Held from December 14 – 17, the hybrid event is organised by the Ministry of National Defence in collaboration with the Ministry of Industry and Trade and the Ministry of Science and Technology.

It brought together more than 130 exhibitors, including both military and non-military companies and units. Military-run enterprises comprise telecom giant Viettel, Thanh An Corporation, Vietnam Helicopter Corporation, MB Bank, 28 Corporation and others, while Vingroup, VinaPhone and VinaCafe are among non-military corporations.

VIDEX 2021 featured exhibitions and trade fairs, including a virtual exhibition showcasing Vietnam’s innovative military products in information technology, engineering, chemistry and medicine.

Exhibitions and trade fairs are planned to run virtually in up to six months.

Efforts made to help Vietnamese farm produce approach foreign distribution systems

The Hanoi Centre for Investment, Trade, and Tourism Promotion (HPA) and AEON Vietnam have coordinated to organise two big agricultural trade fairs in December with the aim to help farm produce businesses approach distribution systems abroad.

Joining the fairs, farmers and businesses have chances to introduce their products to consumers, and at the same time work with the purchasing unit of Japan’s AEON Group to discuss possibilities for becoming a supplier of the group.

Reference exchange rate up VND7 on Dec. 16

The State Bank of Vietnam set the daily reference exchange rate at 23,222 VND/USD on December 16, up 7 VND from the previous day.

With the current trading band of +/- 3 percent, the ceiling rate applicable to commercial banks during the day is 23,902 VND/USD and the floor rate 22,507 VND/USD.

Da Nang, Thailand step up trade and investment ties

The central city of Da Nang considers Thailand a promising market with experienced partners in the fields where it is calling for investment, heard an international seminar on trade – investment – tourism connectivity between Da Nang and Thailand held on December 14.

According to the Da Nang Investment Promotion Agency, the central city is now home to nearly 20 firms directly engaged in trade and business with Thailand. Two-way trade reached nearly 45 million USD a year during 2018-2020. In ASEAN, Thailand is the second biggest trade partner of the city.

Once the COVID-19 pandemic is controlled, Thailand will remain a key tourism market of Da Nang, focusing on MICE, resort and golf tourism.

Credit contract sealed for restructuring of Dak Drinh hydro power plant

A credit contract to provide 95 million USD for the restructuring of Dak Drinh hydro power plant was signed in Hanoi on December 14.

Signatories were PV Power DHC that operates the plant, the Asian Infrastructure Investment Bank (AIIB) and French bank Natixis.

The Dak Drinh plant located in Quang Ngai and Kon Tum provinces in central Vietnam is a key project of PetroVietnam Power Corporation (PV Power) with an installed capacity of 125 MW, and a major project in the national power development plan for the 2011-20 period, with vision to 2030.

South Korea increases rubber imports from Vietnam

Vietnamese rubber exports to the Republic of Korea (RoK) increased by 57.8% in volume and 95.2% in value during the opening 10 months of the year, with its rubber market share in the RoK rising significantly, according to details given by the General Department of Vietnam Customs.

Vietnam exported 37,620 tonnes of rubber worth US$68.87 million to the RoK throughout the reviewed period with the average export price climbing by 23.7% to US$1,831 per tonne.

Most notably, the SVR 10 rubber was the primary export item, accounting for 25.6% of total rubber exports to the RoK. As many as 9,620 tonnes of the product were shipped to the market over 10 months for US$16.01 million, representing an annual rise of 68.5% in volume and 109.7% in value. The average export price of the SVR 10 rubber inched up 24.5% to US$1,665 per tonne.

Hanoi to develop selectively industries

Hanoi will develop selectively a number of key industries during the 2021-2025 period, focusing on the sectors and products using cutting-edge technologies and having high added values, a local official has said.

Nguyen Manh Quyen, Vice Chairman of the municipal People’s Committee, released the information at a ceremony on December 14 to honour key industrial products in 2021.

According to the official, the production value of the key industrial products will increase to 40-45 percent of the city’s total industrial production value, and 10 percent of the local key industrial firms are set to be included in Vietnam’s top 500.

About 150-180 key industrial products will be recognised by the city. Meanwhile, by 2025, key industrial production firms will contribute 20-25 percent of the city’s accumulative export revenue.

First Vietnamese bank shakes hands with Alibaba.com

Vietnam Maritime Commercial Joint Stock Bank (MSB) announced on December 15 that it has become the first Vietnamese lender to sign a comprehensive cooperation agreement with Alibaba.com, a global business-to-business (B2B) e-commerce platform of Alibaba Group, to support importers and exporters in the new normal.

Accordingly, the deal with Alibaba.com helps MSB get closer to import-export enterprises and support business activities, while promoting the digitisation process, optimising costs, and better serving customers.

MSB will provide Alibaba.com customers with a list of products and services including: bank accounts, cards, Online Banking, savings, insurance and investment products.

Vietnam – India trade turnover likely to hit US$15 billion in 2022

Bilateral trade between Vietnam and India is likely to reach US$15 billion next year when both countries are celebrating their 50th anniversary of diplomatic ties.

This information was unveiled during a working session held as part of the Partnership Summit 2021, co-hosted by the Ministry of Commerce and Trade of India and the Confederation of Indian Industry (CII) on December 14.

Bilateral trade between the two countries has also tripled over the past decade, rising from US$2.7 billion in 2010 to over US$10 billion in 2020.

Most notably, despite the negative impact on global trade demand caused by the COVID-19 pandemic, trade exchanges between both sides have increased by 40% to gross nearly US$11 billion during the initial 10-month period.

Cambodian agricultural exports to Vietnam skyrocket

Cambodia's agricultural exports to the Vietnamese market is steadily on the uptick, with the first 11 months of the year seeing Cambodian export of rice, cashew nut, corn, green bean and soybean to Vietnam grow by 3-4 times over the same period from last year.

According to figures given by the Cambodia Trade Office in Vietnam, Cambodia shipped more than 7.13 million tonnes of agricultural products to 68 nations and territories across the world during the reviewed period, posting a year-on-year rise of 93.4%.

Notably, the neighbouring country exported over 622,000 tonnes of fresh cassava to Vietnam, accounting for 75.7% of total exports.

Vietnam, Germany firms jointly develop wind power projects

Vu Phong Energy Group and Steag Energy Services GmbH of Germany signed a memorandum of understanding (MoU) in Hanoi on December 15 to jointly provide consulting services for the implementation of wind power projects nationwide.

Earlier this year Vu Phong Energy Group and Steag Energy Services GmbH collaborated in providing Value Driven Asset Management services to Vietnam’s growing wind power industry, helping maximize wind farms’ production capacity and bring profit for financiers.

International industrial machinery expo opens in HCM City

Some 200 exhibitors are displaying their products at the Viet Nam International Exhibition on Industrial Machinery Equipment, Technology and Products (VINAMAC Expo) that opened in HCM City on December 15.

They include Vietnamese, Czech, German, Russian, Swiss, South Korean, Chinese, Japanese, Taiwanese, Southeast Asian firms and others from countries with a presence in Viet Nam.

The exhibition, with the theme ‘Moving forward together,’ features more than 300 booths showcasing industrial machinery, materials and products, and automation, metallurgy and metalworking technologies.

One of the highlights of the expo is the ‘Common house’ where businesses involved in the HCM City’s key industrial sectors, mechanical engineering and automation, rubber and plastics, and food and foodstuff processing, are showcasing the city’s ‘typical industrial products.’

Shares fall on increased selling force, declining liquidity

On the Ho Chi Minh Stock Exchange (HoSE), the market benchmark VN-Index edged down 0.04 per cent to end at 1,475.50 points. It had edged down 0.01 per cent to end Tuesday at 1,476.02 points. The market's breadth was negative with 197 gainers and 264 losers.

Liquidity declined compared to the previous session with 906 million shares traded on the southern bourse, worth nearly VND26 trillion (US$1.12 billion).

The VN30-Index, tracking the 30 biggest stocks on HoSE, gained 0.20 per cent, to end at 1,519.42 points. Sixteen out of 30 stocks in the VN30 basket posted gains, while 12 decreased.

In the VN-30 basket, Tien Phong Bank (TPB) rose by 3 per cent and was the largest gainer, reaching VND52,000 per share. Masan Group (MSN) also gained nearly 3 per cent. Novaland (NVL) also rose nearly 2 per cent at the end of the session.

On the Ha Noi Stock Exchange (HNX), the HNX-Index lost 0.22 per cent, to end Wednesday 453.70 points.On Tuesday, it had lost 0.63 per cent to end at 454.68 points. During the session, investors poured over VND3 trillion into the market, equivalent to a trading volume of 112.8 million shares.

Vietnam's auto market posts solid growth

The Viet Nam Automobile Manufacturers’ Association (VAMA) has announced that the total market sales of its member units reached 38,656 vehicles last month, a month-on-month increase of 30 per cent, and a year-on-year increase of 6 per cent.

VAMA's member units had total sales of 257,390 vehicles in the first 11 months of this year, up 3 per cent over the same period last year.

However, in addition to car sales of VAMA member units, the Vietnamese auto market also had the presence of many other automakers such as Audi, Jaguar Land Rover, Mercedes-Benz, Nissan, Subaru, Volkswagen and Volvo, though these automakers do not disclose their business results.

Experts forecast that along with the good control of the COVID-19 pandemic in many provinces and cities, many businesses would continue to operate again, the economic situation would be improved, and car consumption would continue while entering the peak shopping season of the year and traditional Tet (Lunar New Year) holiday.

Prime Minister meets with leader of Air Lease Corporation

Prime Minister Pham Minh Chinh received Executive Chairman of the US-based Air Lease Corporation (ALC) Steven Udvar-Hazy in Hanoi on December 15.

He asked the ALC to assist Vietnam Airlines in this trying time, adding that the support will help the national flag carrier weather difficulties, restructure better, and also cooperate more effectively with the ALC in the time ahead.

Agreeing to assist Vietnam Airlines in certain contracts, Udvar-Hazy said during their 20-year partnership, the carrier has always carried out the signed agreements with his firm well, and the bilateral cooperation is now at its best.

Following the meeting, PM Chinh witnessed the exchange of the assistance agreement between Vietnam Airlines and the ALC. Under this deal, the American company will directly reduce prices by 420 million USD in existing contracts and cancel the previously signed aircraft leasing ones worth 600 million USD in total.

Ha Nam gets nod to develop hi-tech park

The Government Office said that Deputy Prime Minister Vu Duc Dam signed Decision No. 2098 yesterday, December 14, adding the Ha Nam hi-tech park to the country’s master zoning plan for hi-tech park development until 2020 with a vision toward 2030.

The deputy PM asked the provincial government to coordinate with the relevant ministries and agencies to draw up a plan to develop the Ha Nam Hi-tech Park project in line with the prevailing regulations, and send the plan to the Ministry of Science and Technology for appraisal and then to the prime minister for consideration and approval.

By the middle of 2021, Ha Nam had received the prime minister’s nod to develop eight industrial zones. To date, seven of the eight facilities are operational, with an occupancy rate of over 72%.

Thaco exports first batch of 870 semi-trailers to U.S.

Truong Hai Auto Corporation (Thaco) held a ceremony marking the export of the first 870 semi-trailers to the U.S. today, December 15, at the PTSC Dung Quat Port in the central province of Quang Ngai.

The shipment was part of an agreement signed between Thaco Industries, a subsidiary of Thaco, and PITTS Enterprises, one of the 15 major trailer manufacturers in the U.S. Under the agreement, Thaco will export 15,500 semi-trailers valued at US$215 million to the U.S. in 2022.

Aside from these 870 semi-trailers, Thaco is set to export 1,400 semi-trailers on January 3, and 1,200 units on February 7 next year to the business partner. In the following periods, the Vietnamese firm will ship an average of 1,200 semi-trailers monthly.

Vietnam perfects policy on negotiations, signing of double taxation avoidance deals

Standing Deputy Prime Minister Pham Binh Minh has signed a decision approving the project on reviewing and evaluating the effectiveness of double taxation avoidance agreements, their impacts on Vietnam's tax policy space and adjustment orientations.

The project aims to perfect the policy on negotiating and signing agreements on double taxation avoidance in accordance with Vietnam's economic development trend, approach international advanced standards and harmonise with international commitments so as to ensure synchronisation, consistency, publicity and transparency.

It will develop a strategy for negotiating and signing double taxation avoidance deals in the 2021-2030 period, renew the policy of negotiating agreements with new partners, implement the re-negotiation on the signed agreements, and implement international commitments related to these agreements.

I-Star 2021 honors valuable smart interactive 3D app

10 papers have been selected for the I-Star Awards 2021. In group 1 for innovative startups, the only winner is ‘Smart Interactive 3D/360 Map on Web/App’ by StarGlobal 3D.

What is remarkable of the ecosystem named ‘Smart Interactive 3D/360 Map on Web/App’, developed by StarGlobal 3D, is that it has been able to overcome issues in processing huge data volumes so that users can visit virtually anywhere in the map at any possible time, as long as they have a strong Internet connection and a smart device or a computer.

This patented solution is the combination between the technologies of 360 panorama images and point cloud, with specific sets of Cartesian coordinates to provide precise calculation of any object via 3D scanning.

Source: VNA/VNS/VIR/SGGP/ND/SGT

VIETNAM BUSINESS NEWS DECEMBER 15

ADB revised down Vietnam's 2021 GDP growth forecast to 2%