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Int’l packaging, label, printing tech exhibition opens in Hanoi
At the opening ceremony
The Vietnam International Packaging, Label, Thermal Transfer, Printing Technology Equipment and Supplies Exhibition 2019 (VPSE 2019) kicked off in Hanoi on March 20.
The annual event was initiated by Dong Nam Advertising and Commercial Promotion JSC and held in conjunction with the Vietnam International Advertising Equipment and Technology Exhibition (VIETAD 2019).
It offers a good opportunity for domestic and foreign organisations and enterprises to seek partners, transfer technologies, and develop business, contributing to increasing the quality and competitiveness of products, according to Vice Chairman of the Vietnam Advertising Association Nghiem Truong Son.
The VPSE 2019 features nearly 500 pavilions displaying a wide range of products in these fields.
The event will run until March 23 and is expected to attract over 10,000 visitors.
Golf legend, NutiFood ink deal to popularise Vietnamese coffee
Golf legend Greg Norman - Tourism Ambassador of Vietnam for 2018-2021 - speaks at the MoU signing ceremony in HCM City on March 20
The NutiFood Nutrition Food JSC and golf legend Greg Norman – Tourism Ambassador of Vietnam for 2018-2021 – inked a cooperation deal on March 20 to popularise Vietnamese coffee to the world.
Under the memorandum of understanding, the two sides will set up a joint venture named Greg Norman NutiFood based in New York.
The Vietnamese firm will be in charge of researching, producing and distributing coffee products, while Norman will provide the copyright and licenses for this joint venture to use his brand, images and “The Great White Shark” logo on NutiFood’s coffee products.
This joint venture will also open Greg Norman NutiCafé coffee chains in Vietnam and other Asian countries first before expanding to the US.
It aims to make use of NutiFood’s research and production strengths along with Norman’s international prestige to help Vietnamese coffee, especially iced milk coffee, stretch its reach to the world.
At the signing ceremony in Ho Chi Minh City, the Australian golfer said he is proud to have his name and logo on the company’s products, adding that he will bring the Vietnamese drink to coffee lovers around the world.
Seafood expo bolsters Vietnamese exports to US market
Fifteen Vietnamese seafood exporters attend the largest seafood expo in the North America
Fifteen Vietnamese seafood exporters attended the Seafood Expo North America and Seafood Processing North America, the largest of its kind show in the North America, from March 17-19 in Boston, the US to seek new partners and expand export markets.
More than 1,000 of suppliers from around the world joined the annual event, offering the newest seafood products as well as modern processing and packaging equipment.
The Vietnamese delegation, led by the Vietnam Association of Seafood Exporters and Producers (VASEP), includes several companies that have operated internationally for many years such as Vinh Hoan Corporation, Minh Phu Seafood Corporation, Hung Vuong Corporation and other brands such as Nghi Son Foods Group, Trang Thuy Seafood Co., Ltd and Seaprimexco Vietnam.
According to An The Dung, director of the Ministry of Industry and Trade’s Vietnam trade promotion office in the US, Vietnamese seafood has a great opportunity to break into the US, where demand for seafood products is growing.
Furthermore, anti-dumping taxes levied on Vietnamese shrimp are expected to decline from 25.39 percent to 4.58 percent while tra fish, which has long been popular among foreign consumers, will be soon certified to be shipped to this market.
VASEP Vice General Secretary To Thi Tuong Lan said the quality of Vietnamese seafood has received high rating in international markets and is present in 160 countries and territories worldwide. Vietnam is currently the largest tra fish supplier and fourth biggest shrimp exporter in the world.
Describing product diversification and quality improvement as keys to promote shipments to the US, Lan said “Vietnam has many opportunities to sell not only its two main products- shrimp and tra fish but also many other processed products with high added value”.
Meanwhile, Vietnamese Ambassador to the US Dang Dinh Quy said Vietnamese exports will thrive in 2019 on the back of increasing demands in the US market coupled with several new-generation free trade agreements that will take effect this year.
However, Vietnamese firms should work more to ensure environmental protection and product quality to meet requirements of the US market, he said, adding it is necessary for them to cooperate with US processing firms and importers to create a complete value chain, facilitating trade between the two sides.
The seafood sector has an ambitious target of earning 10 billion USD from exports this year, up 10 percent from 2018. However, the goal can be achieved thanks to robust signs in foreign markets. VASEP eyes to earn 4.2 billion USD from shrimp exports, 2.3 billion USD from tra fish exports, and some 3.5 billion USD from other seafood shipments.
In addition, seafood consumption is expected to rise to 98.6 million tonnes in developing countries and 29.2 million tonnes in developed countries.
VASEP said that it will work to increase Vietnamese seafood’s presence in fastidious markets like the US, Japan and the EU, and see quality as a competitive edge, not low price.
Can Tho licenses $14m seafood processing plant
Chairman of the Can Tho People’s Committee Vo Thanh Thong (left) hands over the investment licence. — Photo baodautu.vn
A Viet Nam and Japan joint-venture is planning to develop a seafood processing plant worth US$14 million in the southern city of Can Tho’s Tra Noc 1 Industrial Zone.
The joint-venture between the city-based Viet Foods Co and the Marine Foods Corporation of Japan received an investment licence from the municipal People’s Committee Chairman Vo Thanh Thong last week during his trip to Japan to adveritise the city’s investment opportunities.
The plant is slated for completion in May 2020 and its products will be shipped to the Japanese market, online newspaper baodautu.vn reported.
Nguyen Thi Kieu Duyen, deputy head of the Can Tho Export Processing and Industrial Zones Authority, said she hoped more Japanese investors would come and invest in the city.
As of last year, the city had 82 valid foreign-invested projects with total registered capital of more than $693 million, according to the Can Tho Investment, Trade and Tourism Promotion Centre.
Director of the centre Nguyen Khanh Tung said the city this year would prioritise attracting investment from Japanese and Singaporean investors in a number of sectors including hi-tech farming, industrial zones’ infrastructure development, IT, logistics, real estate, tourism, transport, healthcare and education.
HCM City investment centre helps SMEs enter supermarket chains
To gain entry into chains, startups and small business should improve product design and quality assurance, speakers urged at a workshop held on March 19 in HCM City.
Startups and small businesses need to improve product design and quality assurance to gain entry to supermarket chains, speakers said at a workshop held on Tuesday in HCM City.
Supermarkets are the top choice for consumers looking to buy essential products, stationery or household goods, followed by convenience stores, a representative of the HCM City Investment and Trade Promotion Centre (ITPC) said.
Le Thi Mai Linh, executive vice president of public relations and corporate social responsibility department at Central Group Viet Nam, the owner of Big C Viet Nam, said that Big C was willing to help startups and small business enter its chain.
Hoang Thu Yen, the owner of the startup Yoghurt Company, said: “When I tried to enter supermarket chains, I had to go through many procedures, and the chains also required a high discount rate. However, Big C has supported me and my products will appear there very soon.”
Big C Viet Nam and Central Group Viet Nam have launched many programmes, such as “Supporting Small and Medium Enterprises”, to help firms understand modern trade, expand their markets, and develop their brands.
Enterprises in the programme have received training about modern trade integration, packaging, and merchandising, and have gained financial advantages through favourable payment terms and capital for investment through the Central Group’s banking partners.
The city’s investment centre has also helped local businesses improve their product quality and design, product pricing, and financial capacity so they can enter foreign distribution systems such as Aeon Viet Nam retail stores.
Last year, the centre helped more than 30 Vietnamese companies enter the Aeon Viet Nam supermarket system.
The centre is in charge of selecting firms based on technical criteria provided by Aeon, and through the centre’s introduction, businesses can connect directly with the purchasing managers of the Aeon chain.
EuroCham urges Gov’t to develop pipeline of visible projects
Many foreign investors are reluctant to invest in public-private partnerships projects due to their concern over revenue risks. The build-operate-transfer transport project, called Hanoi-Bac Giang, is in operation in this file photo
The success of the public-private partnership (PPP) legislative framework largely depends on the Government’s ability to promote viable projects, and in this regard, progress has been limited, the European Chamber of Commerce in Vietnam (EuroCham) stated in the Whitebook 2019, called “Trade and investment issues and recommendations.”
EuroCham urged the Government to update the prime minister’s Decision 631/2014 with a new list of key national and regional projects, particularly in sectors with a good track record in other jurisdictions with well-trodden models and that are highly sought after by foreign investors, such as transportation, prioritizing economically viable projects as those slated for adoption as PPPs.
Decision 631, which lists 127 national projects seeking foreign investment including some 35 to be developed under the PPP model, has not been amended in almost five years to include an updated list of PPP projects based on further developed investment criteria.
According to EuroCham, while certain important projects or categories of projects do feature in sectoral master plans, such as the Power Development Master Plan issued in March 2016, a comprehensive list of national and regional projects inviting foreign investment and including details such as the proposed form of the project, the amount and form of the State’s contribution and any other incentives available to investors would shed some light on the Government’s priorities.
Clear and practical guidance on which projects will be prioritized as a “first in type,” where sectors and Government support, such as assurances regarding revenue streams and incentives, will be critical in attracting cross-border funding, EuroCham stressed, adding that this may require a sector-oriented approach, including sector-specific regulations.
EuroCham also suggested clarifying the bidding process for unsolicited projects and the process for converting State-funded projects into the PPP format, as well as submitting selected projects to a competitive, transparent tender, as considered under the Government’s Decree 30/2015 on introducing the Law on Tendering for investor selection.
The projects should be developed by leading global sponsors on the basis of unsolicited proposals or direct appointment as pilot projects in specified high-priority sectors in order to develop a baseline standard of documentation and risk allocation, which would be bankable in international markets, according to the chamber.
The agency also proposed adopting the Project Development Facility and putting potential projects through a rigorous assessment, with the help of international technical and financial consultants, involving homogenous international standard screening procedures. The provision of incentives and attractive measures for sectors struggling to attract PPP investment was also recommended.
The Project Development Facility is sponsored by Asian Development Bank, the French Development Agency and the Australian Agency for International Development to assist the authorized State bodies in preparing and assessing potential PPPs.
The Ministry of Transport said in its assessment report on transport infrastructure investment under the build-operate-transfer and build-transfer formats in the 2011-2015 period that it had invited foreign investors to be screened for a project to develop the third ring road, the Tan Van-Nhan Trach section, in HCMC, given the current policies.
The ministry deemed the project attractive. However, upon studying the prequalification documents, international investors decided not to get involved in the project.
According to these investors, the current risk allocation system is not reasonable. In addition to low profits, they would bear all the costs for site clearance, while their revenue risks would not be guaranteed.
The revenue guarantee system has yet to be included in the draft law on PPP, which was authored by the Ministry of Planning and Investment. According to experts, the commitment is to source from the State budget to pay project investors in case their revenue does not meet the target in their contracts, which contain many risks.
However, to raise the attractiveness of PPP projects, it is still possible to add revenue guarantees to the law, provided that strict regulations are set out to avoid increasing the public debt burden.
Hanoi requires integrated, expansive, reliable public transport network: WB
Ousmane Dione, the World Bank's country director for Vietnam, delivers his speech at a workshop on the public transport development strategy for sustainable urban mobility in Hanoi on Monday, March 18 – PHOTO: WB
Hanoi’s rapid development has resulted in a series of challenges, from noise and air pollution to safety and walkability issues. To tackle these growing issues, the city requires an integrated, expansive and reliable public transport network, stated Ousmane Dione, World Bank (WB) country director for Vietnam, at a workshop in Hanoi on Monday, March 18.
Co-held by the People’s Committee of Hanoi and the World Bank in Vietnam, the consultation workshop, called “Public Transport Development Strategy for Sustainable Urban Mobility,” gathered many domestic and international scientists, as well as the representatives of local departments and agencies.
The city’s vice chairman, Nguyen Quoc Hung, said that the municipal government has approved a scheme strengthening the management of road vehicles to reduce traffic congestion and environmental pollution in Hanoi in the 2017-2020 period, with a vision toward 2030.
He noted that among measures to take control over vehicles, the public transit system is being prioritized for investment and is regarded as one of the major solutions for sustainable urban transport development.
Dione stated at the workshop that over the last year, the WB team, in close collaboration with the relevant departments of Hanoi, has conducted a series of analyses to lay the foundation for future improvements to Hanoi’s public transport system.
“This timely exercise is critical for Hanoi to plan and realize its visions for becoming a competitive and livable city. Just over two years ago, Hanoi unveiled the country’s first bus rapid transit (BRT) line, the culmination of many years of hard work and collaboration between the WB and Hanoi City,” Dione said.
He noted that the project was an important first step in realizing Hanoi’s urban transport vision, which includes increasing the public transport mode share to between 35% and 45% by 2035, a very ambitious goal for a city where motorbikes account for 65% of all trips.
To date, the BRT has demonstrated the viability of an alternative mode of travel for Hanoians that is safe, clean, efficient and comfortable.
He pointed out that the BRT represents a model for future mass transit investments in Hanoi, having steadily increased its ridership over the last two years. In 2018, the system carried 5.3 million passengers, marking an increase of 6.3% from the previous year.
Yet, the BRT alone cannot achieve Hanoi’s lofty urban transport vision nor solve the growing urban transport challenges facing the city today, according to Dione.
“The foundation of any successful public transport network, however, is an efficient conventional bus network,” he stressed.
The next step in the development of a sustainable urban transport network is an expanded rapid transit system. Hanoi will unveil its first metro line this year when Line 2A opens to the public. This new service, combined with the success of the BRT and other modifications to the existing bus network, will continue to change the way Hanoians move around their city.
Further, multiple new urban rail lines are planned. This provides a tremendous opportunity to transform the way the city moves, while improving air quality, safety and mobility for children and the elderly.
HCMC to prioritize investment in high-traffic intersections this year
The first branch of An Suong Tunnel at An Suong Intersection is operational
HCMC will prioritize the construction and completion of many intersections to ease traffic congestion this year, according to the HCMC Department of Transport.
The municipal government has approved the plan for projects including the second phase of An Suong Intersection in District 12, the second phase of My Thuy Intersection in District 2, the expanded projects of Kenh Te Bridge in District 7 and Chu Y Bridge in District 8 and the Binh Tien bridge and road project.
My Thuy is an intersection of Dong Van Cong and Nguyen Thi Dinh streets and an axis road leading to Cat Lai Port, which receives up to 20,000 container trucks per day, a key reason for the traffic gridlock in the area.
The first phase of the project successfully eased traffic jams when it was put into service. Meanwhile, the second phase, with a total investment of VND1.15 trillion, is under construction and is slated for completion by the end of 2019.
In addition, the city will roll out the Binh Tien bridge and road project this year. The project plays an important role in linking Districts 6 and 8 of HCMC and the city’s southwest region.
The Binh Tien project has been carried out in two phases. The first phase was a 1,400-meter bridge over the Tau Hu and Doi canals connecting Pham Van Chi Street in District 6 and Ta Quang Buu Street in District 8.
The second phase is expected to build a 1,805-meter road from Ta Quang Buu Street to Nguyen Van Linh Parkway in Binh Chanh District at a total cost of VND903 billion. The HCMC government has assigned the authorities of Districts 6 and 8 and Binh Chanh District to take responsibility for site clearance and compensation.
Another important project is to develop a tunnel at Nguyen Van Linh-Nguyen Huu Tho Intersection in District 7. The project has been handed over to the HCMC Road Project Management Board from Tan Thuan Industrial Promotion Company Limited (IPC) by the municipal government.
In addition, the HCMC government has approved the plan to replace IPC as the investor to fund site clearance for the Nguyen Van Linh-Nguyen Huu Tho project and the third phase of the Rach Dia bridge project, with the District 7 Compensation and Site Clearance Board, under the District 7 Authority.
Minister takes sight at technological innovation in Germany
Minister of Planning and Investment Nguyen Chi Dung meets German corporate executives
Minister of Planning and Investment Nguyen Chi Dung is looking at scientific research, technological innovation and personnel training in leading German corporations during his ongoing Germany visit at the invitation of German Federal Minister for Economic Affairs and Energy Peter Altmaier.
The Vietnamese delegation has visited a Siemens gas turbine factory, the SAP software company and the Fraunhofer Institute for Applied Optics and Precision Engineering.
Minister Dung expressed his wish that Siemens, SAP and Fraunhofer would invest more in Vietnam by building solar panels and wind turbine plants to meet energy demand in Vietnam and ASEAN, building new research and lab centres in Hoa Lac Hi-tech park.
Leaders of Siemens, SAP and Fraunhofer expressed their special interest in the Vietnamese market, saying that they have taken specific steps to boost technological cooperation between the two nations.
They spoke highly of the formation of the Vietnam National Innovation Centre, considering it a model to attract capital and brainpower from leading partners, including German companies.
Siemens is Germany’s leading multidisciplinary group, focusing on industry and high technology. After over 70 years of development, Siemens is now present in over 190 countries, employs about 380,000 workers and generates over 90.8 billion USD in revenue. It also leads others globally in gas turbine field.
Meanwhile, the 47-year-old SAP has become the biggest software maker in Europe and the fourth largest in the world. In Vietnam, it has assisted enterprises in finance, banking and aviation.
As one of the top research institutes of applied sciences, Fraunhofer forms close partnership with the State and businesses by commercialising products after successful research, thus bringing profit to firms and tax revenue to the State.
Vietnam Expo 2019 to draw 500 businesses
Visitors at Vietnam Expo 2018 (Source: vietnamexpo.com.vn)
As many as 500 enterprises from 23 countries and territories are expected to participate in the Vietnam International Trade Fair (Vietnam Expo 2019), scheduled to take place in Hanoi from April 10 to 13.
The event will feature 600 pavilions, including five from Algeria, Cuba, Indonesia, the Republic of Korea, and China, according to the Vietnam National Trade Fair & Advertising Company (Vinexad).
There will be a special display area of creative and high-quality products from 15 local trade promotion centres.
A number of sidelines activities will be held as part of the fair such as a workshop on investment promotion for industrial development, a training programme about online sales on Amazon, and a conference on the trade of electronic products and information technology.
Cà Mau fertiliser plant to become operation in Q2
Equipment for the Cà Mau NPK fertiliser manufacturing plant. The plant is expected to become operational in the second quarter of the year. — Photo pvcfc.com.vn
The Cà Mau NPK fertiliser manufacturing plant with a capacity of 300,000 tonnes per year is expected to become operational in the second quarter of the year, according to PetroVietnam Cà Mau Fertiliser Joint Stock Company (PVCFC).
The company said they had completed the installation of the plant’s main equipment.
Under the engineering-procurement-construction (EPC) agreement with FEECO from the US, the main equipment for the project was delivered on February 28.
In addition, PVCFC has been seeking input and distributors of NPK Cà Mau fertiliser products to its key markets since June 2018.
The company is constructing of a port for imports of materials for the plant’s production with total capacity of 500,000 tonnes. Around 70 per cent of work on the port has been completed, and it is expected to become operational at the same time as the plant.
The plant is expected to create hundreds of jobs for local labours and provide high quality NPK fertiliser to farmers at competitive prices, thus contributing to stabilising the fertiliser market.
The project started construction in 2017. It is one of PVCFCs’s key projects.
ACB to offload shares at 65-year old ice-cream company
A Thủy Tạ restaurant in Hà Nội. Asia Commercial Bank has registered to sell its entire stake at Thủy Tạ Joint Stock Company. - Photo cafef.vn
Asia Commercial Bank (ACB) has registered to sell its entire stake at Thủy Tạ Joint Stock Company (TTJ), a 65-year-old ice-cream company in Hà Nội.
Accordingly, ACB would sell 300,000 shares of TTJ, equivalent to 10 per cent of TTJ’s charter capital. At TTJ’s price of VNĐ38,600 (US$1.7) per share traded on Tuesday, ACB would collected more than VNĐ11.5 billion from the deal. During the last week, TTJ’s share price was up by 40 per cent.
The divestment aimed to restructure ACB’s investment portfolio.
The transaction would be conducted from March 30 to April 18.
TTJ, founded in May 1958, is known for its Thủy Tạ ice-cream brand. The company owns four restaurants in prime locations in the centre of Hà Nội, including Thủy Tạ Café, Đình Làng Restaurant, Mamarosa Restaurant and Long Vân Restaurant.
TTJ has not announced its business results in 2018.
The company targeted to earn revenue of nearly VNĐ121 billion in 2018, a rise of 16.5 per cent over 2017, and pre-tax profit of VNĐ9.53 billion, up by 31.3 per cent.
Lobster farmers face losses due to disease
Lobsters nurtured in sea cages in Mai Nha Isle in An Hai Commune in Tuy An District of the central coastal province of Phu Yen have continuously been infected with disease then died, causing losses of hundreds of million of Vietnamese dong for lobster farmers.
Although local authority made a correct diagnosis, the treatment has failed to prove to be effective.
Lobster famers in Mai Nha Isle said that since the end of last year, lobsters started to die sparsely. The lobsters’ carapace became blackened then they died. Although farmers applied several ways of treatment they were unable to save their lobsters. The death-toll of most lobster cages in the waters of this isle accounted from 50 percent to 80 percent of total lobsters cultivating here. Many farmers sought ways to save their lobsters, including reducing lobster density, moving cages to other water area and treating lobsters with medicines and antisepsis but they were unsuccessful.
Many lobster farming households have had to sell young lobsters whose weight merely reached 0.5 kilogram due to concern that they would lose everything if their lobsters die all.
Vo Ngoc Phung, a lobster farmer, sadly said that he cultivated around 400 juvenile lobsters this crop. The costs for cages, feed and juveniles were up to hundreds of million of Vietnamese dong. However, so far he has lost 150 juvenile lobsters. Some lobsters reached the size of 0.5-0.6 kilogram but still contracted with disease then died. The disease has not been treated yet so lobsters still die sparsely. If the situation is not improved, many local lobster farming households will definitely be in debt.
According to Mr. Huynh Huu Minh, vice chairman of the People’s Committee of An Hai Commune, there are 36 lobster farming households with 162 lobster cages keeping 30,965 lobsters in the waters of Mai Nha Isle. Lobsters started to die massively since January this year. Figures showed that there were 5,090 dead lobsters at that time, mainly flower lobsters at the size of 0.3-0.5 per kilogram. Local authority reported the situation to the Department of Animal Husbandry and Veterinary and the Department of Agriculture and Rural Development. These departments took the samples for testing. After authority took actions and gave treatment regimen, the disease has been basically controlled. There are just a few cages experiencing death of lobsters left.
According to the Department of Agriculture and Rural Development of Phu Yen Province, test results on sick lobsters showed that lobsters were dead because of shell disease caused by bacteria and fungus. In addition, the lobster farming density was high, farmers failed to ensure sanitary for farming water area and lobsters’ diet was not good enough to boost resistance.
Solutions have been suggested to deal with the situation. Accordingly, sick lobsters should be separated and classified to be given appropriate treatment regimen. Farmers should keep close watch on their lobsters to detect sick lobsters soon for isolation. They should not renew lobster farming in the waters where the plague is happening. They also should constantly check temperature, salinity and dissolved oxygen level of water in order to adjust them appropriately as well as regularly clean cages and farming area.
Programs to help SMEs joining global value chains
Related agencies and the US Agency for International Development (USAID) have embarked on a program to support small- and medium–sized enterprises (SMEs) in Vietnam to better their integration into global value chains.
According to the Vietnam Chamber of Commerce and Industry (VCCI), at present, just 21 percent of SMEs in Vietnam have taken part in global value chains while the rate of their Asian peers is 46 percent.
Worse, Vietnamese enterprises have just done simple steps such as doing outwork or manufacturing with low and unsustainable value in the value chains.
The program will help enterprises to cut trading cost by simplifying policies on commerce between related agencies and harmonizing the policies between the central and localities and complying with international standard for facilitation of carrying out trading agreements.
The project helps to connect small and medium enterprises in the chain as well as connect Vietnamese enterprises with international investors.
IPC removed as investor of two large HCMC traffic projects
An artist's impression of a tunnel at the Nguyen Van Linh-Nguyen Huu Tho Intersection - PHOTO: SAI GON GIAI PHONG NEWSPAPER
The transfer of one project to build a tunnel at Nguyen Van Linh-Nguyen Huu Tho Intersection in District 7 and the third phase of another project to develop Nguyen Van Linh-Nguyen Huu Tho Intersection and Rach Dia Bridge were earlier proposed by the municipal Department on Transport.
In addition, the city agreed that the compensation and site clearance board of District 7 would be in charge of clearing the site for the project to develop the Nguyen Van Linh-Nguyen Huu Tho Intersection and Rach Dia Bridge and for compensating households affected by the project, replacing IPC.
According to the municipal Department of Transport, the two projects are moving at a snail’s pace. The tunnel project was approved in February 2017 and the other in July 2017.
However, IPC has only selected consulting firms and designers for some of the items on the agenda, while the designs and estimated investments for all items have yet to be approved.
In October last year, HCMC investigators also pointed out multiple shortcomings of IPC. For instance, the company has yet to execute the tunnel project, which requires significant investment and complicated techniques.
To date, the company has yet to work out solutions to relocate existing underground properties and choose the main contractor for the project, hampering the project’s progress. The city’s investigators remarked that IPC was unsuited to be the project’s investor.
In terms of capital mobilization, IPC reported high profits but asked for bank loans, resulting in interest owed of over VND8 billion, according to the city’s investigators.
Stabilization fund tapped to keep fuel prices unchanged
Fuel prices were kept unchanged yesterday, as the Ministry of Industry and Trade and the Ministry of Finance allowed fuel wholesalers to use thousands of Vietnamese dong from the fuel price stabilization fund to stabilize local petrol prices.
Accordingly, fuel outlets were permitted to use VND2,801 from the fund for every liter of E5 RON92 bio-fuel petrol sold to compensate for the gap between the base and retail prices, up VND801 against the previous adjustment.
Meanwhile, fuel traders are allowed to spend VND2,061 per liter of RON95 gasoline against the previous VND1,250.
For diesel oil, kerosene and heavy fuel oil, fuel wholesalers can use VND1,343 per liter, VND1,065 per liter and VND1,640 per kilogram, respectively, from the fund for price stabilization.
As the petrol price stabilization fund was tapped for this adjustment, local retail prices of fuel remain unchanged, with E5 RON92 petrol priced at VND17,210 per liter and the higher-grade RON95 petrol priced at VND18,550 per liter.
In addition, diesel 0.05S and kerosene sell for VND15,860 and VND14,884 per liter, respectively. Heavy fuel oil is capped at VND14,083 per kilogram.
Tapping the fund helps expand the gap between the base and local retail prices, so the petrol price stabilization fund will shrink as it has been used continuously and heavily to minimize the impact of spikes in global fuel prices.
As such, if global fuel prices continue to surge, domestic fuel prices will have to cope with considerable pressure.
Rice shipments to the African nation of Angola during January and February leapfrogged by nearly 19 times in volume and 9.5 times in value against the same period last year, according to a customs source.
Statistics recently released by the General Department of Vietnam Customs indicate that rice exports in the first two months of the year reached 711,759 tons, worth a total of US$311.59 million. This figure represents a drop of 14.4 per cent in volume and 23.6 per cent in value on-year.
Meanwhile, the price of rice exports in February posted US$424.4 per ton, falling by 4.9 per cent on-month and 14.6 per cent on year. The average price stood at only US$437.8 per ton during the two-month period, plunging by 10.8 per cent on year.
The Philippines was the largest importer of Vietnamese rice products as they purchased 314,851 tons of Vietnamese rice, totaling US$125.32 million in value. These figures see respective hikes of 80.9 per cent in volume and 60.6 per cent in value on year.
Other major rice importers include the Ivory Coast, Malaysia, Hong Kong (China), China, Ghana, Singapore, Angola, and the Netherlands.
As noted, rice exports to Angola hit a peak of 1,359 tons in the two-month period, soaring by 18.9 times in volume on-year.
Meanwhile, rice shipments to Indonesia, China, Bangladesh, and Turkey showed a slowing trend with a plunge ranging from 94 - 98 per cent in both volume and value over the reviewed period.
Vietnam’s rice products have so far penetrated 150 countries and territories around the world, including demanding ones such as the Republic of Korea, Japan, the US, and the EU.
Phone exports to Israel increase sharply
Exports of telephones and components from Việt Nam to Israel hit US$39.3 million in February, a month-on-month surge of 91.9 per cent.
Exports of telephones and components from Việt Nam to Israel hit US$39.3 million in February, a month-on-month surge of 91.9 per cent.
The total export turnover of Việt Nam to Israel in February increased 8.15 per cent compared to the previous month to reach $54.5 million.
The export turnover to this market in the first two months of this year reached $104.4 million, declining 11.73 per cent compared to the same period last year.
In particular, the exports of telephones and components accounted for a large proportion, up to 57.9 per cent of the total export turnover in the first two months of the year, reaching $59.9 million.
The Việt Nam Trade Information Centre under the Ministry of Industry and Trade said that Israel was a small market with just 8.5 million people, but the country had a high per capita income (up to $42,000 per person per year on average).
Two-way trade turnover between Việt Nam and Israel has grown steadily over the years and has reached over $1 billion per year and is expected to reach the target of $3 billion in the future.
In addition to phones and components, agricultural products are strong points for Việt Nam in this market, including seafood, cashew nuts, coffee and shoes.
More than 800 new realty firms set up in two months
The real estate sector saw 840 new enterprises established in the first two months of this year, 5.3 percent of the country’s total new firms during the period.
Economic growth coupled with high demand for property products has drawn capital into the Vietnamese real estate market.
Matthew Powell, director of property company Savills Hanoi, said the market is on foreign investors’ radar.
He added that many of Savills Hanoi’s customers, particularly those from Japan, the Republic of Korea (RoK), China, Hong Kong and Singapore, have sought information on investment in Vietnam.
He anticipated the market would record more new transactions this year.
In 2018, foreign direct investment (FDI) poured into property projects exceeded 6.5 billion USD, 21.3 percent of the total FDI. The figure pushed real estate to the second place in the ranking of biggest FDI earners in Vietnam. Most of the capital came from Japan, followed by the RoK, Singapore and Hong Kong.
According to insiders, while foreign companies enter the market by buying projects that have already operated for quick profits, domestic firms focus on merger and acquisition deals to develop more projects serving housing, production and investment demand.
The thriving sector has also attracted several companies from other sectors. This has led to a high number of registered projects but a low construction completion rate due to weak financial and management capacity of contractors. Other problems include fraud and soaring land prices.
Hanoi Plas Print Pack 2019 returns grander than ever
Hanoi Plas Print Pack 2019, the tenth biennial event of its kind, will take place in Hanoi International Centre of Exhibition (I.C.E) on April 24-27, 2019.
The international exhibition on the plastic, print, and packaging industry is organised by Vietnam National Trade Fair and Advertising Company (Vinexad), Yorkers Trade and Marketing Service Co., Ltd., and the Vietnam Plastics Association.
The exhibition is expected to take place on an area of 8,500sq.m, with the participation of 180 companies from ten nations and territories of India, Taiwan, Netherland, South Korea, Hong Kong, Malaysia, Japan, Singapore, China, and Vietnam. The two booths of South Korea and Taiwan are expected to be the most impressive.
The number of exhibitors has increased by 50 per cent since the last time due to the growth of northern market and the potential of the Vietnamese market. The exhibition is expected to lure in over 8,000 customers and businesses for trade exchange.
Hanoi Plas Print Pack 2019 will cover most phases of the production process. In the raw material segment, companies Toyo and De Paauw will introduce plenty of products made from high-quality and recycled plastics, while Chyi Yang, Aoxiang, and Polystar will present multi-layer plastic film blowing machines.
In packaging, Hemingstone and Chao Wei will exhibit bag making machines with various functions. For the printing segment, Truong Thinh will introduce Germany’s industrial inkjet printer Leibinger, while Queesense will present aniline printer for polyethylene, mobile phone, paper, and other packaging materials.
According to Mordor Intelligence Research, compoundannual growth rate (CAGR) of the Vietnamese plastics market will be 6.63 per cent in 2018-2023, with the largest driving force being injection molding, which is used to produce thin-walled plastic parts such as household appliances, household electronics, and automobile control panels.
Besides, packaging, automobile, and electronics are expected to lead the Vietnamese market during this period. Notably, the world's leading brands like Foxconn and Samsung have already set foot in Vietnam.
In the framework of the exhibition, a workshop discussing the Industry 4.0 opportunities in the Vietnamese plastic and packaging sector will take place on April 24 with the participation of several experts.
For more information about Hanoi Plas Print Pack 2019, please visit the website https://www.linkage-vn.com/hanoi/VN/.
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