FiinPro Talk #7 to address stock market factors     

The seventh FiinPro talk, titled “Banking and Real Estate Stocks: Closing for 2018 and Outlook,” will take place in Ha Noi on September 27.

Key themes to be addressed include macroeconomics and factors impacting banking and real estate stocks.

Banking and real estate are considered the market’s leading stock group, making up 40 per cent of the total market capitalisation. These stocks have also attracted foreign investment in the Vietnamese stock market, accounting for 47 per cent of the daily average trading value and 88 per cent of the total net trading value from the beginning of 2018.

In order to determine investment strategies for late 2018 and beyond, investors depend on the performance of the banking and property sectors.

The event will be attended by senior banking and real estate experts including fund and asset managers, financial investors, property executives and market analysts. They will share forecasts of banking performance for the second half of the year and beyond, and discuss the effect of credit growth control policies recently introduced by the State Bank of Viet Nam.

The event will be held at the Lotte Centre, No. 54 Lieu Giai Street, Ba Dinh District, Ha Noi. 

Strategic investors put VND22b into SCC     

Saigon Cosmetics Corporation (SCC) has attracted VND22 billion (US$940,000) from two new shareholders to support growth as competition heats up in the domestic cosmetics market.

For the first time in the 10 years since it became a public company, the Saigon Cosmetics Corporation (SCC) has announced two strategic investors are buying over 1 million shares more than a month after launching private offerings. They are Ho Chi Minh City Securities Corporation (HSC) and Ngo Hung Dung.

Of these, HSC has registered to buy more than 842,000 shares limited transfer in a year, holding 8.87 per cent of SCC’s capital after the issuance. Meanwhile, Ngo Hung Dung has registered to buy more than 194,000 shares, holding 2.05 per cent of the capital.

With the price of VND21,000 per share, SCC has expected to earn VND22 billion. The money will be invested to buy machinery and equipment, upgrade the factory and develop a system of 10 new design shops in HCM City and Ha Noi.

This is the first time the corporation has invited a financial institution to join SCC as a major shareholder.

On December 29, 2017, the Saigon Trading Corporation (Satra) sold its 7.3 per cent of shares at SCC. The remaining major shareholders of SCC include the Board of Directors, the Control Board, the foreign organisation and the employees.

Recently, SCC has recovered its business. In 2017, it gained a year-on-year increase in revenue of 19 per cent to VND333 billion and growth in profit to VND149 billion from perfume with the famous brand of Miss Saigon.

Last year, SCC’s net profit was posted at VND38 billion, nearly doubling in 2016. This was the highest profit recorded since the company’s equitisation.

However, its business result is small compared with the demand of the domestic cosmetics market at $2.2 billion by 2020.

Now, foreign brands account for 90 per cent of the local cosmetics market, including L’Oreal, Ohui, Whoo, The Body Shop, The Faceshop and Shiseido.

In addition, SCC has faced competition with new foreign brands from Thailand and South Korea and other local companies, as well as unfair competition from counterfeit and low quality products in the market, reported theleader.vn online newspaper.

With the fierce competition in business, SCC has changed its business strategy to focus on building its own showroom system and researching natural products.

Before 2006, SCC focused on export cosmetic export products, accounting for 60 per cent of its total sales. Now, the domestic market, with the major retail channel being agents and supermarkets, has contributed more than 86 per cent to its total revenue.

Last year, the company developed more than 100 new products such as shampoo, hand wash and sprays as well as a new design for Miss Vietnam perfume. 

HSC reveals PVS's falling revenue     

 PetroVietnam Technical Services Corporation (PVS) will likely record revenue and post-tax profits of VND14.7 trillion (US$632 million) and VND736 trillion in 2018, down 12 per cent and 8 per cent year-on-year, respectively.

The information was released in a report by the Ho Chi Minh City Securities Corporation (HSC).

It forecasts that in 2019, PVS’s business results will be promising with a 35 per cent and 74 per cent growth year-on-year, touching VND19.8 trillion and VND1.3 trillion, respectively.

This is based on the rising prices of Brent crude and WTI, averaged at $70 per barrel and $65 per barrel. PVS will also no longer record losses from the remotely operated vehicles (ROV) segment, which has struggled in recent years.

The increasing demand for oil and gas services, together with rising oil prices, especially the progress of the Sao Vang Dai Nguyet offshore gas field project, will help boost PVS’s profits, HSC said.

HSC forecasts this project will contribute 40 per cent to the gross profit in 2019.

In the first six months of this year, PVS reported net revenue of VND7.6 trillion, down 1 per cent year-on-year and fulfilling 59 per cent of its yearly target. Post-tax profit reached VND322 billion, down 43 per cent and fulfilled 58 per cent of the year’s plan. 

More banks provide e-tax payment service     

The General Department of Customs (GDC) announced another four banks that qualify to provide its 24/7 e-tax payment scheme, raising the total to 22 banks.

The four banks are Shinhan Vietnam, PG Bank, SHB and HSBC Vietnam. They will implement the service from September 20.

GDC expects the participation of more banks in the scheme will better support and reduce costs for taxpayers.

The e-tax payment would facilitate tax payment anywhere, anytime, reduce time and ensure immediate goods clearance. The customs authority will directly support enterprises to make payment documents from the original data and minimise errors in money transfer procedures.

This could help shorten time to complete customs procedures for import-export activities to the average level of ASEAN-4 countries following the Government’s instructions.

Firms only need certificate authority (CA) to transfer money and authorise banks to pay taxes through their accounts without fees.

To be qualified to provide the service, banks are required to upgrade their e-payment portal.

VN farm, fishery firms aim to lift Japan trade     

Vietnamese companies, especially those in the Cuu Long (Mekong) Delta, should participate in trade promotion programmes if they want to expand exports to Japan, according to the Viet Nam Trade Promotion Agency (Vietrade).

Speaking at a seminar on promoting exports of farm produce and aquatic and fisheries products to Japan in Can Tho city on Friday, Nguyen Manh Hung, head of Vietrade’s international relations department, said bilateral trade rose sharply last year and again this year to top US$20.93 billion in the first seven months.

Viet Nam’s main exports to Japan included garment and textile, vehicles and spare parts, machinery and equipment, fisheries products, wooden products, footwear, and fruits and vegetables.

Hung said exports of agricultural and fisheries products faced difficulties.

Viet Nam exports only three fruits to Japan, banana, mango and dragon fruit, according to Hung.

To qualify to enter the market, besides meeting quality standards, the fruits must undergo a hot steam treatment process to avoid insect infiltration.

Aquatic products must meet strict food safety requirements.

Dang Van Thai, director of Artex Gobelins Company in HCM City, who has more than 10 years’ experience in exporting to Japan, said “Any kind of farm produce that is unique and remains unmodified sells well in Japan”.

“When I went here, I noticed that Japanese are very fond of jasmine rice, which is grown in both Viet Nam and Cambodia. In supermarkets in Japan, jasmine rice is sold at very high prices.”

Hung said to increase exports to Japan, Vietnamese firms would need to better promote their brands as well as the advantages their products offer in that market.

They should be more dynamic in participating in trade fairs and trade promotion programmes in that country so that consumers there could lay their hands on their products.

Every year his agency sends business delegations to trade fairs and business matching events in Japan, and soon it would co-ordinate with the Can Tho Exhibition Fair and Trade - Investment Promotion Centre to identify enterprises for that purpose.

This way, more Vietnamese agricultural products would penetrate the Japanese market in the near future, he said.

Viet Nam has two free trade agreements with Japan, the ASEAN-Japan Comprehensive Economic Partnership and the Viet Nam-Japan Economic Partnership Agreement, under which thousands of goods are exempt from tariffs. 

Vinafood 2 to supply rice for Philippine firm     

Viet Nam Southern Food Corporation (Vinafood 2) has signed a Memorandum of Understanding (MoU) with the Philippine firm AgriNurture Inc to become an exclusive supplier of long-grain rice for this company starting next year.

This supply deal is worth US$1 billion, according to the Philippine news website BusinessMirror.

Under the MoU, AgriNurture Inc is set to import as much as two million metric tonnes of rice annually from 2019.

This co-operation will help address the Philippines’ rice supply issues, said a representative of AgriNurture Inc.

“The terms and conditions of the exclusive supply agreement shall be finalised in accordance with applicable Philippines laws, including but not limited to, the proposed rice tarification bill,” AgriNurture said in a disclosure to the local bourse on Monday.

As regards Vinafood 2, in the first half of 2018, the corporation’s revenue reached nearly VND7.45 trillion (US$317 million), a year-on-year increase of 68 per cent and its gross profit was VND659 billion, up 3.3 times over the same period last year. 

Vietnam becomes more attractive to Bulgarian businesses

Vietnam’s improving competitiveness has helped it become more attractive to Bulgarian companies who want to invest and seek business opportunities in the country, Bulgarian Minister of Economy Emil Karanikolov has said.

Karanikolov made the statement while attending the Vietnam-Bulgaria Business Forum which opened in Hanoi on September 18.

The forum, jointly held by the Vietnam Chamber of Commerce and Industry (VCCI) and the Bulgarian Embassy in Vietnam, drew the participation of more than 20 Bulgarian firms operating in industrial parks, engine greases, animal feed, agricultural products, urban lighting, import-export insurance, defence industry, beverage, gas engine assembly and maintenance, among others.

Karanikolov spoke highly of the Vietnamese Government’s efforts in socio-economic reform, citing Vietnam’s 55th place in the World Economic Forum (WEF)’s global competitiveness list in 2017, up 22 moves from 2006, and its 68th position in the World Bank Group’s annual “Ease of Doing Business” report.

Deputy Minister of Industry and Trade Cao Quoc Hung said that this is a good opportunity for businesses from both nations to exchange and set up partnerships, thus further bolstering economic relations between the two nations.

After 30 years of reform and global economic integration, Vietnam’s trade has played an important role in the country and world’s economies, Hung said.

In the first eight months of the year, Vietnam’s export growth picked up 14.5 percent from the same time last year to 155.4 billion USD, he said, adding that its imports rose 11.6 percent to 152.7 billion USD.

The European Union (EU) has been a significant partner of Vietnam, Hung stressed, adding that the bloc is currently the third biggest trade partner, and one of the two largest export markets of the Southeast Asian country.

Two-way increased 12 times to 50 billion USD in 2017 from 4.1 billion USD in 2000. Vietnam’s key export products are garment and textile, coffee, furniture and seafood. Meanwhile, the EU countries had by the end of 2017 registered more than 21.5 billion USD in some 2,000 valid projects in Vietnam.

As Bulgaria is among traditional trade partners of Vietnam in the EU, Hung expressed his hope that cooperation between the two countries will be expanded and further accelerated, especially when Vietnam is integrating into the world’s economy with breakthrough reforms.

Meanwhile, VCCI Vice President Doan Duy Khuong said that the forum is also designed to assist Vietnamese businesses in accessing Bulgarian firms to unlock a developing market in Eastern Europe, and a gateway for Vietnamese products to penetrate Western European markets.-

Vietnam steps up tourism promotion in Canada

A Vietnam tourism promotion programme was held in Toronto on September 17 night, wrapping up the Vietnamese Culture Week in Canada from September 11-17. 

Co-organised by the Vietnam National Administration of Tourism (VNAT) and the Hanoi Promotion Agency (HPA), the event brought together over 100 representatives of local tourism and trade associations, travel companies, airlines and press agencies, along with Vietnamese diplomats, reporters and businesspeople. 

According to VNAT General Director Nguyen Van Tuan, to affirm their positions in the Canadian market, Vietnamese travel companies need to make preparations, take suitable solutions, create differences, provide high-quality services and show their friendliness. 

The number of Canadian tourists to Vietnam has remained limited, standing at only 138,242 in 2017 and 104,057 in the first eight months of this year, Tuan said. 

Nguyen Dai Trang, Director of the Canada-Vietnam Trade Council, suggested Vietnamese enterprises focus on such groups of Canadian holiday-makers as youths, families, and schools and businesses that want to travel to Vietnam first and then seek educational and economic cooperation opportunities in the country. 

Rajat Chhabra, General Director of Radisson Suite Hotel, expressed his optimism about Vietnam’s tourism potential with people, culture, art and cuisine factors, believing that Vietnam’s tourism promotion in North America will bring about rosy prospects. 

Vietnam’s tourism has gradually affirmed its position globally, as reflected through titles and awards given to the country recently. 

The Pacific Area Travel Writers Association has selected Vietnam as an “emerging destination for luxury travel”. The country was also honoured as “Asia’s Leading Destination” by the World Travel Awards in early September. 

In 2017, Vietnam welcomed nearly 13 million international tourists, up 29 percent against the previous year. The tourism sector generated 23 billion USD, contributing about 8 percent to the country’s gross domestic product (GDP). 

Many participating businesses expressed their belief that after the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) comes into effect, the favourable business environment will create new waves of Canadian investment into Vietnam.

The Tourism Roadshow in North America in September continues to send the message of “Vietnam-Timeless Charm” to international friends.

Vietnam promotes tourism through digital technology

The Vietnam National Administration of Tourism (VNAT) aims to develop programmes and projects on technological research and application in order to improve the efficiency of tourism promotion in foreign markets, said a VNAT official. 

Ha Van Sieu, deputy head of the VNAT, said the agency always supports and stands ready to cooperate with units with IT initiatives and projects that benefit the tourism sector and help raise its competitiveness. 

The VNAT has cooperated with VnTrip to build a database of 360 degree pictures of tourism destinations, thus helping promote Vietnamese tourism and attract more foreign tourists, the official said. 

The database will be connected with the Southeast Asia and global tourism systems to form a smart tourism management model.

Vietnam is an attractive destination for foreign tourists, Sieu said, noting that the country received the “Asia’s Leading Destination” award from the World Travel Awards in early September.

According to the VNAT, 2018 World Tourism Day (WTD), celebrated every September 27, places focus on innovation and digital transformation.

Through the event, the World Travel Organisation (WTO) aims to highlights the importance of digital technologies in tourism, providing opportunities for innovation and preparing the sector for the future of work.

WTD is a unique opportunity to raise awareness on tourism’s substantive and potential contribution to sustainable development.

This year’s event will help to put the opportunities provided to tourism, by technological advances including big data, artificial intelligence and digital platforms, on the map of sustainable development. The UNWTO sees digital advances and innovation as part of the solution to the challenge of marrying continued growth with a more sustainable and responsible tourism sector.

“Harnessing innovation and digital advances provides tourism with opportunities to improve inclusiveness, local community empowerment and efficient resource management, amongst other objectives within the wider sustainable development agenda”, said UNWTO Secretary-General Zurab Pololikashvili in a recent press release. 

The WTD official celebration will be held in Budapest, Hungary, a country enjoying steady growth of tourism backed by consistent policy support and a commitment to the digital future. Other celebrations will take place worldwide.

Vietnam-China Trade Fair to be held in Lang Son late October

The Vietnam-China International Trade Fair 2018 will take place in the northern border province of Lang Son from October 30 to November 7, aiming to boost cooperation connectivity for mutual development.

The information was released by Nguyen Cong Truong, Vice Chairman of the provincial People’s Committee, at a press conference on September 18.

The fair is expected to attract 200 Vietnamese and Chinese organisations and businesses showcasing their products at some 300 booths.

The event will focus on boosting trade promotion and provide a venue for participating businesses to introduce their products.

A number of cooperation agreements and contracts are expected to be signed by Vietnamese and Chinese businesses during the fair, which is part of the National Trade Promotion Programme 2018 with the purpose of expanding market connectivity between Lang Son and other Vietnamese localities, as well as more broadly between Vietnam and China.

Vietnam has overtaken Malaysia to become China’s largest trade partner in the Association of Southeast Asian Nations (ASEAN). Their bilateral trade was estimated at 66 billion USD in the first half of 2018, with the average monthly turnover between the two countries having exceeded 10 billion USD for the first time in history. 

Vietnam Airlines, Hong Kong group teams up to boost in-flight sales

National flag carrier Vietnam Airlines will launch its onboard duty-free sales programme, Lotushop, in October this year in cooperation with King Power Traveller, a subsidiary of the Hong Kong-based King Power Group.

Accordingly, the airline will join hands with the company in five years in order to expand and improve the services of its Lotushop so as to meet the four-star requirements of UK-based airline review and rating organisation Skytrax.

On sale will be a range of luxury products including perfume, cosmetics, wristwatches, suitcases, and handbags. Passengers can purchase the products onboard on 30 of Vietnam Airlines’ international air routes to/from the Republic of Korea, Japan, China, the UK, France, Russia, and Germany, and more.

Vietnam Airlines Deputy General Director Le Hong Ha said the carrier is striving to deliver shopping experiences of international standards to its passengers, as part of its plan to achieve a five-star rating in the near future, he added.

Established in 1979, the King Power Group devotes itself to diversifying businesses in various countries in Asia-Pacific and Europe, especially in duty-free services.

Meanwhile, the King Power Traveller was listed on the most recent Asia’s Leading In-flight Duty Free Concessionaires by World Travel Asia, where it has been for the last three years. 

International cooperation crucial for startup development

The startup culture in Vietnam has taken off in recent years, with foreign venture capital now five times higher than that by domestic players. Thus, it is important to note that international cooperation is crucial to bolstering startup innovation in the country.

At a recent conference to discuss measures that will attract domestic and foreign resources for Vietnamese startups, Phan Hoang Lan, head of the Planning and Finance Section for the Ministry of Science and Technology (MoST)’s National Agency for Technology Entrepreneurship and Commercialisation Department (NATECD), said that Vietnam has witnessed robust development in its innovative startup ecosystem, with some 3,000 startups, double the figure of 2015.

Vietnam is currently home to 30 business incubators and 10 business accelerators, with exemplary institutions like the Hoa Lac Hi-tech business incubator, the Sai Gon Hi-tech business incubator, the Da Nang incubator, and the Business Startup Support Centre. 

In particular, foreign players have landed big investments in Vietnamese startups. According to a report compiled by the Topica Founder Institute (TFI), Vietnam received more than 291 million USD for 92 startup deals last year, compared to 50 deals worth 205 million USD the year previous.

In addition, there are some 40 investment funds in Vietnam, most of which are developed by foreigners.

Lan said that the NATECD has joined hands with the office of Project 844 on helping the national innovative startup ecosystem through 2025, which looks to support excellent startups to join international forums and bolster international cooperation through incubators and embassies.

Pham Dung Nam, Director of the office of Project 844, said that although foreign players have been present in 30 percent of total startup deals, their investment is much larger than that made by Vietnamese firms. Therefore, mobilising foreign resources and promoting international cooperation are especially important, especially as Vietnamese startups are becoming increasingly attractive to foreign investors.

Pham Hong Quat, head of the NATECD, also laid stress on the importance of attracting international resources for Vietnamese startups and innovation works.

Techfest, one of the largest startup events in the country, is organised annually by the MoST to create connections for domestic and foreign stakeholders in the startup ecosystem, he said.

Quat also highlighted that the event has drawn the attention of the international startup community and various foreign investors.

Techfest 2018, scheduled from November 29 to December 1, will see the attendance of Prime Minister Nguyen Xuan Phuc, who will hold a dialogue with innovative startups to enhance the community’s ecosystem in the near future.

According to Nam, the MoST has joined hands with relevant ministries and branches to create favourable legal corridors for startup development, including the issuance of Circular No.1/2018/TT-BKHCN dated April 12, 2018 which regulates the management of Project 844 and Decree 38/2018/ND-CP on investment in startup SMEs. 

The ministry also contributed to building content that supports innovative startups and investment in startups from the sci-tech development fund. 

Last year, the ministry successfully organised the APEC 2017 Startup Forum, drawing the participation of nearly 30 startups, and more than 30 domestic and foreign investors and venture capitals. The event created opportunities for APEC member economies to look to form a dynamic and networked APEC startup community.

Furthermore, a wide range of regional conferences have been held recently, helping localities to exchange experience in innovative startup and capitalise their startup potential.

The Vietnam National Ecosystem Portal was completed, providing information on the innovative startup ecosystem in the country. Meanwhile, this year, Project 844 will channel its focus on improving capacity for startups, providing services for startup businesses, and enhancing domestic and international linkages in the field. 

A network exclusively for innovative startups will be set up, with the involvement of investors, funds, a consulting network, and experts, among others. 

Workshop promotes cooperation in ensuring just energy transition

An international workshop to promote cooperation in ensuring fairness in Vietnam’s energy transition  towards more eco-friendly power was held by the Vietnam Union of Science and Technology Associations (VUSTA), the Friedrich-Ebert-Stiftung (FES) Vietnam Office, and the Green Innovation and Development Centre (GreenID) in Hanoi on September 18. 

Over 100 experts, researchers, and representatives from State agencies, research institutes, and domestic and international sci-technology organisations discussed and shared experience in researching and building strategies to implement fairness in Vietnam’s energy shift. 

The concept of a “just energy transition” is nothing alien to Europe and North America, however it is still relatively new in Asia and Vietnam in particular. The just transition not only refers to the environmental impact, but must also include socio-economic changes to promote global energy mobility and effectively implement targets set in the Paris Agreement on Climate Change.

Speaking at the event, Le Duy Tien from VUSTA said that developing clean energy sources and reducing plants using fossil fuels that pollute the environment is an irreversible trend in the world, including Vietnam.

He stressed, however, that due attention has not been paid to ensuring fairness in the sector shifting fossil fuels to renewable energy sources, as well as in ensuring jobs for labourers and relevant communities. 

The workshop offered a chance for policymakers and researchers of Vietnam to meet and discuss with experts from Germany, China, India, Indonesia, and Thailand, as well as getting an overview of what is going on internationally and regionally towards outlining appropriate policies to make the energy transition process in Vietnam fairer. 

At the event, GreenID’s research group announced a study on the quantity and quality of jobs as the energy transition takes place and how to achieve a fair shift in the energy sector in Vietnam.

According to Nguyen Hoang Nguyen, from the Ministry of Labour, Invalids, and Social Affairs and also a member of GreenID, to build a 600MW coal-fired power plant, it takes an average of 2,000 labourers and three and a half years. 

Nguyen said in the short and medium term (up to 2025), the number of jobs from the construction and maintenance of a coal project is higher than that from more environmentally-friendly projects. However, she noted that the number of jobs will increase significantly after this period. 

The employment structure will shift sharply towards increasing the proportion of the renewable energy sector. However, the current wage of workers in wind and solar power plants is not higher than that of those working at thermal power plants. Therefore, it is harder to attract more highly-skilled labourers.

Nguyen said that workers are not fully qualified with the necessary skills to work in the renewable energy sector, and that there are not many specific training establishments in Vietnam, adding that the Government needs to provide vocational skills training programmes for labourers in order to facilitate the transition process. 

It is also necessary to ensure the involvement of workers and local communities in making policies on energy development and shifts, she added. 

According to Yvonne Blos, Director of the climate and energy project for FES Vietnam,  FES aims to build more comprehensive ideas on fairness in the energy shift, thus forming a more sustainable and humane economy. 

FES Vietnam and GreenID are working together to research ways to achieve fairness in Vietnam’s energy shift.

Under the revised Power Plan VII, approved by the Government on March 18, 2016, coal-fired power will decrease to 55,300 MW by 2030, accounting for 42.6 percent of the national power structure.

The study “Power Development Scenarios in Vietnam” by GreenID indicates that, if considering the peripheral costs and prioritising the economical and efficient use of energy, Vietnam will have an opportunity to reduce its proportion of coal-fired power to around 24.4 percent, increase the proportion of renewable energy to about 30 percent, with electricity also playing a larger role, accounting for 22.8 percent. 

Experts underlined the necessity for Vietnam to develop a new long-term energy vision to improve access to energy and reduce greenhouse emissions; as well as to increase investment in energy efficiency and renewable energy, especially in wind and solar power. 

The country also needs to devise fiscal policies and regulations to promote and improve the capacity of renewable energy and energy efficiency, giving priority to remote communities in order to increase benefits for low-paid labourers and those in labour-intensive industries, they noted.

Ben Tre calls for more investment in agriculture

Calling for investment in agriculture to optimise the potential and strengths of the locality is a priority of the Mekong Delta province of Ben Tre, said Cao Van Trong, Chairman of the provincial People’s Committee at a conference promoting investment to the sector on September 18.

At the event, which drew some 350 enterprises, Trong noted that Ben Tre holds great advantages in agriculture with over 80,000ha of coconut trees and more than 28,000ha of specialty fruit farms.

Furthermore, the province also has nearly 47,000 hectares of aquatic farms, the provincial leader added.

He said that over the past few years, Ben Tre has applied various supporting policies to encourage investment in agriculture and rural areas. It has assisted six firms in the field with 32.64 billion VND, noted Trong.

He clarified that Ben Tre has 451 enterprises in agriculture, accounting for 17 percent of total businesses operating in the locality, with total capital equivalent to 30 percent of total registered investment in the province.

In the first eight months of 2018, export revenue of agricultural firms reached 215 million USD.

So far, the province has sold its farm produce to 70 countries and territories. It has lured 24 foreign invested projects in agriculture with a combined investment of 225.7 million USD, making up 26 percent of total FDI in the locality.

At the conference, local firms voiced their pros and cons regarding investment in Ben Tre, mostly in accessing bank loans, land rent, and connectivity with local farmers to build value chains and develop material regions.

Bui Duong Thuat, head of the Mekong fruit import-export company, held that it is necessary to reduce the intermediary stages to increase profits for both farmers and enterprises.

Chairman Trong said that Ben Tre aims to become a centre for technological research and transfer to serve farmers and enterprises, while also focusing on processing projects with high added-value from coconut and aquatic products and fruits for export. It wants to become a hub for producing, buying, and distributing farm produce in the region.

Director of the provincial Department of Planning and Investment Nguyen Minh Canh affirmed that in the future, Ben Tre will continue improving its business environment and developing support services, as well as assisting investors.

The province will also encourage projects that are environmentally-friendly and offer preferential credit for startup firms in agriculture and rural areas, he added. 

Facebook shouldn't stream English football: Vietnam Pay TV firms

The government should not allow Facebook to stream English Premier League matches, an alarmed Vietnam Pay TV Association says.

In a letter to the Ministry of Information and Communications, VNPayTV said authorities should not allow the social media company to broadcast the EPL in Vietnam unless it complies with the Competition Law and requirements related to censorship, editing and Vietnamese translation.

Since regulations define any agency that broadcasts television programs as a press agency. VNPayTV said Facebook must also comply with the Press Law and provide Vietnamese commentary for the matches.

As of now, Facebook, which has over 60 million users in Vietnam, would violate the Competition Law by having a monopoly over the broadcast of matches on the internet in the country, it said.

The global media reported last July that Facebook had acquired rights to stream the EPL in multiple Asian countries for 200 million pounds (US$262 million).

The deal would reportedly allow its users in Vietnam, Thailand, Laos, and Cambodia to watch all matches online from the 2019-20 season until 2022-23.

But it is unclear if they have to pay to watch the matches or it is free. VNPayTV's letter also calls on the ministry not to license foreign over-the-top (OTT) media services like Netflix and Amazon Video for the time being.

It said the ministry should crack down on Competition Law violations by OTT media services and pay TV firms and consider blocking services by foreign providers that are monopolistic.

Vietnam wins prestigious award as Asia’s leading tourist destination

Vietnam won the award for "Asia's Leading Destination" at the 2018 World Travel Awards in Hong Kong this month.

It is the first time the country has achieved this honor and the only win for Vietnam despite being nominated in nine categories this year.

World Travel Awards (WTA) is an annual award for those in tourism industry, from carriers, travel agencies to hotels, resorts and destinations. It is considered the Oscars of tourism industry by The Wall Street Journal and many other publications.

Individual Vietnamese companies however won several awards in smaller categories.

Leading travel company Vietravel won “Asia’s Leading Tour Operator 2018” for the sixth time in a row. National carrier Vietnam Airlines won “Asia’s Leading Airline – Premium Economy Class 2018”, while Naman Retreat was named “Asia’s Leading Retreat 2018”.

Last year the Vietnam National Administration of Tourism had won the award for “Asia’s Leading Tourist Board”.

Founded in 1993, after 25 years, WTA has become a global award with the participation of over 200 countries and garnered over 90 million views on TV this year.

Vietnam welcomed 12.9 million international visitors last year, up 29.1% year-on-year.

Vietnam upholds heritages for sustainable tourism development

Vietnam’s tangible and intangible cultural heritages are a key part of the country’s tourism, so the preservation of the heritages is crucial for sustainable tourism development.

Vietnam is home to 24 tangible and intangible cultural heritages, and natural heritages recognised by the United Nations Educational Scientific and Cultural Organisation (UNESCO), including eight natural heritage sites, 12 intangible cultural heritages and four documentary heritages.

According to Deputy Director General of the Vietnam National Administration of Tourism Ha Van Sieu, the Politburo’s Resolution 08-NQ/TW on developing tourism into a spearhead economic sector stresses the preservation of the nation’s cultural heritage value.

Cultural tourism is hoped to become a key product of the sector, he said, adding it has drawn large numbers of domestic and international visitors, helping drive tourism growth, create jobs and enhance the local socio-economy.

Last year, UNESCO-recognised natural and cultural heritages welcomed more than 16 million visitors, including 7 million foreigners, earning more than 2.5 trillion VND (107.5 million USD) from entrance tickets.

Many localities have developed their own tourism brands based on their cultural heritages. The Complex of Hue Monuments, royal court music, woodblocks, the imperial archives of the Nguyen Dynasty and poetry on Hue royal architecture have made Hue city an alluring destination, as it received 1.8 million foreign visitors and pocketed 320 billion VND (13.76 million USD) from entrance tickets last year.

Meanwhile, Hoi An ancient city in central Quang Nam province also an attractive destination in Vietnam. The city greeted 1.96 foreigners and raked in 219 billion VND (9.41 million USD) from entrance tickets in 2017. 

Other destinations such as Ha Long Bay and Yen Tu (Quang Ninh province), Phong Nha-Ke Bang (Quang Binh), Trang An (Ninh Binh) and Black Lady Mountain (Tay Ninh) have been top tourism spots for years.  

Sieu said the tourism sector and localities should map out a tourism plan in which tourism development must be made in tandem with respecting local cultural values.

Local people play an important role in branching out cultural tourism, he stated, saying that building digitalised database on Vietnamese cultural heritages, applying advanced technologies into the management of cultural heritages and developing smart tourism should be a focus.

Ninh Thuan looks to develop tourism into pillar economy

The south central province of Ninh Thuan is pooling resources to develop ecological, cruise, and cultural tourism with competitive, high-quality products, insiders have revealed. 

Accordingly, the provincial authorities have issued mechanisms to pitch for investment in luxury resort products along the coastal areas of Binh Tien, Vinh Hy, and Ninh Chu, as well as in the Nui Chua and Phuoc Binh national parks. 

Urban, cruise, cultural, and agricultural ecological tourism are some of the biggest attractions in Phan Rang-Thap Cham city and its nearby areas. Elsewhere, Ninh Phuoc and Thuan Nam districts offer craft village tours, sand hills, and adrenaline sports. Binh Ac and Ninh Son districts have been developing ecological products, resorts, and cultural tours. 

Chairman of the provincial People’s Committee Luu Xuan Vinh said investors will be able to enjoy incentives such as tax reduction and waivers for land and water usage fees, as well as preferential taxes for imported goods.

The province has granted licences to 48 projects so far, worth nearly 15.3 trillion VND on a total site of nearly 1,800ha. It is now home to 132 hotels and lodging facilities with 2,843 rooms, 2,700 of which meet the one- to four-star standards. 

The provincial tourism sector has built a code of conduct in the field to improve staff capacity, control prices, and ensure food hygiene and safety. 

Over the past few years, Ninh Thuan has boosted tourism promotion, upgraded infrastructure, restored cultural heritage, and improved services, thus attracting more visitors to major destinations such as Nui Chua national park, Binh Son-Ninh Chu beach, O Klong Garai tower, Ba Truc ceramics, My Nghiep craft village, and Thai An grape orchard. 

In the first eight months of this year, Ninh Thuan welcomed over 2.13 million visitors. The province expects to earn 1 trillion VND (43.47 million USD) from tourism this year. 

In order to turn tourism into a pillar economy, Ninh Thuan will increase marketing and strengthen regional connectivity via tours of Nha Trang and other central coastal provinces, Da Lat, the Central Highlands, Binh Thuan, and Ho Chi Minh City and other southern localities.