International conference on automation organised in HCM City

The fourth International Conference and Exhibition on Automation and Industrial Equipment (VAAC 2017) will take place at the Sài Gòn Exhibition and Convention Centre, HCM City.

The event is organised from November 29 to December 2. 

The exhibition will be hosted by the Việt Nam Automation Association (VAA) with support from the HCM City University of Technology to provide a platform for connecting policy-makers, scientists and enterprises from Việt Nam and overseas. 

The event will feature a series of conferences, exhibitions and business forums that focus on issues of common concern, such as smart city, smart transportation and automation in agriculture and forestry. 

VAAC 2017 will highlight control and automation towards the fourth industrial revolution with the presentation of 115 scientific studies in cybernetics, automation and other topics. 

The forum will host seminars and discussions on automation, renewable energy, smart city and startup innovation, as well as mechanics, chemical and printing technology. 

Some 500 booths run by 310 exhibitors from 15 countries and territories will showcase latest products and advanced technologies in automation and chemicals, in line with machines and equipment, industrial products and materials.

Hung Yen orange receives collective brand recognition

Quang Chau orange in the northern province of Hung Yen was declared a collective trademark on November 21 by the National Office of Intellectual Properly under the Ministry of Science and Technology.

Over the years, Quang Chau orange plants have been planted on a large-scale and are ten times as lucrative as rice, said Nguyen Van Biet, Director of Quang Chau orange cooperative.

According to Le Thi Tham, Deputy Director of the provincial Department of Science and Technology, a project on developing Quang Chau orange brand in Hung Yen city has been run for a year. This move expanded consumptions markets and developed a set of criteria for brand recognition and made designs for the brand.

The project aims to protect the rights of orange farmers to use the brand and to establish a brand management model to enhance the economic value of certified products.

Nguyen Van Oanh, a local economic official, said the city has more than 144 hectares of orange, mostly in Quang Chau, Lam Son, Tan Hung, Hoang Hanh communes.

Nearly 36 hectares in Quang Chau and Hoang Hanh are grown in line with VietGAP standards, producing nearly 500 tonnes of oranges this year.

Nguyen Tuan Cuong, Chairman of the Hung Yen City People’s Committee said orange plants in Hien City produce more than 1,500 tonnes per year, worth over 40 billion VND, making them a key product in the city’s agriculture restructuring.|

Areas have been zoned off in Quang Chau, Tan Hung, Lam Son, Hoang Hanh, Phu Cuong and Hung Cuong communes for planting oranges in line with VietGAP standards, Cuong said.

He urged local orange farmers to connect with each other to develop large-scale orange areas to ensure product quality.

Taiwanese firms eye investment in Binh Duong

Several Taiwanese firms (China) plan to explore investment opportunities in the southern province of Binh Duong, according to a Taiwanese official.

During a meeting with the provincial People’s Committee on November 21, Guo You Ting, Head of the Association of Taiwanese Enterprises hailed the improved local investment climate, saying Binh Duong is an attractive destination for foreign investors.

Speaking at the event, Tran Thanh Liem, Vice Chairman of the provincial People’s Committee lauded the projects and contribution of Taiwanese firms and the association in local socio-economic development.

He updated his guests on the province’s investment attraction plans and its measures to improve the business climate, thus creating optimal conditions for enterprises.

He expressed his hope that more Taiwanese companies will invest in the province.

According to Liem, Taiwan is the province’s biggest investor, with 772 projects, worth more than 5.5 billion USD.

Construction of a Taiwanese factory producing polyester will begin on November 24 on nearly 200 hectares in Bau Bang Industrial Park, Liem said.

According to Liang Guang Zhong, Head of the Taipei Economic and Culture Office in HCM City, Taiwan is willing to work with the locality in implementing projects using official development assistance on flood prevention and waste treatment.

Seminar promotes trade to Middle East, Africa

A seminar to promote trade and exports to the Middle East and Africa was held in Hanoi on November 22. 

According to the Ministry of Industry and Trade’s Department of Asia-Africa (the Middle East – Africa Zone), Africa is a market with high export demand and less strict requirements, giving it potential.

Vietnam has so far established ties with 53 out of 55 African countries and two-way trade has surged considerably over the past decade. 

Vietnam’s exports to Africa soared from 610 million USD in 2006 to 3.2 billion USD in 2015 and 2.8 billion USD in 2016. 

Last year, Africa’s imports neared 480 billion USD which is forecast to increase to about 1.2 trillion USD by 2020. In the Middle East, the figure was estimated at roughly 807 billion USD in 2016 and estimated at 1.5 trillion USD by 2020. 

Lying in a strategic geographical location, the Middle East borders Asia, Europe and Africa, with Dubai being the world’s third largest transit market. 

South African Ambassador to Vietnam Kgomotso Ruth Magau said Africa imports made-in-Vietnam goods such as rice, coffee, pepper, cashew nuts, footwear, apparel, household electric appliances, plastics, electronics, handicrafts and aquatic products. 

The event affords both sides a chance to facilitate information sharing and technological transfer, she said. 

Ly Quoc Thinh from the Department of Asia-Africa Market said the Middle East is home to 15 countries, huge oil reserves and mineral resources. Due to poor weather conditions, the Middle East’s agriculture, fisheries and consumer goods production are underdeveloped so the region must rely on imports. 

However, Vietnamese exporters still face obstacles regarding competition with regional rivals, financial risks, public security and order, red tape and poor transport links. 

Experts suggested reviewing business strategies and thoroughly learning about regional socio-culture before doing business in the region.

$35m aquatic feed plant opens in Đồng Tháp

Sao Mai Group on Tuesday put its aquatic feed processing plant, worth VNĐ800 billion (US$35 million), into operation in southern Đồng Tháp province’s Sao Mai Industrial Complex.

With construction having begun in 2015, the feed mill comprises four production lines, providing 360,000 tonnes of products annually or accounting for one third of fish feed production capacity of the Cửu Long (Mekong) Delta region.

The plant is expected to not only make a breakthrough for the development of domestic tra fish industry but also help create more local jobs while contributing to foster the economic growth of the region, experts said.

SSI only securities company among 2016’s 100 largest taxpayers     

Saigon Securities Inc (SSI) is the only securities company among the top 100 leading corporate taxpayers in 2016.

The General Department of Taxation recently announced the leading 1,000 corporate taxpayers of last year, with SSI ranking in 60th place.

According to statistics from the General Department of Taxation, the total tax paid by the 1,000 largest corporate income taxpayers in Viet Nam was VND90 trillion (US$4 million), a year-on-year increase of 11.87 per cent.

Last year was a successful year for SSI as it maintained the leading position in the security brokerage sector with a market share of 13.69 per cent at the HCM Stock Exchange (HSX) and 11.03 per cent at the Ha Noi Stock Exchange (HNX).

SSI also achieved revenue of VND2.2 trillion, up 66 per cent by the end of last year.

Its after-tax profit reached VND877 billion, the highest in SSI’s 18 years of operation and also the highest among securities companies last year, the thoibaotaichinhvietnam.vn quoted a SSI representative.

SSI is one of the first private securities companies, operating in Viet Nam since 1999. The company has chartered capital of more than VND4.9 trillion as of January this year. 

Real estate inventories taper off over 16%     

Real estate inventories nationwide saw a reduction of over 16 per cent as of November 20, from the same time last year.

This has dropped to an estimated value of over VND26 trillion (US$1.14 billion).The highest inventories were recorded in residential land. They were estimated at more than 3.1 million square metres and valued at VNĐ12.4 trillion.

This was followed by town houses, with 3,129 units worth over VND7 trillion. Unsold apartments stood at 2,924 units, equivalent to some VND4.2 trillion, while commercial land was at 604,151 square metres, valued at nearly VND2.4 trillion.

Unsold properties in HCM City were at VND4.78 trillion, while Hà Nội saw a total inventory value of VND5.3 trillion.

The Ministry of Construction forecast that housing prices will remain stable in the short term and that the tourism property market will experience robust development in the time to come.

Apartment prices in Ha Noi declined 0.5 per cent from the previous quarter and individual housing segments increased 0.13 per cent.

In stark contrast, apartment prices in the southern hub went up 0.8 per cent; however, luxury units dropped 0.5 per cent in price. Individual housing segments escalated 1.65 per cent from the third quarter. 

FLC Group meets over 400 South Korean investors     

Property developer FLC Group on Monday held a meeting with more than 400 South Korean estate firms, investors, tourism agencies and investment funds during a large roadshow and seminar held in Seoul.

Speaking at the event, Deputy Minister of Foreign Affairs Vu Hong Nam said Viet Nam and South Korea have mutually beneficial cooperation as the two countries are located in two distinct climatic regions, which could support their economies, especially in the tourism, resort and golf industries.

With the advantage of long and beautiful beaches, Viet Nam is an ideal location for tourists from cold countries looking to escape the winter. Notably, a large number of tourists from South Korea have visited Viet Nam in recent years.

“FLC has become one of the strong brand names in Viet Nam, and is now expanding to foreign markets. In particular, its resort complexes, golf courses and villas have attracted attention from both local and foreign investors,” Nam added.

Viet Nam Ambassador to South Korea Nguyen Vu Tu said this is the first time he has seen a Vietnamese firm actively seeking foreign partners.

Nguyen Hoai An, from CBRE, said Việt Nam is being considered a new emerging tourism destination in South Korea in the resort property sector. Statistics showed that up to 30 per cent of tourists playing golf in Viet Nam come from South Korea.

An said the ownership of a resort property in Viet Nam for foreigners has been allowed since 2015. Investors only need an eligible visa and are not limited in the number of properties they can purchase.

Answering why South Korea was selected for the event, Trinh Van Quyet, FLC Group’s chairman, said South Korea has contributed a significant amount of FDI to Viet Nam. In addition, it has many similarities with Vietnamese culture. FLC has, therefore, made attracting investment from developed economies such as South Korea its priority.

Further, the group’s estate products – resort and golf courses – have drawn much attention from South Korean investors.

Investors from South Korea and other countries can purchase estate projects in Viet Nam as the country’s resort property has been developed well in the past few years.

Dang Tat Thang, FLC’s deputy general director, said the group was seeking partners who are developing resort property and golf courses, as well as tourism companies bringing tourists to Viet Nam.

"According to our survey, one out of 10 South Koreans plays golf and wants to experience hi-end golf courses. We are paying special attention to cooperation with South Korean investors,” Thang added.

Chairman Quyet said the group planned to open three representative offices in Singapore, Japan and South Korea.

“We organised roadshows in Singapore and Japan and established a representative office in Tokyo last month. We will open another office in Seoul in 2018,” he said.

During the event, FLC Group signed a comprehensive cooperation agreement with KB Securities Viet Nam Joint Stock Company – a member of KB Securities – to provide financial products and services in Viet Nam and the international market.

KB Securities of KB Financial Group is the third-largest securities company in South Korea in terms of assets, with total ownership capital of more than US$3.7 billion. 

Differences in rates at large banks     

In contrast to Vietcombank’s move to cut deposit interest rate a week ago, two other large State-owned commercial banks -- Vietinbank and BIDV -- this week announced they were raising the rate.

According to BIDV’s latest interest rate list, the bank is offering interest rate of 4.8 per cent per year for one and two-month deposits, up 0.5 percentage points from the previous list.

The rise was also seen for three-month deposits, up from 4.8 per cent to 5.2 per cent per year.

Vietinbank also made a similar move, however, it was applicable for medium-term deposits. The bank raised the rate for six and nine-month deposits from 5.5 per cent and 5.7 per cent to 5.8 per cent per year and 12-month deposits from 6.5 per cent to 6.8 per cent per year.

In contrast, earlier, Vietcombank cut the rate for all terms by 0.1 percentage points, making its deposit interest rate the lowest in the banking system.

Vietcombank’s move is unexpected in the context that capital demand often rises sharply during the latter months of the year.

According to Vietcombank, it cut the rate as its capital source is relatively abundant, adding that despite the low rate, the amount of deposits to the bank has remained high thanks to its good reputation.

Commenting on the move, banking expert Nguyen Tri Hieu said the change in deposit interest rates among the banks probably comes from different capital needs.

Some banks reduced the deposit interest rates to restructure their capital source, while others increased the rates due to strong demand for loans at the end of the year, he said.

Besides this, the credit growth target for the banking industry this year is over 20 per cent, however, it grew by only 13.6 per cent until the end of October. It means banks will have to accelerate in the last two months of the year to meet the target, according to Hieu.

In the inter-bank market, liquidity in the banking system also reduced over the past few weeks, pushing the inter-bank rate to a four-month high.

A report on the currency market by SSI Retail Research showed that inter-bank interest rates have maintained an upward trend for a month with a strong increase.

In the past week, the rate increased significantly by 20-34 basis points for all terms. Specifically, overnight rates increased by 26 basis points to 1.3 per cent, exceeding the 1 per cent threshold for the first time after four months.

According to SSI’s analysts, similar to the same period in 2016, these developments are not surprising because liquidity demand will continue to rise as the peak season at the end of the year is approaching.

On the Open Market Operation, the central bank last week issued bills worth VND1.9 trillion (US$83.7 million) against VND11 trillion in the previous week, while the maturity value was VND12.2 trillion.

Vietbank unveils VNĐ7.2b Tet promotion     

Vietnam Thuong Tin Commercial Joint Stock Bank (Vietbank) has launched a promotion for Tet (Lunar New Year holidays) next February with nearly 24,000 gifts worth a total of VND7.2 billion (US$317,180) on offer to individual depositors.

People depositing at least VND30 million from now until February 10 will receive gifts like tableware, tea sets, porcelain sets, a set of two crystal glasses, and other gifts under the “Phuc Loc sum vay” promotion programme.

Then they will go into a lucky draw at the end of the programme for a grand prize of 10 taels of gold, two first prizes of one tael of gold each, five second prizes of 0.2 tael of gold, and 30 third prizes of 0.1 tael.

There are also three lucky prizes of an iPhone X for one customer in each of the country’s three regions. 

Petrol price stabilisation fund balance surges to VND5.22 trillion     

The balance of the petrol price stabilisation fund surged to more than VND5.22 trillion (some US$ 230 million) at the end of the third quarter of 2017, the Ministry of Finance reported on Monday.

Of the total, the balance of the fund at Viet Nam National Petroleum Group (Petrolimex) was the highest with VND3.1 trillion. It was followed by PetroVitenam Oil Corporation (PV Oil) with VND457.6 billion, Military Petroleum Corporation (MIPECORP) with VND381.6 billion and One-Member Limited Liability Oil and Gas Company of HCM City with VND352.7 billion.

However, there were five out of 27 petrol traders reporting negative fund balances. The highest negative fund balance was at Nam Viet Petro Refinery and Chemicals Company with over VND24.6 billion.

The fund used VND1.47 trillion to stabilise petrol retail prices in the third quarter of the year.

According to the ministry’s data, the fund’s balance has experienced significant growth since the beginning of this year. The amount was more than VND2.4 billion in the first quarter and VND3.97 trillion by the end of the second quarter, owing to the contribution made by petrol businesses. It jumped to over VND5.22 trillion in the third quarter. 

Hung Yen orange receives collective brand recognition

Quang Chau orange in the northern province of Hung Yen was declared a collective trademark on November 21 by the National Office of Intellectual Properly under the Ministry of Science and Technology.

Over the years, Quang Chau orange plants have been planted on a large-scale and are ten times as lucrative as rice, said Nguyen Van Biet, Director of Quang Chau orange cooperative.

According to Le Thi Tham, Deputy Director of the provincial Department of Science and Technology, a project on developing Quang Chau orange brand in Hung Yen city has been run for a year. This move expanded consumptions markets and developed a set of criteria for brand recognition and made designs for the brand.

The project aims to protect the rights of orange farmers to use the brand and to establish a brand management model to enhance the economic value of certified products.

Nguyen Van Oanh, a local economic official, said the city has more than 144 hectares of orange, mostly in Quang Chau, Lam Son, Tan Hung, Hoang Hanh communes.

Nearly 36 hectares in Quang Chau and Hoang Hanh are grown in line with VietGAP standards, producing nearly 500 tonnes of oranges this year.

Nguyen Tuan Cuong, Chairman of the Hung Yen City People’s Committee said orange plants in Hien City produce more than 1,500 tonnes per year, worth over 40 billion VND, making them a key product in the city’s agriculture restructuring.

Areas have been zoned off in Quang Chau, Tan Hung, Lam Son, Hoang Hanh, Phu Cuong and Hung Cuong communes for planting oranges in line with VietGAP standards, Cuong said.

He urged local orange farmers to connect with each other to develop large-scale orange areas to ensure product quality.

Ford sees rising number of vehicle sales despite new tax policy

Ford Vietnam saw an increase in October retail sales from the previous month to nearly 2,300 vehicles amid a slowdown in industry sales as customers delay purchases ahead of the new tax policy slated for January.

Led by the Ranger, Transit, and EcoSport, the company’s year-to-date sales have risen slightly versus last year to more than 23,600 vehicles, representing a market share of 10.4 percent.

“Our sales remained steady in October as the overall demand continued to slow ahead of the new tax policy’s implementation,” said Pham Van Dung, managing director for Ford Vietnam.

The Ranger model delivered an exceptional month with retail sales rising 13 percent from the previous month to 1,425 vehicles. It continues to lead Vietnam’s pickup segment with year-to-date sales that have increased 7 percent to 12,159 vehicles.

The popular Transit reached October sales of 360 vehicles and year-to-date sales of 4,929 vehicles.

Both the EcoSport compact SUV and Explorer premium SUV continued to lead their respective segments.

The EcoSport delivered October sales that rose 5 percent from the previous month to 280 vehicles, driving its year-to-date sales up to 3,205 vehicles. The Explorer recorded sales of 75 vehicles in October with year-to-date sales reaching 981 vehicles.

Year-to-date sales of the sporty Focus increased 21 percent to 874 vehicles, including October sales of 74 vehicles.

PVD sees opportunities from improved crude oil prices

PetroVietnam Drilling and Well Services Corporation (PV Drilling) under the Vietnam Oil and Gas Group (PVN) has seen robust signs in its business activities when prices of crude oil improve and the oil drilling market becomes warmer.

After the successful operation of its Drilling Rig 1 for Total E&P Myanmar, PVD has won contracts to provide offshore drilling rigs and related technical services in regional markets, including Malaysia, Indonesia, Myanmar and Thailand.

Meanwhile, the domestic drilling market also opens up opportunities for PVD as the PetroVietnam is carrying out large oil exploration and drilling projects like Ca Rong Do (Red Emperor), Ca Voi Xanh (Blue Whale) and Block B-O Mon. Those projects are said to have the largest gas potential in Vietnam.

Sao Vang-Dai Nguyet and other gas fields are being developed in parallel with the second phase of Su Tu Trang (White Lion) project to ensure sufficient gas supply for Nam Con Son 2 pipeline project’s second phase, an important project of PetroVietnam in the coming time.

PVD’s post-tax profit was 25 billion VND (1.1 million USD) in the third quarter of this year, 2.5 times higher than the same period in 2016. Particularly, the company still maintained quality services for its customers with sound performance and achievement of zero Lost Time Injury (zero LTI) for many years.

PVD Vice President Do Danh Rang said that in a bid to improve competitiveness in the drilling market, the company is focusing on restructuring and enhancing financial management to reduce costs during production, particularly cutting operation costs of its oil rigs.

US benchmark West Texas Intermediate (WTI) crude is being traded at 45.7 USD a barrel, up 28 percent from June. Price of London-traded Brent crude surges 35.7 percent to surpass 64 USD a barrel.

Together with the recovery of oil prices, the drilling market also enjoys upbeat signs. According to a latest report from ODS-Petrodata, a market intelligence company specialised in the upstream offshore oil and gas industry, demand for jack-up rigs in 2018 is forecast at 34, as compared to 27 in the end of 2016.

German businesses seek investment opportunities in Dong Nai

German companies, with experience in engineering and environmental treatment, want to cooperate with the southern province of Dong Nai to build waste treatment systems.

The information was heard at a working session between Dong Nai province’s leaders and a delegation of German enterprises on November 21.

According to Tran Van Vinh, Vice Chairman of the provincial People’s Committee, Dong Nai is a densely-populated locality with strong industrial development so it has prioritized investments in waste and wastewater treatment.

He said the province is currently home to 35 industrial zones and some 1,300 foreign direct investment businesses, including those from Germany and other EU countries, are investing in the locality with total registered capital of over 30 billion USD.

In the past years, Dong Nai has paid due attention to renovating administrative procedures to facilitate locals and enterprises as well, Vinh said, adding that the province pledged to create favourable conditions so that foreign companies can enjoy sound business in the province.

According to representatives from German companies, besides cooperation in the environment, they are fostering collaboration with Vietnamese partners and Dong Nai young business association to promote trade and investment, aiming to popularise products and strengths of each side.

Bac Ninh ranks second nationwide in export value

The northern province of Bac Ninh has earned 29.85 billion USD from exports so far this year, ranking second nationwide in export revenue, following Ho Chi Minh City. 

With that figure, Bac Ninh contributed 14.9 percent to the country’s total export value. 

According to Nghiem Dinh Thuan, head of the provincial Statistics Office, Bac Ninh’s export revenue mainly came from the foreign direct investment (FDI) sector, with the most noteworthy Canon, Microsoft, Foxconn, Samsung Electronics Vietnam and Samsung Display Vietnam. 

In February 2017, the Prime Minister gave a nod to an expansion project of Samsung Display Vietnam, raising the company’s accumulated investment in Vietnam to 6.5 billion USD. 

Bac Ninh’s export value is expected to hit 30 billion USD in 2017.

EU-Vietnam FTA needs to balance interests: Deputy PM

The EU-Vietnam Free Trade Agreement (EVFTA) needs to balance both sides’ interests and respects the articles that they have agreed on, Deputy Prime Minister Vuong Dinh Hue told Ambassador Bruno Angelet, head of the EU Delegation to Vietnam.

At a working session in Hanoi on November 21, Hue affirmed that the EVFTA is important to both Vietnam and the EU, asking the two sides to coordinate to speed up the signing and ratification of the trade pact in the first half of 2018.

The revision of economic cooperation contents should only relate to issues about the EU-Vietnam Framework Agreement on Comprehensive Partnership and Cooperation (PCA), other fields such as human rights should not be added, he noted.

He emphasised Vietnam’s policy of coordinating with the international community to better protect human rights on the basis of respect to historical and cultural differences and straightforward dialogue to narrow differences.

The Deputy PM also expressed his regret at the EU’s issuance of a “yellow card” which warns Vietnam for illegal, unreported and unregulated (IUU) fishing. He noted that this issuance resulted in a more complicated environment amid the two sides’ enhancement of trade and investment cooperation.

Vietnam appreciates the EU’s warning, which aims to help the country tackle IUU fishing, he said, adding that its agencies have been taking synchronous solutions to solve, prevent and minimise IUU fishing.

Hue voiced his hope that the EU will soon remove the “yellow card” so as not to worry Vietnamese fishermen or affect the EVFTA signing.

Ambassador Angelet said the EU will work closely with Vietnam to carry out necessary solutions in order to soon remove the “yellow card” for Vietnam’s fishery products.

He also highly valued the Vietnamese Government’s activeness in directing ministries and sectors under the Vietnam-EU Joint Committee to take necessary steps to implement the EVFTA in 2018.

The PCA is important to accelerating the EVFTA signing and ratification, he noted, adding that to implement the PCA, a Vietnam-EU human rights dialogue will be held next week, and this dialogue will help deepen mutual understanding and strengthen bilateral relations in the time ahead.

Int’l conference, exhibition on automation to open in HCM City

The fourth International Conference and Exhibition on Automation and Industrial Equipment (VAAC 2017) will take place at the Saigon Exhibition and Convention Centre, HCM City from November 29 to December 2.

The exhibition will be hosted by the Vietnam Automation Association (VAA) under the support of the HCM City University of Technology to provide a platform for connecting policy-makers, scientists and enterprises from Vietnam and overseas.

The event will feature a series of conferences, exhibitions and business forums focusing on issues of common concern such as smart city, smart transportation, and automation in agriculture and forestry.

The VAAC Conference will highlight control and automation towards the fourth industrial revolution (Industry 4.0) with the presentation of 115 scientific studies in cybernetics, automation, and others.

The VAAC Forum will host seminars and discussions on automation, renewable energy, smart city, startup innovation, mechanics, chemical and printing technology.

About 500 booths run by 310 exhibitors from 15 countries and territories will showcase latest products and advanced technologies in automation and chemical, in line with machines and equipment; industrial products and materials.

Canada holds promise for VN farms     

Although Canada is a major producer of seafood, it still imports a variety of sea products from Viet Nam, especially black tiger shrimps.

According to Viet Nam’s General Department of Customs, last year, Viet Nam’s seafood export turnover to Canada reached more than US$183 million. This was the highest figure for agricultural products exported to the Canadian market.

In the first 10 months of this year, seafood exports to Canada have leapt significantly. Turnover so far is more than $186 million.

Nguyen Nhu Tiep, director of the National Agro-Forestry Fisheries Quality Assurance Department (NAFIQAD), said Canada had one of the strictest import regulations for farm products, especially seafood.

However, as it is a high value market, learning to comply with the system gives Viet Nam an advantage when selling to other countries.

In terms of seafood, Tiep said Vietnamese shrimp products had the biggest sales opportunity in Canada because demand was quite large.

The standard of many shrimp raising and processing enterprises in Viet Nam now meets the requirements of Canada. However, the same is not true for farming in general.

In particular, Canada has shifted to management from the bottom up. Therefore, not only processing enterprises must be inspected, but also raw material areas must be assessed by Canadian authorities visiting Viet Nam to approve export licences.

To promote Viet Nam shrimp exports, Canada recently backed a $15 million technical assistance project to help businesses and farmers control food safety.

Nguyen Duc Hoa, Vietnamese Ambassador to Canada, said Canada is a country with favorable natural conditions for agriculture and the world’s leading agricultural technology. Therefore, there is optimism that Vietnamese businesses will soon be allowed to directly invest in Canada’s agricultural production.

At present, a number of Vietnamese enterprises are visiting Canada to lease agricultural land. In addition, Canadian firms are interested in Viet Nam’s agriculture, including its adaptation to climate change.

The biggest problem with the Canadian market is that information and two-way understanding between Vietnamese and Canadian companies is still limited, according to Hoa.

Hoa suggested the Ministry of Agriculture and Rural Development should organise trips for delegations from Viet Nam to meet Canadian enterprises to seek specific co-operation opportunities. 

Ha Nam province welcomes Japanese valve manufacturers

The northern province of Ha Nam welcomes and creates all possible conditions for members of the Shiga prefectural valve manufacturers’ association to open factories in the locality.

The assertion was made by Vice Chairman of the provincial People’s Committee Vu Dai Thang at a working session with the Japanese association in Ha Nam on November 17.

He introduced his guests to the local potential and strength in economic development and investment attraction policies, saying that Ha Nam has trade advantages with neigbouring provinces, synchronous infrastructure and big incentives.

Investors will be provided with the most favourable conditions such as electricity, water, recruitment support, security and order guarantee, he affirmed.

The province prioritises drawing investment in the hi-tech industry and support industry, he said, adding that the Dong Van 3 support industrial park has favourable location and good infrastructure.

Head of the Japanese delegation Nakagawa Satoshi said the association has over 30 members specialising in valve production to serve the water and gas transmission. They have opened factories in China, Malaysia, and the Philippines.

Many are interested in opening factories in Vietnam, he said, adding that the association wants to study the situation in Ha Nam to map out appropriate investment orientations in the near future.

The delegation later visited the Ha Nam Clean Water Joint Stock Company.

Insurance market maintains stable growth rate

The insurance market continued to maintain stable growth rate in the first 10 months of the year, according to the Ministry of Finance (MoF).

The ministry said total insurance payment in the period reached more than VNĐ23.9 trillion (US$1.05 billion), of which total insurance payment from non-life insurance companies was estimated at VNĐ12.06 trillion.

Insurance companies have ensured payment to buyers, it added.

MoF’s report also revealed that the total premium collected by insurance firms in the market in the January-October period surged by 20 per cent to VNĐ84.2 trillion.

During this period, insurance companies invested VNĐ236.1 trillion in the economy, a rise of 21.8 per cent compared with the corresponding period in 2016.

Of the total sum, revenue from life insurance premiums was VNĐ199.8 trillion and from non-life insurance premiums was VNĐ36.3 trillion, increasing 32 per cent and 9 per cent respectively from the same period last year.

The ministry said management and supervision in the market have been strengthened to improve transparency of insurance companies’ operations.

In the near future, the ministry will continue to complete policies and mechanisms for the insurance industry. In addition, it will complete a draft decree on compulsory insurance for fire and explosion to replace Decree No 130/2006/NĐ-CP and a draft decree on penalties on violations of insurance operation.

The MoF will also encourage insurance companies to diversify insurance products.

The life insurance targeted a total premium revenue of VNĐ62.3 trillion this year, increasing 23.4 per cent while the non-life insurance targeted VNĐ40 trillion total premium or 9.4 per cent increase from last year. 

Bình Thuận tourism and trade fair kicks off

The tourism and trade fair 2017 in the southern province of Bình Thuận opened on Saturday, serving the needs of people visiting and shopping in the province.

The fair has attracted nearly 400 booths from 180 domestic enterprises, displaying products such as food, processed food, garments and jewellery, as well as cosmetics, footwear, home appliances and electronics, in addition to agricultural machinery, pets and interior decoration.

The exhibition also has a variety of booths, introducing typical products of the region such as Phan Thiết fish sauce, Đắk Lắk coffee, Sóc Trăng “pía” cake, Lý Sơn garlic and Đà Lạt jam cake.

The Bình Thuận tourism and trade fair 2017 is an opportunity for businesses to introduce new products, transfer new scientific and technological advances to people and to help build and develop Việt Nam’s brands.

In addition, enterprises have the chance to find partners for cooperation in order to expand their production and market.

Besides booths for showcasing and selling products, the fair also has amusement parks, food and cultural exchange programmes, creating a sightseeing and shopping destination for consumers as well as tourists.

The fair will end on November 26.

Phone exports create October trade surplus record

Vietnam obtained the highest ever trade surplus of US$2.18 billion in October, nearly double the value in September, thanks to high phone export turnover, according to General Department of Vietnam Custom. 

While machines and equipment, usually posting the largest import value in previous months, continuously reduced from $3.45 billion in May to $2.53 billion in October.

That has contributed to the October trade surplus increasing the value during the first ten months this year. Of these, foreign direct investment sector gained the trade surplus of $17.8 billion while domestic sector posted the trade deficit of $15.3 billion.

Hanoi's budget revenue rises 15.8% against 2016

Hanoi has posted a total budget revenue of nearly VND208 trillion (US$9.15 billion) since the beginning of this year, equivalent to 101.4% of the year's estimate and up 15.8% over the same period in 2016.

The statistics were announced at a meeting of the municipal Party Committee, held on November 19, in the presence of Secretary of Hanoi municipal Party Committee Hoang Trung Hai.

The city's economy was reported to grow steadily at 7.3%, with the poverty rate being reduced to just 1.71% in 2017. Hanoi also continued to take the lead in a number of areas such as education, healthcare, social welfare and sports in 2017.

In 2018, the city will strive to improve its investment and business environment, enhance its competitiveness capacity and promote start-ups in order to achieve the target of having 50,000 newly-established enterprises.

The city's gross regional domestic product (GRDP) is projected to grow by 7.3-7.8% in 2018, while the total investment capital for development purposes is expected to increase by 10.5-11% and export revenues are hoped to expand by 7.5-8% in 2018.

Secretary Hoang Trung Hai emphasised that the targets set for 2018 are highly challenging, requiring the joint efforts of all of the relevant sectors and agencies to fulfil these targets.

He also asked for further reform in the administrative procedures and apparatus organisation and the synchronous implementation of the code of conduct at public places and at State agencies.

The Head of the municipal Party Committee also called for the settlement of complaints and denunciations, as well as the fight for red tape and corruption in sensitive areas such as land, construction, and the management of State capital and property, among others.

Administrative reforms to better serve people, businesses

Developing public administrative centers is part of Vietnam’s administrative reforms. Modern and friendly centers of this kind in Quang Ninh have created breakthroughs in streamlining administrative procedures.

Le Thi Nga of Cam Trung ward came to the Public Administrative Center of Cam Pha City, Quang Ninh province, to receive her certificate of land use rights and house ownership.

“I thought the procedures for transferring land use rights would be complicated and might take 1 to 2 months to complete, but it took me only 15 days. I’m very satisfied,” Nga said.

The well-equipped center began operating in early 2014. Each month it handles more than 350 administrative procedures including public security, social insurance, and taxes.

Doan Ngoc Quang, the center’s Director said, “All procedures are handled at the center and processed documents are returned at the reception counter. It’s different from the previous one-stop model.  Applying IT has shortened the time. We have developed a process that specifies which unit is responsible for each step and the time each step should take. In the first 9 months of this year, 99.6% of all procedures were completed on time or ahead of time.”

Quang Ninh now has 14 district public administrative centers. The model was expanded based on the success of the provincial public administrative center, which was first piloted in 2014.

The public administrative center is like a miniature administration involving all of the province’s departments and sectors, as well as branches of central agencies, in handling more than 100 administrative procedures.

Following a principle of on-the-spot assessment and settlement, each unit must have a head or a deputy head or and an authorized specialist on duty.

Nguyen Mai Ly who lives in Uong Bi City and wants to set up a business, said  “In the past, we must go to different agencies and departments to complete documents to set up a business. Since the center opened, every procedure has been simplified. All you need to do now is submit all the required documents to the center. After several days, you will get the result.”

The Quang Ninh provincial Public Administrative Center has halved the time needed to handle administrative procedures. In the first nine months of 2017, almost every document was processed on time or ahead of time. 95% of individuals and businesses who have used the Center have said they were satisfied by its service quality.

US organisation helps Quang Tri boost pepper production

Authorities of the central province of Quang Tri met with representatives of US organisation Roots of Peace, pledging optimal conditions for it to help develop local agriculture, especially pepper production, according to Tai nguyen & Moi truong (Natural Resources & Environment) newspaper.

Roots of Peace has assisted more than 2,100 households in Vinh Linh, Cam Lo, Gio Linh and Huong Hoa districts to take part in 63 pepper cultivation clubs.

It has worked with the Mines Advisory Group (MAG) and Peace Tree organisation to clear unexploded ordnances from more than 45ha of land for more than 520 households to cultivate pepper. The organisation has also worked with the Korea International Cooperation Agency to mobilise 50,000 USD to help some 200 households in Cam Lo district farm pepper.

At the meeting on November 16, founder and CEO of Roots of Peace Heidi Kuhn appreciated Quang Tri authorities and people’s support to her organisation. She said she wants to make the province’s Tieu Cua (Cua pepper) known across the world as it is the best pepper she has ever tasted.

This could also be a symbol of peace as the pepper is produced in a formerly war-torn province, Kuhn added.

Chairman of the provincial People’s Committee Nguyen Duc Chinh lauded Roots of Peace’s activities in Quang Tri over the last years, helping the province reduce poverty and develop. The organisation has helped Quang Tri’s pepper be exported to the US and other countries, an encouraging sign for local agricultural brands.

The Quang Tri People’s Committee pledges to create the best possible conditions for Roots of Peace to partner with local companies to develop agricultural activities and clear unexploded ordnances, he noted.

US state promotes investment in Vietnam

A high-level trade mission from the US state of Idaho recently visited Ho Chi Minh City to promote trade and investment activities in Vietnam and the southern economic hub in particular.

This is the third working visit of the state to Vietnam over the last nine years, according to Cong Thuong (Industry & Trade) newspaper.

Speaker of the Idaho House of Representatives Scott Bedke said the mission includes 15 businesses operating in cultivation, dairy production, and breeding. He added that the US firms see huge cooperation opportunities in Vietnam.

Idaho has strengths in agricultural and food production, hi-tech industries, and semi-conductor industry. In 2016, Idaho exported 11.35 million USD worth of goods to Vietnam, up 55 percent year-on-year.

Director at Idaho Department of Commerce Megan Ronk said many businesses from the state have upwards of 10-year-old working relationships in Vietnam. 

She said that Idaho is the biggest dairy producer in the US with 25,000 farms.

In the last two years, Vietnamese dairy companies and farms have imported more than 8,000 milk cows from the US’s western states, including Idaho. Therefore, Idaho wants to seek more cooperation opportunities and share development experience with Vietnamese businesses.

The state’s government is also accelerating activities to draw foreign direct investment from Vietnam, she said.

She noted that projects worth 500,000 USD or more and generating jobs for at least 10 workers are eligible to enjoy the state’s incentives.

Binh Phuoc approves Indian-invested solar power project

The southern province of Binh Phuoc announced on November 17 that it has approved an investment plan for a 54 million USD solar power plant project funded by Indian Tata Power Company.

The 49 megawatt plant will span 55 hectares in Loc Tan commune, Loc Ninh district.

Shenbagam Manthiram, Chief Representative Officer of Tata Power Company in Vietnam, said that the locality has good conditions for the company to carry out the project, including many sunny hours, convenient transport links and national grid connections.

Tata Power is asking the province to facilitate the project so that it can complete it before June, 2019, he added.

Lauding the project, Chairman of the provincial People’s Committee Nguyen Van Tram said he has asked local Department of Industry and Trade and relevant agencies to support the company with legal assistance so all necessary procedures can be finalised as soon as possible.

He noted that the province will convert more than 20,000 hectares of forest land and rubber cultivation areas with low economic efficiency into land for solar power development in Loc Ninh district.

This will be made in tandem with branching out land funds to attract hi-tech agriculture development, Tram stressed, adding that the province is prioritising investment in renewable power and clean power.