and restructure their workforce to ensure that the base wage increase will not affect their budget for salary. (NDO)
  • The Prime Minister has recently signed Decision No. 1735/QD-TTg on the establishment of a national steering committee on online bidding. The committee is tasked with  helping the Government and the PM to research, direct and implement the online bidding application master plan and roadmap. It is headed by Deputy PM Trinh Dinh Dung, while Minister of Planning and Investment Nguyen Chi Dung serves as the deputy head. Other members of the steering committee include deputy ministers (or equivalent) at ministries and ministry-level agencies. The secretary of the steering committee is the director of the Bidding Management Department under the Ministry of Planning and Investment. The steering committee is tasked with researching and proposing to the PM the directions and solutions for the handling of the important intersectoral issues in the field of online bidding. (VGP)
  • According to Bloomberg, Vietnam’s biggest private airline VietJet Aviation JSC considers California as its first U.S. destination starting about 2019. The Vietnam’s biggest private airline would use the larger aircraft to begin the route after the U.S. Federal Aviation Administration grants Vietnam airlines permission to fly to America, said Nguyen Thi Phuong Thao, VietJet’s founder and chief executive officer. The first flights could link the Southeast Asian nation with the Norman Y. Mineta San Jose International Airport, located near a large Vietnamese community, and would also be close enough to serve San Francisco, she said. “We aim to expand international flights in the next few years” Thao said in an interview. “We want to make international flights 60 percent of our total flights. We are also studying the possibility of using wide body planes for long-haul flights when market conditions are favorable.” (Dtinews)
  • Fourteen listed companies on the HCM City Stock Exchange and Hanoi Stock Exchange have been honored with the IR Awards for having the best investor relations in 2017 after being voted for by investors and financial institutions. The awards this year were divided in three groups based on market capitalization. Winners of IR Awards voted by investors were Coteccons, Hau Giang Pharmaceutical Company, Vietnam Dairy Products JSC, Hoa Sen Group, Khang Dien Investment and Trading House JSC, Saigon Thuong Tin Real Estate JSC and Digital World Corporation, Son Ha International Corp and Construction Corp No 3. While awardees for having IR activities highly evaluated by financial institutions were Coteccons, Hau Giang Pharmaceutical Company, Vietnam Dairy Products JSC, Binh Minh Plastics JSC, PetroVietnam Fertilizer and Chemicals Corporation, HCM City Securities Corporation, and Digital World Corporation, Hang Xanh Motors Service JSC, Duc Thanh Wood Processing JSC. (VNA)
  • The Koyu & Unitek Company, based in the southern province of Đồng Nai, plans to develop a second chicken processing factory to meet the demand for chicken products of the Japanese market. The second factory, worth US$20 million, is expected to produce some 550 tons of processed chicken each month once operational in 2019. It will enable the company to export about 1,000 tons of products to Japan, according to a report from the Vietnam News Agency. The company’s first factory in the province’s Long Bình Industrial Zone has a monthly capacity of 350 tons, but it is yet to declare the location of its second plant, where construction will begin in 2018. Koyu & Unitek, a joint venture between Australia and Japan, started exporting chicken products to Japan in September, after receiving approval from Japanese authorities in June. The firm has currently shipped four containers of products to Japan. (VNS)
  • The Mekong Delta region needs an investment of VNĐ120 trillion (US$5.3 billion) for the green growth from 2016 to 2025, the Ministry of Planning and Investment (MPI) said. The investment will be used to implement the action plan on green growth in five Mekong Delta provinces of Cà Mau, Bạc Liêu, Sóc Trăng, Kiên Giang and Hậu Giang, changing the Mekong Delta into a region of strong economic development, social progress and a diversified ecosystem. Under the plan, those provinces will focus on high linkage and sustainability in development of the region, including increase of environmental sustainability and protection of diversified ecosystems. The infrastructure for the Mekong Delta region in general and those five provinces in the plan in particular will be built and adjusted to adapt to climate change in the near future. (VNS)
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