Int’l exhibition on processing food to be held

The four-day event will introduce guests to typical agricultural and food products, as well as the latest technology in packaging, preserving and processing. — Photo courtesy of CIS Vietnam

 The largest specialised event on processing, packaging and preserving food and agricultural products in Viet Nam will take place on July 24-27 in HCM City.

The organiser announced the upcoming International Exhibition on Processing, Packaging and Preserving Food and Agricultural Products on Friday.

It will be held under the patronage of Ministry of Industry and Trade, and Ministry of Agriculture and Rural Development.

Covering an area of 5,000sq.m with 300 booths from domestic and international enterprises, the exhibition is expected to receive 35,000 visitors, according to Tran Thanh Mai from CIS Vietnam Company, organiser of the event.

The four-day event will include exhibitions of typical agricultural and food products; packaging, preserving and processing technology; and preservatives and materials used in the food processing industry.

Visitors will be able to see new machinery, technology and products.

There are two specialised forums on trade promotion, science and technology hosted by the Viet Nam Trade Promotion Agency, Viet Nam Industry Agency, and Agro Processing and Market Development Authority. The organiser also supports a direct business matchmaking programme between international and national exporters and importers.

Participants can register to visit several typical raw material areas and processing enterprises in HCM City and neighbouring areas.

The event will take place at the Saigon Exhibition and Convention Centre, 799 Nguyen Van Linh Street, HCM City. 

Vincom Retail set to open 13 malls this year

A Vincom Centre developed by Vincom Retail. The company announces to open more than 13 trade centres this year. 

 Vincom Retail Joint Stock has announced plans to open 13 new retail centres this year.

Speaking about the company’s strategy in 2019 at a seminar entitled “The Future of Viet Nam’s Retail Industry”, its deputy general director, Tran Thu Hien, said the 13 proposed malls would take Vincom’s total retail area to 1.6 million square metres at 79 retail centres in 42 provinces and cities.

They will include the centres at VinCity Ocean Park in and Vincity Sportia in Ha Noi.

The new malls would be developed under four Vincom Retail brands: Vincom Center, Vincom Mega Mall, Vincom Plaza, and Vincom+.

Vincom Centre comprises large malls in major cities like Ha Noi and HCM city.

Vincom Mega Mall targets middle- and upper-income customers by opening trade centre in new urban areas. Vincom Plaza targets young customers and the suburbs of major cities.

Vincom+ is opened in places where the retail market is still growing and underserved.

Hien said more modern technologies would be adopted, programmes to bring customers more experiences would be rolled out and cultural activities would be organised at the company’s malls.

To support tenants, it would offer them space for free to organise events, she said.

A member of Vingroup, Vincom Retail seeks to become a giant global retail space developer, she said.

Last year the company had opened 20 new retail centres and attracted 180 million customers. 

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.

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. 

Viet Nam sees reduction of new firms in Feb

Viet 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 VND96.3 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 VND16.3 billion.

The office said the nation had 15,979 newly established firms with total registered capital of VND247.4 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 VND15.5 billion, up 46.7 per cent against the same period last year.

During the two months, the local economy attracted total capital of VND778.6 trillion from the business community, including VND247.4 trillion from new firms and VND531.2 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 VND10 billion, up 25.3 per cent.

February CPI up almost 1 per cent

The national CPI in February rose 0.8 per cent.

 The national consumer price index (CPI) rose 0.8 per cent in February, the General Statistics Office announced on Thursday, marking the biggest February increase since 2014.

The average CPI in the first two months of this year was 2.6 per cent higher than in the same period last year.

February CPI increased by 0.9 per cent from December 2018 and 2.64 per cent year on year.

The CPI of nine out of 11 groups of goods and services increased against those in January, mainly due to increased consumer demand during the Lunar New Year (Tet) festival, the office said.

The food and catering services group showed a large jump of 1.73 per cent. Processed food prices were up by 0.53 per cent and meat prices rose by between 1 and 5 per cent.

Housing and construction materials had a growth rate of 0.69 per cent month on month.

Gas prices rose 3.51 per cent. The surge contributed 0.04 percentage points to the 0.9 per cent CPI increase. Electricity prices were up 0.69 per cent.

Culture, entertainment and tourism activities saw prices rise 0.66 per cent, drinks and cigarettes prices were up 0.35 per cent, and equipment and household appliance prices were up 0.26 per cent.

The price of public transport services rose 4.4 per cent on a surge of 7.39 per cent in prices of tickets to travel in passenger cars due to the high demand in travel by this method during the Tet holiday. Train ticket prices were up 15.84 per cent. Meanwhile, the price of the non-public transportation group only increased slightly by 0.16 per cent as oil and petrol prices were kept mostly level by the price stabilisation programme over Tet.

Other groups also had slight increases in price during the second month of this year, including garment, hat and footwear products (up 0.14 per cent) and pharmaceutical products and medical services (up 0.01 per cent).

Meanwhile, prices in the education group dropped by 0.47 per cent. The price of education services decreased by 0.55 per cent due to HCM City’s reduction in tuition fees.

In February, the gold price index increased by 1.53 per cent compared to the previous month but was down 0.16 per cent compared to the same period last year.

The US dollar price index decreased by 0.09 per cent compared to the previous month but increased 2.24 per cent year on year.

According to the GSO, core inflation in February increased by 0.48 per cent month on month. The general inflation had a higher increase than core inflation, showing that price fluctuations were mainly due to the increase in food prices.

Core inflation in the first two months of this year was 1.82 per cent from the same period last year, reflecting stability in management of monetary policy. 

Industry 4.0 to boost GDP: experts

Advanced technologies like artificial intelligence are important elements of Industry 4.0.

 The Fourth Industrial Revolution could increase Viet Nam’s GDP by between US$28.5 billion and $62.1 billion – equivalent to a rise of 7 to 16 per cent – by 2030, Director of the Central Institute for Economic Management (CIEM) Nguyen Dinh Cung said at a seminar in Ha Noi on Friday.

According to Cung GDP per capita is expected to rise from $315 to $640 per person by 2030 through increased levels of productivity and employment. Growth in manufacturing will create between 1.3 million and 3.1 million jobs.

The seminar, hosted by CIEM and Japan’s NTT Data Group, was an opportunity for ministries, sectors, businesses, experts and researchers to discuss policies for Viet Nam to speed the adoption of Industry 4.0 technologies.

To turn these figures into reality, Cung said Viet Nam would need to issue policies that push businesses to join the Fourth Industrial Revolution soon.

Cung said that as a lower middle-income country, Viet Nam was making efforts to industrialise and transform its growth model, in which science and technology are considered the most important drivers of economic growth.

"New industries that emerge from the Fourth Industrial Revolution (IoT and the digital economy) will be the main growth drivers, supporting other industries to improve competitiveness, increase revenues and develop new services,” Cung said.

Cung said forecasts showed the e-commerce industry should reach about US$40 billion in 2030, artificial intelligence should reach $420 million, cloud computing $2.2 billion, ride-hailing apps $2.2 billion and smart agriculture $1.7 billion.

“That shows the importance of the Fourth Industrial Revolution to economic growth in the future,” Cung said.

Chairman and managing director of NTT Data Toshio Iwamoto said the company had applied its smart projects on administrative reform in Viet Nam. It had provided an automatic customs clearance system to Vietnam Customs General Department and an integrated software package an innovative interface.

“Viet Nam needs to create the best conditions to encourage creative technology,” Iwamoto said.

Experts agreed that digitalising State management tools was a prerequisite for the implementation of Industry 4.0 technologies in Viet Nam. Other important elements include international co-operation, building technology centres and using the knowledge and experience of leading scientists and overseas Vietnamese.

"The State needs to take the initiative and drastically transform its governance as well as build the foundation for the implementation of Industry 4.0," Cung said. 

Higher quality needed for Vietnam’s farm exports to China

Vietnamese exporters attend the seminar. 

 Unofficial exports over the border to China will face technical barriers since the two nations have agreed to limit them and increase official exports, a seminar heard in HCM City on Friday.

“Vietnamese agricultural exports to China are unsustainable because they are mostly dependent on unofficial exports on a small scale and without legal contracts between sellers and buyers,” Nguyen Thi Minh Thuy, deputy head of the international affairs sub-department at the Ministry of Industry and Trade’s trade promotion department told the seminar on updating market information and developing official agricultural export (fruits and grocery) to China.

“Chinese importers are tightening quality norms and demanding origin traceability.”

The two nations had agreed Viet Nam would export eight kinds of fruits to China - dragon fruit, watermelon, litchi, longan, mango, banana, rambutan, and jackfruit – she said.

“Viet Nam is negotiating to export custard apple, pomelo, mangosteen, and rose apple to China. Besides, coffee should be brought into their supermarket system instead of exporting to Chinese provinces close to Viet Nam by road.

“E-commerce websites like Alibaba and Taobao are good places for Vietnamese exporters to advertise themselves.”

Shi Xinbiao, a Chinese trade expert and importer, spoke about his country’s latest policies on fruit and vegetable imports.

“This year Chinese customs has stepped up inspection of Vietnamese agricultural products by requiring approval certificates and origin traceability.

“Viet Nam should set up facilities to preserve farm produce and apply new technology in cultivation, to improve quality and yields and for tracing of origin.

“China is an open and lucrative market for Vietnamese exporters. Meeting its import criteria will help Viet Nam capture a larger market share.”

China is the biggest importer of agricultural products, accounting for 10 per cent of global imports, and its imports are growing at 8.8 per cent annually. It accounted for 70 per cent of Viet Nam’s agricultural exports last year.

Last year Viet Nam exported US$8.64 billion worth of agricultural products to China and imported $2.47 billion worth. 

Da Nang city pushing ahead with investment attraction

Participants in the seminar of Da Nang city on March 1 

The central city of Da Nang is pushing ahead with investment attraction this year while working drastically to facilitate major projects that will have a strong influence on the local socio-economic development.

The city held a seminar on March 1 to receive proposals on helping to refine its development strategies and investment attraction orientations.

Chairman of the municipal People’s Committee Huynh Duc Tho said that in late January, the Politburo issued a resolution on the building and development of Da Nang until 2030 with a vision to 2045.

This resolution has provided the city with special mechanisms and policies that will create momentum for it to reach a new level, thereby helping to give it a development boost in the central and Central Highlands regions.

He noted that as Da Nang is orientating itself towards sustainable development, it is prioritising investment in the high-tech industry, high-tech agriculture, support industry, trade, and tourism. In particular, the city will ensure its responsibility to the community by selecting efficient investment projects that can help develop the city in a sustainable manner.

Japanese Ambassador to Vietnam Kunio Umeda said the Southeast Asian nation is now full of development energy, welcoming opportunities for historic changes. 

Japan wishes to connect strongly with Vietnam, he said, adding that it is aware of Vietnam’s importance to peace and prosperity in the whole East Asia region.

He noted that Da Nang is important to Japan, not only in terms of tourism and investment, but also from a strategic angle. The Japanese parliament is considering next year’s budget, part of which will be spent on the establishment of a consulate in Da Nang. If this plan is approved, the Japanese government will set up the consulate there in January 2020.

At the meeting, the Da Nang People’s Committee presented investment certificates and investment consideration permits to 19 projects, with a total capital of nearly 4 billion USD.

Workers load rice sacks for exports 

Vietnam’s agro-forestry-fishery exports in February hit 1.93 billion USD, bringing the figure in the first two months of this year to 5.5 billion USD, a decrease of 1.6 percent year-on-year, according to the Ministry of Agriculture and Rural Development (MARD).

In the two months, the revenue of farm produce exports stood at 2.71 billion USD, a drop of 10.1 percent; while that of animal husbandry hit 77 million USD, down 7 percent.

Meanwhile, the country earned 1.11 billion USD from aquatic products, a rise of 4.4 percent, and 1.5 billion USD from forestry products, up 12.8 percent.

In February, Vietnam shipped 399,000 tonnes of rice abroad worth 169 million USD. Rice shipments in the first two months reached 837,000 tonnes with 364 million USD, up 1.1 percent in volume but down 10.4 percent value against the same period last year.

The Philippines was the leading export market of Vietnamese rice, accounting for 46.7 percent of the market share. A working delegation of the MARD is set to visit the country to bolster rice exports at some point in this year’s first quarter. 

To bolster rice exports to China, the MARD has instructed relevant agencies to review and assess the competence of 22 exporting firms in accordance with an announcement of China’s General Administration of Customs, according to the Department of Plant Protection.

Vietnam exported 228,000 tonnes of rubber in the two-month period and earned 293 million USD, surging by 22.4 percent in volume and 6.8 percent in value over the previous year.

Coffee shipments in February were estimated at 143,000 tonnes worth 285 million USD, raising the figure to 326,000 tonnes worth 610 million USD in the year’s first two months, a year-on-year decline of 7.5 percent in volume and 10.8 percent in value.

Meanwhile, the country exported 31,000 tonnes of peppercorns in two months, raking in 92 million USD and increasing 4.3 percent in volume but tumbling 20.4 percent in value.

In February, Vietnam imported 1.8 billion USD worth of agro-forestry-fishery products, bringing the two-month figure to 4.59 billion USD, increasing 3 percent year-on-year. 

The US-Vietnam Business Summit 2018 

Two-way trade turnover between Vietnam and the US has increased nearly 120 times, reaching over 60 billion USD in 2018 from 450 million USD in 1994, since the normalisation of bilateral relations 25 years ago.

At present, Vietnam is ranked 16th among the leading trade partners of the US and the annual bilateral trade growth reaches 20 percent.

Statistics showed that Vietnam’s exports to the US in January 2019 were estimated at over 5.1 billion USD, up 42.1 percent compared the same period last year. 

Garment-textile exports to the US increased 34.1 percent to hit over 1.59 billion USD.  Other Vietnamese staples include footwear with the export turnover of 620 million USD, up by over 100 million USD; wood and timber products at 475 million USD, up by 156 million USD; and mobile phones at 473 million USD, up 259 million USD.

According to the department in charge of Asian and American markets under the Ministry of Industry and Trade, the US made up 23.3 percent of Vietnam’s total export turnover in January, maintaining its position as a key trade market.

Additionally, a range of Vietnamese goods have been growing in popularity in the US. Vietnam has been able to export mangoes to the US after a decade of negotiations and the completion of all procedures required by one of the most choosy markets in the world.

In January, the country imported over 1 billion USD worth of goods from the US, resulting in Vietnam’s trade surplus of over 4 billion USD to the market.

Minister Counsellor Bui Huy Son, head of the Vietnam Trade Office in the US, stated that his office recently worked with one of the biggest Asian food distribution chains in the US, the Rhee Brothers, to expand Vietnamese food distribution in the market.

Through traditional exchange channels and electronic trading tools, the office has connected the two countries’ businesses in numerous fields such as garment-textiles, seafood, rice, coconut products, timber products, mechanical goods, manufacturing, chemicals, cosmetics, electric cables, electronic equipment, and semiconductors.

With the largest total import value of over 2.4 trillion USD in 2018, the US will continue to be a key export market of Vietnam in the coming years, Son said, adding that this is also a fiercely competitive one.

According to experts, the trade relations between Vietnam and the US in 2019 will see important changes because the US looks likely to recognise the market economy of Vietnam after July 1, 2019. Therefore, the bilateral ties will be laid on the important legal foundation of international commitments.

To promote exports to the US, Son suggested that government agencies and the business community continue to create a favourable environment, while also improving goods quality, building brands, making good use of distribution systems, and effectively implementing trade promotion activities.

Minister of Industry and Trade Tran Tuan Anh said that besides programmes and orientations on increasing the support for building national competitiveness, the ministry will carry out big projects to increase the competitiveness of export products, especially of the industry and processing industry sectors.

Businesses themselves should proactively develop markets and increase domestic production capacity, as well as look to get deeper involved in the global supply chains.

They are recommended to build and implement effective business strategies to make inroads into the US, noted the minister.

Almost all industrial sectors in Hanoi witnessed a decline in their production in February, partly due to the nine-day Lunar New Year holiday, according to the city’s Statistics Office.

Hanoi’s index of industrial production (IIP) in February decreased by 23.6 percent from the previous month, but still rose 9 percent against the same period last year.

The mining industry declined by 12.5 percent and 14.2 percent in the respective periods. Meanwhile, the processing and manufacturing industry respectively fell 25.2 percent and increased 8.7 percent; electricity and fuel gas production and distribution down 3.7 percent and up 15 percent; and water supply, waste and wastewater collection and treatment down 6.8 percent and up 7 percent.

Despite the fall in February, the city’s IIP in the first two months of 2019 still increased by 6.1 percent year-on-year with the processing and manufacturing industry up 6.2 percent; electricity and fuel gas production and distribution 7.5 percent; and water supply, waste and wastewater collection and treatment 7.8 percent; while the mining industry was down 22.7 percent.

The Hanoi Statistics Office said that as some sectors did not have big orders in the first two months, their production output also declined.

As with previous years, the unsold industrial inventory in February increased on both the monthly and yearly basis, including in the production of beverage, cigarette, wood and bamboo products, chemical products, rubber and plastic products, and motorised vehicles.

Industries with smaller inventories included pharmaceuticals, garment-textiles, leather products, non-metallic mineral products, and electronic products, according to the office. 

Participants in the seminar of Da Nang city on March 1 

The central city of Da Nang is pushing ahead with investment attraction this year while working drastically to facilitate major projects that will have a strong influence on the local socio-economic development.

The city held a seminar on March 1 to receive proposals on helping to refine its development strategies and investment attraction orientations.

Chairman of the municipal People’s Committee Huynh Duc Tho said that in late January, the Politburo issued a resolution on the building and development of Da Nang until 2030 with a vision to 2045.

This resolution has provided the city with special mechanisms and policies that will create momentum for it to reach a new level, thereby helping to give it a development boost in the central and Central Highlands regions.

He noted that as Da Nang is orientating itself towards sustainable development, it is prioritising investment in the high-tech industry, high-tech agriculture, support industry, trade, and tourism. In particular, the city will ensure its responsibility to the community by selecting efficient investment projects that can help develop the city in a sustainable manner.

Japanese Ambassador to Vietnam Kunio Umeda said the Southeast Asian nation is now full of development energy, welcoming opportunities for historic changes. 

Japan wishes to connect strongly with Vietnam, he said, adding that it is aware of Vietnam’s importance to peace and prosperity in the whole East Asia region.

He noted that Da Nang is important to Japan, not only in terms of tourism and investment, but also from a strategic angle. The Japanese parliament is considering next year’s budget, part of which will be spent on the establishment of a consulate in Da Nang. If this plan is approved, the Japanese government will set up the consulate there in January 2020.

At the meeting, the Da Nang People’s Committee presented investment certificates and investment consideration permits to 19 projects, with a total capital of nearly 4 billion USD.

Vietnamese food fest in Bangladesh popular with visitors

Scene at the event 

A Vietnamese cuisine week was held at the Ascott Dhaka hotel in Dhaka, Bangladesh, from February 17 to 28, drawing a large number of gastronomy lovers.

Manager of the hotel Liisa Lindner said Vietnamese culinary delights are increasingly popular all over the world for their flavor balance and good health effects. 

The festival aims to promote the cuisine to a wider public in Bangladesh, she added.

Throughout the week, visitors from Bangladesh, the UK, Germany, Japan, and the Republic of Korea were treated to various signature dishes, including pho bo (noodle soup with beef), shrimp spring roll, banana tapioca pudding, and baked banana cake. The food was cooked by the chef of the hotel Ranjan William Costa, who started learning Vietnamese dishes when making friend with a Vietnamese.

The event also featured Vietnamese folk singing, lanterns, conical hats, and images on scenic sites from the Southeast Asian nation.  

Attending the event, Vietnamese Ambassador to the country Tran Van Khoa lauded the initiative, saying it adds to the concerted efforts of the embassy, organisations, and individuals in promoting Vietnam’s cuisine and culture.

February’s industrial production index declines due to lunar New Year

The nine-day Lunar New Year holiday made February’s index of industrial production (IIP) down 16.8 percent against the previous month, according to the General Statistics Office (GSO).

However, the IIP rose by 10.3 percent compared with the same period last year, driven by processing and manufacturing (up 12.8 percent), electricity production and supply (10.9 percent), and water supply and waste-sewage treatment (7.2 percent).

In the first second months of 2019, the IIP is estimated to increase by 9.2 percent year-on-year, lower than the growth rate of 13.7 percent of the same period last year.

The central province of Thanh Hoa led the nation with IIP growth of 46.7 percent in the period, thanks to the Nghi Son oil refinery company. It was followed by the central province of Ha Tinh with 46.2 percent, driven by operations of the Hung Nghiep Formosa Ha Tinh Steel Company.

Decreases were reported in the southern province of Ba Ria-Vung Tau and the northern province of Hoa Binh, at 3 percent and 5.3 percent, respectively, due to falls in the former’s crude oil exploitation and power output of the latter’s Hoa Binh Hydro-Power Plant.

The capital city of Hanoi and Ho Chi Minh City reported IIP rises of 6.2 percent and 6.1 percent, respectively. 

According to the GSO, the number of labourers working in industrial firms recorded on February 1, 2019 increased by 2.3 percent, in which state enterprises reported a fall of 0.3 percent in the number of labourers, non-state enterprises reported an increase of 2.3 percent and foreign-invested enterprises up 2.7 percent.

F88 and MAP Life promote co-operation

Hà Nội-based pawn shop chain F88 and Mirae Asset Prévoir Life Insurance Company Ltd (MAP Life) on Wednesday in Hà Nội signed a co-operation agreement to distribute life insurance products.

F88’s shops will be the exclusive distribution channel for MAP Life. The co-oepration aims to take advantages of each side’s strengths to help customers reduce financial pressure.

Speaking at the signing ceremony, Phùng Anh Tuấn, F88’s chairman cum general director, said they had always put customers at the centre in developing the first financial convenience store chain in Việt Nam.

MAP Life’s chairman cum general director Khamsaya Soukhavong said they would accompany F88 to provide comprehensive financial solutions to meet the diversified demands of customers.

Founded in 2013, F88 pioneered the commercialisation of pawn services in Việt Nam. The company currently provides loans on diverse assets such as cars, motorcycles, mobile phones, laptops and jewellery. After receiving investment from Mekong Enterprise Fund III Ltd (MEF III), managed by private equity firm Mekong Capital and Granite Oak, F88 had 50 stores nationwide and total loan disbursement of around VNĐ1 trillion (US$43 million) in 2018.

MAP Life has been a pioneer in implementing bancassurance in Việt Nam’s insurance market since 2005. 

Lotte Finance admitted to Vietnam Banking Association     

Lotte Vietnam Finance Company Limited (Lotte Finance) has become the first Korean financial institution to become an official member of the Viet Nam Banking Association (VBA).

The admittance, which comes just five months after it started operations in Viet Nam, shows the Korean firm’s commitment to long-term development in Viet Nam’s finance industry.

“Becoming a member of the VBA places the foundation for co-operative relations for mutual development between Lotte Finance and other financial companies, banks and businesses,” said Kim Jong Geuk, general director of Lotte Finance.

Kim highly appreciated the VBA’s professional ethics and code of conduct and expressed support and willingness to comply with the code besides the company’s international code of conduct.

He said Lotte Finance would actively participate in VBA activities, share and exchange experiences and technical expertise among members, contributing to the development of the VBA.

VBA’s secretary general Nguyen Toan Thang praised the growing economic co-operation between Viet Nam and Korea, particularly in the finance industry. He said by being a member of the VBA, Lotte Finance would be protected by the association’s legitimate rights and interests in accordance with the law.

Lotte Finance entered Viet Nam’s market in September 2018 with 100 per cent capital from Lotte Card – a credit company with the largest service network in the Republic of Korea and the first Korean credit card company licensed to operate in Viet Nam.

It launched its first consumer loan service in December and plans to issue credit card products in the first quarter of this year.

Gas price increases for third straight month

A gas shop in HCM City. 

 Gas prices in the south in March increased by VND17,000 (72 US cents) for a 12kg canister on Friday.

Accordingly, the maximum retail gas price for consumers in HCM City this month is about VND350,000 per 12kg canister.

Gas prices have increased three times in the first three months of this year with a total increase of about VND33,000 a 12kg canister.

A representative of Saigon Petro said that global prices in March increased by US$50 per tonne compared to the previous month’s $505 per tonne, leading to a rise in domestic gas prices. 

Cambodia welcomes Vietnamese investors

Cambodia appreciates the involvement of Vietnamese investors in boosting the country’s economic development, its Deputy Prime Minister Yim Chhayly stated when attending a conference to review rubber tree planting of several Vietnamese companies held in Phnom Penh from February 28 to March 1.

Chhayly said after more than 10 years, the project to plant 100,000 hectares of rubber trees in Cambodia has contributed remarkably to the country’s economic growth.

With nearly 90,000 hectares of rubber trees grown so far, the project has generated jobs for locals and helped build infrastructure such as schools, medical stations, clean water systems and roads in target areas.

He affirmed that the Cambodian government continues making adjustments to create a favourable business and investment environment for investors.

Within the framework of the conference, Cambodian offices such as the Ministry of Finance and the General Department of Customs and Excise held open and straightforward dialogues with representatives from Vietnamese companies involved in the project to help them deal with difficulties related to rubber export procedures, tax incentives and tax declaration.

Petrol prices up nearly 1,000 VND per litre

The prices of oil and petrol climbed nearly 1,000 VND (0.043 USD) per litre after the latest regular adjustment by Ministry of Finance and the Ministry of Industry and Trade on March 2. 

The ministries review fuel prices every 15 days to adjust prices in accordance with fluctuations on the world market. 

Accordingly, the price of bio-fuel E5 RON 92 increases by 939 VND per litre from 16,272 VND per litre, while that of RON 95-III is up by 946 VND per litre from 17,603 per litre. The prices of diesel oil and kerosene rise 959 VND and 700 VND per litre, respectively.

As such, the retail price of bio-fuel E5 RON 92 will not be higher than 17,211 VND per litre, and that of RON 95 no more than 18,549 VND. 

The ceiling prices of diesel oil and kerosene will be 15,868 VND and 14,885 VND per litre, respectively. The price of mazut is capped at 14,083 VND per kg.

HCM City welcomes Japanese investors: municipal leader

Ho Chi Minh City is willing to create favourable conditions for Japanese investors to do long-term business in the city, especially in smart city building, information technology and food processing.

Chairman of the municipal People’s Committee Nguyen Thanh Phong made the affirmation at a reception for a visiting Japanese business delegation led by Isao Iijima, Special Advisor to the Japanese Cabinet, on March 2.

HCM City always defines the cooperation project with Japan to build the metro line No. 1 as a key project and a symbol of the friendship and cooperation between the two nations, he said.

The local authorities vow to continue coordinating closely with the Japanese side to ensure the project is completed on schedule in 2020, he added.

For his part, Isao Iijima expressed his delight at the positive development of the cooperation between Japan and Vietnam, affirming that Japanese leaders always attach importance to the diverse and effective collaboration with Vietnam, including ties between Japanese localities and HCM City, the most dynamic city in Vietnam.

Appreciating the cooperation potential between HCM City and Japan, he said his delegation wishes to study investment opportunities in areas of mutual concern such as education, human resources development, transport, skilled labour exchange, and people-to-people exchange.

He thanked the municipal leaders for paying attention to the construction of the metro line No. 1 and wished that in the coming time, the city will continue to closely cooperate with Japan to ensure the progress of the project.