Car taxes cut from January 1

 

The Ministry of Finance yesterday issued a new tariff on vehicle imports with tax cuts spelling benefits for car buyers from January 1.

 

Under the new tariff regime, the import tax on vehicles with less than nine seats and having a cylinder of 1.8–2.5 litres will be shaved 1 percentage point to 82 per cent. But cars with a cylinder of more than 2.5 litres will see a more substantial rate cut of 6 percentage points to 77 per cent.

 

The new rate for four-wheel drives will be 5 points lower at 72 per cent.

 

The ministry said they had made the adjustments to gradually meet Viet Nam's commitments to the World Trade Organisation (WTO) and ASEAN.

 

According to WTO commitments, vehicles will attract a tax rate of 83 per cent next year while the rate committed to ASEAN is 70 per cent.

 

Industry insiders said though the import tax cut was marginal, it became significant when other taxes including special consumption tax and value added tax, which will be also affected by the import tax, were taken into account.

 

Nguyen Van Long, a showroom salesman, estimated that vehicles with a cylinder size less than 2.0 litres would enjoy a reduction of roughly 0.8 per cent against the current price under the new tax rate. The reductions for vehicles with cylinders of 2.0–3.0 litres would be 0.9 per cent. For cars with cylinders of 3.0 litres or more, the savings would be roughly 4.4 per cent.

 

Long said that a Toyota Yaris would enjoy a reduction of roughly US$126.60 while the figure for a Toyota Camry would be $345.60. Buyers of Venza, Lexus and Accura brands, whose cylinders are more than 3.0 litres, would see reductions of roughly $1,019, $2,270 and $3,000 per unit.

 

Most consumers would now wait for next year to purchase cars, Long added.

 

Plan boiled down to provide copper plant

 

State-run Vinacomin Group and Russia’s GeoProMining (GPM) are preparing documents for an investment licence application, agreed in principle by the Vietnamese government.

 

Vinacomin and GPM in September, 2010 signed an agreement in Hanoi to cooperate in the construction of a copper smelter plant in northern Quang Ninh province with a total capacity of 50,000 tonnes of copper per year.

 

Under the agreement, GPM will contribute 71 per cent of the capital to build the plant, with 29 per cent from Vinacomin.

 

The plant is projected to double its capacity in the following stages of development. It will be built near a deepwater port or thermal power plants or hydropower plants, using advanced technology.

 

Nguyen Manh Quan, head of Ministry of Industry and Trade’s (MoIT) heavy industry department, said the Vietnamese government would increase the deep processing of minerals to serve domestic demand and exports.

 

“Current investment in deep processing projects is very low due to difficulties in technology transfer and capital raising, and lack of cooperation. Thus, up to now some minerals are mainly exported at raw level like titanium ore and lead. Some deep processing investment has been carried out but in small-scale projects such as copper and zinc,” he said.

 

Vietnam’s first copper refinery project worth VND1,300 billion ($66.6 million) was built by Vinacomin in 2005 in Tang Loong Industrial Park of northern mountainous Lao Cai province.

 

The project became operational in August, 2008 with an overall capacity of more than 10,000 tonnes per annum. The investor planned to raise its capacity to 15,000-20,000 tonnes per year in the next stages of operation.

 

Vietnam is said to have a total of 5.4 million tonnes of copper available in various ores across the country, of which the Sin Quyen ore in Lao Cai province has about 1.2 million tonnes.

 

Auto research centre to benefit local sector

 

Nissan Techno Vietnam will invest $15 million in building an automobile research and development centre in Hanoi this year.

 

Under the plan, Nissan Techno Vietnam will start construction of the centre’s first phase this month and is scheduled to put it into operation in July 2011.

 

Nissan Techno Vietnam was established in 2001 and is a 100 per cent equity subsidiary of Japan’s Nissan Techno, which is a subsidiary of Nissan Motors.

 

Nissan Techno dispatches engineers to Nissan bases in the United States and Europe, but Vietnam represents the first case of its establishing its own base overseas.

 

Nissan Techno Vietnam’s outsourcing of software and technology development to Asia has increased significantly during the past years with the aim of utilising intellectual human resources. According to Fujitsu Research Institute, there were more than a few companies considering the utilisation of Vietnam’s human resources.

 

“Japanese companies are expected to accelerate the shift of manufacturing capabilities to Vietnam while also increasing the outsourcing of development,” according to the institute.

 

Nissan Techno Vietnam has 1,500 employees, up from 100 people at the beginning. It is expected to have 80 per cent of employees at the centre specialising in research.

 

This firm is operating separately from Nissan Motors Vietnam, which was established in December, 2008 focusing mostly on automobile assembling and distribution of Nissan cars in Vietnam.

 

According to a Nissan Motors Vietnam executive, the company has received no technology transfer from Nissan Techno Vietnam since the latter’s products are advanced technologies, which have not been applied in products assembled by Nissan Motors Vietnam.

 

“Nissan Techno Vietnam is currently providing its R&D products to Nissan Motors bases in other countries, particularly in the Asia-Pacific region,” the executive said.

 

Nissan Vietnam launched the first locally-assembled automobile vehicle, the Grand Livina multi-purpose utility, in April 2010. Last week, the firm announced to introduce another model to the Vietnamese market by late December, 2010.

 

The firm was built as a joint venture between Nissan Motors Corporation and Kjaer Group A/S of Denmark in 2008.

 

In November 2010, Kjaer sold its 74 per cent stake in the joint venture to Malaysian Tan Chong Motor Holding Berhad to concentrate on the African market.

 

Exports set to hit a record level

 

“It will be a real challenge for Vietnam to rein in the deficit in the future”

 

Vietnam will raise its export revenue by up to 10 per cent this month enabling it to hit a record $71 billion in revenue for 2010.

 

The Ministry of Industry and Trade (MoIT) last week predicted that Vietnam would earn about $7 billion from overseas shipments this month, up 9.3 per cent from the $6.4 billion made in November.

 

Overseas prices and demand for Vietnamese products grew strongly recently and were predicted to continue rising in the near future, said head of MoIT’s planning department Le Van Duoc.

 

Some Vietnamese agricultural, industrial, and mineral and natural resource products have seen striking growth in both price and demand including rice, coffee, pepper, rubber, coal, oil and plastic materials.

 

Export revenue reached $64.3 billion during January-November, up 24.5 per cent year-on-year. Much of the growth was represented by $34.9 billion from industrial production, which contributed 54 per cent to Vietnam’s total export revenue.

 

Agricultural, fishery and forestry sectors earned $13.4 billion from overseas shipments, up 21 per cent on-year and contributing 21 per cent to the country’s export turnover.

 

Duoc said the country wanted to achieve a 10 per cent increase in export turnover to around $78 billion next year, while keeping the trade deficit equal to 18 per cent of exports, or $14 billion.

 

Vietnam saw $10.7 billion in trade deficit in the first 11 months of this year, equal to 16.6 per cent of its export turnover. “However, excluding gold shipments, the deficit was actually $13.5 billion during January-November, equal to more than 21 per cent of the country’s exports,” Duoc said.

 

“It will be a real challenge for Vietnam to rein in the deficit in the future, particularly as world prices are rising and Vietnam continues to import the majority of its raw materials, machinery and equipment for local manufacturing,” he said.

 

Vietnam spent nearly $75 billion on imported goods and products in the first 11 months, up 20 per cent on-year, according to the MoIT.

 

Habeco’s thirst to re-enter the market

 

Habeco, Vietnam’s second largest brewer, is likely to list on the stock market in next year’s second quarter.

 

“After finishing an auction of 6.954 million shares on December 24 and asking for shareholders’ opinions at its shareholder meeting in the first quarter next year, we will carry out listing on the stock market,” said a Habeco spokesman.

 

Last week, the Hanoi Stock Exchange (HNX) announced Habeco’s auction of 6.954 million shares at an initial price of VND32,000 per share.

 

The total share volume offering for the auction accounted for 3 per cent of its chartered capital of VND2,318 billion ($122 million).

 

The auction is part of Habeco’s plan to decrease its state stake from 81.79 to 66 per cent. Of the 15.79 per cent stake to be sold, 3 per cent will be publicly auctioned and the remainder will be sold to existing shareholders with a ratio of 1:0.7, meaning that a shareholder owning one share will have the right to buy 0.7 additional shares.

 

It is Habeco’s second public offering after the initial public offering (IPO) in March, 2008.

 

However, Hanoi Securities Joint Stock Company director Dao Viet Truong said that Habeco’s auction did not seem good in the current market’s situation.

 

“Currently, many companies also plan to issue more shares for their shareholders while many banks have found ways to mobilise capital by pushing up short-term interest rates. Therefore, it appears to be quite difficult for the auction to see good results,” Truong said.

 

Another director of a securities company said that VND32,000 was not too-high a price. However, the investors’ attention must be based on its financial potential and earnings per share.

 

“The price Habeco gives in this auction is suitable for its financial data and situation, which was discussed with the Ministry of Industry and Trade (MoIT) and Carlsberg, its strategic partner with a 15.77 per cent stake,” said the Habeco spokesman.

 

Meanwhile, Habeco’s deputy general director Nguyen Tuan Phong said its strategic partner always wanted to raise its stake in Habeco. However, according to the memorandum of understanding between Habeco and Carlsberg in September, 2009, Carlsberg would not be allowed to own Habeco’s stake exceeding 30 per cent.

 

Currently, Habeco’s market share is 15 per cent, behind Sabeco with 35 per cent. Habeco is the market leader in the northern Vietnam, where Carlsberg is present through its brewery joint ventures in Hanoi and Halong.

 

The increased partnership will provide opportunities for both Habeco and Carlsberg to further strengthen their market positions in northern Vietnam, but also in central Vietnam, where Carlsberg is a market leader through its brewery joint venture in Hue.

 

In the first six months of this year, Habeco’s beer production output reached 241 million litres, up 28.1 per cent against the same period last year, and accounted for 41.9 per cent of the year’s plan.

 

In the remaining six months of 2010, the company is expected to reach VND2.86 trillion ($150 million) in industrial production value, and beer and wine production outputs of 328.3 million litres and 17.3 million litres, respectively.

 

Vietnam, Japan Joint Initiative bears fruits

 

The Vietnam - Japan Joint Initiative’s (VJIT) phase 3 has been successful, creating a foundation for greater achievements in promoting Japanese investment in Vietnam, said Minister of Planning and Investment Vo Hong Phuc.

 

Minister Phuc made the statement at a press conference to announce the results of the VJIT – Phase 3 Evaluation and Facilitation Committee Meeting on December 10 in Hanoi.

 

Japanese Ambassador to Vietnam Yasuaki Tanizaki said Vietnam and Japan have agreed to implement phase 4, reflecting the two governments’ cooperation interest.

 

The action plan on the VJIT’s phase 3, signed in November 2008 to maintain the policy dialogue between Japanese firms and Vietnamese governmental agencies, includes 7 groups of issues with 37 specific items on the enforcement of investment policies and laws, taxation, salary, customs, intellectual property protection, auxiliary and automobile industries, and technical infrastructure.

 

Vietnam’s relevant ministries, branches and localities have actively coordinated with the Japanese side to organize policy dialogues to solve emerging issues and create a transparent business and investment environment.

 

Meanwhile, Japan has helped Vietnam better legal documents and policies.

 

According to the evaluation of the Committee, 50 out of 62 sub-items have been well implemented on schedule.

 

Citibank Vietnam launches travel credit card

 

Citibank N.A. Vietnam Friday announced the launch of the Citibank PremierMiles Credit Card targeted at elite and affluent consumers in the country, where the American bank has been present since 1993.

 

“We think the card market here is just beginning. We see real opportunities to come in,” Brett Krause, managing director, Citi country officer for Vietnam, said at a press conference in Ho Chi Minh City on Friday.

 

The Citibank PremierMiles Credit Card leverages Citibank’s partnerships with major airlines in the region to offer best in class features and benefits to customers in Vietnam, he added.

 

Customers earn 1 Premier Mile for every VND20,000 ($1) of spend and cash advances on the card, 1000 Bonus PremierMiles upon renewal and 5000 Bonus PremierMiles for spend over VND500 million ($25,000) in one year.

 

Premier Miles can be redeemed for free flight awards on most airlines flying out of Vietnam, including Vietnam Airlines, Singapore Airlines, Cathay Pacific Airways (and Asia Miles partner airlines), Thai Airways and Delta Airlines to destinations around the world.

 

The Premier Miles that customers earn never expire, said Mr. Krause.

 

“The Citibank PremierMiles Card introduces a new and unique concept in credit cards to the Vietnamese market.

 

“It is the most prestigious and rewarding card ever introduced to

Vietnam, and at the same time it offers comprehensive protection backed by best-in-class technology and service.

 

“The Citibank PremierMiles Card is a reiteration of our commitment to bring world-class products and services to Vietnam.”

 

Citibank and MasterCard have collaborated to launch the card, Mr. Antonio Corró, country head and chief representative for Indochina, MasterCard, told the press meeting.

 

“MasterCard’s latest travel survey revealed that one in four consumers across Asia/Pacific is looking to travel. Catering to the needs of avid Vietnamese travelers, MasterCard is pleased to work with Citibank to launch the card.”

 

Vietnam is the 8th market in Asia where Citibank has launched the card, said Mr. Surath Chatterjee, regional head – credit cards and personal loans, Citibank Asia Pacific.

 

“We are very confident of good results here,” he said.

 

“We will continue to leverage our global and regional resources to bring class-leading products and services to our local customers in Vietnam.

 

“Vietnam is a priority market for us and we will invest in products and strive to pioneer many such innovations in Vietnam in the future.”

 

He added that no cash collateral was required to apply for this card. Further, while a bank account with Citibank is recommended, it is not required, giving the customers the ability to choose to pay for the card from their existing bank account.

 

Citibank says the card includes such benefits as an EMV chip for additional security for your transactions, complimentary membership to Priority Pass (worth $99) which gives customers access to 600 VIP airport lounges around the world, travel insurance benefits, discounts and privileges at over 6,000 merchants across Asia with Citibank World Privileges.

 

The travel insurance benefits including personal air travel accident insurance coverage of VND20 billion, luggage loss cover of up to VND20 million, delayed luggage cover of up to VND10 Million and flight delayed cover of up to VND10 million.

 

WWF Vietnam shares nation’s view on Tra fish

 

The World Wide Fund for Nature (WWF) Vietnam has advocated the Fisheries General Department’s claim on temporarily removing Vietnam’s Tra fish from the “Red List” pending reassessment.

 

The Ministry of Agriculture and Rural Development (MARD) said the Vietnamese office of the wildlife watchdog has made public its support for the claim but added that it is not sure whether its viewpoint would receive approval from the WWF global.

 

By putting pangasius or tra fish raised in Vietnam on the red list of its consumer guide - 2010, a compendium of various seafood guides published in several European countries, WWF has received strong protests across Vietnam.

 

Pham Anh Tuan, Deputy Head of the Fisheries General Department said his agency would hold dialogues with WWF on the reason why it put Vietnam’s tra fish on its red list and work to the last grasp to reach a common conclusion.

 

Tuan said if WWF is unable to provide accurate ground for its decision it has to make public its correction. In case WWF’s assessment was prompted from the lack of information, the Fisheries General Department is ready to work together in an effort to have a more accurate conclusion.

 

He emphasised that the WWF’s evaluation is extremely absurd as any assessment could be applicable just to a certain farm so far but not to a product of a nation.

 

“To assess a national product, it requires a huge statistic data,” the fisheries senior official concluded.

 

MARD has also asked the WWF Vietnam, a member of the WWF community, to provide concrete criteria on which the WWF was based to put Vietnam’s tra fish on the red list of its seafood consumer guide as soon as possible.

 

Mark Powell, head of the global seafood programme, is due to arrive in Vietnam in the week beginning December 13 to answer questions on technical measures and process that led to the action of putting Vietnam’s tra fish on the red list.

 

ABVietFrance set up in France

 

The Vietnamese Entrepreneurs Association in France (ABVietFrance) made its debut at the Vietnamese Cultural Centre in Paris on December 11.

 

ABVietFrance President Nguyen Hai Nam said that the association aims to connect all resources and talents of the Vietnamese community in France and individuals who have close relationship with Vietnam to develop trade exchange between Vietnam and France and between Vietnam and other European countries.

 

The association will provide its members with information on Vietnam’s business environment and create conditions for its members to seek opportunities to implement projects and develop economic and cultural exchange between Vietnam and France and other European nations, he added.

 

ABVietFrance plans to open two representative offices in Hanoi and Ho Chi Minh City in 2011 and join in organising a Vietnam business forum in Austria in September 2011.

 

Phan Xuan Yen, Vietnam Trade Counsellor to France said the inauguration of ABVietFrance shows a concrete and vivid evidence and a constant strong development of the Vietnamese community in France and its entrepreneurs in particular (about 18,000 people).

 

Contracts signed at International Agriculture Fair total VND 550 billion

 

The Vietnam International Agriculture Fair 2010 has concluded in the Mekong Delta city of Can Tho with contracts signed and goods sold at the six-day fair totalling VND 550 billion (US$28.05 million).

 

During the fair, more than 50,000 farmers exchanged experiences and were provided with information on agro-forestry and fisheries production.

 

The fair’s organising board said that the fair has helped farmers get access to the latest scientific achievements in production. A number of retail businesses came to the fair to sign orders and open hundreds of new distribution agents, the board said.

 

The fair drew 40 businesses from Thailand, China, India, the US, Japan, the Republic of Korea (RoK), Indonesia and Singapore and more than 230 domestic businesses.

 

11 enterprises to receive 2010 National Quality gold prizes

 

11 enterprises will be awarded gold prizes and 85 others will receive silvers, according to the Prime Minister’s decision on the 2010 National Quality Awards.

 

The gold prize recipients include the Minh Long 1 Company Ltd, Thang Long Metallic Joint Stock Company (JSC), Lam Thao Super Phosphate and Chemical Company, the Dong A Corrugated Iron JSC, the Thinh Phat Electric Cable – Real Estate JSC, Tra Vinh Food Company, Tin Nghia Corporation One Member Company Ltd, Joint Stock Company No.482, Cam Pha Port Logistics Company, the Nghe An Agricultural Materials JSC, and the Da Lan Join Stock Company.

 

Flights from and to Hanoi resume operation

 

The national flag carrier Vietnam Airlines announced on December 12 that it will maintain its regular flights at Noi Bai International Airport and increase one more flight for customers delayed by foggy weather on the Hanoi-CanTho route and vice versa.

 

Earlier, on December 11, due to thick fog in a number of northern localities, particularly Hanoi, Vietnam Airlines had to cancel, delay and change the direction of 52 international and domestic flights from and to Noi Bai International Airport.

 

The carrier had to cancel six flights from Hanoi to central Vinh city, the Mekong Delta City of Can Tho and the northern province of Dien Bien. To avoid bad weather, three flights from Ho Chi Minh City to Hanoi had to change their direction to land at Da Nang Airport (one flight) and Vientiane Airport of Laos (two flights).

 

One flight from Da Nang to Hanoi had to land at Vientiane Airport and two flights from Can Tho and Nha Trang had to land at Da Nang Airport.

 

Around 40 domestic and international flights departing from Noi Bai International Airport had to be delayed.

 

More Thail business groups invest in Vietnam

 

Charoen Pokphand Group (CP), the largest business group in Thailand, intends to increase its investment in Vietnam, focusing on agriculture, real estate and retail.

 

Sooksunt Jiumjaiswanglerg, Vice President of CP said in the next five years, it planned to build four more factories for processing food for domestic animals, poultry, and fish with the total capital of US$150-200 million. 

 

This plan is part of CP’s strategy to double the size of its business in Vietnam in the next five years.

 

Meanwhile, the Siam Cement Group (SCG) will increase its investment in both domestic and foreign markets, particularly in SAEAN.

 

SCG is currently constructing an oil-refinery and petro-chemical complex in Vietnam, and it has announced its plan, worth at least 100 billion baht (US$3.3 billion), to enlarge its business in ASEAN over the next five years.

 

Vietnam boosts trade promotion activities in US 

 

The Vietnam Trade Centre in New York says over 300 US businesses have contacted with the centre so far this year to seek information about Vietnam’s market.

 

Nguyen Manh Hung, director of the centre said many of them want to order goods with large volume to supply to major retailers, like JC Penny or Macy’s.

 

The centre has worked as a bridge to match up businesses from the two countries and coordinated with domestic agencies to organise visits not only for businesses from both countries to study each other’s markets but also for trade experts and officials to discuss measures to boost trade and investment.

 

Mobilised interest rate less than 15 percent/year

 

As from December 11, commercial banks will increase their mobilised interest rate from 12 to 15 percent/ year. 

 

The decision was made at a meeting on December 10 between the State Bank of Vietnam’s (SBV) HCM City branch, the Vietnam Banking Association and commercial banks.

 

Under the decision, commercial banks will fix the maximum mobilised interest rate at 14 percent/year. In case of promotions in cash or gifts, the real interest rate enjoyed by depositors will not surpass 15 percent/year. Any bank which violates this decision, will be subject to sanctions from management agencies.

 

Despite a drop in interest rates after the SBV examined commercial banks, the highest mobilised interest rate remain at 15.5-16.5 percent/year.

 

Facilitating overseas Vietnamese’ businesses in Russia

 

A seminar was held at the Vietnamese Embassy in Moscow on December 10 to discuss Russia’s legal regulations on foreign investment, the legal rights and labour rights of foreigners in Russia.

 

The seminar was part of an agreement signed by the Vietnam Chamber of Commerce and Industry (VCCI) and the State Registration Chamber (SRC) under the Russia Ministry of Justice on February 3, 2010.

 

In his address, Vietnamese Ambassador Bui Dinh Dinh highlighted the good relations between Vietnam and Russia which have created favourable conditions for entrepreneurs from both countries.

 

He hoped that the seminar would create new opportunities for overseas Vietnamese-owned businesses in Russia to move forwards and be successful.

 

Economic counselor Nguyen Chi Tam reviewed the two countries’s achievements in trade exchanges while SRC Vice Chairman, Alexander Isakhanov, introduced the participants to his chamber’s operations.

 

SRC representatives also briefed the participants on latest regulations on Russian laws regarding foreign investment, the legal rights, and labour rights of foreigners in Russia and answered questions raised by Vietnamese businesses in Russia.

 

Giving a boost to rural economic development

 

The development of the rural economy is still far from matching its potential. To stimulate its growth, Vietnam needs new practical solutions.

 

With more than 70 percent of the population living in rural areas, developing the rural economy is considered vital for the country. In recent years, the Party and State have issued many policies to improve the rural economy. The Party Central Committee's Resolution No 26 on agriculture, farmers and rural areas, enforced 2 years ago, has remarkably changed the structure of economy and labour force, providing the basis for building a new model for rural areas.

 

Despite comprehensive promulgation of the policies, especially those related to bank credit, the imperfect implementation still retards the development of rural economy.

 

According to Nguyen Phong Quang, a member of the Party Centre Committee and Deputy Head of the Southwestern Steering Committee, it is crucial to have a plan for the rural economic development because it is the fundamental for the region’s sustainable development.

 

Over the past years, Vietnam has become a large exporter of rice, coffee and aquatic products. However, the farmers still face many problems and remain the poorest group of the society.

 

The average income of the urban residents remains two times higher than those of rural dwellers. The poverty rate in the countryside is 18.1 percent while it is only 3.1 percent in the urban areas.

 

Recent surveys show that farmers now want to change their occupations because it brings very low income. How to create jobs for young people in the rural areas is also a thorny issue.

 

There are several reasons for the problem. Firstly, the amount of agricultural land has been reduced sharply. The country now has 70 million ha of agricultural land but only 4 million ha is used for rice cultivation.

 

The Ministry of Agriculture and Rural Development (MARD) estimated that every year, about 73,300ha of agricultural land is taken back affecting nearly 2.5 million people. Over the past five years, the amount of agricultural land taken back reached more than 154,000 ha, which means that the land used for rice cultivation has reduced by 7.6 percent.

 

Meanwhile, the policies for agricultural land have numerous problems and are outdated. MARD Deputy Minister Diep Kinh Tan said that besides these issues, the policies for agriculture development need to focus on transferring new knowledge and technology to farmers. They should also concentrate on how to use the state budget more efficiently to upgrade infrastructure in the rural areas.

 

At the last conference on comprehensive implementation of solutions to boost rural economy, the organisations and provinces across the country agreed that the ministries, departments, businesses and credit institutions should all engage in carrying out the already enforced policies. They should also join hands to work out new methods to help transform these policies into the reality.

 

The Minister of Industry and Trade, Vu Huy Hoang, said that the government needs to reorganise the production to meet the current conditions of the rural areas. It should also provide farmers with information on the markets and consumption.

 

Nguyen Van Giau, Governor of the State Bank of Vietnam, stressed that the conference provides a forum to tackle the problems of rural development.

 

Conference attendants also discussed ways to increase farmers’ access to banks credit and strengthen the linkage between farmers, scientists, entrepreneurs and bankers. They also debated on the role of the Vietnam Farmers’ Union. Many administrative agencies and economic institutes proposed to expand the outlet and export of agriculture products, minimise risks in production, encourage the farmers to apply new technologies and provide them with training courses.

 

Also at the conference, the banks, the unions and associations signed 7 cooperation agreements to develop the rural economy.

 

Vietnamese students receive CFA certificates

 

The Chartered Financial Analyst (CFA) Institute held a charter recognition ceremony for 17 Vietnamese students, who completed its course, in Hanoi on December 12.

 

CFA is a self-study programme which is an equivalent of a post-graduate education. To obtain the CFA certificate, students have to pass 3 tests at 3 different levels. The examination for the first level is held biannually while the second and third ones are organised annually. Students are required to have at least four years of working experience in investment sector and commit to be members of CFA Institute.

 

The Institute now has more than 100,000 members around the globe, 15,000 of them are from the Asia-Pacific region. Its certificate is highly recognised by companies, professional financial analysts, investors and administrative organisations around the world.

 

CFA President and Chief Executive Officer John Rogers stressed that the increase in the number of new Vietnamese members reflects the country’s raising awareness of ethics and standards of the financial world.

 

The CFA examination was first held in Vietnam, in 2003 with about 40 candidates. In 2010, there were about 1,000 students registered to take part in the examination.

 

Vietnam urged to develop support industries

 

Vietnam needs to promulgate a sound investment policy for support industries with priority given to human resources training, EuroCham’s Executive Director Matthias Duhn has said.

 

Duhn delivered the statement at a workshop on support industries for production and export goods in Ho Chi Minh City on December 10. The event was jointly held by the Trade Promotion Department under the Ministry of Industry and Trade (MoIT), the HCM City Business Association and the European Chamber of Commerce (EuroCham).

 

Vietnam’s support industries still depend much on export goods and low-cost labour, he said.

 

Tran Hung, Deputy Director of the MoIT’s Department of Light Industry, underlined the prerequisite role of support industries to Vietnam’s development.

 

These industries have offered many jobs, helped to improve labour, reduce dependence on exports, and promote the development of other accompanying services while increasing the competitiveness of industrial products, Hung said.

 

Therefore, developing support industries is one of the government’s priority policies and is expected to change Vietnamese industry in the next years.

 

Professor Phan Dang Tuat, Director of the MoIT’s Institute for Industry Policy and Strategy, put stress on the importance of state policies to the development of support industries.

 

He pointed out a number of methods to develop the industries such as raising public awareness, setting up a leading agency to map out policies and plans for the industries and identifying priority support industries to develop in each certanin period.

 

PV