Quang Ninh to get international-standard convention centre


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FLC Group will officially inaugurate the biggest convention centre of international standards in the northeastern Quang Ninh Province on Saturday.

Covering an area of some 23,000sq.m, the centre has a construction area of 7,000sq.m and surrounding landscape of 16,000sq.m.

Located at FLC Ha Long Resort complex with a golf course, villas and hotels, the centre offers an impressive view of the world wonder Ha Long Bay.

The centre’s interior was supervised by famous Spanish architect Salvador Perez Arroyo, who designed world masterpieces such as the Moncloa Tower in Madrid and the Science Museum in Cuenca.

The 1,000-1,500-seater convention centre is scheduled to become a destination for international events with its modern light and sound systems.

FLC said many big events would be organised in the upcoming years, including the closing ceremony of the National Tourism Year 2018 and the opening ceremony of the ASEAN Tourism Forum 2019.

The investor is completing the final preparations for the inauguration ceremony with a music show of “Canh buom xuan” (Spring Sail) with famous artists such as singers Hong Nhung, Thu Minh, Quang Le and Duc Tuan, as well as Le Hieu and Ha Vy, and comedians Van Dung and Thanh Trung.

Visitors can also enjoy a range of events to welcome the upcoming Tet (Lunar New Year) holiday.

FLC Group plans to introduce high-class condotels in FLC Grand Hotel Ha Long project to investors on the occasion. 

KDC eyes VND10 trillion revenue in 2018 

Food producer KIDO Group (KDC) said it targets revenues of VND10 trillion (US$438 million) this year.

In a press release, the company said to achieve the goal it would develop its distribution system to expand the frozen and canned foods businesses.

It also plans to continue introducing new products, with the first quarter seeing the launch of new instant noodles, sauces, spices, sugar and some processed foods.

Last year KDC reported revenues of VND7 trillion ($307 million), doubling that of the previous year.

Pofit after tax was VND570 billion ($25 million), up 62 per cent.

It said it had undistributed earnings of over 2.4 trillion and 51 million treasury shares.

Last year the company invested a lot of money in expanding its distribution network and expected it to yield great results.

KIDO group was formerly the Kinh Do Group, a confectionery producer established in 1993.

The company is now a leader in not only confectionery but also ice-cream, yoghurt, frozen food and cooking oil. 

Thi Vai international port begins operation

The Thi Vai International Port Co. Ltd on January 22 inaugurated the Thi Vai international port in Tan Thanh district of the southern province of Ba Ria-Vung Tau.

Covering over 42,000 square metres, the port can receive 50,000DWT container vessels and 5,000DWT ferries. Along with the main quay with a length of 300m and a width of 27m, the port has a 155m long and 130m long ferry wharfs, and two 40 tonne cranes.

The project is a joint venture of five investors, two from Vietnam and three from Japan.

Nguyen Dinh Viet, deputy head of the Vietnam Maritime Administration, said that the port, with a capacity of handling 3.5 million tonnes of goods per year, will contribute to realising the target of up to 109 million tonnes of goods per year through seaports of Vung Tau in 2020.

Meanwhile, Le Tuan Quoc, Vice Chairman of the People’s Committee of Ba Ria-Vung Tau asked investors to increase cooperation to effectively operate the port and continue implementing the next phases of the project.

More administrative procedures cut to support foreign firms

More than 5,000 administrative procedures as well as business conditions and specialised inspection procedures have been removed to facilitate European small and medium enterprises’ operation in Vietnam, said Minister, Chairman of the Government’s Office Mai Tien Dung.

Dung, who is also Chairman of the Advisory Council for Administrative Procedures Reform (ACAPR), made the statement while attending a dialogue jointly held by the ACAPR and the European Chamber of Commerce in Vietnam (EuroCham) in Hanoi on January 22.

The event is part of the Prime Minister’s direction to renew mechanisms, policies and administrative procedures, helping businesses remove bottlenecks in business operation as well as reduce expenses in production.

In 2018, the Government will ask ministries, sectors and localities to improve indexes of business environment while promoting labour productivity and competitive capacity so that Vietnam can reach the average level of ASEAN-4 countries (Singapore, Malaysia, Thailand and the Philippines), he said.

Inspection works and business investment procedures will be simplified as well, Dung stated.

At the meeting, European firms stated their difficulties, recommending the Vietnamese Government to focus on tax, intellectual property rights, healthcare and other legal issues which have great impacts on foreign trade and investment.

EuroCham Co-Chaiman Nicolas Audier expressed his hope that the Vietnamese Government will address the challenges before the Vietnam-EU free trade agreement takes effect late this year.

Mondelez Kinh Do to roll out over 40 products for Tet

Confectionery maker Mondelez Kinh Do has announced plans to launch more than 40 new products for the Tet (Lunar New Year) next month.

They are all well-known local and international brands ranging from premium to mainstream to meet gifting and snacking demands from businesses and consumers, it said.

There would be seven groups of products under the Cosy, LU, Oreo, RITZ, Solite, AFC, Slide, and Kinh Do brands to meet a range of demands, it said.

The premium products include LU Petit Beurre and LU La Collection Française cookies, a brand created in France in 1846, and OREO cookies, the world leader.

These heritage brands have been famous for generations.

This year, the company has also completely redesigned its packaging with elegant patterns and styles and good materials on a smart layout to wish customers luck and prosperity in the new year.

Food hygiene and safety are a focus in line with Mondelēz International’s policies.

The company’s products are now available at 300,000 outlets in this country.

It has set up Tet booths in 17 cities and provinces that will stay open from now until February 14.

Online bidding to increase this year
     
The Public Procurement Agency, under the Ministry of Planning and Investment, will take measures to double the number of online bidding this year.

The agency will apply online bidding for procurement packages of goods purchases and construction funded by the Asia Development Bank and World Bank, provide bidding information on mobile devices, and select investors to build a national bidding network under the public-private partnership model (PPP).

Nguyen Thi Thuy Hang, deputy director of the Public Procurement Agency, said online bidding had proved to be the most effective tool to ensure that the bidding was competitive, fair, transparent and economical, contributing to the reform of administrative procedures in the process of selecting contractors.

"Online bidding not only shortens the time and reduces costs for bid solicitors and tenders, but also prevents swindling," she said.

According to statistics from the National Online Bidding Centre, the number of packages that applied online bidding in 2017 was 8,200, more than double that in 2016, marking a total value of VND9 trillion (US$395.51 million). The online auction saving rate was 9 per cent compared with normal auctions.

Director of the National Online Bidding Centre Nguyen Thy Hung said the ministry’s Circular No. 04/2017/TT-BKHDT, dated November 15, 2017, was the first legal document providing updated convenience to create favourable conditions for bidding packages of goods purchase, non-consultancy biddings and small-scale construction projects.

The Circular 04, which will come into effect on March 1, details the selection of contractors through the national bidding network for bidding packages of consultancy, non-consultancy, goods procurement and construction and installation services. It will be applied in the way of open and competitive bidding but not to the tender packages that are divided into many parts. 

Hong Kong keen to invest in Viet Nam infrastructure

a blessing given the country’s immense need for infrastructure financing to keep pace with its rapid economic expansion.

In an exclusive interview with Viet Nam News, Vincent H S Lo, chairman of the Hong Kong Trade Development Council, said Viet Nam is a very attractive destination for Hong Kong investment given its large population and rapid economic growth.

“Hong Kong is keen on investing in infrastructure in Viet Nam, especially now with the Belt and Road Initiative,” Vincent said. He said more trade will follow, including tourism and then manufacturing, once sufficient infrastructure is built.

Initiated by China in 2013, the “Belt and Road Initiative” is an ambitious strategy to promote economic co-operation along land and sea corridors spanning 65 countries throughout Asia, Europe and Africa. The area’s massive demand for infrastructure is estimated at US$1.7 trillion a year through to 2030.

As a country participating in the initiative, Viet Nam, among the fastest-growing nations in the world, is also leading in the infrastructure race.

The country has targeted gross domestic product (GDP) growth of 6.7 per cent in 2018 after recording a nine-year high with GDP growth of 6.8 per cent in 2017. It is boosting infrastructure to lure more foreign investment as well as keep its position as one of Asia’s next "Tiger" economies.

Viet Nam has spent about 5-6 per cent of GDP on infrastructure development in recent years, the highest in Southeast Asia and comparable with China’s 6.8 per cent, according to the Asian Development Bank.

The sixth largest economy in the ASEAN bloc needs to invest an estimated $400 billion in infrastructure over the next decade. Given the huge financing gap, the country is endeavouring to attract non-State, private and foreign resources into infrastructure projects, especially in the form of public-private partnerships (PPP).

“Infrastructure is typically very long term, so you need to have stable transparency as well as provide incentives and guarantees for investors to make 20-30 year investments,” Vincent said.

He suggested the Vietnamese Government make further reforms on market conditions, offering incentives, especially tax incentives, guaranteed return and market opening to attract more foreign investment, just like China did 20 to 30 years ago.

Vincent said a few projects were planned during his visit to Viet Nam last May but declined to disclose further as the companies have not announced it themselves.

“We will definitely continue to come to Viet Nam and make further investments,” Vincent said.

In November, the South China Morning Post said Hong Kong companies have expressed interest in taking part in the development of subway projects in HCM City and Ha Noi.

Bilateral trade partnership between Viet Nam and Hong Kong has increased steadily in recent years.

Viet Nam is Hong Kong’s ninth-largest trade partner worldwide and biggest export market in ASEAN with two-way trade value reaching $16.4 billion in the first eleven months of 2017, surpassing the 2016’s total figure of $9.3 billion.

As of November 2017, Hong Kong’s annual imports from Viet Nam touched $7.2 billion while its exports to Viet Nam hit $9.2 billion. Hong Kong has also been among top 10 biggest FDI investors in Viet Nam with total registered investment hitting nearly $18 billion.

In November last year, after three years of negotiations, ASEAN members and Hong Kong finally signed a Free Trade Agreement (FTA). Together with ASEAN-China FTA, economic co-operation between the two sides is expected to grow at a much faster pace.

“Hong Kong would like to be a springboard for Viet Nam but the country must make itself more attractive,” Vincent said, adding that many investors are looking for opportunities in Viet Nam.

Hong Kong is an important entrepot for trade between mainland China and Viet Nam, with 60 per cent of re-exports of goods originating from the Chinese mainland.

Sacombank reports 10-fold jump in profit
     
Sacombank announced a pre-tax profit of over VND1.48 trillion (US$65.5 million) for last year, almost 10 times up from 2016.

The lender has set itself a target of VND1.64 trillion ($72.24 million) for this year.

Last year was its first year under the restructuring scheme approved by the Government and State Bank of Viet Nam, and despite many challenges it managed to achieve outstanding results.

According to a report tabled at a review meeting in HCM City last Saturday, its total assets were up 11 per cent to nearly VND369 trillion.

Outstanding loans rose by 12.1 per cent to VND223 trillion and income surged 32.4 per cent to VND8.65 trillion.

The bank managed to recover more than VND19.66 trillion worth of bad debts last year, including more than VND15 trillion included in the restructuring scheme.

Sacombank is among the largest joint stock banks in terms of network with 566 transaction offices in Viet Nam, Laos and Cambodia.

This year it will focus on speeding up the restructuring, settling bad debts, improving asset quality, strengthening retail banking and enhancing competitiveness through cost optimisation and expanding co-operation.

Sacombank was named in the 500 largest Vietnamese enterprises list (VNR500) announced by Viet Nam Report and online newspaper Vietnamnet at a ceremony in Ha Noi last week. 

Loans to trade, services sector hit US$176.2 billion in 2017
     
Outstanding loans to the trade and services sector last year rose by 19 per cent against the end of 2016 to nearly VND3.7 quadrillion (US$176.21 billion), the State Bank of Vietnam reported.

The number accounted for nearly 60 per cent of the total outstanding loans of the entire banking system.

Retail and wholesale as well as vehicle repairing had the highest loans last year -- VND1.2 quadrillion. The segments surged 21 per cent against the end of 2016 and made up 31 per cent of the trade and services sector’s total loans.

Loans to the logistics and warehouse services rose 16 per cent to nearly VND200 trillion in 2017.

Last year, credit growth reached 18.17 per cent, mainly flowing into production and business.

The central bank has so far announced a credit growth target of 17 per cent for 2018, however, it will closely monitor the market to make suitable adjustments from time to time.

SBV stated that lending this year would continuously focus on the Government’s prioritised sectors, such as agriculture, exports, spare-parts industries, small- and medium-sized enterprises and hi-tech firms, while limiting the capital to risky industries such as real estate, and securities. 

VNR targets 8% revenue growth in 2018
     
Vietnam Railways (VNR) has targeted a revenue growth of over eight per cent on last year’s figure of VND8.17 trillion, Vu Anh Minh, the corporation’s chairman, said on January 20.

Speaking at VNR’s conference on the 2018 business plan, Minh said the corporation also expected to earn an after-tax profit of VND158 billion, four billion higher than last year’s, and raise the average income of employees by 10 per cent.

To achieve the target, Minh said VNR would focus on upgrading railway infrastructure, installing 100 new engines by 2020 and building six new passenger trains as well as replacing out-of-date freight cars.

The corporation would also call for investment in projects to enhance its goods loading capacity to shorten the storage time at stations, strengthen the connection between railway and other means of transport and reduce logistic costs, Minh said.

Deputy Minister of Transport Nguyen Ngoc Dong pointed out some shortcomings that VNR was facing which needed to be addressed this year, such as restructuring its transport system to improve competitiveness and corporate management capacity at both parent company and subsidiaries.

Dong said VNR must take drastic measures so that by 2020, the railway sector would reach 2 per cent of market share in passenger transport and 3 to 4 per cent of market share in freight transport.

In an effort to provide better services to attract passengers, VNR launched six five-star trains on January 10 on the Reunification (Ha Noi-HCM City) route. 

Vietnam commits to green growth: Deputy PM

Vietnam takes the matter of saving energy and resources and protecting the environment serious, Deputy Prime Minister Trinh Dinh Dung said while receiving Director-General of the Global Green Growth Institute (GGGI) Frank Rijsberman in Hanoi on January 23.

Green growth is a need and a must of all nations in the world, Dung said, affirming that Vietnam is accelerating economic restructuring, and reforming its growth model in an intensive, cost-effective, energy-efficient, and environmentally friendly manner.

“Vietnam does not wait until being rich to care about green development,” the Deputy PM reiterated.

He stressed the need for a legal framework and joint efforts of all people for green growth, adding that the work needs huge resources which are beyond affordability of developing nations. 

Dung acknowledged and spoke highly of the assistance the GGGI has provided for Vietnam in developing and implementing its Green Growth Strategy.

He called on the institute to continue its support for Vietnam in developing legal framework, studying to enhance management, promoting communications work to raise awareness of growth green, and sharing information and knowledge of green growth.

He urged the GGGI to help train and develop human resources, include green growth in socio-economic development plan; analyse the feasibility of evaluating tools of Vietnam’s green growth and piloting them in several provinces, cities, and key sectors.

Sharing Dung’s views, the GGGI Director General said green growth has become a priority of many nations, including Vietnam, adding that shifting towards green growth also creates opportunities for the nations to develop renewable energy, transport, and green construction.

He extended his thanks to the Government, ministries, sectors and localities of Vietnam for their support and close cooperation with the GGGI representative office in Vietnam in implementing green growth strategy in the finance, water and urban sectors.

GGGI has helped train over 100 officials from ministries, sectors and localities, develop urban green growth, draft the national Strategy on green growth and facilitate green growth projects.-

Vinaconex targets 9.3 percent in 2018 revenue

The Vietnam Construction and Import-Export Corporation (Vinaconex) has eyed a 9.3 percent growth in revenue this year, said Vinaconex General Director Do Trong Quynh at a meeting on January 23.

Quynh said that the firm expects 19.44 trillion VND in 2018 revenue and after-tax profit of 1.33 trillion VND.

The figures are lower than that of 2017 as the corporation withdrew capital from its subsidiaries of Wiwasupco and Vinaconex 7, said Quynh.

To realise the plan, the firm will expand cooperation with domestic and foreign partners, while seeking for big contracts and FDI partners, while broadening operation areas.

Currently, Vinaconex is focusing on speeding up An Khanh project.

In the coming time, Vinaconex will be concentrating on seeking and re-purchasing projects, while prioritizing projects in promising localities such as Quang Ninh, Nha Trang, and Ho Chi Minh City.

Vietjet launches 500,000 international tickets flying till end of year

Continue the biggest promotional program of the year “Enjoy Sky Festival”, Vietjet presents three golden days from January 24-26, 2018, offering 500,000 tickets priced from only 0 VND on website www.vietjetair.com,

The promotional tickets are available for all international routes flying to Seoul, Busan (the Republic of Korea)/ Hong Kong/ Kaoshiung, Taipei, Taichung, Tainan (Taiwan)/ Singapore/ Bangkok, Phuket, Chiang Mai (Thailand)/ Kuala Lumpur (Malaysia)/ Yangon (Myanmar)/ Phnom Penh, Siem Reap (Cambodia) with the flight period from March 1, 2018 to December 31, 2018.

Especially, flying with Vietjet during the time from December 28, 2017 to February 28, 2018, passengers have chances to win many attractive prizes with a total value of up to 1 billion VND.

Accordingly, passengers on special flights in the festive season will have a chance to participate in lucky draw to win free domestic return tickets, “lucky money” prizes worth 10 million VND as well as a special cash prize worth 100 million VND.

Besides, from January 30, 2018 to February 28, 2018, passengers download and play “Vietjet Sky Fun” game from App Store and Google Play Store for free will have an opportunity to win domestic and international return tickets.

The promotional tickets are available during the golden hours from 12:00 to 14:00 (GMT 7) on www.vietjetair.com (also compatible with smartphones at https://m.vietjetair.com) or www.facebook.com/vietjetvietnam (just click the “Booking” tab); payment can be easily made with debit and credit cards of Visa/ MasterCard/ AMEX/ JCB/ KCP/ any ATM card issued by 32 Vietnamese banks that have been registered with internet banking.

When people bustled in spring domestic traveling, 3 golden days of Vietjet continue offering various opportunities for you and your family to experience the festive atmosphere in many attractive international destinations of the region, the sooner you hunt the tickets, the more economical the price is. 

Aiming to “Consumer Airline”, Vietjet is continually opening new routes, adding more aircraft, investing in modern technology and offering more added-on products and services to serve all demands of customers. Vietjet is a pioneering airline that is loved by many for its exciting promotional and entertainment programs, especially during the festive season. With high-quality services, diverse ticket classes and special low-fare tickets, Vietjet offers its passengers flying experiences on new aircraft with comfy seats, delicious hot meals, beautiful and friendly cabin crews, and other interesting added-on services.

Vietjet is the first airline in Vietnam to operate as a new-age airline with low-cost and diversified services to meet customers’ demands. It provides not only transport services but also uses the latest e-commerce technologies to offer various products and services for consumers. Vietjet is a member of the International Air Transport Association (IATA) with the IATA Operational Safety Audit (IOSA) certificate. The airline was also named as one of the Top 500 Brands in Asia 2016 by global marketing research company Nielsen and the “Best Asian Low Cost Carrier” at the TTG Travel Awards 2015, which compiles votes from travelers, travel agencies and tour operators in throughout Asia and Asia’s Best Employer Brand by the Employer Branding Institute and World HRD Congress for many years. The airline was also rated as one of the top three fastest growing airline brands on Facebook in the world by Socialbakers.

Currently, the airline boasts a fleet of 55 aircraft, including A320s and A321s, and operates 350 flights each day. It has already transported more than 55 million passengers on a network featuring 78 routes in Vietnam and across the region to international destinations such as Thailand, Singapore, the Republic of Korea, Taiwan, Hong Kong, Mainland China, Malaysia, Indonesia, Myanmar and Cambodia.              

Looking ahead, the airline plans to further expand its network across the Asia Pacific region. To prepare for this plan, Vietjet has signed agreements with the world’s leading aircraft manufacturers to purchase more brand-new and modern aircraft.

Deputy PM Vuong Dinh Hue attends 48th WEF meeting

Deputy Prime Minister Vuong Dinh Hue and a Vietnamese delegation on January 23 morning attended the 48thannual meeting of the World Economic Forum (WEF) in Davos, Switzerland. 

Hue attended the plenary opening session of the event and delivered a speech at a meeting of the ASEAN Regional Strategic Group, where he urged the group to cooperate with the Governments of the ASEAN member countries to take solutions to promoting regional prosperity in the context of challenges and changes facing the region and the world at large. 

He said the group should focus discussions on strategic issues such as maintaining dynamic development, competitiveness and self-improvement of the ten-member group, promoting the equal development of the ASEAN Community, raising the central role played by ASEAN in cooperation mechanisms and regional security, and boosting intra-bloc cooperation and connectivity. 

Vietnam always stands ready to hold dialogues and closely coordinate with other ASEAN nations, its partners and businesses, he said, noting that the country is closely coordinating with the WEF in preparations for the WEF-ASEAN conference scheduled for September 2018 in Hanoi. 

On this occasion, Deputy PM Hue met with Johann Schneider-Ammann, a member of the Switzerland Federal Council. 

Both sides shared the views that the Vietnam-Switzerland relationship is developing fruitfully, with economic cooperation having encouraging outcomes. 

They agreed to step up the bilateral coordination at multilateral forums while pushing negotiations of the free trade agreement between Vietnam and the European Free Trade Association to which Switzerland is a member. 

Deputy PM Hue highly valued the Swiss Government’s commitment to maintaining its official development assistance (ODA) to Vietnam during 2017-2020 and called on the country to continue its support to the country in developing a high-quality education system and combining scientific and technological research with education, and increase scholarships for Vietnamese students. 

He also had a meeting with the Qualcomm Vice President, suggesting the group cooperate with Vietnam in innovative start-ups in information-technology, share its experience in innovation, and boost collaboration in human resources development in the telecommunications sector, thus meeting requirements of the fourth industrial revolution and the digital economy in Vietnam. 

Within the framework of the WEF, the Deputy PM on January 22 had a working session with Zurich Airport, the world’s leading group in investment and aviation management in Zurich. 

The group is now interested in partnering with Vietnam in airport projects, including the Long Thanh International Airport, as well as in training and the transfer of managerial technologies. 

The same day, the Vietnamese Ministry of Planning and Investment, the Vietnamese Embassy in Berne and Bell Capital co-organised the Vietnam Investment Forum in Zurich. 

Themed “Creating a Shared Future in a Fractured World,” this year’s WEF Davos attracts more than 3,000 delegates, who are leaders of many countries, major international organisations, the world’s leading groups and non-governmental organisations.

HAI Agrochem earns US$77 million revenue in 2017

HAI Agrochem Joint Stock Company earned an estimated integrated revenue of VNĐ1.75 trillion (US$77 million) in 2017, surpassing its target.

This is an encouraging result, given the plant protection market was faced with challenges last year, such as accessing loans, fierce competition and newly promulgated policies on fertiliser trading.

To overcome the difficulties, HAI completed its management and distribution channels and closely supervised its members to ensure business criteria.

It also restructured and diversified its business lines.

HAI established a board for technologies and seedlings to develop friendly environmental products. It is a supplier of home garden services for FLC Group’s resort complexes nationwide.

HAI has become an important strategic partner of many companies in the United States, Japan, Hungary and Hong Kong.

It was authorised by the US Dow AgroSciences last year to exclusively produce its brand in Việt Nam.

The company’s expansion in 2018 is expected to facilitate the development of hi-tech agriculture projects in Việt Nam and Cambodia as well as in new markets such as Laos and Myanmar.

HAI’s Institute for Product Research and Development, with laboratories granted ISO/IEC 17025:2005 by the Ministry of Science and Technology, reported new achievements in experiment and quality-assessment services while producing and distributing household chemicals and industrial cleaning products.

HAI plans to continue investing in the second phase of its plant in Long An to enhance its capacity and bring a fertiliser plant in Tiền Giang into operation this year.

HAI has been recognised as producing high-quality Vietnamese goods for the past 15 years and is listed in the top 500 biggest firms in Việt Nam.

Non-life insurers earn US$1.78 billion revenue in 2017

Non-life insurance premium in 2017 continued its sustained growth, with an estimated revenue of VNĐ40.5 trillion (US$1.78 billion), representing an 11 per cent year-on-year increase.

According to the Ministry of Finance’s Insurance Supervisory Authority (ISA), total assets of non-life insurance companies reached VNĐ73.6 trillion in 2017, while VNĐ38.8 trillion were re-invested into the economy.

Insurers also paid VNĐ14.95 trillion for customers.

Reports from insurers revealed positive business results in 2017.

A representative of BảoViệt Insurance Corporation said it surpassed its set target with insurance premium revenue of more than VNĐ8.5 trillion, which was higher than the market’s average growth.

BIDV Insurance Corporation (BIC) said its total revenue from insurance premium last year was estimated at VNĐ1.82 trillion, increasing 9.2 per cent from the previous year. BIC’s pre-tax integrated profit was VNĐ179 billion, up eight per cent from 2016. It maintained its position as one of the five insurance companies with high profitability in the non-life insurance market.

BIC’s general director Trần Hoài An said the corporation had built synchronous solutions to increase its market share while enhancing risk management to meet with the set target of 2017. Its bancassurance notably posted 60 per cent increase.

Việt Nam National Aviation Insurance Corporation also posted positive business results, with a total revenue of VNĐ744 billion in 2017, representing 36 per cent year-on-year increase.

Its total assets reached VNĐ1.5 trillion and charter capital was VNĐ800 billion.

Non-life insurers have targeted a revenue of VNĐ44.7 trillion in 2018, total assets of VNĐ77.3 trillion and re-investment of VNĐ40 trillion in the economy.

According to the insurers, quick payment, simplification and transparency have been of priority to customers.

SCB recognised as outstanding member by VSD     

Standard Chartered Bank Viet Nam (SCB) was recognised by Viet Nam Securities Depository (VSD) as one of its top 10 outstanding members by assets under custody in 2017.

The award honours outstanding members who have contributed positively to custody, clearing and settlement of securities transactions in the market.

This is the first time VSD presented awards to members for their participation and contribution to the Viet Nam stock market. SCB is one of only two foreign custodian banks to receive the accolade.

Standard Chartered’s custody offering gives customers a single entry point to access services in multiple markets. The key benefits include a single point of contact, multiple services across multiple markets, direct access to operational support and centralised client services, unique coverage through on-shore presence and carefully selected third party agents.

The bank’s custody product adopts the best international practices and comes with its multi-functional Straight2Bank platform, which gives clients on-demand access to comprehensive transactional and reporting capabilities.

Recently, SCB launched an enhanced custody business model, which leverages the expertise of all relevant stakeholders, including relationship management, product management, securities service sales and implementation management, as well as client service management, market development and operations to ensure clients get the right solutions to address their needs.

SCB was named the “Best Foreign Bank in Viet Nam” for three consecutive years, including by the Global Banking and Finance Review in 2014 and 2015, and by Global Business Outlook in 2016. 

Can Tho invites investments for Vietnam-Japan industrial park

More investment and trade promotion activities will be held by the Mekong Delta city of Can Tho to lure foreign investments to the Vietnam-Japan industrial park, said Nguyen Khanh Tung, director of the Can Tho Trade, Investment Promotion and Exhibition Centre on January 23.

As construction of the Vietnam-Japan industrial park will begin in April, the city will hold meetings with Japanese firms in Hanoi, dialogues between local authorities and Japanese businesses and Can Tho-Japan trade culture exchange activities to entice Japanese investors.

The centre will also push for the popularisation and investment in the Vietnam-Korea Incubator Park. National exhibitions will be held in the city, including a southern traditional cake festival, a trade fair on high-quality Vietnamese products, the international Vietbuild exhibition and an international agriculture trade fair.

Last year, trade promotion activities helped the city lure investment and increase export revenue.  Some 77 foreign direct investment projects worth 656 million USD landed in the city in 2017. The city earned nearly 1.8 billion USD from export and service revenue, 5.9 percent above its goal and 13.9 percent higher than the previous year.

The centre organised 10 events and exhibitions in 2017, attracting the participation of 3,000 domestic and foreign booths.

Dust recycling project starts to ease concern over steelmaking

Zinc Oxide Corporation Vietnam JSC began construction of a 120-million-USD steel furnace dust recycling factory at Phu My 3 Industrial Park in southern Ba Ria – Vung Tau province on January 23.

The 8.7-hectare facility will use a rotary hearth furnace (RHF) to recycle about 100,000 tonnes of steel furnace dust annually from steel production. The dust will be used to make zinc oxide, lead, silver and cinder for cement production.

The project is expected to be operational in May next year.

Ba Ria – Vung Tau is home to many large steel factories, accounting for about 70 percent of Vietnam’s output. Six steel mills in the province generate an estimated 45,000 tonnes of dust every year, raising great concerns over pollution in recent years.

Zinc Oxide Corporation Vietnam JSC is a joint venture between Korea Zinc from the Republic of Korea and Zincox from the United Kingdom.

Zinc Oxide Vietnam starts recycling plant

Zinc Oxide Corporation Vietnam on January 23 broke ground for construction of an electric arc furnace dust recycle plant in the southern province of Ba Ria-Vung Tau.

With total cost of over US$120 million, the plant is situated in the Phu My 3 Specialised Industrial Park in Tan Thanh district.

It will have a capacity of recycling 100,000 tonnes of electric arc furnace dust per year, and is equipped with advanced technologies.

Lee Sung Chae, general director of the company, said the plant is expected to be ready in May 2019 and start operations a month later.

It would be able to treat all the electric arc furnace dust generated in the province, he said.

POSCO E&C is the contractor for the construction.

Nguyen Thi Thao Nhi, chairwoman of the Phu My 3 Specialised Industrial Park, said there were many steel mills in the province, which account for 70 percent of the total steel produced in the country, and so treating and recycling electric arc furnace dust had become an urgent need.

Using the most environment-friendly and advanced technologies, the company would produce value-added raw materials during the recycling process, which could be used as inputs by tyre manufacturers and ceramics producers making for both the domestic and foreign markets.

Ninh Thuan: Work begins on 800 billion VND solar power project

Vietnamese BIM Group and AC Group, the energy unit of the Philippines’s Ayala Corporation, began construction of a solar power plant (BIM 1 project) in Phuoc Minh commune, Thuan Nam district, the central coastal province of Ninh Thuan on January 23.

The project, covering 35 hectares, has a designed capacity of 30MWp with total investment of 800 billion VND (35.4 million USD). More than 90,000 solar panels will be installed at the plant together with other advanced technologies.

Upon completion in the third quarter of this year, the plant will contribute 50 million kWh to the national grid yearly.

At the ground breaking ceremony, Chairman of BIM Group Doan Quoc Viet noted that the plant is significant to ensuring energy security, mitigating the impacts of climate change and bringing economic benefits to the nation.

AC Energy CEO Eric Francia said his company is interested in energy investment in Vietnam and wants to become a pioneer investor in renewable energy.

Ninh Thuan province holds good solar energy potential as it has average sunshine hours of 2,600-2,800 per year. The province is finalising a master plan for solar energy from 2016 to 2020 with a vision to 2030, which aims to generate some 2,000MW of electricity by 2020.

Thua Thien-Hue expands Nam Dong orange farm

The central province of Thua Thien-Hue has approved a 70-billion VND (3.1 million USD) project to develop orange farms and medicinal plant farms in Nam Dong district.

Invested by Kim Nguyen hi-tech agriculture company, the project covers 97 hectares and will last for 45 years.

The project is expected to produce 10 tonnes of orange per hectare each year, along with 1.5 tonnes of medicinal plants per year to the World Health Organisation’s good agricultural and collection practices.

Le Thi Thu Huong, Chairwoman of the Nam Dong People’s Committee, said until 2020, Nam Dong defines orange as its major plant and will expand orange farms to 400 heactares to VietGap standards.

At the lowest price of 15 million VND per tonne, farmers can earn 175 million VND per hectare each year from orange, much higher than cultivating other plants, she said.

Currently, Nam Dong has 75 hectares of orange trees.

With outstanding quality, Nam Dong orange has been a strong brand with high demand. 

Along with giving locals guidelines on VietGap production standards, the district will monitor the process of growing orange trees, fertilising to harvesting, preserving and selling the products, added Huong.

Securities firms report handsome profits

Securities companies earned hefty profits as the VN-Index picked up 48% last year, the highest in 10 years, and trading value soared 63% against 2016 to nearly VND5 trillion per session.

Saigon Securities Incorporation (SSI), according to its quarter-four earnings results that came out last week, generated around VND1.02 trillion in revenue, up 66.8% against the same period last year, and VND380.8 billion in pre-tax profit, up 344.7%.

In all of 2017, SSI made VND2.96 trillion in revenue and VND1.28 trillion in pre-tax profit, up 19% and 20.5% respectively. SSI projected last year’s consolidated pre-tax profit at over VND1.39 trillion.

At the end of last year, SSI’s total assets were around VND18.25 trillion (up 34%), whereas its equity was over VND8.15 trillion.

Revenue from banking investment service and other activities of SSI amounted to some VND90.7 billion in the final quarter last year (55.5%), while investment activities generated VND314.8 billion (up 35%).

Techcom Securities Company Limited (TCBS) also reported higher revenue and profit, at VND1.08 trillion (up 31.3%) and VND916.7 billion (up 51.8%) respectively.

TCBS has issued about VND34.2 billion worth of iBond for more than 13,000 individual clients. The company was taking the lead in terms of open-ended fund with assets under its management totaling nearly VND2 trillion and a market share of 58.65% late last year.

In addition, the business consulting value of TCBS reached VND34.64 trillion last year, a 33% rise against 2016.

VinFast cooperates with Pininfarina and BMW to make cars locally

VinFast Trading and Production Company Limited, a subsidiary of Vingroup, signed a contract with leading Italian designer Pininfarina last week to buy two designs for Sedan and SUV cars and at the same time secured the intellectual property right from German automaker BMW to develop the designs.

According to Nguoi Lao Dong newspaper, the contract was worth US$5 million. These are the most favorite designs in a survey organized by VinFast in October last year.

The Vietnamese firm earlier signed partnership agreements with Magna Steyr and AVL, two of the world’s leading auto technology and manufacturing consulting firms.

VinFast has also signed contracts with leading providers of auto manufacturing solutions, auto parts, technology and human resource training like Bosch, Siemens, Ital Design, Torino Design, Zagato and the German Chamber of Commerce and Industry in Vietnam to develop the products.

By signing cooperation agreements with reputable partners in auto design and production, VinFast is committed to manufacturing modern, safe and elegant cars.

The cars, which will be developed by VinFast under the motto “Vietnamese identity - Italian design - German technology - international standard”, will be exhibited at the Paris Motor Show 2018 in France in October. VinFast will introduce these models in Vietnam in December.

VinFast is accelerating construction work so that its 500,000-square-meter auto plant in Dinh Vu-Cat Hai Economic Zone in Haiphong City will be up and running by July this year. The company’s first car will be launched in the third quarter of 2019.