New firm number down, registered capital up in two months

The numbers of newly businesses declined in both February and the first two months of 2019, but their average registered capital increased 

The numbers of newly founded businesses declined in both February and the first two months of 2019, but the average registered capital per firm increased, according to the General Statistics Office (GSO).

In February, 5,900 new companies were set up with total registered capital of 96.3 trillion VND (4.13 billion USD), the GSO said, attributing the month-on-month decrease of 41.5 percent in number of firms partly to the week-long Lunar New Year holiday in February.

However, the registered capital of each firm rose 8.8 percent on average to 16.3 billion VND.

Almost 15,980 new businesses were founded in the first two months with combined capital of 247.4 trillion VND. The respective figures dropped 14.6 percent and rose 25.4 percent from a year earlier.

Including the 531.2 trillion VND added to existing enterprises’ capital, a total of 778.6 trillion VND was poured into the economy in the last couple of months, GSO data showed.

Việt Nam sees reduction of new firms in Feb

Việt Nam had about 6,000 new firms in February. — Photo baodauthau.vn

The number of new firms in February was estimated to reduce 41.5 per cent month on month to 5,900 due to the Lunar New Year holiday, according to the General Statistics Office (GSO).

The new firms registered a total capital of VNĐ96.3 trillion, a fall of 36.3 per cent compared with the previous month.

However, average registered capital surged 8.8 per cent month on month to VNĐ16.3 billion.

The office said the nation had 15,979 newly established firms with total registered capital of VNĐ247.4 trillion in the first two months of this year. Those figures reduced 14.6 per cent in number of new firms and 25.4 per cent in registered capital.

In the first two months, the average registered capital of a new enterprise reached VNĐ15.5 billion, up 46.7 per cent against the same period last year.

During the two months, the local economy attracted total capital of VNĐ778.6 trillion from the business community, including VNĐ247.4 trillion from new firms and VNĐ531.2 trillion from existing firms.

In addition, 10,191 enterprises resumed operations, a year-on-year increase of 48.2 per cent.

About 13,519 enterprises temporarily suspended operations during the two months, a surge of 20.8 per cent compared to the same period last year.

At the same time, 7,843 businesses had their business registrations revoked for not operating at their registered address. This is a new criteria for 2019.

The number of enterprises completing dissolution procedures in the first two months hit 3,156 enterprises, up 24.8 per cent compared to the same period last year. More than 92 per cent of them had a capital scale of less than VNĐ10 billion, up 25.3 per cent. 

Retail technology summit to kick off next week in HCMC

The banner of the upcoming Indochina Retail Technology and Innovation Summit

Indochina Retail Technology and Innovation Summit, an event focusing on retail technology, is slated for March 7 at the Hotel Nikko Saigon in HCMC’s District 1.

The summit’s second edition will be attended by many retailers, mall developers and store operators, who will exchange experiences in the retail sector, which is growing rapidly in Vietnam and other Southeast Asian countries.

Focusing on six key themes, including "Understanding customer expectations," "Going truly Omni-Channel," "Digitizing the physical store" and "Re-engineering the supply chain," this year’s summit is expected to gather more than 200 high-ranking directors, decision makers and technology leaders in the region to deliver speeches and discuss and share their experiences in the field.

Moreover, by joining the event, attendees can engage in networking opportunities to meet and hold discussions with potential business partners and stay updated on the latest trends and innovations of the retail sector.

No difference between reported revenue and inspection results at Dau Giay tollgate

A tollgate on the HCMC–Long Thanh-Dau Giay Expressway 

The results of the inspection into fee collection from January 28 to February 8 at the Dau Giay tollgate on the HCMC-Long Thanh-Dau Giay Expressway was published by the Directorate for Roads of Vietnam on February 26, showing that the revenue is equivalent to the figure previously reported by Vietnam Expressway Corporation.

According to the inspection results, the Dau Giay tollgate earned VND13.2 billion during the 12-day period, averaging out at VND1.1 billion in its daily revenue. Of the total, some VND10.5 billion was sent to a bank account, VND2.22 billion was stolen on February 7 and the remaining VND465 million was still at the tollgate.

After the Directorate for Roads of Vietnam inspected all paperwork related to the revenue earned over eight shifts, from the second shift of February 4 to the third shift of February 6, the authority remarked that the papers were kept properly and the reports were made in line with the standard processes and regulations on toll collection. The total revenue earned from the eight shifts was reported at over VND2.55 billion, with the average revenue of each shift being VND318.8 million.

The Directorate for Roads of Vietnam stated that these figures matched those reported previously. The processes of checking and collecting tolls, including ticket issuance, fee collection, comparison and check, payment and report writing, at the Dau Giay tollgate were conducted as regulated.

Earlier, some sources doubted the transparency of toll collection at the HCMC-Long Thanh-Dau Giay Expressway in the wake of the robbery on February 7, resulting in an inspection being launched into the Dau Giay tollgate’s collections.

National Program 844 to call for proposals supporting startups

The Office of “Support Innovative Startup Ecosystem in Vietnam until 2025” National Program (ISEV), also known as National Program 844, plans to call for suggestions on potential duties for next year’s innovative startup supporting programs.

Pham Dung Nam, director of the Office, noted that next year’s duties will focus on activities that connect members of the local innovative startup ecosystem. A list of approved ISEV duties for 2020 will be released in May.

Qualified startups will be assigned duties by the National Program 844’s management board and will receive financial support from the State budget.

To participate in the program and receive State funding, applicants have to present their plans and qualifications to conduct the duties required by the program. Major duties for organizations and individuals usually include studying policies on training and improving skills, offering services for startups, supporting and connecting members of the startup ecosystem, and launching media campaigns to promote startup cultures.

Also, the program’s management board has announced the progress of duties over the 2017-2018 period. National Program 844 funded 29 ISEV projects executed by 21 organizations throughout the country.

Meanwhile, ISEV duties for this year will be carried out across the country to develop the startup ecosystem in a harmonious manner, with a wide variety of participating organizations. The Office in the announcement mentioned some organizations that had outstanding performances in supporting startups, such as the Vietnam National University of Hanoi and the Business Startup Support Center.

The Prime Minister approved the National Program 844 on May 18, 2016, and asked the Ministry of Science and Technology to execute the program. Applicants shortlisted to join the program are backed by the State budget to perform a list of duties.

First power plant for HCMC-Can Tho express railway project to kick off in April

A map of the adjusted HCMC-Can Tho express railway project - PHOTO: SOUTHERN INSTITUTE OF SCIENCE AND TECHNOLOGY

Work will start in April on one of nine power plants serving the HCMC-Can Tho high-speed railway project, Thanh Nien Online newspaper reported, citing Ha Ngoc Truong, head of the Metro-Railway Division of the HCMC University of Transport and the express railway project.

Truong said on February 26 that the Southern Institute of Science and Technology, Transport Engineering and Design Incorporated South and other relevant agencies had met to discuss the construction of nine power plants that would fuel the rail line.

Of these, seven waste-to-energy plants will be built at seven stations along the railway and two solar power plants will be set up at the first station called Tan Kien in HCMC and the terminus (Cai Cui station in Can Tho City). Each plant was designed with a capacity of some 50 megawatts.

The first power plant, to be executed in April, requires an estimated investment of US$38 million, Truong said.

The railway project, when in place, will not only help ease traffic congestion but will also process waste in the southern localities.

On March 27, 2013, the Ministry of Transport approved a project to develop a 173,700-kilometer express railway connecting HCMC and Can Tho City with 14 stations. The railway will start from An Binh station in Binh Duong Province and run through the urban areas of HCMC and four Mekong Delta provinces.

However, representatives of HCMC and four localities in the Mekong Delta region later agreed to the Southern Institute of Science and Technology’s proposal to reduce the route’s length to 139.7 kilometers with nine stations, shortening the travel time between HCMC and Can Tho City to roughly 45 minutes. The railway would then run parallel to the HCMC-Trung Luong-My Thuan expressway.

In September last year, the HCMC government proposed the Ministry of Transport adjust the project to make it more feasible.

Truong said that Minister of Transport Nguyen Van The intended to hold a meeting on the project’s adjustment with representatives of HCMC and four Mekong Delta localities, as well as the Southern Institute of Science and Technology, next month.

Many experts agreed that the project should be executed soon as it will promote the southern region’s socioeconomic and cultural development.

However, the lack of capital has hampered the project’s progress.

A representative of the Southern Institute of Science and Technology said the institute had signed a memorandum of understanding with Canada’s MorFund to accept an investment of 6.3 billion Canadian dollars, or some US$5 billion, for the project, which will be executed under public-private partnership. The Vietnamese State will be responsible for site clearance, while investors will cover the construction costs.

In addition, two investors from the United States and the United Kingdom have expressed interest in the project, Truong said.

Over US$450 million to be poured into Danang

An employee is at work at a hi-tech accessories manufacturing plant in Danang Hi-Tech Park 

The Danang government will present investment certificates to eight foreign direct investment projects valued at US$469.4 million at a conference slated for March 1.

Most of the projects are in the manufacturing, information technology, logistics, tourism and medicine fields, Huynh Lien Phuong, deputy director of the Danang Investment Promotion Agency, said at a meeting between the municipal leaders and the organizing committee of the conference today, February 27.

Phuong noted that in addition to the development of these projects, Danang will continue attracting more investments into these major sectors this year.

Of the eight projects, the project manufacturing avionics by Universal Alloy Corporation Asia Pte, Ltd (UAC), has the most investment capital, at US$170 million. The project will be developed at Danang Hi-Tech Park.

In addition, the city will gain its second-largest project, funded by Mikazuki, to enlarge the Xuan Thieu tourist area. It will be located in Hoa Hiep Nam Ward, Lien Chieu District, receiving US$100 million in investment capital.

In Danang City, UAC will turn out 4,000 electronic devices used in aircraft to export them to the global market. The firm aims to earn US$25 million from export revenue in 2021 and to raise the figure to US$85 million in 2022.

Besides this, the firm has drawn up a plan to employ 1,200 laborers with strong mechanical engineering, electronic engineering and automation skills.

Other projects include one funded by Sun Frontier to build a tower with total capital of US$56.4 million, a US$50-million project extending the Nissan assembly plant of TCIE Vietnam, a project being developed by U.S.-based Key Tronic EMS to construct an electronic device assembly and manufacturing factory costing US$70 million and a project to expand the Mabuchi Motor factory funded by Mabuchi Motor with total capital of US$30 million.

In addition, the municipal government will grant approval for research on 12 new projects at a total cost of US$3.48 billion at the upcoming conference.

The projects include Danang Gateway, funded by a joint venture between Sakae Holdings Ltd, Fission Holdings Pte Ltd and Newtechco with total capital of US$2 billion, and the US$200-million horse-riding club project of Keyhinge Toys Vietnam.

VNA delays four flights to Europe due to closed airspace in Pakistan

Vietnam Airlines (VNA) on February 27 delayed its four flights to Europe---VN30 Frankfurt-HCMC, VN18 Paris-Hanoi, VN10 Paris-HCMC and VN50 London-HCMA---as Pakistan had closed its airspace to all commercial flights in the wake of escalating tensions with India.

A source from the national flag carrier said on February 27 that after the announcement on the airspace closure had been released by the Civil Aviation Authority of Pakistan, Vietnam Airlines decided to change the departure times of the four flights to adjust flight paths and steer clear of Pakistan’s airspace.

The airline’s flights between Vietnam and Europe over the next few days will also be affected, a representative of VNA said, adding that the airline would continue keeping a close watch on the situation and would inform its passengers of changes in due course.

Further, the carrier’s customers were advised to stay updated and check the status of their flights on its website. In addition, the affected passengers may change their tickets without extra charge.

The adjustment of flight paths to avoid Pakistan’s airspace is expected to increase passengers’ flying time and the carrier’s expenses. However, the safety of flights and passengers is always prioritized, the representative stated.

Mekong Delta farmers rush to grow Thai jackfruit

A farmer in Cai Lay District, Tien Giang Province prepares land to grow jackfruit trees

While the rice price continues to decline, Thai jackfruit has seen high prices over the last two years, leading multiple farmers in the Mekong Delta region to convert their paddy fields into Thai jackfruit farms.

Fresh IR 50404 rice is priced at VND4,300-VND4,500 per kilogram, allowing farmers to earn only VND30 million from each hectare of rice.

Meanwhile, a kilogram of Thai jackfruit is sold at VND60,000-VND65,000, and a hectare of jackfruit can help local farmers generate VND600 million to VND1.2 billion.

According to Dr. Luong Ngoc Trung Lap, former head of the market research department of the Southern Fruit Research Institute and head of the sales department of Tien Giang-based Cat Tuong Agricultural Processing and Production Co., Ltd, farmers have been growing jackfruit for the last four to five years.

The high jackfruit price has led local farmers, especially those in Hau Giang, Can Tho and Soc Trang, to shift to investing heavily in jackfruit farms, Lap added.

Compared with Vietnamese varieties, Thai jackfruit is of higher quality and is easy to grow. In addition, it can be stored for a longer period of time.

At present, 80% of Thai jackfruit is exported to China, Lap said, adding that the northern neighbor has high demand for fruits, including jackfruit.

However, Vietnam has yet to work out a comprehensive process to grow jackfruit.

Further, no consumption market research has been conducted to date, Lap noted.

First logistics project starts construction at Da Nang hi-tech Park

     

A ground-breaking ceremony for construction of the US$46.4 million logistics project at the Da Nang Hi-Tech Park.

Long Hau Corporation officially commenced construction of its first hi-tech ready-built factories for rent on Thursday.

The project, which will be built in three phases with total investment of VND1.05 trillion (US$46.4 million), will offer factories from 500sq.m to 3,300sq.m with a competitive price of $3 per square metre per month.

It’s also the first logistics project at the 1,100 hectare park in Hoa Vang District, 20km west of the city.

Vice Chairman of the city’s People’s Committee Ho Ky Minh said the project would lure domestic and foreign investors to the park.

He said the park was designed as a ‘green’ hi-tech hub for the development of the northwest region.

General Director of Long Hau Corporation Tran Hong Son said the project would provide space ready for hi-tech small- and medium-sized enterprises at the park as well as foreign direct investors operating in support industries.

Son said his company would support new investors at the park with a one-stop shop procedure and support service to minimise set-up times as well as employment services.

Long Hau and Japanese company Hatsuta Seisakusho have already agreed a lease for an area of 6,000sq.m.

Hatsuta Seisakusho will be the first hi-tech fire extinguisher equipment factory with an investment of $2.7 million at the park.

The first Japanese investors – Tokyo Keiki Precision Technology Inc and Niwa Foundry – started operating with a total of $62 million at the park in 2015.

Local pharmaceutical producer Danapha plans to build a nano/bio technology factory with investment of $67 million to produce tablets and intra-venous drugs. 

Da Nang licenses $419m in new projects; $2.6b proposed

     

An entrance to an industrial Zone in Da Nang. The city has granted investment licences to seven projects and proposals to 15 more. 

The central city’s People’s Committee said it had granted licences to seven foreign direct investment projects worth US$419.4 million, and agreed investment research for 15 other projects worth an estimated $2.6 billion.

The city said the projects included three automobile production and accessories projects from Malaysia, Russia and Taiwan, and two tourism property projects from Japan.

Mabuchi Motor also planned to expand its plant in Hoa Khanh Industrial Zone with $30 million, while Tan Chong Group has agreed to pour $50 million to build a second Nissan car manufacturing factory in the zone.

Property companies Katsuura Hotel Mikazuki and Sun Frontier Investment have agreed to spend more than $156.4 million on a five-star resort and riverside tower project.

Russian automotive manufacturer Gorkovsky Avtomobilny Zavod (GAZ) in a joint-venture with local Thanh Dat Group would build an automobile plant at Hoa Khanh IZ, while Taiwanese Hao Hsing Investment Company would start manufacturing exhaust pipes for cars and motorbikes.

In a statement released on Wednesday, the city said it had given permission for a joint-venture between Sakae Holdings and Fission Holdings from Singapore and import-export Newtechco of Viet Nam to survey a finance, trade and casino (Da Nang Gateway) project in Son Tra District with estimated funding of $2 billion.

A ship at a factory in Da Nang. The city eyes investment in hi-tech industries. — VNS Photo Cong Thanh

The Hoa Cam Industrial Zone has given permission for studies into developing the Hoa Cam IZ in the second phase with an expected investment $1.63 billion.

Property developer Sun Group has also proposed two entertainment projects in Hoa Vang and Ngu Hanh Son districts worth $840 million.

IT giants, the Viet Nam Posts and Telecommunications (VNPT) Group and Military Telecommunications Group (Viettel), are looking to develop a software park and an IT centre in downtown Lien Chieu and Hai Chau with total capital of $155 million.

Alton International Enterprises from Hong Kong and Key Tronic EMS from the US have also proposed two electronics manufacturing projects with a total of $137 million in investment.

The Viet Nam Dairy Products Joint Stock Company (Vinamilk) plans to build a dairy farm in Hoa Vang District with $31 million.

The city said investors would be allowed to start their studies for the proposed investment projects before submitting plans to the city for approval. 

China tops FDI investors in Vietnam during first two months

China has been named as the largest FDI investor in Vietnam during the first two months of 2019 following an injection of combined US$588.9 million, or 24.1 per cent of the total newly registered capital inflow into the Southeast Asian country, as reported by a state statistical office.

China's JA Solar Holdings - invested plant in Quang Chau Industrial Park, Bac Giang province.

These figures indicate that China was the largest FDI investor among the 38 countries and territories which have projects in Vietnam provided with an investment license during the two-month period, according to the General Statistics Office of Vietnam (GSO).

Following China in terms of FDI investment were Japan, the Republic of Korea, and Singapore.

By February 20, Vietnam had lured 514 new FDI projects, with a total worth of US$2.44 billion. This represents a 25.1 per cent rise in the number of projects and a 75.7 per cent increase in registered capital against the corresponding period last year.

Local manufacturing and processing industry received the largest amount of FDI inflow in the first two months of 2019, with registered capital reaching US$1.87 billion, or 76.7 per cent of the overall registered FDI capital.

Statistics from the GSO show that investment capital from the State budget is estimated at a combined VND30.220 trillion (US$1.31 billion) in the first two months of 2019, accounting for 9.1 per cent of the total figure projected throughout the year and increasing by 0.1 per cent on-year.

According to the GSO, investment in February was primarily put into keeping on the implementation of ongoing projects and work items as well as those set to begin in 2019.

Cooking gas price increases 

Two delivery men carry gas cylinders in this file photo. The retail price of cooking gas on the local market will increase by VND1,417 per kilogram from March 1 

The retail price of cooking gas on the local market has been revised upward by VND1,417 per kilogram from March 1, due to the rising world gas price.

A 12-kilogram gas cylinder will cost between VND345,000 and VND360,000, up VND17,000. Meanwhile, 45-kilogram and 50-kilogram cylinders will sell for VND1.3 million and VND1.45 million, respectively.

Local gas trading firms attributed the price hike to the gas contract price increase in March by US$50 per ton month-on-month, to US$505 per ton.

The gas price has been revised up for two consecutive months year-to-date, with the VND1,000 per kilogram price hike in January.

As for other important fuels such as petrol and oil, their imported prices have remained volatile, according to a price list updated on the Ministry of Industry and Trade’s website.

As of February 27, RON92 petrol was traded at US$67.06 per barrel, while each barrel of DO oil cost US$68.96, both rising by several dollars versus mid-February. Given this spike, local retail fuel prices will likely rise too.
Exports to US market skyrocket in first two months

The United States became the largest importer of Vietnamese goods during the first two months of 2019, with a total import value of US$8.1 billion, an on-year surge of 34.4 per cent, according to a local statistics office.

The export of electronic items, computers and components witnessed a steep upward curve with an on-year hike of 42.5 per cent in the first two months of 2019.

Figures released by the General Statistics Offices of Vietnam show that telephones and components sent to the US market jumped by 127.6 per cent on-year during the first two months of 2019.

The export of electronic items, computers and components also witnessed a steep upward curve with an on-year hike of 42.5 per cent. Garments and textiles rose by 21 per cent. 

In particular, January saw Vietnam’s exports to the US soar by more than 42 per cent on-year to over US$5 billion.

According to the General Department of Vietnam Customs, bilateral trade between Vietnam and the US has tripled from US$18.01 billion in 2010 to US$60.28 billion in 2018. These figures show that on average, the bilateral trade turnover has increased annually by 16.3 per cent during the 10-year period.

Last year, Vietnam posted a trade surplus with the US, worth US$34.8 billion, or 73.2 per cent of the total value of Vietnamese exports to the US.

Meanwhile, the US’s overseas shipments in 2017 totaled US$1.784 trillion in value, according to statistics by the UN Comtrade. Of the figure, Vietnam accounted for 0.5 per cent of the US’s total export turnover, making the ASEAN country the US’s 31st largest importer. 

The UNSD statistics also note that the US poured US$2.407 trillion into imports while Vietnam held a 2 per cent proportion of the total import value.

Mobile World doubles down on groceries business

Retail giant Mobile World Investment Corporation has announced plans to invest VND1 trillion ($43.07 million) in Bach Hoa Xanh, its groceries business.

The capital injection, expected this quarter, is meant to fund business development and expansion.

Bach Hoa Xanh, incorporated in 2015, sells vegetables, seafood, meat, and fast-moving consumer goods (FMCG). As of last September it accounted for 4 percent of the company’s sales, with the rest coming from MWG’s two main businesses: consumer electronics and mobile phones.

But the company expects Bach Hoa Xanh to become a new growth engine from 2019-2020 onwards, when the phone and electronics markets begin to enter the saturation phase. 

It is confident that with its experience in building and managing retail chains, it will be able to succeed with Bach Hoa Xanh as the FMCG sector enters a phase of rapid growth in the country.

But analysts warn that FMCG is not an easy industry with its shorter product life cycles, greater supply chain complexities and huge difference from electronics in terms of business conditions.

In its first few years Bach Hoa Xanh was plagued by low revenues. Analyses by securities companies pointed out issues such as poor location and lack of standardization of stores, narrow market segment, and fierce competition.

The company had originally planned to set up 1,000 stores by the end of 2018 but cut this goal by half.

It then changed its business strategy to open stores in places 30-40km outside Ho Chi Minh City to cater to demand in semi-urban areas. The company also began to standardize its outlets, closing around 100 that were not profitable. 

By the end of 2018 there were 400 stores which contributed around VND4.3 trillion ($185.28) to Mobile World Investment Corporation's revenues.

SBV urges banks to help rice farmers with loans

The State Bank of Vietnam promised that farmers and firms will be given suitable loans for rice production in the Mekong Delta.

At the conference on February 26 about promoting rice sales in the Mekong Delta, Le Minh Hung, governor of the SBV, said that there would be enough fund to meet farmers and businesses' demands, in accordance with the prime ministerial directives.

Dao Minh Tu, deputy governor of the SBV asked banks to actively connect with firms to ask about their difficulties and have suitable solutions such as delay payment deadlines or offer new loans or increase credit limits for businesses in order to prevent rice prices from falling.

They were also asked to work with provincial authorities to better deal with the situation.

Many banks at the conference such as Agribank, Vietcombank and Sacombank committed to providing enough fund for rice production, sale and promotion. Nghiem Xuan Thanh, chairman of Vietcombank, said they would add over VND9trn to the fund for rice farmers and businesses.

Several experts said in order to maintain a sustainable development for rice sector, the government needs synchronized solutions to review the number of rice fields and regularly publicise market information, forecast consumption and prices to adopt suitable policies for the market.

FDI up 2.5 times in first two months of 2019

As of February 20, foreign investors have poured 8.47 billion USD into Vietnam, 2.5 times higher than the same period last year, according to the Foreign Investment Agency under the Ministry of Planning and Investment.

The country granted 514 new investment licences to projects with a total registered capital of 2.44 billion USD, up 75.7 percent over the same period last year.

As many as 176 projects registered to adjust their capital with a combined additional capital of nearly 855 million USD, up over 22 percent year on year.

FDI projects were estimated to have disbursed 2.58 billion USD in the first two months of this year, up 9.8 percent. This is the highest level of two-month growth in the last three years.

To sum up, the FDI sector recorded a trade surplus of 4.48 billion USD.

State Treasury raises $170 million from G-bonds

The State Treasury of Vietnam mobilised 3.95 trillion VND (170 million USD) worth of Government bonds at an auction on February 27, according to the Hanoi Stock Exchange (HNX). 

On offer were seven-year bonds valued at 1 trillion VND (43 million USD), 10-year bonds worth 2.5 trillion VND (107.5 million USD) and 30-year bonds worth 500 billion VND (21.5 million USD). 

A total of 100 billion VND (4.3 million USD) was raised from seven-year bonds with an annual interest rate of 4.05 percent, equal to that of the auction on February 13. 

Bonds with 10-year maturity raised all 2.5 trillion VND with an annual interest rate of 4.7 percent, equivalent to that of the February 13 auction. 

As many as 1.25 trillion VND was also raised for 10-year bonds at the sub-session, with a yield rate of 4.7 percent.

The auction of 30-year bonds mobilised 100 billion VND with an annual interest rate of 5.79 percent, the same as the February 13 auction. 

Since the beginning of this year, the State Treasury has collected over 55 trillion VND (2.36 billion USD) from G-bond auctions at the HNX.

Beauty spas targeting Koreans thrive in Da Nang

The number of beauty spas catering to Korean visitors to Da Nang, central Vietnam, is racing to meet the demands of the 575,000 tourists from the East Asian country who visit the city each year.

"Where there is a Korean, there is a beauty spa,” claims Pham Khac Hieu, a 32-year-old beauty spa owner with several years of industry experience working in Busan, the Republic of Korea (RoK).

Looking good is an essential part of traveling in this day and age.

After all, what kind of person posts a travel selfie when they are not looking their best?

Korean tourists, however, are known to take that mentality to the next level, particularly when traveling to far-flung destinations.

Pham Khac Hieu completely agrees with that assertion.

With years of experience in the beauty industry, he can spot a Korean tourist from a mile away.

Their thick make-up, water mist handheld fans, and no hats are a dead giveaway, he says.

And if their make-up does get damaged by poor weather or rough travel? Never fear, a trip to the beauty spa can put anyone back in tip-top conditions.

Knowing this, many Koreans choose to brave the harsh sunshine of Vietnam rather than attempt to cover themselves under wide-brim hats or with face masks like visitors from other East Asian countries.

Azit, a beauty spa on Phan Boi Chau Street in Da Nang, is known for its Korean customer base.

According to Hansol, a Korean traveler visiting the spa, the ‘beauty index’ takes precedence in the way Koreans judge other people.

She also said that both Korean men and women go to great lengths to make sure they look their best before leaving their houses.

Hansol had intended to bring her own make-up set, but could not afford the space in luggage.

Instead, she chose to resort to visiting beauty spas during her stay in Vietnam.

“In my country, traveling is a retreat from our stressful lives, so comfort and appearance are key to the success of any trip. Skin and nail care ensures the body is at its best,” Hansol elaborated.

Within Da Nang’s main Korean neighborhood, beauty spas are situated alongside mini-marts and food stores.

Customers at these spas include young women, men, and even entire families.

Zo In Sung, a 36-year-old male Seoul-based tourist, said that making up is a necessity for women in his country.

He and his wife, in fact, take advantage of beauty service packages on a regular basis and stick to a primarily vegetarian diet.

Sung further shared that this way of life has spread to countries where Koreans have started to settle down.

He attributed his Korean fellows’ on-trip spa time to shifts in dietary habits and lifestyles.

“Also, pollution can turn you into a totally different person once you’ve returned home,” he added.

According to several beauty spa owners, Koreans are willing to spend plenty on beauty services, but are not so easy to please.

They are said to be rather generous when it comes to tipping, but also highly demanding in terms of service quality.

This is reflected in the type of make-up they often select.

Le Binh, a spa owner on Nguyen Van Thoai Street, said that nail polishes and moisturizing cream at his place are imported directly from RoK as their customers are wary of poor product quality.

“They prefer to see familiar products from their own homeland as this gives them a better sense of security,” he added.

“We once tried to use French products, but the customers did not want to accept them.”

Also according to Binh, punctuality plays a crucial role in servicing Korean customers, and staff should possess good communication skills, preferably by speaking Korean.

“Koreans also don’t like to see employees with tattoos,” he added.

Hanoi sets up large-scale aquatic farming areas in eight districts