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Quang Ninh seeks foreign investors
Inadequate infrastructure, slow land clearance, insufficient information about land allocation schemes and prices, and electricity shortages were major barriers, said the department deputy director Nguyen Huu Giang.
To rectify this situation, the province would continue to support investors in speeding up infrastructure facilities, especially in industrial zones such as Dong Mai, Hai Ha and Phuong Nam, and in implementing their projects, Giang said.
Fostering administrative procedures reform, renewing investment promotion, organising regular meetings between local authorities and investors and improving human resources would also be focused on, he added.
These measures were expected to better facilitate series of new projects such as the US$70 million Dong Trieu golf course complex, a $400 million project to produce methanol from coal in the Hai Ha Industrial Zone, and a $20 million tile production project.
Once these projects were licensed they would contribute to improving FDI attraction of the province in the near future, Giang said.
The Foreign Investment Agency reported that Quang Ninh ranked second in the country's FDI attraction with over $2.2 billion in the past nine months, just behind the southern province of Ba Ria-Vung Tau.
During the period, the province granted licences to three new projects worth $2.15 billion and allowed one existing project to increase capital by $52.3 million, the department said, outlining the US-invested Mong Duong 2 Thermo-electricity Plant, worth $2.14 billion as the period's largest project.
Despite a 40-per-cent decrease in the number of new projects compared to last year's corresponding period, the level of investment capital was much higher, it said.
In a move to attract more FDI, the province has expanded its investment promotion in several potential markets such as Japan, Germany and United Arab Emirates.
To date, the province is home to 100 valid foreign-invested projects, capitalised at $3.75 billion, making an effective contribution to the provincial socio-economic development.
Ministry proposes air fare increase
The Ministry of Transport has submitted a draft proposal on increasing the ceiling price of economy air fares on the domestic market to the Ministry of Finance.
Under the draft, the new ceiling price would be VND2.27 million for a one-way ticket for a flight over 1,280km, VND450,000 higher than the current rate.
The new rate was added to create favourable conditions for airlines operating flights from Ha Noi to Can Tho City and to Phu Quoc Island.
Vietnamese companies showcase in Cuba
Vietnamese enterprises are showcasing various products at the International Fair of Havana 2010, that opens today at ExpoCuba Exhibition Centre in Cuba.
Goods displayed by the 10 enterprises will include food, textiles and garments, leather, electrical household goods and agricultural machinery. During the six-day exhibition, a business forum between Cuban and Vietnamese enterprises will be held to promote bilateral trade.
The 28th International Fair of Havana (FIHAV) is the largest trade fair for a variety of investment and consumer goods in Cuba. The 2010 FIHAV has attracted 400 local businesses and 2,000 overseas companies from 58 countries.
Spain has the most attendants at the fair followed by Canada, China, Italy and Panama.
The exhibition will include seven meetings attended by representatives of more than 30 Chambers of Commerce and institutions of trade and exchange.
Shares fall for second day on national exchanges
Shares continued to fall for the second day with very low trades on both of the nation's stock exchanges.
On the HCM City Stock Exchange, the VN-Index dropped from the landmark 450 points to close at 446.3, a fall of 1.06 per cent against yesterday. The bourse's volume and value remained sluggish, with just 25.5 million shares worth VND586.2 billion (US$30.1 million) changing hands.
Decliners outnumbered advancers by 169-40.
Most blue chips tumbled and of the 10 largest capitalised shares, only Phu My Fertiliser (DPM) rose 0.56 per cent.
Saigon Securities Inc (SSI) was the most active stock on the southern bourse on a volume of nearly 1.5 million shares, but it dropped by 2.04 per cent in value to close at VND24,000 ($1.23).
On the Ha Noi Stock Exchange, the HNX-Index lost nearly 1 per cent to close at just under 110.
Trading volume improved to more than 21.7 million shares worth VND425.6 billion ($21.8 million) compared to yesterday - an increase of around 35 per cent in both volume and value.
The number of losers was 4.8 times higher than gainers.
PetroVietnam Construction (PVX) was still the most heavily-traded share nationwide with 1.95 million shares exchanged. PVX fell another 1.41 per cent over yesterday's value to close at VND20,900 ($1.07).
Delta province sets ambitious growth targets
The Cuu Long (Mekong) Delta province of An Giang has set ambitious growth targets for the next five years, including an annual 12.5 per cent increase in Gross Domestic Product (GDP), 15.8 per cent growth in construction and industry sectors, and 3.2 per cent rise in the number of agriculture, forestry and aquatic products.
The figures were set out in a new report recently issued by the provincial People's Committee.
According to the report, to reach such goals, the province by 2015 should achieve total export value of US$1.2 billion, social investment of VND162 trillion, and per capita GDP of VND46.4 million ($2,200).
The province also said it expected to train 50 per cent of workers and lower the number of poor households to 5 per cent.
To help reach the targets, six key programmes will be developed during the period.
The programmes involve the development of agricultural production, rural areas and farms, infrastructure and labour force, as well as state administration reforms, natural resources and environment protection, and investment and trade promotion.
Lam Minh Chieu, chairman of An Giang People's Committee, said the main policy was to achieve rapid, sustainable economic growth while ensuring social progress and environmental protection.
"The province will also focus on economic restructuring in ways that makes the economy develop effectively and with high quality," he said.
Active global integration, export promotion, improvement of education quality and living standards, hunger elimination and poverty reduction, and job creation will also be important goals.
In addition, the provincial People's Committee has recently approved an investment, trade and tourism promotion programme for the period of 2011-15.
Under the programme, the province will actively call for both foreign and domestic companies with strong financial potential to invest in key projects, according to a representative of the An Giang Trade and Industry Department.
The projects include the construction of Cau Tho-An Giang-Phnom Penh Highway and An Giang Airport, upgrading of My Thoi Seaport and trade and service centres in Long Xuyen City and Chau Doc Town, as well as tourism areas in Chau Doc Town, and Tinh Bien and Thoai Son districts.
The programme also aims to develop logistics services in combination with the upgrading of the local sea and river port system; expand traditional markets; find new markets at home and abroad; and develop cross-border trade activities to increase export-value growth.
In the tourism area, An Giang hopes to become an important tourism site by 2020. To do this, the People's Committee's investment, trade and tourism-promotion programme, An Giang, HCM City and Cambodia will begin tours to three localities as well as on the Mekong River.
In 2010, An Giang's per capita GDP is predicted to be VND21.2 million, 2.4 times higher than the 2005 figure. Its export value is estimated at $700 million with its two biggest export earners, rice and seafood.
As of July, the province attracted 372 investment projects with combined capital of 16.5 trillion, including 10 foreign-invested projects worth a total of $42 million.
The local tourism industry achieved an annual growth rate of 10 per cent over the last five years. In 2009 alone, it received 4.7 million visitors.
Retail sales hit one-year high in October
Total retail sales revenue of commodities and services in October reached VND136.3 trillion (US$7.17 billion), the highest monthly level this year, according to the General Statistics Office (GSO).
The GSO said that monthly retail sales so far this year had been between VND121 trillion ($6.4 billion) and VND135 trillion ($7.1 billion).
With October's increase, total retail sales value for the first ten months of the year rose to VND1,282 trillion ($67.5 billion), up 26.1 per cent over the same period last year.
The trade sector reported a year-on-year revenue surge of 25.8 per cent to VND1,010.9 trillion ($51.84 billion), accounting for nearly 80 per cent of the country's total sales revenue during the ten-month period.
The hotel and restaurant sector saw a rise of 21.6 per cent to VND141.2 trillion ($7.24 billion) and figures for the service sector increased 22.3 per cent to VND116.9 trillion ($5.99 billion).
Head of the GSO's Trade Department Le Minh Thuy attributed the October surge to increasing consumer demand thanks to a series of festivals including Ha Noi's 1,000th anniversary last month.
October is also often the first month to experience a bump in retail growth and that normally lasts until the end of the year, said Thuy.
The surge in retail sales was also significant thanks to a number of promotional programmes organised by the Government as part of measures to stabilise prices.
Industry insiders said retail sales would surge significantly this month, especially in Ha Noi thanks to the launch of a promotions month. More than 1,100 special displays of products from 300 businesses, commercial centres, supermarkets and shops will be set up in various venues around the city with promotions for the month of November. Participating businesses will be discounting a minimum of 30 per cent of their products at more than 15 per cent.
The Ministry of Industry and Trade forecast that the country's retail sales and services revenue would soar roughly 22 per cent year-on-year to $78.9 billion in 2010.
Foreign tobacco firms feel the squeeze, lose business certificates
Deputy Prime Minister Hoang Trung Hai has approved a Ministry of Industry and Trade's proposal to end the operation of three international tobacco company branches in Viet Nam after their business certificates expire.
The Government will not renew business certificates for JTI (Japan Tobacco International) Viet Nam Pte Ltd, BAT (British American Tobacco) Viet Nam Ltd, and Philip Morris Viet Nam SA, according to an announcement published by the Government Office's website last Friday.
Source: VNS
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