Gov’t cuts inspections on some imports

Prime Minister Nguyen Xuan Phuc has issued a decision repealing a list of 114 products and goods subject to pre-import quality inspection, cutting inspections on these products from two times to one.

The list was issued by then-PM Nguyen Tan Dung on March 7, 2006.

The repeal will take effect from October 5, 2017, aiming to reduce customs clearance time spent on these 114 products, which currently undergo two inspections, before and after they are officially imported.

This move is expected to aid businesses as well as consumers. The listed products will now only be inspected once they’ve already been imported.

The goods, which will no longer receive pre-import quality inspections, include medical equipment and facilities, vaccines, aquaculture feed, instant seafood products, pesticides, fertilisers, veterinary drugs and raw materials for veterinary medicine and animal feed.

The list also contains protective helmets for motorcyclists, children’s helmets, kettles, irons, electric cookers, electric ovens, electric pans, electric grills and toys for children under 36 months of age.

Some types of explosive products, explosion-proof equipment used in mining, cranes, construction machines for traffic works, tractors, some types of cement products, reinforced concrete beams, industrial safety helmets, insulated gloves, elevators and escalators will also no longer be inspected twice.

Vietnamese firm starts building fish trawler for Canada

Ha Long Shipbuilding Co., Ltd held a keel-laying ceremony on August 31 to mark the start of the construction of a fishing trawler for Hill Enterprises from Canada.

The ship for offshore fishing will be 29m in length, 10m wide and 5m high, following Canada’s and international fishing vessel safety regulations.

It will have special equipment for locating fish and a cold cellar for fish storage.

It will be the first fishing vessel Ha Long Shipbuilding Company builds for a Canadian partner. 

August retail sales in huge surge

Vietnam’s total revenue from retail sales and services reached 2.58 quadrillion VND (114.7 billion USD) in the first eight months of this year, a year on year increase of 10.3 percent, reported the General Statistics Office (GSO).

The figure amounted to an 8.9 percent increase, excluding the price factor, the highest rise recorded since the beginning of this year, said GSO domestic trade expert Vu Manh Ha, adding that the figure was also higher than 8.5 percent growth of the same period last year.

Ha attributed the growth in purchasing power to surges in demand for accommodation and catering services after high school graduation and university examinations as well in essential goods for the new school year which starts in September.

Recovery in revenue from accommodation and catering services in four central provinces – Ha Tinh, Quang Binh, Quang Tri and Thua Thien-Hue - after last year’s environmental disaster caused by Formosa also contributed to the retail sales increase, he said. 

From January to August, revenue of retail sales reached 1.93 quadrillion VND (86.1 billion USD), accounting for three quarters of total revenue, a yearly rise of 10.3 percent. Sectors posting significant growth included textile and garments, up 14 percent; equipment and home appliances, up 11.6 percent; food and foodstuff, up 10.6 percent; and transportation, up 7.6 percent.

Revenue from accommodation and catering services stood at 318 trillion VND (14.1 billion USD), an increase of 11.3 percent against the figure in the same period last year.

Meanwhile, the tourism sector experienced a revenue increase of 11 percent year-on-year in the first eight months to 23.1 trillion VND (1.26 billion USD), with several localities witnessing significant growth, such as the northern province of Bac Giang with 25.1 percent; the central province of Khanh Hoa (23 percent); HCM City (12.2 percent) and the southern province of Ba Ria – Vung Tau (12 percent).

The Association of Vietnam Retailers has forecast that the country’s retail turnover will rise to 179 billion USD by 2020.

Vietnam-Australia trade rises 4.7 percent each year: MoIT

Six years after implementing the ASEAN-Australia-New Zealand Free Trade Area, trade between Vietnam and Australia has increased 4.7 percent each year on average, according to the Ministry of Industry and Trade (MoIT).

Last year, trade between the two countries reached 5.26 billion USD, up 6.5 percent from 2015, with Vietnam’s trade surplus sitting at 480 million USD.

During a conference held by the Department of Asian Market on August 31, the MoIT said that Australia has high demand for goods from Asia-Pacific and has become an important market for Vietnam.

Popular Vietnamese exports to Australia include aquatic products, consumer goods, apparel, footwear and wooden products due to preferential tax deals in the ASEAN-Australia-New Zealand Free Trade Area, added the ministry.

HCM City calls for foreign investments

Ho Chi Minh City authorities, on August 31, held a meeting with foreign consuls general in the city to discuss orientations to develop the southern metropolis and joint works to increase foreign capital.

Speaking at the function, Chairman of the municipal People’s Committee Nguyen Thanh Phong stated HCM City is committed to improving the local business climate to welcome long-term operations of foreign investors.

Phong said the city wants to learn from experience of cities around the world in terms of growth and living quality, asking participating consuls general to share initiatives and collaboration to help tackle the municipal development challenges.

HCM City leaders presented the hub’s master planning for growth by 2020 and nine major projects as well as its progress of becoming a smart city.

They expected the consuls general to become bridges connecting potential foreign investors to the city’s projects.

Singaporean Consul-General Leow Siu Liu acknowledged the city’s efforts to ensure strong development and boost people’s living standards.

Expressing her delight at the local development planning and seven breakthrough programmes for 2016-2020, she stressed the consuls general will inform business associations and firms at home on investment opportunities in the city.

At the meeting, the authorities also fielded questions by the diplomats.

In the first half of 2017, the municipal Gross Regional Domestic Product grew 7.76 percent, up 7.47 percent from the same period last year. As of August, the city recorded 22.8 billion USD in export revenue, an annual increase of 13.6 percent, and 650 new and extended FDI projects totalling 1.4 billion USD.

Hau Giang seeks capital for key investment projects

The southern province of Hau Giang will organise an investment promotion conference in the middle of September to attract investment capital for its key projects.

The information has been revealed by Truong Canh Tuyen, vice chairman of the provincial People’s Committee.

The key sectors that need investment include the infrastructure in industrial zones and complexes, the wholesale markets for farm produce, the processing and preserving systems for farm produce, the high-tech agriculture zones, and tourism.

The province leader said that the conference and the related activities, such as the trade fair, would draw the participation of some 300 investors.

On this occasion, the province will grant investment certificates to the investors, as well as sign memoranda of understanding with enterprises, Huynh Thanh Hoang, said deputy director of the provincial Department of Industry and Trade.

Currently, there are 4,200 enterprises with a total registered capital of 45 trillion VND (2 billion USD) in Hau Giang. The province has so far attracted 40 foreign and domestic investors, who have poured capital worth 760 million USD and 66.4 trillion VND, respectively, in the local industrial zones and complexes.

PV Drilling secures 6 million USD deal with KrisEnergy

The PetroVietnam Drilling & Well Service Corporation (PV Drilling) has signed a contract worth over 6 million USD to offer jack-up drilling services to Singapore-based KrisEnergy.

Accordingly, the PV Drilling I jack-up rig will be used for the exploration of six fixed and two optional wells in the Gulf of Thailand’s block G10/48, where KrisEnergy holds an effective 89% working interest in and is the operator.

The work is scheduled to start in October 2017.

The contract is the second drilling deal that PV Drilling has secured this year with foreign partners.

Previously, it served Total E&P Myanmar’s 164-day drilling campaign in blocks M5 and M6 of Myanmar's sea.

Military Bank, VPBank to augment charter capital

The State Bank of Vietnam recently approved proposals to raise charter capital at the Military Commercial Joint Stock Bank (MB) and the Vietnam Prosperity Joint Stock Commercial Bank (VPBank).

The MB plans to augment its charter capital from nearly 17.13 trillion VND (753.72 million USD) to 18.15 trillion VND (798.6 million USD).

Meanwhile, VPBank aims to boost its charter capital from nearly 14.06 trillion VND (618.64 million USD) to 15.7 trillion VND (690.8 million USD).

The increases were agreed by MB and VPBank shareholders at their annual meetings last April.

The central bank requested MB and VPBank raise charter capital in line with legal regulations, including those on share ownership limits for shareholders.

Nearly 102,000 labourers register in August

A total of 101,700 labourers were registered at newly-established businesses in August, up 8.8 percent year-on-year, according to the General Statistics Office.

The number of workers at industrial firms also increased by 4.3 percent in August compared with the same period last year.

The number of labourers at State-owned enterprises fell by 4 percent while the figure at non-State enterprises rose by 0.9 percent and at foreign direct investment (FDI) firms, up 7.6 percent.

Last month, there were 12,404 newly-established enterprises with total registered capital at 131.4 trillion VND (5.78 billion USD), up 6.2 percent in volume and 39 percent in capital against the previous month.

Hà Nội enjoys steady growth in all key sectors

Hà Nội’s economy has expanded since the beginning of this year with steady growth recorded in all key sectors of industry, trade, tourism and services and agriculture, reported the municipal People’s Committee.

The city’s industrial production index grew 6.5 per cent in the first eight months of 2017, of which the mining industry rose 7.1 per cent. The manufacturing and processing sector expanded 6.6 per cent while electricity production and distribution registered a 6.1 per cent increase. The water supply and waste treatment sector saw growth of 3.1 per cent.

During the January-August period, Hà Nội’s export turnover enjoyed a year-on-year increase of 8.5 per cent to $7.6 billion.

Since the beginning of the year, Hà Nội has welcomed more than 2.3 million foreign visitors, up 22.7 per cent year-on-year.

The number of newly-established business in Hà Nội rose by 14 per cent to 16,714 in the first eight months of 2017, with combined registered capital of approximately VNĐ130 trillion, up 4 per cent year on year. Statistics showed that over 223,900 enterprises are operating in the capital city. In the reviewed period, some 93,000 business registration applications were submitted online.

The municipal administration has provided free consultancy for nearly 50,000 firms and individuals, both in and outside the country, who are doing business in the city. 

The city welcomed 114 non-budget investment projects, worth VNĐ71 trillion; 22 Public-Private Partnership (PPP) projects with a total investment of VNĐ60 trillion; and $1.74 billion in foreign direct investment (FDI) projects. So far, Hà Nội has had 128 PPP projects with a combined investment of VNĐ333 trillion, of which eight projects have been completed and 120 others are underway or preparing procedures.

Chairman of the municipal People’s Committee Nguyễn Đức Chung emphasised that attracting investment is a very important task for the city though many challenges remain. Hà Nội has taken a wide range of measures to create favourable conditions for investors by stepping up the application of information technology and holding dialogues with businesses to remove difficulties they face, he added.

In the remaining months, Hà Nội will focus on stimulating consumption, exchanging goods with other localities, and promoting exports while managing the domestic market and developing tourism products.

The city will approve a planning scheme for developing industrial clusters by 2020 with a vision to 2030 while calling on more investors to build local industrial parks. It will take measures to remove difficulties in terms of procedures for investors and pay attention to big domestic and foreign-invested projects so that they could be licensed in 2017.

Military Bank, VPBank to augment charter capital

The State Bank of Vietnam recently approved proposals to raise charter capital at the Military Commercial Joint Stock Bank (MB) and the Vietnam Prosperity Joint Stock Commercial Bank (VPBank).

The MB plans to augment its charter capital from nearly 17.13 trillion VND (753.72 million USD) to 18.15 trillion VND (798.6 million USD).

Meanwhile, VPBank aims to boost its charter capital from nearly 14.06 trillion VND (618.64 million USD) to 15.7 trillion VND (690.8 million USD).

The increases were agreed by MB and VPBank shareholders at their annual meetings last April.

The central bank requested MB and VPBank raise charter capital in line with legal regulations, including those on share ownership limits for shareholders.

Gov’t urges focus on transport
     
Deputy Prime Minister Trinh Dinh Dung has asked ministries, localities and relevant agencies to address stumbling blocks facing key transport projects in order to accelerate their progress.

Dung said some transport projects have been slowed down due to difficulties in land clearance, slow procedure completion, or inappropriate investment allocation. The delayed projects include Tan Vu-Lach Huyen road, Da Nang-Quang Ngai expressway, Ca Pass tunnel, and the HCM highway running through Central Highlands.

The Deputy Prime Minister asked the transport ministry, relevant sectors, and localities to review the documents and procedures of these projects as well as clarify authority for their completion to the National Assembly, Government, Prime Minister, sectors and localities.

Difficulties which are slowing down the projects must be reported to authorized agencies.

During the project implementation, land clearance, compensation and resettlement must be put in focus. Sectors must also step up supervision to improve projects’ quality and efficiency and reduce waste, he said.

He ordered the transport ministry to ask investors and project management boards to work closely with local authorities in project implementation, especially land clearance, and to continue to collaborate with construction ministry to control project costs.

He urged early procedure completion for key projects such as North-South expressway in the east, expansion of Tan Son Nhat Aiport and Long Thanh Aiport.

People’s committees of central-level cities have been ordered to stabilise supply and costs of materials to meet construction progress.

The Ministry of Natural Resources and Environment is in charge of reviewing mines of construction materials to ensure their reserves. 

Vinatex visits Armenia
     
After a new trade deal, a Vietnamese company is hoping to add a new country to their roster of important trading partners: Armenia.

A delegation of the Viet Nam National Textile and Garment Group (Vinatex) has recently made a fact-finding trip to Armenia to seek partners for production projects. Viet Nam is the first country to sign a free trade agreement with the Eurasian Economic Union (EAEU) that includes Armenia.

Vinatex general director Le Tien Truong said that during their stay, the group’s representatives held working sessions with a deputy foreign minister, the minister of economic development and investment, and some major businesses in Yerevan, the capital city of Armenia.

He said Vinatex will consider establishing production and business cooperation with big companies in Armenia that already have distribution networks in Russia and the EU. In the initial stage, Vinatex will mainly contribute machinery and production administration.

At the meetings, the Armenian Government expressed its desire to cooperate with major firms with much experience in production management like Vinatex, so as to revive the local garment industry and boost exports.

It also promised to encourage investment, create favourable conditions for foreign investors, and provide special mechanisms for Vietnamese investors through cooperation policies, multilateral and bilateral cooperation agreements, and granting of work visas, Truong added.

According to Vinatex, 94 businesses are operating in the textiles and garment industry of Armenia. The country exported US$50 million and imported $170 million worth of textile and garment products in 2014.

Despite their small scale, Armenian firms have experience in working with big fashion brands of Italy and Germany such as La Perla, Moncler, Armani and Porsche. 

New kinds of mooncakes ready
     
A new full-moon season starts in one month and confectioneries nationwide are ready with many kinds of mooncakes with new flavours.

Along with improving product quality, companies have invested in creating new products with attractive designs and packaging.

About 50 trademarks have joined the market this year, including Mondelez Kinh Do, Thanh Long, Huu Nghi, Dong Khanh, Hy Lam Mon, ABC, Duc Phat, Tous Les Jours and Dong Khanh.

Speaking with Viet Nam News, Modelez Kinh Do said they were ready to offer 84 different kinds of mooncakes this year.

The company first launched Oreo mooncakes in 2007, which are designed based on the modern technologies of Mondelez International and Kinh Do’s traditional experiences in making mooncakes.

These Oreo moon cakes will be made for the Vietnamese and Chinese market, the company said, noting that many other products had been exported to the US.

Other companies including Bibica and Dong Khanh have also begun introducing products for the mid-autumn festival season.

In HCM City, many booths selling mooncakes from these companies can be seen throughout the city.

A representative from Bibica told Viet Nam News that the company this year would introduce 600 tonnes of mooncakes with 60 different kinds, up by 10 per cent year-on-year.

The company added that this year it would make mooncakes in a Japanese style with materials imported from other countries.

He added that the company was focusing on design and packaging as well as using healthy ingredients.

Traders have also started their full-moon season by importing a big volume of mooncakes to sell on social networks like Facebook or websites.

These mooncakes are mostly imported from Hong Kong, Japan, Malaysia and Thailand.
A trader said that she started to import mooncakes from the beginning of August, and that customers had been buying the moonackes out of curiosity.

Le Thi Thanh Xuan from the Delicacy shop said that her company’s full-moon imports this year will jump by 60 per cent. Last year, they imported 1,000 boxes.

Handmade moon cakes are also in high demand.

Dinh Truc, mooncake makers in Binh Tan District, said that the company had made mooncakes for years and most of his customers prefer those shaped like one the 12 animals of the zodiac.

He has received dozens of orders from customers. This year he will design more shapes and create mooncakes, with many new flavours.

Confectioneries said the price this year had slightly increased by between 3 per cent and 5 per cent.

They attributed the price hike to the increasing income costs for power, water, human resources and transportation.

Some traders, however, said that well-designed packaging had increased the prices of the cakes.
The cost for packaging accounts for 20 per cent of the total cost, according to traders. 

New regulations on import and export
     
The Ministry of Finance has held a meeting to introduce changes in the list of Viet Nam’s export and import goods as per Circular No 65/2017 / TT-BTC.

The new circular will take effect from January 1 next year.

At the meeting on Friday, Dao Thu Huong, Deputy General Director of the General Department of Customs, said that the change focuses on a number of industries including automobile, fishery, chemicals, porcelain tiles, machinery and equipment.

The industries have had technological and commercial development so they need to have an enhancement in State management of the environment and toxic chemicals, Huong said.

Notable changes have been made in the automobile sector with an addition of new subdivisions such as electric cars, electric vehicles, gasoline-electric or oil-electric hybrid vehicles.

The machinery and equipment sector is also added new codes reflecting new technologies such as LED diodes or multi-component integrated circuit (MCO) products.

The fishery industry details the names of some types of fish, molluscs that have high trade turnover or supplements the scientific names of fish and fish by-products to facilitate the State management.

Circular No 65 also introduces a draft decree to replace Decree 122/2016/NÑ-CP on export and import tariffs, under which it proposes two import tax reduction options on automobile components.

In the first option, the ministry proposes to reduce the most favoured nation (MFN) import tax rate of 163 tariff lines for imported cars to be assembled for two groups of vehicles to zero per cent. Accordingly, the average duty rate for whole sets will be cut from 14-16 per cent to about 7 per cent for cars under nine seats and about 1 per cent for trucks under 5 tonnes.

In the second option, the MFN import tax rate of 19 tariff lines for engines, gearboxes, actuators and high pressure pumps to be assembled for two groups of vehicles will be exempted.

The import tax rate of 42 tariff lines under Group 8708 for components assembled for the two groups of vehicles above will be cut so that the average duty rate for whole sets will be cut from 14-16 per cent to about 7 per cent for cars under nine seats and about 1 per cent for trucks under 5 tonnes.

According to Huong, the tax adjustment aims to harmonise the interests of the State, enterprises and consumers besides maintaining the stable growth rate of production and assembly for vehicles under nine seats and trucks. 

Bao Viet Insurance boosts international co-operation
     
Bao Viet Insurance Corporation’s main policy this year is to strengthen co-operation with reputed international partners to provide new products and services in Viet Nam’s market.

Deputy CEO of Bao Viet Insurance Nguyen Quang Hung stated this during the launch of “One Storm” insurance product, which was introduced for the first time in Viet Nam by Munich Reinsurance Company and Bao Viet Insurance on Thursday.

According to Hung, the new product is designed to protect organisations, power plant operators, large corporations, industrial enterprises and Government agencies against losses caused by typhoons in Viet Nam, with compensation limit from VND10 billion (US$440,000) to VND100 billion per insured location.

Due to its tropical monsoon climate, Viet Nam is on the path of many major storms, which regularly cause devastating losses.

This non-traditional insurance solution is a parametric trigger typhoon risk cover, which protects fixed assets in operation or under construction, determined by the exact insured location through latitude and longitude, both onshore and offshore. Unlike traditional insurance products that only cover a policyholder’s losses following physical damage, “One Storm” claims to handle pay-outs fast and is uncomplicated in case of pre-defined triggers even without any physical damage incurred.

Risk holders can check their triggered pay-out in real time after a storm takes place at onestorm.munichre.com, with data being identified and verified by the Japanese Meteorological Agency, an independent third party.

During the ceremony on Thursday, Bao Viet Insurance also introduced another new product called Baoviet Intercare. 

Cooking gas price up VND16,000 in southern regions
     
The price of cooking gas in HCM City and the southern provinces has been raised by VND16,000 (70 US cents) for a 12kg canister with effect from September 1.

Thus, the retail price for consumers will now be VND320,000-325,000 per 12kg canister.

Gas traders said the latest hike is on account of the $50 per tonne increase in world gas price this month compared to the previous month, adding up to $490 per tonne. The price of domestic gas had to be adjusted in accordance with the global market, traders said.

With this hike, September becomes the second consecutive month to post a rise in gas prices. In August too, there had been a hike of VND27,000 per 12kg canister.

Agents, gas shops and consumers in HCM City and the southern provinces have been informed about the new rates. 

VN seafood has potential in China
     
With the largest population in the world and an increasing affluent one, China is a lucrative market for Vietnamese seafood products.

But the market also comes with potential risks and unpredictability, requiring Vietnamese firms to be cautious when exporting there, a conference heard in HCM City on August 30.

Le Hang, deputy director of the VASEP (Viet Nam Association of Seafood Exporters and Producers) Training and Trade Promotion Centre, told “China Seafood Market: Potential for Viet Nam’s Suppliers” that fisheries exports to China soared from US$152 million in 2007 to $860 million last year.

Shrimp and tra fish saw the strongest increase, but continue to have the potential for double digit growth rate in the coming years, she said.

Chinese are increasingly eating more fish than meat, while local output from aquaculture and fishing is shrinking, offering Vietnamese exporters a good opportunity, she said.

But the market also has risks, she warned.

China could tighten hygiene, food safety and quarantine regulations, she said.

Yang Yong, chairman of GuangZhou Nutriera Biotechnology Co Ltd, said Chinese consumers are increasingly looking at product quality, safety and convenience.

Brands are one of the key factors for them in choosing a product, and are willing to pay 20-30 per cent more, he said.

Therefore, Vietnamese exporters could increase processing to make products more convenient or nutritious for Chinese consumers, he said.

For instance, Vietnamese firms could add vegetable extracts to tra fish to increase the omega-3 content or additives to improve flavour, he said.

Hang said Chinese consumers’ tastes change rapidly and so producers must keep a close eye on the market to come up with appropriate products.

Nguyen Phu Hoa, deputy director of the Ministry of Industry and Trade’s Foreign Trade Department, said Vietnamese companies should export products that meet US and Japanese standards and have strategies to build their brands in China.

Truong Tuyet Hoa of Vinh Hoan Corporation said her company’s tra fish exports to China have increased sharply.

Chinese importers have diverse demands in all segments, and her company focuses on processed products and products with high added value, she said.

Many importers send chefs to her company’s factory to adjust the spices to make the products suitable for Chinese palates, she said.

To avoid risks, her company does not sell through the border with China and only supplies goods after getting the payment, she added.

Viet Nam shipped $749 million worth of aquatic products abroad in August, bringing the total in the first eight months of 2017 to $5.13 billion, up 18.1 per cent from the same period last year.

According to the Ministry of Agriculture and Rural Development, the largest buyers of Vietnamese aquatic products included the United States, Japan, China and the Republic of Korea, accounting for 55.6 per cent of total exports.

Export value to China showed the biggest increase of 57.2 per cent, followed by Japan (30.8 per cent), the United Kingdom (30.1 per cent), the RoK (28.8 per cent), the Netherlands (25.3 per cent) and Canada (20.7 per cent). 

MARD to get involved in promoting organic farming
     
The Ministry of Agriculture and Rural Development (MARD) should coordinate with relevant ministries to promulgate a decree on organic agriculture.

This was said by Nguyen Xuan Hong, former director of the ministry’s Plant Protection Department, at a conference on organic farming held in Ha Noi on Thursday.

The event is designed to get opinions from experts, producers and enterprises to finalise a decree on organic farming before submitting it to ministries and departments for comments. Then, it will be sent to the Government for approval.

Once issued, the decree will contribute to developing Viet Nam’s organic agriculture sector, meeting the needs of domestic and international consumers, increasing income for farmers and businesses, and creating biodiversity and sustainable landscape.

At the conference, delegates revised the TCVN 11041: 2015 national standard for the producing, processing, labeling and marketing of organic food.

Participants spoke about the strict management of production, business and the certification of organic products.

Experts encouraged enterprises to invest in producing and trading organic products, investing in the production of organic fertilisers, biological fertilisers and biological plant protection products.

Hong said it was necessary to invest in scientific and technical research, create a favourable business environment for organic enterprises, and support cooperative groups who wanted to take up organic agriculture.

MARD deputy minister Tran Thanh Nam said domestic enterprises had invested in organic farming and actively applied international standards to meet the demands of the domestic market and exports.

Currently, many types of products are labelled organic, but most do not yet meet organic standards and safety requirements, causing lack of trust by consumers.

Therefore, Nam said it was necessary to develop a legal document to facilitate the development of organic griculture.

The conference was organised by MARD, in accordance with European Trade Policy and Investment Support Project (EU-MUTRAP).

It drew the participation of scientists, researchers, enterprises and producers of organic farming products. 

Coal imports reduce in seven months
     
Viet Nam imported 7.9 million tonnes of coal worth US$801 million in the first seven months of the year.

The imports represented a 5.1 per cent decrease in terms of quantity and a 49.2 per cent increase in term of value compared the same period last year.

Statistics from the General Department of Customs revealed that in the seven-month period, Indonesia was Viet Nam’s largest coal exporter with 2.9 million tonnes and turnover worth $192.7 million, posting an increase of 48.2 per cent and 65.2 per cent year-on-year in terms of quantity and value, respectively.

Australia came second in coal exports by Viet Nam with 2.3 million tonnes worth almost $283 million, reducing 12.4 per cent in quantity but increasing 40.2 per cent in value.

Notably, the country’s coal imports from China in the period were sharply reduced from the corresponding period last year, from 1.16 million tonnes to 614,125 tonnes. However, export turnover increased from $93.8 million at the end of last year to $110.4 million.

The department said the main reason was the continuous increase in coal import price from China in the last seven months. 

Sales Promotion Fair opens in HCM City
     
Scores of businesses are displaying a wide range of products at the 2017 Sales Promotion Fair that opened in HCM City’s Phu Tho Indoor Stadium on on August 30.

Organised by the Department of Industry and Trade, it has over 450 booths showcasing food and beverages, garments and textiles, footwear, electronic and electrical products, home appliances, handicrafts, cosmetics, interior and exterior decoration items, real estate projects, and tourism services, with many offering discounts of up to 49 per cent.

In response to the "For a Green Environment" movement, the fair’s organisers are providing free bags to shoppers.

The department has co-ordinated with the city Market Management Department and Commodities and Trademark magazine to display fake goods and identify genuine goods to warn consumers to be cautious.

Speaking at the opening ceremony, Nguyen Phuong Dong, the department’s deputy director, said the fair is an important activity for stimulating consumption and attracting visitors to the city.

The fair is part of the city’s 2017 Sales Promotion Month in which 3,000 enterprises and 5,300 business households are participating.

The fair will go on until September 4. 

Thua Thien-Hue’s export turnover up 21%
     
The central province of Thua Thien-Hue shipped US$530 million worth of products to foreign countries in the first eight months of 2017, a year-on-year surge of 21.16 per cent.

The foreign-invested sector contributed $298 million, up 24.82 per cent, while $150 million came from the private sector, up 21.61 per cent.

The United States continued to be the largest purchaser, accounting for 40 per cent of the province’s export revenue. Along with traditional markets such as China, the European Union, Japan, South Korea and Taiwan, local products have also been shipped to Cambodia, India, Slovakia and Sri Lanka.

The export value registered a year-on-year surge of 17.47 per cent for industrial processed products, and 35.79 per cent for agro-forestry-fishery products. Notably, the export of aquatic products has doubled to $35.25 million, up 24.78 per cent against 2016.

Leading Thua Thien Hue’s textile market, Hue Textile and Garment Joint Stock Company earned VND1.57 trillion ($69 billion) in revenue and its export turnover was $85 million. The average monthly income of its employees is VND7.3 million per person.

In order to achieve the targeted growth of 10 per cent in 2017, Hue Textile and Garment JSC has started construction of two factories to increase production, including a VND70 billion garment factory in Phu Da Industrial Zone and another factory valued at VND35 billion in Nam Dong District.

Thua Thien Hue Province has spent $345 million purchasing materials from foreign countries, a 6.76 per cent rise compared to the same period last year. Most of the imports have been garment-support materials and spares, with China remaining its primary source for these imports. 

Viet Capital Bank signs deal to distribute Bao Minh’s insurance products
     
Viet Capital Bank and Bao Minh Insurance Corporation on August 31 signed a bancassurance deal for non-life insurance.

Bao Minh Insurance Corporation will distribute its insurance products for assets, cargo, private homes, automobiles, personal health and accident, family health, domestic and international travel and others through Viet Capital Bank’s network of more than 62 branches in the country.

According to Viet Capital Bank, the tie-up will enable it to deliver the most cost effective and practical insurance products and services to customers.

Le Van Thanh, general director of Bao Minh, said after nearly 10 years of involvement in bancassurance, his company is confident of co-ordinating with Viet Capital Bank to offer appropriate product packages to customers.

New owner for unfinished AZ Lam Vien Complex
     
The Ha Noi People’s Committee allowed Lam Vien Construction and Investment Joint Stock Company to sell the entire AZ Lam Vien Complex to AZ Land, according to an announcement by the municipal Department of Construction.

Lam Vien Construction and Investment Joint Stock Company is responsible for handling any problems that may arise and ensure the rights of buyers and relevant parties.

Construction of the AZ Lam Vien, located on Nguyen Phong Sac Street, Cau Giay District, began in 2009 but its construction had been stagnant since then, despite the contractor changing from Vinaconex 1 to Lac Hong Investment in 2014. Its construction has stopped on the 13th floor for years.

The project has 29 floors and two basements with total investment of VND690 billion (US$30.4 million).

Phu Yen revokes VND800b hotel project
     
The People’s Committee of central Phu Yen Province has decided to revoke a VND800 billion (US$35.2 million) hotel complex project in Tuy Hoa City of Dien Bien No 1 Construction Company due to stagnant construction.

Muong Thanh Phu Yen’s investment policy was approved in July 1, 2016, covering 14,400sq.m. with 27 floors consisting of 200 five-star hotel rooms and 300 luxury apartments.

Accordingly, the developer was asked to complete legal procedures by September 2016, start construction of the project in October of the same year and complete it within one year.

Until now, the developer has, however, failed to start construction.

In June, the provincial People’s Committee asked the developer to submit the investment plan but received no response before the deadline. 

Vinpearl to purchase 13.5m Nha Trang Port shares
     
Khanh Hoa Province People’s Committee has registered with the Ha Noi Stock Exchange to offload 13.5 million shares, or 55 per cent stake, in Nha Trang Port JSC.

The transaction is scheduled for between September 5 and October 4 and the shares will be sold via put-through trading.

The Khanh Hoa provincial government is holding more than 15 million shares of the Nha Trang port operator, equal to 61.4 per cent of the company’s charter capital.

The number of shares to be sold by Khanh Hoa Province’s government is also equal to the amount of shares that will be bought by Vinpearl JSC – a member company of property developer Vingroup.

If the deal is completed, Vinpearl JSC will raise its ownership in Nha Trang Port JSC to 85.5 per cent from the current 30.5 per cent. Vinpearl became a shareholder of Nha Trang Port JSC in 2015.

Shareholders of Nha Trang Port JSC approved the deal at the company’s shareholder meeting in early August.

The main business activities of Nha Trang Port JSC include loading, storage, logistics and marine transportation.

In the first half of 2017, the company posted VND28.4 billion (US$1.26 million) in revenue and VND2.57 billion in post-tax profit. 

HNX raises $140m from Government bonds in August
     
The Ha Noi Stock Exchange (HNX) announced it has mobilised nearly VND3.2 trillion, or US$140 million, from 17 government bond auctions in August.

HNX said the number of bonds mobilised in the primary market decreased 79 per cent compared with July.

The bonds were offered for four tenures -- five years, seven years, 10 years, 15 years and 30 years.

The coupon rates of five-year term bonds were 4.6 per cent per annum, seven-year term bonds were at 4.8 per cent per annum, 10-year term bonds were at 5.38 per cent per annum, 15-year term bonds were at 5.75 per cent per annum and 30-year term bonds were at 6.1 per cent per annum.

Compared with July, coupon rates in August of five-year bonds dropped 0.12 per cent per annum, seven-year bonds reduced 0.15 per cent per annum and 30-year bonds declined 0.12 per cent per annum.

Coupon rates of 10-year and 15-year bonds saw no change in August.

In the secondary market, the total number of government bonds in outright transactions reached 902.5 million, which was equivalent to VND99.5 trillion, down 10.3 per cent in value month-on-month.

The total volume of government bonds in repo (repurchase agreement) trading reached 1,186 million, equivalent to VND119 trillion, up 20.4 per cent in value month-on-month.

Foreign investors also made outright purchases of more than VND4.9 trillion and outright sale transactions of over VND5.5 trillion. They made repo sales of over VND98.9 trillion and no repo buys in August. 

Toyoda to build airbag plant in VN
     
Toyoda Gosei Co., Ltd. on Wednesday released plans on its website to establish a new plant for producing airbag parts in the northern province of Thai Binh, Viet Nam.

According to the announcement, the factory has total investment capital of US$24.6 million and construction is expected to start in March, 2018.

The plant is planned to be built on an area of 2.08ha in Thai Binh Province’s Tien Hai Industrial Park and is designed to meet growing demand for airbags, as safety regulations become more stringent in regions around the world.

The new plant will be established as a branch plant of Toyoda Gosei’s subsidiary Toyoda Gosei Hai Phong Co., Ltd. (TGHP), and will start production of airbag parts and steering wheels in July 2019 for export to final airbag assembly plants in Japan, North America, Europe and other regions.

In 2004, Toyoda Gosei established the first plant to manufacture airbag parts in Hai Phong City with investment capital of $74.95 million. To date, Toyoda Gosei has three plants in operation in Hai Phong’s Nomura Industrial Zone.

In 2016, the plants’ production capacity was 14.5 million airbag parts and 2.2 million steering wheels. The company targets to increase these figures to 23 million airbag parts and 3.2 million steering wheels by 2023.

Established in 1949 and headquartered in Kiyosu, Japan, Toyoda Gosei is a leading specialty manufacturer of rubber and plastic automotive parts and LEDs. Today, Toyoda Gosei Group provides a variety of high-quality products internationally, with a network of some 100 plants and offices in 18 countries and regions.

Airbags and other safety system products are a key business segment for Toyoda Gosei and the company is moving to strengthen its production capacities for these products globally. 

International shipbuilding expo returns to Ha Noi
     
The 9th International Exhibition of Shipbuilding, Shipping, and Offshore Technology (Vietship 2018) will return to the capital early next year, the event’s organisers announced on Thursday.

The forthcoming expo will draw the participation of leading enterprises, including those from foreign countries having developed maritime industries, such as Japan, South Korea, Singapore, China, France, Norway, Belgium and the Netherlands.

The biennial event will offer a good chance for businesses and investors to approach useful information, share state-of-the-art technologies and seek investment opportunities to further accelerate the development of the shipbuilding industry, organisers said.

Hosted by the Shipbuilding Industry Corporation (SBIC), Vietship 2018 will take place at the National Convention Centre from January 24 to January 26. It is expected to attract more than 10,000 visitors. Conferences on the shipbuilding and maritime industries will be held on the sideline of the expo.

The previous event saw 19 contracts and agreements worth over VND500 billion (US$22.4 million) inked between domestic and foreign partners. It had 220 stands from 130 companies, including 78 foreign firms.

VNA/VNS/VOV/SGT/SGGP/TT/TN/Dantri/VNEVET