VNDirect to sell 50.3mn shares

The State Securities Commission has granted registration certificate on public offering of shares to VNDirect Securities Corporation (VND).

VND offers to sell 50.3 million common shares to existing shareholders at the ratio of 3:1. The price offered is VND10,000 (44 US cents) for each share. The last date for registration is February 28. The right to purchase can be transferred from March 8 to April 2.

According to VND, the expected capital of more than VND503 billion will be used to supplement the loan for margin trading. At the same time, the additional capital will help the corporation improve its financial capacity to carry out underwriting contracts. In addition to this, VND will use a portion of its mobilised capital for proprietary trading, providing and performing derivatives-related services.

In 2017, VND posted a revenue of VND1.235 trillion, a year-on-year increase of 67 per cent; VND’s after-tax profit reached VND438.4 billion, 2.35 times higher than in 2016. 

Tax departments collect $4.4b in January     

Tax collection to the State budget was estimated at VND99.5 trillion (US$4.4 billion) in January, according to a report by the General Department of Taxation.

This was equivalent to 9.3 per cent of the estimated budget collection for the full year.

Budget collection from crude oil reached VND4.1 trillion, rising by nearly 50 per cent over the same period last year, as a result of the increase in the average oil price to $66 per barrel, which was $16 higher than the price in the estimate and $7.4 higher than the same period last year.

Bui Van Nam, director of General Department of Taxation, said that to enhance tax collection, the department would carry out tax inspection of more than 89,200 enterprises, or 18.5 per cent of the existing firms, in 2018.

Vietcombank sign agreement to provide converting bank service

Joint Stock Commercial Bank for Foreign Trade of Việt Nam (Vietcombank) and Nghi Sơn Petrochemical and Refinery LLC (NSRP) on Thursday signed a Memorandum of Understanding (MoU) on converting bank service.

Under the MoU, Vietcombank will be the sole bank to provide the service of foreign currency converting bank for the Nghi Sơn Petrochemical and Refinery Project.

Phạm Quang Dũng, CEO of Vietcombank, said the signing of the MoU would acceleratethe negotiation process towards agreeing on the official contents of agreements on foreign currency conversion. 

Ahmad Aljemaz, vice president of Kuwait Petroleum International Ltd, one of NSRP’s investors, said the provision of the converting bank service by Vietcombank is significant to the operation and success of NSRP.

Turki Alajmi, acting CEO of NSRP,  expressed confidence in this cooperation with Vietcombank. “The converting bank is one of the elements which plays a vital role in the financial success of the project. NSRP is confident that Vietcombank, as the leading joint stock commercial bank in Việt Nam, with the highest support of the Government, will be able to perform this function successfully and most effectively,” he said.

Nghi Sơn Petrochemical and Refinery Project is a key petrochemical and refinery project of national importance, which is being implemented in Nghi Sơn Economic Zone in Tĩnh Gia District, Thanh Hóa Province.

The refinery has a total investment of over US$9 billion, intended capacity of 10 million tonnes a year in maximum operation and scope of producing 200,000 barrels of crude oil a day. Upon operation, it is expected to meet approximately 40 per cent demand of the domestic petroleum market and export millions of tonnes of petrochemical products. 

Tax inspection helped collect VND506.9 billion in January

The General Department of Taxation has also asked local tax departments to hasten the collection of tax arrears this year.

According to statistics provided by the Ministry of Finance, the total budget collection was estimated at VND114.2 trillion in January, representing a rise of 5.2 per cent over the same period last year, in which domestic tax collection accounted for some 84 per cent.

In a recent report, the National Financial Supervisory Commission forecast that budget collection would exceed the target this year in 2018 owing to the stable macroeconomic situation.

The Government has planned the total budget collection in 2018 at more than VND1.3 quadrillion. 

Petrol price stabilisation fund balance surges to more than VNĐ5.1 trillion     

The balance of the petrol price stabilisation fund surged to more than VND5.1 trillion (US$ 224 million) at the end of the fourth quarter of 2017, the Ministry of Finance has reported.

Of the total, the balance of the fund at Viet Nam National Petroleum Group (Petrolimex) was the highest with VND3 trillion. It was followed by PetroVitenam Oil Corporation (PV Oil) with VND434 billion, Military Petroleum Corporation (MIPECORP) with VND383 billion and One-Member Limited Liability Oil and Gas Company of HCM City with VND345 billion.

However, there were five out of 27 petrol traders reporting negative fund balances. The highest negative fund balance was at Nam Viet Petro Refinery and Chemicals Company with over VND24.6 billion.

The fund used VND1.43 trillion to stabilise petrol retail prices in the fourth quarter of 2017.

Contributed by petroleum wholesale distributors, the price stabilisation fund aims to prevent a bigger retail price spike when the imported price surged. 

Many firms in the province pledged to fully implement policies to help workers enjoy Tet. 

According to the provincial Department of Labour, Invalids and Social Affairs, the average Tet bonus by State-run enterprises will be 5.9 million VND (260 USD) per worker, the highest 44 million VND (1,940 USD) and lowest 500,000 VND (22 USD). 

For joint-stock companies with State capital contribution, the figures will be 6.4 million VND (282 USD), 60 million VND (2,646 USD) and 200,000 VND (8.8 USD) respectively.

The average bonus paid by private enterprises and foreign ones will be 4.7 million VND (207 USD) and 2.6 million VND (114 USD) per worker.

Ford Vietnam gains double-digit market share

Ford Vietnam has reported that it has for the first time achieved double-digit market share in the country after increasing by one percentage point in 2017.

At 10.5 percent it is the second largest in the market after selling over 28,580 vehicles, it said.

In related news, the US company got an authorised agent in the southwestern province of Tay Ninh, its 36th agents in the country.

With a total investment of 2 million USD, Tay Ninh Ford is built to Ford’s international standards.

It sells new as well as used cars and spare parts, and offers warranty services.

Positive signs promise good year for rice export

Many rice export contracts continuing from 2017 and Indonesia’s import order at the year’s beginning amid limited rice supply are positive signs for Vietnam’s rice exports.

According to the Vietnam Food Association (VFA), more than 5.7 million tonnes of rice was shipped abroad in 2017, surpassing last year’s target. There remain some 630,000 tonnes of rice under contracts signed last year to be shipped in 2018.

While the remaining unsold rice volume is small, about 100,000 tonnes, the winter-spring harvest season has yet to reach its peak, leading to limited domestic supply. This is a reason behind Vietnam’s bid to sell only 141,000 tonnes of rice to Indonesia recently.

Nguyen Ngoc Nam, Acting Director General of the Vietnam Southern Food Corporation (Vinafood 2) – one of the two Vietnamese firms winning the bid for rice export to Indonesia this time, said at the outset of 2018, Indonesia suddenly invited tenders for 500,000 tonnes of rice and requested rice be delivered in February.

Eight companies from Vietnam, Thailand, India and Pakistan won rice supply bids but with small volumes, 346,000 tonnes in total. This result showed the unsold inventory of some rice exporting countries is not abundant, he added.

Global rice demand is forecast to soar in 2018, and China will remain the biggest rice importer. While Indonesia resumed rice imports after a two-year halt, the Philippines is also predicted to buy more rice. These rosy signs are expected to give a boost to rice exporters, including Vietnam, according to the VFA.

The US Department of Agriculture forecast Vietnam’s rice export volume will rise by 400,000 tonnes from 2017 to more than 6 million tonnes this year, mainly thanks to higher demand in Southeast Asia.

In January, the country shipped 524,000 tonnes of rice worth 249 million USD abroad, up 56.5 percent in volume and 74.2 percent in value from a year earlier, the Ministry of Agriculture and Rural Development reported.

HCM City gets new speciality market

Nearly 1,000 “clean” agricultural and other speciality products and consumers goods are on display at the Green Market–Tet Consumer Products fair, which opened on February 8 at the PhuTho Stadium in HCM City’s District 11.

There are 100 exhibitors, including start-up businesses, craft village cooperatives, and youth start-up clubs from many provinces and cities, including from the northern mountains, and businesses with Vietnamese High Quality Goods certification.

The fair focuses on safe vegetables and fruits with all having clear origins and meeting quality and hygiene and food safety standards.

Also on display are garment, dairy, footwear and frozen seafood products.

Start-ups from mountainous provinces have brought many speciality farm products like Cao Phong orange, daisy tea, Ham Yen orange, Tay ethnic minority sticky rice and sausage, bath soaps, artichoke jelly, essential oil, Dao ethnic milk bath.

Businesses from An Giang, Ben Tre, Dong Thap, Vinh Long, Lam Dong, NinhThuan and other provinces have local specialities like soft-dried dragon fruit and mango.

Visitors can join hands with Ben Treprovince artisans to make sticky rice cakes packed in coconut leaves, cylindrical sticky rice cakes and small pyramidal glutinous rice cakes, and meet celebrities including actors and singers who are ambassadors of Vietnamese goods.

The event also features daily programmes like creating fruit trays, carving fruits and vegetables based on the theme of spring, music shows, lucky draws, and attractive promotions.

Organised by the Business Association of High Quality Vietnamese Goods and Business Studies and Assistance Centre (BSA), the event, which will go on until February 13, seeks to help farmers, start-ups, co-operatives and businesses using green, clean and safe technologies and producing local specialities introduce their products to HCM City customers.

At the opening ceremony, the organisers gave gifts to 30 poor families in District 11 and 30 outstanding coaches and athletes at the stadium.

The event is a Tet edition of the Green and Nice Market that has been organised by the BSA for nearly two years at 135A and 163 Pasteur in District 3 on Saturdays and Sundays.

Đà Nẵng tourism leaps 30% for Tết

The central city of  Đà Nẵng will host nearly 300,000 tourists, including 132,000 foreigners, during Tết, an increase of nearly 30  per cent against last year.

The tourism department said more than 100,000 tourists, of which 75 per cent were foreigners, had already booked rooms at hotels and resorts to explore the Tết festival and other attractions.

Local and international airlines have planned 269 flights connecting the city to Hong Kong, South Korean and Japanese airports such as Daegu, Yang Yang, Busan, Incheon, and Osaka - and the domestic cities of Hà Nội and HCM City.

National flag carrier Vietnam Airlines will supply 1.4 million seats for air travel from February to March. Budget airline Jetstar Pacific will provide nearly 600,000 seats.

The city plans to host a series of programmes for tourists during the holidays. Bà Nà Hills mountain resort, 1,400m above sea level, will feature cultural and musical performances until March 9, while carnival, street-music and folk-song performances will be staged along the Hàn River banks from February 16-25.

Added features include the Rồng (Dragon) Bridge, which spans the Hàn River. It will breathe fire and rain at 9pm every night from February 14-18, while the Hàn Swing Bridge will swing from 11-12pm on February 16-18.

Ryosuke Kira, the manager of three Japanese restaurants – Bushido, Banjiro and Dining Bar Asoviva – in Đà Nẵng said his restaurants would stay open during Tết.

Forum pushes ’fourth revolution’     

Vietnamese enterprises should actively apply the latest forms of automation and data exchange, known as the Fourth Industrial Revolution (Revolutions 4.0), for production and business as well as corporate governance.

This would promote sustainable development and world integration, a CEO and Technology Forum was told in HCM City on February 7.

A representative from Deloitte Consulting SEA said companies needed to make preparations for and identify suitable areas to apply technologies of the Revolution 4.0.

If initial tests failed, he said businesses would know to redirect their efforts timely. If successful, they would know it was the basis for expansion.

The forum was told that Viet Nam had the advantage that Government and ministries were determined to support to the start-up business community, the application of technology and digitisation.

In addition, the nation also had advantages in human resources and IT infrastructure to promote innovation and technology application to cut production costs and increase productivity.

Tran Ngoc Thai Son, CEO of Tiki.vn, said data held by each business was often insufficient to be effective, so they should think about linking up with large companies to increase their data sources.

In addition, Vietnamese enterprises must actively integrate and co-operate to increase mutual benefits and learn to access international markets.

Nguyen Linh Trang, deputy director of the Saigon Union of Trade Co-operatives (Saigon Co-op), said that the Saigon Co-op has collaborated with Nielsen, a global measurement and data analytics company, to build a consumer database.

During the forum, experts said the e-commerce market in Viet Nam continued to expand. E-commerce companies were rapidly catching up with world trends.

However, according to surveys by the HCM City Department of Trade and Industry, most e-commerce businesses face financial difficulties so they must restructure by reducing the scope of their activities and improving business efficiency. 

Central bank allows SCB to close 2 branches     

State Bank of Viet Nam gave its nod to Saigon Commercial Bank (SCB) to close two of its branches in Tra Vinh Province and Can Tho City.

The move is aimed at restructuring the bank’s network for better operation efficiency.

Accordingly, Tra Vinh 1 branch, located on Nguyen Dang Street, Tra Vinh City, and Ninh Kieu Branch, located on Vo Van Tan Street, Can Tho City, will cease to operate.

SCB said all interests of customers who had accounts in these two branches would be maintained with no changes.

After the closure of these two branches, SCB will have one branch and five transaction offices in Can Tho, in addition to one branch and one transaction office in Tra Vinh.

At the end of 2017, SCB was licenced to open two new branches in Thanh Hoa and Thai Binh Provinces and nine transaction offices in other localities, which would bring its network to 239 transaction offices in 28 provinces and cities nationwide. 

Infunde Development eyes wind energy project in Quang Tri

Quang Tri has great potential to develop wind energy projects in the near future, said Mason Wallck, managing director of Infunde Development at a meeting with the provincial People’s Committee on February 8.

Mr Wallck hoped his company would receive support from local authorities to develop a wind energy project in the province.

Nguyen Quan Chinh, vice chairman of the Quang Tri People’s Committee, said that results of initial surveys allowed the province to develop hydroelectricity and solar and wind power projects with a total capacity of over 5,000MW. He affirmed the province’s support to investors, including Infunde Development, in energy and wind power development in the locality.

However, the two sides should conduct feasibility studies for these projects, said Mr Chinh.

Infunde Development was set up by international experts specializing in energy development in Asia-Pacific. The company has implemented projects in poverty reduction and social welfare, giving investment priority to developing countries with big potential for renewable energy development.

In Vietnam, the company has been carrying out some energy projects, including a hydroelectric power plant in Lao Cai province and a wind power project in Ninh Thuan province.

Pyn Elite increases holdings in a series of companies

Pyn Elite Fund (Non-Ucits) has announced increasing its holdings in a series of companies where it still holds a partial stake, namely JVC, HBC, CMG, VCG, and CII.

Notably, on February 5-6, Pyn Elite announced completing the purchase of 924,130 shares in Japan Vietnam Medical Instrument JSC (JVC) and one million shares in Hoa Binh Corporation (HBC) to increase its holding in JVC to 12.38 million (11 per cent) and 22.4 million (17.25 per cent) in HBC, respectively.

Besides, it acquired an additional 347,580 shares in CMC Corporation to increase its holdings to 3.69 million or 5.48 per cent.

On the same day on February 6, Pyn Elite announced buying 1.38 million more shares in Vietnam Construction and Import-Export Joint Stock Corporation (VCG), a subsidiary of Vinaconex to increase its holding in VCG to 23.24 million shares or 5.26 per cent.

Besides, Pyn Elite bought two million shares in Ho Chi Minh Infrastructure Investment JSC (CII) to increase its holding to 27.4 million shares or 11.13 per cent.

According to the shares values of VCG and CII on the stock exchange, Pyn Elite poured VND69 billion ($3.04 million) into CII and VND32 billion ($1.41 million) into VCG, as well as VND64.9 billion into the three other purchase deals.

Previously, in December 2017, PYN Elite Fund signed an agreement to purchase a 4.99 per cent stake in Tien Phong Commercial Joint Stock Bank (TPBank) for $40 million, marking its first investment in the banking sector. This investment was one of the fund's three largest investments.

Entering Vietnam in 2013, PYN Elite is the third largest foreign-investment fund in the country with a total investment capital of $491.4 million. At present, PYN Elite owns stakes in numerous large-scale domestic enterprises.

Novaland & BCG to develop Mekong Delta tourism

The Novaland Group and the Boston Consulting Group (BCG) have signed a major agreement on the “Development of the Mekong Delta’s Tourism Sector for Climate Change Adaptation”, which will deliver an overall strategy to unlock the full potential of the Delta’s 13 cities and provinces and Can Tho city as a tourism hub.

The Mekong Delta is one of the best-known regions of Vietnam, globally recognized for its agriculture, tourism, and diverse cultures. The area is an ideal destination for ecotourism, resort tourism, and exploration tourism. Though much progress has been made in its development, this has fallen well short of potential.

“At its best, the Mekong can be a tourism gem for Vietnam, measured alongside some of the world’s great river-based tourism destinations such as the Nile Delta in Egypt, which creates millions of jobs for the economy and provides funding to preserve natural and cultural heritages,” Mr. Christopher Lewis Malone, Global Head of Economic Development at BCG, told the signing ceremony.

“On the other hand, if not managed correctly, the Mekong Delta could quickly become a security issue for Vietnam due to environmental degradation and loss of livelihoods in local communities. The time has come for an immediate intervention that sets the Delta on a new development trajectory.”

The “Development of Mekong Delta Tourism Sector for Climate Change Adaptation” project will be one of the most significant strategies introduced to cope with climate change. BCG estimates that up to 300,000 additional jobs could be created within the tourism sector by 2025, providing critical diversification for the economy and a sustainable livelihood for those living in the Delta.

An essential part of the strategy will be using global standards and best practices for sustainability, thereby preserving and nurturing key cultural assets in the Delta such as floating markets and riverside communities.

With the development of the sector as a whole there is also expected to be significant stimulus for the small and medium-sized enterprises that make up the vast majority of businesses in the Delta. The initiative will also focus on education and training programs in order to bring service quality to international standards and raise awareness about environmental protection.

“By connecting initiatives and specific projects, we are keen to contribute to sustainable development in the Mekong Delta,” said Mr. Bui Thanh Nhon, Chairman of the Novaland Group. “We believe that when the project is completed, the Mekong Delta will be a popular destination in Vietnam, in the region, and in the world, which will help change the image of local tourism.”

With specific and strategic directions, BCG’s advanced and integrated consultancy will demonstrate a viable and sustainable market, attracting Vietnamese and international investors, development partners, and non-government organizations, all of which are the important factors in taking the region to the next level of sustainable development. The comprehensive tourism development plan will also ensure that investments will be used to promote regional economic development and support local people in the long term.

Trung Nam Group to run solar power plant next year

Trung Nam Group will put into operation a solar power plant with a total capacity of 204 MW in the south-central province of Ninh Thuan next year, an executive said.

Tran Duc Xuyen, director of Trung Nam Wind Power JSC, a unit of the group, said the plant would cover 267 hectares inside the Trung Nam wind farm in Ninh Thuan Province.

The provincial government and the Ministry of Industry and Trade have thrown their support behind the project, and proposed the Government include the project in a master plan for solar power development in Ninh Thuan until 2020 with a vision to 2030.

That solar and wind power is generated at the same farm will help make use of common infrastructure, and achieve synergy, Xuyen said.

The group’s solar and wind power project is the first in Vietnam which produces two kinds of renewable energy, bringing about ecological benefits in line with global energy trends.

Trung Nam is currently building a wind power plant whose designed capacity is 90 MW. Work on the plant started in the third quarter of 2016.

The wind power farm is to be equipped with wind pillars and propellers originally from Germany’s Enercon Group in the second quarter of this year.

The wind farm, costing an estimated VND3.96 trillion (US$174.6 million), is divided into two phases which are scheduled for completion in the third quarter of this year, and the second quarter of next year respectively.

Earlier, Trung Nam developed some energy projects including the 70MW Dong Nai 2 hydropower plant, and Krong No 2 and Krong No 3 hydropower plants with combined output of 48 MW in the Central Highlands province of Lam Dong.

VASEP concerned about tough seafood requirements stateside

The Vietnam Association of Seafood Exporters and Producers (VASEP) has written to the Ministry of Industry and Trade asking for help as the U.S. is getting tough on imports of Vietnamese seafood like tra fish and shrimp, news website Vietnam Finance reports. 

According to the U.S.’s mandatory inspection and anti-dumping program for fish of the order Siluriformes, tra fish is the only seafood product that is subject to the U.S. Department of Agriculture’s (USDA) inspection regulations for meat and poultry.

VASEP said these regulations are too tough and not suitable for tra fish, and shall become a non-tariff barrier that negatively affects two-way trade. It will not only affect the export of Vietnamese tra fish, one of the country’s key seafood products, but also cause losses of millions of dollars for the U.S.

In addition, the U.S. has imposed anti-dumping duties on Vietnamese frozen tra fish fillets since 2002, with the rate getting higher year after year.

Meanwhile, in a relevant issue, the U.S. Food Safety and Inspection Service (FSIS) has refused a tra fish fillet shipment from Vietnam, saying that the fish were treated with carbon monoxide (CO) which helped them look fresher for longer by delaying oxidization.

According to VASEP, FSIS’s refusal is unreasonable because the U.S. Food and Drug Administration (FDA) said CO-treated products are safe and USDA accepts imported CO-treated products like meat and tuna.

Therefore, VASEP suggested the Ministry of Industry and Trade discuss the case with the U.S. Trade Representative and ask FSIS to reconsider its refusal.

After the 11th period of review (POR 11) from February 1, 2014 to January 31, 2015, the U.S. Department of Commerce (DOC) announced the final anti-dumping duty of 4.78% on Vietnamese shrimp, well above India’s 0.84%. 

After 12 PORs, anti-dumping duties have been lifted for several Vietnamese shrimp exporters, including Minh Phu Seafood Corp., which accounts for nearly half of Vietnam’s shrimp exports to the U.S..

This proves that the U.S. imposition of anti-dumping duties on Vietnamese shrimp is unreasonable and should be eliminated.

VASEP also suggested the Ministry of Industry and Trade ask the U.S. government for technical support for Vietnam’s fight against illegal, unreported and unregulated (IUU) fishing.

Vietnam to connect to ASEAN single window in 2018

Vietnam is striving to connect to the ASEAN single-window mechanism this year, heard a meeting of the National Steering Committee for ASEAN single-window mechanism and national single-window mechanism.

At the meeting, the committee set a number of targets for this year, including implementing 130 administrative procedures mentioned in the Prime Minister’s Decision No. 2185/QD-TTg dated November 14, 2016 and adding new procedures to the plan.

Besides, the proportion of shipments that have to undergo specialized inspections should be reduced to below 15%. However, inspection activities will have to meet Government bodies’ requirements for prevention of smuggling and trade fraud.

The number of items subject to specialized inspections will be halved. Specialized inspection procedures will be reviewed, cut or simplified.

The committee will ensure that there are sufficient regulations on standards, requirements and inspection methods for all types of goods subject to specialized inspections.

To meet these targets, Deputy Prime Minister Vuong Dinh Hue asked the Ministry of Finance to work with the Ministry of Information and Communications and related agencies to build and implement the information technology system that serves the ASEAN single-window mechanism and national single-window mechanism, ensuring connectivity, security, information and data safety and systemization.

The Ministry of Finance is also responsible for building a backup system for the website of the national single-window mechanism and ensuring the availability of the website to serve the national single-window mechanism in the aviation sector.

The Deputy Prime Minister asked ministries and agencies to halve the number of goods subject to specialized inspections that are under their management.

They shall comprehensively reform specialized inspections of imported and exported products by reviewing and eliminating overlapping regulations, rejecting the regulation that requires certificate of conformity for each import shipment and each importer. Inspection data should be shared among agencies to prevent repeat inspections.

For imported goods that are subject to specialized inspection, there should be appropriate harmonized system codes (HS codes), and inspection standards and methods.

The Government will call for stronger public-private partnership in specialized inspections. Procedures like examination, testing and analyses should be done by private enterprises and organizations. Meanwhile, ministries and other governmental agencies will only be responsible for setting inspection standards and methods, risk control and re-inspection.

RoK firm seeks agricultural cooperation with Cao Bang

A delegation from the Agerina technology group of the Republic of Korea (RoK) on February 9 met with officials of the northern mountainous province of Cao Bang to seek cooperation opportunities in agriculture development with the locality.

During the meeting, Secretary of the provincial Party Committee Lai Xuan Mon introduced the locality’s potential for agricultural development, saying that Cao Bang boasts many products with good quality such as rice, maize, potato, cassava, tangerine, chestnut, sugar-cane and beef.

He called on the firm to provide technical assistance for the locality in producing and preserving farm products, as well as in training human resources in the field.

Cao Bang hopes to cooperate with the RoK firm in building wholesale markets and introducing Cao Bang’s products in the RoK’s shopping centres and supermarkets, he said.

For his part, president of Agerina Im Bi-ung Min highly valued Cao Bang’s agricultural potential, expressing his hope that the two sides will effectively coordinate in the coming time, contributing to introducing the locality’s farm products to RoK consumers. 

He stressed the need for Cao Bang to apply advanced technologies in agricultural production to create safe, high-quality and value products, towards further promoting the sector.