Vietnam, attractive destination for investment

Vietnam is an attractive destination for investment amid a lackluster global economy, Nirukt Sapru, CEO of Standard Chartered Bank Vietnam said in a recent report.

The bank has raised its forecast for Vietnam’s GDP growth this year from 6.6 percent to 6.9 percent, although global growth is likely to remain flat at 2.9 percent.

Manufacturing and construction are expected to be the biggest economic growth drivers in 2016.

According to Standard Chartered, Vietnam will become the second fastest-growing economy in Asia this year, only after India .

The bank also expected strong foreign direct investment inflows to Vietnam, the report noted, adding that the country’s GDP growth in the last six quarters were higher than targeted.

However, economist Dr. Le Xuan Nghia was not that optimistic. Many problems still challenge Vietnam’s economy in 2016, particularly in terms of interest rates, inflation, bad debts and the exchange rate, he said.

The Consumer Price Index (CPI) this year is likely to be 3.4 percent higher than 2015, Nghia added.

The economist warned that failure to tackle bad debts may increase operating costs for commercial banks, making them even more vulnerable to risks, and as a result, they will be less willing to venture into the real estate and stock markets.

The biggest concern in the long term is the rapid increase in public debt, he said.

Hai Phong looks to international logistics hub

The northern port city of Hai Phong is potentially becoming a key logistics centre domestically and internationally with improved infrastructure system, according to Commercial Real Estate Services (CBRE).

The city is home to one of the country’s two busiest seaports, which contributed 98 percent of the total throughput in the north.

In the meantime, Hai Phong port’s throughput is, however, equivalent to 50 percent of the port in Ho Chi Minh City, which is known as the country’s business hub, a far cry from its full capacity due to the lack of a comprehensive infrastructure system.

In 2014, the city ranked only 34th among Vietnam’s 63 cities and provinces in terms of the Provincial Competitiveness Index (PCI). Infrastructure was among the issues needed to be addressed, the others being transparency and labor quality.

Recognising its weaknesses, efforts have been constantly made by the municipal authorities to improve local transport infrastructure and traffic connections with other cities and provinces, especially those owning national logistics hubs such as Hanoi and Quang Ninh province, to capitalise on its position as a northern gate to the vast seas.

Vietnam’s GDP growing from 66 billion USD in 2006 to 186 billion USD in 2014, or an annual average growth of 13 percent, has spurred the development of logistics infrastructure and the establishment of major logistics hubs supporting its international trade.

Experts predicted that the country’s fledging logistics system will grow strongly as annual growths have been recorded in the seaports in Hai Phong and Ho Chi Minh City over recent time.

Party Congress documents promote technological innovation

Draft documents submitted to the 12th National Party Congress continue to lay stress on the development of science and technology as a priority and the most important driving force for economic growth, environmental protection and strengthened defence and security.

Discussing the content, Nguyen Viet Dung, Director of Ho Chi Minh City’s Department of Science and Technology, underscored two new points compared to previous documents.

First of all, investment in technology development and application must go before everything else in all sectors and agencies. The other point is that all resources should be mobilised for the purpose apart from the State budget, thus it is necessary to have more policies to encourage social investment in the field.

Among measures put forth by the draft for promoting technology development and application, the official took note of the solution on building scientific-technological organisations using advanced models and suitable operation mechanisms, as well as boosting international cooperation, and completing relevant legal frameworks on innovation and start-up activities.-

Vietnam, Mexico set up joint committee on investment and economic cooperation

Vietnam and Mexico have agreed to establish a joint committee on trade, investment and economic cooperation.

The agreement was signed in Auckland, New Zealand on February 4 on the sidelines of a signing ceremony of the Trans-Pacific Partnership (TPP) agreement.

The committee will be co-chaired by Vietnam Minister of Industry and Trade Vu Huy Hoang and Mexican Secretary of Economy Ildefonso Guajardo Vilareal, who will manage economic, trade and investment cooperation activities.

vietnam, mexico set up joint committee on investment and economic cooperation hinh 0

Forty years since the establishment of diplomatic ties, economic, trade and investment cooperation between the two nations have seen vigorous development but is still below their full potential.

The establishment of the joint committee will give both sides a good opportunity to grasp huge opportunities presented by TPP, in which they are signatory states.

FPT targets $2.07 billion in revenue this year

Based on its 2015 results, FPT has targeted revenue of nearly VND46 trillion ($2.07 billion) this year, up 14.5 per cent compared to last year. Pre-tax profit is expected to reach VND3.15 trillion ($141.75 million), up 10.5 per cent.

In its latest report, released on February 2, FPT announced revenue in 2015 of over VND40 trillion ($1.8 billion), up 14 per cent compared to 2014 and representing 101 per cent of its plan. Profit before tax was over VND2.8 trillion ($126 million), up 16 per cent, while profit after tax was VND2.4 trillion ($108 million), up 17 per cent.

Technology, including software development, systems integration, and information technology services, recorded revenue of VND8.6 trillion ($387 million) in 2015, up 22 per cent, with profit before tax of VND926 billion ($41.67 million), up 25 per cent.

Telecommunications, including telecommunications services and digital content, saw revenue of VND5.48 trillion ($246.6 million), 16 per cent higher, with profit before tax at over VND1 trillion ($45 million), 10 per cent higher.

Meanwhile, its retail and distribution activities brought in revenue of VND25.2 trillion ($1.13 billion), up 11 per cent, for profit before tax of VND729 billion ($32.8 million), up 24 per cent.

Revenue from foreign markets stood at VND4.8 trillion ($221 million), an increase of 41 per cent compared to 2014, with profit before tax of VND674 billion ($30.33 million), up 17 per cent.

Technology and retail and distribution will be the main engines of FPT’s growth in 2016, with the group to also invest heavily in telecommunications infrastructure and research and development.

New city leader sets development directions

The HCMC government will concentrate on developing the city into a center for trade, finance, science and technology in Southeast Asia, said chairman of the city Nguyen Thanh Phong.

Phong briefed representatives of diplomatic corps and international organizations on the city’s development orientations in the coming years at a meeting on Monday evening on the occasion of the Lunar New Year holiday (Tet).

“Our target is to develop HCMC into an economic, financial, scientific and technological center in Southeast Asia and a modern city with high quality of life,” Phong said.

The city will continue playing a major role in the modernization and industrialization process of Vietnam, Phong said.

The city government has drawn up seven breakthrough programs for developing human resources, reforming administrative procedures, boosting growth quality, improving competiveness, reducing traffic congestion and flooding, and bettering the cityscape.  

To make the programs successful, the city needs support of diplomatic corps, international organizations and foreign enterprises, Phong said.     

Douglas Barnes, British consul general in HCMC, said he and other diplomats are ready to work with new leaders of the city and pledged their full support for the city to unlock its potential and implement its development plans.  

Barnes said the city has carried out a number of big-ticket infrastructure projects, which will help bring about positive changes to the city and transform it into a better place for citizens to live. Once in place, metro lines will ease traffic congestion and enable outlying districts to tap into their growth potential and reduce pressure on inner-city districts.      

He said the metro projects and Thu Thiem Urban Area in District 2 are good examples of cooperation between local government and foreign partners with much support from diplomats.

He stressed diplomatic corps are willing to share experience and knowledge for the benefit of all stakeholders.

Infrastructure development for a city of 10 million people is a tough task. Barnes said HCMC needs an efficient management mechanism to allocate resources efficiently and create favorable conditions for individuals to commute and ensure economic benefits for all.  

He said HCMC has been touted as a pioneer in terms of economic restructuring and institutional reform in Vietnam, a destination of choice for investors and a cradle of creativity in the country. He said the city should remain a key driver for Vietnam’s economic growth.

Phong said HCMC’s gross domestic product (GDP) grew 9.85% last year, 1.5 times over that of Vietnam. Its budget collections rose by 11.4% against the previous year and accounted for 31.5% of the country’s total. In addition, poverty reduction and public security improved in the city.

Veggie and fruit exports surge in 2015

Vietnam exported US$1.85 billion worth of vegetables and fruit last year, up 24% compared to 2014, according to a report of the Vietnam Fruits and Vegetables Association (Vinafruit).

China imported US$1.1 billion worth of Vietnamese vegetables and fruit last year, far higher than in the previous year. Combined revenue of vegetable and fruit shipments to the northern neighbor accounted for nearly 65% of Vietnam’s total, up from less than 30% in previous years.

Vinafruit said China was Vietnam’s biggest importer of vegetables and fruit in 2015. China’s vegetable and fruit imports from Vietnam have steadily grown over the past three years, from US$192 million in 2012 to US$268 million in 2013 and US$389 million in 2015.

Last year, Vietnam imported vegetables and fruit worth more than US$570 million, up 17.5% year-on-year. Thailand was the largest exporter, followed by China.

Vinafruit said 2015 was the second consecutive year Thailand had overtaken China as the biggest exporter of fruit and vegetables to Vietnam.

As Thai firms are intensifying its foray into the retail market in Vietnam, Vinafruit forecast that more vegetables and fruit of Thailand can be found at local supermarkets.

Cholimex to sell 50% stake at IPO

Cho Lon Investment and Import-Export Company Limited (Cholimex) has announced a plan to sell nearly half of its shares at an initial public offering (IPO) auction set for next month as part of its equitization scheme.

Around 21.6 million shares (24.9%) of the State-owned firm will be put up for sale at the starting price of VND10,000 each on the Hochiminh Stock Exchange on March 4. Investors can register to buy shares and place deposits at Cholimex’s auction agents until February 25.

The enterprise will offer another 21.6 million shares to strategic investors. To become strategic investors, businesses have at least five years in operation and equity of at least VND700 billion, and have been profitable since 2010.

They should have experience and strengths in sectors such as food processing, industrial park (IP) infrastructure development and real estate, and pledge not to transfer Cholimex shares in at least five years.

The State will hold a 49% stake, equivalent to 42.43 million shares, after the firm goes public and its chartered capital will exceed VND866 billion.

Cholimex has three financially-dependent firms, one subsidiary and eight affiliates. The firm is active in food and foodstuff production, processing and distribution; agricultural and seafood export, and IP infrastructure development.

According to a corporate value assessment announced last Friday, Cholimex’s total assets had been valued at VND807 billion by end-2014, with fixed assets nearing VND49 billion, intangible assets VND26.7 billion and realty investment VND5 billion.

The firm has invested over VND752 billion in its subsidiaries and affiliates.

The parent company of Cholimex posted over VND300.8 billion in revenue last year, down 11% from a year earlier. Of the amount, over VND215 billion came from distribution and some VND46 billion from import, export and domestic sales.

Overall, Cholimex’s pre-tax profit reached VND24.7 billion in 2015, up a staggering 30% versus 2014.

Over 4,530 resettlement apartments built in Thu Thiem

More than 4,530out of 12,500 resettlement apartments have been built for affected households in Thu Thiem New Urban Area in HCMC’s District 2, meeting 37% of the target, according to the HCMC Department of Construction.

In 2015 alone, contractors handed over 2,076 apartments under a resettlement program for the new urban area. Of these, 1,270 apartments were built by Vietracimex-POP A.C Joint Venture on a total area of 38.4 hectares and 506 others developed on 30.2 hectares by 21st Century International Development Co.

The city government got 2,460 out of 4,536 completed resettlement apartments and is completing handover procedures for the remaining 2,076 condos. Of them, 1,551 apartments have been put into use.

Many procedural problems related to projects including30-hectare Nam Rach Chiec were solved last year.

According to the department, the city told district authorities to solve problems with resettlement of 189 households and individuals affected by 17 key projects which have been executed in the past years.

The city also urged districts to arrange 1,088 resettlement condos and land lots for 50 key projects, and call for investment in 27 resettlement projects with a total of more than 11,000 condos and land lots.

Besides, some 10,688 out of 15,000 households living along canals have been assisted to move to new places. The department looks to arrange resettlement homes for an additional 2,000 households this year.

New US fastfood brand expands in HCMC

DQ Grill & Chill, a fastfood brand from the US, has launched its second store at 182 Pasteur Street in HCMC’s District 1, after the first made its debut at 19-25 Nguyen Hue Boulevard in the same district in late 2015.

According to John Gainor, CEO and President of IDQ, Vienam is a target market to develop the DQ Grill & Chill store chain in Asia. Vietnam is the first Asian destination of DQ Grill & Chill.

Jean Champagne, COO of IDQ, said, “Although DQ Grill & Chill is a newcomer, we believe the brand is different from others. We have fresh, hot and delicious food and a menu of good ice-creams.”

DQ Grill & Chill is known for dishes such as Flame Thrower Burger, Fan Deal Combo, and upside down ice-cream.

Flower industry needs tech growth

Both local and foreign experts have urged Vietnamese flower growers to cultivate new kinds of flowers and use high-tech planting techniques to develop the industry.

Pham Van Hai, CEO of Vietnam Trade International, said: "The city of Sa Dec in Dong Thap Province, which is one of the country's flower cities, has developed slowly compared to its potential as many farmers have not used advanced technology in cultivation."

Speaking at a conference held in HCM City on February 1, he said demand for flowers had surged for special occasions like Valentine's Day, International Women's Day, Vietnam Teacher's Day and Lunar New Year.

Dr Nguyen Duc Tri, dean of the School of Tourism under the HCM City University of Economics, said that flowers in the past were used primarily for use at altars honouring ancestors.

Hai said that to develop a stable domestic flower market, new types of flowers and application of advanced cultivation techniques were needed.

Co-operation with other countries, such as the Netherlands, which is a major flower producer, would be important, Hai said.

Such cooperation would help farmers learn new techniques.

"When the country has a stable and diverse, as well as high quality, flower market, the proportion of flowers exported to other markets such as Japan, Taiwan, Korea, Singapore and Hong Kong will increase," he said.

Vietnam's flower growing area of about 8,000 hectares yields 4.5 billion fresh-cut branches, of which 1 billion were rose, daisy and orchid for export each year.

Ha Noi, Hai Phong and Lam Dong Provinces produce the highest number of flower branches.

Da Lat in Lam Dong Province is the country's biggest flower producer and exporter, annually providing 10 million saplings for domestic and foreign markets.

The biggest import markets include China, which imports flowers from Da Lat, such as roses, lily and orchids, and Japan, whose customers are fond of lotus flowers.

In 2014, the total value of flower exports to Japan was $22 million.

The Netherlands imports many kinds of Vietnamese flowers to export to other countries.

Singapore, Australia, and Saudi Arabia also import flowers from Vietnam.

The main challenge of the flower industry in Vietnam is distribution, according to Tri.

Though leading flower producers use refrigerated shipping services to preserve seedlings and bulbs, smaller companies and farming families cannot afford to send their flowers to market this way.

As a result, their produce can deteriorate during transportation.

Hai added that flowers were transported from Mekong Delta provinces, such as Sa Dec in the Delta to HCM City, by small boats.

Trucks were used to transport flowers from Da Lat to the city, he said

About 22% of flowers were spoiled by the time they reach the city, he added.

"Flower preservation via shipping in the country is not good," he said.

His company has urged growers in the Netherlands to build two flowers distribution centres in Sa Dec and Da Lat. These would help reduce damage in shipping, Hai said.

The centres would also ensure markets for farmers, he said.

Tourism could also benefit from a more advanced flower industry, especially activities related to flower villages.

Belgian multinationals heading to Vietnam

Over the past decade, Vietnam’s resilient economy has grown in importance to international trade and foreign direct investment (FDI) relative to western developed post-industrial economies, says Belgian Ambassador to Vietnam Jehanne Roccas.

Most notably, the vigorous development of global value chains (GVCs) that extend over several countries and even continents has induced a changed perspective towards outward FDI by Belgian companies.

Whereas their executives once simply thought of investing abroad as a substitute (or replacement) for manufacturing facilities at home, today Belgian business leaders are beginning to view FDI in countries like Vietnam as an extension of those activities.

Belgium is one of the European countries with the highest percentage of export coming from trade movements within GVCs and it is fair to describe the economy as that of a ‘middleman’ in international trade, said Ambassador Roccas.

She said each year, Belgium’s economy is processing an ever increasing share of intermediate goods for export and its strengths lie in chemicals, manufacturing, logistics and the beverage and tobacco industries.

As such, it is imperative for the nation’s businesses to develop complimentary GVCs in Vietnam if they are to remain competitive and relevant to international trade in general, and to the ASEAN region in particular.

A large share of Belgian export of goods consists of products with high skill and technology intensity, mainly thanks to the particularly strong position of chemicals and pharmaceuticals in Belgian export.

Citing statistics from the Ministry of Planning and Investment, the Ambassador said through the end of 2015, Belgium companies registered a strong FDI of US$421.66 million in 59 companies throughout the nation.

Last year, Belgium companies received investment certificates for four new business ventures and increased their investment in two projects that began operations in 2014 and prior.

With ASEAN and Vietnam’s rising promise as the manufacturing hub of the globe, the Ambassador said she expects to see exponential increases in Belgian companies’ FDI in the future.

Meanwhile, Brussels, Belgium-headquartered chemicals giant Solvay SA has announced plans to open an office in Ho Chi Minh City and said it is actively pursuing a number of deals in the chemicals, automotive, agriculture and electronic industries.

Speaking at a recent trade event in HCM City, Vincent Decuyper, a company representative, said the company is bullish on the Vietnam market, particularly in light of the birth of the ASEAN Economic Community (AEC).

Currently, Solvay employs an estimated 30,000 workers in 53 countries around the globe. It specializes in numerous fields including chemicals, energy, the environment, automotive, aeronautics, electrical and electronics.

On January 19-20, the company organized ‘Solvay Vietnam Day’ in HCM City at which 40 Solvay managers sat down with representatives from local companies to seriously discuss trade and investment deals.

They gave indications they were closely scrutinizing investments in the oil, gas, fertilizer, chemical and dairy industries.

Ecommerce companies paying more attention to smaller cities, provinces

Ecommerce companies are planning to expand their operation to the largely untapped market of cities and provinces outside of Hanoi and Ho Chi Minh City.

According to Vietnam E-Commerce Association (VECOM)’s E-Business Index 2015 (EBI 2015) report released on January 29, there is a big gap among cities and provinces. Ho Chi Minh City and Hanoi continue to lead in business-to-customer (B2C) transactions for the fourth consecutive year, leaving other localities far behind.

The index was calculated based on the use of emails for commercial activities, the set up and operation of company websites, participation in e-marketplaces, the use of non-cash payment methods, and protection of personal information. The fact that Hanoi and Ho Chi Minh City scored around 70 index points, while the average for all 63 cities and provinces is 46.9, shows that even though ecommerce is growing fast in Vietnam, it does so in a regionally uneven pattern.

Statistics from companies show similar trends. According to Nguyen Phuong Hoang, deputy general director of online marketplace sendo.vn, of the 80,000 shops currently listing products on Sendo’s website, only 2-3 per cent are based in cities and provinces outside of Hanoi and Ho Chi Minh City.

Meanwhile, DKT JSC, a leading provider of ecommerce solutions to companies (mostly small and medium-sized businesses), said that among the 15,000 customers of its ecommerce platform bizweb, 75 per cent are based in Hanoi and Ho Chi Minh City.

“Bizweb has customers from all the other 61 cities and provinces as well, but these localities only account for 25 per cent of the total,” said DKT CEO Tran Trong Tuyen.

In this context, companies have started to pay increasing attention to marginalised localities. According to Sendo’s Hoang, ecommerce is not yet popular in these localities due to high shipping costs and time. Knowing this, Sendo plans to roll out programmes to support sellers based in these localities to help them increase service quality, as well as decrease shipping time and cost.

“Sendo is also going to promote sellers of specialty foods and products of localities, such as fish sauce from Phu Quoc or fermented pork from Binh Dinh,” Hoang said.

On its part, DKT is hoping to cooperate with the local departments of Industry and Trade of to help small and medium-sized enterprises take advantage of ecommerce. Specifically, DKT has set aside a budget of VND2 billion ($90,000), and plans to support about 100 enterprises per locality.

On the other side of the equation, customers from localities also expressed interest to buy from Hanoi and Ho Chi Minh City-based sellers but shipping times and costs are generally deemed too high.

“Shipping can be a big burden for companies. If a company in Hanoi gets an order from a customer in Binh Duong, shipping costs might exceed the profit made on the deal. This is what prevents companies from approaching these markets,” said Le Ngoc Anh, shop business director of Lingo, which operates e-retail site lingo.vn.

A transit station in Ho Chi Minh City has helped Lingo cut this cost to a third. Therefore, in the near future Lingo plans to open more transit stations in other cities, if the orders from these locations reach a certain threshold.

The EBI 2015 was compiled by VECOM after surveying about 5,000 companies all over the country. In 2015, ecommerce grew quickly in all fields of business. VECOM assessed that ecommerce in Vietnam has entered the third phase, the fast growth phase, after its formation (1998-2005) and popularisation (2006-2015).

Hindrances to the growth of ecommerce in Vietnam include the unpopularity of card payment, the lack of capable human resources, and the fact that shipping and fulfilment services do not yet meet the requirements of ecommerce.

Electricity industry announces performance results in 2014

The electricity industry’s total production and business costs in 2014 topped VND198 trillion (US$8.95 billion) and cost price exceeded VND1,539 per kWh, announced the Ministry of Industry and Trade on February 2.

Power generation costs hit VND152,920 billion, transmission VND10,520 billion and distribution and retail totaled VND33,657 billion.

Electricity sales was over VND197,128 billion (US$8.91 billion) equivalent to the commercial power selling price of VND1,532 a kWh.

Despite electricity was sold at the price lower than average level, the industry still earned a profit of VND800 billion (US$36 million) thanks to income from financial activities of Vietnam Electricity, National Transmission Corporation and Electricity Corporations and from investment in joint stock companies.

According to report by independent accounting firm Deloitte Vietnam, expenses not accounted into electricity cost price was about VND4,787 billion (US$216.48 million) as in 2014. They comprises losses due to exchange rate fluctuations of VND1,682 billion from the National Transmission Corporation and VND642 billion from Power Generation Corporation 1.

130 businesses to attend VietShip

The eighth International Exhibition of Shipbuilding, Marine Technology, and Transportation (VietShip 2016) will be held from February 24 to 26 in Hanoi, gathering 130 domestic and foreign shipbuilders and maritime groups from around the world.

The information was announced by the Shipbuilding Industry Corporation (SBIC) at a press conference in the capital city on February 2.

In addition to 52 Vietnamese businesses, the event will draw the participation of 78 leading foreign companies in the shipbuilding industry, including companies from Germany, the Netherlands, Turkey, France, Poland, Denmark, Japan, Norway, and China, among others.

The businesses will showcase their latest products and technology in shipbuilding and ship repair; equipment and materials for shipyards; offshore facilities, marine structures and maritime transport services.

Other services such as design, registration, insurance, finance, consulting, training, and logistics in the industry will also be introduced during the event.

According to SBIC Deputy General Director Ngo Tung Lam, Vietnam has important maritime geographic locations with many maritime routes passing through.

As it possesses huge potential in the shipbuilding market, the co-operation in shipbuilding and shipbuilding technology has significant meaning.

Over its seven editions, the biennial VietShip has been established as an important venue for the maritime community in Vietnam and the world at large. It has also consolidated its significant role in boosting co-operation, attracting investment, exchanging science and technology, and creating opportunities for trade promotion in the industry.

HCM City urged to develop supporting industries for key sectors

Authorities of HCMC should quickly develop supporting industries for auto, hi-tech electronics, plastics, food processing, apparel and footwear sectors towards 2025, a leader of the HCMC University of Economics proposed.

The university’s vice president Nguyen Trong Hoai told a seminar held by the HCMC Department of Industry and Trade on February 1 that the city should give more priorities to engineering and plastics sectors to create a boost to other sectors.

Hoai, who represents a group of experts conducting a study on development of supporting industries in the city until 2025, said land, particularly at industrial parks, should be set aside for enterprises in supporting industries.

The city will need to build multi-storey workshops for precision engineering and electronic projects, aid firms in applying new technologies, and provide electronic and plastics projects with preferential loans of longer tenors. He suggested the interest rates for those loans range from 1% to 3% per year.

The central Government should permit the city to actively offer more incentives for enterprises involved in supporting industries.

According to Nguyen Phuong Dong, deputy director of the HCMC Department of Industry and Trade, up to 95% of enterprises in the city are of small and medium sizes. They employ 42% of total workforce but generate only 21% of total revenue and 9.5% of budget collections.

A lack of orientations and special mechanisms are among the barriers to the development of supporting industries in the city. This is why local manufacturers have to rely on material imports and face risks in terms of payment and delivery.

Besides materials, local firms have to buy equipment and technologies from abroad. Small and medium enterprises have poor corporate governance and do not benefit much from incentives, so their participation in the global value chain is limited.

Last November, the Government  issued Decree 111 on supporting industries. The decree clarifies financial backing for individuals and organizations with pilot production projects and land incentives for research and development projects.

The decree also includes supporting policies for application and transfer of technologies, human resource development, international cooperation, market expansion, and tax and credit incentives.

The city issued Decision 50/2015/QD-UBND last October encouraging investment in supporting industries.

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