More than 23,000 cars sold in Jan 2016

Vietnam’s automobile sales in the first month of 2016 rose 16 percent from the same period last year, amounting to 23,165 units, the Vietnam Automobile Manufacturers Association (VAMA) announced on February 16.

During the month, the number of passenger cars sold increased 3 percent to 14,090 units while commercial cars shot up 50 percent to 8,200 units and special-purpose cars sales climbed 5 percent to 875 units against January 2015.

The sale of domestically assembled cars over the month stood at 17,397 units, an increase of 29 percent. In contrast, imported cars sales recorded 5,786 units, a reduction of 11 percent year-on-year.

However, the number of cars sold in January 2016 fell 21 percent compared to the last month of 2015, in all car segments both domestically assembled cars and imported cars.

Accordingly, the number of passenger cars, commercial cars and special-purpose cars sold reduced by 16 percent (14,090 units) , 28.4 percent (8,200 units) and 24 percent (875 units), respectively.

A worker tends to orchirds in Lam Dong

Central Highlands Lam Dong province has set a target of expanding the export of Da Lat-branded flowers from the current 10 percent of the total output to 30 percent by 2020.

The provincial People’s Committee said to achieve the export goal, a comprehensive renovation in investment strategy, farming techniques and thinking of doing business of both farmers and enterprises must be carried out.

The province currently has 7,600 ha under flowers, with an annual output of more than 2.5 billion flowers.

However, the export remained modest at 26 million USD in 2015, much below the potential of the province which has a cool climate all year long and fertile soil.

The Committee said a majority of farmer households were slow in revamping their farming techniques lading to flower plantations remaining scattered, resulting in low value adds.

Experts say farmers and companies must connect with each other to set up a value chain for enhancing flower quality and output, which was considered a solution to expanding exports.

Currently, the export of Da Lat flowers was mainly from farms such as Da Lat Hasfarm, Flower Forest Da Lat and Bonnie Farm.

Tightened credit expected to stop real estate bubble

Loans pouring into the real estate sector are expected to be tightened given that the sector is said to be experiencing robust growth.

In a draft document issued by the State Bank of Vietnam circulated for the opinion of financial institutions, the risk index of receivable lending for real estate and securities might be raised from 150 percent (the lowest level) as stipulated in Circular No 36, to 250 percent.

Maximum ratio of short-term funds used for medium and long term loans might be adjusted from 60 percent to 40 percent.

The Ministry of Construction's Department of Housing and Real Estate Market Management reported that as of November 2015, outstanding loans invested in the market was up to 375 trillion VND (16.67 billion USD), a surge of 20 percent compared to the figure of December 2014. This is the result of the Circular No 36 which was in effect from February 1, 2015.

Three activities which have the highest rate of increase in loans are, buying the right to use land with 36.3 percent, building new urban areas with 10.7 percent, and investing in other real estate businesses at 11.2 percent.

The proposed amendments imply the central bank's concern about the overheating of the real estate sector, according to a report of the Ho Chi Minh City Securities Company.

The new rules, if applied, would have a negative impact on developers such as Novaland, Vingroup, Dat Xanh, and Nam Long as well as their customers, it said.

Lenders that are major players in the mortgage market, such as ACB, Sacombank and Techcombank, would also be affected, it said.

This change would not affect families and individuals who buy houses to live under the scheme of pay-by-instalment.

Previously, experts also raised concerns over the real estate "bubble" which might occur in the future if the lending for property investments was not controlled.

Expert Nguyen Tri Hieu told news website ttvn.vn that the warm-up of the real estate market could help deal with bad debts, but in fact, the market was still facing difficulties as the volume of inventories was still high.

Therefore, commercial banks should not only speed up the lending, but also need to strictly supervise the quality of loans as well as the sources of debt servicing, he said.

It is the time for the central bank to tighten credit in the real estate market, he stressed, while adding that property businesses should prepare financial resources themselves to avoid over-reliance on the banking system.

Construction of Da Nang’s key projects pushed up

The central coastal city of Da Nang is giving a push to the construction of Da Nang International Airport’s new terminal to meet the set progress timeline.

The terminal’s piling works have been finished, while completion has been made to 82 percent of the foundation beams, 65 percent of the ground level concrete floor, and land clearance is completed. Labour safety, environmental sanitation, fire prevention as well as social order have been also ensured on site.

The new terminal is expected to become operational in the end of quarter I, 2017 as part of the city’s preparations to host the Asia-Pacific Economic Cooperation (APEC) forum the following October.

The project has a total investment of 3,500 billion VND (155 million USD) and comprises three main components: an international passenger terminal, an overpass in front of the terminal and a parking area. The capital for the project has come from the airport’s owner and through commercial loans from BIDV and Vietinbank.

The 48,000 square metre terminal has a design capacity of 4 million passengers per year by 2025, and provides parking space for over 400 automobiles.

In addition, work on Da Nang General Hospital’s Cardiovascular Centre - one of the city’s key projects in 2015 is also being pushed forward. The contractors have completed 327 out of 335 spun concrete piles, and they will continue Larssen sheet piling for basement construction.

With nine storeys and a basement, the 3,560 square metre centre has 200 beds and will be equipped with modern medical equipment. The project is built at the total cost of 236 billion VND (10.5 million USD). It will help improve medical quality and professional capacity in line with infrastructure development to turn Da Nang into a major healthcare centre in the central region and Central Highlands.

Ba Ria – Vung Tau lures 160 mln USD in investment

The People’s Committee of the southern province of Ba Ria – Vung Tau granted investment licences to five new projects worth 160 million USD in total.

They include two foreign projects based in the Phu My 3 Industrial Park (IP) and the My Xuan B1 – Tien Hung IP, which are invested by the UK’s Zincox Resources PLC and the Republic of Korea (RoK)’s CJ Cheiljedang Corporation. Three domestic ones are located in the Phu My I IP and Tan Phuoc commune, Tan Thanh district.

At the event, Secretary of the provincial Party Committee Nguyen Hong Linh highlighted the three key investment sectors, which are hi-tech and environmentally friendly industrial projects, logistics services, and tourism.

Additionally, the locality has also actively called for investment in hi-tech agriculture, projects in trade, health care, education and infrastructure facilities.

In 2015, the province drew 12 new foreign invested projects and 20 domestic ones with a total registered and adjusted capital of 550 million USD and 4.25 trillion VND (189.7 million USD).

As of the end of last year, there were 295 foreign projects operating in the locality, totaling nearly 27 billion USD, and 434 domestic projects, worth more than 240 trillion VND (10.7 billion USD).-

Binh Dinh to develop high-tech shrimp farming

The central province of Binh Dinh will prioritise advancing the local shrimp business in a sustainable manner as part of its plans to overhaul the local fishery sector by 2020.

The province houses a number of high-tech shrimp farming projects.

These include a 300-hectare greenhouse built in My Thanh commune, Phu My district at a cost of over 1 trillion VND (45 million USD).

Meanwhile seven farming areas in Cat Hai commune, Phu Cat district have applied biofloc technology since 2013.

In 2015, each area yielded 18 tonnes of shrimp products valued at 15.4 billion VND (693,000 USD) in revenue.

Biofloc technology is a technique of enhancing water quality in aquaculture by balancing carbon and nitrogen in the system.

The technology is considered a sustainable method, that gives a high level of bio-security and low feed conversion ratios.

The Vietnam Association of Seafood Exporters and Producers (VASEP) forecasts that shrimp exports will reach 3.3 billion USD in 2016, up 12 percent from 2015.-

Measures to gain Vietnamese products’ foothold in the Czech Republic have been put forth during a visit to the European country by Vice President and General Secretary of the Vietnam Association of Small and Medium Enterprises (VASME) To Hoai Nam.

His visit from February 15-17 was designed to seek opportunities to boost cooperation between Vietnamese and Czech enterprises while fostering Vietnamese exports to the country, as well as promoting shipments to the EU market.

The Vietnamese Government is paying due attention to developing small and medium enterprises (SMEs) in 2016 and 2017, Nam said during his meetings with President of the Czech Management Association (CMA) Ivo Gajdos and Vice Chairman of the Association of Small and Medium-Sized Enterprises and Crafts (AMSP).

Vietnamese SMEs have advantages in agriculture, aquaculture, garments and leather shoes, among others, Nam highlighted, adding that they still need Czech high-tech support in agricultural processing, mechanics to tackle environmental issues and support industries.

The CMA President and the AMSP Vice President affirmed cooperation potential between the two countries’ SME enterprises, pledging to help Czech businesses transfer technology to Vietnamese partners, including agricultural machines.

Orientations to address barriers to cooperation between the two sides were brought forward, Nam told a Vietnam News Agency correspondent.

Vietnam’s main exports to the Czech Republic are comprised of coffee, pepper, fresh and dried fruits, peanuts, green tea, rice, rubber, seafood, footwear, textiles, handicraft products and computer spare parts while importing machinery, chemicals, dairy products, pharmaceuticals and plastics.

The Czech Republic considers Vietnam one of the 12 highest potential markets with trade hitting 670 million USD in 2014.

Terms for VAMC bonds extended

Terms for bonds issued by the Viet Nam Asset Management Company to buy bad debts from credit institutions, will be extended from five years to 10 years in some cases.

The State Bank of Viet Nam (SBV) mentioned the extension in a modified version of Circular No 19/2013/TT-NHNN, which took effect on September 15, 2013 regulating bad loan settlement between the company and domestic lenders.

The supplementary document is prepared for issuance, according to VnEconomy online.

The central bank expected the change to ease financial pressure and assure operational security for credit institutions, which still faced difficulties even after they had sold non-performing loans to the debt trading firm.

It said that the extension would be applied for institutions which were undergoing reorganisation or financial struggles, especially those suffering business losses. It would select the specific lenders.

Current regulations enable Viet Nam Asset Management Company (VAMC) bond holders to borrow refinancing loans from the central bank, with a value not exceeding 70 per cent of the price of the special bonds.

However, the lenders are required to establish yearly provisional funds amounting to 20 per cent of the value of the bonds they have bought from the company.

National Financial and Monetary Policy Advisory Council member Tran Du Lich said last year that, selling bad loans to the VAMC was a good way for banks to clean up their account balance, but the requirement for provisions would create significant pressure on them.

The SBV has been asking credit institutions whose bad debts account for 3 per cent of their total outstanding loans or more, to sell debts to the VAMC. This is in line with a national goal of controlling the overall non-performing loan ratio in the banking system at less than 3 per cent.

VAMC General Director Nguyen Huu Thuy told a meeting in Ha Noi last month that the company had issued bonds worth more than VND243 trillion (US$10.8 billion) to buy bad debts since its establishment.

Last year alone, the VND110 trillion ($4.89 billion) bond issuances helped reduce the bad debt ratio in the banking system to around 2.7 per cent.

The central bank reported in January, citing its regular survey, that 93 per cent of credit institutions expected their business performance to be better this year than last year, while 32 per cent hoped for "a much better result".

In the supplementary document, the SBV also requires lenders holding VAMC bonds with an extended term to focus their resources on handling bad debts when their financial situation improves. These lenders are not allowed to pay share dividends until bond payment is concluded.

The VAMC, run by the central bank, began operations in July 2013 with a charter capital of VND500 billion ($22.22 million).

New auto sector strategy released

Prime Minister Nguyen Tan Dung has issued a decision regarding the mechanisms and policies needed to implement the strategy for Viet Nam's automobile industry development through 2025, with a vision toward 2035.

The measures will also cover the master plan for Viet Nam's automobile industry development through 2020, with a vision toward 2030.

Among the policies outlined are assistance in terms of credit, demand stimulation and market development.

Investment projects to produce automobile parts and assemble automobiles by domestic enterprises will be given access to loans provided by the Vietnam Development Bank in line with regulations.

Domestic suppliers of components and parts in the global automobile manufacturing chain will be entitled to export credit in line with current regulations.

Organisations and individuals buying small and multifunctional vans for use in agricultural production in rural and mountainous areas will also receive support under the PM's Decision 68/2013/QD-TTg.

Tax and land incentives will be also devised for the automobile industry in line with Viet Nam's laws on investment and import-export tariffs, as well as international tax commitments and free trade agreements the country has signed up to.

Higher tax collection expected in 2016

The collection of tax arrears in 2016 would be higher than that of last year, General Director of Taxation Bui Van Nam said.

Statistics from the Taxation Department showed that the collection of arrears in 2015 was VND39.1 trillion (US$1.78 billion), posting a 27 per cent year-on-year rise and surpassed the set target.

Nam said the department planned to reduce tax arrears this year. The taxation sector has been instructed to revise the Circular No 215/2013/TT-BTC, guiding enforcement of tax administrative rulings to overcome shortcomings of tax arrears enforcement and enhancing its effectiveness.

"We will co-operate with police agencies to strictly implement checks on tax arrears," he said.

In addition, he said the tax sector would establish a special team for enforcement of tax arrears collection at the department. It would also submit to Prime Minister Nguyen Tan Dung for approval on a decision to prevent people with tax arrears from leaving the country.

He said they would also enhance awareness on tax collection for people and businesses.

Notably, the sector would continue to have warnings and publish information of businesses which have tax arrears.

Minister of Finance Dinh Tien Dung has said that VND34 trillion ($1.55 billion) out of VND76 trillion ($3.45 billion) tax arrears by the end of 2015 came from enterprises which did not want to pay tax despite having the financial ability to do so.

Dung was certain to collect $1.5 billion while the real collection could go up to $1.7 billion – much higher than the set target.

In July, the list of 600 firms with tax arrears in 63 provinces and cities was announced. The number of businesses in Ha Noi and HCM City accounted for one-third of the total with tax arrears of VND3.5 trillion ($159.1 million) and VND4.6 trillion ($209.1 million) respectively.

He said tax agencies have applied several solutions to improve the collection of tax arrears including sending announcement to companies, halting their invoices and publishing their information.

They have also co-operated with banking systems in cities and provinces with regard to frozen accounts of firms.

The tax sector has also striven to reduce the total time for tax payment to 117 hours in 2015 or 50 hours lower than that of 2014.

SMEs to get incentives to set up support firms

HCM City plans to provide further incentives for small- and medium-sized enterprises that invest in support industries, according to Nguyen Phuong Dong, deputy director of Department of Industry and Trade.

He said that support industries played an essential role in advancing the country's goal to become an industrialised nation by 2020.

A robust support industry, which is needed to improve the competitiveness of Vietnamese products, is seen as a top priority.

Support industries not only provide jobs and promote exports, but also prevent excessive dependence on imported goods and services, according to Dong.

However, their development has been slow in Viet Nam because policies are not attractive enough to investors.

The country has achieved success in developing support companies for the motorbike and electrical appliance industries.

Some key sectors like machinery, garments and textiles, and footwear are hurt by the lack of support industries. This has caused them to depend excessively on imported feedstock and inputs, thus losing out on profits and competitiveness.

Dong said the promulgation of a new decree was important to creating a legal framework for State agencies to oversee and manage the sector.

The decree is expected to help support industries in key sectors like IT, electronics, automobiles, textile and garments, leather footwear and technology.

One of the major challenges to attracting investment in support industries in the city is the lack of clear policies and information about the field.

Most Vietnamese companies involved in support industries are small- and medium-sized, and many of them lack funds to invest in modern technology as well as human resource training or necessary technologies.

The country has only 656 enterprises producing spare parts compared to 58,000 businesses operating in the manufacturing industry.

According to the Ministry of Industry and Trade, the underdeveloped state of the local support industry has resulted in increased production costs, and a risk of bigger trade deficits with foreign partners and low competitiveness of Vietnamese products compared with regional peers.

Viet Nam has to rely too much on imports of components and spare parts, mostly from China.

The Ministry of Industry and Trade recently completed a draft decree on developing support industries with many incentives.

The ministry has stressed the need for incentives for those operating in the support industry area because the sector is still in a primitive stage.

The top incentives include exemption of business income tax for organisations and individuals operating in the field and transfer of support industry technologies, according to the draft decree.

The state will support a maximum of 50 per cent of funding for the training costs of technical staff of businesses operating in support industries.

Each employee would be trained only once with a training period lasting no more than six months.

The state budget will also support a part of the cost of advertising in mass media and registering trademarks for businesses' operations.

The funding to participate in local and international trade fairs and access market information will also be partly covered by the state.

There will also be a pilot program lasting until 2020 that will cut 50 per cent of personal income tax for people working as specialists or trainers in technology transfer in support industries for a maximum period of one year.

The incentives also include exemption from import duties for goods that are imported to create fixed assets for production of support industries.

The lending interest rate for projects in support industries will enjoy a preferential rate that will not exceed the maximum rate of 80 per cent of normal rates for loans with a maturity period of up to 10 years.

There will also be centers for the development of support industries to be established across the nation.

The ministry said the policies to support the sector needed to be implemented before 2018 when the regional free trade agreement takes full effect.

Development of industries in integration process

It is essential for Vietnam to develop proper strategies to seize market and integration opportunities to make industries a key economic sector, say experts.

Vietnam’s industries have developed strongly in recent years but still far below expectation. In the 2011-2015 period, the industrial added value grew 7.6% and the production value rose 10% annually. The sector has obtained positive growth with an increasing proportion of processing and manufacturing industries.

According to the Industrial Development Strategy by 2020 with a vision to 2030, the country will mobilize resources from all economic sectors at home and abroad to restructure and modernise the national industries. Priority will be given to competitive industries in the fields of agro-forestry, seafood, electronics, telecommunications, and engineering.

Deputy Minister of Industry and Trade Tran Tuan Anh said in the industrial development process, in addition to State support, businesses should make every effort to take full advantage of free trade agreements (FTAs).

Businesses should develop sustainable market plans and grasp FTAs opportunities, Tuan Anh added.

Czech Republic willing to further cooperation with Vietnam

Vietnam’s small businesses are anxious to work with their counterparts in the Czech Republic to expand areas of cooperation and lift bilateral ties to new levels, say visiting leaders of the Vietnam Association of Small and Medium Enterprises.

At talks with Prime Minister Bohuslav Sobotka of the Czech Republic on February 16 in Prague, Vice Chairman To Hoai Nam said in 2016 and 2017 the Association will focus on expanding trade in agriculture, fish and seafood, clothing and footwear.

czech republic willing to further cooperation with vietnam hinh 0

During the meeting both Ivo Gajdos, executive director of the Czech Management Association and Jiri Belinger, vice president of the Czech Association of Small and Medium-sized Enterprises (AMSP) promised to find ways to support high-tech agriculture in Vietnam.

The two men said they had many friends and business associates in the Vietnam business community as well as in the Czech Republic and would use their influence to help automate and reshape the face of agriculture in Vietnam.

"Our visit to the Czech Republic has been productive,” said Vice Chairman Nam at the conclusion of the meeting, as the two sides have found common ground offering important opportunities for the development of trade relations.

Domestic garment firms with ambitious projects

Domestic garment businesses have spent millions of US dollars on expanding production to snatch domestic and export market opportunities.

Phong Phu Home Textile JSC invested more than US$45 million into key projects last year which helped it complete the supply chain and be more competitive at major markets, said the company general director Pham Xuan Trinh.

The key projects include a textile factory in NhaTrang with a capacity of 3,780 tons of fabric annually, a denim fabric factory in NhaTrang with a capacity of 35.7 million of products a year and a production line producing 4.8 million towels a year in HCM City, Trinh said.

These projects will help the company meet its target of US$1 billion revenue in the next four years, Trinh added.

Meanwhile Viet Tien Garment JSC under the National Garment and Textile Group (Vinatex) is gearing for completion of its garment production chain. Currently, the company’s factories are producing textile and fabrics to supply other garment businesses.

Le Tien Truong, Vinatex General Director, said Viet Tien had expended more than US$22.7 million on key projects in the 2015-2016 period.

Meanwhile, Nha Be Garment JSC with an export revenue of US$550 million last year, is nurturing a driving ambition. It is completing the construction of Nha Be Garment Factory in Hau Giang province with an investment of US$13.6 million on an area of 6ha. After the factory is put into operation late this year, it expects to employ around 6,000 workers and supply suits, trousers, women’s fashion and other products with an annual export revenue of US$120 million.

These projects will help the garment sector fulfil its export target of US$31 billion this year.

New year sees more footwear orders

Gia Dinh Footwear Ltd Company is preparing to export 13,000-14,000 pairs of fashion shoes to Spain with an outsourcing value of around US$20,000.

According to director Nguyen Chi Trung, Gia Dinh company has received many orders, most of which were transferred through China. However, fierce competition has prevented the outsourcing price from rising.

The world economy remains gloomy due to low oil prices which weaken the purchasing power, especially at its key import markets like the US and the EU, Trung said.

Domestic businesses had to lower outsourcing prices to maintain market shares and wait for market recovery to raise the added value of next orders, Trung revealed.

Businesses supported in integration

Vietnam has accelerated its international economic integration by signing the Trans-Pacific Partnership agreement and joining the ASEAN Economic Community.

This year the Ministry of Industry and Trade hopes to increase exports 10%, continue administrative reforms, and help businesses make the most of opportunities created by free trade agreements.

Minister of Industry and Trade Vu Huy Hoang said effective implementation of free trade agreements and expanding export markets are pre-conditions for achieving 10% export growth. It is also necessary that banks help businesses access credit, that interest rates are adjusted to encourage exports, and that tax, customs, and licensing procedures are simplified. Minister Hoang said: “Vietnam has signed many free trade agreements. We should publicize Vietnam’s free trade agreements and the opportunities they create and supplement or revise laws to facilitate integration.”

The Ministry of Industry and Trade has worked out an administrative reform plan for 2016. Minister Hoang said: “Cumbersome procedures should be eliminated and new procedures should be simple and convenient for organizations and individuals. Online public services should be improved to save time and minimize problems.”

The Ministry of Industry and Trade will cooperate with other ministries and sectors to implement the free trade agreements Vietnam has signed. It is encouraging and helping Vietnamese businesses to make the most of opportunities brought by Vietnam’s international economic integration.

Programme to focus on sustainable production

Seventy percent of enterprises with high energy needs and emissions and 50 percent of industrial production establishments will apply clean and energy-saving technologies by 2020.

This is the agenda of a newly approved national action programme on sustainable production and consumption for the period until 2020 with a vision up to 2030.

The decision, No 76/QD-TTg, approved by Prime Minister Nguyen Tan Dung earlier this year, aims to gradually improve the production and consumption model to ensure more effective use of renewable natural resources and energies and environmentally friendly products.

The decision also regulates that approximately 65 percent of non-easily disposed packages in supermarkets and malls and 50 percent in public markets must be reduced.

One of the programme's tasks is to make the distribution system and supply chain more environmentally friendly by applying cleaner technologies; using energy more economically and effectively when distributing products and services; reducing non-easily disposed packages in supermarkets, malls and public markets; and boosting the utilisation of environmentally-friendly packages.

Several models for distributing environmentally-friendly products and services will be studied, piloted and repeated, while standards and certificates for green distribution models will be created and applied.

The programme will also enhance sustainable linkage among material suppliers, producers, distributors and consumers in producing, distributing and using environmentally-friendly products and services.

In addition, the awareness of participants in the distribution and supply chains and consumers on sustainable production and consumption will be improved.

Meanwhile, green certificates and energy-saving and bio labels will be applied, and green purchasing and sustainable lifestyles will be encouraged and prioritised.

In order to achieve the given targets, the "going-green" distribution system and supply chain for environmentally-friendly products and services will be developed, and the system of standards and certification for a green, environmentally-friendly distribution model will be built.

In addition, sustainable connections between material providers, producers, distributors and consumers in terms of production, distribution and the use of environmentally-friendly products and services will be promoted.

Other goals of the programme are to change consumer behaviour through encouraging an environmentally-friendly lifestyle; having channels broadcast and advertise environmentally-friendly products and services; and disseminating knowledge, policies and laws on sustainable production and consumption among producers, service providers and consumers.

Nguyen Huy Hoan, Deputy Director of the Science and Technology Department under the Ministry of Industry and Trade, stressed at a recent conference that sustainable production and consumption were important for connecting the country's development goals with the needs of the environment.

"Production and consumption are considered sustainable when they meet the basic needs of the present, establish a better quality of life, reduce the use of natural resources and toxic materials and minimise emissions into the environment," he said.

Central rate raises VND11

The State Bank of Vietnam (SBV) on February 17 announced the reference rate for the Vietnam dong against the US dollar as VND21,895 per dollar, up VND11 compared with the previous day.

The rate gained VND34 over the past three days.

With the current +/- 3% VND/USD trading band, the ceiling exchange rate is VND22,551 per US dollar and the floor rate is VND21,239 per US dollar.

The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) posted the buying and selling rates at VND22,375 and VND22,445 per US dollar, up VND75 from the day before.

The Import Commercial Joint Stock Bank (Eximbank) raised the buying and selling rates by VND60, posting the exchange rate at VND22,290 and VND22,380, respectively per US dollar.

The buying and selling rates applied by the Vietnam Technological and Commercial Joint Stock Bank (Techcombank) were also up VND37 and VND65, respectively, at VND22,295 and VND22,455 per US dollar.

Ca Mau to boost ecological shrimp farming

The Mekong Delta province of Ca Mau is striving to expand its ecological shrimp farming to 45,000 hectares this year, as the model is considered environmentally friendly and promises high productivity.

Ecological shrimp farming is popular in mangrove forests in Nam Can and Ngoc Hien districts.

Ca Mau is home to approximate 80,000 hectares of mangrove forests, which are ideal for raising shrimp.

The farming method, which started in the province in 2000, has helped raise locals’ incomes and protect the environment.

Cau Mau is the country’s largest seafood exporter, accounting for 16 percent of the total value. The province also makes up 30 percent of the country’s total shrimp export value.

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