Ha Noi real estate reaches bargain prices
 
Ha Noi real estate was approaching true value, a chance to buy a house or an apartment, according to investors and real estate salesmen.

"I decided to buy two lots of land in the Kim Chung-Di Trach New Urban Area in Hoai Duc District for VND42 million (US$2,000) a square metre, lower than VND57 million ($2,700) a square metre before," said Tran Thanh Hoang, a property investor in Ha Noi.

"With my experience of trading property over 10 years, the price is down, which means a good opportunity," Hoang said.

Nguyen Ba An, deputy head of the Ministry of Planning and Investment's Development Strategy Institute, said people who had savings should buy property.

Nobody knew when the macro-economy would stabilise and the State would loosen its credit policy, causing the property market to heat up, An said. That might be in three months or three years.

If people had the money to buy, they could wait for the property market to get better while people with loans could not afford to wait, An said.

Nguyen Huu Cuong, chairman of the Ha Noi Real Estate Club, said there was demand in the home property market because some people wanted to trade up while some who were renting wanted to buy.

Nguyen Quoc Khanh, chairman and general director of JTJ Investment and Distribution Joint Stock Company, said the demand in the market was high because the Ministry of Construction reported the country needed to reach an average house density of 25sq.m per person in the next 10 years.

Therefore, the price of property was expected to increase when the macroeconomy stabilised, Khanh said.

State Bank keeps lid on credit growth, interest rates
 
Credit has grown by 7.05 per cent since December last year, well on pace to meet the 20 per cent limit for the year set on commercial banks by the central bank, State Bank of Viet Nam Governor Nguyen Van Giau said yesterday in a press conference in Ha Noi.

Giau said that growth in Vietnamese dong-denominated lending during the period remained low, at 2.7 per cent, while the rise in US dollar loans was more alarming, at 22.2 per cent.

Short-term credit rose 6.17 per cent, while medium – and long-term credit surged by 7.66 per cent, he said.

With overall credit growth of 10.97 per cent during the period, production and export industries accounted for 83 per cent of total loans made by commercial banks during the period. Lending to non-production sectors fell by 9.46 per cent against late last year, consistent with the Government's instruction to commercial banks to shift priority in lending to productive industries and away from non-productive uses such as real estate development or securities investment.

Lending interest rates in dong during the period averaged 18.7 per cent, up 3.4 per cent against December, while average interest rate for dollars, at 6.4 per cent, remained equal to the December average.

Meanwhile, Giau noted, credit growth so far this year has outpaced deposit growth at commercial banks, which reported an increase of only 2.37 per cent in deposits. This was reflected in rising deposit interest rates averaging 1.15 per cent for dollar deposits and 8.89 per cent for dong deposits.

Commercial banks themselves found it easier to access dollar sources in the first six months of the year, Giau said. The value of the dollar against the dong was once again falling on the interbank market, and banks' published buy/sell rates for dollars were sometimes even lower than those on the interbank market.

Though not disclosing the exact total of foreign currency reserves, Giau said that they had risen in the first half of the year, leaving the State Bank with fewer difficulties involving exchange rate management.

Dollar remittances in the first half of the year also surged by roughly 10 per cent against the same period last year, Giau said.

Despite the positive information about the foreign exchange market, the dollar appeared to be regaining strength yesterday. Vietcombank yesterday listed its dollar/dong buy/sell rate at VND20,700/ 20,800, an increase of VND145/185 over the previous day and the highest level since April.

The shift also lifted domestic gold prices to nearly VND38 million per tael despite a decrease on the world market. (One tael is equal to 1.2 ounces.) In Ha Noi, buy/sell rates were listed at VND37.85-37.91 million in the afternoon, up VND50,000-70,000 over the previous day.

Giau on Thursday also called on credit institutions to comply with regulations on Viet Nam dong deposit interest rates, in accordance with a new circular issued on March 31.

The maximum interest rate that banks would be allowed to apply when mobilising deposits from organisations and individuals (including promotional expenses) must not exceed 14 per cent a year. In addition, credit institutions would be required to make their interest rates public.

The State Bank called on commercial banks to keep the cost of reducing interest rates and lending at reasonable levels, especially in terms of agricultural and rural development, export, small- and medium-sized enterprises and support industries.

In addition, the State Bank suggested more inspections by supervision agencies and State Bank branches throughout provinces and cities in order to strengthen banking activities and hold banks accountable for their conduct.

The State Bank urged the Banking Association to ensure that its members complied with the new regulations on deposit interest rates, additionally calling on local governments across the country to co-operate on efficiently dealing with violations.

Despite the new regulations, it has been reported that some banks are still raising deposit interest rates that cause higher lending rates from banks, making it difficult for many businesses in need of production capital.

Following new State Bank instructions on assisting businesses experiencing financial difficulties, some commercial banks have started offering new measures in order to support companies.

According to Vietinbank, it has carried out a programme based on preferential lending rates for eligible businesses such as textile, footwear and mechanical engineering, who would be offered total loans of VND20 trillion (US$966 million) at a lending rate of 2.5 per cent lower than normal.

The Maritime Bank expect to reduce lending rates by 0.5 per cent in accordance with State regulations.

Pepper exports forecast to double
 
Pepper exports were likely to double last year's figure to reach US$766 million this year, forecast the Ministry of Agriculture and Rural Development (MARD).

The prediction was made because the world currently has a limited supply of pepper. The International Pepper Community (IPC) previously forecasted that this year's global pepper production would fall by 6,500 tonnes to 310,000 tonnes.

Due to increasing demand, the world market would likely witness a shortage of 45,000 tonnes of pepper this year, IPC said.

High demand on the international market had boosted the price for Viet Nam pepper exports, said MARD, adding that the price had increased by about 67.9 per cent since the beginning of this year.

In May, Viet Nam exported 15,000 tonnes of pepper valued at US$82 million. The latest addition boosted pepper exports during the first five months to 56,000 tonnes, worth $293 million, representing a 60 per cent increase over the same period last year.

The US and Germany were Viet Nam's largest pepper importers during the period, accounting for 27 per cent of the country's total pepper exports. They were followed by the Netherlands, the United Arab Emirates and Egypt.

Viet Nam currently contributes about 30 per cent of the global pepper output.

To further develop the sector, experts said the industry needed to focus on branding its product and improving quality.

Firms ‘should draft sustainability plans'

Businesses should build long-term strategic management plans for sustainability to ensure economic and ecological efficiency and social responsibilities, a forum was told.

At the forum on "Strategic Management: Short term view vs Sustainability" co- organised by VIET NAM Holding Limited (VNH) and the Viet Nam Business Council for Sustainable Development (VBCSD) in Ha Noi yesterday, Doan Duy Khuong, vice president of the Viet Nam Chamber of Commerce and Industry (VCCI) and co chairman of VBCSD, said that profit maximisation and sustainable development were objectives in many companies.

"Sustainability is considered one of the critical factors in business development as it is specified in the nation's 2011-20 socio-economic strategy plan," Khuong said.

The Government established a national committee for sustainability in 2009 in order to help the country achieve its sustainable development goals, said Khuong, adding that the VCCI also set up the Viet Nam Business Council for Sustainable Development last year to help businesses move towards sustainability.

"Vietnamese companies should build their business strategy aimed at making a profit while also protecting the environment," he said.

Chairperson of the VNH Min Hwa Kupfer said: "Four years after the global financial crisis, there still remain some uncertainties here in Viet Nam and abroad and it is tougher for companies to remain successful and competitive without a well-considered long-term view."

Nguyen Quoc Khanh, a VNH board member, said it was ever more pertinent for investors around the globe to be able to identify and invest in these long-term winning enterprises.

Khanh suggested that such long-term winners would be those who had integrated the idea that sustainability required financial performance but also proper management of the long-term environmental, social and governance risks into their strategic management plans.

Distributors forge links to producers

A conference held in Ha Noi on Wednesday brought producers and distributors together in an effort to develop long-term business strategies. The participants determined that stronger links between the two groups would create better opportunities for both sides and also protect the rights of consumers, by reducing costs and efficiently delivering goods to customers.

Ha Noi Supermarket Association chairman Vu Vinh Phu said that the promised partnership would be a driving force for the development of the local retail industry.

Another advantage of strong ties between producers and distributors would be to establish more effective distribution chains, said Ha Noi Association for Anti-counterfeiting and Trademark Protection president Nguyen Ngoc Khoa. He noted that, when the distribution chains were launched, a consistent supply of energy, food and other essential goods would be ensured, helping the State accelerate production and also allowing authorities to effectively supervise the domestic market.

Ha Noi Trade Corporation's managing director Mai Khue Anh said that manufacturers and distributors were all aware of benefits brought about by fostering their co-operation. But she acknowledged that communication between them was not strong enough at present, resulting in unstable goods sources. She explained that the current situation was partly caused by a failure to reach agreements on pricing, quality goods and other relevant concerns.

Anh also called on producers and distributors to work together to respond to the Government's directive to replace imports with Vietnamese products, which are created and marketed within the country. To supplement their intended partnership, producers and distributors at the conference requested further assistance from the State in adressing interest rates, land and training.

Italian firms urged to invest in Viet Nam

Vietnamese Ambassador to Italy Dang Khanh Thoai called on Italian businesses to make further investments in Viet Nam during a business conference held in Milan on Thursday.

The ambassador noted that Viet Nam had always been a reliable partner for Italy, referring to the country's economic status, investment climate, and as yet untapped business opportunities. He outlined several key areas for expansion and co-operation between the two business communities, including agriculture, engineering and infrastructure, while also acknowledging tourism and technology as promising sectors.

"Though Viet Nam is a young country, it still has great potential for economic development and has proven to be attractive for foreign enterprises, especially Italian comanies," said Chiara Fanali, who heads the international business department of ASSOLOMBARDA, the largest territorial association of the entrepreneurial system in Italy.

She observed that the operational model of small- and medium-sized Vietnamese enterprises was consistent with that of Italian companies. That compatibility was a primary reason the firms were eager to seek further investment and business opportunities in Viet Nam, she said.

In anticipation of the conference, the delegation of Vietnamese firms visited a number of factories belonging to their Italian counterparts. Viet Nam Association of Consumer Goods Development General Secretary Nguyen Thi Thu Thuy said that the exchange helped Vietnamese enterprises better understand the strengths of the Italian firms. She described the conference as a good change for businesses to enhance their mutual appreciation and to seek new opportunities for co-ordination.

Fanali said she hoped that the Vietnamese Embassy in Italy and its trade office would continue to be an effective bridge between the two countries, facilitating accelerated co-operation on business ventures in the future.

Investor attention drawn to Government bonds

Investors have shown a growing interest in Government bonds since late May, according to bidding results posted by the Ha Noi Stock Exchange.

"The success could be attributed to the fact that banks were nearing their credit limitation of 20 per cent," said deputy general director Luu Nguyen Chi Nhan of Sai Gon – Ha Noi Fund Management Company as quoted by the Dau Tu Chung Khoan (Securities Investment).

Also, gold and foreign currency were not as profitable as before which led banks to buy Government bonds for less risk and reasonable interest rates, he said.

Banks were showing a high demand for Government bonds as nearly VND4.5 trillion (US$214.3 million) in bonds would reach their maturity dates in June, said analysts at Bao Viet Securities Co.

About VND2.5 trillion in bonds was due in May. The abundance of capital in large banks increased the supply of funds on the interbank market which in turn caused interest rates to fall, they said.

Nguyen Thi Hoang Lan, deputy director of the Ha Noi Stock Exchange, said recent success signalled greater economic indicators.

"The northern exchange is actively co-ordinating with the Securities Depository and the State Treasury to restructure the bond market," she said.

"We will convert a variety of bonds with different maturities to the same maturity. We expect to implement this in the third quarter of this year."

However, other securities analysts said they were not certain about a decrease in the lending rates because inflation remained high.

The State Treasury on Wednesday successfully tendered VND4.9 trillion of its bonds out of the VND5 trillion offered.

The interest rates for 3-year and 5-year bonds fell 0.4 and 0.78 per cent from last week, and 0.9-1 per cent compared to a bidding which took place on May 26.

HCM City to host security expo

More than 120 local and foreign companies will take part in a three-day security, fire and safety exhibition to be hosted by HCM City from August 24 to 26.

The fourth edition of Secutech Viet Nam 2011, to be held at the Sai Gon Exhibition and Conventional Centre in District 7, will feature more than 500 latest surveillance, alarm, access-control, intercom, biometrics, and fire safety and prevention products.

Several leading manufacturers from 10 countries, including China, South Korea, Malaysia, Singapore, South Africa, Thailand, the US and India, will showcase their products and technologies.

Law firm wins international awards

VILAF Law Firm was recognised for its legal excellence by winning the Viet Nam Deal Firm of the Year 2011 Award at the Asia Legal Business Law Awards.

The award was designed to recognise the outstanding achievements of Southeast Asia's leading law firms. It is based on the financial value of legal deals, legal complexity, areas of practice, clients and industries served, and innovations in legal techniques.

VILAF also won the Chambers Asia Pacific Award 2011 for Viet Nam earlier this year.

Vietnam Air offers e-booking promotion

Vietnam Airlines announced a new promotion programme for customers using online booking services in co-operation with Vietinbank, Eximbank, VIB, ACB and Techcombank.

Passengers who book and purchase air tickets using credit cards from June 24 to 26 will enjoy discounts on some international flights to destinations such as Singapore, Kuala Lumpur, Bangkok and Hong Kong.

Vietnam Airlines also affirmed it would continue to offer priority programmes for high-spending customers who use domestic credit cards.

Dong Thap plans new industrial zones

The Government gave a green light to the Cuu Long (Mekong) Delta province of Dong Thap to establish five new industrial zones covering a total area of 850ha in the 2015-20 period.

Planned new zones will include Ba Sao (150ha), Tan Kieu (150ha), Truong Xuan-Hung Thanh (150ha), High-tech IZ (250ha) and Song Hau 2 (150ha).

During this time the province will also expand the existing Sa Dec and Tran Quoc Toan zones.

Vung Ang port company sets sail

The Viet Nam – Laos Vung Ang Port Joint Stock Company began operations in the Vung Ang Economic Zone in the central province of Ha Tinh on Thursday.

The company is a VND1 trillion (US$50 million) investment by the Ha Tinh Port Company, the Vientiane Petroleum Company and the Transport Company of Laos.
Located on the East-West economic corridor which links Laos and northeastern Thailand, the company manages and exploits two 13m-deep wharves in Vung Ang port, which can accommodate 50,000DWT ships along with 1.5 million tonnes of cargo each year.

It has the human resources capacity to handle 6,000 to 8,000 tonnes of cargo every day.

Furniture makers seek tax break

The Viet Nam Timber and Forest Products Association said its members proposed a tax reduction on timber used to make furniture.

A detailed proposal would be sent to the Ministry of Finance (MoF) next week, the association said.

The MoF previously issued a dispatch asking for a tax increase of up to 20 per cent on timber and timber-based products.

Taxes on wooden ties and chopped farmed-timber must be increased to avoid speculation from foreign companies.

Financial publisher scoops prize

The Hong-Kong based financial publishing company FinanceAsia has awarded the prize for Best Equity House in Viet Nam to Ban Viet Securities Co.

At the annual Country Awards organised by FinanceAsia, Ban Viet was rated highest with regard to securities analysis and foreign investor relationships.

With this award, FinanceAsia recognised Ban Viet as a Vietnamese company with strong influence in the domestic capital market and the potential to attract investors' interest.

Vietinbank to buy into Lao bank

Vietinbank plans to buy 30 per cent of the shares in the initial public offering of the Development Bank of Laos, which has a charter capital of about US$30-40 million.

Vietinbank hopes to become a strategic shareholder of the Lao bank and also aims to open new branches in both Laos and Germany.

Vietinbank's total assets in the first half of this year are appraised at VND400 trillion (US$19 billion), up 8.3 per cent compared to the beginning of the year and 44 per cent over the same period last year. Vietinbank plans to raise its charter capital to VND25 trillion ($121 million).

Corporate management deal inked

The State Securities Commission and Ernst&Young Viet Nam have signed a framework agreement to improve technical support for the Vietnamese securities market.

The agreement placed emphasis on the development of the legal environment for Vietnamese listed companies, particularly in the areas of corporate and risk management.

"The partnership is an opportunity for us to learn from foreign experience in risk management," said the State Securities Commission president Vu Bang.

Companies file to list shares

A volume of 16.8 million BGM shares of Bac Giang Mineral Mining and Processing Co will be traded on the HCM Stock Exchange next Monday at VND30,000 (US$1.4). The company has a charter capital of VND168 billion ($8.2 million), and expects to earn VND240 billion ($12 million) in revenue and VND84.8 billion ($4.1 million) in profit.

Meanwhile, Huu Nghi Vinh Sinh Mining and Mechanic Co (MAX) yesterday terminated its listing on UPCOM exchange to instead appear on the Ha Noi Stock Exchange next Wednesday. The reference price for the shares will be VND22,900. The company aims to reach VND680 billion ($33 million) in net revenue, to achieve VND65 billion ($3.2 million) in after-tax profit and to pay dividend at 25 per cent.

Securities firm reports Q2 loss

VNDirect Securities Co calculated its loss in Q2 at VND60 billion (US$2.86 million), with profits reaching VND30 billion, while the provision for the depreciation of securities was VND90 billion.

VNDirect joined a number of other security firms in reporting losses, despite the dramatically increased cash flow to the stock markets caused by recent positive information from monetary policy.

Petrolimex to pay dividends in kind

Petrolimex Petrochemical Company announced its dividend payout at a rate of 25 per cent.

The payment, paid in shares, has an ex-rights date of June 28, two days before the final registration date of June 30.

Energy-inefficieny rife in majority of HCM City buildings

Many buildings in HCM City failed to meet ecological and energy factors, said environment experts and architects at a recent workshop on energy savings.

Outdated energy-inefficient air conditioners, lighting systems, office appliances, elevators, and other auxiliary devices like pumps and air ducts are in use in many buildings.

For these appliances, the typical energy consumption is 40-60 per cent for air conditioning, 15-20 per cent for lighting, 10-15 per cent for offices, and the remaining devices, the rest.

Energy-saving potential for cooling and lighting systems is estimated at around 20 to 35 per cent.

On average, green buildings could cut 35 per cent of carbon emissions, 30-50 per cent of water consumption and 50 per cent – 90 per cent of the cost for waste treatment.

Huynh Kim Tuoc, director of HCM City Energy Conservation Centre, said the pace of high-rise building construction in the city required more sustainable construction methods.

Many hotels in HCM City have invested a lot of money to reduce power consumption and attract more tourists.

Majestic Hotel, which has saved 20 per cent on electricity, is an example. It has redesigned its energy consumption structure and each year has been saving around 719,866 kWh electricity or VND1 billion (US$48,700).

However, the awareness of green building among investors is not high.

Real estate developers and investors only focus on the immediate profit due to their insufficient financial capacity.

Tran Khanh Trung, director of TTK Architecture and Design, said his customers were not interested in environmentally friendly elements if they had to spend much more money to meet the criteria.

In designing, fewer than 50 per cent are concerned about environmental and energy saving issues.

"They don't care if the buildings are beautiful or not. The trend of green building has not occurred here. In order to do that, an architect is not enough," Trung said.

The city has decided to subsidise 30 projects in the city, with a total fund of VND1.1 billion ($53,600), to promote green building.

"It's a little amount of money for a building," Trung said, adding: "The subsidy should be much more. In France, the Government is ready to spend 30 per cent of the project's value to encourage sustainable development."

High-rise buildings like offices, hotels and apartments are the main consumers of commercial and service energy, which makes up 10 per cent of total energy consumption in Viet Nam.

In the next 10 years, the figure will go up 3.6 times because many more commercial buildings will be built.

Rash farming decisions lead to high losses
 
A project to grow high-yield cashew trees in new economic zones in the Central Highland province of Dak Lak has resulted in the loss of hundreds of billions of dong.

The project, which started in 2002, cost the Government an estimated VND220 billion (US$10.5 million), according to agricultural experts.

Le Thanh Hai, chairman of the People's Committee of Ia R've Commune, said that the weather and soil in the area were unsuitable for growing high-yield cashew trees.

The trees normally blossom and produce fruit between November and December, a time when the area is in the peak of its dry season.

Experts from the Central Highlands Agro-Forestry Scientific and Technical Institute agreed. They said they had warned project managers that conditions were not conducive for the successful cultivation of cashew trees, but their words had fallen on deaf ears.

As a result, many families in the area are struggling to make ends meet.

"We have to endure many difficulties," said Pham Van Hoang, a resident from R've Commune.

Hoang and his family have spent years tending to the cashew trees, but their efforts have been in vain.

With the 7ha of land allotted to them, the family could only harvest a maximum of 120 kilogrammes of cashew nuts, even in their most productive year.

Because of the poor harvest, Hoang and his wife resorted to other activities to support their family of four.

To make matters worse, a decision was made in 2008 to cut down the mature cashew trees to grow acacia trees for paper production instead.

According to local people, although the cashew harvest was small, they survived by cultivating short-term crops.

But now, the acacia trees make it impossible to grow cashew trees, denying locals from a major source of income.

In addition, wages are low, at just VND4-5 million $190-240) per hectare per year, and the profit share is unfair, at just 20 per cent.

Only a few households in the new economic zone have been granted their own land, which, given the harsh climate, is not enough to ensure economic stability.

But even those who have their own land struggle, because the plots are far away from their homes.

Hai said that Ia R've Commune had asked authorities to allocate each household at least two hectares for production, but the request remained unanswered.

VN eyes sustainable rice sector
 
Viet Nam could lead the world in rice exports by 2030 if the country managed to secure farm land amidst growing urbanisation, according to agricultural experts at a conference in Ha Noi yesterday.

Out of four scenarios put forth by the Centre for Agricultural Policy Consulting (CAP) under the Institute of Policy and Strategy for Agriculture and Rural Development (IPSARD), this was the most positive.

CAP said the prediction was feasible if 3.8 million ha of land was sustained for growing rice and annual exports hit close to 9 million tonnes.

Food security would also be ensured in this scenario.

A member of CAP's research team, Nguyen Ngoc Que said yesterday at the Viet Nam Agricultural Outlook Conference 2011 that the forecast was based on consultations with domestic and foreign rice experts.

He attributed the bright outlook to measures the country was adopting to increase output, including epidemic prevention, planting commercial hybrid varieties and investing in post-harvest mechanisms.

Que also affirmed that even in the worst case scenario, in which the country maintained only 3 million ha of rice land, Viet Nam would still have 2 million tonnes of excess rice to export.

"The excess would be higher if the agriculture ministry's anticipation that post-harvest rice loss is to be cut down from 10 per cent to 7 per cent is correct," Que said.

CAP also believes that the rice supply would be sufficient for residents in areas that are the most vulnerable to food scarcity in the northern region.

"There would be no fear of food shortage in some southeastern areas of the country thanks to the fertile land and dependence on supply from the Cuu Long (Mekong) Delta," Que said.

Dr Holger Matthey from the UN's Food and Agriculture Organisation (FAO) in Viet Nam agreed.

He told the conference that Viet Nam was likely to surpass Thailand as top rice exporter because Thailand planned to focus on quality instead of quantity.

Viet Nam also had a lot of advantages in rice farming, such as the ability to grow from two to three crops per year by applying advances in science and technology and using short-term, high-yield and high-quality seeds, Matthey said.

However, some other specialists cast doubts on the CAP's forecast, saying it was "too optimistic".

Deputy head of the Cultivation Department under the Ministry of Agriculture and Rural Development Pham Huy Thong asked if the scenarios had taken risks to the rice sector into account, such as water shortages, natural disasters and epidemics.

"Water scarcity is imminent in Mekong River – the main water supplier for all of the rice growers in the Cuu Long Delta as it has been seriously threatened by the construction of too many hydro-power plants," Thong said.

"Salt intrusion will also affect rice output in the nation's biggest rice granary," he added.

Thong was also concerned about the possibility of securing rice land in the next 10-20 years.

He forecast a mere half of the 3 million ha suggested would be retained due to urbanisation and other factors.

"The Government's scheme to keep 3.8 million ha of land for rice was meant to last for hundreds of years or more, not just 10 or 20 years," Thong said.

"Once rice land had been used for other purposes it would be impossible to recover the quality soil that is best for growing rice."

With a view to advance the application of science and technology (S&T) in agriculture and rural development, Deputy Prime Minister Nguyen Thien Nhan worked with some leading research institutes of the agriculture ministry over the past two days.

Nhan told leaders of the agriculture ministry yesterday that promoting scientific study was key to helping the agriculture sector grow stronger and sustainably.

After meetings with the Viet Nam Academy of Agricultural Sciences and the Viet Nam Academy for Water Resources on Thursday, Nhan said the results of the talks would serve as a vital basis for the Government and authorised bodies to have a "proper and subjective" view towards the agriculture sector while it was applying S&T.

"Then, appropriate recommendations would be made to the Party and Government to develop timely policies to speed up the application of S&T in farming production and rural lives," he said.

Nhan also requested ministries and sectors to map out new financial measures to support scientists conducting research in agriculture and asked the water resources academy to seek measures to cope with climate change, salt intrusion and water shortage, as well dyke embankment.

Leaders from the agricultural sciences academy suggested the Government to develop preferential policies for authors of practical and innovative ideas or applicable studies.

The academy also proposed an additional allocation of 0.5-1 per cent deducted from farm produce export turnover into an agricultural research fund.