Viet Nam targets to develop at least 1 million affordable homes by 2030. — Photo chinhphu.vn

The State Bank of Viet Nam has called for the implementation of a VND120 trillion (US$5.11 billion) housing credit package to be sped up.

The package covers social housing development, homes for workers and renovation of degraded apartments with preferential interest rates around 1.5-2 per cent lower than the average rate of four State commercial banks.

Minister-Chairman of the Government Office Tran Van Son said that the Ministry of Construction would soon issue lists of projects and criteria for the preferential loans.

Deputy Governor of the State Bank of Viet Nam Pham Thanh Ha said at the Government’s meeting on Monday that the central bank this month sent documents to its branches and relevant commercial banks about the package, stating that lenders would be four State commercial banks, including Agribank, BIDV, Vietcombank and VietinBank.

The preferential loans would be provided to developers and buyers of social housing projects, housing projects for workers and projects to renovate old apartment buildings.

For developers, the preferential rate would be applied for a period of three years from the date of disbursement and five years for homebuyers.

Ha said that the disbursement would be until the end of 2030. Banks would be in charge of arranging capital for the lending, he said, adding that other banks who wanted to join the programme would be encouraged provided that they complied with the regulations.

The central bank said that the interest rate would be 8.7 per cent per year on the developers, 8.2 per cent on homebuyers, applicable till the end of June, which were around 1.5 – 2 per cent lower than the average rate of four State commercial banks. From July 1, the central bank would announce the preferential rates every six months.

When the period for preferential rates expired, the rate would be agreed upon by commercial banks and customers in accordance with the provisions of the laws and defined clearly in the agreements.

The central bank asked four lenders to speed up the disbursement of the package from this month and issue guidance to ensure consistency.

Deputy Governor of the State Bank of Viet Nam Dao Minh Tu previously stressed the importance of consensus among banks in implementing this credit package. Each borrower could borrow only once for one affordable home to ensure fairness, he said.

The credit package was a part of the effort to implement the Government’s Resolution No 33/NQ-CP dated March 11 about several solutions to remove difficulties and promote the safe, healthy, and sustainable development of the real estate market.

Deputy Prime Minister Tran Hong Ha on Monday signed Decision No 388/QD-TTg to approve a project of developing at least 1 million affordable homes for low-income earners and workers in industrial zones in the 2021-30 period.

The project targeted that around 428,000 apartment units would be completed in the 2021-25 period and another 634,200 in 2025-30.

The Ministry of Construction said that the focus would be placed on improving the institution and legal system for social housing and housing projects for workers, completing planning and arranging land fund for social housing development.

In addition, incentives for developers would be more practical to encourage them to invest in social housing development.

Policies would be raised for developing homes for rent for workers.

Around VND849.5 trillion was needed to achieve the goal of social housing development by 2030, with most coming from private investment, the ministry said.

Localities must have the responsibility to make public information about land funds for social housing development to call for investment. 

Soybean milk shipments recalled in Japan not contaminated with Coliforms bacteria: Vinasoy

Regarding the recalled shipment of Fami Calcium Soy Milk in Chiba City, Japan, the Viet Nam Soymilk Company (Vinasoy) on Monday evening said that the National Institute for Food Control had had negative test results for the control sample of the recalled batch.

The result confirmed that the Fami Calcium Soy Milk sample was not contaminated with the Coliforms bacteria.

Thus, after waiting for objective test results from a third party, Vinasoy confirmed that "Fami Calcium Soy Milk products completely meet the standards, ensuring safety and quality for consumers' health".

Previously, Japanese NHK news channel reported that Vietnamese soy milk products contaminated with Coliform bacteria were detected in Japan on March 28.

After that, some channels misinterpreted information and spread it on social media that Fami Calcium Soy Milk was found to have cancer-causing bacteria in Japan.

Vinasoy said that the Chiba City requested Next Trading company to recall the shipment of Fami Calcium Soy Milk suspected of being infected with Coliform including 15 boxes of 200 millilitre milk and 10 one-litre cans.

After receiving the information, the importer in Japan recalled the entire shipment and sent samples to a third unit in Japan for inspection.

Regarding the information spread on social networking sites, Vinasoy confirmed that the information did not have scientific evidence or any official statements by agencies in Japan. 

Paper industry needs to switch to production of high-quality packaging: association

The paper industry needs to switch from production of normal packaging since supply exceeds demand and invest in other items such as high-quality packaging paper, which is still mostly imported, according to the Viet Nam Paper and Pulp Association.

Dang Van Son, the association vice president and general secretary, said the paper industry had grown by over 10 per cent annually in recent years to produce nearly 10 million tonnes a year now.

There are some 500 firms in the paper and pulp industry.

Around 90 per cent of their output is normal packaging paper for the garment and textile, woodworking and other industries.

"Viet Nam is now one of the largest packaging paper producers in Southeast Asia," Son told a meeting held to introduce four international exhibitions, Paper Vietnam, Rubber and Tyre Vietnam, Coatings Expo Vietnam, and Plastech Vietnam, in HCM City late last month.

Most of the output was sold domestically, he said.

But since September 2022 the industry had faced difficulties since demand in both the domestic and export markets had shrunk, he said.

With more new mills set to be commissioned in the coming years, another three million tonnes of output would be added by 2025, mainly of packaging paper, with foreign enterprises too seeking to invest in the industry, he said.

Demand for normal packaging paper is high in the domestic market, but supply has increased faster than demand, leading to oversupply, according to the association.

The country spends billions of dollar to import high-quality packaging, coated and other technical paper varieties.

Besides exporting to traditional markets such as China, the US and EU, the industry should also enter new markets such as the Americas, Middle East and North Africa, Son said.

Participating in trade fairs would give businesses a great opportunity to access new customers.

The industry faces difficulties such as reliance on imported raw materials since investment in pulp production remains modest and lack of skilled human resources.

It imports more than 500,000 tonnes of pulp a year, while the country exports over 15 million tonnes of wood chips, the main raw material for pulp production.

Addressing the lack of raw materials was among the keys to sustaining the industry, and the Government should encourage investment in pulp production using modern technology that ensures environmental protection, he said.

Fostering co-operation between academia and industry was imperative to ensure skilled human resources for the industry, he added. 

Hanoi harvests over 25,000 tonnes of aquatic products in first quarter

Hanoi posted a total aquaculture output of over 25,000 tonnes in the first quarter of this year, a year-on-year increase of 2.1% despite the aquaculture growing areas remaining at 24,000 ha.

According to the city’s Department of Agriculture and Rural Development, aquaculture farms have been applying intensive farming methods that generate higher productivity than the traditional ones.

The department said that to further increase aquaculture production in the city, localities are asked to review their production structure and ensure disease prevention and control.

The department will also coordinate with localities to promote production based on value chains and assist farmers to develop aquaculture cooperatives and key products.

Sri Lanka promotes tourism potential in Vietnam

The Embassy of Sri Lanka in Vietnam introduced the potential of the Sri Lankan tourism market at a seminar in Hanoi on April 4.

Ambassador-designate of Sri Lanka to Vietnam Professor A.Saj U.Mendis said that most tourists like to travel to the South Asian country for sightseeing activities, to enjoy a cultural experience, and for spiritual tourism.

Sri Lanka boasts six UNESCO World Heritage sites dating back 3,000 years, including the Rangiri Dambulla Cave Temple, the old town of Galle, the ancient city of Polonnaruwa, the sacred city of Anuradhapura, and the ancient city of Sigiriya.

The country is a magical land waiting to be discovered, he noted.

Tran Thi Phuong Nhung, deputy director of international cooperation department of the Vietnam National Administration of Tourism, said that in 2019, only about 3,000 Vietnamese tourists had visited Sri Lanka, while up to 15,000 Sri Lankans had chosen Vietnam as a tourist destination.

Those figures are modest compared to the tourism potential that exists between the two countries, she stressed.

Ms Kishani Wickramasinghe, Minister Counsellor of the Embassy of Sri Lanka, confirmed that Sri Lanka is suitable for Vietnamese tourists to visit at any time of the year.

The South Asian nation boasts favourable weather all year round and beautiful landscapes, and it provides entertainment services that cater to the taste of all tourists, she added.

Located in South Asia and dubbed the "Pearl of the Indian Ocean" Sri Lanka features a maritime route connecting West Asia and South Asia. It is famous for producing and exporting tea, coffee, rubber, and coconuts. The natural beauty of its tropical forests, beaches, and cultural heritage makes the country a popular tourist attraction.

Seminar seeks to promote France - Vietnam trade, investment ties

French businesses are advised to innovate their approach and enhance their understanding of Vietnamese culture in order to expand their market share in Vietnam, heard a seminar held in Paris on April 4.

The event was held to introduce Vietnam’s economic potential to French businesses, in addition to attracting major Vietnamese enterprises to expand investment in France, Europe and countries in the Francophone community.

Addressing the seminar, Dr. Jean-Philippe Eglinger, founder of Viet Phap Strategies, pointed out that France previously led non-Asian countries investing in Vietnam in the 1990s, but French firms later failed to take full advantage of the country's integration into the global economy.

Despite a rise in French investment in Vietnam, its proportion to total foreign investment in the country has endured a downward trajectory, said Eglinger.

He attributed the paradox to the fact that French firms have not yet adapted to the fast growing economy in Vietnam and faced fierce competition from Asian rivals.

According to the expert, Vietnam is significantly transforming from a manufacturing industry based on assembling products for export to a new model that boasts added value and greater competitiveness. It has joined a number of free trade agreements (FTAs), especially new-generation FTAs that set forth higher requirements relating to environmental and labour protection, as well as the rule of origin traceability.

Vietnam is a huge market with great potential, and businesses of both sides have a wealth of opportunities to fully tap into the time-honoured strategic partnership between France and Vietnam, as well as the EU-Vietnam Free Trade Agreement (EVFTA), he said.

To grasp the opportunities, Eglinger suggested both sides should gain more insights into each other’s market conditions.

Additional training activities are needed to help more French people learn about Vietnamese culture and language, he said.

He also suggested that French businesses should seek further investment opportunities in other localities outside Hanoi and Ho Chi Minh City – the two big cities in Vietnam.

Meanwhile, Professor Pierre Journoud of Paul Valéry Montpellier University highlighted the country’s multilateral foreign policy, noting that Vietnam has actively contributed to the Francophone community and joined numerous bilateral and tripartite cooperation programmes. He also stressed that France has become Vietnam’s reliable partner which supports the Southeast Asian nation in overcoming challenges in international economic integration.

At present, as many as 170 French enterprises are operating in Vietnam. Among them, EDF group is pouring EUR1.5 billion into Son My liquefied gas plant, while Bouygues Group is investing EUR1.5 billion in a Hanoi metro project.

Securities companies flock to gain market share

Securities companies are trying to gain market share, reflected in business targets for 2023.

In 2023, VPBank Securities JSC plans to achieve revenue of VNĐ2.5 trillion, 3.2 times higher than in 2022, profit before tax is expected to nearly triple compared to last year, reaching VNĐ1.61 trillion. Notably, bond trading and other activities earned VNĐ1.16 trillion, an increase of 150 per cent, and bond issuance consulting achieved a revenue of nearly VNĐ24 billion.

2022 is a difficult year for most securities companies, but VPBank Securities was an exception. This securities company recorded a revenue of VNĐ776 billion, profit after tax reached VNĐ443 billion, 72 times higher than in 2021. Of which, revenue from bond trading and other activities brought in VNĐ467 billion.

In 2022, VPBank pumped more than VNĐ15 trillion to increase the capital of VPBank Securities with two share offerings, making VPBank the securities company with the largest charter capital in the market. With abundant financial resources from the parent bank, in 2022, the transaction value of investors through this securities company reached more than VNĐ61 trillion, 40 times higher than the same period in 2021, of which the trading value of shares accounted for more than VNĐ36 trillion, the rest was bond trading with a total value of more than VNĐ25 trillion.

This securities company also informed its customers that it would buy all overdue bond contracts of real estate company Novaland. For bond contracts that have been renewed, not yet matured and customers need to liquidate before maturity, liquidation is allowed at the interest rate of the bond contract being held. Transactions should be made before April 6, 2023.

At this year's Annual General Meeting of Shareholders, Chairman of SSI Securities Inc (SSI) Nguyễn Duy Hưng said that SSI must regain its position as the largest broker in the stock market. In terms of structure, each SSI transaction office is organised as a miniature company with different customer care policies. Policies such as leaving money overnight to enjoy higher interest rates without term, and weekly and monthly interest calculations, are also offered by SSI to convince investors to keep money in their accounts instead of transferring it to banks.

Recently, SSI launched a loan package of VNĐ5 trillion, unlimited margin loans, interest rates from 9 per cent, and no maturity in 6 months, to attract investors.

However, regaining market share and the position achieved in the past is not simple as other securities companies are eager to participate in this fierce race. In the new Annual General Meeting of Shareholders, BSC Securities also decided to return to the top 10 HOSE brokers list. Previously, BSC had time to enter the rankings but was eliminated from the list due to competition from other players.

Regarding the business plan for 2023, BIDV Securities Co (BSC) also has an ambitious plan with pre-tax profit of VNĐ565 billion, nearly 3.8 times higher than that of 2022.

Talking about the stock brokerage market share race, Nguyễn Điệp Tùng, General Director of FPTS Securities Co, said that the market share competition would become more and more fierce in the context that the market was plummeting in both scores and liquidity. The number of securities companies remained the same. Some small securities companies would participate in the competition for market share by cutting trading fees.

Deadline extension proposed for tax payment in 2023

The Ministry of Finance has proposed extending the deadline for businesses to settle all tax liabilities in 2023 to help reduce financial costs, maintain liquidity and improve cash flow.

The ministry has sent a draft decree on extending payments of value-added tax, corporate income tax, personal income tax, and land rents due in 2023.

However, local banks and branches of foreign banks are not entitled to the extension of tax payment deadlines.

Under the draft decree, the Ministry of Finance proposed a six-month extension for value-added tax payments payable from March to May 2023 and the first quarter of 2023, a five-month extension for value-added tax payments in June and the second quarter of 2023, a four-month extension for value-added tax payments in July 2023, and a three-month extension for value-added tax payments in August 2023.

The deadline for paying corporate income tax in the first and second quarters would be extended by three months.

Regarding household and individual businesses, the Ministry of Finance proposed delaying the deadline for value-added tax and personal income tax payment for the tax payable in 2023. They are allowed to pay the tax amount by no later than December 30, 2023.

According to the draft decree, the payment deadline for 50% of land rent due in 2023 should be extended by six months, from May 31 to November 30.

If the tax extension is approved, the ministry can still ensure a balance in the state budget at both the central and local levels in accordance with the National Assembly’s plan.

Big-ticket infrastructure projects proposed for Mekong Delta

Sixteen infrastructure projects have just been proposed for the Mekong Delta, heard a recent meeting held in Can Tho City to discuss ways to respond to climate change.

These include projects to build coastal roads, inter-regional roads, dikes and reservoirs, with total capital of VND94,300 billion. They were proposed by the Ministry of Transport, the Ministry of Agriculture and Rural Development, and the Mekong Delta’s 13 provinces.

A major project in the list is a 415-kilometer coastal road passing through seven provinces of the delta — Tien Giang, Ben Tre, Tra Vinh, Soc Trang, Bac Lieu, Ca Mau and Kien Giang. Its estimated cost is nearly VND43,000 billion.

The other projects are a dike system along the Mang Thit River phase 2 in Vinh Long Province, the 36-kilometer National Highway 61C in Hau Giang Province, a road improvement in Dong Thap Province and a reservoir in An Giang Province. Their total cost is put at nearly VND15,000 billion.

Can Tho City, the economic center of the Mekong Delta, will invest nearly VND9,800 billion to expand a section of National Highway 61C passing through the city and roads linking O Mon, Thoi Lai and Giong Rieng districts with a combined length of 22.5 kilometers.

As for the regional planning, the Ministry of Transport proposed improving national highways 53, 62 and Nam Song Hau Road, which will require nearly VND7,160 billion.

The Ministry of Agriculture and Rural Development planned to invest in three projects with an estimated cost of VND6,620 billion, including improving a canal system to channel water from the Hau River to Ca Mau Peninsula, upgrading an inter-provincial canal system lying between the Tien River and the Hau River and the irrigation system connecting Bao Dinh-Go Cong-Tan Tru in Long An Province.

An amount of over US$2.8 billion, equivalent to VND66,282 billion for the projects, will be borrowed from foreign sources, while the reciprocal capital will be VND28,000 billion.

The investment policies for the projects are expected to be approved this year.

MSB plans merger with a credit institution
     
Vietnam Maritime Commercial Joint Stock Bank (MSB) has released the documents for its upcoming 2023 annual general meeting of shareholders, scheduled for April 21.

A significant agenda item is the proposed merger of a credit institution in Viet Nam, which MSB aims to leverage to increase its scale of operations and deploy its banking digitisation strategy.

According to the document, the credit institution that is expected to merge with MSB is a commercial bank with normal operations in Viet Nam, meeting the criteria of total asset value and equity at the average level in the market, and having good credit quality.

Although MSB leaders did not confirm rumours that the bank they intend to merge with is PG Bank, they also did not deny that PG Bank was one of the credit institutions they were interested in, a source on baodautu.vn said.

The leader of MSB stated that the trend of mergers in the banking sector is inevitable, and they are considering and choosing a bank that aligns with their development orientation to carry out the merger, thereby helping MSB to increase its scale more quickly.

Bond repurchases to help prop up cash flow situation

It is anticipated that financial institutions will be entering the market to purchase corporate bonds in the near future, according to a draft amendment currently under consultation.

According to the Vietnam Bond Market Association, the total volume of corporate bonds maturing in 2023 is around $12 billion. Given the current challenges faced by many issuers, particularly real estate companies, in maintaining adequate cash flow and the significant resale demand from bondholders, financial institutions participating in the repurchase of corporate bonds are expected to be a significant source of support.

“The draft amendment to Circular No.16/2021/TT-NHNN is aligned with the tenets of Decree No.08/2023/ND-CP, which enables credit institutions to procure corporate bonds to supplement their working capital. Furthermore, credit institutions are authorised to repurchase corporate bonds that were previously issued and sold between now and the end of 2023 to alleviate the burden arising from their distribution to investors when the issuer lacks the resources to repurchase them,” according to a BSC market report on March 28.

In tandem with this, the State Bank of Vietnam (SBV) has formulated more stringent criteria encompassing factors such as the debt-to-equity ratio, non-performing loan ratio, monitoring of capital usage purposes, and the absence of bad debt to enhance the safety of corporate bond procurement.

“This change has the potential to alleviate the pressure of maturation in 2023. However, the impact of the SBV’s initiative on this market remains restricted and requires a comprehensive resolution, with the involvement of multiple ministries and agencies in the future,” BSC recommended.

Similarly, as per a report by ACBS, the proposed draft is expected to have a positive impact on the corporate bond market by enhancing the appeal of corporate bonds to banks and consequently improving liquidity within the market.

“It is noteworthy that banks currently represent the most significant bondholders, with their holdings accounting for approximately 34 per cent of the total outstanding corporate bonds,” the report said.

However, ACBS has projected that the draft’s impact on the banking system will likely be marginal, considering that the outstanding corporate bonds represent a mere 2.5 per cent of the total credit outstanding of banks.

In the same vein, industry experts contend that the proposed changes may require more far-reaching revisions. As per the current draft amendment, commercial banks are authorised to procure corporate bonds to supplement their working capital, specifically for short-term periods of less than one year. However, business analysts have noted that issuing bonds with such abbreviated maturities is highly uncommon, with typical durations spanning 5-10 years.

“I see a potential inconsistency in the current scenario. There’s a contradiction in which a bond has already been established, indicating a medium-term maturity of over one year. However, with repurchases intended solely for the purpose of adding to working capital, such an approach lacks coherence,” said Pham Xuan Hoe, former deputy director of the Banking Strategy Institute at the SBV.

Furthermore, while this is highly expected by the market, credit institutions are still not allowed to purchase corporate bonds that have been issued with the objective of restructuring the debts of the issuing enterprises. Experts have evaluated this restriction as potentially limiting the efficacy of debt restructuring activities, contrary to the intent of Decree 8 pertaining to corporate bonds.

Meanwhile, representatives from the real estate industry have put forth a proposal suggesting an extension of the effect of corporate bond redemption until the end of 2024, instead of only 2023 as stated in the revised draft. The reason for this proposal is that the issue of bond maturity is not limited to this year alone.

According to Le Hoang Chau, chairman of Ho Chi Minh City Real Estate Association, the total value of real estate bonds due between now and 2024 may amount to VND230 trillion ($9.8 billion).

Samsung factories in Vietnam generate over US$70 billion in sales by 2022

Samsung's four manufacturing plants in Vietnam brought in nearly US$71 billion last year, making up 30% of the South Korean tech giant's global revenue.

In 2022, Samsung achieved a revenue of $234 billion, indicating a growth of over 8% compared to the previous year.

Among the contributors, four factories located in Vietnam accounted for approximately 30% of the total revenue, generating a profit of around $4.6 billion.

Samsung Electronics Vietnam Thai Nguyen (SEVT) maintained its position as the top-selling Samsung factory in Vietnam with sales of more than $28 billion, up 13% year-on-year. This resulted in SEVT's full-year profit of $2.1 billion, up 18% year-on-year.

SEVT is currently Samsung's largest smartphone factory worldwide, with the South Korean company investing in the northern province of Thai Nguyen in 2013 with an initial capital of $2 billion. Over time, the registered capital has increased to more than $7.5 billion.

As a result, Samsung's bases in Vietnam now account for more than 50% of its global mobile phone production. 

Meanwhile, in 2021, both two Samsung facilities in Bac Ninh Province, Samsung Electronics (SEV) and Samsung Display (SDV) had similar revenues. However, in 2022, SDV's revenue increased more strongly than SEV's.

For 2022, SDV's revenue increased by 18.6% to $19.9 billion, while that of SEV rose by 9.6% to $18.2 billion.

Despite having higher revenue, SDV's profit is lower than SEV's. In the previous year, SEV's profit was $1.27 billion, while SDV's was $1 billion.

SEV, Samsung's first manufacturing complex in Vietnam, remains one of the Group's top manufacturing bases globally.

Last year, Samsung Electronics Ho Chi Minh (SEHC) generated more than $4.82 billion in revenue and made a profit of nearly $300 million.

In addition to its four production facilities, Samsung opened a research and development (R&D) center in Hanoi last year, investing $220 million in the project.

Samsung aims to make this R&D center its strategic base for large-scale research and development. At the center's opening ceremony last month, Choi Joo Ho, general director of Samsung Vietnam, expressed his ambition to make the new center in Hanoi one of the best of its kind in the world.

Samsung has already invested $18 billion in Vietnam, and the group plans to increase this investment to $20 billion.

Samsung Vice President Han Jong-hee stated that the group remains committed to Vietnam, with a focus on advancing research in artificial intelligence and big data in the coming time.

On December 23, 2022, Samsung Vietnam inaugurated the largest R&D Center in Southeast Asia in the presence of Prime Minister Pham Minh Chinh in western Hanoi. 

The center, which cost US$220 million to build and covers an area of 11,603 square meters, will focus on research and development of mobile devices, including smartphones, tablet PCs, and hardware and software products.

Samsung aims to transform the facility into a world-class center by collaborating with technical universities and enhancing the research capabilities of Vietnamese engineers in areas such as artificial intelligence (AI), the Internet of Things (IoT), big data, 5G networks, and other product development fields.

Hanoi to host the 30th Vietnam Medi-Pharm Expo
 
Vietnam Medi-Pharm Expo has well-promoted trade between countries and regions, creating opportunities for enterprises to promote products, enhance the exchange of experience, expand markets, and transfer technologies.

The 30th Vietnam International Medical and Pharmaceutical Exhibition (Medi-Pharm Expo 2023) will be held from May 10 to 13 in Hanoi to showcase the latest achievements and technologies in domestic and foreign enterprises' healthcare and pharmaceutical sectors.

According to the event organizers, about 350 domestic and foreign companies from 18 countries and territories will display their advanced equipment and technologies in more than 500 booths.

The 30th Vietnam International Medical and Pharmaceutical Exhibition (Medi-Pharm Expo 2023) will be held from May 10 to 13 in Hanoi to showcase the latest achievements and technologies in domestic and foreign enterprises' healthcare and pharmaceutical sectors.

According to the event organizers, about 350 domestic and foreign companies from 18 countries and territories will display their advanced equipment and technologies in more than 500 booths.

Conferences, free-of-charge medical checkups, blood donation, and gift presentations will be held during the Expo with the participation of numerous exhibitors from Belgium, Hong Kong (China), India, Israel, Russia, Malaysia, Japan, New Zealand, South Korea, and Taiwan (China), among others.

Other seminars on maxillofacial aesthetics and new advances in the treatment of immunopathology, diabetes, and cardiovascular and neurological diseases will also be included, the organizers said.

In addition, the Expo will provide opportunities for organizations and companies to enhance the exchange of experiences, promote their products, seize investment opportunities, and transfer technologies to improve production and business efficiency.

The event will be hosted by Vietnam Medical Import Export JSC and Vietnam Advertising and Fair Exhibition JSC at the Hanoi International Exhibition Center.

Last year, the 29th Vietnam Medi-Pharm Expo attracted more than 150 foreign and domestic exhibitors.

Over the years, Vietnam Medi-Pharm Expo has well-promoted trade between countries and territories, creating opportunities for organizations and enterprises to promote products, enhance experience exchange, seize investment opportunities, expand markets, and transfer technologies.

The organizers believe that the overall success of the Vietnam Medi-Pharm Expo will contribute to the strategy of caring for, protecting, and improving people's health.

Aquaculture output grows 1.3% in two months

Vietnam's aquaculture output was estimated at 1.18 million tonnes in the first two months of 2023, rising by 1.3% year-on-year, according to the Ministry of Agriculture and Rural Development (MARD).

In February alone, the output stood at an estimated 593,400 tonnes, up 2.5% compared to the same period last year.

The ministry suggested localities nationwide to link the restructuring of the fisheries sector with the re-organisation of production in accordance with the value chain in order to reduce production costs, and improve productivity, quality, efficiency and competitiveness of Vietnamese aquatic products.

It is also necessary to modernise management, step up the application of science and technology in aquaculture, and restructure the fishery industry in association with protecting aquatic resources and the environment, the ministry said.

Cao Bang needs more than $6.83b in investment
     
The northern mountainous province of Cao Bang will need a total investment capital of VND160.2 trillion (over US$6.83 billion) from now until 2030, under the provincial development planning scheme for 2021-30.

All Provincial Planning Appraisal Council members approved the scheme dossier last week, baodautu.vn reported.

Under the scheme, the province strives for an average Gross Regional Domestic Product (GRDP) growth of 9.72 per cent annually by 2030. The provincial GRDP per capita is expected to reach VND101.7 million by 2023. The province's total State budget revenue will likely increase by over 12 per cent each year.

By 2050, Cao Bang aims to become one of the top seven provinces in terms of per capita income in northern midland and mountainous regions, one of the important international exchange hubs, and a driving force for developing the border gate economy, tourism and services in the areas.

To this end, the province will focus on creating an open, attractive and competitive business and investment environment to attract strategic investors and promote the development of its business community. It will also concentrate on building and creating a breakthrough in the socio-economic infrastructure system in a synchronous and modern direction.

Improving the quality of human resources, especially high-quality human resources among ethnic minorities and facilitating the application of science and technology in the production and lives of local people will be included.

According to Provincial Planning Appraisal Council members, the province needs to continue to identify and evaluate its location, development strategy and potential compared to other localities in the region while finding out the causes that hinder its development.

Deputy Minister of Planning and Investment Tran Quoc Phuong requested Cao Bang to update new guidelines and new trends in socio-economic development, regional development, and national master plan. At the same time, it should focus on clarifying the province's role in developing the region's border economy.

In 2022, Cao Bang's economy grew 5.04 per cent, with import-export revenue nearing $885 million, up 11 per cent year-on-year. The province, which houses 27 ethnic minority groups, also served 1.1 million tourists, an annual growth of 165 per cent, and a 762 per cent increase in tourism revenue.

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