Deputy PM: Changing cash-payment habit boosts economic growth

Changing cash usage habit to e-payment will not only boost economic growth but also promote Vietnam as a civilized nation, said Deputy Prime Minister Vu Duc Dam on December 16.

He made his remarks at the Vietnam E-Payment Forum in Hanoi held by the State Bank of Vietnam (SBV) and VnExpress, an online newspaper.

Online payment accounts for 90 percent of total transactions in developed countries and the Gross Domestic Products (GDP) hereby rose by about 1 percent, Dam explained.

Vietnam has been ready for e-payment in terms of infrastructure and the Government has set goals to stimulate online transactions for years, yet consumers seem not willing to change, he said.

The Deputy PM urged for greater coordination between relevant bodies to reduce cash payments alongside the design of incentives to encourage online transactions among local consumers.

Dinh Thi My Loan, President of the Vietnam Retailers Association, noted paying in cash remains a habit of a majority of Vietnamese people, the biggest barrier of e-commerce in the country today.

According to the Vietnam Bank Card Association (VBCA), 90 percent of the revenue from card payments was collected from ATM transactions, in which money withdrawal made up 85 percent while money transfer only contributed 14 percent.

The goal for a non-cash economy is still out of reach, Loan said.

Speaking of e-tax payment, SBV Vice Governor Nguyen Toan Thang said the SBV has been working with the Ministry of Finance to design an effective coordination system that helps tax payers make online payments easier.

Furthermore, the two state bodies may grant those making tax payments online exemptions and dispensation, he revealed.

Seminar promotes Vietnam’s rice trade in Hong Kong

A seminar promoting rice and farm produce trade was held in Hong Kong on December 16 with representatives from 55 rice businesses taking part.

Kenneth Chan, Chairman of the Hong Kong Rice Merchants Association, said Hong Kong rice firms want to find out about Vietnam’s rice and its import-export policies at the event.

From January-October this year, Hong Kong bought roughly 81,000 tonnes of rice from Vietnam.

Vice Consul General in Hong Kong and Macao Pham Van Cong said Hong Kong enterprises are interested in Vietnam’s rice.

Two-way trade between Vietnam and Hong Kong grew 21 percent in 2014 and 38.5 percent from January-September, said deputy head of the Ministry of Industry and Trade’s Export-Import Department Phan Thi Dieu Ha, adding that Vietnam is willing to work with Hong Kong on rice import and export.

Vietnam is the world’s third largest rice exporter with a total annual volume of 7 million tonnes. Vietnam’s rice is currently available in 135 countries and territories worldwide.

In 2010, Vietnam exported 60,000 tonnes of rice to Hong Kong, and that figure surged to 162,000 last year.

Representatives from the Ministry of Industry and Trade, Ministry of Agriculture and Rural Development, the General Customs Department and the Vietnamese Consulate General in Hong Kong and Macao clarified relevant questions at the event.

The event was co-hosted by the Ministry of Industry and Trade and the Vietnamese Consulate General in Hong Kong and Macao.

Similar seminars were previously held in China’s Guangxi, Yunnan and Guangdong provinces.

Made-in-Vietnam products dominate seasonal market in Can Tho

Made-in-Vietnam Xmas decorations of all shapes, sizes and prices are available in every corner of the Mekong Delta City of Can Tho 10 days ahead of the holiday season.

More than 70 percent of eye-catching decorations such as pine trees, bells, wreaths, garlands, red shoes, pumpkins, stars and socks sold in local trade centres and markets are produced locally, said Bay, a saleswoman at the Cai Khe Trade Centre in Ninh Kieu district.

There is a remarkable increase in demand for domestic products thanks to their diversity of designs, materials and lower prices compared to imported products, Bay said.

All Santa Claus costumes and Frozen Princess costumes are locally made, with prices ranging from 90,000-260,000 (4-12 USD).

Deals worth 485 billion VND signed at Vietnam-China trade fair

Vietnamese and Chinese businesses signed four contracts worth 485 billion VND (over 21 million USD) at a seminar on trade promotion in northern Quang Ninh province on December 16.

The seminar, with participants from the state management agencies of Quang Ninh and China ’s Zhuang Guangxi Autonomous Region, was part of the Vietnam-China International Trade Fair 2015 taking place from December 16 to 22 in Quang Ninh’s Mong Cai city.

Eight memoranda of understanding on developing Vietnam-China tourism were also signed at the event.

Participants discussed many important themes, including their cooperation on trade and tourism development, how the two countries’ border economic zones could grasp

opportunities created by the Trans-Pacific Partnership (TPP) and the ASEAN Economic Community (AEC).

They also agreed to speed up the construction of the Bac Luan 2 bridge and the Mong Cai-Van Don highway, and improve customs clearance at border gates.

The Vietnam-China International Trade Fair 2015 opened on December 16 with the participation of over 300 Chinese businesses.

On display at 470 pavilions are competitive products from Vietnam and China , including agro-forestry and aquatic products, machinery, electronics, handicrafts and wooden furniture.

A string of sideline activities will include a street festival, a trade and tourism promotion workshop and a musical performance on the border river.

Quang Ninh province has a common border with China’s Zhuang Guangxi Autonomous Region.

Quang Ninh invites investment in agriculture

The northern coastal province of Quang Ninh has pledged to create favourable conditions for investors in the province’s agricultural sector.

Accordingly, the province has a plan to organise a meeting gathering domestic and international investors in early 2016 to promote investment in agriculture and establish production and business ties among enterprises and investors inside and outside the province.

Just in mid-December, Quang Ninh issued several incentives to stimulate agricultural development, including interest subsidy for new and expanded investment projects in the field.

Earlier, Quang Ninh introduced an investment invitation list, comprising of 12 projects with total investment capital amounting to hundreds of billions of VND.

In October this year, Vingroup invested 650 billion VND (29.5 million USD) in a hi-tech farm using technologies of Japan, Republic of Korea and Israel, which covers a 200-hectare land lot in Hong Thai Tay commune in Dong Trieu district.

The farm is expected to supply agricultural products meeting VietGap and GlobalGap standards to the market by the 2016 Lunar New Year festival under the trade name of VinEco Quang Ninh.

Can Tho gears up for industrialisation

A host of measures were proposed at a seminar on December 15 to turn the Mekong Delta city of Can Tho into an industrialised one before 2020.

Tran The Nhu Hiep from the Socio-Economic Institute under the municipal People’s Committee suggested Can Tho focus on industrialisation, human resources and scientific-technological development, urbanisation and environmental protection.

The city should prioritise key industrial sectors with high competitiveness, especially the support industry, he said.

At the same time, the locality was advised to pay more heed to attracting investment to industrial areas and clusters such as Hung Phu I and II, Thot Not and Bac O Mon, as well as agricultural and aquatic product processing in districts.

To win the set status, the city has set forth specific development strategies which emphasise growth model reform, the mobilisation of different resources, industrial restructuring and technological transfer, among others.

According to the municipal People’s Committee, Can Tho has so far fulfilled 15 out of the 16 socio-economic development targets in 2015.

The gross domestic product (GDP) is estimated to reach over 78 trillion VND (3.4 billion USD), a year-on-year increase of 12.28 percent. Industry, construction, and services make up 93.42 percent of the local economic structure while agriculture, forestry, and seafood account for 6.58 percent.

The city has attracted 12 investment projects worth 30.6 million USD into industrial parks this year, raising the total number of valid projects to 220.

JICA helps develop farm product value chain

The Japanese International Cooperation Agency (JICA) has worked with several Vietnamese partners to develop the value chain in agriculture production, said JICA Vietnam Chief Representative Mori Mutsuya at a press briefing on December 16 in Hanoi.

The partners included the Ministry of Agriculture and Rural Development, the authorities of Lam Dong, Nghe An and Ha Nam provinces and those in the private sector.

Several pilot projects are being carried out in the three provinces, and if success, the models will be multiplied in other localities.

Yamamoto Satoshi from JICA urged the MARD to keep a close monitoring of the projects while the targeted localities should identify any problems that they cannot solve by themselves and reported to JICA for support.

According to the JICA Vietnam Chief Representative, a survey conducted by JICA in Lam Dong showed local farmers’ income is only one ninth that of their Malaysian counterparts, adding that their income can rise nine times just by switching to growing flowers instead of coffee trees.

He noted that however, in order to realise the potential, the Vietnamese Government must address outstanding problems. According to him, Vietnam’s agricultural development is hindered by difficulties in accessing capital, a shortage of applicable technologies and a lack of information on consumers.

Mori said more and more Japanese enterprises have their eye on the Vietnamese market after the establishment of the long- and medium-term vision on Vietnam-Japan agricultural cooperation.

JICA will cooperate with the University of Can Tho on human resource training to supply quality manpower for the agricultural sector in the Mekong Delta. The agency also plans to cooperate with the Vietnam Academy of Agriculture in studying rice varieties and post-harvest preservation.

The agency will also boost the application of the information and communication technology (ICT) in agricultural production, with a trial project to be implemented in Ha Nam.

Policymakers urged to adapt management practices, says official

Agencies under the Ministry of Industry and Trade should adapt their management practices and policies to reflect the new economic reality, said deputy minister Tran Quoc Khanh.

Khanh told the conference on free trade agreements (FTAs) held in Hanoi on December 15 that a range of FTAs which Vietnam has signed with big countries in the world would have a big impact on the country's export structure and macroeconomic control.

In the year of 2015, Vietnam signed four important pacts with big markets including Trans-Pacific Partnership (TPP), FTA between EU and Vietnam (EVFTA), Vietnam-EAEU (the Eurasian Economic Union) and FTA between Vietnam and the Republic of Korea.

All of the pacts would have a big impact on the industrial and commercial sectors under the ministry, he said, adding that the ministry's departments and relevant agencies must regularly update information on market and legal framework in big markets to take advantage from the partners, thus increasing exports.

He emphasised that the thoughts of policy makers should be changed as all of the management would be based on the committed pacts.

A further requirement is to have strong interaction with businesses. Policies, regulations and documents should be published on the internet 60 days prior to their issuance to collect ideas from the enterprise community.

"The transparency is vital. Policymakers should be ready to exchange ideas and interact with firms," he added.

It can be seen that all of the four FTAs have high standards with content which was not mentioned in previous pacts.

Bui Huy Son, director of the ministry's Trade Promotion Agency said the signed FTAs would create big opportunities for Vietnam in increasing its exports and reducing the trade deficit.

It was important that goods in the markets which Vietnam has signed the pacts could support each other without direct competition, Son said.

In addition, with important partners such as Japan, the Republic of Korea and the US, the signings would play a vital role in providing materials for Vietnam's production and creating momentum for exports.

The report from the ministry showed that in November, the country's total export turnover reached 14.3 billion USD, posting an 8 percent year-on-year rise. In the first 11 months of the year, the total export turnover was 148.7 billion USD, increasing 8.3 percent over the same period last year.

Experts forecast that alone EVFTA could help Vietnam's GDP increase by 15 percent and exports to EU rising by 30 percent to 40 percent after the FTA's implementation.

EVN HCMC supplies 88 billion kWh to national grid in five years

The HCM City Power Corporation (EVN HCMC) under the Electricity of Vietnam has supplied a total electricity output of 88.4 billion kWh during 2011-2015.

It is equal to 2,224 kWh for each person per year, 1.73 times higher than the national average level.

HCM City’s energy elastic coefficient reached 0.7 in comparison with the country’s level of 1.9 and the loss rate in electricity transfer and distribution was reduced from 5.76 percent in 2011 to 5.08 percent in 2014 and is expected to be below 5 percent in 2015.

The corporation invested and completed a number of projects in the past five years such as the 220/110kV Cu Chi transformer with a total investment 474 billion VND (21.03 million USD) and the 220-110kV Cau Bong-Cu Chi transmission line with a total investment of 668 billion VND (29.7 million USD), and the 110kV Cau Bong transformer at a cost of 102 billion VND (4.5 million USD).

The EVN HCMC also completed the construction of a 22kV undersea cable line to supply electricity to Thanh An commune in Can Gio district with a total investment of 200 billion VND.

Lai Chau hydropower plant’s first turbine becomes operational

The first 400MW turbine of the Lai Chau Hydropower Plant in the northern mountainous province of Lai Chau has been connected to the national grid, said the Electricity of Vietnam (EVN).

The group said this marks an important step toward the goal of completing the whole plant in 2016, one year ahead of schedule.

Located in the upper reach of the Da River, the three-turbine plant is designed to have a combined capacity of 1,200 MW. It will supply over 4,670 million KWh of electricity to the national grid per year when all of its three turbines become operational.

The plant will not only provide power and water for the Red River Delta in the dry season, but also contribute to promoting socio-economic development in Lai Chau and neighbouring provinces .

Construction on the project began in Nam Nhun district, Lai Chau province in January 2011.

Benefits, career growth retain talent

Competitive salaries and benefits can help retain talented staff at companies but other factors such as career growth opportunities are important as well, business leaders said at a seminar held in HCM City on Tuesday.

Career development, a good business reputation, working environment and business culture can all influence long-term employment, they said.

Speaking at the seminar, held by Doanh Nhan magazine, Lemedia and Lebros, Le Quoc Vinh, chairman of the Le Group, said that skilled employees were the most valuable resource in building a successful business.

"The salaries for human resources have risen very fast and businesses have to compete fiercely to retain employees," Vinh said, adding that salaries for qualified staff had doubled compared to five years ago.

Pham Thi Viet Nga, general director of Hau Giang Pharmaceutical Joint-Stock Company, said her company's location in the Cuu Long (Mekong) Delta province of Hau Giang was a disadvantage in recruiting highly skilled staff.

She said that skilled candidates in Ha Noi and HCM City often were reluctant to move to the provinces, and higher salaries were not enough to attract them.

To retain staff, in addition to ensuring an adequate income and benefits, the company has also paid attention to the staff's family members, including buying insurance for all family members and organising summer programmes for their children.

The company also creates conditions for its staff to promote their creativity, and it offers opportunities for professional career growth, she said.

Tran Thi Hoa Xim, deputy director of Vinpearl Golf under VinGroup, said besides salary and career opportunities, the company retained high-performing staff by giving financial support to buy houses, and get access to insurance and education services for children.

In a related matter, the establishment of the ASEAN Economic Community (AEC) by the end of this year will enable the free movement of skilled labour in 10 ASEAN countries in eight sectors covering engineering, accountancy, architecture, surveying, nursing, dental and medical practitioners, and tourism.

Vietnamese companies will have to compete with firms in Viet Nam but also those in the region that need to attract and retain talented staff, Nguyen Thi Van Anh, managing director of Navigos Search, said.

She said that salaries were not the only consideration in recruiting and retaining good staff.

Vietnamese companies should ensure that they hire the right people and create conditions that will help them grow in their career, she said.

Companies should continue to develop training programmes as well as programmes to engage their employees, she added.

Cash popularity hurting nation's economy

Deputy Prime Minister Vu Duc Dam yesterday urged closer co-operation among ministries and sectors to reduce the prevalence of cash payments and create conditions that encourage people to use electronic payment systems.

Speaking at the Viet Nam E-Payment Forum 2015 held in Ha Noi, Dam said that although Viet Nam's e-commerce market has seen recent growth, in-cash habits in Viet Nam is still overwhelmingly popular, accounting for 65 per cent of total payment transactions.

"This habit has hampered the country's economic development as well as people's living standards," he said.

Dam highlighted how other countries' electronic payment behaviour accounts for 90 per cent of their total payment values and helped increase their GDP by about 1 per cent.

With more than 120 million mobile subscriptions and more than 40 million internet users in Viet Nam at present, electronic transaction processes have a lot of potential, he said.

The Deputy PM said that in 2014, e–commerce in Viet Nam was valued at US$2.97 billion, and was expected to reach about $4 billion in 2015 and $7 billion in 2017.

There are many direct transactions between people and the Government, such as paying taxes or paying for public services like electricity or water, transactions that he argued could make a big market for electronic payments.

"Although the e-payment has a huge potential and many advantages, its growth is still lower than the Government's expectation," said Dam.

Sharing the Deputy PM's opinion, Deputy Governor of the State Bank of Viet Nam Nguyen Toan Thang spoke at the conference about banks' active implementation of electronic tax collection. Despite the large number of businesses registered to enter e-tax payment, the actual use was moderate, he said.

One of the main reasons for the discrepancy is that e-tax payment relies on information technology that requires co-ordination between various agencies, and therefore has been hard to implement, said Thang.

He said the central bank, in co-ordination with the Ministry of Finance, provided concrete measures to set up a smooth electronic connection system and conditions favourable for tax payers.

Thang called for support from foreign organisations to help Viet Nam develop electronic payment systems.

"I am very optimistic about e-payment, however, besides efforts by relevant agencies and ministries, we need co-operation with foreign institutions," he said.

According to Thang, to make companies and people accept this new mode of payment, the Government should offer incentives.

Visa's Country Manager for Viet Nam, Cambodia and Laos, Sean Preston, said he has lived in Viet Nam for a long time, long enough to see that Vietnamese people are able to access electronic technology and that it had the potential to grow the country's economy.

Deputy General Director of Vietinbank Tran Cong Quynh Lan said the most important thing was to create the favourable conditions for people to change their habits.

"When people go shopping, pay for healthcare or buy train tickets, they need payment instruments. We have co-ordinated with ministries and sectors to bring e-payment service to the customers. Our strategy is not only in internet banking but also on mobiles," said Lan.

Chairman of the Viet Nam Chamber of Commerce and Industry (VCCI) Vu Tien Loc said online tax payments could contribute to administrative reforms required by Viet Nam's free trade agreements and growth in information technology.

He said that paying taxes online could motivate companies to become more transparent and modern, advising that the Government should design a software system to meet international standards to boost online tax payment.

At the conference, many experts agreed that the country's e-commerce sector has potential, but that the cash payment habit remains a big and resilient hurdle for its growth.

According to statistics issued by the Viet Nam Bank Card Association, 90 per cent of card payment revenue came from transactions at ATM machines. Of this figure, 85 per cent came from money withdrawal, 14 per cent from transfers and the remainder was payments.

Pick-up trucks gain traction in VN

In the Vietnamese auto market, pick-up trucks are becoming a bestseller thanks to their versatility and low prices and registration fee, auto dealers said.

In a recent report on the auto market in November the Viet Nam Automobile Manufacturers' Association (VAMA) said for the first time a pick-up -- Ford Ranger -- led sales, which traditionally used to be dominated by sedans and SUVs.

More than 1,330 units of the Ranger were sold in November, more than double the figure of last November and nearly 100 more than the second placed Toyota Vios.

Mazda BT-50, another pickup, was in ninth place with 438 units.

More than 7,618 pick-ups were sold in the year-to-date, accounting for a quarter of the auto market. In November alone 2,239 units were sold.

The Vietnamese pick-up market has seven players -- Ford Ranger, Mazda BT-50, Mitsubishi Triton, Nissan NP300 Navara, Chevrolet Colorado, Isuzu D-Max and Toyota Hilux.

Doan Van Quang, national marketing deputy director at Mazda's passenger car division in Viet Nam, told Viet Nam News that demand for pick-ups was increasing sharply because of their versatility, which allows them to be used as a sedan to serve a family's daily use and travel needs at weekends, and also for business purposes.

They cost a moderate VND580 million ($25,800) to VND870 million ($38,700).

Quang also attributed segment's popularity to low registration fees, saying, "It is now only 2 per cent while the rate for other vehicles is 10-12 per cent."

Nguyen Le Hoai, sales director of Western Ford in HCM City, said auto companies had begun to focus on the pick-up segment, offering customers more options and lots of promotions.

He offered more reasons for their popularity, saying they would be a good option during the rainy season when it often floods.

He told Viet Nam News that many State-owned companies prefer pick-ups, revealing that his company had signed a big contract to supply Rangers to a giant telecom group.

"Pick-ups can be used to carry both people and cargo and are better than a luxury passenger car," he said.

The pick-up market is clearly set for a rapid ride as more and more Vietnamese are discovering the vehicles' utility and, according to the industry, many new options are set to be offered over the next several months.

Renault, Mai Linh to launch electric taxi services

Auto Motors Vietnam – the importer of Renault cars in Vietnam, and Mai Linh Group agreed to launch the electric taxi service next year in Vietnam under a deal signed on December 16 to reduce gas emissions in major cities.

Roughly 10,000-20,000 Renault electric cars will be imported into Vietnam in the next 5 years aiming to carry out the initial stage of a pilot project in Hanoi, HCM City and Danang.

Ho Huy, President of the board of directors of Mai Linh Group said he hopes the most ambitious project of Mai Linh group will be successful as the better way to mitigate environment pollution.

Director General of Auto Motors Vietnam Xavier Coiffard reiterated his firm’s wish to contribute to intensifying environmental protection by reducing air pollution in Vietnam.

The signing ceremony took place during the Vietnam visit by President of the French National Assembly’s Foreign Affairs Committee Elisabeth Guigou.

The 4th international exhibition and conference for rubber industry and tyre manufacturing Rubber & Tyre Vietnam Expo 2016 is scheduled for April 26-28 in Hanoi-based National Convention Centre, expecting to attract 39 exhibitors from ten countries around the world.

Rubber and tyre products, machinery and testing equipment are to be on show.

Within the event, an array of conferences with speakers from the Vietnam Rubber Association, Barwell Global and Mesnac companies will be planned aiming to keep visitors updated with latest information on advanced technology and market.

For the previous three events, every year saw the participation of 40 exhibitors from 10 countries across the world, and 1,400 visitors from 18 cities and provinces nationwide and 28 countries worldwide.

Eximbank irregularities made known at EGM

A central bank inspection has found irregularities at Vietnam Export-Import Commercial Bank (Eximbank), an Eximbank leader told shareholders at a recent extraordinary general meeting (EGM).

Van Thai Bao Nhi, deputy general director of Eximbank, cited a central bank report on the inspection conducted in March as saying that share holdings by some individuals in the name of others accounted for 7.85% of the bank’s total shares each. The prevailing rules allow an individual to own a maximum of 5% of a commercial bank’s shares.

Following the inspectors’ request to eliminate cross ownership among banks, Eximbank wrote to the central bank and Sacombank informing its capital withdrawal from Sacombank.

Regarding lending activity, the bank’s 2014 financial report showed 30% of its outstanding loans were guaranteed. However, inspectors found lending irregularities, so Eximbank was told to resolve the issue and report to the central bank on a monthly basis.

Eximbank racked up accumulated losses of VND1.62 trillion at the end of last year and bad debt accounted for 7.56% of the bank’s total outstanding loans. However, the bank has sold around VND2 trillion in bad debt and recovered VND775 billion debt in the year to date.

Another irregularity was that Eximbank provided loans for Eximland to buy the properties owned by the bank.

According to Nguyen Van Dung, head of the Banking Supervision and Inspection Agency in HCMC, Eximbank is required to make known some inspection results and name those individuals responsible for committing such irregularities, and propose coping measures.

“If the measures do not meet the requirements, we will ask the bank to revise them,” Dung said at the shareholders meeting, adding the bank will also have to draw up business plans for the 2015-2020 period.

By November 30, Eximbank’s assets had totaled about VND127 trillion, down 21.15% against early this year and equivalent to 70.6% of the target.

The decline in its assets is mostly caused by a fall of VND35.54 trillion in capital mobilization on the inter-bank market.

Capital mobilization in the January-November period fell 0.2% from last year to VND101.28 trillion, equivalent to four-fifths of the target.

By end-November, total outstanding loans and corporate bonds had dropped 1.9% to VND96.05 trillion. The fall in outstanding loans at Eximbank resulted from the restructuring of its loan portfolio, a reduction in unsecured loans, bad debt sales to Vietnam Asset Management Company (VAMC) and an increase in retail credit.

The bank’s current bad debt stands at some VND1.54 trillion, a 28% drop against last year and equivalent to 1.82% of total outstanding loans. The bad debt ratio was 2.46% last year.

Though its pre-tax profit amounted to VND552 billion as of last month, 55.2% of the year’s target, Eximbank has set aside VND1.17 trillion for risk provisions. The bank may have to make more risk provisions this month depending on the settlement of bad debt.

Shareholders at Eximbank’s extraordinary meeting on December 15 voted for new members of the board of directors and the supervisory board for a new term.

The board of directors has 11 members for the sixth term lasting until 2020, up from the current nine. Five members were also picked for the supervisory board.

According to the vote results announced on December 15 afternoon, the nine new members of the board of directors are Cao Xuan Ninh, Le Van Quyet, Ngo Thanh Tung, Hoang Tuan Khai, Dang Anh Mai, Nguyen Quang Thong, Naoki Nishizama, Yasuhiro Saitoh and Le Minh Quoc, with the last being an independent member.

With two remaining members unidentified, Eximbank’s vice chairman Pham Huu Phu said they will be added later.

Of the new board members, Cao Xuan Ninh and Le Van Quyet used to work at Vietcombank.

Ninh was nominated by a group of shareholders owning 11.287% of total shares. He neither holds shares nor represents capital holding by any institution at Eximbank.

Meanwhile, the supervisory board of Eximbank in the 2015-2020 term consists of Tran Le Quyet, Tran Ngoc Dung, Trinh Bao Quoc, Dang Huu Tien and Pham Thi Mai Phuong.

Vietnam economy to slow down unless crude oil recovers: forecast

Vietnam's economic growth will slow down by 1.36 percentage points next year from this year's estimate of 6.5% if crude oil prices slump to US$30 per barrel as recently forecast by international analysts.

Experts at the Ministry of Planning and Investment's Center for Economic and Social Information and Forecast made the prediction as oil prices have been on a downward slope since the beginning of this year, falling 33 percent for the year to around US$35 this week.

Weak oil would also put the country, whose inflation rate is estimated to be less than 2 percent this year, at risk of deflation, they said.

But the negative impacts would ease starting in 2017, they estimated.

Vietnam is a crude oil exporter, and its exports are expected to see a slight increase next year as its major buyers are expected to do better.

Its import bill, on the other hand, will decline as the prices of imported fuel products go down, according to the forecast.

In a recent interview with Vietnam Television, Deputy Minister of Finance Do Hoang Anh Tuan said while low crude prices would hit the government’s revenues hard, they would also make imported fuels cheap.

He estimated Vietnam's fuel import bill to reduce by US$2-2.1 billion next year if crude prices remain at current levels.

The center's experts also predicted the outlook for Vietnam's economy if crude prices go up to US$40 and US$50, saying the growth rate would be cut by 0.85 and 0.42 percentage points respectively.

The government needs to keep a close watch on crude prices to tweak policies accordingly, including monetary and pricing policies, to give a boost to the economy when needed, they said.

HOLM Residences Thao Dien celebrates topping out

Developer Sapphire Vietnam on December 17 celebrated the topping out ceremony for HOLM Residences at 151 Nguyen Van Huong, Thao Dien in District 2 of Ho Chi Minh City.

This ceremony marked the occasion in which the construction team sets the final beam in place, signifying the end of the structural assembly.

The name of the project, HOLM, means ‘a romantic riverside residence’ in Swedish. The “topping out” ceremony, which includes putting a tree on the rooftop, has origins in ancient Scandinavian religious rites. It’s an offering to tree-dwelling spirits displaced by the construction and is supposed to bring luck and prosperity to the residences.

Putting a tree on the rooftop of the villa originates from ancient Scandinavian religious rites and is going to bring luck and prosperity to the residences.

In the speech delivered during the ceremony, David Clarkin, joint managing director of Sapphire, elaborated on the strategic significance of HOLM Residences’ riverside setting.

“HOLM Residences boast an unparalleled location along the waterfront of the Saigon River,” Clarkin said. “Designed by the holistic award-winning SCDA, Singapore team, the world-class residences will introduce an unparalleled elegance, style and grandeur to Thao Dien. The villas’ visibility, position and provocative styling will all serve to reflect the project's distinctiveness.”

Located on a 2.7-hectare riverfront site five kilometres from downtown Ho Chi Minh City, the 29 residential villas will comprise 11 riverfront villas, six pool villas and 12 garden villas, each with 272 square metres to 1,018sq.m. of land area with a private car parking garage which can accommodate two or three lots.

Other amenities located throughout the private residence will include two swimming pools, a clubhouse with fitness centre, a landscaped garden, a footpath, a centralised back-up power system and 24/7 security. Completion is scheduled for the final quarter of 2016.

Sapphire, with a range of niche residential developments to large commercial projects including Sanctuary Ho Tram, City Garden, Centre Point and President Place, has selected an assortment of international specialists to create what will be the best-appointed residences in Vietnam. Hoa Binh and Prime stand as the contractor and interior contractor, respectively, while the aforementioned SCDA, Singapore architects and design team create contemporary residences.

Over 360,000 prizes in Circle K’s promotion campaign

From 1st Dec 2015 to 15th Jan 2016, customers of Circle K convenience store chain will have the opportunity to win hundreds of thousands of attractive prizes when participating in the “Wishing, Buying, Winning” promotion campaign.

This campaign, with the total prizes’ value of up to VND2.5 billion, is Circle K’s biggest promotion in the year to celebrate Christmas 2015 and New Year 2016.

Being one of the most well-known convenience store brands worldwide, Circle K has been quickly becoming a familiar choice for customers from all ages and professions in Vietnam with its quality products, friendly service and modern store design.

To express the gratitude to Circle K’s valued customers for their support and trust through the year, the campaign “Wishing, Buying, Winning” will bring big-value prizes such as: Grand Prizes: SH scooters, travel vouchers to Japan for two, Macbook Airs, iPhone 6's; Weekly Prizes: 40-inch LCD TV sets, iPad Air 2's, Canon EOS 70D cameras, Circle K gift vouchers and more than 360,000 Instant Prizes right after the customers text to participate in the campaign.

In order to win these attractive prizes from Circle K, customers just need to have the bills or use services at any Circle K store nationwide (Ho Chi Minh City and Hanoi) which are worth from VND30,000 and up (except for alcoholic beverages, tobacco and laundry service).

With each legitimate bill, the customer immediately receives a lucky draw code which is printed at the bottom of the bill to participate in the campaign “Wishing, Buying, Winning” through service phone number 8069 or the official website http://www.nhanuocmonhanthatqua.vn/. After customers text to 8069 or provide their information on http://www.nhanuocmonhanthatqua.vn/, the system will automatically return a message to announce the prizes’ details in case of their winning.

One of the most attractive features of the campaign “Wishing, Buying, Winning” is that customers have unlimited opportunities to win. Each customer is eligible for various prizes depending on their number of bills and strokes of luck. Especially, even if a customer is not lucky enough to get the Instant Prizes, he or she still has other opportunities to win the Weekly Prizes or Grand Prizes at the end of the campaign.

On behalf of Circle K Vietnam, Ms. Ngo Thi Phuong Thao – Director of Marketing and Business Development – said: “We always aim at providing a young and modern customer service style as well as focusing on convenience with our wide range of quality products & services which can quickly meet the demands of our customers. This campaign is a chance for us to express our gratitude to our valued customers in Vietnam for their trust in and support for Circle K throughout the past years.”

Belgium group expands investment at Dinh Vu IZ

On December 14, , the Belgian-based investor, Rent-A-Port, held a ground breaking ceremony of South Dinh Vu Industrial Zone II – Deep C II and construction commencement of the Gateway Commercial and Logistics Business Centre – CDC Haiphong at South Dinh Vu IZ.

With the success of the project of Dinh Vu Industrial Zone, Rent-A-Port decided its expansion plan in the city by developing South Dinh Vu Industrial Zone II – Deep C II, and creating Deep C industrial cluster in the area.

The project called “Gateway Commercial and Logistics Business Centre” starts in Deep C II, with a total investment of around US$2.2 million to develop office buildings and open storage for lease. After being granted the investment certificate since June 2015, the project is scheduled for commercial operation from January 2017.

Khalil Boutros Al Sholy, Director of CDC International Corporation, said CDC has a long-term vision in Vietnam where following the success of this initial project, the company has confirmed to invest in Cat Hai Island, right next to LachHuyen Port. With its strong financial background, the company is confident in successfully exploring the real estate market of Vietnam.

The existing Dinh Vu Industrial Zone has operated successfully with over 55 multinational projects, attracting almost 30% of the total FDI into Haiphong city.

Deep C II has a total area of nearly 650 ha.With this strategic location, Deep C II expects to rapidly complete its infrastructure and hand over 40 ha to committed clients in 2017.

At the ceremony, Haiphong authority pledged to facilitate the development of Deep C industrial cluster and its investors.

Marc Stordiau, Chairman of South Dinh Vu II/Deep C II, affirmed the corporation will continue to deliver the same quality and reliability in infrastructure development, utilities and services provision as being enjoyed by existing clients of Dinh Vu Industrial Zone.

VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VET/VIR