Thirty-three products from 24 enterprises have been recognized as key industrial products of Hanoi in 2023, with ten  from seven enterprises ranking among the city’s top key industrial products.

These enterprises were honored by the Hanoi Department of Industry and Trade at the award ceremony for the title of Hanoi's Key Industrial Products in 2023, held in Hanoi on December 14.

Speaking at the event, Tran Thi Phuong Lan, Acting Director of the Hanoi Department of Industry and Trade, said that recognizing and honoring the city's key industrial products will enhance brand value, promote business development, and foster sustainable growth for enterprises.

She added that this demonstrates the city government's attention, support and continuous assistance to the capital's enterprises.

"The Hanoi People's Committee will run various programs to support these groups of enterprises, including market facilitation and product insertion, technical assistance, support for scientific and technological development and human resources, and promotion and recognition of key industrial products and enterprises," Lan stressed.

In 2023, the program received nominations from nearly 200 industrial manufacturers. Among them, there are 26 enterprises with 37 qualified products registered to be selected as key industrial products in 2023.

Specifically, mechanical and manufacturing industries accounted for 30.3% of the total, followed by electrical and electronic industries (27.3%), chemical, rubber, plastic, and pharmaceutical sectors (21.3%), information technology (12.1%), and others such as textile, garment, leather, footwear, agro-food, and construction materials industries (9% each).

The selected enterprises had a combined sales revenue of VND62 trillion (US$2.57 billion) and export revenue of over US$3.6 billion last year, seven of which had product sales revenue of over VND1 trillion (US$41.5 million) each.

Among them, seven were Vietnam's top 500 enterprises, and six were first-time applicants with seven new products.

Over the past five years, the Hanoi People's Committee has recognized 229 industrial products. Their manufacturers have taken a leading position in industrial development, contributing significantly to the overall value of industrial production and aligning with the capital's socio-economic development strategy.

South Korea helps Vietnam promote energy-efficient investment market

South Korea is helping Vietnam promote the energy-efficient investment market, said Mr. Trinh Quoc Vu, Deputy Director of the Department of Energy Saving and Sustainable Development.

According to Mr. Trinh Quoc Vu, Deputy Director of the Department of Energy Efficiency and Sustainable Development under the Ministry of Industry and Trade, Korea has supported Vietnam in implementing the project to promote the energy-efficient investment market in the industrial sector and support the implementation of the action plan for green growth.

The project will be implemented from 2021-2025 with a total cost of US$6.4 million. The project includes 5 parts including the establishment of an energy-saving investment project; support for the implementation of regulations on energy consumption norms and technical guidance on green growth; capacity building related to energy-saving investment; surveys, studies and building of the action plan for green growth in several provinces as well as dissemination of information about solutions on economical and efficient use of energy.

Being the leading agency for green growth and sustainable development, the Ministry of Planning and Investment has actively implemented activities to support ministries, agencies and localities in developing action plans to increase green growth and sustainable development in recent times.

Le Viet Anh, Director of the Department of Science, Education, Natural Resources and Environment under the Ministry of Planning and Investment, said that currently only 6 ministries and 26 provinces have issued green growth action plans. Meanwhile, 11 other provinces are developing the action plan which will be submitted for approval. The government will approve them no later than the first quarter of 2024.

Denmark helping reduce Vietnam’s dependence on fossil fuels

Denmark is helping reduce Vietnam’s dependence on fossil fuels following the Comprehensive Partnership Agreement between Denmark and the Southeast Asian country.

According to Mr. Nicolai Prytz, Danish Ambassador to Vietnam, Denmark is supporting Vietnam to gradually reduce the use of fossil fuels as the way forward to end fossil fuels use globally, increasing the rate of renewable energy use through the Comprehensive Partnership Agreement between the two countries.

This year is the 10th anniversary that the program has been carried out in Vietnam under the Comprehensive Partnership Agreement between the two countries. The program has been covering the fields of energy efficiency in industry, integrating renewable energy into the power grid and building long-term scenario models for the energy industry and external wind power offshore.

Previously, Vietnamese Prime Minister Pham Minh Chinh and Danish counterpart Mette Frederiksen announced the establishment of the Vietnam -Denmark Green Strategic Partnership on November 1, 2023. The signing of this agreement is an important milestone in the cooperative relationship between the two countries as well as establishing a solid framework to support Vietnam in developing a low-carbon economy, adapting to climate change and promoting development of a circular economy.

Cao Lanh - An Huu expressway project needs additional US$66 million

The Ministry of Transport has just submitted to the Prime Minister a proposal for investment adjustment of the first phase of the Cao Lanh - An Huu expressway project.

The Ministry of Transport required that the total investment capital of the Cao Lanh - An Huu expressway construction project for the first phase should need adjustment to increase up to VND7,496 billion (US$309 million), an increase of VND1,610 billion (US$66 million) over the initial total investment estimation in the pre-feasibility study report approved by the Prime Minister.

Surges in site clearance and construction costs are the main reasons leading to the capital adjustment.

Of which, the costs for compensation and resettlement support jumped by more than VND1 trillion (US$41 million) due to changes in compensation prices for land, crops, structures and support policies compared to the previously approved policy.

As for construction and equipment costs, it is expected to soar by VND644 billion (US$26.5 million) owing to the addition of roads directly connected to the expressway along with adjustment in the details for appropriate soft soil treatment solution to the results of the geological survey and design.

Regarding the ability of capital balance, the Ministry of Transport proposed state budget capital allocation to implement the expressway project in the period from 2022 to 2027.

According to the approved plan, the Cao Lanh - An Huu expressway has a length of more than 27 kilometers. The beginning point of the expressway will intersect with the My An - Cao Lanh expressway in Cao Lanh District, the Mekong Delta province of Dong Thap. The ending point will intersect with the Trung Luong- My Thuan expressway in Cai Be District, Tien Giang Province.

For the first phase, the expressway is designed with four lanes and a limitation speed of 80 kilometers per hour.

Company in Vietnam makes Cascara Tea from fruit of coffee cherry

A company in Vietnam has introduced Cascara Tea– made from the fruit of the coffee cherry which is often used as fuel and fertilizer for plants.

Phuc Sinh Consumer Products Joint Stock Company yesterday officially launched cascara tea bags made from Son La Arabica coffee beans. Not only does it produce the delicious Specialty Blue Son La coffee famous for the Northwest, but Arabica can also be used to make premium cascara tea.

Mr. Phan Minh Thong, Chairman of the Board of Directors of Phuc Sinh Company, said that cascara tea is a unique product made from coffee cherries of Son La Arabica coffee fruit. This type of tea has been popular and used in South America for more than 50 years and is loved by many foreign consumers. The tea has been sold domestically in the US for a long time, but it is a new kind of tea in Vietnam. Phuc Sinh Company purchased a manufacturing line from Colombia to make this cascara tea product on a large industrial scale – the first of its kind in the Southeast Asian country.

In the past, the husks of the coffee cherry were often used as fuel and fertilizer for plants. Processing the dried coffee cherry into cascara tea is a creative way that brings many benefits to human health and the environment. Not only that, a kilogram of cascara tea has a selling price of about VND 1.5 million (US$61.8), twice as high as Arabica coffee products.

Cascara, or coffee cherry tea, has a lot of nutritional value and brings health benefits such as weight loss and brain health, constipation relief for the digestive system, and many antioxidants that help make drinkers' skin smooth. Manufacturing the special tea also helps solve environmental problems and create green circular agriculture, which is a trend in the world as well as in Vietnam.

Currently, the company has signed contracts with 33 coffee farmers in Son La to provide 330 tons of ripe coffee cherries. Around 10 kilograms of fresh coffee must be used to produce 1 kilogram of tea and 2 kilograms of green coffee. Therefore, cascara tea output currently only reaches about 20 tons per year and 90 percent of tea products are consumed by customers in foreign countries.

Nearly 20,000 vacancies available for workers in HCM City

Nearly 100 domestic and foreign enterprises in Ho Chi Minh City – the southern largest economic hub of Vietnam - offered some 20,000 job vacancies at a job fair held in the city on December 17.  

Most of the vacancies were available in the fields of garment and textile, leather shoes, sale and consultancy, product research and development (R&D), engineering, electricity-electronics and accounting, among others.

Enterprises with huge recruitment demand included Worldon Vietnam Co., Ltd. (11,000 workers), Vien Computer JSC (1,000 technicians), Dong Nam Viet Nam Co., Ltd. (800 workers), and LOTTE Vietnam Shopping JSC (1,000 workers).

PouYuen Vietnam Co., Ltd. and Lac Ty Co., Ltd. which had laid off a large amount of workers, were present at the job fair, recruiting workers to meet their production demand due to the recovery of orders.

The job fair aimed at providing labour market information, regulations on labour and preferential loan policies for workers, and connecting enterprises and recruiters with workers who were seeking suitable jobs. Besides, it helped promote the development of the labour market, while balancing labour supply and demand in the city.

Da Nang hopes to facilitate investment from Kazakhstan

Da Nang supports and will create the best conditions for Kazakh businesses when investing in the central city, Chairman of the municipal People’s Committee Le Trung Chinh told Kazakh Ambassador to Vietnam Kanat Tumysh on December 18.

Hosting the visiting Kazakh ambassador, Chinh expressed his hope that the diplomat will act as a bridge connecting Kazakh businesses with Da Nang.

He briefed the guest on the city’s socioeconomic development situation, stressing that it has been identified as growth nucleus of the central key economic region, and is moving towards the “service-industry-agriculture” economic structure, and promoting foreign affairs and international cooperation.

Kanat Tumysh said that in recent times, the relationship between Vietnam and Kazakhstan has developed positively. However, that between Da Nang and Kazakhstan remains limited, only stopping at exchanging delegations and organising a few cultural diplomatic events.

In August, on the occasion of the working visit to Vietnam by Deputy Prime Minister and Minister of Trade and Integration Zhumangarin Serik Makashevich, the two countries signed a joint action plan, including the consideration of the possibility of signing a memorandum of understanding on cooperation between Aktau city of Kazakhstan and Da Nang in the 2023-2025 period, he shared.

The diplomat proposed the two sides intensify cooperation in potential projects in construction, high technology, social housing, and tourism development.

VinFast, Japanese corporation shake hands on repurposing EV batteries

VinFast, Vietnam’s leading electric vehicle (EV) manufacturer, and Marubeni Corporation, a major Japanese trading and investment conglomerate, on December 18 officially announced a memorandum of understanding (MoU) to explore opportunities in the secondary use of EV batteries and the potential to establish a circular economy model.

The MoU marks a significant milestone in the strategic partnership between these two companies, and represents a meaningful effort to reduce greenhouse gas emissions in Vietnam and globally.

The document announcement took place in the presence of Vietnamese Prime Minister Pham Minh Chinh, on the occasion of the Vietnam – Japan Economic Forum and the Commemorative Summit for the 50th Year of ASEAN – Japan Friendship and Cooperation held in Tokyo from December 16-18.

Under the document, VinFast and Marubeni will collaborate on researching and manufacturing Battery Energy Storage Systems (BESS) using recycled EV batteries, with VinFast supplying used batteries and Marubeni conducting feasibility assessments, technical consulting, and BESS deployment. Both companies will also work closely together to promote business opportunities in the field of recycled EV batteries, with the aim to establish a circular economic model.

Marubeni plans to leverage exclusive technology from its strategic partner to recycle VinFast's EV batteries, repurposing them into affordable and easily manufacturable BESS without the need for disassembly, processing and repackaging of the batteries.

In May, Marubeni Green Power Vietnam Co., Ltd., a subsidiary of the Marubeni Corporation, signed an agreement with VinES Energy Solution Joint Stock Company, a subsidiary of VinFast and a manufacturer of electric vehicle batteries and BESS products.

Vietnam’s car imports slow down over 11 months

Vietnam spent 2.65 billion USD on importing 111,278 cars in the first 11 months of this year, down 26.6% in volume and 22% in value annually, reported the General Department of Vietnam Customs.

Accordingly, Thailand, Indonesia, and China were the biggest car suppliers to Vietnam. Specifically, Thailand took the lead with 50,144 units, equivalent to over 1.07 billion USD, down 18% in volume and 22% decrease in value year on year.

In second position was Indonesia with 40,474 units worth over 574 million USD, showing an annual decrease of 36.7% in volume and 38% in value.

China was the third largest car supplier to Vietnam during the period, with 9,843 units valued at over 360 million USD, representing a drop of 39% in volume and a 46% in value compared to the same period last year.

Additionally, Vietnam also imported completely built-up cars from the US, Germany, Japan, the Republic of Korea, France, and others.

In November alone, the number of completely built-up cars imported into Vietnam reached 7,508, equivalent to 192.81 million USD, falling 21.9% and 24.3% in volume and value month-on-month, respectively.

According to the Vietnam Automobile Manufacturers’ Association (VAMA), the total sales of VAMA member units reached 263,249 as of the late November, down 29% annually. Of them, passenger, commercial and special-use vehicles down 31%, 16% and 57%, respectively.

This year, the Vietnamese automobile market is forecast to fall short of the volume of over 404,000 sold in 2022, mostly due to current challenging conditions, leading consumers tightening their belts.

VNDirect purchases over 2.86 million shares of Post and Telecommunications Insurance JSC

VNDirect Securities Joint Stock Company (VND) purchased over 2.86 million shares of Post and Telecommunications Insurance Joint Stock Company (PTI) from December 4 to 8, reported the Hà Nội Stock Exchange (HNX) on Monday.

With the transaction, VND increased its ownership in PTI from 13.2 million shares to 16.08 million shares, representing an increase from 16.44 per cent to 20 per cent and becoming the second-largest shareholder of the insurance company, after Dongbu Insurance Company Limited (holding 30 million shares, equivalent to 37.32 per cent of capital).

During the December 8 session, PTI shares recorded a put-through transaction matching the amount announced by VNDirect, with a total transaction value of over VNĐ176 billion (US$7.2 million), corresponding to an average purchase price of VNĐ61,500 per share.

However, by the end of the December 8 session, the stock price had fallen to only VNĐ52,000 per share. Therefore, the price paid by VNDirect was 18 per cent higher than the market price of PTI shares traded on the exchange.

Currently, PTI shares are traded at around VNĐ48,000 per unit. Thus, after about a week of buying, VNDirect's investment has incurred a loss of nearly 22 per cent.

Regarding business activities, in the first nine months of this year, PTI recorded a revenue of VNĐ3.7 trillion, a 3 per cent decrease compared to the same period last year. Meanwhile, the profit after tax surged to over VNĐ124 billion, whereas in the same period last year, the company incurred a loss of nearly VNĐ348 billion. 

HN set growth targets for 2024

Hà Nội has set several targets for next year as the capital city aims to maintain growth in the industrial sector by 7-7.5 per cent, service by 6.64-7.23 per cent, construction by 8-8.5 per cent, investment capital by 10-11.5 per cent and export turnover by 4-5 per cent, with per capita GRDP reaching VNĐ162 million (US$6,650) and local budget revenue reaching VNĐ408,5 trillion. 

Chairman of the People's Committee of Hà Nội Trần Sỹ Thanh tasked the People's Committees of towns and districts to base their plans on the capital city's targets, the assigned targets, and the resolutions of the City People's Council. They are to ensure accurate and sufficient allocation according to the city's targets and organise the implementation to achieve the assigned plan.

Simultaneously, a directive has been issued to enforce the assigned targets and tasks, adhere to the reporting system regularly on monthly, quarterly, 6-month, and annual results in 2024 on the City People's Committee's reporting information system, and submit to the Department of Planning and Investment for consolidation.

The city's departments, agencies, sectors, and People's Committees of towns and districts propose five focal tasks (in order of priority, with specific completion times) to be submitted to the Department of Planning and Investment for consolidation. The Department of Planning and Investment, based on the guidance of the Government, resolutions of the City People's Council, and the guidance of the City People's Committee, issues an action programme to implement the tasks, guiding solutions for economic and social development, and the state budget estimate to organise the implementation to complete the plan and tasks in 2024.

Regarding the budget estimates, the Chairman of the Hà Nội People's Committee requires all levels, departments, and subordinate units to seriously implement the content of decentralised revenue sources, and budget expenditure tasks according to the resolutions of the City People's Council. This includes tightening discipline, strengthening the responsibility of leaders in financial management, and complying strictly with Directive 12/CT-UBND dated July 26, 2023, of the Chairman of the People's Committee of the capital city on rectifying, enhancing discipline in complying with the laws on finance and the state budget.

For state budget revenue collection, the Tax Department and Customs Department of the city take the lead, and coordinate with departments, agencies, and People's Committees of towns and districts to effectively implement the State Budget Law, amended tax laws, and state budget collection tasks according to the Prime Minister's Decision and the City People's Council's resolution.

Additionally, they are required to intensify the management of state budget revenue, urge the recovery of overdue tax debts, reduce the rate of overdue tax debts, continue to implement administrative procedure reforms on taxes, promote the digitisation of tax management, and closely manage tax refund beneficiaries to ensure compliance with legal provisions. They must also take strict actions against smuggling, counterfeiting, transfer pricing, tax evasion, tax fraud, and abuse of tax refund policies, ensuring accurate, sufficient and timely collection of taxes, fees, levies and other revenues into the state budget.

The Department of Finance is asked to focus on expediting the process of equitisation, and divestment of state capital in enterprises, ensuring efficiency and strictness, and avoiding losses of state capital and assets in enterprises. The Department of Natural Resources and Environment must review and resolve difficulties and obstacles in procedures for land allocation, land leasing, auctioning land use rights, determining land prices, and financial obligations for land. It is tasked to urgently advise the City People's Committee to issue and implement the Plan to exploit surplus land funds such as the land fund near Ring Road 4, the land funds under build-transfer (BT) projects that are currently not eligible for implementation according to the Investment Law through public-private partnerships.

Departments, agencies, sectors, associations, organisations, and units under the City and People's Committees of districts, towns, and districts are directed to strictly implement regulations on auctions when transferring, leasing state assets, allocating land, and leasing land according to legal provisions. They need to manage, use, rearrange and handle state assets within their management scope to ensure economy, efficiency and compliance with standards and norms, and implement the Efficient Management, Use and Exploitation of State Assets in Hanoi City Project for the 2023-2025 period, with orientations for the 2026-2030 period, ensuring schedule and quality.

Districts, towns, and districts must allocate budget estimates to ensure they are not lower than the legal budget estimates assigned by the city People's Committee. For items with higher revenue estimates assigned by the city, feasibility must be ensured in the implementation, especially in collecting land use fees, to avoid affecting the budget balance and the allocation of funds for projects and tasks assigned in the annual budget.

Regarding state budget expenditure, departments, agencies, sectors, associations, organisations and units under the city should assign budget expenditure estimates to subordinate units that use the budget, ensuring a correct match with the estimates assigned by the city, both in total and detail for each expenditure category. They should ensure compliance with the prescribed time, regulations, standards and norms of state budget expenditures determined by the authorised state agencies. They must allocate funds to implement the regimes and policies already issued by the state, tasks to ensure social security, and the tasks assigned by the capital city.

For investment projects using the town and district-level budget and the city's support funds, the People's Committees of towns and districts must allocate concentrated public investment estimates, ensuring a focused approach and adherence to the principle of allocating sufficient capital to pay off the entire basic construction debt as regulated by law (if any). They must allocate sufficient funds for completed projects handed over for use before 2024.

The remaining capital will be allocated for transitional projects to be completed in 2024, and transitional projects that are implemented according to the approved schedule, with priority given to allocating funds for projects with good progress to complete the projects. New projects will not be allocated capital if there is insufficient funding to pay off the basic construction debt, and the transitional projects are not scheduled yet and feasible. Balanced allocation of funds for the implementation of projects needs to be ensured to meet the requirements and complete the planned targets requested by the City People's Council.

For projects under the expenditure responsibility of the district-level budget supported by the capital city budget for the sectors of health, education or heritage (including decentralised high schools), craft village wastewater treatment projects, infrastructure in the affected area of the waste landfill, a centralised cemetery of the city, economic infrastructure projects, and village cultural houses, the city budget will support the construction funds and equipment costs (if any) of the projects. 

Việt Nam a gateway for Canadian firms to enter ASEAN

Việt Nam will play an important role as a gateway for Canadian firms to enter the regional bloc that has one of the highest growth rates in the world and is expected to be the world’s consumption centre by 2030 given its market size, according to Canadian business insiders.

Canadian enterprises, including those from Quebec, have expressed their keen interest in the Vietnamese market, given the thriving trade ties between the two countries since the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) came into force five years ago.

The country is the largest trade partner of Canada in ASEAN, with two-way trade rising from $3.86 billion in 2018 to more than $7 billion in 2022. During January – June this year, the figure reached $3.6 billion.

Director General of the Indo-Pacific Region under the Quebec Ministry of International Relations and Francophonie Gabriel Chartier said that the ministry rolled out its Indo-Pacific Strategy in 2021, which identified Việt Nam and other Asian countries as important partners to expand business activities.

The Quebec international investment agency was established, responsible for supporting local firms who want to develop their business in Việt Nam, he added.

There are around 125 cooperation projects between Việt Nam and Quebec. Two-way trade has exceeded $1.5 billion, with the Canadian side selling electronics, agricultural products and medical equipment to Việt Nam, and buying footwear and clothes from the Southeast Asian country.

The two sides are planning to carry out new cooperation projects, helping diversify collaboration in all areas, from culture, sustainable development to technology study.

Vice President of the Indo-Pacific at Export Development Canada (EDC) George Monize described Việt Nam as an amazing market with high GDP growth and an expanding middle class.

According to Chairman of Groupe Engram Remy Franzoni, his customers have been curious and interested in cooperation opportunities with Việt Nam, which holds strengths in technology and electronics.

The sound Việt Nam-Canada relations have contributed to concretising Canada’s Indo-Pacific Strategy and its strategic partnership with ASEAN, he said, adding the Quebec authority and the Canadian Government as a whole have given priority to Việt Nam, and consider the country a new intersection in the global value chain thanks to the cooperation potential in key areas. 

Vingroup to buy all 116.7 million shares of Vinhomes from Vinpearl

Leading business conglomerate Vingroup JSC (VIC), one of the nation's largest real estate developers and a retail sector giant, has registered to buy all 116.7 million VHM shares of residential real estate firm Vinhomes JSC held by Vinpearl JSC.

The expected time to carry out the transaction is from December 21, 2023 to January 19, 2024.

Vingroup is currently holding more than three billion VHM shares, equivalent to 69.34 per cent of Vinhomes' charter capital. Of which, Vingroup directly holds 2.9 billion shares, accounting for 66.66 per cent of charter capital. For the remaining 116.7 million shares, it indirectly holds through Vinpearl - a subsidiary of Vingroup - accounting for 2.68 per cent of Vinhomes' charter capital.

According to Vingroup's announcement, the purpose of the transaction is to reorganise the ownership structure within the group.

Regarding business results, Vinhomes' total net revenue in the third quarter of 2023 reached VNĐ32.7 trillion, an increase of 84 per cent over the same period in 2022, mainly thanks to the sale of 2,400 low-rise real estate units at the Vinhomes Ocean Park 3 project. The company's pre-tax profit reached VNĐ14.2 trillion and after-tax profit reached VNĐ10.7 trillion, down 25 per cent and 26.2 per cent respectively, compared to the same period in the third quarter of 2022.

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