Incentives urged to boost support industries
 
The Government should clearly spell out its incentives for investment in support industries and not be vague about them, an investment official told a conference in HCM City last Friday.

Nguyen The Hung, acting director of the Southern Investment Promotion Centre, said for instance, the Government's decision last February to boost support industries in some key sectors such as mechanical engineering, IT, electronics, textile and garments, leather footwear, and technology was not specific enough.

Speaking at the conference held on the sidelines of the Metalex Viet Nam and Nepcon Viet Nam exhibitions, he said: "The incentives were too general and not attractive enough to investors.

"Investors want to know the specific support. For example, the decision said merely the Government would offer import duty breaks for machines but did not say how much."

The Government offers assistance to investors with advertisement, investment and trade promotion programmes, distribution networks, land lease, and technical support besides the import tax breaks.

Industrial parks stopped offering incentives to investors after the country became a member of the World Trade Organisation.

Only high-tech parks and economic zones still offer incentives, but the Sai Gon Hi-tech Park is almost full while economic zones in the central region lack good infrastructure.

"The development of support industries is an important and urgent task for improving the competitiveness of Vietnamese products," Hung said.

Speaking at the opening ceremony of the exhibitions, Doan Duy Khuong, deputy chairman of the Viet Nam Chamber of Commerce and Industry, said many industries, especially producers of export products, continue to rely overwhelmingly on imported feedstock and parts.

The country had to import as much as 80 per cent of these, he said.

The auto industry uses only 5 to 10 per cent of local parts, while for motorbike makers it is 40-70 per cent.

Though foreign companies in Viet Nam were potentially interested in local procurement, the domestic support industries could not supply them, he said.

"If the situation does not change, large foreign assemblers and producers will leave Viet Nam."

While Viet Nam remained one of the most attractive investment destinations in the region, it needed to enlarge its base of support industries to continue attracting FDI, he added.

Aquaculture needs funds
 
With the Government failing to build drainage systems to take away used water from aquaculture farms, farmers and businesses are seeking to build them on their own.

An executive of Minh Phu Seafood Group Joint Stock Company told Dau tu (Viet Nam Investment Review) newspaper: "The Government should let seafood enterprises invest in the construction.

"[It] can then refund them or offer them tax breaks or preferential land and financial policies.

"[The industry] has called on the Government to invest in drainage for 10 years, but has received no reply."

Farmers and processors complain that the lack of drainage systems means diseases spread easily and farmed fish and shrimp have antibiotic residues.

Nguyen Huu Dung, deputy chairman of the Viet Nam Association of Seafood Exporters and Producers, has raised the issue several times, saying while fisheries exports fetch US$5-6 billion a year, there has been little investment in it by the Government.

Batches of seafood were often rejected because of antibiotic residues, he said.

The Southern Institute for Water Resources Planning said five years ago the eight biggest aquaculture provinces in the Cuu Long (Mekong) Delta had drafted a master plan for an irrigation system for aquaculture including drainage.

This had even been approved but they were still waiting for funds from the Government, it said.

The report by the Ministry of Agriculture and Rural Development (MARD) 's Agriculture Economic Department on funds allocation in 2011-15 shows no outlay for this plan.

"Investment in aquaculture irrigation makes up a very small portion of investment in irrigation," Vu Van Thang, deputy head of the ministry's Irrigation Department, said.

This was unlikely to change in the near future due to a lack of funds, he said.

"But later [this] will definitely change with big investment being made in aquaculture."

Dr Dang Kim Son, head of Institute of Strategy and Policy for Agriculture and Rural Development, another ministry body, said: "Aquaculture irrigation should not depend entirely on Government funds. It needs policies to attract investment from companies.

"So the Government should adopt innovative land, trading, and credit policies to help companies."

Collective brand name for Phu Yen oceanic tuna

The National Office of Intellectual Property under the Ministry of Science and Technology has granted a collective brand name of “Phu Yen oceanic tuna” to the provincial Oceanic Tuna Association.

The association has engaged in building its tuna brand name since 2009.

With this certificate it is expected to boost exports of tuna products to the US, Japan, and the EU.

Dr Nguyen Quoc Thinh, director of the Trademark Centre of the University of Trade, said building up Phu Yen tuna trademark contributes to promoting its image. When it is highly valued by the world market it will become key export product.

Since early this year, Phu Yen fishermen have exploited 5,600 tonnes of tuna, a record output so far.

Domestic products draw much attention from visitors to Anuga fair

Sixteen Vietnamese businesses, along with more than 6,500 others from 100 countries have attended the Anuga Food and Drinking Fair in Cologne, Germany.

These are large exporters of agriculture, seafood and food from Ho Chi Minh City, Hanoi, Binh Duong, Tien Giang, Dong Thap, Can Tho, Nghe An, and Ninh Binh.

They showcase a wide range of fruit, vegetables, agricultural products, seafood, processed food, drinking, and spices.

The Anuga fair is held biannually to introduce new products, trends and development in the food, foodstuff and drinking sector.

The fair is expected to attract around 150,000 visitors from now until October 12.

HCM City Expo ’11 bound for Cambodia

Nearly 150 Vietnamese businesses will showcase their products at an exposition to be held in Cambodia’s northeastern province of Battambang on November 24-28.

On display at the HCM City Expo 2011 will be processed food, plastic household appliances, agricultural materials, interior décor, textiles and footwear, as well as electronic appliances and building materials.

The expo aims to help Vietnamese businesses increase their market share in Cambodia and promote trade between the two countries.

New law to tackle gender inequality in advertising

The draft Law on Advertising is expected to address inequality in the representation of women in advertising, including inappropriate and degrading stereotypes, said Bui Thi Phuong from Ho Chi Minh National Academy of Politics and Public Administration.

"In most advertising, women are always restricted to doing simple work such as housework or are shown in the fashion or cosmetics industries," Phuong said. "People rarely see women in the role of successful entrepreneurs or dedicated scientists."

Advertisers also perpetuate gender stereotypes in their depictions of children, emphasising the differences between boys and girls, she said, with girls often helping their mothers wash dirty clothes while boys participate in sports with their fathers.

"These types of advertisements have an effect on young minds," Phuong said. "They send the wrong message in society that the male is the decision maker and does important work."

Dr Nguyen Quy Thanh of the sociology department at the University of Social Science and Humanities agreed, saying that women are also being exploited in advertising, with the female body presented for its sexual allure.

For instance, an image of a beautiful woman besides a beverage product and the word ‘delicious' gave mixed signals, Thanh said.

He made a recent survey of television advertising, which showed that 60 per cent of the ads had woman as the primary character, and 80 per cent depicted beautiful young women.

This type of ad had even been banned in some countries, Thanh said. Many television ads in India are banned after a deodorant spot was aired earlier this year featuring a girl who couldn't help tearing off her clothes whenever a man who used the product passed by.

Nguyen Thu Ha, a Hanoi resident, said she always felt annoyed by an ad for a seasoning product in which a man called his wife com (rice) and his girlfriend pho (noodles) – a vernacular for men who are tired of their wives.

"Women shouldn't be referred to like that," Ha said. "It may be funny to say with your friends, but it's totally inappropriate to broadcast it nationwide."

However, Do Kim Dung, vice president of the Vietnam Advertising Association and chairperson of the Vietnam Advertising Institute, said 90 per cent of his company's advertising orders are for products targeted female consumers, so images of women doing housework or using beauty products are unavoidable.

"What advertisers want is to attract viewers' attention and get them to buy their products," Dung said. "They are only afraid of losing their clients and losing their profits."

Ninh Thi Thu Huong, head of the Ministry of Culture, Sports and Tourism's Advertising and Promotion Office, said the draft Law on Advertising will require the implementation of gender equality measures.

Huong, who is also deputy head of the law's drafting committee, said that under the law, all ads would be closely screened before being broadcast. Violators will have their ads banned and face fines of up to VND200 million ($9,600).

The draft law will be submitted to the government for consideration later this month, Huong said.

Horse track is still lame

G.O.Max I&D is seeking new partners to gallop towards its proposed horserace track project in northern Vinh Phuc province.

A source from the Korean firm in Vietnam said the $570 million horserace track project remained a priority, but finance for the project was not forthcoming.

“G.O.Max’s partners, Kookmin Bank and other financial partners, lost their patience and withdrew from this project. G.O.Max is now persuading new partners to be involved with this project,” he said.

The source revealed the government of South Korea’s Chungchong-bukdo province, which has a close relationship with Vinh Phuc province officials, was a potential partner that G.O.Max wanted to collaborate with.

“The two sides are in negotiations. There is no final agreement from Chungchong-bukdo government,” he added.

G.O.Max’s project was proposed in 2007, but the firm never received an investment certificate as Vietnam is yet to have sports betting regulations.

In its proposal, G.O.Max planned to build a stadium providing between 15,000 and 17,000 seats, other recreational facilities, a golf course and luxury villas. The project would cover 170 hectares and the developer planned to establish outside betting shops in five major cities in Vietnam.

A year ago, the Ministry of Finance introduced draft regulations on betting sports, but they have not been approved.

A senior official at Vinh Phuc’s Department of Planning and Investment said G.O.Max had informed it was negotiating with a new partner and any movement “is highly appreciated” by provincial leaders.

“This shows the patience and seriousness of the developer even though it has faced many difficulties,” the official said.

At present, Vietnam has one horseracing track in Ho Chi Minh City, named Phu Tho racing course, and a dog racing track in southern Ba Ria-Vung Tau province. Those courses were invested by Thien Ma Company and Sport Entertainment Services Company, respectively. However, neither have a licence for betting services.

Australia’s Binh Phuoc Entertainment Complex Company also received an investment certificate to build a horseracing track in Chon Thanh district, southern Binh Phuoc province.

This project will cover 200ha and has total investment capital of around $100 million.

Doubts over Foxconn’s intent

With Taiwanese electronics giant Foxconn deep in talks with the Brazilian government, doubts have been raised about the firm’s readiness to follow through on its Vietnam investment plans.

Foreign media outlets last week quoted the Brazilian Minister of Science and Technology Aloizio Mercadante as saying that negotiations on Foxconn’s $12 billion investment in Brazil were progressing well.

By doing so, the minister put paid to a rumour that the firm’s South American plans had stalled because of demands from the Taiwanese firm for both hefty loans and tax incentives from the Brazilian government.

Mercadante even affirmed the world’s largest contract electronics maker would start producing iPads and iPhones at its new Brazilian plant by the end of this year as planned.

Foxconn announced its Brazil investment plans in April, saying it planned to pour $12 billion into Brazil over the next five years. The first phase of the project will see a roll-out of iPad and iPhones, and the second phase is about building “intelligent city” to make touch panels.

Four years ago, Foxconn announced a massive investment plan in Vietnam, saying it would spend $5 billion in the country by 2012. But the latest statement from the Brazilian science and technology minister raises questions about Foxconn’s investment priorities.

Foxconn representatives in Vietnam were not available to answer this question. However, the fact remains that Foxconn’s investment in Vietnam has been modest in comparison with its announced $5 billion plan. To date, Foxconn has only two manufacturing facilities in northern Bac Ninh province and two other facilities in Bac Giang province.

The firm was granted investment certificates for a $200 million cell phone manufacturing plant in Vinh Phuc province and a 400 hectare industrial park in Bac Giang, but construction of those projects has been sluggish at best.

Meanwhile, investment plans for Binh Dinh province, Haiphong city, Ho Chi Minh City and Hanoi, where the company said it would set up a chain of hi-tech zones to accommodate factories to produce computers, LCDs, communication devices and electronic appliances, have yet to be implemented after four years.

“Foxconn said it had to delay investment here because it was facing market expansion and finance difficulties. I guess this is not the main reason. Everyone knows that Foxconn is seeking investment opportunities not only in Brazil but also in low-cost areas in China,” said Do Quoc Tuan, deputy director at Bac Giang Department of Planning and Investment.

Man Ngoc Ly, director at Management Authority of Nhon Hoi Economic Zone in Binh Dinh - where Foxconn in 2007 signed a memorandum of understanding on building a $1 billion hi-tech park, thought Vietnam was no longer a top priority for Foxconn.

“If Foxconn really considered Vietnam a potential base for serving strategic customers, it would have implemented its promised project over the past four years,” he said.

And even though Foxconn chairman Terry Gou announced the company would relocate factories from China to countries further south after the firm was forced to raise its wages for Chinese workers by nearly 100 per cent following labour unrest last year, the firm’s investment plans for Vietnam were not pushed forward.

Nguyen Mai, chairman of Vietnam Association of Foreign Invested Enterprises, said Foxconn might delay investment plans in Vietnam while seeking other destinations where it could enjoy better tax incentives than Vietnam.

In a statement released by Foxconn in April, the manufacturer explained it would like to invest in Brazil because this country had “tremendous economic development potential” and was “strategically positioned to meet the needs of growing markets throughout Latin America”.

But Brazilian Minister Mercadante cast a different light on this, saying the South American country had offered tax incentives for the electronic industry that could help Foxconn cut tablet computer prices by 40 per cent or more.

Germany supports FTA between EU and Vietnam

German Chancellor Angela Merkel will push for the conclusion of a free-trade accord between the EU and Vietnam during her visit to the Asian country next week.

The AFP on Oct. 7 quoted a German government source as saying that Germany "is a very strong supporter" of a free-trade deal between Vietnam and the EU, adding that Vietnam has a very dynamic growth rate, which is of great interest to German firms.

The sources also said Germany and Vietnam have long enjoyed close relations and Germany 's interest in Vietnam is much greater than in the other countries in the region.

After her trip to Vietnam , Merkel will travel to Mongolia in a bid to step up ties between Europe 's top economy and the two fast-growing Asian countries. She will be accompanied by business leaders who are eying up opportunities in the two Asian economies.

Vietravel honored as Asia’s best travel agency

Local tour operator Vietravel was awarded the title ‘Asia’s best travel agency’ at the 22nd Annual TTG Awards 2011 hosted by TTG Asia magazine on Thursday in Bangkok, Thailand.

Joining the award ceremony were 79 groups and travel agencies in Asia.

The prizes are divided into four groups, such as Travel Supplier Awards (51 prizes), Travel Agent Awards (16 prizes), Outstanding Achievement Awards (4 prizes) and Travel Hall of Fame (8 prizes).

Vietravel was the only Vietnamese representative in the top 16 Asian tourist companies this year.

TTG Travel Awards was first launched in 1989 and has become an annual event held by TTG Asia.

Vietnam Farm Association joins hands with Asian-American Association   

The Vietnam Farm Association has just signed a cooperation deal with the Asian-American Business Women’s Association, for consultation and exchange of ideas as well as to promote trade and education.

According to the Vietnam Farm Association, only Vinamit agricultural and dried fruit products from Vietnam enter the US supermarket chain stores directly.

The Asian-American Business Women’s Association was established in 2007 and today has 200 business members who are all American citizens of Vietnamese, Indian, Korean origins amongst many others.
 
Seafood industry needs more investment to grow: Ministry  

The Ministry of Agriculture and Rural Development estimates that Vietnam needs to invest over VND24.5 trillion (US$1.2 billion) for further development of the seafood processing industry by 2020.

According to a plan approved by the Ministry, about VND13.4 trillion will be invested in the first phase 2011-2015 and the remaining amount in the second phase from 2015-2020.

The capital amount will be mobilized from bonds, company shares and preferential loans from the State.

As per the plan, by 2020 seafood exports will touch about two million tons per year with an annual growth rate of 3.5 percent and the export turnover is estimated to be US$10 billion, with an average growth rate of 7 percent each year.

Meanwhile, the domestic output is estimated to reach 950,000 tons, to grow at an average rate of 3.3 percent each year.

Total processing capacity of the seafood industry will be 2.1 million tons a year and the growth rate of value added products will be 60-70 percent.

The country seafood export turnover was US$4.4 billion in the first three-quarters of the year, an increase of nearly 27 percent over the same period last year.

Interbank dollar rate rises again

The State Bank of Vietnam today hiked the interbank exchange rate for the dollar after keeping it unchanged for three days.

The new rate has been set at VND20,668 a dollar, up by VND13 and the highest since May 27.

The dong has weakened by VND40 since October 4, with banks now trading the greenback in a band between VND20,461 and VND20,875.

On the black market, it was sold at VND21,350 a dollar, down by VND50 since the weekend and by VND300 from its peak on October 5.

Sai Gon Tiep Thi newspaper said the falling gold prices and the narrowing gap between domestic and global prices had reduced the demand for the dollar on the black market.
Meanwhile, gold prices in Vietnam made a sudden recovery today.

At 10am they rebounded to VND43.85 million a tael (37.5 grams) in Ho Chi Minh City and towards the VND44 million mark in Hanoi.

The metal had closed yesterday at VND43.29 million in Ho Chi Minh City, down by VND110,000 from the opening and VND160,000 from last week.

Spot gold rose by US$23.4 an ounce in London yesterday to $1,663.1.

At the unofficial exchange rate, the gap between domestic and global prices in Vietnam has narrowed to a mere VND300,000 a tael against VND4 million some time ago.

A source told Tuoi Tre that the central bank yesterday licensed two more banks to join the alliance of Saigon Jewelry Co, the country’s largest gold trader, and five banks that sells gold at below market rates to tame the soaring prices.

Petrovietnam to start Nghi Son refinery construction in Q4

Construction of the US$7.5 billion 200,800-barrel-per-day Nghi Son oil refinery, Vietnam's second, will start in the last quarter of this year after a half-year delay, state oil and gas group Petrovietnam said on Tuesday.

Vietnam's natural gas output this year is expected to fall 5.7 percent from 2010 to 8.86 billion cubic metres, the Hanoi-based group said in a statement.

Last year it pumped 9.4 billion cubic metres of natural gas.

Crude oil output for 2011 would reach a previous projection of 15 million tonnes, or 301,200 bpd, down 0.07 percent from 2010, said the statement reviewing oil and gas production in the first nine months and plans for the last quarter.

Construction of Nghi Son refinery, owned by Petrovietnam, Kuwait Petroleum International, Japan's Idemitsu Kosan Co and Mitsui Chemicals, has been delayed since the first quarter due to land clearance and preparation procedures, state media reported.

Vietnam has picked a consortium including French oil services firm Technip, Japanese engineering firm JGC Corp and Spain's oil engineer Tecnicas Reunidas to build Nghi Son plant in the northern province of Thanh Hoa, 215 km (134 miles) south of Hanoi.

Kuwait Petroleum International will receive funding from the International Finance Corporation to build and develop the Nghi Son oil refinery, its chairman was reported on Sept. 30 as saying.

The refinery is designed to process Kuwaiti crude oil.

Dung Quat refinery, built in the country's central coast to process 130,500 bpd of crude oil, is now Vietnam's sole operating facility.

Vietnam has planned for five other oil refineries, including Nghi Son.

Local lenders' capital plans positive, but more needed: Fitch

The ongoing capitalization efforts of major Vietnamese banks are positive given their thinly capitalized position by regional comparison, said Fitch Ratings.

But given the challenging operating environment, capitalization levels are a key credit factor and Fitch believes more equity may still be required.

Although credit growth has moderated in 2011 and notwithstanding fresh capital injection, higher capitalization buffer is crucial for potential losses as well as for future expansion plans," says Mikho Irawady in Fitch's Financial Institutions team.

"Banks in general continue to target rapid growth in a country where credit reached 120 percent of GDP at end-2010, high by emerging market standards. This exposes the banks to sharp deterioration in asset quality should the already difficult operating environment take a turn for the worse."

In addition, Fitch believes that the system-wide gross non-performing loan ratio may be significantly higher than the reported 3 percent at end-July 2011, noting the differences in asset quality data between Vietnamese Accounting Standards and International Financial Reporting Standards and poor transparency.

Fitch recognizes the regulatory efforts to raise capital levels, although these have been subjected to delays in the past.

The agency believes regulatory capital requirements may be raised further and could eventually lead to consolidation in the system over the medium to long term, especially for the smaller banks in Vietnam.

Increased foreign banks' participation may be positive, by way of strengthening technical assistance, knowledge transfer and risk management, although any liberalization moves are more likely to be a long-term prospect.

In the near term, committed efforts by the government to bring more stability to the operating environment, such as reducing inflation, are crucial to the banks' financial profiles.

Some of the announced deals in 2010-2011 include Vietnam Joint-Stock Commercial Bank for Industry and Trade with a 10 percent stake by International Finance Corporation (and with a further 15 percent stake reportedly being considered by Bank of Nova Scotia); and Joint Stock Commercial Bank for Foreign Trade of Vietnam with a 15 percent stake by Mizuho Corporate Bank Ltd.

Asia Commercial Bank and Saigon Thuong Tin Commercial Joint Stock Bank also reportedly have plans to boost their capital through share sales. Bank for Investment and Development of Vietnam is preparing for IPO by Q411.

State-owned Vietnam Bank for Agriculture and Rural Development has received capital injection from the government in the past and may receive additional capital to boost its capital ratio, which is presently below the regulatory minimum of 9 percent.

Vietnamese banks are currently among the lowest-rated banks in the region.

Fitch-rated banks are Asia Commercial Bank ('B'/Stable), Saigon Thuong Tin Commercial Joint Stock Bank ('B'/Stable), Vietnam Bank for Agriculture and Rural Development ('B'/Stable) and Vietnam Joint-Stock Commercial Bank for Industry and Trade ('B'/Stable).

UK accounting body honors Vietnam finance minister

Minister of Finance Prof Dr Vuong Dinh Hue was Sunday awarded honorary membership of the UK-based Association of Chartered Certified Accountants for his great contribution to the development of the auditing and accounting in Vietnam.

Hue, 54, former head of the State Audit of Vietnam, is the first Vietnamese and only the sixth person ever to be conferred the honor since it was instituted in 1999.

Speaking at the award ceremony in Hanoi, ACCA president Dean Westcott said Hue had been actively supporting teaching of accounting and helped improve the quality and internationalize the workforce in the finance sector.

"Prof Dr Vuong Dinh Hue is deservedly regarded as one of the most prominent leaders of the accounting profession and thoroughly merits our global award to recognize his achievements.”

ACCA is global body of professional accountants with 147,000 members and 424,000 trainees in 170 countries.

Millions squandered on waste-treatment plants

The northern province of Nam Dinh and Hai Phong city are among many localities that have set up waste treatment plants which operate below full capacity despite the millions of dollars from ODA loans spent to import equipment for them.

In 2007 Hai Phong spent US$25 million to set up the Trang Cat waste treatment plant with technology and equipment imported from Korea.

The plant became operational in 2009 and was expected to turn 200 tons of waste a day into organic humus to produce compost fertilizers.

Nguyen Van Quy, deputy CEO of Hai Phong Urban Evironment Company, admitted that Trang Cat plant only treated 60 tons of waste a day while the city generated as much as 850 tons.

The plant received 150 tons but “can only treat 40 percent of the waste, while the rest has to be buried in the landfills.”

“This is because the plant cannot separate the waste by itself but workers have to do that.”

Besides, the plant’s line to produce compost remained unused since the organic humus produced by the plant failed to meet environmental standards, he added.

But the compost production line accounted for just “a small proportion of the total investment,” he claimed.

Tuoi Tre discovered that the “small proportion” cost as much as $3.2 million.

A waste treatment plant built in Nam Dinh too operates below its capacity.

The $3.7-million French plant, set up in 2002, only treats 102 tons of waste a day against a capacity of 200 tons.

Tuoi Tre discovered that its compost fertilizer production line costing $600,000 had stopped functioning.

Trieu Duc Kiem, chairman of the Nam Dinh Urban Environment Company, said the production line had been shut since 2004.

“The organic humus treated by the plant failed to meet the requirements to be turned into compost fertilizers,” he said.

The plant’s automation system was not suitable for Vietnam’s weather conditions, he said.
“The plant has failed to reduce the quantity of waste that is buried and bring economic benefit,” he admitted.

HAGL chief to go to world entrepreneur contest

Doan Nguyen Duc, chairman of Hoang Anh Gia Lai Group, was Saturday named Vietnam’s candidate at the World Ernst & Young Entrepreneur of the Year 2012 Awards in Monte Carlo next June.

He was chosen ahead of four others who were crowned winners of the inaugural Ernst & Young Entrepreneur of the Year Vietnam 2012 Award along with him.

Launched by global accounting firm Ernst & Young together with the Vietnam Chamber of Commerce and Industry (VCCI), it seeks to honor entrepreneurs whose ingenuity and perseverance have created and sustained successful, growing business ventures.

Doan Nguyen Duc, also chairman of a football club, was last month ranked the 29th most influential executive or official in Southeast Asia in the “Southeast Asia Power List” issued by US newspaper The Wall Street Journal.

He was the richest stock investor in Vietnam in 2008 and 2009, and the second richest last year. His stock holdings as of early September were estimated at VND8 trillion (over $390 million).

Duc was also the first businessman to have a private jet in Vietnam since the war in 1975.

The other winners of the award are Dang Tham Tam, chairman of Kinh Bac Group, Tran Ba Duong, chairman of Truong Hai Auto Corporation, Le Van Quang, chairman of Minh Phu Seafood Group, and Cao Ngoc Dung, chairwoman of Phu Nhuan Jewelry Co.

The Ernst & Young Entrepreneur of the Year Award, instituted in 1986, is given away in over 50 countries.

PV