Air transport agreement to pave way for closer ties

An agreement on air transport was officially signed in Reykjavik on Thursday between Viet Nam and Iceland, paving the way for closer co-operation between the two nations' airlines and air transport service providers.

The agreement was described as an important precedent for the enhancement of co-operative ties in tourism, investment and trade between Viet Nam and Iceland.

At the signing ceremony, Vietnamese Deputy Prime Minister Hoang Trung Hai applauded Iceland's effective use of its natural resources and its shift from using fossil fuel to green power.

"This is an area in which Viet Nam should co-operate with Iceland," Hai said.

Katrin Juliusdottir, Icelandic minister for Industry, Energy and Tourism and also minister for Foreign Affairs, shared Hai's wish to enhance bilateral co-operation in political and economic areas and at international forums.

The two sides also expressed a wish to strengthen ties in tourism.

Also on Thursday, Hai discussed bilateral co-operation with Jon Bjarnason, minister of Fisheries and Agriculture.

Hai called for closer ties in fisheries and agriculture, and urged the Icelandic minister to consider transferring advanced technology in this sector to Viet Nam.

Bjarnason said Viet Nam and Iceland shared similar sea-based economic potential and that the country should make full use of the UN fisheries school in Reykjavik.

Revamp of economy boosts manufacturing

A programme to restructure the HCM City economy has yielded results, with the city's manufacturing output rising sharply.

The Department of Industry and Trade said there was a major change in the economic structure between 2001-05, with the ratio of industry going up from 38.8 per cent to 48.2 per cent.

During the period, industrial growth averaged 13.2 per cent a year, it said.

But many weaknesses remained, preventing the city from maximising its industrial potential.

Realising this, the city began a support programme focused on four key industrial sectors that use high technologies, are clean, or make value-added products, namely mechanical engineering, electronics-informatics, chemicals and plastic, and food processing.

It also sought to move resource and manpower-intensive industries to locations that had them in abundance.

Put another way, the city hoped to comprehensively develop its manufacturing to improve growth quality and reduce adverse impacts on the environment. As a result, industrial production rose by 186 per cent in the 2006-10 period.

The city's manufacturing output accounted for 30 per cent of the country's total and the growth rate had been higher than the national average since 2009, the department said.

Nguyen Van Lai, the department's director, said to achieve such results, the city had taken many measures, including supporting businesses with technologies and research.

More than 24,300 businesses had registered to operate in the four key industrial sectors in the last five years, a 2.3-fold increase over the previous five years and accounting for 45.5 per cent of all new manufacturing businesses, the department reported.

The rapid development of the mechanical engineering industry has had a knock-on effect on other sectors and caused the development of many new technologies and equipment. The sector has attracted many large projects, including one involving the fabrication of a 1,000-tonne floating crane at Lotus Port in District 7.

The electronics-informatics sector has drawn global companies like Intel and Nidec. The city now accounts for 40 per cent of the country's total revenues in the sector.

Investors snap up land in provinces near HCM City

The land market in three neighbouring provinces of HCM City, Binh Duong, Long An and Dong Nai, is showing signs of recovery, with 85 lots in the IJC Commercial Town project in Binh Duong Province's My Phuoc District selling out in the morning in their first day on offer late last month.

Nguyen Vinh Minh Thanh, general director of An Cu Lac Nghiep Joint Stock Co, the project investor, attributed the surprising result to the project's good location, reasonable offer price of VND4-4.4 million (US$191-210) per square metre, and the attractive investor incentives.

Customers who bought the lots received a discount of VND400,000 ($19) per square metre and would receive another 20-per-cent discount if they paid on schedule, Thanh said.

Garden City, another housing project in the My Phuoc 4 urban area, has also attracted considerable investor interest, with 90 out of 160 lots snapped up within a week. The lots sold at VND1.7-2.7 million ($81-129) per square metre, a reasonable price compared to the cost of infrastructure investment and land use fees for the property, said Le Tien Vu, deputy director of Kim Oanh Real Estate Co, one of the project investors.

Meanwhile, in Long An, in addition to the sold-out Five Star urban area project, lots in the Long Hoi City project in Ben Luc District were expected to go quickly.

Doan Chi Thanh, general director of project investor Hoang Anh Sai Gon Co, said the company had received dozens of inquiries even prior to properties going up for sale.

The rising demand for land in these three provinces was attributed to their upgraded infrastructure and affordable land costs, said some market watchers.

The real estate market always worked in cycles and it was due for a rebound after a gloomy period, said Tac Dat Tac Vang Joint Stock Co general director Hoang Anh Tuan.

Land prices in HCM City remained high, sending investors into neighbouring provinces to look for more affordable projects, Tuan said.

HCM City to hold interior design expo

New property developments in Viet Nam and the latest interior and exterior products will be on display in the second phase of the VIETBUILD 2011 international exhibition in HCM City this week.

This phase – the first phase was held in July – will focus on construction materials and equipment using advanced technologies.

Organisers told a press conference earlier this week that the event to be held from September 14-18 at the Phu Tho Indoor Sports Stadium would have much greater participation from foreign companies this year.

Some 190 foreign companies from 22 countries and territories, including China, Korea, Japan, Malaysia, Thailand, Italy, India, Indonesia, Singapore, France, Germany, the US, and Belgium, and 201 joint ventures will show off their wares at 2,160 booths.

The event would offer opportunities to promote investment co-operation in the Vietnamese property market and further the country's international integration, they added.

They would present the "VTOPBUILD" award and gold medals to quality construction products to encourage further improvements in quality and the creation of new products.

The exhibition will feature a number of symposiums on new products, environment-friendly technologies, and application of advanced technologies in construction.

A business forum will enable participants to exchange information and understand customer demands.

VIETBUILD is held annually by the Ministry of Construction and the AFC International Exhibition Fair Corporation.

Motorbike imports increase steadily

Motorbikes imports reached 5,000 units in August, worth US$7 million.

Imports have risen steadily since April when 3,200 units were imported, worth $5 million, according to the General Statistics Office.

Korean firms hungry for investment

The Viet Nam Chamber of Commerce and Industry and the Korea Information Technology Research Institute (KITRI) plan to organise a meeting between Vietnamese enterprises and Korean telecommunication companies on September 22.

Korean telecoms companies will introduce Vietnamese firms to their latest technology.

They will also be seeking trading opportunities with their Vietnamese counterparts.

Korean companies have invested US$22.6 billion in 2,759 projects, according to the Korean embassy in Viet Nam.

Shell plans Vietnamese expansion

The Royal Dutch Shell petroleum corporation plans to expand its operations in Viet Nam, despite the withdrawal of oil giants BP and ConocoPhillips, the Financial Times of Britain stated.

The newspaper quoted Le Thanh, managing director of Shell Viet Nam, as saying the corporation considered Viet Nam to be one of the most attractive markets in Asia, with a strong energy demand.

Shell hopes to sign a memorandum of understanding with the Vietnamese Government in the coming months, which will set the framework for closer co-operation in areas such as liquefied petroleum gas.

Viet Nam has crude oil reserves estimated at 4.4 billion barrels, equivalent to those in Australia, Egypt and Indonesia.

According to BP, last year Viet Nam produced 370,000 barrels of crude oil per day, accounting for 0.5 per cent of the global market.

Gold, foreign reserve check-up urged

The Ha Noi People's Committee has requested the State Bank of Viet Nam to inspect gold and foreign currency trading activities in the capital, following changes in forex regulations.

Nguyen Huy Tuong, vice chairman of the committee, has asked the police to implement plans to step up security at commercial banks, financial institutions and gold shops and foreign currency exchange outlets.

HCM City to host tourism exposition

The seventh International Tourism Exhibition will take place in HCM City from September 14 to 17.

Taking part in the exhibition, which carries the theme "Four Countries – One Destination", will be Viet Nam, Laos, Cambodia (as on previous occasions) and Myanmar.

The theme complied with the goal of promoting ASEAN member countries as the best tourism destination in the region, while stepping up regional integration of the bloc's tourism sector by 2015, La Quoc Khanh, deputy director of the municipal Department of Culture, Sports an

Tourism representatives from Cambodia, South Korea, Hong Kong, India, the Philippines, Malaysia, Indonesia, Taiwan, Turkey, Egypt, North America, northern and eastern Europe and Japan are expected to attend the exhibition.

Work starts on $2m leisure centre

Vina Dai Phuoc, an affiliate of asset management group VinaCapital, will begin work on a sports and amusement facility on Dai Phuoc Lotus Island in Dong Nai Province today.

The US$2 million Lotus Sport Center, expected to open in early 2013, will have a boat club, gymnasium, table-tennis rooms, swimming pools, meeting halls, bars, restaurants and a playground for children.

It will mainly serve people living in the 200ha Lotus Dai Phuoc residential project being developed by Vina Da.i Phuoc at a cost of $400 million.

It will have residences, offices, a hospital, hotels, and schools among other facilities.

Premium 27-storey office block goes on the market

The 27-storey Charmvit Tower recently debuted on the capital's real estate market in Cau Giay District.

Savills Viet Nam announced it would begin sales and leasing for the tower's 45,000sq.m of floor space to investors and potential customers tomorrow.

New real estate trading floor opens in HCM City

Hoa Binh housing corporation joined hands with the Sai Gon-Rescon to organise an opening ceremony for the Hoa Binh-Rescon transaction floor in HCM City's District 3.

The corporation aims to sell 50 apartments located on the top floors of the Era Town project for about US$1 billion.

Its first real estate transaction floor opened in May 2010.

Imperia An Phu project gets new sales agent

The joint venture between Knight Frank Viet Nam and Inveska has been named the marketing and sales agent for the Imperia An Phu Tower.

The US$130 million Imperia An Phu project covers 22.311sq.m, including four 23 to 28 storey block apartments and a 20.301sq.m basement parking area. Plans call for the apartments to open to customers in the first quarter of 2012.

Conference to look at real estate in tourism sector

Irving Seminar&training will partner with Lean Media to organise a conference on real reeseestestate management in Viet Nam's tourism sector at the Legend hotel on September 15.

The seminar will look at different aspects of real estate management in the tourism sector, discuss problems and work out solutions. The purpose of the conference is to help investors and management boards understand negotiation methods as well as real estate tourism market trends in Viet Nam.

Approximately 100 representatives from the management units of hotels, resorts and serviced apartments are scheduled to attend the event along with investors, consultancies and other interested parties.—

Masan in bid for coffee producer
 
Masan Consumer announced a public offer on Thursday to buy shares in Vinacafe Bien Hoa (VCF), as the subsidiary of Masan Group (MSN) continued to make its play to acquire a majority interest in one of the leading companies in the instant coffee market.

Under the terms of the offer, Masan Consumer will buy up to 13.3 million VCF shares for a total cash consideration of approximately US$50 million.

VCF is currently valued at VND265 billion ($12.8 million) and is building a new plant to increase coffee-processing capacity to 4,400 tonnes per year. Its parent company, Vinacafe, sold over 3.4 million VCF shares in May but continues to hold 9.9 million shares, representing a 37-per-cent in VCF. The Beta Investment Fund holds another 8.6 per cent.

If VCF proves resistant to a negotiated takeover, Masan Consumer can still achieve a hostile takeover by acquiring shares from such stakeholders as Vina Capital, VF1 Investment Fund, Vietcombank Fund and Viet Nam Holdings.

"Our opinion will be officially given after next Tuesday's meeting," VCF deputy director Le Hung Dung said yesterday.

The public buy offer will expire on October 11 unless it is extended.

Masan Consumer recently announced plans to transform its food platform into a consumer business platform with a focus on food and beverages.

Economists call for drastic reforms
 
A leading economist pleaded for greater government support for businesses next year, saying their survival in tough times depended on it.

2012 should be a year of drastic economic reforms in which the State provides further support for Vietnamese businesses, failing which Viet Nam would continue to face sluggish growth and high inflation, economist Le Dang Doanh said, addressing the Viet Nam CEO Summit 2011 held on Tuesday in HCM City.

"Viet Nam needs to speed up reforms, implement a tightened monetary policy, cut down on public investments and restructure banks to stabilise the macroeconomy," he stressed

"Currently, the foundation of the macro economy is yet to improve remarkably as inflation and interest rates remain high, foreign currency reserves, though strengthened, are not strong enough, and bad debts in the banking system have shown a tendency to increase," he noted.

He said the commercial banking system had to be restructured because those in weak financial health and with poor management capacity were exposed to numerous risks including low liquidity and high bad debt ratios.

The "weak" banks needed to merge into stronger ones in order to reduce the risk of destabilising the system, he added.

Doanh also suggested there should be more dialogue between policy makers and businesses so that more suitable and effective policies could be issued.

"Investment flows from the US and Europe would return to emerging countries next year and achieving macroeconomic stability as soon as possible would help Viet Nam attract this capital."

Several experts have predicted that 2012 could be a turbulent year for the world economy, with unsettled public debts in Europe and recession elsewhere.

The Vietnamese econ-omy has been strongly affected by developments in the world, making it difficult to reach set growth targets and inflation control goals.

Edward Chien, advisory director of Pricewater-houseCoopers said in the future, Vietnamese businesses should adopt international accounting standards so that they could easily "talk the same accounting language" with foreign investors or partners.

"The companies are also aware of the need for recruiting talented people and making technological innovations in their business. However, the most important thing is that the businesses cannot survive without Government support," he said.

Viet Nam needed to increase investment in infrastructure projects to attract more foreign investors, he noted.

A survey of 250 businesses carried out by the Viet Nam Report Joint Stock Co in July and August this year found corruption was still a major concern. Survey results released at the summit showed 37.8 per cent of the respondents said administrative procedures and simplification have not improved a lot.

They also said the compilation of statistics continued to be a process that lacked transparency.

Most enterprises said the three major financial barriers to economic growth in Viet Nam the next year would be: high inflation; credit risks; and ineffective macro-econ-omic policies.

To improve the business environment in 2012, the government should accord top priority to fighting corruption, followed by administrative reform and infrastructure upgrade, the survey respondents said.

As many as 93 per cent of businesses said amendments to tax and business laws were likely to have the greatest impact on their business.

John Vong, CEO of the Leadership Corporation Australia said that low costs have been an advantage enjoyed by Vietnamese enterprises.

However, Viet Nam has many "unknown" products that need to be moved out of the market, he said.

In the future, they should seriously consider investing in building trademarks, diversifying their product range to achieve product differentiation in order to make them stand out from others in the market, he added.

The Viet Nam CEO summit was organised by the Viet Nam Report Joint Stock Company in collaboration with the online newspaper Vietnamnet.

Bitexco starts work on urban area project

Bitexco Group on Thursday started work on the eco-urban area project called “The Manor+ Lao Cai” in the northern mountainous province of Lao Cai, pledging to invest some VND1,500 billion to bring a new urban face to the locale.

The Manor+ Lao Cai is located on Tran Hung Dao Street, a gateway to the center of Lao Cai City, and over 200km from Lao Cai International Border Gate.

Covering over 14 hectares, the project comprises 500 high-end apartments as well as 441 semi-detached, detached, and terraced city villas in addition to office buildings, commercial centers, kindergarten, sports center, and outdoor pools among others.

When in place in 2015, the project will provide dwellings and workplaces to some 3,000 people.

This is the group’s third project of the brand The Manor after its two high-end apartment projects in HCMC and Hanoi, which were all designed by S.A.I Associates, a Korean architecture design company.

Under its real estate development plan, Bitexco is also preparing to start work on the Ben Thanh Towers project in HCMC in late September, having completed and put into use the city’s tallest building Bitexco Financial Tower since last year’s October.

The Ben Thanh Towers project will be developed on 8,600 square meters in HCMC’s District 1 with investment capital of some US$450 million. The Ben Thanh Towers project is scheduled for completion in 2015.
 
HCM City wants more trade with Indonesia
 
HCM City People's Committee deputy chairwoman Nguyen Thi Hong has urged Indonesian businesses to improve ties with Viet Nam to develop untapped potential for bilateral trade.

Addressing a reception in HCM City to celebrate Indonesia's 66th Independence Day on Wednesday, Hong said that Viet Nam-Indonesia ties had been further strengthened within the framework of ASEAN.

The two countries' trade reached approximately US$2 million in the first six months of the year, "a vigorous year-on-year increase of 37 per cent", according to Hong.

The HCM City deputy head said there was a growth of interest from Indonesian businesses about investment opportunities in Viet Nam. Currently, Indonesian investments in Viet Nam were worth $2.5 billion.

Bilateral trade volume reached $3.3 billion last year, with Indonesian exports to Viet Nam standing at $1.9 billion, Bambang Tarsanto, consul general of Indonesia to HCM City, said at the reception.

Indonesia's investments in HCM City, however, were still modest with $11 million in nine projects, said Hong, who noted that the city would host further Indonesian investors who want to seek business opportunities.

No convertible bond sale to foreign bank branches

Foreign bank branches are not allowed to buy convertible bonds issued by local entities, so any money spent by foreign credit institutions and bank branches on those bonds must be classified as loans for their customers.

Circular 28/2011/TT-NHNN issued on September 1 by the central bank and taking effect from October 20 is aimed at restricting bond buying by foreign credit institutions and bank branches.

They can only buy bonds from an issuing organization or a company involved in issuing activities. They have the right to buy secured or unsecured bonds and join the bond market as traders and investors.

In recent years, local corporate bonds have become an attractive investment channel among foreign credit organizations. In 2010, the total value of bonds successfully issued in the market reached about VND60 trillion, of which the majority of issuers are State-owned companies and corporations.

Since late 2010, along with the collapse of Vietnam Shipbuilding Industry Group (Vinashin), the domestic bond market has become sluggish. Consequently, the middle of this year saw no successful bond issuing case, excluding a number of transactions carried out under the form of guarantee issuances or credit agreements.

Currently, there are a number of businesses planning to sell bonds to the market given the improved macro economy. However, the fact that funds invested in bonds will be treated as part of credit limits makes others believe the market will be even duller in the near future.
 
VPA proposes doubling CFS charge

The Vietnam Seaports Association (VPA) has proposed doubling the Container Freight Station (CFS) charge at international ports in Ba Ria-Vung Tau Province.

Under the proposal sent to the Government and the ministries of transport and finance, VPA wants a minimum fee of US$65 and US$100 for 20- and 40-foot containers respectively. International ports in Ba Ria-Vung Tau currently have the respective CFS charges of US$32 and US$50.

Meanwhile, ship owners, through a forwarder or sales agent, charge container carriers average CFS fees of US$70 for a 20-foot container and US$115 for a 40-foot container.

Container terminals are not allowed to increase the floor fee in line with Competition Law. Thus, 80% of foreign ships loading cargos at Thi Vai-Cai Mep deepwater container terminal enjoy a price margin of US$38 and US$65, Ho Kim Lan, general secretary of VPA, said.

However, local exporters and importers claimed that increasing CFS fees and an economic slowdown may result in high cost of products and financial woes to them.
 
More social action good for firms

With increasing globalisation and competition, companies are focusing on corporate social responsibility (CSR) to strengthen their brands and obtain competitive advantages, a seminar heard in HCM City yesterday.

The International Organization for Standardisation defines CSR basically as the responsibility of an organisation for the impacts of its decisions and activities on society and the environment.

Pham Gia Tuc, deputy chairman of the Viet Nam Chamber of Commerce and Industry, told the seminar titled "CSR: A tool to create an image and competitive advantage for Vietnamese enterprises," that consumers in developed countries also considered how a product was produced and not just its quality.

In many countries, the movement to protect consumers' rights and the environment had developed very strongly, and encompass movements to boycott cancer-causing additives and products using animal feather and child labour.

Due to society pressure, businesses globally considered CSR an important strategy to help them stand out in the minds of employees, consumers, and potential partners, he said.

Many large Vietnamese companies too were becoming aware that CSR was indispensable for them to enter the global market.

Thus, they were undertaking programmes like reducing carbon dioxide emissions, using renewable energy, supporting victims of natural disasters, and so on.

But many did not understand the concept thoroughly.

Prof Wayne Visser, founder and director of CSR International, said many companies in Viet Nam were small or medium-sized and so had limitations on resources.

Thus, they should not worry much about formal CSR practices like policies, codes, and CSR managers and reports.

Instead, they should adopt the principles underlying CSR — like good governance, economic development, stakeholder consultation and environmental integrity — and implement them informally in their business.

"The exception of course is where you are a part of the supply chain where the international companies require certain formal codes and that should guide the practices of small companies in Viet Nam," he said.

Around 150 businesses took part in the event organised by the Viet Nam Chamber of Commerce and Industry.

Associations seek ways to prop up export prices

For fear of an export price squeeze, the Vietnam Cashew Association (Vinacas) and Vietnam Sugar and Sugarcane Association (VSSA) are planning to set up their own non-profit companies responsible for regulating market prices.

Given difficulties in material sourcing and competition for purchasing materials from a number of countries, Vinacas is planning to found a cashew joint stock company with initial working capital of VND100 billion to help its members have advantages in vying with Brazil to purchase unshelled cashew from Africa and Indonesia.

Standing vice chairman of Vinacas Nguyen Duc Thanh told the Daily that the planned Vietnam cashew joint stock company, with the 20 largest cashew exporters as its shareholders who contributed shares from Military Bank (MB), would help Vietnam regulate the market in the future.

Scheduled to get off the ground in the year’s last quarter, the plan is to regulate the market, not to focus on maximizing profits on its operations.

“If enterprises sold cashew nuts at lower prices, the company would buy the cashew nuts and sell them out when the prices went up. In case the prices skyrocketed, the company would stop buying to create pressure for price cuts from cashew exporting countries,” Thanh added.

According to Vinacas, as some exporters dumped cashew on the HCMC market at a free on board price which was lower than US$4.40 per lb (1 lb is equal to around 0.4535 kilo) recently, some cashew importers thus reduced cashew selling prices of other enterprises.

“If similar situations occur in the future, the company will buy up the cashew to regulate the market and just sell it out when the prices inch up,” Thanh added.

Vinacas assumed that as the Vietnam cashew joint stock company had large capital and could take the initiative in accommodating cashew prices at beneficial levels for farmers, when in place, it would help farmers sell cashew at stable prices and earn profits.

In addition to the cashew industry, the sugar industry also plans to follow suit with the main aim of stabilizing sugar prices.

Chairman of VSSA Nguyen Thanh Long said at a VSSA meeting that as sugar factories were just production units with limited capital at present, they could not stock up on sugar at the end of the harvest, causing the local sugar prices to fluctuate strongly.

Therefore, a company in charge of making the market more stable after each harvest is needed.

“Sugar often sells at low prices in harvest time, so the planned company will buy the sugar to support the factories. But when sugar becomes scarce, they will sell the sugar out to lessen the pressure of any sugar price increase on the market,” Long added.

Formerly, when the price of feed incessantly climbed, breeders at Binh Duong and Dong Nai provinces met with each other and sent a petition to the Ministry of Agriculture and Rural Development to ask for establishing the association of southern pig breeders.

The association would help breeders raise their voices and breeding firms could rely on the association to buy materials for feed production without being taxed, explained Nguyen Tri Cong, director of Dong Nai-based Cong Tri Livestock Breeding Company.

“According to the current regulations, an enterprise or breeding firm does not have to incur value added tax if it imports materials for feed production, meaning we can buy materials at lower prices, which will bring down the selling prices of pork and we do not have to be as reliant on feed producers as we are now,” Cong said.
 
Japan urged to halt VN seafood inspections

The nation has made huge strides to avoid chemical contamination in seafood products in a bid to fight its way back into seafood importing markets after Japan’s June declaration to test 100% of imported seafood from Vietnam, a move which has driven up costs for local seafood exporters.

According to test results obtained by National Argo Forestry Fisheries Quality Assurance Department (Nafiqad), there is no exposure to toxic chemicals such as trifluralin, chloramphenicol and nitrofurans in Vietnam’s seafood products.

Thus, concentrations of all chemicals in seafood including shrimp and tra fish are in line with the legal permits set by importers.

Southern Agency of Argo Forestry Fisheries Quality Assurance stated that most of the tests on imported seafood for chemicals like enrofloxacin and ciprofloxacin came out negative. Thus, Vietnam can promote seafood exports to the U.S, North America and Japan in the future.

Nafiqad said Japan found trifluralin present in seafood imported from Vietnam with the concentration of 0.03 parts per million (ppm), three times higher than the legal permit of below 0.01 ppp in June. It then announced that Japan would test 100% of imported seafood products.

However, after a two-month inspection in the provinces of the Mekong Delta, the country has hard evidence for proposing Japan and Canada halt inspections of all seafood shipments from Vietnam.
 
Little room left for tourism investors in Quang Nam

Investors interested in building resorts along the beaches in Quang Nam Province will have to wait a little while longer as land in the province’s north is fully occupied while land in the south will be opened for development when a bridge is completed.

Several enterprises are desperate to invest in the local coastal area but cannot find available locations, said Dinh Hai, director of the province’s Department of Culture, Sports and Tourism.

Hai said an 8-kilometer-long coastline in the north is home to numerous hotel and resort projects.

Along the southern coastline with a length of 100 km, a couple of investors have launched tourism projects in the Chu Lai Open Economic Zone. Hai said when the Cua Dai Bridge leading to the southern area is in place, the provincial government will call for investment in this area.

“Investors want to set up their businesses at the seaside. However, coastal areas are limited,” he added.

It is estimated that the provincial government will prioritize high-quality projects including resorts and entertainment parks as well as screen all applications to choose the most suitable investors.

Quang Nam reported 1.65 million tourist arrivals in the first eight months of the year and gained total revenue of VND653 billion from tourism services. International visitors totaled 971,000, a 24% year-on-year increase.

PV