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Business in brief
Date :  10/08/2018
(Sourced from various news agencies)
  • Around 500 businesses from 20 countries and territories take part in the 22nd international exhibition on food processing and packaging technology 2018 (Vietfood & Beverage – ProPack 2018). The event opened at Saigon Exhibition Convention Center from August 8-11. The annual exhibition featuring over 600 display booths from Taiwan, Poland, Malaysia, Thailand, Korea, China, Vietnam and more, presenting to visitors products in sectors, including food and beverage, machines and equipment, packing and food preservation; franchise. One of the highlights is an exhibition on organic products, seminars on the use of Blockchain-based electricity trading system, solutions to raise the competitiveness of businesses in the food industry, clean and organic agricultural product, and relationship between producers, distributors and retailers. (SGGP)
  • The average price of imported pork, mostly from Poland has plunged to more than VND26,000 per kilo, according to the General Department of Vietnam Customs. In the first half of the year, Vietnam imported more than 19,500 tons of pork at a cost of over US$22.2 million. Poland was the biggest exporter with more than 7,000 tons valued at US$8 million, averaging at VND26,200 per kilo. The country also imported 4,600 tons of pork from Spain worth over US$4.8 million at an average price of more than VND23,600 per kilo. Pork imports from other markets hit nearly 8,000 tons worth more than US$9.4 million at VND26,000 per kilo on average. Imported frozen pork is primarily sold at supermarkets, supplied to fast food restaurants and food processing enterprises at fairly cheap prices. Meanwhile, domestic pork prices hit a record high of between VND47,000 and VND55,000 per kilo. (VOV)
  • Vietnamese businesses have exported more than 92,000 tons of lychees (including fresh and dried lychee) from the 2018 crop, according to the latest statistics from the General Department of Customs. This marked an increase of 172% in volume and 126% in value compared to 2017’s crop, according to representatives from the department. Fresh lychees make up a large proportion of lychee exports at 75,000 tons, accounting for 81.5% of the total volume, while dried lychees make up a smaller proportion at around 17,000 tons. The 2018 crop has provided Vietnamese lychees for 27 nations and territories around the world. The vast amount of Vietnam’s lychees went to China, who imported more than 83,500 tons, accounting for 90.7% of this year’s total lychee exports. The country’s lychee exports to the Chinese market are valued at more than US$33.9 million, an increase of 151% in volume and 91% in value over last year. Other markets include Australia, Canada, Laos, the UK, Bahrain, Turkey, the Republic of Korea, and Japan. (VOV)
  • HCMC authorities have instructed the Department of Planning and Investment to identify investors for the Binh Quoi-Thanh Da Urban Area Project via auctions. The long-delayed urban area project, in Binh Thanh District, is estimated to cost VND30 trillion ($1.32 billion). The Binh Quoi-Thanh Da Urban Area project was approved by the People’s Committee in 1992. In 2004 the Saigon Construction Corporation was chosen as the developer. But with the company unable to go ahead with the project, in 2015 the city handed it to a consortium comprised of Vietnam’s leading private firm Bitexco and Dubai’s Emaar Properties. In 2017 Emaar Properties pulled out two years later blaming it on delays in land acquisition. Last year the city sought government approval to name Bitexco as the sole developer investor, a move expected to end the 26-year delay. (Vnexpress)
  • Leading real estate builder and agricultural developer Hoang Anh Gia Lai Joint Stock Company and auto maker Truong Hai Automobile JSC (THACO) signed a strategic cooperation agreement yesterday. The signing ceremony was witnessed by Prime Minister Nguyen Xuan Phuc, former President Truong Tan Sang, HCMC Party Committee Secretary Nguyen Thien Nhan, National Assembly Vice Chairman Phung Quoc Hien, and Permanent Deputy Prime Minister of Cambodia Men Sam An, representatives of Laotian Government. According to the agreement, THACO will invest VND12 trillion (US$521 million) in Hoang Anh Gia Lai Agricultural JSC (HAGL Agrico) for the overall restructuring of the company and sustainable development strategy, and spend VND3.8 trillion (US$168.1 million) on buying in stocks and bonds from HAGL Agrico. THACO will also pour US$320 million into the second phase of the HAGL Myanmar Center project. (SGGP)
  • The Hanoi Department of Industry and Trade and Semmaris Group of France will cooperate in the study and research on building an international wholesale market of farm produce in Hanoi. An MoU to this effect was signed in Hanoi on August 9. The signing is part of results of the France visit by Chairman of the municipal People’s Committee Nguyen Duc Chung in June 2018. Accordingly, the two sides will set up a team tasked with implementing activities regarding the survey and pre-feasibility study on the building of the market, and then move to next cooperation steps. Semmaris is responsible for operating and managing the Rungis International Market in Paris, to market real-estate properties, ensure the acceptance and security of the tenants and users, and improve the dynamism of the market’s image. (VNA)
  • Hanoi’s export turnover in July was estimated at 1.32 billion USD, up 2.3 percent against June, and 29.2 percent higher than the same period last year. In the month, export revenue of farm produce increased 108.6 percent year-on-year; oil and gas 94.9 percent; and machines and equipment 14.6 percent. Meanwhile, footwear and leather product saw their export value decrease 10.8 percent; and vehicles and spare parts, down 22.1 percent. During the first seven months of this year, the capital city’s total export turnover reached more than 7.74 billion USD, a year-on-year rise of 17.3 percent. This was mainly contributed by agricultural products, up 45.6 percent; electronic products, 17.8 percent; computer components and peripheral devices, 13.7 percent; oil and gas, 28.8 percent; and vehicles and spare parts, 13.1 percent. Only export value of footwear and leather products contracted by 2.4 percent. In July, Hanoi’s import turnover was over 2.66 billion USD, down 2.1 percent from the previous month but up 6.8 percent year-on-year. (VNA)
  • As many as 14,657 businesses were established in the capital city of Hanoi in the first seven months of 2018 with a total registered capital of over 16 trillion VND (687 million USD), down 1 percent in number but up 42 percent in capital year-on-year. The city attracted nearly 6 billion USD in FDI in January-July, 4.38 times higher than the same period last year. In July alone, Hanoi drew 80 million USD in FDI. The capital granted new investment licenses to 55 FDI projects worth 21.1 million USD and allowed 15 existing ones to increase capital of 9.8 million USD. Local authorities paid due attention to encouraging the establishment of new businesses and development of the private economic sector. The city also conducted online business registration and ensured the settlement of administrative procedures for businesses, excluding dissolved ones, within three days. (VNA)
  • Dong Nai province lured more than 980 million USD in 120 FD) projects in the first seven months of 2018, equivalent to 98 percent of its annual plan. However, FDI disbursement reached only 20 percent of the yearly estimate. Disbursement of major projects registered in 2017 was completed. Meanwhile, that of projects which were newly-approved or registered additional capital in early of this year remains slow. Statistics released by the management board showed that in the period, the province collected 397 million USD of tax and other sources from FDI firms, recording a year-on-year rise by 80 million USD. According to the provincial Department of Planning and Investment, as of July 18, the province recorded 1,820 FDI projects worth 32.8 billion USD, 1,339 of which were valid with a total capital of 27.73 billion USD. The foreign investors were from 45 countries and territories worldwide, with the RoK, Taiwan, and Japan taking the lead. (VNA)
  • The State Treasury of Vietnam has raised a total of 96.251 trillion VND (4.13 billion USD) via auctions of Government bonds at the Hanoi Stock Exchange (HNX) since the beginning of this year. At an auction this week, the State Treasury mobilized 3.95 trillion VND (169.5 million USD) from five-year and seven-year bonds worth 500 billion VND (21.4 million USD) each and 10-year bonds and 15-year bonds worth 2 trillion VND (85.8 million USD) each. The interest rate of bonds still increased slightly. Specifically, bonds with 10-year maturity raised 1.55 trillion VND (66.5 million USD) with an annual interest rate of 4.53 percent, up 0.03 percent from the previous auction on August 1. Sub-session auction of 10-year bonds drew 600 billion VND (25.75 million USD) with the yearly interest rate of 4.53 percent. Those with 15-year term attracted 1.2 trillion VND (51.5 million USD) with an annual interest rate of 4.81 percent, up 0.03 percent in comparison with the rate of the previous auction on July 25, 2018. (VNA)
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