Businesses advised to attend more to mobile technology

Vietnam needs to grasp opportunities of the mobile technology wave to develop and incubate its young businesses, said experts at the conference DEMO ASEAN 2013 held last week in HCMC.

Thieu Phuong Nam, country manager at Qualcomm Vietnam, Laos and Cambodia, said that mobile technology was developing rapidly worldwide and booming in Vietnam, exposing good opportunities for enterprises to grab.

According to Nam, it took personal computer (PC) 20 years to reach 40% of the world population while it was five years for the Internet penetration to reach such a figure. However, the mobile technology goes faster than that and has coverage of 40% of the world population after only two years and a half.

“Right here in Vietnam, mobile technology is developing rapidly when smart phones are growing more popular and Internet and 3G infrastructure have widespread coverage,” Nam said.

The mobile technology is impacting all sectors from health, education, public management to the environment. Therefore, enterprises should make use of such chances to introduce their business activities such as distribution, sales, human resources management and marketing via mobile devices.

Sharing the same opinion with Nam, Edith Yeung, founding partner at Right Ventures, said that the mobile technology was a good environment for Vietnamese business startups.

The technology has brought down traditional barriers like human resources and scales, enabling super-micro startups to join the global supply chain of mobile applications, she added.

According to initial statistics of Ericsson ConsumerLab, over 20% of Vietnam’s population used smart phones and 5% used tablets last year. This has helped create a push for the mobile application market and offered more opportunities for businesses in this sector.

Vietnam has many young businesses in the technology sector, some of which have kept pace with mobile trends like GreenGar Studios, Datkhach.vn and Ubox. GreenGar is a young business in Vietnam with only seven people but has sold some applications on the Itunes application store and gained initial success.

According to experts, although this sector has attracted many startups, the number of businesses operating efficiently is still small. The reason for this is that many startups do not have latest updates on the global mobile application development trend, do not have suitable business models, and lack excellent ideas.

Therefore, startups needs consultations from technology experts, and especially financial assistance from venture capital funds.

DEMO ASEAN 2013 held by International Data Group IDG attracted the participation of businesses, programmers and over 40 international investment funds which are seeking investment opportunities in the local technology market like IDG Ventures, DFJ VinaCapital, Right Ventures, Sequoia Ventures and Unitus Impact.

Together with DEMO ASEAN 2013, IDG also organized Vietnam Consumer Digital World Expo 2013 (VCW 2013) which ended on Sunday at Riverside Palace Convention in District 4.

After 18 years, VCW is considered a bridge between technology producers, IT services suppliers and consumers.

State assistance needed for tech development

Companies can hardly develop technology without government support, said U.S. consul general Rena Bitter at a conference on innovative ideas and startup entrepreneurs in the lower Mekong River in HCMC on Thursday.

Speaking at the meeting, which was attended by government officials and business executives from Vietnam, Cambodia, Myanmar and Thailand, she said new startups in the Vietnamese technology industry were growing vigorously.

Many local businesses have come up with good ideas but have had difficulty translating them into reality, she said.

The assistance should be provided through public-private partnership (PPP) to create an environment where entrepreneurs and innovators can implement their ideas successfully, Bitter said, adding these enterprises would then help fuel economic growth and be more competitive.

To boost PPP in the technology industry, Bitter said the Lower Mekong Initiative (LMI) project this year would focus on supporting technology firms. It is designed to build up an environment in which companies in the lower Mekong River and ASEAN nations can develop and make contributions to the economy.

The LMI project was initiated by the U.S. in 2009 as a multinational partnership program to further step up cooperation in the Greater Mekong Subregion. It comprises major contents involving agriculture and food security, connectivity, education, energy security, environment and water and healthcare services. It has been upgraded into a forum so that its partners can discuss common solutions to challenges for border-cross development.

Thegioididong.com eyes 35% market share

Thegioididong.com has unveiled an ambitious plan to acquire a market share of 35% in the retail mobile phones and IT devices sector in the next couple of years by opening more sizable stores at home.

Nguyen Duc Tai, general director of Thegioididong.com, informed his firm would open many more retail stores featuring a vast array of technology products like mobile phones and personal computers and tablets within this year.

The store chain operator on Wednesday opened a 300-square-meter store at 136 Nguyen Thai Hoc Street in HCMC’s District 1 showcasing 120 mobile phone models and more than 100 models of personal computers and tablets and accessories. The mobile retailer had earlier put into operation many other big stores in Kien Giang, Thanh Hoa and Quang Ninh provinces.

“Thegioididong.com has still seen huge potential in the retail market of technology items despite the current economic uncertainties,” Tai remarked.

To obtain a 35% market share versus the company’s current share of 22%, Tai said his company would focus on sale promotions.

Established in 2004 with four retail mobile stores then, Thegioididong.com received investment from Mekong Capital three years later and then expanded its network to a total of 218 stores.

The firm became a public company in 2012 and will have its shares floated on bourse next year. It posted VND6 trillion in total revenues in 2012 and the company is valued at US$100 million.

Equipment suppliers see opportunities in Vietnam

Though the economy remains in difficulty, producers and suppliers of equipment and machines at the international exhibition on plastics, rubber, packaging, printing, food processing, and automation opening in HCMC on Tuesday still pin high hopes on opportunities in Vietnam.

The five-in-one exhibition sees the participation of over 260 enterprises with nearly 460 booths from 15 countries and territories. The five components are VietnamPlas, VnPackPrint, VnFoodTech, VnPrintLabel and Linkage Vietnam 2013.

According to many exhibitors, the local economy is slowing down due to domestic and global uncertainties, but in the long run, Vietnam is still regarded as a potential market, especially for plastics, packaging and food processing.

Huynh Thi My, general secretary of the Vietnam Plastics Association (VPA), said Vietnam’s plastics industry has maintained its import of materials and export of products at two-digit growth rates in the past decade, between 16% and 23% a year. The export of plastics products exceeded US$1 billion in the year’s first half, up 9.3% year-on-year.

With many years distributing foreign-made machines and equipment of the plastics industry for local companies, Tran Luong Co, general director of Cheso Vietnam Plastic Machinery Co., Ltd. said that the firm highly evaluated Vietnam’s plastics market and believed it could develop well in the next 20 years.

According to Co, the industry has grown well in the past years but many enterprises still use old and outdated machines. To be competitive on the market, producers need to invest in new machines, especially those of power efficiency.

On the opening day of the expo, Cheso Vietnam earned a contract to sell four injection molding machines at a price of over US$30,000 per unit.

Meanwhile, regarding packaging and printing, many local enterprises have now paid more attention to new technology to make attractive designs for their products so as to attract consumers, which is a good chance for suppliers in the packaging and printing sectors, said Nguyen Huu Trung, director of Trung My A Co., Ltd.

This is the first time Italy-based food processing machine producer Tekno Stamap has attended this expo. The firm has supplied many machines for many countries but now turns to the Vietnamese market. It will soon have an office or a sales agent here, said a sales representative of Tekno Stamap.

Exhibitors have brought to the expo high-tech products, helping local enterprises get access to advanced products to be more competitive and boost export.

Chan Chao International Co. as the expo co-organizer said it has held many similar expos in some Asian countries like Myanmar, Thailand, India and China but the one in Vietnam is the biggest in Southeast Asia. Therefore, not only Vietnamese enterprises but also Lao and Cambodian businesses are coming here to buy products.

The expo taking place until Friday at Saigon Exhibition and Convention Center in District 7 is organized by Vietnam National Trade Fair & Advertising Joint Stock Co. (VINEXAD) in coordination with Chan Chao International Co. (Taiwan), Yorkers Trade & Marketing Service Co. (Hong Kong), Paper Communication Exhibition Services Co. (Hong Kong), the Vietnam Plastics Association and the Vietnam Rubber Association.

Power projects sealed with urgent order

The Government has decided to invest in some power projects following the standards of urgent projects to speed up construction of electricity plants included in the country’s national power development plan for the 2011-2020 period with a vision towards 2030, or Power Master Plan VII.

Speaking at a briefing of the government’s regular meeting in Hanoi City on Wednesday, Vu Duc Dam, minister and chairman of the Government Office, said that the Government will continue looking into the progress of these projects and revise investment plans of a number of projects from now to 2030.

Initially, to secure progress of large power projects such as Vinh Tan and Duyen Hai, the Government will allow investment in these projects as urgent works. The move aims to cope with power shortage in the southern region by 2018.

According to the Government’s decree on investment and construction of specific projects, urgent works must be completed timely to fight against natural disasters and the nation’s enemies. Investors of the projects have to meet requirements of the urgent order issued by relevant agencies.

Dam did not announce the list of projects sealed with the urgent order but with this decision, investors of large power projects in the South will have to speed up disbursement to finish the projects quickly.

*Electricity of Vietnam (EVN) has plans to spend over VND106 trillion this year creating fresh sources of power totaling nearly 3,000 MW and improving its power network.

Important power projects that will be finished this year are turbines 1 and 2 of Nghi Son 1 thermal power plant, two turbines of Ban Chat hydropower plant and Quang Ninh thermal power plant.

Besides, EVN will start work on Thai Binh thermal power plant project with the capacity of 600 MW, Vinh Tan 4 thermal power plant project with an output of 1,200 MW and Duyen Hai coal port project. By the end of the year, the group will begin construction of the 500 kV Son La-Lai Chau transmission line and expand the Son La substation.

Gamuda Land completes $250m sewage plant

Gamuda Land Vietnam last Friday  transferred the ownership of Yen So sewage treatment plant, billed as the nation’s largest facility, to Hanoi authorities after more than four years of construction with the total cost of around $250 million.

The minutes of transfer of the facility, constructed on a build-transfer contract, was signed by Malaysia’s Gamuda Berhad, the project company Gamuda Land Vietnam and Hanoi Municipal Natural Resources and Environment Department.

Yen So sewage treatment facility is capable of processing about 200,000 cubic metres of waste water per day. The transfer includes properties such as buildings, architecture, land, machinery, M&E equipment and other legal documents and related items.

“Yen So sewage treatment project is the largest plant of its kind in Vietnam today, it has been designed and built to help transform the whole southern area as well as addressing pressing environmental and water treatment issues facing this area,” Cheong Ho Kuan, general director of Gamuda Land Vietnam, said. “We strongly believe that signing these handover minutes marks a breakthrough for both sides.”

Located in the north of Yen So Park in Yen So ward of Hanoi’s Hoang Mai district, Yen So sewage treatment plant is said to capable of processing half of the capital’s sewage output. The plant will address urgent environmental and sewage treatment issues in Hoang Mai district and Hanoi in general.

The facility also serves an important role in promoting and attracting investments for socio-economic development in the south of Hanoi. It meets the requirements of sewage treatment of the Kim Nguu and Set rivers’ catchment areas in order to complete the capital’s sewage and drainage network and improve environmental conditions and living standards for the local residents within the project area.

Invested in by Gamuda Berhad and Gamuda Land Vietnam, Yen So sewage treatment plant includes sewage and debris collecting the systems on the lower streams of the Kim Nguu and Set rivers, four debris removal systems, including three systems in Yen So lake and one system at Thanh Liet gate, a main inlet pump stations on the Kim Nguu and Set rivers, preliminary treatment work including grit and grease removal tanks, sequent batch reactors, sludge treatment system, water disinfection area with UV treatment and other outlying structures.

Verafirm launched to support companies

A non-profit smart online portal was launched in Vietnam last week to provide companies with a tool to register and manage their own software assets and improve competitive positioning in the international market.

Verafirm.org portal, offered by the Software Alliance (BSA) with support from the U.S. Embassy in Hanoi, also serves as the only global register of companies and a reference for buyers looking to use and maintain an ethical supply chain.

“Verafirm registered companies will receive a seal of assurance that will be testament of their compliance and respect for intellectual property laws and subscription to good work ethics,” said Tarun Sawney, senior director, Antipiracy, Asia-Pacific, BSA.

“BSA believes Verafirm will play an important role in software intellectual property rights protection, help improve the credibility of the Vietnamese exporters to the US market, and create a better business environment for foreign companies operating and investing in Vietnam,” added Sawney.

U.S. Embassy Hanoi Economic counselor Laura Stone said Verafirm which was supported by major software publishers “will safeguard and advance U.S. business interests in Vietnam”.

BSA, a leading global advocate for the software industry, last week also joined with the Copyright Office of Vietnam and the Ministry of Culture, Sports and Tourism (MoCST)’s Inspectorate to celebrate the 5th year since the signing of their Memorandum of Understanding on the Computer Software Ownership Protection Partnership. The three parties have agreed upon a target of reducing software piracy rate in Vietnam to 70 per cent by 2018.

Sawney said at the ceremony that the targets drawn when the partnership was inked had been achieved “with flying colours”.

Vietnam has been removed from the list of countries with the highest rate of software piracy since the signing of the partnership. The country had also been hailed for the strong improvement in anti-piracy campaign, Sawney said.

“Nonetheless, the software piracy rate in Vietnam still stands at a high level, compared to the average Asia-Pacific rate of 60 per cent,” he said.

Software piracy rate in Vietnam had reduced to 81 per cent in 2011 from 92 per cent in 2004, according to BSA data.

Copyright Office of Vietnam acting head Vu Ngoc Hoan said a series of actions and initiatives had been taken to improve users’ awareness of software copyright and lower software piracy rate in Vietnam to the regional average level.

Aquatic exports up 1.3 percent in 8 months

The export value of aquatic products are estimated at 591 million USD for August, bringing the total turnover in the first eight months of this year to 4 billion USD, a year-on-year increase of 1.3 percent.

According to statistics by the Ministry of Agriculture and Rural Development, the US remains the largest importer of Vietnam’s aquatic products, accounting for 20.9 percent of the total turnover. It bought 712.31 million USD worth of products in the January-July period, up 6.1 percent from the same period last year.

Exports to China, Thailand and Canada also enjoyed remarkable increases in value of 52.7 percent, 9.6 percent and 6.8 percent, respectively, over the same period of 2012.

However, decline was seen in exports to the Republic of Korea (19.1 percent), Spain (11.5 percent) and Japan (1 percent).

Vietnam spent 415 million USD on importing aquatic products in the first eight months, down 7.2 percent year-on-year.

India and China’s Taiwan are the two largest suppliers of aquatic products to Vietnam, accounting for 14.2 percent and 11.4 percent of its total import turnover, respectively.

Over 22 mln people work for offices, businesses, agencies

As of July, 2013, Viet Nam has had 5.2 million administrative offices, businesses and public service delivery units which have employed around 22.8 million people, up 27.4% (1.11 million) in unit and 38.5% (6.3 million) in person.  

The Steering Committee of the Census Central Steering Committee recently held a conference to review the outcomes of the 2012 census of administration, businesses and public service delivery agencies.  

Over 90,000 investigators had come to over 400,000 enterprises, 4.6 million individual businesses as well as 140,000 administrative and religious units in service of the census.

It found that economic structure developed rapidly in terms of number. The service sector attracted more laborers than others.

Compared with five years ago, the professional skills of employees have been improved dramatically of which those acquiring the tertiary level increased to 17.9% from 11.2% and those with post-graduate education rose to 4.1% from 0.57%.  

Addressing the event, Minister of Planning and Investment Bui Quang Vinh suggested the statistics sector use the outcomes of the census to adjust the statistics used for the 2007-2012 period, review and update annual data especially local GDP growth rates.

The sector needs to analyze and propose solutions to speed up the process of economic restructuring, accelerate business activities, and develop culture, healthcare, education and religion, the Minister said.

HCMC launches sales promotion month

Ho Chi Minh City on August 30 officially launched a sales promotion month which is assigned annually in September to boost retail sales.  

The Department of Industry and Trade reported that the event will be held in over 3,000 locations citywide.

As many as 80 booths will serve workers, students and people who live in surrounding areas.

Other 122 stalls will be erected processing and industrial zones.

Through the program, customers will have chances to access to good-quality products at reasonable prices and get diversified promotion campaigns such as discounts, gifts, and sweepstakes.

Many businesses like Big C, Co.opmart, Maximart, Metro, and Thien Hoa Interior Furniture and Electronics Centre are set to offer big discounts.

Da Nang, Can Tho unite to woo tourists

Central Da Nang City and Can Tho City in the Mekong Delta have agreed to promote co-operation among 100 travel agencies in the two regions.

In response to the news, businesses claimed direct flights between the two cities would play a key role in accelerating tourism. Last year, only  

35,000 tourists travelled between Da Nang City and Can Tho due to a shortage of direct flights. The 1,100km road between the two locations can take up to 25 hours by bus.

"The air route [if available] cuts travelling time for tourists. It also creates favourable advantages for travel agencies promoting service and investment,"said Nguyen Xuan Binh, director of Da Nang's Tourism Promotion Centre.

He said Da Nang, which is home to a number of heritage sites in the central region, could enable greater co-ordination of tourism services between Can Tho and other localities, including Phong Nha-Ke Bang in Quang Binh Province, Hue City and Hoi An; and My Son in Quang Nam Province.

The deputy director of the Culture, Sport and Tourism Department in Can Tho City, Le Minh Son, said, "Can Tho has co-operated with Ha Noi, HCM City and Lam Dong Province. We hope that Da Nang will be a potential destination."

The deputy manager of Da Nang-based Vitours, Nguyen Thi Kim Lien, said travel agencies in Da Nang were keen to offer diversified tourism products linking with tour services in the Mekong Delta region via Can Tho.

Vietnam Airlines'central office representative Le Xuan Son said the national flag carrier planned to launch up to five weekly flights between Da Nang and Can Tho, predicting the flights would carry up to 80 per cent of tourists.

According to a survey, around 200,000 foreign tourists would prefer air travel between the two cities.

The Nam Hai rated best hotel/resort in Asia

The Nam Hai resort in Hoi An, central Quang Nam province, topped this year’s list of Asia’s best leisure properties on an online poll conducted by Smart Travel Asia, a Hong Kong-based travel and trade journal.

Readers of SmartTravelAsia.com, a dedicated online travel magazine with more than a million visitors per month, chose from among thousands of hotels and resorts in Asia during the three-month ‘Best in Travel’ survey.

In addition to its top billing in the Top 25 Leisure Hotels & Resorts category, The Nam Hai ranked sixth on the list of Top 25 Spa Hotels & Resorts.

Also this month, the resort was named one of the world’s top ten organic spas by Organic Spa Magazine, a leading American eco-lifestyle publication. “Though the vibe here is one of serene luxury, the resort is also dedicated to preserving its environment. Along with programmes to conserve electricity, water, and paper, the hotel has weekly “green days,” when employees clean up the beach”, wrote the magazine.

These latest results come a month after another prestigious magazine, Travel+Leisure, honoured The Nam Hai in two categories of its ‘World’s Best Awards.’

Da Nang city also made the poll’s lists as the number seven holiday destination in Asia. Bangkok ranks No. 1, followed by Bali and Phuket.

Vietnam’s instant noodle market facing fierce competition

Vietnam is the fourth largest consumer of instant noodles in the world, purchasing 5.1 billion packets in 2012 after consuming only 4.3 billion in 2009, reports the World Instant Noodles Association (WINA).

Vietnam’s instant noodle consumption has grown at a reliable double-digit rate and demand continues to rise in both urban and rural areas.

Statistics indicate Vietnam is home to around 50 domestically and foreign-owned instant noodle producers and manufacturers. Vina Acecook operates seven factories in HCM City, Binh Duong, Vinh Long, Da Nang, Bac Ninh and Hung Yen.  Its brand reputation is improving.

In July 2012, Japan’s Nissin Foods invested US$41 million in an instant noodle factory based in Binh Duong province. Nissin Foods runs 47 factories in 15 nations and processes more than 1,200 types of instant noodles for the global market.

Last year, Vina Acecook increased its investment capital to US$10 million, upgrading two of its HCM City factories to Southeast Asia’s most advanced level. Kinh Do Joint Stock Company is scheduled to introduce new instant noodle products into the Vietnamese market in September 2013.

The WINA says major companies dominate Vietnam’s market share. Vina Acecook currently claims 50 percent, followed by Asia Foods (more than 20 percent) and Masan (approximately 10 percent). Smaller businesses own the remaining 20 percent.

Companies like Vifon, Saigon Ve Wong (Aone), Colusa, and Miliket have managed to earn 2–5 percent, according to a Euromonitor survey.

Supermarket instant noodle prices range from VND2,500 to tens of thousands of VND per packet. Manufacturers realize that their products would rather meet different consumer tastes or risk being taken off the shelves.

Local brands are struggling to survive in a highly competitive marketplace. Although Colusa Miliket’s noodles were popular with Vietnamese consumers from as early as 1975, it has failed to keep pace with foreign rivals, earning a profit of just VND37.3 billion last year.

The food processing industry provides a wide range of instant products including vermicelli, rice paper, and plain rice soup. Some of its leading brands belong to Vina Acecook, Bich Chi, Asia Food, Binh Tay, Colusa-Miliket, Masan, and Vifon. Rice powder products are generally more expensive than wheat-based instant noodles.

The Vietnamese food processing industry exports its instant products to Eastern European markets like the Czech Republic, Slovakia, and Hungary, as well as advanced industrial nations such as the US, Australia, France, Germany, and Canada.

VN woos Japanese investment

VietNamNet Bridge – Improving the investment climate was vital if Viet Nam wanted to attract more investments from Japan, experts said at the Viet Nam–Japan Economic Summit 2013 on Saturday.

The three-day event held by the Viet Nam Chamber of Commerce and Industry, Japan External Trade Organisation (Jetro) and Nikkei Business Publications, aimed to work out measures to enhance the economic co-operation between the two countries.

The three-day event held by the Viet Nam Chamber of Commerce and Industry, Japan External Trade Organisation (Jetro) and Nikkei Business Publications, aimed to work out measures to enhance the economic co-operation between the two countries.

"The Japanese and Vietnamese economies are meant to complement each other. Viet Nam is not only a long-term investment destination for Japanese businesses but also a trusted friend and companion," said To Huy Rua, Politburo Member and President of the Viet Nam–Japan Friendship Parliamentarians Caucus.

According to the Minister of Planning and Investment, Bui Quang Vinh, the investment climate in Viet Nam is not that attractive to Japanese investors as there are many shortcomings that need to be overcome.

"Viet Nam is not the only option for Japanese investors. So, improving the investment climate is urgent and essential," he said, adding that "or else, Viet Nam will lose investments from Japan to other countries, like Thailand, Laos or Cambodia."

Vinh added that improving infrastructure and the quality of human resources was vital.

Motonobu Sato, Chairman of the Japan Business Association in Viet Nam, said that polices in Viet Nam changed so often and lacked co-ordination among Government's agencies. "This makes Japanese investors lose confidence," he said.

He urged the Government of Viet Nam to hasten thorough reforms, which he called the "second reform" of Viet Nam – and provide a detailed road map.

According to Japanese Ambassador Yasuaki Tanizaki, Viet Nam was at the point that investments from Japan could increase or decrease, depending on the country's reform performance and improvements in the investment climate.

Still, he said that he was optimistic that Japan's investments into Viet Nam would see strong growth in the future.

Jetro's vice president Daisuke Hiratsuka said that Japanese enterprises were showing growing interest in Viet Nam. He said that more than 6,800 investors visited Jetro's office in Viet Nam last year, making it the second busiest among Jetro's overseas offices.

Viet Nam has huge demand for infrastructure development, but the State Budget has its limitations. Statistics showed that the usable capital for infrastructure stayed at only US$8 billion per year while the demand was up to $40 billion.

Le Van Tang, Director of the Public Procurement Agency, said there was an urgent need for Viet Nam to develop infrastructure as it ranked only 90th among 142 countries in the World Business Forum's global competitiveness report for 2011.

He reiterated calls for private sector participation in developing infrastructure.

As the biggest foreign investor in Viet Nam, Japan plays a role in financing for Viet Nam's infrastructure development.

"The Japanese and Vietnamese economies are meant to complement each other. Viet Nam is not only a long-term investment destination for Japanese businesses but also a trusted friend and companion," said To Huy Rua, Politburo Member and President of the Viet Nam–Japan Friendship Parliamentarians Caucus.

However, according to a representative from the Bank of Tokyo-Mitsubishi, clear Government support and a proper legal framework were necessary to encourage investment.

Focusing on support industries, a survey by Jetro found Japanese-affiliated companies faced difficulty in procuring materials or parts in Viet Nam.

According to Minister Vinh, Viet Nam needs to have a comprehensive and long-term industrialisation strategy for support industry together with a master plan.

Vinh said a lesson learned from past failures in developing the automobile industry in Viet Nam is that the Government's policies must be in line with development strategy.

Viet Nam had a strategy to develop the car industry, but tax was too high, sometimes as high as 100 per cent, he added.

He said Viet Nam should enhance technology transfer, especially from countries with developed technology like Japan, so that it could develop support industry.

At present, Japan is the top FDI player in Viet Nam and also the biggest donor to Viet Nam in Official Development Assistance.

More than 70 per cent of Japanese ODA is used for infrastructure projects such as transport and power plants.

Source: VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VIR