Vietnam Airlines, Jetstar report high on-time rates on Tet occasion

The on-time performance (OTP) rates of national flag carrier Vietnam Airlines and low-cost Jetstar Pacific were reported high in the days ahead of the Lunar New Year (Tet) festival, representatives from the two firms said on February 14. 

Accordingly, from February 8-13, Vietnam Airlines operated nearly 440 flights a day, 90 percent of which was on-time. 

Meanwhile, Jetstar Pacific served 30,000 passengers on 156 flights from the Ho Chi Minh City to Hanoi. Only several flights were delayed for 29 minutes on average due to objective reasons.

Vietnam Airlines and Jetstar Pacific have actively prepared plans and increased resources, as well as strictly reviewed all stages in order to provide the best services for passengers and minimise delays because of subjective reasons. 

To meet the increasing travel demand during Tet holiday, the two firms added seven flights (nearly 1,300 seats) between Ho Chi Minh City and Hanoi from February 12-14, the 27th and 28th days of the last lunar month.

Ðà Nang to invest in clean vegetables

Ðà N?ng City’s agricultural sector plans to develop greenhouse vegetable projects in the coming years.

The goal is to create clean products, ensure large-scale production, link production and consumption, and improve the lives of farmers.

Despite having a huge property in Ðà L?t City in the Central Highlands (Tây Nguyên) province of Lâm Ð?ng, Nguy?n Th?ng decided to return to his homeland (Hòa Son Commune in Hòa Vang District, Ðà N?ng) to invest billions of d?ng in growing greenhouse vegetables.

Th?ng told danviet.vn online newspaper that he received support from the local authorities and cooperated with local farmers to start greenhouse vegetable production in the two communes of Hòa Phú and Hòa Ninh.

Th?ng started growing greenhouse vegetables since June 2017. After investing in machinery, infrastructure and the first production line, he established the VietGAP-certified Hòa Vang Vegetable and Flower Cooperative.

He was determined to grow high-quality vegetables and flowers. Since water source was important, he invested in an irrigation system in Hòa Ninh Commune. The quality of water was tested at Ðà L?t City’s examination centre.

Th?ng has grown greenhouse vegetables such as cucumber, melon, Japanese-seed pepper and Ðà L?t bellpepper.

He supplies clean agricultural products to the local market.

Some areas specialising in clean vegetables in Hòa Vang, such as Túy Loan, La Hu?ng and Hòa Ti?n, also supply a large amount of clean agricultural products to consumers.

Nguy?n Ð?c Tân, chairman of Hòa Ninh Commune Farmers’ Association, said the model of growing clean vegetables using advanced technology was bringing about economic efficiency.

“However, wide application is not easy as it requires investors to meet certain economic criteria. Currently, local authorities are calling for more investment in high-tech vegetable models,” he said.

According to him, developing greenhouse vegetable areas in Hòa Ninh Commune in future needs an investment of VNÐ3 billion, besides local financial support.

“The commune plans to develop a 5ha greenhouse vegetable area in future. Hòa Ninh will be the centre of high-tech vegetables and agricultural products,” Tân said.

Nguy?n Phú Ban, director of Ðà N?ng City’s Department of Agriculture and Rural Development, said the city had the strategic advantage of being located at the centre of Vi?t Nam’s central region and being a tourism hub, it had a huge demand for clean agricultural products.

As a result, every year the city purchased some 75,000 tonnes of fruits, 55,000 tonnes of vegetables, 35,000 tonnes of poultry and 10,000 tonnes of aquaculture products from the nearby provinces.

To keep a check on the origin of products, the city has cooperated with the five provinces of Lâm Ð?ng, Ti?n Giang, Gia Lai, Qu?ng Nam and Bình Ð?nh to successfully implement the supply chain of safe vegetables, fruit and meat.

“The city is also encouraging enterprises to invest in high-tech and safe agricultural production with many preferential policies to form areas specialising in clean agricultural products.

“The investors will get up to 50 per cent support in the cost of land clearance and investment cost of production facilities (including factory, equipment, production, preservation and irrigation system).

“Investors will be supported 100 per cent of the loan interest rate for three years, with a maximum loan of VNÐ10 billion per project,” Ban said.

Reportedly, the city People’s Committee has approved the planning of seven hi-tech agricultural development zones. These include a hi-tech safe vegetable production area in Hòa Ninh Commune (35ha), Hòa Phú Commune (22ha) and Hòa Phong Commune (20ha); livestock and poultry breeding areas in Hòa B?c Commune (320ha) and Hòa Khuong Commune (30ha); herb planting area in Hòa Phú Commune (3ha); and a mushroom production and medicinal plant area in Hòa Quý Ward (1ha). 

B?n Tre outlines plan to promote tourism investment

The C?u Long (Mekong) Delta province of B?n Tre, which has a 65-km long coastline, plans to seek more investment in the tourism sector, particularly for three of its islets.

The three islets, where fruit trees of high economic value are grown, have hundreds of historical and cultural sites suited to tourism development.

Last year, B?n Tre welcomed about 1.2 million tourists, an increase of 12 per cent compared to 2016. Of the figure, about 43 per cent were international tourists. Total revenue from tourism reached more than VNÐ1 trillion (US$44 million).

In recent years, the province has promoted ecotourism, cultural tourism, heritage sites, and special destinations.

Tourism attractions include fruit gardens, rowboats, horse-drawn carriage rides, and Ð?n Ca Tài T? (southern folk music).

Phan Van Thông, director of Ph?ng Islet Tourism-Service-Trading Co, said the company annually receives more than 500,000 tourists, with 20 per cent of them foreigners.

"My company will continue to upgrade environmental sanitation, train tour guides, and improve service quality," he said.

Lê Ng?c Long, chairman of the Vi?t Nam-Japan Advisory Council, said: "Japanese are interested in Vi?t Nam’s ecotourism with riverside gardens. B?n Tre has a lot of potential to exploit this great resource.”

“In the near future when the Vi?t Nam-Japan commodity trading floor is established, we will introduce B?n Tre’s tourism products to the Japanese,” he said.

Tr?n Duy Phuong, deputy director of the province’s Department of Culture, Sports and Tourism, said B?n Tre’s tourism industry faces challenges such as tourists’ short stays, poor technical infrastructure, and ineffective investment promotion.

Many of the activities are similar to other provinces in the delta, but there is no large entertainment park. A lack of trained tourism staff is another problem.

Tourists usually visit B?n Tre City and sites in the districts of Châu Thành, Ch? Lách and Th?nh Phú.

Châu Thành District welcomes about 700,000 visitors a year, accounting for over 50 per cent of the province’s total number of tourists. However, other localities are facing difficulties attracting tourists and tourism investment.

Nguy?n Van Son, managing director of Hàm Luông Tourism Co Ltd in B?n Tre City, said international visitors travelling to Vi?t Nam are concerned about environmental sanitation, food safety, high prices for services and goods, and traffic problems.

“Many tourist and travel companies complain about crowds in some places, and people asking for tips,” he said.

Phuong said the province targets having two million visitors, with 47 per cent of international tourists, by 2020.

In addition, total revenue from tourists is targeted at more than VNÐ2 trillion ($88 million), with an annual increase of at least 25 per cent.

By 2030, tourism will become a key economic sector, contributing 8-10 per cent of total production in the province, he said.

B?n Tre has five projects in the tourism sector, seven projects under construction, and 10 projects in tourism development calling for investment.

Nguy?n Van Tu?n, general director of National Administration of Tourism, said that B?n Tre Province should focus on its local resources and develop products from coconut trees, create homestay services, upgrade infrastructure, promote quality services, and provide support policies for tourism businesses.

“It’s necessary to raise awareness about tourism, ensuring that we have both quality and efficiency, and develop activities and products that create a brand for B?n Tre tourism,” Võ Thành H?o, secretary of the province’s Party Committee, said.

The province has 84 tourist sites, more than 2,000 hotel rooms, 54 horse carts, 73 boats with paddles, and 64 boats with more than 1,600 seats used to transport tourists.  

Sunseap International enters solar co-operation with InfraCo Asia

On February 14, Sunseap International, the international arm of Singapore’s leading clean energy provider Sunseap Group, signed an agreement with InfraCo Asia Development Pte., Ltd. (InfraCo Asia) to jointly develop a 168MW utility-scale solar power project in the south central coastal province of Ninh Thuan.

Accordingly, InfraCo Asia will take a minority stake alongside Sunseap’s existing partner, CMX RE Canada, while Sunseap International will continue to hold a majority stake in the project.

InfraCo Asia will bring its leadership expertise and provide funding for the development phase of the project. The project is expected to reach commercial operation by June 2019. 

During the construction phase, the solar power project will be able to create jobs for more than 200 local workers. Approximately 30 long-term jobs will be sustained when the project is in operation.

Lawrence Wu, co-founder and director of Sunseap, said, “We are delighted to have received the support of InfraCo Asia for our first project in Vietnam. We see huge potential for solar energy development in Vietnam and are excited to bring affordable and reliable clean energy to the country.”

“Sunseap International remains focused on developing innovative solar energy solutions that benefit communities in the region while saving the environment. We hope that our solar power project will help to promote green energy investment in Vietnam and in the Indochina region,” Wu added.

“As the opportunity for renewables in Vietnam continues to grow, we are excited to partner with Sunseap on a project that will serve as a catalyst for further private sector investment. It will support Vietnam—which is currently reliant on coal—in creating a cleaner energy mix for the future,” said Allard Nooy, CEO of InfraCo Asia.

The initial investor of the project was CMX Renewable Energy Vietnam Co., Ltd., a joint venture of Sunseap International and CMX RE Canada. The project covers an area of 200 hectares with a total investment capital of VND4.39 trillion ($193.4 million).

In October 2017, the Ninh Thuan People’s Committee approved the investment planning of the investor.

Being one of the first large-scale solar projects to go online in Vietnam, the Ninh Thuan solar project will tap into Vietnam’s significant solar potential, generate employment opportunities, and contribute to a cleaner energy mix for the country.

Electricity demand in Vietnam is growing by 12 per cent annually. According to the Vietnamese government’s targets, solar power is expected to become the main new renewable energy source in the future, with installed capacity to be increased from around 6-7MW at end of 2017 to 850MW by 2020, accounting for 1.6 per cent of the country’s power generation, and 12,000MW by 2030 or 3.3 per cent of the country’s power generation.

In April 2017, Vietnam fixed the price of solar power at 9.35 US cents/kilowatt hour. 

The government set a June 2019 deadline for solar power plants to be built and connected to the grid to receive this guaranteed solar feed-in tariff price.

Sunseap is one of the largest and most established players in the solar energy industry in the region. It has a pipeline of projects in Cambodia, India, Thailand, Vietnam, Malaysia, and Australia.

InfraCo Asia is an infrastructure development and investment company which aims to stimulate greater private sector investment in infrastructure in the low-income developing countries of South and Southeast Asia.

It funds pre-financial close, early stage, and high-risk infrastructure development activities by taking equity stakes in socially responsible and commercially viable infrastructure projects that contribute to economic growth, social development, and poverty reduction.

Bright prospects for fruit and veg in 2018’s high value markets

The Plant Protection Department has announced that it will finalize the of trade promotion formalities for rambutan exports to such markets as the Republic of Korea and New Zealand.

Accordingly, the Plant Protection Department (PPD) will co-ordinate with relevant agencies to go ahead with trade promotion and market expansion towards high economic value

Along with localities, the department will instruct the building of VietGap and GlobalGAP– based agricultural production models aiming to increase productivity and the quality of farm produce and encourage businesses to connect with cooperatives and farmers in building a supply chain connectivity from growing areas to processing for exports.

Mr Hoang Trung, PPD Director General said there is huge potential for fruit and vegetable exports in the coming time but businesses and farmers need to prevent epidemics, ensure food hygiene and safety, and control pesticide residues in fruit and vegetable products to gain access to the demanding markets.

So far, the PPD has granted 6,000 growing area codes to dragon fruit, mangoes, longans, rambutan, and lychees and more such codes will be provided for more growing areas to boost exports.

Last year, Vietnam’s fruit and vegetable exports hit a record high of US$3.45 billion, surpassing other key export products such as rice and coffee as a result of the good selection of fruit and vegetables suitable with the strength of each region nationwide.

Ninh Van Bay Travel’s losses keep mounting

Ninh Van Bay Travel Real Estate JSC’s accumulated losses increased to VND480 billion ($21.1 million) due to the ineffective liquidation and transfer of two investment projects in 2017.

Ninh Van Bay Travel Real Estate has just released the fourth quarter financial results which showed considerable fluctuations compared with the same period last year.

Specifically, net revenue from the sales of goods and the provision of services hit VND45 billion ($1.9 million), up 17 per cent against 2016. However, financial revenue has been reduced from VND11 billion ($485 thousand) to around VND500 million ($22 thousand) due to decreasing interest income from deposits and loans.

Meanwhile, financial costs have increased by 21 times to VN230 billion ($10.1 million) as the company suffered losses when transferring all of its contribution capital, loan, and interest receivables at Hai Dung Co., Ltd. However, its after-tax loss was reduced to VND177 billion ($7.8 million) as the company gets debt exemption of VND72 billion ($3.1 million).

In the second quarter of 2017, the company made provisions for receivables from Tan Phu Travel JSC, which added another VND246 billion ($10.8 million) to enterprise management costs.

In addition, its liquidation of two investments has created large profit fluctuations. When the company earned VND15 billion ($661 thousand) in profit in 2016, its after-tax loss amounted to VND456 billion ($20.1 million) in 2017, which is far below the year’s target of VND16.5 billion ($727,000). The company had negative undistributed earnings of VND690 billion ($30.4 million) at the end of 2017.

Beside provisions for short-term receivables, the company did not cover the construction costs of an unfinished resort in Nhon Trach district of Dong Nai province after transferring the subsidiary. As a result, Ninh Van Bay’s asset value reduced by roughly VND784 billion ($34.5 million) to VND534 billion ($23.5 million) in 2017. Meanwhile, its debt declined by VND300 billion ($13.2 million) to VND144 billion ($6.3 million) thanks to the settlement of bonds issued three years ago.

The company aims to restructure investment and focus on high-yield assets by making evaluations and provisions at subsidiaries. In the coming time, the company will transfer stakes at Emeralda Ninh Binh to solve its capital problems.

Ninh Van Bay Travel Real Estate JSC specialises in developing and managing high-quality travel real estate resorts in Vietnam and the region. Among them, Six Senses Ninh Van Bay has become the destination of over 150,000 guests and obtained 14 awards from the World's best travel organisations and tourism journals.

In the medium and long term, the company shall develop a chain of luxury and upscale resorts in other tourism cities. However, the company recorded continuous losses and lack of capital for numerous projects during the property crisis.

US company forms $200mln logistics joint-venture with local firm

The American firm is backing rising imports and exports to drive Vietnam’s logistics sector.

Private US firm Warburg Pincus is forming a joint venture with a state-run Vietnamese company to provide logistics services in the country's key economic and industrial zones.

Warburg Pincus and Vietnam’s Investment & Industrial Development Corp., also known as Becamex IDC, will pour more than $200 million into the joint venture, Warburg Pincus said in a statement sent to Bloomberg on February 12.

The venture, BW Industrial Development JSC, will develop and operate modern warehouses and factories in Vietnam, Jeffrey Perlman, head of Southeast Asia at Warburg Pincus, was quoted by Bloomberg as saying.

“With the transformative shift of the manufacturing base from markets like China to Vietnam as well as with the rapid rise of domestic consumption, the logistics and industrial real estate market in Vietnam is in the ‘early innings’ and at an inflection point for outsized growth,” Perlman said in the statement.

The Asian Development Bank forecasts Vietnam’s economy will expand by 6.7 percent this year, the second highest growth among its Southeast Asian peers after the Philippines.

Vietnam itself expects economic growth of 6.5-6.7 percent next year, and thinks that the target of 6.7 percent set for this year is within reach.

Warburg Pincus is a private equity firm that has invested in more than 780 companies in over 40 countries around the world. Becamex IDC, based in Vietnam's southern province of Binh Duong, works in the field of investment and development at industrial, residential, urban and transportation infrastructure projects.

Domestic logistics services in Vietnam are less competitive than services provided by foreign firms, according to experts, despite the fact that logistics firms are growing in number in Vietnam thanks to strong imports and exports.

Data from the Vietnam Logistics Business Association (VLA) shows that the country's logistics sector is growing strongly at an annual rate of 15-16 percent.

Around 1,300-1,500 logistics firms are performing well in Vietnam, accounting for 80 percent of the sector.

With the import-export industry developing positively, securing a total revenue of more than $400 billion in 2017, the highest since 2006, the logistics sector has considerable room for expansion.

In 2014, the World Bank ranked Vietnam’s logistics performance index at 53rd out of 160 markets. Two years later, the country dropped to 64th and stood fourth in Southeast Asia after Singapore, Malaysia and Thailand.

The cost of logistics services in Vietnam currently accounts for 25 percent of the country’s GDP, while the rate stands at only 9.5 percent in the U.S., 11 percent in Japan, 16 percent in South Korea, and 21.6 percent in China, according to the Vietnam Chamber of Commerce and Industry (VCCI).

Le Duy Hiep, chairman of the VLA, was quoted by Nhan Dan newspaper as saying in Jauary that limited scale, capital, experience, management, high-tech application and staff are to blame for the high cost of Vietnamese logistics services.

More Vietnamese shift to online shopping ahead of Tet

Many office workers don't have time to shop at the already overcrowded supermarkets.

Online shopping has become the choice of many Vietnamese consumers, especially office workers who are too busy to wait for hours at counters of overcrowded supermarkets with shopping carts full of goods for the Lunar New Year (Tet), the most important festival in Vietnam.

Ahead of Tet, which starts on the eve of February 15, shoppers purchase across several categories in preparation for the holiday, with online sales surging compared to the same period last year, especially in fashion (86 percent) and food and groceries (51 percent), according to online advertising company Criteo.

“In the lead up to Lunar New Year, we often see sales increases in certain categories as people shop for new clothes and stock up on festive treats," said Alban Villani, Criteo’s General Manager for Southeast Asia, Hong Kong and Taiwan. "Increasingly, they are now also making the purchases online, particularly on mobile apps, which means that commerce providers need to focus their digital budget on the right platforms and at the right time.”

With too little time to spare for shopping at supermarkets, many people, especially office clerks, opt for online shopping, which offer everything needed for Tet, from food, beverage, garment, to peach blossoms.

“I selected flowers and fruits from an e-commerce website. Just several hours later, they were delivered to me, said Nguyen Thu Nga, 30, an office worker from Hanoi’s Hai Ba Trung District. "Fruits were fresh, and wrapped in a nice bag. But, flowers were not actually as nice as they looked on the website. So I returned them."

“With a few clicks, I can have everything I need for Tet. It is extremely convenient,” she said, adding that hundreds of people have been waiting for hours at counters of overcrowded stores. Many of them had to leave their shopping carts as they could not wait for their turn to pay.

E-commerce has been taking off in Vietnam thanks to booming internet usage and smartphone ownership, along with massive investments from key retail players.

Online shopping's penetration in Vietnam's retail grew from 5.4 percent to 8.8 percent on average in Hanoi, Ho Chi Minh City, Da Nang and Can Tho in 2016 alone, and an online shopping trip was worth triple the value of an offline basket, according to a recent report released by market research firm Kantar Worldpanel.

Like other emerging markets, Vietnam is on a shift from traditional retail to e-commerce.

Most online buyers pay by cash on delivery. Up to 59 percent of Vietnam’s nearly 95 million people have bank accounts, the central bank's data showed.

According to economists, this will limit the sector in the long term, especially higher value purchases. The majority of Vietnamese consumers also prefer to see the product before paying for it.

However, the potential for the sector is huge amid expanding middle class and smartphone users.

Across the country, the ratio of people using smartphones among mobile phone subscribers reached 84 percent in 2017, increasing from 78 percent from the previous year, according to the Nielsen Vietnam Smartphone Insights Report 2017.

Vietnam now boasts more than 52 million active accounts to advertisers, Reuters reported last year, citing social media agencies We Are Social and Hootsuite. More than half of Vietnam's population of nearly 92 million people are online.

“The growth rate of Vietnam’s e-commerce market is estimated at about 35 percent, which is 2.5 times higher than Japan,” said industry expert Duc Tam at the recently-held Vietnam Online Business Forum 2017.

Online sales in Vietnam have expanded rapidly in recent years, currently accounting for 3.39 percent of the country’s retail market. The total retail market grew 10.9 percent last year to $173.27 billion.

The World Bank forecasts that Vietnam’s $200 billion economy is likely to grow to a trillion dollars by 2035. More than half of its population, compared with only 11 percent today, is expected to join the ranks of the global middle class with consumption of $15 a day or more.

According to one estimate, about 30 percent of the population will be buying goods and services over the internet in 2020, with each shopper spending an average of $350 per year.

ROK investors eye renewable energy sector in Vietnam

Thanks to Vietnam’s issuing incentive policies to lure investment into the renewable energy sector, more and more foreign investors, especially those from the Republic of Korea, have expressed ambitions to join the field.

Recently, numerous Republic of Korean (ROK) firms visited Vietnamese provinces to find investment opportunities in the renewable energy sector, including IL Yang Industrial Company with the intention to conduct research to set up a company and build a solar power plant in the central province of Quang Tri.

Besides, VTC Corporation stated that it has arranged a large capital volume to develop a wind power plant in the southern province of Bac Lieu. The firm affirmed that after receiving approval from the authorities, it will swiftly complete the necessary investment procedures.

Speaking at the Vietnam-Korea Electricity and Renewable Energy Forum co-organised by Korea Trade-Investment Promotion Agency and the Ho Chi Minh City chapter of the Vietnam Chamber of Commerce and Industry (VCCI), Paik Un-gyu, Korean Minister of Trade, Industry and Energy said that Vietnam and South Korea hold potential for long-term co-operation in the energy industry, renewable energy, and smart grid development.

According to Paik Un-gyu, being Vietnam’s strategic partner, ROK will increase investments in the local renewable energy sector. Besides, South Korea will support Vietnam in training human resources and transfer technology to help Vietnam develop this field by itself.

During the 8th meeting of the Vietnam-Republic of Korea Joint Committee for Co-operation In Nuclear Power, Industry and Trade in Ho Chi Minh City on February 2, the two sides discussed co-operation in projects related to renewable energy, energy safety, supporting industry, and the development of power plants under the build-operate-transfer (BOT) model.

These above initiatives are the basis for the two countries to develop specific projects.

According to Nguyen Van Vy, deputy chairman of the Vietnam Energy Association (VEA), Vietnam set the target to increase renewable power to 32 per cent of the total energy mix by 2030 and 43 per cent by 2050. At present, Vietnam has 50 wind power and over 100 solar power projects as well as a good number of renewable power projects being studied for development.

Meanwhile, according to the revised power development master planning for 2011-2020 with vision to 2030, Vietnam will accelerate power generation from renewable sources to serve the expansion of the manufacturing sector, while simultaneously scaling down hydropower.

To achieve these targets, the Vietnamese government has offered preferential loans, reduced export-import and corporate income tax, waived land use fees, and funded scientific research on energy.

Vietnam will also extend international collaboration to develop domestic electrical equipment manufacturing. Besides, Vietnam increased participation (both by organising and by joining) international co-operation activities and increased technology transfer to facilitate the domestic manufacturing of power equipment.

“ROK is considered a pioneer in developing smart power grid and renewable energy. With Vietnam’s recent incentive policies, South Korean investors will have more favourable conditions to accelerate investments in these areas,” Vy stated.

Trade counselors to talk with southern local government officials and businesses

Trade counsellors will talk with local government officials and businesses from southern Vietnam in Ho Chi Minh City on February 26 within the framework of the Commercial Counsellors' Conference 2018 held by the Ministry of Industry and Trade (MOIT).

The Commercial Counsellors' Conference 2018 aims to enhance external economic activities, foreign market expansion and trade promotion according to Party guidelines and State laws, particularly the Law on Vietnamese Representative Offices Abroad for the 2017-2020 tenure regarding renewing, improving the quality of and fine-tuning trade offices as well as strengthening coordination between the MOIT and other ministries, departments and localities in the context of comprehensive international economic integration.

In the framework of the conference, the trade counsellors will discuss with southern local officials and businesses measures to intensify collaboration between trade offices and localities to remove difficulties for businesses in import and export activities and market development as well as exchanging information on foreign markets and trade opportunities.

The Commercial Counsellors' Conference 2018 was held in Hanoi on February 7 with the participation of Vietnamese counsellors from 57 trade offices and seven branches abroad together with representatives from ministries and enterprises.

Addressing the conference, Prime Minister Nguyen Xuan Phuc appreciated contributions of trade consellors and trade offices to promoting the country’s exports, especially helping special agricultural products enter foreign markets such as shrimp, mangoes, and dragon fruit to Australia, processed chicken, red flesh dragon fruit and star-apples to Japan, mangoes, lychees, longans, and rambutants to Taiwan, and longans and lychees to Thailand.

More than 100 shops open in Hanoi on the first day of Tet

The Hanoi municipal Department of Industry and Trade has announced a list of shops which will open during the traditional Lunar New Year (Tet) festival.

Accordingly, all markets, supermarkets, shopping centres, convenience stores and petrol stations will open till February 15 (the last day of the old lunar year).

Around 104 shops have registered to open on February 16 (the first day of Tet 2018) and another 79 will reopen on February 17-18 (the second and third days of Tet).

Most supermarkets, markets and petrol stations will reopen as from February 19.

The Department has asked the Market Surveillance Agency to closely coordinate with the police force and district authorities to monitor and control markets against trade frauds, trafficking and trading of low quality and fake products.

Business boom after reforms: VCCI Chairman

The Government hopes to attract 135,000 new firms in 2018. Vu Tien Loc, Chairman of the Vietnam Chamber of Commerce and Industry (VCCI), said this was achievable, but would require quick reforms.

“This is an important set in fulfilling the Government’s plan of having one million efficient firms by 2020,” Loc said in an interview with Vietnam News Agency. “Institutional reforms must be sped up,” he said.

Loc said reform was still slow and the Government’s determination for reform had not reached all local authorities and agencies. “The most important thing is action and local authorities and agencies must hasten reforms.”

Besides, he said it was critical to improve the business climate and national competitiveness as well as simplifying checking procedures for imports and exports.

Loc said the Government should also promote the private sector by providing public services to help them develop.

“This year could be the start of a period of reform,” Loc said, adding that businesses were putting trust in a constructive Government.

In a recent document to answer queries from National Assembly deputy Nguyen Phi Thuong, Prime Minister Nguyen Xuan Phuc said that the Government would continue to focus on cutting costs for businesses.

The Government said that administrative reform in land, tax, customs, agriculture, rural development, information technology and start-up would be enhanced.

The Government also planned to create breakthroughs in business-climate indicators and economic competitiveness and listen to firms and their difficulties.

Support would also be provided to promote start-ups, small and medium sized enterprises, co-operatives and business households as well as create a fair playing ground for all participants.

The number of new firms set record highs in the last two years. In 2017, more than 126,800 new firms opened, exceeding the record of 110,000 new firms in 2016.

Last year, Vietnam had 561,000 operating firms, statistics showed.

Five export product groups hit US$1bn mark in January

The turnover of export commodities in January is estimated at US$19 billion, up 33.1% on last year’s same period,, according to the Ministry of Industry and Trade.

In January, the export turnover of the domestic-invested sector reached US$5.41 billion, up 31.6%, while the foreign-invested sector performed strongly with a turnover of US$13.6 billion, up 33.7%.

Notably, five groups of export goods generating an export turnover of more than US$1 billion each included telephones and components; computers, electronics and components; machinery, equipment, and spare parts; footwear; and garments and textiles.

Export turnover to the major markets witnessed remarkable growth in January. Exports to the Asian market surged ahead by 54.4% to US$10.81 billion while exports to the European market increased 7.4% to US$3.24 billion. Meanwhile, exports to America and the Oceania markets soared 17.5% and 31.1% to US$4.29 billion and US$315 million, respectively.

According to a Ministry of Industry and Trade representative, January's higher export growth is attributable to longer holidays of both lunar and solar New Year festivals, thereby giving a good signal to the continued strong growth in export turnover in 2017.

In the first month of the year, the country’s exports to several of its traditional markets remained stable and proved a good source of growth as the country has gradually taken full advantage of  signed free trade agreements (FTAs).