Vietnamese airlines have seen a surge of around 440 percent in international passengers but a decline in domestic passengers in the first quarter of 2022, according to the Civil Aviation Authority of Vietnam.

In a report sent to the Ministry of Transport, the Civil Aviation Authority of Vietnam said Vietnamese airlines alone has transported an estimated 141,600 international passengers and 38,000 tonnes of international cargo in Q1, respectively soaring around 4410percent and 114 percent year on year.

Airports nationwide handled 321,000 international passengers and 292,000 tonnes of international cargo during the period, up 176 percent and 21 percent respectively.

Meanwhile, the carriers served about 6.5 million domestic passengers and 48,400 tonnes of domestic cargo, down 12.5 percent and 8.8 percent from a year earlier.

The Authority said as of March, there are 23 foreign and Vietnamese airlines operating air routes between Vietnam and 20 countries and territories.

Ministry adopts measures to boost sale of agricultural products

The Ministry of Industry and Trade is carrying out a number of measures to assist farmers in selling their products.

According to the Agency of Foreign Trade under the Ministry of Industry and Trade, farm produce export turnover reached 7.2 billion USD in the first three months of this year, up 19 percent compared to 2011. However, difficulties remain in the sale of some groups of commodities and at some specific times.

To deal with the problem, the Ministry has compiled a draft plan on shifting from unofficial and small-scale shipment to export through official channels.

The ministry also established a steering committee led by the Minister of Industry and Trade to solve the congestion of agricultural products at border gates.

In addition, the Ministry has worked closely with the Ministry of Agriculture and Rural Development to promote negotiations with China to increase the number of fruits exported via official channels in the future.

The ministry also collaborated with the Ministry of Transport to guide businesses to change delivery methods and take advantage of other forms of transport to avoid congestion at border gates.

Vietnam, Laos work to foster border trade collaboration

The 12th Vietnam - Laos border trade development cooperation conference was held in the Lao capital of Vientiane on April 11 under the co-chair of Vietnamese Minister of Industry and Trade Nguyen Hong Dien and his Lao counterpart Khampheng Xaysompheng.

Addressing the event, Dien highlighted significant progress in the bilateral trade, especially via the border, since the 11th conference in 2018.

In 2021, Vietnam – Laos trade hit 1.37 billion USD, up 33.3 percent from 2020. Vietnam imported goods worth nearly 780 million USD from Laos, an annual increase of 70 percent, according to the Vietnamese minister.

The results were impressive but yet to be on par with commercial potential of both countries, he noted.

The conference pointed out causes behind the issue such as ineffective policies to attract investment in production, infrastructure, transport, and logistics in border areas; as well as slow construction of infrastructure projects, particularly inter-district roads.  

The two sides agreed with seven cooperation orientations for the time to come.

HCMC collects over US$2.4 million seaport fees in nine days

On April 10, the Inland Waterway Administration under the Department of Transport and Communications of Ho Chi Minh City informed that, after nine days of implementing the port infrastructure fee collection system in Ho Chi Minh City, it has collected more than VND 55 billion (US$2.4 million).

On April 9 alone, the day's revenue was more than VND 4.8 billion with 212 businesses registering with and the number of issued receipts was 4,239 sheets.

From April 1 to April 9, staff of the Inland Waterway Administration have issued 42,574 receipts for approximately 35,250 registered businesses. The total amount collected on the system from April 1 to April 9 is more than VND55 billion, equivalent to more than VND 6 billion per day.

Of these, staff of the Inland Waterway Administration collected from import and export goods opened declarations outside Ho Chi Minh City the most, with more than VND27 billion while they collected a sum of more than VND16 billion from import and export goods declarations in the southern metropolis and more than VND 11.8 billion from goods temporarily imported at export, goods stored in bonded warehouses and in transit.

The number of actual declarations over the past nine days is nearly 59,000, and there have been also 3,704 canceled declarations. Businesses have made 13,552 calls to the Inland Waterway Administration to seek advice and support.

Labeling food products: strict but realistic

Some food enterprises said that the draft circular of the Ministry of Health on nutrition labeling has many shortcomings and has not yet accepted many comments that they contributed before.

Representatives of many food businesses have raised some specific recommendations that are worth considering, from labeling principles, label contents, and implementation roadmap to transitional terms.

As for the scope of regulation, enterprises propose to consider adding to the exclusion list groups of infant nutrition products, medical nutrition food, food for a special diet, and healthcare food products. The reason is that the nutritional needs of young children and special subjects are far different from the level of 2,000kcal for healthy adults. Moreover, it has been specified separately in QCVN and/or Circular No.43/2014/TT-BYT. If not excluded, the relevant provisions in Circular 43 and QCVN must be integrated, and Circular No.43 should be annulled.

Enterprises also believe that many products in this draft circular are beyond the decrees that this circular guides the implementation, such as fresh food and processed food that are without packaging and sold directly to customers. At the same time, the drafting agency is asked to consider excluding alcohol and beer because the labeling of seven substances as prescribed, including energy, protein, carbohydrates, total sugar, fat, saturated fat, and sodium, for alcohol drinks is unreasonable.

Vietnam promotes support for businesses in field of automation

Minister of Science and Technology Huynh Thanh Dat emphasized that the Vietnamese Prime Minister has recently signed a decision to promulgate a list of hi-tech products to support businesses in the field of automation.

The Minister said this at the sixth Vietnam International Conference and Exhibition on Control and Automation (VCCA) with the theme ‘Automation in the National Digital Transformation Program: Smart and Innovative’ held by the Vietnam Automation Association (VAA) and the Vietnam National University Ho Chi Minh City (VNUHCM) yesterday.

He said that out of 99 high technology products that were given the top priority for development by the State, 20 were in the field of automation, he said, adding that in the list of 107 high-tech products, whose development investment is encouraged, including 30 being involved in the automation sector.

Minister of Science and Technology Huynh Thanh Dat said that the conference has clearly formed a prestigious scientific forum in the field of control and automation.

However, the Vietnam Automation Association needs to further strengthen the connection and technology transfer from advanced technology suppliers in the world to promote applications in the field of control and automation.

Vietnam, Laos work to foster border trade collaboration

The 12th Vietnam - Laos border trade development cooperation conference was held in the Lao capital of Vientiane on April 11 under the co-chair of Vietnamese Minister of Industry and Trade Nguyen Hong Dien and his Lao counterpart Khampheng Xaysompheng.

In 2021, Vietnam – Laos trade hit 1.37 billion USD, up 33.3 percent from 2020. Vietnam imported goods worth nearly 780 million USD from Laos, an annual increase of 70 percent, according to the Vietnamese minister.

The two sides agreed with seven cooperation orientations for the time to come.

Accordingly, they will study and propose more effective investment attraction policies; promote the negotiation towards the signing of a memorandum of understanding on border infrastructure development and connection between the Vietnamese and Lao governments. Documents signed between the two nations like the Vietnam – Laos free trade agreement and the 2007 Hanoi Agreement will be reviewed and amended to make them more suitable to the current situation.

The two sides also agreed to facilitate the flow of products into each other's market, particularly farm produce and team up in combating smuggling, commercial frauds, and illegal transportation of goods via the shared border.

Concluding the conference, the two ministers signed the minutes on border trade development cooperation between the two countries as a basis for them to develop and implement tasks in the future.

Air transportation of int’l passengers, cargo rebounds strongly in Q1

Vietnamese airlines have seen a surge of around 440 percent in international passengers but a decline in domestic passengers in the first quarter of 2022, according to the Civil Aviation Authority of Vietnam.

In a report sent to the Ministry of Transport, the Civil Aviation Authority of Vietnam said Vietnamese airlines alone has transported an estimated 141,600 international passengers and 38,000 tonnes of international cargo in Q1, respectively soaring around 4410percent and 114 percent year on year.

Airports nationwide handled 321,000 international passengers and 292,000 tonnes of international cargo during the period, up 176 percent and 21 percent respectively.

Meanwhile, the carriers served about 6.5 million domestic passengers and 48,400 tonnes of domestic cargo, down 12.5 percent and 8.8 percent from a year earlier.

The Authority said as of March, there are 23 foreign and Vietnamese airlines operating air routes between Vietnam and 20 countries and territories.

Ministry adopts measures to boost sale of agricultural products

The Ministry of Industry and Trade is carrying out a number of measures to assist farmers in selling their products.

According to the Agency of Foreign Trade under the Ministry of Industry and Trade, farm produce export turnover reached 7.2 billion USD in the first three months of this year, up 19 percent compared to 2011. However, difficulties remain in the sale of some groups of commodities and at some specific times.

To deal with the problem, the Ministry has compiled a draft plan on shifting from unofficial and small-scale shipment to export through official channels.
The ministry also established a steering committee led by the Minister of Industry and Trade to solve the congestion of agricultural products at border gates.

In addition, the Ministry has worked closely with the Ministry of Agriculture and Rural Development to promote negotiations with China to increase the number of fruits exported via official channels in the future.

The ministry also collaborated with the Ministry of Transport to guide businesses to change delivery methods and take advantage of other forms of transport to avoid congestion at border gates.

VPS Securities remains market leader

VPS Securities remained the top brokerage in the first quarter with a 17.9 percent market share, according to data released by the HCM Stock Exchange.

SSI Securities Corporation and VNDirect Securities Corporation were in second and third places with market shares of 9.66 percent and 8.01 percent. 

Ho Chi Minh City Securities Company’s  market share fell to 5.24 percent, and it thus lost fourth place to Techcombank Securities JSC (5.56 percent).

Mirae Asset’s market share continued to rise, reaching 5.01 percent and sixth place.

The rest of the top 10 brokerage securities companies on HOSE were made up by MB Securities, Viet Capital Securities Company, KIS VietnamSecurities, and FPT Securities.

First quarter wood export turnover hits nearly US$4 billion

The first quarter of the year saw the export turnover of timber and wood products reach an estimated US$3.94 billion, a year-on-year rise of 3%, according to the Import-Export Department under the Ministry of Industry and Trade.

Amid difficulties caused by the complicated development of the COVID-19 pandemic and the ongoing Russia-Ukraine conflict, Vietnamese imports and exports were still able to record impressive growth, especially in the wood industry.

Moving forward, the import potential of the United States shows that a sharp increase in wood exports to the US market will contribute to further promoting the wood industry's growth in the year ahead.

Furthermore, the export of wood and wood products can be viewed as the highlight of the agricultural sector. With the second highest export of wood and wood products in Asia and a fast growth rate of 17% per year, economic experts anticipated that wood exports will continue to grow and flourish this year.

Despite this, the timber industry is currently facing many challenges that must be addressed in the near future.

Although the country ranks second in terms wood and wood product exports in Asia, Dr. To Xuan Phuc, an analyst from Forest Trends, said that the local wood industry is facing great challenges in terms of raw material supply for exports. This comes as the sharply-increasing price of raw wood is currently threatening the wood export industry.

Hanoi enjoys positive economic growth in first quarter

The capital’s economic growth rate during the first quarter of the year showed signs of a remarkable improvement thanks to timely and effective solutions, demonstrating its resilience and development after suffering from the impact of the COVID-19 pandemic.

According to data detailed by the Hanoi Department of Planning and Investment, the opening quarter of the year saw Hanoi’s gross domestic product (GDP) expand by 5.83%, a figure 1.16 times higher than that of the whole country. In addition, it was in line with the capital’s growth scenario of between 5.7% and 6.2%.

Of the figure, services increased by 6.15%, industry - construction rose by 5.61%, and agriculture, forestry and fishery climbed by 3.39%. This represents a very important increase due to the recovery trend being seen across multiple sectors and fields.

During the first quarter of the year, Hanoi's total state budget revenue reached over VND102,000 billion, equaling 32.9% of the estimate, up more than 19% over the same period from last year. Indeed, the majority of the capital's key economic indicators also posted an increase.

Vietnamese rice price maintains top place among regional exporters

Vietnamese rice exports during the opening quarter of the year reached 1.48 million tonnes, worth US$715 million, up 24% in volume and 10.5% in value over the same period from last year, according to the Ministry of Agriculture and Rural Development.

In terms of the global market, the Vietnamese export rice price continued to maintain its leading position among rice exporting countries. Accordingly, 5% broken rice surged from between US$12 to US$15 per tonne compared to the beginning of the year to US$415 per tonne, the highest level in more than three months thanks to growing demand and production advantages.

Along with traditional markets such as the Philippines, accounting for the largest proportion, China, Malaysia, the United States, African countries, and the Republic of Korea, the country's rice exports to Europe are expected to increase sharply this year thanks to support from the EU-Vietnam Free Trade Agreement (EVFTA).

The nation therefore aims to boost restructuring for value promotion, sustainable development towards the goal of improving the quality, and the value of Vietnamese rice in the near future.

Positive economic recovery following two years of COVID-19 impact

Vietnam's ongoing economic recovery after being negatively affected by the COVID-19 pandemic for two years can be put down to the Government's efforts to create optimal conditions for local businesses to resume normal operations in line with safe pandemic control conditions.

According to experts, Vietnamese GDP in the first quarter of this year reaching over 5% can be viewed as a very positive signal for the local economy, showing that the national economy is on the right track for recovery moving forward after two consecutive years suffering the adverse impacts of the COVID-19 pandemic.

Statistics detailed by the General Statistics Office (GSO) in the first quarter of this year indicate that the country’s GDP was estimated to have expanded by 5.03% over the same period last year, higher than the growth rates of 4.72% and 3.66% recorded in the same quarters of 2021 and 2020.

Furthermore, industrial production in the first quarter continued to prosper, with added value of the entire sector growing by 7.07% on year. This is in addition to the agriculture, forestry and fishery sector increasing by 2.45%, the industry and construction sector soaring by 6.38%, and the service sector rising by 4.58%.

Int'l forum in HCM City discuss smart cities, automation and digital transformation

Smart cities, digital transformation, smart agriculture, renewable energy, and start-ups are on the agenda at an international business forum in HCM City.

It is being held as part of the sixth Viet Nam International Conference and Exhibition on Control and Automation that opened on Friday, organised by the Viet Nam Automation Association (VAA) and the Viet Nam National University HCM City.

The two-day event, with the theme ‘Automation in the Viet Nam National Digital Transformation Program: Intelligent and Innovative’, has attracted a number of representatives of institutions and businesses, both local and international, and individual scientists in automation.

It includes a scientific conference and an international exhibition.

The exhibition has some 70 booths displaying technology solutions and products like high-tech products for smart lighting, smart agriculture, energy conservation, new energies, and supporting industries for the automation sector from companies and students at academies and universities.

This year's two-day event received 160 scientific reports by domestic and foreign scientists in 50 different topics.

Firms not ready for higher minimum wages

The Vietnam General Confederation of Labour has proposed a 7 per cent increase in minimum wages from July 1, but many insiders gave a thumbs down to the proposal.

Bach Thang Long, deputy general director of Garment 10 Corp., underlined that the resurgence of the pandemic in Q1 had a negative impact on firms’ financial situation. Higher payroll costs would add to their woes, putting a strain on small-sized firms. He suggested the increase in minimum wages be put off until 2023 and cover only inflation to leave room for firms to recover.

Huynh Thi Hong Cuc, union chairwoman of Nha Be Garment Corp., said the wage increase would apply to only those workers that have been paid under the minimum level. However, a pay rise to only a specific group would make other workers unhappy, forcing her firm to raise wages across the board. Accordingly, she estimated that her firm’s labour costs would increase by 10 per cent should minimum wages rise by 5 per cent, adding hundreds of billions of dong to its wage bills.

Le Nhat Truong, union chairman of Pou Sung Vietnam LTD., revealed that his firm faced the same situation. He said it was not compulsory to raise wages for those workers who had been paid above the minimum level. However, not paying more during a wage rise would cause dismay for the workers, resulting in dissatisfaction.

The union chairman was concerned that the proposed 7 per cent increase in minimum wages this year would add about VND180 billion to his firm's financial burden.

Truong Tien Dung, vice chairman of the HCM City's Food and Foodstuff Association, believed that the rise in wage bills would be passed on to product prices, fuelling inflation. Firms that refuse to price up their products would have no choice but to shed staff to cut costs.

Hoang Van Phong, vice chairman of the Vietnam Chamber of Commerce and Industry, believed that an increase in minimum wages was needed after two years without an adjustment. However, the incremental pay scale needed further discussion to assess its impact on firms’ financial situation. He also said that it was unreasonable to raise minimum wages around mid-year since firms calculate their costs based on fixed wages at the beginning of the year.

SeABank sets high profit target for 2022

The Southeast Asia Commercial JS Bank (SeABank) has announced its pre-tax profit target of VND4,867 billion (US$213 million) for 2022.

The bank aims to raise its deposits by VND22 trillion, an increase of 16 per cent year-on-year, and its credits by VND24 trillion, a rise of 17 per cent.

It will continue to keep non-performing loan (NPL) ratios below 3 per cent as well.

Its charter capital is expected to rise from VND16,598 billion to VND22,690 billion through equity financing, share issuance via private placement and an employee stock ownership programme (ESOP).

Notably, the bank plans to issue 321,100,000 new shares with a price of VND10,000 apiece, of which 211,400,000 shares are paid out as dividends and the rest are for equity financing.

It also plans to issue an additional 59,400,000 shares for ESOP and sell 228,700,000 shares to foreign investors via private placement.

Strategic agreements signed to develop HCM City’s new downtown

Graham Stuart, the British Prime Minister’s Trade Envoy to Vietnam, Cambodia and Laos, witnessed a signing ceremony yesterday of strategic agreements between Masterise Homes with Foster+ Partners and Quimera Energy Efficiency (QEE) to develop The Global City, a new downtown project in HCM City.

Under the agreements, the UK-based Foster+ Partners will act as architectural advisors of The Global City, providing innovative and sustainable design solutions for the township.

Meanwhile QEE, a London-based smart building high-tech engineering company will design, install, commission and maintain state-of-the-art energy-efficient systems with minimal rates of energy consumption to reduce both cost and carbon footprint.

The joint-effort of two renowned British design and energy companies is expected to bring world-class excellence and sustainability to The Global City, realising the ambition of becoming the second downtown of Saigon.

Proposal to change the excise tax on alcoholic beverages

At a conference on excise tax policy for the alcoholic beverage industry on April 8, Nguyen Hoa Cuong, deputy director general of the Central Institute of Economic Management (CIEM) said that the management of the regulations on tax and advertising of alcoholic beverages have been amended significantly.

Over the past 15 years, duty for the wine and spirits industry has been adjusted five times. The tax increased from 50 per cent in 2015 to 55 per cent in 2016, and then rose to 65 per cent in 2018. The taxable price also changed from the import price to the wholesale price. These changes aimed to limit consumption to protect people's health and minimise other negative social impacts of alcohol consumption.

Ludovic Ledru, representative of Eurocham's Wine and Spirits Sector Committee feels that the relative tax rate between high- and low-quality products is unfair. It also encourages consumers to use low-cost products with moderate or high alcohol content.
In the opinion of Dang Thi Thu Hoai, head of CIEM's Department for Sector and Sectoral Economic Research, the effectiveness of management policies for alcoholic beverages and tax calculation methods create notable issues.

According to the CIEM researchers, the relative tax method on the wholesale price of products is ineffective in reducing consumption, protecting consumers' health, and ensuring state budget revenue. urrently, many developed countries have switched to mixed or absolute taxation. To fit with the situation in Vietnam, the CIEM research team has assessed the effectiveness of the mixed tax method.The increase in state revenue from the alcoholic beverage industry would be outstanding, especially in the second to fifth scenarios, rising by 63-75 per cent.

Hoai said that it is necessary to stabilise the policies to help businesses recover after the pandemic. This is a solution to enhance revenue in the long term and improve the management of the informal alcoholic beverage sector. This is a vital factor to help the government achieve its policy goals of both reducing alcohol consumption and increasing revenue.

Private sector pioneers sustainable development in the Mekong Delta

The Mekong Delta Business Forum was held on April 8 in Can Tho, organised by the Dutch diplomatic mission in Vietnam, in collaboration with the Vietnam Chamber of Commerce and Industry (VCCI) and the Dutch Business Association Vietnam (DBAV). It provided an opportunity for Vietnamese and Dutch businesses to discuss and expand their operations.

According to Dutch Ambassador Elsbeth Akkerman, the private sector is the driver for change, thus businesses need to take the lead to achieve sustainable development goals.

Other main topics of discussion were innovative solutions based on Dutch experience in the water, agricultural, and logistics sectors through various partnership mechanisms, including the business platform Sustainable Mekong Delta.

The Netherlands has invested up to $50 million from public and private funds in initiatives in the Mekong Delta. “There is a possibility for much more as we are a trusted and long-lasting partner of Vietnam for water management, agricultural development, and climate adaptation,” Akkerman added.

The Dutch experts from Royal Haskoning DHV have worked closely with the Ministry of Planning and Investment to develop a master plan for the Mekong Delta. On February 28, the government approved the Mekong Delta Integrated Regional Master Plan – the first of its kind.

As a small country with highly innovative sectors and the world’s second-largest exporter of agricultural products, the Netherlands is Vietnam’s second-largest European trade partner and is keen on cooperating with all stakeholders to develop an inclusive and sustainable economy for the country's Mekong Delta region.

Railway goods transport between Vietnam and China up 34.1 percent

Tariff quotas for rice, dried tobacco imported from Cambodia announced 

Investment in many traffic projects to be reviewed

The Ministry of Transport has asked the investors and management boards of many traffic infrastructure projects for the 2021-2025 period to review these projects.

Under the mid-term public investment plan of the Ministry of Transport, work on 64 projects would start, comprising four national key projects, nine projects in group A and 51 others in groups B and C, the local media reported.

To date, 48 projects have been approved, including the North-South Expressway project in the 2021-2025 period, the Rach Mieu 2 Bridge and the My An-Cao Lanh Expressway.

According to the Ministry of Transport, some investors and management boards of projects have complained about the recent surge in the prices of fuels and building materials, which have resulted in cost overruns in their projects.

Therefore, the ministry required the investors and management boards of the projects to review and update the investment in projects in line with the current material prices.

If there is a cost overrun in projects, their investors and management boards should propose solutions to suspend the projects which are not urgent and instead spend capital on other key projects.

Over VND7 trillion proposed for highway upgrade in Mekong Delta

The Ministry of Transport has written to the Ministries of Planning-Investment and Finance proposing using over VND7 trillion to upgrade the three national highways of 53, 62 and 91B, which run across multiple provinces in the Mekong Delta region.

Of the total investment, the ministry proposed securing over VND5.7 trillion through World Bank loans and some VND1.4 trillion through Vietnam’s reciprocal capital. The highway repair and upgrade projects will be executed in four years from 2023 to 2026.

Under the proposal, the 40-kilometer section of National Highway 53, which links Long Ho District of Vinh Long Province and Cang Long District of Tra Vinh Province, will be upgraded and expanded to 11 meters. The project will require over VND1.8 trillion.

National Highway 62, which spans 76 kilometers in Long An Province, will be widened to 11 meters to allow vehicles to travel at a maximum speed of 80 kilometers per hour.

National Highway 91B or the Nam Song Hau road is 141 kilometers long and runs from Can Tho, Hau Giang and Soc Trang to Bac Lieu. Under the project, some six-meter-wide sections of the road will be widened to 11 meters.

The ministry proposed using some VND2.2 trillion to upgrade National Highway 62 and VND3.15 trillion for National Highway 91B, the local media reported.

Recovery in sight amid uncertainty

HSBC Vietnam’s “Vietnam at a glance” report says highlighting that Vietnam’s economy maintained its strong momentum in the first quarter of this year. The country is expected to return to steady growth but is likely to face higher inflation in 2022.

According to the report, Vietnam’s recovery momentum has been sustained into the first quarter of 2022, thanks to both external and domestic pillars of growth. The country saw a rosy start to 2022, with its first-quarter GDP growing firmly by 5.0% y-o-y, thanks to a broad-based recovery. Private consumption continues to rebound, albeit slowly. More encouragingly, Vietnam has joined its peers to re-open its borders from mid-March, paving the way to revive its damaged tourism sector.

In addition to its firm external engine, Vietnam’s domestic demand has gradually been recovering, as the country insists on its strategy of living with Covid. Despite the major spike in Omicron cases, the authorities have not ramped up restrictions to the same extent as last year. Part of the confidence is thanks to Vietnam’s accelerated vaccination progress: 80% of the population has been fully vaccinated, with closer to 50% being boosted.

Similar to the fourth quarter of 2021, Vietnam’s manufacturing sector remains the key driver for growth in quarter one of 2022. Manufacturing output expanded by 7.8% y-o-y, driven by double-digit growth in electronics production. Indeed, the strong performance is also reflected in Vietnam’s steaming external engine. Export growth hit almost 15% y-o-y in March, bringing first-quarter growth to almost 13% y-o-y. This is mainly thanks to the elevated demand for electronics products.

Phu Quoc looks to attract more travelers from India

Airlines and travel companies hope that India and Vietnam, especially Kien Giang Province, will promote tourism cooperation, paving the way for tourists from both countries to enjoy themselves and learn about each other’s local culture. This was recorded at a tourism promotion conference between Phu Quoc Island and India in 2022 held on April 8 by the Consulate General of India in HCMC in collaboration with the Kien Giang Province People’s Committee, offline and online.

According to Pranay Verma, Indian Ambassador to Vietnam, India and Vietnam have great potential to attract tourists to visit and learn about the exciting cultures of the two countries. Regarding Phu Quoc Island (off the coast of Kien Giang), the ambassador said the island city is rich in nature with a series of beautiful landscapes and beaches, to inspire international tourists, including Indians. Meanwhile, apart from beautiful landscapes, India is home to spiritual and medical tourism.

At the conference, representatives of airlines and travel companies from Vietnam and India said that the competent authorities should grasp considerable opportunities for tourism cooperation between the two countries through policies that will help travelers feel more comfortable.

Ngo Minh Duc, General Director of Huong Giang Aviation Service Co. – the official representative of Indigo Airlines in Vietnam, said that in October 2019, Indigo operated direct flights to Vietnam. However, the flights had to be temporarily canceled due to the Covid-19 outbreak.

ay L. Lingeswara, a representative of VietJet Air, said that before the pandemic outbreak, Vietjet operated direct flights from New Delhi (India) to Hanoi and HCMC with positive results in the number of passengers.

Now, as the pandemic has been brought under control, Vietjet will soon resume flights and is expected to operate direct flights from Delhi to Hanoi and HCMC in April.

In addition, the airline is expected to operate a flight from Mumbai (India) to HCMC in June and a flight from Mumbai to Danang in September.

Nam Kim to build coated steel plant in BR-VT

Nam Kim Steel Joint Stock Company (NKG) has passed a plan to build a coated steel plant valued VND4.5 trillion (US$196.6 million).

Nam Kim Phu My coated steel plant will be located at the My Xuan B1 – Dai Duong Industrial Park in the southern province of Ba Ria-Vung Tau. The plant is expected to churn out 1.2 million tons of coated steel products per year.

The company will also establish a wholly-owned unit, Nam Kim Phu My Steel Company, with charter capital of VND500 billion (US$21.8 million).

NKG approved a plan to appoint Vo Hoang Vu, general director of NKG as director and legal representative of the new business. Vu will be in charge of managing the entire stake of NKG in the new subsidiary.

Over US$92 mln spent for stabilization loan program

The State Bank of Vietnam’s Ho Chi Minh City Branch has just sent an official letter to direct general directors of commercial banks and credit institutions in the city to strictly implement the interest rate regulations, perform public price listing of purchasing foreign currencies and effective credit growth to stabilize the price of essential goods and stuff. 

Accordingly, the State Bank of Vietnam’s HCMC Branch required the commercial banks to consider a reduction of the lending interest rate for enterprises participating in the market stabilization program of Ho Chi Minh City to minimize the financial cost of production – business and reschedule of due day for loans affected by Covid-19 pandemic. 

Ho Chi Minh City is the leading locality in the country on implementing the market stabilization program.

Source: VNA/SGT/VNS/VOV/Dtinews/SGGP/VGP/Hanoitimes